Document:

Exhibit 4.1

 

EXECUTION COPY

 

AMENDED
AND RESTATED MASTER INDENTURE

 

DATED
AS OF MARCH 17, 2006

 

 

BETWEEN

 

SPIRIT
MASTER FUNDING, LLC,

 

AS
AN ISSUER,

 

AND

 

CITIBANK,
N.A.

 

AS
INDENTURE TRUSTEE

 

NET-LEASE
MORTGAGE NOTES

 

 

TABLE OF
CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
  DEFINITIONS AND OTHER PROVISIONS
  OF GENERAL APPLICATION

  	
  2

  
	
   

  	
   

  	
   

  
	
  Section 1.01

  	
  Definitions

  	
  2

  
	
  Section 1.02

  	
  Rules of Construction

  	
  20

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  THE NOTES

  	
  21

  
	
   

  	
   

  	
   

  
	
  Section 2.01

  	
  Forms; Denominations

  	
  21

  
	
  Section 2.02

  	
  Execution, Authentication, Delivery and Dating

  	
  22

  
	
  Section 2.03

  	
  Certification of Receipt of the Collateral

  	
  23

  
	
  Section 2.04

  	
  The Notes Generally; New Issuances

  	
  24

  
	
  Section 2.05

  	
  Registration of Transfer and Exchange of Notes

  	
  26

  
	
  Section 2.06

  	
  Book-Entry Notes

  	
  30

  
	
  Section 2.07

  	
  Mutilated, Destroyed, Lost or Stolen Notes

  	
  32

  
	
  Section 2.08

  	
  Noteholder Lists

  	
  32

  
	
  Section 2.09

  	
  Persons Deemed Owners

  	
  33

  
	
  Section 2.10

  	
  Payment Account

  	
  33

  
	
  Section 2.11

  	
  Payments on the Notes

  	
  33

  
	
  Section 2.12

  	
  Final Payment Notice

  	
  38

  
	
  Section 2.13

  	
  Compliance with Withholding Requirements

  	
  38

  
	
  Section 2.14

  	
  Cancellation

  	
  39

  
	
  Section 2.15

  	
  The Insurance Policies

  	
  39

  
	
  Section 2.16

  	
  The Hedge Agreements

  	
  40

  
	
  Section 2.17

  	
  Tax Treatment of the Notes and the Issuers

  	
  42

  
	
  Section 2.18

  	
  Cashflow Coverage Reserve Account

  	
  42

  
	
  Section 2.19

  	
  Representations and Warranties With Respect To Mortgage Loans,
  Mortgaged Properties and Leases

  	
  43

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  SATISFACTION AND DISCHARGE

  	
  43

  
	
   

  	
   

  	
   

  
	
  Section 3.01

  	
  Satisfaction and Discharge of Indenture

  	
  43

  
	
  Section 3.02

  	
  Application of Trust Money

  	
  44

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  EVENTS OF DEFAULT; REMEDIES

  	
  45

  
	
   

  	
   

  	
   

  
	
  Section 4.01

  	
  Events of Default

  	
  45

  
	
  Section 4.02

  	
  Acceleration of Maturity; Rescission and Annulment

  	
  46

  
	
  Section 4.03

  	
  Collection of Indebtedness and Suits for Enforcement by Indenture
  Trustee

  	
  47

  
	
  Section 4.04

  	
  Remedies

  	
  49

  
	
  Section 4.05

  	
  Application of Money Collected

  	
  50

  
	
  Section 4.06

  	
  Limitation on Suits

  	
  50

  
	
  Section 4.07

  	
  Unconditional Right of Noteholders to Receive Principal and Interest

  	
  51

  
	
  Section 4.08

  	
  Restoration of Rights and Remedies

  	
  51

  

 

i

 

	
  Section 4.09

  	
  Rights and Remedies Cumulative

  	
  51

  
	
  Section 4.10

  	
  Delay or Omission Not Waiver

  	
  51

  
	
  Section 4.11

  	
  Control by Requisite Global Majority

  	
  51

  
	
  Section 4.12

  	
  Waiver of Past Defaults

  	
  52

  
	
  Section 4.13

  	
  Undertaking for Costs

  	
  52

  
	
  Section 4.14

  	
  Waiver of Stay or Extension Laws

  	
  53

  
	
  Section 4.15

  	
  Sale of Collateral

  	
  53

  
	
  Section 4.16

  	
  Action on Notes

  	
  54

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  THE INDENTURE TRUSTEE

  	
  55

  
	
   

  	
   

  	
   

  
	
  Section 5.01

  	
  Certain Duties and Responsibilities

  	
  55

  
	
  Section 5.02

  	
  Notice of Defaults

  	
  58

  
	
  Section 5.03

  	
  Certain Rights of Indenture Trustee

  	
  58

  
	
  Section 5.04

  	
  Compensation; Reimbursement; Indemnification

  	
  60

  
	
  Section 5.05

  	
  Corporate Indenture Trustee Required; Eligibility

  	
  62

  
	
  Section 5.06

  	
  Authorization of Indenture Trustee

  	
  62

  
	
  Section 5.07

  	
  Merger, Conversion, Consolidation or Succession to Business

  	
  63

  
	
  Section 5.08

  	
  Resignation and Removal; Appointment of Successor

  	
  63

  
	
  Section 5.09

  	
  Acceptance of Appointment by Successor

  	
  64

  
	
  Section 5.10

  	
  Unclaimed Funds

  	
  65

  
	
  Section 5.11

  	
  Illegal Acts

  	
  65

  
	
  Section 5.12

  	
  Communications by the Indenture Trustee

  	
  65

  
	
  Section 5.13

  	
  Separate Indenture Trustees and Co-Trustees

  	
  66

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  REPORTS TO NOTEHOLDERS

  	
  67

  
	
   

  	
   

  	
   

  
	
  Section 6.01

  	
  Reports to Noteholders and Others

  	
  67

  
	
  Section 6.02

  	
  Certain Communications with the Rating Agencies

  	
  68

  
	
  Section 6.03

  	
  Access to Certain Information

  	
  68

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
  REDEMPTION; SERIES ENHANCEMENT

  	
  70

  
	
   

  	
   

  	
   

  
	
  Section 7.01

  	
  Redemption of the Notes

  	
  70

  
	
  Section 7.02

  	
  Series Enhancement

  	
  70

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  	
  SUPPLEMENTAL
  INDENTURES; AMENDMENTS

  	
  70

  
	
   

  	
   

  	
   

  
	
  Section 8.01

  	
  Supplemental Indentures or Amendments Without Consent of Noteholders

  	
  70

  
	
  Section 8.02

  	
  Supplemental Indentures With Consent

  	
  72

  
	
  Section 8.03

  	
  Delivery of Supplements and Amendments

  	
  73

  
	
  Section 8.04

  	
  Series Supplements

  	
  73

  
	
  Section 8.05

  	
  Execution of Supplemental Indentures, etc

  	
  74

  
	
  Section 8.06

  	
  Amendments to any Insurance Policy

  	
  75

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX

  	
  COVENANTS; WARRANTIES

  	
  75

  
	
   

  	
   

  	
   

  
	
  Section 9.01

  	
  Maintenance of Office or Agency

  	
  75

  
	
  Section 9.02

  	
  Existence and Good Standing

  	
  75

  

 

ii

 

	
  Section 9.03

  	
  Payment of Taxes and Other Claims

  	
  75

  
	
  Section 9.04

  	
  Validity of the Notes; Title to the Collateral; Lien

  	
  76

  
	
  Section 9.05

  	
  Protection of Collateral Pool

  	
  77

  
	
  Section 9.06

  	
  Negative Covenants

  	
  78

  
	
  Section 9.07

  	
  Statement as to Compliance

  	
  79

  
	
  Section 9.08

  	
  Issuers May Consolidate, Etc., Only on Certain Terms

  	
  79

  
	
   

  	
   

  	
   

  
	
  ARTICLE X

  	
  COVENANTS REGARDING MORTGAGED
  PROPERTIES

  	
  81

  
	
   

  	
   

  	
   

  
	
  Section 10.01

  	
  Insurance

  	
  81

  
	
  Section 10.02

  	
  Mortgage Loans, Leases and Rents

  	
  81

  
	
  Section 10.03

  	
  Compliance With Laws

  	
  81

  
	
  Section 10.04

  	
  Estoppel Certificates

  	
  82

  
	
  Section 10.05

  	
  Other Rights, Etc

  	
  83

  
	
  Section 10.06

  	
  Right to Release Any Portion of the Collateral Pool

  	
  83

  
	
  Section 10.07

  	
  Environmental Covenants

  	
  83

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI

  	
  COSTS

  	
  85

  
	
   

  	
   

  	
   

  
	
  Section 11.01

  	
  Performance at the Issuers’ Expense

  	
  85

  
	
   

  	
   

  	
   

  
	
  ARTICLE XII

  	
  MISCELLANEOUS

  	
  85

  
	
   

  	
   

  	
   

  
	
  Section 12.01

  	
  Execution Counterparts

  	
  85

  
	
  Section 12.02

  	
  Compliance Certificates and Opinions, etc

  	
  85

  
	
  Section 12.03

  	
  Form of Documents Delivered to Indenture Trustee

  	
  85

  
	
  Section 12.04

  	
  No Oral Change

  	
  86

  
	
  Section 12.05

  	
  Acts of Noteholders

  	
  87

  
	
  Section 12.06

  	
  Computation of Percentage of Noteholders

  	
  87

  
	
  Section 12.07

  	
  Notice to the Indenture Trustee, the Issuers and Certain Other
  Persons

  	
  87

  
	
  Section 12.08

  	
  Notices to Noteholders; Notification Requirements and Waiver

  	
  88

  
	
  Section 12.09

  	
  Successors and Assigns

  	
  88

  
	
  Section 12.10

  	
  Interest Charges; Waivers

  	
  88

  
	
  Section 12.11

  	
  Severability Clause

  	
  89

  
	
  Section 12.12

  	
  Governing Law

  	
  89

  
	
  Section 12.13

  	
  Insurer Default

  	
  89

  
	
  Section 12.14

  	
  Effect of Headings and Table of Contents

  	
  89

  
	
  Section 12.15

  	
  Benefits of Indenture

  	
  90

  
	
  Section 12.16

  	
  Trust Obligation

  	
  90

  
	
  Section 12.17

  	
  Inspection

  	
  90

  
	
  Section 12.18

  	
  Method of Payment

  	
  90

  
	
  Section 12.19

  	
  Limitation on Liability of the Issuers

  	
  90

  

 

Exhibits

 

	
  Exhibit A-1

  	
  Form of
  Restricted Global Net-Lease Mortgage Note

  	
   

  
	
  Exhibit A-2

  	
  Form of
  Regulation S Global Net-Lease Mortgage Note

  	
   

  

 

iii

 

	
  Exhibit A-3

  	
  Form of
  Definitive Global Net-Lease Mortgage Note

  	
   

  
	
  Exhibit B

  	
  Form of
  Trustee Report

  	
   

  
	
  Exhibit C-1

  	
  Form of
  Transferor Certificate for Transfers of Definitive Notes

  	
   

  
	
  Exhibit C-2

  	
  Form of
  Transferee Certificate for Transfers of Definitive Notes

  	
   

  
	
  Exhibit D-1

  	
  Form of
  Transfer Certificate for Transfers From Regulation S Global Note to
  Restricted Global Note

  	
   

  
	
  Exhibit D-2

  	
  Form of
  Transfer Certificate for Transfer from Restricted Global Note to Regulation S
  Global Note During the Restricted Period

  	
   

  
	
  Exhibit D-3

  	
  Form of
  Transfer Certificate for Transfer from Restricted Global Note to Regulation S
  Global Note After the Restricted Period

  	
   

  
	
  Exhibit D-4

  	
  Form of
  Regulation S Letter for Exchange of Interests in the Temporary Regulation S
  Global Note for Interests in the Permanent Regulation S Global Note

  	
   

  
	
  Exhibit E-1

  	
  Form of
  Certificate with Respect to Information Request by Beneficial Owner

  	
   

  
	
  Exhibit E-2

  	
  Form of Certificate with Respect to
  Information Request by Prospective Purchaser

  	
   

  

 

iv

 

AMENDED AND RESTATED MASTER INDENTURE, dated
as of March 17, 2006 (as amended, modified or supplemented from time to
time as permitted hereby, the “Indenture”),
between Spirit Master Funding, LLC, a Delaware limited liability company, as an
issuer (an “Issuer”), and Citibank, N.A.,
a national banking association, not in its individual capacity, but solely as
Indenture Trustee (the “Indenture Trustee”)
under this Indenture.

 

PRELIMINARY
STATEMENT

 

The Issuers (as defined herein) have duly authorized the execution and
delivery of this Indenture to provide for the issuance of their respective series of
Net-Lease Mortgage Notes (collectively, the “Notes”),
to be issued pursuant to this Indenture. The Notes issuable under this
Indenture shall be issued in series (each, a “Series”),
as from time to time may be created by supplements (each, a “Series Supplement”) to this
Indenture.

 

In connection
with each Series of Notes issued under this Indenture, the applicable Issuers
may enter into agreements with other entities that will provide credit
enhancement or other protection for the Holders of a Series of Notes and the
applicable Issuers will incur obligations under the terms of such agreements.

 

All things necessary to make the Notes, when
the Notes are executed by the applicable Issuers and authenticated and
delivered by the Indenture Trustee hereunder and duly issued by such Issuers,
the valid and legally binding obligations of such Issuers enforceable in
accordance with their terms, and to make this Indenture a valid and legally
binding agreement of such Issuers enforceable in accordance with its terms,
have been done.

 

GRANTING
CLAUSE

 

Each of the
Issuers hereby Grants to the Indenture Trustee on the applicable Series Closing
Date, for the benefit of the Indenture Trustee, the Noteholders and the Insurers,
all of such Issuer’s right, title and interest in and to the assets of such Issuer,
together with the assets of any other Issuers (individually, the “Collateral” and, collectively, the “Collateral Pool”), including, without
limitation, (i) such Issuer’s Mortgaged Properties, (ii) each of the
Leases with respect to such Mortgaged Properties and all payments required
thereunder on and after the applicable Series Closing Date or Transfer
Date, (iii) such Issuer’s Equipment Loans, (iv) such Issuer’s Mortgage
Loans and all payments required thereunder on and after the applicable Series Closing
Date or Transfer Date, (v) all of such Issuer’s right, title and interest
in all fixtures and reserves and escrows, if any, related to such Issuer’s Mortgaged
Properties, (vi) any guarantees of and security for the Tenants’ obligations
under the Leases, including any security deposits thereunder, (vii) all of
such Issuer’s rights under the applicable Performance Undertaking and
Environmental Indemnity Agreement, (viii) all of such Issuer’s rights (but
none of its obligations) under the Purchase and Sale Agreements, (ix) the
Collection Account, the Release Account, the Lockbox Accounts, the Cashflow
Coverage Reserve Account, the Payment Account and any other accounts (other
than any Insurance Policy Proceeds Account) established under the Transaction
Documents for purposes of receiving, retaining and distributing amounts
received in respect of the Collateral Pool and making payments to the holders
of the Notes and the Insurers and making distributions to the holders of the LLC
Interests, and all funds and Permitted Investments as may from time to
time be deposited therein, (x) all present and future

 

 

claims, demands and causes of
action in respect of the foregoing, and (xi) all proceeds of the foregoing of
every kind and nature whatsoever, including, without limitation, all proceeds
of the conversion thereof, voluntary or involuntary, into cash or other liquid
property, all cash proceeds, accounts receivable, notes, drafts, acceptances,
chattel paper, checks, deposit accounts, rights to payment of any and every
kind and other forms of obligations and receivables, instruments and other
property that at any time constitute all or part of or are included in the
proceeds of the foregoing.

 

The foregoing Grants are made in trust to
secure the payment of principal of and interest on, and any other amounts owing
in respect of, the Notes, and of all amounts owing to the Insurers under the related
Insurance Agreements and to secure compliance with the provisions of this
Indenture, all as provided in this Indenture and each Series Supplement.

 

GENERAL COVENANT

 

IT IS HEREBY COVENANTED AND DECLARED that the
Notes are to be authenticated and delivered by the Indenture Trustee on the
applicable Series Closing Dates, that the Collateral is to be held by or
on behalf of the Indenture Trustee and that moneys in or from the Collateral Pool
are to be applied by the Indenture Trustee for the benefit of the Noteholders
and the Insurers, subject to the further covenants, conditions and trusts
hereinafter set forth, and each Issuer does hereby represent and warrant, and
covenant and agree, to and with the Indenture Trustee, for the equal and
proportionate benefit and security of each Noteholder and for the benefit of
the Insurers, as follows:

 

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION

 

Section 1.01                            Definitions.

 

Whenever used in this Indenture, including in
the Preliminary Statement, the Granting Clause and the General Covenant
hereinabove set forth, the following words and phrases, unless the context
otherwise requires, shall have the meanings specified in this Section 1.01
or, if not specified in this Section 1.01, then in the Property
Management Agreement.

 

“1933 Act”:  The
Securities Act of 1933, as amended, and the rules, regulations and published
interpretations of the SEC promulgated thereunder from time to time.

 

“1939 Act”:  The Trust Indenture Act of 1939, as amended,
and the rules, regulations and published interpretations of the SEC promulgated
thereunder from time to time.

 

“1940 Act”:  The Investment Company Act of 1940, as
amended, and the rules, regulations and published interpretations of the SEC
promulgated thereunder from time to time.

 

“Account Control Agreement”: As
defined in the Property Management Agreement.

 

2

 

“Accrual Period”:  With respect to any Class of Notes, as
defined in the applicable Series Supplement.

 

“Act”:  As defined in Section 12.05.

 

“Additional Servicing Compensation”:  As defined in the Property Management
Agreement.

 

“Affiliate”:  With respect to any specified Person, any
other Person controlling or controlled by or under common control with such
specified Person. For the purposes of this definition, “control” when used with
respect to any specified Person means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise, and the terms “controlling” and
“controlled” have meanings correlative to the foregoing.

 

“Aggregate Collateral Value”:  On any date of determination, the sum of the
Collateral Values of the Mortgage Loans and Mortgaged Properties (that do not
otherwise secure Mortgage Loans), that are included in the Collateral Pool.

 

“Aggregate Note Principal
Balance”:  For any date of
determination and any Series, the sum of the Class Principal Balances of
each Class of Notes of such Series.

 

“Aggregate Series Principal Balance”:
 On any date of determination, the sum of
the Aggregate Note Principal Balances of each Series, in each case after giving
effect to any payments of principal on such date.

 

“Applicable Laws”:  As defined in Section 10.03(a).

 

“Appraised Value”:  As defined in the Property Management
Agreement.

 

“Authenticating Agent”:  As defined in Section 2.02(b).

 

“Authorized Officer”:  With respect to each Issuer, any person who
is authorized to act for such Issuer and who is identified on the list
delivered by such Issuer to the Indenture Trustee on each Series Closing
Date (as such list may be modified or supplemented from time to time
thereafter). With respect to an Insurer, the president, any vice president, or
any other officer customarily performing functions similar to those performed
by the persons who at the time shall be such officers.

 

“Available Amount”:  As defined in the Property Management
Agreement.

 

“Average Cashflow Coverage Ratio”:  As defined in the Property Management
Agreement.

 

“Back-Up Fee”: As defined in the
Property Management Agreement.

 

“Back-Up Manager”:  Midland Loan Services, Inc., a Delaware
corporation, or its successor in interest.

 

3

 

“Book-Entry Custodian”:  Initially, the Indenture Trustee and
thereafter, such other bank or trust company as the Indenture Trustee shall
appoint pursuant to Section 2.06(a).

 

“Book-Entry Note”:  Any Note registered in the name of the
Depository or its nominee.

 

“Borrower”:  As defined in the Property Management
Agreement.

 

“Business Day”:  Any day other than a Saturday, a Sunday or a
day on which banking institutions are authorized or obligated by law or
executive order to remain closed in New York, New York, Scottsdale, Arizona, or
any other city in which the principal office of the Issuer, the Primary Servicing
Office of the Property Manager or the Special Servicer or the Indenture Trustee’s
Office is located.

 

“Business Sector”:  With respect to any Industry Group, any of
the following applicable business sectors, including, but not limited to the
following:  Specialty Retailers, Drug
Stores, Movie Theaters, Education Facilities, Restaurants, Interstate Travel
Plazas, Automotive Dealerships and Retailers, Gas/Propane Facilities,
Plumbing/Electrical Facilities, Poultry Distribution Facilities, and Banking
Facilities. Additional Business Sectors may be indicated in any of the Series Supplements.

 

“Cash”:  Coin or currency of the United States or
immediately available federal funds, including such funds delivered by wire
transfer.

 

“Cashflow Coverage Ratio”:  As defined in the Property Management
Agreement.

 

“Cashflow Coverage Reserve Account”:  The segregated account established in the
name of the Indenture Trustee pursuant to Section 2.18 hereof.

 

“Cashflow Shortfall Amount”:  As defined in Section 2.18(d).

 

“Class”:  Collectively, all of the Notes bearing the
same Series, alphabetical and, if applicable, numerical class designations.

 

“Class Principal Balance”:  With respect to any Class of Notes and
any date of determination, the amount stated for such Class on the face of
each such Note as “Note Principal Balance of the Class     
Notes as of the Series Closing Date”, as such amount is reduced by any
payments of principal actually made on the Notes of such Class prior to
such date of determination.

 

“Code”:  The Internal Revenue Code of 1986, as
amended.

 

“Collateral”:  As defined in the Granting Clause hereto.

 

“Collateral Agency Agreement”:  Collectively, the Collateral Agency
Agreement, dated as of April 27, 2005, between the Collateral Agent and
Spirit Finance, as amended, the Collateral Agency Agreement, dated as of November 7,
2005, among the

 

4

 

Collateral Agent, Credit
Suisse, New York Branch and Spirit Finance, as amended and any other Collateral
Agency Agreement as set forth in a Series Supplement.

 

“Collateral Agent”:  Citibank, N.A., a national banking
association, in its capacity as collateral agent under this Indenture and the
Collateral Agency Agreement, or its successor in interest, or any successor
collateral agent appointed as provided in this Indenture and the Collateral
Agency Agreement.

 

“Collateral Defect”:  As defined in the Property Management
Agreement.

 

“Collateral Pool”:  As defined in the Granting Clause hereto.

 

“Collateral Pool Expenses”:  As defined in Section 2.11(b).

 

“Collateral Value”:  With respect to each Mortgaged Property
included in the Collateral Pool, the lesser of (a) the related Appraised
Value as of the applicable Series Closing Date or Transfer Date and (b) the
related Investment Amount. With respect to each Mortgage Loan, the outstanding
principal balance thereof.

 

“Collection Account”:  As defined in the Property Management
Agreement.

 

“Collection Period”:  As defined in the Property Management
Agreement.

 

“Condemnation Proceeds”: As defined
in the Property Management Agreement.

 

“Control Person”:  With respect to any Person, any other Person
that constitutes a “controlling person” within the meaning of Section 15
of the 1933 Act.

 

“Controlling Party”:  With respect to any Series, as defined in the
applicable Series Supplement

 

“Corrected Lease”:  As defined in the Property Management
Agreement.

 

“Corrected Mortgage Loan”:  As defined in the Property Management
Agreement.

 

“Current Cashflow Coverage Ratio”:  With respect to any date of determination, the
Cashflow Coverage Ratio for the Determination Date for the Collection Period
most recently ended.

 

“Custodian”:  LaSalle Bank National Association, a national
banking association or a custodian on its behalf, or its successor in interest.

 

“Deficiency”:  As defined in Section 2.15.

 

“Deficiency Amount”:  As defined in the applicable Insurance
Policy.

 

“Definitive Note”:  As defined in Section 2.06(a).

 

5

 

“Depository”:  The Depository Trust Company or any successor
depository hereafter named as contemplated by Section 2.06. The
nominee of the initial Depository, for purposes of registering such Notes that
are Book-Entry Notes, is Cede & Co. The Depository shall at all times
be a “clearing corporation” as defined in Section 8-102(4) of the Uniform Commercial
Code of the State of New York and a “clearing agency” registered pursuant to
the provisions of Section 17A of the Securities Exchange Act of 1934, as
amended.

 

“Depository Participant”:  A broker, dealer, bank or other financial
institution or other Person for whom from time to time the Depository effects
book-entry transfers and pledges of securities deposited with the Depository.

 

“Determination Date”:  As to any Payment Date, the 7th
day of the month in which such Payment Date occurs or, if such 7th
day is not a Business Day, the Business Day immediately succeeding such 7th
day.

 

“Early Amortization Event”:  An Early Amortization Event will occur as of
any date (A) if the then current Average Cashflow Coverage Ratio is less
than 1.10; provided, however, that following the occurrence of
any such Early Amortization Event, if during any period of determination, the
Cashflow Coverage Ratio exceeds 1.10 for such period for three consecutive
months, such Early Amortization Event will be deemed to have been cured and no
longer continuing, (B) if an Event of Default, after giving effect to any
grace period, shall have occurred and shall not have been cured or waived in
accordance with the terms hereof or (C) upon the occurrence of any other
event specified as an Early Amortization Event in a Series Supplement.

 

“Eligible Account”:  Any of (i) a segregated account
maintained with a federal- or state-chartered depository institution or trust
company, the long-term deposit or long-term unsecured debt obligations of which
(or of such institution’s parent holding company) are rated “A2” or better by
Moody’s, “A” or better by each other Rating Agency other than S&P, and “AA-”
or better by S&P, if the deposits are to be held in the account for more
than 30 days, or the short-term deposit or short-term unsecured debt
obligations of which (or of such institution’s parent holding company) are
rated “P-1” by Moody’s, “F-1” by Fitch and “A-1” by S&P if the deposits are
to be held in the account for 30 days or less, in any event at any time funds
are on deposit therein, (ii) a segregated trust account maintained with a
federal- or state-chartered depository institution or trust company acting in
its fiduciary capacity, which, in the case of a state-chartered depository
institution or trust company is subject to regulations regarding fiduciary
funds on deposit therein substantially similar to 12 C.F.R. § 9.10(b), and
which, in either case, has a combined capital and surplus of at least
$50,000,000 and is subject to supervision or examination by federal or state
authority, (iii) an account or accounts maintained with PNC Bank (A) so
long as PNC Bank’s long-term unsecured debt rating shall be at least (x) “A1”
by Moody’s and “A” by S&P (if the deposits are to be held in the account
for more than 30 days) and (y) “A” by Fitch, or (B) so long as PNC’s
short-term deposit or short-term unsecured debt rating shall be at least (x) “P-1”
by Moody’s and “A-1” by S&P (if the deposits are to be held in the account
for 30 days or less) and (y) “F1” by Fitch, or (iv) any other account that
is acceptable to the Rating Agencies and each Insurer (as evidenced by written
confirmation from such Rating Agencies and each Insurer). Eligible Accounts may bear
interest.

 

6

 

“Environmental Indemnity Agreement”:  Each Environmental Indemnity Agreement, dated
as of the applicable Series Closing Date, executed by the applicable Issuer
in favor of the Indenture Trustee and the other beneficiaries thereunder.

 

“Environmental Law”:  As defined in Section 10.07.

 

“Environmental Lien”:  As defined in Section 10.07.

 

“Environmental Release”:  As defined in Section 10.07.

 

“Equipment Loan”:  Any commercial
equipment loan secured by equipment used in the operation of a Mortgaged
Property and listed on the Mortgage Loan Schedule.

 

“ERISA”:  The Employee Retirement Income Security Act
of 1974, as amended.

 

“Event of Default”:  As defined in Section 4.01.

 

“Excess Cashflow”: With respect
to any Payment Date, consists of Percentage Rent (other than with respect to
certain Mortgaged Properties identified as “Percentage Rent Only” on the
Mortgaged Property Schedule that receive Percentage Rent in lieu of fixed
or “base” rent) and Excess Insurance Proceeds received during the related
Collection Period.

 

“Excess Insurance Proceeds”:  As of any Determination Date, the excess, if
any, of (a) the amounts released by casualty insurance policies related to
the Mortgaged Properties during the preceding Collection Period minus (b) the
sum of (i) the amount necessary to reimburse the Property Manager or
Back-Up Manager for any Property Protection Advances made with respect to
casualties relating to such casualty insurance policies and (ii) the
repair or replacement costs (as determined by the Property Manager) associated
with such casualties on the Mortgaged Properties, as applicable.

 

“Extraordinary Expense Cap”:  An amount equal to the greater of $250,000
per Series and 0.07% of the Aggregate Series Principal Balance (as of
the most recent Series Closing Date and each anniversary thereof) per year
and 1/12 of such amount per month (such amount to be cumulative for each month
in a calendar year if not used, although any such cumulative amount will not be
carried forward into the next calendar year).

 

“Extraordinary Expenses”:  Unanticipated expenses required to be borne
by the applicable Issuers, that consist of, among other things: (i) amounts
incurred in connection with the transfer of the Loan Files and Lease Files and
other administrative expenses related to the sale or transfer of the related Mortgage
Loans and Mortgaged Properties by such Issuers; (ii) payments to the
Property Manager, the Special Servicer, any applicable Hedge Counterparty, any Issuers,
the Indenture Trustee or the Collateral Agent or any of their respective
directors, officers, employees, agents and Control Persons of amounts for
certain expenses and liabilities as specified in this Indenture (including Section 5.04(a)(2)),
the Notes, the Property Management Agreement, the applicable LLC Agreements or
any other agreement related thereto; (iii) payments for the advice of
counsel and the cost of certain Opinions of Counsel; (iv) costs and
expenses incurred in connection with environmental remediation with respect to
any Mortgaged Property; and (v) certain indemnities that Spirit Finance is
obligated to pay but fails to pay under

 

7

 

the applicable Environmental Indemnity
Agreement and the applicable Performance Undertaking, as the case may be.

 

“FDIC”:  Federal Deposit Insurance Corporation or any
successor.

 

“Final Payment Date”:  With respect to any Class of Notes, the
Payment Date on which the final payment on such Notes is made hereunder by
reason of all principal, interest and other amounts due and payable on such
Notes having been paid.

 

“Fitch”:  Fitch, Inc.

 

“Foreclosure Proceeding”:  Any proceeding, non-judicial sale or power of
sale or other proceeding (judicial or non-judicial) for the foreclosure, sale
or assignment of any Mortgage Loan, Mortgaged Property or Lease or any other
Collateral under any Mortgage.

 

“GAAP”:  Such accounting
principles as are generally accepted in the United States.

 

“Grant”:  To mortgage,
pledge, bargain, sell, warrant, alienate, demise, convey, assign, transfer,
create and grant a security interest in and right of set-off against, deposit,
set over and confirm. A Grant of Collateral shall include all rights, powers
and options (but none of the obligations) of the granting party thereunder,
including, without limitation, the immediate and continuing right to claim for,
collect, receive and give receipt for principal and interest payments in
respect of such Collateral and all other moneys and proceeds payable
thereunder, to give and receive notices and other communications, to make
waivers or other agreements, to exercise all rights and options, to bring
Proceedings in the name of the granting party or otherwise, and generally to do
and receive anything which the granting party is or may be entitled to do
or receive thereunder or with respect thereto.

 

“Guaranty”:  As defined in the Property Management
Agreement.

 

“Hazardous Materials”:  As defined in Section 10.07.

 

“Hedge Agreement”:  With respect to the Class of any Series,
as defined in the applicable Series Supplement.

 

“Hedge Counterparty”:  With respect to the Class of any Series,
as defined in the applicable Series Supplement.

 

“Hedge Counterparty Account”:  With respect to the Class of any Series,
as defined in the applicable Series Supplement.

 

“Indenture”:  This instrument as originally executed or as
it may be supplemented or amended from time to time by one or more
indentures supplemental hereto entered into pursuant to the applicable
provisions hereof, including, with respect to any Series, the related Series Supplement.

 

8

 

“Indenture Trustee”:  Citibank, N.A., a national banking
association, in its capacity as trustee under this Indenture, or its successor
in interest, or any successor trustee appointed as provided in this Indenture.

 

“Indenture Trustee Fee”:  With respect to any Series, as defined in the
applicable Series Supplement.

 

“Indenture Trustee’s Office”:
 The corporate trust office of the Indenture Trustee at which at any
particular time its mortgage-backed securities trust business with respect to
this Indenture shall be administered, which office at the date of the execution
of this Indenture is located at (i) solely for purposes of the transfer,
surrender or exchange of Notes, 111 Wall Street, New York, New York 10005,
Attention: 15th Floor Window and (ii) for all other purposes,
388 Greenwich Street, 14th Floor, New York, New York 10013,
Attention: Agency and Trust-Spirit Master Funding, or at such other address as
the Indenture Trustee or Note Registrar may designate from time to time.

 

“Independent”:  When used with respect to any specified
Person, any such Person who (i) is in fact independent of the Indenture
Trustee, the Issuers and any and all Affiliates thereof, (ii) does not
have any direct financial interest in or any material indirect financial
interest in any of the Indenture Trustee, the Issuers or any Affiliate thereof,
and (iii) is not connected with the Indenture Trustee, the Issuers or any
Affiliate thereof as an officer, employee, promoter, underwriter, trustee,
partner, director or Person performing similar functions; provided, however,
that a Person shall not fail to be Independent of the Indenture Trustee or the
Issuers or any Affiliate thereof merely because such Person is the beneficial
owner of 1% or less of any class of securities issued by the Indenture
Trustee, any Issuer or any Affiliate thereof, as the case may be. The
Indenture Trustee may rely, in the performance of any duty hereunder, upon
the statement of any Person contained in any certificate or opinion that such
Person is Independent according to this definition.

 

“Initial Closing Date”: The Series Closing
Date of the first Series of Notes issued hereunder.

 

“Initial Purchaser”: With
respect to a Series of Notes, any Person named as such in the applicable Series Supplement
or any successor thereto.

 

“Insurance Agreement”:  With respect to any Series of Notes, as
defined in the applicable Series Supplement.

 

“Insurance Policy”:  With respect to any Series of Notes, as
defined in the applicable Series Supplement.

 

“Insurance Policy Proceeds Account”:  With respect to any Series of Notes, the
segregated account established in the name of the Indenture Trustee pursuant to
Section 2.15(b), if any, as further provided in the applicable Series Supplement.

 

“Insured Obligations”:  With respect to any Series of Notes, as
defined in the applicable Series Supplement.

 

9

 

“Insurer”: With respect to any Series of
Notes, as defined in the applicable Series Supplement.

 

“Insurer Accrued Liabilities”:  With respect to any Payment Date and any
Series, all amounts paid by the related Insurer under the applicable Insurance
Policy and not yet reimbursed to such Insurer.

 

“Insurer Default”:  With respect to any Series of Notes, as
defined in the applicable Series Supplement.

 

“Insurer Premium”:  With respect to any Payment Date and any Series of
Notes, as defined in the applicable Series Supplement.

 

“Interested Person”:  Any
Issuer, any Issuer Member, the Property Manager, the Special Servicer, any
Insurer, any Holder of Notes or an Affiliate of any such Person.

 

“Investment Amount”:  With respect to each Mortgaged Property
included in the Collateral Pool, the amount (including all related closing
costs and expenses) paid by the applicable Issuer to purchase such Mortgaged
Property from the related Originator or third party, as applicable.

 

“Issuer”:  Each of Spirit
Master Funding, LLC, a Delaware limited liability company, or its successor in
interest, and any other party designated as an “Issuer” in any Series Supplement,
or its successors in interest, as the context may require. References to a
“related” or “applicable” Issuer shall refer to the Issuer that owns the
Collateral or has issued or co-issued the Notes being addressed.

 

“Issuer Advances”: As defined in Section 2.11(b).

 

“Issuer Expense Cap”:  An amount equal to 0.05% of the Aggregate Series Principal
Balance (as of the most recent Series Closing Date and each anniversary
thereof) per year and 1/12 of such amount per month; provided, that, upon
written confirmation from the Insurers and written confirmation from each
Rating Agency that such action will not result in the downgrade, qualification
or withdrawal of its then current ratings of the Notes, the Issuer Expense Cap
will be such higher amount as proposed by the Issuers.

 

“Issuer Expenses”:  With respect to the Collateral Pool, the
costs and expenses relating to the Collateral Pool for (i) general
liability insurance policies maintained by the applicable Issuers as owners of
the Mortgaged Properties, or such Issuers’ respective proportionate shares of
premiums with respect to general liability insurance policies maintained by
Affiliates of such Issuers, (ii) casualty insurance policies maintained by
the applicable Issuers, or such Issuers’ respective proportionate shares of
premiums with respect to casualty insurance policies maintained by Affiliates
of such Issuers, to insure casualties not otherwise insured by any related
Tenant due to a default by such Tenant under the insurance covenants of its
Lease or because any related Tenant permitted to self-insure fails to pay for
casualty losses, and (iii) certain state franchise taxes prohibited by law
from being passed through by any of the Issuers as lessor to a Tenant.

 

10

 

“Issuer Order”:  A written
order signed in the name of an Issuer by a Responsible Officer of such Issuer.

 

“Issuer Request”:  A
written request signed in the name of an Issuer by a Responsible Officer of
such Issuer.

 

“Issuer’s Office”:  The principal office of Spirit Master
Funding, LLC, which office at the Initial Closing Date is located at 14631 N.
Scottsdale Road, Suite 200, Scottsdale, Arizona 85255, facsimile number:
480-606-0820, Attention: Catherine Long, Chief Financial Officer. The principal
office of any Issuer (other than Spirit Master Funding, LLC) is located at the
address provided in the related LLC Agreement.

 

“Lease”:  As defined in the Property Management
Agreement.

 

“Lease Due Date”:  With respect to a Lease, the day of each
calendar month on which the Monthly Lease Payment with respect thereto is due.

 

“Lease File”:  As defined in the Property Management
Agreement.

 

“Legal Final Payment Date”:  With respect to any Series of Notes, the
date by which the applicable Issuers shall be required to pay the related
Noteholders the entire outstanding principal balance and any accrued interest
on each related Class, as specified in the applicable Series Supplement.

 

“Letter of Representations”:  With respect to any Series of Notes, the
Letter of Representations, dated the applicable Series Closing Date, among
the Depository, the Indenture Trustee and the applicable Issuers.

 

“Liquidation Fee”:  As defined in the Property Management
Agreement.

 

“Liquidation Proceeds”: As defined
in the Property Management Agreement.

 

“LLC Agreement”:  As defined in the Property Management
Agreement.

 

“LLC Interests”:  As defined in the Property Management
Agreement.

 

“Loan Due Date”:  With respect to a Mortgage Loan, the day of
each calendar month on which the Monthly Loan Payment with respect thereto is
due.

 

“Loan File”:  As defined in the Property Management
Agreement.

 

“Lockbox Account”:  As defined in the Property Management
Agreement.

 

“Make Whole Payment”:  With respect to any Payment Date on which a
Voluntary Prepayment is made and an Early Amortization Event has not occurred
and is not continuing, the payment due to each Class of Notes in an amount
(as calculated two Business Days prior to such Payment Date) equal to:  (A) using the Reinvestment Yield, the
sum of the present values of the scheduled payments of principal and interest
remaining until such Class of

 

11

 

Notes is scheduled to be repaid in full
(calculated prior to the application of the Voluntary Prepayment), minus (B)(i) using
the Reinvestment Yield, the sum of the present values of the scheduled payments
of principal and interest remaining until such Class of Notes is scheduled
to be repaid in full (calculated after application of the Voluntary Repayment)
plus (ii) the amount of the Voluntary Prepayment.

 

“Maturity”:  With respect to any Note, the date as of
which the principal of and interest on such Note has become due and payable as
herein provided, whether on the Legal Final Payment Date, by acceleration or
otherwise.

 

“Maximum Property Concentrations”:  With respect to any Series of Notes, as defined
in the most recent Series Supplement.

 

“Monthly Lease Payment”:  As defined in the Property Management
Agreement.

 

“Monthly Loan Payment”:  As defined in the Property Management
Agreement.

 

“Moody’s”:  Moody’s Investors Service, Inc.

 

“Mortgage”:  With respect to any Mortgaged Property, a
mortgage (or deed of trust or deed to secure debt), assignment of leases and
rents, security agreement and fixture filing or similar document executed by
the applicable Issuer or the related Borrower, as applicable, pursuant to which
such Issuer or Borrower grants a lien on its interest in such Mortgaged
Property in favor of the Collateral Agent or the initial lender of the related
Mortgage Loan, as applicable.

 

“Mortgage Loan”:  As defined in the Property Management
Agreement.

 

“Mortgage Loan Schedule”:  As defined in the Property Management
Agreement.

 

“Mortgaged Property”:  As defined in the Property Management
Agreement.

 

“Mortgaged Property Schedule”:  As defined in the Property Management
Agreement.

 

“New Issuance”: As defined in Section 2.04(c).

 

“Nonrecoverable Property Protection Advance”:  As defined in the Property Management
Agreement.

 

“Note”:  Any of the Issuers’ Net Lease Mortgage Notes,
executed, authenticated and delivered hereunder and under the related Series Supplements,
substantially in the forms attached as Exhibit A hereto.

 

“Note Interest”:  On any Payment Date for any Class of
Notes, the interest accrued during the related Accrual Period at the Note Rate
for such Class, applied to the Class

 

12

 

Principal Balance of such Class before
giving effect to any payments of principal on such Payment Date. The Note
Interest with respect to each Class of Notes will be calculated on a
30/360 basis or actual/360 basis, as indicated in the applicable Series Supplement.

 

“Note Owner”:  With respect to a Book-Entry Note, the Person
who is the beneficial owner of such Note as reflected on the books of the
Depository, a Depository Participant or an indirect participating brokerage
firm for which a Depository Participant acts as agent.

 

“Note Principal Balance”:  With respect to any Note and any date of
determination, the amount stated for such Note as specified on the first page thereof,
reduced by any payments of principal actually made on such Note prior to such
date of determination.

 

“Note Rate”:  With respect to any Class of Notes, the
note interest rate specified in the applicable Series Supplement.

 

“Note Register”:  As defined in Section 2.05(a).

 

“Note Registrar”:  Initially, the Indenture Trustee and
thereafter, such other bank or trust company as the Indenture Trustee shall
appoint pursuant to Section 2.05(a).

 

“Noteholder” or “Holder”:  With respect to any Note, the Person in whose
name such Note is registered on the Note Register maintained pursuant to Section 2.05.
All references herein to “Noteholders” shall reflect the rights of Note Owners
as they may indirectly exercise such rights through the Depository and the
Depository Participants, except as otherwise specified herein; provided,
however, that the parties hereto shall be required to recognize as a “Noteholder”
or “Holder” only the Person in whose name a Note is registered in the Note
Register as of the related Record Date.

 

“Notice of Default”:  As defined in Section 5.02.

 

“Officer’s Certificate”:  A certificate signed by any Responsible
Officer of an Issuer or of the Indenture Trustee, as the case may be.

 

“Opinion of Counsel”:  A written opinion of counsel (which shall be
rendered by counsel that is Independent of the Issuers, the Issuer Members and
the Indenture Trustee) in form and substance reasonably acceptable to and
delivered to the addressees thereof.

 

“Originators”:  As defined in the Property Management
Agreement.

 

“OTS”:  Office of Thrift Supervision or any successor
thereto.

 

“Outstanding”:  When used with respect to Notes, means, as of
any date of determination, any Note theretofore authenticated and delivered
under this Indenture, except:

 

(i)                                     Notes
theretofore canceled by the Note Registrar or delivered to the Note Registrar
for cancellation (other than any Note as to which any amount that has become
due and payable in respect thereof has not been paid in full); and

 

13

 

(ii)                                  Notes
in exchange for or in lieu of which other Notes have been authenticated and
delivered pursuant to this Indenture, other than any such Notes in respect of
which there shall have been presented to the Note Registrar proof satisfactory
to it that such Notes are held by a bona fide purchaser in whose hands such
Notes are valid obligations of the applicable Issuers;

 

provided, however, that in determining
whether the Holders of the requisite amount or percentage have given any
request, demand, authorization, vote, direction, notice, consent or waiver
hereunder, Notes owned by an Interested Person shall be disregarded and deemed
not to be Outstanding (unless any such Person or Persons owns all the Notes),
except that, in determining whether the Indenture Trustee shall be protected in
relying upon any such request, demand, authorization, direction, notice,
consent or waiver, only Notes which the Note Registrar knows to be so owned
shall be so disregarded. Notes owned by an Interested Person which have been
pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Note Registrar in its sole discretion
the pledgee’s right to act with respect to such Notes and that the pledgee is
not an Interested Person.

 

“Ownership Interest”:  As
to any Note, any ownership or security interest in such Note as held by the
Holder thereof and any other interest therein, whether direct or indirect,
legal or beneficial, as owner or as pledgee.

 

“Payment Account”:  The segregated account established in the
name of the Indenture Trustee pursuant to Section 2.10(a).

 

“Payment Date”:  The 20th
day of each calendar month, or, if such 20th day is not a Business Day, the
next succeeding Business Day, commencing with respect to each Series on
the date specified in the applicable Series Supplement.

 

“Payoff Amount”:  As defined in the Property Management
Agreement.

 

“Percentage Interest”:  With respect to any Note, the fraction,
expressed as a percentage, the numerator of which is the initial Note Principal
Balance of such Note on the applicable Series Closing Date as set forth on
the face thereof, and the denominator of which is the initial Class Principal
Balance of the related Class of Notes on the applicable Series Closing
Date.

 

“Percentage Rent”:  As defined in the Property Management
Agreement.

 

“Performance Undertaking”:  Each Performance Undertaking, dated as of the
applicable Series Closing Date, between Spirit Finance and the applicable Issuer
and executed by Spirit Finance in favor of the such Issuer and its assignees,
including the Indenture Trustee and the Collateral Agent.

 

“Permanent Regulation S Global Note”:  As defined in Section 2.01(c).

 

“Permitted Exceptions”:  With respect to any Mortgaged Property and
the related Mortgage Loans and/or Leases, as applicable, (i) liens for
real estate taxes and special assessments not yet due and payable or due but
not yet delinquent, (ii) covenants, conditions and

 

14

 

restrictions, rights-of-way,
easements and other matters of public record, such exceptions being of a type
or nature that are acceptable to mortgage lending institutions generally, (iii) Third
Party Purchase Options and (iv) other matters to which like properties are
commonly subject, which matters referred to in clauses (i),  (ii),
(iii) and (iv) do not, individually or in the
aggregate, materially interfere with the value of the Mortgaged Property, or do
not materially interfere or restrict the current use or operation of the
Mortgaged Property relating to the Mortgage Loan or do not materially interfere
with the security intended to be provided by the Mortgage, the current use or
operation of the Mortgaged Property or the current ability of the Mortgaged
Property to generate net operating income sufficient to service the Mortgage
Loan.

 

“Person”:  Any individual, corporation, partnership,
limited liability company, joint venture, joint-stock company, estate, trust, association,
unincorporated organization, or any federal, state, county or municipal
government or any political subdivision thereof.

 

“Plan”:  Any one of: (i)(A) an “employee benefit
plan”, as defined in Section 3(3) of ERISA that is subject to the
provisions of Title I of ERISA, or (B) a “plan”, as defined in Section 4975
of the Code, that is subject to the provisions of Section 4975 of the
Code; or (ii) an entity whose underlying assets include assets of any such
employee benefit plan or plan by reason of an investment in an entity by such
employee benefit plan or plan.

 

“Principal Terms”: With respect to
any Series: (i) the name or designation of such Series; (ii) the
initial principal amount of the Notes to be issued for such Series; (iii) the
interest rate to be paid with respect to such Series (or method for the
determination thereof); (iv) the Mortgage Loans and Mortgaged Properties
pledged to the Indenture Trustee in connection with such Series; (v) the
designation of any Series Accounts and the terms governing the operation
of any such Series Accounts; (vi) the terms of any form of Series Enhancement
with respect to such Series; (vii) the Legal Final Payment Date for the
Series; and (viii) such other terms and provisions as may be
specified in the applicable Series Supplement with respect to the related
Notes and the Collateral Pool.

 

“Proceeding”:  Any suit in
equity, action at law or other judicial or administrative proceeding.

 

“Property Insurance
Proceeds”: As defined in the Property Management Agreement.

 

“Property Management Agreement”:  The Amended and Restated Property Management
and Servicing Agreement, dated as of March 17, 2006, among the Issuers,
Spirit Finance and the Back-Up Manager, as the same may be amended.

 

“Property Management Fee”:  As defined in the Property Management
Agreement.

 

“Property Manager”:  As defined in the Property Management
Agreement.

 

“Property Manager Additional Servicing
Compensation”:  As defined
in the Property Management Agreement.

 

15

 

“Property Protection Advances”:  As defined in the Property Management
Agreement.

 

“Purchase and Sale Agreements”:  Any Purchase and Sale Agreement or Loan
Purchase Agreement between an Originator and an Issuer.

 

“Purchase Option Deficiency”:  As defined in the Property Management
Agreement.

 

“Purchase Premium”:  As defined in the Property Management
Agreement.

 

“Qualified Institutional Buyer”:  A “qualified institutional buyer” within the
meaning of Rule 144A.

 

“Qualified Substitute Mortgage Loan”:
As defined in the Property Management Agreement.

 

“Qualified Substitute Mortgaged Property”:  As defined in the Property Management
Agreement.

 

“Rated Final Payment Date”:  With respect to any Series of Notes, the
date specified in the applicable Series Supplement.

 

“Rating Agency”:  With respect to any Series of Notes,
each nationally recognized statistical rating organization that has been
requested by the applicable Issuers to assign a rating to a Class of such
Series.

 

“Rating Condition”:  With respect to any action or event or
proposed action or event, will be satisfied upon the provision by each Rating
Agency then rating any existing Series of Notes of confirmation in writing
that such action or event or proposed action or event will not result in the
downgrade, qualification or withdrawal of such Rating Agency’s then current
ratings of such Notes (without regard to any applicable Insurance Policy).

 

“Record Date”:  As to any
Payment Date with respect to Book-Entry Notes, the Business Day immediately
preceding such Payment Date. As to any Payment Date with respect to Definitive
Notes, the last Business Day of the prior calendar month or, in the case of the
initial Payment Date for any Series, the applicable Series Closing Date.

 

“Regulated Substance”:  As defined in Section 10.07.

 

“Regulation S”:  Regulation S promulgated under the 1933 Act.

 

“Regulation S Global Note”:  As defined in Section 2.01(c).

 

“Reinvestment Yield”:  As defined in the most recent Series Supplement.

 

“Release Account”:  As defined in the Property Management
Agreement.

 

16

 

“Requisite Global Majority”:  With respect to any action proposed to be
taken pursuant to the terms of this Indenture, if (a) Controlling Parties
representing more than 50% of the Aggregate Series Principal Balance shall
approve or direct such proposed action and (b) unless Controlling Parties
representing more than 66 2/3% of the Aggregate Series Principal Balance
approve or direct such proposed action, the Insurers (as to which no Insurer
Default is continuing) shall approve or direct such proposed action.

 

“Resolution”:  A copy of a
resolution of the board of directors of an Issuer certified by an Authorized
Officer of such Issuer to have been duly adopted by such Issuer and to be in
full force and effect on the date of such certification.

 

“Responsible Officer”:  When used with respect to any Issuer Member or
the Indenture Trustee, any officer of such Issuer Member or the Indenture
Trustee, as the case may be (and, in the case of the Indenture Trustee,
assigned to its Corporate Trust Services Group and customarily performing
functions with respect to corporate trust matters), and, with respect to a
particular matter, any other officer to whom such matter is referred because of
such officer’s knowledge of and familiarity with the particular subject, in
each case having direct responsibility for the administration of this Indenture.

 

“Restricted Global Note”:  As defined in Section 2.01(b).

 

“Restricted Note”:  A Restricted Global Note or a Definitive
Note.

 

“Restricted Period”:  With respect to the Notes of any Series, the
period of time to and including 40 days after the later of (a) the date
upon which such Notes were first offered to any Persons (other than
distributors) in reliance upon Regulation S and (b) the applicable Series Closing
Date.

 

“Rule 144A”:  Rule 144A
promulgated under the 1933 Act.

 

“S&P”:  Standard & Poor’s Ratings Services,
a division of The McGraw-Hill Companies, Inc.

 

“Scheduled Principal Payment”:  With respect to each Payment Date and each Series of
Notes, an amount equal to the sum of (a) any unpaid Scheduled Principal
Payment or portion thereof for such Series from any prior Payment Date
plus (b) the product of (i) (A) the related Scheduled Series Balance
for the prior Payment Date minus (B) the related Scheduled Series Balance
for the current Payment Date multiplied by (ii) a fraction (A) the
numerator of which is equal to the Aggregate Note Principal Balance of such Series immediately
prior to such Payment Date, minus the amounts specified in clause (a) of
this definition and (B) the denominator of which is the related Scheduled Series Balance
for the prior Payment Date.

 

“Scheduled Series Balance”:  With respect to any Payment Date and any Series of
Notes, as defined in the applicable Series Supplement.

 

“SEC”:  The Securities and Exchange Commission.

 

“Series”:
Any series of Notes issued pursuant to this Indenture.

 

17

 

“Series Account”:
Any account described in a related Series Supplement as established in the
name of the Indenture Trustee for the benefit of the related Noteholders.

 

“Series Available
Amount”:  As defined in Section 2.11(b).

 

“Series Closing Date”:
With respect to any Series, the closing date specified in the applicable Series Supplement.

 

“Series Enhancement”:
The rights and benefits provided to the applicable Issuers or the Noteholders
of any Series or Class pursuant to any interest rate swap agreement,
interest rate cap agreement, reserve account, spread account, guaranteed rate
agreement, letter of credit, surety bond, financial guaranty insurance,
interest rate protection agreement or other similar agreement. Series Enhancement
shall also refer to any agreements, instruments or documents governing the
terms of the enhancements mentioned in the previous sentence or under which
they are issued, where the context makes sense. The subordination of any Class to
another Class shall be deemed to be a Series Enhancement.

 

“Series Enhancer”:
The Person or Persons providing any Series Enhancement, other than (except
to the extent otherwise provided with respect to any Series in the related
Series Supplement) the Noteholders of any Series or Class which
is subordinated to another Series or Class.

 

“Series Note”:
Any one of the Notes with the same Series designation, executed by the applicable
Issuers and authenticated by or on behalf of the Indenture Trustee.

 

“Series Supplement”: With
respect to any Series, a supplement to this Indenture, executed and delivered
in connection with the original issuance of the Notes of such Series under
Section 2.04 hereof, including all amendments thereof and
supplements thereto.

 

“Series Transaction Documents”:
With respect to any Series of Notes, any and all of the related Series Supplement,
any supplements or amendments to the Transaction Documents, documents related
to each Series Enhancement, if any, and any and all other agreements,
documents and instruments executed and delivered by or on behalf or in support
of the applicable Issuers with respect to the issuance and sale of such Series of
Notes, as the same may from time to time be amended, modified,
supplemented or renewed.

 

“Servicing Standard”:  As defined in the Property Management
Agreement.

 

“Special Servicer”:  As defined
in the Property Management Agreement.

 

“Special Servicer Additional Servicing
Compensation”:  As defined
in the Property Management Agreement.

 

“Special Servicing Fee”:  As defined in the Property Management
Agreement.

 

“Specially Serviced Asset”:  As defined in the Property Management Agreement.

 

18

 

“Specially Serviced Lease”:  As defined in the Property Management
Agreement.

 

“Specially Serviced
Mortgage Loan”:  As
defined in the Property Management Agreement.

 

“Spirit Finance”:  Spirit Finance Corporation, a Maryland
corporation, and its successors and assigns.

 

“Sub-Management Agreement”:  As defined in the Property Management
Agreement.

 

“Sub-Manager”:  As defined in the Property Management
Agreement.

 

“Successor Person”:  As defined in Section 9.08(a)(i).

 

“Sweep Period”:  Any period: (a) commencing on the
Determination Date, if any, on which the Current Cashflow Coverage Ratio is equal
to or between 1.25 and 1.10; and (b) continuing until the Current Cashflow
Coverage Ratio is greater than 1.25 for each of three consecutive Determination
Dates, at which time 50% of the funds on deposit in the Cashflow Coverage
Reserve Account will be released, and the remaining 50% of the funds on deposit
in the Cashflow Coverage Reserve Account will be released when the Current
Cashflow Coverage Ratio is greater than 1.25 for each of three additional
consecutive Determination Dates.

 

“Tax Opinion”:  An opinion of Independent counsel that a
contemplated action will not cause a U.S. federal income tax to be imposed on any
Issuer or any Person having an Ownership Interest in the Notes of any Series.

 

“Taxes”:  As defined in Section 9.03(a).

 

“Temporary Regulation S Global Note”:  As defined in Section 2.01(b).

 

“Tenant”:  With respect to each Lease, the tenant under
such Lease and any successor or assign thereof.

 

“Third Party Purchase Option”:
As defined in the Property Management Agreement. 

 

“Total Debt Service”:  With respect to any Determination Date, the
sum of (i) the Scheduled Principal Payment and Note Interest with respect
to all Classes of Notes (in each case, less any scheduled principal payment due
on the applicable Legal Final Payment Date), (ii) the aggregate Insurer
Premiums, (iii) the Property Management Fee, (iv) the Special
Servicing Fee, if any, (v) the Back-Up Fee, (vi) any net payment due
from the Issuers under any applicable Hedge Agreements for the related Payment
Date (other than termination payments due as a result of the default of any
Hedge Counterparty) and (vii) the Indenture Trustee Fee, each as accrued
during the Collection Period ending on such Determination Date.

 

19

 

“Transaction Documents”:  This Indenture, the Property Management
Agreement, the Insurance Agreements, the Hedge Agreements, the Purchase and
Sale Agreements, the LLC Agreements and other organizational documents of the
Issuers, each Account Control Agreement, the Environmental Indemnity Agreements,
the Performance Undertakings and other Series Transaction Documents specified
in the related Series Supplement.

 

“Transfer”:  Any direct or indirect transfer, sale,
pledge, hypothecation or other form of assignment of any Ownership
Interest in a Note.

 

“Treasury Regulations”:
 Temporary, final or proposed regulations (to the extent that by reason of
their proposed effective date such proposed regulations would apply to the
Issuers) of the United States Department of the Treasury.

 

“Trustee Report”:  As defined
in Section 6.01(a).

 

“UCC”:  The Uniform Commercial
Code as in effect in any applicable jurisdiction.

 

“UCC Financing Statement”:
 A financing statement executed and in form sufficient for filing
pursuant to the UCC, as in effect in the relevant jurisdiction.

 

“Unscheduled Principal Payment”:  On any Payment Date, the sum of (a) the
Unscheduled Proceeds deposited into the Collection Account for such Payment
Date plus (b) any Purchase Option Deficiency from the related Collection
Period, together with any unpaid Purchase Option Deficiency from any prior
Payment Date.

 

“Unscheduled Proceeds”:  As defined in the Property Management
Agreement.

 

“U.S. Person”:  As defined in Regulation S.

 

“Voluntary Prepayment”:  Any voluntary redemption of any Class of
Notes, in whole or in part, in accordance with the procedures set forth in Section 7.01,
or any Unscheduled Principal Payment (as described in clause (a) of
the definition thereof) actually paid on the related Payment Date, other than
any portion thereof consisting of Property Insurance Proceeds, Condemnation
Proceeds and amounts received in respect of a Specially Serviced Asset or a
repurchase due to a Collateral Defect.

 

“Workout Fee”:  As defined in the Property Management
Agreement.

 

Section 1.02                            Rules of
Construction.

 

For all purposes of this Indenture, except as otherwise expressly
provided or unless the context otherwise requires:

 

(1)                                  the
terms defined in this Article have the meanings assigned to them in this Article and
include the plural as well as the singular;

 

20

 

(2)                                  all
accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with GAAP, and, except as otherwise herein expressly
provided, the terms “generally accepted accounting principles” or “GAAP” with
respect to any computation required or permitted hereunder means such
accounting principles as are generally accepted in the United States;

 

(3)                                  the
word “including” shall be construed to be followed by the words “without
limitation”;

 

(4)                                  article and
section headings are for the convenience of the reader and shall not be
considered in interpreting this Indenture or the intent of the parties hereto;

 

(5)                                  the
definition of or any reference to any agreement, document or instrument herein
shall be construed as referring to such agreement, document or instrument as
from time to time amended, restated, supplemented or otherwise modified;

 

(6)                                  references
to any law, constitution, statute, treaty, regulation, rule or ordinance,
including any section or other part thereof, shall refer to such law,
constitution, statute, treaty, regulation, rule or ordinance as amended
from time to time, and shall include any successor thereto;

 

(7)                                  references
herein to any Person shall be construed to include such Person’s successors and
permitted assigns;

 

(8)                                  the
words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Indenture as a whole and not to any particular article, section or
other subdivision; and

 

(9)                                  the
pronouns used herein are used in the masculine and neuter genders but shall be
construed as feminine, masculine or neuter, as the context requires.

 

ARTICLE II

THE NOTES

 

Section 2.01                            Forms;
Denominations.

 

(a)                                  Each
Series of Notes shall be designated as the “[SPIRIT] Net-Lease Mortgage Notes”. The Notes may be issued
with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture and may have such letters,
numbers or other marks of identification and such legends or endorsements
placed thereon consistent herewith, as determined by the officers executing
such Notes, as evidenced by their execution thereof. Any portion of the text of
any Note may be set forth on the reverse thereof, with an appropriate
reference thereto on the face of the Note. The number of Series of Notes
which may be created by this Indenture is not limited.

 

21

 

(b)                                 The
Notes of each Class in a Series, upon original issuance, shall be issued
as Book-Entry Notes in substantially the form of (i) a global note
without interest coupons representing the Notes of such Class sold to
Qualified Institutional Buyers, in substantially the form of Exhibit A-1
hereto, with such applicable legends as may be set forth in such exhibit (the
“Restricted Global Note”),
and (ii) a temporary global note without interest coupons representing the
Notes of such Class sold in “offshore transactions” (within the meaning of
Regulation S) to non-U.S. Persons in reliance on Regulation S, in substantially
the form of Exhibit A-2 hereto, with such applicable legends
as may be set forth in such exhibit (the “Temporary Regulation S Global Note”). Each
Class of Notes will be issuable only in denominations of not less than $50,000
and in integral multiples of $1 in excess thereof or as otherwise specified in
the applicable Series Supplement. Each Note will be registered on issuance
in the names of the initial Noteholders thereof.

 

(c)                                  After
such time as the Restricted Period shall have terminated, and subject to the
receipt by the Indenture Trustee of a certificate substantially in the form of
Exhibit D-4 hereto (subject to Section 12.03),
beneficial interests in a Temporary Regulation S Global Note may be
exchanged for an equal aggregate principal amount of beneficial interest in a
permanent global note without interest coupons (a “Permanent Regulation S Global Note”
and, together with the Temporary Regulation S Global Notes, the “Regulation S Global Notes”),
substantially in the form of Exhibit A-2 hereto, with such
applicable legends as may be set forth in such exhibit. Upon any exchange
of any beneficial interest in a Temporary Regulation S Global Note for a
beneficial interest in a Permanent Regulation S Global Note, (i) such
Temporary Regulation S Global Note shall be endorsed by the Indenture Trustee
to reflect the reduction of the principal amount evidenced thereby, whereupon
the principal amount of such Temporary Regulation S Global Note shall be
reduced for all purposes by the amount so exchanged and endorsed and (ii) such
Permanent Regulation S Global Note shall be endorsed by the Indenture Trustee
to reflect the increase of the principal amount evidenced thereby, whereupon
the principal amount of such Permanent Regulation S Global Note shall be
increased for all purposes by the amount so exchanged and endorsed.

 

(d)                                 Each
Restricted Global Note will be deposited with the Book-Entry Custodian and
registered in the name of the Depository or a nominee thereof. Each Regulation
S Global Note will be deposited with the Book-Entry Custodian and registered in
the name of the Depository or a nominee thereof for the accounts of Clearstream
Banking, société anonyme, or its successors,
and/or Euroclear Bank S.A./N.V., as operator of the Euroclear System, or its
successors.

 

Section 2.02                            Execution,
Authentication, Delivery and Dating.

 

(a)                                  The
Notes of each Series shall be executed by manual or facsimile signature on
behalf of the applicable Issuers by any Authorized Officers of such Issuers. Notes
bearing the manual or facsimile signatures of individuals who were at any time
the Authorized Officers of such applicable Issuers shall be entitled to all
benefits under this Indenture, subject to the following sentence,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes. No Note shall be entitled to any
benefit under this Indenture, or be valid for any purpose, however, unless
there appears on such Note a certificate of authentication

 

22

 

substantially
in the form provided for herein, executed by the Indenture Trustee by
manual signature, and such certificate of authentication upon any Note shall be
conclusive evidence, and the only evidence, that such Note has been duly
authenticated and delivered hereunder. All Notes shall be dated the respective dates
of their authentication.

 

(b)                                 At
the election of the Indenture Trustee, the Indenture Trustee may appoint
one or more agents (each, an “Authenticating
Agent”) with power to act on its behalf and subject to its
direction in the authentication of Notes in connection with transfers and
exchanges under Sections 2.05 and 2.07, as fully to all intents
and purposes as though each such Authenticating Agent had been expressly
authorized under those Sections to authenticate the Notes. For all purposes of
this Indenture, the authentication of Notes by an Authenticating Agent shall be
deemed to be the authentication of such Notes “by the Indenture Trustee.”  The Indenture Trustee shall be the initial
Authenticating Agent.

 

Any corporation, bank, trust company or association into which any
Authenticating Agent may be merged or converted or with which it may be
consolidated, or any corporation, bank, trust company or association resulting
from any merger, consolidation or conversion to which any Authenticating Agent
shall be a party, or any corporation, bank, trust company or association
succeeding to the corporate trust business of any Authenticating Agent, shall
be the successor of such Authenticating Agent hereunder, without the execution
or filing of any further act on the part of the parties hereto or such
Authenticating Agent or such successor corporation, bank, trust company or
association.

 

Any Authenticating Agent may at any time resign by giving written
notice of resignation to the Indenture Trustee and the Issuers. The Indenture
Trustee may at any time terminate the agency of any Authenticating Agent
by giving written notice of termination to such Authenticating Agent and the
Issuers. Upon receiving such notice of resignation or upon such a termination,
the Indenture Trustee may promptly appoint a successor Authenticating
Agent, and give written notice of such appointment to the Issuers and to the
Noteholders. Upon the resignation or termination of the Authenticating Agent
and prior to the appointment of a successor, the Indenture Trustee shall act as
Authenticating Agent.

 

Each Authenticating Agent shall be entitled to all limitations on
liability, rights of reimbursement and indemnities that the Indenture Trustee
is entitled to hereunder as if it were the Indenture Trustee.

 

(c)                                  The
Indenture Trustee shall upon Issuer Request authenticate and deliver Notes of
each Series for original issue in an aggregate amount equal to the initial
Class Principal Balance for each related Class as set forth in the
applicable Series Supplement.

 

Section 2.03                            Certification
of Receipt of the Collateral.

 

(a)                                  The
Indenture Trustee, by its execution and delivery of this Indenture,
acknowledges receipt by it of all assets Granted to it and included in the Collateral
Pool, in good faith and without notice of any adverse claim, and declares that
it holds and will hold such assets on behalf of the present and future
Noteholders of all Series and the Insurers.

 

23

 

(b)                                 The
Indenture Trustee shall not be under any duty or obligation to inspect, review
or examine any of the documents, instruments, certificates or other papers
relating to the Mortgage Loans, Mortgaged Properties and Leases delivered to it
to determine that the same are valid, legal, effective, genuine, enforceable,
in recordable form, sufficient or appropriate for the represented purpose or
that they are other than what they purport to be on their face.

 

Section 2.04                            The
Notes Generally; New Issuances.

 

(a)                                  Each
Note of a particular Class shall rank pari passu with
each other Note of such Class and be equally and ratably secured by the
Collateral included in the Collateral Pool. All Notes of a particular Class shall
be substantially identical except as to denominations and as expressly
permitted in this Indenture.

 

(b)                                 This
Indenture, together with the related Mortgages, shall evidence a continuing
lien on and security interest in the Collateral Granted hereunder or
subsequently included in the Collateral Pool to secure the full payment of the
principal, interest and other amounts on the Notes of all Series and all
amounts owed to the Insurers, which shall in all respects be equally and
ratably secured hereby for payment as provided herein, and without preference,
priority or distinction on account of the actual time or times of the
authentication and delivery of the Notes of any Class with respect to any
Series.

 

(c)                                  Pursuant
to one or more Series Supplements, the applicable Issuers may, from time
to time, direct the Indenture Trustee, on behalf of such Issuers, to issue one
or more new Series of Notes (a “New
Issuance”). The Notes of all outstanding Series shall be
equally and ratably entitled as provided herein to the benefits of this
Indenture without preference, priority or distinction on account of the actual
time of the authentication and delivery or Final Payment Date of any such Notes,
all in accordance with the terms and provisions of this Indenture and each Series Supplement.

 

On or before the Series Closing Date relating to any New Issuance,
the applicable Issuers shall execute and deliver a Series Supplement which
shall specify the Principal Terms with respect to such Series. The Indenture
Trustee shall execute the Series Supplement, the applicable Issuers shall
execute the Notes of such Series and the Notes of such Series shall
be delivered to the Indenture Trustee for authentication and delivery.

 

(d)                                 The
issuance of the first Series of Notes (which Series shall be issued
pursuant to a Series Supplement dated as of the Initial Closing Date)
shall be subject to the satisfaction of the following conditions:

 

(i)                                     receipt
by the Indenture Trustee of an Issuer Order authorizing the execution and
authentication of such Notes;

 

(ii)                                  receipt
by the Indenture Trustee of the Transaction Documents and the related Series Transaction
Documents duly executed and delivered by the parties thereto and being in full
force and effect, free of any breach or waiver;

 

(iii)                               all
Lease Files and Loan Files with respect to the Collateral Pool, as set forth
herein, shall have been delivered to the Indenture Trustee or the Custodian

 

24

 

together with all UCC Financing
Statements, documents of similar import in other jurisdictions, and other
documents reasonably necessary to perfect the Indenture Trustee’s security
interest in such Collateral for the benefit of the Noteholders of all Series;

 

(iv)                              receipt
by the Indenture Trustee of Opinions of Counsel, (w) relating to the perfection
and priority of the Indenture Trustee’s security interest, (x) relating to the
consolidation of the assets and liabilities of the applicable Issuer in a
bankruptcy proceeding that involves the applicable Originators, such Issuer or
Spirit Finance, (y) relating to the “true sale” of the Mortgage Loans and the
Mortgaged Properties included in the Collateral Pool to the applicable Issuer as
of the Initial Closing Date and (z) relating to the characterization of the particular
Class of Notes indicated in the related Series Supplement as debt for
U.S. federal income tax purposes; and

 

(v)                                 receipt
by the Indenture Trustee of copies of letters signed by each applicable Rating
Agency confirming that each Class of Notes has been given the ratings as
indicated in the related Series Supplement.

 

(e)                                  The
issuance of the Notes of any Series other than pursuant to Section 2.04(d) above
shall be subject to the satisfaction of the following conditions:

 

(i)                                     receipt
by the Indenture Trustee of an Issuer Order authorizing the execution and
authentication of such Notes;

 

(ii)                                  if
required by the related Series Supplement, delivery to the Indenture
Trustee of the form of any Series Enhancement and all accompanying
agreements with respect thereto;

 

(iii)                               satisfaction
of the Rating Condition;

 

(iv)                              receipt
by the Indenture Trustee and each Insurer of an Opinion of Counsel to the
effect that, for U.S. federal income tax purposes, such New Issuance (x) will
not adversely affect the tax characterization of the Class of Notes of any
outstanding Series that was characterized as debt for U.S. federal income
tax purposes as of the related Series Closing Date, (y) will not cause any
of the Issuers of any outstanding Series to be treated as an association,
a publicly-traded partnership or a taxable mortgage pool taxable as a
corporation, for U.S. federal income tax purposes, and (z) will not cause or
constitute an event in which any U.S. federal income tax gain or loss would be
recognized by any Noteholder or any of the Issuers of any outstanding Series;

 

(v)                                 receipt
by the Indenture Trustee and each Insurer of Opinions of Counsel, (w) relating
to the perfection and priority of the Indenture Trustee’s security interest, (x)
relating to the consolidation of the assets and liabilities of the applicable
Issuers in a bankruptcy proceeding that involves the applicable Originators, any
such Issuers or Spirit Finance, (y) relating to the “true sale” of the
Collateral included in the Collateral Pool (including any Qualified Substitute
Mortgage Loans or Qualified Substitute Mortgaged Properties pledged by the
applicable Issuers) on the related Series 

 

25

 

Closing Date and (z) relating
to the characterization of any Class of Notes indicated in the related Series Supplement
as debt for U.S. federal income tax purposes;

 

(vi)                              receipt
by the Indenture Trustee of copies of letters signed by each applicable Rating
Agency confirming that each Class of Notes has been given the then-current
ratings by such Rating Agencies;

 

(vii)                           any
applicable Issuer, if it has not done so for any previously issued Series, has
delivered an Opinion of Counsel or certificate of the Issuer to the Indenture
Trustee, dated the applicable Series Closing Date, to the effect that such
Issuer is a solvent, special purpose, bankruptcy-remote entity;

 

(viii)                        receipt by
the Indenture Trustee of the written consent of each of the Insurers to such
New Issuance;

 

(ix)                                such
New Issuance shall not result in the occurrence of an Event of Default and the
Issuers have delivered to the Indenture Trustee and each Insurer an Officer’s
Certificate, dated the applicable Series Closing Date (upon which the Indenture
Trustee may rely), to the effect that (1) based on the facts known to
the Person executing such Officer’s Certificate, the Issuers reasonably believe
that no uncured Event of Default is continuing at the time of such New Issuance
and that such New Issuance shall not result in the occurrence of an Event of
Default and (2) all conditions precedent to such execution, authentication
and delivery have been satisfied.

 

Section 2.05                            Registration
of Transfer and Exchange of Notes.

 

(a)                                  At
all times during the term of this Indenture, there shall be maintained at the
office of the Note Registrar a “Note
Register” in which, subject to such reasonable regulations as
the Note Registrar may prescribe, the Note Registrar shall provide for the
registration of Notes and of transfers and exchanges of Notes as herein
provided. The offices of the Note Registrar shall be initially located (as of
the Initial Closing Date) at Citibank, N.A., 388 Greenwich Street, 14th Floor,
New York, New York 10013, Attention: Structured Finance Agency and Trust-
Spirit Master Funding. The Indenture Trustee is hereby initially appointed (and
hereby agrees to act in accordance with the terms hereof) as “Note Registrar” for the purpose of
registering Notes and transfers and exchanges of Notes as herein provided. The
Indenture Trustee may appoint, by a written instrument delivered to the
Issuers, any other bank or trust company to act as Note Registrar under such
conditions as the predecessor Indenture Trustee may prescribe; provided,
that the Indenture Trustee shall not be relieved of any of its duties or
responsibilities hereunder by reason of such appointment. If the Indenture
Trustee resigns or is removed in accordance with the terms hereof, the
successor trustee shall immediately succeed to its predecessor’s duties as Note
Registrar. The Issuers, the Property Manager, the Special Servicer, the Back-Up
Manager and the Indenture Trustee shall have the right to inspect the Note
Register or to obtain a copy thereof at all reasonable times, and to rely
conclusively upon a certificate of the Note Registrar as to the information set
forth in the Note Register. Upon written request of any Noteholder made for
purposes of communicating with other Noteholders with respect to their rights
under this Indenture, the Note Registrar shall

 

26

 

promptly
furnish such Noteholder with a list of the other Noteholders of record
identified in the Note Register at the time of the request.

 

(b)                                 No
Transfer of any Note or interest therein shall be made unless that Transfer is
made pursuant to an effective registration statement under the 1933 Act, and
effective registration or qualification under applicable state securities laws,
or is made in a transaction that does not require such registration or
qualification. No purported Transfer of any interest in any Note or any portion
thereof which is not made in accordance with this Section 2.05
shall be given effect by or be binding upon the Indenture Trustee and any such
purported Transfer shall be null and void ab initio and
vest in the transferee no rights against the Collateral Pool or the Indenture
Trustee.

