Document:

Exhibit 4.1

 EXECUTION COPY 
  

  
 CAPITAL ONE MULTI-ASSET
EXECUTION TRUST 
  
 as Issuer 
  
 and 
  
 THE BANK OF NEW YORK 
  
 as Indenture Trustee 
  
 CLASS A(2003-5) TERMS DOCUMENT 
  
 dated as of October 10, 2003 
  
 to

  
 CARD SERIES INDENTURE SUPPLEMENT 
  
 dated as of October 9, 2002 
  
 to 
  
 ASSET POOL 1 SUPPLEMENT 
  
 dated as of October 9, 2002 
  
 to 
  
 INDENTURE 
  
 dated as of October 9, 2002 
  

 TABLE OF CONTENTS 
  

	 	  	 	  	Page

			
	 	  	ARTICLE I	  	 
			
	 	  	Definitions and Other Provisions of General Application	  	 
			
	Section 1.01.	  	Definitions	  	1
			
	Section 1.02.	  	Governing Law	  	7
			
	Section 1.03.	  	Counterparts	  	7
			
	Section 1.04.	  	Ratification of Indenture, the Asset Pool 1 Supplement and Indenture Supplement	  	7
			
	 	  	ARTICLE II	  	 
			
	 	  	The Class A(2003-5) Notes	  	 
			
	Section 2.01.	  	Creation and Designation	  	8
			
	Section 2.02.	  	Adjustments to Required Subordinated Percentages	  	8
			
	Section 2.03.	  	Interest Payment	  	8
			
	Section 2.04.	  	Calculation Agent; Determination of LIBOR	  	9
			
	Section 2.05.	  	Payments of Interest and Principal	  	9
			
	Section 2.06.	  	Form of Delivery of Class A(2003-5) Notes; Depository; Denominations	  	10
			
	Section 2.07.	  	Delivery and Payment for the Class A(2003-5) Notes	  	10
			
	Section 2.08.	  	Targeted Deposits to the Accumulation Reserve Account	  	10
			
	Section 2.09.	  	Capital One Derivative Agreement	  	10
			
	Section 2.10.	  	Tax Treatment	  	11

  
  

 -i- 

 THIS CLASS A(2003-5) TERMS DOCUMENT (this “Terms Document”), by and between CAPITAL ONE
MULTI-ASSET EXECUTION TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), having its principal office at E. A. Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road, Wilmington, DE
19805 and THE BANK OF NEW YORK, a New York banking corporation, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of October 10, 2003. 
  
 Pursuant to this Terms Document, the Issuer shall create a new tranche of Class A Notes and shall specify the principal
terms thereof. 
  
 ARTICLE I 
  
 Definitions and Other Provisions of General Application 
  
 Section 1.01. Definitions. For all purposes of this Terms Document,
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; 

  

	 	(2)	all other terms used herein which are defined in the Indenture Supplement, the Asset Pool 1 Supplement or the Indenture, either directly or by reference therein, have the meanings
assigned to them therein; 

  

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

  

	 	(4)	all references in this Terms Document to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions
of this Terms Document; 

  

	 	(5)	the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Terms Document as a whole and not to any particular
Article, Section or other subdivision; 

  

	 	(6)	in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement, the Asset Pool 1
Supplement, the Indenture or the Transfer and Administration Agreement, the terms and provisions of this Terms Document shall be controlling; 

  

	 	(7)	each capitalized term defined herein shall relate only to the Class A(2003-5) Notes and no other Tranche of Notes issued by the Issuer; and 

  

 1 

	 	(8)	“including” and words of similar import will be deemed to be followed by “without limitation.” 

  
 “Accumulation Period Amount” means $41,666,666.67;
provided, however, if the Accumulation Period Length is determined to be less than twelve (12) months pursuant to Section 3.10(b)(ii) of the Indenture Supplement, the Accumulation Period Amount shall be the amount specified in
the definition of “Accumulation Period Amount” in the Indenture Supplement. 
  
