Document:

EX-10.20

 Exhibit 10.20 
 MASTER PURCHASE AGREEMENT 
 AND ESCROW INSTRUCTIONS 

Between 

NNN RETAIL PROPERTIES FUND SUB I, LLC, 
 a Delaware limited liability company, 
 NNN RETAIL PROPERTIES FUND SUB
II, LLC, 
 a Delaware limited liability company 

NNN RETAIL PROPERTIES FUND SUB III, LLC, 
 a Delaware limited liability company 
 collectively as Seller

 and 
 SERIES C, LLC, 
 an Arizona limited liability company, 

as Buyer 

July 11, 2012 

 MASTER PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS 

 

			
	DATED:	  	Dated to be effective as of July 11, 2012 (the “Effective Date”).
		
	PARTIES:	  	This Master Purchase Agreement and Escrow Instructions is between NNN RETAIL PROPERTIES FUND SUB I, LLC, a Delaware limited liability company, NNN RETAIL PROPERTIES FUND SUB II,
LLC, a Delaware limited liability company, NNN RETAIL PROPERTIES FUND SUB III, LLC, a Delaware limited liability company, collectively as “Seller”, and SERIES C, LLC, an Arizona limited liability company, as
“Buyer”.

 WHEREAS, as of the Effective Date, Seller is the fee title owner of those certain parcels of improved
property listed by address on Exhibit A attached hereto, and as legally described on Exhibit A-1 attached hereto (collectively, the “Real Property”); 
 WHEREAS, as of the Effective Date, each parcel of the Real Property is improved with a building containing approximately that certain number of square feet set forth on Exhibit A attached hereto (each, a
“Building” and, collectively, the “Buildings”). The Real Property, the Buildings and the improvements to the Real Property (collectively, the “Improvements”) are leased to Stripes, LLC with respect
to 11 Properties (as hereinafter defined), Town & Country Food Stores, Inc. with respect to 8 Properties and Road Ranger, L.L.C., with respect to 2 Properties (collectively, the “Tenant”), in accordance with a written
leases as described on Exhibit H (each, a “Lease” and, collectively, the “Leases”). The Real Property, the Buildings, the Improvements, the personal property, if any, of Seller located on the Real Property and
Seller’s interest in each of the Leases and all rents issued and profits due or to become due thereunder and the Guaranty are hereinafter individually referred to as a “Property” and in the plural as
“Properties” and all Properties shall collectively be referred to as the “Premises”; and 

WHEREAS, Buyer desires to purchase the Premises from Seller and Seller desires to sell the Premises to Buyer free and clear of all liens,
all as more particularly set forth in this Master Purchase Agreement and Escrow Instructions (the “Agreement”). 
 NOW THEREFORE, in consideration of the promises set forth in this Agreement and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Seller and Buyer (each,
a “Party” and, collectively, the “Parties”) hereby agree as follows: 
 1. INCORPORATION OF
RECITALS. All of the foregoing Recitals are hereby incorporated as agreements of the Parties. 

  
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 2. BINDING AGREEMENT. This Agreement constitutes a binding agreement between Seller
and Buyer for the sale and purchase of the Premises subject to the terms set forth in this Agreement. Subject to the limitations set forth in this Agreement, this Agreement shall bind and inure to the benefit of the Parties and their respective
successors and assigns. This Agreement supersedes all other written or verbal agreements between the Parties concerning any transaction embodied in this Agreement. No claim of waiver or modification concerning the provision of this Agreement shall
be made against a Party unless based upon a written instrument signed by such Party. 
 3. INCLUSIONS IN PREMISES.

 (a) The Premises. The term “Premises” shall also include the following: 

(1) all tenements, hereditaments and appurtenances pertaining to the Real Property; 

(2) all interest, if any, of Seller in all mineral, water and irrigation rights, running with or otherwise pertaining to the Real
Property; 
 (3) all interest, if any, of Seller in any road adjoining the Real Property; 

(4) all interest, if any, of Seller in any award made or to be made or settlement in lieu thereof for damage to any Property or any
portion thereof by reason of condemnation, eminent domain or exercise of police power; 
 (5) all of Seller’s interest in
the Buildings, the Improvements and any other improvements and fixtures on the Real Property; 
 (6) all of Seller’s
interest, if any, in any equipment, machinery and personal property located on or used in connection with the Real Property (collectively, the “Personalty”); 
 (7) the Leases and all security deposits, if any, now or hereafter due thereunder; and, 
 (b) The Transfer Documents. Except for the Personalty, which shall be transferred by a quit claim bill of sale from Seller to Buyer, a specimen of which is attached hereto as Exhibit B (the
“Bill of Sale”); the Leases, each of which shall be transferred by an assignment and assumption of lease, a specimen of which is attached hereto as Exhibit C (each, an “Assignment of Lease”); the licenses, permits,
plans and warranties, which are to be transferred by an assignment of licenses, permits, plans and warranties, a specimen of which is attached hereto as Exhibit D (the “License Agreement”); all components of each Property shall be
transferred and conveyed by execution and delivery by Seller of a special warranty deed, a specimen of which is attached hereto as Exhibit E (each, a “Deed”). The Bill of Sale, each Assignment of Lease, the License Agreement and
each Deed are hereinafter collectively referred to as the “Transfer Documents”. 

  
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 4 PURCHASE PRICE. The aggregate price to be paid by Buyer to Seller for the Premises
is EIGHTY-SEVEN MILLION FOUR HUNDRED FIFTY-SEVEN THOUSAND EIGHT HUNDRED FORTY-NINE AND NO/100 DOLLARS ($87,457.849.00) (the “Purchase Price”), which Purchase Price is allocated among the Premises as set forth on Exhibit A attached
hereto, and which Purchase Price is payable as follows: 
 (a) One Million One Hundred Fifty-Five Thousand and no/100 Dollars
($1,155,000.00) earnest money (the “Earnest Money Deposit”) to be deposited in escrow with Fidelity National Title Insurance Company, c/o Phoenix National Title Services, 1 East Washington Street, Suite 450, Phoenix, Arizona 85004,
Attention: Kelli J. Vos (“Escrow Agent”) not later than five (5) business days following the receipt by Escrow Agent of a fully-executed original of this Agreement (said receipt by Escrow Agent of a fully-executed original of
this Agreement, the “Opening of Escrow”), which Earnest Money Deposit is to be held by Escrow Agent until released to Seller or Buyer as provided herein or paid to Seller at close of escrow (“COE”); 

(b) Such amounts, in additional cash, or other immediately available funds (as may be increased or decreased by such sums as are required
to take into account any additional deposits, prorations, credits, or other adjustments required by this Agreement), set forth in one or more settlement or closing statements prepared by Escrow Agent and approved by Buyer and Seller in connection
with COE of each parcel of Real Property constituting the Premises, to be deposited in escrow with Escrow Agent on or before COE (the “Additional Funds”) which is to be held by Escrow Agent until cancellation of this Agreement as
provided herein or paid to Seller at COE. 
 5. DISPOSITION OF EARNEST MONEY DEPOSIT. Seller and Buyer hereby instruct
Escrow Agent to place the Earnest Money Deposit in a federally insured interest-bearing passbook account on behalf of Seller and Buyer (but in no event a money market account). The Earnest Money Deposit and interest thereon shall be applied as
follows: 
 (a) if Buyer cancels this Agreement as Buyer is so entitled to do as provided in this Agreement, the Earnest Money
Deposit and all interest earned to the effective date of withdrawal shall be paid immediately to Buyer; 
 (b) if the Earnest
Money Deposit is forfeited by Buyer pursuant to this Agreement, such Earnest Money Deposit and all interest earned to the date of withdrawal shall be paid to Seller as Seller’s agreed and total liquidated damages, it being acknowledged and
agreed that it would be difficult or impossible to determine Seller’s exact damages; and 
 (c) if escrow closes, the
Earnest Money Deposit and all interest earned to COE shall be credited to Buyer, automatically applied against the Purchase Price and paid to Seller at COE. 

  
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 6 PRELIMINARY TITLE REPORT AND OBJECTIONS. 

(a) Within ten (10) business days after the Opening of Escrow, Escrow Agent shall deliver a current Preliminary Title Report (each, a
“Report” and, collectively, the “Reports”) for an ALTA extended coverage, or TLTA, as applicable, title insurance policy (each, an “Owner’s Policy” and, collectively, the “Owner’s
Policies”) on each Property to Buyer and Seller. Each Report shall show the status of title to the applicable Property as of the date of such Report and shall also describe the requirements of Escrow Agent for the issuance of an
Owner’s Policy corresponding to such Property as described herein. The cost of a standard Owner’s Policy corresponding to each Property shall be paid by Seller; any additional costs for an extended coverage policy or any endorsements
(excluding, however, those endorsements required to cure one or more objectionable matters set forth in an Objectionable Report (as hereinafter defined), which endorsements shall be issued at Seller’s sole cost and expense) shall be paid by
Buyer. In addition to the Reports, Escrow Agent shall simultaneously deliver to Buyer and Seller complete, legible copies of all documents identified in Part Two of Schedule B of each Report. 

(b) If Buyer is dissatisfied with any exception to title as shown in any Report (each such report, an “Objectionable
Report”), then Buyer may, by giving written notice thereof to Escrow Agent and Seller on or before expiration of the Study Period (as defined below) (provided, however, Buyer shall have not less than ten (10) days from its receipt of
the Survey (as defined in Section 9 below) corresponding to each Property to object to any matters disclosed on or by such Survey that were not previously disclosed by Seller’s existing survey corresponding to such Property), either
(i) terminate this Agreement in its entirety, whereupon the Earnest Money Deposit plus interest shall be returned immediately to Buyer and, except as otherwise provided in this Agreement, neither of the Parties shall have any further liability
or obligation under this Agreement, or (ii) provisionally accept the title to those Properties corresponding to such Objectionable Report subject to Seller’s agreement to use commercially reasonable efforts to cause the removal of any
disapproved exceptions or objectionable matters. 
 If Buyer gives notice to Seller of its election of option (ii) above,
Seller shall notify Buyer in writing within five (5) days after receiving Buyer’s written notice of disapproval of any exceptions or objectionable matters if Seller does not intend to remove (or endorse over) any such exception and/or
objectionable matter. Seller’s lack of response shall be deemed as Seller’s election to not remove (or endorse over) any such exception and/or objectionable matter. 
 (c) In the event any Report is amended (each such Report, an “Amended Report”) to include new exceptions that are not set forth in the prior Report corresponding to the same Property,
Buyer shall have until the later of (i) the expiration of the Study Period, or (ii) the date seven (7) days after Buyer’s receipt of both such Amended Report and copies of the documents identified in the new exceptions or new
requirements, within which to either (1) terminate this Agreement in its entirety as set forth in Section 6(b)(i) above or (2) to provisionally accept the title to the Property subject to Seller’s agreement to use commercially
reasonable efforts to cause the removal of any disapproved exceptions or objections as set forth in Section 6(b)(ii) above. 

  
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 (d) In the event Buyer provisionally accepts title to a Property corresponding to either an
Objectionable Report and/or an Amended Report pursuant to Sections 6(b) and/or 6(c) above, if Seller serves notice to Buyer that Seller does not intend to remove such exceptions and/or objectionable matters from one or more Objectionable Reports
and/or the Amended Reports, as applicable, before COE, Buyer shall, within three (3) days after receipt of such notice from Seller, notify Seller and Escrow Agent in writing of Buyer’s election to either (i) terminate this Agreement
in its entirety as set forth in Section 6(b)(i) above, or (ii) waive such objections. If written notice of dissatisfaction as to any Report is not timely given by Buyer to Seller, then Buyer shall be deemed to have accepted of the
condition of the title of the Premises. 
 7 BUYER’S STUDY PERIOD AND CLOSING CONTINGENCIES. 

