Document:

Exhibit
      4.2

     

    
      
        	
                REGISTERED

                
                  PRICING
                    SUPPLEMENT 208

                  CERTIFICATE
                    NO. 1

                

              	
                CUSIP
                  NO. 25153Q 70 8

              

      

    

     

     

    ELEMENTSSM

    Linked
      to
      the Morningstar®
      Wide Moat FocusSM Total Return
      Index

    due
      October 24, 2022

     

    Unless
      this certificate is presented by an authorized representative of The Depository
      Trust Company (55 Water Street, New York, New York) to the issuer or its agent
      for registration of transfer, exchange or payment, and any certificate issued
      is
      registered in the name of Cede & Co. or such other name as requested by an
      authorized representative of The Depository Trust Company and any payment is
      made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof,
      Cede & Co., has an interest herein.

     

    As
      used
      herein, “this Security” means this master global security
      certificate and “Securities” means the book-entry securities
      represented by this Security.

     

    
      	
              ISSUER:

            	
              Deutsche
                Bank AG, London Branch

            
	 	 
	
              PRINCIPAL
                AMOUNT:

            	
              At
                any time, the outstanding Principal Amount of this Security shall
                be the
                last amount set forth on Schedule I hereto under the heading “Current
                Principal Amount”.

              Securities
                represented by this Security may be issued after the

               date
                hereof upon notice by the Issuer to the Trustee, without the consent
                of
                the beneficial owners of the Securities then outstanding, and will
                have
                the same rights and privileges as Securities issued on the date
                hereof.

              Upon
                receipt of an Issuer Order instructing the Trustee to issue more
                Securities represented by this Security and delivery of such Securities
                through the DTC book-entry system, the Trustee shall make notations
                on
                Schedule I to evidence such issuance and the new aggregate Principal
                Amount of Securities represented by this Security, provided, however,
                that
                in no event may the Current Principal Amount represented by this
                Security
                exceed $250,000,000.

               

              The
                Issuer may also instruct the Trustee to cancel Securities held by
                the
                Issuer represented by this Security.  Upon delivery of the Securities
                to be

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

      
        	
                PRINCIPAL
                  AMOUNT:

              	
                cancelled
                  through the DTC book-entry system, the Trustee shall make notations
                  on
                  Schedule I to evidence such cancellation and the new aggregate
                  Principal
                  Amount of Securities represented by this Security.

                 

                The
                  Trustee may, as necessary, add additional pages of the same format
                  to
                  Schedule I, to evidence additional issuances, cancellations and
                  the
                  Current Principal Amount of Securities represented by this Security,
                  which
                  additional pages shall constitute part of this Security to the
                  same extent
                  as if they had been part of this Security at the initial issuance
                  and
                  authentication hereof. 

              

      

       

    

    
      	
              MATURITY
                DATE:

            	
              October
                24, 2022

            
	 	 
	
              INTEREST
                RATE:

            	
              This
                Security will not bear interest (except as provided herein in the
                event of
                default in the payment of the Principal Amount when due or in the
                payment
                of the Repurchase Value of Securities duly offered for repurchase
                hereunder).

            
	 	 
	
              SPECIFIED
                CURRENCY:

            	
              U.S.
                Dollars.

            
	 	 
	
              INDEX:

            	
              Morningstar®
                Wide Moat
                FocusSM
                Total Return Index or any Successor Index (as defined herein) as
                it may be
                modified, replaced or adjusted from time to time as described under
                “Discontinuance or Modification of the Index” below.

            
	 	 
	
              INDEX
                COMPONENTS:

            	
              At
                any time, the common stocks that make up the Index at such
                time.

            
	 	 
	
              INDEX
                SPONSOR:

            	
              Morningstar,
                Inc.

            
	 	 
	
              REDEMPTION
                AMOUNT AT

              MATURITY:

            	
              The
                Principal Amount of this Security on the Maturity Date times the
                Index Factor on the Final Valuation Date times the Fee Factor on
                the Final Valuation Date.

            
	 	 
	
              INDEX
                FACTOR:

            	
              On
                (a) the Final Valuation Date, the average of the closing levels of
                the
                Index for the five Trading Days immediately prior to and including
                the
                Scheduled Final Valuation Date (the “Calculation Period”)
                divided by the Initial Index

            

    

     

    
      
        
        

      

      
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                Level,
                  and (b) any other Valuation Date, the closing level of the Index
                  on such
                  Valuation Date divided by the Initial Index Level, in each case
                  (i) as published by the Index Sponsor or, if the Index Sponsor
                  does not
                  publish such a price, as quoted by another publicly available source
                  selected by the Calculation Agent in its reasonable judgment or,
                  if no
                  such other source is available, as calculated by the Calculation
                  Agent in
                  good faith, and (ii) subject to the occurrence of a Market Disruption
                  Event or the Discontinuance or Modification of the
                  Index.

              

      

       

    

    
      	
              FEE
                FACTOR:

            	
              On
                any Valuation Date, including the Final Valuation Date, one minus
                the
                product of (i) 0.75% and (ii) the number of days elapsed from the
                Inception Date to and including such Valuation Date divided by
                365.

               

            
	 	 
	
              INITIAL
                INDEX LEVEL:

            	
              2,646.02

            
	 	 
	
              VALUATION
                DATE:

            	
              Each
                Trading Day from October 25, 2007 to October 4, 2022 inclusive
                and October 18, 2022 (which is referred to as the Final Valuation
                Date),
                unless the Calculation Agent determines that a Market Disruption
                Event
                occurs or is continuing on that day. A Valuation Date may be postponed
                due
                to a Market Disruption Event up to five scheduled Trading Days. If
                postponement of a Valuation Date due to a Market Disruption Event
                occurs,
                such postponement will continue until the next Trading Day on which
                there
                is no Market Disruption Event, up to five scheduled Trading Days.
                If a
                Market Disruption Event causes the postponement of a Valuation Date
                for
                more than five scheduled Trading Days, the level of the Index for
                the
                related Repurchase Date (as defined below) will be determined (or,
                if not
                determinable, estimated) by the Calculation Agent in a manner which
                it
                considers commercially reasonable under the circumstances on such
                Valuation Date, as postponed. If a Valuation Date is postponed, the
                corresponding Repurchase Date will also be postponed so that such
                Repurchase Date occurs on the third Business Day following the Valuation
                Date as postponed.

            
	 	 
	
              FINAL
                VALUATION DATE:

            	
              October
                18, 2022 or, if such day is not a Trading Day, the next succeeding
                Trading
                Day (the “Scheduled Final Valuation Date”),
                unless

            

    

    

    
      
        
        

      

      
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                  postponed
                    as described below. If the Calculation Agent determines that
                    a Market
                    Disruption Event occurs or is continuing during the Calculation
                    Period,
                    then the Calculation Agent will postpone the Final Valuation
                    Date until
                    there are five Trading Days on which there is no Market Disruption
                    Event
                    occurring, but in no event will the Final Valuation Date be postponed
                    by
                    more than five scheduled Trading Days. If there are fewer than
                    five
                    Trading Days during the Calculation Period and the five scheduled
                    Trading
                    Days after the Calculation Period (the “Extended Valuation
                    Period”), the Index Factor will equal the average of the closing
                    levels of the Index on those Trading Days. If there is one Trading
                    Day
                    during the Calculation Period and Extended Valuation Period,
                    the Index
                    Factor will equal the closing level of the Index on that Trading
                    Day. If
                    there are no Trading Days during the Calculation Period and Extended
                    Valuation Period, then the Index Factor will be calculated by
                    reference to
                    the closing level of the Index determined (or, if not determinable,
                    estimated by the Calculation Agent in a manner which it considers
                    commercially reasonable under the circumstances) on the final
                    scheduled
                    Trading Day in the Extended Valuation Period. If the Final Valuation
                    Date
                    is postponed due to a Market Disruption Event as described above,
                    the
                    Maturity Date will also be postponed by an equal number of Business
                    Days
                    up to five Business Days.