 “Accumulation Reserve Funding Period” shall mean, (a) if the Accumulation Period Length is determined to be one (1) month, there shall be no Accumulation Reserve Funding Period and (b) otherwise, the
period (x) commencing on the earliest to occur of (i) the Monthly Period beginning three (3) calendar months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding sub-Account of the Class
A(2003-5) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (ii) the Monthly Period following the first Distribution Date following and including the August 2008 Distribution Date for which the Quarterly Excess Spread Percentage
is less than 2%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 12 months prior to the first Distribution Date for which a budgeted deposit is targeted to be made into the Principal Funding
sub-Account for the Class A(2003-5) Notes pursuant to Section 3.10(b) of the Indenture Supplement, (iii) the Monthly Period following the first Distribution Date following and including the February 2009 Distribution Date for which the
Quarterly Excess Spread Percentage is less than 3%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 6 months prior to the first Distribution Date for which a budgeted deposit is targeted to be
made into the Principal Funding sub-Account for the Class A(2003-5) Notes pursuant to Section 3.10(b) of the Indenture Supplement, and (iv) the Monthly Period following the first Distribution Date following and including the April 2009
Distribution Date for which the Quarterly Excess Spread Percentage is less than 4%, but in such event the Accumulation Reserve Funding Period shall not be required to commence earlier than 4 months prior to the first Distribution Date for which a
budgeted deposit is targeted to be made into the Principal Funding sub-Account for the Class A(2003-5) Notes pursuant to Section 3.10(b) of the Indenture Supplement and (y) ending on the close of business on the last day of the Monthly Period
preceding the earlier to occur of (i) the Expected Principal Payment Date for the Class A(2003-5) Notes and (ii) the date on which the Class A(2003-5) Notes are paid in full. 
  
 “Asset Pool 1 Supplement” means the Asset Pool 1 Supplement dated as of October 9, 2002, by and between the
Issuer and the Indenture Trustee, as amended and supplemented from time to time. 
  
 “Base Rate” means, with respect to any Monthly Period, the sum of (a) the Card Series Servicing Fee Percentage and (b) the weighted average (based on the Outstanding Dollar Principal Amount of the
related Card Series Notes) of the following: 
  
 (i) in the case of a Tranche of Card Series Dollar Interest-bearing Notes with no Derivative Agreement for interest, the rate of interest applicable to such Tranche for the period from and including the Monthly Interest Accrual Date for
such Tranche of Card Series Dollar Interest-bearing Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Dollar Interest-bearing Notes in the following Monthly Period; 
  
  

 2 

 (ii) in the case of a Tranche of Card Series Discount Notes, the rate of accretion
(converted to an accrual rate) of such Tranche for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Discount Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such
Tranche of Card Series Discount Notes in the following Monthly Period; 
  
 (iii) in the case of a Tranche of Card Series Notes with a Performing Derivative Agreement for interest, the rate at which payments by the Issuer to the applicable Derivative Counterparty accrue (prior to the netting
of such payments, if applicable) for the period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series
Notes in the following Monthly Period; provided, however, that in the case of a Tranche of Card Series Notes with a Performing Derivative Agreement for interest in which the rating on such Tranche of Card Series Notes is not dependant upon the
rating of the applicable Derivative Counterparty, the amount determined pursuant to this clause (iii) will be the higher of (1) the rate determined pursuant to this clause (iii) above and (2) the rate of interest applicable to such Tranche for the
period from and including the Monthly Interest Accrual Date for such Tranche of Card Series Notes in such Monthly Period to but excluding the Monthly Interest Accrual Date for such Tranche of Card Series Notes in the following Monthly Period; and

  
 (iv) in the case of a tranche of Card Series
Notes with a non-Performing Derivative Agreement for interest, the rate specified for that date in the related Terms Document. 
  
 “Calculation Agent” is defined in Section 2.04(a). 
  
 “Class A(2003-5) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event
with respect to the Class A(2003-5) Notes or (b) an Event of Default and acceleration of the Class A(2003-5) Notes. 
  
 “Class A(2003-5) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement, designated
therein as a Class A(2003-5) Note and duly executed and authenticated in accordance with the Indenture. 
  
 “Class A(2003-5) Noteholder” means a Person in whose name a Class A(2003-5) Note is registered in the Note Register. 
  
 “Class A(2003-5) Termination Date” means the earliest to
occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2003-5) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to
Article VI thereof. 
  
 “Excess Spread
Percentage” shall mean, with respect to any Distribution Date, the amount, if any, by which the Portfolio Yield for the preceding Monthly Period exceeds the Base Rate for such Monthly Period. 
  

 3 

 “Expected Principal Payment Date” means September 15, 2010. 
  
 “Initial Dollar Principal Amount” means $500,000,000.

  
 “Indenture” means the Indenture dated as of
October 9, 2002, by and between the Issuer and the Indenture Trustee, as amended and supplemented from time to time. 
  
 “Indenture Supplement” means the Card Series Indenture Supplement dated as of October 9, 2002, by and between the Issuer and the
Indenture Trustee, as amended and supplemented from time to time. 
  