(a) The Study Period. As to any particular Property, Buyer shall have until 5:00 p.m. MST on the thirtieth
(30th) day after the Effective Date (the
“Study Period”), at Buyer’s sole cost, within which to conduct and approve any investigations, studies or tests deemed necessary by Buyer, in Buyer’s sole discretion, to determine the feasibility of acquiring each
Property, including, without limitation, Buyer’s right to: (i) review and approve each Survey, each Lease, Seller’s operating statements with respect to each Property; and (ii) obtain, review and approve an environmental study of
each Property (collectively, “Buyer’s Diligence”). 
 In the event that the results of the inspections,
investigations, reviews and feasibility studies to which reference is made in Paragraphs 6, 7, 8 and 9 hereof, in Buyer’s sole opinion and within Buyer’s sole discretion, unacceptable to Buyer for any reason whatsoever, and Buyer so
notifies Seller of the fact on or before the expiration of the Study Period provided in this Paragraph, then, at Buyer’s option and upon Buyer’s request, the Earnest Money deposited by Buyer with Escrow Agent hereunder, together with all
interest earned thereon, shall be returned to Buyer and, this Agreement shall thereupon be terminated, null and void, and be of no further force and effect and all parties hereto shall thereupon be relieved and absolved of any further liabilities or
obligations whatsoever to each other hereunder, except with respect to those liabilities or obligations hereunder which are expressly stated to survive the termination of this Agreement. If Buyer fails to notify Seller in writing on or prior to
expiration of the Study Period that each Property is suitable to Buyer and that the contingencies set forth in this Section 7 have been waived, then this Agreement shall automatically terminate and be rendered of no further force or effect, the
Earnest Money Deposit and all interest earned thereon shall be returned to Buyer and the parties hereto shall have no further obligations to one another except under the indemnities which expressly survive COE or the earlier termination of this
Agreement. 
 (b) Right of Entry. Subject to the prior rights of the Tenant and Landlord’s right of entry under the
Lease, Seller hereby grants to Buyer and Buyer’s agents, employees and contractors the right to enter upon each of the Premises, at the time or times during the Study Period reasonably designated by Seller, to conduct Buyer’s Diligence. In
the event Buyer determines any material adverse fact in connection with any Property as a result of Buyer’s Diligence, Buyer agrees to promptly notify Seller of the same. Notwithstanding the foregoing, Buyer shall not conduct any invasive
testing. Upon the completion of any inspection, examination, test or study, if any, Buyer shall promptly restore the applicable Property to as near its former condition as is reasonably possible. In consideration therefor, Buyer shall and does

  
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hereby agree to indemnify and hold Seller harmless from any and all liabilities, claims, losses or damages, including, but not limited to, court costs and attorneys’ fees, which may be
incurred by Seller as a direct result of Buyer’s Diligence. Buyer shall carry comprehensive general liability insurance and property damage insurance, with minimum limits of $1,000,000 per occurrence with a $2,000,000 combined single limit,
contractual liability insurance with respect to Buyer’s obligations herewith, and workers compensation insurance. Buyer shall provide Seller with a certificate of insurance evidencing such insurance naming Seller as an additional insured
thereunder. Buyer’s indemnity and hold harmless obligation shall survive cancellation of this Agreement or COE. 
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DELIVERY OF SELLER’S DILIGENCE MATERIALS. 
 (a) Deliveries to Buyer. Seller agrees to deliver to Buyer
contemporaneously with the Opening of Escrow all information in Seller’s possession relating to the leasing, operating, maintenance, engineering, environmental tests and like matters regarding each Property which Seller has in its possession
(collectively, “Seller’s Diligence Materials”), all at no cost to Buyer. The foregoing deliveries shall include, but not be limited to, copies of all: (i) each Lease (including any amendments thereto and guaranties
thereof, including any Tenant deposit list in regard thereto, and (ii) the existing survey of each Property in Seller’s possession. 
 (b) Delivery by Buyer. If this Agreement is canceled for any reason, except Seller’s willful default hereunder, Buyer agrees to deliver to Seller all diligence materials delivered by Seller to
Buyer and, upon payment by Seller to Buyer of Buyer’s cost thereof, copies of those investigations, studies and/or tests which Buyer may have elected to obtain. 
 9 THE SURVEYS. Seller shall, at its expense, deliver to Buyer a current ALTA “as built” survey for each Property prepared by a national surveyor selected by Seller. If any such survey
discloses any encroachments or other adverse matters which are unacceptable to Buyer in its sole discretion, Buyer shall be entitled to terminate this Agreement by delivering written notice thereof to Seller prior to the expiration of the Study
Period, whereupon this Agreement shall terminate as provided in Paragraph 7 hereof. In the event Buyer shall not terminate this Agreement as a result of the inspections and investigations to be performed by Buyer pursuant to Paragraph 7 hereof, then
and in such event Buyer shall be deemed to have agreed to accept title to and acquire the Property from Seller subject to any matters disclosed by or which would be disclosed by any such survey of the Property obtained by Seller. 

10. ESTOPPEL. Seller shall use commercially reasonable and diligent efforts to cause Tenant to execute an estoppel with respect to
each Property and thereafter to deliver the same to Buyer no earlier than 30 days prior to COE. Seller shall promptly deliver to Buyer photocopies of each executed estoppel certificate when Seller receives the same. The estoppel certificates shall
be substantially in the form required by the applicable Lease. 
 In the event that an estoppel certificate has not been
received as to any Property at least three (3) business day prior to COE, Buyer may, as its sole and exclusive remedy, either: (i) waive the estoppel requirement and proceed to COE in accordance with the terms and provisions hereof;
(ii) terminate this Agreement by delivering written notice thereof to Seller no later than 

  
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two (2) business days prior to COE, upon which termination the Earnest Money shall be refunded to Buyer, together with any interest accrued thereon and neither party shall have any further
rights, obligations or liabilities hereunder; except for those rights, obligations and liabilities expressly surviving the termination of this Agreement; or (iii) extend the COE for a period of up to ten (10) days for receipt of the
estoppel only. If Buyer so extends the COE, (“Extended COE”) then Seller shall continue to use commercially reasonable and diligent efforts to cause the applicable Tenant to execute the estoppel corresponding to such Property. If Seller
does not deliver an estoppel corresponding to such Property executed by the applicable Tenant during the Extended COE, then Buyer may, as its sole and exclusive remedy, either: (i) waive the estoppel requirement and proceed to COE in accordance
with the terms and provisions hereof; or (ii) terminate this Agreement by delivering written notice thereof to Seller no later than said Extended COE, upon which termination the Earnest Money, together with any interest accrued thereon, shall
be refunded to Buyer and neither party shall have any further rights, obligations or liabilities hereunder, except for those rights, obligations and liabilities expressly surviving the termination of this Agreement. 

11. IRS SECTION 1445. Seller shall furnish to Buyer in escrow by COE a sworn affidavit (the “Non-Foreign
Affidavit”) stating under penalty of perjury that Seller is not a “foreign person” as such term is defined in Section 1445(f)(3) of the Internal Revenue Code of 1986, as amended (the “Code”). If Seller does
not timely furnish the Non-Foreign Affidavit, Buyer may withhold (or direct Escrow Agent to withhold) from the Earnest Money Deposit and/or the Additional Funds, an amount equal to the amount required to be so withheld pursuant to
Section 1445(a) of the Code, and such withheld funds shall be deposited with the Internal Revenue Service as required by such Section 1445(a) and the regulations promulgated thereunder. The amount withheld, if any, shall nevertheless be
deemed to be part of the Purchase Price paid to Seller. 
 12. DELIVERY OF POSSESSION. Seller shall deliver possession of
each Property to Buyer at COE subject only to the rights of the Tenant under each of the Leases as approved by Buyer as part of Buyer’s Diligence. 
 13. BUYER’S CONDITIONS PRECEDENT. In addition to all other conditions precedent set forth in this Agreement, Buyer’s obligations to perform under this Agreement and to close escrow with
respect to the Property are expressly subject to the following: 
 (a) the delivery by Seller to Escrow Agent, for delivery to
Buyer at COE, of the executed original Transfer Documents; 
 (b) the issuance of the Owner’s Policies (or written
commitments therefor) subject only to those matters approved or deemed approved by Buyer pursuant to this Agreement; 
 (c) the
delivery by Seller to Buyer at COE of all security deposits and pre-paid rents under each of the Leases, if any, in the form of a credit in favor of Buyer against the Additional Funds; 

  
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 (d) the deposit with Escrow Agent of an executed affidavit of Seller and such other
documentation as may be reasonably required by Escrow Agent to allow for the deletion of the mechanics’ lien exception from each of the Owner’s Policies; 
 (e) the deposit with Escrow Agent of a letter from Seller to Tenant requesting that future rent under each of the Leases be paid to Buyer; 

(f) Seller shall request a Subordination, Non-Disturbance and Attornment Agreement with respect to each Property (each, a
“SNDA” and, collectively, the “SNDAs”) from Tenant in Tenant’s standard form at the time it requests the estoppels, but the parties acknowledge that receipt of such SNDAs shall not be a condition to COE;

 (g) delivery to Buyer of fully-executed originals of the Leases (or, if Seller does not have originals of any Lease, then a
copy of such Lease); and 
 (h) Delivery of copies of all of Seller’s interest, to the extent transferable, in all permits
and licenses (collectively, the “Permits”), warranties (specifically including, without limitation, any warranty related to the roof of any Building), contractual rights and intangibles (including rights to the name of the
Improvements as well as architectural/engineering plans) with respect to the operation, maintenance, repair or improvement of any Property (collectively, the “Contracts”), which Seller has in its possession. 

If the foregoing conditions have not been satisfied as to any Property by the specified date or COE as the case may be, then Buyer shall have the right,
at Buyer’s sole option, by giving written notice to Seller and Escrow Agent, to (i) cancel this Agreement, whereupon the Earnest Money Deposit plus interest shall be paid immediately by Escrow Agent to Buyer and, except as otherwise
provided in this Agreement, neither of the Parties shall have any further liability or obligation under this Agreement, or (ii) extend such specified date or COE, as applicable, for such amount of time as Buyer deems reasonably necessary to
allow Seller to satisfy such conditions not to exceed fifteen (15) days unless agreed to by Seller. 
 14. SELLER’S
WARRANTIES. Seller hereby represents and warrants to Buyer as of the Effective Date and again as of COE that: 
 (a) to the
best of Seller’s knowledge (“Seller’s Knowledge” as used herein shall mean the actual knowledge of Kristin Furniss, Director of Asset Management, without any independent investigation), no notice of violation has been issued with
regard to any applicable regulation, ordinance, requirement, covenant, condition or restriction relating to the present use or occupancy of any Property by any person, authority or agency having jurisdiction; and if such notice of violation is
issued subsequent to the Effective Date of this Agreement and prior to COE, Buyer may terminate this Agreement by delivering written notice thereof to Seller no later than three business days prior to COE, upon which termination the Earnest Money
shall be refunded to Buyer, together with any interest accrued thereon; 

  
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 (b) to the best of Seller’s knowledge, there are no unrecorded leases (other than the
Leases), liens or encumbrances which may affect title to any Property except as set forth in the Reports; 
 (c) to the best of
Seller’s knowledge, there is no impending or contemplated condemnation or taking by inverse condemnation of any Property, or any portion thereof, by any governmental authorities, except for a proposed water meter upgrade project located in the
City of Odessa, Texas; 
 (d) to the best of Seller’s knowledge, there are no intended public improvements which will or
could result in any charges being assessed against any Property which will result in a lien upon any Property; 
 (e) Seller has
not and will not, without the prior written consent of Buyer, take any action before any governmental authority having jurisdiction thereover, the object of which would be to change the present zoning of or other land-use limitations, upon any
Property, or any portion thereof, or its potential use, and, to Seller’s knowledge, there are no pending proceedings, the object of which would be to change the present zoning or other land-use limitations; 

(f) except as set forth in Section 39 below, Seller has not entered into and there is not existing any other agreement, written or
oral, under which Seller is or could become obligated to sell any Property, or any portion thereof, to a third party and Seller will not enter into nor execute any such agreement without Buyer’s prior written consent; 

(g) Seller has full power and authority to execute, deliver and perform under this Agreement as well as under the Transfer Documents,
specimens of which are attached hereto as Exhibits; 
 (h) no consent of any third party is required in order for Seller to
enter into this Agreement and perform Seller’s obligations hereunder; 
 (i) between the Effective Date and COE or any
earlier termination of this Agreement, Seller shall not execute or enter into any lease with respect to any Property, or terminate, amend, modify, extend or waive any rights under any of the Lease without Buyer’s prior written consent, which
consent shall not be unreasonably withheld; 
 (j) to the best of Seller’s knowledge, this the execution of this Agreement
by Seller will not in any way violate any other agreements to which Seller is a party; 
 (k) no default of Seller exists under
any of the Contracts and, to Seller’s knowledge, no default of any of the other parties exists under any of the Contracts; 

(l) except for any item to be prorated at COE in accordance with this Agreement, all bills or other charges, costs or expenses arising
out of or in connection with or resulting from Seller’s use, ownership, or operation of any Property up to COE shall be paid in full by Seller if Seller is obligated to pay the same under the applicable Lease or Leases; 

  
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 (m) all general real estate taxes, assessments and personal property taxes that have become
due with respect to any Property (except for those that will be prorated at COE) have been paid or will be so paid by Seller, if Seller is obligated to pay same under the applicable Lease or Leases, prior to COE; 

(n) Seller agrees that, between the Effective Date and COE or any earlier termination of this Agreement, Seller shall, at its sole cost:

 (1) continue to operate each Property as heretofore operated by Seller subject to Buyer’s rights under this Agreement
to direct specific activities of Seller; 
 (2) maintain or enforce Seller’s rights as landlord under each of the Leases
to cause the Tenant to maintain each Property in its current condition and perform required and routine maintenance and make replacements of each part of each Property that is tangible property (whether real or personal) and perform repairs or make
replacements to any broken, defective or disfunctioning portion of each Property that is tangible property (whether real or personal) as the relevant conditions require only to the extent required under each Lease. 

