Document:

Exhibit 4.1

 Exhibit 4.1 
  
 EXECUTION COPY 
  

  
 Trustreet Properties, Inc.

  
 71⁄2% SENIOR NOTES DUE 2015 
  

  
 Indenture 
  
 Dated as of March 23, 2005 
  

  
 Wells Fargo Bank, National Association 
  
 Trustee 
  

  

  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 

 CROSS-REFERENCE TABLE* 
  

					
	 Trust Indenture Act Section

	 	 	  	Indenture Section

	 310(a)(1)
	 	 	  	7.10
	       (a)(2)
	 	 	  	7.10
	       (a)(3)
	 	 	  	N.A.
	       (a)(4)
	 	 	  	N.A.
	       (a)(5)
	 	 	  	7.10
	       (b)
	 	 	  	7.08, 7.10
	       (c)
	 	 	  	N.A.
	 311(a)
	 	 	  	7.11
	       (b)
	 	 	  	7.11
	       (c)
	 	 	  	N.A.
	 312(a)
	 	 	  	2.06
	       (b)
	 	 	  	11.03
	       (c)
	 	 	  	11.03
	 313(a)
	 	 	  	7.06
	       (b)(1)
	 	 	  	N.A.
	       (b)(2)
	 	 	  	7.06
	       (c)
	 	 	  	7.06, 11.02
	       (d)
	 	 	  	7.06
	 314(a)
	 	 	  	4.03, 4.04, 11.02
	       (b)
	 	 	  	N.A.
	       (c)(1)
	 	 	  	11.04, 11.05
	       (c)(2)
	 	 	  	11.04, 11.05
	       (c)(3)
	 	 	  	N.A.
	       (d)
	 	 	  	N.A.
	       (e)
	 	 	  	11.05
	       (f)
	 	 	  	N.A.
	 315(a)
	 	 	  	7.01 (b)
	       (b)
	 	 	  	7.05, 11.02
	       (c)
	 	 	  	7.01 (a)
	       (d)
	 	 	  	7.01 (c)
	       (e)
	 	 	  	6.11
	 316(a) (last sentence)
	 	 	  	2.10
	       (a)(1)(A)
	 	 	  	6.05
	       (a)(1)(B)
	 	 	  	6.04
	       (a)(2)
	 	 	  	N.A.
	       (b)
	 	 	  	6.07

	*	N.A. means not applicable. 

	 	This Cross-Reference Table is not part of the Indentur 

  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 

					
	 Trust Indenture Act Section

	 	 	  	Indenture Section

	       (c)
	 	 	  	9.04
	 317(a)(1)
	 	 	  	6.08
	       (a)(2)
	 	 	  	6.09
	       (b)
	 	 	  	2.05
	 318(a)
	 	 	  	11.01
	       (b)
	 	 	  	N.A.
	       (c)
	 	 	  	11.01

  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

		
	 ARTICLE ONE
 DEFINITIONS AND INCORPORATION
 BY REFERENCE
	  	 
	  	 
			
	 Section 1.01.
	  	 Definitions
	  	1
	 Section 1.02.
	  	 Other Definitions
	  	30
	 Section 1.03.
	  	 Incorporation by Reference of Trust Indenture Act
	  	30
	 Section 1.04.
	  	 Rules of Construction
	  	30
	
	 ARTICLE TWO
 THE NOTES

			
	 Section 2.01.
	  	 Form and Dating
	  	31
	 Section 2.02.
	  	 Execution and Authentication
	  	32
	 Section 2.03.
	  	 Methods of Receiving Payments on the Notes
	  	33
	 Section 2.04.
	  	 Registrar and Paying Agent
	  	33
	 Section 2.05.
	  	 Paying Agent to Hold Money in Trust
	  	33
	 Section 2.06.
	  	 Holder Lists
	  	34
	 Section 2.07.
	  	 Transfer and Exchange
	  	34
	 Section 2.08.
	  	 Replacement Notes
	  	46
	 Section 2.09.
	  	 Outstanding Notes
	  	46
	 Section 2.10.
	  	 Treasury Notes
	  	47
	 Section 2.11.
	  	 Temporary Notes
	  	47
	 Section 2.12.
	  	 Cancellation
	  	47
	 Section 2.13.
	  	 Defaulted Interest
	  	47
	 Section 2.14.
	  	 CUSIP Numbers
	  	48
	
	 ARTICLE THREE
 REDEMPTION AND OFFERS TO
 PURCHASE

			
	 Section 3.01.
	  	 Notices to Trustee
	  	48
	 Section 3.02.
	  	 Selection of Notes to Be Redeemed
	  	48
	 Section 3.03.
	  	 Notice of Redemption
	  	49
	 Section 3.04.
	  	 Effect of Notice of Redemption
	  	49
	 Section 3.05.
	  	 Deposit of Redemption Price
	  	50
	 Section 3.06.
	  	 Notes Redeemed in Part
	  	50
	 Section 3.07.
	  	 Optional Redemption
	  	50
	 Section 3.08.
	  	 Application of Trust Money
	  	51

  

					
	 Trustreet Properties – INDENTURE
	 	i	 	 

					
	
	 ARTICLE FOUR
 COVENANTS

			
	 Section 4.01.
	  	 Payment of Notes
	  	51
	 Section 4.02.
	  	 Maintenance of Office or Agency
	  	52
	 Section 4.03.
	  	 Commission Reports and Reports to Holders
	  	52
	 Section 4.04.
	  	 Compliance Certificate
	  	53
	 Section 4.05.
	  	 Taxes
	  	53
	 Section 4.06.
	  	 Stay, Extension and Usury Laws
	  	53
	 Section 4.07.
	  	 Limitation on Restricted Payments
	  	54
	 Section 4.08.
	  	 Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	56
	 Section 4.09.
	  	 Limitation on Indebtedness
	  	59
	 Section 4.10.
	  	 Limitation on Asset Sales
	  	62
	 Section 4.11.
	  	 Limitation on Transactions with Affiliates
	  	63
	 Section 4.12.
	  	 Repurchase of Notes Upon a Change of Control
	  	64
	 Section 4.13.
	  	 Payments for Consent
	  	65
	 Section 4.14.
	  	 Limitation on Issuances of Guarantees by Restricted Subsidiaries
	  	65
	 Section 4.15.
	  	 Suspension of Certain Covenants and Agreements
	  	66
	
	 ARTICLE FIVE
 SUCCESSORS

			
	 Section 5.01.
	  	 Merger, Consolidation or Sale of Assets
	  	67
	 Section 5.02.
	  	 Successor Corporation Substituted
	  	68
	
	 ARTICLE SIX
 DEFAULTS AND REMEDIES

			
	 Section 6.01.
	  	 Events of Default
	  	68
	 Section 6.02.
	  	 Acceleration
	  	70
	 Section 6.03.
	  	 Other Remedies
	  	71
	 Section 6.04.
	  	 Waiver of Past Defaults
	  	71
	 Section 6.05.
	  	 Control by Majority
	  	71
	 Section 6.06.
	  	 Limitation on Suits
	  	72
	 Section 6.07.
	  	 Rights of Holders of Notes to Receive Payment
	  	72
	 Section 6.08.
	  	 Collection Suit by Trustee
	  	72
	 Section 6.09.
	  	 Trustee May File Proofs of Claim
	  	73
	 Section 6.10.
	  	 Priorities
	  	73
	 Section 6.11.
	  	 Undertaking for Costs
	  	74
	
	 ARTICLE SEVEN
 TRUSTEE

			
	 Section 7.01.
	  	 Duties of Trustee.
	  	74
	 Section 7.02.
	  	 Certain Rights of Trustee
	  	75
	 Section 7.03.
	  	 Individual Rights of Trustee
	  	76

  

					
	 Trustreet Properties – INDENTURE
	 	ii	 	 

					
	 Section 7.04.
	  	 Trustee’s Disclaimer
	  	76
	 Section 7.05.
	  	 Notice of Defaults
	  	76
	 Section 7.06.
	  	 Reports by Trustee to Holders of the Notes
	  	76
	 Section 7.07.
	  	 Compensation and Indemnity
	  	76
	 Section 7.08.
	  	 Replacement of Trustee
	  	77
	 Section 7.09.
	  	 Successor Trustee by Merger, Etc.
	  	78
	 Section 7.10.
	  	 Eligibility; Disqualification
	  	78
	 Section 7.11.
	  	 Preferential Collection of Claims Against Company
	  	79
	
	 ARTICLE EIGHT
 DEFEASANCE AND COVENANT DEFEASANCE

			
	 Section 8.01.
	  	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	79
	 Section 8.02.
	  	 Legal Defeasance and Discharge
	  	79
	 Section 8.03.
	  	 Covenant Defeasance
	  	80
	 Section 8.04.
	  	 Conditions to Legal or Covenant Defeasance
	  	80
	 Section 8.05.
	  	 Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions
	  	81
	 Section 8.06.
	  	 Repayment to the Company
	  	82
	 Section 8.07.
	  	 Reinstatement
	  	82
	
	 ARTICLE NINE
 AMENDMENT, SUPPLEMENT AND WAIVER

			
	 Section 9.01.
	  	 Without Consent of Holders of Notes
	  	82
	 Section 9.02.
	  	 With Consent of Holders of Notes
	  	83
	 Section 9.03.
	  	 Compliance with Trust Indenture Act
	  	85
	 Section 9.04.
	  	 Revocation and Effect of Consents
	  	85
	 Section 9.05.
	  	 Notation on or Exchange of Notes
	  	85
	 Section 9.06.
	  	 Trustee to Sign Amendments, Etc.
	  	85
	
	 ARTICLE TEN
 SATISFACTION AND DISCHARGE

			
	 Section 10.01.
	  	 Satisfaction and Discharge
	  	86
	 Section 10.02.
	  	 Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions
	  	87
	 Section 10.03.
	  	 Repayment to the Company
	  	87
	
	 ARTICLE ELEVEN
 MISCELLANEOUS

			
	 Section 11.01.
	  	 Trust Indenture Act Controls
	  	87
	 Section 11.02.
	  	 Notices
	  	88
	 Section 11.03.
	  	 Communication by Holders of Notes with Other Holders of Notes
	  	89
	 Section 11.04.
	  	 Certificate and Opinion as to Conditions Precedent
	  	89
	 Section 11.05.
	  	 Statements Required in Certificate or Opinion
	  	89
	 Section 11.06.
	  	 Rules by Trustee and Agents
	  	90

  

					
	 Trustreet Properties – INDENTURE
	 	iii	 	 

					
	 Section 11.07.
	  	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	90
	 Section 11.08.
	  	 Governing Law
	  	90
	 Section 11.09.
	  	 Consent to Jurisdiction
	  	90
	 Section 11.10.
	  	 No Adverse Interpretation of Other Agreements
	  	90
	 Section 11.11.
	  	 Successors
	  	90
	 Section 11.12.
	  	 Severability
	  	91
	 Section 11.13.
	  	 Counterpart Originals
	  	91
	 Section 11.14.
	  	 Acts of Holders
	  	91
	 Section 11.15.
	  	 Benefit of Indenture
	  	92
	 Section 11.16.
	  	 Table of Contents, Headings, Etc.
	  	92

  
 EXHIBITS

  

			
		
	Exhibit A	  	FORM OF NOTE
		
	Exhibit B	  	FORM OF CERTIFICATE OF TRANSFER
		
	Exhibit C	  	FORM OF CERTIFICATE OF EXCHANGE
		
	Exhibit D	  	FORM OF CERTIFICATE FROM ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
		
	Exhibit E	  	FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS

  

					
	 Trustreet Properties – INDENTURE
	 	iv	 	 

 INDENTURE dated as of March 23, 2005 between Trustreet Properties, Inc., a Maryland corporation
(the “Company”) and Wells Fargo Bank, National Association, a nationally chartered banking association, as trustee. 
  
 The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its 71⁄2% Senior Notes
due 2015 to be issued in one or more series as provided in this Indenture. All things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done. 
  
 The Company and the Trustee (as defined below) agree as follows for the
benefit of each other and for the equal and ratable benefit of the Holders (as defined below) of the 71⁄2% Senior Notes due 2015: 
  
 ARTICLE ONE 
 DEFINITIONS AND
INCORPORATION 
 BY REFERENCE 
  
 Section 1.01. Definitions. 
  
 “144A Global Note” means a global note substantially in the form of Exhibit A bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee, that shall be issued in a denomination equal to the outstanding principal amount at maturity of the Notes sold in reliance on Rule
144A. 
  
 “Accredited Investor” means an
“accredited investor” as that term is defined in Rule 501(a) under the Securities Act. 
  
 “Additional Interest” means all additional interest owing on the Notes pursuant to the Registration Rights Agreement. 
  
 “Additional Notes” means an unlimited maximum aggregate
principal amount of Notes (other than the Notes issued on the date hereof) issued under this Indenture in accordance with Sections 2.02 and 4.09 hereof. 
  
 “Adjusted Consolidated Net Income” means, for any period, the aggregate net income (or loss) before minority interests of the Company and
its Restricted Subsidiaries for such period determined on a consolidated basis in conformity with GAAP; provided that the following items shall be excluded in computing Adjusted Consolidated Net Income, without duplication: 
  
 (1) the net income of any Person, other than a Restricted Subsidiary, except
to the extent of the amount of dividends or other distributions actually paid to the Company or any of its Restricted Subsidiaries by such Person during such period provided that the net income of an Unrestricted Subsidiary shall be excluded
whether or not distributed to the Company or any of its Restricted Subsidiaries; 
  

					
	 Trustreet Properties – INDENTURE
	 	1	 	 

 (2) the net income of any Restricted Subsidiary to the extent that the declaration or payment of
dividends or similar distributions by such Restricted Subsidiary of such net income is not at the time permitted by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental
regulation applicable to such Restricted Subsidiary; it being understood that a provision in a financing arrangment requiring the repayment of all or a portion of such financing upon the occurrence of specified events will not trigger this clause
(2); 
  
 (3) the net income (or loss) of any Person acquired
during the specified period for any period prior to the date of such acquisition; 
  
 (4) any after-tax gains or losses (a) attributable to sales of assets outside the ordinary course of business of the Company or any of its Restricted Subsidiaries or (b) in connection with the disposition of any
securities by the Company or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of the Company or any of its Restricted Subsidiaries; 
  

(5) the cumulative effect of a change of accounting principles; and 
  
 (6) all extraordinary gains and extraordinary losses. 
  
 “Adjusted Consolidated Net Tangible Assets” means the total amount of assets of the Company and its
Restricted Subsidiaries (less applicable depreciation, amortization and other valuation reserves), except to the extent resulting from write-ups of capital assets excluding write-ups in connection with accounting for acquisitions in conformity with
GAAP, after deducting from the total amount of assets: 
  
 (1) all
liabilities of the Company and its Restricted Subsidiaries that are classified as current liabilities in accordance with GAAP, and 
  
 (2) all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other like intangibles, 
  
 all as set forth on the most recent quarterly or annual consolidated balance sheet of the
Company and its Restricted Subsidiaries, prepared in conformity with GAAP and filed with the SEC or provided to the Trustee pursuant to Section 4.03 of this Indenture. 
  
 “Adjusted Total Assets” means the sum of: 
  
 (1) Total Assets for the Company as of the end of the fiscal quarter preceding the Transaction Date as set forth on the most
recent quarterly or annual consolidated balance sheet of the Company and its Restricted Subsidiaries prepared in conformity with GAAP and filed with the SEC or provided to the Trustee pursuant to Section 4.03 hereof, and 
  
 (2) any increase in Total Assets following the end of such quarter to the
Transaction Date including, without limitation, any increase in Total Assets resulting from the application of the proceeds of any additional Indebtedness. 
  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	2	 	 

 “Affiliate” means, as applied to any Person, any other Person directly or indirectly
controlling, controlled by, or under direct or indirect common control with, such Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and
“under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting
securities, by contract or otherwise. 
  
 “Agent”
means any Registrar, Paying Agent or co-registrar. 
  
 “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or
exchange. 
  
 “Asset Acquisition” means:

  
 (1) an Investment by the Company or any of its Restricted
Subsidiaries in any other Person pursuant to which such Person shall become a Restricted Subsidiary or shall be merged into or consolidated with the Company or any of its Restricted Subsidiaries; provided that such Person’s primary
business is a Related Business on the date of such Investment; or 
  
 (2) an acquisition by the Company or any of its Restricted Subsidiaries from any other Person of one or more real properties or all or substantially all of the assets that constitute a division or line of business of such Person;
provided that the assets acquired are primarily useful in a Related Business on the date of such acquisition. 
  
 “Asset Disposition” means the sale or other disposition by the Company or any of its Restricted Subsidiaries, other than to the Company
or another of its Restricted Subsidiaries, of: 
  
 (1) all or
substantially all of the Capital Stock of any Restricted Subsidiary, or 
  
 (2) one or more real properties or all or substantially all of the assets that constitute a division or line of business of the Company or any of its Restricted Subsidiaries. 
  
 “Asset Sale” means any sale, transfer or other disposition, including by way of merger, consolidation or
sale-leaseback transaction, in one transaction or a series of related transactions, by the Company or any of its Restricted Subsidiaries to any Person other than the Company or any of its Restricted Subsidiaries of: 
  
 (1) all or any of the Equity Interests of any Restricted Subsidiary;

  
 (2) all or substantially all of the assets of a division or
line of business, or one or more real properties, of the Company or any of its Restricted Subsidiaries; or 
  
 (3) any other property or assets of the Company or any of its Restricted Subsidiaries outside the ordinary course of business of the Company or such
Restricted Subsidiary; 
  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	3	 	 

 and, in each case, that is not governed by Article Five hereof; provided that “Asset Sale” shall not
include: 
  
 (a) sales or other dispositions of inventory,
receivables and other current assets; 
  
 (b) sales or other
dispositions of Temporary Cash Investments; 
  
 (c) a Restricted
Payment permitted by the Section 4.07 hereof or any Permitted Investment; 
  
 (d) the creation of a Lien not prohibited by this Indenture; 
  
 (e) any sale or disposition of property or equipment that has become damaged, worn out, obsolete or otherwise unsuitable for use in connection with the business of the Company or its Restricted Subsidiaries;

  
 (f) sales, transfers or other dispositions of assets or Equity
Interests with a fair market value not in excess of $500,000 in any transaction or series of related transactions; or 
  
 (g) leases of real estate assets in the ordinary course of business. 
  
 “Attributable Debt” in respect of a Sale and Leaseback Transaction means, at the time of determination, the
present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction, including any period for which such lease has been extended or may, at the option of the
lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. 
  
 “Average Life” means at any date of determination with respect to any debt security, the quotient obtained
by dividing: 
  
 (1) the sum of the products of: 
  
 (a) the number of years from such date of determination to the dates of each
successive scheduled principal payment of such debt security, and 
  
 (b) the amount of such principal payment, by 
  
 (2) the
sum of all such principal payments. 
  
 “Bankruptcy
Law” means title 11 of the United States Code or any similar federal or state law for the relief of debtors. 
  
 “Board of Directors” means: 
  
 (1) with respect to a corporation, the board of directors of the corporation or, except in the context of the definition of “Change of Control”,
a duly authorized committee thereof; 
  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	4	 	 

 (2) with respect to a partnership, the Board of Directors of the general partner of the partnership; and

  
 (3) with respect to any other Person, the board or committee
of such Person serving a similar function. 
  
 “Board
Resolution” means a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors of the Company and to be in full force and effect on the date of such certification.

  
 “Broker-Dealer” has the meaning set forth in
the Registration Rights Agreement. 
  
 “Business
Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in New York, New York or the city in which the Corporate Trust Office of the Trustee is located are authorized or obligated by
law, regulation or executive order to close. 
  
 “Capital
Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting), including partnership interests, whether general or limited, of such
Person’s equity, whether outstanding on the Closing Date or issued thereafter, including, without limitation, all Common Stock and Preferred Stock. 
  
 “Capitalized Lease” means, as applied to any Person, any lease of any property, whether real, personal or mixed, of which the discounted
present value of the rental obligations of such Person as lessee, in conformity with GAAP, is required to be capitalized on the balance sheet of such Person. 
  
 “Capitalized Lease Obligations” means the discounted present value of the rental obligations under a Capitalized Lease as reflected on
the balance sheet of such Person in accordance with GAAP. 
  
 “Change of Control” means such time as: 
  
 (1) a “person” or “group” (as such terms are defined in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934 (the “Exchange Act”)) becomes the ultimate “beneficial owner” (as defined in
Rule 13d-3 under the Exchange Act) of more than 35% of the total voting power of the Voting Stock of the Company on a fully diluted basis; 
  
 (2) individuals who on the Closing Date constitute the Board of Directors of the Company (together with any new or replacement members of the Board of
Directors whose election by the Board of Directors or whose nomination by the Board of Directors for election by the Company’s shareholders was approved by a vote of at least a majority of the members of the Board of Directors then still in
office who either were members of the Board of Directors on the Closing Date or whose election or nomination for election was so approved) cease for any reason to constitute a majority of the members of the Board of Directors of the Company then in
office; 
  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	5	 	 

 (3) the Company’s merger or consolidation with or into another Person or the merger of another
Person into the Company with the effect that immediately after that transaction the Company’s existing securityholders immediately before the transaction hold, directly or indirectly, less than 50% of the total voting power of Voting Stock of
the Person surviving the merger or consolidation; 
  
 (4) any
sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company and its Restricted Subsidiaries to any “person” or “group” (as such terms
are defined in Sections 13(d) and 14(d)(2) of the Exchange Act, together with any Affiliates thereof (whether or not otherwise in compliance with the provisions of this Indenture); or 
  
 (5) the adoption of a plan relating to the liquidation or dissolution of the Company (whether or not otherwise in compliance
with the provisions of this Indenture). 
  
 “Clearstream” means Clearstream Banking S.A. and any successor thereto. 
  
 “Closing Date” means the date of original issuance of the Notes under this Indenture. 
  
 “Code” means the Internal Revenue Code of 1986, as amended.

  
 “Commodity Agreement” means any commodity
swap agreement, commodity option agreement, forward contract and other agreement or arrangement with respect to commodity prices. 
  
 “Common Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated,
whether voting or non-voting) that have no preference on liquidation or with respect to distributions over any other class of Capital Stock, including partnership interests, whether general or limited, of such Person’s equity, whether
outstanding on the Closing Date or issued thereafter, including, without limitation, all series and classes of common stock. 
  
 “Consolidated EBITDA” means, for any period, Adjusted Consolidated Net Income of the Company for such period plus, to the extent such
amount was deducted in calculating such Adjusted Consolidated Net Income: 
  
 (1) Consolidated Interest Expense of the Company and its Restricted Subsidiaries for such period, 
  
 (2) income taxes (other than income taxes (either positive or negative) attributable to extraordinary gains or losses and gains or losses or sales of
assets outside the ordinary course of business), 
  
 (3)
depreciation expense of the Company and its Restricted Subsidiaries, 
  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	6	 	 

 (4) amortization expense (including amortization of intangibles, but excluding amortization of prepaid
cash expenses that were paid in a prior period) of the Company and its Restricted Subsidiaries, and 
  
 (5) all other non-cash items reducing Adjusted Consolidated Net Income (other than items that will require cash payments and for which an accrual or
reserve is, or is required by GAAP to be, made) of the Company and its Restricted Subsidiaries, 
  
 less all non-cash items increasing Adjusted Consolidated Net Income (and excluding the impact of straight-lining rent) for such period, all as determined on a consolidated basis in conformity with GAAP. 
  
 Notwithstanding the preceding, the Consolidated Interest Expense of, income
taxes of, depreciation expense of, and amortization expense of a Restricted Subsidiary of the Company shall be added to Adjusted Consolidated Net Income to compute Consolidated EBITDA of the Company (A) in the same proportion that the Adjusted
Consolidated Net Income of such Restricted Subsidiary was added to compute such Adjusted Consolidated Net Income of the Company and (B) only to the extent that a corresponding amount would be permitted at the date of determination to be dividended
or distributed to the Company by such Restricted Subsidiary without prior governmental approval (that has not been obtained), and without direct or indirect restriction pursuant to the terms of its charter and all agreements, instruments, judgments,
decrees, orders, statutes, rules and governmental regulations applicable to that Subsidiary or its shareholders; it being understood that a provision in a financing arrangement requiring the repayment of all or a portion of such financing upon the
occurrence of specified events will not trigger this clause (B). 
  
 “Consolidated Interest Expense” means, for any period, without duplication, the aggregate amount of: 
  
 (a) interest expense of the Company and its Restricted Subsidiaries during such period whether paid or accrued, all as determined on a consolidated basis
(without taking into account Unrestricted Subsidiaries) in conformity with GAAP including, without limitation, amortization of original issue discount on any Indebtedness and the interest portion of any deferred payment obligation, all but the
principal component of rentals in respect of Capitalized Lease Obligations paid, accrued or due to be paid or to be accrued by the Company or any of its Restricted Subsidiaries, all commissions, discounts and other fees and expenses owed with
respect to letters of credit and bankers’ acceptance financing and the net costs associated with Interest Rate Agreements; plus: 
  
 (b) capitalized interest and non-cash interest expense of the Company and its Restricted Subsidiaries during such period; 
  
 (c) any interest expense on Indebtedness of another Person that is Guaranteed
by the Company or its Restricted Subsidiaries or secured by assets of the Company or any of its Restricted Subsidiaries; and 
  
 (d) all dividends, whether paid or accrued and whether or not in cash, on any series of Disqualified Stock of the Company or of Disqualified Stock or
Preferred Stock of any 

  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	7	 	 

 
of its Restricted Subsidiaries (in each case other than dividends on Equity Interests payable solely in Equity Interests of the Company (other than
Disqualified Stock) or to the Company or a Restricted Subsidiary of the Company), 
  
 in each case as determined on a consolidated basis in conformity with GAAP; excluding the amount of such interest expense of any Restricted Subsidiary if the net income of such Restricted Subsidiary is excluded in the calculation of
Adjusted Consolidated Net Income pursuant to clause (2) of the definition thereof (but only in the same proportion as the net income of such Restricted Subsidiary is excluded from the calculation of Adjusted Consolidated Net Income pursuant to
clause (2) of the definition thereof). 
  
 “Corporate
Trust Office of the Trustee” shall be at the address of the Trustee specified in Section 11.02 or such other address as to which the Trustee may give notice to the Company. 
  
 “Credit Agreement” means (i) that certain Bridge Credit Agreement, dated as of February 25, 2005, by and
among the Company, as Borrower, the Subsidiaries of the Company named therein from time to time party thereto, as Guarantors, Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender, Banc of America Securities LLC, as Sole
Lead Arranger and Sole Book Manager and the other lenders named therein, including any related notes, Guarantees, collateral documents, instruments and agreements executed in connection therewith, and (ii) the Credit Agreement to be entered into by
and among the Company, as Borrower, the Subsidiaries of the Company to be named therein from time to time, as Guarantors, Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender, Banc of America Securities LLC, as Sole Lead
Arranger and Sole Book Manager and the other lenders to be named therein, including any related notes, Guarantees, collateral documents, instruments and agreements executed in connection therewith, and in each case as amended, restated, modified,
renewed, refunded, replaced or refinanced from time to time, regardless of whether such amendment, restatement, modification, renewal, refunding, replacement or refinancing is with the same financial institutions or otherwise. 
  
 “Credit Facilities” means, one or more debt facilities
(including, without limitation, the Credit Agreement, indentures or debt securities) or commercial paper facilities, in each case with banks or other institutional lenders, providing for revolving credit loans, term loans, receivables financing
(including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables), letters of credit or debt securities, in each case, as amended, restated, modified, renewed,
refunded, replaced or refinanced in whole or in part from time to time. 
  
 “Currency Agreement” means any foreign exchange contract, currency swap agreement or other similar agreement or arrangement. 
  
 “Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 
  
 “Default” means any event that is, or after notice or
passage of time or both would be, an Event of Default. 
  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	8	 	 

 “Definitive Note” means a certificated Note registered in the name of the Holder thereof
and issued in accordance with Section 2.07, substantially in the form of Exhibit A, except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached
thereto. 
  
 “Depositary” means, with respect to
the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.04 as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant
to the applicable provision of this Indenture. 
  
 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder thereof), or upon the
happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder thereof, in whole or in part, on or prior to the date that is one year after the date on
which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders thereof have the right to require the Company to repurchase such Capital Stock upon the occurrence
of a change of control or an asset sale shall not constitute Disqualified Stock if the terms of such Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or
redemption complies with Section 4.07. The term “Disqualified Stock” shall also include any options, warrants or other rights that are convertible into Disqualified Stock or that are redeemable at the option of the holder, or required to
be redeemed, prior to the date that is one year after the date on which the Notes mature. 
  
 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital
Stock). 
  
 “Equity Offering” means any public or
private offering of Capital Stock (other than Disqualified Stock) of the Company. 
  
 “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system, and any successor thereto. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 “Exchange Notes” means the 71⁄2% Senior Notes due 2015 to be issued to Holders in exchange for Transfer
Restricted Securities pursuant to the Registration Rights Agreement and in accordance with Section 2.07(f). 
  
 “Exchange Offer” means the registration by the Company under the Securities Act of the Exchange Notes pursuant to a Registration
Statement pursuant to which the Company offers the holders of all outstanding Transfer Restricted Securities the opportunity to exchange all such outstanding Transfer Restricted Securities held by such holders for Exchange Notes in an aggregate
principal amount equal to the aggregate principal amount of the Transfer Restricted Securities tendered in such exchange offer by such holders. 
  

					
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	 	 	9	 	 

 “Exchange Offer Registration Statement” means the Registration Statement relating to the
Exchange Offer, including the related prospectus. 
  
 “Existing Investments” means Investments existing as of the Closing Date. 
  
 “fair market value” means the price that would be paid in an arm’s-length transaction between an informed and willing seller under
no compulsion to sell and an informed and willing buyer under no compulsion to buy, as determined in good faith by the Board of Directors of the Company. 
  
 “Four Quarter Period” has the meaning set forth in the definition of “Interest Coverage Ratio”. 
  
 “Funds From Operations” for any period means the
consolidated net income (loss) of the Company and its Restricted Subsidiaries for such period in conformity with GAAP and without reduction for minority interests, excluding (a) the write-off of unamortized deferred financing fees, (b) prepayment
fees, premiums and penalties to extinguish any debt, (c) gains or losses from sales of property (other than from sales of properties acquired with the initial intent to hold for sale), (d) non-cash asset impairment charges or provisions, (e) the
principal component of any Capital Lease Obligations (as determined by GAAP) and (f) extraordinary items in accordance with and as defined by GAAP, plus depreciation and amortization of real property assets and after adjustments for unconsolidated
partnerships and joint ventures (it being understood that the accounts of such Person’s Restricted Subsidiaries shall be consolidated only to the extent of such Person’s proportionate interest therein). 
  
 “GAAP” means generally accepted accounting principles in the
United States of America as in effect as of the Closing Date, including, without limitation, those set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, the
opinions and pronouncements of the Public Company Accounting Oversight Board and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as approved by a significant segment of the
accounting profession. 
  
 “Global Note Legend”
means the legend set forth in Section 2.07(g)(ii), which is required to be placed on all Global Notes issued under this Indenture. 
  
 “Global Notes” means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes, substantially
in the form of Exhibit A, issued in accordance with Section 2.01 or Section 2.07. 
  
 “Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person and, without limiting the generality of the foregoing,
any obligation, direct or indirect, contingent or otherwise, of such Person: 
  
 (1) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to
purchase assets, goods, securities or services 

  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	10	 	 

 
(unless such purchase arrangements are on arm’s-length terms and are entered into in the ordinary course of business), to take-or-pay, or to maintain
financial statement conditions or otherwise), or 
  
 (2) entered
into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); 
  
 provided that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of
business. The term “Guarantee” used as a verb has a corresponding meaning. 
  
 “Holder” means a Person in whose name a Note is registered. 
  
 “Incur” means, with respect to any Indebtedness, to incur, create, issue, assume, Guarantee or otherwise become liable for or with
respect to, or become responsible for the payment of, contingently or otherwise, such Indebtedness; provided that neither the accrual of interest nor the accretion of original issue discount shall be considered an Incurrence of Indebtedness.
Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary or assumed in connection with an Asset Acquisition from such Person by the Company or a Restricted Subsidiary shall be deemed “Incurred” at the time
such Person becomes a Restricted Subsidiary or at the time of such Asset Acquisition, as applicable. 
  
 “Indebtedness” means, with respect to any Person at any date of determination (without duplication): 
  
 (1) all indebtedness of such Person for borrowed money; 
  
 (2) all obligations of such Person evidenced by bonds, debentures, notes or
other similar instruments; 
  
 (3) all letters of credit or other
similar instruments (excluding obligations with respect to letters of credit (including trade letters of credit) securing obligations (other than obligations described in (1) or (2) above or (5), (6), (7) or (8) below) entered into in the ordinary
course of business of such Person to the extent such letters of credit are not drawn upon or, if drawn upon, to the extent such drawing is reimbursed no later than the third Business Day following receipt by such Person of a demand for
reimbursement); 
  
 (4) all unconditional obligations of such
Person to pay the deferred and unpaid purchase price of property or services, which purchase price is due more than six months after the date of placing such property in service or taking delivery and title thereto or the completion of such
services, except Trade Payables to the extent not more than 90 days overdue (unless being contested in good faith); 
  
 (5) all Capitalized Lease Obligations and Attributable Debt; 
  
 (6) all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person
provided that the amount of 

  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	11	 	 

 
such Indebtedness shall be the lesser of (A) the fair market value of such amount at the date of determination and (B) the amount of such Indebtedness;

  
 (7) all Indebtedness of other Persons Guaranteed by such
Person to the extent such Indebtedness is Guaranteed by such Person; 
  
 (8) all obligations under Currency Agreements, Interest Rate Agreements and Commodity Agreements; 
  
 (9) all Disqualified Stock, valued at the greater of its voluntary or involuntary maximum fixed repurchase price, plus accrued dividends; and 

 
 (10) in the case of a Subsidiary of such Person, all Preferred Stock,
valued at the greater of its voluntary or involuntary maximum fixed repurchase price, plus accrued dividends. 
  
 The amount of indebtedness of any Person at any date shall be the outstanding balance at such date of all unconditional obligations of the type described
above and, with respect to contingent obligations (including any Guarantees), the maximum liability upon the occurrence of the contingency giving rise to the obligation; provided, that: 
  
 (a) the amount outstanding at any time of any Indebtedness issued with
original issue discount shall be deemed to be the face amount with respect to such Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness at the date of determination in conformity with GAAP, and

  
 (b) Indebtedness shall not include any liability for federal,
state, local or other taxes; 
  
 provided further that
“Indebtedness” shall not include: 
  
 (i) any liability
in respect of performance, surety or appeal bonds provided in the ordinary course of business; 
  
 (ii) any liability under Currency Agreements, Interest Rate Agreements and Commodity Agreements; provided that such agreements (i) are designed to protect the Company or any of its Restricted Subsidiaries
against fluctuations in foreign currency exchange rates, interest rates or commodity prices and not for speculative purposes and (ii) do not increase the Indebtedness of the obligor outstanding at any time other than as a result of fluctuations in
foreign currency exchange rates or interest rates or by reason of fees, indemnities and compensation payable thereunder; 
  
 (iii) any liability arising from agreements providing for indemnification, adjustment of purchase price or similar obligations, or from Guarantees or
letters of credit, surety bonds or performance bonds securing any obligations of the Company or any of its Restricted Subsidiaries pursuant to such agreements, in any case Incurred in connection with the disposition of any business, assets or
Restricted Subsidiary (other than Guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Restricted Subsidiary for 

  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	12	 	 

 
the purpose of financing such acquisition), in a principal amount not to exceed the gross proceeds actually received by the Company and its Restricted
Subsidiaries on a consolidated basis in connection with such disposition; or 
  
 (iv) the endorsement of negotiable instruments by the Company or any Restricted Subsidiary for deposit or collection in the ordinary course of business; 
  
 provided further that (A) for purposes of determining the amount of Indebtedness, Secured Indebtedness and Subsidiary Indebtedness on
a consolidated basis outstanding at any time for Sections 4.09(1) and (3) of this Indenture, only the portion of any Warehouse Credit Facility or other Qualified Limited Recourse Debt as to which the Company or any of its Restricted Subsidiaries
(other than the Subsidiary that is the primary obligor thereunder) provides credit support or is directly or indirectly liable as a guarantor will be deemed to be outstanding and (B) for purposes of determining the amount of Secured Indebtedness and
Subsidiary Indebtedness, Liens securing the Notes and Guarantees of the Notes will not be taken into account. 
  
 “Indenture” means this Indenture, as amended or supplemented from time to time. 
  
 “Indirect Participant” means a Person who holds a beneficial
interest in a Global Note through a Participant. 
  
 “Institutional Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, who is not also a QIB. 
  
 “Interest Coverage Ratio” means, on any Transaction Date,
the ratio of: 
  
 (1) the aggregate amount of Consolidated EBITDA
of the Company and its Restricted Subsidiaries for the then most recent four fiscal quarters prior to such Transaction Date for which reports have been filed with the SEC or provided to the Trustee pursuant to Section 4.03 hereof (“Four
Quarter Period”) to 
  
 (2) the aggregate Consolidated
Interest Expense of the Company and its Restricted Subsidiaries during such Four Quarter Period. 
  
 In making the foregoing calculation, 
  
 (1) pro forma effect shall be given to any Indebtedness Incurred or repaid during the period (“Reference Period”) commencing on the first
day of the Four Quarter Period and ending on the Transaction Date (other than Indebtedness Incurred or repaid under a revolving credit or similar arrangement to the extent of the commitment thereunder (or under any predecessor revolving credit or
similar arrangement) in effect on the last day of such Four Quarter Period unless any portion of such Indebtedness is projected, in the reasonable judgment of the senior management of the Company, to remain outstanding for a period in excess of 12
months from the date of the Incurrence thereof), in each case as if such Indebtedness had been Incurred or repaid on the first day of such Reference Period; 
  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	13	 	 

 (2) Consolidated Interest Expense attributable to interest on any Indebtedness (whether existing or being
Incurred or issued) computed on a pro forma basis and bearing a floating interest rate shall be computed, since the date of Incurrence, on an actual basis and, from the first day of the Four Quarter Period to the date of Incurrence, as if the rate
in effect on the Transaction Date (taking into account any Interest Rate Agreement applicable to such Indebtedness if such Interest Rate Agreement has a remaining term in excess of 12 months or, if shorter, at least equal to the remaining term of
such Indebtedness) had been the applicable rate for such entire period; 
  
 (3) pro forma effect shall be given to Asset Dispositions and Asset Acquisitions (including giving pro forma effect to the application of proceeds of any Asset Disposition) that occur during such Reference Period as if they had occurred and
such proceeds had been applied on the first day of such Reference Period and Consolidated EBITDA for such Reference Period shall be calculated on a pro forma basis in accordance with Regulation S-X under the Securities Act, provided that, if
such Asset Acquisition relates to the purchase of one or more real properties and, in connection with such purchase, the Company or such Restricted Subsidiary enters into or assumes an effective and enforceable lease to rent space in such real
property, Consolidated EBITDA for such Reference Period shall be calculated on a pro forma basis to give effect to the entering into or assumption of such lease; and 
  
 (4) pro forma effect shall be given to Asset Dispositions and Asset Acquisitions (including giving pro forma effect to the
application of proceeds of any Asset Disposition) that have been made by any Person that has become a Restricted Subsidiary or has been merged with or into the Company or any of its Restricted Subsidiaries during such Reference Period and that would
have constituted Asset Dispositions or Asset Acquisitions during such Reference Period had such transactions occurred when such Person was a Restricted Subsidiary as if such asset dispositions or asset acquisitions were Asset Dispositions or Asset
Acquisitions and had occurred on the first day of such Reference Period and Consolidated EBITDA for such Reference Period shall be calculated on a pro forma basis in accordance with Regulation S-X under the Securities Act, provided that, if
such Asset Acquisition relates to the purchase of one or more real properties and, in connection with such purchase, the Company or such Restricted Subsidiary enters into or assumes an effective and enforceable lease to rent space in such real
property, Consolidated EBITDA for such Reference Period shall be calculated on a pro forma basis to give effect to the entering into or assumption of such lease; 
  
 provided that to the extent that clause (3) or (4) of this sentence requires that pro forma effect be given to an Asset Acquisition
or Asset Disposition or an asset acquisition or asset disposition, such pro forma calculation shall be based upon the four full fiscal quarters immediately preceding the Transaction Date of the Person, or division or line of business, or one or more
real properties, of the Person that is acquired or disposed of to the extent that such financial information is available. 
  
 “Interest Rate Agreement” means any interest rate protection agreement, interest rate future agreement, interest rate option agreement,
interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement, option or future contract or other similar agreement or arrangement with respect to interest rates. 
  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	14	 	 

 “Investment” in any Person means any direct or indirect loan or other extension of
credit (including without limitation by way of Guarantee or similar arrangement, but excluding advances to customers or suppliers in the ordinary course of business that are, in conformity with GAAP, recorded as accounts receivable, prepaid expenses
or deposits on the consolidated balance sheet of the Company and its Restricted Subsidiaries), advance (excluding commission, payroll, travel and similar advances to officers and employees expected at the time of such advance to be treated as
expenses in accordance with GAAP) or capital contribution to (by means of any transfer of cash or other property (tangible or intangible) to others or any payment for property or services solely for the account or use of others, or otherwise), or
any purchase or acquisition for consideration of Capital Stock, bonds, notes, debentures or other similar instruments issued by, such Person, together with all items that are or would be classified as investments on a balance sheet prepared in
accordance with GAAP, and shall include: 
  
 (1) the designation
of a Restricted Subsidiary as an Unrestricted Subsidiary, 
  
 (2)
the fair market value of the Capital Stock (or any other Investment) held by the Company or any of its Restricted Subsidiaries of (or in) any Person that has ceased to be a Restricted Subsidiary, such Investment being deemed to have been made at the
time such Person has ceased to be a Restricted Subsidiary; and 
  
 (3) the fair market value of an Investment held by a Person acquired by the Company or any of its Restricted Subsidiaries, such Investment being deemed to have been made at the time of the acquisition of such Person; 
  
 provided that where the Company or any of its Restricted Subsidiaries contributes
property or assets to any Person and receives cash or Temporary Cash Investments in connection therewith, the amount of the Investment shall be the fair market value of the property or assets contributed less the amount of such cash or Temporary
Cash Investments. 
  
 For purposes of the definition of
“Unrestricted Subsidiary” and Section 4.07: 
  
 (a)
“Investment” shall include the fair market value of the assets (net of liabilities (other than liabilities to the Company or any of its Restricted Subsidiaries)) of any Restricted Subsidiary at the time such Restricted Subsidiary is
designated an Unrestricted Subsidiary, 
  
 (b) the fair market
value of the assets (net of liabilities (other than liabilities to the Company or any of its Restricted Subsidiaries)) of any Unrestricted Subsidiary at the time that such Unrestricted Subsidiary is designated a Restricted Subsidiary shall be
considered a reduction in outstanding Investments, and 
  
 (c) any
property transferred to or from an Unrestricted Subsidiary shall be valued at its fair market value at the time of such transfer. 
  
 “Investment Grade Status” means a rating of the Notes by both S&P and Moody’s, each such rating being in one of such
agencies’ four highest generic rating categories that signify investment grade (i.e. BBB- (or the equivalent) or higher by S&P and Baa3 (or the equivalent) or higher by Moody’s); provided, in each case, that such ratings are
publicly 

  

					
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	 	 	15	 	 

 
available; provided, further, that in the event Moody’s or S&P is no longer in existence for purposes of determining whether the Notes are
rated “Investment Grade Status,” such organization may be replaced by a nationally recognized statistical rating organization (as defined in Rule 436 under the Securities Act) designated by the Company, notice of which shall be given to
the Trustee. 
  
 “Legended Regulation S Global
Note” means a global Note in the form of Exhibit A bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a
denomination equal to the outstanding principal amount at maturity of the Notes initially sold in reliance on Rule 903 of Regulation S. 
  
 “Letter of Transmittal” means the letter of transmittal to be prepared by the Company and sent to all Holders of the Notes for use by
such Holders in connection with the Exchange Offer. 
  
 “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including without limitation, any conditional sale or other title retention agreement or lease in the nature thereof or any
agreement to give any security interest). 
  
 “Moody’s” means Moody’s Investors Service, Inc. and its successors. 
  
 “Net Cash Proceeds” means: 
  
 (1) with respect to any Asset Sale, the proceeds of such Asset Sale in the form of cash or cash equivalents, including payments in respect of deferred
payment obligations (to the extent corresponding to the principal, but not interest, component thereof) when received in the form of cash or cash equivalents and proceeds from the conversion of other property received when converted to cash or cash
equivalents, net of: 
  
 (a) brokerage commissions and other fees
and expenses (including fees and expenses of counsel and investment bankers) related to such Asset Sale, 
  
 (b) provisions for all taxes actually paid or payable as a result of such Asset Sale by the Company and its Restricted Subsidiaries, taken as a whole,

  
 (c) payments made to repay Indebtedness or any other
obligation outstanding at the time of such Asset Sale that either (A) is secured by a Lien on the property or assets sold or (B) is required to be paid as a result of such sale, and 
  
 (d) amounts reserved by the Company and its Restricted Subsidiaries against any liabilities associated with such Asset Sale,
including without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale, all as determined on a
consolidated basis in conformity with GAAP, and 
  
 (2) with
respect to any issuance or sale of Capital Stock, the proceeds of such issuance or sale in the form of cash or cash equivalents, including payments in respect of 

  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	16	 	 

 
deferred payment obligations (to the extent corresponding to the principal, but not interest, component thereof) when received in the form of cash or cash
equivalents and proceeds from the conversion of other property received when converted to cash or cash equivalents, net of attorney’s fees, accountant’s fees, underwriters’ or placement agents’ fees, discounts or commissions and
brokerage, consultant and other fees incurred in connection with such issuance or sale and net of tax paid or payable as a result thereof. 
  
 “Net Lease Securitization Facility” means the indenture, by and among Net Lease Funding, 2005, LP, as issuer, MBIA Insurance Corporation,
as insurer and Wells Fargo Bank, National Association, as the indenture trustee, dated as of March 4, 2005, as amended, restated, modified, renewed, refunded, replaced or refinanced from time to time. 
  
 “Non-U.S. Person” means a Person who is not a U.S. Person.