 

None of the Issuers or any other person shall be obligated to register
or qualify any Notes under the 1933 Act or any other securities law or to take
any action not otherwise required under this Indenture to permit the transfer
of any Note or interest therein without registration or qualification.

 

By its acceptance of a Note or an Ownership Interest therein, each Holder
and Note Owner, respectively, will be deemed to have represented and agreed
that the Transfer thereof is restricted and agrees that it shall Transfer such
Note or Ownership Interest only in accordance with the terms of this Indenture
and such Note (including the legends applicable thereto) and in compliance with
applicable law.

 

(c)                                  A
Noteholder or Note Owner may Transfer a Book-Entry Note or Ownership
Interest therein only in accordance with the following provisions:

 

(i)                                     No
Transfer of any Book-Entry Note or an Ownership Interest therein shall be made
unless such Transfer is made to a Qualified Institutional Buyer in reliance on Rule 144A
or in an “offshore transaction” (within the meaning of Regulation S) to a
non-U.S. Person in reliance on Regulation S, and pursuant to exemption,
registration or qualification under applicable state securities laws. The
Indenture Trustee shall be entitled to rely upon the representations made by
each transferee pursuant to this Section 2.05, and shall have no
duty to undertake any investigation or verify that any Transfer satisfies the
requirements of this paragraph.

 

(ii)                                  Restricted
Global Note to Regulation S Global Note during Restricted Period. If a
Holder of or a Note Owner with respect to a Restricted Global Note wishes at
any time during the Restricted Period to Transfer such Restricted Global Note
or an Ownership Interest therein to a Person who wishes to take delivery
thereof in the form of a Regulation S Global Note or an Ownership Interest
therein, such Holder or Note Owner may, subject to the provisions of this Section 2.05,
Transfer such Restricted Global Note for a Regulation S Global Note of the same
Series and Class or an Ownership Interest therein with an equivalent
principal amount. Upon receipt by the Indenture Trustee of a certificate
substantially in the form of Exhibit D-2 (subject to Section 12.03)
given by the transferee of such Note or Ownership Interest (stating that such
transferee is a non-U.S. Person and the Transfer of such interest has been made
in compliance with the transfer restrictions applicable to such Notes and in
accordance with

 

27

 

Regulation S), the Indenture
Trustee shall cancel the Restricted Global Note so transferred (or reduce the
principal amount of the Notes evidenced thereby), the applicable Issuers shall,
concurrently with such cancellation (or reduction), issue and the Indenture
Trustee shall cause to be authenticated to the transferee a Regulation S Global
Note of the same Series and Class (or increase the principal amount
of the Notes evidenced by such Regulation S Global Note) in an aggregate
principal amount equal to the aggregate principal amount of the Restricted
Global Note so transferred.

 

(iii)                               Restricted
Global Note to Regulation S Global Note after the Expiration of Restricted
Period. If a Holder of or a Note Owner with respect to a Restricted Global
Note wishes at any time after the expiration of the Restricted Period to
Transfer such Restricted Global Note or an Ownership Interest therein to a
Person who wishes to take delivery thereof in the form of a Regulation S
Global Note or an Ownership Interest therein, such Noteholder or Note Owner
may, subject to provisions of this Section 2.05, Transfer such
Restricted Global Note for a Regulation S Global Note of the same Series and
Class or an Ownership Interest therein with an equivalent principal
amount. Upon receipt by the Indenture Trustee of a certificate substantially in
the form of Exhibit D-3 (subject to Section 12.03)
given by the transferee stating that the Transfer of such interest has been
made in compliance with the transfer restrictions applicable to such Notes and
pursuant to and in accordance with Regulation S, the Indenture Trustee shall
cancel the Restricted Global Note so transferred (or reduce the principal
amount of the Notes evidenced thereby) and the applicable Issuers shall,
concurrently with such cancellation (or reduction), issue and the Indenture
Trustee shall cause to be authenticated to the transferee a Regulation S Global
Note of the same Series and Class (or increase the principal amount
of the Notes evidenced by such Regulation S Global Note) in an aggregate
principal amount equal to the aggregate principal amount of the Restricted
Global Note so transferred.

 

(iv)                              Regulation
S Global Note to Restricted Global Note. If a Holder of or a Note Owner
with respect to a Regulation S Global Note wishes at any time to transfer such
Regulation S Global Note or an Ownership Interest therein to a Qualified
Institutional Buyer who wishes to take delivery thereof in the form of a
Restricted Global Note or an Ownership Interest therein, such Noteholder or
Note Owner may, subject to the provisions of this Section 2.05,
Transfer such Regulation S Global Note for a Restricted Global Note of the same
Series and Class or an Ownership Interest therein in an equivalent
principal amount. Upon receipt by the Indenture Trustee of a certificate
substantially in the form of Exhibit D-1 (subject to Section 12.03)
given by the transferee and stating that such transferee is a Qualified
Institutional Buyer and is obtaining such Restricted Global Note or Ownership
Interest therein in a transaction meeting the requirements of Rule 144A,
the Indenture Trustee shall cancel the Regulation S Global Note so transferred
(or reduce the principal amount of the Notes evidenced thereby) and the
applicable Issuers shall, concurrently with such cancellation (or reduction),
issue and the Indenture Trustee shall cause to be authenticated to the
transferee a Restricted Global Note of the same Series and Class (or
increase the principal amount of the Notes evidenced by such Restricted Global
Note) in an aggregate principal amount equal to the aggregate principal amount
of the Regulation S Global Note so transferred.

 

28

 

(v)                                 Transfer
of Ownership Interests in Book-Entry Notes. Ownership Interests in
Book-Entry Notes shall be transferred in accordance with the rules and
procedures of the Depository and the Depository Participants, including, with
respect to Regulation S Global Notes, Clearstream Banking, société
anonyme, or its successors, and Euroclear Bank S.A./N.V., as
operator of the Euroclear System, or its successors.

 

(d)                                 If
any Transfer of a Note or an Ownership Interest therein is to be held by the
related transferee in the form of a Definitive Note, then the Note
Registrar shall refuse to register such Transfer unless it receives (and, upon
receipt, may conclusively rely upon) (A) an executed transferor
certificate from the transferor substantially in the form attached as Exhibit C-1
(subject to Section 12.03), and (B) an executed transferee
certificate from the prospective transferee substantially in the form attached
as Exhibit C-2 (subject to Section 12.03). If any such
transfer of a Note or Ownership Interest held by the related transferor and
also to be held by the related transferee in the form of a Book-Entry Note
is to be made without registration under the 1933 Act, the transferor will be
deemed to have made as of the transfer date each of the representations and
warranties set forth on Exhibit C-1 in respect of such Note and the
transferee will be deemed to have made as of the transfer date each of the
representations and warranties set forth on Exhibit C-2 in respect
of such Note, in each case as if such Note were evidenced by a Definitive Note.

 

(e)                                  If
a Person is acquiring any Note as a fiduciary or agent for one or more
accounts, such Person shall be required to deliver to the Note Registrar a
certification to the effect that, and such other evidence as may be
reasonably required by the Note Registrar to confirm that, it has (i) sole
investment discretion with respect to each such account and (ii) full
power to make the foregoing acknowledgments, representations, warranties,
certifications and agreements with respect to each such account as set forth in
subsections (b) and (c) of this Section 2.05.

 

(f)                                    Subject
to the preceding provisions of this Section 2.05, upon surrender
for registration of transfer of any Note at the offices of the Note Registrar
maintained for such purpose, the applicable Issuers shall execute, and the
Indenture Trustee shall cause to be authenticated and delivered, in the name of
the designated transferee or transferees, one or more new Notes of the same Series and
Class of a like Percentage Interest.

 

(g)                                 At
the option of any Holder, its Notes may be exchanged for other Notes of
authorized denominations of the same Series and Class of a like
Percentage Interest upon surrender of the Notes to be exchanged at the offices
of the Note Registrar maintained for such purpose. Whenever any Notes are so
surrendered for exchange, the applicable Issuers shall execute, and the
Indenture Trustee shall cause to be authenticated and delivered the Notes which
the Noteholder making the exchange is entitled to receive.

 

(h)                                 Every
Note presented or surrendered for transfer or exchange shall (if so required by
the Note Registrar) be duly endorsed by, or be accompanied by a written instrument
of transfer in the form satisfactory to the Note Registrar duly executed
by, the Holder thereof or his attorney duly authorized in writing.

 

29

 

(i)                                     No
service charge shall be imposed for any transfer or exchange of Notes, but the
Indenture Trustee or the Note Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge that may be
imposed in connection with any transfer or exchange of Notes.

 

(j)                                     All
Notes surrendered for transfer and exchange shall be physically canceled by the
Note Registrar, and the Note Registrar shall dispose of such canceled Notes in
accordance with its customary procedures.

 

(k)                                  The
Note Registrar or the Indenture Trustee shall provide to the Issuers upon
reasonable written request and at the expense of the requesting party a current
copy of the Note Register.

 

(l)                                     Each
transferee of a Note or an Ownership Interest therein will be deemed to have
represented, warranted and agreed that either (i) such transferee is not,
and is not purchasing such Note on behalf of, as a fiduciary of, as trustee of,
or with the assets of, a Plan or (ii)(A) such Note is rated investment
grade or better as of the date of the purchase, (B) such transferee
believes that such Note is properly treated as indebtedness without substantial
equity features for purposes of Department of Labor Regulations and agrees to
so treat such Note and (C) such transferee’s acquisition and continued
holding of such Note or Ownership Interest therein will not give rise to a
non-exempt prohibited transaction described in Section 406 of ERISA or Section 4975
of the Code (or any materially similar applicable law).

 

Section 2.06                            Book-Entry
Notes.

 

(a)                                  The
Book-Entry Notes of each Series shall be delivered as one or more Notes
held by the Book-Entry Custodian or, if appointed to hold such Notes as
provided below, the Depository and registered in the name of the Depository or
its nominee and, except as provided in Section 2.06(c) below,
transfer of such Notes may not be registered by the Note Registrar unless
such transfer is to a successor Depository that agrees to hold such Notes for
the respective Note Owners with Ownership Interests therein. Except as provided
in Section 2.06(c) below, such Note Owners shall hold and
transfer their respective Ownership Interests in and to such Notes through the
book-entry facilities of the Depository and, except as provided in Section 2.06(c) below,
shall not be entitled to definitive, fully registered Notes (“Definitive Notes”) in respect of such
Ownership Interests. All transfers by Note Owners of their respective Ownership
Interests in the Book-Entry Notes to be held by the related transferees as
Book-Entry Notes shall be made in accordance with the procedures established by
the Depository Participant or brokerage firm representing each such Note Owner.
Each Depository Participant shall only transfer the Ownership Interests in the
Book-Entry Notes of Note Owners it represents or of brokerage firms for which
it acts as agent in accordance with the Depository’s normal procedures. The
Indenture Trustee is hereby initially appointed as the Book-Entry Custodian and
hereby agrees to act as such in accordance herewith and in accordance with the
agreement that it has with the Depository authorizing it to act as such.
Neither the Indenture Trustee nor the Note Registrar shall have any
responsibility to monitor or restrict the transfer of any Book-Entry Note
transferable through the book-entry facilities of the Depository. The
Book-Entry Custodian may, and, if it is no longer qualified to act as such, the
Book-Entry Custodian shall, appoint, by a written instrument delivered to the
Issuers, the Property Manager and Special Servicer, and, if

 

30

 

the Indenture
Trustee is not the Book-Entry Custodian, the Indenture Trustee, any other
transfer agent (including the Depository or any successor Depository) to act as
Book-Entry Custodian under such conditions as the predecessor Book-Entry
Custodian and the Depository or any successor Depository may prescribe; provided,
that the predecessor Book-Entry Custodian shall not be relieved of any of its
duties or responsibilities by reason of any such appointment other than the
Depository. If the Indenture Trustee resigns or is removed in accordance with
the terms hereof, the successor trustee or, if it so elects, the Depository
shall immediately succeed to its predecessor’s duties as Book-Entry Custodian.
The Issuers shall have the right to inspect, and to obtain copies of, any Notes
held as Book-Entry Notes by the Book-Entry Custodian.

 

(b)                                 The
Issuers, the Indenture Trustee, the Property Manager, the Special Servicer, the
Back-Up Manager and the Note Registrar may for all purposes, including the
making of payments due on the Book-Entry Notes, deal with the Depository as the
Noteholder and the authorized representative of the Note Owners with respect to
such Notes for the purposes of exercising the rights of Noteholders hereunder.
The rights of Note Owners with respect to the Book-Entry Notes shall be limited
to those established by law and agreements between such Note Owners and the
Depository Participants and brokerage firms representing such Note Owners.
Multiple requests and directions from, and votes of, the Depository as holder
of the Book-Entry Notes with respect to any particular matter shall not be
deemed inconsistent if they are made with respect to different Note Owners. The
Indenture Trustee may establish a reasonable record date in connection
with solicitations of consents from or voting by Noteholders and shall give
notice to the Depository of such record date.

 

(c)                                  If
(i) the Issuers advise the Indenture Trustee and the Note Registrar in
writing that the Depository is no longer willing or able to properly discharge
its responsibilities with respect to the Book-Entry Notes (or any portion
thereof), and (ii) the Issuers are unable to locate a qualified successor,
the Note Registrar shall notify all affected Note Owners, through the Depository,
of the occurrence of any such event and of the availability of Definitive Notes
to such Note Owners requesting the same. Upon surrender to the Note Registrar
of the Book-Entry Notes (or any portion thereof) by the Book-Entry Custodian or
the Depository, as applicable, and the delivery of registration instructions
from the Depository for registration of transfer, the applicable Issuers shall
execute, and the Indenture Trustee shall cause to be authenticated and
delivered, the Definitive Notes in respect of such Notes to the Note Owners
identified in such instructions. None of the applicable Issuers, the Indenture
Trustee, the Collateral Agent, the Property Manager, the Special Servicer, the
Back-Up Manager or the Note Registrar shall be liable for any delay in delivery
of such instructions and may conclusively rely on, and shall be protected
in relying on, such instructions.

 

(d)                                 Upon
the issuance of Definitive Notes, for purposes of evidencing ownership of any
Notes formerly held as Book-Entry Notes, the registered holders of such
Definitive Notes shall be recognized as Noteholders hereunder and, accordingly,
shall be entitled directly to receive payments on, to exercise voting and
consent rights with respect to, and to transfer and exchange such Definitive
Notes.

 

(e)                                  Each
of the Issuers shall provide an adequate inventory of Definitive Notes of each Class of
each Series to the Indenture Trustee.

 

31

 

Section 2.07                            Mutilated,
Destroyed, Lost or Stolen Notes.

 

If any mutilated Note is surrendered to the Note Registrar, the
applicable Issuers shall execute and the Indenture Trustee shall cause to be
authenticated and delivered, in exchange therefor, a new Note of the same
Series, Class and principal amount and bearing a number not
contemporaneously outstanding.

 

If there shall be delivered to the applicable Issuers, the Indenture
Trustee and the Note Registrar (i) evidence to their satisfaction of the
destruction (including mutilation tantamount to destruction), loss or theft of
any Note and the ownership thereof, and (ii) indemnity as may be
reasonably required by them to hold each of them and any of their agents
harmless, then, in the absence of notice to the applicable Issuers or the Note
Registrar that such Note has been acquired by a bona fide purchaser, the
applicable Issuers shall execute and the Indenture Trustee shall cause to be
authenticated and delivered, in lieu of any such destroyed, lost or stolen
Note, a new Note of the same Series, Class, tenor and denomination registered
in the same manner, dated the date of its authentication and bearing a number
not contemporaneously outstanding.

 

Upon the issuance of any new Note under this Section 2.07,
the applicable Issuers, the Indenture Trustee and the Note Registrar may require
the payment by the Noteholder of an amount sufficient to pay or discharge any
tax or other governmental charge that may be imposed in relation thereto
and any other reasonable expenses (including the reasonable fees and expenses
of the Authenticating Agent and the Indenture Trustee) in connection therewith.

 

Every new Note issued pursuant to this Section 2.07 in lieu
of any destroyed, mutilated, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuers, whether or not the destroyed,
mutilated, lost or stolen Note shall be at any time enforceable by any Person,
and such new Note shall be entitled to all the benefits of this Indenture
equally and proportionately with any and all other Notes of its Class and Series duly
issued hereunder.

 

The provisions of this Section 2.07 are exclusive and shall
preclude (to the extent permitted by applicable law) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed, lost
or stolen Notes.

 

Section 2.08                            Noteholder
Lists.

 

The Note Registrar shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and
addresses of the Noteholders of each Series, which list, upon request, will be
made available to the Indenture Trustee insofar as the Indenture Trustee is no
longer the Note Registrar. Upon written request of any Noteholder made for
purposes of communicating with other Noteholders with respect to their rights
under this Indenture, the Note Registrar shall promptly furnish such Noteholder
at such Noteholder’s expense with a list of the Noteholders of record
identified in the Note Register at the time of the request. Every Noteholder,
by receiving such access, or by receiving a Note or an interest therein, agrees
with the Note Registrar that the Note Registrar will not be held accountable in

 

32

 

any way by reason of the disclosure of any
information as to the names and addresses of any Noteholder regardless of the
source from which such information was derived.

 

Section 2.09                            Persons
Deemed Owners.

 

The Issuers, the Indenture Trustee, the Note Registrar and any of their
agents, may treat the Person in whose name a Note is registered as the
owner of such Note as of the related Record Date for the purpose of receiving
payments of principal, interest and other amounts in respect of such Note and
for all other purposes, whether or not such Note shall be overdue, and none of
the Issuers, the Indenture Trustee, the Note Registrar or any agents of any of
them, shall be affected by notice to the contrary.

 

Section 2.10                            Payment
Account.

 

(a)                                  On
or prior to the Initial Closing Date, the Indenture Trustee shall establish and
maintain one or more segregated trust accounts (collectively, the “Payment Account”) at Citibank, N.A. (or
at such other financial institution as necessary to ensure that the Payment
Account is at all times an Eligible Account or a sub-account of an Eligible
Account, in each case subject to an Account Control Agreement), in its name, as
Indenture Trustee, bearing a designation clearly indicating that such account
and all funds deposited therein are held for the exclusive benefit of the
Noteholders, the Insurers and the Issuers as their interests may appear.
On each Remittance Date, the Indenture Trustee shall deposit or cause to be
deposited in the Payment Account, upon receipt or withdrawal as provided in the
Property Management Agreement, the Available Amount for such Payment Date.
Except as provided in this Indenture, the Indenture Trustee, in accordance with
the terms of this Indenture, shall have exclusive control and sole right of
withdrawal with respect to the Payment Account. Funds in the Payment Account
shall not be commingled with any other moneys. All moneys deposited from time
to time in the Payment Account shall be held by and under the control of the
Indenture Trustee in the Payment Account for the benefit of the Noteholders,
the Insurers and the Issuers as herein provided.

 

(b)                                 Amounts
in the Payment Account shall be held uninvested.

 

(c)                                  The
Indenture Trustee is authorized to make withdrawals from the Payment Account
(the order set forth hereafter in this subsection (c) not
constituting an order of priority for such withdrawals) to make payments on the
Notes and to other parties as set forth in the priorities of payments pursuant
to Section 2.11(b) of this Indenture, to the applicable Hedge
Counterparties, to the Insurers and to the Issuers as provided in Section 2.11.

 

(d)                                 Upon
the satisfaction and discharge of this Indenture pursuant to Section 3.01,
the Indenture Trustee shall pay to the Issuers, as their interests may appear,
all amounts, if any, held by it remaining as part of the Collateral Pool.

 

Section 2.11                            Payments
on the Notes.

 

(a)                                  Subject
to Section 2.11(b), the applicable Issuers agree to pay

 

33

 

(i)                                     on
each Payment Date prior to the Legal Final Payment Date for the Classes of each
Series of Notes (but only to the extent of the Available Amount pursuant
to Section 2.11(b), in the case of payments of principal), interest
on and principal of such Notes in the amounts and in accordance with the
priorities set forth in Section 2.11(b); and

 

(ii)                                  on
the Legal Final Payment Date for the Classes of each Series of Notes, the
entire applicable Aggregate Note Principal Balance, together with all accrued
and unpaid interest thereon.

 

Amounts properly withheld under the Code by any Person from a payment
to any Holder of a Note of interest, principal or other amounts, or any such
payment set aside on the Final Payment Date for such Note as provided in Section 2.11(b),
shall be considered as having been paid by the applicable Issuers to such
Noteholder for all purposes of this Indenture.

 

(b)                                 With
respect to each Payment Date, any interest, principal and other amounts payable
on the Notes shall be paid to each Person that is a registered holder thereof
at the close of business on the related Record Date; provided, however,
that interest, principal and other amounts payable at the Final Payment Date of
any Note shall be payable only against surrender thereof at the Indenture
Trustee’s Office or such other address as may be specified in the notice
of final payment. Payments of interest, principal and other amounts on the
Notes shall be made on each Payment Date other than the Final Payment Date,
subject to applicable laws and regulations, by wire transfer to such accounts
as each such Noteholder shall designate by written instruction received by the
Indenture Trustee not later than the Record Date related to such Payment Date
or otherwise by check mailed on or before such Payment Date to the Person
entitled thereto at such Person’s address appearing on the Note Register as of
the related Record Date. The Indenture Trustee shall pay each Note in whole or
in part as provided herein on its Final Payment Date in immediately
available funds from funds in the Payment Account as promptly as possible after
presentation to the Indenture Trustee of such Note at the Indenture Trustee’s
Office, but in no event later than the next Business Day after the day of such
presentation. If presentation is made after 3:30 p.m., New York City time,
on any day, such presentation shall be deemed to have been made on the
immediately succeeding Business Day.

 

Each payment with respect to a Book-Entry Note shall be paid to the
Depository, as holder thereof, and the Depository shall be responsible for
crediting the amount of such payment to the accounts of its Depository
Participants in accordance with its normal procedures. Each Depository
Participant shall be responsible for disbursing such payments to the related
Note Owners that it represents and to each indirect participating brokerage
firm (a “brokerage firm” or “indirect participating firm”) for
which it acts as agent. Each brokerage firm shall be responsible for disbursing
funds to the related Note Owners that it represents. None of the parties hereto
shall have any responsibility therefor except as otherwise provided by this
Indenture or applicable law. The applicable Issuers and the Indenture Trustee
shall perform their respective obligations under each Letter of
Representations.

 

Except as provided in the following sentence, if a Note is issued in
exchange for any other Note during the period commencing at the close of
business at the office or agency where such exchange occurs on any Record Date
and ending before the opening of business at

 

34

 

such office or agency on the related Payment
Date, no interest, principal or other amounts will be payable on such Payment
Date in respect of such new Note, but will be payable on such Payment Date only
in respect of the prior Note. Interest, principal and other amounts payable on
any Note issued in exchange for any other Note during the period commencing at
the close of business at the office or agency where such exchange occurs on the
Record Date immediately preceding the Final Payment Date for such Notes and ending
on the Final Payment Date for such Notes, shall be payable to the Person that
surrenders the new Note as provided in this Section 2.11(b).

 

All payments of interest, principal and other amounts made with respect
to the Notes of a Class of any Series will be allocated pro rata among the Outstanding Notes of such Class based
on the related Note Principal Balance.

 

If any Note on which the final payment was due is not presented for
payment on its Final Payment Date, then the Indenture Trustee shall set aside
such payment in a segregated, non-interest bearing account (and shall remain
uninvested) separate from the Payment Account (but which may be a
sub-account thereof) but which constitutes an Eligible Account (or a
sub-account of an Eligible Account), and the Indenture Trustee and the Issuers
shall act in accordance with Section 5.10 in respect of the
unclaimed funds.

 

On each Payment Date, the Available Amount for such Payment Date will
be applied by the Indenture Trustee, first to pay the following expenses of the
Issuers related to the Collateral Pool (collectively, “Collateral
Pool Expenses”) as follows:

 

(1)                                  to
the extent not withdrawn from the Collection Account by the Property Manager on
or prior to the applicable Remittance Date in accordance with the Property
Management Agreement, from amounts received with respect to any Mortgage Loan
or Mortgaged Property: first, to the Property Manager or the Back-Up
Manager, as applicable, reimbursement for unreimbursed Property Protection
Advances (plus interest thereon) with respect to such Mortgage Loan or
Mortgaged Property; and second, to the Special Servicer, any earned and
unpaid Special Servicing Fee, Liquidation Fees and Workout Fees with respect to
such Mortgage Loan or Mortgaged Property, if applicable; and

 

(2)                                  to
the extent not withdrawn from the Collection Account by the Property Manager on
or prior to the applicable Remittance Date in accordance with the Property
Management Agreement, on a pro rata
basis, (I) to the Indenture Trustee, the earned and unpaid Indenture Trustee
Fees, (II) to the Property Manager, the earned and unpaid Property Management
Fee, (III) to the extent not already paid pursuant to clause (1) above,
to the Special Servicer, any earned and unpaid Special Servicing Fees, (IV) to
the Back-Up Manager, the Back-Up Fee, (V) to the parties entitled thereto, the
amount of any Issuer Expenses (not to exceed the Issuer Expense Cap, unless an
Event of Default resulting in the acceleration of the Notes has occurred and is
then continuing, in which case, such limit will not apply), (VI) to the Back-Up
Manager and the Property Manager, as applicable, reimbursement for
Nonrecoverable Property Protection Advances (plus interest thereon) and (VII) (a) first,
to the Indenture Trustee and (b) second, to the relevant party, the
amount of Extraordinary Expenses not already

 

35

 

reimbursed in sub-clauses
(I) through (VI) above (not to exceed the Extraordinary Expense Cap,
unless an Event of Default resulting in the acceleration of the Notes has
occurred and is then continuing, in which case (i) such limit will not
apply and (ii) indemnities due to the Issuers or any Control Person,
member, manager, officer, employee or agent of any such Issuers, other than any
such party in connection with its role as Property Manager or Special Servicer,
will be payable only after payments due to the Noteholders pursuant to the
allocation of Series Available Amount below).

 

The Available Amount remaining on any Payment Date after payment of
Collateral Pool Expenses will be allocated among each Series in the
following manner and priority (the aggregate amount allocated to any Series pursuant
to clauses (1) through (8) below, as applicable, the “Series Available Amount”):

 

(1)                                  pro rata, to each Series based on any
and all amounts due on such Payment Date for each Series in respect of
amounts due to the related Insurer in respect of any earned and unpaid Insurer
Premiums;

 

(2)                                  pro rata, to each Series based on any
and all amounts due on such Payment Date for each Series in respect of the
aggregate Note Interest on the Notes plus any unpaid Note Interest from any
prior Payment Date, together with interest thereon at the rates applicable to
such Notes, in each case, plus or minus, as applicable, any net payment due or
proceeds received (excluding any termination payments due as a result of the
default of any Hedge Counterparty) for such Payment Date from any related Hedge
Agreements;

 

(3)                                  so
long as no Early Amortization Event has occurred and is continuing,
sequentially:

 

a.                                       pro rata, to each Series based on any and all amounts
due on such Payment Date for each Series in respect of Scheduled Principal
Payments on the related Notes; and

 

b.                                      pro rata, to each Series in respect of principal, based
on the applicable Aggregate Note Principal Balance, in each case after
application of the allocations described in clause (3)(a) above,
the Unscheduled Principal Payment for such Payment Date, if any;

 

(4)                                  during
the continuance of an Early Amortization Event, pro rata, to each Series in respect of principal of the
related Notes, based on the applicable Aggregate Note Principal Balance, in
each case until such Aggregate Note Principal Balance has been reduced to zero;

 

(5)                                  (I)
if a Sweep Period is in effect and no Early Amortization Event has otherwise
occurred and is continuing, to the Cashflow Coverage Reserve Account, up to (a) the
amount that would be required to be added to the Monthly Loan Payments and the
Monthly Lease Payments received during the prior Collection Period to achieve a
Cashflow Coverage Ratio of 1.25 on the applicable

 

36

 

Determination Date, plus (b) the
aggregate shortfalls, if any, of the amount that should have been deposited
into the Cashflow Coverage Reserve Account on any prior Payment Date; or (II)
if the Average Cashflow Coverage Ratio is below 1.10 and the Requisite Global
Majority waives the related Early Amortization Event, then pro rata to each Series in respect of
principal of the related Notes, based on the applicable Aggregate Note
Principal Balance, all amounts on deposit in the Cashflow Coverage Reserve
Account as of such Payment Date and all amounts that should have otherwise been
deposited in the Cashflow Coverage Reserve Account immediately before release
of all amounts on deposit therein (as described in clause 5(I) above) on
such Payment Date;

 

(6)                                  to
the Insurers, any and all amounts due on such Payment Date to each of the
Insurers (under the applicable Insurance Policies and Insurance Agreements) not
paid pursuant to the allocation described in clause (1) above, pro rata, based on such amounts due to
each of the Insurers;

 

(7)                                  to
any Hedge Counterparty, any and all amounts (including any termination payments
due as a result of the default of any Hedge Counterparty) due on such Payment
Date to such Hedge Counterparty not paid pursuant to the allocation described
in clause (2) above, pro rata,
based on such amounts due to such Hedge Counterparty; and

 

(8)                                  to
each Series, pro rata, based on
any and all amounts due on such Payment Date for such Series in respect of
Make Whole Payments, if any, on the related Notes and any unpaid Make Whole
Payments from any prior Payment Date.

 

On each Payment Date, the Indenture Trustee will apply and will pay the
Series Available Amount with respect to each Series for such Payment
Date for the purposes and in the order of priority indicated in the related Series Supplement.
The Available Amount remaining on any Payment Date after the allocations
described above shall be applied first, to the payment of Issuer
Expenses and Extraordinary Expenses not paid from the Available Amount in
accordance with the foregoing allocations, and second, to the Issuers
or, at the option of any such Issuer, to the Release Account. In the event that
no Early Amortization Event has occurred and is continuing, Excess Cashflow
received during a Collection Period shall be distributed, pro rata,
to the holders of the LLC Interests.

 

The Requisite Global Majority may waive the occurrence of an Early
Amortization Event under clauses (A) and (B) of the
definition of “Early Amortization Event”. An Early Amortization Event under clause
(A) of the definition of “Early Amortization Event” may only be
cured two times in any calendar year and may be cured no more than five
times in total (after which such Early Amortization Event may no longer be
cured). The occurrence of an Early Amortization Event under clause (C) of
the definition of “Early Amortization Event”, shall only be waivable in
accordance with the terms and provisions of the applicable Series Supplement.

 

37

 

The Notes are nonrecourse obligations solely of the applicable Issuers
and will be payable only from the Collateral included in the Collateral Pool
and the proceeds of the Insurance Policies, as applicable. Each Noteholder and
Note Owner will be deemed to have agreed that they have no rights or claims
against the Issuers directly and may only look to the Collateral Pool and
the Insurance Policies, as applicable, to satisfy any such Issuer’s obligations
hereunder. Each Noteholder and Note Owner will be deemed to have agreed, by its
acceptance of its Note or its Ownership Interest therein, not to file or join
in filing any petition in bankruptcy or commence any similar proceeding in
respect of any applicable Issuer for a period of two years and 31 days
following payment in full of the Notes of all Series. Notwithstanding the
provisions of this Section 2.11(b), the Issuers may, subject to Section 9.06,
at any time advance funds to the Indenture Trustee for the purpose of allowing
the Indenture Trustee to make required payments on the Notes (“Issuer Advances”) without right of
reimbursement.

 

(c)                                  In
connection with making any payments pursuant to Section 2.11(b),
the Indenture Trustee shall make available to each Issuer and each Insurer on
the related Payment Date via the Indenture Trustee’s internet website specified
in Section 6.01(a), a written statement detailing the amounts so
paid; provided, that if such information is not so available on the
Indenture Trustee’s internet website for any reason, the Indenture Trustee
shall provide each Issuer and each Insurer with such written statement by
facsimile transmission, confirmed in writing by first class mail or
overnight courier.

 

Section 2.12                            Final
Payment Notice.

 

(a)                                  Notice
of final payment under Section 2.11(b) shall be given by the
Indenture Trustee as soon as practicable, but not later than two Business Days
prior to the Final Payment Date for a Class of any Series, to each
Noteholder of such Series as of the close of business on the Record Date
preceding the Final Payment Date at such Noteholder’s address appearing in the
Note Register and to each applicable Rating Agency, any applicable Insurer and
each applicable Issuer.

 

(b)                                 All
notices of final payment in respect of a Class of Notes of any Series shall
state (i) the Final Payment Date for such Notes, (ii) the amount of
the final payment for such Notes and (iii) the place where such Notes are
to be surrendered for payment.

 

(c)                                  Notice
of final payment of a Class of Notes of any Series shall be given by
the Indenture Trustee in the name and at the expense of the Indenture Trustee.
Failure to give notice of final payment, or any defect therein, to any
Noteholder of such Series shall not impair or affect the validity of the
final payment of any other Note.

 

Section 2.13                            Compliance
with Withholding Requirements.

 

Notwithstanding any other provision of this Indenture, the Indenture
Trustee shall comply with all federal withholding requirements with respect to
payments to Noteholders of interest, original issue discount, or other amounts
that the Indenture Trustee reasonably believes are applicable under the Code or
any other applicable federal law. The consent of Noteholders shall not be
required for any such withholding.

 

38

 

Section 2.14                            Cancellation.

 

The applicable Issuers may at any time deliver to the Note Registrar
for cancellation any Notes previously authenticated and delivered hereunder
which such Issuers may have acquired in any manner whatsoever, and all
Notes so delivered shall be promptly canceled by the Note Registrar.

 

All Notes delivered to the Indenture Trustee for payment shall be
forwarded to the Note Registrar. All such Notes and all Notes surrendered for
transfer and exchange in accordance with the terms hereof shall be canceled and
disposed of by the Note Registrar in accordance with its customary procedures.

 

Section 2.15                            The
Insurance Policies.

 

(a)                                  (i) If,
as of 5:00 p.m. New York City time, on the third Business Day prior to any
Payment Date, the Indenture Trustee has received the Determination Date Report
from the Property Manager, it will determine whether the Series Available
Amount that is to be distributed on such Payment Date with respect to any Series of
Notes pursuant to (and subject to the priorities set forth in) Section 2.11(b) will
be sufficient to pay applicable Insured Obligations on such Payment Date (any
shortfall, a “Deficiency”).
If the Indenture Trustee determines there will be a Deficiency, the Indenture
Trustee shall by 12:00 p.m. on the second Business Day immediately prior
to such Payment Date make a claim under the applicable Insurance Policy for the
amount of the Deficiency for such Payment Date pursuant to the terms of such
Insurance Policy.

 

(ii)                                  If
the Indenture Trustee has been notified by a Noteholder that a Preference
Amount exists with respect to any Noteholder, the Indenture Trustee shall,
after receiving all documents required under the applicable Insurance Policy to
be delivered in connection with such a Preference Amount, make a claim under
such Insurance Policy for such a Preference Amount pursuant to the terms of
such Insurance Policy.

 

(iii)                               An
Insurer may elect, at its sole option, pursuant to this Indenture, the
applicable Insurance Policy and the applicable Insurance Agreement, to make an
advance to the Indenture Trustee for the benefit of the applicable Noteholders
in lieu of payment under such Insurance Policy in an amount equal to the amount
demanded under a notice for payment thereunder, for payment in respect of such
Noteholders, and such advance shall be deemed to be a payment under such
Insurance Policy for such Noteholders for purposes of this Indenture.

 

(b)                                 The
Indenture Trustee shall, prior to each applicable Series Closing Date,
establish at Citibank, N.A. (or at such other financial institution as provided
in the applicable Series Supplement or as necessary to ensure that such
Insurance Policy Proceeds Account is at all times an Eligible Account) a
segregated trust account that shall be designated as an “Insurance Policy Proceeds Account”, in
its name, as Indenture Trustee, bearing a designation clearly indicating that
such account and all funds deposited therein are held for the exclusive benefit
of the applicable Noteholders, over which the Indenture Trustee shall have
exclusive

 

39

 

control and
the sole right of withdrawal, and in which neither the applicable Issuers nor
any other Person shall have any legal or beneficial interest. Such Insurance
Policy Proceeds Account may be a sub-account of the Payment Account. The
Indenture Trustee shall deposit all amounts received from the Insurer under
such Insurance Policy in such Insurance Policy Proceeds Account, which shall be
used solely to pay the applicable Insured Obligations. Any and all funds at any
time on deposit in, or otherwise to the credit of, such Insurance Policy
Proceeds Account shall be held uninvested (unless otherwise specified in the
applicable Series Supplement). The only permitted withdrawal from or
application of funds on deposit in, or otherwise to the credit of, such
Insurance Policy Proceeds Account shall be to make payments of the applicable
Insured Obligations due on the related Payment Date in respect of which such
funds are paid, to the extent such Insured Obligations are not paid pursuant to
Section 2.11 or Section 4.05. Any funds held in an
Insurance Policy Proceeds Account after the distributions made pursuant to Section 2.11
on any Payment Date shall promptly be remitted to the applicable Insurer.

 

(c)                                  Upon
the expiration of an Insurance Policy in accordance with the terms thereof, the
Indenture Trustee shall surrender the same to the applicable Insurer for
cancellation in accordance with the terms thereof.

 

(d)                                 The
Indenture Trustee shall, and hereby agrees that it will, hold each of the
Insurance Policies and any proceeds of any claim thereon in trust solely for
the use and benefit of the applicable Noteholders.

 

Section 2.16                            The
Hedge Agreements.

 

(a)                                  On
any Series Closing Date, the applicable Issuers may enter into one or
more Hedge Agreements with respect to any Class of any related Series of
Notes.

 

(b)                                 The Indenture Trustee
shall, on behalf of the applicable Issuers, distribute amounts due to each
Hedge Counterparty under the applicable Hedge Agreements on any Payment Date
from the Payment Account in accordance with Section 2.11 and the
applicable Series Supplement.

 

(c)                                  The Indenture Trustee
shall agree to any reduction in the notional amount of any Hedge Agreement
requested by the applicable Issuers; provided, that, if any Notes are
then Outstanding and rated by the Rating Agencies, the Indenture Trustee shall
first have received the prior written consent of each Insurer and written
confirmation that the Rating Condition is satisfied. Any amount paid by a Hedge
Counterparty to the applicable Issuers in connection with such reduction shall
constitute part of the Available Amount except as otherwise provided in
the applicable Series Supplement.

 

(d)                                 Each Hedge Agreement
(unless otherwise provided in the applicable Series Supplement) shall
permit the complete or partial termination thereof (without the payment by the
applicable Issuers of penalties or fees other than termination-related
expenses) by the applicable Issuers subject to the provision of at least ten (10) Business
Days notification to the Rating Agencies. The Indenture Trustee shall, prior to
each applicable Series Closing Dates if required by the applicable Series Supplement,
establish at Citibank, N.A. (or at such other financial institution as provided
in the applicable Series Supplement and as necessary to ensure

 

40

 

that the Hedge Counterparty Account is at all times an Eligible Account
or a sub-account of an Eligible Account) a segregated trust account that shall
be designated as a “Hedge Counterparty Account”,
in its name, as Indenture Trustee, bearing a designation clearly indicating
that such account and all funds deposited therein are held for the exclusive
benefit of the applicable Noteholders, over which the Indenture Trustee shall
have exclusive control and the sole right of withdrawal, and in which neither
the applicable Issuers nor any other Person shall have any legal or beneficial
interest. The Hedge Counterparty Accounts may be a sub-accounts of the
Payment Account. The only permitted withdrawal from or application of funds on
deposit in, or otherwise to the credit of, a Hedge Counterparty Account shall
be for application to obligations of the applicable Hedge Counterparty to the
applicable Issuers under the related Hedge Agreement.

 

(e)                                  In the event a Responsible
Officer of the Indenture Trustee becomes aware that a Hedge Counterparty has
defaulted in the payment when due of its obligations to the applicable Issuers
under the related Hedge Agreement, the Indenture Trustee shall make a demand on
such Hedge Counterparty, or any guarantor, if applicable, demanding payment by
12:30 p.m., New York City time, on such date (or by such time on the next
succeeding Business Day if such knowledge is obtained after 11:30 a.m.,
New York City time). The Indenture Trustee shall give notice to the applicable
Noteholders upon the continuing failure by such Hedge Counterparty to perform its
obligations during the two Business Days following a demand made by the
Indenture Trustee on such Hedge Counterparty.

 

(f)                                    If at any time a
Hedge Agreement becomes subject to early termination due to the occurrence
thereunder of an event of default or a termination event, the applicable
Issuers and the Indenture Trustee shall take such actions (following the
expiration of any applicable grace period and after the expiration of the two
Business Day period referred to in Section 2.16(e), as applicable)
to enforce the rights of the applicable Issuers and the Indenture Trustee
thereunder as may be permitted by the terms of such Hedge Agreement and
consistent with the terms hereof, and shall apply the proceeds of any such
actions (including, without limitation, the proceeds of the liquidation of any
collateral pledged by the related Hedge Counterparty) to enter into a
replacement Hedge Agreement on such terms or provide such other substitute
arrangement (or forebear from doing either of the foregoing), subject to the
consent of the applicable Insurer (so long as no Insurer Default has occurred
and is continuing), if any, or as otherwise provided in the applicable Series Supplement.
Any costs attributable to entering into a replacement Hedge Agreement which
exceed the aggregate amount of the proceeds of the liquidation of the
terminated Hedge Agreement shall constitute Issuer Expenses payable under Section 2.11(b).
In addition, the applicable Issuers will use their best efforts to cause the
termination of a Hedge Agreement to become effective simultaneously with the
entry into a replacement Hedge Agreement described as aforesaid.

 

(g)                                 The applicable obligations
under a Hedge Agreement must be non-recourse obligations of the applicable
Issuers payable only to the extent of available funds in accordance with Section 2.11(b) and
must contain the agreement of the Hedge Counterparty equivalent to Section 9.12
of the Property Management Agreement.

 

41

 

Section 2.17                            Tax
Treatment of the Notes and the Issuers.

 

The Issuers have entered into this Indenture, and each Class of
Notes will be issued, with the intention that, for purposes of any federal,
state and local income or franchise tax and any other taxes imposed on or
measured by income, such Notes will qualify as indebtedness of the applicable
Issuers (unless otherwise provided in the applicable Series Supplement).
The Issuers, by entering into this Indenture, each Noteholder, by acceptance of
its Note, and each Note Owner, by purchasing or otherwise acquiring an
Ownership Interest in a Note, agree to treat the Notes and such Ownership
Interests for purposes of any federal, state and local income or franchise tax
and any other taxes imposed on or measured by income, as indebtedness of the
applicable Issuers (unless otherwise provided in the applicable Series Supplement).

 

Section 2.18                            Cashflow
Coverage Reserve Account.

 

(a)                                  On or prior to the
date hereof, the Indenture Trustee shall establish and maintain at Citibank,
N.A. (or at such other financial institution as necessary to ensure that the
Cashflow Coverage Reserve Account is at all times an Eligible Account or a
sub-account of an Eligible Account, in each case subject to an Account Control
Agreement) one or more segregated trust accounts (collectively, the “Cashflow Coverage Reserve Account”), in
its name, as Indenture Trustee, bearing a designation clearly indicating that
such account and all funds deposited therein are held for the exclusive benefit
of the Noteholders, the Insurers and the Issuers as their interests may appear.

 

(b)                                 The
Indenture Trustee shall deposit or cause to be deposited in the Cashflow
Coverage Reserve Account during any Sweep Period the amount allocated for such
purpose pursuant to Section 2.11(b). Except as provided in this
Indenture, the Indenture Trustee, in accordance with the terms of this
Indenture, shall have exclusive control and sole right of withdrawal with
respect to the Cashflow Coverage Reserve Account. Funds in the Cashflow
Coverage Reserve Account shall not be commingled with any other moneys. All
moneys deposited from time to time in the Cashflow Coverage Reserve Account
shall be held by and under the control of the Indenture Trustee in the Cashflow
Coverage Reserve Account for the benefit of the Noteholders, the Insurers and
the Issuers as herein provided.

 

(c)                                  All amounts in the
Cashflow Coverage Reserve Account shall remain uninvested.

 

(d)                                 If, on any
Determination Date, the Indenture Trustee shall have determined that the
Available Amount is not sufficient to make the payments set forth in clauses
(1) through (3)(a) of the allocation of the Series Available
Amount pursuant to Section 2.11(b) (the “Cashflow
Shortfall Amount”), the Indenture Trustee shall transfer the
amounts on deposit in the Cashflow Coverage Reserve Account to the Payment
Account in an amount up to such Cashflow Shortfall Amount on such Payment Date
to be applied as part of the Available Amount. Upon the termination of a
Sweep Period, the Indenture Trustee shall remit all amounts on deposit in the
Cashflow Coverage Reserve Account to the Payment Account for application by the
Indenture Trustee in accordance with Section 2.11(b). On the Legal
Final Payment Date of any Class of Notes, the Indenture Trustee shall
transfer all amounts on deposit in the Cashflow

 

42

 

Coverage Reserve Account on such date to the Payment Account to be
applied as part of the Available Amount.

 

Section 2.19                            Representations
and Warranties With Respect To Mortgage Loans, Mortgaged Properties and Leases.

 

(a)                                  Subject to any
exceptions approved by each Insurer, each of the applicable Issuers shall make
the representations and warranties set forth in Exhibit A of the
applicable Series Supplement, as of the applicable Series Closing
Date or Transfer Date, with respect to the indicated Mortgage Loans, Mortgaged
Properties and Leases added to the Collateral Pool by such Issuer in connection
with the issuance of any Series of Notes or as Qualified Substitute
Mortgage Loans and/or Qualified Substitute Mortgaged Properties; provided,
that, the Issuer and any such Co-Issuer shall not be required to make such
representations and warranties with respect to any Mortgage Loan, Mortgaged
Property or Lease acquired by the Issuer or such Co-Issuer from an Affiliate
pursuant to a Purchase and Sale Agreement which is subject to the Performance
Undertaking. Such representations and warranties shall be made in the
applicable Series Supplement or in a separate certificate delivered by the
applicable Issuers in connection with such New Issuance or substitution.

 

(b)                                 Without the express
prior written consent of each Insurer, no Mortgaged Property added to the
Collateral Pool may be operated as a convenience store and gasoline
station, gasoline station, beauty parlor or tattoo parlor.

 

ARTICLE III

SATISFACTION AND DISCHARGE

 

Section 3.01                            Satisfaction
and Discharge of Indenture.

 

This Indenture shall cease to be of further effect except as to (i) any
surviving rights herein expressly provided for, including any rights of
transfer or exchange of Notes herein expressly provided for, (ii) in the
case of clause (1)(B) below, the rights of the Noteholders
hereunder to receive payment of the Note Principal Balance of and interest on
the Notes and any other rights of the Noteholders hereunder, and (iii) the
provisions of Section 3.02, when

 

(1)                                  either:
(A) all Notes theretofore authenticated and delivered (other than (i) Notes
which have been destroyed, lost or stolen and which have been replaced or paid
as provided in Section 2.07 and (ii) Notes for which payment
of money has theretofore been deposited in the Payment Account by the Indenture
Trustee and thereafter repaid to the Issuers or discharged from such trust, as
provided in Section 5.10) have been delivered to the Note Registrar
for cancellation; or (B) all such Notes not theretofore delivered to the
Note Registrar for cancellation (i) have become due and payable, or (ii) will
become due and payable on the next Payment Date, and in the case of clause
(B)(i) or (B)(ii) above, cash in an amount sufficient to
pay and discharge the entire indebtedness on such Notes not theretofore
delivered to the Note Registrar for cancellation or sufficient to pay the Note
Principal Balance thereof and any interest thereon

 

43

 

accrued to the date of such
deposit (in the case of Notes which have become due and payable) or to the end
of the related Accrual Period for the next Payment Date has been deposited with
the Indenture Trustee as trust funds in trust for these purposes;

 

(2)                                  the
Issuers have paid or caused to be paid all other sums payable or reasonably
expected to become payable by such Issuers to the Indenture Trustee, the
Collateral Agent, the Property Manager, the Special Servicer, the Back-Up
Manager, each of the Insurers, each of the Rating Agencies, each of the other
Persons to which amounts are payable hereunder and each of the Noteholders (in
each case, if any) and all applicable statute of limitation periods for all
applicable preference actions with respect to the Issuers, Spirit Finance and
any Originator have expired, during which time no preference action has been
commenced seeking to avoid the payment of any amount with respect to the
Insured Obligations;

 

(3)                                  the
Insurance Policies have all terminated in accordance with their terms;

 

(4)                                  the
Issuers have delivered to the Indenture Trustee an Officer’s Certificate (upon
which the Indenture Trustee may rely) stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of
this Indenture have been complied with; and

 

(5)                                  the
Issuers have furnished to the Indenture Trustee a Tax Opinion with respect to
the actions contemplated by this Section 3.01;

 

provided, however, that if, at any time
after the payment that would have otherwise resulted in the satisfaction and
discharge of this Indenture and such obligations, such payment is rescinded or
must otherwise be returned for any reason, effective upon such rescission or
return such satisfaction and discharge of this Indenture and such obligations
shall automatically be deemed never to have occurred and this Indenture and
such obligations shall be deemed to be in full force and effect.

 

Notwithstanding the foregoing, the obligations of the Issuers to the
Indenture Trustee under Section 5.04 hereof and the obligations of
the Indenture Trustee to the Noteholders and the Insurers under Section 3.02
hereof shall survive satisfaction and discharge of this Indenture.

 

Section 3.02                            Application
of Trust Money.

 

Subject to the provisions of Section 2.11, Section 5.10
and Section 7.01, all Cash deposited with the Indenture Trustee
pursuant to Section 3.01 shall be held in the Payment Account and
applied by the Indenture Trustee, in accordance with the provisions of the
Notes and this Indenture, to pay to the Persons entitled thereto the amounts to
which such Persons are entitled pursuant to the provisions hereof.

 

44

 

ARTICLE IV

EVENTS OF DEFAULT; REMEDIES

 

Section 4.01                            Events
of Default.

 

“Event of Default,” wherever
used herein with respect to the Notes of any Series, means any one of the
following events (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body):

 

(a)                                  a draw is made on an Insurance Policy;

 

(b)                                 unless
otherwise specified in the related Series Supplement, the failure of any
Issuer to pay interest on any
related Notes on any Payment Date (without giving effect to the applicable
Insurance Policy);

 

(c)                                  the
failure of any Issuer to retire any related Class of Notes on the
applicable Legal Final Payment Date (without giving effect to the applicable
Insurance Policy);

 

(d)                                 any
material default in the observance or performance of any material covenant or
agreement of the Issuers made in this Indenture
or any related Mortgage (other than a covenant or agreement, a default in the
observance or performance of which is elsewhere in this Section 4.01
specifically dealt with), which default shall continue unremedied for a period
of 60 days after there shall have been given to the Issuers by the Indenture
Trustee, or to the Issuers and the Indenture Trustee by an Insurer or by the
Noteholders holding at least 25% of the Aggregate Series Principal
Balance, a written notice specifying such default and requiring it to be
remedied;

 

(e)                                  the
impairment of the validity or effectiveness of this Indenture or the lien of
this Indenture or any Mortgage, the subordination of the lien of any such
Mortgage, the creation of any lien or other encumbrance on any part of the
Collateral Pool in addition to the lien of any such Mortgage or the failure of
the lien of any such Mortgages to constitute a valid first priority perfected
security interest in the Collateral included in the Collateral Pool, in each
case subject to liens expressly permitted under the terms of the Property
Management Agreement and the related Mortgages; provided, that if
susceptible of cure, no Event of Default shall arise pursuant to this clause
(e) until the continuation of any such default unremedied for a period
of 5 days or, with respect to the lien of any Mortgage, 30 days after receipt
by the Issuers of notice thereof;

 

(f)                                    a
material breach of the representations and warranties of any Issuer contained
in Section 9.04;

 

(g)                                 a
decree or order of a court or agency or supervisory authority having
jurisdiction in the premises in an involuntary case under any present or future
federal or state bankruptcy, insolvency or similar law or appointing a
conservator or receiver or liquidator in any insolvency, readjustment of debt,
marshaling of assets and liabilities and reorganization or

 

45

 

similar
proceedings, or for the winding up or liquidation of its affairs, shall have
been entered against any Issuer and such decree or order shall have remained in
force undischarged or unstayed for a period of 60 days;

 

(h)                                 any
Issuer shall voluntarily file a petition for bankruptcy, reorganization,
assignment for the benefit of creditors or similar proceeding or consent to the
appointment of a conservator or receiver or liquidator in any insolvency,
readjustment of debt, marshaling of assets and liabilities, or similar proceedings
of, or relating to, such Issuer or of, or relating to, all or substantially all
of the assets of the Issuers; or

 

(i)                                     the
Mortgaged Properties are transferred or encumbered other than as provided in
this Indenture or the Property Management Agreement.

 

Section 4.02                            Acceleration
of Maturity; Rescission and Annulment.

 

If an Event of Default should occur and be continuing, the Indenture
Trustee shall, at the written direction of the Requisite Global Majority (which
shall have the right, but not the obligation, to direct the Indenture Trustee
to accelerate the Notes and, subject to the provisions of this Indenture, cause
the foreclosure and sale of the Collateral included in the Collateral Pool),
declare all of the Notes to be immediately due and payable. In the event a draw
under an Insurance Policy is made with respect to the Class of any
applicable Series, the Indenture Trustee shall, at the direction of the
applicable Insurer (which will have the right, but not the obligation, to
direct the Indenture Trustee to accelerate the Notes and, subject to the
provisions of this Indenture, cause the foreclosure and sale of the Collateral
included in the Collateral Pool), declare all of the Notes to be immediately
due and payable.

 

At any time after such declaration of acceleration has been made and
before a judgment or decree for payment of the money due in respect of the
Notes has been obtained by the Indenture Trustee as hereinafter provided in
this Article IV, the Requisite Global Majority (or applicable
Insurer if the related Event of Default is based on Section 4.01(a))
may rescind and annul such declaration and its consequences if:

 

(i)                                     the
Issuers have paid or deposited with the Indenture Trustee a sum sufficient to
pay:

 

(A)                              all
payments of principal of and interest on the Notes and all other amounts that
would, in each case, then be due hereunder or upon the Notes if the Event of
Default giving rise to such acceleration had not occurred; and

 

(B)                                all
sums paid or advanced by the Indenture Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Indenture Trustee and
counsel; and

 

(ii)                                  all
Events of Default, other than the nonpayment of the principal of the Notes that
has become due solely by virtue of such acceleration, have been cured or waived
as provided in Section 4.12.

 

46

 

No such rescission and annulment shall affect any subsequent default or
impair any right consequent thereto.

 

Section 4.03                            Collection
of Indebtedness and Suits for Enforcement by Indenture Trustee.

 

(a)                                  If
the Issuers fail to pay all amounts due upon an acceleration of the Notes under
Section 4.02 forthwith upon demand and such declaration and its
consequences shall not have been rescinded and annulled, the Indenture Trustee,
in its capacity as Indenture Trustee and as trustee of an express trust, shall,
if directed by the Requisite Global Majority (which will have the right, but
not the obligation, to direct the Indenture Trustee to cause the foreclosure
and sale of the Collateral in the Collateral Pool), institute a judicial
proceeding for the collection of the sums so due and unpaid, prosecute such
proceeding to judgment or final decree and enforce the same against the Issuers
or any other obligor upon such Notes and collect the moneys adjudged or decreed
to be payable in the manner provided by law out of the Collateral, wherever
situated, or may institute and prosecute such non-judicial proceedings in
lieu of judicial proceedings as are then permitted by applicable law.

 

(b)                                 If
an Event of Default occurs and is continuing, the Indenture Trustee may, in its
discretion and in any order, proceed to protect and enforce its rights and the
rights of the Noteholders and the Insurers by such appropriate proceedings as
the Indenture Trustee shall deem most effective to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein or to
enforce any other proper remedy or legal or equitable right vested in the
Indenture Trustee by this Indenture or any Mortgage or by law.

 

(c)                                  In
case (x) there shall be pending, relative to the Issuers or any Person having
or claiming an interest in the Collateral Pool, proceedings under Title 11 of
the United States Code or any other applicable federal or state bankruptcy,
insolvency or other similar law, (y) a receiver, assignee, debtor-in-possession
or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar
official shall have been appointed for or shall have taken possession of any
Issuers or its property or such Person or (z) there shall be pending a
comparable judicial proceeding brought by creditors of any Issuer or affecting
the property of such Issuer, the Indenture Trustee, irrespective of whether the
principal of or interest on any Notes shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the
Indenture Trustee shall have made any demand pursuant to the provisions of this
Section, shall be entitled and empowered, by intervention in such proceedings
or otherwise:

 

(i)                                     to
file and prove a claim or claims for the whole amount of principal and interest
owing and unpaid in respect of the Notes and amounts owing to the Insurers and
to file such other papers or documents as may be necessary or advisable in
order to have the claims of the Indenture Trustee (including any claim for
reasonable compensation to the Indenture Trustee and each predecessor Indenture
Trustee, and their respective attorneys, and for reimbursement of all
reasonable expenses and liabilities incurred, and all advances made, by the
Indenture Trustee and each predecessor Indenture Trustee, except as a result of
willful misconduct, negligence or bad faith of the Indenture

 

47

 

Trustee or any predecessor
Indenture Trustee, as applicable) and of the Noteholders allowed in such
proceedings;

 

(ii)                                  unless
prohibited by applicable law and regulations, to vote on behalf of the
Noteholders in any election of a trustee, a standby trustee or Person
performing similar functions in any such proceedings;

 

(iii)                               to
collect and receive any moneys or other property payable or deliverable on any
such claims and to distribute all amounts received with respect to the claims
of the Noteholders, of the Insurers and of the Indenture Trustee on their and
its behalf; and

 

(iv)                              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 Indenture Trustee or
the Noteholders allowed in any judicial proceedings relative to any Issuer, its
creditors and its property;

 

and any trustee, receiver, liquidator, custodian or other similar
official in any such proceeding is hereby authorized by each of Noteholders and
the Insurers to make payments to the Indenture Trustee, and, in the event that
the Indenture Trustee shall consent to the making of payments directly to such
Noteholders or the Insurers, to pay to the Indenture Trustee such amounts as
shall be sufficient to cover reasonable compensation to the Indenture Trustee,
each predecessor Indenture Trustee and their respective attorneys, and all
other expenses and liabilities incurred, and all advances made, by the
Indenture Trustee and each predecessor Indenture Trustee except as a result of
willful misconduct, negligence or bad faith of the Indenture Trustee or
predecessor Indenture Trustee.

 

(d)                                 Nothing
herein contained shall be deemed to authorize the Indenture Trustee to
authorize or consent to or vote for or accept or adopt on behalf of any
Noteholder any plan of reorganization, arrangement, adjustment or composition
affecting the Notes or the rights of any related Noteholder or to authorize the
Indenture Trustee to vote in respect of the claim of any Noteholder in any such
proceeding except, as aforesaid, to vote for the election of a trustee in
bankruptcy or similar Person.

 

(e)                                  In
any proceedings brought by the Indenture Trustee (and also any proceedings
involving the interpretation of any provision of this Indenture to which the
Indenture Trustee shall be a party), the Indenture Trustee shall be held to
represent all the Noteholders, and it shall not be necessary to make any
Noteholder a party to any such proceedings.

 

(f)                                    All
rights of action and claims under this Indenture or the Notes may be
prosecuted and enforced by the Indenture Trustee without the possession of any
of the Notes or the production thereof in any proceeding relating thereto, and
any such proceeding instituted by the Indenture Trustee shall be brought in its
own name as trustee of an express trust, and any recovery of judgment shall,
after provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee and its counsel, be for the
ratable benefit of the Noteholders in respect of which such judgment has been
recovered, subject to the payment priorities of Section 2.11(b).

 

48

 

Section 4.04                            Remedies.

 

If an Event of Default has occurred and is continuing, and the Notes
have been declared due and payable pursuant to Section 4.02 and
such declaration and its consequences shall not have been rescinded and
annulled, the Indenture Trustee shall, at the written direction of the
Requisite Global Majority, in addition to performing any tasks as provided in Section 4.03, do one or more of the following:

 

(a)                                  institute,
or cause to be instituted, Proceedings for the collection of all amounts then
payable on or under the Collateral or this Indenture with respect to the Notes,
whether by declaration of acceleration or otherwise, of the sums due and
unpaid, prosecute such Proceedings, enforce any judgment obtained and collect
from the Collateral included in the Collateral Pool the moneys adjudged to be
payable;

 

(b)                                 liquidate,
or cause to be liquidated, all or any portion of the Collateral Pool at one or
more public or private sales called and conducted in any manner permitted by
applicable laws; provided, however, that the Indenture Trustee
shall give the Issuers written notice of any private sale called by or on
behalf of the Indenture Trustee pursuant to this Section 4.04(b) at
least 10 days prior to the date fixed for such private sale;

 

(c)                                  institute,
or cause to be instituted, Foreclosure Proceedings with respect to all or part of
the Collateral included in the Collateral Pool;

 

(d)                                 exercise,
or cause to be exercised, any remedies of a secured party under the UCC;

 

(e)                                  maintain
the lien of this Indenture and the Mortgages over the Collateral included in
the Collateral Pool and, in its own name or in the name of the Issuers or
otherwise, collect and otherwise receive in accordance with the Property
Management Agreement or this Indenture any money or property at any time
payable or receivable on account of or in exchange for the Mortgage Loans,
Mortgaged Properties and Leases in the Collateral Pool;

 

(f)                                    take
any other appropriate action to protect and enforce the rights and remedies of
the Indenture Trustee hereunder; and

 

(g)                                 exercise,
or cause to be exercised, any remedies contained in any Mortgage;

 

provided, however, that the Indenture
Trustee shall not, unless required by law, sell or otherwise liquidate all or
any portion of the Collateral Pool following any Event of Default except in
accordance with Section 4.15; provided, further,
that, with respect to instituting any remedies pursuant to this Section 4.04
in any state wherein the law prohibits more than one “judicial action” or “one form of
action” to enforce a mortgage obligation, the Indenture Trustee shall enforce
any of the Indenture Trustee’s rights hereunder with respect to any Mortgaged
Properties in accordance with the directions of the Property Manager.

 

49

 

In the event that the Indenture Trustee, following an Event of Default
hereunder, institutes Foreclosure Proceedings, the Indenture Trustee shall
promptly give a notice to that effect to the Issuers, the Insurers and each
Rating Agency.

 

Section 4.05                            Application
of Money Collected.

 

Any money collected by the Indenture Trustee pursuant to this Article shall
be deposited in the Payment Account and, on each Payment Date, shall be applied
in accordance with Section 2.11 and, in case of the distribution of
such money on account of the principal of or interest on the Notes, upon
presentation and surrender of the Notes if fully paid.

 

Section 4.06                            Limitation
on Suits.

 

Except as provided in Section 4.07, no Noteholder shall
have any right to institute any proceeding, judicial or otherwise, with respect
to this Indenture, or for the appointment of a receiver or trustee, or for any
other remedy hereunder, unless:

 

(1)                                  such
Noteholder has previously given written notice to the Indenture Trustee of a
continuing Event of Default;

 

(2)                                  the
Noteholders holding more than 50% of the Aggregate Series Principal
Balance shall have made written request to the Indenture Trustee to institute
proceedings in respect of such Event of Default in its own name as Indenture
Trustee hereunder;

 

(3)                                  such
Noteholder has offered to the Indenture Trustee adequate indemnity or security
satisfactory to the Indenture Trustee against the costs, expenses and
liabilities to be incurred in compliance with such request;

 

(4)                                  the
Indenture Trustee for 60 days after its receipt of such notice, request and
offer of indemnity or security has failed to institute any such proceeding;

 

(5)                                  no
direction inconsistent with such written request has been given to the
Indenture Trustee during such 60-day period by the Requisite Global Majority;
and

 

(6)                                  an
Event of Default shall have occurred and be continuing;

 

it being understood and intended that no one or more of such
Noteholders shall have any right in any manner whatever by virtue of, or by
availing itself or themselves of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other of such Noteholders, or to obtain
or to seek to obtain priority or preference over any other of such Noteholders
or to enforce any right under this Indenture, except in the manner herein
provided and for the equal and ratable benefit of all of such Noteholders.
Subject to the foregoing restrictions, the Noteholders may exercise their
rights under this Section 4.06 independently.

 

50

 

Section 4.07                            Unconditional
Right of Noteholders to Receive Principal and Interest.

 

Notwithstanding any other provision in this Indenture, the Holder of
any Note at Maturity shall have the right, which is absolute and unconditional,
to receive payments of interest, principal and other amounts then due on such
Note (subject to Section 2.11) and to institute suit for the
enforcement of any such payment (subject to Section 4.06), and such
rights shall not be impaired without the consent of such Noteholder, unless a
non-payment has been cured pursuant to the second paragraph of Section 4.02.
The Issuers shall, however, be subject to only one consolidated lawsuit by the
Noteholders, or by the Indenture Trustee on behalf of the Noteholders, for any
one cause of action arising under this Indenture or otherwise.

 

Section 4.08                            Restoration
of Rights and Remedies.

 

If the Indenture Trustee or any Noteholder has instituted any
proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued, waived, rescinded or abandoned for any
reason, or has been determined adversely to the Indenture Trustee or to such
Noteholder, then and in every such case, subject to any determination in such proceeding,
the Issuers, the Indenture Trustee and the Noteholders shall be restored
severally and respectively to their former positions hereunder, and thereafter
all rights and remedies of the Indenture Trustee and the Noteholders shall
continue as though no such proceeding had been instituted.

 

Section 4.09                            Rights
and Remedies Cumulative.

 

Except as otherwise provided with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Notes in Section 2.07, no
right or remedy herein conferred upon or reserved to the Indenture Trustee, to
any of the Insurers or to the Noteholders is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other appropriate
right or remedy.

 

Section 4.10                            Delay
or Omission Not Waiver.

 

No delay or omission of the Indenture Trustee, any Insurer or any
Noteholder to exercise any right or remedy accruing upon any Event of Default
shall impair any such right or remedy or constitute a waiver of any such Event
of Default or an acquiescence therein. Every right and remedy given by this
Indenture or by law to the Indenture Trustee, to any of the Insurers or to the
Noteholders may be exercised from time to time, and as often as may be
deemed expedient, to the extent permitted by applicable law, by the Indenture
Trustee, any of the Insurers or the Noteholders, as the case may be.

 

Section 4.11                            Control
by Requisite Global Majority.

 

The Requisite Global Majority shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the
Indenture Trustee under Section 4.04, or exercising any trust or
power conferred on the Indenture Trustee (including,

 

51

 

without limitation, the exercise of its
rights under any Account Control Agreement); provided, that such
direction shall not be in conflict with any rule of law or with this
Indenture or involve the Indenture Trustee in personal liability; and provided,
further, that the Indenture Trustee may take any other action
deemed proper by the Indenture Trustee which is not inconsistent with such
direction. Notwithstanding the foregoing, the Requisite Global Majority will
not be required to provide, and the Indenture Trustee will not be required to
obtain, a Tax Opinion in the case of a direction by the Requisite Global
Majority to the Indenture Trustee, following an Event of Default, to realize
upon the Collateral included in the Collateral Pool by liquidating such
Collateral or otherwise.

 

Section 4.12                            Waiver
of Past Defaults.

 

Prior to the acceleration of the Maturity of the Notes, the Requisite
Global Majority may waive any past default hereunder and its consequences,
except a default:

 

(1)                                  Based
upon a draw made on an Insurance Policy, for which a waiver shall require the
consent of the applicable Insurer;

 

(2)                                  in
the distribution of principal or interest on any Note, for which a waiver shall
require the consent of Noteholders holding 100% of the aggregate Note Principal
Balance of all Notes affected thereby;

 

(3)                                  in
respect of a covenant or provision hereof which under Article VIII
cannot be modified or amended without the consent of the Holder of each Note
affected thereby, for which a waiver shall require the consent by each such
Holder;

 

(4)                                  depriving
the Indenture Trustee of a lien on any part the Collateral, for which a
waiver shall require the consent of the Indenture Trustee; or

 

(5)                                  depriving
the Indenture Trustee or the Collateral Agent of any fees, reimbursement, or
indemnification, to which the Indenture Trustee or Collateral Agent, as
applicable, is entitled, for which a waiver shall require the written consent
of the Indenture Trustee or Collateral Agent, as applicable.

 

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. Any costs or expenses
incurred by the Indenture Trustee in connection with such waiver shall be
reimbursable to the Indenture Trustee as an Extraordinary Expense from amounts
on deposit in the Payment Account.

 

Section 4.13                            Undertaking
for Costs.

 

All parties to this Indenture agree, and each Noteholder and Note Owner
by its acceptance of such Note or an Ownership Interest therein shall be deemed
to have agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy

 

52

 

under this Indenture, or in any suit against
the Indenture Trustee for any action taken, suffered or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an undertaking
to pay the costs of such suit, and that such court may in its discretion
assess reasonable costs, including reasonable attorneys’ fees and expenses
based on time expended, against any party litigant in such suit, having due
regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section shall not apply to any
suit instituted by any Issuer, or to any suit instituted by the Indenture
Trustee, or to any suit instituted by any Noteholder, or group of Noteholders,
holding in the aggregate at least 25% of the Aggregate Series Principal
Balance, or to any suit instituted by any Noteholder for the enforcement of the
payment of the principal of or interest on any Note on or after the Maturity of
such Note.

 

Section 4.14                            Waiver
of Stay or Extension Laws.

 

Each Issuer covenants (to the extent that it may lawfully do so)
that it will not at any time insist upon, or plead, or in any manner whatsoever
claim to take the benefit or advantage of, any stay or extension law wherever
enacted, now or at any time hereafter in force, which may affect the
covenants or the performance of this Indenture; each Issuer (to the extent that
it may lawfully do so) hereby expressly waives all benefit or advantage of
such law and covenants that it will not hinder, delay or impede the exercise of
any power herein granted to the Indenture Trustee, but will suffer and permit
the exercise of every such power as though no such law had been enacted.

 

Section 4.15                            Sale
of Collateral.

 

(a)                                  The
power to effect any public or private sale of any portion of the Collateral
Pool pursuant to Section 4.03 or Section 4.04 shall not
be exhausted by any one or more sales as to any portion of the Collateral
remaining unsold, but shall continue unimpaired until either the entirety of
the Collateral Pool shall have been sold or all amounts payable on the Notes,
to the Insurers, and under this Indenture with respect thereto shall have been
paid. The Indenture Trustee may from time to time postpone any sale by
public announcement made at the time and place of such sale. The Indenture
Trustee hereby expressly waives its right to any amount fixed by law as
compensation for any such sale but such waiver does not apply to any amounts to
which the Indenture Trustee is otherwise entitled under Section 5.04.

 

(b)                                 Subject
to Section 4.15(c), the Indenture Trustee shall not sell the
Collateral included in the Collateral Pool pursuant to Section 4.03
or Section 4.04, unless:

 

(i)                                     the
Requisite Global Majority consents to or directs the Indenture Trustee to make
the related sales; or

 

(ii)                                  the
proceeds of such liquidation would be greater than or equal to the Aggregate Series Principal
Balance plus all accrued and unpaid interest, and any amounts owed to the
Insurers.

 

The foregoing provisions of this Section 4.15 shall not
preclude or limit the ability of the Indenture Trustee or its designee to
purchase all or any portion of the Collateral at any sale, public or private,
and the purchase by the Indenture Trustee or its designee of all or any

 

53

 

portion of the Collateral at any sale shall
not be deemed a sale or disposition thereof for purposes of this Section 4.15(b).

 

(c)                                  In
the event that any Series of Notes is not fully paid on the applicable
Legal Final Payment Date, the applicable Controlling Party shall have the right
to require the sale of the Collateral, subject to Section 4.15(b) and
(d).

 

(d)                                 In
connection with a sale of all or any portion of the Collateral Pool:

 

(i)                                     any
Holder or Holders of Notes or Insurer may bid for and purchase the
property offered for sale, and upon compliance with the terms of sale may hold,
retain and possess and dispose of such property, without further
accountability, and may, in paying the purchase money therefor, deliver any
Outstanding Notes or claims for interest thereon in lieu of cash up to the
amount which shall, upon distribution of the net proceeds of such sale, be
payable thereon, and such Notes, in case the amounts so payable thereon shall
be less than the amount due thereon, shall be returned to the Holders thereof
after being appropriately stamped to show such partial payment;

 

(ii)                                  the
Indenture Trustee shall execute and deliver, without recourse, an appropriate
instrument of conveyance transferring its interest in any portion of the
Collateral Pool in connection with a sale thereof;

 

(iii)                               the
Indenture Trustee is hereby irrevocably appointed the agent and
attorney-in-fact of the Issuers to transfer and convey any such Issuer’s
interest in any portion of the Collateral Pool in connection with a sale
thereof, and to take all action necessary to effect such sale;

 

(iv)                              no
purchaser or transferee at such a sale shall be bound to ascertain the
Indenture Trustee’s authority, inquire into the satisfaction of any conditions
precedent or see to the application of any moneys; and

 

(v)                                 no
purchaser or transferee at such a sale shall have been a prior owner of such
Collateral if such prior owner was Spirit Finance or an Affiliate thereof.

 

Section 4.16                            Action
on Notes.

 

The Indenture Trustee’s right to seek and recover judgment on the Notes
or under this Indenture shall not be affected by the seeking, obtaining or
application of any other relief under or with respect to this Indenture. Neither
the lien of the Mortgages and this Indenture nor any rights or remedies of the
Indenture Trustee, any Series Enhancer or the Noteholders shall be
impaired by the recovery of any judgment by the Indenture Trustee against any
Issuer or by the levy of any execution under such judgment upon any portion of
the Collateral Pool.

 

54

 

ARTICLE V

THE INDENTURE TRUSTEE

 

Section 5.01                            Certain
Duties and Responsibilities.

 

The Issuers hereby irrevocably constitute and appoint the Indenture
Trustee, with full power of substitution, as its true and lawful
attorney-in-fact with full irrevocable power and authority in place and stead
of the Issuers and in the name of the Issuers or in its own name or in the name
of a nominee, from time to time in the Indenture Trustee’s discretion, to take
any and all appropriate action and to execute any and all documents and
instruments which may be necessary or desirable to accomplish the purposes
of this Indenture, all as set forth in this Section.

 

(a)                                  The
rights, duties and liabilities of the Indenture Trustee in respect of this
Indenture shall be as follows:

 

(i)                                     The
Indenture Trustee shall have the full power and authority to do all things not
inconsistent with the provisions of this Indenture that it may deem
advisable in order to enforce the provisions hereof or to take any action with
respect to a default or an Event of Default hereunder, or to institute, appear
in or defend any suit or other proceeding with respect hereto, or to protect
the interests of the Noteholders and the Insurers. The Issuers shall prepare
and file or cause to be filed, at the applicable Issuers’ expense, a UCC
Financing Statement and any continuation statements, describing such Issuers as
debtor, the Indenture Trustee as secured party and the Collateral included in
the Collateral Pool as the collateral, in all appropriate locations in the
State of Delaware promptly following the initial issuance of each Series of
Notes, and within six months prior to each fifth anniversary of the original
filing. The Indenture Trustee is hereby authorized and obligated to make, at
the expense of the applicable Issuers, all required filings and refilings with
respect to which the Indenture Trustee receives written direction from an
Issuer, necessary to preserve the liens created by the Mortgages and this
Indenture as provided therein and herein. The Indenture Trustee shall not be
required to take any action to exercise or enforce the trusts hereby created
which, in the opinion of the Indenture Trustee, shall be likely to involve
expense or liability to the Indenture Trustee, unless the Indenture Trustee
shall have received an agreement satisfactory to it in its reasonable
discretion to indemnify it against such liability and expense. Except as
otherwise expressly provided herein, the Indenture Trustee shall not be
required to ascertain or inquire as to the performance or observance of any of
the covenants or agreements contained herein, or in any other instruments to be
performed or observed by the Issuers.