(3) enforce Seller’s rights as landlord under each of the Leases to cause Tenant to comply with all governmental requirements
applicable to each Property; 
 (4) except as required by a governmental agency, not place or permit to be placed on any
portion of any Property any new improvements of any kind or remove or permit any improvements to be removed from any Property without the prior written consent of Buyer, provided however, such consent of Buyer shall not be required in the event said
placing or removing of said improvements do not materially and adversely affect the applicable Property; 
 (5) not restrict,
rezone, file or modify any development plan or zoning plan or establish or participate in the establishment of any improvement district with respect to all or any portion of any Property without Buyer’s prior written consent; and 

(6) without Buyer’s prior written consent which shall not be unreasonably withheld, Seller shall not, by voluntary or intentional
act or omission to act, further cause or create any easement, encumbrance, or mechanic’s or materialmen’s liens, and/or similar liens or encumbrances to arise or to be imposed upon any Property or any portion thereof that effects title
thereto; notwithstanding the foregoing, with respect to any such easement that is required for the operation of the applicable Property (such as utility easements), Buyer must provide any objection to Seller in writing within five (5) days
after receipt of such easement or Buyer shall be deemed to have approved such easement; 
 (o) Except as provided in those
certain Phase I Environmental Reports set forth on the attached Schedule I (the “Environmental Reports”), Seller has no actual knowledge 

  
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that there exists or has existed, and Seller itself has not caused any generation, production, location, transportation, storage, treatment, discharge, disposal, release or threatened release
upon, under or about any Property of any Hazardous Materials. “Hazardous Materials” shall mean any flammables, explosives, radioactive materials, hazardous wastes, hazardous and toxic substances or related materials, asbestos or any
material containing asbestos (including, without limitation, vinyl asbestos tile), or any other substance or material, defined as a “hazardous substance” by any federal, state, or local environmental law, ordinance, rule or regulation
including, without limitation, the Federal Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended, the Federal Hazardous Materials Transportation Act, as amended, the Federal Resource Conservation and Recovery Act,
as amended, and the rules and regulations adopted and promulgated pursuant to each of the foregoing; 
 (p) except as provided
in the Environmental Reports, Seller has no actual knowledge, that there is now, or that there has ever been, on or in any Property or any portion thereof underground storage tanks, any asbestos-containing materials or any polychlorinated biphenyls,
including those used in hydraulic oils, electric transformers, or other equipment. Seller hereby assigns to Buyer, effective as of COE, all claims, counterclaims, defenses, or actions, whether at common law, or pursuant to any other applicable
federal or state or other laws which Seller may have against any third parties relating to the existence of any Hazardous Materials in, at, on, under or about any Property (including Hazardous Materials released on any Property prior to COE and
continuing in existence on such Property at COE); 
 (q) should Seller receive notice or knowledge of any information regarding
any of the matters set forth in this Section 13 after the Effective Date and prior to COE, Seller will immediately notify Buyer of the same in writing; 
 (r) the execution, delivery and performance of this Agreement and the Transfer Documents, specimens of which are attached hereto as Exhibits, have not and will not constitute a breach or default under any
other agreement, law or court order under which Seller is a party or may be bound; 
 (s) The representations and warranties set
forth in this Section 14 are made as of the Effective Date and are remade as of the COE and shall not be deemed to be merged into or waived by the instruments of Closing, but shall survive the COE for a period of six months (the
“Survival Period”). Each party shall have the right to bring an action against the other on the breach of a representation or warranty or covenant hereunder or in the documents delivered by Seller at the COE, but only on the
following condition: the party bringing the action for breach first learns of the breach after COE and gives written notice of such breach to the other party before the end of the Survival Period and files such action on or before the first day
following the second anniversary of the COE. Neither party shall have any liability after COE for the breach of a representation or warranty or covenant hereunder of which the other party hereto had actual knowledge as of COE. Notwithstanding any
other provision of this Agreement, any agreement contemplated by this Agreement, or any rights which Buyer might otherwise have at law, equity, or by statute, whether based on contract or some other claim, Buyer agrees that any liability of Seller
to Buyer will be limited to $1,000,000. The provisions of this Section 14 shall survive the COE; and 

  
 11 

 (t) to the best of Seller’s knowledge, there are no proceedings pending for the
increase of the assessed valuation of any Property or any portion thereof. 
 15. BUYER’S WARRANTIES. Buyer hereby
represents to Seller as of the Effective Date and again as of COE that: 
 (a) Buyer has full power and authority to execute,
deliver and perform under this Agreement as well as under the Transfer Documents, specimens of which are attached hereto as Exhibits; 
 (b) there are no actions or proceedings pending or to Buyer’s knowledge, threatened against Buyer which may in any manner whatsoever affect the validity or enforceability of this Agreement or any of
the documents, specimens of which are attached hereto as Exhibits; 
 (c) the execution, delivery and performance of this
Agreement and the Transfer Documents, specimens of which are attached hereto as Exhibits, have not and will not constitute a breach or default under any other agreement, law or court order under which Buyer is a party or may be bound; 

(d) Buyer is not an employee benefit plan (a “Plan”) subject to ERISA or Section 4975 of the Internal Revenue Code of
1986, as amended (the “Code”), assets of a Plan are not being used to acquire the Property, Buyer is not a “party in interest” (as that term is defined in Section 3(14) of ERISA) with respect to any Plan that is an investor
in Seller, and Buyer’s acquisition of the Property will not constitute or result in a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code; 

(e) Buyer represents and warrants to Seller that Buyer is currently in compliance with and shall at all times during the term of this
Agreement (including any extension thereof) remain in compliance with the regulations of the Office of Foreign Asset Control (“OFAC”) of the Department of the Treasury (including those named on OFAC’s Specially
Designated Nationals and Blocked Persons List) and any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support
Terrorism), or other governmental action relating thereto. With respect to parties owning direct or indirect interests in Buyer or any affiliate of Buyer, Seller acknowledges that Buyer has relied exclusively on its U.S. broker-dealer network to
implement the normal and customary investor screening practices mandated by FINRA regulations and applicable law in making the foregoing representation; 
 (f) should Buyer receive notice or knowledge of any information regarding any of the matters set forth in this Section 14 after the Effective Date and prior to COE, Buyer will promptly notify Seller
of the same in writing; and 

  
 12 

 (g) all representations made in this Agreement by Buyer shall survive the execution and
delivery of this Agreement and COE for a period of six months after COE. Buyer shall and does hereby indemnify against and hold Seller harmless from any loss, damage, liability and expense, together with all court costs and attorneys’ fees, if
awarded by a court of law, which Seller may incur, by reason of any material misrepresentation by Buyer or any material breach of any of Buyer’s warranties. Buyer’s indemnity and hold harmless obligations shall survive COE for a period of
six (6) months after COE. 
 16. PRORATIONS. The following prorations shall be made between Buyer and Seller as of
the date of Closing: 
 (a) All rent and additional rent under each Lease of the Property (together the “Rent”)
attributable to the period prior to the Closing Date shall be the property of Seller, and all Rent attributable to the Closing Date and the period subsequent thereto shall be the property of Buyer. If Rent for the month in which the Closing Date
occurs has been paid by Tenant to Seller prior to the Closing Date, then such rent shall be the property of Seller and Buyer shall receive a credit for all such Rent attributable to the Closing Date and the period subsequent thereto. If Rent for the
month in which the Closing Date occurs has not been paid by Tenant to Seller prior to the Closing Date, then such rent shall be the property of Buyer and Seller shall receive a credit for all such Rent attributable to the period prior to the Closing
Date. Buyer and Seller each agree to remit to the other, within two (2) business days after receipt of same, all Rent received by them after the Closing Date which is defined as the property of the other party pursuant to the terms of this
subparagraph, which obligation shall expressly survive Closing hereunder; and 
 (b) Ad valorem taxes and assessments for the
year of Closing hereunder which are not payable by Tenant under the applicable Lease (together the “Taxes”) and which are attributable to the period prior to the Closing Date shall be the responsibility of Seller, and such Taxes
which are attributable to the Closing Date and the period subsequent thereto shall be the responsibility of Buyer, and shall be prorated accordingly. 
 17. BROKER’S COMMISSION. Concerning any brokerage commission, the Parties agree that there are no brokers involved in this transaction, and that if any other person shall assert a claim to a
finder’s fee or brokerage commission on account of alleged employment as a finder or broker in connection with this Agreement, the Party under whom the finder or broker is claiming shall indemnify and hold the other Party harmless from and
against any such claim and all costs, expenses and liabilities incurred in connection with such claim or any action or proceeding brought on such claim, including, but not limited to, counsel and witness fees and court costs in defending against
such claim. Notwithstanding the foregoing, National Retail Properties, LP shall be paid a disposition fee by Seller equal to one percent (1%) of the Purchase Price. The provisions of this subsection shall survive cancellation of this Agreement
or COE. 
 18. CLOSE OF ESCROW. COE as to the Premises shall be on or before 5:00 p.m. MST on the fifteenth
(15th) day after the expiration of the Study Period (as such Study Period may be extended pursuant to Section 6(b) hereof). Buyer may extend the COE date for up to an additional fifteen (15) days upon delivery of written notice to
extend the COE date to Escrow Agent prior to the original COE date and by depositing an additional One Million One Hundred 

  
 13 

 
Fifty-Five Thousand and no/100 Dollars ($1,155,000.00) of earnest money with Escrow Agent. For purposes of this Agreement, any additional earnest money deposited with Escrow Agent pursuant to
this Section 18 shall be added to and become a part of the Earnest Money Deposit. 
 19. ASSIGNMENT. This Agreement
may not be assigned by Seller without the prior written consent of Buyer which consent shall not be unreasonably withheld. Notwithstanding the foregoing, Seller may assign this Agreement to an affiliate of Seller; provided, however, no such
assignment shall release or otherwise relieve Seller from any obligations hereunder. Buyer may assign its rights under this Agreement in whole or in part to one or more affiliates of Buyer without seeking or obtaining Seller’s consent. Such
assignment shall not become effective until the assignee executes an instrument whereby such assignee expressly assumes each of the obligations of Buyer under this Agreement, including specifically, without limitation, all obligations concerning the
Earnest Money Deposit. Buyer may also designate someone other than Buyer, as grantee and/or assignee, under the Transfer Documents by providing written notice of such designation at least five (5) days prior to COE. Buyer shall provide a copy
of any such assignment at least three (3) days prior to COE. Under no circumstances shall Buyer have the right to assign this Agreement to any person or entity owned or controlled by an employee benefit plan if Seller’s sale of the
Property to such person or entity would, in the reasonable opinion of Seller’s ERISA advisors or consultants, create or otherwise cause a “prohibited transaction” under ERISA. In the event Buyer assigns this Agreement or transfers any
ownership interest in Buyer, and such assignment or transfer would make the consummation of the transaction hereunder a “prohibited transaction” under ERISA and necessitate the termination of this Agreement then, notwithstanding any
contrary provision which may be contained herein, Seller shall have the right to terminate this Agreement. No assignment shall release or otherwise relieve Buyer from any obligations hereunder; provided, however, with respect to any
assignment by Buyer to an entity controlling, controlled by or under common control with Buyer, if (y) COE occurs, and (z) the assignee assumes all obligations of Buyer under this Agreement relating to the Property or Properties acquired
by such assignee, the assigning party (but not the assignee) shall be relieved of all its obligations arising under this Agreement before, on and after COE. 
 20. RISK OF LOSS. Seller shall bear all risk of loss resulting from or related to damage of or to any Property or any part thereof which may occur prior to COE. Prior to CEO, Seller shall also
bear all risk of loss resulting from or related to a taking or condemnation of any Property or any part thereof with respect to which written notice of a proposed condemnation or taking is received, a condemnation proceeding is commenced, a
condemnation proceeding is concluded or all or any part of any Property is conveyed in lieu of condemnation prior to COE (any such damage, taking or condemnation event a “Risk of Loss Event”). In the event of any Risk of Loss
Event prior to COE which is “Material” (as defined below), Buyer may, at Buyer’s sole option, by written notice to Seller and Escrow Agent given within five (5) business days of Buyer’s receipt of written notice from Seller
of a Risk of Loss Event, remove the affected Property from this Agreement (the “Rejected Property”) and the Purchase Price shall be reduced by the amount corresponding to such Rejected Property as set forth in Exhibit A attached
hereto, and this Agreement shall continue in full force and effect with respect to all remaining Properties. In the event of any Risk of Loss Event which does not result in a termination of this Agreement as to the affected Property, Seller
shall at COE and as a condition precedent thereto, 

  
 14 

 
pay Buyer or credit Buyer against the Purchase Price of the applicable Property the amount of any insurance or condemnation proceeds actually received by Seller or any lender of Seller which have
not been used (or delivered to Tenant pursuant to the terms of the Leases) to repair or restore the Property, or assign to Buyer, as of COE, all rights or claims for relief to the same subject to the terms of the Leases. Except as specifically set
forth in this Section, there shall not be any reduction of the Purchase Price due to a Risk of Loss Event. 
 As used herein,
the term “Material” shall mean (i) with respect to a Risk of Loss Event related to casualty, such Risk of Loss Event results in (a) the Tenant having a right of termination under the applicable Lease and the Tenant does not waive
such right of termination in writing prior to the date that is five (5) days from the date that Buyer receives notice of the Risk of Loss Event, (b) the Tenant having the right to permanently or temporarily abate or offset its rent under
the applicable Lease, (c) damage to the applicable Property the cost of which to repair is reasonably estimated to exceed $200,000, or (d) casualty damage to the applicable Property that is not fully covered by insurance (unless either
(1) Seller agrees in writing to contribute, as a credit to Buyer against the Purchase Price at COE, the full amount of such shortage, or (ii) Tenant is obligated under the applicable Lease to repair any uninsured casualty or reimburse its
landlord for the cost of such repairs); and (2) with respect to a Risk of Loss Event related to condemnation, such Risk of Loss Event results in (x) the Tenant having a right of termination under the applicable Lease and Tenant does not
waive such right of termination in writing prior to the date that is five (5) days from the date that Buyer receives notice of the Risk of Loss Event, (y) the Tenant having a right to permanently or temporarily abate or offset its rent
under the applicable Lease, or (z) required repairs or renovations to the applicable Property the cost of which is reasonably estimated to exceed $200,000. 
 21. REMEDIES. 
 (a) Seller’s Breach. If Seller breaches this
Agreement, Buyer may, at Buyer’s sole option, either: (i) by written notice to Seller and Escrow Agent, cancel this Agreement in its entirety whereupon the Earnest Money Deposit plus interest shall be paid immediately to Buyer and, except
as otherwise provided in this Agreement, neither of the Parties shall have any further liability or obligation hereunder; or (ii) seek specific performance against Seller in which event COE shall be automatically extended as necessary.
Notwithstanding the foregoing, if specific performance is unavailable as a remedy to Buyer because of Seller’s affirmative acts, Seller shall reimburse Buyer for Buyer’s actual out of pocket expenses incurred by Buyer in connection with
Buyer’s diligence activities pursuant to this Agreement, including, without limitation, reasonable attorneys’ fees, in an amount not to exceed THREE HUNDRED THOUSAND AND 00/100 DOLLARS ($300,000.00) in the aggregate. This limitation of
damages does not apply to the indemnification under Section 14. 
 (b) Buyer’s Breach. If the purchase and sale
of the Premises is not consummated in accordance with the terms and conditions of this Agreement due to default or breach on the part of Buyer, Seller, may terminate this Agreement and obtain as valid liquidated damages the entire Earnest Money.
Buyer and Seller agree that it would be impractical and extremely difficult to estimate the damages suffered by Seller as a result of a default by Buyer under this Agreement, and that under the circumstances existing as of the Effective Date of this

  
 15 

 
Agreement, the liquidated damages provided for in this paragraph represent a reasonable estimate of the damages which Buyer will incur as a result of such default; provided, however that this
provision shall not limit Buyer’s right to receive reimbursement for attorneys’ fees as provided herein, nor waive or affect Buyer’s indemnity obligations and Buyer’s rights to those indemnity obligations under this Agreement.