  
 “Notes” means the 71⁄2% Senior Notes due
2015 of the Company issued on the date hereof and any Additional Notes, including any Exchange Notes. The Notes and the Additional Notes (including any Exchange Notes), if any, shall be treated as a single class for all purposes under this
Indenture. 
  
 “Offering Memorandum” means the
offering memorandum, dated March 17, 2005, relating to the Company’s 71⁄2% Senior Notes due 2015. 
  
 “Offer to Purchase” means an offer to purchase Notes by the Company from the Holders commenced by mailing a notice to the Trustee and
each Holder stating: 
  
 (1) the covenant pursuant to which the
offer is being made and that all Notes validly tendered will be accepted for payment on a pro rata basis; 
  
 (2) the purchase price and the date of purchase (which shall be a Business Day no earlier than 30 days nor later than 60 days from the date such notice is
mailed) (the “Payment Date”); 
  
 (3) that any
Note not tendered will continue to accrue interest pursuant to its terms; 
  
 (4) that, unless the Company defaults in the payment of the purchase price, any Note accepted for payment pursuant to the Offer to Purchase shall cease to accrue interest on and after the Payment Date; 
  
 (5) that Holders electing to have a Note purchased pursuant to the Offer to
Purchase will be required to surrender the Note, together with the form entitled “Option of the Holder to Elect Purchase” on the reverse side of the Note completed, to the Paying Agent at the address specified in the notice prior to the
close of business on the Business Day immediately preceding the Payment Date; 
  
 (6) that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the third Business Day immediately preceding the Payment Date, a telegram, facsimile
transmission or letter setting forth the name of such 

  

					
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Holder, the principal amount of Notes delivered for purchase and a statement that such Holder is withdrawing his election to have such Notes or portions
thereof purchased; and 
  
 (7) that Holders whose Notes are being
purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered; provided that each Note purchased and each new Note issued shall be in a principal amount of $1,000 or integral
multiples thereof. 
  
 On the Payment Date, the Company shall:

  
 (a) accept for payment on a pro rata basis Notes or
portions thereof tendered pursuant to an Offer to Purchase; 
  
 (b) deposit with the Paying Agent money sufficient to pay the purchase price of all Notes or portions thereof so accepted; and 
  
 (c) promptly thereafter deliver, or cause to be delivered, to the Trustee all Notes or portions thereof so accepted together with an Officers’
Certificate specifying the Notes or portions thereof accepted for payment by the Company. 
  
 The Paying Agent shall promptly mail to the Holders so accepted payment in an amount equal to the purchase price, and the Trustee shall promptly authenticate and mail to such Holders a new Note equal in principal
amount to any unpurchased portion of any Note surrendered; provided that each Note purchased and each new Note issued shall be in a principal amount of $1,000 or integral multiples thereof. The Company shall publicly announce the results of
an Offer to Purchase as soon as practicable after the Payment Date. The Company shall comply with Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable, in
the event that the Company are required to repurchase Notes pursuant to an Offer to Purchase. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture requiring the Offer to Purchase, the
Company shall comply with the applicable laws and regulations and will not be deemed to have breached its obligations under this Indenture by virtue of such compliance. 
  
 “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the
President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Senior Vice President, any Vice President or any Assistant Vice President of such Person. 
  
 “Officers’ Certificate” means a certificate signed on
behalf of the Company by at least two Officers of the Company, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements of
Section 11.05. 
  
 “Opinion of Counsel” means an
opinion from legal counsel who is reasonably acceptable to the Trustee (who may be counsel to or an employee of the Company) that meets the requirements of Section 11.05. 
  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	18	 	 

 “Pari Passu Indebtedness” means Indebtedness of the Company that is not subordinated to
the Notes. 
  
 “Participant” means, with respect
to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and with respect to DTC, shall include Euroclear and Clearstream). 
  
 “Payment Date” has the meaning set forth in the definition
of “Offer to Purchase”. 
  
 “Permitted
Investment” means: 
  
 (1) an Investment in the Company
or any Restricted Subsidiary of the Company (other than any Warehouse Subsidiary) or a Person that will, upon the making of such investment, become a Restricted Subsidiary (other than a Warehouse Subsidiary) or be merged or consolidated with or
into, or that will transfer or convey all or substantially all its assets to, the Company or any of its Restricted Subsidiaries (other than any Warehouse Subsidiary); provided that such Person’s primary business is a Related Business on
the date of such Investment; 
  
 (2) Existing Investments (other
than Investments in Warehouse Subsidiaries covered by clause (10) below); 
  
 (3) Temporary Cash Investments; 
  
 (4) Permitted Mortgage Investments in the ordinary course of business; 
  
 (5) Investments acquired as a capital contribution to, or in exchange for, or out of the net cash proceeds of a substantially concurrent offering of, Equity Interests (other than Disqualified Stock) of the Company;

  
 (6) Interest Rate Agreements, Currency Agreements and
Commodity Agreements incurred for the purposes of fixing, hedging or swapping interest rate, foreign currency exchange rate or commodity price risk (or to reverse or amend any such agreements previously made for such purposes) and not for
speculative purposes; 
  
 (7) any Investments received in
compromise of obligations of trade creditors or customers that were incurred in the ordinary course of business, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or
customer; 
  
 (8) endorsements for collection or deposit arising
in the ordinary course of business; 
  
 (9) any Investment made as
a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 4.10; 
  
 (10) Investments in Warehouse Subsidiaries or Securitization Entities in an aggregate amount (measured on the date each such Investment is made and
without giving effect 

  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	19	 	 

 
to subsequent changes in value) when taken together with all other Investments made pursuant to this clause (10) since the date of this Indenture not to
exceed the sum of (x) the fair market value (as of the date of this Indenture) of all Investments by the Company or any Restricted Subsidiary in Warehouse Subsidiaries or Securitization Entities existing on the date of this Indenture, (y) $75.0
million and (z) to the extent that any Investment under subclause (x) or (y) is sold or otherwise liquidated for cash, the lesser of (i) the cash return of capital with respect to such Investment (less the cost of disposition, if any) and (ii) the
initial amount of such Investment); 
  
 (11) Investments in
Permitted Joint Ventures in an aggregate amount (measured on the date each such Investment was made and without giving effect to subsequent changes in value) when taken together with all other Investments made pursuant to this clause (11) since the
date of this Indenture not to exceed the greater of (x) $25.0 million and (y) 2.0% of Adjusted Total Assets; provided that at the time of, and after giving effect to, the proposed Investment, the Company could have Incurred at least $1.00 of
Indebtedness under Section 4.09(1); 
  
 (12) other Investments in
an aggregate amount (measured on the date each such Investment was made and without giving effect to subsequent changes in value) when taken together with all other Investments made pursuant to this clause (12) since the date of this Indenture not
to exceed $75.0 million; 
  
 (13) loans or advances to officers,
directors and employees of the Company or any of its Restricted Subsidiaries in the ordinary course of business for bona fide business purposes of the Company and its Restricted Subsidiaries made in compliance with applicable law in an amount not to
exceed $5.0 million in the aggregate at any one time outstanding; and 
  
 (14) Investments consisting of Standard Securitization Undertakings in a Securitization Entity in connection with a Qualified Securitization Transaction and customary advances to Securitization Entities provided that the Company’s or
such Restricted Subsidiary’s entitlement to be repaid such advance has a priority senior to all obligations of such Securitization Entity with respect to any securities issued in connection with such Qualified Securitization Transactions.

  
 “Permitted Joint Venture” means a Person
(other than a Subsidiary) in which the Company or any Restricted Subsidiary has an Investment; provided that: 
  
 (a) such Person’s primary business is a Related Business on the date of such Investment; and 
  
 (b) the Company or one or more of its Restricted Subsidiaries participate in
the management of such Person, as a general partner, member of such Person’s governing board or otherwise. 
  
 “Permitted Mortgage Investments” means any Investment in a secured note, mortgage, deed of trust, collateralized mortgage obligations,
commercial mortgage-backed securities, other secured debt securities, secured debt derivative or other debt instruments, so long as such investment relates directly or indirectly to real property that constitutes or is used as 

  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	20	 	 

 
a restaurant or other property customarily constituting an asset of a real estate investment trust specializing in retail real estate properties. 

 
 “Permitted REIT Distribution” means, so long as the
Company believes in good faith after reasonable diligence that the Company qualifies as a real estate investment trust under the Code, the distribution or dividend by the Company of an amount equal to the greater of: 
  
 (a) the amount which is necessary for the Company to maintain its status as a
real estate investment trust under the Code; and 
  
 (b) 95% of
the aggregate amount of the Funds From Operations (determined by excluding income resulting from transfers of assets by the Company or any of its Restricted Subsidiaries to an Unrestricted Subsidiary) for the then most recent four fiscal quarters
preceding the Transaction Date for which reports have been filed with the SEC or provided to the Trustee pursuant to Section 4.03 (or, if shorter than four fiscal quarters, the period from the Closing Date to the Transaction Date), less the amount
of all other Permitted REIT Distributions declared or made during such four fiscal quarter period (or, if applicable, during such shorter period from the Closing Date to the Transaction Date); provided that, after giving effect to such
distribution or dividend (i) the aggregate principal amount of outstanding Indebtedness of the Company and its Restricted Subsidiaries on a consolidated basis determined in accordance with GAAP would be less than 80% of Adjusted Total Assets and
(ii) no Default or Event of Default shall have occurred and be continuing. 
  
 “Person” means any natural person, corporation, general partnership, limited partnership, limited liability company, limited liability partnership, proprietorship, trust, union, association, court,
tribunal, agency, government, department, commission, self-regulatory organization, arbitrator, board, bureau, instrumentality or other entity, enterprise, authority or business organization. 
  
 “Preferred Stock” means, with respect to any Person, any and
all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) that have a preference on liquidation or with respect to distributions over any other class of Capital Stock, including preferred
partnership interests, whether general or limited, of such Person’s preferred or preference stock, whether outstanding on the Closing Date or issued thereafter, including, without limitation, all series and classes of such preferred or
preference stock. 
  
 “Private Placement Legend”
means the legend set forth in Section 2.07(g)(i) to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 
  
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 
  
 “Qualified Limited Recourse Debt” means Indebtedness (other
than Indebtedness incurred in connection with any Qualified Securitization Transaction): 
  
 (1) as to which neither the Company nor any of its Restricted Subsidiaries (other than a Warehouse Subsidiary) (i) provides credit support of any kind (including any undertaking, agreement or instrument that would
constitute Indebtedness) other than (x) a pledge of the Equity Interests of the Subsidiary that is the primary obligor thereunder and (y) credit support with respect to an amount not to exceed 10% of the principal amount of such Indebtedness, (ii)
is directly or indirectly liable as a guarantor or otherwise (other than liability with respect to an amount not to exceed 10% of the principal amount of such Indebtedness), or (iii) constitutes the lender; and 
  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	21	 	 

 (2) as to which either (i) the explicit terms provide that there is no recourse against any of the assets
of the Company or any Restricted Subsidiary thereof (other than a Warehouse Subsidiary), except to the extent permitted by clause (1) above, or (ii) the lenders have been notified in writing that they will not have any recourse to the stock or
assets of the Company or any of its Restricted Subsidiaries (other than a Warehouse Subsidiary), except to the extent permitted by clause (1) above. 
  
 “Qualified Securitization Transaction” means any transaction or series of transactions entered into by the Company or any of its
Subsidiaries pursuant to which the Company or any of its Restricted Subsidiaries sells, conveys or otherwise transfers to a Securitization Entity, or grants any security interest in, any lease, secured loan or note, mortgage, deed of trust,
collateralized mortgage obligation, commercial mortgage-backed security, other secured debt security, secured debt derivative or other debt instruments, so long as such instrument relates directly or indirectly to real property that constitutes or
is used as a restaurant or other property customarily constituting an asset of a real estate investment trust (whether now existing or arising in the future) of the Company or any of its Restricted Subsidiaries, and any assets related thereto,
including, without limitation, all collateral securing such instruments, all contracts and all guarantees or other obligations in respect of such instruments, proceeds of such instruments and other assets which are customarily transferred or in
respect of which security interests are customarily granted in connection with securitization transactions involving such instruments and pursuant to which such Securitization Entity may sell, convey, transfer or grant a security interest in or Lien
against such instruments, or interests therein, and related assets to any Person other than an Affiliate of the Company. 
  
 “Reference Period” has the meaning set forth in the definition of “Interest Coverage Ratio”. 
  
 “Registration Default” has the meaning set forth in the
Registration Rights Agreement. 
  
 “Registration Rights
Agreement” means the Registration Rights Agreement, to be dated the date of this Indenture, among the Company and the initial purchasers party thereto and, with respect to any Additional Notes, one or more registration rights agreements
entered into in connection therewith. 
  
 “Registration
Statement” means any registration statement of the Company relating to (a) an offering of Exchange Notes pursuant to an Exchange Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration

  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	22	 	 

 
Statement, which is filed pursuant to the provisions of the registration rights agreement, in each case, including the prospectus included therein, all
amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 
  
 “Regulation S” means Regulation S promulgated under the Securities Act. 
  
 “Regulation S Global Note” means a Legended Regulation S Global Note or an Unlegended Regulation S Global
Note, as appropriate. 
  
 “Related Business”
means, as of any date, a business that is related, ancillary, incidental or complementary to the business of the Company or any of its Restricted Subsidiaries on such date and includes, without limitation, any investment in real estate. 

 
 “Replacement Assets” means property or assets (excluding
current assets other than real properties), including Permitted Mortgage Investments, of a nature or type (or in Capital Stock of a Person that becomes a Restricted Subsidiary (other than a Warehouse Subsidiary) or a Permitted Joint Venture having
property and assets of a nature or type) useful in a Related Business. 
  
 “Responsible Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust Office of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily
performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and
familiarity with the particular subject. 
  
 “Restricted
Definitive Note” means a Definitive Note bearing the Private Placement Legend. 
  
 “Restricted Global Note” means a Global Note bearing the Private Placement Legend. 
  
 “Restricted Period” means the 40-day distribution compliance period as defined in Regulation S. 
  
 “Restricted Subsidiary” means any Subsidiary of the Company
other than an Unrestricted Subsidiary. 
  
 “Rule
144” means Rule 144 promulgated under the Securities Act. 
  
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 
  
 “Rule 903” means Rule 903 promulgated under the Securities Act. 
  
 “Rule 904” means Rule 904 promulgated under the Securities Act. 
  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
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 “Sale and Leaseback Transaction” means, with respect to any Person, any transaction
involving any of the assets or properties of such Person whether now owned or hereafter acquired, whereby such Person sells or otherwise transfers such assets or properties and then or thereafter leases such assets or properties or any part thereof
or any other assets or properties which such Person intends to use for substantially the same purpose or purposes as the assets or properties sold or transferred. 
  
 “SEC” means the Securities and Exchange Commission. 
  
 “Secured Indebtedness” means any Indebtedness (including
Indebtedness under the Credit Agreement) secured by a Lien upon all or any portion of the property or assets of the Company or any of its Restricted Subsidiaries. 
  
 “Securities Act” means the Securities Act of 1933, as amended. 
  
 “Securitization Entity” means: 
  
 (1) a Securitization Subsidiary; and 
  
 (2) any other Person that engages in no activities other than in connection
with a Qualified Securitization Transaction (1) no portion of the Indebtedness or any other obligations, contingent or otherwise, of which (a) is guaranteed by the Company or any Restricted Subsidiary, excluding Standard Securitization Undertakings,
(b) is recourse to or obligates the Company or any Restricted Subsidiary in any way other than pursuant to Standard Securitization Undertakings or (c) subjects any property or asset of the Company or any Restricted Subsidiary, other than assets as
provided in the definition of “Qualified Securitization Transaction,” directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings, (2) with which neither the
Company nor any Restricted Subsidiary has any material contract, agreement, arrangement or understanding other than on terms not materially less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time
from Persons who are not Affiliates of the Company, other than fees payable in the ordinary course of business in connection with servicing the instruments held by such Securitization Subsidiaries and (3) with which neither the Company nor any
Restricted Subsidiary has any obligation to maintain or preserve such Subsidiary’s financial condition or to cause such Subsidiary to achieve specified levels of operating results. 
  
 “Securitization Subsidiary” means a Subsidiary of the Company that engages in no activities other than in
connection with a Qualified Securitization Transaction and which is designated by the Board of Directors of the Company, as described below, as a Securitization Subsidiary (1) no portion of the Indebtedness or any other obligations, contingent or
otherwise, of which (a) is guaranteed by the Company or any Restricted Subsidiary, excluding Standard Securitization Undertakings, (b) is recourse to or obligates the Company or any Restricted Subsidiary in any way other than pursuant to Standard
Securitization Undertakings or (c) subjects any property or asset of the Company or any Restricted Subsidiary directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization
Undertakings, (2) with which neither the Company nor any Restricted Subsidiary has any material contract, agreement, arrangement or understanding other than on terms not 

  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	24	 	 

 
materially less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of
the Company, other than fees payable in the ordinary course of business in connection with servicing the assets held by such Person and advances made on customary terms and (3) with which neither the Company nor any Restricted Subsidiary has any
obligation to maintain or preserve such Person’s financial condition or to cause such Person to achieve specified levels of operating results. 
  
 “Series A Preferred Stock” means the $1.93 Series A Cumulative Convertible Preferred Stock, par value $0.001 per share, of the Company,
as in effect on the Closing Date. 
  
 “Series B Preferred
Stock” means the 8% Series B Convertible Preferred Stock, par value $0.001 per share, of USRP, as in effect on the Closing Date. 
  
 “Series C Preferred Stock” means the 7.5% Series C Redeemable Convertible Preferred Stock, par value $0.001 per share, of the Company, as
in effect on the Closing Date. 
  
 “Shelf Registration
Statement” has the meaning set forth in the Registration Rights Agreement. 
  
 “Significant Subsidiary” means, any Subsidiary of the Company that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X promulgated pursuant to the
Securities Act, as such Regulation is in effect on the date of this Indenture. 
  
 “S&P” means Standard & Poor’s Rating Service, a division of The McGraw-Hill Companies, Inc., and its successors. 
  
 “Standard Securitization Undertakings” means representations, warranties, covenants and indemnities entered
into by the Company or any Restricted Subsidiary which, in the good faith judgment of the Board of Directors of the Company, are reasonably customary in securitization transactions. 
  
 “Stated Maturity” means: 
  
 (1) with respect to any debt security, the date specified in such debt security as the fixed date on which the final
installment of principal of such debt security is due and payable, and 
  
 (2) with respect to any scheduled installment of principal of or interest on any debt security, the date specified in such debt security as the fixed date on which such installment is due and payable. 
  
 “Subsidiary” means, with respect to any Person, any
corporation, association or other business entity of which more than 50% of the voting power of the outstanding Voting Stock is owned, directly or indirectly, by such Person and one or more other Subsidiaries of such Person and the accounts of which
would be consolidated with those of such Person in its consolidated financial statements in accordance with GAAP, if such statements were prepared as of such date. 
  

					
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 “Subsidiary Indebtedness” means all unsecured Indebtedness of which a Restricted
Subsidiary is an obligor. 
  
 “Subsidiary
Guarantee” means a Guarantee by a Subsidiary Guarantor for payment of the Notes by such Subsidiary Guarantor. 
  
 “Subsidiary Guarantor” means each Person that issues a Subsidiary Guarantee under this Indenture until released in accordance with the
terms of this Indenture. 
  
 “Temporary Cash
Investment” means any of the following: 
  
 (1)
securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof), maturing,
unless such securities are deposited to defease any Indebtedness, not more than one year from the date of acquisition, 
  
 (2) time deposits accounts, certificates of deposit and money market deposits maturing within 180 days of the date of acquisition thereof issued by a bank
or trust company which is organized under the laws of the United States of America or any state thereof and which bank or trust company has capital, surplus and undivided profits aggregating in excess of $50 million and has outstanding debt which is
rated “A” (or such similar equivalent rating) or higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 under the Securities Act) or any money-market fund sponsored by a registered broker
dealer or mutual fund distributor, 
  
 (3) repurchase obligations
with a term of not more than 30 days for underlying securities of the types described in clause (1) above entered into with a bank meeting the qualifications described in clause (2) above, 
  
 (4) commercial paper, maturing not more than one year after the date of
acquisition, issued by a corporation (other than an Affiliate of the Company) organized and in existence under the laws of the United States of America or any state of the United States of America with a rating at the time as of which any investment
therein is made of (a) “P-1” (or higher) according to Moody’s or “A-1” (or higher) according to S&P or (b) provided that the commercial paper described in this clause (b) does not represent in excess of 30% of all
Temporary Cash Investments at any time outstanding, “P-2” according to Moody’s or “A-2” according to S&P, and 
  
 (5) securities with maturities of six months or less from the date of acquisition issued or fully and unconditionally guaranteed by any state,
commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof, and rated at least “A” by S&P or Moody’s. 
  
 “TIA” means the Trust Indenture Act of 1939, as in effect on the date on which this Indenture is qualified
under the TIA. 
  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	26	 	 

 “Total Assets” means the sum of: 
  
 (1) Undepreciated Real Estate Assets, and 
  
 (2) all other assets (but excluding intangibles and accounts receivables) of
the Company and its Restricted Subsidiaries on a consolidated basis determined in conformity with GAAP. 
  
 “Trade Payables” means, with respect to any Person, any accounts payable or any other Indebtedness or monetary obligation to trade
creditors created, assumed or Guaranteed by such Person or any of its Subsidiaries arising in the ordinary course of business in connection with the acquisition of goods or services. 
  
 “Transactions” has the meaning set forth in the Offering Memorandum, including (a) the transactions
contemplated under the Agreement and Plan of Merger, dated as of August 9, 2004, by and between CNL Restaurant Properties, Inc., a Maryland corporation, and USRP, (b) the transactions contemplated under each Agreement and Plan of Merger, dated as of
August 9, 2004, by and among USRP, Ivanhoe Acquisition, LLC, a Maryland limited liability company, and each of the 18 Income Funds, and (c) the financing transactions in connection with the consummation of the transactions in clauses (a) and (b) of
this definition including, without limitation, the issuance of the Notes in this offering and the Company entering into each of the Credit Agreement and the Net Lease Securitization Facility. 
  
 “Transaction Date” means, with respect to the Incurrence of
any Indebtedness by the Company or any of its Restricted Subsidiaries, the date such Indebtedness is to be Incurred and, with respect to any Restricted Payment or Investment, the date such Restricted Payment or Investment is to be made and, with
respect to any Asset Acquisition or Asset Disposition, the date of consummation thereof. 
  
 “Transfer Restricted Securities” has the meaning set forth in the Registration Rights Agreement. 
  
 “Trustee” means Wells Fargo Bank, National Association, a nationally chartered banking association, until a successor replaces it in
accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
  
 “Undepreciated Real Estate Assets” means, as of any date, the cost (being the original cost to the Company or any of its Restricted
Subsidiaries plus capital improvements) of real estate assets of the Company and its Restricted Subsidiaries on such date, before depreciation and amortization of such real estate assets, determined on a consolidated basis in conformity with GAAP.

  
 “Unlegended Regulation S Global Note” means a
permanent Global Note in the form of Exhibit A bearing the Global Note Legend, deposited with or on behalf of and registered in the name of the Depositary or its nominee and issued upon expiration of the Restricted Period. 
  
 “Unrestricted Definitive Note” means one or more Definitive
Notes that do not bear and are not required to bear the Private Placement Legend. 
  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
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 “Unrestricted Global Note” means a permanent Global Note substantially in the form of
Exhibit A that bears the Global Note Legend, that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, that is deposited with or on behalf of and registered in the name of the Depositary, representing a
series of Notes, and that does not bear the Private Placement Legend. 
  
 “Unrestricted Subsidiary” means 
  
 (1)
any Subsidiary of the Company that at the time of determination shall be designated an Unrestricted Subsidiary by the Board of Directors of the Company in the manner provided below; and 
  
 (2) any Subsidiary of an Unrestricted Subsidiary. 
  
 The Board of Directors of the Company may designate any Restricted Subsidiary (including any newly acquired or newly formed
Subsidiary of the Company) to be an Unrestricted Subsidiary unless such Subsidiary owns any Capital Stock of, or owns or holds any Lien on any property of, the Company or any of its Restricted Subsidiaries; provided that: 
  
 (a) any Guarantee by the Company or any of its Restricted Subsidiaries of any
Indebtedness of the Subsidiary being so designated shall be deemed an “Incurrence” of such Indebtedness and an “Investment” by the Company or such Restricted Subsidiary (or both, if applicable) at the time of such designation;

  
 (b) if applicable, the incurrence of Indebtedness and the
Investment referred to paragraph (a) of this proviso would be permitted under Sections 4.07 and 4.09; and 
  
 (c) either (i) the Subsidiary to be so designated has total assets of $1,000 or less or (ii) if such Subsidiary has assets greater than $1,000, such
designation would be permitted under Section 4.07. 
  
 The Board
of Directors of the Company may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that: 
  
 (x) no Default or Event of Default shall have occurred and be continuing at the time of or after giving effect to such designation; and 
  
 (y) all Liens, Indebtedness and Investments of such Unrestricted Subsidiary
outstanding immediately after such designation would, if Incurred or made at such time, have been permitted to be Incurred (and shall be deemed to have been Incurred or made) for all purposes of this Indenture. 
  
 Any such designation by the Board of Directors of the Company shall be
evidenced to the Trustee by promptly filing with the Trustee a copy of the Board Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing provisions. 
  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
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 “U.S. Government Obligations” means direct obligations of, obligations guaranteed by, or
participations in pools consisting solely of obligations of or obligations guaranteed by, the United States of America for the payment of which obligations or guarantee the full faith and credit of the United States of America is pledged and that
are not callable or redeemable at the option of the Company thereof. 
  
 “USRP” means U.S. Restaurant Properties, Inc., a Maryland corporation. 
  
 “U.S. Person” means a U.S. person as defined in Rule 902(o) under the Securities Act. 
  
 “Voting Stock” means with respect to any Person, Capital
Stock of any class or kind ordinarily having the power to vote for the election of directors, managers or other voting members of the governing body of such Person. 
  
 “Warehouse Credit Facilities” means, collectively, the Second Amended and Restated Master Purchase
Agreement, dated as of November 8, 2002, as amended, by and among CNL Financial VII, LP, as Seller, CNL Restaurant Capital, LP (f/k/a CNL Franchise Network, LP), as Originator and Bank of America, N.A., as Buyer, providing for up to $160.0 million
in borrowings; the Interim Wholesale Mortgage Warehouse and Security Agreement, dated as of March 26, 2001, as amended, by and among CNL Financial VIII, LP, as Borrower, CNL Restaurant Capital, LP (f/k/a CNL Franchise Network, LP) and CNL Financial
Services, LP, as Credit Parties and Credit Suisse First Boston, New York Branch, as Lender, for up to $100.0 million in borrowings; and the Loan and Security Agreement, dated as of June 14, 2002 by and among CNL Financial IX, LP, as Borrower, Nieuw
Amsterdam Receivables Corporation, as Lender, CNL Financial Services, LP, as Servicer, Wells Fargo Bank, N.A. (f/k/a Wells Fargo Bank Minnesota, N.A.), as Custodian and Cooperatieve Centrale Raiffeisen-Boerenleenbank, B.A., “Rabobank
International”, New York Branch, as Administrative Agent initially providing for up to $207.3 million in borrowings, including any related notes, Guarantees, collateral documents, instruments and agreements executed in connection therewith, and
in each case as amended, restated, modified, renewed, refunded, replaced or refinanced from time to time, regardless of whether such amendment, restatement, modification, renewal, refunding, replacement or refinancing is with the same financial
institutions or otherwise; provided that any such amendment, restatement, modification, renewal, refunding, replacement or refinancing constitutes Qualified Limited Recourse Debt. 
  
 “Warehouse Subsidiary” means any Restricted Subsidiary that is, or is created for the purposes of becoming,
an obligor under any Warehouse Credit Facility or Qualified Limited Recourse Debt or any Restricted Subsidiary that only owns property purchased with the proceeds of any Warehouse Credit Facility or Qualified Limited Recourse Debt (and related
assets) and provides credit support (including any direct or indirect pledge of the property purchased or any Indebtedness of the property purchased secured by such property) for such Warehouse Credit Facility or Qualified Limited Recourse Debt.

  

					
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 Section 1.02. Other Definitions. 
  

			
	 Term

	  	Defined in
Section

	 “Act”
	  	11.14
	 “Affiliate Transaction”
	  	4.11
	 “Authentication Order”
	  	2.02
	 “Covenant Defeasance”
	  	8.03
	 “DTC”
	  	2.01
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.10
	 “Guaranteed Indebtedness”
	  	4.14
	 “Legal Defeasance”
	  	8.02
	 “offshore transaction”
	  	2.07
	 “Paying Agent”
	  	2.04
	 “Registrar”
	  	2.04
	 “Related Proceedings”
	  	11.09
	 “Restricted Payments”
	  	4.07
	 “Reversion Date”
	  	4.15
	 “Specified Courts”
	  	11.09
	 “Suspension Period”
	  	4.15

  
 Section 1.03. Incorporation by Reference of Trust Indenture Act. 
  
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 
  
 The following TIA terms used in this Indenture have the following meanings: 
  
 “indenture securities” means the Notes; 
  
 “indenture security Holder” means a Holder of a Note;

  
 “indenture to be qualified” means this
Indenture; 
  
 “indenture trustee” or
“institutional trustee” means the Trustee; and 
  
 “obligor” on the Notes means the Company and any successor obligor upon the Notes. 
  
 All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have
the meanings so assigned to them. 
  
 Section
1.04. Rules of Construction. Unless the context otherwise requires: 
  

	 	(a)	a term has the meaning assigned to it; 

  

					
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	 	(b)	an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

  

	 	(c)	“or” is not exclusive; 

  

	 	(d)	words in the singular include the plural, and in the plural include the singular; 

  

	 	(e)	provisions apply to successive events and transactions; and 

  

	 	(f)	references to sections of or rules under the Securities Act shall be deemed to include substitute, replacement of successor sections or rules adopted by the SEC from time to time.

  
 ARTICLE TWO 
 THE NOTES 
  
 Section 2.01. Form and Dating. 
  
 (a) General. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto. The
Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note shall be dated the date of its authentication. The Notes shall be issued in registered, global form without interest coupons and only shall be
in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof. 
  
 The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Company and the Trustee, by their execution and delivery of this Indenture, expressly
agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
  
 (b) Global Notes. Notes issued in global form shall be substantially
in the form of Exhibit A attached hereto (and shall include the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form shall be substantially in
the form of Exhibit A attached hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent such of the outstanding
Notes as shall be specified therein and each shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes
represented thereby shall be made by the Trustee in accordance with instructions given by the Holder thereof as required by Section 2.07. 
  
 (c) Regulation S Global Notes. Notes offered and sold in reliance on Regulation S shall be issued initially in the form of the Legended Regulation
S Global Note, 

  

					
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which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee, as custodian for The Depository Trust Company
(“DTC”), and registered in the name of the Depositary or the nominee of the Depositary for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Company and authenticated by the
Trustee as hereinafter provided. Following the termination of the Restricted Period, beneficial interests in the Legended Regulation S Global Note shall be exchanged for beneficial interests in Unlegended Regulation S Global Notes pursuant to the
Applicable Procedures. Simultaneously with the authentication of Unlegended Regulation S Global Notes, the Trustee shall cancel the Legended Regulation S Global Note. The aggregate principal amount of the Regulation S Global Notes may from time to
time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided. 
  
 (d) Euroclear and Clearstream Procedures Applicable. The provisions of
the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Cedel Bank” and “Customer Handbook” of Clearstream shall be
applicable to transfers of beneficial interests in the Regulation S Global Notes that are held by Participants through Euroclear or Clearstream. 
  
 Section 2.02. Execution and Authentication. 
  
 Two Officers of the Company shall sign the Notes for the Company by manual or facsimile signature. 
  
 If an Officer whose signature is on a Note no longer holds that office at the
time a Note is authenticated, the Note shall nevertheless be valid. 
  
 A Note shall not be valid until authenticated by the manual signature of the Trustee. Such signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
  
 The aggregate principal amount of Notes which may be authenticated and
delivered under this Indenture is unlimited. 
  
 The Company may,
subject to Article Four of this Indenture and applicable law, issue Additional Notes under this Indenture, including Exchange Notes. The Notes issued on the Closing Date and any Additional Notes subsequently issued shall be treated as a single class
for all purposes under this Indenture. 
  
 The Trustee shall, upon
a written order of the Company signed by two Officers of the Company (an “Authentication Order”), authenticate Notes for original issue on the date hereof of $250 million. At any time and from time to time after the execution of
this Indenture, the Trustee shall, upon receipt of an Authentication Order, authenticate Notes for original issue in aggregate principal amount specified in such Authentication Order. The Authentication Order shall specify the amount of Notes to be
authenticated and the date on which the Notes are to be authenticated. 
  

					
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 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An
authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with
Holders or an Affiliate of the Company. 
  
 Section 2.03. Methods of Receiving Payments on the Notes. 
  
 If a Holder of Notes has given wire transfer instructions to the Company or the Paying Agent, the Company shall pay all principal, interest and premium, if any, and Additional Interest, if any, on that Holder’s
Notes in accordance with those instructions. All other payments on Notes shall be made at the office or agency of the Company unless the Company elects to make interest payments by check mailed to the Holders at their addresses set forth in the
register of Holders. 
  
 Section 2.04.
Registrar and Paying Agent. 
  
 (a) The Company shall
maintain an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar
shall keep a register of the Notes and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying
Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture.
If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
  
 (b) The Company initially appoints DTC to act as Depositary with respect to
the Global Notes. 
  
 (c) The Company initially appoints the
Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes. 
  
 Section 2.05. Paying Agent to Hold Money in Trust. 
  
 The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in
trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or Additional Interest, if any, or interest on the Notes, and shall notify the Trustee of any default by the Company in
making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment
over to the Trustee, the Paying Agent (if other than the Company or one of its Subsidiaries) shall have no further liability for the money. If the Company or one of its Subsidiaries acts as Paying Agent, it shall segregate and hold in a separate
trust fund for the benefit of the Holders all money 

  

					
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held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Notes.

  
 Section 2.06. Holder Lists.

  
 The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least seven
Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes and the
Company shall otherwise comply with TIA § 312(a). 
  
 Section 2.07. Transfer and Exchange. 
  
 (a)
Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by
the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes shall be exchanged by the Company for Definitive Notes if (i) the Company delivers to the Trustee notice from the Depositary
that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after the date of
such notice from the Depositary; (ii) the Company in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee;
provided that in no event shall the Legended Regulation S Global Note be exchanged by the Company for Definitive Notes prior to the expiration of the Restricted Period; or (iii) there shall have occurred and be continuing a Default or Event
of Default with respect to the Notes. Upon the occurrence of either of the preceding events in (i), (ii) or (iii) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged
or replaced, in whole or in part, as provided in Sections 2.08 and 2.11 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.07 or Section 2.08 or 2.11
hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.07(a), however, beneficial interests in a Global Note may be
transferred and exchanged as provided in Section 2.07(b), (d) or (f) hereof. 
  

					
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 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange
of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes shall be subject to
restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii) below, as
applicable, as well as one or more of the other following subparagraphs, as applicable: 
  
 (i) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the
expiration of the Restricted Period, transfers of beneficial interests in the Legended Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an initial purchaser). Beneficial interests
in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar to
effect the transfers described in this Section 2.07(b)(i). 
  
 (ii) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.07(b)(i) above, the
transferor of such beneficial interest must deliver to the Registrar either (A) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit
or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information
regarding the Participant account to be credited with such increase or (B) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be
issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall
be registered to effect the transfer or exchange referred to in (1) above; provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Legended Regulation S Global Note prior to the
expiration of the Restricted Period. Upon consummation of an Exchange Offer by the Company in accordance with Section 2.07(f) hereof, the requirements of this Section 2.07(b)(ii) shall be deemed to have been satisfied upon receipt by the Registrar
of the instructions contained in the Letter of Transmittal delivered by the Holder of such beneficial interests in the Restricted Global Notes. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global
Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount at maturity of the relevant Global Notes pursuant to Section 2.07(i) hereof. 
  
 (iii) Transfer of Beneficial Interests to Another
Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the
requirements of Section 2.07(b)(ii) above and the Registrar receives the following: 
  
 (A) if the transferee shall take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver a
certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; and 
  

					
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 (B) if the transferee shall take delivery in the form of a beneficial interest in a
Legended Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof. 
  
 (iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests
in the Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any Holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.07(b)(ii) above and: 
  
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the
Holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Person participating in the distribution of the
Exchange Notes or (2) a Person who is an affiliate (as defined in Rule 144) of the Company; 
  
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;

  
 (C) such transfer is effected by a
Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial
interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 
  
 (2) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such
beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4)
thereof; 
  
 and, in each such case set forth in this
subparagraph (D), if the Registrar or the Company so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar and the Company to the effect that such exchange or transfer is in
compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
  

					
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 If any such transfer is effected pursuant to subparagraph (B) or (D) above at a time when an Unrestricted
Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount
equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above. 
  
 Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a
beneficial interest in a Restricted Global Note. 
  
 (c)
Transfer or Exchange of Beneficial Interests for Definitive Notes. 
  
 (i) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by the Registrar of the following documentation: 
  
 (A) if the holder of such beneficial interest in a
Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 
  
 (B) if such beneficial interest is being transferred to a
QIB in accordance with Rule 144A under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
  
 (C) [INTENTIONALLY OMITTED]; 
  
 (D) [INTENTIONALLY OMITTED]; 
  
 (E) if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on
an exemption from the registration requirements of the Securities Act other than that listed in subparagraph (B) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of
Counsel required by item (3) thereof, if applicable; or 
  
 (F) if such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof,

  
 the Trustee shall cause the aggregate principal amount of the
applicable Global Note to be reduced accordingly pursuant to Section 2.07(i) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate
principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this 

  

					
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Section 2.07(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest
shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued
in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.07(c)(i) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 
  
 (ii) Beneficial Interests in Legended Regulation S Global
Note to Definitive Notes. A beneficial interest in the Legended Regulation S Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to the expiration of
the Restricted Period, except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904. 
  
 (iii) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a
beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note
only if: 
  
 (A) such exchange or transfer is
effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of
Transmittal that it is not (1) a Person participating in the distribution of the Exchange Notes or (2) a Person who is an affiliate (as defined in Rule 144) of the Company; 
  
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the
Registration Rights Agreement; 
  
 (C) such
transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Definitive
Note that does not bear the Private Placement Legend, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 
  
 (2) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such
beneficial interest to a Person who shall take delivery thereof in the form of a Definitive Note that does not 

  

					
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bear the Private Placement Legend, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;

  
 and, in each such case set forth in this subparagraph (D), if
the Registrar or the Company so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar and the Company to the effect that such exchange or transfer is in compliance with the
Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
  
 (iv) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any
holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then,
upon satisfaction of the conditions set forth in Section 2.07(b)(ii) hereof, the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.07(i) hereof, and the Company shall
execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section
2.07(c)(iv) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or
Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.07(c)(iv) shall not bear
the Private Placement Legend. 
  
 (d) Transfer and Exchange of
Definitive Notes for Beneficial Interests. 
  
 (i) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer
such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
  
 (A) if the Holder of such Restricted Definitive Note
proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 
  
 (B) if such Restricted Definitive Note is being transferred
to a QIB in accordance with Rule 144A under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; or 
  

					
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 (C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an
“offshore transaction” in accordance with Rule 903 or Rule 904 under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof, 
  
 the Trustee shall cancel the Restricted Definitive Note, increase or cause
to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A Global Note, and in the case of clause (C) above, the Regulation S Global Note.

  
 (ii) Restricted Definitive Notes to
Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes
delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if: 
  
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the
Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Person participating in the distribution of the Exchange Notes or (2) a Person who is an
affiliate (as defined in Rule 144) of the Company; 
  
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 
  
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration
Rights Agreement; or 
  
 (D) the Registrar
receives the following: 
  
 (1) if the Holder of
such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or

  
 (2) if the Holder of such Definitive Notes
proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in
item (4) thereof; 
  
 and, in each such case set forth in this
subparagraph (D), if the Registrar or the Company so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar and the Company to the effect that such exchange or transfer is in
compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement 

  

					
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Legend are no longer required in order to maintain compliance with the Securities Act. 
  
 Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.07(d)(ii), the Trustee shall cancel the
Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 
  
 (iii) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive
Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon
receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 
  
 If any such exchange or transfer from a Definitive Note to a
beneficial interest is effected pursuant to subparagraphs (ii)(B), (ii)(D) or (iii) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with
Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
  
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes.
Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.07(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or
exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney,
duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.07(e). 
  
 (i) Restricted Definitive Notes to Restricted Definitive
Notes. Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 
  
 (A) if the transfer shall be made pursuant to Rule 144A
under the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
  
 (B) [INTENTIONALLY OMITTED]; and 
  
 (C) if the transfer shall be made pursuant to any other exemption from the registration requirements of the
Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 
  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	41	 	 

 (ii) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted
Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if: 
  
 (A) such exchange or transfer is effected pursuant to the
Exchange Offer in accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a Person participating
in the distribution of the Exchange Notes or (2) a Person who is an affiliate (as defined in Rule 144) of the Company; 
  
 (B) any such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;

  
 (C) any such transfer is effected by a
Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (1) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate
from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 
  
 (2) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
  
 and, in each such case set forth in this subparagraph (D), if the Registrar so requests, an Opinion of Counsel in form
reasonably acceptable to the Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to
maintain compliance with the Securities Act. 
  
 (iii) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon
receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
  
 (f) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the Registration Rights Agreement,
the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate (i) one 

  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	42	 	 

 
or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the beneficial interests in the Restricted Global Notes
tendered for acceptance by Persons that certify in the applicable Letters of Transmittal that (x) they are not participating in a distribution of the Exchange Notes and (y) they are not affiliates (as defined in Rule 144) of the Company, and
accepted for exchange in the Exchange Offer and (ii) Definitive Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Notes accepted for exchange in the Exchange Offer. Concurrently with the issuance of
such Notes, the Trustee shall cause the aggregate principal amount of the applicable Restricted Global Notes to be reduced accordingly, and the Company shall execute and the Trustee shall authenticate and deliver to the Persons designated by the
Holders of Restricted Global Notes so accepted Unrestricted Global Notes in the appropriate principal amount. 
  
 (g) Legends. The following legends shall appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless
specifically stated otherwise in the applicable provisions of this Indenture. 
  
 (i) Private Placement Legend. Except as permitted below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the
following form: 
  
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. THIS NOTE OR ANY INTEREST OR PARTICIPATION HEREIN MAY NOT BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES FOR THE BENEFIT OF THE COMPANY TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE WHICH IS TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF THIS
NOTE) (THE “RESALE RESTRICTION TERMINATION DATE”) ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES
ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY 

  

					
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	 	 	43	 	 

 
SUCH OFFER, SALE OR TRANSFER (i) PURSUANT TO CLAUSE (D) PRIOR TO THE END OF THE 40 DAY DISTRIBUTION COMPLIANCE PERIOD WITHIN THE MEANING OF REGULATION S
UNDER THE SECURITIES ACT OR PURSUANT TO CLAUSE (E) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND (ii) IN EACH OF THE
FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THIS NOTE IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF A HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE. 
  
 Notwithstanding the
foregoing, any Global Note or Definitive Note issued pursuant to subparagraph (b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) to this Section 2.07 (and all Notes issued in exchange therefor or substitution thereof) shall not
bear the Private Placement Legend. 
  
 (ii)
Global Note Legend. Each Global Note shall bear a legend in substantially the following form: 
  
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND SUCH NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY, 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. 
  
 THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT
NOT IN PART PURSUANT TO SECTION 2.07(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH
THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	44	 	 

 (h) Regulation S Temporary Global Note Legend. The Regulation S Temporary Global Note shall bear a
legend in substantially the following form: 
  
 THE RIGHTS
ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). 
  
 (i) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global
Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with
Section 2.12 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in another Global Note or for
Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such
reduction; and if the beneficial interest is being exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an
endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 
  
 (j) General Provisions Relating to Transfers and Exchanges. 
  
 (i) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall
authenticate Global Notes and Definitive Notes upon the Company’s order or at the Registrar’s request. 
  
 (ii) No service charge shall be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or other similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental
charge payable upon exchange or transfer pursuant to Sections 2.11, 3.06, 4.10, 4.12 and 9.05 hereof). 
  
 (iii) The Registrar shall not be required to register the transfer of or exchange any Note selected for redemption in whole or in part,
except the unredeemed portion of any Note being redeemed in part. 
  
 (iv) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid and legally binding obligations of the Company, evidencing the
same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
  
 (v) The Company shall not be required (A) to issue, to register the transfer of or to exchange any Notes
during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection, (B) to register the transfer of or to 

  

					
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exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or (C) to register the
transfer of or to exchange a Note between a record date and the next succeeding interest payment date. 
  
 (vi) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat
the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be
affected by notice to the contrary. 
  
 (vii) The
Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof. 
  
 (viii) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.07 to
effect a registration of transfer or exchange may be submitted by facsimile with the original to follow by first class mail. 
  
 Section 2.08. Replacement Notes. 
  
 (a) If any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Note, the Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must
be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company may
charge for its expenses in replacing a Note. 
  
 (b) Every
replacement Note is an additional obligation of the Company and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
  
 Section 2.09. Outstanding Notes. 
  
 (a) The Notes outstanding at any time are all the Notes authenticated by the
Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section as not
outstanding. Except as set forth in Section 2.10 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note; however, Notes held by the Company or a Subsidiary of the Company shall not be deemed
to be outstanding for purposes of Section 3.07(b) hereof. 
  
 (b)
If a Note is replaced pursuant to Section 2.08 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. 
  
 (c) If the principal amount of any Note is considered paid under Section 4.01
hereof, it ceases to be outstanding and interest on it ceases to accrue. 
  

					
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 (d) If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any of the foregoing)
holds, on a redemption date or maturity date, money sufficient to pay all of the principal, premium, if any, and interest due on Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall
cease to accrue interest. 
  
 Section 2.10.
Treasury Notes. 
  
 In determining whether the Holders of
the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company,
shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned shall be so
disregarded. 
  
 Section 2.11. Temporary
Notes. 
  
 (a) Until certificates representing Notes are
ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that the Company
considers appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate Definitive Notes in exchange for temporary Notes. 
  