 “Interest Payment Date” means the fifteenth day of each month commencing in November 2003, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 
  
 “Interest Period” means, with respect to any Interest
Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) through the day preceding such Interest Payment Date. 
  
 “Issuance Date” means October 10, 2003. 
  
 “Legal Maturity Date” means July 15, 2013. 
  
 “LIBOR” means, for any Interest Period, the London interbank
offered rate for one-month United States dollar deposits determined by the Indenture Trustee on the LIBOR Determination Date for each Interest Period in accordance with the provisions of Section 2.04. 
  
 “LIBOR Determination Date” means October 8, 2003 for the
period from and including the Issuance Date to but excluding November 17, 2003 and the second London Business Day prior to the commencement of the second and each subsequent Interest Period. 
  
 “London Business Day” means any Business Day on which
dealings in deposits in United States Dollars are transacted in the London interbank market. 
  
 “Maximum Subordination Amount of Class B Notes” means, for the Class A(2003-5) Notes for any date of determination, an amount equal to the product of (a) Adjusted Outstanding Dollar Principal Amount
of the Class A(2003-5) Notes on such date of determination and (b) the percentage equivalent of a fraction, the numerator of which is 10 and the denominator of which is 81.25. 
  
 “Note Interest Rate” means a rate per annum equal to 0.29% in excess of LIBOR as determined by the
Calculation Agent on the related LIBOR Determination Date with respect to each Interest Period. 
  
 “Paying Agent” means The Bank of New York. 
  

 4 

 “Portfolio Yield” means, with respect to any Monthly Period, the annualized percentage
equivalent of a fraction: 
  
 (a) the numerator of which is equal
to the sum of: 
  
 (i) the aggregate amount of
Finance Charge Amounts allocated to the Card Series with respect to such Monthly Period; plus 
  
 (ii) the aggregate amount of Interest Funding sub-Account Earnings on all Tranches of Card Series Notes for such Monthly Period;
plus 
  
 (iii) any amounts to be treated
as Card Series Finance Charge Amounts pursuant to Sections 3.20(d) and 3.27(a) of the Indenture Supplement; minus 
  
 (iv) the excess, if any, of (1) the sum of the PFA Prefunding Earnings Shortfall plus the PFA Accumulation Earnings Shortfall over
(2) the sum of the aggregate amount to be treated as Card Series Finance Charge Amounts for such Monthly Period pursuant to Sections 3.04(a)(ii) and 3.25(a) of the Indenture Supplement plus any other amounts applied to cover
earnings shortfalls on amounts in the Principal Funding sub-Account for any tranche of Card Series Notes for such Monthly Period; minus 
  
 (v) the Card Series Default Amount for such Monthly Period; and 
  
 (b) the denominator of which is the numerator used in the calculation of the Card Series Floating Allocation Percentage for
such Monthly Period. 
  
 “Quarterly Excess Spread
Percentage” means, with respect to the August 2008 Distribution Date and each Distribution Date thereafter, the percentage equivalent of a fraction the numerator of which is the sum of the Excess Spread Percentages with respect to the
immediately preceding three Monthly Periods and the denominator of which is three. 
  
 “Record Date” means, for any Distribution Date, the last Business Day of the preceding Monthly Period. 
  
 “Reference Banks” means four major banks in the London interbank market selected by the Beneficiary. 
  
 “Required Accumulation Reserve sub-Account Amount” means,
with respect to any Monthly Period during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class A(2003-5) Notes as of the close of business on the last day of the preceding
Monthly Period or (ii) any other amount designated by the Issuer; provided, however, that if such designation is of a lesser amount, the Note Rating Agencies shall have provided prior written confirmation that a Ratings Effect will not
occur with respect to such change. 
  
 “Required
Subordinated Amount of Class B Notes” means, for the Class A(2003-5) Notes for any date of determination, an amount equal to the product of (a) the Required Subordinated Percentage of Class B Notes for such Class A(2003-5) Notes on such
date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2003-5) Notes on such date of determination; provided, however, that such an amount shall not exceed the 
  
  

 5 

 Maximum Subordination Amount of Class B Notes for the Class A(2003-5) Notes; provided further,
however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2003-5) Adverse Event, the Required Subordinated Amount of Class B Notes for the Class A(2003-5) Notes will be the greater of (x)
the amount determined above for such date of determination and (y) the amount determined above for the date immediately prior to the date on which such Class A(2003-5) Adverse Event shall have occurred. 
  