 

(ii)                                  Subject
to the other provisions of this Article V, the Indenture Trustee,
upon receipt of all resolutions, certificates, statements, opinions, reports,
documents, orders or other instruments furnished to the Indenture Trustee that
are specifically required to be furnished pursuant to any provisions of this
Indenture, shall examine them to determine whether they are on their face in
the form required by this Indenture to the extent expressly set forth
herein. If any such instrument is found on its

 

55

 

face not to conform to the
requirements of this Indenture in a material manner, the Indenture Trustee
shall take such action as it deems appropriate to have the instrument
corrected. The Indenture Trustee shall not incur any liability in acting upon
any signature, notice, request, consent, certificate, opinion, or other
instrument reasonably believed by it to be genuine. In administering the trusts
hereunder, the Indenture Trustee may execute any of the trusts or powers
hereunder directly or through its agents or attorneys; provided, that it
shall remain liable for the acts of all such agents and attorneys. The
Indenture Trustee may, at its own expense (except as otherwise provided in Section 5.04),
consult with counsel, accountants and other professionals to be selected and
employed by it, and the Indenture Trustee shall not be liable for anything
done, suffered or omitted in good faith by it in accordance with the advice of
any such Person nor for any error of judgment made in good faith by a
Responsible Officer, unless it shall be proved that the Indenture Trustee was
negligent in ascertaining the pertinent facts.

 

(iii)                               The
Indenture Trustee shall not, except as otherwise provided in Section 5.01(a)(i),
have any duty to make, arrange or ensure the completion of any recording,
filing or registration of any instrument or other document (including any UCC
Financing Statements), or any amendments or supplements to any of said
instruments or to determine if any such instrument or other document is in a form suitable
for recording, filing or registration, and the Indenture Trustee shall not have
any duty to make, arrange or ensure the completion of the payment of any fees,
charges or taxes in connection therewith.

 

(iv)                              Whenever
in performing its duties hereunder, the Indenture Trustee shall deem it
necessary or desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Indenture Trustee may, in the
absence of bad faith on the part of the Indenture Trustee, rely upon
(unless other evidence in respect thereof be specifically prescribed herein) an
Officer’s Certificate of the Issuers and such Officer’s Certificate shall be
full warrant to the Indenture Trustee for any action taken, suffered or omitted
by it on the faith thereof.

 

(v)                                 Except
in its capacity as successor to the Property Manager, the Indenture Trustee
shall not have any obligations to see to the payment or discharge of any liens
(other than the liens of this Indenture and the Mortgages) upon the Collateral
included in the Collateral Pool, or to see to the application of any payment of
the principal of or interest on any Note secured thereby or to the delivery or
transfer to any Person of any property released from any such lien, or to give
notice to or make demand upon any mortgagor, mortgagee, trustor, beneficiary or
other Person for the delivery or transfer of any such property. The Indenture
Trustee (and any successor trustee or co-trustee in its individual capacity)
nevertheless agrees that it will, at its own cost and expense, promptly take
all action as may be necessary to discharge any liens or encumbrances on
the Collateral included in the Collateral Pool, arising as a result of the
Indenture Trustee (or such successor trustee or co-trustee, as the case may be)
acting negligently, in bad faith or with willful misconduct in its capacity as
Indenture Trustee (or such successor trustee or co-trustee, as the case may be).

 

56

 

(vi)                              The
Indenture Trustee shall not be concerned with or accountable to any Person for
the use or application of any deposited moneys or of any property or securities
or the proceeds thereof that shall be released or withdrawn in accordance with
the provisions hereof or of any property or securities or the proceeds thereof
that shall be released from the lien hereof or thereof in accordance with the
provisions hereof or thereof and the Indenture Trustee shall not have any
liability for the acts of other parties that are not in accordance with the
provisions hereof.

 

(b)                                 The
rights, duties and liabilities of the Indenture Trustee in respect of the
Collateral Pool and this Indenture, in addition to those set forth in Section 5.01(a),
shall be as follows:

 

(i)                                     except
during the continuance of an Event of Default with respect to the Notes, the
Indenture Trustee undertakes to perform such duties and only such duties
as are specifically set forth in this Indenture, and no implied covenants or
obligations shall be read into this Indenture against the Indenture Trustee;
and

 

(ii)                                  the
Indenture Trustee may, in the absence of bad faith on its part, conclusively
rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Indenture
Trustee and conforming to the requirements of this Indenture or any other
Transaction Document, as applicable; but in the case of any such certificates
or opinions which by any provision hereof are specifically required to be
furnished to the Indenture Trustee, the Indenture Trustee shall be under a duty
to examine the same to determine whether or not they conform on their face
to the requirements of this Indenture, to the extent expressly set forth
herein.

 

(c)                                  Subject
to Section 4.12, in case an Event of Default known to the Indenture
Trustee with respect to the Notes has occurred and is continuing, the Indenture
Trustee shall exercise such of the rights and powers vested in it by this
Indenture and the Mortgages, and use the same degree of care and skill in their
exercise, as a prudent person would exercise or use under the circumstances in
the conduct of his own affairs.

 

(d)                                 No
provision of this Indenture shall be construed to relieve the Indenture Trustee
from liability for its own negligent action, its own negligent failure to act,
or its own willful misconduct, except that:

 

(i)                                     this
subsection shall not be construed to limit the effect of subsections
(a), (b) or (c) of this Section;

 

(ii)                                  the
Indenture Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer, unless it shall be proved that the Indenture
Trustee was negligent in ascertaining the pertinent facts;

 

(iii)                               the
Indenture Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the directions of
any applicable party pursuant to a Transaction Document, the Requisite Global
Majority, any Controlling Party or Noteholders of more than 50% (unless a lower
or higher percentage

 

57

 

of Noteholders is expressly
permitted or required to authorize such action hereunder, in which case such
lower or higher percentage) of the Aggregate Series Principal Balance, as
the case may be, relating to the time, method and place of conducting any
proceeding for any remedy available to the Indenture Trustee, or exercising or
omitting exercise any trust or power conferred upon the Indenture Trustee,
under this Indenture with respect to the Notes; and

 

(iv)                              the
Indenture Trustee shall not be required to take notice or be deemed to have
notice or knowledge of a default in the observance of any covenant contained in
Section 9.06 or Article X unless either (i) a
Responsible Officer of the Indenture Trustee shall have actual knowledge of
such default or (ii) written notice of such default shall have been given
by the Issuers or by any Noteholder to and received by a Responsible Officer of
the Indenture Trustee. In the absence of receipt of such notice or actual
knowledge the Indenture Trustee may conclusively assume that is no default
or Event of Default.

 

The Indenture Trustee shall perform the
duties and obligations specified to be performed by the Indenture Trustee in
the Property Management Agreement and in the other Transaction Documents.

 

Section 5.02                            Notice
of Defaults.

 

The Indenture Trustee, promptly but not later than two (2) Business
Days after a Responsible Officer of the Indenture Trustee acquires actual
knowledge of the occurrence of any default under this Indenture, shall notify
the Issuers, the Insurers, the Noteholders and the Rating Agencies of any such
default (a “Notice of Default”), unless
all such defaults known to the Indenture Trustee shall have been cured before
the giving of such notice or unless the same is rescinded and annulled, or
waived by the Requisite Global Majority pursuant to Section 4.02 or
Section 4.12. For the purpose of this Section 5.02, the
term “default” means any event which is, or after notice, direction of the Requisite
Global Majority or any Insurer or lapse of time would become, an Event of
Default with respect to the Notes.

 

Section 5.03                            Certain
Rights of Indenture Trustee.

 

Subject to the provisions of Section 5.01, in connection
with this Indenture:

 

(a)                                  the
Indenture Trustee may request and rely and shall be protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order or other paper or
document believed by it to be genuine and to have been signed or presented by
the proper party or parties as may be required by such party or parties
pursuant to the terms of this Indenture or any other Transaction Document, as
applicable;

 

(b)                                 any
request or direction of an Issuer mentioned herein shall be sufficiently
evidenced by an Issuer Request or Issuer Order and any resolution of the board
of directors of an Issuer may be sufficiently evidenced by a Resolution,
and any request or direction of an Insurer

 

58

 

mentioned
herein shall be sufficiently evidenced by a written order or request dated and
signed in the name of such Insurer by an Authorized Officer of such Insurer;

 

(c)                                  whenever
in the administration of this Indenture the Indenture Trustee shall deem it
desirable that a matter be proved or established prior to taking, suffering or
omitting any action hereunder, the Indenture Trustee (unless other evidence be
herein specifically prescribed) may, in the absence of bad faith on its part,
rely upon an Officer’s Certificate;

 

(d)                                 the
Indenture Trustee may consult with counsel and the written advice of such
counsel or any Opinion of Counsel rendered thereby shall be full and complete
authorization and protection in respect of any action taken, suffered or
omitted by it hereunder in good faith and in reliance thereon;

 

(e)                                  the
Indenture 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 applicable
party pursuant to a Transaction Document, the Requisite Global Majority or of
any of the Noteholders pursuant to this Indenture, unless the Requisite Global
Majority or such Noteholders shall have offered to the Indenture Trustee
reasonable security or indemnity against the costs, expenses and liabilities
that might be incurred by it in compliance with such request or direction;

 

(f)                                    the
Indenture Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture,
note, coupon, other evidence of indebtedness or other paper or document, but
the Indenture Trustee in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the
Indenture Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises
of the Issuer, personally or by agent or attorney;

 

(g)                                 the
Indenture Trustee may, at its own expense (except as otherwise provided in Section 5.04),
execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys of the Indenture
Trustee; provided, that it shall remain liable for the acts of all such
attorneys and agents;

 

(h)                                 the
Indenture Trustee shall not be required to provide any surety or bond of any
kind in connection with the execution or performance of its duties hereunder;

 

(i)                                     except
with respect to the representations made by it in Section 5.06, the
Indenture Trustee shall not make any representations as to the validity or
sufficiency of this Indenture;

 

(j)                                     the
Indenture Trustee shall not at any time have any responsibility or liability
with respect to the legality, validity or enforceability of the Collateral
included in the Collateral Pool other than its failure to act in accordance
with the terms of this Indenture or the Property Management Agreement;

 

(k)                                  The
Indenture Trustee shall be under no obligation to exercise any of the powers
vested in it by this Indenture or any other Transaction Document, as
applicable, or to

 

59

 

institute,
conduct or defend any litigation hereunder or in relation hereto at the
request, order or direction of any of the Noteholders, pursuant to the
provisions of this Indenture, unless such Noteholders shall have offered to the
Indenture Trustee security or indemnity satisfactory to the Indenture Trustee
against the costs, expenses and liabilities which may be incurred therein
or thereby (which in the case of the Requisite Global Majority will be deemed
to be satisfied by a letter agreement with respect to such costs from such Noteholders);
nothing contained herein shall, however, relieve the Indenture Trustee of the
obligation, upon the occurrence of an Event of Default of which a Responsible
Officer of the Indenture Trustee shall have actual knowledge, and such Event of
Default having not been cured, to exercise such of the rights and powers vested
in it by this Indenture, and to use the same degree of care and skill in their
exercise as a prudent person would exercise or use under the circumstances in
the conduct of such person’s own affairs;

 

(l)                                     The
Indenture Trustee shall not be personally liable for any action taken, suffered
or omitted by it in good faith and believed by it to be authorized or within
the discretion or the rights and powers conferred upon it by this Indenture; and

 

(m)                               The
right of the Indenture Trustee to perform any discretionary act enumerated
in this Indenture shall not be construed as a duty, and the Indenture Trustee
shall not be answerable for other than its own negligence or willful misconduct
in the performance of such act.

 

Section 5.04                            Compensation;
Reimbursement; Indemnification.

 

(a)                                  Subject
to Section 5.04(b), the applicable Issuers hereby agree:

 

(1)                                  to
pay or cause to be paid to the Indenture Trustee, in accordance with the terms
of this Indenture, monthly, the related Indenture Trustee Fee as compensation
for all services rendered by it hereunder (which compensation shall not be
limited by any provision of law in regard to the compensation of a trustee of
an express trust); and

 

(2)                                  to
reimburse, indemnify or cause to be indemnified and hold harmless the Indenture
Trustee and its directors, officers, employees, agents, Affiliates and Control
Persons for any loss, liability, claim, expense or disbursements (including
without limitation costs and expenses of litigation, and of investigation,
reasonable counsel fees, damages, judgments and amounts paid in settlement): (A) incurred
in connection with any act (including any actions taken by the Indenture
Trustee or its agents pursuant to Article IV) or omission on the part of
the Indenture Trustee with respect to this Indenture (and the transactions
contemplated in connection herewith), any other Transaction Documents, the
Collateral Pool (including but not limited to protecting its interest in such
Collateral or collecting any amount payable thereunder or in enforcing its
rights with respect to such Collateral, whether or not any legal proceeding is
commenced hereunder or under the Mortgages) or the Notes (in each case, other
than any loss, liability or expense incurred by reason of willful misfeasance,
bad faith or negligence in the performance of the Indenture Trustee’s
obligations or

 

60

 

duties under this Indenture); (B) arising
out of or in any way relating to any one or more of the following: (i) any
accident, injury to or death of persons or loss of or damage to property
occurring in, on or about any Mortgaged Property or any part thereof or on
the adjoining sidewalks, curbs, adjacent property or adjacent parking areas,
streets or ways; (ii) any use, nonuse or condition in, on or about any
Mortgaged Property or any part thereof or on the adjoining sidewalks,
curbs, adjacent property or adjacent parking areas, streets or ways; (iii) performance
of any labor or services or the furnishing of any materials or other property
in respect of any Mortgaged Property or any part thereof; and (iv) any
failure of any Mortgaged Property to be in compliance with any Applicable Laws;
or (C) arising out of or in any way relating to any tax on the making
and/or recording of any Mortgage.

 

With respect to any third party claim:

 

(i)                                     the
Indenture Trustee shall give the Issuers and the Insurers written notice
thereof promptly after the Indenture Trustee shall have knowledge thereof;

 

(ii)                                  while
maintaining control over its own defense, the Indenture Trustee shall cooperate
and consult fully with the Issuers in preparing such defense; and

 

(iii)                               notwithstanding
the foregoing provisions of this Section 5.04(a), the Indenture Trustee
shall not be entitled to reimbursement out of the Payment Account for
settlement of any such claim by the Indenture Trustee entered into without the
prior written consent of the applicable Issuers, which consent shall not be
unreasonably withheld.

 

The provisions of this Section 5.04(a) shall survive
the termination of this Indenture and the resignation or termination of the
Indenture Trustee.

 

The Indenture Trustee agrees to fully perform its duties under
this Indenture notwithstanding any failure on the part of any of the
Issuers to make any payments, reimbursements or indemnifications to the
Indenture Trustee pursuant to this Section 5.04(a); provided,
however, that (subject to Sections 5.04(b) and 5.04(c))
nothing in this Section 5.04 shall be construed to limit the
exercise by the Indenture Trustee of any right or remedy permitted under this
Indenture in the event of any such Issuer’s failure to pay any sums due the
Indenture Trustee pursuant to this Section 5.04.

 

(b)                                 The
obligations of the Issuers set forth in Section 5.04(a) are
nonrecourse obligations solely of the Issuers and will be payable only from the
Collateral Pool. The Indenture Trustee hereby agrees that it has no rights or
claims against the Issuers directly and shall only look to the Collateral Pool
to satisfy any Issuer’s obligations under Section 5.04(a).
Notwithstanding the provisions of Section 4.03, the Indenture
Trustee hereby agrees not to file or join in filing any petition in bankruptcy
or commence any similar proceeding in respect of any Issuer.

 

(c)                                  The
Indenture Trustee shall not institute any proceeding seeking the enforcement of
any lien against the Collateral Pool unless (i) such proceeding is in
connection

 

61

 

with a proceeding
in accordance with Article IV hereof for enforcement of the lien of
the Mortgages and this Indenture for the benefit of the Noteholders and the
Insurers after the occurrence of an Event of Default (other than an Event of
Default due solely to a breach of this Section 5.04) and a
resulting declaration of acceleration of such Notes that has not been rescinded
and annulled, or (ii) such proceeding does not and will not result in or
cause a sale or other disposition of the Collateral included in the Collateral
Pool.

 

Section 5.05                            Corporate
Indenture Trustee Required; Eligibility.

 

The Issuers hereby agree that there shall at all times be an Indenture
Trustee hereunder which shall be a bank (within the meaning of Section 2(a)(5) of
the 1940 Act) organized and doing business under the laws of the United States
or any State thereof, authorized under such laws to exercise corporate trust
powers, having aggregate capital, surplus and undivided profits of at least
$100,000,000, and subject to supervision or examination by Federal or State
authority, the long-term unsecured debt of which is rated not lower than “A1”
by Moody’s and “A+” by S&P and the short-term debt of which is rated not
lower than “P-1” by Moody’s and “A-1” by S&P, or another institution the
retention of which satisfies the Rating Condition. If such bank publishes
reports of condition at least annually, pursuant to law or to the requirements
of said supervising or examining authority, then for the purposes of this
Section, the combined capital, surplus and undivided profits of such bank shall
be deemed to be its combined capital, surplus and undivided profits as set
forth in its most recent report of condition so published. The Indenture
Trustee shall at all times meet the requirements of Section 26(a)(1) of
the 1940 Act and shall in no event be an Affiliate of any Issuer or an
Affiliate of any Person involved in the organization or operation of any Issuer
or be directly or indirectly controlled by any Issuer. If at any time a
Responsible Officer of the Indenture Trustee becomes aware that the Indenture
Trustee has ceased to be eligible in accordance with the provisions of this
Section, the Indenture Trustee shall resign immediately in the manner and with
the effect hereinafter specified in this Article.

 

Section 5.06                            Authorization
of Indenture Trustee.

 

The Indenture Trustee represents and warrants as to itself: that it is
duly authorized under applicable federal law, its charter and its by-laws to
execute and deliver this Indenture, and to perform its obligations
hereunder, including, without limitation, that (assuming it is enforceable
against the other parties hereto) this Indenture constitutes its valid and
binding obligation enforceable against it in accordance with the Indenture’s
terms (subject to applicable bankruptcy and insolvency laws and general
principles of equity), that it is duly authorized to accept the Grant to it of
the Collateral included in the Collateral Pool and is authorized to
authenticate any Series of Notes, and that all corporate action necessary
or required therefor has been duly and effectively taken or obtained and all
federal and state governmental consents and approvals required with respect
thereto have been obtained.

 

The Indenture Trustee is hereby authorized to execute any Joinder
Agreements with respect to the Custody Agreement in connection with the
inclusion of a new Issuer thereunder.

 

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Section 5.07                            Merger,
Conversion, Consolidation or Succession to Business.

 

Any corporation, bank, trust company or association into which the
Indenture Trustee may be merged or converted or with which it may be
consolidated, or any corporation, bank, trust company or association resulting
from any merger, conversion or consolidation to which the Indenture Trustee
shall be a party, or any corporation, bank, trust company or association
succeeding to all or substantially all the corporate trust business of the
Indenture Trustee, shall be the successor of the Indenture Trustee hereunder; provided,
that such corporation, bank, trust company or association shall be otherwise
qualified and eligible under this Article, without the execution or filing of
any paper or any further act on the part of any of the parties hereto.

 

Section 5.08                            Resignation
and Removal; Appointment of Successor.

 

(a)                                  No
resignation or removal of the Indenture Trustee and no appointment of a
successor Indenture Trustee pursuant to this Article shall become
effective until (i) the acceptance of appointment by the successor
Indenture Trustee in accordance with the applicable requirements of Section 5.09,
(ii) payment to the predecessor Indenture Trustee of all unpaid fees and
expenses, (iii) receipt of prior written consent from each Insurer and (iv) the
Rating Condition is satisfied.

 

(b)                                 Subject
to Section 5.08(a), the Indenture Trustee may be removed at
any time with respect to the Notes by the Requisite Global Majority and notice
of such action by the Noteholders shall be delivered to the Indenture Trustee,
the Insurers, the Issuers and the Rating Agencies.

 

(c)                                  If
at any time:

 

(i)                                     the
Indenture Trustee shall cease to be eligible under Section 5.05, or
the representations of the Indenture Trustee in Section 5.06 shall
prove to be untrue in any material respect, and the Indenture Trustee shall
fail to resign after written request therefor by the Issuers or the Noteholders
of 10% of the Aggregate Series Principal Balance; or

 

(ii)                                  the
Indenture Trustee shall become incapable of acting or shall be adjudged a
bankrupt or insolvent or a receiver of the Indenture Trustee or of its property
shall be appointed or any public officer shall take charge or control of the
Indenture Trustee or its property or affairs for the purpose of rehabilitation,
conservation or liquidation;

 

then, in either such case, (i) the Issuers, may by written
notice remove the Indenture Trustee, or (ii) subject to Section 4.13,
any Insurer or Noteholder may, on its own behalf and on behalf of all others
similarly situated, petition any court of competent jurisdiction for the
removal of the Indenture Trustee and the appointment of a successor Indenture
Trustee.

 

(d)                                 If
the Indenture Trustee shall resign, be removed or become incapable of acting,
or if a vacancy shall occur in the office of Indenture Trustee for any reason
(including removal), the Issuers, with the consent of the Requisite Global
Majority, shall promptly appoint a

 

63

 

successor
Indenture Trustee, who shall comply with the applicable requirements of Section 5.09.
If, within 60 days after such resignation, or incapacity, or the occurrence of
such vacancy, a successor Indenture Trustee shall not have been appointed by
the Issuers and shall not have accepted such appointment in accordance with the
applicable requirements of Section 5.09, then a successor Indenture
Trustee shall be appointed by act of the Requisite Global Majority delivered to
the Issuers and the retiring Indenture Trustee, and the successor Indenture
Trustee so appointed shall, forthwith upon its acceptance of such appointment
in accordance with the applicable requirements of Section 5.09,
become the successor Indenture Trustee with respect to the Notes. If the
Indenture Trustee shall resign pursuant to this Section 5.08, then
such resigning Indenture Trustee must pay all costs and expenses associated
with the transfer of its duties. If the Indenture Trustee shall be removed
pursuant to this Section 5.08, then the party requesting such
removal of the Indenture Trustee shall pay all costs and expenses associated
with the transfer of its duties.

 

If, within 120 days after such resignation, removal or incapacity, or
the occurrence of such vacancy, no successor Indenture Trustee shall have been
so appointed and accepted appointment in the manner required by Section 5.09,
the resigning Indenture Trustee may, on its own behalf, petition any court of
competent jurisdiction for the appointment of a successor Indenture Trustee.

 

(e)                                  The
Issuers shall give notice of any resignation or removal of the Indenture
Trustee and the appointment of a successor Indenture Trustee by giving notice
of such event to the Rating Agencies, the Insurers and the Noteholders. Each
notice shall include the name of the successor Indenture Trustee and the
address of its corporate trust office.

 

Section 5.09                            Acceptance
of Appointment by Successor.

 

In case of the appointment hereunder of a successor Indenture Trustee,
the successor Indenture Trustee so appointed shall execute, acknowledge and
deliver to the Issuers and to the retiring Indenture Trustee an instrument
accepting such appointment, and thereupon the resignation or removal of the
retiring Indenture Trustee shall become effective and such successor Indenture
Trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties of the retiring Indenture Trustee;
but, on the request of the Issuers or the successor Indenture Trustee, such
retiring Indenture Trustee shall, upon payment of its fees, execute and deliver
an instrument transferring to such successor Indenture Trustee all the rights,
powers and trusts of the retiring Indenture Trustee, shall duly assign,
transfer and deliver to such successor Indenture Trustee all property and money
held by such retiring Indenture Trustee hereunder, and shall take such action
as may be requested by the Issuers to provide for the appropriate interest
in the Collateral Pool (including, without limitation, the Mortgages) to be
vested in such successor Indenture Trustee, but shall not be responsible for
the recording of such documents and instruments as may be necessary to
give effect to the foregoing.

 

Upon request of any such successor Indenture Trustee, the Issuers shall
execute any and all instruments for more fully and certainly vesting in and
confirming to such successor Indenture Trustee all such rights, powers and
trusts referred to in this Section.

 

64

 

No successor Indenture Trustee shall accept its appointment unless at
the time of such acceptance such successor Indenture Trustee shall be qualified
and eligible under this Article.

 

Section 5.10                            Unclaimed
Funds.

 

The Indenture Trustee is required to hold any payments received by it
with respect to the Notes that are not paid to the Noteholders in trust for the
Noteholders. Notwithstanding the foregoing, at the expiration of three years
following the Final Payment Date for any Class of Notes of any Series and
with the prior written consent of each Insurer, any moneys set aside in accordance
with Section 2.11(b) for payment of principal, interest and
other amounts on such Notes remaining unclaimed by any lawful owner thereof,
and, to the extent required by applicable law, any accrued interest thereon
shall be remitted to the applicable Issuers, as their interest may appear,
to be held in trust by such Issuers for the benefit of the applicable
Noteholder until distributed in accordance with applicable law, and all
liability of the Indenture Trustee with respect to such money shall thereupon
cease; provided, that the Indenture Trustee, before being required to
make any such remittance, may, at the expense of the applicable Noteholder,
payable out of such unclaimed funds, to the extent permitted by applicable law,
and otherwise at the expense of the applicable Issuers payable out of the
Collateral Pool, cause to be published at least once but not more than three
times in two newspapers in the English language customarily published on each
Business Day and of general circulation in New York, New York, a notice to the
effect that such moneys remain unclaimed and have not been applied for the
purpose for which they were deposited, and that after a date specified therein,
which shall be not less than 30 days after the date of first publication of
said notice, any unclaimed balance of such moneys then remaining in the hands
of the Indenture Trustee will be paid to the applicable Issuers upon their
written directions to be held in trust for the benefit of the applicable
Noteholder until distributed in accordance with applicable law. Any successor
to an Issuer through merger, consolidation or otherwise or any recipient of
substantially all the assets of an Issuer in a liquidation of such Issuer shall
remain liable for the amount of any unclaimed balance paid to such Issuer
pursuant to this Section 5.10.

 

Section 5.11                            Illegal
Acts.

 

No provision of this Indenture or any amendment or supplement hereto
shall be deemed to impose any duty or obligation on the Indenture Trustee to do
any act in the performance of its duties hereunder or to exercise any right,
power, duty or obligation conferred or imposed on it, which under any present
or future law shall be unlawful, or which shall be beyond the corporate powers,
authorization or qualification of the Indenture Trustee.

 

Section 5.12                            Communications
by the Indenture Trustee.

 

The Indenture Trustee, if any principal of or interest on any Notes due
and payable hereunder is not paid, shall send to the applicable Issuers, within
one (1) Business Day after the Maturity thereof, a written demand for
payment thereon.

 

65

 

Section 5.13                            Separate
Indenture Trustees and Co-Trustees.

 

(a)                                  Notwithstanding
any other provisions of this Indenture, at any time, for the purpose of meeting
legal requirements applicable to it in the performance of its duties hereunder,
the Indenture Trustee shall have the power to, and shall execute and deliver
all instruments to, appoint one or more Persons to act as separate trustees or
co-trustees hereunder, jointly with the Indenture Trustee, of any portion of
the Collateral Pool subject to this Indenture, and any such Persons shall be
such separate trustee or co-trustee, with such powers and duties consistent
with this Indenture as shall be specified in the instrument appointing such
Person but without thereby releasing the Indenture Trustee from any of its
duties hereunder. If the Indenture Trustee shall request the Issuers to do so,
the Issuers shall join with the Indenture Trustee in the execution of such
instrument, but the Indenture Trustee shall have the power to make such
appointment without making such request. A separate trustee or co-trustee
appointed pursuant to this Section 5.13 need not meet the
eligibility requirements of Section 5.05.

 

(b)                                 Every
separate trustee and co-trustee shall, to the extent not prohibited by law, be
subject to the following terms and conditions:

 

(i)                                     the
rights, powers, duties and obligations conferred or imposed upon such separate
or co-trustee shall be conferred or imposed upon and exercised or performed by
the Indenture Trustee and such separate or co-trustee jointly, as shall be
provided in the appointing instrument, except to the extent that under any law
of any jurisdiction in which any particular act is to be performed any
nonresident trustee shall be incompetent or unqualified to perform such
act, in which event such rights, powers, duties and obligations shall be
exercised and performed by such separate trustee or co-trustee at the direction
of the Indenture Trustee;

 

(ii)                                  all
powers, duties, obligations and rights conferred upon the Indenture Trustee, in
respect of the custody of all cash deposited hereunder shall be exercised
solely by the Indenture Trustee; and

 

(iii)                               the
Indenture Trustee may at any time by written instrument accept the
resignation of or remove any such separate trustee or co-trustee, and, upon the
request of the Indenture Trustee, the Issuers shall join with the Indenture
Trustee in the execution, delivery and performance of all instruments and
agreements necessary or proper to make effective such resignation or removal,
but the Indenture Trustee shall have the power to accept such resignation or to
make such removal without making such request. A successor to a separate
trustee or co-trustee so resigning or removed may be appointed in the
manner otherwise provided herein.

 

(c)                                  Such
separate trustee or co-trustee, upon acceptance of such trust, shall be vested
with the estates or property specified in such instruments, jointly with the
Indenture Trustee, and the Indenture Trustee shall take such action as may be
necessary to provide for (i) the appropriate interest in the Collateral
Pool to be vested in such separate trustee or co-trustee, and (ii) the
execution and delivery of any transfer documentation or bond powers that may be
necessary to give effect to the transfer of the lien of this Indenture and the
Mortgages to the co-trustee. Any separate trustee or co-trustee may, at any
time, by written instrument constitute the

 

66

 

Indenture
Trustee, its agent or attorney-in-fact with full power and authority, to the
extent permitted by law, do all acts and things and exercise all discretion
authorized or permitted by it, for and on behalf of it and in its name. If any
separate trustee or co-trustee shall be dissolved, become incapable of acting,
resign, be removed or die, all the estates, property, rights, powers, trusts,
duties and obligations of said separate trustee or co-trustee, so far as
permitted by law, shall vest in and be exercised by the Indenture Trustee,
without the appointment of a successor to said separate trustee or co-trustee,
until the appointment of a successor to said separate trustee or co-trustee is
necessary as provided in this Indenture.

 

(d)                                 Any
notice, request or other writing, by or on behalf of any Insurer or Noteholder,
delivered to the Indenture Trustee shall be deemed to have been delivered to
all separate trustees and co-trustees.

 

(e)                                  Although
co-trustees may be jointly liable, no co-trustee or separate trustee shall
be severally liable by reason of any act or omission of the Indenture Trustee
or any other such trustee hereunder.

 

(f)                                    No
appointment of a separate trustee or co-trustee pursuant to this Section 5.13
shall relieve the Indenture Trustee of any of its obligations, duties or
responsibilities hereunder in any way or to any degree.

 

ARTICLE VI

REPORTS TO NOTEHOLDERS

 

Section 6.01                            Reports
to Noteholders and Others.

 

(a)                                  Based
on information with respect to the Mortgage Loans, Mortgaged Properties and
Leases provided to the Indenture Trustee by the Property Manager and the
Special Servicer pursuant to the Property Management Agreement (and the
Indenture Trustee’s calculations based on such information and the Indenture
Trustee’s records with respect to the Notes), the Indenture Trustee shall
prepare, or cause to be prepared, and make available either in electronic
format or by first class mail on each Payment Date, or as soon thereafter
as is practicable, to the Issuers, the Insurers, the Initial Purchasers, the
Rating Agencies, each Noteholder and any other Person upon the direction of any
Issuer a statement in respect of the payments made on such Payment Date setting
forth the information set forth in Exhibit B hereto (the “Trustee Report”). The Indenture Trustee
shall promptly make each Trustee Report available via the Indenture Trustee’s
internet website to any Noteholder, Note Owner or prospective investor upon
receipt by the Indenture Trustee from such person of a certification in the form of
Exhibit E-1 or E-2 attached hereto, as applicable, and to
the Insurers, the Issuers, designees of the Issuers, the Property Manager, the
Special Servicer, the Back-Up Manager, any Sub-Manager, the Rating Agencies and
the Initial Purchasers. The Indenture Trustee’s internet website will be
located at “http://www.sf.citidirect.com” or at such other address as the
Indenture Trustee shall notify the parties hereto from time to time. For
assistance with the Indenture Trustee’s internet website, Noteholders may call
(800) 422-2066.

 

67

 

In connection with providing access to the Indenture Trustee’s internet
website, the Indenture Trustee shall require registration and the acceptance of
a disclaimer as well as the delivery of a request for information,
substantially in the form of Exhibit E-1 or Exhibit E-2,
as applicable. The Indenture Trustee shall not be liable for having
disseminated information in accordance with this Indenture.

 

The Indenture Trustee shall be entitled to rely on and shall not be
responsible for the content or accuracy of any information provided by third
parties for purposes of preparing the Trustee Report and may affix thereto
any disclaimer it deems appropriate in its reasonable discretion (without
suggesting liability on the part of any other party hereto).

 

(b)                                 Within
a reasonable period of time after the end of each calendar year (but in no
event more than 60 days following the end of such calendar year), the Indenture
Trustee shall prepare, or cause to be prepared, and make available either in
electronic format or by first class mail to each Person who at any time
during the calendar year was a Noteholder (i) a statement containing the
aggregate amount of principal and interest payments on the Notes for such
calendar year or applicable portion thereof during which such person was a
Noteholder and (ii) such other customary information as the Indenture
Trustee deems necessary or desirable for Noteholders to prepare their federal,
state and local income tax returns including, without limitation (and to the
extent provided to it by the Issuers which shall so cause such information to
be provided), the amount of original issue discount accrued on the Notes, if applicable.
The obligations of the Indenture Trustee in the immediately preceding sentence
shall be deemed to have been satisfied to the extent that substantially
comparable information has been provided by the Indenture Trustee.

 

Section 6.02                            Certain
Communications with the Rating Agencies.

 

Upon request by any Rating Agency, the Indenture Trustee shall make
available or send, in the case of all material items, and shall endeavor to
make available or send, in the case of all other items, a copy of each supplement,
notice, certificate, request, demand, financial statement and amortization schedule sent
by it or received by it pursuant to or in connection with this Indenture or the
Collateral Pool or any part thereof, other than statements of the
Indenture Trustee’s fees and expenses sent by it to the Issuers and any other
communications of a similar and solely administrative nature in the Indenture
Trustee’s sole opinion, to such Rating Agency and the Insurers.

 

Section 6.03                            Access
to Certain Information.

 

(a)                                  The
Indenture Trustee shall afford to the Issuers, the Property Manager, the
Special Servicer, the Back-Up Manager, the Insurers, the OTS, the FDIC and any
other banking or insurance regulatory authority that may exercise
authority over any Noteholder, access to any documentation regarding the
Collateral Pool within its control that may be required to be provided by
this Indenture or by applicable law. Such access shall be afforded without
charge but only upon reasonable prior written request and during normal
business hours at the offices of the Indenture Trustee designated by it.

 

68

 

(b)                                 The
Indenture Trustee shall maintain at its office primarily responsible for
administration of the Collateral Pool and shall deliver to the Issuers, the
Insurers, the Rating Agencies and, subject to the succeeding paragraph, any
Noteholder or Note Owner or Person identified to the Indenture Trustee as a
prospective transferee of a Note or an Ownership Interest therein (at the
reasonable request and, except for the Rating Agencies, expense of the
requesting party), copies of the following items (to the extent that such items
have been delivered to the Indenture Trustee or the Indenture Trustee can cause
such items to be delivered to it without unreasonable burden or expense): (i) any
private placement memorandum or disclosure document relating to the applicable
Notes, in the form most recently provided to the Indenture Trustee by the
applicable Issuers or by any Person designated by such Issuers; (ii) this
Indenture, the LLC Agreements, the Property Management Agreement, any Purchase
and Sale Agreements and any amendments hereto or thereto; (iii) all
reports prepared by, and all reports delivered to, the Indenture Trustee, the Property
Manager, the Special Servicer or the Back-Up Manager in such capacities since
the Initial Closing Date; (iv) all Officer’s Certificates delivered by the
Property Manager and the Special Servicer since the Initial Closing Date
pursuant to Section 3.13 of the Property Management Agreement and all
Officer’s Certificates delivered by the Issuers since the Initial Closing Date
pursuant to Section 9.07; (v) all accountants’ reports caused
to be delivered by the Property Manager and the Special Servicer since the
Initial Closing Date pursuant to Section 3.14 of the Property Management
Agreement; (vi) all Determination Date Reports, Special Servicer Reports
and Modified Collateral Detail and Realized Loss Reports (each, as defined in
the Property Management Agreement) since the Initial Closing Date prepared
pursuant to Section 4.01 of the Property Management Agreement; (vii) the
Loan Files and the Lease Files, including any and all modifications, waivers
and amendments of the terms of each Mortgage Loan or Lease entered into or
consented to by the Property Manager or the Special Servicer and delivered to
the Indenture Trustee pursuant to Section 3.19 of the Property Management
Agreement or otherwise; and (viii) any and all Officer’s Certificates and
other evidence to support the Property Manager’s or the Special Servicer’s, as
the case may be, determination that any Property Protection Advance was
or, if made, would be a Nonrecoverable Property Protection Advance. The
Indenture Trustee shall make available copies of any and all of the foregoing
items upon request of any party set forth in the previous sentence. However,
the Indenture Trustee shall be permitted to require of such party the payment
of a sum sufficient to cover the reasonable costs and expenses of providing
such copies as are requested by such party.

 

If requested by any Noteholder or an Insurer, the Indenture Trustee (to
the extent it is able to obtain such information from the Property Manager)
shall provide: (i) the most recent inspection report prepared by the
Property Manager or the Special Servicer in respect of each Mortgaged Property
pursuant to Section 3.12(a) of the Property Management Agreement; (ii) the
most recent available operating statement and financial statements of the
related Borrower or Tenant collected by the Property Manager or the Special
Servicer pursuant to Section 3.12(b) of the Property Management
Agreement, together with the accompanying written reports to be prepared by the
Property Manager or the Special Servicer, as the case may be, pursuant to Section 3.12(c) of
the Property Management Agreement; and (iii) any and all notices and
reports with respect to any Mortgaged Property as to which environmental
testing is contemplated by Section 10.08.

 

The Indenture Trustee will make available, upon reasonable advance
notice and at the expense of the requesting party, copies of the above items to
any Noteholder or Note Owner

 

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and to prospective purchasers of Notes; provided,
that, as a condition to making such items available, the Indenture Trustee
shall require (a) in the case of Noteholders or Note Owners, a
confirmation executed by the requesting Person substantially in the form of
Exhibit E-1 hereto generally to the effect that such Person is a
Noteholder or Note Owner, is requesting the information solely for use in
evaluating such Person’s investment in the related Notes and will otherwise
keep such information confidential and (b) in the case of a prospective
purchaser, confirmation executed by the requesting Person and such Person’s
prospective transferor substantially in the form of Exhibit E-2
hereto generally to the effect that such Person is a prospective purchaser of
Notes, is requesting the information solely for use in evaluating a possible
investment in such Notes and will otherwise keep such information confidential.

 

(c)                                  The
Indenture Trustee shall not be liable for any dissemination of information made
in accordance with Section 6.03(a) or (b).

 

ARTICLE VII

REDEMPTION; SERIES ENHANCEMENT

 

Section 7.01                            Redemption
of the Notes.

 

The Notes of each Series shall be subject to mandatory or optional
redemption as provided in the applicable Series Supplement.

 

Section 7.02                            Series Enhancement.

 

To manage any other risks between the Collateral Pool and the Notes of
any Series, the applicable Issuers, on or before the related Series Closing
Date, may enter into one or more types of Series Enhancement with
respect to such Series of Notes, and may from time to time thereafter
enter into additional Series Enhancements, in each case so long as the
Rating Condition is satisfied. The Series Supplement with respect to such Series of
Notes shall specify the form of Series Enhancement and Series Enhancer,
if any, and any additional terms with respect thereto.

 

ARTICLE VIII

SUPPLEMENTAL INDENTURES; AMENDMENTS

 

Section 8.01                            Supplemental
Indentures or Amendments Without Consent of Noteholders.

 

Without the consent of any Noteholder, but with the prior written
consent of each Insurer and upon 20 days’ prior written notice to the Rating
Agencies, the parties to each agreement listed below, at any time and from time
to time, may enter into one or more indentures supplemental hereto, or one
or more amendments hereto or to the Notes, the Property Management Agreement,
any Performance Undertaking or any other Transaction Documents, as applicable,
for any of the following purposes:

 

70

 

(1)                                  to
correct any typographical error or cure any ambiguity, or to cure, correct,
amend or supplement any provision herein or in the Notes, the Property
Management Agreement, any Performance Undertaking or any other Transaction
Document;  provided, that such
action shall not adversely affect the interests of the Noteholders in any
material respect; provided, that if the Rating Condition is satisfied,
any such action shall be deemed not to materially adversely affect the
interests of any Noteholder;

 

(2)                                  to
convey, transfer, assign, mortgage or pledge any property to the Indenture
Trustee so long as the interests of the Noteholders and the Insurers would not
be adversely affected in any material respect;

 

(3)                                  to
correct any manifestly incorrect description, or amplify the description, of
any property subject to the lien of the Mortgages or this Indenture;

 

(4)                                  to
modify the Indenture, the Property Management Agreement, any Performance
Undertaking or any other Transaction Documents as required or made necessary by
any change in applicable law, so long as the interests of the Noteholders would
not be adversely affected in any material respect; provided, that if the
Rating Condition is satisfied, any such action shall be deemed not to
materially adversely affect the interests of any Noteholder;

 

(5)                                  to
add to the covenants of any Issuer, or any other party for the benefit of the
Noteholders, or to surrender any right or power conferred upon any Issuer under
this Indenture, the Property Management Agreement, any Purchase and Sale
Agreement, any Environmental Indemnity Agreement or any Performance
Undertaking;

 

(6)                                  to
add any additional Events of Default hereunder or Servicer Replacement Events
(as defined in the Property Management Agreement) under the Property Management
Agreement; provided, that such action shall not adversely affect the
interests of the Noteholders in any material respect; provided, that if
the Rating Condition is satisfied, any such action shall be deemed not to
materially adversely affect the interests of any Noteholder; or

 

(7)                                  to
evidence and provide for the acceptance of appointment by a successor Indenture
Trustee, Property Manager, Special Servicer, Collateral Agent, Custodian or
Back-Up Manager.

 

No such supplemental indenture or amendment shall be effective unless
the Indenture Trustee and each Insurer shall have first received a Tax Opinion
to the effect that such amendment will not (i) cause any Class of
Notes of any Series that was characterized as debt, as of the applicable Series Closing
Dates, to be characterized other than as indebtedness for U.S. federal income
tax purposes, or (ii) cause or constitute an event in which any U.S.
federal income tax gain or loss would be recognized by any Noteholder or any
Issuer.

 

71

 

Without the consent of any Noteholder, but with the prior written
consent of each Insurer and upon 20 days’ prior written notice to the Rating
Agencies, the Issuers and the Indenture Trustee, at any time and from time to
time, may enter into one or more amendments to any Account Control
Agreement and the Indenture Trustee is authorized to enter into any such
amendment at the direction of any Insurer (so long as no Insurer Default with
respect to such Insurer has occurred and is continuing).

 

Section 8.02                            Supplemental
Indentures With Consent.

 

With the consent of the Controlling Party of each Series (in the
case of any Insurer Default that has occurred and is continuing, a decision of
the Holders of not less than 66 2/3% of the Aggregate Series Principal
Balance will be necessary with respect to any actions to be taken by such
Controlling Parties), and 20 days’ prior written notice to the Rating Agencies,
the parties to the agreements listed below may enter into one or more
indentures supplemental hereto, or one or more amendments hereto or to the
Notes, the Property Management Agreement, any Performance Undertaking or any
other Transaction Document for the purpose of adding any provisions hereto or
thereto, changing in any manner or eliminating any of the provisions hereof or
thereof or modifying in any manner the rights of the Noteholders hereunder or
thereunder; provided, that no such supplemental indenture or amendment
shall be effective unless the Indenture Trustee and each Insurer shall have
first received a Tax Opinion to the effect that such amendment will not (i) cause
any Class of Notes of any Series that was characterized as debt as of
the applicable Series Closing Date to be characterized other than as
indebtedness for federal income tax purposes or (ii) cause or constitute
an event in which any U.S. federal income tax gain or loss would be recognized
by any Noteholder or any Issuer; and provided, further, that no
such supplemental indenture or amendment may, without the consent of the
Noteholders of 100% of the Aggregate Series Principal Balance of the
Outstanding Notes affected thereby:

 

(1)                                  change
a Legal Final Payment Date or Rated Final Payment Date or the Payment Date of
any principal, interest or other amount on any Note;

 

(2)                                  reduce
the Note Principal Balance of a Note, or the applicable Note Rate;

 

(3)                                  authorize
the Indenture Trustee to agree to delay the timing of, or reduce the payments
to be made on or in respect of, the Mortgage Loans, the Mortgaged Properties or
the Leases, except as provided in this Indenture, in the Property Management
Agreement or in any Purchase and Sale Agreement;

 

(4)                                  change
the coin or currency in which the principal of any Note or interest thereon is
payable;

 

(5)                                  impair
the right to institute suit for the enforcement of any such payment on or after
a Legal Final Payment Date;

 

(6)                                  reduce
the percentage of the then Aggregate Series Principal Balance, the consent
of whose Holders is required for any supplemental indenture or amendment, or
the consent of whose Holders is required for any

 

72

 

waiver of defaults under this
Indenture and their consequences provided for in this Indenture, or for any
other reason under this Indenture;

 

(7)                                  change
any obligation of the Issuers to maintain an office or agency in the places and
for the purposes set forth in this Indenture;

 

(8)                                  except
as otherwise expressly provided in this Indenture, in the Property Management
Agreement, in any Purchase and Sale Agreement or in any Mortgage, deprive the
Indenture Trustee of the benefit of a first priority security interest in the
Collateral included in the Collateral Pool;

 

(9)                                  modify
Section 2.11; or

 

(10)                            release
from the lien of any Mortgage, the related Purchase and Sale Agreement and this
Indenture (except as specifically permitted under this Indenture, the Property
Management Agreement, the related Purchase and Sale Agreement or the related
Mortgage) all or any portion of the Collateral Pool.

 

It shall not be necessary for the consent of the Noteholders under this
Section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such consent shall approve the
substance thereof.

 

Notwithstanding anything to the contrary in this Indenture, none of the
above-referenced Transaction Documents may be amended without the consent
of the Property Manager, the Special Servicer or the Back-Up Manager, as
applicable, if such person would be materially adversely affected by such
amendment, regardless of whether any such person is a party to such agreement.

 

Section 8.03                            Delivery
of Supplements and Amendments.

 

Promptly after the execution by the Issuers and the Indenture Trustee
(and any other party, if required) of any supplemental indenture or amendment
pursuant to the provisions hereof, the Indenture Trustee, at the expense of the
Issuers payable out of the Collateral Pool pursuant to Section 5.04,
shall furnish a notice setting forth in general terms the substance of such
supplemental indenture or amendment to the Rating Agencies and to each Noteholder
at the address for such Noteholder set forth in the Note Register.

 

Section 8.04                            Series Supplements.

 

(a)                                  For
purposes of this Article VIII, a Series Supplement executed in
accordance with the provisions of Section 2.04(c) shall not be
considered an amendment or supplemental indenture for the purposes of this Article VIII.
Accordingly, any Series Supplement executed in accordance with the
provisions of Section 2.04(c) may amend, modify or
supplement this Indenture and the Issuers and the other parties thereto may amend,
modify or supplement any of the Transaction Documents in connection with any
such New Issuance, in each case without the consent of the Noteholders; provided,
that no such Series Supplement may, without the consent of each Noteholder
holding 100% of the Aggregate Series Principal Balance of the Outstanding
Notes affected thereby:

 

73

 

(1)                                  change
the Legal Final Payment Date or Rated Final Payment Date the Payment Date of
any principal, interest or other amount on any such Note, or reduce the Note
Principal Balance thereof or the Note Rate thereon, or change the coin or
currency in which the principal of any Note or interest thereon is payable, or
impair the right to institute suit for the enforcement of any such payment on
or after the Legal Final Payment Date thereof;

 

(2)                                  reduce
the percentage of the then Aggregate Series Principal Balance, the consent
of whose Holders is required for any such Series Supplement, or the
consent of whose Holders is required for any waiver of defaults hereunder and
their consequences provided for in this Indenture, or for any other reason
under this Indenture (including for actions taken by the Indenture Trustee
pursuant to Section 4.01);

 

(3)                                  change
any obligation of the Issuers to maintain an office or agency in the places and
for the purposes set forth in this Indenture;

 

(4)                                  except
as otherwise expressly provided in this Indenture, in the Property Management
Agreement, in any Purchase and Sale Agreement or in any Mortgage, deprive any
Noteholder of the benefit of a valid first priority perfected security interest
in the Collateral included in the Collateral Pool;

 

(5)                                  release
from the lien of the Mortgages or this Indenture (except as specifically
permitted under this Indenture, the Property Management Agreement, the related
Purchase and Sale Agreement or the related Mortgage) all or any portion of the
Collateral Pool;

 

(6)                                  modify
the definition of Noteholder; or

 

(7)                                  modify
this Section 8.04.

 

Section 8.05                            Execution
of Supplemental Indentures, etc.

 

In executing, or accepting the additional trusts created by, any
supplemental indenture or amendment permitted by this Article or in
accepting the modifications thereby of the trusts created by this Indenture or
in giving any consent to any modification of any Mortgage Loan or any Lease
pursuant to this Indenture, the Indenture Trustee shall be entitled to receive,
at the applicable Issuers’ expense payable out of the Collateral Pool pursuant
to Section 5.04, and shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture,
amendment or modification is authorized or permitted by this Indenture and each
Series Supplement. The Indenture Trustee may, but shall not be obligated
to, enter into any such supplemental indenture or amendment or consent to any
such modification which affects the Indenture Trustee’s own rights, duties or
immunities under this Indenture or otherwise.

 

74

 

Section 8.06                            Amendments
to any Insurance Policy.

 

Notwithstanding any contrary provision in any other Transaction
Document or applicable Series Transaction Document, none of the Issuers,
the Indenture Trustee or an Insurer shall consent to any amendment to the
related Insurance Policy unless the Rating Condition is satisfied.

 

ARTICLE IX

COVENANTS; WARRANTIES

 

Section 9.01                            Maintenance
of Office or Agency.

 

The Issuers shall maintain or cause to be maintained an office or
agency in the continental United States where notices and demands to or upon
the Issuers in respect of the Notes and this Indenture may be served. The
Issuers shall give prompt written notice to the Indenture Trustee, the Insurers
and the Noteholders of the location, and any change in the location, of such
office or agency.

 

Section 9.02                            Existence
and Good Standing.

 

Subject to Section 9.08, the Issuers will each keep in full
effect its existence, rights and franchises under the laws of its jurisdiction
of organization, and will remain in good standing as a foreign limited
liability company, in each jurisdiction to the extent the failure to remain in
good standing would affect materially and adversely the enforceability of this
Indenture or such Issuer’s performance hereunder.

 

Section 9.03                            Payment
of Taxes and Other Claims.

 

(a)                                  The
Issuers shall pay or discharge or cause to be paid or discharged, before the
same shall become delinquent, all taxes, assessments, governmental charges and
claims (the “Taxes”) levied
or imposed upon the Issuers or upon the income, profits or property of the
Issuers, or shown to be due on the tax returns filed by the Issuers, except any
such Taxes which any Issuer is in good faith contesting in appropriate
proceedings and with respect to which adequate reserves are established if
required in accordance with GAAP;  provided,
that such failure to pay or discharge will not cause a forfeiture of, or a lien
to encumber, any property included in the Collateral Pool. Upon the written
direction of the Property Manager in accordance with the Property Management
Agreement, the Indenture Trustee is authorized to pay out of the Payment
Account, prior to making payments on the Notes, any such Taxes which, if not
paid, would cause a forfeiture of, or a lien to encumber, any property included
in the Collateral Pool.

 

(b)                                 After
prior written notice to the Indenture Trustee, any Issuer, at its own expense, may contest
by appropriate legal proceeding, promptly initiated and conducted in good faith
and with due diligence, the amount or validity or application in whole or in part of
any of the Taxes; provided, that (i) no Event of Default has
occurred and is continuing, (ii) such Issuer is not prohibited from doing
so under the provisions of any mortgage, deed of trust or deed to secure debt
affecting the related Mortgaged Property, (iii) such proceeding shall
suspend the

 

75

 

collection of
the Taxes from such Issuer and from such Mortgaged Property or such Issuer
shall have paid all of the Taxes under protest, (iv) such proceeding shall
be permitted under and be conducted in accordance with the provisions of any
other instrument to which such Issuer is subject and shall not constitute a
default thereunder, (v) neither such Mortgaged Property nor any part thereof
or interest therein will be in danger of being sold, forfeited, terminated,
cancelled or lost, and (vi) unless such Issuer has paid all of the Taxes
under protest, such Issuer has furnished such security as may be required
in the proceeding, as may be reasonably requested by the Indenture Trustee
to insure the payment of any contested Taxes, together with all interest and
penalties thereon.

 

Section 9.04                            Validity
of the Notes; Title to the Collateral; Lien.

 

(a)                                  Each
Issuer represents and warrants to the other parties hereto that such Issuer is
duly authorized under applicable law and the related LLC Agreement to create
and issue the Notes, to pledge the applicable Collateral included in the
Collateral Pool to the Indenture Trustee, to execute and deliver this
Indenture, the other documents referred to herein to which it is a party and
all instruments included in the Collateral Pool which it has executed and
delivered, and that all partnership action and governmental consents,
authorizations and approvals necessary or required therefor have been duly and
effectively taken or obtained. The Notes, when issued, will be, and this
Indenture and such other documents are, valid and legally binding obligations
of the Issuers enforceable in accordance with their terms, subject only to
bankruptcy, reorganization, insolvency and other laws affecting the enforcement
of creditor’s rights generally and to general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or law).

 

(b)                                 Each
Issuer represents and warrants to the other parties hereto that (i) such
Issuer has good title to, and is the sole owner of, each applicable Mortgage
Loan, Mortgaged Property and Lease, as applicable, and all other applicable
Collateral included in the Collateral Pool, free and clear of any pledge, lien,
encumbrance or security interest other than Permitted Exceptions and the liens
created hereby and under the related Mortgages, (ii) this Indenture
creates a valid and continuing security interest in each such item of the
Collateral Pool in which a security interest may be created under Article 9
of the UCC in favor of the Indenture Trustee, which security interest is prior
to all other liens, encumbrances and security interests, subject only to
exceptions permitted in this Indenture, in the Property Management Agreement
and in the related Mortgages, and is enforceable as such against creditors of
and purchasers from such Issuer, (iii) each Mortgage creates a valid lien
upon the applicable Mortgage Loans, Mortgaged Property and Lease, as
applicable, specified therein, which lien is prior to all other liens,
encumbrances and security interests, subject only to exceptions permitted in
this Indenture, in the Property Management Agreement and in such Mortgage, and
is enforceable as such against creditors of and purchasers from such Issuer, (iv) the
assignment of rents contained in each related Mortgage (or in a separate
document, if required by the local jurisdiction) constitutes the legal, valid,
binding and enforceable assignment of such Issuer’s rights in each applicable
Mortgage Loan or Lease, as applicable, subject only to exceptions permitted in
this Indenture, in the Property Management Agreement and in such Mortgage or
separate document, and (v) such Issuer has received all consents and
approvals required by the terms of the applicable Collateral to Grant such
Collateral included in the Collateral Pool to the Indenture Trustee as provided
herein and in the related Mortgages.

 

76

 

(c)                                  The
Issuers have caused the filing of appropriate financing statements with the
Secretary of State of the State of Delaware in order to perfect the security
interests in the Collateral granted to the Indenture Trustee hereunder, to the
extent such security interests may be perfected by such filing.

 

(d)                                 Other
than the lien and security interest Granted to the Indenture Trustee hereunder
and under the Mortgages (and as otherwise permitted in the Property Management
Agreement or this Indenture), the Issuers have not pledged, assigned, sold,
granted a security interest in, or otherwise conveyed any of the Collateral
included in the Collateral Pool. The Issuers have not authorized the filing of
and are not aware of any financing statements against any such Issuer that
include a description of collateral covering the Collateral other than any
financing statements filed in favor of the Indenture Trustee. The Issuers are
not aware of any judgment or tax lien filings against any such Issuer.

 

(e)                                  The
Issuers shall ensure that all cash and investment property at any time owned by
the Issuers and held as part of the Collateral Pool is deposited and
maintained in the Collection Account, Lockbox Account, Payment Account,
Cashflow Coverage Reserve Account, Release Account, Hedge Counterparty Accounts
or any other account subject to an Account Control Agreement. Each such account
shall be maintained in the name of the Indenture Trustee, and the Issuers shall
not consent to the bank or securities intermediary maintaining any such account
to comply with instructions or entitlement orders of any person other than the
Property Manager in accordance with the Property Management Agreement or the
Indenture Trustee. The Issuers will ensure that the bank or securities
intermediary maintaining the Collection Account, Release Account, Payment
Account, Cashflow Coverage Reserve Account or any other account held as part of
the Collateral Pool, on or promptly after the establishment of such account,
executes and delivers to the Indenture Trustee an Account Control Agreement
with respect to such account.

 

(f)                                    The
Issuers represent and warrant that the Indenture is not required to be
qualified under the 1939 Act and that no Issuer is required to be registered as
an “investment company” under the 1940 Act.

 

Section 9.05                            Protection
of Collateral Pool.

 

The Issuers, and, to the extent directed by the Issuers or the
Requisite Global Majority, the Indenture Trustee, will from time to time
execute and deliver all such amendments and supplements hereto (subject to Sections
8.01 and 8.02) and all such financing statements, continuation
statements, instruments of further assurance and other instruments (provided,
however, that the Indenture Trustee will not be obligated to prepare or
file any such supplements, statements or other instruments), and will take such
other action necessary or advisable to:

 

(a)                                  Grant
more effectively all or any portion of the Collateral Pool;

 

(b)                                 maintain
or preserve the lien (and the priority thereof) of the Mortgages and this
Indenture or carry out more effectively the purposes hereof;

 

(c)                                  perfect,
publish notice of, or protect the validity of any Grant made or to be made by
or in the Mortgages or this Indenture;

 

77

 

(d)                                 enforce
any of the Mortgage Loans or Leases included in the Collateral Pool; or

 

(e)                                  preserve
and defend title to the Collateral included in the Collateral Pool and the
rights of the Indenture Trustee in such Collateral against the claims of all
Persons and parties.

 

Each of the Issuers hereby designates the Indenture Trustee, its agent
and attorney-in-fact, to execute and deliver any financing statement,
continuation statement or other instrument required pursuant to this Section 9.05;
provided, that, subject to and consistent with Section 5.01,
the Indenture Trustee will not be obligated to prepare or file any such
statements or instruments.

 

Section 9.06                            Negative
Covenants.

 

For so long as the Notes of any Series are outstanding and the
applicable Insurance Policies are in effect, no Issuer shall:

 

(a)                                  cause
or permit a voluntary or involuntary sale, transfer, exchange, conveyance,
mortgage, grant, bargain, encumbrance, pledge, assignment, grant of any options
with respect to, or any other transfer or disposition of (directly or
indirectly, voluntarily or involuntarily, by operation of law or otherwise, and
whether or not for consideration or of record) of a legal or beneficial
interest in any Mortgage Loan, Mortgaged Property, Lease or any part thereof
or any legal or beneficial interest therein or any other part of the
Collateral Pool, except as expressly permitted by this Indenture or the
Property Management Agreement;

 

(b)                                 dissolve
or liquidate in whole or in part, except as provided in Section 9.08;

 

(c)                                  engage,
directly or indirectly, in any business other than that arising out of the
issuance of the Notes and the actions contemplated or required to be performed
under this Indenture or the Property Management Agreement;

 

(d)                                 incur,
create or assume any indebtedness for borrowed money other than the Notes or
otherwise pursuant to this Indenture or the Property Management Agreement;

 

(e)                                  voluntarily
file a petition for bankruptcy or reorganization, make an assignment for the
benefit of creditors or commence any similar proceeding;

 

(f)                                    change
its state of organization, name, identity or organizational status, or
otherwise amend the related LLC Agreement, without notifying the Indenture Trustee
of such change in writing at least thirty (30) days prior to the effective date
of such change and, in the case of a change in such Issuer’s organizational
status or any such amendment, without first obtaining the prior written consent
of the Indenture Trustee and each Insurer (so long as no Insurer Default has
occurred and is continuing) and Rating Agency Condition;

 

78

 

(g)                                 withdraw
or direct any party to withdraw any funds from the Lockbox Accounts or the
Collection Account, other than in accordance with the terms of this Indenture
or the Property Management Agreement; or

 

(h)                                 engage
in any business or activity other than as permitted under the related LLC
Agreement and this Indenture.

 

Section 9.07                            Statement
as to Compliance.

 

Each Issuer shall deliver to the Indenture Trustee, the Insurers and
the Rating Agencies, within 120 days after the end of each fiscal year
commencing with fiscal year 2005, an Officer’s Certificate of such Issuer
stating that, in the course of the performance by the officer executing such
Officer’s Certificate of such officer’s present duties as an officer of such
Issuer, such officer would normally obtain knowledge or have made due inquiry
as to the existence of any condition or event which would constitute an Event
of Default after notice, direction of the Requisite Global Majority or lapse of
time and that to the best of the officer’s knowledge, (a) such Issuer has
fulfilled all of its obligations under this Indenture in all material respects
throughout such year, or, if there has been a default in the fulfillment of any
such obligation in any material respect, specifying each such default known to
such officer and the nature and status thereof, and (b) no event has
occurred and is continuing which is, or after notice, direction of the
Requisite Global Majority or lapse of time would become, an Event of Default,
or, if such an event has occurred and is continuing, specifying each such event
known to such officer and the nature and status thereof.

 

Section 9.08                            Issuers
May Consolidate, Etc., Only on Certain Terms.

 

(a)                                  For
so long as the Notes of any Series are outstanding or any Insurance Policy
is in effect, the Issuers may not consolidate or merge with or into any
other Person or convey or transfer all or substantially all of the Collateral
Pool to any Person (other than as provided in the Transaction Documents)
without the consent of the Requisite Global Majority, unless:

 

(i)                                     the
Person (if other than any such Issuer) formed by or surviving such
consolidation or merger or that acquires by conveyance or transfer the
Collateral Pool (the “Successor Person”)
shall be a Person organized and existing under the laws of the United States of
America or of any State thereof, shall have expressly assumed by written
instrument, and executed and delivered such written instrument to the Indenture
Trustee, the obligation (to the same extent as such Issuer was so obligated) to
make payments of principal, interest and other amounts, as applicable, on all
of the applicable Notes and pay amounts, as applicable, owed to the Insurers
and the obligation to perform every covenant of this Indenture on the part of
such Issuer to be performed or observed, all as provided herein;

 

(ii)                                  at
the time of, and immediately after giving effect to, such transaction, no Event
of Default or Early Amortization Event shall have occurred and be continuing;

 

79

 

(iii)                               the
Indenture Trustee and the Insurers shall have each received written
confirmation that the Rating Condition is satisfied;

 

(iv)                              any
such Issuer shall have delivered to the Indenture Trustee and the Insurers an
Officers’ Certificate and an Opinion of Counsel, each to the effect that, such
consolidation, merger, conveyance or transfer complies with and satisfies all
conditions precedent relating to the transactions set forth in this Section 9.08;

 

(v)                                 the
Successor Person shall have delivered to the Indenture Trustee and the Insurers
an Officer’s Certificate stating that (1) the Successor Person has good
and marketable title to the applicable Collateral included in the Collateral
Pool, free and clear of any lien, security interest or charge other than the
lien and security interest of the related Mortgages and this Indenture and any
other lien permitted hereby, and (2) immediately following the event which
causes the Successor Person to become the Successor Person, the Indenture
Trustee continues to have a perfected security interest in such Collateral
included in the Collateral Pool to the extent a security interest may be
created and perfected under Article 9 of the UCC and a valid, first
priority lien (subject to Permitted Exceptions) in the related Mortgage Loans,
Mortgaged Properties and Leases; and

 

(vi)                              the Successor
Person shall have delivered to the Indenture Trustee and the Insurers an
Officer’s Certificate and an Opinion of Counsel each stating that, with respect
to a Successor Person that is a corporation, partnership or trust; such
Successor Person shall be duly organized, validly existing and in good standing
in the jurisdiction in which such Successor Person is organized; that the
Successor Person has sufficient power and authority to assume the obligations
set forth in clause (i) above and to execute and deliver an
indenture supplement hereto for the purpose of assuming such obligation; that
the Successor Person has duly authorized the execution, delivery and
performance of any indenture supplement and that such supplemental indenture is
a valid, legal and binding obligation of the Successor Person, enforceable in
accordance with its terms, subject only to bankruptcy, reorganization,
insolvency and other laws affecting the enforcement of creditor’s rights
generally and to general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or law); and that,
immediately following the event which causes the Successor Person to become the
Successor Person, the Indenture Trustee continues to have a perfected security
interest in the applicable Collateral included in the Collateral Pool to the
extent a security interest may be created and perfected under Article 9
of the UCC.

 

(b)                                 Upon
any consolidation or merger, or any conveyance or transfer of all or
substantially all of the Collateral Pool, the Successor Person shall succeed
to, and be substituted for, and may exercise every right and power of, the
Issuers under this Indenture with the same effect as if such Successor Person
had been named as an Issuer herein. In the event of any such conveyance or
transfer of the Collateral Pool permitted by this Section 9.08, the
Person named as an “Issuer” in the first paragraph of this Indenture, or any
successor that shall theretofore have become such in the manner prescribed in
this Article and that has thereafter effected such a conveyance or
transfer, may be dissolved, wound up and liquidated at any time
thereafter, and

 

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such Person
thereafter shall be released from its liabilities as obligor and maker on all
of the then Outstanding Notes and from its obligations under this Indenture.

 

ARTICLE X

COVENANTS REGARDING MORTGAGED PROPERTIES

 

Section 10.01                     Insurance.

 

(a)                                  The
Issuers will be required to maintain, or cause to be maintained, insurance of
the types and amounts set forth in the Property Management Agreement. The
Issuers shall comply with all such insurance requirements and shall not bring
or keep or permit to be brought or kept any article upon any Mortgaged
Property or cause or permit any condition to exist thereon which would be
prohibited by an insurance requirement, or would invalidate the insurance
coverage required thereunder to be maintained by the related Issuer on or with
respect to any part of a Mortgaged Property.

 

Section 10.02                     Mortgage
Loans, Leases and Rents.

 

(a)                                  With
respect to each Mortgaged Property, the related Issuer  (i) shall observe and perform all
the obligations imposed upon the Borrower under the related Mortgage Loan or
the lessor under the related Lease and shall not do or permit to be done
anything to impair materially the value of any Mortgage Loan, Mortgaged
Property or Lease as security, (ii) shall promptly send copies to the
Indenture Trustee of all notices of default which such Issuer shall send or
receive under the Mortgage Loans and Leases, (iii) shall notify the
Indenture Trustee in writing of any material change in the status of any
tenancy at such Mortgaged Property, including, without limitation, the
vacating, surrender or going dark of any Tenant, even if such action is
expressly permitted by the terms of such Tenant’s Lease, (iv) shall
enforce all of the material terms, covenants and conditions contained in a
related Mortgage Loan upon the part of the Borrower or a related Lease upon
the part of the Tenant, as applicable, thereunder to be observed or
performed (including, without limitation, collecting financial information from
each Borrower or Tenant, as applicable), (v) shall not collect any Monthly
Loan Payment or Monthly Lease Payment more than one month in advance (except
that security deposits shall not be deemed Monthly Loan Payments or Monthly
Lease Payments collected in advance), (vi) shall not execute any
assignment of the Borrower’s interest in a related Mortgage Loan or the Monthly
Loan Payments or the lessor’s interest in a related Lease or the Monthly Lease
Payments except as permitted under the Property Management Agreement, and (vii) shall
not consent to any assignment of or subletting under a related Lease not in accordance
with its terms or as permitted under the Property Management Agreement. No
Issuer shall agree to any material modification of a related Mortgage Loan or
Lease except in accordance with the terms of the Property Management Agreement.

 

Section 10.03                     Compliance
With Laws.

 

With respect to each Mortgaged Property:

 

(a)                                  The
related Issuer shall promptly comply in all material respects with all federal,
state and local laws, orders, ordinances, governmental rules and
regulations or court

 

81

 

orders
affecting such Mortgaged Property, or the use thereof (“Applicable Laws”), currently existing
or enacted in the future.

 

(b)                                 The
Issuers shall from time to time, upon the Indenture Trustee’s request, provide
the Indenture Trustee with evidence reasonably satisfactory to the Indenture
Trustee that the Mortgaged Properties complies in all material respects with
all currently existing Applicable Laws or is exempt from compliance with
currently existing Applicable Laws.

 

(c)                                  Notwithstanding
any provisions set forth herein or in any document regarding the Property
Manager’s approval of alterations of a Mortgaged Property, the related Issuer
shall not alter such Mortgaged Property in any manner which would materially
increase such Issuer’s responsibilities for compliance with Applicable Laws
without the prior written approval of the Property Manager. The foregoing shall
apply to tenant improvements constructed by the related Issuer or by any of its
Tenants. The Property Manager may condition any such approval upon receipt
of a certificate of compliance with Applicable Laws from an independent
architect, engineer, or other person acceptable to the Property Manager.

 

(d)                                 The
Issuers shall give prompt notice to the Indenture Trustee and each Insurer of
the receipt by any such Issuer of any governmental agency notice related to a
violation of any Applicable Laws and of the commencement of any governmental
agency proceedings or investigations which relate to compliance with Applicable
Laws.

 

(e)                                  After
prior written notice to the Indenture Trustee, the related Issuer, at its own
expense, may contest by appropriate legal proceeding, promptly initiated
and conducted in good faith and with due diligence, the Applicable Laws
affecting any Mortgaged Property; provided, that (i) no Event of
Default has occurred and is continuing under any Mortgage or this Indenture, (ii) such
Issuer is not prohibited from doing so under the provisions of any Mortgage
Loan or Lease and any other mortgage, deed of trust or deed to secure debt
affecting such Mortgaged Property, (iii) such proceeding shall not be
prohibited under, and shall be conducted in accordance with, the provisions (if
any) of any other instrument to which such Issuer or such Mortgaged Property is
subject and shall not constitute a default thereunder, (iv) none of such
Mortgaged Property, any part thereof or interest therein, any of the
related Borrowers, such Tenants or occupants thereof, or such Issuer shall be
affected in any materially adverse way as a result of such proceeding, (v) non-compliance
with the Applicable Laws shall not impose criminal liability on such Issuer or
civil or criminal liability on the Indenture Trustee, and (vi) such Issuer
shall have furnished to the Indenture Trustee all other items reasonably
requested by the Indenture Trustee.

 

Section 10.04                     Estoppel
Certificates.

 

The Issuers shall use their best efforts to deliver or cause to be
delivered to the Indenture Trustee, promptly upon request, duly executed estoppel
certificates from any one or more Borrowers or Tenants as required by the
Property Manager in accordance with the Property Management Agreement attesting
to such facts regarding a related Mortgage Loan or Lease, as applicable, as the
Property Manager may require in accordance with the Property Management
Agreement, including but not limited to, attestations that each Lease covered
thereby is in full force and effect with no defaults thereunder on the part of
any party, that none of the Monthly

 

82

 

Loan Payments or Monthly Lease Payments, as
applicable, have been paid more than one month in advance, and that the
Borrower or Tenant claims no defense or offset against the full and timely
performance of its related obligations under such Mortgage Loan or Lease.

 

Section 10.05                     Other
Rights, Etc.

 

It is agreed that the risk of loss or damage to a Mortgaged Property is
on the related Issuer, and the Indenture Trustee shall have no liability
whatsoever for decline in value of such Mortgaged Property, for failure to
maintain insurance policies, or for failure to determine whether insurance in
force is adequate as to the amount of risks insured. Possession by the
Indenture Trustee shall not be deemed an election of judicial relief, if any
such possession is requested or obtained, with respect to any Mortgage Loan or
Mortgaged Property or any other Collateral included in the Collateral Pool and
not in the Indenture Trustee’s possession.

 

Section 10.06                     Right
to Release Any Portion of the Collateral Pool.

 

The Indenture Trustee shall release any portion of the Collateral Pool
without, as to the remainder of such Collateral, in any way impairing or
affecting the lien or priority of this Indenture, or improving the position of
any subordinate lienholder with respect thereto, except to the extent that the
obligations hereunder shall have been reduced by the actual monetary
consideration, if any, received by the Indenture Trustee for such release, and may accept
by assignment, pledge or otherwise any other property in place thereof, all in
accordance with the terms hereof and of the Property Management Agreement. This
Indenture shall continue as a lien and security interest in the remaining
portion of the Collateral Pool to which it applies.

 

Section 10.07                     Environmental
Covenants.

 

Each Issuer covenants and agrees that so long as such Issuer owns,
manages, is in possession of, or otherwise controls a Mortgaged Property: (a) all
uses and operations on or of such Mortgaged Property, whether by such Issuer or
any other person or entity, shall be in material compliance with all
Environmental Laws and permits issued pursuant thereto; (b) there shall be
no Environmental Releases of Hazardous Materials in, on, under or from such
Mortgaged Property in material violation of Environmental Laws; (c) there
shall be no Hazardous Materials present at, in, on, or under such Mortgaged
Property or generated, managed, stored, treated, transported or disposed in
connection with the use and operation of such Mortgaged Property, except those
that are both (i) in material compliance with all Environmental Laws and
with permits issued pursuant thereto, if and to the extent required, and (ii) in
amounts necessary to operate such Mortgaged Property; (d) such Issuer
shall keep the Mortgaged Property free and clear of all liens and other
encumbrances imposed pursuant to any Environmental Law, whether due to any act
or omission of the Issuer or any other person or entity (the “Environmental Liens”); (e) such
Issuer shall, at its sole cost and expense, fully and expeditiously cooperate
in all activities pursuant to Section 10.08, including but not
limited to providing all relevant information and making knowledgeable persons
available for interviews; (f) such Issuer shall, at its sole cost and
expense, perform any environmental site assessment or other investigation
of environmental conditions in connection with such Mortgaged Property,
pursuant to any reasonable written request of the Property Manager in accordance
with the Property Management Agreement and share with the Indenture Trustee the
reports and other

 

83

 

results thereof, and the Indenture Trustee
shall be entitled to rely on such reports and other results thereof; (g) such
Issuer shall, at its sole cost and expense, comply with all reasonable written
requests of the Property Manager in accordance with the Property Management
Agreement to (i) reasonably effectuate remediation of any Hazardous
Materials in, on, under or from such Mortgaged Property associated with an
Environmental Release and (ii) comply with any Environmental Law; (h) such
Issuer shall not knowingly permit any Borrower, Tenant or other user of the
Mortgaged Property to violate any Environmental Law in any material respect;
and (i) such Issuer shall immediately notify the Property Manager in
writing after it has become aware of (A) any presence or Environmental
Release or threatened Environmental Releases of Hazardous Materials in, on,
under, from or migrating towards such Mortgaged Property in violation of any
Environmental Law, (B) any non-compliance with any Environmental Laws
related in any way to such Mortgaged Property, (C) any actual or potential
Environmental Lien, (D) any required or proposed governmental agency
investigation, remediation or other response to environmental conditions
relating to such Mortgaged Property, and (E) any written or oral notice or
other communication of which such Issuer becomes aware from any source
whatsoever (including but not limited to a governmental agency) relating in any
way to Hazardous Materials at such Mortgaged Property in violation of
Environmental Law.

 

“Environmental Law” means any
present and future federal, state and local laws, statutes, ordinances, rules,
regulations, standards, policies, consent decrees or settlement agreements and
other governmental directives or requirements, as well as common law, that
apply to any Mortgaged Property and relate to Hazardous Materials, including,
without limitation, the Comprehensive Environmental Response, Compensation and
Liability Act of 1980, as amended, and the Resource Conservation and Recovery
Act, as amended. “Hazardous Materials”
shall mean: (a) petroleum and petroleum products and compounds containing
them, including gasoline, diesel fuel and oil; (b) explosives; (c) flammable
materials; (d) radioactive materials; (e) polychlorinated biphenyls (“PCBs”)
and compounds containing them; (f) lead and lead-based paint; (g) asbestos
or asbestos-containing materials in any form that is or could become
friable; (h) underground or above-ground storage tanks, whether empty or
containing any substance; (i) any substance the presence of which on any
Mortgaged Property is regulated by or prohibited by any federal, state or local
authority (a “Regulated Substance”); (j) any
Regulated Substance that requires special handling; (k) and any other material,
substance or waste now or in the future defined as a “hazardous substance,” “hazardous
material,” “hazardous waste,” “toxic substance,” “toxic pollutant,” “contaminant,”
“pollutant” or other words of similar import within the meaning of any
Environmental Law. “Environmental Release”
of any Hazardous Materials includes but is not limited to any release, deposit,
discharge, emission, leaking, leaching, spilling, seeping, migrating,
injecting, pumping, pouring, emptying, escaping, dumping, disposing or other
movement of Hazardous Materials, including the threat of any of the foregoing.