 (b) Holders of temporary Notes shall be entitled to all of the benefits of
this Indenture. 
  
 Section 2.12.
Cancellation. 
  
 The Company at any time may deliver
Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for
registration of transfer, exchange, payment, replacement or cancellation and shall dispose of canceled Notes in accordance with its procedures for the disposition of canceled securities in effect as of the date of such disposition (subject to the
record retention requirement of the Exchange Act). Certification of the disposition of all canceled Notes shall be delivered to the Company. The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the
Trustee for cancellation. 
  
 Section 2.13.
Defaulted Interest. 
  
 If the Company defaults in a
payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at
the rate provided in the Notes and in Section 4.01 hereof. The Company shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company shall fix or cause to
be fixed each such special record date and payment date, provided that no such special record date shall be less than 10 

  

					
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	 	 	47	 	 

 
days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written
request of the Company, the Trustee in the name and at the expense of the Company) shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid.

  
 Section 2.14. CUSIP Numbers.

  
 The Company in issuing the Notes may use “CUSIP”
numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness
of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect
in or omission of such numbers. The Company shall promptly notify the Trustee of any change in the “CUSIP” numbers. 
  
 ARTICLE THREE 
 REDEMPTION AND OFFERS
TO 
 PURCHASE 
  
 Section 3.01. Notices to Trustee. 
  
 If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it shall furnish to the Trustee, at least 30
days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth (i) the clause of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be
redeemed and (iv) the redemption price. 
  
 Section 3.02. Selection of Notes to Be Redeemed. 
  
 (a) If less than all of the Notes are to be redeemed at any time, the Trustee shall select the Notes to be redeemed among the Holders of the Notes in compliance with the requirements of the principal national securities exchange, if any, on
which the Notes are listed or, if the Notes are not so listed, on a pro rata basis, by lot or in accordance with any other method the Trustee deems fair and appropriate. In the event of partial redemption by lot, the particular Notes to be
redeemed shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the outstanding Notes not previously called for redemption. 
  
 (b) The Trustee shall promptly notify the Company in writing of the Notes
selected for redemption and, in the case of any Note selected for partial redemption, the principal amount at maturity thereof to be redeemed. No Notes in amounts of $1,000 or less shall be redeemed in part. Notes and portions of Notes selected
shall be in amounts of $1,000 or whole multiples of $1,000; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. Except as
provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 
  

					
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 Section 3.03. Notice of Redemption. 
  
 (a) At least 30 days but not more than 60 days before a redemption date, the
Company shall mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address. 
  

The notice shall identify the Notes to be redeemed and shall state: 
  
 (i) the redemption date; 
  
 (ii) the redemption price; 
  
 (iii) if any Note is being redeemed in part, the portion of the principal amount thereof to be redeemed and
that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion of the original Note shall be issued in the name of the Holder thereof upon cancellation of the original Note;

  
 (iv) the name and address of the Paying
Agent; 
  
 (v) that Notes called for redemption
must be surrendered to the Paying Agent to collect the redemption price and become due on the date fixed for redemption; 
  
 (vi) that, unless the Company defaults in making such redemption payment, interest, if any, on Notes called for redemption ceases to
accrue on and after the redemption date; 
  
 (vii) the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and 
  
 (viii) that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on
the Notes. 
  
 (b) At the Company’s written request, the
Trustee shall give the notice of redemption in the Company’s name and at its expense; provided, however, that the Company shall have delivered to the Trustee, at least 45 days prior to the redemption date, an Officers’
Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. The notice, if mailed in the manner provided herein shall be presumed to have been given,
whether or not the Holder receives such notice. 
  
 Section 3.04. Effect of Notice of Redemption. 
  
 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price. A notice of redemption may not be conditional.

  

					
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 Section 3.05. Deposit of Redemption Price. 
  
 (a) Not later than 11:00 am New York time on the redemption date, the
Company shall deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption price of and accrued interest and Additional Interest, if any, on all Notes to be redeemed on that date. The Trustee or the Paying Agent shall
promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of, and accrued interest on, all Notes to be redeemed. 
  
 (b) If the Company complies with the provisions of the preceding paragraph,
on and after the redemption date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption. If a Note is redeemed on or after an interest record date but on or prior to the related interest payment date, then any
accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure
of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at
the rate provided in the Notes and in Section 4.01 hereof. 
  
 Section 3.06. Notes Redeemed in Part. 
  
 Upon surrender of a Note that is redeemed in part, the Company shall issue and the Trustee shall authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed portion
of the Note surrendered. No Notes in denominations of $1,000 or less shall be redeemed in part. 
  
 Section 3.07. Optional Redemption. 
  
 (a) Except as set forth in clause (b) of this Section 3.07, the Company shall not have the option to redeem the Notes pursuant to this Section 3.07 prior
to April 1, 2010. On or after April 1, 2010, the Company may redeem all or a part of the Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus
accrued and unpaid interest and Additional Interest, if any, thereon, to the applicable redemption date, if redeemed during the twelve-month period beginning on April 1 of the years indicated below: 
  

				
	 Year

	  	Percentage

	 
	 2010
	  	103.750	%
	 2011
	  	102.500	%
	 2012
	  	101.250	%
	 2013 and thereafter
	  	100.000	%

  

					
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 (b) Notwithstanding the foregoing, at any time prior to April 1, 2008, the Company may redeem up to 35%
of the aggregate principal amount of Notes issued hereunder (including any Additional Notes) at a redemption price of 107.500% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, to the redemption date,
with the net cash proceeds of one or more Equity Offerings; provided that (A) at least 65% of the aggregate principal amount of the Notes issued under this Indenture (including any Additional Notes) remains outstanding immediately after the
occurrence of such redemption (excluding Notes held by the Company or its Subsidiaries); and (B) the redemption must occur within 60 days of the date of the closing of such Equity Offering. 
  
 (c) Any redemption pursuant to this Section 3.07 shall be made pursuant to
the provisions of Sections 3.01 through 3.06 hereof. 
  
 Section 3.08. Application of Trust Money. 
  
 All
money deposited with the Trustee pursuant to Section 10.02 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the
Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be
segregated from other funds except to the extent required by law. 
  
 ARTICLE FOUR 
 COVENANTS 
  
 Section 4.01. Payment of Notes. 
  
 (a) The Company shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the manner provided in the
Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Company or one of its Subsidiaries, holds as of 11:00 a.m. New York time on the due date money deposited by the Company
in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. The Company shall pay all Additional Interest, if any, in the same manner on the dates and in the amounts set forth in the
Registration Rights Agreement. 
  
 (b) The Company shall pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the then applicable interest rate on the Notes to the extent lawful; it shall pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful. 
  

					
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 Section 4.02. Maintenance of Office or Agency. 
  
 (a) The Company shall maintain an office or agency (which may be an office
of the Trustee or an agent of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be
served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
  
 (b) The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented
or surrendered for any or all such purposes and may from time to time rescind such designations. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other
office or agency. 
  
 (c) The Company hereby designates the
Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.04 of this Indenture. 
  
 Section 4.03. Commission Reports and Reports to Holders. 
  
 (a) Whether or not the Company is then required to file reports with the SEC, the Company shall file with the SEC all such
reports and other information as it would be required to file with the SEC by Section 13(a) or 15(d) under the Exchange Act if it were subject thereto; provided that, if filing such documents by the Company with the SEC is not permitted under
the Exchange Act, the Company shall provide such documents to the Trustee and upon written request supply copies of such documents to any holder or prospective holder. Upon request, the Company shall supply the Trustee and any holder or shall supply
to the Trustee for forwarding to each such holder, without cost to such holder, copies of such reports and other information. In addition, the Company shall furnish to any holder and to any prospective investor, upon request, any information
required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as the Notes are not freely transferable under the Securities Act by Persons who are not “affiliates” under the Securities Act. 
  
 (b) If the Company has designated any of its Subsidiaries as Unrestricted
Subsidiaries, then the quarterly and annual financial information required by this Section 4.03 shall include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and in
“Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and
results of operations of the Unrestricted Subsidiaries of the Company. 
  
 (c) Delivery of such reports, information and documents to the Trustee is for purposes of satisfying the delivery requirements under the TIA and the Trustee’s receipt of such shall not constitute constructive notice of any information
contained therein or determinable 

  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
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from information contained therein, including the Company’s compliance with any of its covenants hereunder. 
  
 Section 4.04. Compliance Certificate. 
  
 (a) The Company shall deliver to the Trustee, on or before a date not more
than 90 days after the end of each fiscal year (commencing with the fiscal year ending December 31, 2005), an Officers’ Certificate stating that a review of the activities of the Company and its Restricted Subsidiaries during the preceding
fiscal year has been conducted under the supervision of the signing Officers with a view to determining whether the Company has fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate,
that to the best of his or her knowledge, the Company has fulfilled its obligations under this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or
Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her
knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company
is taking or proposes to take with respect thereto. 
  
 (b) The
Company shall, so long as any of the Notes are outstanding, deliver to the Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what
action the Company is taking or proposes to take with respect thereto. 
  
 Section 4.05. Taxes. 
  
 The Company shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency, any taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to
effect such payment is not adverse in any material respect to the Holders of the Notes. 
  
 Section 4.06. Stay, Extension and Usury Laws. 
  
 The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company (to the extent
that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenant that they shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall
suffer and permit the execution of every such power as though no such law has been enacted. 
  

					
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 Section 4.07. Limitation on Restricted Payments. 
  
 (a) The Company will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly: 
  
 (1)
declare or pay any dividend or declare or make any distribution on or with respect to its Equity Interests held by Persons other than the Company or any of its Restricted Subsidiaries, other than: 
  

	 	(i)	dividends or distributions payable solely in Equity Interests (other than Disqualified Stock) of the Company; and 

  

	 	(ii)	pro rata dividends or distributions on Common Stock of any Restricted Subsidiary held by minority stockholders; 

  
 (2) purchase, redeem, retire or otherwise acquire for value
any shares of Equity Interests of the Company or any Restricted Subsidiary held by any Person other than the Company or any of its Restricted Subsidiaries; 
  
 (3) make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness that is
subordinated in right of payment to the Notes, except a payment of interest or principal at the Stated Maturity thereof; or 
  
 (4) make an Investment, other than a Permitted Investment, in any Person, 
  
 (such payments or any other actions described in Section 4.07(a)(1) to (4) being collectively “Restricted Payments”) if, at
the time of, and after giving effect to, the proposed Restricted Payment: 
  
 (A) a Default or Event of Default shall have occurred and be continuing, 
  
 (B) the Company or such Restricted Subsidiary could not incur at least $1.00 of Indebtedness under Section 4.09(1), or 
  
 (C) the aggregate amount of all Restricted Payments (the
amount, if other than in cash, to be determined in good faith by the Board of Directors, whose determination shall be conclusive and evidenced by a Board Resolution) made after the Closing Date (excluding Restricted Payments made pursuant to clauses
(2), (3), (4) or (7) of Section 4.07(b)) shall exceed the sum of: 
  
 (i) 95% of the aggregate amount of the Funds From Operations (or, if the Funds From Operations is a loss, minus 100% of the amount of such loss) (determined by excluding income resulting from transfers of assets by
the Company or any of its Restricted Subsidiaries to an Unrestricted Subsidiary) accrued on a cumulative basis during the period (taken as one accounting period) beginning on the first day of the first full fiscal quarter beginning after the Closing
Date and ending on the last day of the last fiscal quarter preceding the Transaction Date for which reports have been filed with the SEC or provided to the Trustee pursuant to Section 4.03 hereof, plus 
  

					
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 (ii) the aggregate Net Cash Proceeds received by the Company after the Closing Date from
the Issuance and sale of its Capital Stock to a Person who is not a Subsidiary of the Company, including an issuance or sale permitted by this Indenture of Indebtedness of the Company for cash subsequent to the Closing Date upon the conversion of
such Indebtedness into Capital Stock (other than Disqualified Stock) of the Company, or from the issuance to a Person who is not a Subsidiary of the Company of any options, warrants or other rights to acquire Capital Stock of the Company (in each
case, exclusive of any Disqualified Stock), plus 
  
 (iii) an amount equal to the net reduction in Investments (other than reductions in Permitted Investments) in any Person resulting from payments of interest on Indebtedness, dividends, repayments of loans or advances,
or other transfers of assets, in each case to the Company or any of its Restricted Subsidiaries or from the Net Cash Proceeds from the sale of any such Investment (except, in each case, to the extent any such payment or proceeds are included in the
calculation of Funds From Operations), from the release of a Guarantee (except to the extent amounts are paid under such Guarantee) or from redesignations of Unrestricted Subsidiaries as Restricted Subsidiaries (valued in each case as provided in
the definition of “Investments”), not to exceed, in each case, the amount of such Investment previously made by the Company or any Restricted Subsidiary in such Person or Unrestricted Subsidiary. 
  
 (b) The provisions in Section 4.07(a) shall not be violated by reason of:

  
 (1) the payment of any dividend or
distribution within 60 days after the date of declaration thereof if, at said date of declaration, such payment would comply with Section 4.07(a); 
  
 (2) the redemption, repurchase, defeasance or other acquisition or retirement for value of Indebtedness that is subordinated in right of
payment to the Notes including premium, if any, and accrued and unpaid interest, with the proceeds of, or in exchange for, Indebtedness Incurred under Section 4.09(2)(F); 
  
 (3) the repurchase, redemption, retirement or other acquisition of Equity Interests of the Company or a
Restricted Subsidiary in exchange for, or out of the proceeds of a substantially concurrent issuance of, shares of Equity Interests (other than Disqualified Stock) of the Company; provided that the amount of any such net cash proceeds that
are utilized for any such redemption, repurchase, defeasance or other acquisition or retirement will be excluded from Section 4.07(a)(C)(ii); 
  
 (4) the making of any principal payment on, or the repurchase, redemption, retirement, defeasance or other acquisition for value of,
Indebtedness of the Company which is subordinated in right of payment to the Notes in exchange for, or out of the proceeds of, a substantially concurrent issuance of, Equity Interests (other than Disqualified Stock) of the Company; provided
that the amount of any such net cash 

  

					
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proceeds that are utilized for any such redemption, repurchase, defeasance or other acquisition or retirement will be excluded from Section 4.07(a)(C)(ii);

  
 (5) a Permitted REIT Distribution;

  
 (6) the payment of regularly scheduled
dividends on shares of the Series A Preferred Stock, the Series B Preferred Stock and the Series C Preferred Stock outstanding and as in effect on the Closing Date; 
  
 (7) Restricted Payments made in connection with the Transactions described in the Offering Memorandum,
including the repurchase of the Series B Preferred Stock; 
  
 (8) the repurchase of Capital Stock deemed to occur upon the exercise of options or warrants to the extent that such Capital Stock represents all or a portion of the exercise price thereof; 
  
 (9) the repurchase of any subordinated Indebtedness at a
purchase price not greater than 101% of the principal amount of such subordinated Indebtedness in the event of a Change of Control in accordance with provisions similar to Section 4.12; provided that, prior to or simultaneously with such
repurchase, the Company has made the Offer to Purchase as provided in such covenant with respect to the Notes and has repurchased all Notes validly tendered for payment in connection with such Offer to Purchase; 
  
 (10) the declaration and payment of regularly scheduled or
accrued dividends to holders of any class or series of Disqualified Stock of the Company or any Restricted Subsidiary of the Company or to holders of any class of Preferred Stock of any Restricted Subsidiary, in each case issued on or after the
Closing Date in accordance with Section 4.09; or 
  
 (11) Restricted Payments in an aggregate amount (measured on the date each such Restricted Payment was made and without giving effect to subsequent changes in value) when taken together with all other Restricted Payments made in reliance on
this Section 4.07(b)(11) since the date of this Indenture not to exceed $50.0 million. 
  
 provided that, except in the case of Section 4.07(b)(1), no Default or Event of Default shall have occurred and be continuing or occur as a direct consequence of the actions or payments set forth therein. 
  
 Section 4.08. Limitation on Dividend and Other Payment
Restrictions Affecting Restricted Subsidiaries. 
  
 (a) The
Company will not, and will not permit any of its Restricted Subsidiaries to, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Restricted Subsidiary to:

  
 (i) pay dividends or make any other
distributions permitted by applicable law on any Capital Stock of such Restricted Subsidiary owned by the Company or any other Restricted Subsidiary; 
  

					
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 (ii) pay any Indebtedness owed to the Company or any other Restricted Subsidiary;

  
 (iii) make loans or advances to the Company
or any other Restricted Subsidiary, or 
  
 (iv)
transfer its property or assets to the Company or any other Restricted Subsidiary. 
  
 (b) The provisions in Section 4.08(a) shall not restrict any encumbrances or restrictions: 
  
 (1) existing on the Closing Date in the Credit Agreement, Net Lease Securitization Facility and the Warehouse Credit Facilities and any
other agreement or instrument in effect on the Closing Date and any extensions, refinancings, renewals or replacements of such agreements or instruments; provided that the encumbrances and restrictions in any such extensions, refinancings,
renewals or replacements are no less favorable to the Holders of the Notes, taken as a whole, than those encumbrances or restrictions that are then in effect and that are being extended, refinanced, renewed or replaced; 
  
 (2) in the case of Section 4.08(a)(iii) and (iv), imposed
under any applicable documents or instruments pertaining to any Secured Indebtedness (and relating solely to assets constituting collateral thereunder or cash proceeds from or generated by such assets); 
  
 (3) this Indenture and the Notes; 
  
 (4) existing under or by reason of applicable law;

  
 (5) with respect to any Person or the
property or assets of such Person acquired by the Company or any of its Restricted Subsidiaries, existing at the time of such acquisition and not incurred in contemplation thereof, which encumbrances or restrictions are not applicable to any Person
or the property or assets of any Person other than such Person or the property or assets of such Person so acquired and any amendments, modifications, restatements, renewals, extensions, supplements, refundings, replacements or refinancings thereof,
provided that the encumbrances and restrictions in any such amendments, modifications, restatements, renewals, extensions, supplements, refundings, replacement or refinancings are no more restrictive, taken as a whole, than the encumbrances
and restrictions being replaced; 
  
 (6) existing
under or by reason of Indebtedness or other contractual requirements of a Securitization Subsidiary in connection with a Qualified Securitization Transaction; provided that such encumbrances or restrictions apply only to the assets of such a
Securitization Subsidiary; 
  

					
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 (7) in the case of Section 4.08(a)(iv): 
  

	 	(a)	that restrict in a customary manner the subletting, assignment or transfer of any property or asset that is a lease, license, conveyance or contract or similar property or asset,

  

	 	(b)	existing by virtue of any transfer of, agreement to transfer, option or right with respect to, or Lien on, any property or assets of the Company or any of its Restricted
Subsidiaries not otherwise prohibited by this Indenture, or 

  

	 	(c)	arising or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not, individually or in the aggregate, detract from the value of property or
assets of the Company or any of its Restricted Subsidiaries in any manner material to the Company and its Restricted Subsidiaries taken as a whole; 

  
 (8) with respect to a Restricted Subsidiary and imposed pursuant to an agreement that has been entered into
for the sale or disposition of all or substantially all of the Capital Stock of, or property and assets of, such Restricted Subsidiary; 
  
 (9) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of
business; 
  
 (10) contained in the terms of any
Indebtedness or any agreement pursuant to which such Indebtedness was issued if: 
  

	 	(a)	the encumbrance or restriction is not materially more disadvantageous to the Holders of the Notes than is customary in comparable financings (as determined by the Company), and

  

	 	(b)	the Company determines that such an encumbrance or restriction will not materially affect the Company’s ability to make principal or interest payments on the Notes; or

  
 (11) existing under, by reason
of or with respect to provisions with respect to the disposition or distribution of assets or property, in each case contained in joint venture agreements and which the Board of Directors of the Company determines will not adversely affect the
Company’s ability to make payments of principal or interest payments on the Notes. 
  
 (c) Nothing contained in this Section 4.08 shall prevent the Company or any Restricted Subsidiary from creating, incurring, assuming or suffering to exist any Liens otherwise permitted under this Indenture, or
restricting the sale or other disposition of property or assets of the Company or any of its Restricted Subsidiaries that secure Indebtedness of the Company or any of its Restricted Subsidiaries. 
  

					
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 Section 4.09. Limitation on Indebtedness. 
  
 (1) The Company will not, and will not permit any of its Restricted
Subsidiaries to, Incur any Indebtedness; provided that the Company or any of its Restricted Subsidiaries may Incur Indebtedness if, after giving effect to the Incurrence of such Indebtedness and the receipt and application of the proceeds
therefrom, (a) the Interest Coverage Ratio of the Company and its Restricted Subsidiaries on a consolidated basis would be greater than 2.0 to 1 and (b) the aggregate principal amount of all outstanding Indebtedness of the Company and its Restricted
Subsidiaries on a consolidated basis determined in accordance with GAAP is less than 65% of Adjusted Total Assets. 
  
 (2) Notwithstanding Section 4.09(1), the Company or any of its Restricted Subsidiaries (except as specified below) may Incur each and all of the
following: 
  
 (A) Indebtedness outstanding under
Credit Facilities (including the Credit Agreement) at any time in an aggregate principal amount not to exceed the greater of (x) $450.0 million less any amount of such Indebtedness permanently repaid pursuant to Section 4.10 and (y) 0.85 times
Consolidated EBITDA for the then most recent four fiscal quarters ended prior to the date of incurrence of such Indebtedness for which reports have been filed with the SEC or provided to the Trustee pursuant to Section 4.03 hereof; 
  
 (B) Indebtedness outstanding at any time under (i) the Net
Lease Securitization Facility in an aggregate principal amount not to exceed $275.0 million and (ii) the Warehouse Credit Facilities in an aggregate principal amount not to exceed $450.0 million; 
  
 (C) the Notes issued on the Closing Date; 
  
 (D) Indebtedness existing on the Closing Date, other than
Indebtedness outstanding under Section 4.09(2)(A), (B) or (C); 
  
 (E) Indebtedness of the Company or any Restricted Subsidiary owed to: 
  

	 	(1)	the Company, or 

  

	 	(2)	any Restricted Subsidiary; 

  
 provided that, if the Company is the obligor on such Indebtedness, such Indebtedness must be unsecured and expressly subordinated to the prior
payment in full in cash of all obligations with respect to the Notes; and provided further that any event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of such Indebtedness
(other than to the Company or any other Restricted Subsidiary) shall be deemed, in each case, to constitute an Incurrence of such Indebtedness not permitted by this Section 4.09(2)(E); 
  
 (F) Indebtedness issued in exchange for, or the net proceeds of which are used to refinance, refund, repay
or defease, outstanding Indebtedness (other than Indebtedness 

  

					
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Incurred under Section 4.09(2)(A), (B), (E), (G) or (J)) and any refinancings thereof in an amount not to exceed the amount so refinanced, refunded, repaid
or defeased (plus premiums, accrued interest, fees and expenses); provided that Indebtedness the proceeds of which are used to refinance or refund the Notes or Indebtedness that ranks equally with, or subordinate in right of payment to, the
Notes shall only be permitted under this Section 4.09(2)(F) if: 
  

	 	(i)	in case the Notes are refinanced in part or the Indebtedness to be refinanced ranks equally with the Notes, such new Indebtedness, by its terms or by the terms of any agreement or
instrument pursuant to which such new Indebtedness is outstanding, ranks equally with or is expressly made subordinate in right of payment to the remaining Notes; 

  

	 	(ii)	in case the Indebtedness to be refinanced is subordinated in right of payment to the Notes, such new Indebtedness, by its terms or by the terms of any agreement or instrument
pursuant to which such new Indebtedness is issued or remains outstanding, is expressly made subordinate in right of payment to the Notes at least to the extent that the Indebtedness to be refinanced is subordinated to the Notes; and

  

	 	(iii)	such new Indebtedness, determined as of the date of Incurrence of such new Indebtedness, does not mature prior to the Stated Maturity of the Indebtedness to be refinanced, refunded,
repaid or defeased, and the Average Life of such new Indebtedness is at least equal to the remaining Average Life of the Indebtedness to be refinanced, refunded, repaid or defeased, 

  
 provided further that (x) in no event may Indebtedness of the
Company that ranks equally with or subordinate in right of payment to the Notes be refinanced by means of any Indebtedness of any Restricted Subsidiary pursuant to this Section 4.09(2)(F) and (y) for purposes of this Section 4.09(2)(F), Subsidiary
Indebtedness and Secured Indebtedness shall be deemed to rank prior to the Notes; 
  
 (G) Guarantees of Indebtedness of the Company by any of its Restricted Subsidiaries, provided the Guarantee of such Indebtedness is
permitted by and made in accordance with Section 4.14; 
  
 (H) Indebtedness of the Company to the extent that the net proceeds thereof are promptly deposited to defease the Notes in accordance with the provisions under Article Eight; 
  
 (I) the incurrence by a Securitization Subsidiary of Indebtedness in a Qualified Securitization Transaction
that is without recourse to the Company or to any Restricted Subsidiary or their assets, other than such Securitization Subsidiary and its assets and other than Standard Securitization Undertakings, and is not guaranteed by the Company or any other
Restricted Subsidiary thereof; and 
  

					
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 (J) Indebtedness of the Company or any Restricted Subsidiary not permitted by any other
clause of this definition, in an aggregate principal amount not to exceed $100.0 million at any time outstanding. 
  
 (3) Notwithstanding any other provision of this Section 4.09, the Company will not and will not permit any of its Restricted Subsidiaries to Incur any
Subsidiary Indebtedness or any Secured Indebtedness (other than granting a Lien to secure the Notes or a Guarantee of the Notes by a Restricted Subsidiary) if the aggregate principal amount of all outstanding Subsidiary Indebtedness and Secured
Indebtedness of the Company and its Restricted Subsidiaries on a consolidated basis would be greater than 45% of Adjusted Total Assets, except to the extent that such Indebtedness is Incurred under Section 4.09(2)(A), (B), (F) or (H);
provided that in the case of Indebtedness Incurred under Section 4.09(2)(F), this exception will only apply to the extent that either (x) such Indebtedness is not secured by any property or assets other than the property or assets that
secured the Indebtedness being refinanced, refunded, repaid or defeased or (y) if such Indebtedness is Secured Indebtedness, such Indebtedness is secured by property or assets with a fair market value equal to or lesser than the fair market value of
the property or assets that secured the Indebtedness being refinanced, refunded, repaid or defeased. 
  
 (4) Notwithstanding any other provision of this Section 4.09, the maximum amount of Indebtedness that the Company or any of its Restricted Subsidiaries
may Incur pursuant to this Section 4.09 shall not be deemed to be exceeded with respect to any outstanding Indebtedness due solely to the result of fluctuations in the exchange rates of currencies. 
  
 (5) For purposes of determining any particular amount of Indebtedness under
this Section 4.09, 
  
 (i) (x) Indebtedness
Incurred under the Credit Agreement on or prior to the Closing Date or in connection with the Transactions shall be treated as Incurred pursuant to Section 4.09(2)(A) and (y) Indebtedness Incurred under the Net Lease Securitization Facility and the
Warehouse Credit Facilities on or prior to the Closing Date shall be treated as Incurred pursuant to Section 4.09(2)(B), and 
  
 (ii) obligations with respect to letters of credit, Guarantees or Liens supporting Indebtedness otherwise included in the determination of
such particular amount shall not be included. 
  
 For purposes of
determining compliance with this Section 4.09, in the event that an item of Indebtedness meets the criteria of more than one of the types of Indebtedness described in the above clauses of this Section 4.09 (other than Indebtedness referred to in
Section 4.09(5)(i)), the Company, in its sole discretion, shall classify (and may reclassify) such item of Indebtedness and only be required to include the amount and type of such Indebtedness in one of such clauses. 
  

					
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 Section 4.10. Limitation on Asset Sales. 
  
 (a) The Company will not, and will not permit any of its Restricted
Subsidiaries to, consummate any Asset Sale, unless: 
  
 (1) the consideration received by the Company or such Restricted Subsidiary is at least equal to the fair market value of the assets sold or disposed of, and; 
  
 (2) at least 75% of the consideration received consists of cash or Temporary Cash Investments or Replacement
Assets. For purposes of this provision, each of the following shall be deemed to be cash: 
  
 (a) any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet) of the Company or any
Restricted Subsidiary (other than contingent liabilities, Indebtedness that is by its terms subordinated to the Notes or any Subsidiary Guarantee and liabilities to the extent owed to the Company or any Affiliate of the Company) that are assumed by
the transferee of any such assets or Equity Interests pursuant to a written novation agreement that releases the Company or such Restricted Subsidiary from further liability therefor; 
  
 (b) any securities, notes or other obligations received by the Company or any such Restricted Subsidiary
from such transferee that are contemporaneously (subject to ordinary settlement periods) converted by the Company or such Restricted Subsidiary into cash (to the extent of the cash received in that conversion); and 
  
 (c) with respect to the sale of one or more real estate
properties, Indebtedness of the purchaser of such real estate properties to the extent that such Indebtedness is secured by a first priority Lien on the real estate property or properties sold. 
  
 Within 365 days after the receipt of Net Cash Proceeds from one or more Asset
Sales occurring on or after the Issue Date in any period of 12 consecutive months exceed 5% of Adjusted Consolidated Net Tangible Assets (determined as of the date closest to the commencement of such 12-month period for which a consolidated balance
sheet of the Company and its Restricted Subsidiaries has been filed with the SEC or provided to the Trustee pursuant to Section 4.03), the Company will: 
  
 (A) (i) apply an amount equal to such excess Net Cash Proceeds to permanently reduce Subsidiary Indebtedness or Secured Indebtedness owing
to a Person other than the Company or any of its Restricted Subsidiaries, or (ii) invest an equal amount, or the amount not so applied pursuant to clause (i) (or enter into a definitive agreement committing to so invest within 6 months after the
date of such agreement), in Replacement Assets, or 
  
 (B) apply (no later than the end of the 365-day period referred to in this paragraph) such excess Net Cash Proceeds (to the extent not applied pursuant to clause (A)) as provided in the following paragraph of this Section 4.10. 

 
 Pending the final application of any such excess Net Cash Proceeds, the Company or any of
its Restricted Subsidiaries may temporarily reduce revolving credit borrowings or otherwise invest such Net Cash Proceeds in any manner that is not prohibited by this Indenture. 
  

					
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 The amount of excess Net Cash Proceeds required to be applied (or to be committed to be applied) during
such 365-day period as set forth in clause (A) or (B) of the second paragraph of this Section 4.10 and not applied as so required by the end of such period shall constitute “Excess Proceeds.” If, as of the first day of any calendar
month, the aggregate amount of Excess Proceeds not previously subject to an Offer to Purchase pursuant to this Section 4.10 totals at least $25.0 million, the Company must commence, not later than the fifteenth Business Day of such month, and
consummate an Offer to Purchase from the Holders (and holders of other Pari Passu Indebtedness to the extent required by the terms thereof) on a pro rata basis an aggregate principal amount of Notes (and other such Pari Passu Indebtedness) equal to
the Excess Proceeds on such date, at a purchase price equal to 100% of the principal amount thereof, plus, in each case, accrued interest (if any) to the Payment Date. 
  
 If any Excess Proceeds remain after consummation of an Offer to Purchase, the Company or any of its Restricted Subsidiaries
may use such Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and such other Pari Passu Indebtedness tendered into such Offer to Purchase exceeds the amount of Excess Proceeds,
the Notes and such other Pari Passu Indebtedness to be purchased shall be selected on a pro rata basis based on the principal amount of Notes and such other Pari Passu Indebtedness tendered. Upon completion of each Offer to Purchase, the amount of
Excess Proceeds shall be reset at zero. 
  
 Section 4.11. Limitation on Transactions with Affiliates. 
  
 (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into, renew or extend any transaction (including, without limitations, the purchase, sale, lease or
exchange of property or assets, or the rendering of any service) with any holder (or any Affiliate of such holder) of 10% or more of any class of Capital Stock of the Company or with any Affiliate of the Company or any of its Restricted Subsidiaries
(each, an “Affiliate Transaction”), except upon fair and reasonable terms no less favorable to the Company or such Restricted Subsidiary than could be obtained, at the time of such transaction or, if such transaction is pursuant to
a written agreement, at the time of the execution of the agreement providing therefor, in a comparable arm’s-length transaction with a Person that is not such a holder or an Affiliate. 
  
 (b) The following items shall not be deemed to be Affiliate Transactions and,
therefore, will not be subject to the provisions of Section 4.11(a): 
  
 (1) any transaction between the Company and any of its Restricted Subsidiaries or between Restricted Subsidiaries; 
  
 (2) the payment of reasonable and customary compensation, fees and expenses and reasonable and customary indemnification and similar
arrangements of the Company or any of its Restricted Subsidiaries; 
  
 (3) any issuance or sale of Equity Interests (other than Disqualified Stock) of the Company; 
  

					
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 (4) transactions with a Person that is an Affiliate of the Company or any of its
Restricted Subsidiaries solely because the Company or a Restricted Subsidiary owns an Equity Interest in, or controls, such Person; 
  
 (5) the agreements described in the Offering Memorandum under the caption “Certain Relationship and Related Transactions”, in
each case as in effect as of the Closing Date or any amendment thereto (so long as the amended agreement, taken as a whole, is not more disadvantageous to the Holders of the Notes than such agreement immediately prior to such amendment); 

 
 (6) transfers of eligible assets to or from a
Securitization Entity in connection with a Qualified Securitization Transaction, the charging of fees and expenses in the ordinary course of business, providing Standard Securitization Undertakings and customary servicing and making customary
advances, in connection with a Qualified Securitization Transaction; or 
  
 (7) any Restricted Payments not prohibited by Section 4.07 or any Permitted Investments. 
  
 (c) The Company shall deliver to the Trustee:: 
  

(a) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess
of $10.0 million, a Board Resolution set forth in an Officers’ Certificate certifying that such Affiliate Transaction or series of related Affiliate Transactions complies with this covenant and that such Affiliate Transaction or series of
related Affiliate Transactions has been approved by a majority of the disinterested members of the Board of Directors of the Company; and 
  
 (b) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
$25.0 million, an opinion as to the fairness to the Company or such Restricted Subsidiary of such Affiliate Transaction or series of related Affiliate Transactions from a financial point of view issued by an independent accounting, appraisal or
investment banking firm of national standing. 
  
 Section 4.12. Repurchase of Notes Upon a Change of Control. 
  
 (a) The Company must commence, within 30 days of the occurrence of a Change of Control, and, within 90 days of the occurrence of a Change of Control, consummate an Offer to Purchase for all Notes then outstanding, at
a purchase price equal to 101% of the principal amount of the Notes, plus accrued interest (if any) to the Payment Date. 
  
 (b) Notwithstanding anything to the contrary in this Section 4.12, the Company shall not be required to make an Offer to Purchase upon a Change of Control
if (i) a third party makes the Offer to Purchase in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.12 and all other provisions of this Indenture applicable to an Offer to Purchase made by the
Company and purchases all Notes validly tendered and not withdrawn under such Offer to Purchase, or (ii) the Company has irrevocably 

  

					
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elected to redeem all of the Notes pursuant to Section 3.07 and has not defaulted in its redemption obligations. 
  
 Section 4.13. Payments for Consent. 
  
 The Company will not, and will not permit any of its Restricted Subsidiaries
to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless
such consideration is offered to be paid and is paid to all Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 
  
 Section 4.14. Limitation on Issuances of Guarantees by
Restricted Subsidiaries. 
  
 The Company will not permit any
of its Restricted Subsidiaries, directly or indirectly, to Guarantee any Indebtedness of the Company (“Guaranteed Indebtedness”), other than Secured Indebtedness, unless: 
  
 (1) such Restricted Subsidiary simultaneously executes and
delivers a supplemental indenture to this Indenture providing for a Subsidiary Guarantee by such Restricted Subsidiary; and 
  
 (2) such Restricted Subsidiary waives and will not in any manner whatsoever claim or take the benefit or advantage of, any rights of
reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary as a result of any payment by such Restricted Subsidiary under its Subsidiary Guarantee. 
  
 The form of the supplemental indenture is attached as Exhibit E hereto. 
  
 If the Guaranteed Indebtedness: 
  
 (a) ranks equally with the Notes, then the Guarantee of such
Guaranteed Indebtedness shall rank equally with, or subordinate to, the Subsidiary Guarantee, or 
  
 (b) is subordinate to the Notes, then the Guarantee of such Guaranteed Indebtedness shall be subordinated to the Subsidiary Guarantee at
least to the extent that the Guaranteed Indebtedness is subordinated to the Notes. 
  
 A Subsidiary Guarantor may not sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into (whether or not such Subsidiary Guarantor is the surviving Person),
another Person, other than the Company or another Subsidiary Guarantor, unless: 
  
 (1) immediately after giving effect to that transaction, no Default or Event of Default exists; and 
  

					
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 (2) either: 
  
 (a) the Person acquiring the property in any such sale or disposition or the Person formed by or surviving
any such consolidation or merger (if other than the Subsidiary Guarantor) is organized or existing under the laws of the United States, any state thereof or the District of Columbia and assumes all the obligations of that Subsidiary Guarantor under
this Indenture, its Subsidiary Guarantee and the Registration Rights Agreement pursuant to a supplemental indenture satisfactory to the Trustee; or 
  
 (b) such sale or other disposition or consolidation or merger complies with Section 4.10. 
  
 Notwithstanding the foregoing, any Subsidiary Guarantee by a Restricted
Subsidiary may provide by its terms that it shall be automatically and unconditionally released and discharged upon: 
  
 (1) any sale, exchange or transfer, to any Person not an Affiliate of the Company, of all of the Capital Stock held by the Company and its
Restricted Subsidiaries in such Restricted Subsidiary, or the designation of such Restricted Subsidiary as an Unrestricted Subsidiary (in any such case which transaction is not prohibited by this Indenture); or 
  
 (2) the release or discharge of the Guarantee which resulted
in the creation of such Subsidiary Guarantee and all other Guarantees of Indebtedness of the Company by such Restricted Subsidiary, except a discharge or release by or as a result of payment under such Guarantee. 
  
 Section 4.15. Suspension of Certain Covenants and
Agreements. 
  
 (a) During the Suspension Period, the
provisions of Sections 4.07, 4.08, 4.10, 4.11 and 4.14 will not apply. The provisions of Sections 4.01, 4.02, 4.04, 4.05, 4.06, 4.09 and 4.15 will apply at all times, whether or not during the Suspension Period, so long as any Notes remain
outstanding under this Indenture. 
  
 “Suspension
Period” means the period (a) beginning on the date that: 
  
 (1) the Notes have Investment Grade Status; 
  
 (2) no Default or Event of Default has occurred and is continuing; and 
  
 (3) the Company has delivered an Officers’ Certificate to the Trustee certifying that the conditions set forth in clauses (1) and (2)
above are satisfied, 
  
 and (b) ending on the date (the “Reversion
Date”) that: 
  
 (1) either Moody’s
or S&P ceases to have the applicable ratings specified in the definition of “Investment Grade Status” for the Notes; or 
  
 (2) a Default or Event of Default has occurred and is continuing. 
  

					
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 For purposes of calculating the amount available to be made as Restricted Payments under clause (C) of Section 4.07(a),
calculations under that clause will be made with reference to the Closing Date as set forth in that clause. Accordingly, Restricted Payments made during the Suspension Period will reduce the amount available to be made as Restricted Payments under
clause (C) and the items specified in subclauses (i), (ii) and (iii) under clause (C) that occur during the Suspension Period will increase the amount available to be made as Restricted Payments under clause (C). Notwithstanding the foregoing, the
Company shall not be entitled to designate any Subsidiary as an Unrestricted Subsidiary during a Suspension Period. 
  
 (b) For purposes of Section 4.10, on the Reversion Date, the Excess Proceeds will be reset to zero. 
  
 ARTICLE FIVE 
 SUCCESSORS 
  
 Section 5.01. Merger, Consolidation or Sale of Assets. 
  
 (a) The Company will not merge with or into, or sell, convey, transfer, lease or otherwise dispose of all or substantially of its property and assets (as an entirety or substantially an entirety in one transaction or
a series of related transactions) to, any Person or permit any Person to merge with or into the Company unless: 
  
 (1) the Company shall be the continuing Person, or the Person formed by such consolidation or into which such Issuer is merged or that
acquired or leased such property and assets of such Issuer shall be an entity (provided that if any successor person is not a corporation, there must also be a co-issuer of the Notes that is a corporation organized and existing under the laws
of the United States of America or any state or jurisdiction thereof) organized and validly existing under the laws of the United States of America or any state or jurisdiction thereof and shall expressly assume, by a supplemental indenture,
executed and delivered to the Trustee, all of the obligations of such Issuer on the Notes and under this Indenture; 
  
 (2) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; 

 
 (3) immediately after giving effect to such transaction
on a pro forma basis, the Company or any Person becoming the successor obligor of the Notes replacing the Company could Incur at least $1.00 of Indebtedness under Section 4.09(1); and 
  
 (4) the Company delivers to the Trustee an Officers’ Certificate (attaching the arithmetic computations
to demonstrate compliance with Section 5.01(a)(3)) and an Opinion of Counsel, in each case stating that such consolidation, merger or transfer and such supplemental indenture complies with this provision and that all conditions precedent provided
for herein relating to such transaction have been complied with; 
  
 provided that Section 5.01(a)(3) will not apply (x) if, in the good faith determination of the Board of Directors of the Company, whose determination shall be evidenced by a Board Resolution, the principal purpose of such transaction
is to change the state of 

  

					
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domicile of the Company or (y) to any merger, consolidation or sale, assignment, transfer, conveyance or other disposition of assets between or among the
Company and any of its Restricted Subsidiaries; and provided, further, that any such transaction shall not have as one of its purposes the evasion of the foregoing limitations set forth in this Section 5.01(a). 
  
 (b) For purposes of Section 5.01(a), the transfer (by lease, assignment,
sale, or otherwise, in a single transaction or series of transactions) of all or substantially all of the properties or assets of one or more Restricted Subsidiaries of the Company, the Capital Stock of which constitutes all or substantially all of
the properties and assets of the Company, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company. 
  
 Section 5.02. Successor Corporation Substituted. 
  
 Upon any consolidation or merger, or any sale, assignment, transfer, conveyance or other disposition of all or substantially
all of the properties or assets of the Company in accordance with Section 5.01, the successor Person formed by such consolidation or into which the Company is merged or to which such sale, assignment, transfer, conveyance or other disposition is
made, shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor initially had been named as the Company therein. When a successor assumes all the
obligations of its predecessor under this Indenture and the Notes following a consolidation or merger, or any sale, assignment, transfer, conveyance or other disposition (other than by way of a lease) of all or substantially all of the assets of the
predecessor in accordance with this Article Five, the predecessor shall be released from those obligations. 
  
 ARTICLE SIX 
 DEFAULTS AND REMEDIES 
  
 Section 6.01. Events of Default. 
  
 Each of the following is an “Event of Default”: 

 
 (i) default in the payment of principal of, or premium,
if any, on any Note when due and payable at maturity, upon acceleration, redemption or otherwise; 
  
 (ii) default in the payment of interest or Additional Interest on any Note when due and payable, and such default continues for a period
of 30 days; 
  
 (iii) default in the performance
or breach of the provisions of Article 5 or the failure by the Company to make or consummate an Offer to Purchase in accordance with Sections 4.10 or 4.12; 
  
 (iv) default in the performance of or breach of any other covenant or agreement in this Indenture or under the Notes (other than a default
specified in Sections 6.01(i), (ii) or (iii)) and such default or breach continues for a period of 60 consecutive days after written notice by the Trustee or the Holders of 25% or more in aggregate principal amount of the Notes; 
  

					
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 (v) there occurs with respect to any issue or issues of Indebtedness of the Company or
any of its Restricted Subsidiaries having an outstanding principal amount of $25.0 million or more in the aggregate for all such issues of all such Persons, whether such Indebtedness now exists or shall hereafter be created, 
  
 (A) an event of default that has caused the holder thereof
to declare such Indebtedness to be due and payable prior to its Stated Maturity; or 
  
 (B) the failure to make a principal payment at the final (but not any interim) fixed maturity; 
  
 (vi) any final judgment or order (not covered by insurance)
for the payment of money in excess of $25.0 million in the aggregate for all such final judgments or orders against all such Persons (treating any deductibles, self-insurance or retention as not covered by insurance): 
  
 (A) shall be rendered against the Company or any Restricted
Subsidiary and shall not be paid or discharged, and 
  
 (B) there shall be any period of 60 consecutive days following entry of the final judgment or order that causes the aggregate amount for all such final judgments or orders outstanding and not paid or discharged against all such Persons to
exceed $25.0 million during which a stay of enforcement of such final judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; 
  
 (vii) a court having jurisdiction in the premises enters a decree or order for: 
  
 (A) relief in respect of the Company or any Significant
Subsidiary in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, 
  
 (B) appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Company or any
Significant Subsidiary or for all or substantially all of the property and assets of the Company or any Significant Subsidiary, or 
  
 (C) the winding up or liquidation of the affairs of the Company or any Significant Subsidiary, 
  
 and, in each case, such decree or order shall remain unstayed and in effect
for a period of 60 consecutive days; or 
  
 (viii) the Company or any Significant Subsidiary: 
  
 (A) commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case under such law,

  

					
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 (B) consents to the appointment of or taking possession by a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official of the Company or any Significant Subsidiary or for all or substantially all of the property and assets of the Company or any Significant Subsidiary, or 
  
 (C) effects any general assignment for the benefit of its
creditors. 
  
 Section 6.02. Acceleration.

  
 (a) If an Event of Default (other than an Event of Default
specified in Sections 6.01(vii) or (viii) that occurs with respect to the Company) occurs and is continuing under this Indenture, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, by written
notice to the Company (and to the Trustee if such notice is given by the Holders), may, and the Trustee at the request of the Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall, declare the principal of,
premium, if any, and accrued interest on the Notes to be immediately due and payable, specifying the Event of Default. Upon a declaration of acceleration, such principal of, premium, if any, and accrued interest shall be immediately due and payable.
At any time after the Trustee or the Holders have accelerated the Notes, but before a judgment or decree for payment of the money due has been obtained, the Holders of at least a majority in principal amount of the Notes may rescind and annul such
acceleration in accordance with Section 6.04 hereof. 
  
 (b) If an
Event of Default specified in Sections 6.01(vii) or (viii) occurs with respect to the Company, the principal of, premium, if any, and accrued interest on the Notes then outstanding shall automatically become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holder. 
  