 22. ATTORNEYS’ FEES. If there is any litigation to enforce any provisions or rights arising herein, the
unsuccessful party in such litigation, as determined by the court, agrees to pay the successful party, as determined by the court, all costs and expenses, including, but not limited to, reasonable attorneys’ fees incurred by the successful
party, such fees to be determined by the court. For purposes of this Section 22, a party will be considered to be the “successful party” if (a) such party initiated the litigation and substantially obtained the relief which it
sought (whether by judgment, voluntary agreement or action of the other party, trial, or alternative dispute resolution process), (b) such party did not initiate the litigation and either (i) received a judgment in its favor, or
(ii) did not receive judgment in its favor, but the party receiving the judgment did not substantially obtain the relief which it sought, or (c) the other party to the litigation withdrew its claim or action without having substantially
received the relief which it was seeking. 
 23. NOTICES. 

(a) Addresses. Except as otherwise required by law, any notice required or permitted hereunder shall be in writing and shall be
given by personal delivery, or by deposit in the U.S. Mail, certified or registered, return receipt requested, postage prepaid, addressed to the Parties at the addresses set forth below, or at such other address as a Party may designate in writing
pursuant hereto, or tested telex, or telegram, or telecopies (fax), or any express or overnight delivery service (e.g., Federal Express), delivery charges prepaid: 

 

					
	if to Seller:	  	National Retail Properties, LP
		  	450 South Orange Avenue, Suite 900
		  	Orlando, Florida 32801
		  	Attn: Christopher P. Tessitore, Esquire
		  	Tel.:	  	(407) 265-7348
		  	Fax:	  	(407) 650-1044
		
	with copies to:	  	Crow Holdings Capital Partners
		  	3819 Maple Avenue
		  	Dallas, Texas 75219
		  	Attn: Stan Mullikin
		  	Tel.:	  	(214) 661-8357
		  	Fax:	  	(214) 445-0913

  
 16 

					
	with copies to:	  	Lowndes Drosdick Doster Kantor & Reed, P.A.
		  	450 South Orange Avenue, Suite 800
		  	Orlando, Florida 32801
		  	Attn:	  	Timothy R. Miedona, Esquire
		  	Tel.:	  	(407) 843-4600
		  	Fax:	  	(407) 843-4444
		
	if to Buyer:	  	Cole Capital Partners, LLC
		  	2325 E. Camelback Road, Suite 1100
		  	Phoenix, AZ 85016
		  	Attn:	  	Legal Department
		  	Tel.:	  	(602) 778-8700
		  	Fax:	  	(602) 778-8780
		
	with copies to:	  	Snell & Wilmer L.L.P.
		  	One Arizona Center
		  	400 E. Van Buren Street
		  	Phoenix, AZ 85004
		  	Attn:	  	Kevin T. Lytle, Esq.
		  	Tel.:	  	(602) 382-6065
		  	Fax:	  	(602) 382-6070
		
	if to Escrow Agent:	  	Fidelity National Title
		  	Phoenix National Title Services
		  	1 East Washington Street, Suite 450
		  	Phoenix, Arizona 85004
		  	Attn:	  	Kelli J. Vos
		  	Tel.:	  	(602) 343-7572
		  	Fax:	  	(602) 343-7564

 (b) Effective Date of Notices. Notice shall be deemed to have been given on the date on which such
notice is delivered, if notice is given by personal delivery, telex, telegrams or telecopies, and on the date of deposit in the mail, if mailed or deposited with the overnight carrier, if used. Notice shall be deemed to have been received on the
date on which the notice is received, if notice is given by personal delivery, and on the second (2nd) day following deposit in the U.S. Mail, if notice is mailed. If escrow has opened, a copy of any notice given to a party shall also be given
to Escrow Agent by regular U.S. Mail or by any other method provided for herein. 
 24. CLOSING COSTS. 

(a) Closing Costs. Seller and Buyer agree to pay closing costs as indicated in this Agreement and in the escrow instructions
attached hereto as Exhibit F, and by this reference incorporated herein (the “Escrow Instructions”). At COE, Seller shall pay (i) the costs of releasing all liens, judgments, and other encumbrances that are to be released and
of recording such releases, (ii) one half (1/2) of the fees and costs due Escrow Agent for its services, (iii) any 

  
 17 

 
transfer taxes associated with the sale of any Property, if any, (iv) the costs of the surveys obtained by Seller, (v) the costs of a standard coverage owner’s policy of title
insurance for each Property, and (vi) cost of recording instruments of conveyance. At COE, Buyer shall pay for (i) the increment cost, if any, for extended coverage to the owner’s policy of title insurance for each Property,
(ii) one half (1/2) of the fees and costs due Escrow Agent for its services, (iii) the cost of all endorsements to such owner’s policy of title insurance requested by Buyer, and (iv) the cost of any lender’s policy of
title insurance. Except as otherwise provided for in this Agreement, Seller and Buyer will each be solely responsible for and bear all of their own respective expenses, including, without limitation, expenses of legal counsel, accountants, and other
advisors incurred at any time in connection with pursuing or consummating the transaction contemplated herein. 
 (b)
Post-Closing Adjustment. If after COE, the parties discover any errors in adjustments and apportionments or additional information becomes available which would render the closing prorations materially inaccurate, the same shall be corrected
as soon after their discovery as possible. The provision of this Section 23(b) shall survive COE except that no adjustment shall be made later than two (2) months after COE unless prior to such date the Party seeking the adjustment shall
have delivered a written notice to the other Party specifying the nature and basis for such claim. In the event that such claim is valid, the Party against whom the claim is sought shall have ten (10) days in which to remit any adjustment due.

 (c) Instructions. This Agreement, together with the Escrow Instructions, shall constitute escrow instructions for the
transaction contemplated herein. Such escrow instructions shall be construed as applying principally to Escrow Agent’s employment. 
 25. ESCROW CANCELLATION CHARGES. If escrow fails to close because of Seller’s default, Seller shall be liable for any cancellation charges of Escrow Agent. If escrow fails to close because of
Buyer’s default, Buyer shall be liable for any cancellation charges of Escrow Agent. If escrow fails to close for any other reason, Seller and Buyer shall each be liable for one-half of any cancellation charges of Escrow Agent. The provisions
of this Section 25 shall survive cancellation of this Agreement. 
 26. APPROVALS. Concerning all matters in this
Agreement requiring the consent or approval of any Party, the Parties agree that any such consent or approval shall not be unreasonably withheld unless otherwise provided in this Agreement. 

27. REPORTING PERSON. Buyer and Seller hereby designate the Escrow Agent as the “reporting person” pursuant to the
provisions of Section 6045(e) of the Internal Revenue Code of 1986, as amended. 
 28. ADDITIONAL ACTS. The Parties
agree to execute promptly such other documents and to perform such other acts as may be reasonably necessary to carry out the purpose and intent of this Agreement. 
 29. GOVERNING LAW. This Agreement shall be governed by and construed or enforced in accordance with the laws of the state in which the applicable Property is located. 

  
 18 

 30. CONSTRUCTION. The terms and provisions of this Agreement represent the results of
negotiations among the Parties, each of which has been represented by counsel of its own choosing, and neither of which has acted under any duress or compulsion, whether legal, economic or otherwise. Consequently, the terms and provisions of this
Agreement shall be interpreted and construed in accordance with their usual and customary meanings, and the Parties each hereby waive the application of any rule of law which would otherwise be applicable in connection with the interpretation and
construction of this Agreement that ambiguous or conflicting terms or provisions contained in this Agreement shall be interpreted or construed against the Party whose attorney prepared the executed Agreement or any earlier draft of the same.

 31. TIME OF ESSENCE. Time is of the essence of this Agreement. However, if this Agreement requires any act to be done
or action to be taken on a date which is a Saturday, Sunday or legal holiday, such act or action shall be deemed to have been validly done or taken if done or taken on the next succeeding day which is not a Saturday, Sunday or legal holiday, and the
successive periods shall be deemed extended accordingly. 
 32. INTERPRETATION. If there is any specific and direct
conflict between, or any ambiguity resulting from, the terms and provisions of this Agreement and the terms and provisions of any document, instrument or other agreement executed in connection herewith or in furtherance hereof, including any
Exhibits hereto, the same shall be consistently interpreted in such manner as to give effect to the general purposes and intention as expressed in this Agreement which shall be deemed to prevail and control. 

33. HEADINGS. The headings of this Agreement are for reference only and shall not limit or define the meaning of any provision of
this Agreement. 
 34. FAX AND COUNTERPARTS. This Agreement may be executed by facsimile, by email (in “.pdf”
format) and/or in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and all of which together shall constitute one and the same instrument. 

35. INCORPORATION OF EXHIBITS BY REFERENCE. All Exhibits to this Agreement are fully incorporated herein as though set forth at
length herein. 
 36. SEVERABILITY. If any provision of this Agreement is unenforceable, the remaining provisions shall
nevertheless be kept in effect. 
 37. ENTIRE AGREEMENT. This Agreement contains the entire agreement between the Parties
and supersedes all prior agreements, oral or written, with respect to the subject matter hereof. The provisions of this Agreement shall be construed as a whole and not strictly for or against any Party. 

38. PREMISES SOLD “AS-IS”. EXCEPT AS EXPRESSLY STATED OTHERWISE HEREIN OR IN THE DEED, EACH PROPERTY SHALL BE SOLD AND

  
 19 

 
CONVEYED BY SELLER AND ACCEPTED BY BUYER IN “AS IS” CONDITION WITHOUT ANY WARRANTY OR REPRESENTATION WHATSOEVER ON THE PART OF SELLER, EXPRESS OR IMPLIED, AS TO THE CREDIT QUALITY OR
FINANCIAL CONDITION OR ABILITY OF TENANT, SUCH PROPERTY’S CONDITION, CLASSIFICATION, PAST OR PRESENT USE, OR MERCHANTABILITY, FITNESS OR SUITABILITY FOR ANY PARTICULAR PURPOSE, USE, DESIGN, CONSTRUCTION OR DEVELOPMENT, INCLUDING WITHOUT
LIMITATION ANY WARRANTY OR REPRESENTATION AS TO SURFACE OR SUBSURFACE CONDITION, ZONING, OR THE SUFFICIENCY, ACCESSIBILITY AND CAPACITY OF UTILITIES FOR BUYER’S INTENDED USE OF SUCH PROPERTY, IT BEING AGREED THAT ALL SUCH RISKS ARE TO BE BORNE
BY BUYER AND THAT BUYER IS RELYING SOLELY ON ITS OWN INSPECTION AND INVESTIGATION OF EACH PROPERTY AND OWN INVESTIGATIONS OF THE CREDIT WORTHINESS OF THE TENANTS, WITH RESPECT THERETO AND NOT ON ANY STATEMENT, ORAL OR WRITTEN REPRESENTATION OR
WARRANTY MADE BY SELLER OR ANYONE ACTING OR CLAIMING TO ACT ON BEHALF OF SELLER. 
 39. RIGHT OF FIRST
REFUSAL. Buyer hereby acknowledges and agrees that Road Ranger, L.L.C. has a right of first refusal to purchase the two (2) Properties located in the State of Illinois (each a “ROFR Property” or collectively the
“ROFR Properties”), which is part of the Premises to be conveyed to Buyer hereunder, as set forth under the applicable Lease, which right of first refusal, if exercised, may result in Seller terminating this Agreement with respect
to one or both of the ROFR Properties; accordingly, the obligations of Seller hereunder with respect to the two ROFR Properties are expressly subject to such rights of first refusal. Seller hereby advises Buyer that Tenant has ten (10) business
days (“Tenant’s Election Period”) from its receipt of Seller’s notice to Tenant (the “Offer Notice”), stating the terms and conditions of this Agreement, in which to exercise its right of first refusal. Seller agrees to
deliver the Offer Notice to Tenant on or before three (3) days after the Effective Date of this Agreement. Seller shall, upon receipt from Tenant of either: (a) the notice of non-exercise of Tenant’s right of first refusal in
connection with Buyer’s purchase of the ROFR Properties, or (b) the notice that Tenant shall exercise its right of first refusal or option to purchase (either such notice shall be referred to in this Agreement as the “Tenant’s
Election Notice”), promptly deliver a copy of such Tenant’s Election Notice to Buyer. In the event Tenant elects to exercise its right to purchase a ROFR Property, the parties shall proceed to closing on the remaining Properties, excluding
the ROFR Property or ROFR Properties, as applicable, with respect to which Tenant elects to exercise its right of first refusal to purchase, and the Purchase Price to be paid by Buyer shall be reduced by the allocated purchase price as shown on
Exhibit A with respect to each such ROFR Property or ROFR Properties, as applicable. Notwithstanding anything to the contrary contained in Section 7(a) above, Section 18 above or elsewhere in this Agreement, in the event Tenant does not
exercise its right of first refusal with respect to one or more of the ROFR Properties, then (a) the Study Period shall expire at 5:00 p.m. MST on the earlier of (i) the thirtieth
(30th) day after the Buyer’s receipt of the
Tenant’s Election Notice with respect to the ROFR Property or ROFR Properties, as applicable, in which Tenant has not exercised its right of first refusal, or (ii) the forty-fifth
(45th) day after the Effective Date (the
“Extended Study Period”), and (b) COE shall be on or before 5:00 p.m. MST on the fifteenth
(15th) day after the expiration of the Extended Study
Period or such earlier date as Buyer and Seller may otherwise agree in writing. 