 

84

 

ARTICLE XI

COSTS

 

Section 11.01                     Performance
at the Issuers’ Expense.

 

The Issuers acknowledge and confirm that the Indenture Trustee shall
impose certain administrative processing fees in connection with the release or
substitution of any Mortgage Loan or Mortgaged Property (the occurrence of any
of the above shall be called an “Event”),
which fees are payable to the Indenture Trustee under the Property Management
Agreement as an Extraordinary Expense. The Issuers further acknowledge and confirm
that they shall be responsible for the payment of all costs of reappraisal of
any Mortgaged Property or any part thereof, whether required by law,
regulation or any governmental or quasi-governmental authority. The Issuers
hereby acknowledge and agree to pay, immediately, upon demand, all such fees
(as the same may be reasonably increased or decreased from time to time),
and any additional fees of a similar type or nature which may reasonably
be imposed by the Indenture Trustee from time to time, upon the occurrence of
any Event or otherwise, in accordance with the priorities set forth herein and
in the Property Management Agreement. Wherever it is provided for herein that
an Issuer pay any costs and expenses, such costs and expenses shall include, but
not be limited to, all reasonable legal fees and disbursements of the Indenture
Trustee in accordance with the priorities set forth herein.

 

ARTICLE XII

MISCELLANEOUS

 

Section 12.01                     Execution
Counterparts.

 

This instrument may be executed in any number of counterparts,
each of which when so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

 

Section 12.02                     Compliance
Certificates and Opinions, etc.

 

Upon any application or request by an Issuer to the Indenture Trustee
to take any action under any provision of this Indenture, such Issuer shall
furnish to the Indenture Trustee an Officer’s Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with, except that, in the case of any such
application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished.

 

Section 12.03                     Form of
Documents Delivered to Indenture Trustee.

 

In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters

 

85

 

and one or more other such Persons as to
other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

 

Any certificate or opinion of an Authorized Officer of an Issuer may be
based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the
exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which his certificate or
opinion is based are erroneous. Any such certificate of an Authorized Officer
or Opinion of Counsel may be based, insofar as it relates to factual
matters, upon a certificate or opinion of, or representations by, an officer or
officers of an Issuer stating that the information with respect to such factual
matters is in the possession of such Issuer, unless such counsel knows, or in
the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous.

 

Whenever this Indenture requires that a document or instrument (other
than any Note) be delivered in substantially the form attached hereto as
an exhibit, modifications and additions to and deletions from any such exhibit reflected
in such document or instrument as delivered hereunder shall not impair the
validity or acceptability of such document or instrument (nor shall any Person
be entitled to reject such document or instrument as a result thereof) to the
extent that such modifications, additions or deletions are approved by the
Issuers and are made in a manner consistent with applicable law (including
changes thereto).

 

Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and form one
instrument.

 

Whenever in this Indenture, in connection with any application or
certificate or report to the Indenture Trustee, it is provided that any Person
shall deliver any document as a condition of the granting of such application,
or as evidence of such Person’s compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application or
at the effective date of such certificate or report (as the case may be),
of the facts and opinions stated in such document shall in such case be
conditions precedent to the right of such Person to have such application
granted or to the sufficiency of such certificate or report. The foregoing
shall not, however, be construed to affect the Indenture Trustee’s right to
rely upon the truth and accuracy of any statement or opinion contained in any
such document as provided in Article V.

 

Section 12.04                     No
Oral Change.

 

This Indenture, and any provisions hereof, may not be modified,
amended, waived, extended, changed, discharged or terminated orally or by any
act or failure to act on the part of any Issuer or the Indenture Trustee,
but only by an agreement in writing signed by the party against whom
enforcement of any modification, amendment, waiver, extension, change,
discharge or termination is sought and otherwise in accordance herewith.

 

86

 

Section 12.05                     Acts
of Noteholders.

 

(a)                                  Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by the Noteholders of
any Class of any Series or in their entirety may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed by
such Noteholders 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 Indenture Trustee, and,
where it is hereby expressly required, to the applicable Issuers. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Noteholders 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 (subject to Section 5.01) conclusive in favor of the Indenture
Trustee and the Issuers if made in the manner provided in this Section. With
respect to authorization to be given or taken by Noteholders, the Indenture
Trustee shall be authorized to follow the written directions or the vote of
Noteholders of Notes representing more than 50% of the Aggregate Series Principal
Balance (or Outstanding Notes of the affected Class, if applicable), unless any
greater or lesser percentage is required by the terms hereunder.

 

(b)                                 The
fact and date of the execution by any Person of any such instrument or writing may be
proved in any manner that the Indenture Trustee deems sufficient.

 

(c)                                  The
Series, Class, Note Principal Balance and serial numbers of Notes held by any
Person, and the date of holding the same, shall be proved by the Note Register.

 

(d)                                 Any
request, demand, authorization, direction, notice, consent, election,
declaration, waiver or other act of any Noteholder shall bind every future
Noteholder of the same Note and the Noteholder of every Note issued upon the
transfer thereof or in exchange therefor or in lieu thereof in respect of
anything done, suffered or omitted to be done by the Indenture Trustee or the
applicable Issuers in reliance thereon, whether or not notation of such action
is made upon such Note.

 

Section 12.06                     Computation
of Percentage of Noteholders.

 

Unless otherwise specified herein, whenever this Indenture states that
any action may be taken by a specified percentage of the Noteholders or
the Noteholders of any Class, such statement shall mean that such action may be
taken by the Noteholders of such specified percentage of the Aggregate Series Principal
Balance or of such Class of Notes, respectively.

 

Section 12.07                     Notice
to the Indenture Trustee, the Issuers and Certain Other Persons.

 

Any communication provided for or permitted hereunder shall be in
writing and, unless otherwise expressly provided herein, shall be deemed to
have been duly given if delivered by courier or mailed by first class mail,
postage prepaid, or if transmitted by facsimile and confirmed in a writing
delivered or mailed as aforesaid, to: (i) in the case of any Issuer to
Spirit Master Funding, LLC, 14631 N. Scottsdale Road, Suite 200,
Scottsdale, Arizona 85255, facsimile number: 480-606-0820, Attention: Catherine
Long, Chief Financial Officer or to such other address as provided in the
applicable Series Supplement, as applicable; (ii) in the case of

 

87

 

the Indenture Trustee, Citibank, N.A., at 388
Greenwich Street, 14th Floor, New York, New York 10013, Attention: Agency and
Trust- Spirit Master Funding, facsimile number: 212-816-5527; and (iii) with
respect to any applicable Series, in the case of any Insurer, Hedge
Counterparty or Rating Agency, the address of such Insurer, Hedge Counterparty
or Rating Agency as provided in the applicable Series Supplement, or, as
to each such Person, such other address or facsimile number as may hereafter
be furnished by such Person to the parties hereto in writing.

 

Section 12.08                     Notices
to Noteholders; Notification Requirements and Waiver.

 

Where this Indenture provides for notice to Noteholders of any event,
such notice shall be sufficiently given if in writing and delivered by courier
or mailed by first class mail, postage prepaid to each Noteholder affected
by such event, at its address as it appears on the Note Register, not later
than the latest date, and not earlier than the earliest date, prescribed for
the giving of such notice. In any case where notice to Noteholders is given by
mail, neither the failure to mail such notice nor any defect in any notice so
mailed to any particular Noteholder shall affect the sufficiency of such notice
with respect to other Noteholders, and any notice that is delivered or mailed
in the manner herein provided shall conclusively be presumed to have been duly
given.

 

Where this Indenture provides for notice in any manner, such notice may be
waived in writing by any Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice.
Waivers of notice by Noteholders shall be filed with the Indenture Trustee but
such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver.

 

In case, by reason of the suspension of regular courier and mail
service as a result of a strike, work stoppage or similar activity, it
shall be impractical to mail notice of any event to Noteholders when such
notice is required to be given pursuant to any provision of this Indenture,
then any manner of giving such notice as shall be satisfactory to the Indenture
Trustee shall be deemed to be a sufficient giving of such notice.

 

Where this Indenture provides for notice to the Rating Agencies,
failure to give any such notice shall not affect any other rights or
obligations created hereunder, and shall not under any circumstance constitute
a default or Event of Default.

 

Section 12.09                     Successors
and Assigns.

 

All covenants and agreements in this Indenture by the Issuers shall
bind their successors and permitted assigns, whether so expressed or not.

 

Section 12.10                     Interest
Charges; Waivers.

 

This Indenture is subject to the express condition that at no time
shall any Issuer be obligated or required to pay interest hereunder at a rate which
could subject the Indenture Trustee to either civil or criminal liability as a
result of being in excess of the maximum interest rate which such Issuer is
permitted by applicable law to contract or agree to pay. If by the terms of
this Indenture, any Issuer is at any time required or obligated to pay interest
hereunder at a

 

88

 

rate in excess of such maximum rate, such
rate shall be deemed to be immediately reduced to such maximum rate and all
previous payments in excess of the maximum rate shall be deemed to have been
payments in reduction of principal and not on account of the interest due
hereunder.

 

The Issuers expressly waives presentment, demand, diligence, protest
and all notices of any kind whatsoever with respect to this Indenture, except
for notices expressly provided for in this Indenture, the Mortgages or the
Notes.

 

Section 12.11                     Severability
Clause.

 

In case any provision of this Indenture or of the Notes shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall, to the extent permitted by law, not in any way
be affected or impaired thereby.

 

Section 12.12                     Governing
Law.

 

(a)                                  THIS
INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT REGARD TO
CONFLICT OF LAWS PRINCIPLES).

 

(b)                                 Any
action or proceeding against any of the parties hereto relating in any way to
this Indenture or any Note or the Collateral included in the Collateral Pool may be
brought and enforced in the courts of the State of New York sitting in the
borough of Manhattan or of the United States District Court for the Southern
District of New York and each of the Issuers irrevocably submits to the
jurisdiction of each such court in respect of any such action or proceeding.
The Issuers hereby waive, to the fullest extent permitted by law, any right to
remove any such action or proceeding by reason of improper venue or
inconvenient forum. As long as any of the Notes remain Outstanding, service of
process upon any Issuer shall, to the fullest extent permitted by law, be
deemed in every respect effective service in any such legal action or
proceeding.

 

Section 12.13                     Insurer
Default.

 

If an Insurer Default has occurred and is continuing with respect to
any Insurer, any provision giving such Insurer the right to direct, appoint or
consent to, approve of, or take any action (or waive any right to take action)
under this Indenture or the applicable Series Supplement, shall be
inoperative; provided, however, that upon the cure of any such
Insurer Default, such rights shall be reinstated.

 

Section 12.14                     Effect
of Headings and Table of Contents.

 

The Article and Section headings herein and the Table of
Contents are for convenience only and shall not affect the construction hereof.

 

89

 

Section 12.15                     Benefits
of Indenture.

 

Nothing in this Indenture or in the Notes, express or implied, shall
give to any Person, other than the parties hereto and their successors
hereunder, the Noteholders, the Series Enhancers, the Property Manager,
the Special Servicer, the Back-Up Manager and any other party secured hereunder
or named as a beneficiary of any provision hereof, any benefit or any legal or
equitable right, remedy or claim under this Indenture.

 

Section 12.16                     Trust
Obligation.

 

No recourse may be taken, directly or indirectly, with respect to
the obligations of the Issuers on the Notes or under this Indenture or any
certificate or other writing delivered in connection herewith or therewith,
against (i) any Issuer, the Indenture Trustee, the Collateral Agent, the
Property Manager, the Back-Up Manager or the Special Servicer in its individual
capacity, (ii) any owner of a beneficial interest in an Issuer or (iii) any
partner, owner, beneficiary, agent, officer, director, employee, agent or
Control Person of an Issuer, the Indenture Trustee, the Collateral Agent, the
Property Manager, the Back-Up Manager or the Special Servicer in its individual
capacity, any holder of a beneficial interest in an Issuer or of any successor
or assignee of an Issuer, the Indenture Trustee, the Collateral Agent, the
Property Manager, the Back-Up Manager or the Special Servicer in its individual
capacity, except as any such Person may have expressly agreed (it being
understood that none of the Indenture Trustee, the Collateral Agent, the
Property Manager, the Back-Up Manager or the Special Servicer has any such
obligations in its individual capacity).

 

Section 12.17                     Inspection.

 

Each Issuer agrees that, on reasonable prior notice, it will permit any
representative of the Indenture Trustee, during such Issuer’s normal business
hours, to examine all the books of account, records, reports, and other papers
of such Issuer, to make copies and extracts therefrom and to discuss such
Issuer’s affairs, finances and accounts relating to such Issuer with the
officers of Spirit Finance on behalf of such Issuer and such Issuer’s employees
and independent public accounting firm, all at such reasonable times and as
often as may be reasonably requested. The Indenture Trustee shall and
shall cause its representatives to hold in confidence all such information
except to the extent disclosure may be required by law (and all reasonable
applications for confidential treatment are unavailing) or the Indenture
Trustee may reasonably determine that such disclosure is consistent with
its obligations hereunder.

 

Section 12.18                     Method
of Payment.

 

Except as otherwise provided in Section 2.11(b), all
amounts payable or to be remitted pursuant to this Indenture shall be paid or
remitted or caused to be paid or remitted in immediately available funds by
wire transfer to an account specified in writing by the recipient thereof.

 

Section 12.19                     Limitation
on Liability of the Issuers.

 

None of the Issuers or any of the directors, officers, employees,
agents or Control Persons of any Issuer, shall be under any liability to the
Noteholders for any action taken or for

 

90

 

refraining from the taking of any action in
good faith pursuant to this Agreement, or for errors in judgment. The Issuers,
and any director, officer, employee or agent of any Issuer may rely in
good faith on any document of any kind which, prima facie,
is properly executed and submitted by any Person respecting any matters arising
hereunder. No Issuer shall be under any obligation to appear in, prosecute or
defend any legal action unless such action is related to its duties under this
Indenture and which in its opinion does not involve it in any expenses or
liability; provided, however, that any such Issuer may in
its discretion undertake any such action which it may deem necessary or
desirable with respect to this Indenture and the rights and duties of the
parties hereto and the interests of the Noteholders and the Insurers hereunder.

 

91

 

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

 

	
   

  	
  SPIRIT MASTER FUNDING, LLC, as an Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael T. Bennett

  	
   

  
	
   

  	
  Name: Michael T. Bennett

  
	
   

  	
  Title: Senior Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CITIBANK, N.A.,

  
	
   

  	
  not in its individual capacity but solely
  as Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Hannon

  	
   

  
	
   

  	
  Name: John Hannon

  
	
   

  	
  Title: AVP

  

 

 

	
  STATE OF Arizona

  	
  )

  
	
   

  	
  ) ss.:

  
	
  COUNTY OF Maricopa

  	
  )

  

 

On this 17th day of March 2006, before me, the undersigned officer,
personally appeared Michael T. Bennett and acknowledged himself to me to
be the Senior Vice President of Spirit Master Funding, LLC, and that as such
officer, being duly authorized to do so pursuant to such entity’s by-laws or a
resolution of its board of directors, executed and acknowledged the foregoing
instrument for the purposes therein contained, by signing the name of such
entity by him as such officer as his free and voluntary act and deed and the
free and voluntary act and deed of said entity.

 

IN WITNESS WHEREOF, I hereunto set my hand
and official seal.

 

 

	
   

  	
  /s/ Vaughn Dee L. Konegni

  	
   

  
	
   

  	
  Notary Public

  
	
   

  
	
  NOTARIAL SEAL

  

 

 

	
  STATE OF New York

  	
  )

  
	
   

  	
  ) ss.:

  
	
  COUNTY OF Queens

  	
  )

  

 

On this 17th day of March 2006, before me, the undersigned officer,
personally appeared John Hannon, and acknowledged himself to me to be a Vice
President of Citibank, N.A., and that as such officer, being duly authorized to
do so pursuant to such entity’s by-laws or a resolution of its board of
directors, executed and acknowledged the foregoing instrument for the purposes
therein contained, by signing the name of such entity by him as such officer as
his free and voluntary act and deed and the free and voluntary act and deed of
said entity.

 

IN WITNESS WHEREOF, I hereunto set my hand
and official seal.

 

 

	
   

  	
  /s/ Ray C. Renie

  	
   

  
	
   

  	
  Notary Public

  
	
   

  
	
  NOTARIAL SEAL

  

 

 

EXHIBIT A-1

 

FORM OF
RESTRICTED GLOBAL NET-LEASE MORTGAGE NOTE

 

144A NOTE

 

SERIES [       ],
CLASS [       ] NOTE

 

	
  Note Rate: [    ]%

  	
   

  	
  Aggregate Series Principal Balance as of the Series Closing
  Date: 
  $[                ]

  
	
   

  	
   

  	
   

  
	
  Series Cut-off Date: [      ],
  200[  ]

  	
   

  	
  Note Principal Balance of the Class [     ]
  Notes as of the Series Closing Date: $[     ]

  
	
   

  	
   

  	
   

  
	
  Series Closing Date: 
  [      ], 200[  ]

  	
   

  	
  Initial Note Principal Balance of this Class [     ]
  Note:  $[            ]

  
	
   

  	
   

  	
   

  
	
  First Payment Date: [      ],
  200[  ]

  	
   

  	
  CUSIP No.           

  
	
   

  	
   

  	
   

  
	
  Issuer(s):  [SPIRIT]

  	
   

  	
  ISIN No.             

  
	
   

  	
   

  	
   

  
	
  Indenture Trustee:

  Citibank, N.A.

  	
   

  	
  Property Manager and Special Servicer:  

  Spirit Finance Corporation

  
	
   

  	
   

  	
   

  
	
  Note No.  

  	
   

  	
  Legal Final Payment Date: 
  [             
      ]

  

 

A-1-1

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE
TRUSTEE, THE NOTE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR DISTRIBUTION, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &CO., HAS AN
INTEREST HEREIN.

 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), ANY STATE
SECURITIES LAWS IN THE UNITED STATES OR THE SECURITIES LAWS OF ANY OTHER
JURISDICTION, AND MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT AS PERMITTED BY THIS LEGEND. THE HOLDER HEREOF, BY ITS
ACCEPTANCE OF THIS NOTE, AND EACH PERSON WHO ACQUIRES A BENEFICIAL INTEREST IN
THIS NOTE, BY ITS ACCEPTANCE OF SUCH INTEREST, REPRESENTS, ACKNOWLEDGES AND
AGREES THAT IT WILL NOT REOFFER, RESELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE
OR ANY INTEREST HEREIN EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
APPLICABLE LAWS AND EXCEPT (A) IN COMPLIANCE WITH RULE 144A UNDER THE
SECURITIES ACT TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A PURCHASING FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, WHOM THE SELLER
HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, PROVIDED
THAT SUCH PURCHASER DELIVERS ALL DOCUMENTS AND CERTIFICATIONS AS THE INDENTURE
TRUSTEE MAY REASONABLY REQUIRE; OR (B) OUTSIDE THE UNITED STATES IN “OFFSHORE
TRANSACTIONS” TO NON-US PERSONS IN COMPLIANCE WITH RULE 904 OF REGULATION
S UNDER THE SECURITIES ACT.

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
DEFINITIVE NOTES, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC
OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITORY.

 

THE HOLDER HEREOF, BY ACCEPTING THIS NOTE, AND EACH BENEFICIAL OWNER BY
PURCHASING OR OTHERWISE ACQUIRING A BENEFICIAL INTEREST IN THIS NOTE, EACH
AGREES TO TREAT THIS NOTE AND SUCH BENEFICIAL INTEREST FOR PURPOSES OF UNITED
STATES FEDERAL, STATE

 

A-1-2

 

AND LOCAL INCOME OR FRANCHISE TAXES AND ANY OTHER TAXES IMPOSED ON OR
MEASURED BY INCOME, AS INDEBTEDNESS OF THE ISSUER[S] AND TO REPORT THIS NOTE
AND SUCH BENEFICIAL INTEREST ON ALL APPLICABLE TAX RETURNS IN A MANNER
CONSISTENT WITH SUCH TREATMENT.

 

[CERTAIN PAYMENTS WITH RESPECT TO THIS NOTE WILL BE SUBORDINATE TO
PAYMENTS WITH RESPECT TO THE CLASS [   ] NOTES AS AND TO
THE EXTENT DESCRIBED IN THE INDENTURE.](1)

 

REDUCTIONS OF THE NOTE PRINCIPAL BALANCE OF THIS NOTE MAY BE MADE
MONTHLY AS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. ACCORDINGLY, THE
OUTSTANDING NOTE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ABOVE.

 

THE NOTES WILL HAVE THE BENEFIT OF THE
CERTIFICATE GUARANTY INSURANCE POLICY DESCRIBED HEREIN (THE “INSURANCE POLICY”).
THE NOTES ARE SOLELY OBLIGATIONS OF THE ISSUER[S] AND DO NOT REPRESENT
OBLIGATIONS OF ANY OTHER PERSON, INCLUDING, WITHOUT LIMITATION, THE INDENTURE
TRUSTEE, THE COLLATERAL AGENT, THE PROPERTY MANAGER, THE SUPPORT PROVIDER, THE
SPECIAL SERVICER, THE BACK-UP MANAGER, THE INITIAL PURCHASERS OR ANY OF THEIR
RESPECTIVE AFFILIATES. THE NOTES ARE NOT INSURED OR GUARANTEED BY ANY
GOVERNMENTAL AGENCY OR INSTRUMENTALITY. EACH NOTE IS ONE OF A SERIES OF
NOTES, ALL OF WHICH ARE PAYABLE SOLELY FROM THE PROCEEDS OF THE COLLATERAL POOL
AND FROM DRAWINGS ON THE INSURANCE POLICY. ADDITIONAL SERIES OF NOTES
SECURED PRO RATA BY THE COLLATERAL POOL MAY ALSO BE ISSUED IN THE FUTURE.
PROSPECTIVE INVESTORS SHOULD MAKE AN INVESTMENT DECISION BASED UPON AN ANALYSIS
OF THE SUFFICIENCY OF THE COLLATERAL POOL AND THE INSURANCE POLICY.

 

(1)                                  Include
in Class [    ] Note only.

 

A-1-3

 

The Issuer[s], a Delaware limited liability
company, for value received, hereby promises to pay to Cede & Co. or
its registered assigns, upon presentation and surrender of this Note (this “Note”), the principal sum of [                                                       ]
United States dollars ($[                         ])
on the Legal Final Payment Date referred to above, together with interest
hereon from time to time in the amounts and at the times specified in the
Indenture referred to below.

 

This Note is one of a series of Net-Lease Mortgage Notes
(collectively, the “Notes”)
issued by the Issuer[s] (each, a “Class”)
pursuant to an Amended and Restated Master Indenture, to be dated on or about March 17,
2006 (as amended or supplemented thereafter, the “Master
Indenture”), between Spirit
Master Funding, LLC (as an issuer “Issuer”)
and Citibank, N.A., as indenture trustee (in such capacity, the “Indenture Trustee”), as
supplemented by the Series [           ]
Indenture Supplement (together with the Master Indenture and any other
indenture supplement thereto (each, a “Series Supplement”),
the “Indenture”), and will be payable
solely from the assets of the Issuers (individually, the “Collateral”
and, collectively, the “Collateral Pool”)
[and from drawings on the Insurance Policy]. To the extent not defined herein,
capitalized terms used herein have the respective meanings assigned in the
Indenture. This Note is issued under and is subject to the terms, provisions
and conditions of the Indenture, to which Indenture the Holder of this Note by
virtue of the acceptance hereof assents and by which such Holder is bound.

 

Pursuant to the terms of the Indenture, payments of any interest,
principal and other amounts payable on this Note shall be made on the Class of
Notes to which this Note belongs, pro rata among
the Notes of such Class based on their respective Note Principal Balance,
on the 20th day of each calendar month or, if any such day is not a Business
Day, then on the next succeeding Business Day (each, a “Payment
Date”), commencing on the first Payment Date specified above, to
the Person in whose name this Note is registered at the close of business on
the related Record Date. All payments made under the Indenture on this Note
will be made by the Indenture Trustee by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Noteholder shall have provided
the Indenture Trustee with wiring instructions prior to the related Record Date
(which wiring instructions may be in the form of a standing order
applicable to all subsequent payments), or otherwise by check mailed to the
address of such Noteholder as it appears in the Note Register as of the related
Record Date. Notwithstanding the foregoing, the final payment on this Note on
the Final Payment Date will be made in like manner, but only upon presentation
and surrender of this Note at the offices of the Indenture Trustee or such
other location specified in the notice to the Holder hereof of such final
payment. Notwithstanding anything herein to the contrary, no payments will be
made with respect to a Note that has previously been surrendered as
contemplated by the preceding sentence or, with limited exception, that should
have been surrendered as contemplated by the preceding sentence.

 

The Notes are limited in right of payment to certain distributions on
the Mortgage Loans, Mortgaged Properties and Leases and the other Collateral
included in the Collateral Pool, all as more specifically set forth herein and
in the Indenture.

 

Any payment to the Holder of this Note in reduction of the Note
Principal Balance hereof is binding on such Holder and all future Holders of
this Note and any Note issued

 

A-1-4

 

upon the transfer hereof or in exchange
therefor or in lieu hereof whether or not notation of such payment is made upon
this Note.

 

The Class of Notes to which this Note belongs are issuable in
fully registered form only without coupons in minimum denominations
specified in the Indenture. As provided in the Indenture and subject to certain
limitations therein set forth, this Note is exchangeable for new Notes of the
same Class in authorized denominations of a like Percentage Interest, as
requested by the Holder surrendering the same.

 

No transfer of this Note or any interest herein may be made unless
that transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction that does not require such
registration or qualification. No person is obligated to register or qualify
any of the Notes under the Securities Act or any other securities law or to
take any action not otherwise required under the Indenture to permit the transfer
of any Note or interest therein without registration or qualification.

 

Each transferee of a Note will be deemed to have represented, warranted
and agreed that either (i) such transferee is not, and is not purchasing
such Note on behalf of, as a fiduciary of, as trustee of, or with the assets
of, a Plan or (ii)(A) such Note is rated investment grade or better as of
the date of the purchase, (B) such transferee believes that such Note is
properly treated as indebtedness without substantial equity features for
purposes of Department of Labor Regulations and agrees to so treat such Note
and (C) such transferee’s acquisition and continued holding of such Note
or Ownership Interest therein will not give rise to a non-exempt prohibited
transaction described in Section 406 of ERISA or Section 4975 of the
Code (or any materially similar applicable law).

 

As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note is registrable in the Note Register upon
surrender of this Note for registration of transfer at the offices of the Note
Registrar, duly endorsed by, or accompanied by a written instrument of transfer
in the form satisfactory to the Note Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes of the same Class in authorized denominations evidencing
the same Aggregate Series Principal Balance will be issued to the
designated transferee or transferees.

 

No service charge will be imposed for any transfer or exchange of this
Note, but the Indenture Trustee or the Note Registrar may require payment
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any transfer or exchange of this Note.

 

The Issuer[s], the Indenture Trustee, the Note Registrar and any agent
of any thereof may treat the Person in whose name this Note is registered
as the owner hereof for all purposes, and none of the Issuer[s], the Indenture
Trustee, the Note Registrar or any such agent shall be affected by notice to
the contrary.

 

The Indenture, the Property Management Agreement, any Purchase and Sale
Agreements and the Notes are subject to amendment, including by supplemental
indenture, from

 

A-1-5

 

time to time in accordance with the terms
thereof, including in circumstances which do not require the consent of any or
all Noteholders.

 

Unless the certificate of authentication hereon has been executed by
the Indenture Trustee, by manual signature, the Note shall not be entitled to
any benefit under the Indenture or be valid for any purpose.

 

The registered Holder hereof, by its acceptance hereof, agrees that it
will look solely to the Collateral Pool (to the extent of its rights therein)
and the Insurance Policy for payments hereunder.

 

The Indenture Trustee makes no representation as to the validity or
sufficiency of this Note (other than as to its signature set forth hereon
below).

 

This Note shall be governed by and construed in accordance with the
laws of the State of New York (including Section 5-1401 of the General
Obligations Law of the State of New York, but otherwise without regard to
conflict of laws principles).

 

A-1-6

 

IN WITNESS WHEREOF, the Issuers have caused this instrument to be duly
executed by the Issuers.

 

Dated:             [                                  ]

 

	
   

  	
  [SPIRIT]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

 

CERTIFICATE
OF AUTHENTICATION

 

This is one of the Class [          ]
Notes referred to in the within-mentioned Indenture.

 

	
   

  	
  CITIBANK, N.A.,

  
	
   

  	
  not in its individual capacity but solely
  as

  
	
   

  	
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  

 

A-1-7

 

ASSIGNMENT

 

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

	
   

  
	
   

  
	
   

  

(please print or typewrite name and address including postal zip code
of assignee) 

the within Net-Lease Mortgage Note and hereby authorize(s) the registration of
transfer of such Note to assignee on the Note Register.

 

I (we) further direct the Note Registrar to
issue a new Net-Lease Mortgage Note of a like Note Principal Balance and Class to
the above named assignee and deliver such Note to the following address:

 

	
   

  
	
   

  
	
   

  
	
  Dated:

  	
   

  

 

 

	
   

  	
   

  
	
   

  	
  Signature by or on behalf of Assignor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature Guaranteed

  

 

PAYMENT INSTRUCTIONS

 

The Assignee should include the following for
purposes of payment:

 

Payments shall, if permitted, be made by wire
transfer or otherwise, in immediately available funds, to                                          

for the account of                                                                                                                                                                                                                .

Payments made by check (such check to be made payable to                                                                                              )

and all applicable statements and notices should be mailed to                                                                                        .

 

This information is provided by                                                           ,
the Assignee named above, or                                                                ,
as its agent.

 

A-1-8

 

EXHIBIT A-2

 

FORM OF
REGULATION S GLOBAL NET-LEASE MORTGAGE NOTE

 

[TEMPORARY]
[PERMANENT] REGULATION S GLOBAL NOTE

 

SERIES [       ],
CLASS [        ] NOTE

 

	
  Note Rate: [      ]%

  	
   

  	
  Aggregate Series Principal Balance as of the Series Closing
  Date: 
  $[                  ]

  
	
   

  	
   

  	
   

  
	
  Series Cut-off Date:
  [          ],
  200[  ]

  	
   

  	
  Note Principal Balance of the Class [    ]
  Notes as of the Series Closing Date:
  $[          ]

  
	
   

  	
   

  	
   

  
	
  Series Closing Date: 
  [          ],
  200[  ]

  	
   

  	
  Initial Note Principal Balance of this Class [    ]
  Note: 
  $[                  ]

  
	
   

  	
   

  	
   

  
	
  First Payment Date:
  [        ], 200[  ]

  	
   

  	
  CUSIP No.                      

  
	
   

  	
   

  	
   

  
	
  Issuer(s):  [SPIRIT]

  	
   

  	
  ISIN No.                          

  
	
   

  	
   

  	
   

  
	
  Indenture Trustee:

  Citibank, N.A.

  	
   

  	
  Property Manager and Special Servicer:  

  Spirit Finance Corporation

  
	
   

  	
   

  	
   

  
	
  Note No.    

  	
   

  	
  Legal Final Payment Date: 
  [                        ]

  

 

A-2-1

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE INDENTURE
TRUSTEE, THE NOTE REGISTRAR OR ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR DISTRIBUTION, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &CO., HAS AN
INTEREST HEREIN.

 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), ANY STATE
SECURITIES LAWS IN THE UNITED STATES OR THE SECURITIES LAWS OF ANY OTHER
JURISDICTION, AND MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT AS PERMITTED BY THIS LEGEND. THE HOLDER HEREOF, BY ITS
ACCEPTANCE OF THIS NOTE, AND EACH PERSON WHO ACQUIRES A BENEFICIAL INTEREST IN
THIS NOTE, BY ITS ACCEPTANCE OF SUCH INTEREST, REPRESENTS, ACKNOWLEDGES AND
AGREES THAT IT WILL NOT REOFFER, RESELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE
OR ANY INTEREST HEREIN EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER
APPLICABLE LAWS AND EXCEPT (A) IN COMPLIANCE WITH RULE 144A UNDER THE
SECURITIES ACT TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A PURCHASING FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, WHOM THE SELLER
HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, PROVIDED
THAT SUCH PURCHASER DELIVERS ALL DOCUMENTS AND CERTIFICATIONS AS THE INDENTURE
TRUSTEE MAY REASONABLY REQUIRE; OR (B) OUTSIDE THE UNITED STATES IN “OFFSHORE
TRANSACTIONS” TO NON-US PERSONS IN COMPLIANCE WITH RULE 904 OF REGULATION
S UNDER THE SECURITIES ACT.

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
DEFINITIVE NOTES, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC
OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITORY.

 

[THIS NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF REGULATION S
UNDER THE SECURITIES ACT, WHICH IS EXCHANGEABLE FOR A PERMANENT GLOBAL NOTE
SUBJECT TO THE TERMS AND CONDITIONS SET FORTH IN THE INDENTURE.]

 

A-2-2

 

THE HOLDER HEREOF, BY ACCEPTING THIS NOTE, AND EACH BENEFICIAL OWNER BY
PURCHASING OR OTHERWISE ACQUIRING A BENEFICIAL INTEREST IN THIS NOTE, EACH
AGREES TO TREAT THIS NOTE AND SUCH BENEFICIAL INTEREST FOR PURPOSES OF UNITED
STATES FEDERAL, STATE AND LOCAL INCOME OR FRANCHISE TAXES AND ANY OTHER TAXES
IMPOSED ON OR MEASURED BY INCOME, AS INDEBTEDNESS OF THE ISSUER[S] AND TO
REPORT THIS NOTE AND SUCH BENEFICIAL INTEREST ON ALL APPLICABLE TAX RETURNS IN
A MANNER CONSISTENT WITH SUCH TREATMENT.

 

[CERTAIN PAYMENTS WITH RESPECT TO THIS NOTE WILL BE SUBORDINATE TO
PAYMENTS WITH RESPECT TO THE CLASS [    ] NOTES AS AND
TO THE EXTENT DESCRIBED IN THE INDENTURE.](1)

 

REDUCTIONS OF THE NOTE PRINCIPAL BALANCE OF THIS NOTE MAY BE MADE
MONTHLY AS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. ACCORDINGLY, THE
OUTSTANDING NOTE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ABOVE.

 

THE NOTES WILL HAVE THE BENEFIT OF THE
CERTIFICATE GUARANTY INSURANCE POLICY DESCRIBED HEREIN (THE “INSURANCE POLICY”).
THE NOTES ARE SOLELY OBLIGATIONS OF THE ISSUER[S] AND DO NOT REPRESENT
OBLIGATIONS OF ANY OTHER PERSON, INCLUDING, WITHOUT LIMITATION, THE INDENTURE
TRUSTEE, THE COLLATERAL AGENT, THE PROPERTY MANAGER, THE SUPPORT PROVIDER, THE
SPECIAL SERVICER, THE BACK-UP MANAGER, THE INITIAL PURCHASERS OR ANY OF THEIR
RESPECTIVE AFFILIATES. THE NOTES ARE NOT INSURED OR GUARANTEED BY ANY
GOVERNMENTAL AGENCY OR INSTRUMENTALITY. EACH NOTE IS ONE OF A SERIES OF
NOTES, ALL OF WHICH ARE PAYABLE SOLELY FROM THE PROCEEDS OF THE COLLATERAL POOL
AND FROM DRAWINGS ON THE INSURANCE POLICY. ADDITIONAL SERIES OF NOTES
SECURED PRO RATA BY THE COLLATERAL POOL MAY ALSO BE ISSUED IN THE FUTURE.
PROSPECTIVE INVESTORS SHOULD MAKE AN INVESTMENT DECISION BASED UPON AN ANALYSIS
OF THE SUFFICIENCY OF THE COLLATERAL POOL AND THE INSURANCE POLICY.

 

(1)                                  Include
in Class [    ] Note only.

 

A-2-3

 

The Issuer[s], a Delaware limited liability company, for value received,
hereby promises to pay to Cede & Co. or its registered assigns, upon
presentation and surrender of this Note (this “Note”),
the principal sum of [                                                   ]
United States dollars ($[                          ])
on the Legal Final Payment Date referred to above, together with interest
hereon from time to time in the amounts and at the times specified in the
Indenture referred to below.

 

This Note is one of a series of Net-Lease Mortgage Notes
(collectively, the “Notes”)
issued by the Issuer[s] (each, a “Class”)
pursuant to an Amended and Restated Master Indenture, to be dated on or about March 17,
2006 (as amended or supplemented thereafter, the “Master
Indenture”), between Spirit
Master Funding, LLC (as an issuer “Issuer”)
and Citibank, N.A., as indenture trustee (in such capacity, the “Indenture Trustee”), as
supplemented by the Series [     ] Supplement
(together with the Master Indenture and any other indenture supplement thereto
(each, a “Series Supplement”), the “Indenture”), and will be payable
solely from the assets of the Issuers (individually, the “Collateral”
and, collectively, the “Collateral Pool”)
[and from drawings on the Insurance Policy]. To the extent not defined herein,
capitalized terms used herein have the respective meanings assigned in the
Indenture. This Note is issued under and is subject to the terms, provisions
and conditions of the Indenture, to which Indenture the Holder of this Note by
virtue of the acceptance hereof assents and by which such Holder is bound.

 

Pursuant to the terms of the Indenture, payments of any interest,
principal and other amounts payable on this Note shall be made on the Class of
Notes to which this Note belongs, pro rata among
the Notes of such Class based on their respective Note Principal Balance,
on the 20th day of each calendar month or, if any such day is not a Business
Day, then on the next succeeding Business Day (each, a “Payment
Date”), commencing on the first Payment Date specified above, to
the Person in whose name this Note is registered at the close of business on
the related Record Date. All payments made under the Indenture on this Note
will be made by the Indenture Trustee by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Noteholder shall have provided
the Indenture Trustee with wiring instructions prior to the related Record Date
(which wiring instructions may be in the form of a standing order
applicable to all subsequent payments), or otherwise by check mailed to the
address of such Noteholder as it appears in the Note Register as of the related
Record Date. Notwithstanding the foregoing, the final payment on this Note on
the Final Payment Date will be made in like manner, but only upon presentation
and surrender of this Note at the offices of the Indenture Trustee or such
other location specified in the notice to the Holder hereof of such final
payment. Notwithstanding anything herein to the contrary, no payments will be
made with respect to a Note that has previously been surrendered as
contemplated by the preceding sentence or, with limited exception, that should
have been surrendered as contemplated by the preceding sentence.

 

The Notes are limited in right of payment to certain distributions on
the Mortgage Loans, Mortgaged Properties and Leases and the other Collateral
included in the Collateral Pool, all as more specifically set forth herein and
in the Indenture.

 

Any payment to the Holder of this Note in reduction of the Note
Principal Balance hereof is binding on such Holder and all future Holders of
this Note and any Note issued

 

A-2-4

 

upon the transfer hereof or in exchange therefor
or in lieu hereof whether or not notation of such payment is made upon this
Note.

 

The Class of Notes to which this Note belongs are issuable in
fully registered form only without coupons in minimum denominations
specified in the Indenture. As provided in the Indenture and subject to certain
limitations therein set forth, this Note is exchangeable for new Notes of the
same Class in authorized denominations of a like Percentage Interest, as
requested by the Holder surrendering the same.

 

No transfer of this Note or any interest herein may be made unless
that transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction that does not require such
registration or qualification. No person is obligated to register or qualify
any of the Notes under the Securities Act or any other securities law or to
take any action not otherwise required under the Indenture to permit the
transfer of any Note or interest therein without registration or qualification.

 

Each transferee of a Note will be deemed to have represented, warranted
and agreed that either (i) such transferee is not, and is not purchasing
such Note on behalf of, as a fiduciary of, as trustee of, or with the assets
of, a Plan or (ii)(A) such Note is rated investment grade or better as of
the date of the purchase, (B) such transferee believes that such Note is
properly treated as indebtedness without substantial equity features for
purposes of Department of Labor Regulations and agrees to so treat such Note
and (C) such transferee’s acquisition and continued holding of such Note
or Ownership Interest therein will not give rise to a non-exempt prohibited
transaction described in Section 406 of ERISA or Section 4975 of the
Code (or any materially similar applicable law).

 

As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note is registrable in the Note Register upon
surrender of this Note for registration of transfer at the offices of the Note
Registrar, duly endorsed by, or accompanied by a written instrument of transfer
in the form satisfactory to the Note Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes of the same Class in authorized denominations evidencing
the same Aggregate Series Principal Balance will be issued to the
designated transferee or transferees.

 

No service charge will be imposed for any transfer or exchange of this
Note, but the Indenture Trustee or the Note Registrar may require payment
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any transfer or exchange of this Note.

 

[After such time as the Restricted Period shall have terminated, and
subject to the receipt by the Indenture Trustee of a certificate substantially
in the form of Exhibit D-4 to the Indenture, beneficial interests in
this Note may be exchanged for an equal aggregate principal amount of
beneficial interest in the Permanent Regulation S Global Note. Upon any
exchange of any beneficial interest in this Note for a beneficial interest in
the Permanent Regulation S Global Note, (i) this Note shall be endorsed by
the Indenture Trustee to reflect the reduction of the principal amount
evidenced hereby, whereupon the principal amount of this Note shall be

 

A-2-5

 

reduced for all purposes by the amount so
exchanged and endorsed and (ii) the Permanent Regulation S Global Note
shall be endorsed by the Indenture Trustee to reflect the increase of the
principal amount evidenced thereby, whereupon the principal amount of the
Permanent Regulation S Global Note shall be increased for all purposes by the
amount so exchanged and endorsed.]

 

The Issuer[s], the Indenture Trustee, the Note Registrar and any agent
of any thereof may treat the Person in whose name this Note is registered
as the owner hereof for all purposes, and none of the Issuer[s], the Indenture
Trustee, the Note Registrar or any such agent shall be affected by notice to
the contrary.

 

The Indenture, the Property Management Agreement, any Purchase and Sale
Agreements and the Notes are subject to amendment, including by supplemental
indenture, from time to time in accordance with the terms thereof, including in
circumstances which do not require the consent of any or all Noteholders.

 

Unless the certificate of authentication hereon has been executed by
the Indenture Trustee, by manual signature, the Note shall not be entitled to
any benefit under the Indenture or be valid for any purpose.

 

The registered Holder hereof, by its acceptance hereof, agrees that it
will look solely to the Collateral Pool (to the extent of its rights therein)
and the Insurance Policy for payments hereunder.

 

The Indenture Trustee makes no representation as to the validity or
sufficiency of this Note (other than as to its signature set forth hereon
below).

 

This Note shall be governed by and construed in accordance with the
laws of the State of New York (including Section 5-1401 of the General
Obligations Law of the State of New York, but otherwise without regard to
conflict of laws principles).

 

A-2-6

 

IN WITNESS WHEREOF, the Issuers have caused this instrument to be duly
executed by the Issuers.

 

Dated:             [                                   ]

 

	
   

  	
  [SPIRIT]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

 

CERTIFICATE
OF AUTHENTICATION

 

This is one of the Class [           ]
Notes referred to in the within-mentioned Indenture.

 

	
   

  	
  CITIBANK, N.A., not in its individual

  
	
   

  	
  capacity, but solely in its capacity as

  
	
   

  	
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  

 

A-2-7

 

ASSIGNMENT

 

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

	
   

  
	
   

  
	
   

  

(please print or typewrite name and address including postal zip code
of assignee) 

the within Net-Lease Mortgage Note and hereby authorize(s) the registration of
transfer of such Note to assignee on the Note Register.

 

I (we) further direct the Note Registrar to
issue a new Net-Lease Mortgage Note of a like Note Principal Balance and Class to
the above named assignee and deliver such Note to the following address:

	
   

  
	
   

  
	
   

  
	
  Dated:

  	
   

  

 

 

	
   

  	
   

  
	
   

  	
  Signature by or on behalf of Assignor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature Guaranteed

  

 

 

PAYMENT INSTRUCTIONS

 

The Assignee should include the following for
purposes of payment:

 

Payments shall, if permitted, be made by wire
transfer or otherwise, in immediately available funds, to                                          

for the account of                                                                                                                                                                                                                .

Payments made by check (such check to be made payable to
                                                                                                     )

and all applicable statements and notices should be mailed to
                                                                                                    .

 

This information is provided by
                                                       ,
the Assignee named above, or
                                                                                     ,
as its agent.

 

A-2-8

 

EXHIBIT A-3

 

FORM OF
DEFINITIVE GLOBAL NET-LEASE MORTGAGE NOTE

 

DEFINITIVE
NOTE

 

SERIES [        ],
CLASS [         ] NOTE

 

	
  Note Rate: [      ]%

  	
   

  	
  Aggregate Series Principal Balance as of the Series Closing
  Date: 
  $[                  ]

  
	
   

  	
   

  	
   

  
	
  Series Cut-off Date:
  [          ],
  200[  ]

  	
   

  	
  Note Principal Balance of the Class [    ]
  Notes as of the Series Closing Date:
  $[          ]

  
	
   

  	
   

  	
   

  
	
  Series Closing Date: 
  [          ],
  200[  ]

  	
   

  	
  Initial Note Principal Balance of this Class [    ]
  Note: 
  $[                  ]

  
	
   

  	
   

  	
   

  
	
  First Payment Date:
  [          ],
  200[  ]

  	
   

  	
  CUSIP No.                      

  
	
   

  	
   

  	
   

  
	
  Issuer(s):  [SPIRIT]

  	
   

  	
  ISIN No.                          

  
	
   

  	
   

  	
   

  
	
  Indenture Trustee:

  Citibank, N.A.

  	
   

  	
  Property Manager and Special Servicer:  

  Spirit Finance Corporation

  
	
   

  	
   

  	
   

  
	
  Note No.    

  	
   

  	
  Legal Final Payment Date: 
  [                        ]

  

 

A-3-1

 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), ANY STATE
SECURITIES LAWS IN THE UNITED STATES OR THE SECURITIES LAWS OF ANY OTHER
JURISDICTION, AND MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT AS PERMITTED BY THIS LEGEND. THE HOLDER HEREOF, BY ITS
ACCEPTANCE OF THIS NOTE, REPRESENTS, ACKNOWLEDGES AND AGREES THAT IT WILL NOT
REOFFER, RESELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE EXCEPT IN COMPLIANCE
WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND EXCEPT (A) IN
COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT TO A PERSON WHOM THE
SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER, WHOM THE SELLER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE,
PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, PROVIDED THAT SUCH PURCHASER DELIVERS ALL DOCUMENTS AND
CERTIFICATIONS AS THE INDENTURE TRUSTEE MAY REASONABLY REQUIRE; OR (B) OUTSIDE
THE UNITED STATES IN “OFFSHORE TRANSACTIONS” TO NON-US PERSONS IN COMPLIANCE
WITH RULE 904 OF REGULATION S UNDER THE SECURITIES ACT.

 

THE HOLDER HEREOF, BY ACCEPTING THIS NOTE, AGREES TO TREAT THIS NOTE
FOR PURPOSES OF UNITED STATES FEDERAL, STATE AND LOCAL INCOME OR FRANCHISE
TAXES AND ANY OTHER TAXES IMPOSED ON OR MEASURED BY INCOME, AS INDEBTEDNESS OF
THE ISSUER[S] AND TO REPORT THIS NOTE ON ALL APPLICABLE TAX RETURNS IN A MANNER
CONSISTENT WITH SUCH TREATMENT.

 

[CERTAIN PAYMENTS WITH RESPECT TO THIS NOTE WILL BE SUBORDINATE TO
PAYMENTS WITH RESPECT TO THE CLASS [       ]
NOTES AS AND TO THE EXTENT DESCRIBED IN THE INDENTURE.](1)

 

REDUCTIONS OF THE NOTE PRINCIPAL BALANCE OF THIS NOTE MAY BE MADE
MONTHLY AS SET FORTH IN THE INDENTURE REFERRED TO HEREIN. ACCORDINGLY, THE
OUTSTANDING NOTE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ABOVE.

 

THE NOTES WILL HAVE THE BENEFIT OF THE CERTIFICATE
GUARANTY INSURANCE POLICY DESCRIBED HEREIN (THE “INSURANCE POLICY”). THE NOTES
ARE SOLELY OBLIGATIONS OF THE ISSUER[S] AND DO NOT REPRESENT OBLIGATIONS OF ANY
OTHER PERSON, INCLUDING, WITHOUT LIMITATION, THE INDENTURE TRUSTEE, THE
COLLATERAL AGENT, THE

 

(1)                                  Include
in Class [    ] Note only.

 

A-3-2

 

PROPERTY MANAGER, THE SUPPORT PROVIDER, THE
SPECIAL SERVICER, THE BACK-UP MANAGER, THE INITIAL PURCHASERS OR ANY OF THEIR
RESPECTIVE AFFILIATES. THE NOTES ARE NOT INSURED OR GUARANTEED BY ANY
GOVERNMENTAL AGENCY OR INSTRUMENTALITY. EACH NOTE IS ONE OF A SERIES OF
NOTES, ALL OF WHICH ARE PAYABLE SOLELY FROM THE PROCEEDS OF THE COLLATERAL POOL
AND FROM DRAWINGS ON THE INSURANCE POLICY. ADDITIONAL SERIES OF NOTES
SECURED PRO RATA BY THE COLLATERAL POOL MAY ALSO BE ISSUED IN THE FUTURE.
PROSPECTIVE INVESTORS SHOULD MAKE AN INVESTMENT DECISION BASED UPON AN ANALYSIS
OF THE SUFFICIENCY OF THE COLLATERAL POOL AND THE INSURANCE POLICY.

 

A-3-3

 

The Issuer[s], a Delaware limited liability company, for value
received, hereby promises to pay to [                                                ]
or its registered assigns, upon presentation and surrender of this Note (this “Note”), the principal sum of [                                                ]
United States dollars ($[                           ])
on the Legal Final Payment Date referred to above, together with interest
hereon from time to time in the amounts and at the times specified in the
Indenture referred to below.

 

This Note is one of a series of Net-Lease Mortgage Notes
(collectively, the “Notes”)
issued by the Issuer[s] (each, a “Class”)
pursuant to an Amended and Restated Master Indenture, to be dated on or about March 17,
2006 (as amended or supplemented thereafter, the “Master
Indenture”), between Spirit
Master Funding, LLC (as an issuer “Issuer”)
and Citibank, N.A., as indenture trustee (in such capacity, the “Indenture Trustee”), as
supplemented by the Series [            ]
Indenture Supplement (together with the Master Indenture and any other
indenture supplement thereto (each, a “Series Supplement”),
the “Indenture”), and will be payable
solely from the assets of the Issuers (individually, the “Collateral”
and, collectively, the “Collateral Pool”)
[and from drawings on the Insurance Policy]. To the extent not defined herein,
capitalized terms used herein have the respective meanings assigned in the
Indenture. This Note is issued under and is subject to the terms, provisions
and conditions of the Indenture, to which Indenture the Holder of this Note by
virtue of the acceptance hereof assents and by which such Holder is bound.

 

Pursuant to the terms of the Indenture, payments of any interest,
principal and other amounts payable on this Note shall be made on the Class of
Notes to which this Note belongs, pro rata among
the Notes of such Class based on their respective Note Principal Balance,
on the 20th day of each calendar month or, if any such day is not a Business
Day, then on the next succeeding Business Day (each, a “Payment
Date”), commencing on the first Payment Date specified above, to
the Person in whose name this Note is registered at the close of business on
the related Record Date. All payments made under the Indenture on this Note
will be made by the Indenture Trustee by wire transfer of immediately available
funds to the account of the Person entitled thereto at a bank or other entity
having appropriate facilities therefor, if such Noteholder shall have provided
the Indenture Trustee with wiring instructions prior to the related Record Date
(which wiring instructions may be in the form of a standing order
applicable to all subsequent payments), or otherwise by check mailed to the
address of such Noteholder as it appears in the Note Register as of the related
Record Date. Notwithstanding the foregoing, the final payment on this Note on
the Final Payment Date will be made in like manner, but only upon presentation
and surrender of this Note at the offices of the Indenture Trustee or such
other location specified in the notice to the Holder hereof of such final
payment. Notwithstanding anything herein to the contrary, no payments will be
made with respect to a Note that has previously been surrendered as
contemplated by the preceding sentence or, with limited exception, that should
have been surrendered as contemplated by the preceding sentence.

 

The Notes are limited in right of payment to certain distributions on
the Mortgage Loans, Mortgaged Properties and Leases and the other Collateral
included in the Collateral Pool, all as more specifically set forth herein and
in the Indenture.

 

Any payment to the Holder of this Note in reduction of the Note
Principal Balance hereof is binding on such Holder and all future Holders of
this Note and any Note issued

 

A-3-4

 

upon the transfer hereof or in exchange
therefor or in lieu hereof whether or not notation of such payment is made upon
this Note.

 

The Class of Notes to which this Note belongs are issuable in
fully registered form only without coupons in minimum denominations
specified in the Indenture. As provided in the Indenture and subject to certain
limitations therein set forth, this Note is exchangeable for new Notes of the
same Class in authorized denominations of a like Percentage Interest, as
requested by the Holder surrendering the same.

 

No transfer of this Note or any interest herein may be made unless
that transfer is made pursuant to an effective registration statement under the
Securities Act, and effective registration or qualification under applicable
state securities laws, or is made in a transaction that does not require such
registration or qualification. No person is obligated to register or qualify
any of the Notes under the Securities Act or any other securities law or to
take any action not otherwise required under the Indenture to permit the
transfer of any Note or interest therein without registration or qualification.

 

Each transferee of a Note will be deemed to have represented, warranted
and agreed that either (i) such transferee is not, and is not purchasing
such Note on behalf of, as a fiduciary of, as trustee of, or with the assets
of, a Plan or (ii)(A) such Note is rated investment grade or better as of
the date of the purchase, (B) such transferee believes that such Note is
properly treated as indebtedness without substantial equity features for
purposes of Department of Labor Regulations and agrees to so treat such Note
and (C) such transferee’s acquisition and continued holding of such Note
or Ownership Interest therein will not give rise to a non-exempt prohibited
transaction described in Section 406 of ERISA or Section 4975 of the
Code (or any materially similar applicable law).

 

As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note is registrable in the Note Register upon
surrender of this Note for registration of transfer at the offices of the Note
Registrar, duly endorsed by, or accompanied by a written instrument of transfer
in the form satisfactory to the Note Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes of the same Class in authorized denominations evidencing
the same Aggregate Series Principal Balance will be issued to the
designated transferee or transferees.

 

No service charge will be imposed for any transfer or exchange of this
Note, but the Indenture Trustee or the Note Registrar may require payment
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any transfer or exchange of this Note.

 

The Issuer[s], the Indenture Trustee, the Note Registrar and any agent
of any thereof may treat the Person in whose name this Note is registered
as the owner hereof for all purposes, and none of the Issuer[s], the Indenture
Trustee, the Note Registrar or any such agent shall be affected by notice to
the contrary.

 

The Indenture, the Property Management Agreement, any Purchase and Sale
Agreements and the Notes are subject to amendment, including by supplemental
indenture, from

 

A-3-5

 

time to time in accordance with the terms
thereof, including in circumstances which do not require the consent of any or
all Noteholders.

 

Unless the certificate of authentication hereon has been executed by
the Note Registrar, by manual signature, the Note shall not be entitled to any
benefit under the Indenture or be valid for any purpose.

 

The registered Holder hereof, by its acceptance hereof, agrees that it
will look solely to the Collateral Pool (to the extent of its rights therein)
and the Insurance Policy for payments hereunder.

 

The Indenture Trustee makes no representation as to the validity or
sufficiency of this Note (other than as to its signature set forth hereon
below).

 

This Note shall be governed by and construed in accordance with the
laws of the State of New York (including Section 5-1401 of the General
Obligations Law of the State of New York, but otherwise without regard to
conflict of laws principles).

 

A-3-6

 

IN WITNESS WHEREOF, the Issuers have caused this instrument to be duly
executed by the Issuers.

 

Dated:             [                      ]

 

	
   

  	
  [SPIRIT]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

 

CERTIFICATE
OF AUTHENTICATION

 

This is one of the Class [        ]
Notes referred to in the within-mentioned Indenture.

 

	
   

  	
  CITIBANK, N.A., not in its individual

  
	
   

  	
  capacity, but solely in its capacity as

  
	
   

  	
  Indenture Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  

 

A-3-7

 

ASSIGNMENT

 

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

	
   

  
	
   

  
	
   

  

(please print or typewrite name and address including postal zip code
of assignee) 

the within Net-Lease Mortgage Note and hereby authorize(s) the registration of
transfer of such Note to assignee on the Note Register.

 

I (we) further direct the Note Registrar to
issue a new Net-Lease Mortgage Note of a like Note Principal Balance and Class to
the above named assignee and deliver such Note to the following address:

	
   

  
	
   

  
	
   

  
	
  Date:

  	
   

  

 

 

	
   

  	
   

  
	
   

  	
  Signature by or on behalf of Assignor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signature Guaranteed

  

 

PAYMENT INSTRUCTIONS

 

The Assignee should include the following for
purposes of payment:

 

Payments shall, if permitted, be made by wire
transfer or otherwise, in immediately available funds, to                                          

for the account of                                                                                                                                                                                                                .

Payments made by check (such check to be made payable to
                                                                                            )

and all applicable statements and notices should be mailed to
                                                                                           .

 

This information is provided by                                                             ,
the Assignee named above, or                                                                                   ,
as its agent.

 

A-3-8

 

EXHIBIT B

 

FORM OF
TRUSTEE REPORT

 

B-1

 

EXHIBIT C-1

 

FORM OF
TRANSFEROR CERTIFICATE

FOR
TRANSFERS OF DEFINITIVE NOTES

 

	
   

  	
  [Date]

  

 

Citibank, N.A.

111 Wall Street, 15th Floor

New York, New York 10005

Attention:  15th Floor
Window

 

Re:                               Spirit
Master Funding, LLC, Net-Lease Mortgage Notes, Series 200[ ]-[ ] (the “Notes”)

 

Ladies and Gentlemen:

 

This letter is delivered to you in connection with the transfer by                     
(the “Transferor”) to                     
(the “Transferee”) of Class A-[1][2]
Notes having an initial Aggregate Series Principal Balance as of [         ],
2005 (the “Closing Date”) of $[                    ]
(the “Transferred Notes”). The Notes,
including the Transferred Notes, were issued pursuant to an Amended and
Restated Master Indenture, to be dated on or about March 17, 2006 (as
amended or supplemented thereafter, the “Master Indenture”),
between Spirit Master Funding, LLC (the “Issuer”) and Citibank, N.A.,
as indenture trustee (in such capacity, the “Indenture
Trustee”), as supplemented by the Series 200[ ]-[ ]
Supplement (together with the Master Indenture and any other indenture
supplement thereto (each, a “Supplement”),
the “Indenture”). All capitalized terms
used but not otherwise defined herein shall have the respective meanings set
forth in the Indenture. The Transferor hereby certifies, represents and
warrants to you, as Note Registrar, and for the benefit of the Issuer, the
Insurer, the Indenture Trustee and the Transferee, that:

 

1.                                       The
Transferor is the lawful owner of the Transferred Notes with the full right to
transfer such Notes free from any and all claims and encumbrances whatsoever.

 

2.                                       Neither
the Transferor nor anyone acting on its behalf has (a) offered,
transferred, pledged, sold or otherwise disposed of any Note, any interest in
any Note or any other similar security to any person in any manner, (b) solicited
any offer to buy or accept a transfer, pledge or other disposition of any Note,
any interest in any Note or any other similar security from any person in any
manner, (c) otherwise approached or negotiated with respect to any Note,
any interest in any Note or any other similar security with any person in any
manner, (d) made any general solicitation by means of general advertising
or in any other manner, or (e) taken any other action, which (in the case
of any of the acts described in clauses (a) through (e) hereof)
would constitute a distribution of any Note under the Securities Act of 1933,
as amended (the “Securities Act”),
or would render the disposition of any Note a violation of Section 5 of
the Securities Act or any state securities laws, or would require registration
or qualification of any Note pursuant to the Securities Act or any state
securities laws.

 

C-1-1

 

[3.                                   The
Transferor and any person acting on behalf of the Transferor in this matter
reasonably believe that the Transferee is a Non-U.S. Person that is not
acquiring the Transferred Notes for the account or benefit of any U.S. Person
(as defined in Regulation S) and is acquiring the Transferred Notes in an
offshore transaction.]

 

[3.                                   The
Transferor and any person acting on behalf of the Transferor in this matter
reasonably believe that the Transferee is a “qualified institutional buyer” as
that term is defined in Rule 144A (“Rule 144A”)
under the Securities Act (a “Qualified Institutional
Buyer”) purchasing for its own account or for the account of a
Qualified Institutional Buyer. In determining whether the Transferee is a
Qualified Institutional Buyer, the Transferor and any person acting on behalf
of the Transferor in this matter have relied upon the following method(s) of
establishing the Transferee’s ownership and discretionary investments of
securities (check one or more):

 

o                                    (a)                                  The Transferee’s most
recent publicly available financial statements, which statements present the
information as of a date within 16 months preceding the date of sale of the
Transferred Note in the case of a U.S. purchaser and within 18 months preceding
such date of sale for a foreign purchaser; or

 

o                                    (b)                                 The most recent
publicly available information appearing in documents filed by the Transferee
with the SEC or another United States federal, state, or local governmental
agency or self-regulatory organization, or with a foreign governmental agency
or self-regulatory organization, which information is as of a date within 16
months preceding the date of sale of the Transferred Note in the case of a U.S.
purchaser and within 18 months preceding such date of sale for a foreign
purchaser; or

 

o                                    (c)                                  The most recent
publicly available information appearing in a recognized securities manual,
which information is as of a date within 16 months preceding the date of sale
of the Transferred Note in the case of a U.S. purchaser and within 18 months
preceding such date of sale for a foreign purchaser; or

 

o                                    (d)                                 A certification by the
chief financial officer, a person fulfilling an equivalent function, or other
executive officer of the Transferee, specifying the amount of securities owned
and invested on a discretionary basis by the Transferee as of a specific date
on or since the close of the Transferee’s most recent fiscal year, or, in the
case of a Transferee that is a member of a “family of investment companies”, as
that term is defined in Rule 144A, a certification by an executive officer
of the investment adviser specifying the amount of securities owned by the “family
of investment companies” as of a specific date on or since the close of the
Transferee’s most recent fiscal year.

 

C-1-2

 

4.                                       The
Transferor and any person acting on behalf of the Transferor understand that in
determining the aggregate amount of securities owned and invested on a
discretionary basis by an entity for purposes of establishing whether such
entity is a Qualified Institutional Buyer:

 

(a)                                  the
following instruments and interests shall be excluded: securities of issuers
that are affiliated with the Transferee; securities that are part of an
unsold allotment to or subscription by the Transferee, if the Transferee is a
dealer; securities of issuers that are part of the Transferee’s “family of
investment companies”, if the Transferee is a registered investment company;
bank deposit notes and certificates of deposit; loan participations; repurchase
agreements; securities owned but subject to a repurchase agreement; and
currency, interest rate and commodity swaps;

 

(b)                                 the
aggregate value of the securities shall be the cost of such securities, except
where the entity reports its securities holdings in its financial statements on
the basis of their market value, and no current information with respect to the
cost of those securities has been published, in which case the securities may be
valued at market;

 

(c)                                  securities
owned by subsidiaries of the entity that are consolidated with the entity in
its financial statements prepared in accordance with generally accepted
accounting principles may be included if the investments of such
subsidiaries are managed under the direction of the entity, except that, unless
the entity is a reporting company under Section 13 or Section 15(d) of
the Securities Exchange Act of 1934, as amended, securities owned by such
subsidiaries may not be included if the entity itself is a majority-owned
subsidiary that would be included in the consolidated financial statements of
another enterprise.

 

5.                                       The
Transferor or a person acting on its behalf has taken reasonable steps to
ensure that the Transferee is aware that the Transferor is relying on the
exemption from the provisions of Section 5 of the Securities Act provided
by [Rule 144A][Regulation S].

 

6.                                       The
Transferor or a person acting on its behalf has furnished, or caused to be
furnished, to the Transferee all information regarding (a) the Transferred
Notes and payments thereon, (b) the nature and performance of the Leases
and the Mortgaged Properties, (c) the Indenture and the Collateral, and (d) any
credit enhancement mechanism associated with the Transferred Notes, that the
Transferee has requested.

 

C-1-3

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Transferor)

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

C-1-4

 

EXHIBIT C-2

 

FORM OF
TRANSFEREE CERTIFICATE

FOR
TRANSFERS OF DEFINITIVE NOTES

 

	
   

  	
  [Date]

  

 

Citibank, N.A.

111 Wall Street, 15th Floor

New York, New York 10005

Attention:  15th Floor
Window

 

Re:                               Spirit
Master Funding, LLC, Net-Lease Mortgage Notes, Series 200[ ]-[ ] (the “Notes”)

 

Ladies and Gentlemen:

 

This letter is delivered to you in connection with the transfer by                                 
(the “Transferor”) to                        
(the “Transferee”) of Class A-[1][2]
Notes (the “Transferred Notes”) having an
initial Note Principal Balance as of [             ],
200[ ] of $[               ].
The Notes, including the Transferred Notes, were issued pursuant to an Amended
and Restated Master Indenture, to be dated on or about March 17, 2006 (as
amended or supplemented thereafter, the “Master Indenture”),
between Spirit Master Funding, LLC (the “Issuer”) and Citibank, N.A.,
as indenture trustee (in such capacity, the “Indenture
Trustee”), as supplemented by the Series 200[ ]-[ ]
Supplement (together with the Master Indenture and any other indenture
supplement thereto (each, a “Supplement”),
the “Indenture”). All terms used herein
and not otherwise defined shall have the meanings set forth in the Indenture.
The Transferee hereby certifies, represents and warrants to you, as Note
Registrar, and for the benefit of the Issuer, the Insurer, the Indenture
Trustee and the Transferor, that:

 

1.                                       The
Transferee understands that (a) the Transferred Notes have not been and
will not be registered or qualified under the Securities Act of 1933, as
amended (the “Securities Act”), or any state
securities law, (b) none of the Issuer[s] or the Indenture Trustee is
required to so register or qualify the Transferred Notes, (c) the
Transferred Notes may be resold only if registered and qualified pursuant
to the provisions of the Securities Act or any state securities law, or if an
exemption from such registration and qualification is available, (d) the
Indenture contains restrictions regarding the transfer of the Transferred Notes
and (e) the Transferred Notes will bear a legend to the foregoing effect.

 

2.                                       The
Transferee is acquiring the Transferred Notes for its own account for investment
only and not with a view to or for sale in connection with any distribution
thereof in any manner that would violate the Securities Act or any applicable
state securities laws.

 

3.                                       The
Transferee is (a) a Non-U.S. Person, is not acquiring the Notes or
interests therein for the account or benefit of any U.S. Person (as that term
is defined in Regulation S under the Securities Act) and is acquiring the
Transferred Notes in an offshore transaction; or (b) a “qualified
institutional buyer” (a “Qualified Institutional
Buyer”) as that term is defined in Rule 144A (“Rule 144A”) under the
Securities Act and has completed one of

 

C-2-1

 

the forms of certification to that effect
attached hereto as Annex 1 and Annex 2. The Transferee is aware
that the sale to it of the Transferred Notes is being made in reliance on Rule 144A
or pursuant to Regulation S under the Securities Act, as applicable. The
Transferee is acquiring the Transferred Notes for its own account or for the
account of a Qualified Institutional Buyer or another Non-U.S. Person in an
offshore transaction, and understands that such Transferred Notes may be
resold, pledged or transferred only (i) to a person reasonably believed to
be a Qualified Institutional Buyer that purchases for its own account or for
the account of a Qualified Institutional Buyer to whom notice is given that the
resale, pledge or transfer is being made in reliance on Rule 144A, or (ii) pursuant
to another exemption from registration under the Securities Act. The Transferee
is (a) a substantial, sophisticated institutional investor having such
knowledge and experience in financial and business matters, and, in particular,
in such matters related to securities similar to the Transferred Notes, such
that it is capable of evaluating the merits and risks of investment in the
Transferred Notes, and (b) able to bear the economic risks of such an
investment.

 

4.                                       The
Transferee has reviewed and understands the restrictions on transfer of the
Transferred Notes and acknowledges that such transfer restrictions may adversely
affect the liquidity of the Transferred Notes.

 

5.                                       The
Transferee understands that each Noteholder, by virtue of its acceptance
thereof, assents to, and agrees to be bound by, the terms, provisions and
conditions of the Indenture, including those relating to the transfer
restrictions.

 

6.                                       The
Transferee understands that the information contained in the Memorandum (as
defined below) and all such additional information, as well as all information
to be received by the Transferee as a Noteholder, is confidential and agrees to
keep such information confidential (a) by not disclosing any such
information other than to a person who needs to know such information and who
has agreed to keep such information confidential and (b) by not using any
such information other than for the purpose of evaluating an investment in the
Transferred Notes; provided, however, that any such information may be
disclosed as required by applicable law if the Issuer is given written notice
of such requirement sufficient to enable the Issuer to seek a protective order
or other appropriate remedy in advance of disclosure.

 

7.                                       The
Transferee has been furnished with, and has had an opportunity to review (a) a
copy of the Private Placement Memorandum dated [         ],
200[ ], relating to the Transferred Notes (the “Memorandum”),
(b) a copy of the Indenture and the Transferred Notes and (c) such
other information concerning the Transferred Notes and payments thereon, the
Mortgaged Properties and Leases and the other Collateral, the Issuer[s] and the
Insurer and the Insurance Policy as has been requested by the Transferee from
the Issuer[s] or the Transferor and is relevant to the Transferee’s decision to
purchase the Transferred Notes. The Transferee has had any questions arising
from such review answered by the Issuer[s] or the Transferor to the
satisfaction of the Transferee.

 

8.                                       The
Transferee has not and will not nor has it authorized or will it authorize any
person to (a) offer, pledge, sell, dispose of or otherwise transfer any
Transferred Note, any interest in any Transferred Note or any other similar
security from any person in any manner, (b) otherwise approach or
negotiate with respect to any Transferred Note, any interest in

 

C-2-2

 

any Transferred Note or any other similar
security with any person in any manner, (c) make any general solicitation
by means of general advertising or in any other manner or (d) take any
action, that (as to any of (a) through (d) above) would constitute a
distribution of any Transferred Note under the Securities Act, that would
render the disposition of any Transferred Note a violation of Section 5 of
the Securities Act or any state securities law, or that would require
registration or qualification pursuant thereto. The Transferee will not sell or
otherwise transfer any of the Transferred Notes, except to a person reasonably
believed to be (x) a Non-U.S. Person that is not acquiring the Transferred
Notes for the account or benefit of any U.S. Person (as defined in Regulation
S) and is acquiring the Transferred Notes or interests therein in an offshore
transaction, or (y) a Qualified Institutional Buyer that purchases for its own
account or for the account of a Qualified Institutional Buyer to whom notice is
given that the resale, pledge or transfer is being made in reliance on Rule 144A,
or otherwise in accordance with the terms and provisions of the Indenture.

 

9.                                       The
Transferee is duly authorized to purchase the Transferred Notes acquired
thereby, and its purchase of investments having the characteristics of the
Notes acquired thereby is authorized under, and not directly or indirectly in
contravention of, any law, charter, trust instrument or other operative
document, investment guidelines or list of permissible or impermissible
investments applicable to the investor.

 

10.                                 If
the Transferee is acquiring any Transferred Notes or interests therein as a
fiduciary or agent for one or more accounts, it has sole investment discretion
with respect to each such account and it has full power to make the foregoing
acknowledgments, representations, warranties and agreements with respect to
each such account.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Transferee)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
				

 

C-2-3

 

ANNEX 1 TO
EXHIBIT C-2

 

QUALIFIED
INSTITUTIONAL BUYER STATUS UNDER SECURITIES ACT RULE 144A

 

[for Transferees other than Registered Investment Companies]

 

The undersigned hereby certifies as follows to [name
of Transferor (the “Transferor”)] and [name of Note Registrar], as Note
Registrar, with respect to the Notes being transferred (the “Transferred Notes”) as described in
the Transferee Certificate to which this certification relates and to which
this certification is an Annex:

 

1.                                       As indicated
below, the undersigned is the chief financial officer, a person fulfilling an
equivalent function, or other executive officer of the entity purchasing the
Transferred Notes (the “Transferee”).

 

2.                                       The Transferee
is a “qualified institutional buyer” as that term is defined in Rule 144A
(“Rule 144A”) under the
Securities Act of 1933, as amended (the “Securities Act”),
because (i) the Transferee owned and/or invested on a discretionary basis
$                                (1) in
securities (other than the excluded securities referred to below) as of the end
of the Transferee’s most recent fiscal year (such amount being calculated in
accordance with Rule 144A) and (ii) the Transferee satisfies the
criteria in the category marked below:

 

o                                    Corporation, etc.
The Transferee is a corporation (other than a bank, savings and loan
association or similar institution), Massachusetts or similar business trust,
partnership, or any organization described in Section 501(c)(3) of
the Internal Revenue Code of 1986, as amended.

 

o                                    Bank. The
Transferee (a) is a national bank or a banking institution organized under
the laws of any State, U.S. territory or the District of Columbia, the business
of which is substantially confined to banking, and is supervised by the State
or territorial banking commission or similar official or is a foreign bank or
equivalent institution, and (b) has an audited net worth of at least
$25,000,000 as demonstrated in its latest annual financial statements, a
copy of which is attached hereto, as of a date not more than 16 months
preceding the date of sale of the Note in the case of a U.S. bank, and not more
than 18 months preceding such date of sale for a foreign bank or equivalent
institution.

 

o                                    Savings and Loan.
The Transferee (a) is a savings and loan association, building and loan
association, cooperative bank, homestead association or similar institution,
which is supervised and examined by a State or Federal

 

(1)                                  Transferee
must own  and/or invest on a
discretionary basis at least $100,000,000 in securities unless Transferee is a
dealer, and, in that case, Transferee must own and/or invest on a discretionary
basis at least $10,000,000 in securities.

 

C-2-4

 

authority having supervision over any such
institutions or is a foreign savings and loan association or equivalent
institution and (b) has an audited net worth of at least $25,000,000 as
demonstrated in its latest annual financial statements, a copy of which is
attached hereto, as of a date not more than 16 months preceding the date of
sale of the Note in the case of a U.S. savings and loan association, and not
more than 18 months preceding such date of sale for a foreign savings and loan
association or equivalent institution.

 

o                                    Broker-dealer.
The Transferee is a dealer registered pursuant to Section 15 of the
Securities Exchange Act of 1934, as amended.

 

o                                    Insurance
Company. The Transferee is an insurance company whose primary and
predominant business activity is the writing of insurance or the reinsuring of
risks underwritten by insurance companies and which is subject to supervision
by the insurance commissioner or a similar official or agency of a State, U.S.
territory or the District of Columbia.

 

o                                    State or Local
Plan. The Transferee is a plan established and maintained by a State, its
political subdivisions, or any agency or instrumentality of the State or its
political subdivisions, for the benefit of its employees.

 

o                                    ERISA Plan.
The Transferee is an employee benefit plan within the meaning of Title I of the
Employee Retirement Income Security Act of 1974.

 

o                                    Investment
Advisor. The Transferee is an investment advisor registered under the
Investment Advisers Act of 1940, as amended.

 

o                                    Other.
(Please supply a brief description of the entity and a cross-reference to the
paragraph and subparagraph under subsection (a)(1) of Rule 144A
pursuant to which it qualifies. Note that registered investment companies
should complete Annex 2 rather than this Annex 1.)