                

        

         

      

    

    
      	
              REPURCHASE
                DATE:

            	
              Each
                day that is the third Business Day following a Valuation Date (but
                in no
                event earlier October 30, 2007 or later than October 7, 2022 or,
                if such day is not a Business Day, the next succeeding Business Day),
                subject to postponement as provided under “Valuation Date” above in the
                event of a Market Disruption Event.

            
	 	 
	
              REPURCHASE
                OPTION:

            	
              Any
                holder of Securities represented by this Security may elect to offer
                Securities for repurchase by the Issuer on any Repurchase Date in
                an
                aggregate principal amount of $2,500,000 or more by following the
                procedures set forth below.

            
	 	 
	 	
              ·     
                Cause its broker to deliver an irrevocable Offer to Repurchase,
                in
                the form set forth in Annex A

            

    

     

    
      
        
        

      

      
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                to
                  this Security, to Deutsche Bank Securities Inc. (“DBSI”)
                  by 4:00 p.m., New York City time, on the Business Day immediately
                  preceding the Valuation Date three Business Days prior to the applicable
                  Repurchase Date and DBSI must have acknowledged receipt from such
                  broker
                  in order for such Offer to Repurchase to be effective;

                 

                ·     
                  Cause its broker to book a delivery vs. payment trade with
                  respect
                  to the Securities offered for repurchase on such Valuation Date
                  at a price
                  equal to the Repurchase Value on such Valuation Date, facing DBSI;
                  and

                 

                ·     
                  Cause the DTC custodian through which it holds such Securities
                  to
                  deliver the trade as booked for settlement via DTC at or prior
                  to 10:00
                  a.m., New York City time, on the applicable Repurchase
                  Date.

              

      

       

    

    
      	 	
              Upon
                compliance with the foregoing procedures, the Issuer will purchase
                the
                Securities offered for repurchase on the Repurchase Date at a price
                equal
                to their applicable Repurchase Value.

            
	 	 
	 	
              If
                payment of the repurchase price for any Securities duly offered for
                repurchase in accordance with the terms hereof is deferred beyond
                the
                originally scheduled Repurchase Date due to a Market Disruption Event
                as
                provided under “Valuation Date” above, no interest or other amount will
                accrue or be payable with respect to such deferred
                payment.

            
	 	 
	
              REPURCHASE
                VALUE:

            	
              For
                any Securities duly offered for repurchase in accordance with the
                terms
                thereof on any Repurchase Date, the Principal Amount of such Securities
                times the Index Factor on the Valuation Date related to such
                Repurchase Date times the Fee Factor on such Valuation
                Date.

            
	 	 
	
              MARKET
                DISRUPTION EVENTS:

            	
              Any
                of the following will be a Market Disruption Event, as determined
                by the
                Calculation Agent:

            
	 	 
	 	
              ·any
                suspension
                of, absence or material limitation on trading on the primary exchange
                on
                which the Index Components trade as

            

    

     

    
      
        
        

      

      
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                determined
                  by the Calculation Agent (without taking into account any extended
                  or
                  after-hours trading session), in 20% or more of the number of stocks
                  that
                  then comprise the Index or any Successor
                  Index;

              

      

       

    

    
      	 	
              ·     
                any event that disrupts or impairs (as determined by the
                Calculation Agent) the ability of market participants in general
                to effect
                transactions in, or obtain market values for, 20% or more of the
                number of
                stocks that then comprise the Index or any Successor
                Index;

            
	 	 
	 	
              ·     
                a breakdown or failure in the price and trade reporting systems
                of
                any relevant exchange as a result of which the reported trading prices
                for
                stocks then constituting 20% or more of the number of stocks that
                then
                comprise the Index or any Successor Index during the one hour preceding
                the close of the principal trading session on such relevant exchange
                are
                materially inaccurate;

            
	 	 
	 	
              ·     
                if in the future, such markets become relevant to the calculation
                or hedging of the Index, any suspension of or material limitation
                on
                trading on the primary exchanges that trade options contracts or
                futures
                contracts related to the Index Components as determined by the Calculation
                Agent (without taking into account any extended or after-hours trading
                session), whether by reason of movements in price otherwise exceeding
                levels permitted by the relevant exchange or otherwise, in option
                contracts or futures contracts related to the Index or any Successor
                Index; or

            
	 	 
	 	
              ·     
                any other event, if the Calculation Agent determines that
                such
                event materially interferes with the ability of the Issuer to enter
                into a
                hedge or unwind all or a material portion of a hedge that the Issuer
                has
                effected or may effect with respect to the Securities represented
                hereby.

            
	 	 
	 	
              For
                the purpose of determining whether a Market Disruption Event has
                occurred:

            

    

     

    
      
        
        

      

      
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              ·     
                a limitation on the hours in a Trading Day and/or number of
                days of
                trading will not constitute a Market Disruption Event if it results
                from
                an announced change in the regular business hours of the relevant
                exchange;

            
	 	 
	 	
              ·     
                a decision to permanently discontinue trading in the relevant
                futures or options contracts related to the Index, or any Successor
                Index,
                will not constitute a Market Disruption Event;

            
	 	 
	 	
              ·     
                a suspension in trading in a futures or options contract on
                the
                Index, or any Successor Index, by a major securities market by reason
                of
                (a) a price change violating limits set by that securities market,
                (b) an
                imbalance of orders relating to those contracts or (c) a disparity
                in bid
                and ask quotes relating to those contracts will constitute a suspension
                of
                or material limitation on trading in futures or options contracts
                related
                to the Index or any Successor Index;

            
	 	 
	 	
              ·     
                a suspension of or material limitation on trading on the relevant
                exchange will not include any time when that exchange is closed for
                trading under ordinary circumstances; and

            
	 	 
	 	
              ·     
                for the purpose of the first bullet of the definition of Market
                Disruption Event above, any limitations on trading during significant
                market fluctuations under NYSE Rule 80B, or any applicable rule or
                regulation enacted or promulgated by the NYSE or any other self regulatory
                organization or the Securities and Exchange Commission of similar
                scope as
                determined by the Calculation Agent, will be considered
                “material.”

            
	 	 
	
              DISCONTINUANCE
                OR

              MODIFICATION

              OF
                THE INDEX:

            	
              If
                the Index Sponsor discontinues compilation or publication of the
                Index and
                the Index Sponsor or any other person or entity calculates and publishes
                an index that the Calculation Agent determines is comparable to the
                Index
                and approves as a “Successor Index,” then the Calculation Agent
                will

            

    

     

    
      
        
        

      

      
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                determine
                  the level of the Index on the applicable Valuation Date and the
                  Redemption
                  Amount at Maturity or the amount payable upon repurchase of Securities
                  by
                  the Issuer by reference to such Successor Index for the period
                  following
                  the discontinuation of the Index.

              

      

       

    

    
      	 	
              If
                the Calculation Agent determines that the publication of the Index
                is
                discontinued and that there is no applicable Successor Index, or
                that the
                closing level of the Index is not available because of a Market Disruption
                Event or for any other reason, on the date on which the level of
                the Index
                is required to be determined, or if for any other reason the Index
                is not
                available to the Issuer or the Calculation Agent on the relevant
                date, the
                Calculation Agent will determine the amount payable by a computation
                methodology that the Calculation Agent determines will as closely
                as
                reasonably possible replicate the Index.

            
	 	 
	 	
              If
                the Calculation Agent determines that the Index, the Index Components
                or
                the method of calculating the Index has been changed at any time
                in any
                respect – including any addition, deletion or substitution and any
                reweighting or rebalancing of Index Components, and whether the change
                is
                made by the Index Sponsor under its existing policies or following
                a
                modification of those policies, is due to the publication of a Successor
                Index, is due to events affecting one or more of the Index Components,
                or
                is due to any other reason – then the Calculation Agent will be permitted
                (but not required) to make such adjustments to the Index or method
                of
                calculating the Index as it believes are appropriate to ensure that
                the
                level of the Index used to determine the Redemption Amount at Maturity
                or
                the amount payable upon any repurchase of Securities by the Issuer
                is
                equitable.