  
 20 

 40. CONFIDENTIALITY. Prior to COE, Buyer agrees not to issue any press release or
other public disclosure using the name, logo or otherwise referring to Seller, National Retail Properties, Inc., any of their affiliates, Tenant or the transaction without the prior written consent of Seller, which consent may be given or withheld
in Seller’s sole and absolute discretion. After COE, Buyer agrees not to issue any press release or other public disclosure using the name, logo or otherwise referring to Seller, National Retail Properties, Inc., any of their affiliates, Tenant
or the transaction without the prior written consent of Seller; provided, however, that Seller’s consent may not be unreasonably withheld, conditioned or delayed. Buyer and Buyer’s agents and representatives agree to keep this Agreement
confidential, and shall not, without the prior written consent of Seller, which consent may be withheld in Seller’s sole and absolute discretion, disclose the existence or terms of this Agreement to any other person or entity (other than
Buyer’s employees, officers, accountants, attorneys, or agents who need to know and who Buyer has directed to treat such information as confidential). This Section 40 and the obligations of Buyer and the rights of Seller hereunder shall
expressly survive the COE or earlier termination of this Agreement. Notwithstanding anything to the contrary contained herein, Buyer and Seller both acknowledge and agree that this Section 40 shall not apply to any disclosure by Buyer required
by applicable law or regulation, by court order or of information already in the public domain. 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK; SIGNATURES ON FOLLOWING PAGE] 

  
 21 

 IN WITNESS WHEREOF, Seller and Buyer have executed this Agreement as of the Effective Date.

  

													
	SELLER:	 		 		 	NNN RETAIL PROPERTIES SUB I, LLC,
		 		 		 	a Delaware limited liability company
					
		 		 		 	By:	 	 NNN RETAIL PROPERTIES FUND SUB I,
 LLC, a Delaware limited liability company, Sole Member

						
		 		 		 		 	By:	 	NATIONAL RETAIL PROPERTIES, LP,
		 		 		 		 		 	a Delaware limited partnership,
		 		 		 		 		 	as its Managing Member
							
		 		 		 		 		 	By:	 	NNN GP Corp., a Delaware
		 		 		 		 		 		 	corporation, as General Partner
				
		 		 		 	 /s/ CHRISTOPHER P. TESSITORE

		 		 		 	Name:	 	Christopher P. Tessitore
		 		 		 	Its:	 	Executive Vice President
				
		 		 		 	NNN RETAIL PROPERTIES SUB II, LLC,
		 		 		 	a Delaware limited liability company
					
		 		 		 	 By:
	 	NNN RETAIL PROPERTIES FUND SUB I, LLC, a Delaware limited liability company, Sole Member
						
		 		 		 		 	By:	 	NATIONAL RETAIL PROPERTIES, LP,
		 		 		 		 		 	a Delaware limited partnership,
		 		 		 		 		 	as its Managing Member
							
		 		 		 		 		 	By:	 	NNN GP Corp., a Delaware
		 		 		 		 		 		 	corporation, as General Partner
				
		 		 		 	 /s/ CHRISTOPHER P. TESSITORE

		 		 		 	Name:	 	Christopher P. Tessitore
		 		 		 	Its:	 	Executive Vice President

  
 22 

													
		 		 	And
			
		 		 	NNN RETAIL PROPERTIES SUB III, LLC,
		 		 	a Delaware limited liability company
				
		 		 	By:	 	NNN RETAIL PROPERTIES FUND SUB I, LLC, a Delaware limited liability company, Sole Member
					
		 		 		 	By:	 	NATIONAL RETAIL PROPERTIES, LP,
		 		 		 		 	a Delaware limited partnership,
		 		 		 		 	as its Managing Member
						
		 		 		 		 	By:	 	NNN GP Corp., a Delaware
		 		 		 		 		 	corporation, as General Partner
			
		 		 	 /s/ CHRISTOPHER P. TESSITORE

		 		 	Name:	 	Christopher P. Tessitore
		 		 	Its:	 	Executive Vice President
			
	 BUYER:
	 		 	SERIES C, LLC,
		 		 	an Arizona limited liability company
			
		 		 	 /s/ JOHN M. PONS

		 		 	Name:	 	John M. Pons
		 		 	Its:	 	Authorized Officer

  
 23Form of Security Certificate

 Exhibit 4.1 
 No. ___ 
 CUSIP No. 055299 AL5 

ISIN No. US055299AL58 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN
WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE. 
 This Security may not be offered or sold in the Kingdom of Spain by means of a public offer (as defined and
construed by Spanish law) and may only be offered or sold in the Kingdom of Spain in compliance with the requirements of Law 24/1988 of July 28, 1988 (as amended from time to time) on the Spanish Securities Market and Royal Decree 1310/2005 of
November 4, 2005 on listing in secondary markets, public offers and the prospectus required for those purposes. 
 BBVA U.S.
SENIOR, S.A. UNIPERSONAL 
 GLOBAL SECURITY 
 representing up to $_______________ 
 Fixed Rate Senior Notes due 2015 

BBVA U.S. SENIOR, S.A. UNIPERSONAL, a sociedad anónima organized under the laws of the Kingdom of Spain and having its
registered office in the Kingdom of Spain (together with its successors and permitted assigns under the Indenture referred to on the reverse hereof, the “Company”), for value received, hereby promises to pay to Cede & Co.,
or registered assigns, the principal sum of $_______________ on October 9, 2015 or on such earlier date as the principal hereof may become due in accordance with the provisions hereof. 

The Company further unconditionally promises, subject to paragraph 2(b) of the Terms and Conditions of the Securities
referred to below, to pay interest in arrears on April 9 and October 9 of each year (each an “Interest Payment Date”), commencing April 9, 2013, and at maturity or redemption, on said principal sum at the rate of
4.664% per annum. Interest shall accrue from and including the most recent date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from and including October 10, 2012 until payment
of said principal sum has been made or duly provided for. The interest payable on any such April 9 and October 9 will, subject to certain conditions set forth in the Indenture referred to on the reverse hereof, be paid to Cede &
Co., or registered assigns at the end of the close of business on the Regular Record Date for such interest which shall be the 15th calendar day next preceding the date on which interest is to be paid, whether or not such day is a Business Day. A
“Business Day” is a day (other than a Saturday or a Sunday) on which foreign exchange markets are open for business in New York City that is neither a legal holiday nor a day on which banking institutions are authorized or required
by law or regulation to close in New York City and on which the TARGET2 system is open. 
 This being the Global Security of a
series (as defined in the Indenture referred to on the reverse hereof) deposited with DTC acting as depositary, and registered in the name of Cede & Co., a nominee of DTC, Cede & Co., as holder of record of this Global Security,
shall be entitled to receive payments of principal and interest, other than principal and interest due at the maturity date, by wire transfer of immediately available funds. 

 Payment of interest (including Additional Amounts) on Global Securities will be made by wire
transfer in immediately available funds to a U.S. dollar account maintained by the DTC with a bank in New York City. 
 Such
payment shall be made in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. 
 The Company hereby irrevocably undertakes to the holder hereof to exchange this Global Security in accordance with the terms of the Indenture without charge upon request of such holder for Securities of
the same series upon delivery hereof to the Trustee together with any certificates, letters or writings required in Section 3.03 of the Indenture. 
 This Security is fully and unconditionally guaranteed by the Guarantor (as defined on the reverse hereof) as set forth in the Guarantee dated October 10, 2012, executed by the Guarantor to the
Trustee (as defined on the reverse hereof) for the benefit of the holders of the Securities. A counterpart of the Guarantee is endorsed on the reverse side hereof. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of
and interest on this Security at the place, times, and rate, and in the currency, herein prescribed. 
 Reference is made to the
further provisions set forth under the Terms and Conditions of the Global Security endorsed on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Security shall not be valid or obligatory for any purpose until the certificate of authentication of this Security shall have been
manually executed by or on behalf of the Trustee under the Indenture. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: October 10, 2012 
  

			
	BBVA U.S. SENIOR, S.A. UNIPERSONAL
		
	By:	 	 
		 	Name: Juan Isusi Garteiz Gogeascoa
		 	Title: Director

 CERTIFICATE OF AUTHENTICATION 

This is the Global Security of a series designated herein referred to in the within-mentioned Indenture. 

Dated: October 10, 2012 
  

			
	The Bank of New York Mellon, as Trustee
		
	By:	 	 
		 	Authorized Officer

 TERMS AND CONDITIONS OF THE SECURITIES 

1. General. (a) This Security is one of a duly authorized issue of a series of debt securities of the Company, designated as
its Fixed Rate Senior Notes due 2015 (the “Securities”), limited to the aggregate principal amount of $2,000,000,000 (except as otherwise provided below) and issued or to be issued pursuant to an Indenture (as supplemented from time
to time, the “Base Indenture”) dated as of June 28, 2010 among the Company, Banco Bilbao Vizcaya Argentaria, S.A. (together with its successors and permitted assigns under the Indenture, the “Guarantor”) and
The Bank of New York Mellon, as trustee (together with any successor Trustee under the Indenture, the “Trustee”), as supplemented by a supplemental indenture dated October 10, 2012 among the Company, the Guarantor and the
Trustee (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”). The Bank of New York Mellon has also entered into a Paying Agency Agreement among the Company, the Guarantor and The
Bank of New York Mellon dated October 10, 2012. The terms and conditions of the Indenture shall have effect as if incorporated herein. Capitalized terms that are not defined herein shall have the meaning assigned to them in the Indenture. The
holders of the Securities (each a “Holder”) will be entitled to the benefits of, be bound by, and be deemed to have notice of, all of the provisions of the Indenture and reference is made to the Indenture for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. A copy of the
Indenture is on file and may be inspected at the Corporate Trust Office of the Trustee in New York City. 
 (b)
The Securities are direct, unconditional and unsecured obligations of the Company. The Securities are fully and unconditionally guaranteed by the Guarantor pursuant to the terms of the guarantee (the “Guarantee”) dated
October 10, 2012 (a counterpart of which is endorsed hereon) as to the payment of principal (and premium, if any), interest, payments to sinking funds (if applicable), Additional Amounts and any other amounts of whatever nature which may become
payable under any of the foregoing or under the Indenture. 
 (c) The Securities will initially be sold in the
form of one or more global certificates representing the notes in fully registered form without interest coupons (each a “Global Security” and, together with any securities issued in definitive form pursuant to the Indenture (each a
“Security”), the “Securities”) deposited with The Bank of New York Mellon as custodian for The Depository Trust Company (“DTC”). The Securities will not be issued in bearer form. The Securities, and
transfers thereof, shall be registered as provided in Section 3.06 of the Indenture. Any person in whose name a Security shall be registered may (to the fullest extent permitted by applicable law) be treated at all times, and for all purposes,
by the Company, Guarantor and the Trustee as the absolute owner of such Security, regardless of any notice of ownership, theft or loss or of any writing thereon. 
 2. Payments and Paying Agencies. (a) All payments on the Securities shall be made exclusively in such coin or currency of the United States of America as at the time of payment shall be legal
tender for the payment of public and private debts. 
 (b) (i) Principal of this Security and interest due
at maturity will be payable against surrender of such Security at the Corporate Trust Office of the Trustee in New York City in immediately available funds by a U.S. dollar check drawn on, or by transfer to a U.S. dollar account maintained by the
registered Holder with, a bank located in the United States. 
 (ii) Payment of interest
(including Additional Amounts) on this Security will be made to the persons in whose name such Security is registered at the end of the close of business on the Regular Record Date, which shall be the end of the 15th calendar day next preceding the date on which interest is to be paid
whether or not such day is a Business Day, notwithstanding the cancellation of such Security upon any transfer or exchange thereof subsequent to the Record Date and before such interest payment date. 