3.                                       The term “securities” as used herein does
not include (i) securities of issuers that are affiliated with the
Transferee, (ii) securities that are part of an unsold allotment to
or subscription by the Transferee, if the Transferee is a dealer, (iii) bank
deposit notes and certificates of deposit, (iv) loan participations, (v) repurchase
agreements, (vi) securities owned but subject to a repurchase agreement
and (vii) currency, interest rate and commodity swaps. For purposes of
determining the aggregate amount of securities owned and/or invested on a
discretionary basis by the Transferee, the Transferee did not include any of
the securities referred to in this paragraph.

 

4.                                       For purposes of
determining the aggregate amount of securities owned and/or invested on a
discretionary basis by the Transferee, the Transferee used the cost of such
securities to the Transferee, unless the Transferee reports its securities
holdings in its financial

 

C-2-5

 

statements on the basis of their market
value, and no current information with respect to the cost of those securities
has been published, in which case the securities were valued at market.
Further, in determining such aggregate amount, the Transferee may have
included securities owned by subsidiaries of the Transferee, but only if such
subsidiaries are consolidated with the Transferee in its financial statements
prepared in accordance with generally accepted accounting principles and if the
investments of such subsidiaries are managed under the Transferee’s direction.
However, such securities were not included if the Transferee is a
majority-owned, consolidated subsidiary of another enterprise and the
Transferee is not itself a reporting company under the Securities Exchange Act
of 1934, as amended.

 

5.                                       The Transferee
acknowledges that it is familiar with Rule 144A and understands that the
Transferor and other parties related to the Transferred Notes are relying and
will continue to rely on the statements made herein because one or more sales
to the Transferee may be in reliance on Rule 144A.

 

o                                    o                                                                                    Will
the Transferee be purchasing the Transferred Notes

Yes                            No                                                                                only
for the Transferee’s own account?

 

6.                                       If the answer to
the foregoing question is “no”, then in each case where the Transferee is
purchasing for an account other than its own, such account belongs to a third
party that is itself a “qualified institutional buyer” within the meaning of Rule 144A,
and the “qualified institutional buyer” status of such third party has been
established by the Transferee through one or more of the appropriate methods
contemplated by Rule 144A.

 

7.                                       The Transferee
will notify each of the parties to which this certification is made of any
changes in the information and conclusions herein. Until such notice is given,
the Transferee’s purchase of the Transferred Notes will constitute a
reaffirmation of this certification as of the date of such purchase. In
addition, if the Transferee is a bank or savings and loan as provided above,
the Transferee agrees that it will furnish to such parties any updated annual
financial statements that become available on or before the date of such
purchase, promptly after they become available.

 

	
   

  	
   

  	
   

  
	
   

  	
  Print Name of Transferee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
							

 

C-2-6

 

ANNEX 2 TO
EXHIBIT C-2

 

QUALIFIED
INSTITUTIONAL BUYER STATUS UNDER SECURITIES ACT RULE 144A

 

[for Transferees that are Registered Investment Companies]

 

The undersigned hereby certifies as follows to [name
of Transferor (the “Transferor”)] and [name of Note
Registrar], as Note Registrar, with respect to
the Notes being transferred (the “Transferred Notes”)
as described in the Transferee Certificate to which this certification relates
and to which this certification is an Annex:

 

1.                                       As indicated
below, the undersigned is the chief financial officer, a person fulfilling an
equivalent function, or other executive officer of the entity purchasing the
Transferred Notes (the “Transferee”)
or, if the Transferee is a “qualified institutional buyer” as that term is
defined in Rule 144A (“Rule 144A”)
under the Securities Act of 1933, as amended (the “Securities
Act”), because the Transferee is part of a Family of
Investment Companies (as defined below), is an executive officer of the
investment adviser (the “Adviser”).

 

2.                                       The Transferee
is a “qualified institutional buyer” as defined in Rule 144A because (i) the
Transferee is an investment company registered under the Investment Company Act
of 1940, as amended, and (ii) as marked below, the Transferee alone owned
and/or invested on a discretionary basis, or the Transferee’s Family of
Investment Companies owned, at least $100,000,000 in securities (other than the
excluded securities referred to below) as of the end of the Transferee’s most
recent fiscal year. For purposes of determining the amount of securities owned
by the Transferee or the Transferee’s Family of Investment Companies, the cost
of such securities was used, unless the Transferee or any member of the
Transferee’s Family of Investment Companies, as the case may be, reports
its securities holdings in its financial statements on the basis of their
market value, and no current information with respect to the cost of those
securities has been published, in which case the securities of such entity were
valued at market.

 

o                                    The Transferee
owned and/or invested on a discretionary basis $
                  
in securities (other than the excluded securities referred to below) as of the
end of the Transferee’s most recent fiscal year (such amount being calculated
in accordance with Rule 144A).

 

o                                    The Transferee is part of
a Family of Investment Companies which owned in the aggregate $                  
in securities (other than the excluded securities referred to below) as of the
end of the Transferee’s most recent fiscal year (such amount being calculated
in accordance with Rule 144A).

 

3.                                       The term “Family of Investment Companies” as used herein means two
or more registered investment companies (or series thereof) that have the
same investment adviser or investment advisers that are affiliated (by virtue
of being majority owned subsidiaries of the same parent or because one
investment adviser is a majority owned subsidiary of the other).

 

C-2-7

 

4.                                       The term “securities” as used herein does not
include (i) securities of issuers that are affiliated with the Transferee
or are part of the Transferee’s Family of Investment Companies, (ii) bank
deposit notes and certificates of deposit, (iii) loan participations, (iv) repurchase
agreements, (v) securities owned but subject to a repurchase agreement and
(vi) currency, interest rate and commodity swaps. For purposes of determining
the aggregate amount of securities owned and/or invested on a discretionary
basis by the Transferee, or owned by the Transferee’s Family of Investment
Companies, the securities referred to in this paragraph were excluded.

 

5.                                       The Transferee
is familiar with Rule 144A and understands that the parties to which this
certification is being made are relying and will continue to rely on the
statements made herein because one or more sales to the Transferee will be in
reliance on Rule 144A.

 

o                                    o                                                                                    Will
the Transferee be purchasing the Transferred Notes

Yes                            No                                                                                only
for the Transferee’s own account?

 

6.                                       If the answer to
the foregoing question is “no”, then in each case where the Transferee is
purchasing for an account other than its own, such account belongs to a third
party that is itself a “qualified institutional buyer” within the meaning of Rule 144A,
and the “qualified institutional buyer” status of such third party has been
established by the Transferee through one or more of the appropriate methods
contemplated by Rule 144A.

 

7.                                       The undersigned
will notify the parties to which this certification is made of any changes in
the information and conclusions herein. Until such notice, the Transferee’s
purchase of the Transferred Notes will constitute a reaffirmation of this
certification by the undersigned as of the date of such purchase.

 

	
   

  	
   

  	
   

  
	
   

  	
  Print Name of Transferee or Adviser

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  IF AN ADVISER:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Print Name of Transferee

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
							

 

C-2-8

 

EXHIBIT D-1

 

FORM OF
TRANSFER CERTIFICATE FOR TRANSFERS FROM

 

REGULATION
S GLOBAL NOTE TO RESTRICTED GLOBAL NOTE

 

[DATE]

 

Citibank, N.A.

111 Wall Street, 15th Floor

New York, New York 10005

Attention:  15th Floor
Window

 

Re:                               Spirit
Master Funding, LLC, Net-Lease Mortgage Notes, Series 200[ ]-[ ] (the “Notes”)

 

Ladies and Gentlemen:

 

This letter is delivered to you in connection with the transfer by [        ]
(the “Transferor”) to [        ]
(the “Transferee”) of [beneficial
interests in] Class A-[1][2] Notes evidenced by Regulation S Global Notes
(the “Transferred Notes”) having an
initial Note Principal Balance as of [          ],
200[ ] of $[                ]
evidencing a [  ]% Percentage Interest in such Class. The Transferor
has requested a transfer of such Transferred Note for a [beneficial interest in
a] Restricted Global Note evidencing Notes of the same Class, in a like
principal balance to be registered in the name of the Transferee. The Notes,
including the Transferred Notes, were issued pursuant to an Amended and
Restated Master Indenture, to be dated on or about March 17, 2006 (as
amended or supplemented thereafter, the “Master Indenture”),
between Spirit Master Funding, LLC (the “Issuer”) and Citibank, N.A.,
as indenture trustee (in such capacity, the “Indenture
Trustee”), as supplemented by the Series 200[ ]-[ ]
Supplement (together with the Master Indenture and any other indenture
supplement thereto (each, a “Supplement”),
the “Indenture”). All capitalized terms
used but not otherwise defined herein shall have the respective meanings set
forth in the Indenture. The Transferee hereby certifies, represents and
warrants to you, as Note Registrar, and for the benefit of the Issuer, the
Indenture Trustee and the Transferor, that:

 

1.                                       The
Transferee is a “qualified institutional buyer” (a “Qualified
Institutional Buyer”) as that term is defined in Rule 144A
(“Rule 144A”) under the
Securities Act of 1933, as amended (the “Securities Act”),
and has completed one of the forms of certification to that effect attached
hereto as Annex A and Annex B. The Transferee is aware that the
sale to it of the Transferred Notes is being made in reliance on Rule 144A.
The Transferee is acquiring the Transferred Notes for its own account or for
the account of a Qualified Institutional Buyer, and understands that such
Transferred Notes may be resold, pledged or transferred only (i) to a
person reasonably believed to be a Qualified Institutional Buyer that purchases
for its own account or for the account of a Qualified Institutional Buyer to
whom notice is given that the resale, pledge or transfer is being made in
reliance on Rule 144A, or (ii) pursuant to another exemption from
registration under the Securities Act.

 

D-1-1

 

2.                                       The
Transferee has been furnished with all information regarding (a) the
Transferred Notes and distributions thereon, (b) the nature, performance
and servicing of the Leases and the Mortgaged Properties, (c) the
Indenture and the Collateral and (d) any credit enhancement mechanism
associated with the Transferred Notes, that it has requested.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Transferee)

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

D-1-2

 

ANNEX A TO
EXHIBIT D-1

 

QUALIFIED
INSTITUTIONAL BUYER STATUS UNDER SECURITIES ACT RULE 144A

 

[for
Transferees other than Registered Investment Companies]

 

The undersigned hereby certifies as follows to [name of Transferor]
(the “Transferor”) and [name of Note
Registrar], as Note Registrar, with respect to the Notes being transferred (the
“Transferred Notes”) as described in
the Transferee Certificate to which this certification relates and to which
this certification is an Annex:

 

1.                                       As
indicated below, the undersigned is the chief financial officer, a person
fulfilling an equivalent function, or other executive officer of the entity
purchasing the Transferred Notes (the “Transferee”).

 

2.                                       The
Transferee is a “qualified institutional buyer” as that term is defined in Rule 144A
(“Rule 144A”) under the
Securities Act of 1933, as amended (the “Securities Act”),
because (i) the Transferee owned and/or invested on a discretionary basis
$
                              
(1) in securities (other than the excluded securities referred to below)
as of the end of the Transferee’s most recent fiscal year (such amount being
calculated in accordance with Rule 144A) and (ii) the Transferee
satisfies the criteria in the category marked below:

 

o                                    Corporation,
etc. The Transferee is a corporation (other than a bank, savings and loan
association or similar institution), Massachusetts or similar business trust,
partnership, or any organization described in Section 501(c)(3) of
the Internal Revenue Code of 1986, as amended.

 

o                                    Bank.
The Transferee (a) is a national bank or a banking institution
organized under the laws of any State, U.S. territory or the District of
Columbia, the business of which is substantially confined to banking and is
supervised by the State or territorial banking commission or similar official
or is a foreign bank or equivalent institution, and (b) has an audited net
worth of at least $25,000,000 as demonstrated in its latest annual financial
statements, a copy of which is attached  hereto, as of a date not more than 16 months preceding the
date of sale of the Note in the case of a U.S. bank, and not more than 18
months preceding such date of sale for a foreign bank or equivalent
institution.

 

o                                    Savings
and Loan. The Transferee (a) is a savings and loan association,
building and loan association, cooperative bank, homestead association or
similar institution that is supervised and examined by a State or Federal
authority having supervision over any such institutions or is a foreign savings
and loan association or equivalent institution and (b) has an audited net
worth of at least $25,000,000

 

(1)                                  Transferee
must own and/or invest on a discretionary basis at least $100,000,000 in
securities unless Transferee is a dealer, and, in that case, Transferee must
own and/or invest on a discretionary basis at least $10,000,000 in securities.

 

D-1-3

 

as demonstrated in its latest annual
financial statements, a copy of which is
attached  hereto, as of a
date not more than 16 months preceding the date of sale of the Note in the case
of a U.S. savings and loan association, and not more than 18 months preceding
such date of sale for a foreign savings and loan association or equivalent
institution.

 

o                                    Broker-dealer.
The Transferee is a dealer registered pursuant to Section 15 of the
Securities Exchange Act of 1934, as amended (the “Exchange
Act”).

 

o                                    Insurance
Company. The Transferee is an insurance company whose primary and
predominant business activity is the writing of insurance or the reinsuring of
risks underwritten by insurance companies and which is subject to supervision
by the insurance commissioner or a similar official or agency of a State, U.S.
territory or the District of Columbia.

 

o                                    State
or Local Plan. The Transferee is a plan established and maintained by a
State, its political subdivisions, or any agency or instrumentality of the
State or its political subdivisions, for the benefit of its employees.

 

o                                    ERISA
Plan. The Transferee is an employee benefit plan within the meaning of Title
I of the Employee Retirement Income Security Act of 1974.

 

o                                    Investment
Advisor. The Transferee is an investment advisor registered under the
Investment Advisers Act of 1940, as amended.

 

o                                    Other.
(Please supply a brief description of the entity and a cross-reference to the
paragraph and subparagraph under subsection (a)(1) of Rule 144A
pursuant to which it qualifies. Note that registered investment companies
should complete Annex B rather than this Annex A.) 

 

 

 

3.                                       The
term “securities” as used herein does not include (i) securities of issuers that are
affiliated with the Transferee, (ii) securities that are part of an
unsold allotment to or subscription by the Transferee, if the Transferee is a
dealer, (iii) bank deposit notes and certificates of deposit, (iv) loan
participations, (v) repurchase agreements, (vi) securities owned but
subject to a repurchase agreement and (vii) currency, interest rate and
commodity swaps. For purposes of determining the aggregate amount of securities
owned and/or invested on a discretionary basis by the Transferee, the
Transferee did not include any of the securities referred to in this paragraph.

 

4.                                       For
purposes of determining the aggregate amount of securities owned and/or
invested on a discretionary basis by the Transferee, the Transferee used the
cost of such securities to the Transferee, unless the Transferee reports its
securities holdings in its financial statements on the basis of their market
value, and no current information with respect to the cost of those securities
has been published, in which case the securities were valued at market.

 

D-1-4

 

Further, in determining such aggregate
amount, the Transferee may have included securities owned by subsidiaries
of the Transferee, but only if such subsidiaries are consolidated with the
Transferee in its financial statements prepared in accordance with generally
accepted accounting principles and if the investments of such subsidiaries are
managed under the Transferee’s direction. However, such securities were not
included if the Transferee is a majority-owned, consolidated subsidiary of
another enterprise and the Transferee is not itself a reporting company under
the Exchange Act.

 

5.                                      The
Transferee acknowledges that it is familiar with Rule 144A and understands
that the Transferor and other parties related to the Transferred Notes are
relying and will continue to rely on the statements made herein because one or
more sales to the Transferee may be in reliance on Rule 144A.

 

o                                    o                                    Will
the Transferee be purchasing the Transferred Notes

Yes                            No                                only for the Transferee’s
own account?

 

6.                                       If
the answer to the foregoing question is “no,” then in each case where the
Transferee is purchasing for an account other than its own, such account
belongs to a third party that is itself a “qualified institutional buyer”
within the meaning of Rule 144A, and the “qualified institutional buyer”
status of such third party has been established by the Transferee through one
or more of the appropriate methods contemplated by Rule 144A.

 

7.                                       The
Transferee will notify each of the parties to which this certification is made
of any changes in the information and conclusions herein. Until such notice is
given, the Transferee’s purchase of the Transferred Notes will constitute a
reaffirmation of this certification as of the date of such purchase. In
addition, if the Transferee is a bank or savings and loan as provided above,
the Transferee agrees that it will furnish to such parties any updated annual
financial statements that become available on or before the date of such
purchase, promptly after they become available.

 

	
   

  	
   

  	
   

  
	
   

  	
  Print Name of Transferee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
								

 

D-1-5

 

ANNEX B TO
EXHIBIT D-1

 

QUALIFIED
INSTITUTIONAL BUYER STATUS UNDER SECURITIES ACT RULE 144A

 

[for
Transferees that are Registered Investment Companies]

 

The undersigned hereby certifies as follows to [name of Transferor (the
“Transferor”) and Citibank, N.A., as
Note Registrar, with respect to the Notes being transferred (the “Transferred Notes”) as described in
the Transferee Certificate to which this certification relates and to which
this certification is an Annex:

 

1.                                       As
indicated below, the undersigned is the chief financial officer, a person
fulfilling an equivalent function, or other executive officer of the entity
purchasing the Transferred Notes (the “Transferee”)
or, if the Transferee is a “qualified institutional buyer” as that term is
defined in Rule 144A (“Rule 144A”)
under the Securities Act of 1933, as amended (the “Securities
Act”), because the Transferee is part of a Family of
Investment Companies (as defined below), is an executive officer of the
investment adviser (the “Adviser”).

 

2.                                       The
Transferee is a “qualified institutional buyer” as defined in Rule 144A
because (i) the Transferee is an investment company registered under the
Investment Company Act of 1940, and (ii) as marked below, the Transferee
alone owned and/or invested on a discretionary basis, or the Transferee’s
Family of Investment Companies owned, at least $100,000,000 in securities
(other than the excluded securities referred to below) as of the end of the
Transferee’s most recent fiscal year. For purposes of determining the amount of
securities owned by the Transferee or the Transferee’s Family of Investment
Companies, the cost of such securities was used, unless the Transferee or any
member of the Transferee’s Family of Investment Companies, as the case may be,
reports its securities holdings in its financial statements on the basis of
their market value, and no current information with respect to the cost of
those securities has been published, in which case the securities of such
entity were valued at market:

 

o                                                                                    The
Transferee owned and/or invested on a discretionary basis $
                
in securities (other than the excluded securities referred to below) as of the
end of the Transferee’s most recent fiscal year (such amount being calculated
in accordance with Rule 144A).

 

o                                                                                    The
Transferee is part of a Family of Investment Companies that owned in the
aggregate $
                      
in securities (other than the excluded securities referred to below) as of the
end of the Transferee’s most recent fiscal year (such amount being calculated
in accordance with Rule 144A).

 

3.                                       The term “Family of Investment Companies” as
used herein means two or more registered investment companies (or series thereof)
that have the same investment adviser or investment advisers that are
affiliated (by virtue of being majority owned subsidiaries of the same parent
or because one investment adviser is a majority owned subsidiary of the other).

 

D-1-6

 

4.                                       The
term “securities” as
used herein does not include (i) securities of issuers that are affiliated
with the Transferee or are part of the Transferee’s Family of Investment
Companies, (ii) bank deposit notes and certificates of deposit, (iii) loan
participations, (iv) repurchase agreements, (v) securities owned but
subject to a repurchase agreement and (vi) currency, interest rate and
commodity swaps. For purposes of determining the aggregate amount of securities
owned and/or invested on a discretionary basis by the Transferee, or owned by
the Transferee’s Family of Investment Companies, the securities referred to in
this paragraph were excluded.

 

5.                                       The
Transferee is familiar with Rule 144A and understands that the parties to
which this certification is being made are relying and will continue to rely on
the statements made herein because one or more sales to the Transferee will be
in reliance on Rule 144A.

 

o                                    o                                                                                    Will
the Transferee be purchasing the Transferred Notes

Yes                            No                                                                                only
for the Transferee’s own account?

 

6.                                       If the answer to
the foregoing question is “no,” then in each case where the Transferee is
purchasing for an account other than its own, such account belongs to a third
party that is itself a “qualified institutional buyer” within the meaning of Rule 144A,
and the “qualified institutional buyer” status of such third party has been
established by the Transferee through one or more of the appropriate methods
contemplated by Rule 144A.

 

7.                                       The
undersigned will notify the parties to which this certification is made of any
changes in the information and conclusions herein. Until such notice, the
Transferee’s purchase of the Transferred Notes will constitute a reaffirmation
of this certification by the undersigned as of the date of such purchase.

 

	
   

  	
   

  	
   

  
	
   

  	
  Print Name of Transferee or Advisor

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  IF AN ADVISER:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Print Name of Transferee

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date: 

  	
   

  	
   

  	
   

  
									

 

D-1-7

 

EXHIBIT D-2

 

FORM OF
TRANSFER CERTIFICATE FOR TRANSFER

 

FROM
RESTRICTED GLOBAL NOTE

 

TO
REGULATION S GLOBAL NOTE

 

DURING THE
RESTRICTED PERIOD

 

[DATE]

 

Citibank, N.A.

111 Wall Street, 15th Floor

New York, New York 10005

Attention:  15th Floor
Window

 

Re:                               Spirit
Master Funding, LLC, Net-Lease Mortgage Notes, Series 200[ ]-[ ] (the “Notes”)

 

Ladies and Gentlemen:

 

This letter is delivered to you in connection with the transfer by [        ]
(the “Transferor”) to [       ]
(the “Transferee”) of [beneficial
interests in] Class A-[1][2] Notes evidenced by Restricted Global Notes
(the “Transferred Notes”) having an
initial Note Principal Balance as of [           ],
200[ ] of $[               ]
evidencing a [   ]% Percentage Interest in such Class. The
Transferor has requested a transfer of such Transferred Note for a [beneficial
interest in a] Temporary Regulation S Global Note, evidencing Notes of the same
Class, in a like principal balance to be registered in the name of the
Transferee. The Notes, including the Transferred Notes, were issued pursuant to
an Amended and Restated Master Indenture, to be dated on or about March 17,
2006 (as amended or supplemented thereafter, the “Master
Indenture”), between Spirit
Master Funding, LLC (the “Issuer”)
and Citibank, N.A., as indenture trustee (in such capacity, the “Indenture Trustee”), as
supplemented by the Series 200[ ]-[ ] Supplement (together with the Master
Indenture and any other indenture supplement thereto (each, a “Supplement”), the “Indenture”). All capitalized terms
used but not otherwise defined herein shall have the respective meanings set
forth in the Indenture.

 

In connection with such request and in respect of such Notes, the
Transferee does hereby certify that such transfer has been effected in
accordance with the transfer restrictions set forth in the Indenture and the
Notes and pursuant to and in accordance with Rule 904 of Regulation S, and
accordingly the Transferee does hereby certify, represent and warrant to you,
as Note Registrar, and for the benefit of the Issuer and the Indenture Trustee
that:

 

1.                                       The
Transferee is not a U.S. person (as defined in Regulation S) or holding the
Notes for the account or benefit of any U.S. person.

 

2.                                       The
offer of the Notes was not made to a person in the United States.

 

D-2-1

 

[3.                                   At
the time the buy order was originated, the Transferee was outside the United
States.](1)

 

[3.                                   The
transaction was executed in, on or through the facilities of a designated
offshore securities market and the transaction was not prearranged with a buyer
in the United States.]

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Transferee)

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
							

 

(1)                                  Insert
one of these two provisions, which come from the definition of “offshore
transaction” in Regulation S.

 

D-2-2

 

EXHIBIT D-3

 

FORM OF
TRANSFER CERTIFICATE FOR TRANSFER

 

FROM
RESTRICTED GLOBAL NOTE TO REGULATION S

 

GLOBAL
NOTE AFTER THE RESTRICTED PERIOD

 

[DATE]

 

Citibank, N.A.

111 Wall Street, 15th Floor

New York, New York 10005

Attention:  15th Floor
Window

 

Re:                               Spirit
Master Funding, LLC, Net-Lease Mortgage Notes, Series 200[ ]-[ ] (the “Notes”)

 

Ladies and Gentlemen:

 

This letter is delivered to you in connection with the transfer by [          ]
(the “Transferor”) to [       ]
(the “Transferee”) of [beneficial
interests in] Class A-[1][2] Notes evidenced by Restricted Global Notes
(the “Transferred Notes”) having an
initial Note Principal Balance as of [         ],
200[ ] of $[                ]
evidencing a [   ]% Percentage Interest in such Class. The
Transferor has requested a transfer of such Transferred Note for a [beneficial
interest in a] Permanent Regulation S Global Note, evidencing Notes of the same
Class, in a like principal balance to be registered in the name of the
Transferee. The Notes, including the Transferred Notes, were issued pursuant to
an Amended and Restated Master Indenture, to be dated on or about March 17,
2006 (as amended or supplemented thereafter, the “Master
Indenture”), between Spirit
Master Funding, LLC (the “Issuer”)
and Citibank, N.A., as indenture trustee (in such capacity, the “Indenture Trustee”), as
supplemented by the Series 200[ ]-[ ] Supplement (together with the Master
Indenture and any other indenture supplement thereto (each, a “Supplement”), the “Indenture”). All capitalized terms
used but not otherwise defined herein shall have the respective meanings set
forth in the Indenture.

 

In connection with such request and in respect of such Notes, the
transferee does hereby certify that such transfer has been effected in
accordance with the transfer restrictions set forth in the Indenture and the
Notes and pursuant to and in accordance with Rule 904 of Regulation S, and
accordingly the Transferee does hereby certify, represent and warrant to you,
as Note Registrar, and for the benefit of the Issuer, the Indenture Trustee and
the Transferee, that:

 

1.                                       The
offer of the Notes was not made to a person in the United States.

 

D-3-1

 

[2.                                   At
the time the buy order as originated, the Transferee was outside the United
States.](1).

 

[2.                                   The
transaction was executed in, on or through the facilities of a designated
offshore securities market and the transaction was not prearranged with a buyer
in the United States.]

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  (Transferee)

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
							

 

(1)                                  Insert
one of these two provisions, which comes from the definition of “offshore
transaction” in Regulation S.

 

D-3-2

 

EXHIBIT D-4

 

FORM OF
REGULATION S LETTER FOR EXCHANGE OF INTERESTS IN THE TEMPORARY REGULATION S
GLOBAL NOTE FOR INTERESTS IN THE PERMANENT REGULATION S GLOBAL NOTE

 

[DATE]

 

Citibank, N.A.

111 Wall Street, 15th Floor

New York, New York 10005

Attention:  15th Floor
Window

 

Re:                               Spirit
Master Funding, LLC, Net-Lease Mortgage Notes, Series 200[ ]-[ ] (the “Notes”)

 

Ladies and Gentlemen:

 

This letter is delivered to you in connection with the exchange by [        ]
(the “Transferor”) to [       ]
(the “Transferee”) of $[                 ]
principal amount of beneficial interests in the Temporary Regulation S Global
Note evidencing Class A-[1][2] Notes for a like amount of beneficial
interests in the Permanent Regulation S Global Note evidencing Notes of the
same Class. The Notes, including the Transferred Notes, were issued pursuant to
an Amended and Restated Master Indenture, to be dated on or about March 17,
2006 (as amended or supplemented thereafter, the “Master
Indenture”), between Spirit
Master Funding, LLC (the “Issuer”)
and Citibank, N.A., as indenture trustee (in such capacity, the “Indenture Trustee”), as
supplemented by the Series 200[ ]-[ ] Supplement (together with the Master
Indenture and any other indenture supplement thereto (each, a “Supplement”), the “Indenture”). All capitalized terms
used but not otherwise defined herein shall have the respective meanings set
forth in the Indenture.

 

In connection with such request, we hereby certify that, based solely
on certifications we have received in writing, by tested telex or by electronic
transmission, from member organizations appearing in our records as persons
entitled to a portion of the principal amount set forth above (our “Member Organizations”)
substantially to the effect that the beneficial interests in the Temporary
Regulation S Global Note are beneficially owned by (a) non-U.S. persons or
(b) U.S. persons who purchased their beneficial interests in transactions
that did not require registration under the United States Securities Act of
1933.

 

We further certify that as of the date hereof we have not received any
notification from any of our Member Organizations to the effect that the
statements made by such Member Organizations with respect to any portion of the
part submitted herewith for exchange (or, if relevant, exercise of any
rights or collection of any interest) are no longer true and cannot be relied
upon as of the date hereof.

 

We understand that this certification is required in connection with
certain securities laws of the United States. In connection therewith, if
administrative or legal proceedings are commenced or threatened in connection
with which this certification is or would

 

D-4-1

 

be relevant, we irrevocably authorize you to
produce this certification to any interested party to such proceedings.

 

	
   

  	
  Yours faithfully,

  
	
   

  	
   

  
	
   

  	
  [EUROCLEAR BANK, S.A./N.A., as

  operator of the Euroclear Clearance Systems

  S.C., a Belgian cooperative corporation]

  
	
   

  	
   

  
	
   

  	
  or

  
	
   

  	
   

  
	
   

  	
  [CLEARSTREAM BANKING, S.A.]

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
						

 

D-4-2

 

EXHIBIT E-1

 

FORM OF
CERTIFICATE WITH RESPECT TO INFORMATION

REQUEST BY BENEFICIAL OWNER

 

[Date]

 

Citibank, N.A.

388 Greenwich Street, 14th Floor

New York, New York 10013

Attention:  Agency and Trust –
Spirit Master Funding

 

Spirit Master Funding, LLC

14631 N. Scottsdale Road, Suite 200

Scottsdale, Arizona 85255

Attention: Catherine Long, Chief Financial Officer

 

[ADDITIONAL SPIRIT ISSUERS]

 

In accordance with Section 6.03 of the Amended and Restated
Master Indenture, to be dated on March 17, 2006 (as amended or
supplemented thereafter, the “Master Indenture”),
between Spirit Master Funding, LLC (the “Issuer”) and Citibank, N.A.,
as indenture trustee (in such capacity, the “Indenture
Trustee”), as supplemented by the Series 200[ ]-[ ] Supplement
(together with the Master Indenture and any other indenture supplement thereto
(each, a “Supplement”), the “Indenture”), with respect to the
Spirit Master Funding, LLC, Net-Lease Mortgage Notes, Series 200[ ]-[ ]
(the “Notes”), the undersigned hereby certifies
and agrees as follows:

 

1.                                       The
undersigned is a beneficial owner of Class A-[1][2] Notes.

 

2.                                       The
undersigned is requesting access to certain non-public information contained on
the Indenture Trustee’s website relating to the Notes or such other information
identified on the schedule attached hereto pursuant to Section 6.03
of the Indenture (in each case, the “Information”)
for use in evaluating its investment in the Class A-[1][2] Notes.

 

3.                                       In
consideration of the Indenture Trustee’s disclosure to the undersigned of the
Information, the undersigned will keep the Information confidential (except
from such outside persons as are assisting it in making the evaluation
described in paragraph 2 and from its accountants, attorneys and any
governmental agency or authority which regulates the undersigned), and such
Information will not, without the prior written consent of the Indenture
Trustee, be disclosed by the undersigned or by its officers, directors,
partners, employees, agents or representatives (collectively, the “Representatives”) in any manner
whatsoever, in whole or in part.

 

E-1-1

 

4.                                       The
undersigned will not use or disclose the Information in any manner which could
result in a violation of any provision of the Securities Act of 1933, as
amended (the “Securities Act”), or the
Securities Exchange Act of 1934, as amended, or would require registration of
any Note pursuant to Section 5 of the Securities Act.

 

5.                                       The
undersigned shall be fully liable for any breach of this agreement by itself or
any of its Representatives and shall indemnify the Issuer, the Indenture
Trustee and the Collateral for any loss, liability or expense incurred thereby
with respect to any such breach by the undersigned or any of its
Representatives.

 

6.                                       The
undersigned [is]
[is not]
a chain restaurant company.

 

Capitalized terms used but not defined herein shall have the respective
meanings assigned thereto in the Indenture.

 

IN WITNESS WHEREOF, the undersigned has caused its name to be signed
hereto by its duly authorized officer, as of the day and year written above.

 

	
   

  	
   

  	
   

  
	
   

  	
  [BENEFICIAL OWNER
  OF A NOTE]

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

E-1-2

 

EXHIBIT E-2

 

FORM OF
CERTIFICATE WITH RESPECT TO INFORMATION

REQUEST BY PROSPECTIVE PURCHASER

 

[Date]

 

Citibank, N.A.

388 Greenwich Street, 14th Floor

New York, New York 10013

Attention:  Agency and Trust –
Spirit Master Funding

 

Spirit Master Funding, LLC

14631 N. Scottsdale Road, Suite 200

Scottsdale, Arizona 85255

Attention: Catherine Long, Chief Financial Officer

 

[ADDITIONAL SPIRIT ISSUERS]

 

In accordance with Section 6.03 of the Amended and Restated
Master Indenture, to be dated on March 17, 2006 (as amended or
supplemented thereafter, the “Master Indenture”),
between Spirit Master Funding, LLC (the “Issuer”) and Citibank, N.A.,
as indenture trustee (in such capacity, the “Indenture
Trustee”), as supplemented by the Series 200[ ]-[ ]
Supplement (together with the Master Indenture and any other indenture
supplement thereto (each, a “Supplement”),
the “Indenture”), with respect to the
Spirit Master Funding, LLC, Net-Lease Mortgage Notes, Series 200[ ]-[ ]
(the “Notes”), the undersigned hereby
certifies and agrees as follows:

 

1.                                       The
undersigned is contemplating an investment in the Class A-[1][2] Notes.

 

2.                                       The
undersigned is requesting access to certain non-public information contained on
the Indenture Trustee’s website relating to the Notes or such other information
identified on the schedule attached hereto pursuant to Section 6.03
of the Indenture (in each case, the “Information”)
solely for use in evaluating such possible investment.

 

3.                                       In
consideration of the Indenture Trustee’s disclosure to the undersigned of the
Information, the undersigned will keep the Information confidential (except
from such outside persons as are assisting it in making the investment decision
described in paragraphs 1 and 2 and from its accountants, attorneys and any
governmental agency or authority which regulates the undersigned), and such
Information will not, without the prior written consent of the Indenture
Trustee, be disclosed by the undersigned or by its officers, directors,
partners, employees, agents or representatives (collectively, the “Representatives”) in any manner
whatsoever, in whole or in part.

 

4.                                       The
undersigned will not use or disclose the Information in any manner which could
result in a violation of any provision of the Securities Act of 1933, as

 

E-2-1

 

amended (the “Securities
Act”), or the Securities Exchange Act of 1934, as amended, or
would require registration of any Note pursuant to Section 5 of the
Securities Act.

 

5.                                       The
undersigned shall be fully liable for any breach of this agreement by itself or
any of its Representatives and shall indemnify the Issuer, the Transferor, the
Indenture Trustee and the Collateral for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of
its Representatives.

 

6.                                       The
undersigned [is]
[is not]
a chain restaurant company.

 

Capitalized terms used but not defined herein shall have the respective
meanings assigned thereto in the Indenture.

 

IN WITNESS WHEREOF, the undersigned has caused its name to be signed
hereto by its duly authorized officer, as of the day and year written above.

 

	
   

  	
   

  	
   

  
	
   

  	
  [PROSPECTIVE
  PURCHASER]

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
						

 

 

The undersigned is a beneficial owner of Class      
Notes contemplating a transfer of all or a portion of such Notes to the
prospective purchaser named above.

 

	
   

  	
   

  
	
  [PROSPECTIVE
  TRANSFEROR]

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
					

 

E-2-2Exhibit 4.2

 

EXECUTION COPY

 

SPIRIT MASTER FUNDING, LLC

an Issuer,

 

SPIRIT MASTER FUNDING II, LLC

an Issuer

 

and

 

CITIBANK, N.A.

Indenture Trustee

 

 

SERIES 2006-1 SUPPLEMENT

 

Dated as of March 17, 2006

 

to

 

AMENDED AND RESTATED

MASTER INDENTURE

 

Dated as of March 17, 2006

 

 

SPIRIT MASTER FUNDING, NET-LEASE MORTGAGE
NOTES, SERIES 2006-1

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I

  
	
   

  	
   

  	
   

  
	
  DEFINITIONS

  
	
   

  	
   

  	
   

  
	
  Section 1.01.

  	
  Definitions

  	
  3

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  
	
   

  	
   

  	
   

  
	
  CREATION OF THE SERIES 2006-1 NOTES; PAYMENTS ON THE 2006-1
  NOTES

  
	
   

  	
   

  	
   

  
	
  Section 2.01.

  	
  Designation

  	
  6

  
	
  Section 2.02.

  	
  Payments on the Series 2006-1
  Notes

  	
  7

  
	
  Section 2.03.

  	
  Redemption of the Series 2006-1
  Notes

  	
  8

  
	
  Section 2.04.

  	
  The Insurance Policy Proceeds
  Account

  	
  8

  
	
  Section 2.05.

  	
  Limitations Regarding Repurchases,
  Substitutions and Acquisitions

  	
  8

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  
	
   

  	
   

  	
   

  
	
  REPRESENTATIONS AND WARRANTIES

  
	
   

  	
   

  	
   

  
	
  Section 3.01.

  	
  Representations and Warranties

  	
  9

  
	
  Section 3.02.

  	
  No Default

  	
  9

  
	
  Section 3.03.

  	
  Conditions Precedent Satisfied

  	
  10

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  
	
   

  	
   

  	
   

  
	
  MISCELLANEOUS PROVISIONS

  
	
   

  	
   

  	
   

  
	
  Section 4.01.

  	
  Ratification of Indenture

  	
  10

  
	
  Section 4.02.

  	
  Actions by Controlling Party

  	
  10

  
	
  Section 4.03.

  	
  Counterparts

  	
  10

  
	
  Section 4.04.

  	
  Governing Law

  	
  10

  
	
  Section 4.05.

  	
  Beneficiaries

  	
  10

  
	
  Section 4.06.

  	
  Limited Recourse

  	
  11

  
	
  Section 4.07.

  	
  Notice to the Insurer

  	
  11

  
	
   

  	
   

  	
   

  
	
  Exhibits

  	
   

  	
   

  
	
  EXHIBIT A

  	
  Representations and
  Warranties

  	
   

  
	
   

  	
   

  	
   

  
	
  Schedules

  	
   

  	
   

  
	
  SCHEDULE I-A

  	
  Mortgage Loans

  	
   

  
	
  SCHEDULE I

  	
  Mortgage Loan Exceptions

  	
   

  
	
  SCHEDULE II-A

  	
  Mortgaged Properties

  	
   

  
				

 

i

 

	
  SCHEDULE II

  	
  Mortgaged Property
  Exceptions

  	
   

  
	
  SCHEDULE III-A

  	
  Equipment Loans

  	
   

  
	
  SCHEDULE III

  	
  Equipment Loan Exceptions

  	
   

  
	
  SCHEDULE IV

  	
  Amortization Schedule

  	
   

  

 

ii

 

SERIES 2006-1 SUPPLEMENT, dated as of March 17,
2006 (the “Series 2006-1 Supplement”),
among Spirit Master Funding, LLC (an “Issuer”),
Spirit Master Funding II, LLC (an “Issuer”
and, together with Spirit Master Funding, LLC, the “Issuers”)
and the Indenture Trustee.

 

Pursuant to the Indenture, Spirit Master Funding,
LLC issued the Series 2005-1 Notes, with an initial Aggregate Note
Principal Balance equal to $441,300,000. Pursuant to this Series 2006-1
Supplement, the Issuers and the Indenture Trustee hereby create a new Series of
Notes (the “Series 2006-1 Notes”) and
specify the Principal Terms thereof. Spirit Master Funding II, LLC is hereby
designated as an Issuer hereunder.

 

Pursuant to the Indenture, the Issuers may from
time to time direct the Indenture Trustee to authenticate one or more new Series of
Notes. The Principal Terms of any new Series are to be set forth in a related
Series Supplement to the Indenture.

 

ARTICLE I

DEFINITIONS

 

Section 1.01.                              Definitions.

 

Capitalized terms used herein and not otherwise defined shall have the
meaning set forth in the Indenture.

 

“Accrual Period”:  With respect to the Series 2006-1 Notes
and any Payment Date, the calendar month immediately preceding such Payment
Date.

 

“Business Sector”:  With
respect to any Industry Group, any of the following applicable business sectors:  (a) any business sector as defined in the Indenture; (b) Health
Club/Gyms; (c) Recreational Facilities; (d) Specialty Medical
Facilities; and (e) Light Manufacturing Facilities.

 

“Class A Note”:  Any of the Series 2006-1 Notes with a “Class A”
designation on the face thereof, issued pursuant to this Series 2006-1
Supplement and the Indenture, executed by the Issuers and authenticated by the
Indenture Trustee or the Authenticating Agent, if any, substantially in the form of
Exhibit A-1, A-2 or A-3 attached to the Indenture.

 

“Controlling Party”: 
With respect to the Series 2006-1 Notes, (i) the Insurer, for
so long as no Insurer Default has occurred and is continuing and (ii) if
an Insurer Default has occurred and is continuing, the Series 2006-1 Noteholders
representing in the aggregate more than 50% of the Class Principal Balance
of the Series 2006-1 Notes.

 

“Defaulted Asset”:  As defined in the Property Management
Agreement.

 

3

 

“Delinquent Asset”:
 As defined in the Property Management
Agreement.

 

“Early Amortization Event”:  With respect to the Series 2006-1 Notes,
(a) as defined in the Indenture and (b) the Insurer has determined,
in its reasonable discretion, that as of the date that is six months prior to
the Legal Final Payment Date related to the Series 2006-1 Notes, the
Issuers will not have the ability to pay off the Series 2006-1 Notes on
such Legal Final Payment Date.

 

“Indenture”:  With respect to the Series 2006-1 Notes,
the Amended and Restated Master Indenture, dated March 17, 2006, between Spirit
Master Funding, LLC and the Indenture Trustee, as supplemented by the Series 2006-1
Supplement.

 

“Indenture Trustee Fee”:  With respect to the Series 2006-1 Notes,
an amount equal to $10,000 per annum.

 

“Initial Purchaser”:  Each of Citigroup
Global Markets Inc. and Credit Suisse Securities (USA) LLC.

 

“Insurance Agreement”:  With respect to the
Series 2006-1 Notes, the Insurance and Indemnity Agreement, dated March 17,
2006, among the Insurer, the Issuers, Spirit Finance, Spirit Finance
Acquisitions, LLC, Spirit Pocono Corporation and the Indenture Trustee.

 

“Insurance Policy”:  The certificate
guaranty insurance policy issued to the Indenture Trustee for the benefit of
the Series 2006-1 Noteholders pursuant to the provisions of the Insurance
Agreement.

 

“Insurance Policy Proceeds
Account”: The segregated account
established in the name of the Indenture Trustee pursuant to Section 2.15(b) of
the Indenture and Section 2.04.

 

“Insurance
Premium Fee Letter”:   The
Premium Fee Letter, dated the Series Closing Date, among the Issuers,
Spirit Finance and the Insurer.

 

“Insured Obligations”:  As defined in the Insurance Policy.

 

“Insurer”:  With respect to the
Series 2006-1 Notes, Ambac Assurance Corporation, a Wisconsin-domiciled
stock insurance corporation.

 

“Insurer Default”:  With respect to the
Insurance Policy and the Insurance Agreement, the existence and continuance of
any of the following: (a) a failure of the Insurer to make a payment
required under the Insurance Policy in accordance with the terms thereof; or (b) (i) the
Insurer (A) files any petition or commences any case or proceeding under
any provision or chapter of the Bankruptcy Code of 1978, as amended (the “Bankruptcy Code”), or any other
similar federal or state law in the United States of America relating to
insolvency, bankruptcy, rehabilitation, liquidation or reorganization (an “Insolvency Law”), (B) makes a
general assignment for the benefit of its creditors, or

 

4

 

(C) has an order for relief entered against it under any
Insolvency Law, the Bankruptcy Code or any other similar federal or state law
in the United States of America relating to insolvency, bankruptcy,
rehabilitation, liquidation or reorganization which is final and
non-appealable, or (ii) a court of competent jurisdiction, the New York or
Wisconsin Department of Insurance or any other competent regulatory authority
enters a final and non-appealable order, judgment or decree (X) appointing a
custodian, trustee, agent or receiver for the Insurer or for all or any
material portion of its property, or (Y) authorizing the taking of possession
by a custodian, trustee, agent or receiver of the Insurer (or the taking of
possession of all or any material portion of the property of the Insurer).

 

“Insurer
Premium”:  With respect to
the Series 2006-1 Notes and any Payment Date, the premium payable in
arrears to the Insurer pursuant to the Insurance Premium Fee Letter.

 

“Lease Transfer Mortgaged Property”:  As defined in the Property Management
Agreement.

 

“Maximum Property Concentration”:  With respect to any date of determination: (i) with
respect to the Property Concentration for any Business Sector, (a) in the
case of Specialty Retailers as of any Determination Date, a percentage equal to
23.0% as of such Determination Date, (b) in the case of Education
Facilities as of any Determination Date, a percentage equal to 10.0% as of such
Determination Date, (c) in the case of Movie Theaters as of any
Determination Date, a percentage equal to 12.5% as of such Determination Date,
and (d) in the case of any other Business Sector (other than the
Restaurant Business Sector, so long as no related Restaurant Concept exceeds
7.5% of the Allocated Collateral Amount of all Mortgage Loans and Mortgaged
Properties) as of any Determination Date, a percentage no greater than 7.5% as
of such Determination Date; (ii) with respect to the Property
Concentration for any Tenant (including affiliates thereof), (x) in the case of
the largest concentration of Tenants (including affiliates thereof) as of such
Determination Date, a percentage equal to 7.0% as of such Determination Date
and (y) in the case of the five (5) largest concentrations of Tenants
(including affiliates thereof) as of such Determination Date, an aggregate
percentage equal to 30.0% as of such Determination Date; (iii) with
respect to the Property Concentration for any state, a percentage equal to 15.0%
plus the Property Concentration of such state as of the Initial Closing Date; (iv) with
respect to the Property Concentration for Ground Leases, a percentage equal to
2.0%; and (v) with respect to the Property Concentration for Leases
pursuant to which Tenants pay Percentage Rent only, a percent equal to 1.0%.

 

“Property Concentrations”:  Concentrations, stated as a percentage, of (i) Business
Sectors, (ii) Tenants (including affiliates of any Tenant), (iii) states,
(iv) Ground Leases, and (v) Leases pursuant to which Tenants pay
Percentage Rent only, and are calculated by dividing the aggregate of the
Allocated Collateral Amount of the Mortgage Loans and the Mortgaged Properties
included in the Collateral Pool, in each case, with respect to all (a) Leases
of any single Business Sector, (b) Leases to any single Tenant (including
affiliates of such Tenant), (c) Mortgaged Properties within any state,

 

5

 

(d) Mortgaged Properties which are subject to Ground Leases and (e) Mortgaged
Properties which are subject to Leases pursuant to which Tenants pay Percentage
Rent only, in each case, by the aggregate Allocated Collateral Amount.

 

“Reinvestment Yield”:  The yield on United States Treasury
Securities having the closest maturity (month and year) to the weighted average
life of the Notes (prior to the application of any Voluntary Prepayment with
respect thereto; if more than one such quoted United States Treasury Security
has the same maturity date, then the yield of the United States Treasury
Security quoted closest to par), plus 0.50%.

 

“Scheduled Series Balance”:  With respect to any Payment Date and the Series 2006-1
Notes, the amount set forth for such date on the Amortization Schedule annexed
hereto as Schedule IV.

 

“Series 2006-1
Noteholder”:  With respect
to any Series 2006-1 Note, the applicable Noteholder, as such term is
further defined in the Indenture.

 

“Series Closing Date”:  March 17, 2006.

 

“Spirit SPE”:  Any special purpose, bankruptcy remote
subsidiary (direct or indirect) of Spirit Finance (other than any Originator).

 

ARTICLE II

CREATION OF THE SERIES 2006-1 NOTES; PAYMENTS ON THE 2006-1 NOTES

 

Section 2.01.                              Designation.

 

(a)                                     There is hereby
created a Series of Notes to be issued by the Issuers pursuant to the
Indenture and this Series 2006-1 Supplement to be known as “Spirit
Master Funding, Net-Lease Mortgage Notes, Series 2006-1.”  The Notes shall have the following Class designation,
initial Class Principal Balance, Note Rate and Ratings:

 

	
  Class

  Designation

  	
   

  	
  Initial Class

  Principal Balance

  	
   

  	
  Note Rate

  	
   

  	
  Ratings (S&P/Moody’s)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Class A

  	
   

  	
  $

  	
  301,820,000

  	
   

  	
  5.76

  	
  %

  	
  AAA/Aaa

  	
   

  
									

 

The Note Interest with respect to each Class of the Series 2006-1
Notes will be calculated on a 30/360 basis.

 

The Series 2006-1
Notes shall not have preference or priority over the Notes of any other Series except
to the extent set forth in the Indenture. The Series 2006-1 Notes shall
not be subordinate to any other Series.

 

(b)                                    The initial
Payment Date with respect to the Series 2006-1 Notes shall be the Payment
Date occurring on April 20, 2006. The Legal Final Payment Date

 

6

 

with respect to the Series 2006-1
Notes shall be March 2021. The Rated Final Payment Date with respect to
the Series 2006-1 Notes shall be March 2024.

 

(c)                                     The initial
Collection Period with respect to the Series 2006-1 Notes shall be the
period commencing on March 17, 2006 to and including April 17, 2006.

 

(d)                                    The Series 2006-1
Notes offered and sold shall be issued in the form of Book-Entry Notes.

 

Section 2.02.                              Payments on the Series 2006-1 Notes. On each
Payment Date, the Indenture Trustee will apply and will pay the Series Available
Amount with respect to the Series 2006-1 Notes for such Payment Date for
the following purposes and in the following order of priority:

 

(1)                                       to the Insurer,
the earned and unpaid Insurer Premium due as of such Payment Date;

 

(2)                                       to the Class A
Noteholders, the Note Interest with respect to the Class A Notes, plus
unpaid Note Interest with respect to the Class A Notes from any prior
Payment Date, together with interest on any such unpaid Note Interest at the
Note Rate applicable to the Class A Notes;

 

(3)                                       (I) so long as
no Early Amortization Event or Event of Default has occurred and is continuing,
until the Class Principal Balance of the Class A Notes has been
reduced to zero, to the Class A Noteholders, an amount up to the sum of
the Scheduled Principal Payments and all Unscheduled Principal Payments
allocable to Series 2006-1 for such Payment Date, or (II) if an Early Amortization
Event or Event of Default has occurred and is continuing, on a pro rata basis based on unpaid principal amounts, to the Class A
Noteholders, in respect of unpaid principal of the Class A Notes, up to an
aggregate amount equal to the applicable Series Available Amount remaining
for such Payment Date;

 

(4)                                       to the Insurer,
an amount equal to the aggregate amount of unreimbursed payments made under the
Insurance Policy and all other amounts owed to the Insurer under the Insurance
Policy and the Insurance Agreement and interest on such amounts at the rate
agreed upon between the Insurer and the Issuers; and

 

(5)                                       to the Class A
Noteholders, the Make Whole Payments allocated to the Series 2006-1 Notes,
if any, due on such Payment Date, together with any unpaid Make Whole Payments
from any prior Payment Date.

 

Only the Insurer may waive
the occurrence of an Early Amortization Event under clause (b) of
the definition of “Early Amortization Event” (as such definition is set forth
in this Series 2006-1 Supplement).

 

7

 

Section 2.03.                              Redemption of the Series 2006-1
Notes. On any Payment Date prior to the Legal Final Payment Date, the Issuers
may redeem the Series 2006-1 Notes in whole or in part, in accordance
with the procedures set forth in the Indenture and at a price equal to the
outstanding principal amounts thereof plus accrued and unpaid interest thereon,
the applicable Make Whole Payments and any outstanding expenses.

 

Section 2.04.                              The Insurance Policy Proceeds
Account. The Indenture Trustee shall, prior to the Series Closing Date,
establish the Insurance Policy Proceeds Account at Citibank, N.A., in its name,
as Indenture Trustee, bearing a designation clearly indicating that such
account and all funds deposited therein are held for the exclusive benefit of
the Series 2006-1 Noteholders, over which the Indenture Trustee shall have
exclusive control and the sole right of withdrawal, and in which none of the
Issuers or any other Person shall have any legal or beneficial interest. Amounts
held in the Insurance Policy Proceeds Account shall be held uninvested.

 

Section 2.05.                              Limitations
Regarding Repurchases, Substitutions and Acquisitions. Except with respect to repurchases or substitutions by the applicable
Originator or Support Provider due to a Collateral Defect, each Issuer may only
sell or exchange its related Mortgaged Property or Mortgage Loan to or with any
of its Affiliates subject to the following conditions: (a) such Issuer may sell
or exchange such Mortgaged Property or Mortgage Loan only to or with a Spirit
SPE that is not the Originator of such Mortgaged Property or Mortgage Loan or,
in the case of such Mortgaged Properties or Mortgage Loans that are Delinquent Assets
or Defaulted Assets, to or with the Property Manager, the Special Servicer or a
Spirit SPE that is not the Originator thereof, (b) the aggregate
Collateral Value of all Mortgaged Properties and Mortgage Loans owned by an
Issuer that are sold to or exchanged with affiliates of that Issuer and are not
related to Delinquent Assets or Defaulted Assets may not exceed 10% of the
Collateral Value of the Mortgage Loans and Mortgaged Properties (that do not
otherwise secure a Mortgage Loan) owned by that Issuer as of the Series Closing
Date, and (c) the aggregate Collateral Value of all Mortgaged Properties
and Mortgage Loans owned by an Issuer that are sold to affiliates of that Issuer
and are related to Delinquent Assets or Defaulted Assets may not exceed
10% of the Collateral Value of the Mortgage Loans and Mortgaged Properties
(that do not otherwise secure a Mortgage Loan) owned by that Issuer as of the Series Closing
Date; provided, that, subject to receipt of an Opinion of Counsel regarding
certain matters of bankruptcy law, such 10% limitation may be waived by
the Insurer.

 

The aggregate Collateral
Value of Qualified Substitute Mortgage Loans and Qualified Substitute Mortgaged
Properties acquired by the Issuers from Affiliates thereof (including with
proceeds from sales to third parties) may not exceed:  (i) in any 12-month period, 10% of the
Aggregate Collateral Value as of the Series Closing Date and (ii) over
the term of the Notes, 25% of the Aggregate Collateral Value as of the Series Closing
Date; provided, however, that, upon the consent of the Insurer and subsequent
to such consent provision of 20 days notice to the Rating Agencies, the
foregoing limitations will not include Qualified Substitute Mortgage Loans or
Qualified Substitute Mortgaged Properties from parties unaffiliated with Spirit
Finance; provided, further, that the foregoing limitations will not include any
mortgaged properties substituted pursuant to any Third Party Purchase Options
or any Lease Transfer

 

8

 

Mortgaged Properties. In addition, the acquisition of any Qualified
Substitute Mortgaged Property or Qualified Substitute Mortgage Loan by an
Issuer may not cause: (i) the Property Concentration of Recreational
Facilities on any such date of acquisition to exceed the applicable percentage
set forth on the Series Closing Date; and (ii) subject to ten (10) Business
Days notification to the Rating Agencies, the Property Concentration of the
Retail Industry Group (excluding Specialty Retailers) on any such date of
acquisition to be less than 40%.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

Section 3.01.                                 Representations
and Warranties.

 

(a)                                     The Issuers and
the Indenture Trustee hereby restate as of the Series Closing Date, or as
of such other date as is specifically referenced in the body of such
representation and warranty, all of the representations and warranties set
forth in Section 5.06 and Section 9.04, as applicable, of the Indenture.

 

(b)                                    Each of the
parties hereto make the following representations:

 

(i)                                  it has full
corporate power and authority to execute, deliver and perform under this Series 2006-1
Supplement, and to consummate the transactions set forth herein. The
consummation of the transactions contemplated by this Series 2006-1
Supplement is in the ordinary course of its business and will not conflict
with, or result in a breach of, any of the terms, conditions or provisions of
its organizational documents, or any material agreement or instrument to which it
is now a party or by which it is bound, or result in the violation of any law,
rule, regulation, order, judgment or decree to which it or its property is
subject, except any such violation that would not result in a material adverse
effect on the business or financial condition of such party or the
enforceability of any of the Transaction Documents. The execution, delivery and
performance by it of this Series 2006-1 Supplement, and the consummation
by it of the transactions contemplated hereby, have been duly authorized by all
necessary corporate action. This Series 2006-1 Supplement has been duly
executed and delivered by it and constitutes the valid and legally binding
obligation of it enforceable against it in accordance with its terms;

 

(ii)                               No consent,
approval, order or authorization of, or declaration, filing or registration
with, any governmental entity is required to be obtained or made by it in
connection with the execution, delivery or performance by it of this Series 2006-1
Supplement, or the consummation by it of the transactions contemplated hereby,
except such as have already been obtained.

 

Section 3.02.                              No Default. The Issuers
hereby represent and warrant to the Series 2006-1 Noteholders and the
Indenture Trustee that, as of the Series Closing Date, no Event of Default
has occurred and is continuing.

 

9

 

Section 3.03.                              Conditions Precedent Satisfied. The Issuers
hereby represent and warrant to the Series 2006-1 Noteholders and the
Indenture Trustee that, as of the Series Closing Date, each of the
conditions precedent set forth in the Indenture, including but not limited to
those conditions precedent set forth in Section 2.04(e) thereof, have
been satisfied.

 

Section 3.04.                              Collateral Representations
and Warranties. The Issuers hereby represent and warrant to the
Indenture Trustee on behalf of the Noteholders and the Insurers that the
representations and warranties set forth on Exhibit A hereto are true and
correct as of the Series Closing Date (or such other date as is set forth
in any such representation or warranty) with respect to the Mortgage Loans,
Mortgaged Properties and Leases Granted by such Issuer on or prior to the Series Closing
Date, except as otherwise set forth in Exhibit A hereto.

 

ARTICLE IV

MISCELLANEOUS PROVISIONS

 

Section 4.01.                              Ratification of Indenture. As
supplemented by this Series 2006-1 Supplement, the Indenture is in all
respects ratified and confirmed and the Indenture, as so supplemented by the Series 2005-1
Supplement and this Series 2006-1 Supplement, shall be read, taken and
construed as one and the same instrument.

 

Section 4.02.                              Actions by Controlling Party. So long as no
Insurer Default has occurred and is continuing, the Insurer, and at any time
that an Insurer Default has occurred and is continuing, Series 2006-1 Noteholders
representing more than 50% of the Aggregate Note Principal Balance of the Series 2006-1
Notes, will be entitled to exercise the rights and remedies of the Series 2006-1
Noteholders with respect to actions taken by the Controlling Party pursuant to
the Indenture.

 

Section 4.03.                              Counterparts. This Series 2006-1
Supplement may be executed in two or more counterparts, and by different
parties on separate counterparts, each of which shall be an original, but all
of which shall constitute one and the same instrument.

 

Section 4.04.                              Governing Law. THIS SERIES 2006-1
SUPPLEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS.

 

Section 4.05.                              Beneficiaries. As
supplemented by this Series 2006-1 Series Supplement, the Indenture
shall inure to the benefit of and be binding upon the parties hereto, the Series 2006-1
Noteholders, and their respective successors and permitted assigns. No other
Person shall have any right or obligation hereunder.

 

10

 

Section 4.06.                              Limited Recourse. Notwithstanding
anything to the contrary herein or otherwise in the Indenture, the Series 2006-1
Notes are nonrecourse obligations solely of the Issuers and shall be payable
only from the Collateral Pool and from drawings on the Insurance Policy. Upon
the exhaustion of the Collateral included in the Collateral Pool, any
liabilities of the Issuers hereunder shall be extinguished. Each Series 2006-1
Noteholder shall be deemed to have agreed, by acceptance of its Note, not to
file or join in filing any petition in bankruptcy or commence any similar
proceeding in respect of any Issuer for a period of two years and 31 days
following payment in full of all of the Notes issued or co-issued by such
Issuer under the Indenture.

 

Section 4.07.                              Notice to the Insurer and
the Rating Agencies. Any communication provided for or permitted
hereunder or otherwise pursuant to the Indenture shall be in writing and,
unless otherwise expressly provided herein, shall be deemed to have been duly
given if delivered by courier or mailed by first class mail, postage
prepaid, or if transmitted by facsimile and confirmed in a writing delivered or
mailed as aforesaid, to: (i) in the case of the Insurer, Ambac Assurance
Corporation, One State Street Plaza, New York, New York 10004, Attention:  Structured Finance—Mortgage-Backed Securities
Group, facsimile number: (212) 363-1459, with
a copy to, Cadwalader, Wickersham & Taft LLP, One World
Financial Center, New York, New York 10281, Attention:  Pat Quinn, facsimile number (212) 909-5870; (ii) in
the case of S&P, Standard & Poor’s Rating Services, a division of
The McGraw-Hill Companies, Inc., 55 Water Street, 41st Floor, New York, New York, 10004,
Attention:  Asset-Backed Surveillance
Department, facsimile number: (212) 438-2435; and (iii) in the case of
Moody’s, Moody’s Investor Services, Inc., 99 Church Street, New York, New
York 10007, Attention:  Asset-Backed
Monitoring, facsimile number: (212) 553-1350; or, as to each such Person, such
other address or facsimile number as may hereafter be furnished by such
Person to the parties hereto in writing.

 

11

 

IN WITNESS
WHEREOF, the Issuers and the Indenture Trustee have caused this Series 2006-1
Supplement to be duly executed and delivered by their respective officers
thereunto duly authorized and their respective seals, duly attested, to be
hereunto affixed, all as of the day and year first above written.

 

	
   

  	
  SPIRIT MASTER FUNDING, LLC

  
	
   

  	
  as an Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ Catherine Long

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Catherine Long

  
	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SPIRIT MASTER FUNDING II, LLC

  
	
   

  	
  as an Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael T. Bennett

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Michael T. Bennett

  
	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CITIBANK, N.A.

  
	
   

  	
  not in its individual capacity but solely as 

  
	
   

  	
  Indenture Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Hannon

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  John Hannon

  
	
   

  	
  Title:

  	
  AVP

  

 

12

 

EXHIBIT A

 

REPRESENTATIONS AND WARRANTIES

 

SPIRIT MASTER FUNDING, LLC and SPIRIT MASTER FUNDING II, LLC, each
a Delaware limited liability company (each, an “Issuer”),
on this 17th day of March, 2006, hereby delivers this Issuer
Certification pursuant to that certain Indenture of even date herewith (the “Indenture”) and that certain Amended
and Restated Property Management and Servicing Agreement of even date herewith
(the “Property Management Agreement”). Capitalized
terms used but not defined herein shall have the meanings set forth in the
Indenture, and if not set forth in the Indenture, in the Property Management
Agreement.

 

1.                                       Mortgage Loans.
With respect to each Mortgage Loan (as identified in Schedule I-A),
the applicable Originator hereby represents and warrants, and the Issuers
hereby represent and warrant with respect to any Mortgage Loans pledged prior
to the Series Closing Date or purchased or substituted by such Issuer from
a third party (subject to Section 2.05 of the Property Management
Agreement), as of the date herein below specified or, if no such date is
specified, as of the Series Closing Date, except as set forth on Schedule I
hereto, that:

 

(a)                                  Immediately prior to the
transfer and assignment of the Mortgage Loan to the Issuer, the applicable
Originator had good and insurable fee title to, and was the sole owner and
holder of, the Mortgage Loan, free and clear of any and all liens, encumbrances
and other interests on, in or to the Mortgage Loan. Such transfer and
assignment from the applicable Originator to the Issuer of the Mortgage Loan by
collateral assignment and by individual allonges of the Mortgage Notes and
Assignments of the Mortgages in blank validly assigns all of such Originator’s
right, title and ownership of the Mortgage Loan to the Issuer (and, with
respect to the Mortgage, to the Collateral Agent) free and clear of any pledge,
lien, encumbrance or security interest.

 

(b)                                 The applicable Originator
has full right and authority to sell, contribute, assign and transfer the
Mortgage Loan to the Issuer. The entire agreement with the applicable
Originator (whether originated by such Originator or a different originator) is
contained in the Loan Documents and there are no warranties, agreements or
options regarding such Mortgage Loan or the related Mortgaged Property not set
forth therein. Other than the Loan Documents, there are no agreements between
any predecessor in interest in the Mortgage Loan and the Borrower.

 

(c)                                  The information pertaining
to the Mortgage Loan set forth in the mortgage loan schedule attached to
the related Purchase and Sale Agreement was true and correct in all material
respects as of the related Transfer Date. The Mortgage Loan was originated or
acquired in accordance with, and fully complies with, the related underwriting guidelines
in all material respects. The related Loan File contains all of the documents
and instruments required to be contained therein.

 

13

 

(d)                                 The following are “Permitted Exceptions” with respect
to the Mortgage Loan and the related Mortgaged Properties and Leases: (i) liens
for real estate taxes and special assessments not yet due and payable or due
but not yet delinquent, (ii) covenants, conditions and restrictions,
rights-of-way, easements and other matters of public record, such exceptions
being of a type or nature that are acceptable to mortgage lending institutions
generally, (iii) those purchase options described under “Description of
the Mortgage Loans, the Mortgaged Properties and the Leases —Terms Governing
the Leases—Third Party Purchase Option” in the related Private Placement
Memorandum and (iv) other matters to which like properties are commonly
subject, which matters referred to in clauses (i), (ii), (iii), and (iv) do
not, individually or in the aggregate, materially interfere with the value of
the Mortgaged Property, or do not materially interfere or restrict the current
use or operation of the Mortgaged Property relating to the Mortgage Loan or do
not materially interfere with the security intended to be provided by the
Mortgage, the current use or operation of the Mortgaged Property or the current
ability of the Mortgaged Property to generate net operating income sufficient
to service the Mortgage Loan. Financing Statements have been filed and/or
recorded (or, if not filed and/or recorded, have been submitted in proper form for
filing and recording), in all public places necessary to perfect a valid first
priority security interest in all items of personal property defined as part of
the Mortgaged Property and in all cases, subject to a purchase money security
interest and to the extent perfection may be effected pursuant to
applicable law solely by recording or filing Financing Statements.

 

(e)                                  The related Mortgage
constitutes a valid, legally binding and enforceable first priority lien upon
the related Mortgaged Property securing the Mortgage Loan and the improvements
located thereon and forming a part thereof, prior to all other liens and
encumbrances, except for Permitted Exceptions. The lien of the Mortgage is
insured by an American
Land Title Association (or an equivalent form thereof as adopted in the
applicable jurisdiction) mortgagee’s title insurance policy (a “Title Policy”), issued by a
nationally recognized title insurance company, insuring the originator of the
Mortgage Loan, its successors and assigns, as to the first priority lien of the
Mortgage in the original principal amount of the Mortgage Loan after all
advances of principal, subject only to Permitted Exceptions (or, if a Title Policy
has not yet been issued in respect of the Mortgage Loan, a policy meeting the
foregoing description is evidenced by a commitment for title insurance “marked
up” (or by “pro-forma” otherwise agreed to in a closing instruction letter
countersigned by the title company) as of the closing date of the Mortgage
Loan). Each Title Policy (or, if it has yet to be issued, the coverage to be
provided thereby) is in full force and effect, all premiums thereon have been
paid and no material claims have been made thereunder and no claims have been
paid thereunder. Neither the applicable Originator nor the Issuer (as
applicable) has, by act or omission, done anything that would materially impair
the coverage under such Title Policy. Immediately following the transfer and
assignment of the Mortgage Loan to the Issuer, such Title Policy (or, if it has
yet to be issued, the coverage to be provided thereby) will inure to the
benefit of the Issuer without the consent of or notice to the insurer.

 

(f)                                    Neither the applicable
Originator nor the Issuer (as applicable) has waived any material default,
breach, violation or event of acceleration existing under the Mortgage or
Mortgage Note.

 

14

 

(g)                                 The Borrower has not waived
any material default, breach, violation or event of acceleration by the Tenant
existing under the Lease.

 

(h)                                 There is no valid offset,
defense or counterclaim to the payment or performance obligations of the
Mortgage Loan.

 

(i)                                     The Mortgaged Property
securing the Mortgage Loan is free and clear of any damage that would
materially and adversely affect its value as security for the Mortgage Loan. No
proceeding for the condemnation of all or any material portion of the Mortgaged
Property has been commenced.

 

(j)                                     The Mortgage Loan complied
with all applicable usury laws in effect at its date of origination.

 

(k)                                  The proceeds of the Mortgage
Loan have been fully disbursed and there is no requirement for future advances
thereunder. All costs, fees and expenses incurred in making, closing and
recording the Mortgage Loan, including, but not limited to, mortgage recording
taxes and recording and filing fees relating to the origination of such
Mortgage Loan, have been paid. Any and all requirements as to completion of any
on-site or off-site improvement by the Borrower and as to disbursements of any
escrow funds therefor that were to have been complied with have been complied
with.

 

(l)                                     The Borrower under the
related Mortgage Note, Mortgage and all other Loan Documents had the power,
authority and legal capacity to enter into, execute and deliver the same, and,
as applicable, such Mortgage Note, Mortgage and other Loan Documents have been
duly authorized, properly executed and delivered by the parties thereto, and
each is the legal, valid and binding obligation of the maker thereof (subject
to any non recourse provisions contained in any of the foregoing agreements and
any applicable state anti-deficiency legislation), enforceable in accordance
with its terms, except as such enforcement may be limited by bankruptcy,
insolvency, reorganization, receivership, moratorium or other laws relating to
or affecting the rights of creditors generally and by general principles of
equity (regardless of whether such enforcement is considered in a proceeding in
equity or at law).

 

(m)                               All improvements upon the
Mortgaged Property securing the Mortgage Loan are insured under insurance
policies (as described in a schedule to the related Purchase and Sale
Agreement entitled the “Insurance Schedule”).
The Loan Documents require the Borrower to maintain, or cause the Tenant to
maintain, and the Lease requires the Tenant to maintain, insurance coverage
described on the Insurance Schedule and all insurance required under
applicable law including, without limitation, insurance against loss by hazards
with extended coverage in an amount (subject to a customary deductible) at
least equal to the full replacement cost of the improvements located on such
Mortgaged Property, including without limitation, flood insurance if any
portion of the improvements located upon the Mortgaged Property was, at the
time of the origination of the Mortgage Loan, in a flood zone area as
identified in the Federal Register by the Federal Emergency Management Agency
as a 100 year flood zone or special hazard area, and flood insurance was
available under the then current guidelines

 

15

 

of the Federal Insurance Administration and is in
effect with a generally acceptable insurance carrier. The Loan Documents
require the Borrower to maintain, or to cause the Tenant to maintain, on the
Mortgaged Property securing any Mortgage Loan a fire and extended perils
insurance policy, in an amount not less than the replacement cost and the
amount necessary to avoid the operation of any co-insurance provisions with
respect to the Mortgaged Property. All such insurance policies contain a standard
“additional insured” clause (or similar clause) naming the Borrower (as
landlord under the related Lease), its successors and assigns (including,
without limitation, subsequent owners of the Mortgaged Property), as additional
insured, and may not be reduced, terminated or canceled without thirty
(30) (and, in some cases ten (10)) days’ prior written notice to the additional
insured. In addition, the Mortgage requires the Borrower to (i) cause the
holder of the Mortgage to be named as an additional insured mortgagee, and (ii) maintain
(or to require the Tenant to maintain) in respect of the Mortgaged Property
workers’ compensation insurance (if applicable), commercial general liability
insurance in amounts generally required by such holder of the Mortgage, and at
least 6 months rental or business interruption insurance. The related Loan
Documents obligate the Borrower to maintain such insurance and, at such
Borrower’s failure to do so, authorizes the mortgagee to maintain such
insurance at the Borrower’s cost and expense and to seek reimbursement therefor
from such Borrower. Each such insurance policy, as applicable, is required to
name the holder of the Mortgage as an additional insured or contain a mortgagee
endorsement naming the holder of the Mortgage as loss payee and requires prior
notice to the holder of the Mortgage of termination or cancellation, and no
such notice has been received, including any notice of nonpayment of premiums,
that has not been cured. There have been no acts or omissions that would impair
the coverage of any such insurance policy or the benefits of the mortgage
endorsement. All insurance contemplated in this section is maintained with
insurance companies with a General Policy Rating of “A” or better by S&P or
“A:VI” or better by Best’s Insurance Guide and are licensed to do business in
the state wherein the Borrower or the Mortgaged Property subject to the policy,
as applicable, is located.

 

(n)                                 As of the Series Closing
Date, with the exception of the 42 Mortgaged Properties securing 42 Mortgage
Loans, representing approximately 2.2% of the Mortgaged Properties (by
Allocated Collateral Amount), for each of which there is an environmental
insurance policy in place, the Mortgaged Property securing the Mortgage Loan
was subject to one or more environmental site assessments or reports (or an
update of a previously conducted assessment or report) prior to the origination
of such Mortgage Loan, and neither the applicable Originator nor the Issuer (as
applicable) has knowledge of any material and adverse environmental conditions
or circumstance affecting such Mortgaged Property that was not disclosed in the
related assessment or report(s). There are no material and adverse
environmental conditions or circumstances affecting the Mortgaged Property
securing any such Mortgage Loan other than, with respect to any adverse
environmental condition described in such report, those conditions for which
remediation has been completed and, thereafter, to the extent that such report
or remediation program is so recommended: (i) a program of annual
integrity testing and/or monitoring was recommended and implemented in
connection with the Mortgaged Property securing any such Mortgage Loan or an
adjacent or neighboring property; (ii) an operations and maintenance plan
or periodic monitoring of such Mortgaged Property or

 

16

 

nearby properties was recommended and implemented;
or (iii) a follow-up plan was otherwise required to be taken under CERCLA or
under regulations established thereunder from time to time by the Environmental
Protection Agency, and such plan has been implemented in the case of (i), (ii) and
(iii) above. The Borrower determined in accordance with the related underwriting
guidelines that adequate funding was available for such program or plan, as
applicable. The applicable Originator has not taken any action with respect to
the Mortgage Loan or the Mortgaged Property securing such Mortgage Loan that
could subject the Issuer, or its successors and assigns in respect of the
Mortgage Loan, to any liability under CERCLA or any other applicable federal,
state or local environmental law, and neither such Originator nor the Issuer
(as applicable) has received any actual notice of a material violation of
CERCLA or any applicable federal, state or local environmental law with respect
to the Mortgaged Property securing such Mortgage Loan that was not disclosed in
the related report. The Mortgage or other Loan Documents require the Borrower
(and the Leases require the Tenant) to comply with all applicable federal,
state and local environmental laws and regulations.

 

(o)                                 The Mortgage Loan is not
cross-collateralized with any mortgage loan that is not included in the
Collateral Pool.

 

(p)                                 The terms of the Mortgage,
Mortgage Note and other Loan Documents have not been impaired, waived, altered,
modified, satisfied, canceled or subordinated in any material respect, except
by written instruments that are part of the Loan File, recorded or filed
in the applicable public office if necessary to maintain the priority of the
lien of the related Mortgage.

 

(q)                                 There are no delinquent
taxes, ground rents, assessments for improvements or other similar outstanding
lienable charges affecting the related Mortgaged Property which are or may become
a lien of priority equal to or higher than the lien of the Mortgage. For
purposes of this representation and warranty, real property taxes and
assessments shall not be considered unpaid until the date on which interest
and/or penalties would be payable thereon.

 

(r)                                    Except for any Mortgage Loan
secured by a Ground Lease, the interest of the Borrower in the Mortgaged
Property consists of a fee simple estate in real property.

 

(s)                                  The Mortgage Loan is a whole
loan and not a participation interest.