 “Required Subordinated Amount of Class C Notes” means, for
the Class A(2003-5) Notes for any date of determination, an amount equal to the product of (a) the Required Subordinated Percentage of Class C Notes for such Class A(2003-5) Notes on such date of determination and (b) the Adjusted Outstanding Dollar
Principal Amount of such Class A(2003-5) Notes on such date of determination; provided, however, that for any date of determination, unless (i) the Prefunding Target Amount for any Tranche of Card Series Notes on such date of
determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the Required Subordinated Amount of Class C Notes for the Class
A(2003-5) Notes will not be less than an amount equal to (i) 3.0% of the Initial Dollar Principal Amount of the Class A(2003-5) Notes, minus (ii) the Required Subordinated Amount of Class D Notes for the Class A(2003-5) Notes; provided
further, however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2003-5) Adverse Event, the Required Subordinated Amount of Class C Notes for the Class A(2003-5) Notes will be the
greater of (x) the amount determined above for such date of determination, (y) the amount determined above for the date immediately prior to the date on which such Class A(2003-5) Adverse Event shall have occurred and (z) unless (i) the Prefunding
Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes,
the amount determined pursuant to the preceding proviso. 
  
 “Required Subordinated Amount of Class D Notes” means, for the Class A(2003-5) Notes for any date of determination, an amount equal to the product of (a) the Required Subordinated Percentage of Class D Notes for such Class
A(2003-5) Notes on such date of determination and (b) the Adjusted Outstanding Dollar Principal Amount of such Class A(2003-5) Notes on such date of determination; provided, however, that for any date of determination, unless (i) the
Prefunding Target Amount for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card
Series Notes, the Required Subordinated Amount of Class D Notes for the Class A(2003-5) Notes will not be less than an amount equal to 1.8462% of the Initial Dollar Principal Amount of the Class A(2003-5) Notes, provided further,
however, that for any date of determination on or after the occurrence and during the continuation of a Class A(2003-5) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class A(2003-5) Notes will be the greatest of (x)
the amount determined above for such date of determination, (y) the amount determined above for the date immediately prior to the date on which such Class A(2003-5) Adverse Event shall have occurred and (z) unless (i) the Prefunding Target Amount
for any Tranche of Card Series Notes on such date of determination is greater than zero or (ii) any prefunded amounts are on deposit in a Principal Funding sub-Account on such date of determination for any Tranche of Card Series Notes, the amount
determined pursuant to the preceding proviso. 
  

 6 

 “Required Subordinated Percentage of Class B Notes” means, for the Class A(2003-5)
Notes, 12.3077%, subject to adjustment in accordance with Section 2.02. 
  
 “Required Subordinated Percentage of Class C Notes” means, for the Class A(2003-5) Notes, 8.9231%, subject to adjustment in accordance with Section 2.02. 
  
 “Required Subordinated Percentage of Class D Notes” means,
for the Class A(2003-5) Notes, 1.8462%, subject to adjustment in accordance with Section 2.02. 
  
 “Stated Principal Amount” means $500,000,000. 
  
 “Telerate Page 3750” means the display page currently so designated on the Moneyline Telerate Service (or such other page as may replace
that page on that service for the purpose of displaying comparable rates or prices). 
  
 Section 1.02. Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, 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 1.03. Counterparts. This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be an
original, but all such counterparts will together constitute but one and the same instrument. 
  
 Section 1.04. Ratification of Indenture, the Asset Pool 1 Supplement and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture, the Asset Pool 1 Supplement and the Indenture
Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Asset Pool 1 Supplement as so supplemented by the Indenture Supplement as so supplemented and this Terms Document shall be read, taken and construed as
one and the same instrument. 
  
 [END OF ARTICLE I] 
  

 7 

 ARTICLE II 
  
 The Class A(2003-5) Notes 
  
 Section 2.01. Creation and Designation. There is hereby created a tranche of Card Series Class A Notes to be issued pursuant to the Indenture, the
Asset Pool 1 Supplement and the Indenture Supplement to be known as the “Card Series Class A(2003-5) Notes.” 
  
 Section 2.02. Adjustments to Required Subordinated Percentages. 
  
 (a) On any date, the Issuer may change the Required Subordinated Percentage of Class B Notes or the Required Subordinated
Percentage of Class C Notes, in each case for the Class A(2003-5) Notes, without the consent of any Noteholders or any Note Rating Agencies, provided that, after giving effect to such change, (x) the sum of the Required Subordination Percentage of
Class B Notes and the Required Subordinated Percentage of Class C Notes, in each case, for the Class A(2003-5) Notes after giving effect to such change is equal to or greater than the sum of the Required Subordination Percentage of Class B Notes and
the Required Subordinated Percentage of Class C Notes, in each case, for the Class A(2003-5) Notes immediately prior to giving effect to such change and (y) the Required Subordinated Amount of Class B Notes for the Class A(2003-5) Notes does not
exceed the Maximum Subordinated Amount of Class B Notes. 
  