 (c) In the event of a declaration of acceleration of the Notes solely because an Event of Default described in Section 6.01(v) has occurred and is continuing, the declaration of acceleration of the Notes shall be
automatically rescinded and annulled if the event of default or payment default triggering such Event of Default pursuant to Section 6.01(v) shall be remedied or cured by the Company or a Restricted Subsidiary of the Company or waived by the holders
of the relevant Indebtedness within 20 days after the declaration of acceleration with respect thereto and if the rescission and annulment of the acceleration of the Notes would not conflict with any judgement or decree of a court of competent
jurisdiction obtained by the Trustee for the payment of amounts due on the Notes. 
  
 (d) In the case of any Event of Default occurring by reason of any willful action or inaction taken or not taken by or on behalf of the Company with the intention of avoiding payment of the premium that the Company
would have had to pay if the Company then had elected to redeem the Notes pursuant to Section 3.07 hereof, an equivalent premium shall also become and be immediately due and payable to the extent permitted by law upon the acceleration of the Notes.
If an Event of Default occurs during any time that the Notes are outstanding, by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Company with the intention of avoiding the prohibition on redemption of the
Notes, then the premium specified in Section 3.07(b) shall also become immediately due and payable to the extent permitted by law upon the acceleration of the Notes. 
  

					
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 Section 6.03. Other Remedies. 
  
 (a) If an Event of Default occurs and is continuing, the Trustee may pursue
any available remedy to collect the payment of principal, premium, if any, interest, and Additional Interest, if any, with respect to, the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
  
 (b) The Trustee may maintain a proceeding even if it does not possess any of
the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver
of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 
  
 Section 6.04. Waiver of Past Defaults. 
  

Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee, may on behalf of the Holders of all of the
Notes waive any existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of interest or Additional Interest on, or the principal of, the Notes; provided,
however, that the Holders of at least a majority in principal amount of the outstanding Notes by written notice to the Company and to the Trustee may waive all past defaults and rescind and annul a declaration of acceleration and its
consequences if: 
  
 (i) all existing Events of Default, other
than the nonpayment of the principal of, premium, if any, and interest or Additional Interest on the Notes that have become due solely by such declaration of acceleration, have been cured or waived, and 
  
 (ii) the rescission would not conflict with any judgment or decree of a court
of competent jurisdiction. 
  
 The Company shall deliver to the
Trustee an Officers’ Certificate stating that the requisite percentage of Holders have consented to such waiver and attaching copies of such consents. In case of any such waiver, the Company, the Trustee and the Holders shall be restored to
their former positions and rights hereunder and under the Notes, respectively. This Section 6.04 shall be in lieu of Section 316(a)(1)(B) of the TIA and such Section 316(a)(1)(B) of the TIA is hereby expressly excluded from this Indenture and the
Notes, as permitted by the TIA. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other Default or impair any right consequent thereon. 
  
 Section 6.05. Control by Majority. 
  
 The Holders of at least a majority in aggregate principal amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any
trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be
unduly prejudicial to the rights of Holders of Notes not joining in the giving of such 

  

					
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direction and may take any other action it deems proper that is not inconsistent with any such direction received from Holders of Notes. 
  
 Section 6.06. Limitation on Suits. 
  
 (a) A Holder may not pursue any remedy with respect to this Indenture or the
Notes unless: 
  
 (i) the Holder gives the
Trustee written notice of a continuing Event of Default; 
  
 (ii) the Holders of at least 25% in aggregate principal amount of outstanding Notes make a written request to the Trustee to pursue the remedy; 
  
 (iii) such Holder or Holders offer the Trustee indemnity reasonably satisfactory to the Trustee against any
costs, liability or expense; 
  
 (iv) the Trustee
does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and 
  
 (v) during such 60-day period, the Holders of a majority in aggregate principal amount of the outstanding Notes do not give the Trustee a
direction that is inconsistent with the request. 
  
 (b) A Holder
of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note. 
  
 Section 6.07. Rights of Holders of Notes to Receive Payment. 
  
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of the principal
of, premium, if any, or Additional Interest, if any, or interest on, such Note or to bring suit for the enforcement of any such payment, on or after the due date expressed in the Notes, shall not be impaired or affected without the consent of the
Holder. 
  
 Section 6.08. Collection Suit by
Trustee. 
  
 If an Event of Default specified in Section
6.01(i) or (ii) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of, premium, if any, interest, and Additional Interest,
if any, remaining unpaid on the Notes and interest on overdue principal and premium, if any, and, to the extent lawful, interest and Additional Interest, if any, and such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
  

					
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 Section 6.09. Trustee May File Proofs of Claim. 
  
 The Trustee is authorized to file such proofs of claim and other papers or
documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes
allowed in any judicial proceedings relative to the Company or any Subsidiary Guarantor (if any), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other securities or property payable
or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to
the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that
the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any
reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation
or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
  
 Section 6.10. Priorities. 
  
 (a) If the Trustee collects any money or other property pursuant to this Article, it shall pay out the money or other
property in the following order: 
  
 First: to
the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
  
 Second: to Holders of Notes for amounts due and unpaid on
the Notes for principal, premium, if any, interest and Additional Interest, if any, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, interest, and Additional
Interest, if any, respectively; and 
  
 Third: to
the Company or to such party as a court of competent jurisdiction shall direct. 
  
 (b) The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 
  

					
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 Section 6.11. Undertaking for Costs. 
  
 In any suit for the enforcement of any right or remedy under this Indenture
or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion
may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a
suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes. 
  
 ARTICLE SEVEN 
 TRUSTEE 
  
 Section 7.01.
Duties of Trustee. 
  
 Except to the extent, if any,
provided otherwise in the TIA: 
  
 (a) If an Event of Default has
occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent man would exercise or use under the circumstances in the
conduct of his own affairs. 
  
 (b) Except during the continuance
of an Event of Default: 
  
 (i) the duties of the
Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into
this Indenture against the Trustee; and 
  
 (ii)
in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 
  
 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its
own willful misconduct, except that: 
  
 (i) this
paragraph does not limit the effect of paragraph (b) of this Section; 
  
 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
  
 (iii) the Trustee shall not be liable with respect to any
action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof. 
  

					
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 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any way
relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01. 
  
 (e) No provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee shall be under no obligation to exercise any of its rights and powers under this
Indenture at the request of any Holders, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against any loss, costs, liability or expense that might be incurred by it in connection with the request or
direction. 
  
 (f) Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law. 
  
 Section 7.02. Certain Rights of Trustee. 
  
 (a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the
document. 
  
 (b) Before the Trustee acts or refrains from acting,
it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee
may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon. 
  
 (c) The Trustee may act through its
attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 
  
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or
powers conferred upon it by this Indenture. 
  
 (e) Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company. 
  
 (f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities that might be incurred by it in compliance with such
request or direction. 
  
 (g) The Trustee shall not be deemed to
have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of such event is sent to the Trustee in accordance with Section 11.02 hereof, and such notice references
the Notes. 
  

					
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 Section 7.03. Individual Rights of Trustee. 
  
 The Trustee in its individual or any other capacity may become the owner or
pledgee of Notes and may become a creditor of, or otherwise deal with, the Company or any of its Affiliates with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest as
described in the TIA, it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11
hereof. 
  
 Section 7.04. Trustee’s
Disclaimer. 
  
 The Trustee shall not be responsible for and
makes no representation as to the validity or adequacy of this Indenture, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision
of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any
other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 
  
 Section 7.05. Notice of Defaults. 
  
 If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to Holders of Notes a notice of the
Default or Event of Default within 90 days after it occurs, or if later, within 15 days after it becomes known to the Trustee. Except in the case of a Default or Event of Default in payment of principal, premium, interest or Additional Interest on
any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 
  
 Section 7.06. Reports by Trustee to Holders of the
Notes. 
  
 (a) Within 60 days after each March 15 beginning
with the March 15 following the date hereof, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event
described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA § 313(b)(2). The Trustee shall also transmit by mail all reports as
required by TIA § 313(c). 
  
 (b) A copy of each report at
the time of its mailing to the Holders of Notes shall be mailed to the Company and filed with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company shall promptly notify the Trustee when the
Notes are listed on any stock exchange or any delisting thereof. 
  
 Section 7.07. Compensation and Indemnity. 
  
 (a) The Company shall pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder in accordance with a 

  

					
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written schedule provided by the Trustee to the Company. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an
express trust. The Company shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable
compensation, disbursements and expenses of the Trustee’s agents and counsel. 
  
 (b) The Company shall indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture,
including the costs and expenses of enforcing this Indenture against the Company (including this Section 7.07) and defending itself against any claim (whether asserted by either of the Company or any Holder or any other person) or liability in
connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence, bad faith or willful misconduct. The Trustee shall notify the
Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder unless the failure to notify the Company impairs the Company’s ability to
defend such claim. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Company need not pay for any settlement made without its consent, which shall not be unreasonably withheld. 
  
 (c) The obligations of the Company under this Section 7.07 shall survive the
satisfaction and discharge of this Indenture and resignation or removal of the Trustee. 
  
 (d) To secure the Company’s payment obligations in this Section, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay
principal and interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture and resignation or removal of the Trustee. 
  

(e) When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(vii) and (viii) hereof occurs, the
expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 
  
 (f) The Trustee shall comply with the provisions of TIA § 313(b)(2) to the extent applicable. 
  
 Section 7.08. Replacement of Trustee. 
  
 (a) A resignation or removal of the Trustee and appointment of a successor
Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. 
  

					
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 (b) The Trustee may resign in writing at any time and be discharged from the trust hereby created by so
notifying the Company. The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 
  
 (i) the Trustee fails to comply with Section 7.10 hereof;

  
 (ii) the Trustee is adjudged a bankrupt or an
insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law; 
  
 (iii) a custodian or public officer takes charge of the Trustee or its property; or 
  
 (iv) the Trustee becomes incapable of acting. 
  
 (c) If the Trustee resigns or is removed or if a vacancy exists in the office
of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee
to replace the successor Trustee appointed by the Company. 
  
 (d)
If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company, or the Holders of Notes of at least 10% in principal amount of the then outstanding Notes may petition at
the expense of the Company any court of competent jurisdiction for the appointment of a successor Trustee. 
  
 (e) If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10, such Holder may
petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
  
 (f) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or
removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring
Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding
replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee. 
  
 Section 7.09. Successor Trustee by Merger, Etc. 
  
 If the Trustee consolidates, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another Person, the successor Person without any further act shall be the successor Trustee. 
  
 Section 7.10. Eligibility; Disqualification. 
  
 There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the
United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at
least $50.0 million as set forth in its most recent published annual report of condition. 
  

					
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 This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2)
and (5). The Trustee is subject to TIA § 310(b). 
  
 Section 7.11. Preferential Collection of Claims Against Company. 
  
 The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated
therein. The Trustee hereby waives any right to set-off any claim that it may have against the Company in any capacity (other than as Trustee and Paying Agent) against any of the assets of the Company held by the Trustee; provided,
however, that if the Trustee is or becomes a lender of any other Indebtedness permitted hereunder to be pari passu with the Notes, then such waiver shall not apply to the extent of such Indebtedness. 
  
 ARTICLE EIGHT 
 DEFEASANCE AND COVENANT DEFEASANCE 
  

	Section	8.01. Option to Effect Legal Defeasance or Covenant Defeasance. 

  
 The Company may, at the option of the Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, at any time, elect to have
either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article Eight. 
  
 Section 8.02. Legal Defeasance and Discharge. 
  
 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company shall,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Notes and all obligations of the Subsidiary Guarantors (if any) shall be deemed to
have been discharged with respect to their obligations under the Subsidiary Guarantees (if any) on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means
that the Company and the Subsidiary Guarantors (if any) shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes and Subsidiary Guarantees (if any), which shall thereafter be deemed to be
“outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all its other obligations under such Notes and this Indenture (and the Trustee, on
demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of
outstanding Notes to receive solely from the trust fund described in Section 8.04 hereof, and as more fully set forth in such Section, payments in respect of the principal of, premium, if any, interest and Additional Interest, if any, on such Notes
when such payments are due, (b) the Company’s obligations with respect to such Notes under Sections 2.04, 2.05, 2.07, 2.08 and 4.02 hereof, inclusive, (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Company’s obligations in connection therewith and (d) this Article Eight. Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03
hereof. 
  

					
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 Section 8.03. Covenant Defeasance. 
  
 Upon the Company’s exercise under Section 8.01 hereof of the option
applicable to this Section 8.03, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from its obligations under the covenants contained in Sections 4.03, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12,
4.14, 5.01(a)(3) hereof, inclusive, with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed
not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all
other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company may omit to comply with and
shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such
covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such
Notes shall be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, the following
Sections shall be deemed not to be Events of Default: Section 6.01(iii) hereof, Section 6.01(iv) hereof with respect to such other covenants set forth above in this Section 8.03 and Sections 6.01(v) and (vi) hereof. 
  
 Section 8.04. Conditions to Legal or Covenant
Defeasance. 
  
 (a) The following shall be the conditions to
the application of either Section 8.02 or 8.03 hereof to the outstanding Notes: 
  
 (i) the Company must have deposited with the Trustee, in trust, money and/or U.S. Government Obligations that through the payment of
interest and principal in respect thereof in accordance with their terms will provide money in an amount sufficient to pay the principal of, premium, if any, and accrued interest on the Notes on the Stated Maturity of such payments in accordance
with the terms of this Indenture and the Notes; 
  
 (ii) in the case of an election under Section 8.02, the Company shall have delivered to the Trustee either (A) an Opinion of Counsel to the effect that Holders will not recognize income, gain or loss for federal income tax purposes as a
result of the Company’ exercise of the option under Section 8.02 and will be subject to federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had
not occurred, which Opinion of Counsel must be based upon (and accompanied by a copy of) a ruling of the Internal Revenue Service to the same effect unless there has been a change in applicable federal income tax law after the Closing Date such that
a ruling is no longer required or (B) a ruling directed to the Trustee received from the Internal Revenue Service to the same effect as the Opinion of Counsel mentioned in clause (A) of this Section 8.04(a)(ii); 
  

					
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 (iii) in the case of an election under Section 8.03, the delivery by the Company to the
Trustee of an Opinion of Counsel to the effect that, among other things, the Holders will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and defeasance of certain covenants and Events of Default and
will be subject to federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; 
  
 (iv) an Opinion of Counsel to the effect that the creation of the defeasance trust does not violate the
Investment Company Act of 1940 and after the passage of 123 days following the deposit, the trust fund will not be subject to the effect of Section 547 of the Bankruptcy Law or Section 15 of the New York Debtor and Creditor Law; and 
  
 (v) immediately after giving effect to such deposit on a pro
forma basis, no Event of Default shall have occurred and be continuing on the date of such deposit or during the period ending on the 123rd day after the date of such deposit, and such deposit shall not result in a breach or violation of, or
constitute a default under, any other agreement or instrument to which the Company or any of its Restricted Subsidiaries is a party or by which the Company or any of its Restricted Subsidiaries is bound. 
  
 Section 8.05. Deposited Money and U.S. Government
Obligations to Be Held in Trust; Other Miscellaneous Provisions. 
  
 (a) Subject to Section 8.06 hereof, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 8.04 hereof in respect of the outstanding Notes shall be held in trust and applied
by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes
of all sums due and to become due thereon in respect of principal, premium, if any, and Additional Interest, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 
  
 (b) The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the cash or U.S. Government Obligations deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for
the account of the Holders of the outstanding Notes. 
  
 (c)
Anything in this Article Eight to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the request of the Company any money or U.S. Government Obligations held by it as provided in Section 8.04 hereof
which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a) hereof), are in excess of the
amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
  

					
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 Section 8.06. Repayment to the Company. 
  
 Any money deposited with the Trustee or any Paying Agent, or then held by
the Company, in trust for the payment of the principal of, premium, if any, interest, or Additional Interest, if any, on any Note and remaining unclaimed for two years after such principal, and premium, if any, interest, or Additional Interest, if
any, has become due and payable shall, subject to applicable abandoned property laws, be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter look only
to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee
or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Company. 
  
 Section 8.07. Reinstatement. 
  
 If the Trustee or Paying Agent is unable to apply any United States dollars
or U.S. Government Obligations in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the
Company’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 and, in the case of a Legal Defeasance, the Subsidiary Guarantors’ obligations
under their respective Subsidiary Guarantees shall be revised and reinstated as though no deposit had occurred pursuant to Section 8.02 hereof, in each case until such time as the Trustee or Paying Agent is permitted to apply all such money or U.S.
Government Obligations in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest on any Note because of the reinstatement
of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent. 
  
 ARTICLE NINE 
 AMENDMENT, SUPPLEMENT AND WAIVER 
  
 Section 9.01. Without Consent of Holders of Notes. 
  
 (a) Notwithstanding Section 9.02 of this Indenture, without the consent of any Holder of a Note, the Company and the Trustee
may amend or supplement this Indenture or the Notes: 
  
 (i) to cure any ambiguity, defect or inconsistency; 
  
 (ii) to provide for uncertificated Notes in addition to or in place of certificated Notes; 
  

					
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 (iii) to provide for the assumption of the Company’s or any Subsidiary
Guarantor’s obligations to Holders of Notes in the case of a merger or consolidation or sale of all or substantially all of the Company’s or such Subsidiary Guarantor’s assets; 
  
 (iv) to add additional Subsidiary Guarantees with respect to
the Notes; 
  
 (v) to secure the Notes;

  
 (vi) to make any change that would provide
any additional rights or benefits to the Holders of Notes or that does not materially adversely affect the legal rights under this Indenture of any such Holder; 
  
 (vii) to comply with requirements of the SEC in order to effect or maintain the qualification of this
Indenture under the TIA; 
  
 (viii) to comply
with the provisions of Section 4.14 hereof; 
  
 (ix) to evidence and provide for the acceptance of appointment by a successor Trustee; or 
  
 (x) to provide for the issuance of Additional Notes in accordance with this Indenture. 
  
 (b) Upon the request of the Company accompanied by a Board Resolution
authorizing the execution of any such amended or supplemental Indenture, and upon receipt by the Trustee of any documents requested under Section 7.02(b) hereof, the Trustee shall join with the Company in the execution of any amended or supplemental
Indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental
Indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 
  
 Section 9.02. With Consent of Holders of Notes. 
  
 (a) Except as otherwise provided in this Section 9.02, the Company and the Trustee may modify, supplement and amend this
Indenture or the Notes with the consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Notes (including, without limitation, consents obtained in connection with a purchase of, or tender offer or Exchange
Offer for, Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default or compliance with any provision of this Indenture or the Notes may be waived with the consent of the Holders of a majority in aggregate
principal amount of the then outstanding Notes (including, without limitation, consents obtained in connection with a purchase of, or tender offer or Exchange Offer for, Notes). 
  
 (b) The Company may, but shall not be obligated to, fix a record date for the purpose of determining Holders of Notes
entitled to consent to any amendment, supplement or waiver hereto. If a record date is fixed, the Holders on such record date, or its duly designated proxies, and only such Persons, shall be entitled to consent to such amendment, supplement or

  

					
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waiver, whether or not such Holders remain Holders after such record date; provided that unless such consent shall have become effective by virtue of
the requisite percentage having been obtained prior to the date which is 90 days after such record date, any such consent previously given shall automatically and without further action by any Holder be cancelled and of no further effect.

  
 (c) Upon the request of the Company accompanied by a Board
Resolution authorizing the execution of any such amendment or supplement to this Indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the
Trustee of the documents described in Section 7.02 hereof, the Trustee shall join with the Company in the execution of such amendment or supplement unless such amendment or supplement directly affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amendment or supplement. 
  
 (d) It shall not be necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form
of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
  
 (e) After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall mail to the Holders of Notes affected thereby a
notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or waiver. Subject
to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the then outstanding Notes (including Additional Notes, if any) may waive compliance in a particular instance by the Company with any provision of this
Indenture, or the Notes. However, without the consent of each Holder affected, an amendment, supplement or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 
  
 (i) change the Stated Maturity of the principal of, or any
installment of interest on, any Note; 
  
 (ii)
reduce the principal amount of, or premium, if any, or interest or Additional Interest on, any Note; 
  
 (iii) change the place of payment of principal of, or premium, if any, or interest or Additional Interest on, any Note; 
  
 (iv) make any Note payable in money other than U.S. dollars;

  
 (v) impair the right to institute suit for
the enforcement of any payment on or after the Stated Maturity (or, in the case of a redemption, on or after the redemption date) of any Note; 
  
 (vi) waive a Default or Event of Default in the payment of principal of, premium, if any, or interest or Additional Interest on the Note;

  

					
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 (vii) following the occurrence of a Change of Control, amend, change, or modify in any
respect the obligation of the Company to make and consummate an Offer to Purchase in the event of a Change of Control that has occurred or modify any of the provisions or definitions with respect thereto; 
  
 (viii) alter the provisions relating to the redemption of
the Notes at the option of the Company 
  
 (ix)
make the Notes subordinated in right of payment to any other Indebtedness of the Company; or 
  
 (x) reduce the above-stated percentages of outstanding Notes the consent of whose Holders is necessary to modify, amend or waive
compliance with certain provisions of this Indenture. 
  
 Section 9.03. Compliance with Trust Indenture Act. 
  
 Every amendment or supplement to this Indenture or the Notes shall be set forth in a document that complies with the TIA as then in effect. 
  
 Section 9.04. Revocation and Effect of Consents. 
  
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by
the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or
subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in
accordance with its terms and thereafter binds every Holder. 
  
 Section 9.05. Notation on or Exchange of Notes. 
  
 (a) The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee shall, upon receipt of
an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 
  
 (b) Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

  
 Section 9.06. Trustee to Sign Amendments,
Etc. 
  
 The Trustee shall sign any amendment, supplement or
waiver to this Indenture or any Note authorized pursuant to this Article Nine if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amendment or
supplemental Indenture or Note until its Board of Directors approves it. In executing any amendment, supplement or waiver or Note, the Trustee shall be 

  

					
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entitled to receive and (subject to Section 7.01 hereof) shall be fully protected in relying upon an Officers’ Certificate and an Opinion of Counsel
stating that the execution of such amendment, supplement or waiver is authorized or permitted by this Indenture. 
  
 ARTICLE TEN 
 SATISFACTION AND DISCHARGE 
  
 Section 10.01. Satisfaction and Discharge.

  
 (a) This Indenture shall be discharged and shall cease to be
of further effect as to all Notes issued thereunder, when: 
  
 (i) either: 
  
 (A) all Notes that have been authenticated (except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company) have been
delivered to the Trustee for cancellation; or 
  
 (B) all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a notice of redemption or otherwise or will become due and payable within one year and the Company has
irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient
without consideration of any reinvestment of interest, to pay and discharge the entire indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium and Additional Interest, if any, and accrued interest to the date
of maturity or redemption; 
  
 (ii) no Default or
Event of Default shall have occurred and be continuing on the date of such deposit or shall occur as a result of such deposit and such deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which
the Company is a party or by which the Company is bound; 
  
 (iii) the Company has paid or caused to be paid all sums payable by it under this Indenture; and 
  
 (iv) the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the
payment of the Notes at maturity or the redemption date, as the case may be. 
  
 (b) In addition, the Company must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 
  
 (c) Notwithstanding the above, the Trustee shall pay to the Company from time
to time upon its request any cash or U.S. Government Obligations held by it as provided in 

  

					
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this section which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification delivered to the
Trustee, are in excess of the amount thereof that would then be required to be deposited to effect a satisfaction and discharge under this Article Eleven. 
  
 Section 10.02. Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions. 
  
 Subject to Section 10.03 hereof, all money and U.S. Government Obligations
(including the proceeds thereof) deposited with the Trustee pursuant to Section 10.01 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture,
to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any,
and Additional Interest, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 
  
 Section 10.03. Repayment to the Company. 
  

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any,
and Additional Interest, if any, or interest on any Note and remaining unclaimed for two years after such principal, premium, if any, or Additional Interest, if any, or interest has become due and payable shall, subject to applicable abandoned
property laws, be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Company for payment thereof, and all liability of the Trustee or
such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment,
may at the expense of the Company cause to be published once, in the New York Times or The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30
days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Company. 
  
 ARTICLE ELEVEN 
 MISCELLANEOUS

  
 Section 11.01. Trust Indenture Act
Controls. 
  
 If any provision of this Indenture limits,
qualifies or conflicts with the duties imposed by TIA § 318(c), the imposed duties shall control. 
  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	87	 	 

 Section 11.02. Notices. 
  
 (a) Any notice or communication by the Company, on the one hand, or the
Trustee on the other hand, to the other is duly given if in writing and delivered in Person or mailed by first class mail (registered or certified, return receipt requested), telecopier or overnight air courier guaranteeing next day delivery, to the
others’ address: 
  
 If to the Company: 
  
 Trustreet Properties, Inc. 
 450 South Orange Street, Suite 500 
 Orlando,
Florida 32801 
 Facsimile No.: (407) 540-2103 
 Attention: Treasurer 
  
 With a
copy to: 
  
 Sidley Austin Brown & Wood LLP 
 787 Seventh Avenue 
 New York, New York 10019

 Facsimile No.: (212) 839-5599 
 Attention: Craig Chapman, Esq. 
  
 If to the Trustee:

  
 Wells Fargo Bank, National Association 
 Sixth & Marquette; N9303-120 
 Minneapolis, MN 55479 
 Facsimile: (612) 667-9825 
 Attention: Corporate Trust Services – Trustreet Properties Administrator 
  
 (b) The Company or the Trustee, by notice to the others may designate additional or different addresses for subsequent notices or communications.

  
 (c) All notices and communications (other than those sent to
Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; three Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the next
Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
  
 (d) Any notice or communication to a Holder shall be mailed by first class mail, certified or registered, return receipt requested, or by overnight air
courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to mail a
notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
  
 (e) If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee
receives it. 
  
 (f) If the Company mails a notice or
communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 
  

					
	 Trustreet Properties – INDENTURE
	 	 	 	 
	 	 	88	 	 

 Section 11.03. Communication by Holders of Notes with Other Holders of Notes.

  
 Holders may communicate pursuant to TIA § 312(b) with
other Holders with respect to its rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
  
 Section 11.04. Certificate and Opinion as to Conditions Precedent. 
  
 (a) Upon any request or application by the Company to the Trustee to take
any action under this Indenture, the Company shall furnish to the Trustee: 
  
 (i) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 11.05 hereof) stating that, in the opinion of the signers, all
conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 
  
 (ii) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in
Section 11.05 hereof) stating that, in the opinion of such counsel (who may rely upon and Officers’ Certificate as to matters of fact), all such conditions precedent and covenants have been satisfied. 
  
 Section 11.05. Statements Required in Certificate or
Opinion. 
  
 (a) Each certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 
  
 (i) a statement that the Person making such certificate or
opinion has read such covenant or condition; 
  
 (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (iii) a statement that, in the opinion of such Person, he or she has made such examination or investigation
as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 
  
 provided, however, that with respect to matters of fact, an Opinion of
Counsel may rely on an Officers’ Certificate or certificates of public officials. 
  

					
	 Trustreet Properties – INDENTURE
	 	89	 	 

 Section 11.06. Rules by Trustee and Agents. 
  
 The Trustee may make reasonable rules for action by or at a meeting of
Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 
  
 Section 11.07. No Personal Liability of Directors, Officers, Employees and Stockholders. 
  
 No recourse for the payment of the principal of, premium, if any, or
interest on any of the Notes or for any claim based thereon or otherwise in respect thereof, and no recourse under any obligation, covenant or agreement of the Company in this Indenture, or in any of the Notes or because of the creation of any
Indebtedness represented thereby, shall be had against any incorporator, partner, shareholder, officer, director, employee or controlling person of the Company or of any successor Person thereof. Each Holder, by accepting the Notes, waives and
releases all such liability. This waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 
  
 Section 11.08. Governing Law. 
  
 THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS
INDENTURE AND THE NOTES. 
  
 Section 11.09.
Consent to Jurisdiction. 
  
 Any legal suit, action or
proceeding arising out of or based upon this Indenture or the transactions contemplated hereby (“Related Proceedings”) may be instituted in the federal courts of the United States of America located in the City of New York or the
courts of the State of New York in each case located in the City of New York (collectively, the “Specified Courts”), and each party irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or
proceeding. Service of any process, summons, notice or document by mail (to the extent allowed under any applicable statute or rule of court) to such party’s address set forth above shall be effective service of process for any suit, action or
other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree
not to plead or claim in any such court has been brought in an inconvenient forum. 
  
 Section 11.10. No Adverse Interpretation of Other Agreements. 
  
 This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or any of its
Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
  
 Section 11.11. Successors. 
  
 All agreements of the Company in this Indenture and the Notes shall bind its successors. All agreements of the Trustee in this Indenture shall bind its
successors. 
  

					
	 Trustreet Properties – INDENTURE
	 	90	 	 

 Section 11.12. Severability. 
  
 In case any provision in this Indenture or the Notes shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  
 Section 11.13. Counterpart Originals. 
  
 The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

  
 Section 11.14. Acts of Holders.

  
 (a) Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken by the Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in
writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company if made in the manner provided in this Section 11.14. 
  
 (b) The fact and date of the execution by any Person of any such instrument
or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing
acknowledged to such witness, notary or officer the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of authority.
The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 
  
 (c) Notwithstanding anything to the contrary contained in this Section 11.14,
the principal amount and serial numbers of Notes held by any Holder, and the date of holding the same, shall be proved by the register of the Notes maintained by the Registrar as provided in Section 2.04 hereof. 
  
 (d) If the Company shall solicit from the Holders of the Notes any request,
demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. Notwithstanding TIA § 316(c), such record date shall be the record date specified in or pursuant to such resolution, which shall
be a date not earlier than the date 30 days prior to the first solicitation of Holders generally in connection therewith or the date of the most recent list of Holders forwarded to the Trustee prior 

  

					
	 Trustreet Properties – INDENTURE
	 	91	 	 

 
to such solicitation pursuant to Section 2.06 hereof and not later than the date such solicitation is completed. If such a record date is fixed, such
request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes
of determining whether Holders of the requisite proportion of the then outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the then
outstanding Notes shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of
this Indenture not later than eleven months after the record date. 
  
 (e) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration or transfer thereof
or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Note. 
  
 (f) Without limiting the foregoing, a Holder entitled hereunder to take any
action hereunder with regard to any particular Note may do so itself with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all
or any part of such principal amount. 
  
 Section
11.15. Benefit of Indenture. 
  
 Nothing, in this
Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any Registrar and its successors hereunder, and the Holders, any benefit or any legal or equitable right, remedy or claim under
this Indenture. 
  
 Section 11.16. Table of
Contents, Headings, Etc. 
  
 The Table of Contents,
Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or
provisions hereof. 
  
 [SIGNATURE PAGES FOLLOW] 

 

					
	 Trustreet Properties – INDENTURE
	 	92	 	 

			
	 Very truly yours,
  
 TRUSTREET PROPERTIES, INC.

		
	By:	 	 /s/ Robert E. Lawless

	 	 	 Name: Robert E. Lawless
 Title: Senior Vice President and Treasurer

  

					
	 CNLRP – INDENTURE
	 	 	 	 
	 	 	S-1	 	 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Timothy P. Mowdy

	 	 	 Name: Timothy P. Mowdy
 Title: Assistant Vice
President

  

					
	 CNLRP – INDENTURE
	 	 	 	 
	 	 	S-2	 	 

  
 EXHIBIT A 

 
 [Face of Note] 
  
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AS DEFINED
IN THE INDENTURE GOVERNING THIS NOTE) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND SUCH NOTES ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITARY, 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. 
  
 THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE)
OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.07 OF THE
INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (IV) THIS
GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
  
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. THIS NOTE OR ANY INTEREST OR PARTICIPATION HEREIN MAY NOT BE OFFERED,
SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS NOTE
BY ITS ACCEPTANCE HEREOF AGREES FOR THE BENEFIT OF THE COMPANY TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE WHICH IS TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY
AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE) (THE “RESALE RESTRICTION TERMINATION DATE”) ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE
144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS 

  

					
	 CNLRP – INDENTURE
	 	 	 	 
	 	 	A-1	 	 

 
THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (i) PURSUANT TO CLAUSE (D) PRIOR TO THE END OF THE 40 DAY DISTRIBUTION COMPLIANCE PERIOD WITHIN THE
MEANING OF REGULATION S UNDER THE SECURITIES ACT OR PURSUANT TO CLAUSE (E) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND
(ii) IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THIS NOTE IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF A HOLDER AFTER THE RESALE
RESTRICTION TERMINATION DATE. 
  
 [Additional language for
Regulation S Note to be inserted after paragraph 1] 
  
 THE RIGHTS
ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). 
  

					
	 CNLRP – INDENTURE
	 	A-2	 	 

 CUSIP
[                    ] 
  
 ISIN [                    ] 
  

			
	 No.
	 	**$                **

  
 TRUSTREET PROPERTIES,
INC. 
  
 71⁄2% SENIOR NOTES DUE 2015 
  
 Issue Date: 
  
 Trustreet Properties, Inc., a Maryland corporation (the
“Company”, which term includes any successor under the Indenture hereinafter referred to), for value received, promises to pay to CEDE & CO., or its registered assigns, the principal sum of [Amount of Note]
($        ) on April 1, 2015. 
  
 Interest Payment Dates: April 1 and October 1, commencing October 1, 2005. 
  
 Record Dates: March 15 and September 15. 
  
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place. 
  
 [SIGNATURE PAGE
FOLLOWS] 
  

					
	 CNLRP – INDENTURE
	 	 	 	 
	 	 	A-3	 	 

 IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by its duly
authorized officers. 
  

			
	 TRUSTREET PROPERTIES, INC.

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

					
	 CNLRP – INDENTURE
	 	 	 	 
	 	 	A-4	 	 

 (Trustee’s Certificate of Authentication) 
  
 This is one of the 71⁄2% Senior Notes due 2015 described in the within-mentioned
Indenture. 
  
 Dated: 
  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

	
	 as Trustee

		
	 By:
	 	 
	 	 	 Authorized Signatory

  

					
	 CNLRP – INDENTURE
	 	 	 	 
	 	 	A-5	 	 

  
 [Reverse Side of Note]

  
 TRUSTREET PROPERTIES, INC. 
  
 71⁄2% Senior Notes due 2015 
  
 Capitalized terms used herein shall have the meanings assigned to them in
this Indenture referred to below unless otherwise indicated. 
  
 1. Interest. The Company promises to pay interest on the principal amount of this Note at 71⁄2% per annum from the date hereof until maturity and shall pay Additional Interest, if any, payable pursuant to Section 5 of the
Registration Rights Agreement referred to below. The Company shall pay interest and Additional Interest, if any, semi-annually in arrears on April 1 and October 1 of each year, or if any such day is not a Business Day, on the next succeeding
Business Day (each an “Interest Payment Date”). Interest on this Note shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of original issuance; provided that
if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding
Interest Payment Date; provided further that the first Interest Payment Date shall be October 1, 2005. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal
and premium, if any, from time to time on demand at the then applicable interest rate on the Notes; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without
regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. The Company shall pay any Additional Interest, if any, at the rate set forth in the Registration Rights Agreement. Interest shall be computed
on the basis of a 360-day year of twelve 30-day months. 
  
 2.
Method of Payment. The Company shall pay interest on this Note (except defaulted interest) and Additional Interest, if any, to the Persons who are registered Holders of this Note at the close of business on the record date immediately
preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.13 of the Indenture with respect to defaulted interest. The Notes shall be
payable as to principal, premium, if any, and Additional Interest, if any, and interest at the office or agency of the Company maintained for such purpose, or, at the option of the Company, payment of interest and Additional Interest, if any, may be
made by check mailed to the Holders at their addresses set forth in the register of Holders, and provided that payment by wire transfer of immediately available funds shall be required with respect to principal of and interest, premium and
Additional Interest, if any, on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent. Such payment shall be in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts. 
  
 3. Paying Agent and Registrar. Initially, the Trustee under the Indenture shall act as Paying Agent and Registrar. The Company may change any Paying Agent or 

  

					
	 CNLRP – INDENTURE
	 	 	 	 
	 	 	A-6	 	 

 
Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 
  
 4. Indenture. The Company issued the Notes under an Indenture dated as
of March 23, 2005 (“Indenture”) among the Company and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended. The
Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the
Indenture shall govern and be controlling. The Indenture pursuant to which this Note is issued provides that an unlimited aggregate principal amount of Additional Notes may be issued thereunder. 
  
 5. Optional Redemption. (a) Except as set forth in paragraph 5(b)
below, the Company shall not have the option to redeem any Notes prior to April 1, 2010. On or after April 1, 2010, the Company may redeem all or a part of the Notes upon not less than 30 nor more than 60 days’ prior notice, at the redemption
prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest and Additional Interest, if any, thereon, to the applicable redemption date, if redeemed during the twelve-month period beginning on April 1 of
the years indicated below: 
  

				
	 Year

	  	Percentage

	 
	 2010
	  	103.750	%
	 2011
	  	102.500	%
	 2012
	  	101.250	%
	 2013 and thereafter
	  	100.000	%

  
 (b) Notwithstanding
the foregoing, at any time prior to April 1, 2008, the Company may redeem up to 35% of the aggregate principal amount of Notes issued under the Indenture (including any Additional Notes) at a redemption price of 107.500% of the principal amount
thereof, plus accrued and unpaid interest and Additional Interest, if any, to the redemption date, with the net cash proceeds of one or more Equity Offerings; provided that (A) at least 65% of the aggregate principal amount of the Notes
issued under the Indenture (including any Additional Notes) remains outstanding immediately after the occurrence of such redemption (excluding Notes held by the Company and its Subsidiaries); and (B) the redemption must occur within 60 days of the
date of the closing of such Equity Offering. 
  
 6. Repurchase
at Option of Holder. (a) The Company must commence, within 30 days of the occurrence of a Change of Control, and, within 90 days of the occurrence of a Change of Control, consummate an Offer to Purchase for all Notes then outstanding, at a
purchase price equal to 101% of the principal amount of the Notes, plus accrued interest (if any) to the Payment Date. 
  
 (b) Within 365 days after the receipt of Net Cash Proceeds from one or more Asset Sales occurring on or after the Issue Date in any period of 12
consecutive months exceed 5% of Adjusted Consolidated Net Tangible Assets (determined as of the date closest to the commencement of such 12-month period for which a consolidated balance sheet of the Company 

  

					
	 CNLRP – INDENTURE
	 	 	 	 
	 	 	A-7	 	 

 
and its Restricted Subsidiaries has been filed with the SEC or provided to the Trustee pursuant to Section 4.03 of the Indenture), the Company will: (A)(i)
apply an amount equal to such excess Net Cash Proceeds to permanently reduce Subsidiary Indebtedness or Secured Indebtedness owing to a Person other than the Company or any of its Restricted Subsidiaries or (ii) invest an equal amount, or the amount
not so applied pursuant to subclause (i) of this paragraph (or enter into a definitive agreement committing to so invest within 6 months after the date of such agreement), in Replacement Assets, or (B) apply (no later than the end of the 365-day
period referred to in this paragraph 6) such excess Net Cash Proceeds (to the extent not applied pursuant to clause (A)) as provided in the following paragraph. Pending the final application of any such excess Net Cash Proceeds, the Company or any
of its Restricted Subsidiaries may temporarily reduce revolving credit borrowings or otherwise invest such Net Cash Proceeds in any manner that is not prohibited by the Indenture. 
  
 The amount of excess Net Cash Proceeds required to be applied (or to be committed to be applied) during such 365-day period
as set forth in clause (A) or (B) of the immediately preceding paragraph and not applied as so required by the end of such period shall constitute “Excess Proceeds.” If, as of the first day of any calendar month, the aggregate
amount of Excess Proceeds not previously subject to an Offer to Purchase pursuant to Section 4.10 of the Indenture totals at least $25.0 million, the Company must commence, not later than the fifteenth Business Day of such month, and consummate an
Offer to Purchase from the Holders (and holders of other Pari Passu Indebtedness to the extent required by the terms thereof) on a pro rata basis an aggregate principal amount of Notes (and other such Pari Passu Indebtedness) equal to the Excess
Proceeds on such date, at a purchase price equal to 100% of the principal amount thereof, plus, in each case, accrued interest (if any) to the Payment Date. 
  
 If any Excess Proceeds remain after consummation of an Offer to Purchase, the Company or any of its Restricted Subsidiaries may use such Excess Proceeds
for any purpose not otherwise prohibited by the Indenture. If the aggregate principal amount of Notes and such other Pari Passu Indebtedness tendered into such Offer to Purchase exceeds the amount of Excess Proceeds, the Notes and such other Pari
Passu Indebtedness to be purchased shall be selected on a pro rata basis based on the principal amount of Notes and such other Pari Passu Indebtedness tendered. Upon completion of each Offer to Purchase, the amount of Excess Proceeds shall be reset
at zero. 
  
 7. Denominations, Transfer, Exchange. The
Notes are in registered form without interest coupons in denominations of $1,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and
the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any transfer tax or other similar governmental charge required by law or permitted by the
Indenture. The Company is not required to transfer or exchange any Note selected for redemption. Also, the Company is not required to transfer or exchange any Note for a period of 15 days before a selection of Notes to be redeemed. Transfer may be
restricted as provided in the Indenture. 
  
 8. Persons Deemed
Owners. The registered Holder of a Note will be treated as its owner for all purposes. 
  

					
	 CNLRP – INDENTURE
	 	 	 	 
	 	 	A-8	 	 

 9. Amendment, Supplement and Waiver. Subject to certain limited exceptions, the Indenture or the
Notes may be modified, amended or supplemented by the Company and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Notes (including, without limitation, consents obtained in
connection with a purchase of, or tender offer or exchange offer for, the Notes), and any existing default or compliance with any provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority in aggregate
principal amount of the then outstanding Notes (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes). Without the consent of any Holder of a Note, the Indenture or the
Notes may be amended or supplemented to, among other things, cure any ambiguity, defect or inconsistency, or to make any change that would provide any additional rights or benefits to the Holders of Notes or that does not materially adversely affect
the legal rights under the Indenture of any such Holder. 
  
 10.
Defaults and Remedies. In the case of an Event of Default arising from certain events of bankruptcy or insolvency, with respect to the Company, the principal of, premium, if any, and accrued interest on the Notes then outstanding shall
automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. If any other Event of Default occurs and is continuing under the Indenture, the Trustee or the Holders of at least
25% in aggregate principal amount of the Notes then outstanding, by written notice to the Company (and to the Trustee if such notice is given by the Holders), may, and the Trustee at the request of the Holders of at least 25% in aggregate principal
amount of the Notes then outstanding shall, declare the principal of, premium, if any, and accrued interest on the Notes to be immediately due and payable, specifying the Event of Default. Holders of the Notes may not enforce the Indenture or the
Notes except as provided in the Indenture. Subject to certain limitations, Holders of at least a majority in aggregate principal amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee or exercising any trust or power conferred on the Trustee. Holders of at least a majority in principal amount of the outstanding Notes by written notice to the Company and to the Trustee may, on behalf of the Holders of all
of the Notes, rescind and annul a declaration of acceleration pursuant to Section 6.04 of the Indenture, and its consequences, and waive any related existing Default or Event of Default if certain conditions are satisfied. 
  
 In the case of any Event of Default occurring by reason of any willful action
or inaction taken or not taken by or on behalf of the Company with the intention of avoiding payment of the premium that the Company would have had to pay if the Company then had elected to redeem the Notes pursuant to Section 3.07 of the Indenture,
an equivalent premium shall also become and be immediately due and payable to the extent permitted by law upon the acceleration of the Notes. If an Event of Default occurs during any time that the Notes are outstanding, by reason of any willful
action (or inaction) taken (or not taken) by or on behalf of the Company with the intention of avoiding the prohibition on redemption of the Notes, then the premium specified in Section 3.07(b) of the Indenture shall also become immediately due and
payable to the extent permitted by law upon the acceleration of the Notes. 
  
 11. Trustee Dealings with Company. Subject to certain limitations imposed by the Trust Indenture Act, the Trustee under the Indenture, in its individual or any other 

  

					
	 CNLRP – INDENTURE
	 	 	 	 
	 	 	A-9	 	 

 
capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its
Affiliates, as if it were not the Trustee. 
  
 12. No Recourse
Against Others. No recourse for the payment of the principal of, premium, if any, or interest on any of the Notes or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement
of the Company in the Indenture, or in this Note or because of the creation of any Indebtedness represented thereby, shall be had against any incorporator, partner, shareholder, officer, director, employee or controlling person of the Company or of
any successor Person thereof. Each Holder, by accepting this Note, waives and releases all such liability. The waiver and release are part of the consideration for issuance of this Note. 
  
 13. Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent. 
  
 14. Additional Rights of Holders of
Restricted Global Notes and Restricted Definitive Notes. In addition to the rights provided to Holders under the Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes shall have all the rights set forth in the
Registration Rights Agreement dated as of March 23, 2005, between the Company and the parties named on the signature pages thereof or, in the case of Additional Notes, Holders of Restricted Global Notes and Restricted Definitive Notes shall have the
rights set forth in one or more registration rights agreements, if any, between the Company and the other parties thereto, relating to rights given by the Company to the purchasers of Additional Notes (the “Registration Rights
Agreement”). Each Holder of a Note, by acceptance hereof, acknowledges and agrees to the provisions of the Registration Rights Agreement, including the obligations of the Holders with respect to a registration and the indemnification of the
Company to the extent provided therein. 
  
 15. CUSIP
Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a
convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

  
 16. Copies of Documents. The Company shall furnish to
any Holder upon written request and without charge a copy of the Indenture and/or the Registration Rights Agreement. Requests may be made to: 
  
 If to the Company: 
  
 Trustreet Properties, Inc. 
 450 South Orange
Street, Suite 500 
 Orlando, Florida 32801 
 Facsimile No.: (407) 540-2103 
 Attention: Treasurer 
  

					
	 CNLRP – INDENTURE
	 	A-10	 	 

 With a copy to: 
  

Sidley Austin Brown & Wood LLP 
 787
Seventh Avenue 
 New York, New York 10019 
 Facsimile No.: (212) 839-5599 
 Attention: Craig Chapman, Esq. 
  