 

(t)                                    The assignment of the
Mortgage referred to in the Loan File constitutes the legal, valid and binding
assignment of such Mortgage from the relevant assignor to the Issuer or to the
Collateral Agent. The Assignment of Leases and Rents set forth in the Mortgage
or separate from the Mortgage and related to and delivered in connection with the
Mortgage Loan establishes and creates a valid, subsisting and, subject only to
Permitted Exceptions, enforceable first priority lien and first priority security
interest in the Borrower’s interest in all leases, subleases, licenses or other
agreements pursuant to which any person is entitled to occupy, use or possess
all or any portion of the real property subject to the Mortgage, and each
assignor thereunder has the

 

17

 

full right to assign the same. The related
assignment of Mortgage or any assignment of leases and rents not included in a
Mortgage, executed and delivered in favor of the Issuer is in recordable form and
constitutes a legal, valid and binding assignment, sufficient to convey to the
assignee named therein all of the assignor’s right, title and interest in, to
and under such assignment of leases and rents.

 

(u)                                 All escrow deposits relating
to the Mortgage Loan that are required to be deposited with the holder of the
Mortgage Loan or its agent have been so deposited.

 

(v)                                 As of the date of
origination of such Mortgage Loan and, as of the Transfer Date, as the case may be,
the Mortgaged Property securing such Mortgage Loan was and is free and clear of
any mechanics’ and materialmen’s liens or liens in the nature thereof which
create a lien prior to that created by the Mortgage, except those which are
insured against by the Title Policy referred to in paragraph (e) above.

 

(w)                               As of the date of the
origination of the Mortgage Loan, no improvement that was included for the
purpose of determining the appraised value of the related Mortgaged Property
securing such Mortgage Loan at the time of origination of the Mortgage Loan lay
outside the boundaries and building restriction lines of such property in any
way that would materially and adversely affect the value of such Mortgaged
Property or the ability to operate the Mortgaged Property under the related Lease
(unless affirmatively covered by the title insurance referred to in paragraph (e) above),
and no improvements on adjoining properties encroached upon such Mortgaged
Property to any material extent.

 

(x)                                   (i) There exists no
material default, breach or event of acceleration under the Mortgage Loan or
any of the Loan Documents or the related Lease, if any, (ii) there exists
no event (other than payments due but not yet delinquent) that, with the
passage of time or with notice and the expiration of any grace or cure period,
would constitute such a material default, breach or event of acceleration, (iii) no
payment on any Mortgage Loan is, or has previously been during any time owned
by the applicable Originator or the Issuer, 30 or more days delinquent, and (iv) no
payment on any related Lease is or has previously been 30 or more days
delinquent; provided, however, that this representation and warranty does not
cover any default, breach or event of acceleration that specifically pertains
to any matter otherwise covered or addressed by any other representation and
warranty made by such Originator with respect to the Mortgage Loan.

 

(y)                                 In connection with the
origination of the Mortgage Loan, the applicable Originator inspected or caused
to be inspected the Mortgaged Property securing the Mortgage Loan by
inspection, appraisal or otherwise as required in such Originator’s underwriting
guidelines then in effect.

 

(z)                                   The Mortgage Loan contains
no equity participation by or shared appreciation rights in the lender or
beneficiary under the Mortgage, and does not provide for any contingent or
additional interest in the form of participation in the cash flow of the
Mortgaged Property securing the Mortgage Loan, or for negative amortization.

 

18

 

(aa)                            No holder of the Mortgage
Loan has advanced funds or induced, solicited or knowingly received any advance
of funds from a party other than the owner of the Mortgaged Property securing
the Mortgage Loan, directly or indirectly, for the payment of any amount
required by the Mortgage Loan (other than amounts paid by the Tenant as
specifically provided under the related Lease).

 

(bb)                          To the applicable Originator’s
knowledge, based on due diligence customarily performed in the origination or
acquisition of comparable mortgage loans by such Originator, as of the date of
origination or acquisition of the Mortgage Loan, the related Borrower, was in
compliance with all applicable laws relating to the ownership and operation of any
Mortgaged Property securing the Mortgage Loan as then operated and was in
possession of all material licenses, permits and authorizations required by
applicable laws for the ownership and operation of such Mortgaged Property as
operated. With respect to any Mortgaged Property operated as a franchised
property, and except with respect to Mortgage Loans for which the related
Tenant is the franchisor, the Tenant of such Mortgaged Property has entered
into a legal, valid, and binding franchise agreement and such lessee operator
has represented in the applicable lease documents that, as of the date of
origination or acquisition of the Mortgage Loan, there were no defaults under
the franchise agreement by such Tenant.

 

(cc)                            The origination, servicing
and collection practices the applicable Originator or Issuer used with respect
to the Mortgage Loan since such Originator’s origination or, as applicable,
such Originator’s or Issuer’s acquisition thereof have complied with applicable
law in all material respects and are consistent and in accordance with the
terms of the related Loan Documents and in accordance with the applicable
servicing standard and customary industry standards.

 

(dd)                          The Mortgage or Mortgage
Note, together with applicable state law, contains customary and enforceable
provisions (subject to the exceptions set forth in paragraph (l) above) such as
to render the rights and remedies of the holders thereof adequate for the
practical realization against the Mortgaged Property securing the Mortgage Loan
of the principal benefits of the security intended to be provided thereby,
including the right of foreclosure under the laws of the state in which the
Mortgaged Property securing the Mortgage Loan is located governing foreclosures
of mortgages and deeds of trust under power of sale.

 

(ee)                            The Mortgage provides that
insurance proceeds and condemnation proceeds will be applied for one of the
following purposes: to restore or repair the Mortgaged Property securing the
Mortgage Loan; to repay the principal of the Mortgage Loan; or to be used as
otherwise directed by the holder of such Mortgage.

 

(ff)                                There are no actions, suits,
legal, arbitration or administrative proceedings or investigations by or before
any court or governmental authority or, to the best of the applicable
Originator’s or Issuer’s knowledge, as applicable, pending against or affecting
the Borrower or the Mortgaged Property securing the Mortgage Loan that, if
determined adversely to such Borrower or the Mortgaged Property securing the
Mortgage Loan, would materially and adversely affect the value of the Mortgaged
Property 

 

19

 

securing the Mortgage Loan or the ability of the
Borrower to pay principal, interest or any other amounts due under the Mortgage
Loan or the related Lease, as applicable.

 

(gg)                          If the Mortgage is a deed of
trust, a trustee, duly qualified under applicable law to serve as such, is
properly designated and serving under such Mortgage. Except in connection with
a trustee’s sale or as otherwise required by applicable law, after default by
the Borrower, no fees or expenses are payable to such trustee.

 

(hh)                          Except in cases where either
(i) a release of a portion of the Mortgaged Property securing the Mortgage
Loan was contemplated at origination of the Mortgage Loan and such portion was
not considered material for purposes of underwriting the Mortgage Loan, or (ii) release
is conditioned upon the satisfaction of certain underwriting and legal
requirements and the payment of a release price, neither the Mortgage Note nor the
Mortgage requires the holder thereof to release all or any portion of the
Mortgaged Property securing the Mortgage Loan from the lien of the Mortgage
except upon payment in full of all amounts due under the Mortgage Loan.

 

(ii)                                  The Mortgage does not permit
the Mortgaged Property securing the Mortgage Loan to be encumbered by any lien
junior to or of equal priority with the lien of the Mortgage (excluding any
lien relating to another Mortgage Loan that is cross collateralized with the
Mortgage Loan) without the prior written consent of the holder thereof.

 

(jj)                                  The Borrower is not a debtor
in any state or federal bankruptcy or insolvency proceeding.

 

(kk)                            As of the date of
origination or acquisition of the Mortgage by the applicable Originator, the Borrower,
if not a natural person, was duly organized and validly existing under the laws
of the state of its jurisdiction.

 

(ll)                                  The Mortgage Loan contains
provisions for the acceleration of the payment of the unpaid principal balance
of the Mortgage Loan if, without complying with the requirements of the
Mortgage Loan, the Mortgaged Property securing the Mortgage Loan, or any
controlling interest in the Borrower, is directly or indirectly transferred or
sold.

 

(mm)                      The Loan Documents for the
Mortgage Loan provide that the Borrower is to provide periodic financial and
operating reports including, without limitation, annual profit and loss
statements, statements of cash flow and other related information that the
Issuer reasonably requests from time to time.

 

(nn)                          To the applicable Originator’s
actual knowledge, based upon zoning letters, zoning reports, the Title Policy
insuring the lien of the Mortgage, historical use and/or other due diligence
customarily performed by such Originator in connection with the origination of
the Mortgage Loan, the improvements located on or forming part of such
Mortgaged Property securing the Mortgage Loan comply in all material respects
with applicable zoning laws and ordinances (except to the extent that they may constitute
legal non-conforming uses).

 

20

 

(oo)                          Any Mortgaged Property
securing the Mortgage Loan is located within one of the 50 United States or the
District of Columbia.

 

(pp)                          With respect to the Mortgage
Loan if secured by a Mortgaged Property located in “seismic zones” 3 or 4, the
Borrower or the Issuer (or an affiliate of the Issuer) has obtained, and is
required under the Loan Documents to maintain, earthquake insurance with
respect to the improvements on and forming a part of such Mortgaged
Property, or is required to cause the Tenant to maintain (and the Tenant has
obtained) earthquake insurance if such Mortgaged Property is located in any
such area.

 

(qq)                          The applicable Originator
does not have knowledge of any circumstance or condition with respect to such
Mortgage Loan, the Mortgaged Property securing the Mortgage Loan, the related
Lease or the Borrower’s or the Tenant’s credit standing that could reasonably
be expected to cause the Issuer to regard such Mortgage Loan as unacceptable
security, cause such Mortgage Loan or the related Lease to become delinquent or
have a material adverse effect on the value or marketability of such Mortgage
Loan.

 

(rr)                                The Mortgaged Property
securing the Mortgage Loan has adequate rights of access to public
rights-of-way and is served by utilities, including, without limitation,
adequate water, sewer, electricity, gas, telephone, sanitary sewer, and storm
drain facilities. All public utilities necessary to the continued use and
enjoyment of the Mortgaged Property securing the Mortgage Loan as presently
used and enjoyed are located in such public rights-of-way abutting such
Mortgaged Property or are the subject of access easements for the benefit of
the Mortgaged Property, and all such utilities are connected so as to serve
such Mortgaged Property without passing over other property or are the subject
of access easements for the benefit of such Mortgaged Property. All roads
necessary for the full use of the Mortgaged Property securing the Mortgage Loan
for its current purpose have been completed and dedicated to public use and
accepted by all governmental authorities or are the subject of access easements
for the benefit of such Mortgaged Property.

 

(ss)                            With respect to any Mortgage
Loan where all or a material portion of the Mortgaged Property securing such
Mortgage Loan is a leasehold estate, and the related Mortgage does not also
encumber the related lessor’s fee interest in such Mortgaged Property, based
upon the terms of the Ground Lease and any estoppel letter or other writing
received from the Ground Lessor included in the related Loan File and, if
applicable, the related Mortgage:

 

(1)                                  The Ground Lease or a
memorandum regarding such Ground Lease has been duly recorded. The Ground
Lessor has permitted the interest of the Ground Lessee to be encumbered by the
related Mortgage. To the best of the applicable Originator’s or Issuer’s
knowledge, as applicable, there has been no material change in the terms of the
Ground Lease since its recordation, except by any written instruments which are
included in the related Loan File.

 

21

 

(2)                                  The Ground Lease may not
be amended, modified, canceled or terminated without the prior written consent
of the lender and that any such action without such consent is not binding on the
lender, its successors or assigns.

 

(3)                                  The Ground Lease has an
original term (or an original term plus one or more optional renewal terms,
which, under all circumstances, can be exercised, and is enforceable, by the
lender) that extends not less than 20 years beyond the stated maturity of the
related Mortgage Loan.

 

(4)                                  Based on the Title Policy
referenced in paragraph (e) above, the Ground Leasehold interest is not
subject to any liens or encumbrances superior to, or of equal priority with,
the Mortgage, subject to permitted encumbrances and liens that encumber the
Ground Lessor’s fee interest.

 

(5)                                  The Ground Lease is
assignable to the lender and its assigns without the consent of the Ground
Lessor thereunder.

 

(6)                                  The Ground Lease is in full
force and effect and no default has occurred under the Ground Lease and there
is no existing condition which, but for the passage of time or the giving of
notice, would result in a material default under the terms of the Ground Lease.

 

(7)                                  The Ground Lessor is required
to give notice of any default by the related lessee to the lender.

 

(8)                                  The lender is permitted a
reasonable opportunity (including, where necessary, sufficient time to gain
possession of the interest of the lessee under the Ground Lease through legal
proceedings, or to take other action so long as the lender is proceeding
diligently) to cure any default under the Ground Lease, which is curable after
the receipt of notice of any default, before the Ground Lessor thereunder may terminate
the Ground Lease.

 

(9)                                  Either (i) the Ground Lease does not impose
restrictions on subletting or (ii) the Ground Lessor has consented to the
existing Ground Lease with respect to the related Mortgaged Property securing
the related Mortgage Loan. The Ground Lessor is not permitted to disturb
the possession, interest or quiet enjoyment of any subtenant of the lessee in
the relevant portion of the Mortgaged Property subject to the Ground Lease for
any reason, or in any material manner, which would adversely affect the security
provided by the related Mortgage.

 

(10)                            Any related insurance
proceeds or condemnation award (other than in respect of a total or
substantially total loss or taking) is required to be applied either to the
repair or restoration of all or part of the related Mortgaged Property,
with the lender or a trustee appointed by it

 

22

 

having the right to hold and disburse such proceeds as repair or
restoration progresses, or to the payment of the outstanding principal balance
of the Mortgage Loan, together with any accrued interest, except that in the
case of condemnation awards, the Ground Lessor may be entitled to a
portion of such award.

 

(11)                            Any related insurance
proceeds, or condemnation award in respect of a total or substantially total
loss or taking of the related Mortgaged Property is required to be applied
first to the payment of the outstanding principal balance of the Mortgage Loan,
together with any accrued interest (except as provided by applicable law or in
cases where a different allocation would not be viewed as commercially
unreasonable by any institutional investor, taking into account the relative
duration of the Ground Lease and the related Mortgage and the ratio of the
market value of the related Mortgaged Property to the outstanding principal
balance of such Mortgage Loan). Until the principal balance and accrued
interest are paid in full, neither the lessee nor the Ground Lessor under the
Ground Lease has an option to terminate or modify the Ground Lease without the
prior written consent of the lender as a result of any casualty or partial
condemnation, except to provide for an abatement of the rent.

 

(12)                            Provided that the lender
cures any defaults which are susceptible to being cured, the Ground Lessor has
agreed to enter into a new lease upon termination of the Ground Lease for any
reason, including rejection of the Ground Lease in a bankruptcy proceeding.

 

(tt)                                With respect to Mortgage
Loans originated after the Series Closing Date and with respect to any
Qualified Substitute Mortgage Loans purchased or substituted by the Issuer from
a third party, each Mortgage Loan and the related Mortgaged Property securing
the Mortgage Loan are required to be originated pursuant to the Indenture and
the Property Management Agreement in accordance with the related underwriting
guidelines (subject to any material modifications approved by the Insurer), any
Originator Form Documents or in accordance with a Borrower’s, Tenant’s or
different form of document that is otherwise approved by the applicable
Originator on a case by case basis in a manner that provides such Originator to
receive the substantive benefits intended to be realized under the material
terms of the Originator Form Documents.

 

(uu)                             The Mortgage Loan is not a
construction loan.

 

2.                                       Mortgaged Properties and Leases. With respect to each Mortgaged Property (as identified in Schedule II-A),
the applicable Originator hereby represents and warrants, and the Issuers
hereby represent and warrant with respect to any Mortgaged Properties pledged
prior to the Series Closing Date or purchased or substituted by such
Issuer from a third party (subject to Section 2.05 of the Property
Management Agreement), as of the date herein below specified or, if no such date
is specified, as of the Series Closing Date, except as set forth on Schedule II
hereto, that:

 

23

 

(a)                                  Such Originator or Issuer, as applicable, owns such
Mortgaged Property or Lease free and clear of any and all liens and other
encumbrances except for the Permitted Exceptions. The following are “Permitted Exceptions” with respect
to such Mortgaged Properties and Leases: (i) liens for real estate taxes
and special assessments not yet due and payable or due but not yet delinquent, (ii) covenants,
conditions and restrictions, rights-of-way, easements and other matters of
public record, such exceptions being of a type or nature that are acceptable to
mortgage lending institutions generally, (iii) those purchase options
described under “Description of the Mortgage Loans, the Mortgaged Properties
and the Leases—Terms Governing the Leases—Third Party Purchase Option” in the
related Private Placement Memorandum and (iv) other matters to which like
properties are commonly subject, which matters referred to in clauses (i),
(ii), (iii) and (iv) do not, individually or in the aggregate,
materially interfere with the value of such Mortgaged Property, or do not
materially interfere or restrict the current use or operation of such Mortgaged
Property relating to the Lease or do not materially interfere with the security
intended to be provided by any mortgage, the current use or operation of the
Mortgaged Property or the current ability of the Mortgaged Property to generate
net operating income sufficient to service the Lease. Financing Statements have
been filed and/or recorded (or, if not filed and/or recorded, have been
submitted in proper form for filing and recording), in all public places
necessary to perfect a valid first priority security interest in all items of
personal property defined as part of the Mortgaged Property and in all
cases, subject to a purchase money security interest and to the extent
perfection may be effected pursuant to applicable law solely by recording
or filing Financing Statements.

 

(b)                                 The applicable Originator or
Issuer (as applicable) has full right and authority to sell, contribute,
assign, mortgage, pledge and transfer its interest in such Lease and Mortgaged
Property or, to the extent that consent of a Tenant is required, such consent
has been obtained.

 

(c)                                  The information set forth in
the lease schedule (attached to the related Purchase and Sale Agreement)
with respect to such Mortgaged Property and Lease was true and correct in all
material respects as of the related Transfer Date.

 

(d)                                 Such Lease was not
delinquent (giving effect to any applicable grace period) in the payment of any
Monthly Lease Payments (other than Percentage Rents that are being recalculated
with respect to certain Leases set forth in the lease schedule attached to
the related Purchase and Sale Agreement) as of the Series Closing Date,
and has not been during the time owned by the applicable Originator, 30 days or
more delinquent in respect of any Monthly Lease Payment required thereunder.

 

(e)                                  Lessor estoppels containing
protection provisions have been obtained from the owner of the fee simple
interest in each Property in which the applicable Originator or Issuer (as
applicable) has only a ground leasehold interest.

 

(f)                                    With respect to the related
Lease for the Mortgaged Property, (i) there exists no material default,
breach or event of acceleration under the Lease or any other agreement,
document or instrument executed in connection with such Lease, (ii) to 

 

24

 

the applicable Originator’s or Issuer’s (as
applicable) knowledge, there exists no event (other than payments due but not
yet delinquent) that, with the passage of time or with notice and the
expiration of any grace or cure period, would constitute such a material
default, breach or event of acceleration under the Lease, and (iii) there
exists no material default, breach or event of acceleration under the Lease
which such Originator or Issuer, as applicable, as landlord, or its servicer is
not pursuing to cure, resolve or otherwise pursue remedies under the Lease with
diligence.

 

(g)                                 Neither such Lease nor any
other agreement, document or instrument executed in connection with such Lease
has been waived, modified, altered, satisfied, cancelled or subordinated in any
material respect, and such Lease has not been terminated or cancelled, nor has
any instrument been executed that would effect any such waiver, modification,
alteration, satisfaction, termination, cancellation, subordination or release,
except in each case by a written instrument that is part of the related
Lease File.

 

(h)                                 The Mortgaged Property is
covered by a Title Policy, issued during the 6 months after the date of
transfer thereof, in an amount at least equal to the initial Appraised Value of
such Mortgaged Property. The Title Policy insures, as of the date of such policy, that the
Collateral Agent has a valid security interest in such Mortgaged Property, subject only
to the Permitted Exceptions (to the extent stated therein); such Title Policy
is in full force and effect and names the Collateral Agent as a mortgagee of
record; as of the Series Closing Date, all premiums for the Title Policy
have been paid; and as of the Series Closing Date, no material claims have
been made thereunder. The Title Policy has been issued by a company licensed to
issue such policies in the state in which such Mortgaged Property is located.

 

(i)                                     The Lease is not a Defaulted
Asset or a Delinquent Asset as of the related Transfer Date.

 

(j)                                     At commencement of the
Lease, the Tenant had all material licenses, permits and material agreements,
including without limitation franchise agreements and certificates of
occupancy, necessary for the operation and continuance of the Tenant’s business
on the Mortgaged Property; and, to the best of the applicable Originator’s or
Issuer’s (as applicable) knowledge, (1) the Tenant is not in default of
its obligations under any such applicable license, permit or agreement and (2) each
such license, permit and agreement is in full force and effect.

 

(k)                                  The Tenant is not the
subject of any bankruptcy or insolvency proceeding.

 

(l)                                     There are no pending
actions, suits or proceedings by or before any court or governmental authority
against or affecting, such Lease, such Mortgaged Property or, to the applicable
Originator’s knowledge, the Tenant, that is reasonably likely to be determined
adversely and, if determined adversely, would materially and adversely effect
the value of the Lease or use or value of the Mortgaged Property, or the
ability of the Tenant to pay any amounts due under the Lease.

 

25

 

(m)                               All of the material
improvements built or to be built on the Mortgaged Property that were included
for the purpose of determining the Appraised Value of the Mortgaged Property
lay within the boundaries of such Mortgaged Property and there are no
encroachments into the building setback restriction lines of such Mortgaged
Property in any way that would materially and adversely affect the value of the
Mortgaged Property or the ability of the Tenant to pay any amounts due under
the Lease (unless affirmatively covered in the applicable Title Policy
described in paragraph (h) above.)

 

(n)                                 There are no delinquent or
unpaid taxes or assessments, or other outstanding charges affecting the
Mortgaged Property that are or may become a lien of priority equal to or
higher than the lien of the Mortgage in favor of the Indenture Trustee (or
Collateral Agent on its behalf), other than such amounts that do not materially
and adversely affect the value of the Lease or use or value of the Mortgaged
Property. For purposes of this representation and warranty, real property taxes
and assessments shall not be considered unpaid until the date on which interest
and/or penalties would be payable thereon.

 

(o)                                 There is no valid dispute,
claim, offset, defense or counterclaim to the applicable Originator’s or Issuer’s
(as applicable) rights in the Lease.

 

(p)                                 There is no proceeding
pending for the total or partial condemnation of the Mortgaged Property and the
Mortgaged Property is free and clear of any damage that would materially and
adversely affect the value or use of such Mortgaged Property.

 

(q)                                 The Lease or other
agreement, document or instrument executed in connection with such Lease is the
legal, valid and binding and enforceable obligation of the Tenant (subject to
certain creditors’ rights exceptions and other exceptions of general
application) and is in full force and effect.

 

(r)                                    Except for any Lease that
permits the Tenant to self-insure, the Lease requires the Tenant to maintain
(or make payment to the lessor to cover such premiums) in respect of the
Mortgaged Property insurance against loss by hazards (excluding flood and earthquake)
and comprehensive general liability insurance in amounts generally required by
the applicable Originator or the Issuer, as applicable, and in some cases
(which may be only required at such Originator’s or the Issuer’s request),
business interruption or rental value insurance for at least 6 months; all of
such insurance required under the Lease for such Mortgaged Property (including,
without limitation, if provided under a master insurance policy of the Issuer
or an affiliate thereof) is in full force and effect and names such Originator
or the Issuer (as applicable) or its respective successors and assigns as an
additional insured; all premiums for any insurance policies (including, without
limitation, any applicable master insurance policy of the Issuer or an
affiliate thereof) required to be paid as of the date of the related Purchase
and Sale Agreement (or other applicable

 

26

 

acquisition date) have been paid; all of such
insurance policies require prior notice to the lessor under the Lease of
termination or cancellation, and as of the date of the related Purchase and
Sale Agreement (or other applicable acquisition date) no such notices have been
received; in the event that the Tenant fails to maintain the insurance required
thereunder, the Lease (or other applicable document) authorizes the lessor
under the Lease to maintain such insurance at the Tenant’s cost and expense and
to seek reimbursement therefor from such Tenant. If such Mortgaged Property is
located in flood zone
area as identified by the Federal Emergency Management Agency as a 100 year
flood zone or special hazard area, such Mortgaged Property is
required under the Lease to be covered by insurance against loss by flood in
amounts generally required by such Originator or the Issuer (as applicable)
which insurance is in full force and effect. With respect to any Lease that
permits the related Tenant to self-insure, such Lease requires one of the
following in order for such Tenant to self-insure: (i) the related Tenant
to not be in default, and such Tenant or any related Guarantor must either be a
company listed on the NYSE with a rating of “NAIC-2” or better by the National Association of Insurance
Commissioners; (ii) the related Tenant to not be in default
and maintain a minimum tangible net worth of at least $50,000,000; (iii) the
related Tenant to maintain limits of not less than $2,000,000; or (iv) the
related Tenant may self-insure up to $100,000 single limits per occurrence
for each $10,000,000 of such Tenant’s net worth as reflected on such Tenant’s
most recent audited balance sheet.

 

(s)                                  The Mortgaged Property was
subject to one or more environmental assessments or reports (or an update of a
previously conducted assessment or report) and the applicable Originator or the
Issuer (as applicable) has no knowledge of any material and adverse
environmental conditions or circumstance affecting such Mortgaged Property that
were not disclosed in the related assessment or report(s). There are no material
and adverse environmental conditions or circumstances affecting the Mortgaged
Property other than, with respect to any adverse environmental condition
described in such report, those conditions for which remediation has been
completed and, thereafter, to the extent that such report or remediation
program so recommended: (i) a program of annual integrity testing and/or
monitoring was recommended and implemented in connection with the Mortgaged
Property or an adjacent or neighboring property; (ii) an operations and
maintenance plan or periodic monitoring of such Mortgaged Property or nearby
properties was recommended and implemented; or (iii) a follow-up plan was
otherwise required to be taken under CERCLA or under regulations established
thereunder from time to time by the Environmental Protection Agency, and such
plan has been implemented in the case of (i), (ii) and (iii) above.
The applicable Originator or the Issuer (as applicable) determined in
accordance with the related underwriting guidelines that adequate funding was
available for such program or plan, as applicable. Neither the applicable
Originator nor the Issuer, as applicable, has taken any action with respect to
the Mortgaged Property that would subject the Issuer, or its successors and assigns
in respect of the Mortgaged Property, to any liability under CERCLA or any
other applicable federal, state or local environmental law, and neither such
Originator or the Issuer (as applicable) has received any actual notice of a
material violation of CERCLA or any other applicable Environmental Law with
respect to the Mortgaged Property that was not disclosed in the related report.
The Lease requires the Tenant to comply with all applicable federal, state and
local laws, including Environmental Laws. The Lease specifically requires
compliance with any Environmental Laws. For purposes of this paragraph (s), “Environmental Law” means any
present federal, state and local laws, 

 

27

 

statutes, ordinances, rules, regulations, standards,
policies, consent decrees, consent or settlement agreements and other
governmental directives or requirements, as well as common law, that apply to
the Mortgaged Property and relate to Hazardous Substances, including, without limitation,
CERCLA and RCRA. For purposes of this paragraph (s), “Hazardous
Substances” means: petroleum and petroleum products and
compounds containing them, including gasoline, diesel fuel and oil; explosives;
flammable materials; radioactive materials; polychlorinated biphenyls (PCBs)
and compounds containing them; lead and lead-based paint; asbestos or
asbestos-containing materials in any form that is or could become friable;
underground or above-ground storage tanks, whether empty or containing any
substance; any substance the presence of which on the Mortgaged Property is
regulated by or prohibited by any federal, state or local authority; any
substance that requires special handling; and any other material, substance or
waste now or in the future defined as a “hazardous substance,” “hazardous
material,” “hazardous waste,” “toxic substance,” “toxic pollutant,” “contaminant,”
“pollutant” or other words of similar import within the meaning of any
Environmental Law.

 

(t)                                    Such Mortgaged Property is
free and clear of any mechanics’ and materialmen’s liens or liens in the nature
thereof that would materially and adversely affect the value, use or operation
of such Mortgaged Property except those that are insured against by the Title
Policy referred to in paragraph (h) above.

 

(u)                                 The Lease, together with
applicable state law, contains customary and enforceable provisions such as to
render the rights and remedies of the lessors thereof adequate for the
practical realization against the related Mortgaged Property of the principal
benefits of the security intended to be provided thereby.

 

(v)                                 With respect to each
Mortgaged Property:

 

(1)                                  such Mortgaged Property is
not subject to any lease other than a sublease and/or the related Lease; no
person has any possessory interest in, or right to occupy, the leased property
except under and pursuant to the Lease or such sublease; the Tenant (or
sub-tenant) is in occupancy of the Mortgaged Property and is paying rent
pursuant to the Lease; and, in the case of any sublease, the Tenant remains
primarily liable on the Lease;

 

(2)                                  except with respect to those
Mortgaged Properties with respect to which the Tenant can terminate the related
Lease during the last 42 months of the lease term in the event of a casualty
and any insurance proceeds related thereto are payable to the Tenant, the
obligations of the Tenant, including, but not limited to, the obligation to pay
fixed and additional rent, are not affected by reason of: any damage to or
destruction of any portion of the leased property; any taking of the leased
property or any part thereof by condemnation or otherwise; or any
prohibition, limitation, interruption, cessation, restriction, prevention or
interference of the Tenant’s use, occupancy or enjoyment of the leased
property, except the Tenant’s rights to abate or terminate its obligation to
pay fixed or 

 

28

 

additional rent are coupled with insurance proceeds or condemnation
awards going to the lessor; or the right to abate as a result of a landlord’s
default;

 

(3)                                  neither the applicable
Originator nor the Issuer (as applicable), as lessor under the Lease, has any
monetary obligations under the Lease that has not been satisfied;

 

(4)                                  the Tenant has not been
released, in whole or in part, from its obligations under the terms of the
Lease;

 

(5)                                  all obligations related to
the initial construction of the improvements on the Mortgaged Property have
been satisfied and, except for the obligation to rebuild such improvements
after a casualty (which obligation is limited by available insurance proceeds),
the applicable Originator or the Issuer (as applicable) does not have any
nonmonetary obligations under the Lease and has made no representation or
warranty under the Lease, the breach of which would result in the abatement of
rent, a right of setoff or termination of the Lease;

 

(6)                                  there is no right of
rescission, set-off, abatement (except in the case of casualty or
condemnation), diminution, defense or counterclaim to the Lease, nor does the
operation of any of the terms of the Lease, or the exercise of any rights
thereunder, render the Lease unenforceable, in whole or in part, or subject to
any right of rescission, set-off, abatement, diminution, defense or
counterclaim, and no such right has been asserted;

 

(7)                                  the Tenant has agreed to
indemnify the lessor from any claims of any nature relating to the Lease and
the related Mortgaged Property other than the lessor’s gross negligence or
willful misconduct, including, without limitation, arising as a result of
violations of environmental and hazardous waste laws resulting from the Tenant’s
operation of the property;

 

(8)                                  any obligation or liability
imposed on the lessor by any easement or reciprocal easement agreement is also
an obligation of the Tenant under the Lease;

 

(9)                                  the Tenant is required to
make rental payments as directed by the lessor and its successors and assigns;
and

 

(10)                            except in certain cases
where the Tenant may exercise a right of first refusal, the Lease is
freely assignable by the lessor and its successors and assigns to any person
without the consent of the Tenant, and in the event the lessor’s interest is so
assigned, the Tenant is obligated to recognize the assignee as lessor under
such Lease, whether under the Lease or by operation of law.

 

29

 

(w)                               In connection with Leases
with a Guaranty:

 

(1)                                  such Guaranty, on its face,
is unconditional, irrevocable and absolute, and is a guaranty of payment and
not merely of collection and contains no conditions to such payment, other than
a notice and right to cure; and the Guaranty provides that it is the guaranty
of both the performance and payment of the financial obligations of the Tenant
under the Lease and does not provide for offset, counterclaim or defense; and

 

(2)                                  such Guaranty is binding on
the successors and assigns of the guarantor and inures to the benefit of the
lessor’s successors and assigns and cannot be released or amended without the
lessor’s consent or unless a predetermined performance threshold is achieved.

 

(x)                                   No fraudulent acts were
committed by the applicable Originator or the Issuer (as applicable) during the
origination process with respect to the Lease related to such Mortgaged
Property.

 

(y)                                 In connection with the
acquisition of each Mortgaged Property, the applicable Originator or the Issuer
(as applicable) inspected or caused to be inspected the Mortgaged Property by
inspection, appraisal or otherwise as required in such underwriting guidelines
then in effect.

 

(z)                                   The origination, servicing
and collection of Monthly Lease Payments on such Lease is in all respects
legal, proper and prudent and in accordance with customary industry standards.

 

(aa)                            To the extent required under
applicable law, the applicable Originator or the Issuer (as applicable) was
authorized to transact and do business in the jurisdiction in which such
Mortgaged Property is located, except where such failure to qualify would not
result in a material adverse effect on the enforceability of the related Lease.

 

(bb)                          The Mortgaged Property has
adequate rights of access to public rights-of-way and is served by utilities,
including, without limitation, adequate water, sewer, electricity, gas,
telephone, sanitary sewer, and storm drain facilities. All public utilities
necessary to the continued use and enjoyment of the Mortgaged Property as
presently used and enjoyed are located in the public right-of-way abutting the
Mortgaged Property or are the subject of access easements for the benefit of the
Mortgaged Property, and all such utilities are connected so as to serve the
Mortgaged Property without passing over other property or are the subject of
access easements for the benefit of the Mortgaged Property. All roads necessary
for the full use of the Mortgaged Property for its current purpose have been
completed and dedicated to public use and accepted by all governmental
authorities or are the subject of access easements for the benefit of the
Mortgaged Property.

 

30

 

(cc)                            The Lease File contains a survey with respect to such
Mortgaged Property, which survey was deemed sufficient to delete the standard
title survey exception (to the extent the deletion of such exception is
available in the related state).

 

(dd)                          With respect to any Mortgaged Property in which the
applicable Originator’s or the Issuer’s (as applicable) interest in such
Mortgaged Property is under a Ground Lease, based upon the terms of the related
Ground Lease or an estoppel letter or other writing received from the Ground
Lessor and included in the related Lease File:

 

(1)                                  The Ground Lease or a memorandum
regarding such Ground Lease has been duly recorded. The Ground Lessor has
permitted the interest of the related lessee to be encumbered by the related
Lease and the Mortgage filed for the benefit of the Indenture Trustee or the
Collateral Agent on its behalf. To the best of such Originator’s or the Issuer’s
knowledge, as applicable, there has been no material change in the terms of the
Ground Lease since its recordation, except by any written instruments which are
included in the related Lease File.

 

(2)                                  The Ground Lease may not be amended,
modified, canceled or terminated without the prior written consent of the
lender and any such action without such consent is not binding on the lender,
its successors or assigns.

 

(3)                                  The Ground Lease has an original term (or
an original term plus one or more optional renewal terms, which, under all
circumstances, can be exercised, and is enforceable, by the lender) that
extends not less than 20 years beyond the stated term of the related Lease.

 

(4)                                  Based on the Title Policy referenced in
paragraph (h) above, the Ground Lease interest is not subject to any liens
or encumbrances superior to, or of equal priority with, the related Mortgage,
subject to permitted encumbrances and liens that encumber the Ground Lessor’s
fee interest.

 

(5)                                  The Ground Lease is assignable to the
lender and its assigns without the consent of the Ground Lessor thereunder.

 

(6)                                  The Ground Lease is in full force and
effect and no default has occurred under the Ground Lease and there is no
existing condition which, but for the passage of time or the giving of notice,
would result in a material default under the terms of the Ground Lease.

 

(7)                                  The Ground Lessor is required to give
notice of any default by the related lessee to the lender.

 

(8)                                  The lender is permitted a reasonable
opportunity (including, where necessary, sufficient time to gain possession of
the interest of the lessee under the Ground Lease through legal proceedings, or

 

31

 

to take other
action so long as the lender is proceeding diligently) to cure any default
under the Ground Lease which is curable after the receipt of notice of any
default, before the Ground Lessor may terminate the Ground Lease.

 

(9)                                  Either (i) the Ground Lease does not
impose restrictions on subletting or (ii) the Ground Lessor has consented
to the existing Lease with respect to the related Mortgaged Property. The
Ground Lessor is not permitted to disturb the possession, interest or quiet
enjoyment of any subtenant of the lessee in the relevant portion of the
Mortgaged Property subject to the Ground Lease for any reason, or in any
material manner, which would adversely affect the security provided by the
related Mortgage.

 

(10)                            Any related insurance proceeds or
condemnation award (other than in respect of a total or substantially total
loss or taking) are required to be applied either to the repair or restoration
of all or part of the related Mortgaged Property, except that in the case
of condemnation awards, the Ground Lessor may be entitled to a portion of
such award.

 

(11)                            The lessee does not have an option to
terminate or modify the Ground Lease without the prior written consent of the
Ground Lessor as a result of any casualty or partial condemnation of the
Mortgaged Property, except to provide for an abatement of the rent.

 

(12)                            Provided that the lender cures any defaults which
are susceptible to being cured, the Ground Lessor has agreed to enter into a
new lease upon termination of the Ground Lease for any reason, including
rejection of the Ground Lease in a bankruptcy proceeding.

 

(ee)                            With respect to any Mortgaged Property
and Lease originated or acquired after the Series Closing Date and with
respect to any Qualified Substitute Mortgaged Properties purchased or
substituted by the Issuer from a third party (subject to exceptions scheduled
and set forth in the related Purchase and Sale Agreement, or in an exception schedule approved
by the Requisite Global Majority in connection with any substitution of a
Qualified Substitute Mortgaged Property), the Mortgaged Property and Lease are
required to be originated or acquired pursuant to the Indenture and the Property
Management Agreement in accordance with the related underwriting guidelines
(subject to any material modifications approved by the Insurer) and in all
material respects and in substantive compliance with the Originator Form Documents
or in accordance with a seller’s or Tenant’s form of document that is
otherwise approved by the applicable Originator or the Issuer, as applicable,
and its counsel on a case-by-case basis in a manner that provides for such
Originator or the Issuer, as applicable, to receive the substantive benefits
intended to be realized under the terms of the Originator Form Documents.

 

(ff)                                No adverse
selection was employed in selecting such Lease.

 

32

 

(gg)                          With respect to any
Mortgaged Property which is the subject of a Master Lease (noting that not all
properties subject to such Master Lease are included as Mortgaged Properties in
the Collateral Pool), the lessor under the Master Lease has assigned its
interest in the Lease in the Collateral Pool to the applicable Originator and
such Originator and the other lessors under such Master Lease have entered into
inter-lessor agreements by which the rents and the rights to enforce the
provisions of such Master Lease pertinent to any of the Mortgaged Properties
have also been assigned to such Originator.

 

(hh)                          Such Mortgaged Property is (i) free
of any damage that would materially and adversely affect the use or value of
such Mortgaged Property and (ii) in good repair and condition so as not to
materially and adversely affect the use or value of such Mortgaged Property;
and all building systems contained in such Mortgaged Property are in good
working order so as not to materially and adversely affect the use or value of
such Mortgaged Property.

 

(ii)                                  All security deposits collected in connection with
such Mortgaged Property are being held in accordance with all applicable laws.

 

(jj)                                  To the applicable Originator’s or the Issuer’s actual
knowledge, as applicable, based upon zoning letters, zoning reports, the Title
Policy, historical use and/or other due diligence customarily performed by such
party in connection with the acquisition of the Mortgaged Property, the
improvements located on or forming part of such Mortgaged Property comply
in all material respects with applicable zoning laws and ordinances (except to
the extent that they may constitute legal non-conforming uses), including
the existence of a certificate of occupancy.

 

3.                                       Equipment Loans. With respect to each Equipment Loan (as identified in Schedule III-A),
the applicable Originator hereby represents and warrants, and the Issuers
hereby represent and warrant with respect to any Equipment Loan pledged prior
to the Series Closing Date or purchased or substituted by such Issuer from
a third party (subject to Section 2.05 of the Property Management
Agreement), as of the date herein below specified or, if no such date is
specified, as of the Series Closing Date, except as set forth on Schedule III
hereto, that:

 

(a)                                  Immediately prior to the transfer
and assignment of the Equipment Loan to the Issuer, the applicable Originator
had good and insurable fee title to, and was the sole owner and holder of, the
Equipment Loan, free and clear of any and all liens, encumbrances and other
interests on, in or to the Equipment Loan. Such transfer and assignment from
the applicable Originator to the Issuer of the Equipment Loan by collateral
assignment and by individual allonges of the related Equipment Loan notes and
assignments of the related security agreements in blank validly assigns all of
the applicable Originator’s right, title and ownership of the Equipment Loan to
the Issuer (and, with respect to the related security agreement, to the
Collateral Agent) free and clear of any pledge, lien, encumbrance or security
interest.

 

33

 

(b)                                 The applicable Originator
has full right and authority to sell, contribute, assign and transfer the
Equipment Loan to the Issuer. The entire agreement with the applicable Originator
(whether originated by such Originator or a different originator) is contained
in the Loan Documents and there are no warranties, agreements or options
regarding such Equipment Loan or the related secured equipment not set forth
therein. Other than the Loan Documents, there are no agreements between any
predecessor in interest in the Equipment Loan and the Borrower.

 

(c)                                  The information pertaining
to the Equipment Loan set forth in the equipment loan schedule attached to
the related Purchase and Sale Agreement was true and correct in all material
respects as of the related Transfer Date. The Equipment Loan was originated or
acquired in accordance with, and fully complies with, the related underwriting
guidelines in all material respects. The related Loan File contains all of the
documents and instruments required to be contained therein.

 

(d)                                 [Reserved].

 

(e)                                  [Reserved].

 

(f)                                    The applicable Originator
has not waived any material default, breach, violation or event of acceleration
existing under the related security agreement or Equipment Loan note.

 

(g)                                 [Reserved].

 

(h)                                 There is no valid offset,
defense or counterclaim to the payment or performance obligations of the
Equipment Loan.

 

(i)                                     The secured equipment
securing any Equipment Loan is free and clear of any damage that would
materially and adversely affect its value as security for the Equipment Loan.

 

(j)                                     The Equipment Loan complied
with all applicable usury laws in effect at its date of origination.

 

(k)                                  The proceeds of the
Equipment Loan have been fully disbursed and there is no requirement for future
advances thereunder. All costs, fees and expenses incurred in making, closing
and recording the Equipment Loan, including, but not limited to, security
agreement recording taxes and recording and filing fees relating to the
origination of such Equipment Loan, have been paid. Any and all requirements as
to completion of any on-site or off-site improvement by the Borrower and as to
disbursements of any escrow funds therefor that were to have been complied with
have been complied with.

 

(l)                                     The Borrower under the
related Equipment Loan note, security agreement and all other Loan Documents
had the power, authority and legal capacity to enter into, execute and deliver
the same, and, as applicable, such Equipment Loan note, security agreement and
Loan Documents have been duly authorized, properly executed

 

34

 

and delivered by the parties thereto, and each is
the legal, valid and binding obligation of the maker thereof (subject to any
non-recourse provisions contained in any of the foregoing agreements and any
applicable state anti-deficiency legislation), enforceable in accordance with
its terms, except as such enforcement may be limited by bankruptcy,
insolvency, reorganization, receivership, moratorium or other laws relating to
or affecting the rights of creditors generally and by general principles of
equity (regardless of whether such enforcement is considered in a proceeding in
equity or at law).

 

(m)                               [Reserved].

 

(n)                                 [Reserved].

 

(o)                                 The Equipment Loan is not
cross-collateralized with any other Equipment Loan that is not included in the
Collateral Pool.

 

(p)                                 The terms of the related
security agreement, Equipment Loan note and other Loan Documents have not been
impaired, waived, altered, modified, satisfied, canceled or subordinated in any
material respect, except by written instruments that are part of the Loan
File, recorded or filed in the applicable public office if necessary to
maintain the priority of the lien of the related security agreement, delivered
to the Issuer or its designee.

 

(q)                                 There are no delinquent
taxes or other similar outstanding lienable charges affecting the secured
equipment which are or may become a lien of priority equal to or higher
than the lien of the related security agreement. For purposes of this
representation and warranty, personal property taxes and assessments shall not
be considered unpaid until the date on which interest and/or penalties would be
payable thereon.

 

(r)                                    [Reserved].

 

(s)                                  Each Equipment Loan is a
whole loan and not a participation interest.

 

(t)                                    [Reserved].

 

(u)                                 All escrow deposits relating
to the Equipment Loan that are required to be deposited with the applicable
Originator or its agent have been so deposited.

 

(v)                                 [Reserved].

 

(w)                               [Reserved]

 

(x)                                   (i) There exists no
material default, breach or event of acceleration under the Equipment Loan or
any of the Loan Documents or any related Lease, (ii) there exists no event
(other than payments due but not yet delinquent) that, with the passage of time
or with notice and the expiration of any grace or cure period, would constitute
such

 

35

 

a material default, breach or event of acceleration
and (iii) no payment on any Equipment Loan is, or has previously been
during any time owned by the applicable Originator or the Issuer, 30 or more
days delinquent; provided, however, that this representation and warranty does
not cover any default, breach or event of acceleration that specifically
pertains to any matter otherwise covered or addressed by any other
representation and warranty made by the applicable Originator with respect to
the Equipment Loans.

 

(y)                                 [Reserved].

 

(z)                                   The Equipment Loan contains
no equity participation by or shared appreciation rights in the lender or
beneficiary under the related security agreement, and does not provide for any
contingent or additional interest in the form of participation in the cash
flow of the secured equipment securing the Equipment Loan, or for negative
amortization.

 

(aa)                            No holder of the Equipment
Loan has advanced funds or induced, solicited or knowingly received any advance
of funds from a party other than the owner of the secured equipment securing
the Equipment Loan, directly or indirectly, for the payment of any amount
required by the Equipment Loan.

 

(bb)                          To the applicable Originator’s
knowledge, based on due diligence customarily performed in the origination or
acquisition of comparable equipment loans by such Originator, as of the date of
origination or acquisition of the Equipment Loan, the related Borrower was in
compliance with all applicable laws relating to the ownership and operation of
the Equipment securing the Equipment Loan as then operated and was in
possession of all material licenses, permits and authorizations required by
applicable laws for the ownership and operation of such Equipment as operated.

 

(cc)                            The origination, servicing
and collection practices the applicable Originator used with respect to the
Equipment Loan since such Originator’s origination or acquisition thereof, have
complied with applicable law in all material respects and are consistent and in
accordance with the terms of the related Loan Documents and in accordance with
the applicable servicing standard and customary industry standards.

 

(dd)                          The related security
agreement or Equipment Loan note, together with applicable state law, contains
customary and enforceable provisions (subject to the exceptions set forth in
paragraph (l) above) such as to render the rights and remedies of the holders
thereof adequate for the practical realization against the secured equipment
securing the Equipment Loan of the principal benefits of the security intended
to be provided thereby, including the right of foreclosure under the laws of
the state in which the secured equipment securing the Equipment Loan is located
[governing foreclosures of security agreements and deeds of trust under power
of sale].

 

(ee)                            [Reserved].

 

(ff)                                There are no actions, suits,
legal, arbitration or administrative proceedings or investigations by or before
any court or governmental authority or, to the best of the applicable
Originator’s knowledge, pending against or affecting the Borrower

 

36

 

the secured equipment securing the Equipment Loan
that, if determined adversely to such Borrower or secured equipment securing
the Equipment Loan, would materially and adversely affect the value of the
secured equipment securing the Equipment Loan or the ability of the Borrower to
pay principal, interest or any other amounts due under the Equipment Loan or
the related Lease, as applicable.

 

(gg)                          [Reserved].

 

(hh)                          [Reserved].

 

(ii)                                  The related security
agreement does not permit the secured equipment securing the Equipment Loan to
be encumbered by any lien junior to or of equal priority with the lien of such
security agreement (excluding any lien relating to another Equipment Loan that
is cross collateralized with the Equipment Loan) without the prior written
consent of the holder thereof.

 

(jj)                                  The Borrower is not a debtor
in any state or federal bankruptcy or insolvency proceeding.

 

(kk)                            As of the date of
origination or acquisition of the Equipment Loan by the applicable Originator,
the Borrower, if not a natural person was duly organized and validly existing
under the laws of the state of its jurisdiction.

 

(ll)                                  [Reserved].

 

(mm)                      [Reserved].

 

(nn)                          [Reserved].

 

(oo)                          Any secured equipment is
located within one of the 50 United States or the District of Columbia.

 

(pp)                          [Reserved].

 

(qq)                          The applicable Originator
does not have knowledge of any circumstance or condition with respect to the
Equipment Loan, the secured equipment securing the Equipment Loan or the
Borrower’s credit standing that could reasonably be expected to cause the
Issuer to regard such Equipment Loan as unacceptable security, cause such
Equipment Loan to become delinquent or have a material adverse effect on the
value or marketability of such Equipment Loan.

 

(rr)                                [Reserved].

 

(ss)                            [Reserved].

 

(tt)                                With respect to any
Equipment Loan originated after the Series Closing Date and with respect
to any Qualified Substitute Mortgage Loan purchased or substituted by the
Issuer from a third party, the Equipment Loan and the related secured

 

37

 

equipment securing the Equipment Loan are required
to be originated pursuant to the Indenture and the Property Management
Agreement in accordance with the related underwriting guidelines (subject to
any material modifications approved by the Insurer), the Originator Form Documents
or in accordance with a Borrower’s or a different form of document that is
otherwise approved by the Issuer on a case by case basis in a manner that
provides for the Issuer to receive the substantive benefits intended to be
realized under the material terms of the Originator Form Documents.

 

38

 

SCHEDULE I-A

MORTGAGE LOANS

 

Mortgages

 

	
  Property ID

  	
   

  	
  Obligor

  	
   

  	
  Concept

  	
   

  	
  Address 1

  	
   

  	
  City

  	
   

  	
  ST

  	
   

  	
  Zip Code

  	
   

  	
  Investment

  Type

  	
   

  
	
  P0000981

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  1321 Desiree Lane

  	
   

  	
  Hurst

  	
   

  	
  TX

  	
   

  	
  74145-4818

  	
   

  	
  Mortgage

  	
   

  
	
  P0000982

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  2307 S Cooper St

  	
   

  	
  Arlington

  	
   

  	
  TX

  	
   

  	
  76015-1602

  	
   

  	
  Mortgage

  	
   

  
	
  P0000983

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  5600 Camp Bowie Blvd

  	
   

  	
  Fort Worth

  	
   

  	
  TX

  	
   

  	
  76107-5119

  	
   

  	
  Mortgage

  	
   

  
	
  P0000984

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  1528 Brown Trl

  	
   

  	
  Bedford

  	
   

  	
  TX

  	
   

  	
  76021-5343

  	
   

  	
  Mortgage

  	
   

  
	
  P0000985

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  7436 E Admiral Pl

  	
   

  	
  Tulsa

  	
   

  	
  OK

  	
   

  	
  74115-7913

  	
   

  	
  Mortgage

  	
   

  
	
  P0000986

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  8601 Highway 80 W

  	
   

  	
  Fort Worth

  	
   

  	
  TX

  	
   

  	
  76116-6101

  	
   

  	
  Mortgage

  	
   

  
	
  P0000987

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  205 Spur 350

  	
   

  	
  Euless

  	
   

  	
  TX

  	
   

  	
  76040-4583

  	
   

  	
  Mortgage

  	
   

  
	
  P0000988

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  4117 Buffalo Gap Rd

  	
   

  	
  Abilene

  	
   

  	
  TX

  	
   

  	
  79605-7233

  	
   

  	
  Mortgage

  	
   

  
	
  P0000989

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  5748 SW Green Oaks Blvd

  	
   

  	
  Arlington

  	
   

  	
  TX

  	
   

  	
  76017-1201

  	
   

  	
  Mortgage

  	
   

  
	
  P0000990

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  1550 W University Dr

  	
   

  	
  Denton

  	
   

  	
  TX

  	
   

  	
  76201-1790

  	
   

  	
  Mortgage

  	
   

  
	
  P0000991

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  6350 Lake Worth Blvd

  	
   

  	
  Lake Worth

  	
   

  	
  TX

  	
   

  	
  76135-3102

  	
   

  	
  Mortgage

  	
   

  
	
  P0000992

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  8611 S Lewis Ave

  	
   

  	
  Tulsa

  	
   

  	
  OK

  	
   

  	
  74137-3206

  	
   

  	
  Mortgage

  	
   

  
	
  P0000993

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  5724 Broadway Blvd

  	
   

  	
  Garland

  	
   

  	
  TX

  	
   

  	
  75043-5818

  	
   

  	
  Mortgage

  	
   

  
	
  P0000994

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  1113 W Northwest Hwy

  	
   

  	
  Grapevine

  	
   

  	
  TX

  	
   

  	
  76051-5034

  	
   

  	
  Mortgage

  	
   

  
	
  P0000995

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  301 W Shawnee St

  	
   

  	
  Muskogee

  	
   

  	
  OK

  	
   

  	
  74401-4152

  	
   

  	
  Mortgage

  	
   

  
	
  P0000996

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  2001 NW 23rd St

  	
   

  	
  Oklahoma City

  	
   

  	
  OK

  	
   

  	
  73106-1203

  	
   

  	
  Mortgage

  	
   

  
	
  P0000997

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  7057 Ridgmar Meadow Rd

  	
   

  	
  Fort Worth

  	
   

  	
  TX

  	
   

  	
  76116-1516

  	
   

  	
  Mortgage

  	
   

  
	
  P0000998

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  1210 W Will Rogers Blvd

  	
   

  	
  Claremore

  	
   

  	
  OK

  	
   

  	
  74017-3426

  	
   

  	
  Mortgage

  	
   

  
	
  P0000999

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  1301 S Meridian Ave

  	
   

  	
  Oklahoma City

  	
   

  	
  OK

  	
   

  	
  73108-1707

  	
   

  	
  Mortgage

  	
   

  
	
  P0001000

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  6112 S Garnett Rd

  	
   

  	
  Broken Arrow

  	
   

  	
  OK

  	
   

  	
  74012-1217

  	
   

  	
  Mortgage

  	
   

  
	
  P0001001

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  2630 S Buckner Blvd

  	
   

  	
  Dallas

  	
   

  	
  TX

  	
   

  	
  75227-6901

  	
   

  	
  Mortgage

  	
   

  
	
  P0001002

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  722 S Main St

  	
   

  	
  Sapulpa

  	
   

  	
  OK

  	
   

  	
  74066-5104

  	
   

  	
  Mortgage

  	
   

  
	
  P0001003

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  5010 US Highway 277 S

  	
   

  	
  Abilene

  	
   

  	
  TX

  	
   

  	
  79605-4543

  	
   

  	
  Mortgage

  	
   

  
	
  P0001004

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  3023 SW 29th St

  	
   

  	
  Oklahoma City

  	
   

  	
  OK

  	
   

  	
  73119-1713

  	
   

  	
  Mortgage

  	
   

  
	
  P0001005

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  6834 Wesley St

  	
   

  	
  Greenville

  	
   

  	
  TX

  	
   

  	
  75402-7303

  	
   

  	
  Mortgage

  	
   

  
	
  P0001006

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  2951 N Belt Line Rd

  	
   

  	
  Irving

  	
   

  	
  TX

  	
   

  	
  75062-5248

  	
   

  	
  Mortgage

  	
   

  
	
  P0001007

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  5380 N Beach St

  	
   

  	
  Haltom City

  	
   

  	
  TX

  	
   

  	
  76137-2730

  	
   

  	
  Mortgage

  	
   

  
	
  P0001008

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  5341 William D Tate Ave

  	
   

  	
  Grapevine

  	
   

  	
  TX

  	
   

  	
  76051-7357

  	
   

  	
  Mortgage

  	
   

  
	
  P0001009

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  2404 Westport Pkwy

  	
   

  	
  Fort Worth

  	
   

  	
  TX

  	
   

  	
  76177-5302

  	
   

  	
  Mortgage

  	
   

  
	
  P0001010

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  3204 SE Loop 820

  	
   

  	
  Forest Hill

  	
   

  	
  TX

  	
   

  	
  76140-1107

  	
   

  	
  Mortgage

  	
   

  
	
  P0001011

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  3700 Eldorado Pkwy

  	
   

  	
  McKinney

  	
   

  	
  TX

  	
   

  	
  75070-4228

  	
   

  	
  Mortgage

  	
   

  
	
  P0001012

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  5032 S Sheridan Rd

  	
   

  	
  Tulsa

  	
   

  	
  OK

  	
   

  	
  74145-5714

  	
   

  	
  Mortgage

  	
   

  

 

I-A-1

 

	
  Property ID

  	
   

  	
  Obligor

  	
   

  	
  Concept

  	
   

  	
  Address 1

  	
   

  	
  City

  	
   

  	
  ST

  	
   

  	
  Zip Code

  	
   

  	
  Investment

  Type

  	
   

  
	
  P0001013

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  1725 W Owen K Garriott Rd

  	
   

  	
  Enid

  	
   

  	
  OK

  	
   

  	
  73703-5604

  	
   

  	
  Mortgage

  	
   

  
	
  P0001014

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  2814 E 11th St

  	
   

  	
  Tulsa

  	
   

  	
  OK

  	
   

  	
  74104-4113

  	
   

  	
  Mortgage

  	
   

  
	
  P0001015

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  2305 E Southlake Blvd

  	
   

  	
  Southlake

  	
   

  	
  TX

  	
   

  	
  76092-6603

  	
   

  	
  Mortgage

  	
   

  
	
  P0001016

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  1603 S Main St

  	
   

  	
  Atmore

  	
   

  	
  AL

  	
   

  	
  36502-3501

  	
   

  	
  Mortgage

  	
   

  
	
  P0001017

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  5605 E Rite Rd

  	
   

  	
  Theodore

  	
   

  	
  AL

  	
   

  	
  36582-1665

  	
   

  	
  Mortgage

  	
   

  
	
  P0001018

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  8300 NW 103rd St

  	
   

  	
  Hialeah

  	
   

  	
  FL

  	
   

  	
  33016-2253

  	
   

  	
  Mortgage

  	
   

  
	
  P0001019

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  615 N Dixie Fwy

  	
   

  	
  New Smyrna Beach

  	
   

  	
  FL

  	
   

  	
  32168-6409

  	
   

  	
  Mortgage

  	
   

  
	
  P0001020

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  7522 Southgate Blvd

  	
   

  	
  Margate

  	
   

  	
  FL

  	
   

  	
  33068-1362

  	
   

  	
  Mortgage

  	
   

  
	
  P0001021

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  5121 Powerline Rd

  	
   

  	
  Fort Lauderdale

  	
   

  	
  FL

  	
   

  	
  33309-3156

  	
   

  	
  Mortgage

  	
   

  
	
  P0001022

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  3012 W Hillsborough Ave

  	
   

  	
  Tampa

  	
   

  	
  FL

  	
   

  	
  33614-5963

  	
   

  	
  Mortgage

  	
   

  
	
  P0001023

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  10824 S US Highway 41

  	
   

  	
  Gibsonton

  	
   

  	
  FL

  	
   

  	
  33534-4708

  	
   

  	
  Mortgage

  	
   

  
	
  P0001024

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Advance Auto Parts

  	
   

  	
  2636 S Smithville Rd

  	
   

  	
  Dayton

  	
   

  	
  OH

  	
   

  	
  45420-2642

  	
   

  	
  Mortgage

  	
   

  
	
  P0001025

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Advance Auto Parts

  	
   

  	
  3210 Library Rd

  	
   

  	
  Castle Shannon

  	
   

  	
  PA

  	
   

  	
  15234-2631

  	
   

  	
  Mortgage

  	
   

  
	
  P0001026

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Advance Auto Parts

  	
   

  	
  3317 Agency St

  	
   

  	
  Burlington

  	
   

  	
  IA

  	
   

  	
  52601-1959

  	
   

  	
  Mortgage

  	
   

  
	
  P0001027

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  311 E Oakland Ave

  	
   

  	
  Camilla

  	
   

  	
  GA

  	
   

  	
  31730-1969

  	
   

  	
  Mortgage

  	
   

  
	
  P0001028

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  2815 Montgomery St

  	
   

  	
  Savannah

  	
   

  	
  GA

  	
   

  	
  31405-3200

  	
   

  	
  Mortgage

  	
   

  
	
  P0001029

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  1501 Manchester Expy

  	
   

  	
  Columbus

  	
   

  	
  GA

  	
   

  	
  31904-6659

  	
   

  	
  Mortgage

  	
   

  
	
  P0001030

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  203 W 6th St

  	
   

  	
  Waynesboro

  	
   

  	
  GA

  	
   

  	
  30830-1461

  	
   

  	
  Mortgage

  	
   

  
	
  P0001031

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  402 Columbia St

  	
   

  	
  Blakeley

  	
   

  	
  GA

  	
   

  	
  31723-1703

  	
   

  	
  Mortgage

  	
   

  
	
  P0001032

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  2196 US Highway 17

  	
   

  	
  Richmond Hill

  	
   

  	
  GA

  	
   

  	
  31324-3671

  	
   

  	
  Mortgage

  	
   

  
	
  P0001033

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  3602 Peach Orchard Rd

  	
   

  	
  Augusta

  	
   

  	
  GA

  	
   

  	
  30906-9436

  	
   

  	
  Mortgage

  	
   

  
	
  P0001034

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  760 E King Avenue

  	
   

  	
  Kingsland

  	
   

  	
  GA

  	
   

  	
  31548-6317

  	
   

  	
  Mortgage

  	
   

  
	
  P0001035

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  310 W Taylor St

  	
   

  	
  Griffin

  	
   

  	
  GA

  	
   

  	
  30223-3029

  	
   

  	
  Mortgage

  	
   

  
	
  P0001036

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  5621 Riverdale Dr

  	
   

  	
  College Park

  	
   

  	
  GA

  	
   

  	
  30349-6443

  	
   

  	
  Mortgage

  	
   

  
	
  P0001037

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  1496 US Highway 19

  	
   

  	
  Leesburg

  	
   

  	
  GA

  	
   

  	
  31763-4834

  	
   

  	
  Mortgage

  	
   

  
	
  P0001038

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  950 E Boston St

  	
   

  	
  Covington

  	
   

  	
  LA

  	
   

  	
  70433-3282

  	
   

  	
  Mortgage

  	
   

  
	
  P0001039

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Advance Auto Parts

  	
   

  	
  2602 Washington Ave

  	
   

  	
  Alton

  	
   

  	
  IL

  	
   

  	
  62002-5466

  	
   

  	
  Mortgage

  	
   

  
	
  P0001040

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Advance Auto Parts

  	
   

  	
  3510 Gravois Ave

  	
   

  	
  Saint Louis

  	
   

  	
  MO

  	
   

  	
  63118-3504

  	
   

  	
  Mortgage

  	
   

  
	
  P0001041

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  5060 Hardy St

  	
   

  	
  Hattiesburg

  	
   

  	
  MS

  	
   

  	
  39402-1307

  	
   

  	
  Mortgage

  	
   

  
	
  P0001042

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  300 US Highway 80 W

  	
   

  	
  Clinton

  	
   

  	
  MS

  	
   

  	
  39056

  	
   

  	
  Mortgage

  	
   

  
	
  P0001043

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  1259 Ellis Ave

  	
   

  	
  Jackson

  	
   

  	
  MS

  	
   

  	
  39209-7328

  	
   

  	
  Mortgage

  	
   

  
	
  P0001044

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  179 Sgt Prentiss Dr

  	
   

  	
  Natchez

  	
   

  	
  MS

  	
   

  	
  39120-4733

  	
   

  	
  Mortgage

  	
   

  
	
  P0001045

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  198 Northside Dr

  	
   

  	
  Newton

  	
   

  	
  MS

  	
   

  	
  39345-9747

  	
   

  	
  Mortgage

  	
   

  

 

I-A-2

 

	
  Property ID

  	
   

  	
  Obligor

  	
   

  	
  Concept

  	
   

  	
  Address 1

  	
   

  	
  City

  	
   

  	
  ST

  	
   

  	
  Zip Code

  	
   

  	
  Investment

  Type

  	
   

  
	
  P0001046

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  614 Central Ave W

  	
   

  	
  Wiggins

  	
   

  	
  MS

  	
   

  	
  39577-2531

  	
   

  	
  Mortgage

  	
   

  
	
  P0001047

  	
   

  	
  Advance Auto Parts, Inc.

  	
   

  	
  Discount Auto Parts

  	
   

  	
  550 E Baruch St

  	
   

  	
  Denmark

  	
   

  	
  SC

  	
   

  	
  29042-1307

  	
   

  	
  Mortgage

  	
   

  
	
  P0000872

  	
   

  	
  CBH2O

  	
   

  	
  Camelback Ski Resort

  	
   

  	
  #1 Camelback Road

  	
   

  	
  Tannersville

  	
   

  	
  PA

  	
   

  	
  18372

  	
   

  	
  Mortgage

  	
   

  
	
  P0001125

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  10401 S. US Highway 1

  	
   

  	
  Port Saint Lucie

  	
   

  	
  FL

  	
   

  	
  34952-5645

  	
   

  	
  Mortgage

  	
   

  
	
  P0001126

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  6170 Congress Ave

  	
   

  	
  Lantana

  	
   

  	
  FL

  	
   

  	
  33462-2300

  	
   

  	
  Mortgage

  	
   

  
	
  P0001127

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  670 S US Highway 1

  	
   

  	
  Vero Beach

  	
   

  	
  FL

  	
   

  	
  32962-4507

  	
   

  	
  Mortgage

  	
   

  
	
  P0001128

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  405 N. Main St

  	
   

  	
  La Fayette

  	
   

  	
  GA

  	
   

  	
  30728-2423

  	
   

  	
  Mortgage

  	
   

  
	
  P0001129

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  4607 N. Australian Ave

  	
   

  	
  West Palm Beach

  	
   

  	
  FL

  	
   

  	
  33407-2303

  	
   

  	
  Mortgage

  	
   

  
	
  P0001130

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  949 S. Main St

  	
   

  	
  Belle Glade

  	
   

  	
  FL

  	
   

  	
  33430-3430

  	
   

  	
  Mortgage

  	
   

  
	
  P0001131

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  2800 Congress Ave

  	
   

  	
  Lake Worth

  	
   

  	
  FL

  	
   

  	
  33461-2136

  	
   

  	
  Mortgage

  	
   

  
	
  P0001132

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  1112 N. Charles G. Seivers Blvd

  	
   

  	
  Clinton

  	
   

  	
  TN

  	
   

  	
  37716-3937

  	
   

  	
  Mortgage

  	
   

  
	
  P0001133

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  212 Cedar Lane

  	
   

  	
  Knoxville

  	
   

  	
  TN

  	
   

  	
  37912-3507

  	
   

  	
  Mortgage

  	
   

  
	
  P0001134

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  2795 Highway 441 S

  	
   

  	
  Okeechobee

  	
   

  	
  FL

  	
   

  	
  34974-5839

  	
   

  	
  Mortgage

  	
   

  
	
  P0001135

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  7504 Clinton Hwy

  	
   

  	
  Powell

  	
   

  	
  TN

  	
   

  	
  37849-4105

  	
   

  	
  Mortgage

  	
   

  
	
  P0001136

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  776 Mountain Creek Road

  	
   

  	
  Chattanooga

  	
   

  	
  TN

  	
   

  	
  37405-1631

  	
   

  	
  Mortgage

  	
   

  
	
  P0001137

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  6591 Forest Hill Blvd

  	
   

  	
  West Palm Beach

  	
   

  	
  FL

  	
   

  	
  33413-3301

  	
   

  	
  Mortgage

  	
   

  
	
  P0001138

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  407 New Highway 68

  	
   

  	
  Sweetwater

  	
   

  	
  TN

  	
   

  	
  37874-1907

  	
   

  	
  Mortgage

  	
   

  
	
  P0001139

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  629 N. Main Street

  	
   

  	
  Crossville

  	
   

  	
  TN

  	
   

  	
  38555-6012

  	
   

  	
  Mortgage

  	
   

  
	
  P0001140

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  375 Hannum St

  	
   

  	
  Alcoa

  	
   

  	
  TN

  	
   

  	
  37701-2452

  	
   

  	
  Mortgage

  	
   

  
	
  P0001141

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  2418 Airport Hwy

  	
   

  	
  Alcoa

  	
   

  	
  TN

  	
   

  	
  37701-3188

  	
   

  	
  Mortgage

  	
   

  
	
  P0001142

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  7410 Rhea County Hwy

  	
   

  	
  Dayton

  	
   

  	
  TN

  	
   

  	
  37321-5910

  	
   

  	
  Mortgage

  	
   

  
	
  P0001143

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  10043 Dayton Pike

  	
   

  	
  Soddy Daisy

  	
   

  	
  TN

  	
   

  	
  37379-5004

  	
   

  	
  Mortgage

  	
   

  
	
  P0001144

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  354 Kimball Crossing

  	
   

  	
  Kimball

  	
   

  	
  TN

  	
   

  	
  37347-5627

  	
   

  	
  Mortgage

  	
   

  
	
  P0001145

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  1215 Congress Parkway NW

  	
   

  	
  Athens

  	
   

  	
  TN

  	
   

  	
  37303-1704

  	
   

  	
  Mortgage

  	
   

  
	
  P0001146

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  1624 S. Roane St

  	
   

  	
  Harriman

  	
   

  	
  TN

  	
   

  	
  37748-7536

  	
   

  	
  Mortgage

  	
   

  
	
  P0001147

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  290 S. Main St

  	
   

  	
  Trenton

  	
   

  	
  GA

  	
   

  	
  30752

  	
   

  	
  Mortgage

  	
   

  
	
  P0001148

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  430 Highway 411 S

  	
   

  	
  Chatsworth

  	
   

  	
  GA

  	
   

  	
  30705-5859

  	
   

  	
  Mortgage

  	
   

  
	
  P0001149

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  5454 Alabama Hwy

  	
   

  	
  Ringgold

  	
   

  	
  GA

  	
   

  	
  30736-2438

  	
   

  	
  Mortgage

  	
   

  
	
  P0001150

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  3428 N. Broadway St

  	
   

  	
  Knoxville

  	
   

  	
  TN

  	
   

  	
  37917-2737

  	
   

  	
  Mortgage

  	
   

  
	
  P0001151

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  7343 Chapman Hwy

  	
   

  	
  Knoxville

  	
   

  	
  TN

  	
   

  	
  37920-6682

  	
   

  	
  Mortgage

  	
   

  
	
  P0001152

  	
   

  	
  ADF Companies

  	
   

  	
  Pizza Hut

  	
   

  	
  3115 45th Street

  	
   

  	
  West Palm Beach

  	
   

  	
  FL

  	
   

  	
  33407-1915

  	
   

  	
  Mortgage

  	
   

  

 

I-A-3

 

SCHEDULE I

MORTGAGE LOAN EXCEPTIONS

 

Ground Lease

	
  Property ID

  	
   

  	
  Asset/Property
  Name

  	
   

  	
  Address

  	
   

  	
  City

  	
   

  	
  ST

  	
   

  	
  Zip
  Code

  	
   

  	
  Clarification/Other
  Issues

  
	
  P0000872

  	
   

  	
  Camelback Ski Mountain

  	
   

  	
  #1 Camelback Road

  	
   

  	
  Tannersville

  	
   

  	
  PA

  	
   

  	
  18372

  	
   

  	
  Does not meet
  representations of section (ss)(3)(5) and (12)

  

 

 

I-1

 

SCHEDULE II-A

PROPERTIES

 

Leases

 

	
  Property ID

  	
   

  	
  Obligor

  	
   

  	
  Concept

  	
   

  	
  Address 1

  	
   

  	
  City

  	
   

  	
  ST

  	
   

  	
  Zip Code

  	
   

  	
  Investment

  Type

  	
   

  
	
  P0000891

  	
   

  	
  Flying J. Inc.

  	
   

  	
  Flying J Travel Plaza

  	
   

  	
  950 State Road 206 West

  	
   

  	
  Saint Augustine

  	
   

  	
  FL

  	
   

  	
  32086

  	
   

  	
  Lease

  	
   

  
	
  P0000892

  	
   

  	
  Flying J. Inc.

  	
   

  	
  Flying J Travel Plaza

  	
   

  	
  10226 Old Federal Highway

  	
   

  	
  Carnesville

  	
   

  	
  GA

  	
   

  	
  30521

  	
   

  	
  Lease

  	
   

  
	
  P0000893

  	
   

  	
  Flying J. Inc.

  	
   

  	
  Flying J Travel Plaza

  	
   

  	
  5300 S SR 3

  	
   

  	
  Spiceland

  	
   

  	
  IN

  	
   

  	
  47385

  	
   

  	
  Lease

  	
   

  
	
  P0000894

  	
   

  	
  Flying J. Inc.

  	
   

  	
  Flying J Travel Plaza

  	
   

  	
  15236 State Route 180

  	
   

  	
  Catlettsburg

  	
   

  	
  KY

  	
   

  	
  41129-9211

  	
   

  	
  Lease

  	
   

  
	
  P0000895

  	
   

  	
  America’s Power Sports

  	
   

  	
  KC’s Powersports

  	
   

  	
  12401 S. Memorial Parkway

  	
   

  	
  Huntsville

  	
   

  	
  AL

  	
   

  	
  35803

  	
   

  	
  Lease

  	
   

  
	
  P0000896

  	
   

  	
  Barnhill’s Buffet, Inc.

  	
   

  	
  Barnhill’s Buffet

  	
   

  	
  3075 Gulf Breeze Parkway

  	
   

  	
  Gulf Breeze

  	
   

  	
  FL

  	
   

  	
  32561

  	
   

  	
  Lease

  	
   

  
	
  P0000897

  	
   

  	
  Barnhill’s Buffet, Inc.

  	
   

  	
  Barnhill’s Buffet

  	
   

  	
  431 Mary Esther Blvd

  	
   

  	
  Mary Esther

  	
   

  	
  FL

  	
   

  	
  32569

  	
   

  	
  Lease

  	
   

  
	
  P0000898

  	
   

  	
  Barnhill’s Buffet, Inc.

  	
   

  	
  Barnhill’s Buffet

  	
   

  	
  1117 Hwy 231 Bypass

  	
   

  	
  Troy

  	
   

  	
  AL

  	
   

  	
  36081

  	
   

  	
  Lease

  	
   

  
	
  P0000899

  	
   

  	
  Barnhill’s Buffet, Inc.

  	
   

  	
  Barnhill’s Buffet

  	
   

  	
  1701 South Texas Avenue

  	
   

  	
  Bryan

  	
   

  	
  TX

  	
   

  	
  77801

  	
   

  	
  Lease

  	
   

  
	
  P0000900

  	
   

  	
  Barnhill’s Buffet, Inc.

  	
   

  	
  Barnhill’s Buffet

  	
   

  	
  625 18th Avenue North

  	
   

  	
  Columbus

  	
   

  	
  MS

  	
   

  	
  39701

  	
   

  	
  Lease

  	
   

  
	
  P0000901

  	
   

  	
  Barnhill’s Buffet, Inc.

  	
   

  	
  Barnhill’s Buffet

  	
   

  	
  2167 E. Silver Springs Blvd

  	
   

  	
  Ocala

  	
   

  	
  FL

  	
   

  	
  34470

  	
   

  	
  Lease

  	
   

  
	
  P0000902

  	
   

  	
  Barnhill’s Buffet, Inc.

  	
   

  	
  Barnhill’s Buffet

  	
   

  	
  3814 University Boulevard West

  	
   

  	
  Jacksonville

  	
   

  	
  FL

  	
   

  	
  32217

  	
   

  	
  Lease

  	
   

  
	
  P0000903

  	
   

  	
  Barnhill’s Buffet, Inc.

  	
   

  	
  Barnhill’s Buffet

  	
   

  	
  2611 US 27 North

  	
   

  	
  Sebring

  	
   

  	
  FL

  	
   

  	
  33872

  	
   

  	
  Lease

  	
   

  
	
  P0000904

  	
   

  	
  Barnhill’s Buffet, Inc.

  	
   

  	
  Barnhill’s Buffet

  	
   

  	
  100 Live Oaks Boulevard

  	
   

  	
  Casselberry

  	
   

  	
  FL

  	
   

  	
  32707

  	
   

  	
  Lease

  	
   

  
	
  P0000905

  	
   

  	
  Hastings Entertainment, Inc.