 Any interest on and any Additional Amounts with respect to the Securities which shall be
payable, but shall not be punctually paid or duly provided for, on any Interest Payment Date for such Securities (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder thereof on the relevant Regular
Record Date by virtue of having been such Holder; and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (A) or (B) below: 

(A) The Company may elect to make payment of any Defaulted Interest to the Person in whose name such Security shall be
registered at the close of business on a “Special Record Date” for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted
Interest proposed to be paid on such Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted
Interest or shall make arrangements satisfactory to the Trustee for such deposit on or before the date of the proposed payment, such money when so deposited to be held in trust for the benefit of the Person entitled to such Defaulted Interest as in
this Clause provided. Thereupon, the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than ten days before the date of the proposed payment and not less than ten
days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of
such Defaulted Interest and the Special Record Date therefor to be mailed, first class postage prepaid, to the Holders (or holders of a predecessor security of their Securities) at their addresses as they appear in the Security Register not less
than ten days before such Special Record Date. The Trustee shall, at the instruction of the Company, in the name and at the expense of the Company, cause a similar notice to be published at least once in an Authorized Newspaper of general
circulation in the Borough of Manhattan, The City of New York, but such publication shall not be a condition precedent to the establishment of such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record
Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Person in whose name such Security (or Predecessor Security thereof) shall be registered at the close of business on such Special Record Date and shall no
longer be payable pursuant to the following clause (B). 
 (B) The Company may make payment of any Defaulted
Interest in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Security may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the
Trustee of the proposed payment pursuant to this clause, such payment shall be deemed practicable by the Trustee. 
 (c) Interest shall be computed on the basis of a 360-day year of 12 30-day months. 

3. Additional Amounts; Redemption for Taxation or Listing Reasons; Optional Redemption. 

(a) Any amounts to be paid by the Company with respect to each Security shall be paid without deduction or withholding
for or on account of any and all present or future taxes or duties of whatever nature (“Taxes”) imposed or levied by or on behalf of the Kingdom of 

 Spain (the “Taxing Jurisdiction”) or any political subdivision or authority
thereof or therein having the power to tax unless such withholding or deduction is required by law. In that event, the Company will pay to the Holder such Additional Amounts in respect of principal, premium, if any, interest, if any, and sinking
fund payments, if any, as may be necessary in order that the net amount paid to the Holder of such Security or to the Trustee or any Paying Agent, as the case may be, under the Indenture, after such deduction or withholding, shall equal the
respective amounts of principal, premium, if any, interest, if any, and sinking fund payments, if any, as specified in the Security to which such Holder or the Trustee would be entitled if no such deduction or withholding had been made; provided,
however, that the foregoing obligation to pay Additional Amounts will not apply: 
 (i) to, or to a third
party on behalf of, a Holder who is liable for such Taxes by reason of such Holder (or the beneficial owner of the Security for whose benefit such Holder holds such Security) having some connection with the Kingdom of Spain other than the mere
holding of the Security (or such beneficial interest) or the mere crediting of the Security to its securities account with the relevant depository; 
 (ii) in the case of a Security presented for payment (where presentation is required) more than 30 days after the Relevant Date (as defined below) except to the extent that the Holder would have been
entitled to Additional Amounts on presenting the same for payment on such thirtieth day assuming that day to have been a business day in such place of presentment; 

(iii) in respect of any tax, assessment or other governmental charge that would not have been imposed but for the failure
by the Holder or beneficial owner of that Security to comply with certification, information or other reporting requirements concerning the nationality, residence or identity of the Holder or beneficial owner of that Security, if compliance is
required by statute or by regulation of Spain or of any political subdivision or taxing authority thereof or therein as a precondition to relief or exemption from the tax, assessment or other governmental charge; 

(iv) where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to
European Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of 26-27 November 2000 on the taxation of savings or any law implementing or complying with, or introduced in order to
conform to, such Directive or law; or 
 (v) in respect of any Security presented for payment (where
presentation is required) by or on behalf of a Holder who would be able to avoid such withholding or deduction by presenting the relevant Security to another Paying Agent. 
 Additional Amounts will also not be paid with respect to any payment on any Security to any Holder who is a fiduciary, partnership, limited liability company or other than the sole beneficial owner of
such payment to the extent such payment would be required by the laws of the Kingdom of Spain (or any political subdivision thereof) to be included in the income, for Spanish tax purposes, of a beneficiary or settlor with respect to such fiduciary,
member of such partnership, interest holder in that limited liability company or beneficial owner who would not have been entitled to such Additional Amounts had it been a Holder of such Security. 

For the purposes of (ii) above, the “Relevant Date” means, in respect of any payment, the date on which any payment
first becomes due and payable, but if the full amount of the moneys payable has not been received by the Paying Agent on or before such due date, it means the first date on which the full amount of such moneys having been so received and being
available for payment to Holders, notice to that effect shall have been duly given to the Holders in accordance with the Indenture. 

 (b) All (but not less than all) of the Securities may be redeemed at their
principal amount, together with accrued interest, if any, thereon to the redemption date in accordance with the terms of Article 11 of the Indenture at the option of the Company if, as the result of any change in or any amendment to the laws or
regulations of the Kingdom of Spain (including any treaty to which Spain is a party) or any political subdivision or any authority thereof or therein having power to tax, or any change in the application or official interpretation of such laws or
regulations, which change, amendment, application or interpretation becomes effective on or after the issue date of the Securities, either (i) it is determined by the Company or the Guarantor that in making payment under the Securities or the
Guarantee, the Company or the Guarantor, as the case may be, would become obligated to pay Additional Amounts with respect thereto as a result of any Taxes imposed (whether by way of withholding or deduction or otherwise) by or for the account of
the Kingdom of Spain and which obligation cannot be avoided by the Company or the Guarantor taking measures available to it without unreasonable cost or expense, or (ii) the Guarantor is or would be required to deduct or withhold tax on any
payment to the Company to enable the Company to make any payment of principal, premium or interest in respect of the Securities and the Guarantor cannot avoid this obligation without unreasonable cost or expense (excluding the assumption of the
Company’s obligations under the Securities by the Guarantor or a Subsidiary of the Guarantor); provided that no such notice to the Trustee of the redemption shall be given earlier than 60 days before the earliest date on which the Company or
the Guarantor, as the case may be, would be obligated to deduct or withhold tax or pay such Additional Amounts were a payment in respect of the Securities or the Guarantee then due. 

Before any notice of redemption of the Securities pursuant to this paragraph, the Company or the Guarantor shall provide the Trustee with
an Officer’s Certificate of the Guarantor stating that the Company or the Guarantor is entitled to effect such redemption and setting forth in reasonable detail a statement of circumstances showing that the conditions precedent to the right of
the Company or the Guarantor to redeem such Securities pursuant to this paragraph have been satisfied and an Opinion of Counsel to the effect that the Company or the Guarantor, as the case may be, has or will become obliged to make such withholding
or deduction or to pay such additional amounts as a result of such change or amendment. 
 (c) If the Securities
are not listed on an organized market in an OECD country no later than 45 days before the initial Interest Payment Date on such Securities, the Company or the Guarantor, as the case may be, may, at its election and having given no less than 15
days’ notice to the Holders, redeem all of the outstanding Securities at their principal amount, together with accrued interest, if any, thereon to but not including the redemption date; provided that from and including the issue date of such
Securities to and including such Interest Payment Date, the Company will use its reasonable efforts to obtain or maintain such listing, as applicable. In the event of an early redemption of the Securities for the reasons set forth in the preceding
sentence, the Company or the Guarantor, as the case may be, will be required to withhold tax and will pay interest in respect of the principal amount of the Securities redeemed net of the Spanish withholding tax applicable to such payments. If this
were to occur, beneficial owners would have to follow the direct refund from Spanish tax authorities procedures set forth in Annex A to the prospectus supplement dated October 4, 2012 relating to the Securities (the “Prospectus
Supplement”) to apply directly to the Spanish authorities for any refund to which they may be entitled. 

 (d) The Securities will be subject to redemption at any time, as a whole or
in part, at the election of the Company at a redemption price which is equal to the greater of: (i) 100% of the principal amount of such Securities to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date
of such Securities; and (ii) as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal thereof and interest thereon (exclusive of interest accrued thereon to the redemption
date) discounted to the redemption date of the Securities being redeemed on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points for the Securities being redeemed, plus accrued
and unpaid interest on the principal amount of such Securities (or any portion thereof) being redeemed to, but excluding, the redemption date of the Securities (or any portion thereof) being redeemed. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as
having a maturity comparable to the remaining term (“Remaining Life”) of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of the Securities being redeemed. 
 “Comparable
Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or
(2) if the Independent Investment Banker obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such quotations or, if only one such quotation is obtained, such quotation. 

“Independent Investment Banker” means an independent investment banking institution of national standing appointed by
the Company and the Guarantor. 
 “Reference Treasury Dealer” means (1) each of Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC and their respective affiliates or their respective successors, provided that if any of the foregoing shall cease to be a primary U.S. government
securities dealer in New York City (a “Primary Treasury Dealer”), the Company and the Guarantor will substitute therefor another Primary Treasury Dealer and (2) any other Primary Treasury Dealer selected by the Company and the
Guarantor. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and
any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent
Investment Banker by such Reference Treasury Dealer at 5:00 p.m. on the third Business Day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date, (1) the yield, under the heading which represents the
average for the immediately preceding week, appearing in the most recently published statistical release designated “H. 15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System
and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities”, for the maturity corresponding to the Comparable Treasury Issue (if no
maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated
from such yields on a straight line basis, rounding to the nearest month), (2) if the period from the redemption date to the maturity date of such Securities to be redeemed is less than one year, the weekly average yield on actually traded
United States 

 
Treasury securities adjusted to a constant maturity of one year, or (3) if such release (or any successor release) is not published during the week preceding the calculation date or does not
contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to
the Comparable Treasury Price for such redemption date. The Treasury Rate shall be calculated by the Independent Investment Banker on the third Business Day preceding the redemption date. 

4. Certain Covenants of the Company and the Guarantor. The Indenture contains certain covenants of the Company and the Guarantor,
including covenants as to the payment of principal of and interest (including Additional Amounts) on the Securities, the maintenance of offices for payments and the appointment to fill a vacancy in the office of Trustee. 

5. Events of Default. Each of the following events shall constitute an “Event of Default” under this Security
(whatever the reason for any such Event of Default and whether it shall be voluntary or be effected by operation of law pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body): 
 (a) default by the Company, or the Guarantor pursuant to the Guarantee in the payment of the principal
of any Security when due and payable at its Maturity and such default is not remedied within 14 days; or 
 (b)
default by the Company, or the Guarantor pursuant to the Guarantee in the payment of any interest on or any Additional Amounts payable in respect of any Security when such interest becomes or such Additional Amounts become due and payable, and
continuance of such default for a period of 21 days; or 
 (c) default by the Company, or the Guarantor pursuant
to the Guarantee in the payment of any premium or deposit of any sinking fund payment, when and as due by the terms of a Security and such default is not remedied in 30 days; or 

(d) default in the performance, or breach, of any covenant or warranty of (i) the Company under the Indenture or the
Securities or (ii) the Guarantor in the Indenture or the Guarantee (other than a covenant or warranty default in the performance or breach of which is elsewhere in this paragraph 5 specifically dealt with or which has been expressly included in
the Indenture solely for the benefit of a series of notes other than the Securities), and continuance of such breach or default for a period of 30 days after there has been given, by registered or certified mail, to the Company and the Guarantor by
the Trustee or to the Company, the Guarantor and the Trustee by any Holder or the Holders of any Outstanding Securities a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice
of Default” under the Indenture; or 
 (e) any Capital Markets Indebtedness (as defined below) of either
the Company or the Guarantor individually, or any guarantee by either the Company or the Guarantor of any Capital Markets Indebtedness of any other person, in each case where the principal amount of such Capital Markets Indebtedness is in any case
in excess of U.S.$50,000,000 (or its equivalent in another currency or other currencies), is not (in the case of Capital Markets Indebtedness) paid when due (after the longer of 30 days after the due date and any applicable grace period therefor) or
becomes prematurely due and payable following a default on the part of the Company or the Guarantor or otherwise in respect of such Capital Markets Indebtedness, or (in the case of a guarantee) is not honored when due (after the longer of 30 days
after the due date and any applicable grace period therefor); or 

 (f) an order of any competent court or administrative agency is made or any
resolution is passed by the Company for the winding-up or dissolution of the Company (other than for the purpose of an amalgamation, merger or reconstruction approved by Act (as defined in paragraph 7 herein) of the Holders); or 

(g) an order is made by any competent court commencing insolvency proceedings (procedimientos concursales) against
the Guarantor or an order is made or a resolution is passed for the dissolution or winding up of the Guarantor (except (i) in any such case for the purpose of a reconstruction or a merger or amalgamation which has been approved by Act (as
defined in paragraph 7 herein) of the Holders or (ii) where the entity resulting from any such reconstruction or merger or amalgamation is a Financial Institution (entidad de crédito according to article 1-2 of Real Decreto
Legislativo 1298/1986 dated 28 June 1986, as amended and restated) and will have a rating for long-term senior debt assigned by Standard & Poor’s Rating Services, Moody’s Investors Services or Fitch Ratings Ltd equivalent
to or higher than the rating for long-term senior debt of the Guarantor immediately before such reconstruction or merger or amalgamation); or 
 (h) the Company or the Guarantor is adjudicated or found bankrupt or insolvent by any competent court, or any order of any competent court or administrative agency is made for, or any resolution is passed
by the Company or the Guarantor to apply for, judicial composition proceedings with its creditors for the appointment of a receiver or trustee or other similar official in insolvency proceedings in relation to the Company or the Guarantor or of a
substantial part of the assets of either of them (unless in the case of an order for a temporary appointment, such appointment is discharged within 30 days); or 

(i) the Company or the Guarantor stops payment of its debts generally; or 

(j) the Company (except for the purpose of an amalgamation, merger or reconstruction approved by Act (as defined in
paragraph 7 herein) of the Holders) or the Guarantor (except (i) for the purpose of an amalgamation, merger or reconstruction approved as specified in the Indenture or (ii) where the entity resulting from any such amalgamation, merger or
reconstruction will have a rating for long-term senior debt assigned by Standard & Poor’s Rating Services, Moody’s Investor Services or Fitch Ratings Ltd. equivalent to or higher than the rating for long-term senior debt of the
Guarantor immediately before such amalgamation, merger or reconstruction) ceases or threatens to cease to carry on the whole or substantially the whole of its business; or 

(k) a holder of a security interest takes possession of the whole or any substantial part of the assets or business of
the Company or the Guarantor or an application is made for the appointment of an administrative or other receiver, manager, administrator or similar official in relation to the Company or the Guarantor or in relation to the whole or any substantial
part of the business or assets of the Company or the Guarantor, or a distress or execution is levied or enforced upon or sued out against any substantial part of the business or assets of the Company or the Guarantor and is not discharged within 30
days; or 
 (l) the Guarantee with respect to the Securities ceases to be, or is claimed by the Guarantor not to
be, in full force and effect. 
 For the purpose of Paragraphs (h), (j) and (k) a report by the external auditors from
time to time of the Company or the Guarantor, as the case may be, as to whether any part of the business or assets of the Company or the Guarantor is “substantial” shall, in the absence of manifest error, be conclusive. 