            
	 	 
	 	
              All
                determinations and adjustments to be made by the Calculation Agent
                with
                respect to the level of the Index and the Redemption Amount at Maturity
                or
                the amount payable upon any repurchase of Securities by the Issuer
                or
                otherwise relating to the level of the Index may be made in the
                Calculation

            
	 	 

    

     

    
      
        
        

      

      
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                Agent’s
                  sole discretion.

              

      

       

    

    
      	
              BUSINESS
                DAY:

            	
              A
                Monday, Tuesday, Wednesday, Thursday or Friday that is not a day
                on which
                banking institutions in New York City or London, England generally
                are
                authorized or obligated by law, regulation or executive order to
                close.

            
	 	 
	
              TRADING
                DAY:

            	
              Any
                day on which (i) the level of the Index is calculated and published,
                (ii) trading is generally conducted on the New York Stock Exchange
                (“NYSE”), NYSE Arca, the Nasdaq Stock Market and the
                American Stock Exchange and (iii) trading is generally conducted on
                the markets on which the stocks underlying the Index are traded,
                in each
                case as determined by the Calculation Agent in its sole
                discretion.

            
	 	 
	
              AUTHORIZED
                DENOMINATIONS:

            	
              $10
                and integral multiples of $10 in excess thereof.

            
	 	 
	
              CALCULATION
                AGENT:

            	
              Deutsche
                Bank AG, London Branch

            
	 	 
	
              INDEX
                CALCULATION AGENT:

            	
              Dow
                Jones & Company, Inc.

            
	 	 
	
              FORM:

            	
              Book-Entry.

            
	 	 
	
              REDEMPTION
                AT THE COMPANY’S OPTION (other than for tax reasons):

            	
              None.

            
	 	 

    

     

     

    
 

    
      
        
        

      

      
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    Deutsche
      Bank Aktiengesellschaft, a stock corporation (Aktiengesellschaft)
      organized under the laws of the Federal Republic of Germany acting through
      its
      London Branch, (together with its successors and assigns, the
“Issuer”), for value received, hereby promises to pay to Cede
& Co., or registered assignees, the Redemption Amount at Maturity
      set forth
      above on the Maturity Date shown above and, upon satisfaction of the conditions
      for the Repurchase Option, the applicable Repurchase Value set forth above
      on
      the applicable Repurchase Date.

     

    Any
      payment of the Redemption Amount at Maturity on the Maturity Date and any
      payment of the Repurchase Value payable upon any repurchase of Securities by
      the
      Issuer or any other amount in respect of this Security (including any additional
      amounts as described below) will be made by the Issuer in U.S.
      dollars.  Any payment required to be made in respect of this Security
      on a date that is not a Business Day for such payment need not be made on such
      date, but may be made on the next succeeding Business Day for such payment
      with
      the same force and effect as if made on such date, and no interest shall accrue
      as a result of such delayed payment.

     

    This
      Security is one of a duly authorized issue of Global Notes, Series A of the
      Issuer (the “Notes”).  The Notes are issuable under a
      Senior Indenture, dated as of November 22, 2006, among the Issuer, Law Debenture
      Trust Company of New York, as trustee (the “Trustee,” which
      term includes any successor trustee under the Senior Indenture), and Deutsche
      Bank Trust Company Americas (“DBTCA”), as issuing agent, paying
      agent and registrar (as may be amended or supplemented from time to time, the
      “SeniorIndenture”), to which Senior Indenture
      and all indentures supplemental thereto reference is hereby made for a statement
      of the respective rights, limitations of rights, duties and immunities of the
      Issuer, the Trustee and holders of the Notes and the terms upon which the Notes
      are, and are to be, authenticated and delivered.  The Issuer has
      appointed DBTCA acting through its principal corporate trust office in the
      Borough of Manhattan, the City of New York, as its paying agent (the
“Paying Agent”, which term includes any additional or successor
      Paying Agent appointed by the Issuer) with respect to the Notes.  The
      terms of individual Notes may vary with respect to interest rates, interest
      rate
      formulas, issue dates, maturity dates, or otherwise, all as provided in the
      Senior Indenture.  To the extent not inconsistent herewith, the terms
      of the Senior Indenture are hereby incorporated by reference
      herein.

     

    This
      Security and all the obligations of the Issuer hereunder are direct, unsecured
      obligations of the Issuer and rank without preference or priority among
      themselves and pari passu with all other existing and future unsecured
      and unsubordinated indebtedness of the Issuer, subject to certain statutory
      exceptions in the event of liquidation upon insolvency.

     

    The
      total
      amount of the Redemption Amount at Maturity will be made available to the
      Trustee on the Maturity Date. As soon as possible thereafter, the Trustee will
      make such payments to the Depository in accordance with existing arrangements
      between the Trustee and the Depository. The Depository will allocate such
      payments to each book-entry Security represented by this Security then
      outstanding and will make payments to the participants therein in accordance
      with its existing operating procedures. Neither the Issuer nor the Trustee
      shall
      have any responsibility or liability for such payments by the Depository. So
      long as the Depository or its nominee is the Holder of this Security, the
      Depository or its nominee, as the case may be, will be considered the holder
      of
      the Securities for all purposes under the senior Indenture.

     

    
      
        
        

      

      
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    The
      total
      amount of the Repurchase Value payable upon the repurchase of Securities by
      the
      Issuer on any Repurchase Date will be paid by the Issuer pursuant to
      arrangements agreed between the Issuer and the Trustee.  Upon
      surrender of such Securities by the Issuer to the Trustee, the Trustee will
      record such repurchase and reduce the Current Principal Amount on Schedule
      I
      hereto.

     

    This
      Security will not be subject to any sinking fund and will not be redeemable
      at
      the option of the Issuer.

     

    In
      case
      this Security shall at any time become mutilated, defaced or be destroyed,
      lost
      or stolen, and this Security or evidence of the loss, theft or destruction
      thereof (together with the indemnity hereinafter referred to and such other
      documents or proof as may be required in the premises) shall be delivered to
      the
      Trustee, the Issuer in its discretion may execute a new Security of like tenor
      in exchange for this Security, but, in the case of any destroyed or lost or
      stolen Security, only upon receipt of evidence satisfactory to the Trustee
      and
      the Issuer that this Security was destroyed or lost or stolen and, if required,
      upon receipt also of indemnity satisfactory to each of them.  All
      expenses and reasonable charges associated with procuring such indemnity and
      with the preparation, authentication and delivery of a new Security shall be
      borne by the owner of the Security mutilated, defaced, destroyed, lost or
      stolen.

     

    The
      Senior
      Indenture provides that (a) if an Event of Default (as defined in the Senior
      Indenture) due to the default in payment of principal, premium, if any, or
      coupons on, any series of debt securities issued under the Senior Indenture,
      including the series of Senior Global Note of which this Security forms a part,
      or due to the default in the performance or breach of any other covenant or
      warranty of the Issuer applicable to the debt securities of such series but
      not
      applicable to all outstanding debt securities issued under the Senior Indenture,
      shall have occurred and be continuing, either the Trustee or the holders of
      not
      less than 331⁄3% in aggregate principal amount of the outstanding debt securities
      of each affected series voting as one class, by notice in writing to the Issuer
      and to the Trustee, if given by the securityholders, may then declare the
      principal of all debt securities of all such series and interest accrued thereon
      to be due and payable immediately and (b) if an Event of Default due to a
      default in the performance of any other of the covenants or agreements in the
      Senior Indenture applicable to all outstanding debt securities issued
      thereunder, including this Security, or due to certain events of bankruptcy,
      insolvency or reorganization of the Issuer, shall have occurred and be
      continuing, either the Trustee or the holders of not less than 331⁄3% in aggregate
      principal amount of all outstanding debt securities issued under the Senior
      Indenture voting as one class, by notice in writing to the Issuer and to the
      Trustee, if given by the securityholders, may declare the principal of all
      such
      debt securities and interest accrued thereon to be due and payable immediately,
      but upon certain conditions such declarations may be annulled and past defaults
      may be waived (except a continuing default in payment of principal, premium,
      if
      any, or interest on such debt securities) by the holders of a majority in
      aggregate principal amount of the debt securities of all affected series then
      outstanding.