  	
   

  	
  Hastings

  	
   

  	
  726 10th Avenue South

  	
   

  	
  Great Falls

  	
   

  	
  MT

  	
   

  	
  59401

  	
   

  	
  Lease

  	
   

  
	
  P0000906

  	
   

  	
  AMC Entertainment, Inc.

  	
   

  	
  AMC Theatre

  	
   

  	
  2515 E. Camelback Road

  	
   

  	
  Phoenix

  	
   

  	
  AZ

  	
   

  	
  85016

  	
   

  	
  Lease

  	
   

  
	
  P0000907

  	
   

  	
  Pike Holding Nursery LLC

  	
   

  	
  Pike Plant Nursery

  	
   

  	
  5795 State Bridge Road

  	
   

  	
  Alpharetta

  	
   

  	
  GA

  	
   

  	
  30022

  	
   

  	
  Lease

  	
   

  
	
  P0000908

  	
   

  	
  Pike Holding Nursery LLC

  	
   

  	
  Pike Plant Nursery

  	
   

  	
  3431 Ernest W. Barrett Pkwy

  	
   

  	
  Marietta

  	
   

  	
  GA

  	
   

  	
  30064

  	
   

  	
  Lease

  	
   

  
	
  P0000909

  	
   

  	
  Pike Holding Nursery LLC

  	
   

  	
  Pike Plant Nursery

  	
   

  	
  3985 Holly Springs Pkwy

  	
   

  	
  Canton

  	
   

  	
  GA

  	
   

  	
  30115

  	
   

  	
  Lease

  	
   

  
	
  P0000910

  	
   

  	
  Pike Holding Nursery LLC

  	
   

  	
  Pike Plant Nursery

  	
   

  	
  4020 Roswell Road

  	
   

  	
  Atlanta

  	
   

  	
  GA

  	
   

  	
  30342

  	
   

  	
  Lease

  	
   

  
	
  P0000911

  	
   

  	
  Pike Holding Nursery LLC

  	
   

  	
  Pike Plant Nursery

  	
   

  	
  2955 Holcomb Bridge Road

  	
   

  	
  Alpharetta

  	
   

  	
  GA

  	
   

  	
  30022

  	
   

  	
  Lease

  	
   

  
	
  P0000912

  	
   

  	
  Pike Holding Nursery LLC

  	
   

  	
  Pike Plant Nursery

  	
   

  	
  2900 Johnson Ferry Road

  	
   

  	
  Marietta

  	
   

  	
  GA

  	
   

  	
  30062

  	
   

  	
  Lease

  	
   

  
	
  P0000913

  	
   

  	
  Grand Canyon University

  	
   

  	
  Grand Canyon University

  	
   

  	
  3300 West Camelback Rd.

  	
   

  	
  Phoenix

  	
   

  	
  AZ

  	
   

  	
  85017

  	
   

  	
  Lease

  	
   

  
	
  P0000300

  	
   

  	
  NPC International, Inc.

  	
   

  	
  Pizza Hut

  	
   

  	
  925 N Green River Rd

  	
   

  	
  Evansville

  	
   

  	
  IN

  	
   

  	
  47715-2418

  	
   

  	
  Lease

  	
   

  
	
  P0000301

  	
   

  	
  NPC International, Inc.

  	
   

  	
  Pizza Hut

  	
   

  	
  4127 Frederica St

  	
   

  	
  Owensboro

  	
   

  	
  KY

  	
   

  	
  42301-7455

  	
   

  	
  Lease

  	
   

  
	
  P0000302

  	
   

  	
  NPC International, Inc.

  	
   

  	
  Pizza Hut

  	
   

  	
  606 N 1st St

  	
   

  	
  Madill

  	
   

  	
  OK

  	
   

  	
  73446-1410

  	
   

  	
  Lease

  	
   

  
	
  P0000303

  	
   

  	
  NPC International, Inc.

  	
   

  	
  Pizza Hut

  	
   

  	
  1000 W Maple Ave

  	
   

  	
  Geneva

  	
   

  	
  AL

  	
   

  	
  36340-1638

  	
   

  	
  Lease

  	
   

  
	
  P0000304

  	
   

  	
  NPC International, Inc.

  	
   

  	
  Pizza Hut

  	
   

  	
  715 Columbia Rd

  	
   

  	
  Blakely

  	
   

  	
  GA

  	
   

  	
  31723-1423

  	
   

  	
  Lease

  	
   

  
	
  P0000305

  	
   

  	
  NPC International, Inc.

  	
   

  	
  Pizza Hut

  	
   

  	
  1119 Paris Rd

  	
   

  	
  Mayfield

  	
   

  	
  KY

  	
   

  	
  42066-4988

  	
   

  	
  Lease

  	
   

  
	
  P0000306

  	
   

  	
  Skyline Chili, Inc.

  	
   

  	
  Skyline Chili

  	
   

  	
  2805 Centre Dr

  	
   

  	
  Fairborn

  	
   

  	
  OH

  	
   

  	
  45324-2670

  	
   

  	
  Lease

  	
   

  
	
  P0000309

  	
   

  	
  Carrols Corporation

  	
   

  	
  Burger King

  	
   

  	
  349 Tryon Rd

  	
   

  	
  Raleigh

  	
   

  	
  NC

  	
   

  	
  27603-3529

  	
   

  	
  Lease

  	
   

  
	
  P0000310

  	
   

  	
  Carrols Corporation

  	
   

  	
  Burger King

  	
   

  	
  979 US Highway 70 E

  	
   

  	
  New Bern

  	
   

  	
  NC

  	
   

  	
  28560-6535

  	
   

  	
  Lease

  	
   

  
	
  P0000311

  	
   

  	
  Carrols Corporation

  	
   

  	
  Burger King

  	
   

  	
  1294 Canton Rd

  	
   

  	
  Akron

  	
   

  	
  OH

  	
   

  	
  44312-3951

  	
   

  	
  Lease

  	
   

  
	
  P0000312

  	
   

  	
  Carrols Corporation

  	
   

  	
  Burger King

  	
   

  	
  14834 State Route 49

  	
   

  	
  Edon

  	
   

  	
  OH

  	
   

  	
  43518-9714

  	
   

  	
  Lease

  	
   

  
	
  P0000313

  	
   

  	
  Max & Erma’s Restaurants, Inc.

  	
   

  	
  Max & Erma’s

  	
   

  	
  201 Bridewell Dr

  	
   

  	
  Burr Ridge

  	
   

  	
  IL

  	
   

  	
  60521-0834

  	
   

  	
  Lease

  	
   

  

 

II-A-1

 

	
  Property ID

  	
   

  	
  Obligor

  	
   

  	
  Concept

  	
   

  	
  Address 1

  	
   

  	
  City

  	
   

  	
  ST

  	
   

  	
  Zip Code

  	
   

  	
  Investment

  Type

  	
   

  
	
  P0000314

  	
   

  	
  Max & Erma’s Restaurants, Inc.

  	
   

  	
  Max & Erma’s

  	
   

  	
  2240 N Canton Center Rd

  	
   

  	
  Canton

  	
   

  	
  MI

  	
   

  	
  48187-2906

  	
   

  	
  Lease

  	
   

  
	
  P0000315

  	
   

  	
  Max & Erma’s Restaurants, Inc.

  	
   

  	
  Max & Erma’s

  	
   

  	
  936 Sheraton Dr

  	
   

  	
  Mars

  	
   

  	
  PA

  	
   

  	
  16046-9414

  	
   

  	
  Lease

  	
   

  
	
  P0000316

  	
   

  	
  Max & Erma’s Restaurants, Inc.

  	
   

  	
  Max & Erma’s

  	
   

  	
  8901 Kingsridge Dr

  	
   

  	
  Dayton

  	
   

  	
  OH

  	
   

  	
  45458-1621

  	
   

  	
  Lease

  	
   

  
	
  P0000317

  	
   

  	
  Max & Erma’s Restaurants, Inc.

  	
   

  	
  Max & Erma’s

  	
   

  	
  6420 Grand Ave

  	
   

  	
  Gurnee

  	
   

  	
  IL

  	
   

  	
  60031-1620

  	
   

  	
  Lease

  	
   

  
	
  P0000318

  	
   

  	
  Max & Erma’s Restaurants, Inc.

  	
   

  	
  Max & Erma’s

  	
   

  	
  130 Andrews Dr

  	
   

  	
  Pittsburgh

  	
   

  	
  PA

  	
   

  	
  15275-1200

  	
   

  	
  Lease

  	
   

  
	
  P0000319

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  1727 Finley Blvd

  	
   

  	
  Birmingham

  	
   

  	
  AL

  	
   

  	
  35204-1736

  	
   

  	
  Lease

  	
   

  
	
  P0000323

  	
   

  	
  Mexican Restaurants

  	
   

  	
  Casa Mexico

  	
   

  	
  1459 S Vinnell Way

  	
   

  	
  Boise

  	
   

  	
  ID

  	
   

  	
  83709-1659

  	
   

  	
  Lease

  	
   

  
	
  P0000324

  	
   

  	
  Banyan, Inc.

  	
   

  	
  Grandy’s

  	
   

  	
  1400 Juan Tabo Blvd NE

  	
   

  	
  Albuquerque

  	
   

  	
  NM

  	
   

  	
  87112-4406

  	
   

  	
  Lease

  	
   

  
	
  P0000326

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  11413 Reulet Ave

  	
   

  	
  Baton Rouge

  	
   

  	
  LA

  	
   

  	
  70816-8525

  	
   

  	
  Lease

  	
   

  
	
  P0000327

  	
   

  	
  Burger King Corporation

  	
   

  	
  Burger King

  	
   

  	
  488 E Main St

  	
   

  	
  Apopka

  	
   

  	
  FL

  	
   

  	
  32703-5374

  	
   

  	
  Lease

  	
   

  
	
  P0000328

  	
   

  	
  Burger King Corporation

  	
   

  	
  Burger King

  	
   

  	
  2400 13th St

  	
   

  	
  Saint Cloud

  	
   

  	
  FL

  	
   

  	
  34769-4136

  	
   

  	
  Lease

  	
   

  
	
  P0000329

  	
   

  	
  Burger King Corporation

  	
   

  	
  Burger King

  	
   

  	
  11834 E Colonial Dr

  	
   

  	
  Orlando

  	
   

  	
  FL

  	
   

  	
  32826-4701

  	
   

  	
  Lease

  	
   

  
	
  P0000330

  	
   

  	
  R & L Foods, LLC

  	
   

  	
  Wendy’s

  	
   

  	
  2983 Cottingham Expy

  	
   

  	
  Pineville

  	
   

  	
  LA

  	
   

  	
  71360-4389

  	
   

  	
  Lease

  	
   

  
	
  P0000331

  	
   

  	
  Pennant Foods

  	
   

  	
  Wendy’s

  	
   

  	
  1219 Oak Ridge Tpke

  	
   

  	
  Oak Ridge

  	
   

  	
  TN

  	
   

  	
  37830-6404

  	
   

  	
  Lease

  	
   

  
	
  P0000332

  	
   

  	
  Pennant Foods

  	
   

  	
  Wendy’s

  	
   

  	
  2544 Decatur Pike

  	
   

  	
  Athens

  	
   

  	
  TN

  	
   

  	
  37303-4929

  	
   

  	
  Lease

  	
   

  
	
  P0000336

  	
   

  	
  Thomas & Thomas Investments

  	
   

  	
  Whataburger

  	
   

  	
  Loop 323 N of Highway 31

  	
   

  	
  Tyler

  	
   

  	
  TX

  	
   

  	
  0

  	
   

  	
  Lease

  	
   

  
	
  P0000338

  	
   

  	
  Tacala, L.L.C.

  	
   

  	
  Taco Bell

  	
   

  	
  2303 Dayton Blvd

  	
   

  	
  Red Bank

  	
   

  	
  TN

  	
   

  	
  37415-6224

  	
   

  	
  Lease

  	
   

  
	
  P0000349

  	
   

  	
  Skyline Chili, Inc.

  	
   

  	
  Skyline Chili

  	
   

  	
  9135 Owenfield Dr

  	
   

  	
  Lewis Center

  	
   

  	
  OH

  	
   

  	
  43035-9149

  	
   

  	
  Lease

  	
   

  
	
  P0000350

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  361 Palisades Blvd

  	
   

  	
  Birmingham

  	
   

  	
  AL

  	
   

  	
  35209-5149

  	
   

  	
  Lease

  	
   

  
	
  P0000351

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  2265 Oneal Ln

  	
   

  	
  Baton Rouge

  	
   

  	
  LA

  	
   

  	
  70816-3319

  	
   

  	
  Lease

  	
   

  
	
  P0000354

  	
   

  	
  Fuddruckers, Inc.

  	
   

  	
  Fuddruckers

  	
   

  	
  10050 State St

  	
   

  	
  Sandy

  	
   

  	
  UT

  	
   

  	
  84070

  	
   

  	
  Lease

  	
   

  
	
  P0000355

  	
   

  	
  Fuddruckers, Inc.

  	
   

  	
  Fuddruckers

  	
   

  	
  1915 Scenic Hwy N

  	
   

  	
  Snellville

  	
   

  	
  GA

  	
   

  	
  30078

  	
   

  	
  Lease

  	
   

  
	
  P0000356

  	
   

  	
  Fuddruckers, Inc.

  	
   

  	
  Fuddruckers

  	
   

  	
  5271 E Main St

  	
   

  	
  Columbus

  	
   

  	
  OH

  	
   

  	
  43213

  	
   

  	
  Lease

  	
   

  
	
  P0000357

  	
   

  	
  Fuddruckers, Inc.

  	
   

  	
  Fuddruckers

  	
   

  	
  6607 N IH 35

  	
   

  	
  Austin

  	
   

  	
  TX

  	
   

  	
  78752

  	
   

  	
  Lease

  	
   

  
	
  P0000358

  	
   

  	
  Fuddruckers, Inc.

  	
   

  	
  Fuddruckers

  	
   

  	
  3586 W Dublin Granville Rd

  	
   

  	
  Columbus

  	
   

  	
  OH

  	
   

  	
  43235

  	
   

  	
  Lease

  	
   

  
	
  P0000359

  	
   

  	
  Fuddruckers, Inc.

  	
   

  	
  Fuddruckers

  	
   

  	
  14035 E Evans Ave

  	
   

  	
  Aurora

  	
   

  	
  CO

  	
   

  	
  80014

  	
   

  	
  Lease

  	
   

  
	
  P0000360

  	
   

  	
  Fuddruckers, Inc.

  	
   

  	
  Fuddruckers

  	
   

  	
  3929 Southwest Fwy

  	
   

  	
  Houston

  	
   

  	
  TX

  	
   

  	
  77027

  	
   

  	
  Lease

  	
   

  
	
  P0000361

  	
   

  	
  Fuddruckers, Inc.

  	
   

  	
  Fuddruckers

  	
   

  	
  11825 Technology Dr

  	
   

  	
  Eden Prairie

  	
   

  	
  MN

  	
   

  	
  55344

  	
   

  	
  Lease

  	
   

  
	
  P0000362

  	
   

  	
  Fuddruckers, Inc.

  	
   

  	
  Fuddruckers

  	
   

  	
  6455 E Southern Ave

  	
   

  	
  Mesa

  	
   

  	
  AZ

  	
   

  	
  85206

  	
   

  	
  Lease

  	
   

  
	
  P0000363

  	
   

  	
  Fuddruckers, Inc.

  	
   

  	
  Fuddruckers

  	
   

  	
  14500 Weaver Lake Rd

  	
   

  	
  Maple Grove

  	
   

  	
  MN

  	
   

  	
  55311

  	
   

  	
  Lease

  	
   

  
	
  P0000364

  	
   

  	
  Fuddruckers, Inc.

  	
   

  	
  Fuddruckers

  	
   

  	
  121 E Campus View Blvd

  	
   

  	
  Columbus

  	
   

  	
  OH

  	
   

  	
  43235

  	
   

  	
  Lease

  	
   

  
	
  P0000365

  	
   

  	
  Fuddruckers, Inc.

  	
   

  	
  Fuddruckers

  	
   

  	
  7250 Highway 6 N

  	
   

  	
  Houston

  	
   

  	
  TX

  	
   

  	
  77095

  	
   

  	
  Lease

  	
   

  

 

II-A-2

 

	
  Property ID

  	
   

  	
  Obligor

  	
   

  	
  Concept

  	
   

  	
  Address 1

  	
   

  	
  City

  	
   

  	
  ST

  	
   

  	
  Zip Code

  	
   

  	
  Investment

  Type

  	
   

  
	
  P0000366

  	
   

  	
  Fuddruckers, Inc.

  	
   

  	
  Fuddruckers

  	
   

  	
  3560 Fishinger Blvd

  	
   

  	
  Hilliard

  	
   

  	
  OH

  	
   

  	
  43026

  	
   

  	
  Lease

  	
   

  
	
  P0000367

  	
   

  	
  Fuddruckers, Inc.

  	
   

  	
  Fuddruckers

  	
   

  	
  13010 Northwest Fwy

  	
   

  	
  Houston

  	
   

  	
  TX

  	
   

  	
  77040

  	
   

  	
  Lease

  	
   

  
	
  P0000368

  	
   

  	
  Fuddruckers, Inc.

  	
   

  	
  Fuddruckers

  	
   

  	
  101 Regal Way

  	
   

  	
  Newport News

  	
   

  	
  VA

  	
   

  	
  23602

  	
   

  	
  Lease

  	
   

  
	
  P0000369

  	
   

  	
  Fuddruckers, Inc.

  	
   

  	
  Fuddruckers

  	
   

  	
  7800 W Bell Rd

  	
   

  	
  Glendale

  	
   

  	
  AZ

  	
   

  	
  85308

  	
   

  	
  Lease

  	
   

  
	
  P0000370

  	
   

  	
  Fuddruckers, Inc.

  	
   

  	
  Fuddruckers

  	
   

  	
  9996 Escort Dr

  	
   

  	
  Mason

  	
   

  	
  OH

  	
   

  	
  45040

  	
   

  	
  Lease

  	
   

  
	
  P0000371

  	
   

  	
  Fuddruckers, Inc.

  	
   

  	
  Fuddruckers

  	
   

  	
  8955 Springbrook Dr NW

  	
   

  	
  Coon Rapids

  	
   

  	
  MN

  	
   

  	
  55433

  	
   

  	
  Lease

  	
   

  
	
  P0000372

  	
   

  	
  Fuddruckers, Inc.

  	
   

  	
  Fuddruckers

  	
   

  	
  1105 Merchants Way

  	
   

  	
  Chesapeake

  	
   

  	
  VA

  	
   

  	
  23320

  	
   

  	
  Lease

  	
   

  
	
  P0000373

  	
   

  	
  Fuddruckers, Inc.

  	
   

  	
  Fuddruckers

  	
   

  	
  11992 Chase Plz

  	
   

  	
  Cincinnati

  	
   

  	
  OH

  	
   

  	
  45240

  	
   

  	
  Lease

  	
   

  
	
  P0000374

  	
   

  	
  Fuddruckers, Inc.

  	
   

  	
  Fuddruckers

  	
   

  	
  10500 Town and Country Way

  	
   

  	
  Houston

  	
   

  	
  TX

  	
   

  	
  77024

  	
   

  	
  Lease

  	
   

  
	
  P0000375

  	
   

  	
  Fuddruckers, Inc.

  	
   

  	
  Fuddruckers

  	
   

  	
  4360 Kingwood Dr

  	
   

  	
  Kingwood

  	
   

  	
  TX

  	
   

  	
  77339

  	
   

  	
  Lease

  	
   

  
	
  P0000378

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  8194 Plank Road

  	
   

  	
  Baton Rouge

  	
   

  	
  LA

  	
   

  	
  70811

  	
   

  	
  Lease

  	
   

  
	
  P0000379

  	
   

  	
  Pennant Foods

  	
   

  	
  Wendy’s

  	
   

  	
  8749 Campo Road

  	
   

  	
  La Mesa

  	
   

  	
  CA

  	
   

  	
  91941

  	
   

  	
  Lease

  	
   

  
	
  P0000380

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  3411 N Pace Blvd

  	
   

  	
  Pensacola

  	
   

  	
  FL

  	
   

  	
  32505-5127

  	
   

  	
  Lease

  	
   

  
	
  P0000381

  	
   

  	
  NPC International, Inc.

  	
   

  	
  Pizza Hut

  	
   

  	
  1551 W Main St

  	
   

  	
  Salem

  	
   

  	
  IL

  	
   

  	
  62881-3805

  	
   

  	
  Lease

  	
   

  
	
  P0000914

  	
   

  	
  Dickinson Theatres, Inc.

  	
   

  	
  Dickinson Theaters

  	
   

  	
  4900 NE 80th Street

  	
   

  	
  Kansas City

  	
   

  	
  MO

  	
   

  	
  64119

  	
   

  	
  Lease

  	
   

  
	
  P0000915

  	
   

  	
  Dickinson Theatres, Inc.

  	
   

  	
  Dickinson Theaters

  	
   

  	
  1451 NE Douglas Street

  	
   

  	
  Lees Summit

  	
   

  	
  MO

  	
   

  	
  64086

  	
   

  	
  Lease

  	
   

  
	
  P0000916

  	
   

  	
  Hastings Entertainment, Inc.

  	
   

  	
  Hastings

  	
   

  	
  1705 North Main Street

  	
   

  	
  Roswell

  	
   

  	
  NM

  	
   

  	
  88201

  	
   

  	
  Lease

  	
   

  
	
  P0000917

  	
   

  	
  Kansas Corral

  	
   

  	
  Golden Corral

  	
   

  	
  616 So. Ridge Road Circle

  	
   

  	
  Wichita

  	
   

  	
  KS

  	
   

  	
  67209

  	
   

  	
  Lease with additional equipment note

  	
   

  
	
  P0000918

  	
   

  	
  Kansas Corral

  	
   

  	
  Golden Corral

  	
   

  	
  2830 W. 18th Avenue

  	
   

  	
  Emporia

  	
   

  	
  KS

  	
   

  	
  66801

  	
   

  	
  Lease with additional equipment note

  	
   

  
	
  P0000919

  	
   

  	
  Ferrellgas, L.P

  	
   

  	
  Blue Rhino

  	
   

  	
  300 County Road 448

  	
   

  	
  Tavares

  	
   

  	
  FL

  	
   

  	
  32778

  	
   

  	
  Lease

  	
   

  
	
  P0000390

  	
   

  	
  Famous Dave’s of America

  	
   

  	
  Famous Dave’s

  	
   

  	
  14200 60th St N

  	
   

  	
  Stillwater

  	
   

  	
  MN

  	
   

  	
  55082-6309

  	
   

  	
  Lease

  	
   

  
	
  P0000391

  	
   

  	
  Famous Dave’s of America

  	
   

  	
  Famous Dave’s

  	
   

  	
  7825 Vinewood Ln

  	
   

  	
  Maple Grove

  	
   

  	
  MN

  	
   

  	
  55369-7013

  	
   

  	
  Lease

  	
   

  
	
  P0000392

  	
   

  	
  Famous Dave’s of America

  	
   

  	
  Famous Dave’s

  	
   

  	
  7593 147th St W

  	
   

  	
  Apple Valley

  	
   

  	
  MN

  	
   

  	
  55124-6998

  	
   

  	
  Lease

  	
   

  
	
  P0000393

  	
   

  	
  Friendly’s Ice Cream Corporation

  	
   

  	
  Friendly’s Ice Cream

  	
   

  	
  90 N Genesee St

  	
   

  	
  Utica

  	
   

  	
  NY

  	
   

  	
  13502-2527

  	
   

  	
  Lease

  	
   

  
	
  P0000394

  	
   

  	
  Friendly’s Ice Cream Corporation

  	
   

  	
  Friendly’s Ice Cream

  	
   

  	
  600 Mountain View Dr

  	
   

  	
  Colchester

  	
   

  	
  VT

  	
   

  	
  05446-1901

  	
   

  	
  Lease

  	
   

  
	
  P0000395

  	
   

  	
  Friendly’s Ice Cream Corporation

  	
   

  	
  Friendly’s Ice Cream

  	
   

  	
  697 Troy Schenectady Rd

  	
   

  	
  Colonie

  	
   

  	
  NY

  	
   

  	
  12110-2501

  	
   

  	
  Lease

  	
   

  
	
  P0000396

  	
   

  	
  Friendly’s Ice Cream Corporation

  	
   

  	
  Friendly’s Ice Cream

  	
   

  	
  632 Bloomfield Ave

  	
   

  	
  West Caldwell

  	
   

  	
  NJ

  	
   

  	
  07006-7518

  	
   

  	
  Lease

  	
   

  

 

II-A-3

 

	
  Property ID

  	
   

  	
  Obligor

  	
   

  	
  Concept

  	
   

  	
  Address 1

  	
   

  	
  City

  	
   

  	
  ST

  	
   

  	
  Zip Code

  	
   

  	
  Investment

  Type

  	
   

  
	
  P0000397

  	
   

  	
  Friendly’s Ice Cream Corporation

  	
   

  	
  Friendly’s Ice Cream

  	
   

  	
  11 Main St

  	
   

  	
  West Harwich

  	
   

  	
  MA

  	
   

  	
  02671-1041

  	
   

  	
  Lease

  	
   

  
	
  P0000398

  	
   

  	
  Friendly’s Ice Cream Corporation

  	
   

  	
  Friendly’s Ice Cream

  	
   

  	
  936 Walnut Bottom Rd

  	
   

  	
  Carlisle

  	
   

  	
  PA

  	
   

  	
  17013-9177

  	
   

  	
  Lease

  	
   

  
	
  P0000399

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  5534 NW 7th Ave

  	
   

  	
  Miami

  	
   

  	
  FL

  	
   

  	
  33127-1402

  	
   

  	
  Lease

  	
   

  
	
  P0000400

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  233 W Hillsboro Blvd

  	
   

  	
  Deerfield Beach

  	
   

  	
  FL

  	
   

  	
  33441-3311

  	
   

  	
  Lease

  	
   

  
	
  P0000401

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  3291 W Broward Blvd

  	
   

  	
  Fort Lauderdale

  	
   

  	
  FL

  	
   

  	
  33312-1112

  	
   

  	
  Lease

  	
   

  
	
  P0000402

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  14620 Plank Rd

  	
   

  	
  Baker

  	
   

  	
  LA

  	
   

  	
  70714-5445

  	
   

  	
  Lease

  	
   

  
	
  P0000403

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  1940 Main St

  	
   

  	
  Baker

  	
   

  	
  LA

  	
   

  	
  70714-2843

  	
   

  	
  Lease

  	
   

  
	
  P0000404

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  5946 Airline Hwy

  	
   

  	
  Baton Rouge

  	
   

  	
  LA

  	
   

  	
  70805-3201

  	
   

  	
  Lease

  	
   

  
	
  P0000405

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  290 Lobdell Hwy

  	
   

  	
  Port Allen

  	
   

  	
  LA

  	
   

  	
  70767-4198

  	
   

  	
  Lease

  	
   

  
	
  P0000406

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  107 S 25th St

  	
   

  	
  Fort Pierce

  	
   

  	
  FL

  	
   

  	
  34947-3602

  	
   

  	
  Lease

  	
   

  
	
  P0000408

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  9854 Halls Ferry Rd

  	
   

  	
  Saint Louis

  	
   

  	
  MO

  	
   

  	
  63136-4017

  	
   

  	
  Lease

  	
   

  
	
  P0000409

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  8654 Natural Bridge Rd

  	
   

  	
  Saint Louis

  	
   

  	
  MO

  	
   

  	
  63121-4110

  	
   

  	
  Lease

  	
   

  
	
  P0000410

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  2877 Target Dr

  	
   

  	
  Saint Louis

  	
   

  	
  MO

  	
   

  	
  63136-4639

  	
   

  	
  Lease

  	
   

  
	
  P0000411

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  9376 Greenwell Springs Rd

  	
   

  	
  Baton Rouge

  	
   

  	
  LA

  	
   

  	
  70814-2909

  	
   

  	
  Lease

  	
   

  
	
  P0000412

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  2200 S Range Ave

  	
   

  	
  Denham Springs

  	
   

  	
  LA

  	
   

  	
  70726-5214

  	
   

  	
  Lease

  	
   

  
	
  P0000415

  	
   

  	
  1st University Credit Union

  	
   

  	
  Other

  	
   

  	
  605 S University Parks Dr

  	
   

  	
  Waco

  	
   

  	
  TX

  	
   

  	
  76706-1053

  	
   

  	
  Lease

  	
   

  
	
  P0000416

  	
   

  	
  Barnhill’s Buffet, Inc.

  	
   

  	
  Barnhill’s Buffet

  	
   

  	
  325 S Mcgee Ave

  	
   

  	
  Apopka

  	
   

  	
  FL

  	
   

  	
  32703-4479

  	
   

  	
  Lease

  	
   

  
	
  P0000417

  	
   

  	
  Barnhill’s Buffet, Inc.

  	
   

  	
  Barnhill’s Buffet

  	
   

  	
  1070 S Volusia Ave

  	
   

  	
  Orange City

  	
   

  	
  FL

  	
   

  	
  32763-7039

  	
   

  	
  Lease

  	
   

  
	
  P0000418

  	
   

  	
  Barnhill’s Buffet, Inc.

  	
   

  	
  Barnhill’s Buffet

  	
   

  	
  6706 highway 63

  	
   

  	
  Moss Point

  	
   

  	
  MS

  	
   

  	
  39563-9539

  	
   

  	
  Lease

  	
   

  
	
  P0000419

  	
   

  	
  Barnhill’s Buffet, Inc.

  	
   

  	
  Barnhill’s Buffet

  	
   

  	
  12475 Highway 49

  	
   

  	
  Gulfport

  	
   

  	
  MS

  	
   

  	
  39503-2785

  	
   

  	
  Lease

  	
   

  
	
  P0000420

  	
   

  	
  Checker’s Drive-In Restaurants

  	
   

  	
  Rally’s

  	
   

  	
  3979 W Tennessee St

  	
   

  	
  Tallahassee

  	
   

  	
  FL

  	
   

  	
  32304-1015

  	
   

  	
  Lease

  	
   

  
	
  P0000421

  	
   

  	
  Checker’s Drive-In Restaurants

  	
   

  	
  Rally’s

  	
   

  	
  401 Vincennes Ave

  	
   

  	
  New Albany

  	
   

  	
  IN

  	
   

  	
  47150-3053

  	
   

  	
  Lease

  	
   

  
	
  P0000424

  	
   

  	
  Checker’s Drive-In Restaurants

  	
   

  	
  Rally’s

  	
   

  	
  7843 US Highway 42

  	
   

  	
  Florence

  	
   

  	
  KY

  	
   

  	
  41042-1803

  	
   

  	
  Lease

  	
   

  
	
  P0000425

  	
   

  	
  Checker’s Drive-In Restaurants

  	
   

  	
  Rally’s

  	
   

  	
  1709 N Galvez St

  	
   

  	
  New Orleans

  	
   

  	
  LA

  	
   

  	
  70119-1602

  	
   

  	
  Lease

  	
   

  
	
  P0000426

  	
   

  	
  Checker’s Drive-In Restaurants

  	
   

  	
  Rally’s

  	
   

  	
  2371 Saint Claude Ave

  	
   

  	
  New Orleans

  	
   

  	
  LA

  	
   

  	
  70117-8352

  	
   

  	
  Lease

  	
   

  
	
  P0000428

  	
   

  	
  Checker’s Drive-In Restaurants

  	
   

  	
  Rally’s

  	
   

  	
  602 N. Baldwin Avenue

  	
   

  	
  Marion

  	
   

  	
  IN

  	
   

  	
  46952-3462

  	
   

  	
  Lease

  	
   

  
	
  P0000429

  	
   

  	
  Goldco, Inc.

  	
   

  	
  Burger King

  	
   

  	
  1400 W Jefferson St

  	
   

  	
  Quincy

  	
   

  	
  FL

  	
   

  	
  32351-2130

  	
   

  	
  Lease

  	
   

  
	
  P0000431

  	
   

  	
  Max & Erma’s Restaurants, Inc.

  	
   

  	
  Max & Erma’s

  	
   

  	
  1275 E Dublin Granville Rd

  	
   

  	
  Columbus

  	
   

  	
  OH

  	
   

  	
  43229-3359

  	
   

  	
  Lease

  	
   

  

 

II-A-4

 

	
  Property ID

  	
   

  	
  Obligor

  	
   

  	
  Concept

  	
   

  	
  Address 1

  	
   

  	
  City

  	
   

  	
  ST

  	
   

  	
  Zip Code

  	
   

  	
  Investment

  Type

  	
   

  
	
  P0000432

  	
   

  	
  Max & Erma’s Restaurants, Inc.

  	
   

  	
  Max & Erma’s

  	
   

  	
  1391 Arrowhead Dr

  	
   

  	
  Maumee

  	
   

  	
  OH

  	
   

  	
  43537-1729

  	
   

  	
  Lease

  	
   

  
	
  P0000433

  	
   

  	
  Max & Erma’s Restaurants, Inc.

  	
   

  	
  Max & Erma’s

  	
   

  	
  4279 Cemetery Rd

  	
   

  	
  Hilliard

  	
   

  	
  OH

  	
   

  	
  43026-1203

  	
   

  	
  Lease

  	
   

  
	
  P0000434

  	
   

  	
  QK, Inc.

  	
   

  	
  Denny’s

  	
   

  	
  17053 E Shea Blvd

  	
   

  	
  Fountain Hills

  	
   

  	
  AZ

  	
   

  	
  85268-6635

  	
   

  	
  Lease

  	
   

  
	
  P0000436

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  1375 N Main St

  	
   

  	
  Madisonville

  	
   

  	
  KY

  	
   

  	
  42431-1283

  	
   

  	
  Lease

  	
   

  
	
  P0000437

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  163 Altama Connector Blvd

  	
   

  	
  Brunswick

  	
   

  	
  GA

  	
   

  	
  31525-1881

  	
   

  	
  Lease

  	
   

  
	
  P0000438

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  450 E State Rd

  	
   

  	
  American Fork

  	
   

  	
  UT

  	
   

  	
  84003-2559

  	
   

  	
  Lease

  	
   

  
	
  P0000439

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  251 S Main St

  	
   

  	
  Tooele

  	
   

  	
  UT

  	
   

  	
  84074-2743

  	
   

  	
  Lease

  	
   

  
	
  P0000440

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  2501 Mayport Rd

  	
   

  	
  Jacksonville

  	
   

  	
  FL

  	
   

  	
  32233-2801

  	
   

  	
  Lease

  	
   

  
	
  P0000442

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  1116 Highway 81 W

  	
   

  	
  McDonough

  	
   

  	
  GA

  	
   

  	
  30253-6423

  	
   

  	
  Lease

  	
   

  
	
  P0000443

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  403 Tri County Plz

  	
   

  	
  Cumming

  	
   

  	
  GA

  	
   

  	
  30040-2777

  	
   

  	
  Lease

  	
   

  
	
  P0000446

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  181 Highway 90

  	
   

  	
  Daphne

  	
   

  	
  AL

  	
   

  	
  36526-9588

  	
   

  	
  Lease

  	
   

  
	
  P0000449

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  7750 Airport Blvd

  	
   

  	
  Mobile

  	
   

  	
  AL

  	
   

  	
  36608-5025

  	
   

  	
  Lease

  	
   

  
	
  P0000450

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  7002 Georgetown Rd

  	
   

  	
  Indianapolis

  	
   

  	
  IN

  	
   

  	
  46268-4445

  	
   

  	
  Lease

  	
   

  
	
  P0000451

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  11190 Beach Blvd

  	
   

  	
  Jacksonville

  	
   

  	
  FL

  	
   

  	
  32246-4804

  	
   

  	
  Lease

  	
   

  
	
  P0000453

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  9361 Atlantic Blvd

  	
   

  	
  Jacksonville

  	
   

  	
  FL

  	
   

  	
  32225-8218

  	
   

  	
  Lease

  	
   

  
	
  P0000454

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  622 Fair Rd

  	
   

  	
  Statesboro

  	
   

  	
  GA

  	
   

  	
  30458-4927

  	
   

  	
  Lease

  	
   

  
	
  P0000455

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  514 N Highway 52

  	
   

  	
  Moncks Corner

  	
   

  	
  SC

  	
   

  	
  29461-3131

  	
   

  	
  Lease

  	
   

  
	
  P0000456

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  5275 Government St

  	
   

  	
  Baton Rouge

  	
   

  	
  LA

  	
   

  	
  70806-6027

  	
   

  	
  Lease

  	
   

  
	
  P0000457

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  2137 Staring Ln

  	
   

  	
  Baton Rouge

  	
   

  	
  LA

  	
   

  	
  70810-1038

  	
   

  	
  Lease

  	
   

  
	
  P0000459

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  2490 NW 79th St

  	
   

  	
  Miami

  	
   

  	
  FL

  	
   

  	
  33147-4930

  	
   

  	
  Lease

  	
   

  
	
  P0000920

  	
   

  	
  Gander Mountain Company

  	
   

  	
  Gander Mountain

  	
   

  	
  6801 120th Avenue

  	
   

  	
  Kenosha

  	
   

  	
  WI

  	
   

  	
  53140

  	
   

  	
  Lease

  	
   

  
	
  P0000921

  	
   

  	
  Carmike Cinemas, Inc.

  	
   

  	
  Carmike Cinemas

  	
   

  	
  2435 Edgewood Road SW

  	
   

  	
  Cedar Rapids

  	
   

  	
  IA

  	
   

  	
  52404

  	
   

  	
  Lease

  	
   

  
	
  P0000922

  	
   

  	
  Humperdink’s Texas, LLC

  	
   

  	
  Humperdink

  	
   

  	
  3820 Belt Line Road

  	
   

  	
  Addison

  	
   

  	
  TX

  	
   

  	
  75001

  	
   

  	
  Lease

  	
   

  
	
  P0000923

  	
   

  	
  Humperdink’s Texas, LLC

  	
   

  	
  Humperdink

  	
   

  	
  6050 Greenville Avenue

  	
   

  	
  Dallas

  	
   

  	
  TX

  	
   

  	
  75206

  	
   

  	
  Lease

  	
   

  
	
  P0000924

  	
   

  	
  Humperdink’s Texas, LLC

  	
   

  	
  Humperdink

  	
   

  	
  2208 W. NW Highway

  	
   

  	
  Dallas

  	
   

  	
  TX

  	
   

  	
  75220

  	
   

  	
  Lease

  	
   

  
	
  P0000925

  	
   

  	
  Humperdink’s Texas, LLC

  	
   

  	
  Humperdink

  	
   

  	
  700 Six Flags Drive

  	
   

  	
  Arlington

  	
   

  	
  TX

  	
   

  	
  76011

  	
   

  	
  Lease

  	
   

  
	
  P0000926

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  1601 Garth Brooks Blvd

  	
   

  	
  Yukon

  	
   

  	
  OK

  	
   

  	
  73099

  	
   

  	
  Lease

  	
   

  
	
  P0000927

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  2416 S. Georgia Street

  	
   

  	
  Amarillo

  	
   

  	
  TX

  	
   

  	
  79109

  	
   

  	
  Lease

  	
   

  
	
  P0000928

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  3124 Regency Lane

  	
   

  	
  Denison

  	
   

  	
  TX

  	
   

  	
  75020

  	
   

  	
  Lease

  	
   

  
	
  P0000929

  	
   

  	
  Taco Bueno Restaurants, Inc.

  	
   

  	
  Taco Bueno

  	
   

  	
  2520 82nd Street

  	
   

  	
  Lubbock

  	
   

  	
  TX

  	
   

  	
  79423

  	
   

  	
  Lease

  	
   

  
	
  P0000930

  	
   

  	
  Gander Mountain Company

  	
   

  	
  Gander Mountain

  	
   

  	
  8635 Clinton Street

  	
   

  	
  New Hartford

  	
   

  	
  NY

  	
   

  	
  13413

  	
   

  	
  Lease

  	
   

  
	
  P0000931

  	
   

  	
  Dave & Buster’s, Inc.

  	
   

  	
  Dave & Buster’s

  	
   

  	
  2215 D & B Drive

  	
   

  	
  Marietta

  	
   

  	
  GA

  	
   

  	
  30067

  	
   

  	
  Lease

  	
   

  
	
  P0000932

  	
   

  	
  Hill Country Furniture Partners, Ltd.

  	
   

  	
  Ashley Furniture

  	
   

  	
  7903 Pat Booker Road

  	
   

  	
  Live Oak

  	
   

  	
  TX

  	
   

  	
  78223

  	
   

  	
  Lease

  	
   

  
	
  P0000933

  	
   

  	
  RBLS, Inc. (a Texas corporation)

  	
   

  	
  Ashley Furniture

  	
   

  	
  1411 Airway Boulevard

  	
   

  	
  El Paso

  	
   

  	
  TX

  	
   

  	
  79925

  	
   

  	
  Lease

  	
   

  

 

II-A-5

 

	
  Property ID

  	
   

  	
  Obligor

  	
   

  	
  Concept

  	
   

  	
  Address 1

  	
   

  	
  City

  	
   

  	
  ST

  	
   

  	
  Zip Code

  	
   

  	
  Investment

  Type

  	
   

  
	
  P0000934

  	
   

  	
  Gander Mountain Company

  	
   

  	
  Gander Mountain

  	
   

  	
  5038-A Miller Road

  	
   

  	
  Flint

  	
   

  	
  MI

  	
   

  	
  48507

  	
   

  	
  Lease

  	
   

  
	
  P0000935

  	
   

  	
  Ferrellgas, L.P

  	
   

  	
  Blue Rhino

  	
   

  	
  1750 Agua Mansa Road

  	
   

  	
  Riverside

  	
   

  	
  CA

  	
   

  	
  92509

  	
   

  	
  Lease

  	
   

  
	
  P0000936

  	
   

  	
  Gander Mountain Company

  	
   

  	
  Gander Mountain

  	
   

  	
  2121 43rd St., SW

  	
   

  	
  Fargo

  	
   

  	
  ND

  	
   

  	
  58103

  	
   

  	
  Lease

  	
   

  
	
  P0000937

  	
   

  	
  Sonic Corp.

  	
   

  	
  Sonic

  	
   

  	
  202 N Main Ave

  	
   

  	
  Erwin

  	
   

  	
  TN

  	
   

  	
  37650

  	
   

  	
  Lease

  	
   

  
	
  P0000938

  	
   

  	
  Sonic Corp.

  	
   

  	
  Sonic

  	
   

  	
  3307 No. Broadway St.

  	
   

  	
  Knoxville

  	
   

  	
  TN

  	
   

  	
  37918

  	
   

  	
  Lease

  	
   

  
	
  P0000939

  	
   

  	
  Sonic Corp.

  	
   

  	
  Sonic

  	
   

  	
  113 1st St.

  	
   

  	
  Radford

  	
   

  	
  VA

  	
   

  	
  24141

  	
   

  	
  Lease

  	
   

  
	
  P0000940

  	
   

  	
  Sonic Corp.

  	
   

  	
  Sonic

  	
   

  	
  355 No. Franklin St.

  	
   

  	
  Christiansburg

  	
   

  	
  VA

  	
   

  	
  24073

  	
   

  	
  Lease

  	
   

  
	
  P0000941

  	
   

  	
  Sonic Corp.

  	
   

  	
  Sonic

  	
   

  	
  647 E. Main St.

  	
   

  	
  Pulaski

  	
   

  	
  VA

  	
   

  	
  24301

  	
   

  	
  Lease

  	
   

  
	
  P0000942

  	
   

  	
  Sonic Corp.

  	
   

  	
  Sonic

  	
   

  	
  790 E. Main St.

  	
   

  	
  Wytheville

  	
   

  	
  VA

  	
   

  	
  24382

  	
   

  	
  Lease

  	
   

  
	
  P0000943

  	
   

  	
  Sonic Corp.

  	
   

  	
  Sonic

  	
   

  	
  2010 E. Broadway Ave.

  	
   

  	
  Maryville

  	
   

  	
  TN

  	
   

  	
  37804

  	
   

  	
  Lease

  	
   

  
	
  P0000944

  	
   

  	
  Sonic Corp.

  	
   

  	
  Sonic

  	
   

  	
  411 Foothills Mall Drive

  	
   

  	
  Maryville

  	
   

  	
  TN

  	
   

  	
  37801

  	
   

  	
  Lease

  	
   

  
	
  P0000945

  	
   

  	
  Sonic Corp.

  	
   

  	
  Sonic

  	
   

  	
  608 Oak Ridge Turnpike

  	
   

  	
  Oak Ridge

  	
   

  	
  TN

  	
   

  	
  37830

  	
   

  	
  Lease

  	
   

  
	
  P0000946

  	
   

  	
  Sonic Corp.

  	
   

  	
  Sonic

  	
   

  	
  1124 E. Stone Dr.

  	
   

  	
  Kingsport

  	
   

  	
  TN

  	
   

  	
  37660

  	
   

  	
  Lease

  	
   

  
	
  P0000947

  	
   

  	
  Sonic Corp.

  	
   

  	
  Sonic

  	
   

  	
  104 Cedar Lane

  	
   

  	
  Knoxville

  	
   

  	
  TN

  	
   

  	
  37912

  	
   

  	
  Lease

  	
   

  
	
  P0000948

  	
   

  	
  Sonic Corp.

  	
   

  	
  Sonic

  	
   

  	
  6949 Maynardsville Pike

  	
   

  	
  Knoxville

  	
   

  	
  TN

  	
   

  	
  39912

  	
   

  	
  Lease

  	
   

  
	
  P0000949

  	
   

  	
  Sonic Corp.

  	
   

  	
  Sonic

  	
   

  	
  1015 Volunteer Parkway

  	
   

  	
  Bristol

  	
   

  	
  TN

  	
   

  	
  37625

  	
   

  	
  Lease

  	
   

  
	
  P0000950

  	
   

  	
  Sonic Corp.

  	
   

  	
  Sonic

  	
   

  	
  1108 No. Charles G. Seivers Blvd.

  	
   

  	
  Clinton

  	
   

  	
  TN

  	
   

  	
  37716

  	
   

  	
  Lease

  	
   

  
	
  P0000951

  	
   

  	
  Dickinson Theatres, Inc.

  	
   

  	
  Dickinson Theaters

  	
   

  	
  10301 So. Memorial Drive

  	
   

  	
  Bixby

  	
   

  	
  OK

  	
   

  	
  74133

  	
   

  	
  Lease

  	
   

  
	
  P0000952

  	
   

  	
  Gander Mountain Company

  	
   

  	
  Gander Mountain

  	
   

  	
  5864 Carmenica Drive

  	
   

  	
  Cicero

  	
   

  	
  NY

  	
   

  	
  13039

  	
   

  	
  Lease

  	
   

  
	
  P0000953

  	
   

  	
  Rite Aid Corporation

  	
   

  	
  Rite Aid

  	
   

  	
  3601 Midvale Avenue

  	
   

  	
  Philadelphia

  	
   

  	
  PA

  	
   

  	
  19129

  	
   

  	
  Lease

  	
   

  
	
  P0000954

  	
   

  	
  Rite Aid Corporation

  	
   

  	
  Rite Aid

  	
   

  	
  120 Jefferson Avenue

  	
   

  	
  Moundsville

  	
   

  	
  WV

  	
   

  	
  26041

  	
   

  	
  Lease

  	
   

  
	
  P0000955

  	
   

  	
  Rite Aid Corporation

  	
   

  	
  Rite Aid

  	
   

  	
  104 Genesee Street

  	
   

  	
  Oneida

  	
   

  	
  NY

  	
   

  	
  13421

  	
   

  	
  Lease

  	
   

  
	
  P0000956

  	
   

  	
  Rite Aid Corporation

  	
   

  	
  Rite Aid

  	
   

  	
  735 North Water Street

  	
   

  	
  Uhrichsville

  	
   

  	
  OH

  	
   

  	
  44683

  	
   

  	
  Lease

  	
   

  
	
  P0000957

  	
   

  	
  Rite Aid Corporation

  	
   

  	
  Rite Aid

  	
   

  	
  1410 Delaware Avenue

  	
   

  	
  Buffalo

  	
   

  	
  NY

  	
   

  	
  14209

  	
   

  	
  Lease

  	
   

  
	
  P0000958

  	
   

  	
  Rite Aid Corporation

  	
   

  	
  Rite Aid

  	
   

  	
  804 East Winthrop Avenue

  	
   

  	
  Millen

  	
   

  	
  GA

  	
   

  	
  30442

  	
   

  	
  Lease

  	
   

  
	
  P0000959

  	
   

  	
  Rite Aid Corporation

  	
   

  	
  Rite Aid

  	
   

  	
  301 south Broad Street

  	
   

  	
  Thomasville

  	
   

  	
  GA

  	
   

  	
  31792

  	
   

  	
  Lease

  	
   

  
	
  P0000960

  	
   

  	
  Sonic Corp.

  	
   

  	
  Sonic

  	
   

  	
  1003 W Elk Avenue

  	
   

  	
  Elizabethton

  	
   

  	
  TN

  	
   

  	
  37643

  	
   

  	
  Lease

  	
   

  
	
  P0000961

  	
   

  	
  Flying Star Cafe

  	
   

  	
  Flying Star Café

  	
   

  	
  8001 Menaul Blvd NE

  	
   

  	
  Albuquerque

  	
   

  	
  NM

  	
   

  	
  87110

  	
   

  	
  Lease

  	
   

  
	
  P0000962

  	
   

  	
  Flying Star Cafe

  	
   

  	
  Flying Star Café

  	
   

  	
  4501 Juan Tabo Blvd NE

  	
   

  	
  Albuquerque

  	
   

  	
  NM

  	
   

  	
  87111

  	
   

  	
  Lease

  	
   

  
	
  P0000963

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  8700 Hwy 27 S

  	
   

  	
  Sebring

  	
   

  	
  FL

  	
   

  	
  33876

  	
   

  	
  Lease

  	
   

  
	
  P0000964

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  8326 Lemon Rd

  	
   

  	
  Port Richey

  	
   

  	
  FL

  	
   

  	
  34668

  	
   

  	
  Lease

  	
   

  
	
  P0000965

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  6854 Distribution Ave S

  	
   

  	
  Jacksonville

  	
   

  	
  FL

  	
   

  	
  32256

  	
   

  	
  Lease

  	
   

  
	
  P0000966

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  8091 Supply Drive

  	
   

  	
  Fort Myers

  	
   

  	
  FL

  	
   

  	
  33912

  	
   

  	
  Lease

  	
   

  
	
  P0000967

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  6231 Idlewild Street

  	
   

  	
  Fort Myers

  	
   

  	
  FL

  	
   

  	
  33912

  	
   

  	
  Lease

  	
   

  
	
  P0000968

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  4355 Drane Field Rd

  	
   

  	
  Lakeland

  	
   

  	
  FL

  	
   

  	
  33811

  	
   

  	
  Lease

  	
   

  
	
  P0000969

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  5311 Doolittle Rd

  	
   

  	
  Jacksonville

  	
   

  	
  FL

  	
   

  	
  32254

  	
   

  	
  Lease

  	
   

  
	
  P0000970

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  5409-100 Broadway Ave

  	
   

  	
  Jacksonville

  	
   

  	
  FL

  	
   

  	
  32254

  	
   

  	
  Lease

  	
   

  

 

II-A-6

 

	
  Property ID

  	
   

  	
  Obligor

  	
   

  	
  Concept

  	
   

  	
  Address 1

  	
   

  	
  City

  	
   

  	
  ST

  	
   

  	
  Zip Code

  	
   

  	
  Investment

  Type

  	
   

  
	
  P0000971

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  3509 N Loop 336 W

  	
   

  	
  Conroe

  	
   

  	
  TX

  	
   

  	
  77304

  	
   

  	
  Lease

  	
   

  
	
  P0000972

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  2007 NW 15th Ave

  	
   

  	
  Pompano Beach

  	
   

  	
  FL

  	
   

  	
  33069

  	
   

  	
  Lease

  	
   

  
	
  P0000973

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  1751 L Avenue

  	
   

  	
  Riviera Beach

  	
   

  	
  FL

  	
   

  	
  33401

  	
   

  	
  Lease

  	
   

  
	
  P0000673

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  5660 Beach Boulevard

  	
   

  	
  Jacksonville

  	
   

  	
  FL

  	
   

  	
  32207

  	
   

  	
  Lease

  	
   

  
	
  P0000675

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  2600 S Orange Ave

  	
   

  	
  Orlando

  	
   

  	
  FL

  	
   

  	
  32806

  	
   

  	
  Lease

  	
   

  
	
  P0000676

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  1305 Tuskawilla Rd

  	
   

  	
  Winter Springs

  	
   

  	
  FL

  	
   

  	
  32708

  	
   

  	
  Lease

  	
   

  
	
  P0000677

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  2649 Richmond Road

  	
   

  	
  Lexington

  	
   

  	
  KY

  	
   

  	
  40509

  	
   

  	
  Lease

  	
   

  
	
  P0000678

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  4170 Shelbyville Rd

  	
   

  	
  Louisville

  	
   

  	
  KY

  	
   

  	
  40207

  	
   

  	
  Lease

  	
   

  
	
  P0000679

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  16005 US Highway 441

  	
   

  	
  Eustis

  	
   

  	
  FL

  	
   

  	
  32726

  	
   

  	
  Lease

  	
   

  
	
  P0000680

  	
   

  	
  Mexican Restaurants

  	
   

  	
  Casa Ole

  	
   

  	
  5705 4th St

  	
   

  	
  Lubbock

  	
   

  	
  TX

  	
   

  	
  79416

  	
   

  	
  Lease

  	
   

  
	
  P0000681

  	
   

  	
  Mexican Restaurants

  	
   

  	
  Casa Ole

  	
   

  	
  1520 Southmore Ave

  	
   

  	
  Pasadena

  	
   

  	
  TX

  	
   

  	
  77502

  	
   

  	
  Lease

  	
   

  
	
  P0000682

  	
   

  	
  Mexican Restaurants

  	
   

  	
  Casa Ole

  	
   

  	
  2726 Spencer Hwy

  	
   

  	
  Pasadena

  	
   

  	
  TX

  	
   

  	
  77504

  	
   

  	
  Lease

  	
   

  
	
  P0000683

  	
   

  	
  Mexican Restaurants

  	
   

  	
  Casa Ole

  	
   

  	
  2730 East Highway 190

  	
   

  	
  Copperas Cove

  	
   

  	
  TX

  	
   

  	
  76522

  	
   

  	
  Lease

  	
   

  
	
  P0000685

  	
   

  	
  Mexican Restaurants

  	
   

  	
  Garibaldi’s

  	
   

  	
  525 Caldwell Blvd

  	
   

  	
  Nampa

  	
   

  	
  ID

  	
   

  	
  83651

  	
   

  	
  Lease

  	
   

  
	
  P0000687

  	
   

  	
  Mexican Restaurants

  	
   

  	
  Monterey’s Tex Mex

  	
   

  	
  410 S. Gordon St

  	
   

  	
  Alvin

  	
   

  	
  TX

  	
   

  	
  77511

  	
   

  	
  Lease

  	
   

  
	
  P0000688

  	
   

  	
  Mexican Restaurants

  	
   

  	
  Monterey’s Tex Mex

  	
   

  	
  12520 Greenspoint Dr

  	
   

  	
  Houston

  	
   

  	
  TX

  	
   

  	
  77060

  	
   

  	
  Lease

  	
   

  
	
  P0000689

  	
   

  	
  Mexican Restaurants

  	
   

  	
  Monterey’s Tex Mex

  	
   

  	
  3201 Freedom Blvd

  	
   

  	
  Bryan

  	
   

  	
  TX

  	
   

  	
  77802

  	
   

  	
  Lease

  	
   

  
	
  P0000691

  	
   

  	
  Mexican Restaurants

  	
   

  	
  Monterey’s Tex Mex

  	
   

  	
  5694 W Skelly Dr

  	
   

  	
  Tulsa

  	
   

  	
  OK

  	
   

  	
  74107

  	
   

  	
  Lease

  	
   

  
	
  P0000692

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  1228 South Broadway Street

  	
   

  	
  Lexington

  	
   

  	
  KY

  	
   

  	
  40504-2738

  	
   

  	
  Lease

  	
   

  
	
  P0000974

  	
   

  	
  Rite Aid Corporation

  	
   

  	
  Rite Aid

  	
   

  	
  5601 Chestnut Street

  	
   

  	
  Philadelphia

  	
   

  	
  PA

  	
   

  	
  19139

  	
   

  	
  Lease

  	
   

  
	
  P0000975

  	
   

  	
  Sportsman’s Warehouse

  	
   

  	
  Sportsman’s Warehouse

  	
   

  	
  1551 Lawrence Drive

  	
   

  	
  DePere

  	
   

  	
  WI

  	
   

  	
  54115

  	
   

  	
  Lease

  	
   

  
	
  P0000976

  	
   

  	
  Apollo College

  	
   

  	
  Apollo Colleges

  	
   

  	
  630 W. Southern Ave

  	
   

  	
  Mesa

  	
   

  	
  AZ

  	
   

  	
  85210

  	
   

  	
  Lease

  	
   

  
	
  P0000977

  	
   

  	
  Apollo College

  	
   

  	
  Apollo Colleges

  	
   

  	
  3550 N. Oracle Road

  	
   

  	
  Tucson

  	
   

  	
  AZ

  	
   

  	
  85704

  	
   

  	
  Lease

  	
   

  
	
  P0000978

  	
   

  	
  Apollo College

  	
   

  	
  Apollo Colleges

  	
   

  	
  2701 W. Bethany Home Road

  	
   

  	
  Phoenix

  	
   

  	
  AZ

  	
   

  	
  85017

  	
   

  	
  Lease

  	
   

  
	
  P0000979

  	
   

  	
  Apollo College

  	
   

  	
  Apollo Colleges

  	
   

  	
  8503 N. 27th Avenue

  	
   

  	
  Phoenix

  	
   

  	
  AZ

  	
   

  	
  85051

  	
   

  	
  Lease

  	
   

  
	
  P0000980

  	
   

  	
  Pilgrim’s Pride Corporation

  	
   

  	
  Pilgrim’s Pride Freezer Warehouse Facility

  	
   

  	
  3330 Woodrow Wilson Drive

  	
   

  	
  Jackson

  	
   

  	
  MS

  	
   

  	
  39209

  	
   

  	
  Lease

  	
   

  
	
  P0000706

  	
   

  	
  Stonebrook Properties LLC

  	
   

  	
  Golden Corral

  	
   

  	
  1300 South Morgan

  	
   

  	
  Granbury

  	
   

  	
  TX

  	
   

  	
  76048

  	
   

  	
  Lease

  	
   

  
	
  P0000707

  	
   

  	
  Corral of Michigan LLC

  	
   

  	
  Golden Corral

  	
   

  	
  37101 Warren Road

  	
   

  	
  Westland

  	
   

  	
  MI

  	
   

  	
  48185

  	
   

  	
  Lease

  	
   

  
	
  P0000708

  	
   

  	
  Pizza Properties, Ltd

  	
   

  	
  Peter Piper Pizza

  	
   

  	
  2210 West University Drive

  	
   

  	
  Edinburg

  	
   

  	
  TX

  	
   

  	
  78539

  	
   

  	
  Lease

  	
   

  
	
  P0000709

  	
   

  	
  Pizza Properties, Ltd

  	
   

  	
  Peter Piper Pizza

  	
   

  	
  402 South Bibb Ave

  	
   

  	
  Eagle Pass

  	
   

  	
  TX

  	
   

  	
  78852

  	
   

  	
  Lease

  	
   

  
	
  P0000710

  	
   

  	
  Pizza Properties, Ltd

  	
   

  	
  Peter Piper Pizza

  	
   

  	
  4526 East Hwy 83

  	
   

  	
  Rio Grande City

  	
   

  	
  TX

  	
   

  	
  78582

  	
   

  	
  Lease

  	
   

  
	
  P0000711

  	
   

  	
  Pizza Properties, Ltd

  	
   

  	
  Peter Piper Pizza

  	
   

  	
  3101 East Expressway 83

  	
   

  	
  Weslaco

  	
   

  	
  TX

  	
   

  	
  78596

  	
   

  	
  Lease

  	
   

  
	
  P0000730

  	
   

  	
  HOM Furniture, Inc.

  	
   

  	
  Hom Furniture

  	
   

  	
  4726 Mall Drive

  	
   

  	
  Hermantown

  	
   

  	
  MN

  	
   

  	
  55811

  	
   

  	
  Lease

  	
   

  
	
  P0000731

  	
   

  	
  HOM Furniture, Inc.

  	
   

  	
  Hom Furniture

  	
   

  	
  2921 Mall Drive

  	
   

  	
  Eau Claire

  	
   

  	
  WI

  	
   

  	
  54701

  	
   

  	
  Lease

  	
   

  
	
  P0000732

  	
   

  	
  Hastings Entertainment, Inc.

  	
   

  	
  Hastings

  	
   

  	
  200 Hwy 332 West

  	
   

  	
  Lake Jackson

  	
   

  	
  TX

  	
   

  	
  77566

  	
   

  	
  Lease

  	
   

  
	
  P0000737

  	
   

  	
  Pizza Properties, Ltd

  	
   

  	
  Peter Piper Pizza

  	
   

  	
  9450 Dyer Street

  	
   

  	
  El Paso

  	
   

  	
  TX

  	
   

  	
  79924

  	
   

  	
  Lease

  	
   

  

 

II-A-7

 

	
  Property ID

  	
   

  	
  Obligor

  	
   

  	
  Concept

  	
   

  	
  Address 1

  	
   

  	
  City

  	
   

  	
  ST

  	
   

  	
  Zip Code

  	
   

  	
  Investment

  Type

  	
   

  
	
  P0000738

  	
   

  	
  Rite Aid Corporation

  	
   

  	
  Rite Aid

  	
   

  	
  21500-21508 Harper Avenue

  	
   

  	
  St. Clair Shores

  	
   

  	
  MI

  	
   

  	
  48081

  	
   

  	
  Lease

  	
   

  
	
  P0000747

  	
   

  	
  Anvia, Inc.

  	
   

  	
  Ashley Home Center

  	
   

  	
  4597 Southwest Drive

  	
   

  	
  Abilene

  	
   

  	
  TX

  	
   

  	
  79605

  	
   

  	
  Lease

  	
   

  
	
  P0000748

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  545 Hwy 9 E

  	
   

  	
  Forest City

  	
   

  	
  IA

  	
   

  	
  50436

  	
   

  	
  Lease

  	
   

  
	
  P0000749

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  419 2nd Ave SE

  	
   

  	
  Cresco

  	
   

  	
  IA

  	
   

  	
  52136

  	
   

  	
  Lease

  	
   

  
	
  P0000750

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  260 Carson Ave

  	
   

  	
  Elk River

  	
   

  	
  MN

  	
   

  	
  55330

  	
   

  	
  Lease

  	
   

  
	
  P0000751

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  1325 Town Centre Dr

  	
   

  	
  Eagan

  	
   

  	
  MN

  	
   

  	
  55123

  	
   

  	
  Lease

  	
   

  
	
  P0000752

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  964 Hwy 15 S

  	
   

  	
  Hutchinson

  	
   

  	
  MN

  	
   

  	
  55350

  	
   

  	
  Lease

  	
   

  
	
  P0000753

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  5501 Grand Ave

  	
   

  	
  Duluth

  	
   

  	
  MN

  	
   

  	
  55808

  	
   

  	
  Lease

  	
   

  
	
  P0000754

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  3600 N Douglas

  	
   

  	
  Crystal

  	
   

  	
  MN

  	
   

  	
  55422

  	
   

  	
  Lease

  	
   

  
	
  P0000755

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  32 Sheridan St

  	
   

  	
  Ely

  	
   

  	
  MN

  	
   

  	
  55731

  	
   

  	
  Lease

  	
   

  
	
  P0000756

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  701 Highway 33 S

  	
   

  	
  Cloquet

  	
   

  	
  MN

  	
   

  	
  55720

  	
   

  	
  Lease

  	
   

  
	
  P0000757

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  1101 Hwy 25 N

  	
   

  	
  Buffalo

  	
   

  	
  MN

  	
   

  	
  55313

  	
   

  	
  Lease

  	
   

  
	
  P0000758

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  1918 London Rd

  	
   

  	
  Duluth

  	
   

  	
  MN

  	
   

  	
  55812

  	
   

  	
  Lease

  	
   

  
	
  P0000759

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  1725 E Main St

  	
   

  	
  Albert Lea

  	
   

  	
  MN

  	
   

  	
  56007

  	
   

  	
  Lease

  	
   

  
	
  P0000760

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  623 Hammond Ave

  	
   

  	
  Superior

  	
   

  	
  WI

  	
   

  	
  54880

  	
   

  	
  Lease

  	
   

  
	
  P0000761

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  3854 N Central Ave

  	
   

  	
  Columbia Heights

  	
   

  	
  MN

  	
   

  	
  55421

  	
   

  	
  Lease

  	
   

  
	
  P0000762

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  100 N Phillips

  	
   

  	
  Algona

  	
   

  	
  IA

  	
   

  	
  50511

  	
   

  	
  Lease

  	
   

  
	
  P0000763

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  1653 Weir Dr

  	
   

  	
  Woodbury

  	
   

  	
  MN

  	
   

  	
  55125

  	
   

  	
  Lease

  	
   

  
	
  P0000764

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  W Hwy 18

  	
   

  	
  Mason City

  	
   

  	
  IA

  	
   

  	
  50401

  	
   

  	
  Lease

  	
   

  
	
  P0000765

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  1211 7th Ave

  	
   

  	
  Two Harbors

  	
   

  	
  MN

  	
   

  	
  55616

  	
   

  	
  Lease

  	
   

  
	
  P0000766

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  257 Marschall Rd

  	
   

  	
  Shakopee

  	
   

  	
  MN

  	
   

  	
  55379

  	
   

  	
  Lease

  	
   

  
	
  P0000767

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  Hwy 18

  	
   

  	
  Clear Lake

  	
   

  	
  IA

  	
   

  	
  50428

  	
   

  	
  Lease

  	
   

  
	
  P0000768

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  1157 S Main

  	
   

  	
  Sauk Centre

  	
   

  	
  MN

  	
   

  	
  56378

  	
   

  	
  Lease

  	
   

  
	
  P0000769

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  15065 Canada Rd

  	
   

  	
  Rosemount

  	
   

  	
  MN

  	
   

  	
  55068

  	
   

  	
  Lease

  	
   

  
	
  P0000770

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  1504 13th Street S

  	
   

  	
  Virginia

  	
   

  	
  MN

  	
   

  	
  55792

  	
   

  	
  Lease

  	
   

  
	
  P0000771

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  7500 Bass Lake Rd

  	
   

  	
  New Hope

  	
   

  	
  MN

  	
   

  	
  55428

  	
   

  	
  Lease

  	
   

  
	
  P0000772

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  1300 W Broadway

  	
   

  	
  Minneapolis

  	
   

  	
  MN

  	
   

  	
  55411

  	
   

  	
  Lease

  	
   

  
	
  P0000773

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  319 N Benton

  	
   

  	
  Sauk Rapids

  	
   

  	
  MN

  	
   

  	
  56379

  	
   

  	
  Lease

  	
   

  
	
  P0000774

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  1685 White Bear Ave

  	
   

  	
  Maplewood

  	
   

  	
  MN

  	
   

  	
  55109

  	
   

  	
  Lease

  	
   

  
	
  P0000775

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  17305 Kenrick Ave

  	
   

  	
  Lakeville

  	
   

  	
  MN

  	
   

  	
  55044

  	
   

  	
  Lease

  	
   

  
	
  P0000776

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  2001 W Hwy 52

  	
   

  	
  Rochester

  	
   

  	
  MN

  	
   

  	
  55901

  	
   

  	
  Lease

  	
   

  
	
  P0000777

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  1101 37th St East

  	
   

  	
  Hibbing

  	
   

  	
  MN

  	
   

  	
  55746

  	
   

  	
  Lease

  	
   

  
	
  P0000778

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  806 S Pokegama

  	
   

  	
  Grand Rapids

  	
   

  	
  MN

  	
   

  	
  55744

  	
   

  	
  Lease

  	
   

  
	
  P0000779

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  1404 E College Dr

  	
   

  	
  Marshall

  	
   

  	
  MN

  	
   

  	
  56258

  	
   

  	
  Lease

  	
   

  
	
  P0000780

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  276 Park Ave W

  	
   

  	
  Mansfield

  	
   

  	
  OH

  	
   

  	
  44902

  	
   

  	
  Lease

  	
   

  
	
  P0000781

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  700 S Arlington

  	
   

  	
  Akron

  	
   

  	
  OH

  	
   

  	
  44306

  	
   

  	
  Lease

  	
   

  
	
  P0000782

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  1520 E Main

  	
   

  	
  Columbus

  	
   

  	
  OH

  	
   

  	
  43205

  	
   

  	
  Lease

  	
   

  
	
  P0000783

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  920 N Grand Ave

  	
   

  	
  St. Louis

  	
   

  	
  MO

  	
   

  	
  63106

  	
   

  	
  Lease

  	
   

  

 

II-A-8

 

	
  Property ID

  	
   

  	
  Obligor

  	
   

  	
  Concept

  	
   

  	
  Address 1

  	
   

  	
  City

  	
   

  	
  ST

  	
   

  	
  Zip Code

  	
   

  	
  Investment

  Type

  	
   

  
	
  P0000784

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  4375 Refugee Rd

  	
   

  	
  Columbus

  	
   

  	
  OH

  	
   

  	
  43232

  	
   

  	
  Lease

  	
   

  
	
  P0000785

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  1391 Wooster Ave

  	
   

  	
  Akron

  	
   

  	
  OH

  	
   

  	
  44320

  	
   

  	
  Lease

  	
   

  
	
  P0000786

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  3525 N Grand Blvd

  	
   

  	
  St. Louis

  	
   

  	
  MO

  	
   

  	
  63107

  	
   

  	
  Lease

  	
   

  
	
  P0000787

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  410 9th St NE

  	
   

  	
  Canton

  	
   

  	
  OH

  	
   

  	
  44704

  	
   

  	
  Lease

  	
   

  
	
  P0000788

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  805 N Kings Hwy

  	
   

  	
  St. Louis

  	
   

  	
  MO

  	
   

  	
  63108

  	
   

  	
  Lease

  	
   

  
	
  P0000789

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  7260 Manchester Rd

  	
   

  	
  Maplewood

  	
   

  	
  MO

  	
   

  	
  63143

  	
   

  	
  Lease

  	
   

  
	
  P0000790

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  1211 S. Main

  	
   

  	
  Akron

  	
   

  	
  OH

  	
   

  	
  44301

  	
   

  	
  Lease

  	
   

  
	
  P0000791

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  1753 Woodson Rd

  	
   

  	
  Overland

  	
   

  	
  MO

  	
   

  	
  63114

  	
   

  	
  Lease

  	
   

  
	
  P0000792

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  4414 N Saginaw

  	
   

  	
  Flint

  	
   

  	
  MI

  	
   

  	
  48505

  	
   

  	
  Lease

  	
   

  
	
  P0000793

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  4401 Marshall Rd

  	
   

  	
  St. Louis

  	
   

  	
  MO

  	
   

  	
  63134

  	
   

  	
  Lease

  	
   

  
	
  P0000794

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  10646 New Halls Ferry

  	
   

  	
  Ferguson

  	
   

  	
  MO

  	
   

  	
  63135

  	
   

  	
  Lease

  	
   

  
	
  P0000795

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  16100 Livernois

  	
   

  	
  Detroit

  	
   

  	
  MI

  	
   

  	
  48221

  	
   

  	
  Lease

  	
   

  
	
  P0000796

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  7215 Natural Bridge Rd

  	
   

  	
  Normandy

  	
   

  	
  MO

  	
   

  	
  63121

  	
   

  	
  Lease

  	
   

  
	
  P0000797

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  9137 W Grand River

  	
   

  	
  Detroit

  	
   

  	
  MI

  	
   

  	
  48204

  	
   

  	
  Lease

  	
   

  
	
  P0000798

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  13611 West 8 Mile Rd

  	
   

  	
  Detroit

  	
   

  	
  MI

  	
   

  	
  48235

  	
   

  	
  Lease

  	
   

  
	
  P0000799

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  24990 Dequindre

  	
   

  	
  Warren

  	
   

  	
  MI

  	
   

  	
  48091

  	
   

  	
  Lease

  	
   

  
	
  P0000800

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  15525 Chicago Ave

  	
   

  	
  Detroit

  	
   

  	
  MI

  	
   

  	
  48228

  	
   

  	
  Lease

  	
   

  
	
  P0000801

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  11501 Woodward Ave

  	
   

  	
  Detroit

  	
   

  	
  MI

  	
   

  	
  48202

  	
   

  	
  Lease

  	
   

  
	
  P0000802

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  2928 E 7 Mile Rd

  	
   

  	
  Detroit

  	
   

  	
  MI

  	
   

  	
  48234

  	
   

  	
  Lease

  	
   

  
	
  P0000803

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  13531 Fenkell Ave

  	
   

  	
  Detroit

  	
   

  	
  MI

  	
   

  	
  48227

  	
   

  	
  Lease

  	
   

  
	
  P0000804

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  4850 West 16th St

  	
   

  	
  Indianapolis

  	
   

  	
  IN

  	
   

  	
  46224

  	
   

  	
  Lease

  	
   

  
	
  P0000805

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  14260 Gratiot Ave

  	
   

  	
  Detroit

  	
   

  	
  MI

  	
   

  	
  48205

  	
   

  	
  Lease

  	
   

  
	
  P0000806

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  5443 East 21st St

  	
   

  	
  Indianapolis

  	
   

  	
  IN

  	
   

  	
  46218

  	
   

  	
  Lease

  	
   

  
	
  P0000807

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  3860 N College Ave

  	
   

  	
  Indianapolis

  	
   

  	
  IN

  	
   

  	
  46205

  	
   

  	
  Lease

  	
   

  
	
  P0000808

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  11965 E Warren Ave

  	
   

  	
  Detroit

  	
   

  	
  MI

  	
   

  	
  48214

  	
   

  	
  Lease

  	
   

  
	
  P0000809

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  3970 Lafayette Rd

  	
   

  	
  Indianapolis

  	
   

  	
  IN

  	
   

  	
  46254

  	
   

  	
  Lease

  	
   

  
	
  P0000810

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  5520 Caseyville Ave

  	
   

  	
  Washington Park

  	
   

  	
  IL

  	
   

  	
  62204

  	
   

  	
  Lease

  	
   

  
	
  P0000811

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  5040 E 38th St

  	
   

  	
  Indianapolis

  	
   

  	
  IN

  	
   

  	
  46218

  	
   

  	
  Lease

  	
   

  
	
  P0000812

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  4590 W 5th Ave

  	
   

  	
  Gary

  	
   

  	
  IN

  	
   

  	
  46406

  	
   

  	
  Lease

  	
   

  
	
  P0000813

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  333 E 159th St

  	
   

  	
  Harvey

  	
   

  	
  IL

  	
   

  	
  60426

  	
   

  	
  Lease

  	
   

  
	
  P0000814

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  3863 N Post Rd

  	
   

  	
  Indianapolis

  	
   

  	
  IN

  	
   

  	
  46226

  	
   

  	
  Lease

  	
   

  
	
  P0000815

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  500 S Western Avenue

  	
   

  	
  Peoria

  	
   

  	
  IL

  	
   

  	
  61605

  	
   

  	
  Lease

  	
   

  
	
  P0000816

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  5400-08 W. Cermak Rd

  	
   

  	
  Cicero

  	
   

  	
  IL

  	
   

  	
  60650

  	
   

  	
  Lease

  	
   

  
	
  P0000817

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  3701 Grant St

  	
   

  	
  Gary

  	
   

  	
  IN

  	
   

  	
  46408

  	
   

  	
  Lease

  	
   

  
	
  P0000818

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  1409 South Broadway

  	
   

  	
  Gary

  	
   

  	
  IN

  	
   

  	
  46407

  	
   

  	
  Lease

  	
   

  
	
  P0000819

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  4812 W North Ave

  	
   

  	
  Chicago

  	
   

  	
  IL

  	
   

  	
  60639

  	
   

  	
  Lease

  	
   

  
	
  P0000820

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  345 Collins St

  	
   

  	
  Joliet

  	
   

  	
  IL

  	
   

  	
  60432

  	
   

  	
  Lease

  	
   

  
	
  P0000821

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  7102 S Stony Island Ave

  	
   

  	
  Chicago

  	
   

  	
  IL

  	
   

  	
  60649

  	
   

  	
  Lease

  	
   

  

 

II-A-9

 

	
  Property ID

  	
   

  	
  Obligor

  	
   

  	
  Concept

  	
   

  	
  Address 1

  	
   

  	
  City

  	
   

  	
  ST

  	
   

  	
  Zip Code

  	
   

  	
  Investment

  Type

  	
   

  
	
  P0000822

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  200 E 103rd St

  	
   

  	
  Chicago

  	
   

  	
  IL

  	
   

  	
  60628

  	
   

  	
  Lease

  	
   

  
	
  P0000823

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  2601 State St

  	
   

  	
  East St. Louis

  	
   

  	
  IL

  	
   

  	
  62201

  	
   

  	
  Lease

  	
   

  
	
  P0000824

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  431 N Austin Blvd

  	
   

  	
  Chicago

  	
   

  	
  IL

  	
   

  	
  60644

  	
   

  	
  Lease

  	
   

  
	
  P0000825

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  101 E 35th St

  	
   

  	
  Chicago

  	
   

  	
  IL

  	
   

  	
  60616

  	
   

  	
  Lease

  	
   

  
	
  P0000826

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  6600 S Halsted St

  	
   

  	
  Chicago

  	
   

  	
  IL

  	
   

  	
  60621

  	
   

  	
  Lease

  	
   

  
	
  P0000827

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  1808 W 47th St

  	
   

  	
  Chicago

  	
   

  	
  IL

  	
   

  	
  60609

  	
   

  	
  Lease

  	
   

  
	
  P0000828

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  1855 S Blue Island Ave

  	
   

  	
  Chicago

  	
   

  	
  IL

  	
   

  	
  60608

  	
   

  	
  Lease

  	
   

  
	
  P0000829

  	
   

  	
  Falcon Holdings, LLC

  	
   

  	
  Church’s

  	
   

  	
  2806 W Cermak Ave

  	
   

  	
  Chicago

  	
   

  	
  IL

  	
   

  	
  60623

  	
   

  	
  Lease

  	
   

  
	
  P0000844

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  914 Chris Drive

  	
   

  	
  West Columbia

  	
   

  	
  SC

  	
   

  	
  29169

  	
   

  	
  Lease

  	
   

  
	
  P0000845

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  990 Pedigo Way

  	
   

  	
  Bowling Green

  	
   

  	
  KY

  	
   

  	
  42103

  	
   

  	
  Lease

  	
   

  
	
  P0000846

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  103 Industrial Drive

  	
   

  	
  Hattiesburg

  	
   

  	
  MS

  	
   

  	
  39401

  	
   

  	
  Lease

  	
   

  
	
  P0000847

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  10645 Auto Mall Pkwy

  	
   

  	
  D’lberville

  	
   

  	
  MS

  	
   

  	
  39540

  	
   

  	
  Lease

  	
   

  
	
  P0000848

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  850 E Pine Log Rd

  	
   

  	
  Aiken

  	
   

  	
  SC

  	
   

  	
  29803

  	
   

  	
  Lease

  	
   

  
	
  P0000849

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  856 Henri DeTonti Blvd

  	
   

  	
  Tontitown

  	
   

  	
  AR

  	
   

  	
  72770

  	
   

  	
  Lease

  	
   

  
	
  P0000850

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  7281 East 30th Street

  	
   

  	
  Indianapolis

  	
   

  	
  IN

  	
   

  	
  46219

  	
   

  	
  Lease

  	
   

  
	
  P0000851

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  5905 Old Rutledge Pike

  	
   

  	
  Knoxville

  	
   

  	
  TN

  	
   

  	
  37924

  	
   

  	
  Lease

  	
   

  
	
  P0000852

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  6501 Amsterdam Way

  	
   

  	
  Wilmington

  	
   

  	
  NC

  	
   

  	
  28405

  	
   

  	
  Lease

  	
   

  
	
  P0000853

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  341 Gees Mill Bus Pkwy

  	
   

  	
  Conyers

  	
   

  	
  GA

  	
   

  	
  30013

  	
   

  	
  Lease

  	
   

  
	
  P0000854

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  4339 White Lick Dr

  	
   

  	
  Whitestown

  	
   

  	
  IN

  	
   

  	
  46075

  	
   

  	
  Lease

  	
   

  
	
  P0000855

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  238 Hurricane Shoals Rd

  	
   

  	
  Lawrenceville

  	
   

  	
  GA

  	
   

  	
  30045

  	
   

  	
  Lease

  	
   

  
	
  P0000856

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  2820 Mary Linda Ave NE

  	
   

  	
  Roanoke

  	
   

  	
  VA

  	
   

  	
  24012

  	
   

  	
  Lease

  	
   

  
	
  P0000857

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  315 9th Street SE

  	
   

  	
  Hickory

  	
   

  	
  NC

  	
   

  	
  28602

  	
   

  	
  Lease

  	
   

  
	
  P0000858

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  2208 S 14th Street

  	
   

  	
  Mattoon

  	
   

  	
  IL

  	
   

  	
  61938

  	
   

  	
  Lease

  	
   

  
	
  P0000859

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  229 N St. Augustine Rd

  	
   

  	
  Valdosta

  	
   

  	
  GA

  	
   

  	
  31601

  	
   

  	
  Lease

  	
   

  
	
  P0000860

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  1840 Shelton Ave

  	
   

  	
  Stateville

  	
   

  	
  NC

  	
   

  	
  28677

  	
   

  	
  Lease

  	
   

  
	
  P0000861

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  1930 31st Street

  	
   

  	
  Gulfport

  	
   

  	
  MS

  	
   

  	
  39501

  	
   

  	
  Lease

  	
   

  
	
  P0000862

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  1234 S Pleasantburg Dr

  	
   

  	
  Greenville

  	
   

  	
  SC

  	
   

  	
  29605

  	
   

  	
  Lease

  	
   

  
	
  P0000863

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  1430 N Chase St

  	
   

  	
  Athens

  	
   

  	
  GA

  	
   

  	
  30601

  	
   

  	
  Lease

  	
   

  
	
  P0000864

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  1705 River Street

  	
   

  	
  Valdosta

  	
   

  	
  GA

  	
   

  	
  31601

  	
   

  	
  Lease

  	
   

  
	
  P0000865

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  1118 Interstate Blvd

  	
   

  	
  Florence

  	
   

  	
  SC

  	
   

  	
  29501

  	
   

  	
  Lease

  	
   

  
	
  P0000866

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  117 Industrial Circle

  	
   

  	
  Martinsburg

  	
   

  	
  WV

  	
   

  	
  25401

  	
   

  	
  Lease

  	
   

  
	
  P0000867

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  1215 N Bradley Rd

  	
   

  	
  Spokane

  	
   

  	
  WA

  	
   

  	
  99212

  	
   

  	
  Lease

  	
   

  
	
  P0000868

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  1065 Sunset Blvd

  	
   

  	
  West Columbia

  	
   

  	
  SC

  	
   

  	
  29169

  	
   

  	
  Lease

  	
   

  
	
  P0000869

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  1069 Canton Rd

  	
   

  	
  Marietta

  	
   

  	
  GA

  	
   

  	
  30066

  	
   

  	
  Lease

  	
   

  
	
  P0000870

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  1070 S Highland Ave

  	
   

  	
  Jackson

  	
   

  	
  TN

  	
   

  	
  38301

  	
   

  	
  Lease

  	
   

  
	
  P0000871

  	
   

  	
  Hughes Supply, Inc.