 “Capital Markets Indebtedness” means any borrowing or other Indebtedness of
any person (other than Project Finance Indebtedness) which is in the form of or represented by any bonds, notes, depositary receipts or other securities for the time being quoted or listed, with the agreement of the Company and/or the Guarantor, on
any stock exchange. 
 “Indebtedness”, with respect to any Person, means Indebtedness for Borrowed Money or for
the unpaid purchase price of real or personal property of, or guaranteed by, such Person. 
 “Indebtedness for Borrowed
Money” means any moneys borrowed, liabilities in respect of any acceptance credit, note or bill discounting facility, liabilities under any bonds, notes, debentures, loan stock, securities or other indebtedness by way of loan capital and
which have a stated maturity of or which by their terms are capable of being extended for a period of more than one year. 

“Project Finance Indebtedness” means any present or future Indebtedness incurred to finance the ownership, acquisition,
development and/or operation of an asset, whether or not an asset of the Company or the Guarantor, in respect of which the person or persons to whom any such Indebtedness is or may be owed by the relevant borrower (whether or not the Company or the
Guarantor) is entitled to have recourse solely to such asset and revenues generated by the operation of, or loss or damage to, such asset. 
 6. Modifications and Amendments. (a) With the consent, as evidenced in an Act (as defined in paragraph 7 herein) of the Holders of not less than a majority in principal amount of the
Securities at the time Outstanding, modifications and amendments to the Indenture and hereto may be made by execution of a supplemental indenture, as provided in the Indenture, and future compliance therewith and herewith or, before declaration of
maturity of the Securities, past default by the Company or the Guarantor may be waived, with the consent, as evidenced in an Act (as defined in paragraph 7 herein) of Holders representing at least a majority in aggregate principal amount of the
Securities at the time Outstanding; provided, however, that no such modification, amendment or waiver shall, without the consent of the Holder of each such Security affected thereby, 

(i) change the Stated Maturity of the principal of, or any premium or installment of interest on or any Additional
Amounts with respect to, any Security, or reduce the principal amount thereof, or the rate of interest thereon (except that Holders of not less than 75% in principal amount of Outstanding Securities of a series may consent by Act (as defined in
paragraph 7 herein), on behalf of the Holders of all of the Outstanding Securities of such series, to the postponement of the Stated Maturity of any installment of interest for a period not exceeding three years from the original Stated Maturity of
such installment (which original Stated Maturity shall have been fixed, for the avoidance of doubt, before to any previous postponements of such installment)) or any Additional Amounts with respect thereto, or any premium payable upon the redemption
thereof or otherwise, or change the obligation of the Company or the Guarantor to pay Additional Amounts pursuant to Section 10.04 of the Indenture (except as contemplated by Section 3.08 of the Indenture and permitted by Sections 8.03 and
9.01(a) of the Indenture), or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02 of the Indenture or the
amount thereof provable in bankruptcy pursuant to Section 5.04 of the Indenture, or change the redemption provisions or adversely affect the right of repayment at the option of any Holder as contemplated by Article 13 of the Indenture, or
change the Place of Payment, Currency in which the principal of, any premium or interest on, or any Additional Amounts with respect to any Security is payable, or impair the right to institute suit for the enforcement of any such payment on or with
respect to any Security on or after the Stated Maturity thereof (or, in the case of redemption, on or after the redemption date or, in the case of repayment at the option of the Holder, on or after the date for repayment), or 

 (ii) reduce the percentage in principal amount of the Outstanding Securities
of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of the Indenture or certain defaults thereunder and their
consequences) provided for in the indenture, or reduce the requirements for a quorum or voting, or 
 (iii)
modify any of the provisions of Section 9.02 of the Indenture or any waiver of past default by the Holders, except to increase any such percentage or to provide that certain other provisions of the Indenture cannot be modified or waived without
the consent of the Holder of each Outstanding Security affected thereby, or 
 (iv) change in any manner adverse
to the interests of the Holders, of Outstanding Securities of any series the terms and conditions of the obligations of the Company or the Guarantor in respect of the due and punctual payment of the principal thereof (and premium, if any) and
interest, if any, thereon or any sinking fund payments, if any, provided for in respect thereof (including in each case Additional Amounts payable under the Guarantee). 
 7. Syndicate of Holders, Meetings. (a) The Holders of Securities shall meet in accordance with the regulations governing the Syndicate of Holders of Securities (the
“Regulations”). The Regulations contain the rules governing the functioning of the Syndicate (as defined below) and the rules governing its relationship to the Company and are attached to the Spanish deed of issuance (escritura
de emisión) with respect to the Securities. By purchasing a Security, the Holder of that Security is deemed to agree to membership in the Syndicate in respect of the Securities and, if such Holder purchased the Security before the record
date for the first meeting of the Syndicate, to have granted full power and authority to the Trustee with respect to the Securities to act as its proxy to vote at the first meeting of the Syndicate of Holders of the Securities in favor of ratifying
the Regulations in respect of the Syndicate, the designation and appointment of the Trustee as Commissioner (as defined below) of the Syndicate and the actions of the Commissioner performed before such first meeting of the Syndicate. The
Commissioner is the chairperson and the legal representative of the Syndicate. 
 (b) Except as otherwise provided under the
Indenture, the Regulations or the Trust Indenture Act, any request, demand, authorization, direction, notice, consent, waiver or other action provided by or pursuant to the Indenture to be given or taken by Holders of Securities shall be given or
taken only by resolution duly adopted in accordance with the Indenture and the Regulations governing the Syndicate of Holders of Securities at a meeting of such Syndicate duly called and held in accordance with the Regulations, which resolution as
so adopted is referred to as the “Act” of the Holders. 
 Nothing in the Regulations or duties of the
Commissioner will limit or restrict the ability of the Trustee to perform its duties as Trustee under the Indenture, and in the event of conflict, the Indenture and the obligations of the Trustee will control and prevail. 

“Syndicate” means the syndicate (sindicato) constituted of all Holders at any particular time, as provided in and
governed by the Regulations applicable to the Securities and Title XI, Chapter IV of the Spanish Companies Act (Ley de Sociedades de Capital). 
 “Commissioner” means the commissioner (comisario) of the Syndicate related to the Securities, as provided in the Regulations applicable to the Securities and Section 427 of
the Spanish Companies Act (Ley de Sociedades de Capital), and shall be The Bank of New York Mellon with respect to the Securities until a successor Trustee shall have become such with respect to the Securities pursuant to the Indenture
applicable to the Securities, and thereafter shall be each Person who is then Trustee with respect to the Securities. 

 8. Replacement; Exchange and Transfer of Securities. (a) In case any Security
shall become mutilated, defaced or be apparently destroyed, lost or stolen, upon the request of the registered Holder thereof and subject to Section 3.07 of the Indenture, the Company shall execute, the Guarantor shall endorse a Guarantee on
and the Trustee shall authenticate and deliver a new Security containing identical terms and of like principal and bearing a number not contemporaneously outstanding, in exchange and substitution for the mutilated or defaced Security, or in lieu of
and in substitution for the apparently destroyed, lost or stolen Security. In every case, the applicant for a substitute Security shall furnish to the Company, the Guarantor and the Trustee such security or indemnity as may be required by each of
them to indemnify and defend and to save each of them and any agent of the Company, the Guarantor or the Trustee harmless and, in every case of destruction, loss or theft evidence to their satisfaction of the apparent destruction, loss or theft of
such Security and of the ownership thereof. Upon the issuance of any substitute Security, the Holder of such Security, if so requested by the Company, will pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the Trustee) connected with the preparation and issuance of the substitute Security. 

(b) The Securities are issuable only in registered form and without coupons. Upon the terms and subject to the conditions
set forth in the Indenture, and subject to paragraph 8(e) hereof, a Security or Securities may be exchanged for an equal aggregate principal amount of Securities in different authorized denominations by surrender of such Security or Securities at
the Corporate Trust Office of the Trustee in New York City or at the office of a transfer agent, together with a written request for the exchange. 
 (c) Upon the terms and subject to the conditions set forth in the Indenture, and subject to paragraph 8(e) hereof, a Security may be transferred in whole or in a smaller authorized denomination by the
Holder or Holders surrendering the Security for transfer at the Corporate Trust Office of the Trustee in New York City or at the office of a transfer agent accompanied by an executed instrument of assignment and transfer. The registration of
transfer of the Securities will be made by the Trustee in New York City. 
 (d) The costs and expenses of
effecting any exchange, transfer or registration of transfer pursuant to the foregoing provisions, except, if the Company shall so require, the payment of a sum sufficient to cover any tax or other governmental charge or other expenses that may be
imposed in relation thereto, will be borne by the Company. 
 (e) The Company may decline (i) to issue,
register the transfer of or exchange any Securities during a period beginning at the opening of business 15 days before the day of the selection for redemption of Securities of like tenor and the same series under Section 11.03 of the Indenture
and ending at the close of business on the day of such selection, or (ii) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except in the case of any Security to be redeemed in part, the
portion thereof not to be redeemed, (iii) to issue, register the transfer of or exchange any Security which, in accordance with its terms, has been surrendered for repayment at the option of the Holder, except the portion, if any, of such
Security not to be so repaid. 
 9. Trustee. For a description of the duties and the immunities and rights of the Trustee
under the Indenture, reference is made to the Indenture, and the obligations of the Trustee to the Holder hereof are subject to such immunities and rights. 
 10. Paying Agent; Transfer Agent; Registrar. The Company hereby initially appoints the Paying Agent, transfer agent and Security Registrar listed at the foot of this Security. The Company may at
any time appoint additional or other paying agents, transfer agents and registrars 

 
and terminate the appointment thereof; provided that while the Securities are Outstanding the Company will maintain offices or agencies for the payment of principal of and interest
(including Additional Amounts) on this Security as herein provided in New York City. Notice of any such termination or appointment and of any change in the office through which any Paying Agent, transfer agent or Security Registrar will act will be
promptly given in the manner described in paragraph 12 hereof. 
 11. Enforcement. Except as provided in
Section 5.07 of the Indenture, no Holder of any Security shall have any right by virtue of or by availing itself of any provision of the Indenture or of these terms to institute any suit, action or proceeding in equity or at law upon or under
or with respect to the Indenture or of the Securities or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless (a) such Holder has previously given written notice to the Trustee of a continuing Event of
Default with respect to the Securities, (b) the Holders of not less than 25% in principal amount of the Securities then Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in
its own name as Trustee hereunder and such Holder or Holders have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request, (c) the Trustee for 60 days after its
receipt of such notice, request and offer of indemnity has failed to institute any such proceeding, and (d) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by Holders of a majority in
principal amount of the Outstanding Securities. 
 12. Notices. Where the Indenture or the Regulations provides for
notice to Holders of any event, such notice shall be sufficiently given to Holders if in writing and mailed, first-class postage prepaid, to each Holder of a Security affected by such event, at his address as it appears in the Security Register, not
later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In addition to the foregoing, notice of any meeting of Holders of Securities shall be given in accordance with Section 1.04(c) of the
Indenture and the Regulations of the Syndicate. 
 In addition, the Company shall cause any publications of such notices as may
be required from time to time by applicable Spanish law. 
 13. Prescription. All claims made against the Company or the
Guarantor for payment of principal of, or interest (including Additional Amounts) on, or in respect of, the Securities shall become void unless made within ten years (in the case of principal) and five years (in the case of interest (including
Additional Amounts)) from the later of (a) the date on which such payment first became due and (b) if the full amount payable has not been received by the Trustee in New York City on or before such due date, the date on which the full
amount is so received. 
 14. Authentication. This Security shall not become valid or obligatory for any purpose until
the certificate of authentication hereon shall have been executed by or on behalf of the Trustee by the manual signature of one of its authorized officers or by the Authenticating Agent. 