     

    The
      Senior
      Indenture permits the Issuer and the Trustee, with the consent of the holders
      of
      not less than a majority in aggregate principal amount of the debt securities
      of
      all series issued under the Senior Indenture then outstanding and affected
      (voting as one class), to execute supplemental indentures adding any provisions
      to or changing in any manner the rights of the holders of each series so
      affected; provided, that the Issuer and the Trustee may not, without
      the consent of the holder of each outstanding debt security affected thereby,
      (a) extend the final maturity of any such debt security, or reduce the principal
      amount thereof, or reduce the rate or extend the time of payment of interest
      thereon, or reduce any amount payable on redemption thereof, or change the
      currency of payment thereof, or modify or amend the provisions for conversion
      of
      any currency into any other currency, or modify or

     

    
      
        
        

      

      
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    amend
      the
      provisions for conversion or exchange of the debt security for securities of
      the
      Issuer or other entities or for other property or the cash value of the property
      (other than as provided in the antidilution provisions or other similar
      adjustment provisions of the debt securities or otherwise in accordance with
      the
      terms thereof), or impair or affect the rights of any holder to institute suit
      for the payment thereof or (b) reduce the aforesaid percentage in principal
      amount of debt securities the consent of the holders of which is required for
      any such supplemental indenture.

     

    So
      long as
      this Security shall be outstanding, the Issuer will cause to be maintained
      an
      office or agency for the payment of the principal of and premium, if any, on
      this Security as herein provided in the Borough of Manhattan, the City of New
      York, and an office or agency in said Borough of Manhattan for the registration,
      transfer and exchange as aforesaid of the Securities.  So long as
      there shall be such an agency, the Issuer shall keep the Trustee advised of
      the
      names and locations of such agencies, if any are so designated.

     

    With
      respect to moneys paid by the Issuer and held by the Trustee or any Paying
      Agent
      for payment of the principal of or premium, if any, on any Securities that
      remain unclaimed at the end of two years after such principal or premium shall
      have become due and payable (whether at maturity or upon repurchase or
      otherwise), (i) the Trustee or such Paying Agent shall notify the holders of
      such Securities that such moneys shall be repaid to the Issuer and any person
      claiming such moneys shall thereafter look only to the Issuer for payment
      thereof and (ii) such moneys shall be so repaid to the Issuer.  Upon
      such repayment all liability of the Trustee or such Paying Agent with respect
      to
      such moneys shall thereupon cease, without, however, limiting in any way any
      obligation that the Issuer may have to pay the principal of or premium, if
      any,
      on this Security as the same shall become due.

     

    No
      provision of this Security or of the Senior Indenture shall alter or impair
      the
      obligation of the Issuer, which is absolute and unconditional, to pay the
      principal of and premium, if any, on this Security at the time, place, and
      rate,
      and in the coin or currency, herein prescribed unless otherwise agreed between
      the Issuer and the registered holder of this Security.

     

    Prior
      to
      due presentment of this Security for registration of transfer, the Issuer,
      the
      Trustee and any agent of the Issuer or the Trustee may treat the holder in
      whose
      name this Security is registered as the owner hereof for all purposes, whether
      or not this Security be overdue, and none of the Issuer, the Trustee or any
      such
      agent shall be affected by notice to the contrary.

     

    No
      recourse shall be had for the payment of the principal of or premium, if any,
      on
      this Security, for any claim based hereon, or otherwise in respect hereof,
      or
      based on or in respect of the Senior Indenture or any indenture supplemental
      thereto, against any incorporator, shareholder, officer or director, as such,
      past, present or future, of the Issuer or of any successor corporation, either
      directly or through the Issuer or any successor corporation, whether by virtue
      of any constitution, statute or rule of law or by the enforcement of any
      assessment or penalty or otherwise, all such liability being, by the acceptance
      hereof and as part of the consideration for the issue hereof, expressly waived
      and released.

     

    This
      Security shall for all purposes be governed by, and construed in accordance
      with, the laws of the State of New York.

     

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

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    This
      Security shall not become valid or obligatory for any purpose unless and until
      this Security has been authenticated by Law Debenture Trust Company of New
      York,
      or its successor, as Trustee.

     

    IN
      WITNESS
      WHEREOF, the Issuer has caused this Security to be duly executed.

     

    
      	
              Dated:
                October 23, 2007

            	
              DEUTSCHE
                BANK AG, LONDON BRANCH

            
	 	 	 	 	 	 
	 	 	
              By:

            	
              /S/
                RICHARD FERGUSON

            	 
	 	 	 	
              Name:

            	
              Richard
                Ferguson

            	 
	 	 	 	
              Title:

            	
              Managing
                Director

            	 
	 	 	 	 	 	 
	 	 	
              By:

            	
              /S/
                JOSEPH J. RICE

            	 
	 	 	 	
              Name:

            	
              Joseph
                J. Rice

            	 
	 	 	 	
              Title:

            	
              Director

            	 

    

     

    
       

      
        	
                TRUSTEE’S
                  CERTIFICATE OF AUTHENTICATION

                 

                This
                  is one of the Securities referred

                to
                  in the within-mentioned

                Senior
                  Indenture.

                 

                LAW
                  DEBENTURE TRUST COMPANY

                OF
                  NEW YORK, as Trustee

                 

              
	
                By:

              	
                /S/
                  JAMES JONES

              	 
	 	
                Authorized
                  Officer

              

      

      

    

     

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

     

    _______________________________

    [PLEASE
      INSERT SOCIAL SECURITY OR OTHER

       IDENTIFYING
      NUMBER OF ASSIGNEE]

     

    
      
        

      

       

      
        

      

       

      
        

      

    

    [PLEASE
      PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE]

     

    the
      within
      Security and all rights thereunder, hereby irrevocably constituting and
      appointing such person attorney to transfer such Security on the books of the
      Company, with full power of substitution in the premises.

     

    Dated:                                      Signature:______________________________

     

    
      	
              NOTICE:

            	
              The
                signature to this assignment must correspond with the name as written
                upon
                the face of the within Security in every particular without alteration
                or
                enlargement or any change
                whatsoever.

            

    

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
      I

    

    The
      Current Principal Amount indicated below shall not exceed
      $250,000,000.

    

    
      	
              Date

            	
              Principal
                Amount

              of
                Securities Issued

            	
              Principal
                Amount

              of
                Securities

              Cancelled

            	
              Current
                Principal

              Amount

            	
              Initials
                of

              Trustee

              Officer

            
	
              October
                23, 2007

            	
              $6,000,000

            	
              --

            	
              $6,000,000

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

    ANNEX
      A

     

    FORM
      OF OFFER FOR REPURCHASE

     

    [PART
      A:
      TO BE COMPLETED BY THE BENEFICIAL OWNER]

     

    Dated:

    Deutsche
      Bank Securities Inc., as Repurchase Agent (“DBSI”)

    Fax:
      917-512-9226

     

    Re:
      ELEMENTSSM
      Linked to the Morningstar® Wide Moat
      FocusSM Total Return
      Index
      due October 24, 2022 issued by Deutsche Bank AG (the “ELEMENTS”)

     

    The
      undersigned beneficial owner hereby irrevocably offers to Deutsche Bank AG
      (“Deutsche Bank”) the right to repurchase the ELEMENTS in the amounts and on the
      date set forth below.

     

    Name
      of
      beneficial holder:

     

    Stated
      principal amount of ELEMENTS offered for repurchase (You must offer at least
      250,000 ELEMENTS ($2,500,000 stated principal amount) for repurchase at one
      time
      for your offer to be valid.):

     

    Applicable
      valuation date: _________, 20__

     

    Applicable
      repurchase date: __________, 20__

     

    Contact
      Name:

     

    Telephone
      #:

     

    My
      ELEMENTS are held in the following DTC Participant’s Account (the following
      information is available from the broker through which you hold your
      ELEMENTS):

     

    Name:

    DTC
      Account Number (and any relevant sub-account):

    Contact
      Name:

    Telephone
      Number:

     

    Acknowledgement:
      In addition to any other requirements specified in the Pricing Supplement being
      satisfied, I acknowledge that the ELEMENTS specified above will not be
      repurchased unless (i) this offer, as completed and signed by the DTC
      Participant through which my ELEMENTS are held (the “DTC Participant”), is
      delivered to DBSI by 4:00 p.m. on the business day immediately preceding the
      applicable valuation date, (ii) the DTC Participant has booked a “delivery vs.
      payment” (“DVP”) trade on the applicable valuation date facing DBSI, and (iii)
      the DTC Participant instructs DTC to deliver the DVP trade to DBSI as booked
      for
      settlement via DTC at or prior to 10:00 a.m. on the applicable repurchase
      date.