  	
   

  	
  Hughes Supply

  	
   

  	
  100 Tandem Dr

  	
   

  	
  Greer

  	
   

  	
  SC

  	
   

  	
  29650

  	
   

  	
  Lease

  	
   

  

 

II-A-10

 

	
  Property ID

  	
   

  	
  Obligor

  	
   

  	
  Concept

  	
   

  	
  Address 1

  	
   

  	
  City

  	
   

  	
  ST

  	
   

  	
  Zip Code

  	
   

  	
  Investment

  Type

  	
   

  
	
  Pool II

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  P0000335

  	
   

  	
  ARG Enterprises

  	
   

  	
  Black Angus

  	
   

  	
  7606 W Bell Rd

  	
   

  	
  Glendale

  	
   

  	
  AZ

  	
   

  	
  85308-8619

  	
   

  	
  Lease

  	
   

  
	
  P0000413

  	
   

  	
  QK, Inc.

  	
   

  	
  Denny’s

  	
   

  	
  425 NE Hassalo St

  	
   

  	
  Portland

  	
   

  	
  OR

  	
   

  	
  97232-2056

  	
   

  	
  Lease

  	
   

  
	
  P0000422

  	
   

  	
  Checker’s Drive-In Restaurants

  	
   

  	
  Rally’s

  	
   

  	
  2502 S Preston St # 3

  	
   

  	
  Louisville

  	
   

  	
  KY

  	
   

  	
  40217-2431

  	
   

  	
  Lease

  	
   

  
	
  P0000458

  	
   

  	
  Interfoods of America, Inc.

  	
   

  	
  Popeye’s

  	
   

  	
  10706 Florida Blvd

  	
   

  	
  Baton Rouge

  	
   

  	
  LA

  	
   

  	
  70815-1742

  	
   

  	
  Lease

  	
   

  
	
  P0000480

  	
   

  	
  Mosaica Education

  	
   

  	
  Mosaica

  	
   

  	
  2255 Kimberly Parkway East

  	
   

  	
  Columbus

  	
   

  	
  OH

  	
   

  	
  43232

  	
   

  	
  Lease

  	
   

  
	
  P0000586

  	
   

  	
  Mosaica Education

  	
   

  	
  Mosaica

  	
   

  	
  3333 Chipewa Drive

  	
   

  	
  Columbus

  	
   

  	
  OH

  	
   

  	
  43214

  	
   

  	
  Lease

  	
   

  
	
  P0000587

  	
   

  	
  Mosaica Education

  	
   

  	
  Mosaica

  	
   

  	
  555 S Fifth Avenue

  	
   

  	
  Alpena

  	
   

  	
  MI

  	
   

  	
  49707

  	
   

  	
  Lease

  	
   

  
	
  P0000842

  	
   

  	
  DL Industries, LP

  	
   

  	
  Dan-Loc Bolt & Gasket

  	
   

  	
  725 North Drennan

  	
   

  	
  Houston

  	
   

  	
  TX

  	
   

  	
  77003

  	
   

  	
  Lease

  	
   

  
	
  P0000843

  	
   

  	
  Huntsville Wholesale Furniture

  	
   

  	
  Ashley Furniture

  	
   

  	
  3020 South Memorial Parkway

  	
   

  	
  Huntsville

  	
   

  	
  AL

  	
   

  	
  35801

  	
   

  	
  Lease

  	
   

  
	
  P0000880

  	
   

  	
  Hal Smith Restaurant Group

  	
   

  	
  Krispy Kreme

  	
   

  	
  1502 SE Walton Blvd

  	
   

  	
  Bentonville

  	
   

  	
  AR

  	
   

  	
  72712

  	
   

  	
  Lease

  	
   

  
	
  P0000881

  	
   

  	
  Hal Smith Restaurant Group

  	
   

  	
  Krispy Kreme

  	
   

  	
  1315 Shackleford Rd

  	
   

  	
  Little Rock

  	
   

  	
  AR

  	
   

  	
  72211

  	
   

  	
  Lease

  	
   

  
	
  P0000882

  	
   

  	
  Hal Smith Restaurant Group

  	
   

  	
  Krispy Kreme

  	
   

  	
  4301 South Loop 289

  	
   

  	
  Lubbock

  	
   

  	
  TX

  	
   

  	
  79423

  	
   

  	
  Lease

  	
   

  
	
  P0000883

  	
   

  	
  Hill Country Furniture Partners, Ltd.

  	
   

  	
  Ashley Furniture

  	
   

  	
  12493 West IH-10

  	
   

  	
  San Antonio

  	
   

  	
  TX

  	
   

  	
  78230

  	
   

  	
  Lease

  	
   

  
	
  P0001048

  	
   

  	
  Eateries Inc.

  	
   

  	
  Eateries, Inc

  	
   

  	
  1220 S. Santa Fe

  	
   

  	
  Edmond

  	
   

  	
  OK

  	
   

  	
  73003

  	
   

  	
  Lease

  	
   

  
	
  P0001049

  	
   

  	
  Eateries Inc.

  	
   

  	
  Garfield’s

  	
   

  	
  4845 N. Kickapoo

  	
   

  	
  Shawnee

  	
   

  	
  OK

  	
   

  	
  74801

  	
   

  	
  Lease

  	
   

  
	
  P0001052

  	
   

  	
  Pine Creek Medical Center

  	
   

  	
  Pine Creek Medical Center

  	
   

  	
  9032 Harry Hines Blvd

  	
   

  	
  Dallas

  	
   

  	
  TX

  	
   

  	
  75235

  	
   

  	
  Lease

  	
   

  
	
  P0001053

  	
   

  	
  D-Sea, Inc.

  	
   

  	
  Long John Silvers

  	
   

  	
  1215 Main Street

  	
   

  	
  Crossville

  	
   

  	
  TN

  	
   

  	
  38555

  	
   

  	
  Lease

  	
   

  
	
  P0001054

  	
   

  	
  D-Sea, Inc.

  	
   

  	
  Long John Silvers

  	
   

  	
  2550 East Morris Blvd

  	
   

  	
  Morristown

  	
   

  	
  TN

  	
   

  	
  37814

  	
   

  	
  Lease

  	
   

  
	
  P0001055

  	
   

  	
  D-Sea, Inc.

  	
   

  	
  Long John Silvers

  	
   

  	
  325 South Calderwood Ave

  	
   

  	
  Alcoa

  	
   

  	
  TN

  	
   

  	
  37701

  	
   

  	
  Lease

  	
   

  
	
  P0001056

  	
   

  	
  D-Sea, Inc.

  	
   

  	
  Long John Silvers

  	
   

  	
  1282 Oak Ridge Turnpike

  	
   

  	
  Oak Ridge

  	
   

  	
  TN

  	
   

  	
  37830

  	
   

  	
  Lease

  	
   

  
	
  P0001057

  	
   

  	
  D-Sea, Inc.

  	
   

  	
  Long John Silvers

  	
   

  	
  4416 Western Avenue

  	
   

  	
  Knoxville

  	
   

  	
  TN

  	
   

  	
  37921

  	
   

  	
  Lease

  	
   

  
	
  P0001058

  	
   

  	
  D-Sea, Inc.

  	
   

  	
  Long John Silvers

  	
   

  	
  1612 South Roane Street

  	
   

  	
  Harriman

  	
   

  	
  TN

  	
   

  	
  37748

  	
   

  	
  Lease

  	
   

  
	
  P0001059

  	
   

  	
  D-Sea, Inc.

  	
   

  	
  Long John Silvers

  	
   

  	
  2816 Magnolia Ave

  	
   

  	
  Knoxville

  	
   

  	
  TN

  	
   

  	
  37914

  	
   

  	
  Lease

  	
   

  
	
  P0001060

  	
   

  	
  D-Sea, Inc.

  	
   

  	
  Long John Silvers

  	
   

  	
  2005 W. Andrew Johnson Hwy

  	
   

  	
  Morristown

  	
   

  	
  TN

  	
   

  	
  37814

  	
   

  	
  Lease

  	
   

  
	
  P0001061

  	
   

  	
  D-Sea, Inc.

  	
   

  	
  Long John Silvers

  	
   

  	
  1595 E Andrew Johnson Hwy

  	
   

  	
  Greenville

  	
   

  	
  TN

  	
   

  	
  37743

  	
   

  	
  Lease

  	
   

  
	
  P0001062

  	
   

  	
  D-Sea, Inc.

  	
   

  	
  Long John Silvers

  	
   

  	
  5227 Clinton Highway

  	
   

  	
  Knoxville

  	
   

  	
  TN

  	
   

  	
  37912

  	
   

  	
  Lease

  	
   

  
	
  P0001063

  	
   

  	
  D-Sea, Inc.

  	
   

  	
  Long John Silvers

  	
   

  	
  4833 North Broadway

  	
   

  	
  Knoxville

  	
   

  	
  TN

  	
   

  	
  37918

  	
   

  	
  Lease

  	
   

  
	
  P0001064

  	
   

  	
  D-Sea, Inc.

  	
   

  	
  Long John Silvers

  	
   

  	
  540 Highway 321 North

  	
   

  	
  Lenoir City

  	
   

  	
  TN

  	
   

  	
  37771

  	
   

  	
  Lease

  	
   

  
	
  P0001065

  	
   

  	
  Excel Motorsports

  	
   

  	
  Excel Motorsports

  	
   

  	
  8800 W. Colfax Ave.

  	
   

  	
  Lakewood

  	
   

  	
  CO

  	
   

  	
  80215

  	
   

  	
  Lease

  	
   

  
	
  P0001066

  	
   

  	
  Excel Motorsports

  	
   

  	
  Excel Motorsports

  	
   

  	
  6950 E. Colfax Ave.

  	
   

  	
  Denver

  	
   

  	
  CO

  	
   

  	
  80220

  	
   

  	
  Lease

  	
   

  
	
  P0001068

  	
   

  	
  Stephen A. Hall Enterprises, LLC

  	
   

  	
  Mitsubishi

  	
   

  	
  677 East Interstate 20

  	
   

  	
  Arlington

  	
   

  	
  TX

  	
   

  	
  76018

  	
   

  	
  Lease

  	
   

  

 

II-A-11

 

	
  Property ID

  	
   

  	
  Obligor

  	
   

  	
  Concept

  	
   

  	
  Address 1

  	
   

  	
  City

  	
   

  	
  ST

  	
   

  	
  Zip Code

  	
   

  	
  Investment

  Type

  	
   

  
	
  P0001070

  	
   

  	
  Restaurant Resources

  	
   

  	
  Pizza Hut

  	
   

  	
  3125 Agency Street

  	
   

  	
  Burlington

  	
   

  	
  IA

  	
   

  	
  52601-1908

  	
   

  	
  Lease

  	
   

  
	
  P0001071

  	
   

  	
  Restaurant Resources

  	
   

  	
  Pizza Hut

  	
   

  	
  2075 John F. Kennedy Road

  	
   

  	
  Dubuque

  	
   

  	
  IA

  	
   

  	
  52002-3815

  	
   

  	
  Lease

  	
   

  
	
  P0001072

  	
   

  	
  Restaurant Resources

  	
   

  	
  Pizza Hut

  	
   

  	
  49 Cedar Street

  	
   

  	
  Tipton

  	
   

  	
  IA

  	
   

  	
  52772-1752

  	
   

  	
  Lease

  	
   

  
	
  P0001073

  	
   

  	
  Restaurant Resources

  	
   

  	
  Pizza Hut

  	
   

  	
  1310 N. Roosevelt Ave

  	
   

  	
  Burlington

  	
   

  	
  IA

  	
   

  	
  52601-2047

  	
   

  	
  Lease

  	
   

  
	
  P0001074

  	
   

  	
  Restaurant Resources

  	
   

  	
  Pizza Hut

  	
   

  	
  1845 8th Street SE

  	
   

  	
  Dyersville

  	
   

  	
  IA

  	
   

  	
  52040-2156

  	
   

  	
  Lease

  	
   

  
	
  P0001075

  	
   

  	
  Restaurant Resources

  	
   

  	
  Pizza Hut

  	
   

  	
  1640 First Street West

  	
   

  	
  Independence

  	
   

  	
  IA

  	
   

  	
  50644-2322

  	
   

  	
  Lease

  	
   

  
	
  P0001076

  	
   

  	
  Restaurant Resources

  	
   

  	
  Pizza Hut

  	
   

  	
  1129 E. Main Street

  	
   

  	
  Manchester

  	
   

  	
  IA

  	
   

  	
  52057-1829

  	
   

  	
  Lease

  	
   

  
	
  P0001077

  	
   

  	
  Restaurant Resources

  	
   

  	
  Pizza Hut

  	
   

  	
  709 First Ave

  	
   

  	
  Rock Falls

  	
   

  	
  IL

  	
   

  	
  61071-1765

  	
   

  	
  Lease

  	
   

  
	
  P0001078

  	
   

  	
  Restaurant Resources

  	
   

  	
  Pizza Hut

  	
   

  	
  1616 N. Second Street

  	
   

  	
  Clinton

  	
   

  	
  IA

  	
   

  	
  52732-2861

  	
   

  	
  Lease

  	
   

  
	
  P0001079

  	
   

  	
  Restaurant Resources

  	
   

  	
  Pizza Hut

  	
   

  	
  1320 11th Street

  	
   

  	
  De Witt

  	
   

  	
  IA

  	
   

  	
  52742-1224

  	
   

  	
  Lease

  	
   

  
	
  P0001080

  	
   

  	
  Restaurant Resources

  	
   

  	
  Pizza Hut

  	
   

  	
  701 N. Main Street

  	
   

  	
  Savanna

  	
   

  	
  IL

  	
   

  	
  61074-1318

  	
   

  	
  Lease

  	
   

  
	
  P0001084

  	
   

  	
  Heartland Food Corp.

  	
   

  	
  Burger King

  	
   

  	
  10550 S Avenue B

  	
   

  	
  Chicago

  	
   

  	
  IL

  	
   

  	
  60617

  	
   

  	
  Lease

  	
   

  
	
  P0001085

  	
   

  	
  Heartland Food Corp.

  	
   

  	
  Burger King

  	
   

  	
  1750 N Harlem Ave

  	
   

  	
  Elmwood Park

  	
   

  	
  IL

  	
   

  	
  60707

  	
   

  	
  Lease

  	
   

  
	
  P0001086

  	
   

  	
  St. Ann Enterprises

  	
   

  	
  Burger King

  	
   

  	
  10458 Saint Charles Rock Rd

  	
   

  	
  Saint Ann

  	
   

  	
  MO

  	
   

  	
  63074

  	
   

  	
  Lease

  	
   

  
	
  P0001087

  	
   

  	
  Heartland Food Corp.

  	
   

  	
  Burger King

  	
   

  	
  725 US Highway 24 W

  	
   

  	
  Gilman

  	
   

  	
  IL

  	
   

  	
  60938

  	
   

  	
  Lease

  	
   

  
	
  P0001088

  	
   

  	
  Heartland Food Corp.

  	
   

  	
  Burger King

  	
   

  	
  2651 S Veterans Pkwy

  	
   

  	
  Springfield

  	
   

  	
  IL

  	
   

  	
  62704

  	
   

  	
  Lease

  	
   

  
	
  P0001089

  	
   

  	
  Heartland Food Corp.

  	
   

  	
  Burger King

  	
   

  	
  1308 N Keller Dr

  	
   

  	
  Effingham

  	
   

  	
  IL

  	
   

  	
  62401

  	
   

  	
  Lease

  	
   

  
	
  P0001090

  	
   

  	
  Heartland Food Corp.

  	
   

  	
  Burger King

  	
   

  	
  4241 N Prospect St

  	
   

  	
  Decatur

  	
   

  	
  IL

  	
   

  	
  62526

  	
   

  	
  Lease

  	
   

  
	
  P0001091

  	
   

  	
  Heartland Food Corp.

  	
   

  	
  Burger King

  	
   

  	
  2901 S Grand Ave E

  	
   

  	
  Springfield

  	
   

  	
  IL

  	
   

  	
  62703

  	
   

  	
  Lease

  	
   

  
	
  P0001092

  	
   

  	
  Heartland Food Corp.

  	
   

  	
  Burger King

  	
   

  	
  1144 W Boughton Rd

  	
   

  	
  Bolingbrook

  	
   

  	
  IL

  	
   

  	
  60440

  	
   

  	
  Lease

  	
   

  
	
  P0001094

  	
   

  	
  Heartland Food Corp.

  	
   

  	
  Burger King

  	
   

  	
  1290 Normantown Rd

  	
   

  	
  Romeoville

  	
   

  	
  IL

  	
   

  	
  60446

  	
   

  	
  Lease

  	
   

  
	
  P0001095

  	
   

  	
  Heartland Food Corp.

  	
   

  	
  Burger King

  	
   

  	
  1503 Woodlawn Rd

  	
   

  	
  Lincoln

  	
   

  	
  IL

  	
   

  	
  62656

  	
   

  	
  Lease

  	
   

  
	
  P0001097

  	
   

  	
  NPC International, Inc.

  	
   

  	
  Pizza Hut

  	
   

  	
  1602 N. 8th Street

  	
   

  	
  Vandalia

  	
   

  	
  IL

  	
   

  	
  62471

  	
   

  	
  Lease

  	
   

  
	
  P0001098

  	
   

  	
  NPC International, Inc.

  	
   

  	
  Pizza Hut

  	
   

  	
  105 W. Lincoln Ave

  	
   

  	
  Charleston

  	
   

  	
  IL

  	
   

  	
  61920

  	
   

  	
  Lease

  	
   

  
	
  P0001099

  	
   

  	
  NPC International, Inc.

  	
   

  	
  Pizza Hut

  	
   

  	
  205 N. Keller Dr

  	
   

  	
  Effingham

  	
   

  	
  IL

  	
   

  	
  62401

  	
   

  	
  Lease

  	
   

  
	
  P0001100

  	
   

  	
  NPC International, Inc.

  	
   

  	
  Pizza Hut

  	
   

  	
  1204 German Street

  	
   

  	
  Maquoketa

  	
   

  	
  IA

  	
   

  	
  52060

  	
   

  	
  Lease

  	
   

  
	
  P0001101

  	
   

  	
  NPC International, Inc.

  	
   

  	
  Pizza Hut

  	
   

  	
  1215 W. Main Street

  	
   

  	
  Shelbyville

  	
   

  	
  IL

  	
   

  	
  62565

  	
   

  	
  Lease

  	
   

  
	
  P0001102

  	
   

  	
  NPC International, Inc.

  	
   

  	
  Pizza Hut

  	
   

  	
  303 W. Springfield Road

  	
   

  	
  Taylorville

  	
   

  	
  IL

  	
   

  	
  62568

  	
   

  	
  Lease

  	
   

  
	
  P0001103

  	
   

  	
  NPC International, Inc.

  	
   

  	
  Pizza Hut

  	
   

  	
  1600 West Euclid Ave

  	
   

  	
  Des Moines

  	
   

  	
  IA

  	
   

  	
  50313

  	
   

  	
  Lease

  	
   

  
	
  P0001104

  	
   

  	
  NPC International, Inc.

  	
   

  	
  Pizza Hut

  	
   

  	
  1002 Short Street

  	
   

  	
  Decorah

  	
   

  	
  IA

  	
   

  	
  52101

  	
   

  	
  Lease

  	
   

  
	
  P0001105

  	
   

  	
  NPC International, Inc.

  	
   

  	
  Pizza Hut

  	
   

  	
  303 N. K Ave

  	
   

  	
  Vinton

  	
   

  	
  IA

  	
   

  	
  52349

  	
   

  	
  Lease

  	
   

  
	
  P0001106

  	
   

  	
  Mid-Ohio Restaurant Mgmt., Inc.

  	
   

  	
  Wendy’s

  	
   

  	
  4965 East Pike

  	
   

  	
  Zanesville

  	
   

  	
  OH

  	
   

  	
  43701

  	
   

  	
  Lease

  	
   

  
	
  P0001107

  	
   

  	
  Golden Partners

  	
   

  	
  Golden Corral

  	
   

  	
  1801 S. Waldron

  	
   

  	
  Fort Smith

  	
   

  	
  AR

  	
   

  	
  72903

  	
   

  	
  Lease

  	
   

  
	
  P0001108

  	
   

  	
  Golden Partners

  	
   

  	
  Golden Corral

  	
   

  	
  3551 Shepherd of the Hills Expressway

  	
   

  	
  Branson

  	
   

  	
  MO

  	
   

  	
  65616

  	
   

  	
  Lease

  	
   

  
	
  P0001109

  	
   

  	
  Golden Partners

  	
   

  	
  Golden Corral

  	
   

  	
  2020 E. Primrose

  	
   

  	
  Springfield

  	
   

  	
  MO

  	
   

  	
  65804

  	
   

  	
  Lease

  	
   

  
	
  P0001111

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  1518 S. Washington Street

  	
   

  	
  Crawfordsville

  	
   

  	
  IN

  	
   

  	
  47933

  	
   

  	
  Lease

  	
   

  

 

II-A-12

 

	
  Property ID

  	
   

  	
  Obligor

  	
   

  	
  Concept

  	
   

  	
  Address 1

  	
   

  	
  City

  	
   

  	
  ST

  	
   

  	
  Zip Code

  	
   

  	
  Investment

  Type

  	
   

  
	
  P0001112

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  545 S. State Road 67

  	
   

  	
  Mooresville

  	
   

  	
  IN

  	
   

  	
  46158

  	
   

  	
  Lease

  	
   

  
	
  P0001114

  	
   

  	
  U.S. Beef Corporation

  	
   

  	
  Arby’s

  	
   

  	
  437 W. Grand Ave

  	
   

  	
  Chickasa

  	
   

  	
  OK

  	
   

  	
  73018

  	
   

  	
  Lease

  	
   

  
	
  P0001117

  	
   

  	
  CJM Enterprises, Inc.

  	
   

  	
  Doc’s Bar-B-Q

  	
   

  	
  1601 N. Mississippi Ave

  	
   

  	
  Ada

  	
   

  	
  OK

  	
   

  	
  74820

  	
   

  	
  Lease

  	
   

  
	
  P0001118

  	
   

  	
  Seed Restaurant Group Inc.

  	
   

  	
  Fazoli’s

  	
   

  	
  1550 Appleton Road

  	
   

  	
  Menasha

  	
   

  	
  WI

  	
   

  	
  54952

  	
   

  	
  Lease

  	
   

  
	
  P0001119

  	
   

  	
  Seed Restaurant Group Inc.

  	
   

  	
  Fazoli’s

  	
   

  	
  498 SE State Route 291

  	
   

  	
  Lees Summit

  	
   

  	
  MO

  	
   

  	
  64063

  	
   

  	
  Lease

  	
   

  
	
  P0001120

  	
   

  	
  Seed Restaurant Group Inc.

  	
   

  	
  Fazoli’s

  	
   

  	
  2333 Missouri Blvd

  	
   

  	
  Jefferson City

  	
   

  	
  MO

  	
   

  	
  65109

  	
   

  	
  Lease

  	
   

  
	
  P0001121

  	
   

  	
  Seed Restaurant Group Inc.

  	
   

  	
  Fazoli’s

  	
   

  	
  5550 Highway 52 N

  	
   

  	
  Rochester

  	
   

  	
  MN

  	
   

  	
  55901

  	
   

  	
  Lease

  	
   

  
	
  P0001122

  	
   

  	
  Seed Restaurant Group Inc.

  	
   

  	
  Fazoli’s

  	
   

  	
  439 W. Coliseum Blvd

  	
   

  	
  Fort Wayne

  	
   

  	
  IN

  	
   

  	
  46805

  	
   

  	
  Lease

  	
   

  
	
  P0001124

  	
   

  	
  Seed Restaurant Group Inc.

  	
   

  	
  Fazoli’s

  	
   

  	
  810 SW US Highway 40

  	
   

  	
  Blue Springs

  	
   

  	
  MO

  	
   

  	
  64015

  	
   

  	
  Lease

  	
   

  
	
  P0001157

  	
   

  	
  Crème de la Crème

  	
   

  	
  Crème de la Crème

  	
   

  	
  7550 Park Meadows Dr

  	
   

  	
  Lone Tree

  	
   

  	
  CO

  	
   

  	
  80124

  	
   

  	
  Lease

  	
   

  
	
  P0001158

  	
   

  	
  Crème de la Crème

  	
   

  	
  Crème de la Crème

  	
   

  	
  4625 Weaver Parkway

  	
   

  	
  Warrenville

  	
   

  	
  IL

  	
   

  	
  60555

  	
   

  	
  Lease

  	
   

  
	
  P0001159

  	
   

  	
  Crème de la Crème

  	
   

  	
  Crème de la Crème

  	
   

  	
  4600 West 115th Street

  	
   

  	
  Leawood

  	
   

  	
  KS

  	
   

  	
  66211

  	
   

  	
  Lease

  	
   

  
	
  P0001167

  	
   

  	
  Regal Entertainment, Inc.

  	
   

  	
  Regal Cinemas

  	
   

  	
  950 Foxcroft Avenue

  	
   

  	
  Martinsburg

  	
   

  	
  WV

  	
   

  	
  25401

  	
   

  	
  Lease

  	
   

  
	
  P0001168

  	
   

  	
  Carmike Cinemas, Inc.

  	
   

  	
  Carmike Cinemas

  	
   

  	
  1550 Pulsar Drive

  	
   

  	
  Colorado Springs

  	
   

  	
  CO

  	
   

  	
  80916

  	
   

  	
  Lease

  	
   

  
	
  P0001169

  	
   

  	
  Carmike Cinemas, Inc.

  	
   

  	
  Carmike Cinemas

  	
   

  	
  1807 Martin Luther King Jr. Blvd

  	
   

  	
  Durham

  	
   

  	
  NC

  	
   

  	
  27707

  	
   

  	
  Lease

  	
   

  
	
  P0001170

  	
   

  	
  Carmike Cinemas, Inc.

  	
   

  	
  Carmike Cinemas

  	
   

  	
  5320 Forest Drive

  	
   

  	
  Columbia

  	
   

  	
  SC

  	
   

  	
  29206

  	
   

  	
  Lease

  	
   

  
	
  P0001171

  	
   

  	
  Carmike Cinemas, Inc.

  	
   

  	
  Carmike Cinemas

  	
   

  	
  3636 Manhattan Ave

  	
   

  	
  Ft. Collins

  	
   

  	
  CO

  	
   

  	
  80526

  	
   

  	
  Lease

  	
   

  
	
  P0001172

  	
   

  	
  Carmike Cinemas, Inc.

  	
   

  	
  Carmike Cinemas

  	
   

  	
  4822 Koger Blvd

  	
   

  	
  Greensboro

  	
   

  	
  NC

  	
   

  	
  27407

  	
   

  	
  Lease

  	
   

  
	
  P0001173

  	
   

  	
  Carmike Cinemas, Inc.

  	
   

  	
  Carmike Cinemas

  	
   

  	
  201 Tall Pines Avenue

  	
   

  	
  Longview

  	
   

  	
  TX

  	
   

  	
  75605

  	
   

  	
  Lease

  	
   

  
	
  P0001174

  	
   

  	
  Carmike Cinemas, Inc.

  	
   

  	
  Carmike Cinemas

  	
   

  	
  111 Cinema Drive

  	
   

  	
  Wilmington

  	
   

  	
  NC

  	
   

  	
  28403

  	
   

  	
  Lease

  	
   

  
	
  P0001203

  	
   

  	
  Carmike Cinemas, Inc.

  	
   

  	
  Carmike Cinemas

  	
   

  	
  3547 Reynolda Road

  	
   

  	
  Winston-Salem

  	
   

  	
  NC

  	
   

  	
  27106

  	
   

  	
  Lease

  	
   

  
	
  P0001204

  	
   

  	
  Carrols Corporation

  	
   

  	
  Burger King

  	
   

  	
  1892 W. Market Street

  	
   

  	
  Akron

  	
   

  	
  OH

  	
   

  	
  44313

  	
   

  	
  Lease

  	
   

  
	
  P0001205

  	
   

  	
  Carrols Corporation

  	
   

  	
  Burger King

  	
   

  	
  2490 Shawnee Road

  	
   

  	
  Lima

  	
   

  	
  OH

  	
   

  	
  45806

  	
   

  	
  Lease

  	
   

  
	
  P0001206

  	
   

  	
  Platinum Restaurant Group

  	
   

  	
  Eddie Merlot’s

  	
   

  	
  1502 Illinois Road South

  	
   

  	
  Ft. Wayne

  	
   

  	
  IN

  	
   

  	
  46804

  	
   

  	
  Lease

  	
   

  
	
  P0001207

  	
   

  	
  Platinum Restaurant Group

  	
   

  	
  Eddie Merlot’s

  	
   

  	
  3645 E. 96th Street

  	
   

  	
  Indianapolis

  	
   

  	
  IN

  	
   

  	
  46240

  	
   

  	
  Lease

  	
   

  
	
  P0001208

  	
   

  	
  Carrols Corporation

  	
   

  	
  Burger King

  	
   

  	
  365 Amherst Street

  	
   

  	
  Buffalo

  	
   

  	
  NY

  	
   

  	
  14207

  	
   

  	
  Lease

  	
   

  
	
  P0001209

  	
   

  	
  Carrols Corporation

  	
   

  	
  Burger King

  	
   

  	
  1083 Hertel Avenue

  	
   

  	
  Buffalo

  	
   

  	
  NY

  	
   

  	
  14216

  	
   

  	
  Lease

  	
   

  
	
  P0001210

  	
   

  	
  Carrols Corporation

  	
   

  	
  Burger King

  	
   

  	
  1459 French Road

  	
   

  	
  Cheektowaga

  	
   

  	
  NY

  	
   

  	
  14225

  	
   

  	
  Lease

  	
   

  
	
  P0001211

  	
   

  	
  Carrols Corporation

  	
   

  	
  Burger King

  	
   

  	
  34 Hamburg Street

  	
   

  	
  East Aurora

  	
   

  	
  NY

  	
   

  	
  14052

  	
   

  	
  Lease

  	
   

  
	
  P0001212

  	
   

  	
  Carrols Corporation

  	
   

  	
  Burger King

  	
   

  	
  6933 Erie Road

  	
   

  	
  Evans

  	
   

  	
  NY

  	
   

  	
  14047

  	
   

  	
  Lease

  	
   

  
	
  P0001213

  	
   

  	
  Carrols Corporation

  	
   

  	
  Burger King

  	
   

  	
  937 Fairmount Avenue

  	
   

  	
  Jamestown

  	
   

  	
  NY

  	
   

  	
  14701

  	
   

  	
  Lease

  	
   

  
	
  P0001214

  	
   

  	
  Carrols Corporation

  	
   

  	
  Burger King

  	
   

  	
  3701 Diann Marie Road

  	
   

  	
  Louisville

  	
   

  	
  KY

  	
   

  	
  40242

  	
   

  	
  Lease

  	
   

  
	
  P0001216

  	
   

  	
  Carrols Corporation

  	
   

  	
  Burger King

  	
   

  	
  6450 Outer Loop

  	
   

  	
  Louisville

  	
   

  	
  KY

  	
   

  	
  40228

  	
   

  	
  Lease

  	
   

  
	
  P0001217

  	
   

  	
  Carrols Corporation

  	
   

  	
  Burger King

  	
   

  	
  2553 Military Road

  	
   

  	
  Niagara Falls

  	
   

  	
  NY

  	
   

  	
  14304

  	
   

  	
  Lease

  	
   

  
	
  P0001218

  	
   

  	
  Carrols Corporation

  	
   

  	
  Burger King

  	
   

  	
  10 South Cascade Street

  	
   

  	
  Springville

  	
   

  	
  NY

  	
   

  	
  14141

  	
   

  	
  Lease

  	
   

  
	
  P0001221

  	
   

  	
  Capitol Racquet Sports, Inc.

  	
   

  	
  Courthouse Athletic Club

  	
   

  	
  300 Glen Creek Road NW

  	
   

  	
  Salem

  	
   

  	
  OR

  	
   

  	
  97304

  	
   

  	
  Lease

  	
   

  
	
  P0001222

  	
   

  	
  Capitol Racquet Sports, Inc.

  	
   

  	
  Courthouse Athletic Club

  	
   

  	
  6250 Commercial St S

  	
   

  	
  Salem

  	
   

  	
  OR

  	
   

  	
  97306

  	
   

  	
  Lease

  	
   

  

 

II-A-13

 

	
  Property ID

  	
   

  	
  Obligor

  	
   

  	
  Concept

  	
   

  	
  Address 1

  	
   

  	
  City

  	
   

  	
  ST

  	
   

  	
  Zip Code

  	
   

  	
  Investment

  Type

  	
   

  
	
  P0001223

  	
   

  	
  Capitol Racquet Sports, Inc.

  	
   

  	
  Courthouse Athletic Club

  	
   

  	
  4132 Devonshire N

  	
   

  	
  Salem

  	
   

  	
  OR

  	
   

  	
  97305

  	
   

  	
  Lease

  	
   

  
	
  P0001224

  	
   

  	
  Capitol Racquet Sports, Inc.

  	
   

  	
  Courthouse Athletic Club

  	
   

  	
  6425 Wheatland Road N

  	
   

  	
  Salem

  	
   

  	
  OR

  	
   

  	
  97303

  	
   

  	
  Lease

  	
   

  
	
  P0001225

  	
   

  	
  Capitol Racquet Sports, Inc.

  	
   

  	
  Courthouse Athletic Club

  	
   

  	
  2975 River Road S

  	
   

  	
  Salem

  	
   

  	
  OR

  	
   

  	
  97302

  	
   

  	
  Lease

  	
   

  
	
  P0001226

  	
   

  	
  Carmike Cinemas, Inc.

  	
   

  	
  Carmike Cinemas

  	
   

  	
  3930 E. DuPont Road

  	
   

  	
  Fort Wayne

  	
   

  	
  IN

  	
   

  	
  46825

  	
   

  	
  Lease

  	
   

  
	
  P0001220

  	
   

  	
  Pike Holding Nursery LLC

  	
   

  	
  Pike Nurseries

  	
   

  	
  6100 Lawrenceville Highway

  	
   

  	
  Atlanta

  	
   

  	
  GA

  	
   

  	
  30084

  	
   

  	
  Lease

  	
   

  
	
  P0001234

  	
   

  	
  Aspen Education Group, Inc.

  	
   

  	
  Academy of the Sierras

  	
   

  	
  42675 Road 44

  	
   

  	
  Reedley

  	
   

  	
  CA

  	
   

  	
  93654

  	
   

  	
  Lease

  	
   

  
	
  P0001235

  	
   

  	
  Aspen Education Group, Inc.

  	
   

  	
  Academy at Swift River

  	
   

  	
  151 South Street

  	
   

  	
  Cummington/Ashfield/Plainfield

  	
   

  	
  MA

  	
   

  	
  01026

  	
   

  	
  Lease

  	
   

  
	
  P0001236

  	
   

  	
  Aspen Education Group, Inc.

  	
   

  	
  New Leaf Academy

  	
   

  	
  2075 N. Rugby Road

  	
   

  	
  Hendersonville

  	
   

  	
  NC

  	
   

  	
  28791

  	
   

  	
  Lease

  	
   

  
	
  P0001237

  	
   

  	
  Aspen Education Group, Inc.

  	
   

  	
  Bromley Brook School

  	
   

  	
  2595 Depot Street

  	
   

  	
  Manchester

  	
   

  	
  VT

  	
   

  	
  05255

  	
   

  	
  Lease

  	
   

  
	
  P0001238

  	
   

  	
  Plastech Engineered Products

  	
   

  	
  Manufacturer

  	
   

  	
  1833 Frenchtown Center Drive

  	
   

  	
  Monroe

  	
   

  	
  MI

  	
   

  	
  48162

  	
   

  	
  Lease

  	
   

  
	
  P0001239

  	
   

  	
  Dickinson Theatres, Inc.

  	
   

  	
  Dickinson Theatres

  	
   

  	
  8601 W. 135th Street

  	
   

  	
  Overland Park

  	
   

  	
  KS

  	
   

  	
  66223

  	
   

  	
  Lease

  	
   

  
	
  P0001240

  	
   

  	
  Dickinson Theatres, Inc.

  	
   

  	
  Dickinson Theatres

  	
   

  	
  1325 N. Litchfield Road

  	
   

  	
  Goodyear

  	
   

  	
  AZ

  	
   

  	
  85336

  	
   

  	
  Lease

  	
   

  
	
  P0001241

  	
   

  	
  PamCo. Inc.

  	
   

  	
  Office Bldg

  	
   

  	
  425 Maestro Drive

  	
   

  	
  Reno

  	
   

  	
  NV

  	
   

  	
  89511

  	
   

  	
  Lease

  	
   

  
	
  P0001242

  	
   

  	
  NPC International, Inc.

  	
   

  	
  Pizza Hut

  	
   

  	
  200 East Taylor Street

  	
   

  	
  Creston

  	
   

  	
  IA

  	
   

  	
  50801

  	
   

  	
  Lease

  	
   

  
	
  P0001243

  	
   

  	
  Q’s Restaurant Group

  	
   

  	
  Cheddar’s Casual Café

  	
   

  	
  11135 Causeway Boulevard

  	
   

  	
  Brandon

  	
   

  	
  FL

  	
   

  	
  33511

  	
   

  	
  Lease

  	
   

  
	
  P0001244

  	
   

  	
  Formed Fiber Technologies

  	
   

  	
  Manufacturing

  	
   

  	
  1630 Ferguson Court

  	
   

  	
  Sidney

  	
   

  	
  OH

  	
   

  	
  45365

  	
   

  	
  Lease

  	
   

  
	
  P0001245

  	
   

  	
  Aspen Education Group, Inc.

  	
   

  	
  Mount Bachelor Academy

  	
   

  	
  33051 N.E. Ochoco Highway

  	
   

  	
  Prineville

  	
   

  	
  OR

  	
   

  	
  97754

  	
   

  	
  Lease

  	
   

  
	
  P0001247

  	
   

  	
  Automotive Remarketing Group, Inc.

  	
   

  	
  Auto/RV Auctions

  	
   

  	
  11982 New Kings Road

  	
   

  	
  Jacksonville

  	
   

  	
  FL

  	
   

  	
  32219

  	
   

  	
  Lease

  	
   

  
	
  P0001248

  	
   

  	
  Automotive Remarketing Group, Inc.

  	
   

  	
  Auto/RV Auctions

  	
   

  	
  8544 E. Admiral Place

  	
   

  	
  Tulsa

  	
   

  	
  OK

  	
   

  	
  74115

  	
   

  	
  Lease

  	
   

  
	
  P0001249

  	
   

  	
  Automotive Remarketing Group, Inc.

  	
   

  	
  Auto/RV Auctions

  	
   

  	
  2415 South Hwy 101

  	
   

  	
  Greenville

  	
   

  	
  SC

  	
   

  	
  29651

  	
   

  	
  Lease

  	
   

  
	
  P0001250

  	
   

  	
  Crème de la Crème

  	
   

  	
  Crème de la Crème

  	
   

  	
  501 Oakmont Lane

  	
   

  	
  Westmont

  	
   

  	
  IL

  	
   

  	
  60559

  	
   

  	
  Lease

  	
   

  
	
  P0001252

  	
   

  	
  Hardee’s Foods Systems, Inc.

  	
   

  	
  Hardee’s

  	
   

  	
  1208 Industrial Boulevard

  	
   

  	
  East Ellijay

  	
   

  	
  GA

  	
   

  	
  30539

  	
   

  	
  Lease

  	
   

  
	
  P0001253

  	
   

  	
  Hardee’s Foods Systems, Inc.

  	
   

  	
  Hardee’s

  	
   

  	
  451 W. Ottawa Street

  	
   

  	
  Paxton

  	
   

  	
  IL

  	
   

  	
  60957

  	
   

  	
  Lease

  	
   

  
	
  P0001254

  	
   

  	
  Heartland Food Corp.

  	
   

  	
  Burger King

  	
   

  	
  408 N. Lincoln Road

  	
   

  	
  Escanaba

  	
   

  	
  MI

  	
   

  	
  49829

  	
   

  	
  Lease

  	
   

  
	
  P0001255

  	
   

  	
  Heartland Food Corp.

  	
   

  	
  Burger King

  	
   

  	
  800 S. Washburn St

  	
   

  	
  Oshkosh

  	
   

  	
  WI

  	
   

  	
  54904

  	
   

  	
  Lease

  	
   

  
	
  P0001256

  	
   

  	
  Heartland Food Corp.

  	
   

  	
  Burger King

  	
   

  	
  13348 Washington Ave

  	
   

  	
  Sturtevant

  	
   

  	
  WI

  	
   

  	
  60617

  	
   

  	
  Lease

  	
   

  
	
  P0001257

  	
   

  	
  Hometown Folks, LLC

  	
   

  	
  Burger King

  	
   

  	
  2635 Decatur Pike

  	
   

  	
  Athens

  	
   

  	
  TN

  	
   

  	
  37303

  	
   

  	
  Lease

  	
   

  
	
  P0001258

  	
   

  	
  L & D Foods, Inc.

  	
   

  	
  Wendy’s

  	
   

  	
  6834 Wesley Street

  	
   

  	
  Greenville

  	
   

  	
  TX

  	
   

  	
  75402

  	
   

  	
  Lease

  	
   

  
	
  P0001259

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  1010 Foxcroft Ave

  	
   

  	
  Martinsburg

  	
   

  	
  WV

  	
   

  	
  25401

  	
   

  	
  Lease

  	
   

  
	
  P0001261

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  1224 S. Mission Street

  	
   

  	
  Mount Pleasant

  	
   

  	
  MI

  	
   

  	
  48858

  	
   

  	
  Lease

  	
   

  
	
  P0001262

  	
   

  	
  Arby’s Restaurant Group

  	
   

  	
  Arby’s

  	
   

  	
  44905 Mound

  	
   

  	
  Sterling Heights

  	
   

  	
  MI

  	
   

  	
  48314

  	
   

  	
  Lease

  	
   

  
	
  P0001263

  	
   

  	
  Trefz & Trefz, Inc.

  	
   

  	
  Arby’s

  	
   

  	
  2209 Cherry Road

  	
   

  	
  Rock Hill

  	
   

  	
  SC

  	
   

  	
  29732

  	
   

  	
  Lease

  	
   

  
	
  P0001265

  	
   

  	
  Harris Foods

  	
   

  	
  Wendy’s

  	
   

  	
  177 N Lee St

  	
   

  	
  Forsyth

  	
   

  	
  GA

  	
   

  	
  31029

  	
   

  	
  Lease

  	
   

  

 

II-A-14

 

	
  Property ID

  	
   

  	
  Obligor

  	
   

  	
  Concept

  	
   

  	
  Address 1

  	
   

  	
  City

  	
   

  	
  ST

  	
   

  	
  Zip Code

  	
   

  	
  Investment

  Type

  	
   

  
	
  P0001266

  	
   

  	
  Harris Foods

  	
   

  	
  Wendy’s

  	
   

  	
  1961 Eatonton Rd

  	
   

  	
  Madison

  	
   

  	
  GA

  	
   

  	
  30650

  	
   

  	
  Lease

  	
   

  
	
  P0000339

  	
   

  	
  Tacala, L.L.C.

  	
   

  	
  Taco Bell

  	
   

  	
  4121 Hixson Pike

  	
   

  	
  Chattanooga

  	
   

  	
  TN

  	
   

  	
  37415-3111

  	
   

  	
  Lease

  	
   

  
	
  P0001110

  	
   

  	
  Golden Partners

  	
   

  	
  Golden Corral

  	
   

  	
  5001 Warden Road

  	
   

  	
  North Little Rock

  	
   

  	
  AR

  	
   

  	
  72116

  	
   

  	
  Lease

  	
   

  
	
  P0001096

  	
   

  	
  NPC International, Inc.

  	
   

  	
  Pizza Hut

  	
   

  	
  708 Jackson Street

  	
   

  	
  Pana

  	
   

  	
  IL

  	
   

  	
  62557

  	
   

  	
  Lease

  	
   

  

 

II-A-15

 

SCHEDULE II

PROPERTY EXCEPTIONS

 

Construction/Improvements

	
  Property
  ID

  	
   

  	
  Asset/Property Name

  	
   

  	
  Address

  	
   

  	
  City

  	
   

  	
  ST

  	
   

  	
  Zip Code

  	
   

  	
  Clarification/Other Issues

  
	
  P0001234

  	
   

  	
  Aspen Education

  	
   

  	
  42675 Road 44

  	
   

  	
  Reedley, CA 93654

  	
   

  	
  CA

  	
   

  	
  93654

  	
   

  	
  During last six months of lease term, Lessor is responsible for
  making capital improvements

  
	
  P0001235

  	
   

  	
  Aspen Education

  	
   

  	
  151 South Street

  	
   

  	
  Cummington, MA 01026

  	
   

  	
  MA

  	
   

  	
  01026

  	
   

  	
  During last six months of lease term, Lessor is responsible for
  making capital improvements

  
	
  P0001236

  	
   

  	
  Aspen Education

  	
   

  	
  2075 N. Rugby Road

  	
   

  	
  Hendersonville, NC 28791

  	
   

  	
  NC

  	
   

  	
  28791

  	
   

  	
  During last six months of lease term, Lessor is responsible for
  making capital improvements

  
	
  P0001237

  	
   

  	
  Aspen Education

  	
   

  	
  2595 Depot St.

  	
   

  	
  Manchester Center, VT 05255

  	
   

  	
  VT

  	
   

  	
  05255

  	
   

  	
  During last six months of lease term, Lessor is responsible for
  making capital improvements

  

 

Bankruptcy

 

	
  Property ID

  	
   

  	
  Asset/Property Name

  	
   

  	
  Address

  	
   

  	
  City

  	
   

  	
  ST

  	
   

  	
  Zip Code

  	
   

  	
  Clarification/Other Issues

  
	
  P0000335

  	
   

  	
  Black Angus

  	
   

  	
  7606 W. Bell Road

  	
   

  	
  Glendale

  	
   

  	
  AZ

  	
   

  	
  85308

  	
   

  	
  Bankruptcy plan has been confirmed and the lease has been accepted

  

 

 

II-1

 

SCHEDULE III-A

EQUIPMENT LOANS

 

	
  Property ID

  	
   

  	
  Obligor

  	
   

  	
  Concept

  	
   

  	
  Address
  1

  	
   

  	
  City

  	
   

  	
  ST

  	
   

  	
  Zip
  Code

  	
   

  	
  Investment
  Type

  
	
  E000787

  	
   

  	
  Sky Ventures, LLC

  	
   

  	
  Pizza Hut

  	
   

  	
  Equipment associated with
  the 32 properties above

  	
   

  	
  Golden Valley

  	
   

  	
  MN

  	
   

  	
  55247

  	
   

  	
  Equipment Note

  
	
  E000838

  	
   

  	
  CBH2O

  	
   

  	
  Camelback Ski Resort

  	
   

  	
  #1 Camelback Road

  	
   

  	
  Tannersville

  	
   

  	
  PA

  	
   

  	
  18372

  	
   

  	
  Equipment note

  
	
  P0000917

  	
   

  	
  Kansas Corral

  	
   

  	
  Golden Corral

  	
   

  	
  616 So. Ridge Road Circle

  	
   

  	
  Wichita

  	
   

  	
  KS

  	
   

  	
  67209

  	
   

  	
  Lease with additional
  equipment note

  
	
  P0000918

  	
   

  	
  Kansas Corral

  	
   

  	
  Golden Corral

  	
   

  	
  2830 W. 18th Avenue

  	
   

  	
  Emporia

  	
   

  	
  KS

  	
   

  	
  66801

  	
   

  	
  Lease with additional
  equipment note

  

 

III-1

 

SCHEDULE III

EQUIPMENT LOAN EXCEPTIONS

 

None.

 

 

SCHEDULE IV

 

AMORTIZATION
SCHEDULE

 

	
  Date

  	
   

  	
  Scheduled Series

  2006-1 Balance

  	
   

  	
  Scheduled Series

  2005-1 Balance

  	
   

  
	
  Series Closing

  Date

  	
   

  	
  301,820,000

  	
   

  	
  436,769,000

  	
   

  
	
  3/20/2006

  	
   

  	
  301,820,000

  	
   

  	
  436,110,000

  	
   

  
	
  4/20/2006

  	
   

  	
  301,384,000

  	
   

  	
  435,447,000

  	
   

  
	
  5/20/2006

  	
   

  	
  300,947,000

  	
   

  	
  434,781,000

  	
   

  
	
  6/20/2006

  	
   

  	
  300,507,000

  	
   

  	
  434,112,000

  	
   

  
	
  7/20/2006

  	
   

  	
  300,065,000

  	
   

  	
  433,439,000

  	
   

  
	
  8/20/2006

  	
   

  	
  299,620,000

  	
   

  	
  432,763,000

  	
   

  
	
  9/20/2006

  	
   

  	
  299,174,000

  	
   

  	
  432,083,000

  	
   

  
	
  10/20/2006

  	
   

  	
  298,725,000

  	
   

  	
  431,400,000

  	
   

  
	
  11/20/2006

  	
   

  	
  298,274,000

  	
   

  	
  430,714,000

  	
   

  
	
  12/20/2006

  	
   

  	
  297,821,000

  	
   

  	
  430,024,000

  	
   

  
	
  1/20/2007

  	
   

  	
  297,365,000

  	
   

  	
  429,331,000

  	
   

  
	
  2/20/2007

  	
   

  	
  296,908,000

  	
   

  	
  428,635,000

  	
   

  
	
  3/20/2007

  	
   

  	
  296,447,000

  	
   

  	
  427,935,000

  	
   

  
	
  4/20/2007

  	
   

  	
  295,985,000

  	
   

  	
  427,231,000

  	
   

  
	
  5/20/2007

  	
   

  	
  295,520,000

  	
   

  	
  426,524,000

  	
   

  
	
  6/20/2007

  	
   

  	
  295,053,000

  	
   

  	
  425,813,000

  	
   

  
	
  7/20/2007

  	
   

  	
  294,584,000

  	
   

  	
  425,099,000

  	
   

  
	
  8/20/2007

  	
   

  	
  294,112,000

  	
   

  	
  424,381,000

  	
   

  
	
  9/20/2007

  	
   

  	
  293,638,000

  	
   

  	
  423,660,000

  	
   

  
	
  10/20/2007

  	
   

  	
  293,162,000

  	
   

  	
  422,935,000

  	
   

  
	
  11/20/2007

  	
   

  	
  292,683,000

  	
   

  	
  422,206,000

  	
   

  
	
  12/20/2007

  	
   

  	
  292,202,000

  	
   

  	
  421,474,000

  	
   

  
	
  1/20/2008

  	
   

  	
  291,718,000

  	
   

  	
  420,738,000

  	
   

  
	
  2/20/2008

  	
   

  	
  291,232,000

  	
   

  	
  419,999,000

  	
   

  
	
  3/20/2008

  	
   

  	
  290,744,000

  	
   

  	
  419,255,000

  	
   

  
	
  4/20/2008

  	
   

  	
  290,253,000

  	
   

  	
  418,508,000

  	
   

  
	
  5/20/2008

  	
   

  	
  289,759,000

  	
   

  	
  417,758,000

  	
   

  
	
  6/20/2008

  	
   

  	
  289,263,000

  	
   

  	
  417,003,000

  	
   

  
	
  7/20/2008

  	
   

  	
  288,765,000

  	
   

  	
  416,245,000

  	
   

  
	
  8/20/2008

  	
   

  	
  288,264,000

  	
   

  	
  415,483,000

  	
   

  
	
  9/20/2008

  	
   

  	
  287,761,000

  	
   

  	
  414,717,000

  	
   

  
	
  10/20/2008

  	
   

  	
  287,255,000

  	
   

  	
  413,947,000

  	
   

  
	
  11/20/2008

  	
   

  	
  286,747,000

  	
   

  	
  413,174,000

  	
   

  
	
  12/20/2008

  	
   

  	
  286,236,000

  	
   

  	
  412,397,000

  	
   

  
	
  1/20/2009

  	
   

  	
  285,723,000

  	
   

  	
  411,615,000

  	
   

  
	
  2/20/2009

  	
   

  	
  285,207,000

  	
   

  	
  410,830,000

  	
   

  
	
  3/20/2009

  	
   

  	
  284,688,000

  	
   

  	
  410,041,000

  	
   

  
	
  4/20/2009

  	
   

  	
  284,167,000

  	
   

  	
  409,248,000

  	
   

  
	
  5/20/2009

  	
   

  	
  283,643,000

  	
   

  	
  408,451,000

  	
   

  
	
  6/20/2009

  	
   

  	
  283,117,000

  	
   

  	
  407,650,000

  	
   

  
	
  7/20/2009

  	
   

  	
  282,587,000

  	
   

  	
  406,845,000

  	
   

  
	
  8/20/2009

  	
   

  	
  282,056,000

  	
   

  	
  406,036,000

  	
   

  
	
  9/20/2009

  	
   

  	
  281,521,000

  	
   

  	
  405,223,000

  	
   

  
	
  10/20/2009

  	
   

  	
  280,984,000

  	
   

  	
  404,406,000

  	
   

  
	
  11/20/2009

  	
   

  	
  280,445,000

  	
   

  	
  403,584,000

  	
   

  
	
  12/20/2009

  	
   

  	
  279,902,000

  	
   

  	
  402,759,000

  	
   

  
	
  1/20/2010

  	
   

  	
  279,357,000

  	
   

  	
  401,930,000

  	
   

  
	
  2/20/2010

  	
   

  	
  278,809,000

  	
   

  	
  401,096,000

  	
   

  
	
  3/20/2010

  	
   

  	
  278,259,000

  	
   

  	
  400,258,000

  	
   

  
	
  4/20/2010

  	
   

  	
  277,705,000

  	
   

  	
  399,416,000

  	
   

  
	
  5/20/2010

  	
   

  	
  277,149,000

  	
   

  	
  398,570,000

  	
   

  

 

 

 

	
  Date

  	
   

  	
  Scheduled Series

  2006-1 Balance

  	
   

  	
  Scheduled Series

  2005-1 Balance

  	
   

  
	
  6/20/2010

  	
   

  	
  276,590,000

  	
   

  	
  397,720,000

  	
   

  
	
  7/20/2010

  	
   

  	
  276,029,000

  	
   

  	
  396,865,000

  	
   

  
	
  8/20/2010

  	
   

  	
  275,464,000

  	
   

  	
  396,006,000

  	
   

  
	
  9/20/2010

  	
   

  	
  274,897,000

  	
   

  	
  395,143,000

  	
   

  
	
  10/20/2010

  	
   

  	
  274,327,000

  	
   

  	
  394,275,000

  	
   

  
	
  11/20/2010

  	
   

  	
  273,754,000

  	
   

  	
  393,403,000

  	
   

  
	
  12/20/2010

  	
   

  	
  273,178,000

  	
   

  	
  392,527,000

  	
   

  
	
  1/20/2011

  	
   

  	
  272,599,000

  	
   

  	
  391,646,000

  	
   

  
	
  2/20/2011

  	
   

  	
  272,018,000

  	
   

  	
  390,761,000

  	
   

  
	
  3/20/2011

  	
   

  	
  271,433,000

  	
   

  	
  389,872,000

  	
   

  
	
  4/20/2011

  	
   

  	
  270,846,000

  	
   

  	
  388,978,000

  	
   

  
	
  5/20/2011

  	
   

  	
  270,255,000

  	
   

  	
  388,080,000

  	
   

  
	
  6/20/2011

  	
   

  	
  269,662,000

  	
   

  	
  387,177,000

  	
   

  
	
  7/20/2011

  	
   

  	
  269,065,000

  	
   

  	
  386,269,000

  	
   

  
	
  8/20/2011

  	
   

  	
  268,466,000

  	
   

  	
  385,357,000

  	
   

  
	
  9/20/2011

  	
   

  	
  267,864,000

  	
   

  	
  384,441,000

  	
   

  
	
  10/20/2011

  	
   

  	
  267,259,000

  	
   

  	
  383,520,000

  	
   

  
	
  11/20/2011

  	
   

  	
  266,650,000

  	
   

  	
  382,594,000

  	
   

  
	
  12/20/2011

  	
   

  	
  266,039,000

  	
   

  	
  381,664,000

  	
   

  
	
  1/20/2012

  	
   

  	
  265,424,000

  	
   

  	
  380,729,000

  	
   

  
	
  2/20/2012

  	
   

  	
  264,807,000

  	
   

  	
  379,789,000

  	
   

  
	
  3/20/2012

  	
   

  	
  264,186,000

  	
   

  	
  378,845,000

  	
   

  
	
  4/20/2012

  	
   

  	
  263,563,000

  	
   

  	
  377,896,000

  	
   

  
	
  5/20/2012

  	
   

  	
  262,936,000

  	
   

  	
  376,942,000

  	
   

  
	
  6/20/2012

  	
   

  	
  262,306,000

  	
   

  	
  375,984,000

  	
   

  
	
  7/20/2012

  	
   

  	
  261,673,000

  	
   

  	
  375,020,000

  	
   

  
	
  8/20/2012

  	
   

  	
  261,036,000

  	
   

  	
  374,052,000

  	
   

  
	
  9/20/2012

  	
   

  	
  260,397,000

  	
   

  	
  373,079,000

  	
   

  
	
  10/20/2012

  	
   

  	
  259,754,000

  	
   

  	
  372,101,000

  	
   

  
	
  11/20/2012

  	
   

  	
  259,109,000

  	
   

  	
  371,119,000

  	
   

  
	
  12/20/2012

  	
   

  	
  258,459,000

  	
   

  	
  370,131,000

  	
   

  
	
  1/20/2013

  	
   

  	
  257,807,000

  	
   

  	
  369,138,000

  	
   

  
	
  2/20/2013

  	
   

  	
  257,152,000

  	
   

  	
  368,141,000

  	
   

  
	
  3/20/2013

  	
   

  	
  256,493,000

  	
   

  	
  367,138,000

  	
   

  
	
  4/20/2013

  	
   

  	
  255,830,000

  	
   

  	
  366,131,000

  	
   

  
	
  5/20/2013

  	
   

  	
  255,165,000

  	
   

  	
  365,118,000

  	
   

  
	
  6/20/2013

  	
   

  	
  254,496,000

  	
   

  	
  364,100,000

  	
   

  
	
  7/20/2013

  	
   

  	
  253,824,000

  	
   

  	
  363,078,000

  	
   

  
	
  8/20/2013

  	
   

  	
  253,149,000

  	
   

  	
  362,050,000

  	
   

  
	
  9/20/2013

  	
   

  	
  252,470,000

  	
   

  	
  361,017,000

  	
   

  
	
  10/20/2013

  	
   

  	
  251,787,000

  	
   

  	
  359,979,000

  	
   

  
	
  11/20/2013

  	
   

  	
  251,102,000

  	
   

  	
  358,935,000

  	
   

  
	
  12/20/2013

  	
   

  	
  250,413,000

  	
   

  	
  357,887,000

  	
   

  
	
  1/20/2014

  	
   

  	
  249,720,000

  	
   

  	
  356,833,000

  	
   

  
	
  2/20/2014

  	
   

  	
  249,024,000

  	
   

  	
  355,774,000

  	
   

  
	
  3/20/2014

  	
   

  	
  248,324,000

  	
   

  	
  354,709,000

  	
   

  
	
  4/20/2014

  	
   

  	
  247,621,000

  	
   

  	
  353,640,000

  	
   

  
	
  5/20/2014

  	
   

  	
  246,915,000

  	
   

  	
  352,564,000

  	
   

  
	
  6/20/2014

  	
   

  	
  246,205,000

  	
   

  	
  351,484,000

  	
   

  
	
  7/20/2014

  	
   

  	
  245,491,000

  	
   

  	
  350,398,000

  	
   

  
	
  8/20/2014

  	
   

  	
  244,774,000

  	
   

  	
  349,307,000

  	
   

  
	
  9/20/2014

  	
   

  	
  244,053,000

  	
   

  	
  348,210,000

  	
   

  
	
  10/20/2014

  	
   

  	
  243,329,000

  	
   

  	
  347,108,000

  	
   

  
	
  11/20/2014

  	
   

  	
  242,601,000

  	
   

  	
  346,000,000

  	
   

  
	
  12/20/2014

  	
   

  	
  241,869,000

  	
   

  	
  344,887,000

  	
   

  

 

 

	
  Date

  	
   

  	
  Scheduled Series

  2006-1 Balance

  	
   

  	
  Scheduled Series

  2005-1 Balance

  	
   

  
	
  1/20/2015

  	
   

  	
  241,134,000

  	
   

  	
  343,768,000

  	
   

  
	
  2/20/2015

  	
   

  	
  240,395,000

  	
   

  	
  342,644,000

  	
   

  
	
  3/20/2015

  	
   

  	
  239,652,000

  	
   

  	
  341,514,000

  	
   

  
	
  4/20/2015

  	
   

  	
  238,906,000

  	
   

  	
  340,378,000

  	
   

  
	
  5/20/2015

  	
   

  	
  238,156,000

  	
   

  	
  339,237,000

  	
   

  
	
  6/20/2015

  	
   

  	
  237,402,000

  	
   

  	
  338,090,000

  	
   

  
	
  7/20/2015

  	
   

  	
  236,644,000

  	
   

  	
  336,937,000

  	
   

  
	
  8/20/2015

  	
   

  	
  235,883,000

  	
   

  	
  335,778,000

  	
   

  
	
  9/20/2015

  	
   

  	
  235,118,000

  	
   

  	
  334,614,000

  	
   

  
	
  10/20/2015

  	
   

  	
  234,349,000

  	
   

  	
  333,444,000

  	
   

  
	
  11/20/2015

  	
   

  	
  233,576,000

  	
   

  	
  332,268,000

  	
   

  
	
  12/20/2015

  	
   

  	
  232,799,000

  	
   

  	
  331,086,000

  	
   

  
	
  1/20/2016

  	
   

  	
  232,019,000

  	
   

  	
  329,898,000

  	
   

  
	
  2/20/2016

  	
   

  	
  231,234,000

  	
   

  	
  328,704,000

  	
   

  
	
  3/20/2016

  	
   

  	
  230,446,000

  	
   

  	
  327,504,000

  	
   

  
	
  4/20/2016

  	
   

  	
  229,653,000

  	
   

  	
  326,298,000

  	
   

  
	
  5/20/2016

  	
   

  	
  228,857,000

  	
   

  	
  325,087,000

  	
   

  
	
  6/20/2016

  	
   

  	
  228,056,000

  	
   

  	
  323,869,000

  	
   

  
	
  7/20/2016

  	
   

  	
  227,252,000

  	
   

  	
  322,645,000

  	
   

  
	
  8/20/2016

  	
   

  	
  226,444,000

  	
   

  	
  321,415,000

  	
   

  
	
  9/20/2016

  	
   

  	
  225,631,000

  	
   

  	
  320,179,000

  	
   

  
	
  10/20/2016

  	
   

  	
  224,815,000

  	
   

  	
  318,936,000

  	
   

  
	
  11/20/2016

  	
   

  	
  223,994,000

  	
   

  	
  317,688,000

  	
   

  
	
  12/20/2016

  	
   

  	
  223,170,000

  	
   

  	
  316,433,000

  	
   

  
	
  1/20/2017

  	
   

  	
  222,341,000

  	
   

  	
  315,172,000

  	
   

  
	
  2/20/2017

  	
   

  	
  221,508,000

  	
   

  	
  313,904,000

  	
   

  
	
  3/20/2017

  	
   

  	
  220,671,000

  	
   

  	
  312,631,000

  	
   

  
	
  4/20/2017

  	
   

  	
  219,830,000

  	
   

  	
  311,351,000

  	
   

  
	
  5/20/2017

  	
   

  	
  218,984,000

  	
   

  	
  310,064,000

  	
   

  
	
  6/20/2017

  	
   

  	
  218,134,000

  	
   

  	
  308,771,000

  	
   

  
	
  7/20/2017

  	
   

  	
  217,280,000

  	
   

  	
  307,472,000

  	
   

  
	
  8/20/2017

  	
   

  	
  216,422,000

  	
   

  	
  306,166,000

  	
   

  
	
  9/20/2017

  	
   

  	
  215,560,000

  	
   

  	
  304,853,000

  	
   

  
	
  10/20/2017

  	
   

  	
  214,693,000

  	
   

  	
  303,534,000

  	
   

  
	
  11/20/2017

  	
   

  	
  213,822,000

  	
   

  	
  302,209,000

  	
   

  
	
  12/20/2017

  	
   

  	
  212,946,000

  	
   

  	
  300,877,000

  	
   

  
	
  1/20/2018

  	
   

  	
  212,066,000

  	
   

  	
  299,538,000

  	
   

  
	
  2/20/2018

  	
   

  	
  211,182,000

  	
   

  	
  298,192,000

  	
   

  
	
  3/20/2018

  	
   

  	
  210,293,000

  	
   

  	
  296,840,000

  	
   

  
	
  4/20/2018

  	
   

  	
  209,400,000

  	
   

  	
  295,481,000

  	
   

  
	
  5/20/2018

  	
   

  	
  208,502,000

  	
   

  	
  294,115,000

  	
   

  
	
  6/20/2018

  	
   

  	
  207,600,000

  	
   

  	
  292,742,000

  	
   

  
	
  7/20/2018

  	
   

  	
  206,694,000

  	
   

  	
  291,363,000

  	
   

  
	
  8/20/2018

  	
   

  	
  205,782,000

  	
   

  	
  289,976,000

  	
   

  
	
  9/20/2018

  	
   

  	
  204,867,000

  	
   

  	
  288,583,000

  	
   

  
	
  10/20/2018

  	
   

  	
  203,946,000

  	
   

  	
  287,183,000

  	
   

  
	
  11/20/2018

  	
   

  	
  203,022,000

  	
   

  	
  285,775,000

  	
   

  
	
  12/20/2018

  	
   

  	
  202,092,000

  	
   

  	
  284,361,000

  	
   

  
	
  1/20/2019

  	
   

  	
  201,158,000

  	
   

  	
  282,939,000

  	
   

  
	
  2/20/2019

  	
   

  	
  200,219,000

  	
   

  	
  281,511,000

  	
   

  
	
  3/20/2019

  	
   

  	
  199,276,000

  	
   

  	
  280,075,000

  	
   

  
	
  4/20/2019

  	
   

  	
  198,327,000

  	
   

  	
  278,632,000

  	
   

  
	
  5/20/2019

  	
   

  	
  197,374,000

  	
   

  	
  277,182,000

  	
   

  
	
  6/20/2019

  	
   

  	
  196,417,000

  	
   

  	
  275,725,000

  	
   

  
	
  7/20/2019

  	
   

  	
  195,454,000

  	
   

  	
  274,260,000

  	
   

  

 

 

	
  Date

  	
   

  	
  Scheduled Series

  2006-1 Balance

  	
   

  	
  Scheduled Series

  2005-1 Balance

  	
   

  
	
  8/20/2019

  	
   

  	
  194,487,000

  	
   

  	
  272,788,000

  	
   

  
	
  9/20/2019

  	
   

  	
  193,514,000

  	
   

  	
  271,309,000

  	
   

  
	
  10/20/2019

  	
   

  	
  192,537,000

  	
   

  	
  269,822,000

  	
   

  
	
  11/20/2019

  	
   

  	
  191,555,000

  	
   

  	
  268,328,000

  	
   

  
	
  12/20/2019

  	
   

  	
  190,569,000

  	
   

  	
  266,826,000

  	
   

  
	
  1/20/2020

  	
   

  	
  189,577,000

  	
   

  	
  265,317,000

  	
   

  
	
  2/20/2020

  	
   

  	
  188,580,000

  	
   

  	
  263,800,000

  	
   

  
	
  3/20/2020

  	
   

  	
  187,578,000

  	
   

  	
  262,276,000

  	
   

  
	
  4/20/2020

  	
   

  	
  186,572,000

  	
   

  	
  260,744,000

  	
   

  
	
  5/20/2020

  	
   

  	
  185,560,000

  	
   

  	
  259,205,000

  	
   

  
	
  6/20/2020

  	
   

  	
  184,543,000

  	
   

  	
  257,658,000

  	
   

  
	
  7/20/2020

  	
   

  	
  183,521,000

  	
   

  	
  —

  	
   

  
	
  8/20/2020

  	
   

  	
  182,494,000

  	
   

  	
   

  	
   

  
	
  9/20/2020

  	
   

  	
  181,462,000

  	
   

  	
   

  	
   

  
	
  10/20/2020

  	
   

  	
  180,425,000

  	
   

  	
   

  	
   

  
	
  11/20/2020

  	
   

  	
  179,382,000

  	
   

  	
   

  	
   

  
	
  12/20/2020

  	
   

  	
  178,334,000

  	
   

  	
   

  	
   

  
	
  1/20/2021

  	
   

  	
  177,281,000

  	
   

  	
   

  	
   

  
	
  2/20/2021

  	
   

  	
  176,223,000

  	
   

  	
   

  	
   

  
	
  3/20/2021

  	
   

  	
  —

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00100-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00100-of-00352.parquet"}]]