 17. This Note shall be governed by, and construed in accordance with, the
laws of the State of New York. 
  

					
	 CNLRP – INDENTURE
	 	 	 	 
	 	 	A-11	 	 

 ASSIGNMENT FORM 
  
 To assign this Note, fill in the form below: 
  

			
	 (I) or (we) assign and transfer this Note
to:  _________________________________________________________________________

	 	  	(INSERT ASSIGNEE’S LEGAL NAME)

  

  
 (Insert assignee’s soc. sec. or tax I.D. no.) 
  

  

  

  

  
 (Print or type assignee’s name, address and zip code)

  

			
	 and irrevocably
appoint  ________________________________________________________________________________________

  
 to transfer this Note on the books of
the Company. The agent may substitute another to act for him. 
  
 Date:
                     
  

			
	Your Signature:	  	 
	 	  	 (Sign exactly as your name appears on the face of this Note)

  
 Signature Guarantee*:
                                       
  
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  

					
	 CNLRP – INDENTURE
	 	 	 	 
	 	 	A-12	 	 

 OPTION OF HOLDER TO ELECT PURCHASE 
  
 If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or 4.12 of the Indenture, check the
appropriate box below: 
  
  ̈ Section 4.10                  ̈ Section 4.12 
  
 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10 or Section 4.12 of the Indenture, state the amount you elect to have purchased: 
  
 $                             
  
 Date:                     

  

			
	Your Signature: 	  	 
	 	  	 (Sign exactly as your name appears on the face of this Note)

		
	Tax Identification No.: 	  	 

  
 Signature Guarantee*:
                     
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  

					
	 CNLRP – INDENTURE
	 	 	 	 
	 	 	A-13	 	 

 [To be inserted for Rule 144A Global Note] 
  
 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 
  
 The following exchanges of a part of this Global Note for an interest in
another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange

	 	 Amount of Decrease in
Principal Amount at
Maturity of this Global Note

	 	 Amount of Increase in
Principal Amount at
Maturity of this Global Note

	  	 Principal Amount at
Maturity
 of this Global Note
Following such
 decrease (or increase)

	  	 Signature of
 Authorized Officer of
Trustee or Note
Custodian

  
 [To be inserted
for Regulation S Global Note] 
  
 SCHEDULE OF EXCHANGES OF
REGULATION S TEMPORARY GLOBAL NOTE 
  
 The following exchanges of
a part of this Regulation S Temporary Global Note for an interest in another Global Note or of other Restricted Global Notes for an interest in this Regulation S Temporary Global Note, have been made: 
  

									
	 Date of Exchange

	 	 Amount of Decrease in
Principal Amount at
Maturity of this Global Note

	 	 Amount of Increase in
Principal Amount at
Maturity of this Global Note

	  	 Principal Amount at
Maturity
 of this Global Note
Following such
 decrease (or increase)

	  	 Signature of
 Authorized Officer of
Trustee or Note
Custodian

  

					
	 CNLRP – INDENTURE
	 	 	 	 
	 	 	A-14	 	 

 EXHIBIT B 
  

FORM OF CERTIFICATE OF TRANSFER 
  
 Trustreet Properties, Inc. 
 450 South Orange Street, Suite 500 
 Orlando, Florida 32801 
 Facsimile No.: (407) 540-2103 
 Attention: Treasurer 
  
 Wells Fargo Bank, National Association 
 Sixth & Marquette; N9303-120 
 Minneapolis, MN 55479 
 Attention: Corporate Trust Services – Trustreet
Properties Administrator 
  

	 	Re:	71⁄2% Senior Notes due 2015 

  
 Reference is hereby made to the Indenture, dated as of March 23, 2005 (the “Indenture”), between Trustreet Properties, Inc., a Maryland
corporation (the “Company”) and Wells Fargo Bank, National Association, a nationally chartered banking association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

  
                                  (the “Transferor”) owns
and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount at maturity of $                 in such
Note[s] or interests (the “Transfer”), to
                                        
(the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 
  
 [CHECK ALL THAT APPLY] 
  
  ̈ 1. Check if Transferee will take delivery of
a beneficial interest in the 144A Global Note or a Definitive Note Pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the
“Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the
beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer”
within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Definitive Note
and in the Indenture and the Securities Act. 
  
  ̈ 2. Check if Transferee will take delivery of a beneficial interest in a Legended Regulation S Global Note, or a Definitive Note pursuant to Regulation
S. The 

  

					
	 CNLRP – INDENTURE
	 	 	 	 
	 	 	B-1	 	 

 
Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further
certifies that (i) the Transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably
believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf
knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an initial purchaser). Upon
consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the
Legended Regulation S Global Note and/or the Definitive Note and in the Indenture and the Securities Act. 
  
  ̈ 3. Check and complete if Transferee will
take delivery of a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in
Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies
that (check one): 
  
  ̈ (a) such Transfer is being effected to the Company or a subsidiary thereof; or 
  
  ̈ (b) such Transfer is being effected to an
Institutional Accredited Investor and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general
solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to Restricted Definitive Notes and the requirements of the exemption claimed, which certification is
supported by (1) a certificate executed by the Transferee in the form of Exhibit D to the Indenture and (2) an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this
certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred Definitive Note will be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the Definitive Notes and in the Indenture and the Securities Act. 
  
 4. Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note.

  
  ̈ (a) Check if Transfer is Pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the
transfer restrictions contained in the Indenture and any applicable blue sky securities 

  

					
	 CNLRP – INDENTURE
	 	 	 	 
	 	 	B-2	 	 

 
laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
  
  ̈ (b) Check if Transfer is Pursuant to Regulation
S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any
state of the United States and, in the case of a transfer from a Restricted Global Note or a Restricted Definitive Note, the Transferor hereby further certifies that (a) the Transfer is not being made to a person in the United States and (x) at the
time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was
executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (b) no directed
selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (c) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities
Act and (d) the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person, and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
  
  ̈ (c) Check if Transfer is Pursuant to Other
Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions
contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 
  

					
	 CNLRP – INDENTURE
	 	 	 	 
	 	 	B-3	 	 

 This certificate and the statements contained herein are made for your benefit and the benefit of the
Company. 
  

			
	 Dated:
	 	___________________
	
	 
	[Insert Name of Transferor]
		
	 By:
	 	 
	 	 	 Name:
 Title:

  

					
	 CNLRP – INDENTURE
	 	 	 	 
	 	 	B-4	 	 

  
 ANNEX A TO CERTIFICATE OF
TRANSFER 
  

	1.	The Transferor owns and proposes to transfer the following: 

  
 [CHECK ONE OF (a) OR (b)] 
  

					
	  ̈
	  	(A)	  	a beneficial interest in the:
			
	 	  	(i)	  	144A Global Note (CUSIP                 ); or
			
	 	  	(ii)	  	Regulation S Global Note (CUSIP                 ); or
			
	  ̈
	  	(B)	  	a Restricted Definitive Note.

  

	2.	After the Transfer the Transferee will hold: 

  
 [CHECK ONE] 
  

					
	  ̈
	  	(A)	  	a beneficial interest in the:
			
	 	  	(i)	  	144A Global Note (CUSIP                 ); or
			
	 	  	(ii)	  	Regulation S Global Note (CUSIP                 ); or
			
	 	  	(iii)	  	Unrestricted Global Note (CUSIP                 ); or
			
	  ̈
	  	(B)	  	a Restricted Definitive Note; or
			
	  ̈
	  	(C)	  	an Unrestricted Definitive Note,

  
 in accordance with the terms of the
Indenture. 
  

					
	 CNLRP – INDENTURE
	 	 	 	 
	 	 	B-5	 	 

 EXHIBIT C 
  

FORM OF CERTIFICATE OF EXCHANGE 
  
 Trustreet Properties, Inc. 
 450 South Orange Street, Suite 500 
 Orlando, Florida 32801 
 Facsimile No.: (407) 540-2103 
 Attention: Treasurer 
  
 Wells Fargo Bank, National Association 
 Sixth & Marquette; N9303-120 
 Minneapolis, MN 55479 
 Attention: Corporate Trust Services – Trustreet
Properties Administrator 
  

	 	Re:	71⁄2% Senior Notes due 2015 

  
 Reference is hereby made to the Indenture, dated as of March 23, 2005 (the “Indenture”), between Trustreet Properties, Inc., a Maryland
corporation (the “Company”) and Wells Fargo Bank, National Association, a nationally chartered banking association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

  
                                       
               (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount at maturity of
$                     in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby
certifies that: 
  
 1. Exchange of Restricted Definitive Notes or
Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note 
  
  ̈ (a) Check if Exchange is from beneficial
interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note
in an equal principal amount at maturity, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to the Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of
the United States. 
  
  ̈ (b) Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial
interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, 

  

					
	 CNLRP – INDENTURE
	 	 	 	 
	 	 	C-1	 	 

 
(ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance
with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in
compliance with any applicable blue sky securities laws of any state of the United States. 
  
  ̈ (c) Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global
Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account
without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in
the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the
United States. 
  
  ̈ (d) Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an
Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with
the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
  
 2. Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive
Notes or Beneficial Interests in Restricted Global Notes 
  
  ̈ (a) Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the
Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount at maturity, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the
Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 
  
  ̈ (b) Check if Exchange is from Restricted
Definitive Note to beneficial interest in a Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] : 
  
  ̈ 144A Global Note, : 
  

					
	 CNLRP – INDENTURE
	 	 	 	 
	 	 	C-2	 	 

  ̈ Regulation S Global Note, : 
  
 with an equal
principal amount at maturity, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable
to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with
the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.

  
 This certificate and the statements contained herein are made
for your benefit and the benefit of the Company. 
  

			
	 Dated:
	 	___________________
	
	 
	[Insert Name of Transferor]
		
	 By:
	 	 
	 	 	 Name:
 Title:

  

					
	 CNLRP – INDENTURE
	 	 	 	 
	 	 	C-3	 	 

 EXHIBIT D 
  

FORM OF CERTIFICATE FROM 
 ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR 
  
 Trustreet
Properties, Inc. 
 450 South Orange Street, Suite 500 
 Orlando,
Florida 32801 
 Facsimile No.: (407) 540-2103 
 Attention:
Treasurer 
  
 Wells Fargo Bank, National Association 
 Sixth & Marquette; N9303-120 
 Minneapolis, MN 55479 
 Attention: Corporate Trust Services – Trustreet Properties Administrator 
  

	 	Re:	71⁄2% Senior Notes due 2015 

  
 Reference is hereby made to the Indenture, dated as of March 23, 2005 (the “Indenture”), between Trustreet Properties, Inc., a Maryland
corporation (the “Company”) and Wells Fargo Bank, National Association, a nationally chartered banking association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

  
 In connection with our proposed purchase of
$                     aggregate principal amount of: 
  

	 	(a)	 ̈    beneficial interest in a Global Note, or

  

	 	(b)	 ̈    a Definitive Note, 

  
 we confirm that: 
  
 1. We understand that any subsequent transfer of the Notes or any interest
therein is subject to certain restrictions and conditions set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such
restrictions and conditions and the United States Securities Act of 1933, as amended (the “Securities Act”). 
  
 2. We understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest therein may
not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we shall do so
only (A) to the Company or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined therein), (C) to an institutional “accredited investor” (as defined
below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the 

  

					
	 CNLRP – INDENTURE
	 	D-1	 	 

 
Company a signed letter substantially in the form of this letter and an Opinion of Counsel in form reasonably acceptable to the Company to the effect that
such transfer is in compliance with the Securities Act, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144(k) under the Securities Act or (F) pursuant to an
effective registration statement under the Securities Act, and we further agree to provide to any person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses (A) through
(E) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein. 
  
 3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and the Company such
certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further understand that the Notes purchased by us will bear a legend to
the foregoing effect. 
  
 4. We are an institutional
“accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of
our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 
  
 5. We are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of which is an
institutional “accredited investor”) as to each of which we exercise sole investment discretion. 
  
 You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party
in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

					
			
	 Dated:                                
	 	 	 	  
	 	 	 	 	 [Insert Name of Accredited Investor]

									
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	 Name:

	 	 	 	 	 	 	 	 	 Title

  

					
	 CNLRP – INDENTURE
	 	D-2	 	 

  
 EXHIBIT E 

 
 FORM OF SUPPLEMENTAL INDENTURE 
 TO BE DELIVERED BY SUBSEQUENT SUBSIDIARY GUARANTORS 
  
 Supplemental Indenture (this “Supplemental Indenture”), dated as of
                    , among
                     (the “Guaranteeing Subsidiary”), a subsidiary of Trustreet Properties, Inc. (or its permitted
successor), a Maryland corporation (the “Company”), the other Subsidiary Guarantors (as defined in the Indenture referred herein), if any, and Wells Fargo Bank, National Association, a nationally chartered banking association (or
its permitted successor), as trustee under the Indenture referred to below (the “Trustee”). 
  
 W I T N E S S E T H 
  
 WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of March 23, 2005 providing for the issuance of 71⁄2% Senior Notes due 2015 (the
“Notes”); 
  
 WHEREAS, the Indenture provides
that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally Guarantee all of the Company’s obligations under
the Notes and the Indenture on the terms and conditions set forth herein (the “Subsidiary Guarantee”); and 
  
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Company and the Trustee are authorized to execute and deliver this Supplemental Indenture.

  
 NOW THEREFORE, in consideration of the foregoing and for other
good and valuable consideration, the receipt of which is hereby acknowledged, the Company, the Guaranteeing Subsidiary, the other Subsidiary Guarantors, if any, and the Trustee mutually covenant and agree for the equal and ratable benefit of the
Holders of the Notes as follows: 
  
 1. Capitalized Terms.
Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 
  
 2. Agreement to Guarantee. 
  
 (a) The Guaranteeing Subsidiary, along with all other Subsidiary Guarantors, if any, jointly and severally, and fully and unconditionally, guarantees to
each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the Company hereunder or
thereunder, that: 
  
 (i) the principal of,
premium, if any, and interest and Additional Interest, if any, on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, premium, if any, and
interest and Additional Interest, if any, on the Notes, if lawful (subject in all cases to any applicable grace period provided herein), and all other obligations of the Company to the 

  

					
	 CNLRP – INDENTURE
	 	E-1	 	 

 
Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; 

 
 (ii) in case of any extension of time of payment or
renewal of any Notes or any of such other obligations, the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment
when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Subsidiary Guarantors shall be jointly and severally obligated to pay the same immediately. The Guaranteeing Subsidiary agrees that this is a guarantee of
payment and not a guarantee of collection. 
  
 (b) The
Guaranteeing Subsidiary hereby agrees that, to the maximum extent permitted under applicable law, its obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the absence
of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance that
might otherwise constitute a legal or equitable discharge or defense of a Subsidiary Guarantor. 
  
 (c) The Guaranteeing Subsidiary, subject to Section 6.06 of the Indenture, hereby waives diligence, presentment, demand of payment, filing of claims with
a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenants that this Subsidiary Guarantee shall not be discharged except by
complete performance of the obligations contained in the Notes and the Indenture. 
  
 (d) The Guaranteeing Subsidiary agrees that if any Holder or the Trustee is required by any court or otherwise to return to the Company, the Subsidiary Guarantors, or any custodian, trustee, liquidator or other
similar official acting in relation to any of the Company or the Subsidiary Guarantors, any amount paid by any of them to the Trustee or such Holder, this Subsidiary Guarantee, to the extent theretofore discharged, shall be reinstated in full force
and effect. 
  
 (e) The Guaranteeing Subsidiary agrees that the
Guaranteeing Subsidiary shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. 
  
 (f) The Guaranteeing Subsidiary agrees that, as between the Subsidiary
Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article Six of the Indenture for the purposes of this Subsidiary Guarantee,
notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article Six of the
Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by the Subsidiary Guarantors for the purpose of this Subsidiary Guarantee. 
  

					
	 CNLRP – INDENTURE
	 	E-2	 	 

 (g) The Guaranteeing Subsidiary shall have the right to seek contribution from any non-paying Subsidiary
Guarantor so long as the exercise of such right does not impair the rights of Holders under the Subsidiary Guarantee. 
  
 (h) The Guaranteeing Subsidiary confirms that it is the intention of such Guaranteeing Subsidiary that its Subsidiary Guarantee not constitute (i) a
fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to its Subsidiary Guarantee or (ii) an unlawful
distribution under any applicable state law prohibiting shareholder distributions by an insolvent subsidiary to the extent applicable to its Subsidiary Guarantee, and, to effectuate the foregoing intention, agrees hereby irrevocably that the
obligations of such Guaranteeing Subsidiary will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guaranteeing Subsidiary that are relevant under such laws, and after giving effect
to any collections from, rights to receive contribution from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under the Indenture, result in the obligations of such
Guaranteeing Subsidiary under its Subsidiary Guarantee not constituting a fraudulent transfer or conveyance or such an unlawful shareholder distribution. 
  
 3. Execution and Delivery. The Guaranteeing Subsidiary agrees that the Subsidiary Guarantees shall remain in full force and effect notwithstanding
any failure to endorse on each Note a notation of such Subsidiary Guarantee. 
  
 4. Guaranteeing Subsidiary May Consolidate, Etc., on Certain Terms. 
  
 (a) A Subsidiary Guarantor may not sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into
(whether or not such Subsidiary Guarantor is the surviving Person), another Person, other than the Company or another Subsidiary Guarantor, unless: 
  
 (i) immediately after giving effect to that transaction, no Default or Event of Default exists; and 
  
 (ii) either: 
  
 (A) the Person acquiring the property in any such sale or
disposition or the Person formed by or surviving any such consolidation or merger (if other than the Subsidiary Guarantor) is existing under the laws of the United States, any state thereof or the District of Columbia and assumes all the obligations
of that Subsidiary Guarantor under the Indenture, its Subsidiary Guarantee and the Registration Rights Agreement pursuant to a supplemental indenture reasonably satisfactory to the Trustee; or 
  
 (B) such sale or other disposition or consolidation or
merger complies with Section 4.10 of the Indenture. 
  
 (b) In
case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to 

  

					
	 CNLRP – INDENTURE
	 	E-3	 	 

 
the Trustee and satisfactory in form to the Trustee, of the Subsidiary Guarantee endorsed upon the Notes and the due and punctual performance of all of the
covenants and conditions of the Indenture to be performed by a Subsidiary Guarantor, such successor Person shall succeed to and be substituted for a Subsidiary Guarantor with the same effect as if it had been named herein as a Subsidiary Guarantor.
Such successor Person thereupon may cause to be signed any or all of the Subsidiary Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee. All the
Subsidiary Guarantees so issued shall in all respects have the same legal rank and benefit under the Indenture as the Subsidiary Guarantees theretofore and thereafter issued in accordance with the terms of the Indenture as though all of such
Subsidiary Guarantees had been issued at the date of the execution hereof. 
  
 5. Release. 
  
 (a) Any
Subsidiary Guarantor shall be automatically and unconditionally released and relieved of any obligations under its Subsidiary Guarantee upon (i) any sale, exchange or transfer, to any Person not an Affiliate of the Company, of all of the Capital
Stock held by the Company and its Restricted Subsidiaries in such Restricted Subsidiary, or the designation of such Restricted Subsidiary as an Unrestricted Subsidiary (in any such case which transaction is not prohibited by the Indenture) or (ii)
the release or discharge of the Guarantee which resulted in the creation of such Subsidiary Guarantee and all other Guarantees of Indebtedness of the Company by such Restricted Subsidiary, except a discharge or release by or as a result of payment
under such Guarantee. Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that one of the foregoing requirements has been satisfied and the conditions to the release of a Subsidiary
Guarantor under this Section 5 have been satisfied, the Trustee shall execute any documents reasonably required in order to evidence the release of such Subsidiary Guarantor from its obligations under its Subsidiary Guarantee. 
  
 (b) Any Subsidiary Guarantor not released from its obligations under its
Subsidiary Guarantee shall remain liable for the full amount of principal of and interest and Additional Interest, if any, on the Notes and for the other obligations of any Subsidiary Guarantor under this Supplemental Indenture. 
  
 6. No Recourse Against Others. Pursuant to Section 11.07 of the
Indenture, no incorporator, partner, shareholder, officer, director, employee or controlling person of the Guaranteeing Subsidiary shall have any liability for any obligations of such Guaranteeing Subsidiary under the Notes, the Indenture, the
Subsidiary Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. 
  
 7. NEW YORK LAW TO GOVERN. THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE. 
  
 8. Counterparts. The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
  

					
	 CNLRP – INDENTURE
	 	E-4	 	 

 9. Effect of Headings. The Section headings herein are for convenience only and shall not affect
the construction hereof. 
  
 10. Trustee. The Trustee shall
not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary
and the Company. 
  
 [SIGNATURE PAGE FOLLOWS] 
  

					
	 CNLRP – INDENTURE
	 	E-5	 	 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and
attested, all as of the date first above written. 
  
 Dated:
                    ,          
  

			
	[NAME OF GUARANTEEING SUBSIDIARY]
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	TRUSTREET PROPERTIES, INC.
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	[NAMES OF SUBSIDIARY GUARANTORS]
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, AS TRUSTEE
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

					
	 CNLRP – INDENTURE
	 	E-6Agreement of Sale and Purchase

 Exhibit 10.21 
  
 AGREEMENT OF SALE AND PURCHASE 
  
 between 
  
 UP STONECREEK, INC., 
 an Arizona corporation,

  
 “Seller” 
  
 and 
  
 EHP OPERATING PARTNERSHIP, L.P., 
 a Maryland limited partnership, 
  
 “Buyer” 
  
 with Escrow Instructions for

  
 STEWART TITLE GUARANTY COMPANY, 
  
 as Escrow Agent 
  

  
 TABLE OF CONTENTS

  
 and 
  
 LIST OF EXHIBITS AND SCHEDULES 
  

							
	 	 	 	  	 	  	Page

	ARTICLE 1  CERTAIN DEFINITIONS	  	1
				
	 	 	 Section 1.1.
	  	 Definitions
	  	1
	 	 	 Section 1.2
	  	 Rules of Construction
	  	8
		
	ARTICLE 2  AGREEMENT OF PURCHASE AND SALE; PURCHASE PRICE	  	8
				
	 	 	 Section 2.1
	  	 Agreement to Purchase and Sell
	  	8
	 	 	 Section 2.2
	  	 Purchase Price
	  	8
	 	 	 Section 2.3
	  	 Deposit
	  	8
	 	 	 Section 2.4
	  	 Independent Consideration
	  	9
	 	 	 Section 2.5
	  	 Indivisible Economic Package
	  	9
		
	ARTICLE 3  BUYER’S DUE DILIGENCE/ CONDITION OF THE PROPERTY	  	10
				
	 	 	 Section 3.1
	  	 Buyer’s Inspections and Due Diligence
	  	10
	 	 	 Section 3.2
	  	 Delivery Period
	  	10
	 	 	 Section 3.3
	  	 Site Visits
	  	11
	 	 	 Section 3.4
	  	 Buyer’s Due Diligence Indemnity
	  	11
	 	 	 Section 3.5
	  	 Confidentiality
	  	11
	 	 	 Section 3.6
	  	 Due Diligence Period
	  	12
	 	 	 Section 3.7
	  	 Estoppel Certificates
	  	 
		
	ARTICLE 4  TITLE AND SURVEY	  	12
				
	 	 	 Section 4.1
	  	 Title to Land
	  	12
	 	 	 Section 4.2
	  	 Certain Exceptions to Title
	  	12
	 	 	 Section 4.3
	  	 Title Insurance
	  	14
		
	ARTICLE 5  REMEDIES AND DEPOSIT INSTRUCTIONS	  	14
				
	 	 	 Section 5.1
	  	 Permitted Termination; Seller Default
	  	14
	 	 	 Section 5.2
	  	 BUYER DEFAULT; LIQUIDATED DAMAGES
	  	15
	 	 	 Section 5.3
	  	 Deposit Instructions
	  	16
	 	 	 Section 5.4
	  	 Designation of Reporting Person
	  	16

  

 i 

							
	 	 	 	  	 	  	Page

	 ARTICLE 6  REPRESENTATIONS AND WARRANTIES OF SELLER
	  	17
				
	 	 	 Section 6.1
	  	Representations and Warranties of Seller	  	17
	 	 	 Section 6.2
	  	Limited Liability	  	20
	 	 	 Section 6.3
	  	Seller’s Knowledge	  	20
	 	 	 Section 6.4
	  	Liability of Representations and Warranties	  	21
		
	 ARTICLE 7  REPRESENTATIONS AND WARRANTIES OF BUYER
	  	21
				
	 	 	 Section 7.1
	  	Buyer’s Representations and Warranties	  	21
	 	 	 Section 7.2
	  	Intentionally Omitted	  	22
	 	 	 Section 7.3
	  	Buyer’s Independent Investigation	  	22
	 	 	 Section 7.4
	  	Buyer’s Release of Seller	  	24
	 	 	 Section 7.5
	  	Discharge	  	25
		
	 ARTICLE 8  LEASES; MAINTENANCE OF PROPERTY
	  	25
				
	 	 	 Section 8.1
	  	New Leases; Lease Modifications	  	25
	 	 	 Section 8.2
	  	Lease Expenses	  	25
	 	 	 Section 8.3
	  	Lease Enforcement	  	25
	 	 	 Section 8.4
	  	Certain Interim Operating Covenants	  	26
		
	 ARTICLE 9  CLOSING AND CONDITIONS
	  	27
				
	 	 	 Section 9.1
	  	Escrow Instructions	  	27
	 	 	 Section 9.2
	  	Closing	  	28
	 	 	 Section 9.3
	  	Seller’s Closing Documents and Other Items	  	30
	 	 	 Section 9.4
	  	Buyer’s Closing Documents and Other Items	  	31
	 	 	 Section 9.5
	  	Intentionally Omitted	  	32
	 	 	 Section 9.6
	  	Prorations and Closing Costs	  	33
	 	 	 Section 9.7
	  	Brokers	  	37
	 	 	 Section 9.8
	  	Expenses	  	37
		
	 ARTICLE 10  MISCELLANEOUS
	  	39
				
	 	 	 Section 10.1
	  	Amendment and Modification	  	39
	 	 	 Section 10.2
	  	Risk of Loss/Condemnation and Insurance Proceeds/Condemnation Awards	  	39
	 	 	 Section 10.3
	  	Notices	  	40
	 	 	 Section 10.4
	  	Assignment	  	41
	 	 	 Section 10.5
	  	Governing Law and Consent to Jurisdiction	  	41
	 	 	 Section 10.6
	  	Counterparts	  	41
	 	 	 Section 10.7
	  	Entire Agreement	  	41
	 	 	 Section 10.8
	  	Severability	  	42
	 	 	 Section 10.9
	  	Attorney Fees	  	42
	 	 	 Section 10.10
	  	Payment of Fees and Expenses	  	42
	 	 	 Section 10.11
	  	Confidential Information	  	42

  

 ii 

							
	 	 	 	  	 	  	Page

	 	 	 Section 10.12
	  	Performance Due On Day Other Than Business Day	  	42
	 	 	 Section 10.13
	  	Tax Deferred Exchange	  	42
	 	 	 Section 10.14
	  	No Joint Venture	  	43
	 	 	 Section 10.15
	  	No Memorandum	  	43
	 	 	 Section 10.16
	  	Waiver of Jury Trial	  	43
	 	 	 Section 10.17
	  	Not an Offer	  	43
	 	 	 Section 10.18
	  	Limited Liability	  	43
	 	 	 Section 10.19
	  	No Third Party Beneficiaries	  	43
	 	 	 Section 10.20
	  	Time of Essence	  	43
	 	 	 Section 10.21
	  	No Waiver	  	44
	 	 	 Section 10.22
	  	Further Acts	  	44

  

 iii 

  
 EXHIBITS AND SCHEDULE

  

			
	Exhibit A	  	Description of Land
		
	Exhibit B	  	List of Leases
		
	Exhibit C	  	Disclosure Items
		
	Exhibit D	  	List of Service and Other Contracts
		
	Exhibit E	  	Form of Deed
		
	Exhibit F	  	Form of Bill of Sale
		
	Exhibit G	  	Form of Assignment and Assumption of Leases
		
	Exhibit H	  	Form of Assignment and Assumption of Contracts
		
	Exhibit I	  	Due Diligence Items
		
	Exhibit J	  	Form of Manager’s General Release and Termination Agreement
		
	Exhibit K	  	Form of Seller Indemnity Agreement
		
	Exhibit L	  	PIP
		
	Exhibit M	  	Forms of Applications for Good Standing
		
	Schedule 1.1-1	  	List of Advance Bookings
		
	Schedule 1.1-2	  	Description of Liquor License
		
	Schedule 6.1(d)	  	List of Suits and Proceedings
		
	Schedule 6.1(r)	  	List of Hazardous Materials

  

 iv 

  
 AGREEMENT OF SALE AND
PURCHASE 
  
 THIS AGREEMENT OF SALE AND PURCHASE
(this “Agreement”), dated as of December 29, 2004, is between UP STONECREEK, INC., an Arizona corporation (“Seller”), and EHP OPERATING PARTNERSHIP, L.P., a Maryland limited partnership (“Buyer”).

  
 ARTICLE 1 
 CERTAIN DEFINITIONS 
  
 Section 1.1. Definitions. The parties hereby agree that the following terms shall have the meanings hereinafter set forth, such definitions
to be applicable equally to the singular and plural forms, and to the masculine and feminine forms, of such terms: 
  
 “Additional Contracts” shall have the meaning set forth in Section 8.2 hereof. 
  
 “Additional Deposit” shall have the meaning ascribed in
Section 2.3. 
  
 “Advance Bookings” means
all guest, banquet room, meeting room and restaurant reservation agreements and agreements for conferences and tournaments affecting or pertaining to the Hotel and all deposits made thereunder for periods after the Closing, a complete list of which
is set forth on Schedule 1.1-1 attached hereto. 
  
 “Affiliate” shall mean any person or entity that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with Buyer or Seller, as the case may be. For the purposes
of this definition, “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract or otherwise,
and the terms “controlling” and “controlled” have the meanings correlative to the foregoing. 
  
 “Agreement” shall mean this Agreement, as the same may be amended, modified, or supplemented from time to time in writing by the parties
hereto. 
  
 “Approved Contracts” shall mean all
Contracts and Additional Contracts, but shall specifically exclude all Disapproved Contracts. 
  
 “Assignment and Assumption of Contracts” shall have the meaning ascribed in Section 9.3(d). 
  
 “Assignment and Assumption of Leases” shall have the meaning ascribed in Section 9.3(c). 
  
 “Bill of Sale” shall have the meaning ascribed in Section
9.3(b). 
  
 “Buyer Indemnitees” means
Buyer’s officers, directors, shareholders, members, partners, employees, affiliates, beneficiaries, subsidiaries, successors and assigns. 
  

 “Buyer’s Surviving Obligations” means the obligations of Buyer pursuant to
Sections 3.4, 5.4, 6.2, 7.3, 7.4, 8.7, 8.10, 9.6, 9.7, 9.10, 10.9 and 10.11 of this Agreement, or elsewhere which expressly recite that such obligations survive the
termination of this Agreement or the Closing, as applicable, and shall include all obligations set forth in any of the documents delivered by Buyer at Closing. 
  
 “Capital Leases” means the leases of equipment used in the operation of the Hotel and which are described
on Exhibit D attached hereto. 
  
 “Closing” shall have the meaning ascribed in Section 9.2. 
  
 “Closing Date” shall mean, TIME BEING OF THE ESSENCE, the date on which the Closing shall occur, but in no event later than the date set forth in Section 9.2. 
  
 “Code” means the United States Internal Revenue Code of
1986, as amended. 
  
 “Contracts” shall have the
meaning ascribed in Section 6.1(i). 
  
 “Deed” shall have the meaning ascribed in Section 9.3(a). 
  
 “Deposit” shall mean the Initial Deposit and the Additional Deposit, in the aggregate. 
  
 “Disapproved Contracts” shall have the meaning ascribed in Section 3.1. 
  
 “Disclosure Items” shall have the meaning ascribed in
Section 6.1. 
  
 “Due Diligence” shall
mean the review contemplated by Section 3.1 and related provisions of this Agreement. 
  
 “Due Diligence Items” shall mean those items, documents and deliveries described in Section 3.2. 
  
 “Due Diligence Period” shall mean the time period contemplated by Section 3.1 of this Agreement. 
  
 “Effective Date” shall mean the date of this Agreement.

  
 “Environmental Laws” means all federal, state
and local environmental laws, rules, statutes, directives, binding written interpretations, binding written policies, ordinances and regulations issued by any Governmental Entity and in effect as of the date of this Agreement with respect to or
which otherwise pertain to any Hazardous Materials or pertain to or affect the Land or the Improvements, or any portion thereof, the use, ownership, occupancy or operation of the Land or the Improvements, or any portion thereof, or Seller or Buyer,
and as same have been amended, modified or supplemented from time to time prior to the date of this Agreement, including the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. § 9601 et seq.), the Hazardous
Substances Transportation Act (49 U.S.C. § 1802 et seq.), the Resource Conservation and Recovery Act (42 U.S.C. § 6901 et seq.), the Water Pollution Control Act (33 U.S.C. § 1251 et seq.), the Safe Drinking Water Act (42 U.S.C. §
300f 

  

 2 

 
et seq.), the Clean Air Act (42 U.S.C. § 7401 et seq.), the Solid Waste Disposal Act (42 U.S.C. § 6901 et seq.), the Toxic Substances Control Act
(15 U.S.C. § 2601 et seq.), the Emergency Planning and Community Right-to-Know Act of 1986 (42 U.S.C. § 11001 et seq.), the Radon and Indoor Air Quality Research Act (42 U.S.C. § 7401 note, et seq.), the Superfund Amendment
Reauthorization Act of 1986 (42 U.S.C. § 9601 et seq.), comparable state and local laws, and any and all rules and regulations which have become effective prior to the date of this Agreement under any and all of the aforementioned laws.

  
 “Escrow Agent” shall mean the Title Company.

  
 “Fixed Asset Supplies” means, collectively,
all linen (which linen shall include, without limitation, all pillows, bedding, duvets, duvet covers, quilts, blankets, featherbeds, bathrobes and towels), uniforms and similar items whether in use or in stock for future use, which are owned or
leased by Seller and used in connection with the operations of the Hotel and other items which are owned or leased by Seller and used in connection with the Hotel and are within “Property and Equipment” under the Uniform System of
Accounts, subject to depletion and including such resupplies thereof between the date hereof and the Closing Date in the normal course of business, including at least two (2) par linen, pillows, bedding and terry for each guest room in the Hotel.

  
 “FF&E” means, collectively, all items of
tangible personal property to the extent owned or leased by Seller and which are affixed to, installed in or used in connection with or otherwise related to the operations at the Hotel, including all machinery, vehicles, furniture, furnishings,
fixtures, carpeting, equipment, including equipment, computers, reservation equipment, data processing hardware, computer equipment, manuals and software and all databases. 
  
 “Franchise Agreement” means the amended and Restated Franchise and License Agreement Embassy Suites
Phoenix, Scottsdale dated October 21, 2002 between Seller, as “Franchisee,” and Hilton Hotels Corporation, as “Franchisor”. 
  
 “Franchise Assignment Agreement” means an assignment and assumption of the Franchise Agreement if and to the extent permitted by
Franchisor whereunder Seller assigns to Buyer (or Buyer’s designee) and Buyer (or Buyer’s designee) assumes Seller’s obligations under the Franchise Agreement, which assignment and assumption shall be agreed to between Buyer and
Franchisor on or prior to the expiration of the Due Diligence Period. 
  
 “Governmental Entity” means the various governmental, quasi-governmental, regulatory or administrative bodies or agencies having jurisdiction over Seller, the Land the Improvements, or any portion thereof. 
  
 “Governmental Regulations” means any local, state and
federal laws, ordinances, rules, requirements, resolutions, policy statements and regulations (including, without limitation, those relating to land use, subdivision, zoning, environmental, labor relations, notification of sale to employer,
Hazardous Materials, occupational health and safety, water, earthquake hazard reduction and building and fire codes) bearing on the construction, development, alteration, rehabilitation, maintenance, use, operation or sale of the Property.

  
 “Hazardous Materials” means any pollutants,
contaminants, hazardous or toxic substances, materials or wastes (including petroleum, petroleum by-products, radon, asbestos and 

  

 3 

 
asbestos containing materials, polychlorinated biphenyls (“PCBs”), PCB-containing equipment, radioactive elements, flammable explosives,
radioactive materials, any mold or other biological or bacteriological contamination the exposure to which in indoor air causes an allergic, toxic or inflammatory response, including acremonium, alternaria, aspergillus, chaetomium, cladosporium,
fusarium, paecilomyces, penicillium, stachybotrys, and trichoderma, infectious agents, and urea formaldehyde), (excluding solvents, cleaning fluids and other lawful substances used in compliance with all Environmental Laws and in the ordinary
operation and maintenance of the Land, to the extent in closed containers). The term “Hazardous Materials” includes, any material or substance which (a) contains urea formaldehyde foam insulation, (b) is designated as a “hazardous
substance” pursuant to Section 311 of the Federal Water Pollution Control Act (33 U.S.C. § 1317), (c) is defined as a “hazardous waste” pursuant to Section 1004 of the Federal Resource Conservation and Recovery Act, 42 U.S.C.
§ 6901 (42 U.S.C. § 6903), or (d) is defined as a “hazardous substance” pursuant to Section 101 of the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. § 9601 (42 U.S.C. § 9601). Each
reference to a statute or law in this definition shall be deemed to include any amendments thereto which are enacted from time to time. 
  
 “Hotel” means the 270-room hotel and related facilities operated as the Embassy Suites, Scottsdale, Arizona, which is located upon the
Land. 
  
 “Improvements” shall mean the
buildings, improvements, and structures owned by Seller and located on the Land, but shall expressly exclude improvements and fixtures owned by any tenants under the Leases. 
  
 “Initial Deposit” shall have the meaning ascribed in Section 2.3. 
  
 “Intangible Property” shall mean all of the interest of
Seller in each of the following, if any owned by Seller: (i) any intangible personal property which relates to and is used in connection with or is reasonably required for the ownership, operation or functioning of the Hotel or Property generally;
(ii) any and all trade names, trademarks and logos, and copyrights, used in association with the Hotel; (iii) customer and guest lists and files, club hip lists, pre-paid advertising, group files, credit records, assignable telephone numbers and fax
numbers identified with the Hotel and the Property; (iv) computer programs and systems, websites and URLs for the Hotel; (v) goodwill associated with the Hotel; (vi) utility and development rights and privileges, general intangibles, business
records, plans and specifications pertaining to the Land, Improvements and the Personal Property; (vii) the Buyer’s share of the Tray Ledger determined under Section 9.6(f)(1) hereof; (viii) Advance Bookings; (ix) any and all
representations, covenants, warranties, guarantees, permits and other rights owned by or in favor of Seller, if any, relating to the acquisition, construction, ownership, operation maintenance, repair, renovation or functioning of all or any part of
the Property, including under any construction, service or maintenance contracts; and (x) all Licenses and Permits all of which shall, to the extent permitted under applicable law, be assigned to Buyer pursuant to the Assignment and Assumption of
Contracts. 
  
 “Inventories” means, collectively,
all provisions in storerooms, other merchandise intended for sale or resale, fuel, mechanical supplies, stationery and other expensed supplies, and all goods, materials and supplies used or intended for use at, or held for sale (and if off-site, to

  

 4 

 
the extent owned by Seller), and whether opened or unopened as of the Closing Date in connection with, the business of the Hotel or, all of which shall be
maintained at levels typically maintained by Seller, including: (i) food and liquor in unbroken packages, (ii) raw and uncooked food, unopened beverages and other salable merchandise, (iii) reserve stocks of operating supplies not in use, (iv)
engineering and maintenance supplies, (v) guest supplies, including linens, china, glassware and silverware, (vi) housekeeping supplies, including uniforms, (vii) brochures and promotional and advertising material, books, records (excepting employee
files), (viii) operating supplies, (ix) opened or unopened supplies, or other goods, if any, and similar items defined as “Inventories” in the Uniform System of Accounts. 
  
 “Land” shall mean those certain parcels of land described on Exhibit A including all easements,
rights of way, privileges, appurtenances, rights, titles, benefits and interests pertaining thereto. 
  
 “Leases” means the leases or subleases to which Seller is lessor or sublessor and affecting any portion of the Land, Improvements or
Personal Property and set forth on Exhibit B hereto. 
  
 “Licensee Parties” shall mean those authorized agents, contractors, consultants and representatives of Buyer who shall inspect, investigate, test or evaluate the Property on behalf of Buyer in accordance with this
Agreement. 
  
 “Licenses and Permits” shall mean,
collectively, to the extent assignable under applicable law, all licenses, authorizations, permits, entitlements, approvals, certificates of occupancy, dedications, subdivision maps and entitlements now or hereafter issued, approved or granted by
any Governmental Entity in connection with the Hotel or any other portion of the Property, including the Liquor License and all temporary and final certificates of occupancy, together with all deposits made for the benefit of Seller thereunder.

  
 “Liens” shall have the meaning ascribed in
Section 4.2. 
  
 “Liquor Act” means
Arizona Revised Statutes Section 4-101 et seq., as the same may be amended from time to time. 
  
 “Liquor Inventory” means all wine, beer and other alcoholic beverages on hand at the Hotel as of the Transfer Time. 
  
 “Liquor License” means the liquor license owned by Seller and utilized in connection with the operation of
the Hotel, more particularly described on Schedule 1.1-2 attached hereto. 
  
 “Liquor License Application” means an application to be filed by Buyer with the Department of Liquor Licenses and Control for approval of an interim permit (the “Interim Permit”) and
a new Series 11 (Hotel – Motel) liquor license to Buyer or, at Buyer’s election, Buyer’s lessee or manager, pursuant to the terms and conditions of Section 8.7 hereof. 
  
 “Liquor Rules “ means the rules and regulations promulgated under the Liquor Act. 
  

 5 

 “Losses” means claims, demands, liabilities, actions, causes of action, judgments,
liens, penalties, fines, damages, losses, costs and expenses (including, but not limited to, attorneys’ fees and costs as and when incurred). 
  
 “Management Agreement” means the Embassy Suites Paradise Valley Resort Hotel Operating Agreement by and between Seller and Manager dated
October 23, 1998, as amended by a First Amendment to Embassy Suites Paradise Valley Resort Hotel Operating Agreement dated as of July         , 2004, relating to the management of the Hotel. 

 
 “Manager” means Windsor Capital Group, Inc., a Colorado
corporation. 
  
 “Manager’s General Release and
Termination Agreement” means the General Release, Waiver and Termination Agreement, to be duly executed and delivered by Manager in accordance with Section 9.3 of this Agreement if Buyer elects to cause the Management Agreement to be
terminated at Closing, whereunder Manager acknowledges that the Management Agreement has terminated and Manager has released and waived any and all claims and rights it has, or may have, to operate the Hotel, or otherwise claim any ownership
interest in and to the Hotel. The Manager’s General Release shall be in a form agreed to between the parties prior to expiration of the Due Diligence Period and thereafter shall be attached hereto as Exhibit J. 
  
 “Miscellaneous Assets” means, collectively, if any owned by
Seller: (a) all books and records maintained in connection with the ownership, development, construction, maintenance or operation of the Property; (b) all preliminary, final and “as-built” plans and specifications respecting the Land and
Improvements; (c) all structural reviews, architectural drawings, and engineering, soil, seismic, geologic and architectural reports, studies and certificates and other documents pertaining to the Land or Improvements; (d) all surveys,
architectural, consulting and engineering blueprints, plans and specifications, drawings and reports (excluding materials proprietary to Seller or any affiliate) owned or leased by Seller and related to the Hotel or the Property; (e) all books and
records (financial and otherwise) and (f) and all personal property owned or leased by Seller as of the Closing Date with respect to the Hotel. 
  
 “Monetary Title Encumbrances” shall have the meaning ascribed in Section 4.1. 
  
 “Notice to Proceed” shall have the meaning set forth in
Section 2.3. 
  
 “Permitted Exceptions”
shall mean and include all of the following: applicable zoning and building ordinances and land use regulations, such state of facts as would be disclosed by a current and accurate ALTA as-built survey of the Land and Improvements, the lien of taxes
and assessments on the Land not yet delinquent, any exclusions from coverage set forth in the jacket of an ALTA Owner’s Policy of Title Insurance (1970 Form B rev. 10/17/70), any exceptions caused by Buyer, its agents, representatives or
employees, the rights of the Tenants under the Leases, and any matters deemed to constitute Permitted Exceptions under Section 4.2 hereof. 
  
 “Permitted Outside Parties” shall have the meaning ascribed in Section 3.5. 
  
 “Personal Property” shall mean all of the right, title, and
interest of Seller in and to all tangible personal property, which is located at and used in connection with the Land and/or the 

  

 6 

 
Improvements which are on hand on the date of this Agreement, subject to such depletion and restocking as shall occur and be made in the normal course of
business, including (i) FF&E, (ii) Fixed Asset Supplies, (iii) Inventories, (iv) Miscellaneous Assets and (v) budgets, strategic plans for the Land and/or the Hotel, if any, all of which shall be transferred and assigned to Buyer pursuant to the
Bill of Sale, free and clear of all liens, security interests, claims of title and encumbrances. Personal Property does not include any of the following: (a) any personal property owned, financed or leased by the Tenants under the Leases or (b) any
appraisals, for the Land and/or the Hotel and, internal analyses, marketing information, submissions relating to Seller’s obtaining of corporate authorization, attorney and accountant work product, attorney-client privileged documents, or other
information in the possession or control of Seller or Seller’s property manager which Seller deems proprietary. 
  
 “PIP” means the Hilton Hotels Corporation Product Improvement Report provided by Franchisor to Seller, a copy of which is attached hereto
as Exhibit L; provided, however, that if the PIP is not attached hereto on the date of this Agreement, it shall be attached hereto as Exhibit L upon delivery of the PIP by Seller to Buyer. 
  
 “PIP Work” means that work identified in the PIP.

  
 “Property” shall mean the Land, the Hotel,
the Improvements, the Personal Property, the Intangible Property, and Seller’s right in the Leases and the Approved Contracts. 
  
 “Purchase Price” shall have the meaning ascribed in Section 2.2. 
  
 “Seller Indemnitees” means Seller’s officers, directors, shareholders, members, partners, employees,
affiliates, beneficiaries, subsidiaries, successors and assigns. 
  
 “Seller Indemnitor” means Property Asset Management Inc., a Delaware corporation. 
  