 (b)
On any date, the Issuer may change the Required Subordinated Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes or the Required Subordinated Percentage of Class D Notes, in each case for the Class A(2003-5) Notes,
such that after giving effect to all changes to such percentages on such date the sum of the Required Subordination Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes and the Required Subordinated Amount of Class D
Notes, in each case, for the Class A(2003-5) Notes after giving effect to such change is less than the sum of the Required Subordination Percentage of Class B Notes, the Required Subordinated Percentage of Class C Notes and the Required Subordinated
Amount of Class D Notes, in each case, for the Class A(2003-5) Notes immediately prior to giving effect to such change, without the consent of any Noteholders, provided that the Issuer has (i) received written confirmation from each Note Rating
Agency that has rated any Outstanding Notes of the Card Series that the change in such percentage will not result in a Ratings Effect with respect to any Outstanding Class A(2003-5) Notes and (ii) delivered to the Indenture Trustee and the Note
Rating Agencies a Master Trust Tax Opinion for each Master Trust and an Issuer Tax Opinion. 
  
 Section 2.03. Interest Payment. 
  
 (a) For each Interest Payment Date, the amount of interest due with respect to the Class A(2003-5) Notes shall be an amount equal to the product of (i)(A) a fraction, the numerator of which is the actual number of days in the related
Interest Period and the denominator of which is 360, times (B) the Note Interest Rate in effect with respect to the related Interest Period, times (ii) the Outstanding Dollar Principal Amount of the Class A(2003-5) Notes determined as
of the Record Date preceding the related Distribution Date. Any interest on the Class A(2003-5) Notes will be calculated on the basis of the actual number of days in the related Interest Period and a 360-day year. 
  
  

 8 

 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each Distribution Date, the Indenture
Trustee shall deposit into the Class A(2003-5) Interest Funding sub-Account the portion of Card Series Available Finance Charge Amounts allocable to the Class A(2003-5) Notes. 
  
 Section 2.04. Calculation Agent; Determination of LIBOR. 
  
 (a) The Issuer hereby agrees that for so long as any Class A(2003-5) Notes
are Outstanding, there shall at all times be an agent appointed to calculate LIBOR for each Interest Period (the “Calculation Agent”). The Issuer hereby initially appoints the Indenture Trustee as the Calculation Agent for purposes
of determining LIBOR for each Interest Period. The Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer, or if the Calculation Agent fails to determine
LIBOR for an Interest Period, the Issuer shall promptly appoint a replacement Calculation Agent that does not control or is not controlled by or under common control with the Issuer or its Affiliates. The Calculation Agent may not resign its duties,
and the Issuer may not remove the Calculation Agent, without a successor having been duly appointed. 
  
 (b) On each LIBOR Determination Date, the Calculation Agent shall determine LIBOR on the basis of the rate for deposits in United States dollars for a
one-month period which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such date. If such rate does not appear on Telerate Page 3750, the rate for that LIBOR Determination Date shall be determined on the basis of the rates at which
deposits in United States dollars are offered by the Reference Banks at approximately 11:00 a.m., London time, on that day to prime banks in the London interbank market for a one-month period. The Calculation Agent shall request the principal London
office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of the quotations. If fewer than two quotations are
provided as requested, the rate for that LIBOR Determination Date will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Beneficiary, at approximately 11:00 a.m., New York City time, on that day for loans in
United States dollars to leading European banks for a one-month period. 
  
 (c) The Note Interest Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by telephoning the Indenture Trustee at its corporate trust office at (212) 815-3247 or such other telephone number as
shall be designated by the Indenture Trustee for such purpose by prior written notice by the Indenture Trustee to each Noteholder from time to time. 
  
 (d) On each LIBOR Determination Date, the Calculation Agent shall send to the Indenture Trustee, the Issuer and the Beneficiary, by facsimile
transmission, notification of LIBOR for the following Interest Period. 
  
 Section 2.05. Payments of Interest and Principal. 
  