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

    The
      undersigned acknowledges that Deutsche Bank and DBSI will not be responsible
      for
      any failure by the DTC Participant through which such undersigned’s ELEMENTS are
      held to fulfill the requirements for repurchase set forth above.

     

     

     

    _____________________________

    [Beneficial
      Holder]

     

    PART
      B OF
      THIS NOTICE IS TO BE COMPLETED BY THE DTC PARTICIPANT IN WHOSE ACCOUNT THE
      ELEMENTS ARE HELD AND DELIVERED TO DBSI BY 4:00 P.M. ON THE BUSINESS DAY
      IMMEDIATELY PRECEDING THE APPLICABLE VALUATION DATE

     

     

     

     

     

     

     

     

     

     

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

     

    BROKER’S
      CONFIRMATION OF REPURCHASE

     

     

    [PART
      B: TO BE COMPLETED BY BROKER]

     

    Dated:

    Deutsche
      Bank Securities Inc., as Repurchase Agent

     

    Re:
      ELEMENTSSM
      Linked to the Morningstar® Wide Moat
      FocusSM Total Return
      Index
      due October 24, 2022 issued by Deutsche Bank AG (the “ELEMENTS”)

     

    Dear
      Sirs:

     

            The
      undersigned holder of ELEMENTSSM Linked to
      the
      Morningstar®
      Wide Moat FocusSM Total Return
      Index
      due October 24, 2022 issued by Deutsche Bank AG, CUSIP No. 25153Q 70 8 (the
      “ELEMENTS”) hereby irrevocably offers to Deutsche Bank AG the right to
      repurchase, on the Repurchase Date of _________, with respect to the number
      of the stated principal amount of ELEMENTS indicated below as described in
      the
      pricing supplement relating to the ELEMENTS (the “Pricing Supplement”). Terms
      not defined herein have the meanings given to such terms in the Pricing
      Supplement.

     

            The
      undersigned certifies to you that it will (i) book a delivery vs. payment trade
      on the valuation date with respect to the stated principal amount of ELEMENTS
      specified below at a price per ELEMENT equal to the repurchase value, facing
      Deutsche Bank Securities Inc., DTC #0573 and (ii) deliver the trade as booked
      for settlement via DTC at or prior to 10:00 a.m. New York City time on the
      repurchase date.

     

    Very
      truly
      yours,

    [NAME
      OF
      DTC PARTICIPANT HOLDER]

     

     
      
        

      

    

     

    Contact
      Name:

    Title:

    Telephone:

    Fax:

    E-mail:

     

    Stated
      principal amount of ELEMENTS offered for repurchase (You must offer at least
      250,000 ELEMENTS ($2,500,000 stated principal amount) for repurchase at one
      time
      for your offer to be valid.):

     

     
      
        

      

    

     

    DTC
      # (and
      any relevant sub-account):

     
      
        

      

    

    
 

    18EX-10.2

 

Exhibit 10.2

SUBSCRIPTION ESCROW AGREEMENT

THIS SUBSCRIPTION ESCROW AGREEMENT (this “Escrow Agreement”), dated as of October 25, 2007, is
entered into by and among Corporate Property Associates 17 – Global Incorporated, a Maryland
corporation (the “Company”), Carey Financial, LLC, a Delaware limited liability company (“the Sales
Agent”), and Wells Fargo Bank, National Association, as Escrow Agent (the “Escrow Agent”).

WHEREAS, the Company has filed with the Securities and Exchange Commission (the “Commission”) a
registration statement on Form S-11 (File No. 333-140842), containing a related preliminary
prospectus, for the registration of the Shares under the Securities Act of 1933, as amended (the
“Securities Act”), and the regulations thereunder (the “Regulations”), the registration statement
and any amendments thereto, and any registration statement related thereto filed under Rule 462(b)
of the Securities Act are herein called the “Registration Statement.” Any prospectus relating to
such Registration Statement and any amendments thereto are herein called the “Prospectus”;

WHEREAS, the Company proposes to offer and sell, on a best efforts basis through the Sales Agent
and a group of selected dealers (each a “Selected Dealer,” collectively the “Selected Dealers”) and
directly to a group of selected investment advisors (each a “Selected Investment Advisor,”
collectively the “Selected Investment Advisors”) up to 200,000,000 shares of common stock of the
Company pursuant to the Registration Statement (the “Offering”);

WHEREAS, the Company has sole discretion in determining whether to accept or reject any orders for
the Shares;

WHEREAS, the Company, in compliance with the terms of the proposed offering described in the
Registration Statement and Rule 15c2-4 under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), proposes to establish an escrow account with the Escrow Agent for the deposit of
payments for the Shares; and

WHEREAS, the Escrow Agent is willing to accept appointment as Escrow Agent only for the expressed
duties outlined herein.

NOW, THEREFORE, in consideration of the premises set forth above and other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows:

1. Proceeds to be Escrowed. On or before the first date of the Offering, the Company shall
establish an escrow account with the Escrow Agent (the “Escrow Account”). The Sales Agent shall
deliver, and shall cause each Selected Dealer or Selected Investment Advisor to directly or
indirectly deliver, proceeds (the “Escrow Funds”) received from purchasers of the Shares (each an
“Investor”) to the Escrow Agent by noon of the next business day after receipt by such party, and

 

 

shall, upon receipt by the Escrow Agent, be retained in escrow by the Escrow Agent and invested
as stated below. Funds delivered to the Escrow Agent may be in the form of checks payable to the
Company and drawn on an account of an Investor, Selected Dealer or Selected Investment Advisor or
wire transfer from the Sales Agent or certain Selected Dealers or Selected Investment Advisors
identified to the Escrow Agent in writing by the Company or the Sales Agent. During the term of
this Escrow Agreement, the Company shall cause all checks received by and made payable to it in
payment for the Securities to be endorsed in favor of the Escrow Agent and delivered to the Escrow
Agent within one (1) business day after receipt by the Company for deposit in the Escrow Account.

Escrow Agent shall have no duty to make any disbursement, investment or other use of Investor Funds
until and unless it has received good and collected funds. In the event that any checks deposited
in the Escrow Account are returned or prove uncollectible after the funds represented thereby have
been released by the Escrow Agent, then the Company shall promptly reimburse the Escrow Agent for
any and all costs incurred for such, upon request, and the Escrow Agent shall deliver the returned
checks to the Company. The Escrow Agent shall be under no duty or responsibility to enforce
collection of any check delivered to it hereunder.

2. Identity of Subscribers. A copy of the Offering document is to be provided by the Company to the
Escrow Agent and incorporated herein Exhibit A. The Company shall furnish to the Escrow Agent with
each delivery of Investor Funds, a list of the Investors on whose behalf proceeds are delivered to
the Escrow Agent, including the name, address, tax identification number, amount of Securities
subscribed for and the amount paid. The information comprising the identity of Investors shall be
provided to the Escrow Agent in the format set forth in the List of Investors, attached as
Exhibit B, and only transmitted via a CTS Direct Link. All Escrow Funds so deposited shall not be
subject to any liens or charges by the Company or the Escrow Agent, or judgments or creditors’
claims against the Company, until released to the Company as hereinafter provided. The Company
understands and agrees that the Company shall not be entitled to any Investor Funds on deposit in
the Escrow Account and no such funds shall become the property of the Company, or any other entity
except as released to the Company pursuant to Section 3. The Escrow Agent will not use the
information provided to it by the Company for any purpose other than to fulfill its obligations as
Escrow Agent. The Company and the Escrow Agent will treat all Investor information as
confidential. The Escrow Agent shall not be required to accept any Escrow Funds which are not
accompanied by the information on the List of Investors.