 “Seller Indemnity Agreement” means an indemnity agreement, the form of which shall be agreed to by Seller and Buyer prior to the
expiration of the Due Diligence Period and thereafter attached hereto as Exhibit K pursuant to which Seller Indemnitor shall agree to indemnify Buyer from and against any Losses that are actually incurred by Buyer as a result of Seller’s
failure to perform Seller’s Surviving Obligations. 
  
 “Seller’s Surviving Obligations” means the obligations of Seller pursuant to Sections 5.1, 5.5, 6.1, 6.2, 8.3, 8.9, 9.6, 9.5, 9.7, 9.10,
10.9, 10.11 and 10.23 of this Agreement, or elsewhere which expressly recite that such obligations survive the termination of this Agreement or the Closing, as applicable, and shall include all obligations set forth in any of
the documents delivered by Seller at Closing. 
  
 “Title Commitment” shall have the meaning ascribed in Section 4.1. 
  
 “Title Company” shall mean Stewart Title Guaranty Company, acting through its office located at 100 Pine Street, Suite 150, San
Francisco, California 94111, Attention: Richard Blumenthal, (415) 394-9270. 
  
 “Title Documents” shall have the meaning ascribed in Section 4.1. 
  

 7 

 “Title Objections” shall have the meaning ascribed in Section 4.2. 
  
 “Title Policy” shall have the meaning ascribed in Section
4.3. 
  
 “Transfer Time” means 12:01 a.m.
(Phoenix time) on the Closing Date. 
  
 “Tray
Ledger” shall have the meaning ascribed in Section 9.6(f)(1). 
  
 “Uniform System of Accounts” means the latest edition of the Uniform System of Accounts for Hotels, as published by the Hotel Association of New York City, Inc. 
  
 “WARN Act” shall have the meaning ascribed in Section
9.1(d). 
  
 Section 1.2 Rules of Construction.
Article and Section captions used in this Agreement are for convenience only and shall not affect the construction of this Agreement. All references to “Article” or “Sections” without reference to a document other than this
Agreement, are intended to designate articles and sections of this Agreement, and the words “herein,” “hereof,” “hereunder,” and other words of similar import refer to this Agreement as a whole and not to any particular
Article or Section, unless specifically designated otherwise. The use of the term “including” shall mean in all cases “including but not limited to,” unless specifically designated otherwise. No rules of construction against the
drafter of this Agreement shall apply in any interpretation or enforcement of this Agreement, any documents or certificates executed pursuant hereto, or any provisions of any of the foregoing. 
  
 ARTICLE 2 
 AGREEMENT OF PURCHASE AND SALE; PURCHASE PRICE 
  
 Section 2.1 Agreement to Purchase and Sell. In consideration of the terms and provisions of this Agreement, Seller agrees to sell, convey,
transfer and assign to Buyer, and Buyer agrees to purchase, accept and assume subject to the terms and conditions stated herein, all of Seller’s right, title and interest in and to the Property, for the Purchase Price set forth in Section
2.2, subject to the Permitted Exceptions. 
  
 Section 2.2
Purchase Price. The purchase price for the Property shall be Thirty Three Million and no/100 Dollars ($33,000,000.00) (“Purchase Price”), at the Closing in immediately available funds. The Purchase Price and such other
funds as may be necessary to pay Buyer’s expenses hereunder, subject to closing adjustments, shall be deposited with the Escrow Agent at least one (1) business day before the Closing Date in accordance with this Agreement and paid to Seller
upon satisfaction of all conditions precedent to the Closing as described herein. 
  
 Section 2.3 Deposit. Buyer will, within one (1) business day after execution hereof deposit with the Escrow Agent the sum of Five Hundred Thousand and no/100 Dollars ($500,000.00) in immediately
available funds as a deposit with Escrow Agent whose address is as indicated in Section 10.3 (the “Initial Deposit”). Within two (2) business days after the expiration or termination of the Due Diligence Period, and assuming
that Buyer has elected to proceed with this transaction at the end of the Due Diligence Period by providing a notice to Seller of its intention to proceed delivered prior to the expiration of the Due Diligence Period (a 

  

 8 

 
“Notice to Proceed”), Buyer shall make an additional deposit of Two Hundred Fifty Thousand and no/100 Dollars ($250,000.00) (the
“Additional Deposit”) with Escrow Agent. Escrow Agent shall immediately deposit all Deposits upon receipt in Federally insured interest-bearing accounts. If a Notice to Proceed is given by Buyer, the Deposit shall be non-refundable
except as expressly provided in this Agreement, including Sections 3.1, 4.2, 5.1, 9.2(b) and 10.2(b) and shall be held in a federally-insured interest-bearing account and delivered by Escrow Agent in accordance
with the provisions of Article 5. Interest earned on the Deposit shall be considered part of the Deposit. Except as otherwise expressly set forth herein, the Deposit shall be applied against the Purchase Price on the Closing Date. Failure to
timely deliver the Notice to Proceed shall be deemed an election by Buyer to terminate this Agreement, in which case the Initial Deposit shall be returned to Buyer and, thereafter, the parties shall have no further rights or obligations hereunder
except for Buyer’s Surviving Obligations and Seller’s Surviving Obligations. If Buyer does not deliver a Notice to Proceed, or notifies Seller at any time prior to the expiration of the Due Diligence Period that it desires to terminate
this Agreement (which Buyer may do in its sole and absolute discretion), then the Deposit shall be promptly returned to Buyer free of any offset or any claim of Seller and, thereafter, the parties shall have no further rights or obligations
hereunder except for Buyer’s Surviving Obligations and Seller’s Surviving Obligations; provided, however, that as a condition to the return of the Deposit to Buyer, and in consideration to Seller entering into this Agreement, Buyer
shall deliver to Seller, without representation or warranty of any kind, copies of all due diligence reports, studies or other materials obtained by Buyer from third parties in connection with its due diligence investigations, and Buyer shall return
to Seller any such materials which were delivered or made available by Seller to Buyer and remain in Buyer’s possession upon such termination. 
  
 Section 2.4 Indivisible Economic Package. Buyer has no right to purchase, and Seller has no obligation to sell, less than all of the
Property, it being the express agreement and understanding of Buyer and Seller that, as a material inducement to Seller and Buyer to enter into this Agreement, Buyer has agreed to purchase, and Seller has agreed to sell, all of the Property, subject
to and in accordance with the terms and conditions hereof. 
  
 Section 2.5 Allocation of Purchase Price. Seller acknowledges that Buyer intends to allocate the Purchase Price between the Land, Improvements, FF&E and Personal Property (with further allocation between the tangible
personal property and Intangible Property, at Buyer’s election), for purposes of complying with the Code and the Arizona State equivalent. Buyer and Seller shall endeavor to agree upon a proposed allocation of the Purchase Price prior to the
expiration of the Due Diligence Period; provided, however, that if Buyer and Seller cannot agree upon such allocation in good faith, then each party may prepare financial statements and file of all tax returns as it determines is appropriate
in its good faith discretion. Following any express agreement of the parties as to such determination, Seller and Buyer agree to be bound by such allocation and to act in accordance with the allocation in the preparation of financial statements and
filing of all tax returns and in the course of any tax audit, tax review or tax litigation relating thereto. No party shall take any position inconsistent with such allocation. Each party shall keep the allocation made by the other party
confidential except to the extent that disclosure is required by law or appropriate for tax or accounting purposes in the ordinary course of business. 
  

 9 

  
 ARTICLE 3 

BUYER’S DUE DILIGENCE; CONDITION OF THE PROPERTY 
  
 Section 3.1 Buyer’s Inspections and Due Diligence. Buyer acknowledges that for a period commencing on the
Effective Date and expiring at 5:00 p.m. Pacific Time on the date that is forty-five (45) days following the Effective Date (the “Due Diligence Period”), Buyer may conduct its examinations, inspections, testing, studies and
investigations (herein collectively called the “Due Diligence”) of the Property, information regarding the Property and such documents applicable to the Property as Seller is to deliver or make available as set forth in Section
3.2 below; provided, however, that if the PIP is not attached to this Agreement on the date of execution, and Seller does not thereafter deliver the PIP to Buyer within ten (10) days thereafter, or if Seller does not cause the Title
Commitment to be delivered within five (5) business days after the Effective Date, then the Due Diligence Period shall be extended, on a day-for-day basis, for each day thereafter until Seller delivers the PIP or the Title Commitment, as applicable,
to Buyer; provided, further, that if any other Schedules or Exhibits to this Agreement are not attached to this Agreement on the date of execution, and Seller does not thereafter deliver such Schedules and Agreements to Buyer within five (5)
business days after the Effective Date, then the Due Diligence Period shall be extended, on a day-for-day basis, for each day thereafter until Seller delivers the applicable Schedules and Exhibits to Buyer. Except for any limitations as may be
imposed by Section 3.3 below, Buyer may conduct such due diligence activities, inspections, and studies of the Property as it deems necessary or appropriate, and examine and investigate to its full satisfaction all facts, circumstances, and
matters relating to the Property (including the physical condition and use, availability and adequacy of utilities, access, zoning, compliance with applicable laws, environmental conditions, engineering and structural matters), title, survey
matters, and any other matters it deems necessary or appropriate for purposes of consummating this transaction. The Due Diligence shall be at Buyer’s sole cost and expense. Buyer shall have the right to disapprove of any Contracts (the
“Disapproved Contracts”) by delivering written notice thereof to Seller prior to the expiration of the Due Diligence Period. Seller shall, at its sole cost and expense and prior to the Closing, terminate all Disapproved Contracts.

  
 Section 3.2 Delivery Period. 
  
 (a) From and after the date hereof, Seller will deliver or made available to
Buyer for inspection at the Property or at the office of the Seller, the due diligence items described on Exhibit I attached hereto, to the extent that such items are in the possession or control of Seller (the “Due Diligence
Items”). Prior to the Closing, Seller shall continue to make available to Buyer such other documents or information as Buyer may reasonably request relating to the Hotel, or Property, which are in Seller’s or Manager’s possession
or control. Notwithstanding anything to the contrary contained herein, Seller shall not be obligated to deliver or make available to Buyer any internal memoranda or correspondence of Seller subject to the attorney client privilege and any appraisals
or other valuation information relating to the Property or any portion thereof. 
  
 (b) All documents, materials, and information furnished to or made available to Buyer pursuant to this Section 3.2 are being furnished or made available to Buyer for information purposes only and without any
representation or warranty by Seller with respect 

  

 10 

 
thereto, express or implied, except as may otherwise be expressly set forth in Section 6 below and as limited by Section 6.2 and 7.3(b)
below, and all such documents, materials, and information are expressly understood by Buyer to be subject to the confidentiality provisions of Section 3.5 below. 
  
 Section 3.3 Site Visits. Buyer and its Licensee Parties shall have reasonable access to the Hotel, and the
Land (during customary business hours, and with at least twenty-four (24) hours prior notice to Seller). Seller shall have the right to have a representative present during any visits to or inspections of the Hotel, or the Land by Buyer or any
Licensee Parties. Buyer will conduct its Due Diligence in a manner that is not disruptive to the normal operation of the Hotel. Buyer will not enter the Hotel or the Land to conduct Due Diligence or contact any Hotel employees, without Seller’s
prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. If Buyer desires to conduct any physically intrusive Due Diligence, such as sampling of soils, other media, building materials, or the like, Buyer will
identify in writing exactly what procedures Buyer desires to perform and request Seller’s express written consent. Seller may withhold or condition consent to any physically intrusive Due Diligence in Seller’s sole and absolute discretion.
Upon receipt of Seller’s written consent, Buyer and all Licensee Parties shall, in performing such Due Diligence, comply with the agreed upon procedures and with any and all laws, ordinances, rules, and regulations applicable to the Property
and will not engage in any activities which would violate any permit, license, or environmental law or regulation. Buyer and any Licensee Parties will: (a) maintain commercial general liability (occurrence) insurance of not less than $2,000,000 per
occurrence with an insurance company reasonably satisfactory to Seller, covering any accident caused by Buyer or the other Licensee Parties on the Property, and deliver a certificate of insurance, which names the Seller as an additional insured
thereunder verifying such coverage to Seller prior to entry upon the Property; (b) promptly pay when due to all Licensee Parties the costs of all entry and inspections and examinations done with regard to the Property; and (c) restore the Property
to substantially the condition in which the same was found before any such entry upon the Property and inspection or examination was undertaken. 
  
 Section 3.4 Buyer’s Due Diligence Indemnity. Buyer shall defend, indemnify, and hold harmless Seller and the Seller Indemnitees from
and against all Losses (whether arising out of injury or death to persons or damage to the Property or otherwise) including costs of remediation, restoration and other similar activities, mechanic’s and materialmen’s liens and
attorneys’ fees, arising out of or in connection with Buyer’s Due Diligence, Buyer’s breach of its obligations under Section 3.5 or Buyer’s or any Licensee Parties’ entry upon the Property, except solely to the extent
any of the same are caused by the gross negligence or willful misconduct of Seller, Seller Indemnitees or Manager. The provisions of this Section 3.4 shall survive the Closing or, if the purchase and sale is not consummated, any termination
of this Agreement, and shall not be subject to the twelve (12) month limitation set forth herein. 
  
 Section 3.5 Confidentiality. Buyer agrees that any information obtained by Buyer or its, attorneys, prospective partners, accountants and
other consultants and advisors, prospective lenders or prospective investors (collectively, for purposes of this Section 3.5, the “Permitted Outside Parties”) in the conduct of its Due Diligence shall be treated as
confidential pursuant to Section 10.11 of this Agreement, shall be used only to evaluate the acquisition of the Property. Buyer further agrees that within its organization, or as to the Permitted Outside Parties, the Due 

  

 11 

 
Diligence Items will be disclosed and exhibited only to those persons within Buyer’s organization or to those Permitted Outside Parties who are
responsible for advising Buyer with respect to its acquisition of the Property. Buyer further acknowledges that the Due Diligence Items and other information relating to the operation of the Hotel are confidential in nature. Buyer agrees not to
divulge the contents of such Due Diligence Items or any other information except in strict accordance with Sections 3.5 and 10.11 of this Agreement. In permitting Buyer and the Permitted Outside Parties to review the Due Diligence
Items and other information to assist Buyer, Seller has not waived any privilege or claim of confidentiality with respect thereto, and no third party benefits or relationships of any kind, either express or implied, have been offered, intended or
created by Seller and any such claims are expressly rejected by Seller and waived by Buyer. Nothing in this Section 3.5 or in Section 10.11 shall preclude Buyer (x) from discussing with or disclosing such information to (i) any person
who is employed by Buyer or who, on behalf of Buyer or such party, is actively and directly participating in or evaluating the purchase and sale of the Property, including to such party’s shareholders, partners, members, investors, existing or
prospective lenders, attorneys, accountants and other consultants and advisors, prospective franchisors, prospective managers, or (ii) the Title Company or any governmental administrative or regulatory agencies or authorities, including, without
limitation, the Securities and Exchange Commission (Seller acknowledges that Buyer is required to disclose this transaction and certain information and documentation (some of which Seller may deem confidential) pertaining to this transaction to the
Securities and Exchange Commission) and the Arizona Department of Liquor Licenses and Control; or (y) from disclosing such information as required by law or pursuant to any legal or dispute proceeding or to comply with any legal requirements;
provided, however, that if Buyer is required by applicable law or legal process to disclose any such information, Buyer agrees to furnish only that portion of such information which Buyer is legally compelled to disclose and to use its
commercially reasonable efforts to obtain assurance that, if possible, confidential treatment will be accorded to such information. 
  
 Section 3.6 Due Diligence Period. As provided in Section 2.3, above, the failure of Buyer to deliver the Notice to Proceed shall
terminate Buyer’s obligations hereunder without further liability except as described in Sections 3.4, 9.7, and 10.11. If Buyer fails to deliver the Notice to Proceed as provided in Section 2.3, above (which Buyer
may do in its sole and absolute discretion), then Buyer shall have no additional time after the expiration of the Due Diligence Period to conduct further physical Due Diligence. 
  
 ARTICLE 4 
 TITLE AND SURVEY 
  
 Section 4.1
Title to Land. Seller shall, at its sole cost and expense, deliver or cause to be delivered to Buyer not later than five (5) business days after the Effective Date (a) a title commitment with respect to the Land issued by the Title
Company (the “Title Commitment”), (b) copies of all recorded documents referred to on Schedule B of the Title Commitment as exceptions to coverage (the “Title Documents”) and (c) a copy of any existing survey of the
Land and Improvements in Seller’s possession. 
  
 Section 4.2 Certain Exceptions to Title. Buyer shall have the right to object in writing to any title matters that are not Permitted Exceptions and that affect Buyer’s title to the Land which are disclosed in the Title
Commitment (herein collectively called “Liens”) prior to 

  

 12 

 
the expiration of the Due Diligence Period. Any exceptions that are timely objected to by Buyer shall be herein collectively called the “Title
Objections”. Seller may elect (but shall not be obligated) to remove or cause to be removed, or with Buyer’s consent, insured over, at Seller’s expense and at Closing, any Title Objections, and Seller shall be entitled to a
reasonable adjournment of the Closing (not to exceed fifteen [15] days) for the purpose of such removal. Seller shall notify Buyer in writing (“Seller’s Title Response Notice”) within ten (10) days after receipt of Buyer’s
notice of Title Objections whether Seller elects to remove the same on or before the Closing. If Seller is unable (other than by the payment of money or delivery of documents or instruments) to remove any Title Objections prior to the Closing, or if
Seller elects not to remove one or more Title Objections, Buyer may elect to either (a) terminate this Agreement by giving written notice (“Buyer’s Termination Notice”) to Seller on or before five (5) days following
Buyer’s receipt of Seller’s Title Response Notice (or five (5) days following the expiration of the ten (10) day period that Seller has to deliver to Buyer the Seller Title Response Notice if Seller fails to deliver such notice) or within
five (5) days following the scheduled Closing Date (if Seller is unable to remove any Title Objections prior to the Closing, as may be extended as provided above), in which event the Deposit shall be paid to Buyer and, thereafter, the parties shall
have no further rights or obligations hereunder except for Buyer’s Surviving Obligations and Seller’s Surviving Obligations, or (b) waive such Title Objections, in which event such Title Objections shall be deemed additional
“Permitted Exceptions” and the Closing shall occur as herein provided without any reduction of or credit against the Purchase Price. If Buyer fails to timely give Seller Buyer’s Termination Notice, then Buyer shall be deemed to have
elected to waive such Title Objections and its right to terminate this Agreement pursuant to this Section. Notwithstanding the foregoing, Seller shall deliver the Hotel and all Personal Property free and clear of any encumbrances or obligations
arising from judgments, abstracts of judgment, mortgages, deeds of trust, security agreements, delinquent taxes, or other similar liens and be obligated at Closing to cause the release of the liens of any financing obtained by Seller which are
secured by the Land or Personal Property (collectively, “Monetary Title Encumbrances”). Notwithstanding anything herein to the contrary, Seller shall be obligated to pay and discharge the Monetary Title Encumbrances and obtain
releases satisfactory to Buyer and the Title Company without notice of Buyer’s objections thereto. If Seller fails to cause any Monetary Title Encumbrances to be removed at Closing, then Buyer may apply a portion of the Purchase Price to pay
such Monetary Title Encumbrances and enable the Title Company to issue Buyer’s Title Policy without exception for such Monetary Title Encumbrances. 
  
 If the Title Commitment is amended after expiration of the Due Diligence Period to add matters or exceptions in addition to the Permitted Exceptions
(which are not Monetary Title Encumbrances), Buyer shall by the expiration of five (5) business days after written notification of such amendment and receipt of the underlying documents pertaining to the new exception: (i) accept such amended Title
Commitment including such additional matters and exceptions, in which case such matters or exceptions shown there shall be deemed additional Permitted Exceptions, or (ii) object to such additional matters or exceptions by written notice to Seller
(“Additional Title Objections”). If Buyer does not make timely written objection, Buyer shall be deemed to have accepted such matters or exceptions as Permitted Exceptions. If Buyer makes a timely objection, Seller shall, within
five (5) business days following receipt of such Additional Title Objections notice, either: (i) provide written notice to Buyer that Seller is unable (other than by the payment of money or delivery of documents or instruments) or unwilling to cure
the Additional Title Objections, or (ii) elect to remove or cause to be removed, or with Buyer’s 

  

 13 

 
consent, insured over, such Additional Title Objections on or before the Closing, which removal will be deemed effected by the issuance of title insurance
eliminating or insuring against the effect of the Additional Title Objections, and Seller shall be entitled to a reasonable adjournment of the Closing (not to exceed fifteen [15] days) for the purpose of such removal. If Seller notifies Buyer in
writing that it is unable or unwilling to cure such Additional Title Objections, Buyer may within five (5) business days of its receipt of such notice from Seller, either: (i) terminate this Agreement by written notice to Seller, in which event the
Deposit shall be promptly delivered to Buyer and neither party shall have any further rights or obligations under this Agreement, except for Buyer’s Surviving Obligations and Seller’s Surviving Obligations, or (ii) waive such Additional
Title Objections, in which event Buyer shall be deemed to have accepted such additional matters or exceptions as Permitted Exceptions and the Closing shall occur as herein provided without any reduction of or credit against the Purchase Price. In
the event Buyer does not terminate this Agreement within five (5) business days as set forth in the preceding sentence, Buyer shall be deemed to have accepted such matters as additional Permitted Exceptions. If Seller elects to remove or cause the
removal of such Additional Title Objections but is unable to do so by the scheduled Closing Date or within fifteen (15) days thereafter, then Buyer may terminate this Agreement by written notice to Seller, in which event the Deposit shall be
promptly delivered to Buyer and neither party shall have any further rights or obligations under this Agreement, except for Buyer’s Surviving Obligations and Seller’s Surviving Obligations. If the periods for responding to new title
matters or exceptions extend beyond the scheduled Closing Date, then the Closing Date shall be extended to the date that is three (3) business days following the expiration of the latest period Seller or Buyer has to respond to the other, as set
forth herein. 
  
 Section 4.3 Title Insurance. As a
condition precedent to Buyer’s obligation to close Escrow hereunder, at Closing, the Title Company shall issue to Buyer or be irrevocably and unconditionally committed to issue to Buyer an ALTA owner’s extended coverage (1970 Form B, rev.
10/17/70) form title policy (the “Title Policy”), in the amount of the Purchase Price, insuring that fee simple title to the Land is vested in Buyer subject only to the Permitted Exceptions and Buyer shall be entitled to request
that the Title Company provide such endorsements (or amendments) to the Title Policy as Buyer may reasonably require, provided that (a) such endorsements (or amendments) shall be at no cost to, and shall impose no additional liability (other than as
may be imposed by the Title Company’s standard owner’s title affidavit) on, Seller, (b) Buyer’s obligations under this Agreement shall not be conditioned upon Buyer’s ability to obtain such endorsements and, if Buyer is unable to
obtain such endorsements, Buyer shall nevertheless (but subject to the other conditions in this Section 4.3) be obligated to proceed to close the transaction contemplated by this Agreement without reduction of or set off against the Purchase
Price, and (c) the Closing shall not be delayed as a result of Buyer’s request. Buyer shall finalize the form of the Title Policy acceptable to Buyer during the Due Diligence Period and shall attach the form to be issued at Closing to
Buyer’s Notice to Proceed. 
  
 ARTICLE 5 
 REMEDIES AND DEPOSIT INSTRUCTIONS 
  
 Section 5.1 Permitted Termination; Seller Default. If the sale of the Property is not consummated due to any permitted termination of this
Agreement by Buyer as herein expressly provided, the Deposit shall be promptly returned to Buyer. If the sale of the Property is not 

  

 14 

 
consummated due to Seller’s default hereunder, Buyer shall be entitled, as its sole remedy, either (a) to terminate this Agreement by written notice to
Seller, upon which the Deposit shall be promptly returned to Buyer; or (b) to enforce specific performance of this Agreement. Except as otherwise provided in Article 6 Buyer expressly waives its rights to seek any damages in the event of
Seller’s default hereunder; provided, however that if the sale of the Property is not consummated due to the occurrence of any one or more of the following: (i) fraud by Seller in connection with this Agreement; (ii) Seller’s
sale of the Property to another person during the contract period; (iii) after Buyer delivers its Notice to Proceed, Seller’s failure to cause the removal of a non-monetary lien or encumbrance which was caused by Seller after the date when
Buyer delivers its Notice to Proceed (and Seller fails to cause such exception or lien to be removed or insured over to Buyer’s satisfaction within five (5) business days following Seller’s receipt of written notice from Buyer of such
failure), or (iv) on the scheduled Closing Date, Seller willfully fails to deliver the closing documents specified in Section 9.3, below, then, upon Buyer’s election of the remedy provided in clause (a) of this Section 5.1,
Buyer shall be entitled to receive from Seller Buyer’s reasonable out-of-pocket costs actually incurred in connection with the negotiation of this Agreement and the investigation of the Property not to exceed $200,000 in the aggregate. Buyer
shall be deemed to have elected to terminate this Agreement and receive back the Deposit and, to the extent provided above, be reimbursed for its costs and expenses, if Buyer fails to file suit for specific performance against Seller in a court
prescribed by Section 10.5 hereof, on or before thirty (30) days following the date upon which Closing was to have occurred. 
  
 Section 5.2 BUYER DEFAULT; LIQUIDATED DAMAGES. IF THE SALE IS NOT CONSUMMATED DUE TO ANY DEFAULT BY BUYER HEREUNDER THAT IS NOT CURED WITHIN
THREE (3) BUSINESS DAYS FOLLOWING WRITTEN NOTICE BY SELLER TO BUYER, THEN, AS SELLER’S SOLE AND EXCLUSIVE REMEDY (WHETHER AT LAW OR IN EQUITY), SELLER SHALL RETAIN THE DEPOSIT AS LIQUIDATED DAMAGES, WHICH RETENTION SHALL OPERATE TO TERMINATE
THIS AGREEMENT AND RELEASE BUYER FROM ANY AND ALL LIABILITY HEREUNDER, EXCEPT AS PROVIDED IN SECTIONS 3.4, 9.7, AND 10.11. SAID AMOUNT SHALL BE THE FULL, AGREED AND LIQUIDATED DAMAGES FOR THE BREACH OF THIS AGREEMENT BY BUYER,
ALL OTHER CLAIMS TO DAMAGES OR OTHER REMEDIES BEING HEREIN EXPRESSLY WAIVED BY SELLER. THE PAYMENT OF SUCH AMOUNT AS LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE OR PENALTY WITHIN THE MEANING OF APPLICABLE LAWS. THE PARTIES HAVE AGREED THAT
SELLER’S ACTUAL DAMAGES, IN THE EVENT OF A FAILURE TO CONSUMMATE THIS SALE DUE TO BUYER’S DEFAULT, WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE. AFTER NEGOTIATION, THE PARTIES HAVE AGREED THAT, CONSIDERING ALL THE
CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT, THE AMOUNT OF THE DEPOSIT IS A REASONABLE ESTIMATE OF THE DAMAGES THAT SELLER WOULD INCUR IN SUCH EVENT. BY PLACING THEIR INITIALS BELOW, EACH PARTY SPECIFICALLY CONFIRMS THE ACCURACY OF THE
STATEMENTS MADE ABOVE AND THE FACT THAT EACH PARTY WAS REPRESENTED BY COUNSEL WHO EXPLAINED, AT THE TIME THIS AGREEMENT WAS MADE, THE CONSEQUENCES OF THIS LIQUIDATED DAMAGES PROVISION. THE 

  

 15 

 
FOREGOING IS NOT INTENDED TO LIMIT BUYER’S INDEMNITY OBLIGATIONS HEREUNDER, INCLUDING SECTIONS 3.4, 8.7, 9.7 AND 10.11.

  

					
	 Initials:
	  	Seller ____________	  	Buyer ____________

  
 Section 5.3
Deposit Instructions. The Escrow Agent joins herein below to evidence its agreement to hold such funds in accordance with the terms and conditions of this Agreement. Further, the following provisions shall control with respect to the
rights, duties and liabilities of the Escrow Agent. The Escrow Agent acts hereunder as a depository only and is not responsible or liable in any manner whatsoever for the (a) sufficiency, correctness, genuineness or validity of any written
instrument, notice or evidence of a party’s receipt of any instruction or notice which is received by the Escrow Agent, or (b) identity or authority of any person executing such instruction notice or evidence. The Escrow Agent shall invest the
amount in escrow in accounts which are federally insured, which invest solely in government securities, or which are reasonably satisfactory to Seller and Buyer, and shall be applied in accordance with the terms of this Agreement. 
  
 Section 5.4 Designation of Reporting Person. To assure
compliance with the requirements of Section 6045 of the Internal Revenue Code of 1986, as amended (for purposes of this Section 5.4, the “Code”), together with any similar reporting requirements applicable in the State of
Arizona, the parties hereto agree as follows: 
  
 (a) Provided the
Escrow Agent shall execute a statement in writing (in form and substance reasonably acceptable to the parties hereunder) pursuant to which it agrees to assume all responsibilities for information reporting required under Section 6045(e) of the Code,
Seller and Buyer shall designate the Escrow Agent as the person to be responsible for all information reporting under Section 6045(e) of the Code (the “Reporting Person”). If the Escrow Agent refuses to execute a statement pursuant
to which it agrees to be the Reporting Person, Seller and Buyer shall agree to appoint another third party as the Reporting Person. 
  
 (b) Seller and Buyer hereby agree: 
  
 (i) to provide to the Reporting Person all information and certifications regarding such party, as reasonably requested by the Reporting
Person or otherwise required to be provided by a party to the transaction described herein under Section 6045 of the Code; and 
  
 (ii) to provide to the Reporting Person such party’s taxpayer identification number and a statement (on Internal Revenue Service Form
W-9 or an acceptable substitute form, or on any other form the applicable current or future Code sections and regulations might require and/or any form requested by the Reporting Person), signed under penalties of perjury, stating that the taxpayer
identification number supplied by such party to the Reporting Person is correct. 
  
 (c) Each party hereto agrees to retain this Agreement for not less than four years from the end of the calendar year in which the Closing occurred, and to produce it to the Internal Revenue Service upon a valid
request therefor. 
  

 16 

 Section 5.5 SELLER DEFAULT; LIQUIDATED DAMAGES. IF, AFTER BUYER DELIVERS ITS NOTICE TO PROCEED,
THE SALE IS NOT CONSUMMATED DUE TO SELLER’S SALE OF THE PROPERTY TO ANOTHER PERSON DURING THE CONTRACT PERIOD, THEN SELLER SHALL BE OBLIGATED TO PAY BUYER THE AMOUNT OF $500,000 AS LIQUIDATED DAMAGES IN ADDITION TO THE RETURN OF THE DEPOSIT AND
IN ADDITION TO THE SUMS BUYER IS ENTITLED TO RECEIVE FROM SELLER UNDER SECTION 5.1 ABOVE, WHICH PAYMENTS SHALL OPERATE TO TERMINATE THIS AGREEMENT AND RELEASE SELLER FROM ANY AND ALL LIABILITY HEREUNDER, EXCEPT FOR SELLER’S SURVIVING
OBLIGATIONS. THE PARTIES HAVE AGREED THAT BUYER’S ACTUAL DAMAGES, IN THE EVENT OF THE OCCURRENCE OF THE EVENT SPECIFIED ABOVE, WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE. AFTER NEGOTIATION, THE PARTIES HAVE AGREED THAT,
CONSIDERING ALL THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT, THE AMOUNTS SET FORTH ABOVE IN THIS SECTION 5.5 AND IN SECTION 5.1 ARE A REASONABLE ESTIMATE OF THE DAMAGES THAT BUYER WOULD INCUR IN SUCH EVENT, AND IN
CONSIDERATION OF SUCH PAYMENTS, AND EFFECTIVE UPON BUYER’S ELECTION TO RECEIVE SUCH PAYMENTS IN LIEU OF SPECIFIC PERFORMANCE, IN BUYER’S SOLE AND ABSOLUTE DISCRETION, BUYER HEREBY WAIVES ITS RIGHT TO SPECIFIC PERFORMANCE AGAINST SELLER. BY
PLACING THEIR INITIALS BELOW, EACH PARTY SPECIFICALLY CONFIRMS THE ACCURACY OF THE STATEMENTS MADE ABOVE AND THE FACT THAT EACH PARTY WAS REPRESENTED BY COUNSEL WHO EXPLAINED, AT THE TIME THIS AGREEMENT WAS MADE, THE CONSEQUENCES OF THIS LIQUIDATED
DAMAGES PROVISION. THE FOREGOING IS NOT INTENDED TO LIMIT SELLER’S SURVIVING OBLIGATIONS. 
  

					
	 Initials:
	  	Seller ____________	  	Buyer ____________

  
 ARTICLE 6

 REPRESENTATIONS AND WARRANTIES OF SELLER 
  
 Section 6.1 Representations and Warranties of Seller. Subject to the provisions of Sections 6.2 and
7.5, and except for those matters described in Exhibit C (the “Disclosure Items”), for which Seller makes no representations or warranties of any kind and for which Seller shall have no liability or obligation to Buyer
of any kind whatsoever, Seller makes the following representations and warranties with respect to the Property, which shall be true and correct as of the Effective Date and on the date of Closing: 
  
 (a) Status. Seller is a corporation validly existing and in
good standing under the laws of the State of Arizona. 
  
 (b)
Authority. The execution and delivery of this Agreement and the performance of Seller’s obligations hereunder have been or will be duly authorized by all necessary action on the part of Seller, and this Agreement constitutes the
legal, valid and binding obligation of Seller, subject to equitable principles and principles governing creditors’ rights generally. 
  

 17 

 (c) Non-Contravention. The execution and delivery of this Agreement by Seller and the
consummation by Seller of the transactions contemplated hereby will not: (i) violate any judgment, order, injunction, decree, regulation or ruling of any court or Governmental Entity or (ii) conflict with, result in a breach of, or constitute a
default under the organizational documents of Seller, any note or other evidence of indebtedness, any mortgage, deed of trust or indenture, or any lease or other material contract, document, agreement or instrument to which Seller is a party or by
which Seller may be bound. 
  
 (d) Suits and
Proceedings. To Seller’s knowledge, there are no legal, administrative, regulatory or other actions, suits or proceedings pending or served or threatened in writing against Seller or the Property except as set forth on Schedule
6.1(d) attached hereto. 
  
 (e) Non-Foreign
Entity. Seller is not a “foreign person” or “foreign corporation” as those terms are defined in the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder. 
  
 (f) Consents. No consent, waiver, approval or authorization is
required from any person or entity (that has not already been obtained) in connection with the execution and delivery of this Agreement by Seller or the performance by Seller of the transactions contemplated hereby. 
  
 (g) Condemnation. Seller has not received any written
condemnation or eminent domain notice with respect to all or part of the Land, and to Seller’s knowledge, no action in condemnation or eminent domain of the Land is currently pending. 
  
 (h) Bankruptcy. Since October 30, 2002, Seller has not (i)
commenced a voluntary case, or had entered against it a petition, for relief under any federal bankruptcy act or any similar petition, order or decree under any federal or state law or statute relative to bankruptcy, insolvency or other relief for
debtors, (ii) caused, suffered or consented to the appointment of a receiver, trustee, administrator, conservator, liquidator or similar official in any federal, state or foreign judicial or non-judicial proceedings, to hold, administer and/or
liquidate all or substantially all of its property, or (iii) made an assignment for the benefit of creditors nor are any of the foregoing proceedings contemplated by Seller. 
  
 (i) Contracts. There are no service, supply, construction, capital improvement, maintenance and other similar
contracts entered into or, to Seller’s best knowledge, assumed by Seller or Manager and in effect with respect to the Property related to the construction, operation or maintenance of the Property other than those listed on Exhibit D
(the “Contracts”), true, correct and complete copies of which have been delivered or made available to Buyer. To Seller’s knowledge, no party to the Contracts is in default thereunder in any material respect. For the purposes
of the restatement of the representation in this clause (i) at Closing, Seller’s representation shall be limited to Approved Contracts. 
  
 (j) Leases. There are no space, equipment, capital, facility or other leases, occupancy agreements, concession agreements or subleases to
which Seller or Manager (on behalf of Seller) is a lessor, sublessor or lessee and affecting any portion of the Land, Improvements or Personal Property other than those listed on Exhibit B, true, correct and 

  

 18 

 
complete copies of which have been delivered or made available to Buyer. To Seller’s knowledge, no party to the Contracts is in default thereunder in
any material respect. For the purposes of the restatement of the representation in this clause (j) at Closing, Seller’s representation shall be limited to an updated Exhibit B. 
  
 (k) Compliance. To Seller’s knowledge, Seller has not
received any notice from any governmental authority that the Property or any portion thereof is currently in violation of any law, ordinance or code, and no such action is pending. 
  
 (l) Right of First Offer. Except for this Agreement and subject to the rights of guests and patrons of the
Property, including guests and patrons under advance bookings, Seller is not a party to any enforceable agreement or option for the transfer, sale or purchase of all or any portion of the Property and has not granted any other party any right or
option to lease all or any portion of the Property other than a right of first offer in favor of Hilton Hotels Corporation granted pursuant to the Franchise Agreement. 
  
 (m) Management Agreement. The Hotel will not be subject to any form of management agreement with a third-party
manager as of the Closing and the Management Agreement will be terminated by Seller at its sole cost and expense at or prior to Closing, unless Buyer has elected in its Notice to Proceed that Buyer wishes Seller to continue the Management Agreement
on a month-to-month basis post-Closing for a period not to exceed two (2) months following the Closing. 
  
 (n) Franchise Agreement. Except for the Franchise Agreement, there are no contracts or agreements, written or oral, under which Seller
operates the Hotel as a franchise and there are no contracts or agreements, written or oral, under which reservations are made with respect to the Hotel. From the period beginning on October 31, 2002 to the Date of this Agreement, Seller has not
received any notices of default under the Franchise Agreement and, to Seller’s knowledge, since October 30, 2002, and except for matters set forth in the PIP, no uncured default exists by Seller thereunder. 
  
 (o) Taxes. To Seller’s knowledge, since October 30, 2002,
Seller has filed all tax returns required by governmental agencies, and has paid and will continue to pay all taxes, assessments and fees imposed by any governmental authority relating to the Property and the operations of Seller prior to, including
all income, withholding, unemployment, gross receipts, sales and franchise taxes incurred during periods prior to and as a result of the Closing. 
  
 (p) Labor and Employment. Seller has no employees. There are no employee benefit plans for the benefit of employees employed at the Hotel
for which Seller is a plan sponsor or to which Seller is a party; provided, that Manager maintains a 401k plan for its employees. Since October 30, 2002, neither Seller nor, to Seller’s knowledge, Manager, has been and Seller is not and
to Seller’s knowledge Manager is not currently a party to any union, collective bargaining or other labor contract. 
  
 (q) Financial Information. To Seller’s knowledge, the unaudited financial statements provided to Buyer by Seller, and dated after
October 30, 2002, are correct and 

  

 19 

 
complete in all material respects and present fairly the results of the operations of the Property and Seller for the periods indicated. 
  
 (r) Hazardous Materials. Except as disclosed on Schedule
6.1(r) attached to this Agreement (including, in any of the environmental reports referenced therein), since October 30, 2002, Seller has received no written notice from any Governmental Authority or any third party alleging a violation of any
Environmental Law, which violation remains uncured, or the existence of Hazardous Materials that are currently emanating from the Property. 
  
 (s) Property Ownership. Seller has good and marketable fee simple title in and to, and is the sole owner of, the Land, Improvements and the
Personal Property, subject only to the Title Documents and matters which are disclosed in the Title Commitment. 
  
 (t) Liquor License. To Seller’s knowledge, Seller has received no notice in the past twelve (12) months from any neighboring property
owner, municipal or county official, or law enforcement or liquor enforcement personnel of violations of the Liquor Act or Liquor Rules or the Liquor Permit. 
  
 Section 6.2 Limited Liability. The representations and warranties of Seller set forth in Section 6.1, together with Seller’s
liability for any breach before Closing of any of Seller’s interim operating covenants under Article 8, will survive the Closing (and will not be merged into the Deed or other Closing documents delivered at the Closing) for a period of
twelve (12) months (the “Limitations Period”). Buyer will not have any right to bring any action against Seller as a result of any untruth or inaccuracy of such representations and warranties, or any such breach, unless and until
the aggregate amount of all liability and losses arising out of any such untruth or inaccuracy, or any such breach, exceeds $50,000 (the “Basket Amount”), and then only to the extent of such excess. In addition, in no event will
Seller’s liability for all such breaches exceed, in the aggregate, $2,000,000 (the “Liability Cap”). Seller shall have no liability with respect to any of Seller’s representations, warranties and covenants herein if, prior
to the Closing, Buyer has actual knowledge of any breach of a representation, warranty or covenant of Seller herein, or Buyer obtains actual knowledge (from whatever source, including any tenant estoppel certificates, as a result of Buyer’s Due
Diligence or written disclosure by Seller or Seller’s agents and employees) that contradicts any of Seller’s representations and warranties herein, and Buyer nevertheless consummates the transaction contemplated by this Agreement.
Buyer’s Surviving Obligations and Seller’s Surviving Obligations will survive Closing without limitation unless a specified period is otherwise provided in this Agreement. All other representations, warranties, covenants and agreements
made or undertaken by Seller under this Agreement, unless otherwise specifically provided herein, will not survive the Closing Date but will be merged into the Deed and other Closing documents delivered at the Closing. Notwithstanding anything to
the contrary in this Agreement, the following claims of Buyer shall not be subject to the Limitations Period, Basket Amount or Liability Cap: (a) claims based upon fraud of Seller, (b) claims under any Closing document, including but not limited to
the express indemnification obligations of Seller contained therein, and (c) claims relating to Seller’s failure to perform any Seller’s Surviving Obligations. This Section 6.2 shall survive the Closing. 
  
 Section 6.3 Seller’s Knowledge. For purposes of this
Agreement and any document delivered at Closing, whenever the phrase “to Seller’s knowledge,” or the “knowledge” of any 

  

 20 

 
Seller or words of similar import are used, they shall be deemed to refer to facts within the actual knowledge only of Bryan S. Thornton, the asset manager
of Seller, Bill Kilburg, Seller’s outside consultant, and Bob Yeoman, the general Manager of the Hotel and no others, at the times indicated only, without duty of inquiry whatsoever, who are the persons in Seller’s organization who are
most familiar with the Property and the subject matter of the representations and warranties set forth in Section 6.1. 
  
 Section 6.4 Liability of Representations and Warranties. Buyer acknowledges that the individuals named above are named solely for the
purpose of defining and narrowing the scope of Seller’s knowledge and not for the purpose of imposing any liability on or creating any duties running from such individuals to Buyer. Buyer covenants that it will bring no action of any kind
against such individuals, any shareholder, manager, officer partner or member of Seller, as applicable, or related to or arising out of these representations and warranties. 
  
 ARTICLE 7 
 REPRESENTATIONS AND WARRANTIES OF BUYER 
  
 Section 7.1 Buyer’s Representations and Warranties. Buyer represents and warrants to Seller the following: 
  
 (a) Status. Buyer is a limited partnership duly organized and validly existing under the laws of the State of Maryland. Prior to the
Closing, to the extent Buyer assigns its interest in this Agreement to an Affiliate, such Affiliate will be an entity that is duly organized and validly existing under the laws of the state of its formation and will be qualified to transact business
in the State of Arizona. 
  
 (b) Authority. The
execution and delivery of this Agreement and the performance of Buyer’s obligations hereunder have been or prior to the Closing will be duly authorized by all necessary action on the part of Buyer and this Agreement constitutes the legal, valid
and binding obligation of Buyer, subject to equitable principles and principles governing creditors’ rights generally. 
  
 (c) Non-Contravention. The execution and delivery of this Agreement by Buyer and the consummation by Buyer of the transactions contemplated
hereby will not violate any judgment, order, injunction, decree, regulation or ruling of any court or Governmental Entity or conflict with, result in a breach of, or constitute a default under the organizational documents of Buyer, any note or other
evidence of indebtedness, any mortgage, deed of trust or indenture, or any lease or other material agreement or instrument to which Buyer is a party or by which it is bound. 
  
 (d) Consents. No consent, waiver, approval or authorization is required from any person or entity (that has
not already been obtained) in connection with the execution and delivery of this Agreement by Buyer or the performance by Buyer of the transactions contemplated hereby prior to the expiration of the Due Diligence Period. Buyer must obtain approval
from its Board of Directors before proceeding with this transaction following the expiration of the Due Diligence Period. Buyer’s delivery of the Notice to Proceed shall constitute a representation and warranty of Buyer that Buyer has obtained
such approval. 
  

 21 

 (e) Bankruptcy. Buyer has not (i) commenced a voluntary case, or had entered against it a
petition, for relief under any federal bankruptcy act or any similar petition, order or decree under any federal or state law or statute relative to bankruptcy, insolvency or other relief for debtors, (ii) caused, suffered or consented to the
appointment of a receiver, trustee, administrator, conservator, liquidator or similar official in any federal, state or foreign judicial or non-judicial proceeding, to hold, administer and/or liquidate all or substantially all of its property, or
(iii) made an assignment for the benefit of creditors. 
  
 Section 7.2 Intentionally Omitted. 
  
 Section 7.3 Buyer’s Independent Investigation. 
  
 Buyer has been given, or will be given before the end of the Due Diligence Period, a full opportunity to inspect and investigate each and every aspect of the Property, either independently or through agents of
Buyer’s choosing, including: 
  
 (a) All matters relating to
title, together with all governmental and other legal requirements such as taxes, assessments, zoning, use permit requirements, and building codes; 
  
 (b) The physical condition and aspects of the Property, including the interior, the exterior, the square footage within the improvements on the Land and
within each space therein, the structure, the paving, the utilities, and all other physical and functional aspects of the Property, including an examination for the presence or absence of Hazardous Materials, which shall be performed or arranged by
Buyer at Buyer’s sole expense; 
  
 (c) Any easements and/or
access rights affecting the Property; 
  
 (d) The Due Diligence
Items; 
  
 (e) All other matters of material significance
affecting the Property or delivered to or made available to Buyer by Seller in accordance with Article 3 of this Agreement, or which Buyer otherwise reasonably considers to be relevant to the acquisition of the Property. 
  
 THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT HAS BEEN NEGOTIATED BETWEEN
SELLER AND BUYER, THIS AGREEMENT REFLECTS THE MUTUAL AGREEMENT OF SELLER AND BUYER, AND BUYER HAS OR PRIOR TO THE CLOSING WILL HAVE CONDUCTED ITS OWN INDEPENDENT EXAMINATION OF THE PROPERTY. OTHER THAN THE MATTERS REPRESENTED IN SECTION 6.1
HEREOF AS SUCH MAY BE LIMITED BY SECTION 6.2 HEREOF, BUYER HAS NOT RELIED UPON AND WILL NOT RELY UPON, EITHER DIRECTLY OR INDIRECTLY, ANY REPRESENTATION OR WARRANTY OF SELLER OR ANY OF SELLER’S AGENTS OR REPRESENTATIVES, AND BUYER HEREBY
ACKNOWLEDGES THAT NO SUCH REPRESENTATIONS HAVE BEEN MADE. EXCEPT AS OTHERWISE SPECIFICALLY SET FORTH IN SECTION 6 HEREOF OR IN ANY DOCUMENTS DELIVERED TO BUYER AT OR IN CONNECTION WITH THE CLOSING, SELLER SPECIFICALLY DISCLAIMS, AND NEITHER
IT NOR ANY OTHER PERSON IS MAKING, ANY REPRESENTATION, WARRANTY OR ASSURANCE WHATSOEVER 

  

 22 

 
TO BUYER AND NO WARRANTIES OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EITHER EXPRESS OR IMPLIED, ARE MADE BY SELLER OR RELIED UPON BY BUYER WITH RESPECT
TO THE STATUS OF TITLE TO OR THE MAINTENANCE, REPAIR, CONDITION, DESIGN OR MARKETABILITY OF THE PROPERTY, OR ANY PORTION THEREOF, INCLUDING (a) ANY IMPLIED OR EXPRESS WARRANTY OF MERCHANTABILITY, (b) ANY IMPLIED OR EXPRESS WARRANTY OF FITNESS FOR A
PARTICULAR PURPOSE, (c) ANY IMPLIED OR EXPRESS WARRANTY OF CONFORMITY TO MODELS OR SAMPLES OF MATERIALS, (d) ANY RIGHTS OF BUYER UNDER APPROPRIATE STATUTES TO CLAIM DIMINUTION OF CONSIDERATION, (e) ANY CLAIM BY BUYER FOR DAMAGES BECAUSE OF DEFECTS,
WHETHER KNOWN OR UNKNOWN, LATENT OR PATENT, WITH RESPECT TO THE IMPROVEMENTS OR THE PERSONAL PROPERTY, (f) THE FINANCIAL CONDITION OR PROSPECTS OF THE PROPERTY AND (g) THE COMPLIANCE OR LACK THEREOF OF THE LAND OR THE IMPROVEMENTS WITH GOVERNMENTAL
REGULATIONS, IT BEING THE EXPRESS INTENTION OF SELLER AND BUYER THAT, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN ANY DOCUMENTS DELIVERED TO BUYER AT OR IN CONNECTION WITH THE CLOSING, THE PROPERTY WILL BE CONVEYED AND TRANSFERRED TO BUYER
IN ITS PRESENT CONDITION AND STATE OF REPAIR, “AS IS” AND “WHERE IS”, WITH ALL FAULTS. Buyer represents that it is a knowledgeable, experienced and sophisticated buyer of real estate, and that it is relying solely on its own
expertise and that of Buyer’s consultants in purchasing the Property. Buyer acknowledges and agrees that it will have the opportunity to conduct such inspections, investigations and other independent examinations of the Property and related
matters, including the physical and environmental conditions thereof, during the Due Diligence Period and will rely upon same and not upon any statements of Seller or of any member, manager, officer, director, agent or attorney of Seller, other than
the matters represented in Section 6.1 hereof as such may be limited by Section 6.2 hereof and matters in any documents delivered to Buyer at or in connection with the Closing. Buyer acknowledges that all information obtained by Buyer
will be obtained from a variety of sources and Seller will not be deemed to have represented or warranted the completeness, adequacy, truth or accuracy of any of the Due Diligence Items or other such information heretofore or hereafter furnished to
Buyer, other than the matters represented in Section 6.1 hereof as such may be limited by Section 6.2 hereof and matters in any documents delivered to Buyer at or in connection with the Closing. Subject to the foregoing, upon Closing,
Buyer will assume the risk that adverse matters, including adverse physical and environmental conditions, may not have been revealed by Buyer’s inspections and investigations. Buyer acknowledges and agrees that upon Closing, Seller will sell
and convey to Buyer, and Buyer will accept the Property, “AS IS, WHERE IS,” with all faults. Buyer further acknowledges and agrees that there are no oral agreements, warranties or representations, collateral to or affecting the Property,
by Seller, any agent of Seller or any third party. Seller is not liable or bound in any manner by any oral or written statements, representations or information pertaining to the Property furnished by any real estate broker, agent, employee, servant
or other person, unless the same are specifically set forth or referred to herein. Buyer acknowledges that the Purchase Price reflects the “as is, where is” nature of this sale and any faults, liabilities, defects or other 

  

 23 

 
adverse matters that may be associated with the Property. BUYER, WITH BUYER’S COUNSEL, HAS FULLY REVIEWED THE DISCLAIMERS AND WAIVERS SET FORTH IN
THIS AGREEMENT, AND UNDERSTANDS THE SIGNIFICANCE AND EFFECT THEREOF. BUYER ACKNOWLEDGES AND AGREES THAT THE DISCLAIMERS AND OTHER AGREEMENTS SET FORTH HEREIN ARE AN INTEGRAL PART OF THIS AGREEMENT, AND THAT SELLER WOULD NOT HAVE AGREED TO SELL THE
PROPERTY TO BUYER FOR THE PURCHASE PRICE WITHOUT THE DISCLAIMER AND OTHER AGREEMENTS SET FORTH IN THIS AGREEMENT. THE TERMS AND CONDITIONS OF THIS SECTION 7.3 WILL EXPRESSLY SURVIVE THE CLOSING, WILL NOT MERGE WITH THE PROVISIONS OF ANY
CLOSING DOCUMENTS AND WILL BE INCORPORATED INTO THE DEED. 
  
 Section 7.4 Buyer’s Release of Seller. 
  
 (a) Seller Released From Liability. Seller is hereby released from all responsibility and liability to Buyer regarding the condition (including the presence in the soil, air, structures and surface and subsurface waters, of
Hazardous Materials or substances that have been or may in the future be determined to be toxic, hazardous, undesirable or subject to regulation and that may need to be specially treated, handled and/or removed from the Property under current or
future federal, state and local laws, regulations or guidelines) of the Property, or its suitability for any purpose whatsoever. Buyer acknowledges that it has inspected the Property, observed its physical characteristics and existing conditions and
had the opportunity to conduct such investigation and study on and of said Property and adjacent areas as it deemed necessary, and hereby waives any and all objections to or complaints (including actions based on federal, state or common law and any
private right of action under CERCLA, RCRA or any other state and federal law to which the Property is or may be subject) regarding physical characteristics and existing conditions, including structural and geologic conditions, subsurface soil and
water conditions and solid and hazardous waste and Hazardous Materials on, under, adjacent to or otherwise affecting the Property. The foregoing release of Seller shall not apply to any claims, liability or responsibility to or suffered by Buyer
arising from or relating to and shall not release Seller from (i) any fraudulent acts of Seller, (ii) any breach of any representation, warranty, obligation or covenant of Seller in any document delivered to Buyer at or in connection with the
Closing, (iii) or Seller’s Surviving Obligations. 
  
 Buyer
further hereby assumes the risk of changes in applicable laws and regulations relating to past, present and future environmental conditions on the Property, and the risk that adverse physical characteristics and conditions, including the presence of
Hazardous Materials or other contaminants, may not be revealed by its investigation. 
  
 (b) Survival. The foregoing waivers and releases by Buyer shall survive either (a) the Closing and the recordation of the Deed, and shall not be deemed merged into the Deed upon its recordation, (b) any
termination of this Agreement, but shall not apply to Seller’s Surviving Obligations (subject to Section 6.2, above). 
  

 24 

 Section 7.5 [Intentionally Deleted.] 
  
 Section 7.6 No Assumption of Liabilities. Except for the express assumption of obligations arising after
closing in accordance with the Assignment of Contracts and the Assignment of Leases to be executed and delivered at Closing, Buyer is not assuming any obligations or liabilities of Seller in any respect, and Seller shall retain responsibility for
and timely discharge all liabilities and obligations arising prior to the Closing from its ownership and operation of the Property and the Hotel. 
  
 ARTICLE 8 
 MAINTENANCE OF PROPERTY

  
 From the date hereof until the Closing, and except as
otherwise consented to or approved by Buyer, Seller covenants and agrees with Buyer as follows: 
  
 Section 8.1 Maintenance and Operations. Seller shall, between the date of this Agreement and the Closing Date, at Seller’s sole cost
and expense, (a) maintain and operate the Property in good order, condition and repair, substantially consistent with past practice and in material compliance with all Governmental Regulations and the Franchise Agreement, (b) operate the Hotel in
substantially the same manner as before the making of this Agreement and take any action as may be required in the ordinary course of business, (c) from and after the date when Buyer delivers its Notice to Proceed, not subject the Property to any
additional liens, encumbrances, covenants, conditions, easements, rights of way or similar matters without Buyer’s prior written consent, (d) not dispose of, sell or remove from the Hotel beverages, food, FF&E or other Personal Property,
except in the ordinary course of business and only if the same is substantially replaced with items of equal or greater value, utility, quality and quantity; and (e) from and after the date when Buyer delivers its Notice to Proceed, except for the
work to comply with the PIP, not to perform, nor permit the performance of, any alterations, renovations, or improvements to the Land or Improvements without Buyer’s prior written consent. 
  
 Section 8.2 Contracts, Leases and Other Agreements. Seller
shall, between Seller’s execution of this Agreement and the Closing Date, not enter into, amend or terminate any Licenses and Permits, Lease or Contract or waive any material rights of Seller thereunder, without in each case obtaining
Buyer’s prior written consent thereto (which shall not be unreasonably withheld); provided, however, that Seller may enter into or terminate Contracts in the ordinary course of business and without Buyer’s prior written consent so
long as such Contract does not by its terms provide for payments by Seller in excess of $10,000 over the term of the Contract with respect to any individual contract or $50,000 in the aggregate for all such contracts, none which shall have a total
term in excess of ninety (90) calendar days, unless terminable upon thirty (30) calendar days notice without penalty or premium payment (the “Additional Contracts”). Prior to the Closing (but not later than five (5) business days
following Seller’s entry into any Additional Contract), Seller shall provide true and accurate copies of the Additional Contracts, which Additional Contracts shall be assumed at the Closing in accordance with the terms of the Assignment and
Assumption of Contracts. 
  
 Section 8.3 Management.
Seller shall convey title to the Property to Buyer free and clear of any management agreements, including the Management Agreement (unless Buyer requests in writing Seller not to terminate the Management Agreement at Closing, in which event, Buyer
shall assume Seller’s obligations under the Management Agreement at Closing). Seller shall 

  

 25 

 
indemnify, defend, reimburse and hold Buyer harmless from and against any and all Losses which relate to any action or claim made by any third party related
to any management agreement in existence prior to Closing. This indemnification shall survive Closing. 
  
 Section 8.4 Fixed Asset Supplies and Inventories. Until the Closing, Seller shall continue to resupply the Hotel with Fixed Asset Supplies
and Inventories at levels consistent with past practices in the normal course of business, and shall maintain at least two (2) par linen, pillows, bedding and terry for each guest room in the Hotel. 
  
 Section 8.5 PIP. Buyer shall receive a credit against the
Purchase Price at closing in the amount of Two Hundred Seventy-Five Thousand Dollars ($275,000), and Seller shall assign to Buyer, and Buyer shall assume all of Seller’s remaining obligations under, any design, construction and other contracts
to which Seller or Manager is a party relating to the completion of the PIP Work. 
  
 Section 8.6 Management Agreement and Franchise Agreement. Prior to Closing, Seller will pay, as and when due, all fees and other sums due under the Management Agreement and Franchise Agreement and
perform in all material respects its obligations under the Management Agreement and the Franchise Agreement. 
  
 Section 8.7 Liquor Licenses. During the Due Diligence Period, Buyer shall use diligent and all commercially reasonable efforts (at its sole
cost and expense) to assemble and, at Closing, to file a Liquor License Application for the Interim Permit to continue the liquor operations at the Hotel while Buyer, its lessee’s or manager’s application for a new Series 11 (Hotel-Motel)
liquor license is pending pursuant to the applicable provisions of the Liquor Act and the Liquor Rules. Seller shall, at no cost or expense to Seller, cooperate with Buyer and Buyer’s lessee or manager in completing and processing the Liquor
License Application and effectuating the issuance of the Interim Permit and the Series 11 (Hotel-Motel) liquor license as required pursuant to the applicable provisions of the Liquor Act and the Liquor Rules. Such cooperation shall include, without
limitation, supplying information, executing documents reasonably requested by Buyer to effectuate issuance of an Interim Permit and Seller’s release of the Liquor License to Buyer not later than two (2) Business Days prior to the scheduled
Closing Date to enable Buyer to obtain an Interim Permit that will be effective as of the Closing Date and offering reasonable assistance in connection with any proceeding for the new Series 11 (Hotel-Motel) liquor license. Buyer covenants that it
shall not deliver the Liquor License to any person or for any purpose other than in connection with obtaining an Interim Permit concurrent with Buyer’s performance of its obligations at Closing. If the Closing fails to occur for any reason,
including Seller’s default, Buyer shall cause the Liquor License to be returned to Seller’s possession at the Property on the date that is the earlier of (i) two (2) Business Days after the scheduled Closing Date, and (ii) two (2) Business
Days after the termination of this Agreement. Buyer agrees to indemnify, defend and hold harmless Seller and the Seller Indemnitees from and any Losses incurred by Seller or any Seller Indemnitee solely arising out of or relating to Buyer’s
possession of the Liquor License prior to Closing. The provisions of this Section 8.7 shall survive the termination of this Agreement or Closing and shall not merge with the Deed. 
  
 Section 8.9 Payment of Capital Leases; Termination of Disapproved Contracts. As of the Closing Date, Seller
shall pay or cause to be paid in full Capital Leases and shall cause 

  

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all such Capital Leases and all Disapproved Contracts to be terminated. The foregoing obligation shall survive the Closing for a period of twelve (12)
months, and shall not merge with the Deed. 
  
 Section 8.10
Shadow Management. Following the expiration of the Due Diligence Period, and provided that Buyer has delivered a Notice to Proceed, upon written request of Buyer, Seller shall ask the Manager to permit Buyer to establish a shadow
management operation with respect to the Property consisting of up to six (6) employees of the Buyer or of the Buyer’s prospective manger who shall have reasonable access during normal business hours to all Property records and to the Property
to observe the operation of the Hotel business immediately as of the expiration of the Due Diligence Period through the Closing Date to aid in the Buyer’s transition efforts. Buyer will conduct such shadow management operations in a manner that
is not disruptive to the normal operation of the Hotel. If at any time, Seller or Manager believes in good faith that the shadow management operations of Buyer or its representatives are unreasonably disruptive, then Seller or Manager may require
all such employees to cease all shadow management operations if such disruptions of the normal business operations at the Hotel are not cured within one (1) business day. Buyer shall defend, indemnify, and hold harmless Seller and the Seller
Indemnitees from and against all Losses (whether arising out of injury or death to persons or damage to the Property or otherwise) including costs of remediation, restoration and other similar activities, mechanic’s and materialmen’s liens
and attorneys’ fees, arising out of or in connection with Buyer’s shadow management operations, Buyer’s breach of its obligations under this Section 8.10 or Buyer’s or any employee’s entry upon the Property, except
solely to the extent any of the same are caused by the gross negligence or willful misconduct of Seller, Seller Indemnitees or Manager. The provisions of this Section 8.10 shall survive the Closing or, if the purchase and sale is not
consummated, any termination of this Agreement, and shall not be subject to the twelve (12) month limitation set forth herein. 
  
 Section 8.11 Tax Certificates. Seller shall obtain and deliver to Buyer, not later than two (2) days prior to the scheduled Closing Date,
(i) a letter of good standing from the Arizona Department of Revenue pursuant Arizona Revised Statute Section 42-1110, (ii) a bulk sale certificate (also known as an unemployment tax certificate) from the Arizona Department of Economic Security
pursuant Arizona Revised Statute Section 27-733(E) and (iii) a letter of compliance from the City of Phoenix (the letters and certificates described in items (i) through (iii) above are collectively referred to herein as the “Good Standing
Certificates”), which Good Standing Certificates shall be dated no earlier than ten (10) days prior to the scheduled Closing Date and shall not reflect any deficiency in the Seller’s compliance with the applicable legal requirements
which are the subject of the Good Standing Certificates. Seller shall request the issuance of the Good Standing Certificates on letters and applications prepared by Seller, the form and content of the applications for which are attached as
Exhibit M attached hereto. 
  
 ARTICLE 9 

 CLOSING 
  
 Section 9.1 Escrow Instructions. As soon as reasonably practicable following the Effective Date, the parties shall open an escrow with
Escrow Agent (the “Escrow”) in order to consummate the purchase and sale in accordance with the terms and provisions of this Agreement, and shall deposit a fully executed counterpart of this Agreement with Escrow Agent 

  

 27 

 
and this Agreement shall serve as escrow instructions to the Escrow Agent as the escrow holder for consummation of the purchase and sale contemplated hereby.
Seller and Buyer agree to execute such reasonable additional and supplementary escrow instructions as may be appropriate to enable the Escrow Agent to comply with the terms of this Agreement; provided, however, that in the event of any
conflict between the provisions of this Agreement and any supplementary escrow instructions, the terms of this Agreement shall control. 
  
 Section 9.2 Closing. 
  
 (a) The closing hereunder (the “Closing”) shall be held and delivery of all items to be made at the Closing under the terms of this
Agreement shall be made through escrow at Escrow Agent’s office on a date and time as Seller and Buyer shall mutually agree, but in any event not later than March 2, 2005 (the “Closing Date”). Such date may not be extended
without the prior written approval of both Seller and Buyer. No later than 3:00 p.m. Pacific Time on the business day immediately preceding the Closing Date, Buyer shall deposit in escrow with the Escrow Agent the Purchase Price (subject to
adjustments described in Section 9.6), together with all other costs and amounts to be paid by Buyer at the Closing pursuant to the terms of this Agreement, by Federal Reserve wire transfer of immediately available funds to an account to be
designated by the Escrow Agent. No later than 11:00 a.m. Pacific Time on the Closing Date, (a) Buyer will cause the Escrow Agent to (i) pay to Seller by Federal Reserve wire transfer of immediately available funds to an account designated by Seller,
the Purchase Price (subject to adjustments described in Section 9.6), less any costs or other amounts to be paid by Seller at Closing pursuant to the terms of this Agreement, and (ii) pay all appropriate payees the other costs and amounts to
be paid by Buyer at Closing pursuant to the terms of this Agreement and (b) Seller will direct the Escrow Agent to pay to the appropriate payees out of the proceeds of Closing payable to Seller, all costs and amounts to be paid by Seller at Closing
pursuant to the terms of this Agreement. It shall constitute a condition precedent to Seller’s obligations to consummate the Closing hereunder that all of the material representations, warranties, covenants, and agreements of Buyer contained
herein shall be true and correct and/or shall have been performed, as the case may be, in all material respects. 
  
 (b) The following shall be conditions to the obligation of Buyer to close the Escrow and purchase the Property pursuant to this Agreement, to the extent
not waived by Buyer: 
  
 (i) Seller shall have
performed each and every covenant, agreement and obligation to be performed by Seller under this Agreement in all material respects, and the representations and warranties of Seller set forth in this Agreement shall be true and correct as of the
Closing in all respects with the same force and effect as if remade by Seller in a separate certificate at that time. 
  
 (ii) As of the Closing, there shall not have occurred any material adverse change in the physical condition of the Property from the
condition that existed as of the expiration of the Due Diligence Period, normal wear and tear excepted, the correction cost of which is reasonably expected to exceed Seventy-Five Thousand Dollars ($75,000). 
  
 (iii) The Title Company shall have issued or have
unconditionally and irrevocably committed to issue the Title Policy to Buyer. 
  

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 (iv) Subject to Buyer’s compliance with Section 8.7 hereof, Buyer shall have
obtained, or shall have satisfied all conditions necessary to obtain at Closing, an Interim Permit for the Property. 
  
 (v) On the Closing Date, Seller shall have updated each of the Exhibits and Schedules attached hereto, so that, the same are true and
accurate as of the Closing Date, and Buyer shall have approved any changes therein in its reasonable discretion. 
  
 (vi) By no later than the date that is fifteen (15) days prior to the Closing Date, Buyer shall have received and approved the Tenant
Estoppel(s) (dated no earlier than thirty (30) days prior to the Closing Date and all changes thereto and information therein, all of which shall have been duly executed by the applicable tenant. 
  
 (vii) Prior to the expiration of the Due Diligence Period,
Buyer shall have obtained audited Financial Statements for the Property for calendar years 2003 and 2004, and Buyer’s Notice to Proceed shall constitute evidence that Buyer has satisfied or waived this condition. 
  
 (viii) Prior to the expiration of the Due Diligence Period,
Buyer shall have obtained approval for this transaction from its Board of Directors, and Buyer’s Notice to Proceed shall constitute evidence that Buyer has satisfied or waived this condition. 
  
 (ix) Prior to the expiration of the Due Diligence Period,
Buyer shall have entered into a management agreement and a franchise agreement for the Hotel on terms and conditions acceptable to Buyer in its sole and absolute discretion, and Buyer’s Notice to Proceed shall constitute evidence that Buyer has
satisfied or waived this condition. If Buyer makes such election, Seller will not terminate the Management Agreement at Closing; provided, however, that if Buyer elects to extend the Management Agreement for any period following the Closing,
then Seller shall not be required to pay any termination fee thereunder in connection with a subsequent termination of the Management Agreement. 
  
 (x) Buyer shall have received, not later than two (2) days prior to the scheduled Closing Date, the Good Standing Certificates in
accordance with Section 8.11. 
  
 The conditions set forth
in this Section 9.2(b) are solely for the benefit of Buyer and may be waived only by Buyer in writing to Seller. Buyer shall at all times have the right to waive any condition. If any of the conditions set forth in this Section 9.2(b)
are not timely satisfied or waived by Buyer, for a reason other than the default of Buyer under this Agreement, then Buyer shall have the right, in its sole discretion, to terminate this Agreement by providing written notice thereof to Seller by no
later than five (5) business bays following the scheduled Closing Date, in which case the Deposit shall be promptly returned to Buyer and, thereafter, the parties shall have no further rights or obligations hereunder except for Buyer’s
Surviving Obligations and Seller’s Surviving Obligations; provided, however, that prior to terminating this Agreement as the result of the failure of any condition, Buyer shall have first provided to Seller written notice and not less
than ten (10) days within which to cause such condition to be satisfied, at Seller’s election but without any obligation to do so. The failure of a condition, by itself, shall not otherwise constitute a default by Seller hereunder. 

 

 29 

 (c) The following shall be conditions to the obligation of Seller to close the Escrow and sell the
Property pursuant to this Agreement, to the extent not waived by Seller: 
  
 (i) Buyer shall have performed each and every covenant, agreement and obligation to be performed by Buyer under this Agreement in all material respects, and the representations and warranties of Buyer set forth in
this Agreement shall be true and correct as of the Closing in all respects with the same force and effect as if remade by Buyer in a separate certificate at that time. 
  
 (ii) Buyer’s deposit in escrow of the Deposit in accordance with Section 2, above. 

 
 (iii) On or before the Close of Escrow, Buyer’s
delivery to the Escrow Account (for payment to Seller), in immediately available funds, cash in an amount of the balance of the Purchase Price remaining after deduction for the Deposit plus the costs, expenses and prorations required to be
paid by Buyer hereunder, and Buyer’s delivery to Escrow Agent of the items to be paid by Buyer set forth herein. 
  
 The conditions set forth in this Section 9.2(c) are solely for the benefit of Seller and may be waived only by Seller in writing to Buyer. Seller
shall at all times have the right to waive any condition. If any of the conditions set forth in this Section 9.2(c) are not timely satisfied or waived by Seller, for a reason other than the default of Seller under this Agreement, then Seller
shall have the right, in its sole discretion, to terminate this Agreement by providing written notice thereof to Buyer by no later than five (5) business days following the scheduled Closing Date, in which case the parties shall have no further
rights or obligations hereunder except for Buyer’s Surviving Obligations and Seller’s Surviving Obligations; provided, however, that prior to terminating this Agreement as the result of the failure of any condition, Seller shall
have first provided to Buyer written notice and not less than ten (10) days within which to cause such condition to be satisfied, at Buyer’s election but without any obligation to do so, except for a failure under clause (iii) for which a one
(1)-Business Day cure period shall apply. The failure of a condition, by itself, shall not otherwise constitute a default by Buyer hereunder. 
  
 Section 9.3 Seller’s Closing Documents and Other Items. At or before Closing, Seller shall deposit into Escrow the following items:

  
 (a) A duly executed and acknowledged Special Warranty Deed for
the Property in the form attached hereto as Exhibit E (the “Deed”); 
  
 (b) Two duly executed counterparts of a Bill of Sale for the Property in the form attached hereto as Exhibit F (the “Bill of Sale”); 
  
 (c) Two (2) duly executed counterparts of an Assignment and Assumption of
Leases for the Property in the form attached hereto as Exhibit G (the “Assignment and Assumption of Leases”) executed by Seller or Manager, as applicable; 
  
 (d) Two (2) duly executed counterparts of an Assignment and Assumption of Contracts, Warranties and Guaranties, and Other
Intangible Property for the Property in the form 

  

 30 

 
attached hereto as Exhibit H (the “Assignment and Assumption of Contracts”) executed by Seller or Manager, as applicable; 

 
 (e) An affidavit pursuant to Section l445(b)(2) of the Code, and on which
Buyer is entitled to rely, that Seller is not a “foreign person” within the meaning of Section l445(f)(3) of the Code; 
  
 (f) An appropriate Affidavit of Property Value as required by Arizona law (the “Affidavit of Property Value”); 
  
 (g) Two (2) duly executed counterparts of the Indemnity Agreement executed by
Seller Indemnitor; 
  
 (h) Documentation to establish to
Buyer’s reasonable satisfaction the due authority of Seller’s sale of the Property and Seller’s delivery of the documents required to be delivered by Seller pursuant to this Agreement; 
  
 (i) A certificate executed by Seller stating that all representations and
warranties of the Seller contained in Section 6 remain, as of the Closing Date, correct in all material respects as when first made hereunder or, if not correct, stating the extent to which any such representations and warranties are not
correct (the “Seller Closing Certificate”). 
  
 (j) UCC Termination Statements for all UCC filings affecting the Personal Property and Capital Leases, if any; 
  
 (k) Originals or copies, if originals are not available, in each case to the extent in Seller’s possession, of all Contracts, Leases, Intangible
Property, Licenses and Permits, books, records, plans, licenses, permits, and other documents pertaining to the Hotel or Property; provided, however, that Seller may deliver the foregoing items either outside of Escrow or leaving them at the
business office at the Hotel; 
  
 (l) Two duly executed
counterparts of the Manager’s General Release and Termination Agreement; and 
  
 (m) Such other documents as may be reasonably required by the Title Company or as may be agreed upon by Seller and Buyer to consummate the purchase of the Property as contemplated by this Agreement. 
  
 Section 9.4 Buyer’s Closing Documents and Other Items. At
or before Closing, Buyer shall deposit into Escrow the following items: 
  
 (a) The balance of the Purchase Price and such additional funds as are necessary to close this transaction (which amounts shall be deposited no later than 3:00 p.m. on the business day preceding the scheduled Closing Date); 
  
 (b) Two (2) duly executed counterparts of the Bill of Sale for the Property;

  

 31 

 (c) Two (2) duly executed counterparts of the Assignment and Assumption of Leases for the Property;

  
 (d) Two (2) duly executed counterparts of the Assignment and
Assumption of Contracts for the Property; 
  
 (e) Three duly
executed counterparts of the Franchise Assignment Agreement executed by Seller and Franchisor, if applicable; 
  
 (f) Documentation to establish to Seller’s reasonable satisfaction the due authority of Buyer’s acquisition of the Property and Buyer’s
delivery of the documents required to be delivered by Buyer pursuant to this Agreement (including the organizational documents of Buyer, as they may have been amended from time to time, resolutions of Buyer and incumbency certificates of Buyer); and

  
 (g) Such other documents as may be reasonably required by
Seller or the Title Company or as may be agreed upon by Seller and Buyer to consummate the purchase of the Property as contemplated by this Agreement. 
  
 Section 9.5 Closing Costs. Seller and Buyer shall each pay one-half of the Escrow Agent’s fees and charges. Seller shall pay (i) all
recording costs and fees, (ii) the premium for the standard coverage portion of the Title Policy, (iii) except as set forth in Section 10.9, all legal fees and costs incurred by Seller, (iv) any sales tax imposed as a result of the transfer
of the Property to Buyer, if any, and (v) other fees and charges which are typically borne by sellers in the jurisdiction where the Property is located (but not including any items for which Buyer is obligated to pay pursuant to the next sentence).
Buyer shall pay for (i) the cost of an updated ALTA Survey of the Land and Improvements (if obtained by Buyer), (ii) any additional title premium payable for the issuance of Buyer’s lender’s policy of title insurance, (iii) except as
otherwise provided herein, Buyer’s out-of-pocket expenses incurred in connection with its due diligence review of the Property, including the cost of any environmental assessments or tests, (iv) the premium for the extended coverage portion of
the Title Policy (to the extent Buyer obtains ALTA coverage), (v) the costs of any endorsements Buyer may require, and (vi) except as set forth in Section 10.9, all legal fees and costs incurred by Buyer in connection herewith and all other
fees and charges which are typically borne by buyers in the jurisdiction in which the Property is located. Buyer shall also be solely responsible for the payment of any fees and costs associated with the transfer of the Licenses and Permits to Buyer
(to the extent the same are transferable) as contemplated by this Agreement. Seller hereby agrees to protect, indemnify, defend and hold harmless Buyer and Buyer’s Indemnitees from and against any and all Losses incurred by Buyer or
Buyer’s Indemnitees arising out of Seller’s failure to pay any taxes, assessments, fees or other governmental charges levied upon Seller’s assets, sales, operations or income or otherwise attributable to the Property or the operation
of the Hotel thereon during the period prior to the Closing Date. 
  

 32 

 Section 9.6 Prorations. At Closing, the parties shall prorate as of the Transfer Time, on
the basis of a thirty-day (30-day) month, the following with respect to the Property: 
  
 (a) Taxes. Real estate taxes, recurring assessments, personal property taxes, and rent tax, if any, on all or any portion of the Property, based on the regular and supplemental tax bills for the calendar year
in which the Closing occurs (or, if such tax bill has not been issued as of the date of Closing the regular and supplemental tax bill for the calendar year preceding that in which the Closing occurs) shall be prorated in accordance with the manner
in which real property taxes accrue in Maricopa County, Arizona. If any supplemental real estate taxes are levied for any period preceding the Closing, the parties will, immediately after the Closing or the issuance of the supplemental real estate
tax bill (whichever last occurs), prorate between themselves (in the manner provided above), in cash, without interest and to the date of the Closing Date, the supplemental real estate taxes shown by such bill. 
  
 (b) Utilities. All utilities including gas, water, sewer, electricity,
telephone and other utilities supplied to the Property shall be pro-rated on the Closing Date. Seller shall pay, prior to the Closing Date, all such amounts for which a bill has been received or for which payment is otherwise due prior to the
Closing Date, and Buyer shall be credited, and Seller shall be debited, with an amount equal to all utility charges for the period from the date such bills were issued or such payments were due until the Closing Date. All meters shall be read as of
the Closing Date. 
  
 (c) Rents. Rents from the Leases
collected by Seller for the month in which the Closing Date occurs shall be prorated so that Seller shall receive all amounts due Seller applicable to time periods up to (but not including) the Closing Date (excluding delinquencies), and Buyer shall
receive all amounts applicable to time periods on and after the Closing Date. Rents are delinquent when payment thereof is more than thirty (30) days past due as of the Closing Date. Delinquent rentals shall be prorated between Buyer and Seller as
of the Closing Date but not until they are actually collected by Buyer. Rents for the month in which the Closing Date occurs shall be deemed to have been received by Seller. With respect to any Lease with delinquent rents as of the Closing Date,
Buyer shall apply rents (net of all costs of collection) received after the Closing first to rents due to Buyer and second to payment of delinquent rents due to Seller. With respect to such delinquent rents, Buyer agrees to use its commercially
reasonable efforts (provided that it shall not be obligated to spend money) for a period of three (3) months following the Closing to collect the amount of any delinquent rent from tenants and Buyer agrees to remit promptly to Seller any excess
delinquent rent related to periods of time through the Closing Date, subject to the priorities set forth above, actually paid by such tenants and/or to Buyer. Seller shall retain the right to commence legal action against a tenant for any delinquent
rent apportioned to the Seller, at Seller’s sole cost and expense, except Seller may not bring unlawful detainer proceedings or similar actions to dispossess a tenant without the consent of Buyer, which may be withheld in Buyer’s sole and
absolute discretion. In the event Buyer collects or is paid any accounts receivable of Seller for any period prior to the Closing Date (which accounts receivable shall at all times shall remain the property of Seller), Buyer shall remit such amounts
so collected or paid to Seller within five (5) business days of receipt thereof. Buyer shall provide Seller monthly statements for six (6) months after the Closing Date, certified by Buyer, itemizing all delinquent rents or accounts receivable
collected on behalf of Seller following the Closing Date. Furthermore, Buyer shall receive a credit against the Purchase Price 

  

 33 

 
on the Closing Date in an amount equal to the sum of all rents received by Seller prior to the Closing Date attributable to periods from and after the
Closing Date and the amount of any other credits, security deposits or other deposits due tenants under any of the Leases. 
  
 (d) Approved Contracts. Seller shall pay, prior to the Closing Date, all amounts payable by Seller under Approved Contracts or otherwise in
connection with the operation of the Hotel which have accrued, or for which a bill has been received, or for which payment is otherwise due, to the extent that such relate to a period of time through the Closing Date. Buyer shall be credited, and
Seller shall be debited, with an amount equal to all amounts accrued by Seller under the Approved Contracts from the date such bills were issued or such payments were due until the Closing Date, and Seller shall be credited, and Buyer shall be
debited, with an amount equal to all amounts paid by Seller under the Approved Contracts to the extent related to periods of time on and after the Closing Date. 
  

(e) Security Deposits. Buyer shall be credited and Seller shall be debited with an amount equal to all security deposits paid under the Leases
to or on behalf of Seller that remain refundable under the Leases as of the Closing Date. 
  
 (f) Operations Settlement. As soon as reasonably practicable prior to the Closing Date, the parties shall conduct, or cause to be conducted, a preliminary operations settlement (“Operations
Settlement”). The Operations Settlement shall contain the parties’ best estimate of the amounts of items to be prorated and adjusted pursuant to this Agreement (including the prorations and the items set forth below): 
  
 (1) Final Night’s Room Revenue. The final
night’s room revenue (revenue from rooms occupied on the evening before the Closing Date), including telephone and similar charges (the “Tray Ledger”), shall be shared 50/50 by the Buyer and Seller; 
  
 (2) Advance Bookings. Any Advance Bookings will be
paid to Buyer or, at Buyer’s option, credited to Buyer at Closing; 
  
 (3) Accounts Receivable. Not less than five (5) days prior to the Closing, Seller will provide Buyer a detailed listing, including aging, of the accounts receivable generated from operations at the Hotel (the
“Accounts Receivable”); provided, however, that Accounts Receivable constituting the Tray Ledger shall only include amounts up to that portion of the final night’s revenues to which Seller is entitled under Section
9.6(f)(1); and provided, further, that Buyer agrees to acquire and purchase from Seller at the Closing as part of the Purchase Price for the Property in cash all such accounts receivable (specifically excluding the Tray Ledger) for a an
amount equal to ninety-five percent (95%) of the amount thereof, after which Buyer shall fully own and be entitled to receive all such Accounts Receivable, subject to the application of Section 9.6(g), below; 
  
 (4) Accounts Payable. Subject to appropriate
proration at the Closing as otherwise expressly provided in this Agreement, Seller shall retain responsibility for and timely discharge all of its accounts payable incurred prior to the Closing. 
  
 (5) Licensing and Permit Fees. Buyer, at its sole
cost, expense and risk, shall be responsible for the cost to transfer any and all existing licenses and permits relating 

  

 34 

 
to the Property and the Hotel (to the extent transferable) or the issuance of new licenses and permits necessary for the ownership or operation of the
Property or the Hotel by the Buyer or its manager. Amounts paid or payable as fees for the year or other fiscal period during which the Closing Date occurs for governmental licenses and permits which are transferred or assigned by Seller to Buyer
and are assumable by Buyer shall be prorated on a daily basis (but any amounts refundable under any permit or license which is not assigned shall remain the property of the Seller); 
  
 (6) Approved Contracts Costs and Revenues. All payments and receipts under any of the Approved
Contracts which cover a period up to or including the Closing Date shall be prorated on a daily basis, and Seller shall be given a credit at Closing for any security deposit held by a third party pursuant to any Approved Contract assigned to Buyer
at Closing; 
  
 (7) Deposits. All
prepayments made by Seller, including deposits or similar payments made by Seller, but specifically excluding prepaid advertising, for periods which include the Closing Date will be prorated on a daily basis; 
  
 (8) Phone Changes. Seller agrees to fill out the
customary forms required by the telephone company to assign the existing phone, fax and URL numbers to Buyer; 
  
 (9) Vending Machines. Seller’s only right with respect to any vending machines (including all ATMs) within the Hotel is to
receive commissions on sales therefrom, and such vending machines may be emptied and receipts therefrom recorded by the owner thereof, it being understood that Seller is entitled to all commissions with respect thereto which are due but unpaid as of
the Closing Date; 
  
 (10) Inventories.
All opened and unopened food and beverage inventories, Fixed Asset Supplies and all other inventory (including, without limitation, the Inventories) shall be conveyed to Buyer as part of the purchase of the assets covered by this Agreement and shall
be included in the Purchase Price and there shall be no prorations or adjustments therefor; 
  
 (11) Gift Certificates and Trade Credits. On the Closing Date, Seller will provide Buyer with a complete schedule of all
outstanding (a) gift certificates, donations and other similar obligations which have been distributed by Seller or Seller’s Manager and (b) trade credits, trade-out or barter arrangements payable by Seller to any other party for services
rendered in the past or to be rendered in the future; provided, however, that the foregoing schedule shall include any gift certificates or trade credits related to the Hotel operation, including any such obligations which constitute
obligations of the Seller pursuant to the Franchise Agreement (collectively, “Hotel Credits”). Buyer shall receive a credit at Closing for all obligations of Seller pursuant to any such Hotel Credits. In addition, Buyer shall
receive a credit at Closing for the value of any gift certificates, complimentary rooms, donations or other similar obligations which have been distributed or given by Seller prior to Closing (based upon the “rack” rate for each room or
the advertised price to the extent pertaining to goods or services other than rooms), but not including any such items that constitute obligations of Seller under the Franchise Agreement. This Section shall survive the Closing for a period of twelve
(12) months. 

  

 35 

 
Seller shall indemnify, defend, reimburse and hold Buyer and its agents harmless against any and all Losses arising out of or with respect to any such
trade-out or barter arrangements and any such gift certificates, donations or other similar obligations required to be but not credited to Buyer at Closing; 
  
 (12) Other Items. All other items, including prepaid items (except pre-paid advertising) being assumed by Buyer, tour/travel
agent’s commissions, except as specifically set forth in this Agreement, that are subject to prorations shall be prorated as of the date of Closing; and 
  

(13) Cash on Hand. Seller and Buyer shall count all cash on hand at the Hotel as of the Closing Time (the “House
Fund”). On the Closing Date, all House Fund shall be kept at the Hotel . At Closing, Seller shall assign and transfer to Buyer all of Seller’s right, title and interest in and to the House Fund; provided, however, that Buyer
shall pay Seller for the amount of the House Fund, in addition to and not as part of the Purchase Price. 
  
 (g) Intangible Property, Inventories, and Personal Property. Seller shall not receive a credit for the value of any item of Intangible Property,
Inventories or Personal Property, all of which are included in the Purchase Price, and there will be no prorations or adjustments therefor. Seller shall transfer to Buyer at the Closing all such Intangible Property, Inventories and Personal Property
free and clear of all liens and encumbrances. Buyer and Seller shall prepare an inventory (“Original Inventory”) of Personal Property as soon as reasonably practicable following the execution and delivery of this Agreement by Buyer
and Seller. Three (3) days prior to the Closing, Buyer and Seller shall perform a new inventory (“New Inventory”) of Personal Property. To the extent any of the items of Personal Property specified in the Original Inventory are not
set forth in the New Inventory (and such disappearance is not due to any act of omission of Buyer or any of its affiliates or agents), the Purchase Price shall be adjusted to reflect the reduction of Personal Property set forth in the New Inventory.
For purposes of calculating such adjustments, the parties shall assign values to the Personal Property equal to the actual cost (less depreciation) of such items, or if such actual cost/depreciation data is not available, then the value shall be
based on the parties good faith estimate of the current fair market value of the particular item(s) of Personal Property 
  
 Any reference to proration on a “daily basis” means that Seller shall receive a credit for any expenditures made by Seller which are to be
prorated in such manner hereunder calculated by multiplying such expenditure by a fraction the numerator of which is the number of days within the period for which the payment was made beginning on the Closing Date and the denominator of which is
the number of days within the period for which such payment was made; and Buyer shall receive a credit for expenditures made or to be made by Buyer to be prorated in such manner hereunder, calculated by multiplying such expenditure by a fraction the
numerator of which is the number of days within the period for which the payment was made prior to the Closing Date, and the denominator of which is the number of days within the period for which such payment was made. 
  
 If any supplemental billing is issued or new information learned with respect
to any of the foregoing prorations or credits (including supplemental tax bills relating to or covering any period prior to the Closing Date), the same shall be adjusted and prorated between Seller and 

  

 36 

 
Buyer as soon as reasonably possible after the Closing. In any event, to the fullest extent possible, Seller and Buyer shall jointly prepare a final schedule
of adjustments (the “Final Statement”) within sixty (60) days after Closing and either party owing the other a sum of money shall pay such sum within ten (10) days after such Final Statement is prepared. Notwithstanding the
foregoing, any Prorations shall be subject to a final adjustment between the parties on or before sixty (60) days after the Closing, and either party owing the other a sum of money shall pay such sum within ten (10) days after such final adjustment.
In addition, to the extent that more than five percent (5%) of the Accounts Receivable acquired by Buyer pursuant to Section 9.6(f)(3), above remain outstanding sixty (60) days from the Closing, then Seller shall re-acquire such remaining
accounts receivable by paying to Buyer one hundred percent (100%) of the amount of such remaining Accounts Receivable, which amount shall be includable in the Final Statement set forth above. If any dispute arises between Buyer and Seller in
connection with such Final Statement or final adjustment for prorations, the parties shall diligently and in good faith attempt to resolve any such dispute. If such dispute is not resolved within forty-five (45) days after the date such dispute
arose, then the parties shall submit such dispute to an independent accountant reasonably acceptable to the parties, and the determination of such independent accountant shall be conclusive. The fees and expenses of such independent accountant shall
be paid equally by Buyer and Seller. The provisions of this Section 9.6 shall survive the Closing. 
  
 Section 9.7 Brokers. Buyer hereby represents and warrants to Seller that it did not employ or use any broker or finder to arrange or bring
about this transaction, and that there are no claims or rights for brokerage commissions or finder’s fees in connection with the transactions contemplated by this Agreement. Except for Secured Capital Corporation (“Seller’s
Broker”) (the fee or commission for whom shall be paid by Seller pursuant to a separate agreement), Seller represents and warrants to Buyer only (nothing in this provision nor any other provision of this Agreement being intended to create
any rights on the part of any third party beneficiary, or to create any third party beneficiary) that Seller has not employed any other broker with respect to this transaction, other than Seller’s Broker, and Seller shall only pay the
Seller’s Broker. If any person brings a claim for a commission or finder’s fee based upon any contact, dealings, or communication with Buyer in connection with the transactions contemplated by this Agreement, then Buyer shall defend Seller
from such claim, and shall indemnify Seller and hold Seller harmless from any and all Losses incurred by Seller with respect to the claim. If any person brings a claim for a commission or finder’s fee based upon any contact, dealings, or
communication with Seller in connection with the transactions contemplated by this Agreement, other than Seller’s Broker, then Seller shall defend Buyer from such claim, and shall indemnify Buyer and hold Buyer harmless from any and all Losses
incurred by Buyer with respect to the claim. The provisions of this Section 9.7 shall survive the Closing or, if the purchase and sale is not consummated, any termination of this Agreement and shall not be subject to the twelve (12)-month
limitation set forth in Section 6.2. 
  
 Section 9.8
Expenses. Except as provided in Sections 9.5, 9.6, 9.7, and 10.9, each party hereto shall pay its own expenses incurred in connection with this Agreement and the transactions contemplated hereby, including, in
the case of Buyer, all third-party engineering and environmental review costs, its inspection costs, attorney costs, due diligence costs. 
  

 37 

 Section 9.9 [INTENTIONALLY DELETED] 
  
 Section 9.10 Employees. 
  