 (a) Any installment of interest or principal, if any, payable on any Class A(2003-5) Note which is punctually paid or duly provided for by the Issuer and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment
Date shall be paid by the Paying Agent to the Person in whose name such Class A(2003-5) Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such Person’s 
  

 9 

 account as has been designated by written instructions received by the Paying Agent from such Person not later than the
close of business on the third Business Day preceding the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record
Date, except that with respect to Notes registered on the Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 
  
 (b) The right of the Class A(2003-5) Noteholders to receive payments from the
Issuer will terminate on the first Business Day following the Class A(2003-5) Termination Date. 
  
 Section 2.06. Form of Delivery of Class A(2003-5) Notes; Depository; Denominations. 
  
 (a) The Class A(2003-5) Notes shall be delivered in the form of a global Registered Note as provided in Sections 202
and 301(i) of the Indenture, respectively. 
  
 (b) The
Depository for the Class A(2003-5) Notes shall be The Depository Trust Company, and the Class A(2003-5) Notes shall initially be registered in the name of Cede & Co., its nominee. 
  
 (c) The Class A(2003-5) Notes will be issued in minimum denominations of $1,000 and integral multiples of that amount.

  
 Section 2.07. Delivery and Payment for the Class A(2003-5)
Notes. The Issuer shall execute and deliver the Class A(2003-5) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2003-5) Notes when authenticated, each in accordance with Section 303
of the Indenture. 
  
 Section 2.08. Targeted Deposits to the
Accumulation Reserve Account. 
  
 The deposit targeted to be
made to the Accumulation Reserve Account for any Monthly Period during the Accumulation Reserve Funding Period will be an amount equal to the Required Accumulation Reserve sub-Account Amount. 
  
 Section 2.09. Capital One Derivative Agreement. 
  
 (a) On any Distribution Date, any amount owed by the Issuer pursuant to the
ISDA Master Agreement, dated as of October 9, 2002, as supplemented by the Schedule thereto, dated as of October 9, 2002, and the Confirmation thereto relating to the Class A(2003-5) Notes, dated as of October 10, 2003 (collectively, the
“Capital One Derivative Agreement”), each between Capital One Bank and the Issuer, shall be paid to Capital One Bank from Card Series Finance Charge Amounts (available after giving effect to Sections 3.01(a) through
(l) of the Indenture Supplement) for such Distribution Date in an amount not to exceed the lesser of (i) the product of (x) the amount of Card Series Finance Charge Amounts available for application pursuant to Section 3.01(m) of the
Indenture Supplement times (y) a fraction, the numerator of which is the Nominal Liquidation Amount of the Class A(2003-5) Notes as of the close of business on the last day of the preceding Monthly Period and the denominator of which is the
Nominal Liquidation Amount of all tranches of Card Series Notes as of the close of business on the last day of the preceding Monthly 
  

 10 

 Period and (ii) the amount of such payment owed by the Issuer to Capital One Bank on such Distribution Date. 

 
 (b) On any Distribution Date, any amount owed to the Issuer pursuant to
the Capital One Derivative Agreement shall be, when received by the Issuer, treated as Card Series Finance Charge Amounts for the purposes of Section 3.01(n) of the Indenture Supplement. 
  
 (c) The Capital One Derivative Agreement shall not be considered a
“Derivative Agreement” (as such term is defined in the Indenture) for the purposes of Indenture, the Asset Pool Supplement or the Indenture Supplement. 
  
 Section 2.10. Tax Treatment. Notwithstanding any other express or implied agreement to the contrary, each of the
Issuer and the Class A(2003-5) Noteholders are hereby deemed to agree that they and any recipient of the Prospectus Supplement dated October 2, 2003 and the Prospectus dated July 28, 2003, each relating to the Class A(2003-5) Notes (or their
employees, representatives, or other agents), may disclose to any and all persons, without limitation of any kind, the Tax Treatment and Tax Structure of any transaction relating to the Issuer or the Class A(2003-5) Notes and all materials of any
kind (including opinions or other tax analyses) that are provided to any of them relating to such Tax Treatment and Tax Structure. For purposes of this Section 2.10, “Tax Treatment” refers to the purported or claimed
treatment of the Issuer and the Class A(2003-5) Notes under the Internal Revenue Code, and “Tax Structure” refers to any fact that may be relevant to understanding such Tax Treatment. It is hereby confirmed that each of the
foregoing have been deemed to so agree since the commencement of discussions regarding the Class A(2003-5) Notes. 
  