3. Disbursement of Funds. (a) Upon receipt by the Escrow Agent of instructions signed by the Sales
Agent and the Company, the Escrow Agent will from time to time as instructed by officers of the Sales Agent and the
Company pay to the Company and/or to any other person designated in such instructions the Escrow
Funds in accordance with such instructions. Such instructions also shall include the times and
places at which such Escrow Funds are to be paid and the amount and method of payment. The Company
shall give the Escrow Agent one business day advance oral notification of the contents of such
instructions. The Escrow Agent shall remit interest earned on such Escrow Funds to Investors on
whose behalf such Escrow Funds are deposited if, and only if, such Escrow Funds have been held by the
Escrow Agent for at least twenty calendar days or more (the

2

 

“Escrow Interest”). Within fifteen
calendar days after the date on which the Escrow Funds are
paid to the Company or other designated person pursuant to the instructions described above, or as
soon as practicable after such interest posts to the account if such interest has not posted to the
account by such fifteenth calendar day, the Escrow Agent shall remit interest earned on such Escrow
Funds to the Company.

If, and only if, such Escrow Funds have been held by the Escrow Agent for at least twenty calendar
days or more, interest (“Escrow Interest”) will be paid to Investors on whose behalf such Escrow
Funds were deposited as follows:

In the case of all Investors, its pro-rata share of interest earned on all Escrow Funds
maintained in the Escrow Account based on the length of time its subscription payment has
been held by the Escrow Agent, as recorded by the Company’s transfer agent, Phoenix American
Financial Services, Inc. (the “Transfer Agent”). Such remission shall be made either
directly to, or pursuant to written instruction received from the
Sales Agent and the Company in a lump sum directly to the Investor.

Escrow Interest earned, but not payable to Investors pursuant to this Section 3(a) shall be paid
to the Company, as instructed by the Company in writing.

The Escrow Agent will provide the Transfer Agent with the total Escrow Interest and the daily rate
of interest for the Escrow Funds held in the Escrow Account. The Transfer Agent will generate the
pro-rata share of Escrow Interest earned based upon the deposit date it has recorded for each
Investor. The Transfer Agent will supply the Escrow Agent with the Escrow Interest allocated for
each Investor.

     (b) If, during the period any Escrow Funds are held by the Escrow Agent, the Company
determines that: (i) an Investor will not be issued Shares because the Company in its sole
discretion determines to reject such Investor’s order, or (ii) a portion of an Investor’s order is
rejected, the Company shall: (A) furnish the Escrow Agent with the name of such Investor and the
amount of such Investor’s purchase price or portion thereof which must be returned, including wire
transfer or check payment instructions and (B) direct the Escrow Agent to, and the Escrow Agent
shall, return to such Investor or for the account of such Investor, within ten calendar days of the
Escrow Agent’s receipt of such information, the amount of such Investor’s purchase price (including
any Escrow Interest attributable to such amount) which must be returned.

4. Term
of Escrow. The “Termination Date” shall be the earlier
of (i) 60 days following subscription proceeds reaching $10 Million but in no event to exceed one year from the date
of this Escrow Agreement provided that
the Company may extend this date by 60 days upon written notice to the Escrow

3

 

Agent; provided
however, that in all events this escrow shall terminate no later than the one year
anniversary of the date of this Escrow Agreement; (ii) the date the Escrow Agent receives written
notice from the Company that it is abandoning the sale of the Securities; (iii) the date the Escrow
Agent receives notice from the Securities and Exchange Commission or any other federal or state
regulatory authority that a stop or similar order has been issued with respect to the Offering
document and has remained in effect for at least twenty (20) days or (iv) the date the Escrow Agent
institutes an interpleader action. After the Termination Date the Escrow Agent shall not accept, any additional amounts representing payments by prospective
Investors.

5. Conditions Requiring Return of Escrow Funds. In the event that subscription proceeds received
by the Escrow Agent do not reach $10 million within 120 days from the start of the offering,
Arizona, Maryland, Massachusetts, New York, Ohio and Pennsylvania investors will be notified by the
Company and will have the right to have their investments returned to
them. This requirement will continue for Arizona, Massachusetts,
New York, Ohio and Pennsylvania investors for each 120 day
period, up to one year, until subscription proceeds reach
$10 million.

6. Duty and Liability of the Escrow Agent. The sole duty of the Escrow Agent shall be to receive
Escrow Funds and hold them subject to release, in accordance herewith, and the Escrow Agent shall
be under no duty to determine whether the Company is complying with requirements of this Escrow
Agreement, the Offering or applicable law in tendering the Escrow Funds to the Escrow Agent. No
other agreement entered into between the parties, or any of them, shall be considered as adopted or
binding, in whole or in part, upon the Escrow Agent notwithstanding that any such other agreement
may be referred to herein or deposited with the Escrow Agent or the Escrow Agent may have knowledge
thereof, and the Escrow Agent’s rights and responsibilities shall be governed solely by this Escrow
Agreement. The Escrow Agent shall not be responsible for or be required to enforce any of the
terms or conditions of any Offering document or other agreement between the Company and any other
party. The Escrow Agent may conclusively rely upon and shall be protected in acting upon any
statement, certificate, notice, request, consent, order or other document reasonably believed by it
to be genuine and to have been signed or presented by the proper party or parties. The Escrow Agent
shall have no duty or liability to verify any such statement, certificate, notice, request,
consent, order or other document, and its sole responsibility shall be to reasonably act only as
expressly set forth in this Escrow Agreement. Concurrent with the execution of this Escrow
Agreement, the Company shall deliver to the Escrow Agent an authorized signers form in the form of
Exhibit C-2 to this Escrow Agreement and the Sales Agent shall
deliver to the Escrow Agent an authorized signers form in the form
Exhibit C-2 to this Escrow Agreement. The Escrow Agent shall be under no obligation to institute or
defend any action, suit or proceeding in connection with this Escrow Agreement unless first
indemnified to its satisfaction. The Escrow Agent may consult counsel of its own choice with
respect to any question arising under this Escrow Agreement and the Escrow Agent shall not be
liable for any action taken or omitted in good faith upon advice of such counsel. The Escrow Agent
shall not be liable for any action taken or omitted by it in good faith except to the extent that a
court of competent jurisdiction determines that the Escrow Agent’s gross negligence or willful
misconduct was the primary cause of loss. The Escrow Agent is acting solely as escrow agent
hereunder and owes no duties, covenants or obligations, fiduciary or otherwise, to any other person
by reason of this Escrow Agreement, except as otherwise stated herein, and no implied duties,
covenants or obligations, fiduciary or otherwise, shall be read into this Escrow Agreement against
the Escrow Agent.  In the event of any disagreement between any of the parties to this Escrow
Agreement, or between any of them and any other person, including any Investor,

4

 

resulting in
adverse claims or demands being made in connection with the matters covered by this Escrow
Agreement, or in the event that the Escrow Agent is in reasonable doubt as to what
action it should take hereunder, the Escrow Agent may, at its option, refuse to comply with any
claims or demands on it, or refuse to take any other action hereunder, so long as such reasonable
disagreement continues or such reasonable doubt exists, and in any such event, the Escrow Agent
shall not be or become liable in any way or to any person for its failure or refusal to act, and
the Escrow Agent shall be entitled to continue so to refrain from acting until (i) the rights of
all interested parties shall have been fully and finally adjudicated by a court of competent
jurisdiction, or (ii) all differences shall have been adjudged and all reasonable doubt resolved by
agreement among all of the interested persons, and the Escrow Agent shall have been notified
thereof in writing signed by all such persons. Notwithstanding the foregoing, the Escrow Agent may
in its discretion obey the order, judgment, decree or levy of any court, whether with or without
jurisdiction and the Escrow Agent is hereby authorized in its sole discretion to comply with and
obey any such orders, judgments, decrees or levies. In the event that any controversy should arise
with respect to this Escrow Agreement the Escrow Agent shall have the right, at its option, to
institute an interpleader action in any court of competent jurisdiction to determine the rights of
the parties. In no event shall the Escrow Agent be liable, directly or indirectly, for any
special, indirect or consequential losses or damages of any kind whatsoever (including without
limitation lost profits), even if the Escrow Agent has been advised of the possibility of such
losses or damages and regardless of the form of action. The parties agree that the Escrow Agent
has no role in the preparation of the Offering documents, has not reviewed any such documents and
makes no representations or warranties with respect to the information contained therein or omitted
therefrom. The Escrow Agent shall have no obligation, duty or liability with respect to compliance
with any federal or state securities, disclosure or tax laws concerning the Offering documents or
the issuance, offering or sale of the Securities. The Escrow Agent shall have no duty or
obligation to monitor the application and use of the Escrow Funds once transferred to the Company,
that being the sole obligation and responsibility of the Company.