 (a) Seller shall, at its sole cost and expense, terminate all Hotel employees and independent contractors effective 7:00 a.m. on the Closing Date.
Seller shall be responsible for any and all notices to employees and governmental authorities as may be required by applicable law in connection with such terminations (each, a “Termination Notice”), including the sixty (60) day
notice required by the Warn Act, if applicable. All salaries, wages, fringe benefits, pension or retirement benefits, accrued vacation and sick leave, accrued incentive compensation, severance costs, and other compensation or liabilities of whatever
nature accrued or attributable to the employment of such terminated employees through the Closing, including any applicable federal, state and local taxes, will be paid by Seller at Seller’s sole cost to each respective terminated employee or
to the appropriate taxing authority as required by law and Buyer shall have no responsibility therefor. Seller shall defend, indemnify, reimburse and hold harmless Buyer from and against any and all Losses arising out of or in connection with (i)
any employment claims asserted by its employees at the Property which relate to events that occurred or accrued prior to the Closing, including any claim by any employee with respect to any alleged discrimination, breach of contract or other
wrongful termination accruing prior to the Closing Date; (ii) any claim related to Seller’s termination of one or more employees or any benefit plans, whether based on tort, contract or any federal, state or local law, statute or regulation,
except to the extent such claim relates to the failure of Buyer to hire a sufficient number of terminated employees with respect to the WARN Act as provided in this Section, (iii) any alleged right to workers’ compensation benefits,
unemployment compensation or statutory or contractual severance, including claims for any withdrawal liability or unfunded liability incurred because of participation in any pension plan covered by the Multiemployer Pension Plan Amendments Act of
1980 or other multiemployer pension plan or similar fund with respect to Hotel employees employed (or formerly employed) by Seller which accrued prior to Closing. Buyer hereby agrees to offer or cause an offer of employment to be made as of the
Closing the lesser of eighty percent (80%) of the employees terminated by Seller or Manager as of the Closing and a sufficient number of former employees of Seller or Manager terminated as of the Closing, so as to avoid WARN Act exposure to Seller,
and, subject to any such employee’s acceptance of such offer of employment, to thereafter hire and employ such employee. Buyer shall defend, indemnify, and hold harmless Seller and Seller’s Indemnitees from and against all Losses, arising
out of any liability under the WARN Act resulting from Buyer’s failure to employ comply with the foregoing sentence. Seller’s and Buyer’s respective obligations under this Section 9.10 shall survive the Closing and shall not
merge with the Deed. 
  
 (b) Buyer shall not assume any
liabilities or obligations of Seller or Manager relating to any pension, retirement or other benefit plan payable to, or accrued with respect of, any employee of the Hotel. 
  
 (c) Seller shall deliver or cause Manager to deliver notices to all employees of the Property under the federal Worker
Adjustment and Retraining Notification Act, 29 U.S.C. Section 2101 and any similar State or local statute or ordinance (collectively, the “WARN Act”) at such time as Buyer may designate in its reasonable discretion after the
expiration of the Due Diligence Period and Buyer has delivered its Notice to Proceed. 
  

 38 

  
 ARTICLE 10 

MISCELLANEOUS 
  
 Section 10.1 Amendment and Modification. Subject to applicable law, this Agreement may be amended, modified, or supplemented only by a
written agreement signed by Buyer and Seller. 
  
 Section 10.2
Risk of Loss/Condemnation and Insurance Proceeds/Condemnation Awards. 
  
 (a) Minor Loss/Condemnation. Buyer shall be bound to purchase the Property for the full Purchase Price as required by the terms hereof, without regard to the occurrence or effect of any damage to or
destruction of the Improvements thereon or condemnation of any portion of the Land, provided that: (a) the cost to repair any such damage or destruction to the Improvements, or the diminution in the value of the remaining Land as a result of a
partial condemnation, equals (i) with respect to any casualty, seven and one half percent (7.5%) of the Purchase Price or less, or (ii) with respect to any condemnation, $1,000,000, as applicable, and such damage, destruction or condemnation will
not materially impair Buyer’s ability to operate the Hotel after the Closing, and (b) upon the Closing, there shall be a credit against the Purchase Price due hereunder equal to the amount of any insurance proceeds or condemnation awards
collected by Seller as a result of any such damage or destruction or condemnation, plus the amount of any insurance deductible and any deficiency needed to restore the Property. To the extent any insurance proceeds or awards have not been collected
by Seller as of the Closing, then such uncollected proceeds or awards, and all claims for insurance proceeds and awards, shall be assigned to Buyer, except to the extent needed to reimburse Seller for sums expended to the Closing to repair or
restore the Property or to collect any such proceeds or awards as set forth above. During the Escrow through the Closing, Seller shall continue to maintain casualty in the amounts currently maintained by Seller. 
  
 (b) Major Loss/Condemnation. If the amount of the damage or
destruction or condemnation as specified above exceeds equals (i) with respect to any casualty, seven and one half percent (7.5%) of the Purchase Price or less, or (ii) with respect to any condemnation, $1,000,000, as applicable, or would materially
and adversely impair Buyer’s ability to operate the Hotel after the Closing, then Buyer may at its option, to be exercised by written notice to Seller within ten (10) business days of Buyer’s receipt of Seller’s written notice of the
occurrence of the damage or destruction or the commencement of condemnation proceedings, terminate this Agreement. Buyer’s failure to elect to terminate this Agreement within said ten (10)-business day period shall be deemed an election by
Buyer to consummate this purchase and sale transaction. If Buyer elects to terminate this Agreement within such ten business day period, the Deposit shall be returned to Buyer and neither party shall have any further rights or obligations hereunder
except as provided in Sections 3.4, 9.7, and 10.11. If Buyer elects or is deemed to have elected to proceed with the purchase, then upon the Closing, there shall be a credit against the Purchase Price due hereunder equal to the
amount of any insurance proceeds or condemnation awards collected by Seller as a result of any such damage or destruction or condemnation, plus the amount of any insurance deductible and any deficiency needed to restore the Property. To the extent
any insurance proceeds or awards have not been collected by Seller as of the Closing, then such uncollected proceeds or awards, and all claims for insurance 

  

 39 

 
proceeds and awards, shall be assigned to Buyer, except to the extent needed to reimburse Seller for sums expended to the Closing to repair or restore the
Property, including barricades and other temporary repairs required for safety purposes, or to collect any such proceeds or awards as set forth above. 
  
 Section 10.3 Notices. All notices required or permitted hereunder shall be in writing and shall be served on the Parties at the following
address: 
  

			
	 If to Seller:
	  	UP Stonecreek, Inc.
	 	  	c/o Pacific Coast Capital Partners LLC
	 	  	150 California Street, 22nd Floor
	 	  	San Francisco, California 94111
	 	  	Attn: Mr. Aaron A. Giovara
	 	  	Fax No.: (415) 732-7547
		
	 with a copy to:
	  	Gibson, Dunn & Crutcher LLP
	 	  	One Montgomery Street, 31st Floor
	 	  	San Francisco, California 94104
	 	  	Attn: Deborah Cussen, Esq.
	 	  	Fax No.: (415) 986-5309
		
	 If to Buyer:
	  	Eagle Hospitality Properties Trust, Inc.
	 	  	100 E. River Center Blvd., #480
	 	  	Covington, KY 41011
	 	  	Attn: Brian Guernier
	 	  	Senior Vice President Acquisitions
	 	  	Attn: Tom Frederick, CFO
	 	  	Fax No.: (859) 58104650
		
	 with Copies to:
	  	JEFFER, MANGELS, BUTLER & MARMARO LLP
	 	  	1900 Avenue of the Stars, 7th Floor
	 	  	Los Angeles, California 90067
	 	  	Attn: Mark Weinstock, Esq.
	 	  	Attn: M. Guy Maisnik, Esq.
	 	  	Facsimile: (310) 203-0567
		
	 If to Escrow Agent:
	  	Stewart Title Guaranty Company
	 	  	100 Pine Street, Suite 450
	 	  	San Francisco, CA 94111
	 	  	Attn: Richard Blumenthal, Esq.
	 	  	Facsimile: (415) 986-5973

  
 Any such notices may be sent by (a)
certified mail, return receipt requested, in which case notice shall be deemed delivered three (3) business days after deposit, postage prepaid in the U.S. mail, (b) a recognized and reputable overnight courier, in which case notice shall be deemed
delivered one (1) business day after deposit with such courier (on or prior to 5:00 p.m., Pacific Time; if deposited after such time, it shall be deemed to have been deposited on the next business day), or 

  

 40 

 
(c) facsimile transmission, in which case notice shall be deemed delivered upon electronic verification (on or prior to 5:00 p.m., Pacific Time; if
verification is received after such time, it shall be deemed to have been delivered on the next business day) that transmission to recipient was completed. The above addresses and facsimile numbers may be changed by written notice to the other
party; provided that no notice of a change of address or facsimile number shall be effective until actual receipt of such notice. Copies of notices are for informational purposes only, and a failure to give or receive copies of any notice shall not
be deemed a failure to give notice. 
  
 Section 10.4
Assignment. Buyer and Seller shall not have the right to assign this Agreement without the prior written consent of the other party, which consent shall not to be unreasonably withheld or delayed. Notwithstanding the foregoing, Buyer may
assign its interests herein to or an Affiliate upon written notice to the non-assigning party, provided that any such assignment does not relieve the assigning party of its obligations hereunder accruing prior to the Closing. This Agreement will be
binding upon and inure to the benefit of Seller and Buyer and their respective successors and permitted assigns, and no other party will be conferred any rights by virtue of this Agreement or be entitled to enforce any of the provisions hereof.
Whenever a reference is made in this Agreement to Seller or Buyer, such reference will include the successors and permitted assigns of such party under this Agreement. 
  
 Section 10.5 Governing Law and Consent to Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF ARIZONA, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS. ANY ACTION ARISING OUT OF THIS AGREEMENT MUST BE COMMENCED BY BUYER OR SELLER IN THE STATE COURTS OF THE STATE OF ARIZONA,
COUNTY OF MARICOPA, OR IN U.S. FEDERAL COURT FOR THE APPLICABLE DISTRICT OF ARIZONA AND EACH PARTY HEREBY CONSENTS TO THE JURISDICTION OF THE ABOVE COURTS IN ANY SUCH ACTION AND TO THE LAYING OF VENUE IN THE STATE OF ARIZONA, COUNTY OF MARICOPA. ANY
PROCESS IN ANY SUCH ACTION SHALL BE DULY SERVED IF MAILED BY REGISTERED MAIL, POSTAGE PREPAID, TO THE PARTIES AT THEIR RESPECTIVE ADDRESS DESCRIBED IN SECTION 10.3 HEREOF. 
  
 Section 10.6 Counterparts. This Agreement may be executed in two or more fully or partially executed
counterparts, any one or more of which may be executed and delivered by facsimile transmission, each of which will be deemed an original binding the signer thereof against the other signing parties, but all counterparts together will constitute one
and the same instrument. 
  
 Section 10.7 Entire
Agreement. This Agreement and any other document to be furnished pursuant to the provisions hereof embody the entire agreement and understanding of the parties hereto as to the subject matter contained herein. There are no restrictions,
promises, representations, warranties, covenants, or undertakings other than those expressly set forth or referred to in such documents. This Agreement and such documents supersede all prior agreements and understandings among the parties with
respect to the subject matter hereof. 
  

 41 

 Section 10.8 Severability. Any term or provision of this Agreement that is invalid or
unenforceable in any jurisdiction will, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement, or affecting the
validity or enforceability of any of the terms or provisions of this Agreement. 
  
 Section 10.9 Attorney Fees. If any action is brought by any party to this Agreement to enforce or interpret its terms or provisions, the prevailing Party will be entitled to reasonable attorney fees and
costs incurred in connection with such action prior to and at trial and on any appeal therefrom. The provisions of this Section 10.9 shall survive the termination of this Agreement or Closing. 
  
 Section 10.10 Payment of Fees and Expenses. Except as set forth
in Section 10.9 above, each party to this Agreement will be responsible for, and will pay, all of its own fees and expenses, including those of its counsel and accountants, incurred in the negotiation, preparation, and consummation of this
Agreement and the transaction contemplated hereunder. 
  
 Section 10.11 Confidential Information. The parties acknowledge that the transaction described herein is of a confidential nature and shall not be disclosed except to Permitted Outside Parties or as required by law. No party
shall make any public disclosure of the specific terms of this Agreement, except as required by law. In connection with the negotiation of this Agreement and the preparation for the consummation of the transactions contemplated hereby, each Party
acknowledges that it will have access to confidential information relating to the other party. Each Party shall treat such information as confidential, preserve the confidentiality thereof, and not duplicate or use such information, except to
Permitted Outside Parties in connection with the transactions contemplated hereby. In the event of the termination of this Agreement for any reason whatsoever, Buyer shall return to Seller, all documents, engineering and environmental studies and
reports and all other materials (including all copies thereof obtained from Seller in connection with the transactions contemplated hereby), and each party shall use its commercially reasonable, including instructing its employees and others who
have had access to such information, to keep confidential and not to use any such information. The provisions of this Section 10.11 shall survive the Closing any termination of this Agreement and shall not be subject to the twelve (12) month
period set forth in Section 6.2. 
  
 Section 10.12
Performance Due On Day Other Than Business Day. If the time period for the performance of any act called for under this Agreement expires on a Saturday, Sunday or any other day on which banking institutions in the State of Arizona are
authorized or obligated by law or executive order to close (a “Holiday”), the act in question may be performed on the next succeeding day that is not a Saturday, Sunday or Holiday. 
  
 Section 10.13 Tax Deferred Exchange. Buyer and Seller
acknowledge and agree that either party hereto (the “Exchange Party”) may assign its interest in this Agreement to an exchange facilitator (or, in the case of Seller, to the owner of a property identified by Seller as the exchange
property) for the purpose of completing an exchange of the Land in a transaction which will qualify for treatment as a tax deferred exchange pursuant to the provisions of Section 1031 of the Internal Revenue Code of 1986 and applicable state revenue
and taxation code sections (a “1031 Exchange”). The other party thereto (the “Non-Exchange Party”) agrees 

  

 42 

 
to provide reasonable cooperation requested by the Exchange Party in implementing any such assignment and 1031 Exchange, including the execution of any
necessary documentation in connection therewith and/or payment of the Purchase Price to a facilitator identified by Seller, provided that such cooperation shall not entail any additional expense or liability to the Non-Exchange Party beyond its
existing obligations under this Agreement and the Exchange Party shall reimburse the Non-Exchange Party, upon demand, for any expense incurred by the Non-Exchange Party relating to such 1031 Exchange, and further, that the Non-Exchange Party shall
not be obligated to take title to any property, other than the Land, in the case of Buyer, and no such exchange shall delay the Closing. The accomplishment of a like-kind exchange shall not be a condition to the Exchanging Party’s obligations,
and the Exchanging Party’s failure to locate an exchange property or to consummate a like-kind exchange for any reason or for no reason at all shall in no way relieve the Exchanging Party of its obligations under this Agreement. 
  
 Section 10.14 No Joint Venture. Nothing set forth in this
Agreement shall be construed to create a joint venture between Buyer and Seller. 
  
 Section 10.15 No Memorandum . Buyer shall not record any memorandum disclosing this Agreement. 
  
 Section 10.16 Waiver of Jury Trial. Each party to this Agreement hereby expressly waives any right to trial by jury of any claim, demand,
action or cause of action (each, an “Action”) (a) arising out of this Agreement, including any present or future amendment thereof or (b) in any way connected with or related or incidental to the dealings of the parties or any of
them with respect to this Agreement (as hereafter amended) or any other instrument, document or agreement executed or delivered in connection herewith, or the transactions related hereto or thereto, in each case whether such Action is now existing
or hereafter arising, and whether sounding in contract or tort or otherwise and regardless of which party asserts such Action; and each party hereby agrees and consents that any such Action shall be decided by court trial without a jury, and that
any party to this Agreement may file an original counterpart or a copy of this section with any court as written evidence of the consent of the parties to the waiver of any right they might otherwise have to trial by jury. 
  
 Section 10.17 Not an Offer. Nothing set forth in this Agreement
shall be construed to create a joint venture between Buyer and Seller nor shall presentation of drafts hereof by one party to the other be deemed an offer, and this Agreement shall only become a binding and enforceable contract upon execution hereof
by both parties. 
  
 Section 10.18 Limited
Liability. Neither the managers, employees or agents of Seller, nor the shareholders, officers, directors, employees or agents of any of them shall be liable under this Agreement and all parties hereto shall look solely to the assets of
Seller for the payment of any claim or the performance of any obligation by Seller. 
  
 Section 10.19 No Third Party Beneficiaries. Nothing in this Agreement is intended to benefit any third party, or create any third party beneficiary. 
  
 Section 10.20 Time of Essence. Time is of the essence of this
Agreement. 
  

 43 

 Section 10.21 No Waiver. No waiver of any of the provisions of this Agreement shall be
deemed, or shall constitute, a waiver of any other provision, whether or not similar, nor shall any waiver constitute a continuing waiver, nor shall a waiver in any instance constitute a waiver in any subsequent instance. No waiver shall be binding
unless executed in writing by the party making the waiver. 
  
 Section 10.22 Further Acts. Each Party, at the request of the other, shall execute, acknowledge or have notarized (if appropriate) and deliver in a timely manner such additional documents, and do such other additional acts,
also in a timely manner, as may be reasonably required in order to accomplish the intent and purposes of this Agreement. 
  
 Section 10.23 Audit. At Buyer’s request at any time from and after the date hereof until the date that is one (1) calendar year after
the Closing Date, Seller shall provide or make available to Buyer or Buyer’s designated independent auditor access to the books and records of the Property and of Seller relating to the Property (except for any books and records that are
legally privileged) regarding the period for which Buyer is required to have audited financial statements prepared with respect to the Property as may be required by the Securities and Exchange Commission. Buyer understands that Seller has been
operating the Property since approximately October 2002 and consequently certain books and records pertaining to the operation of the Property are not available in Seller’s files. Buyer further agrees that Seller shall only be responsible to
provide or make available those books and records in Seller’s possession, and Seller shall not be responsible to create any records for the Property to the extent that such records are not in Seller’s possession. After Closing, Buyer may
disclose the results of such audit and any information relating thereto to the Securities and Exchange Commission or other applicable regulatory or governmental agency and such disclosure shall not be subject to the confidentiality provisions of
Sections 3.5 and 10.11 of this Agreement. 
  

 44 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and
year first above written. 
  

											
	SELLER:	 	 	 	 UP STONECREEK, INC.,
 an Arizona corporation

					
	 	 	 	 	 	 	 By:
	 	 /s/ Donald H. Kuemmeler

	 	 	 	 	 	 	 	 	 Name: Donald H. Kuemmeler

	 	 	 	 	 	 	 	 	 Title: Vice President

			
	BUYER:	 	 	 	 EHP OPERATING PARTNERSHIP, L.P.,
 a Maryland limited partnership

					
	 	 	 	 	 	 	 By:
	 	 Eagle Hospitality Properties Trust, Inc., a
 Maryland corporation

					
	 	 	 	 	 	 	 Its:
	 	 General Partner

						
	 	 	 	 	 	 	 	 	 By:
	 	 /s/ Thomas A. Frederick

	 	 	 	 	 	 	 	 	 Name: Thomas A. Frederick

	 	 	 	 	 	 	 	 	 Title: Chief Financial Officer

  

  
 ESCROW AGENT:

  
 The Escrow Agent is executing this Agreement to evidence
its agreement to hold the Deposit and act as escrow agent in accordance with the terms and conditions of this Agreement. 
  

					
	STEWART TITLE GUARANTY COMPANY
		
	By:	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

  
 EXHIBIT A 

 
 Description of Land 
  
 Lot 2, of AMENDED PLAT OF PARADISE VILLAGE CORPORATE CENTER, according to the plat of record
in the office of the County Recorder of Maricopa County, Arizona, recorded in Book 430 of Maps, Page 24. 
  

					
	Exhibit “A” - Description of Land	  	1	  	 

  
 EXHIBIT B 

 
 Leases 
  
 Gift Shop Lease Agreement between Seller, as landlord, and Hazelwood
Enterprises, Inc., as tenant, dated as of November 17, 1999. 
  
 [Any capital or equipment leases are described on Exhibit D.] 
  

					
	Exhibit “B” - Leases	  	1	  	 

  
 EXHIBIT C 

 
 Disclosure Items 
  
 NONE 
  

					
	Exhibit “C” - Disclosure Items	  	1	  	 

  
 EXHIBIT D 

 
 List of Contracts 
  
 Lease for equipment with Mitel, which expires March 31, 2005. Upon January payment of
$3069.12, February payment of $111.58, and March payment of $110.85, all of the equipment referenced in the lease will be owned by Seller. 
  
 [See attached for description of other Contracts] 
  

					
	Exhibit “D” - List of Contracts	  	1	  	 

  
 EXHIBIT E 

  
 Form of Deed 
  
 RECORDING REQUESTED BY AND 
 WHEN RECORDED RETURN TO: 
  
 MAIL TAX STATEMENTS
TO: 
  

	APN:	                                      
       

  
 SPECIAL WARRANTY DEED 
  
 FOR VALUABLE
CONSIDERATION, receipt of which is hereby acknowledged, UP STONECREEK, INC., an Arizona corporation (“Grantor”), does hereby convey to
                                        
                                        , a
                                        
    , all of that certain real property in the City of                         , County of
Maricopa, State of Arizona, as more particularly described in Exhibit A attached hereto and made a part hereof, together with all rights and privileges appurtenant thereto, subject to all taxes and other assessments, reservations in patents
and all easements, rights-of-way, encumbrances, liens, covenants, conditions, restrictions, obligations and liabilities of record. 
  
 Grantor hereby binds itself and its successors to warrant and defend the title, as against all acts of Grantor herein and no other, subject to the matters
above set forth. 
  

					
	Exhibit “E” – Deed	  	1	  	 

 IN WITNESS WHEREOF, Grantor has caused this instrument to be executed on this
             day of                     , 2005. 
  

					
	 “GRANTOR”

	
	 UP STONECREEK, INC.,
 an Arizona corporation

		
	By:	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

					
	Exhibit “E” – Deed	  	2	  	 

 STATE OF  
                                ) 
                                       
                 ) ss. 
 COUNTY OF
                            ) 
  
 On this              day of
                    , 2005 before me, the undersigned a notary public in and for said county and state, personally appeared
                                , personally known to me (or proved to me on the
basis of satisfactory evidence) to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person, or the entity
upon behalf of which the person acted, executed the instrument. 
  

					
	 WITNESS My Hand and Official Seal.
	 	 	 	[Seal]
			
	  	 	 	 	  
	Notary Public	 	 	 	 

  

					
	Exhibit “E” – Deed	  	3	  	 

  
 EXHIBIT F 

 
 Form of Bill of Sale 
  
 For good and valuable consideration, the receipt of which is hereby
acknowledged, UP STONECREEK, INC., an Arizona corporation (“Seller”), does hereby sell, grant, assign, transfer, and convey to
                    , a
                     (“Buyer”), free and clear of all of all liens, encumbrances, security interests and claims to title, all
personal property owned by Seller and used exclusively in connection with the operation of that certain real property more particularly described in Exhibit A attached hereto (the “Personal Property”), including, without
limitation, such Personal Property described in the attached Schedule 1. 
  
 TO HAVE AND TO HOLD its respective right, title and interest in the Personal Property, together with any rights and appurtenances thereto, unto Buyer, its representatives, successors and assigns, and Seller agrees to
warrant and defend its right, title and interest in the Personal Property unto Buyer. 
  
 Seller has executed this Bill of Sale and BARGAINED, SOLD, TRANSFERRED, CONVEYED and ASSIGNED the Personal Property and Buyer has accepted this Bill of Sale and purchased the Personal Property AS IS
AND WHEREVER LOCATED, WITH ALL FAULTS AND, EXCEPT AS PROVIDED ABOVE OR IN THE PURCHASE AGREEMENT (DEFINED BELOW), WITHOUT ANY REPRESENTATIONS OR WARRANTIES OF WHATSOEVER NATURE, EXPRESS, IMPLIED, OR STATUTORY, EXCEPT AS EXPRESSLY SET FORTH IN THE
AGREEMENT OF SALE AND PURCHASE BETWEEN SELLER AND BUYER, DATED AS OF DECEMBER 29, 2004 (the “PURCHASE AGREEMENT”) AND THE WARRANTIES SET FORTH HEREIN, IT BEING THE INTENTION OF SELLER AND BUYER TO EXPRESSLY NEGATE AND EXCLUDE ALL
WARRANTIES WHATSOEVER, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR ANY PARTICULAR PURPOSE, ANY IMPLIED OR EXPRESS WARRANTY OF CONFORMITY TO MODELS OR SAMPLES OF MATERIALS, ANY RIGHTS OF BUYER UNDER APPROPRIATE STATUTES TO
CLAIM DIMINUTION OF CONSIDERATION, ANY CLAIM BY BUYER FOR DAMAGES BECAUSE OF DEFECTS, WHETHER KNOWN OR UNKNOWN, LATENT OR PATENT, WITH RESPECT TO THE PROPERTY, WARRANTIES CREATED BY AFFIRMATION OF FACT OR PROMISE AND ANY OTHER WARRANTIES CONTAINED
IN OR CREATED BY THE UNIFORM COMMERCIAL CODE AS NOW OR HEREAFTER IN EFFECT IN THE STATE IN WHICH THE PERSONAL PROPERTY IS LOCATED, OR CONTAINED IN OR CREATED BY ANY OTHER LAW. 
  

					
	Exhibit “F” - Bill of Sale	  	1	  	 

 Buyer expressly acknowledges and affirms the provisions of Sections 6.2, 7.3 and 7.4
of the Purchase Agreement. 
  
 Dated this
             day of                     , 2005. 
  

													
	SELLER:	 	 	 	UP STONECREEK, INC., an Arizona corporation	 	 
						
	 	 	 	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 	 	Name:	 	 	 	 
	 	 	 	 	 	 	 	 	Title:	 	 	 	 
				
	BUYER:	 	 	 	 	 	,
	 	 	 	 	 	 	a	 	 	 	 

													
						
	 	 	 	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 	 	Name:	 	 	 	 
	 	 	 	 	 	 	 	 	Title:	 	 	 	 

  

					
	 Exhibit “F” - Bill of Sale
	  	2	  	 

  
 Exhibit A to Bill of Sale
 
  
 Description of Land 
  

					
	Exhibit “F” - Bill of Sale	  	3	  	 

  
 Schedule 1 to Bill of Sale
 
  
 List of Personal Property 

 

					
	Exhibit “F” - Bill of Sale	  	4	  	 

  
 EXHIBIT G 

 
 Form of Assignment and Assumption of Leases 
  
 THIS ASSIGNMENT AND ASSUMPTION OF LEASES (the “Assignment”) dated
as of                     , 2005, is between UP STONECREEK, INC., an Arizona corporation (“Assignor”), and
                    , a
                     (“Assignee”). 
  

A. Assignor is the lessor under certain leases executed with respect to that certain real property and improvements thereon known as
                    , and more particularly described in Exhibit A attached hereto (the “Property”), which leases are
described in Schedule 1 attached hereto (the “Leases”). 
  
 B. Assignor and [Assignee], entered into an Agreement of Sale and Purchase dated as of December 29, 2004 (the “Purchase Agreement”), pursuant to which Assignee agreed to purchase the Property
from Assignor and Assignor agreed to sell the Property to Assignee, on the terms and conditions contained therein. Capitalized terms used herein that are not otherwise defined shall have the meanings set froth in the Purchase Agreement. 

 
 C. Assignor desires to assign its interest as lessor in the Leases
to Assignee, and Assignee desires to accept the assignment thereof, on the terms and conditions below. 
  
 ACCORDINGLY, the parties hereby agree as follows: 
  
 1. Assignor hereby assigns, sells and transfers to Assignee all of its right, title, and interest in and to the Leases and any tenant deposits held
by Assignee thereunder (“Tenant Deposits”), and Assignee hereby accepts such assignment and assumes all of the lessor’s obligations under the Leases first accruing and arising on or after the date hereof, including the obligations and
duties of Assignor relating to any Tenant Deposits, together with every liability, duty, covenant, debt or obligation arising out of, or in any way related to any licenses or permits under the Leases and first accruing and arising on or after the
date hereof (the “Assumed Obligations”). Assignor hereby covenants that Assignor will, at any time and from time to time upon written request therefor, execute and deliver to Assignee such documents as Assignee may reasonably
request to fully assign and transfer to and vest in Assignee its right, title and interest in and to the Leases and the Tenant Deposits (including, without limitation, all guaranties executed in connection therewith) and the rights of Assignor
intended to be transferred and assigned hereby, or to enable Assignee to realize upon or to otherwise enjoy such rights in and to the Leases and the Tenant Deposits. 
  
 2. Any rental and other payments under the Leases shall be prorated between the parties as provided in the Purchase
Agreement. 
  
 3. This Assignment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns. 
  
 4. This Assignment shall be governed and construed in accordance with the laws of the State of Arizona. 
  

					
	Exhibit “G” - Assignment and Assumption of Leases	  	1	  	 

 5. This Assignment may be executed in any number of counterparts, each of which shall be deemed an
original, but all of which taken together shall constitute one and the same instrument. 
  
 6. Assignee hereby expressly acknowledges and affirms the provisions of Sections 6.2, 7.3 and 7.4 of the Purchase Agreement. Assignor will indemnify, defend and hold Assignee harmless from
and against any obligations first arising or accruing under the Leases prior to the Closing Date. Assignee will indemnify, defend and hold Assignor harmless from and against any obligations first arising or accruing under the Leases from and after
the Closing Date. 
  
 7. In the event of any dispute
between Assignor and Assignee arising out of the obligations of the parties under this Assignment or concerning the meaning or interpretation of any provision contained herein, the losing party shall pay the prevailing party’s costs and
expenses of such dispute, including reasonable attorneys’ fees and costs. 
  
 Assignor and Assignee have executed this Agreement the day and year first above written. 
  

													
	ASSIGNOR:	 	 	 	UP STONECREEK, INC., an Arizona corporation	 	 
						
	 	 	 	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 	 	Name:	 	 	 	 
	 	 	 	 	 	 	 	 	Title:	 	 	 	 
				
	ASSIGNEE:	 	 	 	 	 	,
	 	 	 	 	 	 	a	 	 	 	 

													
						
	 	 	 	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 	 	Name:	 	 	 	 
	 	 	 	 	 	 	 	 	Title:	 	 	 	 

  

					
	Exhibit “G” - Assignment and Assumption of Leases	  	2	  	 

  
 Exhibit A to Assignment
and Assumption of Leases  
  
 Description of Land

  

					
	Exhibit “G” - Assignment and Assumption of Leases	  	3	  	 

  
 Schedule I to Assignment
and Assumption of Leases  
  
 List of Leases

  
 EQUIPMENT LEASES 
  
 TENANT LEASES 
  

					
	Exhibit “G” - Assignment and Assumption of Leases	  	4	  	 

  
 EXHIBIT H 

 
 Form of Assignment and Assumption of Contracts, Warranties and
Guaranties, 
 and Other Intangible Property 
  
 THIS ASSIGNMENT AND ASSUMPTION (the “Assignment”) dated as of
                     2005, is between UP STONECREEK, INC., an Arizona corporation (“Assignor”), and
                    , a
                     (“Assignee”). 
  

A. Assignor owns certain real property and certain improvements thereon known as
                                        ,
and more particularly described in Exhibit A attached hereto (the “Property”). 
  
 B. Assignor has entered into certain contracts which are more particularly described in Schedule l attached hereto (the
“Contracts”), which affect the Property. 
  
 C. Assignor and Assignee, entered into an Agreement of Sale and Purchase dated as of December 29, 2004 (the “Purchase Agreement”), pursuant to which Assignee agreed to purchase the Property from Assignor and Assignor
agreed to sell the Property to Assignee, on the terms and conditions contained therein. 
  
 D. Assignor desires to assign to Assignee its interest, if any, in the Contracts and in certain warranties, guaranties, and intangible personal property with respect to the Property, to the extent the same are
assignable, and Assignee desires to accept the assignment thereof, on the terms and conditions below. 
  
 ACCORDINGLY, the parties hereby agree as follows: 
  
 1. Assignor hereby assigns to Assignee all of Assignor’s right, title, and interest, if any, in and to the following, from and after the date
hereof, to the extent the same are assignable: 
  
 (a) the Approved Contracts; 
  
 (b) all Licenses and Permits and Intangible Property; and 
  
 (c) any warranties and guaranties (“Warranties and Guaranties”) made by or received from any third party with respect to any improvements owned by Assignor on the Property. 

 
 2. Assignee hereby accepts the foregoing assignment by Assignor and
assumes all of the Assignor’s obligations under the Contracts from and after the date hereof. 
  
 3. In the event of any dispute between Assignor and Assignee arising out of the obligations of the parties under this Assignment or concerning the
meaning or interpretation of any provision contained herein, the losing party shall pay the prevailing party’s costs and expenses of such dispute, including reasonable attorneys’ fees and costs. 
  

					
	Exhibit “H” – Assignment and Assumption of Contracts	  	1	  	 

 4. This Assignment shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns. 
  
 5. This Assignment
shall be governed and construed in accordance with the laws of the State of Arizona. 
  
 6. This Assignment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. 
  
 7. Assignee hereby expressly acknowledges and affirms the provisions
of Sections 6.2, 7.3 and 7.4 of the Purchase Agreement. Assignor will indemnify, defend and hold Assignee harmless from and against any obligations first arising or accruing under the Contracts prior to the Closing Date.
Assignee will indemnify, defend and hold Assignor harmless from and against any obligations first arising or accruing under the Contracts from and after the Closing Date. 
  

					
	Exhibit “H” – Assignment and Assumption of Contracts	  	2	  	 

 Assignor and Assignee have executed this Agreement the day and year first above written. 
  

													
	ASSIGNOR:	 	 	 	UP STONECREEK, INC., an Arizona corporation	 	 
						
	 	 	 	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 	 	Name:	 	 	 	 
	 	 	 	 	 	 	 	 	Title:	 	 	 	 
				
	ASSIGNEE:	 	 	 	 	 	,
	 	 	 	 	 	 	a	 	 	 	 
						
	 	 	 	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 	 	Name:	 	 	 	 
	 	 	 	 	 	 	 	 	Title:	 	 	 	 

  

					
	Exhibit “H” – Assignment and Assumption of Contracts	  	3	  	 

  
 Exhibit A to Assignment
and Assumption of Contracts, 
 Warranties and Guaranties, and Other Intangible Property 
  
 Description of Land 
  

					
	Exhibit “H” – Assignment and Assumption of Contracts	  	4	  	 

  
 Schedule 1 to Assignment
and Assumption of Contracts, 
 Warranties and Guaranties, and Other Intangible Property  
  
 List of Contracts 
  
 CONTRACTS 
  

					
	Exhibit “H” – Assignment and Assumption of Contracts	  	5	  	 

  
 EXHIBIT I

  
 DUE DILIGENCE ITEMS 
  

	1.	Annual Statements of Operations for the Hotel for 2002, 2003, and for 2004 through the month prior to closing to the extent available. Seller shall make available to Buyer such
financial information as Buyer may reasonably require for its investigation of the operations of the Hotel. 

  

	2.	Copies of all permits, employment contracts, service contracts, leases, and other contracts, permits, licenses and agreements relating to the Property, including all amendments and
modifications thereto, which may survive the Closing Date, in Seller’s possession. 

  

	3.	A preliminary title report for the Property and all underlying documents referenced therein 

  

	4.	A copy of any existing Survey of the Property in Seller’s possession. 

  

	5.	Copies of any existing physical inspection reports for the Property in Seller’s possession. 

  

	6.	Copies of any existing ASTM Phase I Environmental Site Assessment of the Property prepared by a professional environmental assessment firm in Seller’s possession.

  

	7.	A list of all current staffing positions at the Property, including their current wages and benefits by position only. 

  

	8.	Copies of the most recent two property tax bills for the Property, together with any and all assessments, and utility billings to the Hotel for the last 12 months.

  

	9.	Such other items of examination and approval relating to the Property as may agreed upon by Seller and Buyer. 

  

					
	Exhibit “I” – Due Diligence Items	  	1	  	 

  
 EXHIBIT J

  
 FORM OF MANAGER’S GENERAL RELEASE AND
TERMINATION AGREEMENT 
  
 [To be attached prior to
expiration of Due Diligence Period] 
  

					
	 Exhibit “J” – Form of Manager’s General Release and Termination Agreement
	  	1	  	 

  
 EXHIBIT K

  
 FORM OF SELLER INDEMNITY AGREEMENT

  
 INDEMNITY AGREEMENT 
  
 THIS INDEMNITY AGREEMENT dated as of
                    , 2005 (this “Indemnity”) is executed and delivered by PROPERTY ASSET MANAGEMENT INC., a Delaware
corporation (“Indemnitor”), for the benefit of [                    , a
                     (“Buyer”). 
  
 RECITALS 
  
 A. Buyer and UP Stonecreek, Inc., an Arizona corporation (“Seller”) entered into that certain Agreement of Sale and Purchase dated as of
December 29, 2004 (the “Purchase Agreement”), pursuant to which Seller agreed to sell to Buyer, and Buyer agreed to purchase from Seller certain real property located in Maricopa County, Arizona (the “Property”),
which Property is improved with a certain hotel currently operated as an Embassy Suites. All initially capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Purchase Agreement. 
  
 B. Under the terms of the Purchase Agreement, Seller retains liability for
certain Seller Surviving Obligations after the Closing of the sale of the Property to Buyer and, in connection therewith, Buyer has requested that Indemnitor execute and deliver this Indemnity to Buyer. 
  
 NOW, THEREFORE, Indemnitor hereby covenants and agrees for the benefit of
Buyer, as follows: 
  
 1. Indemnification.
Indemnitor hereby agrees to indemnify and defend Buyer and the Buyer Indemnitees, against and hold them harmless from, and reimburse them for, any Losses that arise in connection with the breach by Seller of Seller’s Surviving Obligations
beyond the applicable notice and cure period set forth below. If Buyer or Buyer Indemnitees shall suffer or incur any Loss arising out of the matters for which Indemnitor has agreed to indemnify Buyer and the Buyer Indemnitees hereunder, then
Indemnitor shall pay to Buyer the total of all such Losses suffered or incurred by Buyer or such Buyer Indemnitee, within thirty (30) days after written demand therefor. Notwithstanding anything to the contrary contained in the foregoing, Buyer and
the Buyer Indemnitees shall not assert any claim for indemnification hereunder unless and until Buyer has first given written notice to Seller regarding any breach of a Seller Surviving Obligation and (a) in the case of any monetary breach, ten (10)
business days to cure such breach, and (b) in the case of any non-monetary breach, thirty (30) days to cure such breach. In addition, in no event shall Indemnitor’s obligations hereunder (including under Section 13 below) ever exceed
Three Million Dollars ($3,000,000) in the aggregate. 
  
 2.
Waivers. Indemnitor waives: (a) any defense based upon any legal disability or other defense of the Seller, any other Indemnitor or other person, or by reason of the cessation or limitation of the liability of the Seller from any
cause; (b) any defense based upon any lack of 

  

					
	 Exhibit “K” – Form of Seller Indemnity Agreement
	  	1	  	 

 
authority of the officers, directors, partners or agents acting or purporting to act on behalf of the Seller or Indemnitor or any defect in the formation of
Seller or Indemnitor or any principal of Seller or Indemnitor; (c) any defense based upon the application by the Seller of funds for purposes other than the purposes represented by the Seller or intended or understood by Indemnitor; (d) any and all
rights and defenses arising out of an election of remedies by Buyer, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for a guaranteed obligation, has destroyed Indemnitor’s rights of subrogation
and reimbursement against the Seller by the operation of applicable law; (e) any defense based upon Buyer’s failure to disclose to Indemnitor any information concerning the Seller’s financial condition or any other circumstances bearing on
the Seller’s ability to pay all sums payable by it to Buyer; (f) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in any other respects more burdensome than
that of a principal; (g) any defense based upon Buyer’s election, in any proceeding instituted under the Federal Bankruptcy Code, of the application of Section 1111(b)(2) of the Federal Bankruptcy Code or any successor statute; (h) any defense
based upon any borrowing or any grant of a security interest under Section 364 of the Federal Bankruptcy Code; (i) any defense based upon the inability of Buyer to enforce the Purchase Agreement and Seller’s obligations thereunder by
application of the automatic stay provisions of Section 362 of the Federal Bankruptcy Code; (j) any defense based the disallowance, under Section 502 of the Federal Bankruptcy Code, of all or any portion of Buyer’s or Buyer’s
Indemnitees’ claims against Seller for payment or performance of Seller’s Surviving Obligations; and (k) the benefit of any statute of limitations affecting the liability of Indemnitor hereunder or the enforcement hereof. 
  
 3. Indemnitor’s Warranties. Indemnitor warrants and
acknowledges that: (a) there are no conditions precedent to the effectiveness of this Indemnity; and (b) Indemnitor agrees to keep adequately informed from such means of any facts, events or circumstances which might in any way affect
Indemnitor’s risks hereunder and Buyer has made no representation to Indemnitor as to any such matters. 
  
 4. Notice. All notices, requests, demands and other communications which are required or may be given under this Indemnity shall be in
writing and shall be delivered to the parties hereto in the manner provided in the Purchase Agreement to the following addresses: 
  

			
	 To Indemnitor:
	  	Property Asset Management Inc.
	 	  	399 Park Avenue, 8th Floor
	 	  	New York, New York 10022
	 	  	Attention: Mr. Yon Cho
	 	  	Facsimile: (646) 758-3103
		
	 To Buyer:
	  	Eagle Hospitality Properties Trust, Inc.
	 	  	100 E. River Center Blvd., #480
	 	  	Covington, Kentucky 41011
	 	  	Attention: Brian Guernier
	 	  	Facsimile: (859) 581-4650

  

					
	 Exhibit “K” – Form of Seller Indemnity Agreement
	  	2	  	 

 5. Waiver of Subrogation, etc. Indemnitor shall and hereby does waive any right of
subrogation, reimbursement, indemnity and contribution against Seller as a result of any payment made by Indemnitor hereunder. 
  
 6. Separate Causes of Action. Separate and successive actions may be brought hereunder to enforce any of the provisions hereof at any time
and from time to time. No action hereunder shall preclude any subsequent action, and each Indemnitor hereby waives and covenants not to assert any defense in the nature of splitting of causes of action or merger of judgments. 
  
 7. Additional Waivers. Indemnitor hereby waives and agrees not
to assert or take advantage of: (a) any right to require Buyer to proceed against Seller or any other person or to pursue any other remedy before proceeding against Indemnitor, and, specifically, waives the provisions of AIR’S. §§
12-1641 through 12-1646 and 44-142, and 16 AIR’S. Rules of Civil Procedure Rule 17(f); (b) any right or defense that may arise by reason of the incapacity, lack of authority, death or disability of Seller or any other person; and (c) any right
or defense arising by reason of the absence, impairment, modification, limitation, destruction or cessation (in bankruptcy, by an election of remedies, or otherwise) of the liability of Seller. Indemnitor hereby waives and agrees not to assert or
take advantage of any right or defense based on the absence of any or all presentments, demands (including demands for performance), notices (including notices of adverse change in the financial status of Seller or other facts which increase the
risk to Indemnitor, notices of non-performances and notices of acceptance of this Indemnity) and protests of each and every kind. 
  
 8. Consents. Indemnitor hereby agrees that without the consent of or notice to Indemnitor and without affecting any of the obligations of
Indemnitor hereunder: (a) any term, covenant or condition of the Purchase Agreement may be amended, compromised, released or otherwise altered by Buyer and Seller, and Indemnitor agrees the indemnification hereunder shall apply to Seller’s
Surviving Obligations as so amended, compromised, released or altered; (b) any guarantor or indemnitor of Seller’s obligations under the Purchase Agreement or other party to the Purchase Agreement may be released, substituted or added; (c) any
right or remedy under the Purchase Agreement, this Indemnity or any other instrument or agreement may be exercised, not exercised, impaired, modified, limited, destroyed, or suspended by Buyer; and (d) Buyer or any other person may deal in any
manner with Seller, any guarantor of Seller’s obligations under the Purchase Agreement, any party to the Purchase Agreement or any other person. 
  
 9. Assignment. Buyer’s rights under this Indemnity are personal and Buyer may not assign any or all of
its rights under this Indemnity. 
  
 10.
Modification. No term or condition of this Indemnity may be waived, changed, terminated or modified orally, by course of conduct or in any manner other than by an agreement in writing signed by the party against whom enforcement is
sought. 
  
 11. Governing Law; Consent to
Jurisdiction; Waiver of Jury Trial. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF ARIZONA, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS. ANY ACTION 

  

					
	 Exhibit “K” – Form of Seller Indemnity Agreement
	  	3	  	 

 
ARISING OUT OF THIS AGREEMENT MUST BE COMMENCED BY BUYER OR SELLER IN THE STATE COURTS OF THE STATE OF ARIZONA, COUNTY OF MARICOPA, OR IN U.S. FEDERAL
COURT FOR THE APPLICABLE DISTRICT OF ARIZONA AND EACH PARTY HEREBY CONSENTS TO THE JURISDICTION OF THE ABOVE COURTS IN ANY SUCH ACTION AND TO THE LAYING OF VENUE IN THE STATE OF ARIZONA, COUNTY OF MARICOPA. ANY PROCESS IN ANY SUCH ACTION SHALL BE
DULY SERVED IF MAILED BY REGISTERED MAIL, POSTAGE PREPAID, TO THE PARTIES AT THEIR RESPECTIVE ADDRESS DESCRIBED IN SECTION 4 HEREOF. 
  
 12. Duplicate Originals. This Indemnity may be executed in any number of duplicate originals and each such duplicate original shall be
deemed to constitute but one and the same instrument. 
  
 13.
Attorneys’ Fees. If any action is brought by any party to this Indemnity to enforce or interpret its terms or provisions, the prevailing party will be entitled to reasonable attorney fees and costs incurred in connection with such
action prior to and at trial and on any appeal therefrom. 
  
 [REMAINDER OF PAGE INTENTIONALLY BLANK] 
  

					
	 Exhibit “K” – Form of Seller Indemnity Agreement
	  	4	  	 

 IN WITNESS WHEREOF, Indemnitor has caused this Indemnity to be executed as of the day and year first
written above. 
  

			
	INDEMNITOR:
	
	 PROPERTY ASSET MANAGEMENT INC.,
 a Delaware corporation

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 Authorized Signatory

  

					
	Exhibit “K” – Form of Seller Indemnity Agreement	  	5	  	 

  
 EXHIBIT L

  
 PIP 
  
 [See Attached] 
  

					
	Exhibit “L” - PIP	  	1	  	 

  
 EXHIBIT M

  
 FORMS OF APPLICATIONS FOR GOOD STANDING
CERTIFICATES 
  
 [See Attached] 
  

					
	Exhibit “M” – Forms of Applications for Good Standing Certificates	  	1	  	 

  
 SCHEDULE 1.1-1

  
 ADVANCE BOOKINGS 
  

 1 

  
 SCHEDULE 1.1-2

  
 DESCRIPTION OF LIQUOR LICENSE(S)

  

 1 

  
 SCHEDULE 6.1(d)

  
 DESCRIPTION OF LITIGATION 
  
 None 
  

 1 

  
 SCHEDULE 6.1(r)

  
 DESCRIPTION OF HAZARDOUS MATERIALS

  
 None 
  

 1

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