 [END OF ARTICLE II] 
  

 11 

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

	CAPITAL ONE MULTI-ASSET EXECUTION TRUST, by DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity, but solely as Owner Trustee on behalf of the
Trust
		
	By:	 	 /s/    MICHELE
VOON        

	 	 	 Name:
	 	Michele Voon
	 	 	 Title:
	 	Attorney-in-fact

  

	 THE BANK OF NEW YORK, as Indenture Trustee
 and not in its individual capacity

		
	By:	 	 /s/    ALLISON R.
CLAN        

	 	 	 Name:
	 	Allison R. Clan
	 	 	 Title:
	 	Assistant Treasurer

  
 [Signature Page
to the Class A(2003-5) Terms Document]Dealer Manager Agreement

 Exhibit 4.1 
  
 WELLS REAL ESTATE INVESTMENT TRUST II, INC. 
  
  Up to 785,000,000 Shares of Common Stock 
   
 DEALER MANAGER AGREEMENT 
  
                     , 2003 
  
 Wells Investment Securities, Inc. 
 6200 The Corners Parkway 
 Suite 250 
 Norcross, Georgia 30092 
  
 Ladies and Gentlemen: 
  
  Wells Real Estate Investment Trust II, Inc., a Maryland corporation (the
“Company”), has registered for public sale 785,000,000 shares of its common stock, $.01 par value per share, (the “Shares”), of which 185,000,000 are intended to be offered pursuant to the Company’s dividend reinvestment
plan. The Company desires for Wells Investment Securities, Inc. (the “Dealer Manager”) to act as its agent in connection with the offer and sale of the Shares to the public (the “Offering”). Except as described in the Prospectus
or in section 5.4 hereof, the Shares are to be sold for a per Share cash price as follows: 
   

	 	  	Public Shares

	    	DRP Shares

	 Undiscounted
	  	$	10.00	    	$	9.55
	 BD Channel Full Discount
	  	$	9.30	    	$	9.55
	 Registered Investment Advisor Channel
	  	$	9.20	    	$	9.55

   
  In connection
with the sale of Shares, the Company hereby agrees with you, the Dealer Manager, as follows: 
   

	1.	Representations and Warranties of the Company. As an inducement to the Dealer Manager to enter into this Agreement, the Company represents and warrants to the Dealer Manager and
each dealer with whom the Dealer Manager has entered into or will enter into a Selected Dealer Agreement in the form attached to this Agreement as Exhibit A (said dealers being hereinafter referred to as the “Dealers”) that:

   

	 	1.1.	 The Company has prepared and filed with the Securities and Exchange Commission (the “SEC”) a registration statement (Registration No. 333-107066) which
has become effective for the registration of the Shares under the Securities Act of 1933, as amended (the “Securities Act”), and the applicable rules and regulations (the “Rules and Regulations”) of the SEC promulgated
thereunder. Copies of such registration statement as initially filed and each amendment thereto have been or will be delivered to the Dealer Manager. The registration statement and the prospectus contained therein, as finally amended at the
effective 

	 	 
date of the registration statement (the “Effective Date”), are respectively hereinafter referred to as the “Registration Statement” and
the “Prospectus,” except that if the Company shall file a prospectus pursuant to Rule 424(b) under the Securities Act that differs from the Prospectus, the term “Prospectus” shall mean the prospectus filed pursuant to Rule
424(b). The term “Preliminary Prospectus” as used herein shall mean a preliminary prospectus related to the Shares as contemplated by Rule 430 or Rule 430A of the Rules and Regulations included at any time as part of the Registration
Statement. 

   

	 	1.2.	On the date that any Preliminary Prospectus was filed with the SEC, on the Effective Date, on the date of the Prospectus, on the date the Minimum Offering (as hereinafter defined)
is obtained and when any post-effective amendment to the Registration Statement becomes effective or any amendment or supplement to the Prospectus is filed with the SEC, the Registration Statement, each Preliminary Prospectus and the Prospectus, as
amended or supplemented, if applicable, including the financial statements contained therein, complied or will comply with the Securities Act and the Rules and Regulations. On the Effective Date, the Registration Statement and any such amendment did
not or will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading. On the date of the Prospectus, as amended or
supplemented, as applicable, and on the date the Minimum Offering is obtained, the Prospectus did not or will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the foregoing provisions of this Section 1.2 will not extend to such statements contained in or omitted from the
Registration Statement or the Prospectus, as amended or supplemented as are primarily within the knowledge of the Dealer Manager or any of the Dealers and are based upon information furnished by the Dealer Manager in writing to the Company
specifically for inclusion therein. 