7. Escrow Agent’s Fee. The Escrow Agent shall be entitled to compensation for its services as
stated in the fee schedule attached hereto as Exhibit D, which compensation shall be paid by the
Company. The fee agreed upon for the services rendered hereunder is intended as full compensation
for the Escrow Agent’s services as contemplated by this Escrow Agreement; provided, however, that
in the event that the conditions for the disbursement of funds under this Escrow Agreement are not
fulfilled, or the Escrow Agent renders any material service not contemplated in this Escrow
Agreement, or there is any assignment of interest in the subject matter of this Escrow Agreement,
or any material modification hereof, or if any material controversy arises hereunder, or the Escrow
Agent is made a party to any litigation pertaining to this Escrow Agreement, or the subject matter
hereof, then the Escrow Agent shall be reasonably compensated for such extraordinary services and
reimbursed for all costs and expenses, including reasonable attorney’s fees, occasioned by any
delay, controversy, litigation or event, and the same shall be recoverable from the Company.

8. Investment of Proceeds. The Escrow Funds shall be deposited in the Escrow Account. The Escrow
Agent is hereby directed to invest all funds received under this Escrow Agreement, in “Short-term
Investments” (as defined below) and Escrow Agent is further authorized and Escrow Agent agrees to
reinvest all earnings and interest derived therefrom in any of the Short-term

5

 

Investments specified
below. In the absence of written direction from the Company, Escrow
Funds will be invested in an interest bearing trust account of the Escrow Agent. Interest will be
compounded daily and interest credited to the Escrow Account at least monthly.

“Short-term
Investments” include short-term obligations of, or short-term obligations guaranteed by, the United States
government or bank money-market funds comprised of these obligations or certificates of deposit of
national or state banks that have deposits insured by the Federal Deposit Insurance Corporation,
including certificates of deposit of any bank acting as a depository or custodian for any such
funds, including, without limitation, such certificates or instruments of the Escrow Agent, all of
which instruments must be capable of being readily sold or otherwise disposed of for cash on or
before the earlier of (i) the date that the $10 million is achieved, or (ii) the Expiration Date,
without any dissipation of the offering proceeds invested.

The following securities are not permissible investments:

	 	(a)	 	corporate equity or debt securities;
	 
	 	(b)	 	repurchase agreements;
	 
	 	(c)	 	bankers’ acceptances;
	 
	 	(d)	 	commercial paper;
	 
	 	(e)	 	municipal securities; and
	 
	 	(f)	 	money market funds other than bank money market accounts.

     All amounts earned, paid or distributed with respect to the Escrow Funds, whether interest,
dividend, distributions or otherwise, shall become a part of the Escrow Account and shall be
distributed pursuant to either Section 3 of this Agreement, as applicable.

The Company on the date of this Escrow Agreement shall provide the Escrow Agent with certified tax
identification numbers by furnishing appropriate IRS forms W-9 or W-8 and other forms and documents
that the Escrow Agent may reasonably request. The Company understands that if such tax reporting
documentation is not so certified to the Escrow Agent, the Escrow Agent may be required by the
Internal Revenue Code of 1986, as amended, to withhold a portion of any interest or other income
earned on the Escrow Funds pursuant to this Escrow Agreement.

The Company agrees to indemnify and hold the Escrow Agent harmless from and against any taxes,
additions for late payment, interest, penalties and other expenses that may be assessed against the
Escrow Agent on or with respect to any payment or other activities under this Escrow Agreement
unless any such tax, addition for late payment, interest, penalties and other expenses shall be
determined by a court of competent jurisdiction to have been caused by the Escrow Agent’s gross
negligence or willful misconduct. The terms of this Section shall survive the termination of this
Escrow Agreement and the resignation or removal of the Escrow Agent.

9. Notices. All notices, requests, demands, and other communications under this Escrow Agreement
shall be in writing and shall be deemed to have been duly given (a) on the date of service if
served personally on the party to whom notice is to be given, (b) on the day of transmission if
sent by facsimile/email transmission to the facsimile number/email address given below, and
telephonic confirmation of receipt is obtained promptly after completion of transmission, (c) on
the day after delivery to Federal Express or similar overnight courier or the

6

 

Express Mail service
maintained by the United States Postal Service, or (d) on the fifth day after mailing, if mailed to
the party to whom notice is to be given, by first class mail, registered or
certified, postage prepaid, and properly addressed, return receipt requested, to the party as
follows:

If to the Company:

Corporate Property Associates 17 – Global Incorporated

Attn: Susan C. Hyde

50 Rockefeller Plaza

New York, NY 10020

If to the Sales Agent:

Carey Financial, LLC

Attn: Louisa Quarto

50 Rockefeller Plaza

New York, NY 10020

If to Escrow Agent:

Wells Fargo Bank, National Association

666 Walnut Street, Third Floor

MAC N8200-034

Des Moines, IA 50309

Attention: Kristi Boyce, Corporate Trust & Escrow Services

Phone: (515) 245-8504

Fax: (515)245-8532

Any party may change its address for purposes of this Section by giving the other party written
notice of the new address in the manner set forth above.

10. Indemnification of Escrow Agent: The Company hereby indemnifies and holds harmless the Escrow
Agent from and against, any and all loss, liability, cost, damage and expense, including, without
limitation, reasonable counsel fees, which the Escrow Agent may suffer or incur by reason of any
action, claim or proceeding brought against the Escrow Agent arising out of or relating in any way
to this Escrow Agreement or any transaction to which this Escrow Agreement relates unless such
action, claim or proceeding is determined by a court of competent jurisdiction to be the result of
the gross negligence or willful misconduct of the Escrow Agent. The terms of this Section shall
survive the termination of this Escrow Agreement and the resignation or removal of the Escrow
Agent.

11. Successors and Assigns. Except as otherwise provided in this Escrow Agreement, no party hereto
shall assign this Escrow Agreement or any rights or obligations hereunder without the prior written
consent of the other parties hereto and any such attempted assignment without such prior written
consent shall be void and of no force and effect. This Escrow Agreement shall inure to the benefit
of and shall be binding upon the successors and permitted assigns of the parties

7

 

hereto. Any
corporation or association into which the Escrow Agent may be converted or merged, or with which it
may be consolidated, or to which it may sell or transfer all or
substantially all of its corporate trust business and assets as a whole or substantially as a
whole, or any corporation or association resulting from any such conversion, sale, merger,
consolidation or transfer to which the Escrow Agent is a party, shall be and become the successor
Escrow Agent under this Escrow Agreement and shall have and succeed to the rights, powers, duties,
immunities and privileges as its predecessor, without the execution or filing of any instrument or
paper or the performance any further act.

12. Governing Law; Jurisdiction. This Escrow Agreement shall be construed, performed, and enforced
in accordance with, and governed by, the internal laws of the State of New York, without giving
effect to the principles of conflicts of laws thereof.

13. Severability. In the event that any part of this Escrow Agreement is declared by any court or
other judicial or administrative body to be null, void, or unenforceable, said provision shall
survive to the extent it is not so declared, and all of the other provisions of this Escrow
Agreement shall remain in full force and effect.