15. Governing Law; Jurisdiction; Service of Process. (a) This Security shall be governed by and construed under the laws of
the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said state, except that the authorization and execution by the Company of the Securities and paragraph 7(a) shall be governed by and
construed in accordance with Spanish law. The Regulations of each Syndicate and the duties of and all other matters relating to the Commissioner shall be governed by and construed in accordance with Spanish law. 

 (b) In the Indenture, each of the Company and the Guarantor has irrevocably
submitted to the non-exclusive jurisdiction of any U.S. federal or state court in the Borough of Manhattan, The City of New York, New York over any suit or proceeding arising out of or relating to the Indenture, any Security or the Guarantee. In
addition, each of the Company and the Guarantor has irrevocably waived, to the extent it may effectively do so, any objection which it may have now or hereafter to the laying of the venue of any such suit or proceeding brought in such courts.
Notwithstanding the foregoing, any suit or proceeding arising out of or relating to the Guarantee may also be brought in the courts of Madrid, Spain. 
 (c) As long as any of the Securities remains outstanding, each of the Company and the Guarantor will at all times have an authorized agent in New York City upon which process may be served in any suit or
proceeding arising out of or relating to the Indenture, the Guarantee or any Security. Service of process upon such agent and written notice of such service mailed or delivered to the Company or the Guarantor shall to the extent permitted by law be
deemed in every respect effective service of process upon the Company or the Guarantor, as the case may be, in any such legal action or proceeding. Each of the Company and the Guarantor has appointed Banco Bilbao Vizcaya Argentaria, S.A., New York
Branch as its agent for such purpose, and has covenanted and agreed that service of process in any suit or proceeding may be made upon it at the office of such agent at Banco Bilbao Vizcaya Argentaria, S.A., 1345 Avenue of the Americas, 45th Floor,
New York, New York, 10105, U.S.A. (or at such other address or at the office of such other authorized agent as the Company or the Guarantor may designate in accordance with Section 1.16 of the Indenture). 

16. Defeasance. The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or
certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 
 17. Assumption of the Securities. The Guarantor or any controlled subsidiary of the Guarantor may assume the obligations of the Company under the Securities without the consent of the Holders of
the Securities. In the event of any such assumption, all obligations of the Company under the Securities shall immediately be discharged. Any Securities so assumed, except if assumed by the Guarantor, will have the benefit of the Guarantee. In the
event of such an assumption, Additional Amounts under the Securities will be payable in respect of taxes imposed by the assuming corporation’s jurisdiction of incorporation or tax residence (subject to exceptions equivalent to those that apply
to the obligation to pay Additional Amounts in respect of taxes imposed by the Taxing Jurisdiction or the Guarantee, as the case may be, in respect of taxes imposed by the laws of the Kingdom of Spain) on payments of interest or principal made on or
subsequent to the date of such assumption. Additional Amounts with respect to payments of interest or principal due before the date of such assumption will be payable only in respect of taxes imposed by the Kingdom of Spain. The Guarantor or the
Controlled Subsidiary thereof that assumes the obligations of the Company in such cases will also be entitled to redeem the Securities in the circumstances described in paragraph 3(b) hereof with respect to any change or amendment to, or change in
the application or official interpretation of the laws or regulations of such jurisdiction, which change or amendment must occur subsequent to the date of any such assumption if the assuming entity is not incorporated or tax resident in the Kingdom
of Spain. In the event of any such assumption, all obligations of the Company under the Securities shall immediately be discharged. 
 18. Descriptive Headings. The descriptive headings appearing in these terms are for convenience of reference only and shall not alter, limit or define the provisions hereof. 

All capitalized terms used in this Security but not otherwise defined herein are used as defined in the Indenture and shall have the
meanings assigned to them in the Indenture. 

 TRUSTEE, PAYING AGENT, TRANSFER AGENT 

AND REGISTRAR 

Trustee 

The Bank of New York Mellon 
 101 Barclay Street 
 New York, New York 10286 

and 
 The Bank of
New York Mellon London Branch 
 One Canada Square, 
 London E14 5AL
 United Kingdom 

Paying Agent, Transfer Agent and Security Registrar 
 The Bank of New York Mellon 
 101 Barclay Street 

New York, New York 10286 
 and 
 The Bank of New York Mellon London Branch 

One Canada Square, 

London E14 5AL

United Kingdom 

 GUARANTEE 
 THIS GUARANTEE is made on October 10, 2012 by Banco Bilbao Vizcaya Argentaria, S.A. (the “Guarantor”, which term includes any successor corporation under the Indenture referred to in
the Security upon which this Guarantee is endorsed) in favor of the Holder of the Security upon which this Guarantee is endorsed (“this Security”). This Guarantee is issued subject to the provisions of the Indenture dated
June 28, 2010 among BBVA U.S. Senior, S.A. Unipersonal, the Guarantor and The Bank of New York Mellon, as trustee, as supplemented from time to time (the “Indenture”), and each Holder of this Security, by accepting the same,
agrees to and shall be bound by such provisions. Terms not otherwise defined herein shall have the meanings assigned to them in the Indenture. 
 (a) Guarantee. The Guarantor irrevocably and unconditionally guarantees to each Holder of this Security, and to the Trustee on behalf of each such Holder, that, if for any reason, the Company does
not pay any sum payable by it to such Holder in respect of this Security as specified in this Security (including any principal of (and premium, if any) and interest on this Security, payments to sinking funds (if applicable), Additional Amounts or
any other amounts of whatever nature which may become payable under any of the foregoing or under the Indenture) as and when the same shall become due under any of the foregoing, the Guarantor will pay to such Holder, or to the Trustee for the
account of such Holder, on demand the amount payable by the Company to such Holder. 
 (b) Guarantor as Principal Debtor.
Without affecting the Company’s obligations, the Guarantor will be liable under this Guarantee as if it were the sole principal debtor and not merely a surety. Accordingly, it will not be discharged, nor will its liability be affected, by
anything which would not discharge it or affect its liability if it were the sole principal debtor (including (i) any time, indulgence, waiver or consent at any time given to the Company or any other person, (ii) any amendment to any of
the Security, the Indenture or to any security or other guarantee or indemnity, (iii) the making or absence of any demand on the Company or any other person for payment, (iv) the enforcement or absence of enforcement of any of the
Security, the Indenture or of any security or other guarantee or indemnity, (v) the release of any such security, guarantee or indemnity, (vi) the dissolution, amalgamation, reconstruction, merger or reorganization of the Company or any
other Person, (vii) the sale or conveyance of the property of the Company or the Guarantor as an entirety or substantially as an entirety to any other Person or (viii) the illegality, invalidity or unenforceability of or any defect in any
provision of any of the Security or the Indenture or any of the Company’s obligations under any of them). 
 (c)
Guarantor’s Obligations Continuing. The Guarantor’s obligations under this Guarantee are and will remain in full force and effect by way of continuing security until no sum remains payable under any Security or the Indenture.
Furthermore, these obligations of the Guarantor are complementary to, and not instead of, any security or other guarantee or indemnity at any time existing in favor of a Holder, whether from the Guarantor or otherwise. The Guarantor irrevocably
waives all notices and demands whatsoever, as well as diligence, presentment, demand of payment, filing of claims with a court in the event of merger of bankruptcy of the Company, protest and any right to require a proceeding first against the
Company. 
 (d) Repayment to the Company. If any payment received by a Holder is, on the subsequent liquidation or
insolvency of the Company, avoided under any laws relating to liquidation or insolvency, such payment will not be considered as having discharged or diminished the liability of the Guarantor and this Guarantee will continue to apply as if such
payment had at all times remained owing by the Company. 

 (e) Indemnity. As a separate and alternative stipulation, the Guarantor
unconditionally and irrevocably agrees that any sum expressed to be payable by the Company under this Security or the Indenture but which is for any reason (whether or not now known or becoming known to the Company, the Guarantor or any Holder) not
recoverable from the Guarantor on the basis of a guarantee will nevertheless be recoverable from it as if it were the sole principal debtor and will be paid by it to the Holder on demand. This indemnity constitutes a separate and independent
obligation from the other obligations in this Guarantee, gives rise to a separate and independent cause of action and will apply irrespective of any indulgence granted by any Holder. 

(f) Status of Guarantee. The payment obligations of the Guarantor under this Guarantee constitute direct, unconditional and
unsecured obligations of the Guarantor and will at all times rank pari passu among themselves and pari passu with all other unsecured and unsubordinated obligations of the Guarantor. 

(g) Withholding or Deduction. All payments by the Guarantor under this Guarantee shall be made without withholding or deduction
for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature (“Taxes”) imposed or levied by or on behalf of the Kingdom of Spain, or any political sub-division thereof or any
authority therein or thereof having power to tax, unless the withholding or deduction of the Taxes is required by law. In that event, the Guarantor will pay such Additional Amounts as may be necessary in order that the net amounts received by each
Holder after such withholding or deduction shall equal the respective amounts which would have been received by them in the absence of the withholding or deduction; except that no additional amounts shall be payable with respect to any Security:

 (i) to, or to a third party on behalf of, a Holder who is liable for such Taxes by reason of such Holder (or the beneficial
owner of the Security for whose benefit such Holder holds such Security) having some connection with the Kingdom of Spain other than the mere holding of the Security or the mere crediting of the Security to its securities account with the relevant
depository; or 
 (ii) in the case of a Security presented for payment (where presentation is required) more than 30 days after
the Relevant Date (as defined below) except to the extent that a Holder would have been entitled to additional amounts on presenting the same for payment on such thirtieth day assuming that day to have been a business day in such place of
presentment; or 
 (iii) in respect of any tax, assessment or other governmental charge that would not have been imposed but for
the failure of the Holder or the beneficial owner of that Security to comply with certification, information or other reporting requirements concerning the nationality, residence or identity of the Holder or beneficial owner of that Security, if
compliance is required by statute or by regulation of Spain or of any political subdivision or taxing authority thereof or therein as a precondition to relief or exemption from the tax, assessment or other governmental charge; or 

(iv) where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to European Council
Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of 26-27 November 2000 on the taxation of savings or any law implementing or complying with, or introduced in order to conform to, such
Directive or law; or 
 (v) in respect of any Security presented for payment (where presentation is required) by or on behalf of
a Holder who would have been able to avoid such withholding or deduction by presenting the relevant Security to another Paying Agent in a Member State of the European Union. 

 Additional amounts will also not be paid with respect to any payment to a Holder who is a fiduciary, a
partnership, a limited liability company or other than the sole beneficial owner of that payment, to the extent that payment would be required by the laws of Spain (or any political subdivision thereof) to be included in the income, for Spanish tax
purposes, of a beneficiary or settlor with respect to the fiduciary, a member of that partnership, an interest holder in that limited liability company or a beneficial owner who would not have been entitled to the additional amounts had it been the
Holder. 
 For the purposes of (ii) above, the “Relevant Date” means, in respect of any payment, the date on which such
payment first becomes due and payable, but if the full amount of the moneys payable has not been received by the Paying Agent on or before such due date, it means the first date on which the full amount of such moneys having been so received and
being available for payment to Holders, notice to that effect shall have been duly given to the Holders in accordance with this Indenture. 
 (h) Power to Execute. The Guarantor hereby warrants, represents and covenants with the Holder of this Security that it has all corporate power, and has taken all necessary corporate or other steps,
to enable it to execute, deliver and perform this Guarantee, and that this Guarantee constitutes a legal, valid and binding obligation of the Guarantor enforceable in accordance with its terms. 

(i) Subrogation. The Guarantor shall be subrogated to all rights of the Holder of this Security against the Company in respect of
any amounts paid to such Holder by the Guarantor pursuant to the provisions of this Guarantee; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any payments arising out of or based upon, such right of
subrogation until the principal of, any premium and interest on (including Additional Amounts, if any, on) and all other amounts which may be payable under this Security shall have been paid in full. 

(j) Governing Law and Submission to Jurisdiction. This Guarantee is governed by, and shall be construed in accordance with,
Spanish law. 
 The Guarantor irrevocably agrees for the benefit of each Holder that the courts of Madrid, Spain, are to have
non-exclusive jurisdiction to settle any disputes which may arise out of or in connection with this Guarantee and that accordingly any suit, action or proceedings arising out of or in connection with this Guarantee (together referred to as
“Proceedings”) may be brought in the courts of Madrid, Spain. Notwithstanding the foregoing, any Proceeding may also be brought in any U.S. federal or state court in the Borough of Manhattan, The City of New York, New York.

 The Guarantor irrevocably waives any objection which it may have now or hereafter to the laying of the venue of any
Proceedings in the courts of Madrid, Spain, and irrevocably agrees that a final judgment in any Proceedings brought in the courts of Madrid, Spain, shall be conclusive and binding upon the Guarantor and may be enforced in the courts of any other
jurisdiction. Nothing contained in this Clause shall limit any right to take Proceedings against the Guarantor in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of
Proceedings in any other jurisdiction, whether concurrently or not. 

 IN WITNESS WHEREOF, this Guarantee has been manually executed on behalf of the Guarantor.

  

			
	 BANCO BILBAO VIZCAYA

ARGENTARIA, S.A.

		
	 By:
	 	 
		 	Name: Erik Schotkamp
		 	 Address:

		 	 Date: October 10, 2012

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