14. Amendments; Waivers. This Escrow Agreement may be amended or modified, and any of the terms,
covenants, representations, warranties, or conditions hereof may be waived, only by a written
instrument executed by the parties hereto, or in the case of a waiver, by the party waiving
compliance. Any waiver by any party of any condition, or of the breach of any provision, term,
covenant, representation, or warranty contained in this Escrow Agreement, in any one or more
instances, shall not be deemed to be nor construed as further or continuing waiver of any such
condition, or of the breach of any other provision, term, covenant, representation, or warranty of
this Escrow Agreement. The Company agrees that any requested waiver, modification or amendment of
this Escrow Agreement shall be consistent with the terms of the Offering.

15. Entire Agreement. This Escrow Agreement contains the entire understanding among the parties
hereto with respect to the escrow contemplated hereby and supersedes and replaces all prior and
contemporaneous agreements and understandings, oral or written, with regard to such escrow.

16. Section Headings. The section headings in this Escrow Agreement are for reference purposes only
and shall not affect the meaning or interpretation of this Escrow Agreement.

17. Counterparts. This Escrow Agreement may be executed in counterparts, each of which shall be
deemed an original, but all of which shall constitute the same instrument.

18. Resignation. The Escrow Agent may resign upon 60 days advance written notice to the parties
hereto. If a successor escrow agent is not appointed within the 30-day period following such
notice, the Escrow Agent may petition any court of competent jurisdiction to name a successor
escrow agent or interplead the Escrow Funds with such court, whereupon the Escrow Agent’s duties
hereunder shall terminate.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

8

 

IN WITNESS WHEREOF, the parties hereto have caused this Escrow Agreement to be executed the day and
year first set forth above.

Corporate Property Associates 17 – Global Incorporated

	 	 	 	 	 
	By:
	 	/s/ Susan C. Hyde	 	 
	Its:

	 	Managing Director

	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Carey Financial, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Louisa H. Quarto	 	 
	 

	 	 	 	 
	Its:
	 	Executive Director	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Wells Fargo Bank, National Association, as Escrow Agent
	 
	 	 	 	 
	By:
	 	/s/ Kristi J. Boyce	 	 
	 

	 	 	 	 
	Its:
	 	Vice President	 	 
	 

	 	 	 	 
	Date:
	 	10/25/2007	 	 
	 

	 	 	 	 

9

 

Exhibit A

Copy of Offering document

[To be attached]

10

 

Exhibit B

List of Investors

     Pursuant to the Escrow Agreement dated                     by and among Corporate Property Associates
17 – Global Incorporated (the “Company”), Carey Financial, LLC and Wells Fargo Bank, National
Association (the “Escrow Agent”), the Company hereby certifies that the following Investors have
paid money for the purchase of                     (the “Securities”), and the money has been deposited
with the Escrow Agent:

	 	 	 
	1.

	 	Name of Subscriber
	 

	 	Address
	 

	 	Tax Identification Number
	 

	 	Amount of Securities subscribed for
	 

	 	Amount of money paid and deposited with Escrow Agent
	 
	 	 
	2.

	 	Name of Subscriber
	 

	 	Address
	 

	 	Tax Identification Number
	 

	 	Amount of Securities subscribed for
	 

	 	Amount of money paid and deposited with Escrow Agent

	 	 	 	 	 
	Company:

	 	Corporate Property Associates 17 – Global Incorporated

	By:

	 	 

	 	 
	Its:

	 	 

	 	 
	Date:

	 	 

	 	 

11

 

EXHIBIT C-1

CERTIFICATE AS TO AUTHORIZED SIGNATURES

          Account Name: CPA:17 – Global Escrow Agreement

     Account Number:

The specimen signatures shown below are the specimen signatures of the individuals who have been
designated as Authorized Representatives of Corporate Property Associates 17 – Global Incorporated
and are authorized to initiate and approve transactions of all types for the above-mentioned
account on behalf of Corporate Property Associates 17 – Global Incorporated

	 	 	 
	Name / Title
	 	Specimen Signature
	 
	 	 
	 

	 	 
	Name

	 	—
	 

	 	Signature
	 
	 	 
	 

	 	 
	Title
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	Name

	 	—
	 

	 	Signature
	 
	 	 
	 

	 	 
	Title

	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	Name

	 	—
	 

	 	Signature
	 
	 	 
	 

	 	 
	Title

	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	Name

	 	—
	 

	 	Signature
	 
	 	 
	 

	 	 
	Title

	 	 
	 

	 	 

12

 

EXHIBIT C-2

CERTIFICATE AS TO AUTHORIZED SIGNATURES

          Account Name: CPA:17 – Global Escrow Agreement

     Account Number:

The specimen signatures shown below are the specimen signatures of the individuals who have been
designated as Authorized Representatives of Carey Financial, LLC and are authorized to initiate and
approve transactions of all types for the above-mentioned account on behalf of Corporate Property
Associates 17 – Global Incorporated, a Maryland corporation.

	 	 	 
	Name / Title	 	Specimen Signature
	 
	 	 
	 

	 	 
	Name

	 	—
	 

	 	Signature
	 
	 	 
	 

	 	 
	Title

	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	Name

	 	—
	 

	 	Signature
	 
	 	 
	 

	 	 
	Title

	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	Name

	 	—
	 

	 	Signature
	 
	 	 
	 

	 	 
	Title

	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	Name

	 	—
	 

	 	Signature
	 
	 	 
	 

	 	 
	Title

	 	 
	 

	 	 

13

 

Exhibit D

Escrow Agent Fees

			
	Escrow Agent Acceptance and Administration Fee: 
	 	$5,000.00

Fees as they relate to Wells Fargo Bank acting in the capacity of Escrow Agent – includes creation
and examination of the Escrow Agreement; acceptance of the Escrow appointment; setting up of Escrow
Account(s) and accounting records; and coordination of receipt of funds for deposit to the Escrow
Account.

Also includes ordinary administration services by Escrow Agent – includes daily routine account
management; investment transactions; cash transaction processing (including wires and check
processing); monitoring claim notices pursuant to the agreement; disbursement of the funds in
accordance with the agreement; and mailing of trust account statements to all applicable parties.

Tax reporting is included for up to Five (5) entities. Should additional reporting be necessary, a
$25 per reporting charge will be assessed.

This fee is Payable in advance, at the time of Escrow Agreement execution. Fee will not be prorated
in case of early termination.

Should this Escrow Account be in existence for more than Twelve (12) months, an Annual Fee of
$5,000.00 will be assessed.

Wells Fargo’s bid is based on the following assumptions:

	•	 	Number of Escrow Accounts to be established: One (1)
	 
	•	 	Number of Deposits to Escrow Account: Not more than Three Hundred Fifty (350)
	 
	•	 	Number of Withdrawals from Escrow Fund: Not more than Five (5)
	 
	•	 	Term of Escrow: Not more than Ninety (90) days
	 
	•	 	ALL FUNDS WILL BE RECEIVED FROM OR DISTRIBUTED TO A DOMESTIC OR AN APPROVED FOREIGN ENTITY
	 
	•	 	IF THE ACCOUNT(S) DOES NOT OPEN WITHIN THREE (3) MONTHS OF THE DATE SHOWN BELOW, THIS
PROPOSAL WILL BE DEEMED TO BE NULL AND VOID

	 		
	Out-of Pocket Expenses:
	 	At Cost

We only charge for out-of-pocket expenses in response to specific tasks assigned by the client.
Therefore, we cannot anticipate what specific out-of-pocket items will be needed or what
corresponding expenses will be incurred. Possible expenses would be, but are not limited to,
express mail and messenger charges, travel expenses to attend closing or other meetings. There
are no charges for indirect out-of- pocket expenses.

This fee schedule is based upon the assumptions listed above which pertain to the responsibilities

and risks involved in Wells Fargo undertaking the role of Escrow Agent. These assumptions are

based on information provided to us as of the date of this fee schedule. Our fee schedule is

subject to review and acceptance of the final documents. Should any of the assumptions, duties or

responsibilities change, we reserve the right to affirm, modify or rescind our fee schedule.

14

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