   

	 	1.3.	No order preventing or suspending the use of any Preliminary Prospectus or the Prospectus has been issued and no proceedings for that purpose are pending, threatened, or, to the
knowledge of the Company, contemplated by the SEC; and to the knowledge of the Company, no order suspending the offering of the Shares in any jurisdiction has been issued and no proceedings for that purpose have been instituted or threatened or are
contemplated. 

   

	 	1.4.	The Company has not distributed any offering material in connection with the offering or sale of the Shares, other than the Registration Statement, the Preliminary Prospectus and
the Prospectus. 

   

	 	1.5.	The Company intends to use the funds received from the sale of the Shares as set forth in the Prospectus. 

   

 - 2 - 

	 	1.6.	The Company has full legal right, power and authority to enter into this Agreement and to perform the transactions contemplated hereby, and the Company has duly authorized, executed
and delivered this Agreement. 

   

	 	1.7.	The execution and delivery of this Agreement, the consummation of the transactions herein contemplated and the compliance with the terms of this Agreement by the Company will not
conflict with or constitute a default or violation under any charter, by-law, contract, indenture, mortgage, deed of trust, lease, rule, regulation, writ, injunction or decree of any government, governmental instrumentality or court, domestic or
foreign, having jurisdiction over the Company, except to the extent that the enforceability of the indemnity and contribution provisions contained in Section 6 of this Agreement may be limited under applicable securities laws.

   

	 	1.8.	No consent, approval, authorization or other order of any governmental authority is required in connection with the execution or delivery by the Company of this Agreement or the
issuance and sale by the Company of the Shares, except such as may be required under the securities laws of certain states, if any, which we have identified to you. 

   

	 	1.9.	The Shares have been duly authorized and, upon payment therefor as provided in this Agreement, will be validly issued, fully paid and nonassessable and will conform to the
description thereof contained in the Prospectus. 

   

	 	1.10.	The common stock of the Company is registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company has taken no
action designed to, or likely to have the effect of, terminating the registration of the common stock under the Exchange Act nor has the Company received any notification that the SEC is contemplating terminating such registration.

   

	2.	Representations and Warranties of the Dealer Manager. As an inducement to the Company to enter into this Agreement, the Dealer Manager represents and warrants to the Company that:

   

	 	2.1.	The Dealer Manager is a member of the National Association of Securities Dealers, Inc. (the “NASD”) in good standing and a broker-dealer registered as such under the
Exchange Act and under the securities laws of the states in which the Shares are to be offered and sold. The Dealer Manager and its employees and representatives have all required licenses and registrations to act under this Agreement.

   

	 	2.2.	The Dealer Manager has full legal right, power and authority to enter into this Agreement and to perform the transactions contemplated hereby, and the Dealer Manager has duly
authorized, executed and delivered this Agreement. 

   

 - 3 - 

	 	2.3.	The execution and delivery of this Agreement, the consummation of the transactions herein contemplated and the compliance with the terms of this Agreement by the Dealer Manager will
not conflict with or constitute a default or violation under any charter, by-law, contract, indenture, mortgage, deed of trust, lease, rule, regulation, writ, injunction or decree of any government, governmental instrumentality or court, domestic or
foreign, having jurisdiction over the Dealer Manager, except to the extent that the enforceability of the indemnity and contribution provisions contained in Section 6 of this Agreement may be limited under applicable securities laws.

   

	 	2.4.	No consent, approval, authorization or other order of any governmental authority is required in connection with the execution, delivery or performance by the Dealer Manager of this
Agreement. 

   

	 	2.5.	The Dealer Manager represents and warrants to the Company and each person that signs the Registration Statement that the information under the caption “Plan of
Distribution” in the Prospectus and all other information furnished to the Company by the Dealer Manager in writing expressly for use in the Registration Statement, any Preliminary Prospectus, the Prospectus, or any amendment or supplement
thereto does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading. 

   

	3.	Covenants of the Company. The Company covenants and agrees with the Dealer Manager that: 

   

	 	3.1.	It will, at no expense to the Dealer Manager, furnish the Dealer Manager with such number of printed copies of the Registration Statement, including all amendments and exhibits
thereto, as the Dealer Manager may reasonably request. It will similarly furnish to the Dealer Manager and others designated by the Dealer Manager as many copies as the Dealer Manager may reasonably request in connection with the offering of the
Shares of: (a) the Prospectus and every form of supplemental or amended prospectus; (b) this Agreement; and (c) any other printed sales literature or other materials (provided that the use of said sales literature and other materials has been first
approved for use by the Company and all appropriate regulatory agencies). 

   

	 	3.2.	It will furnish such information and execute and file such documents as may be necessary for the Company to qualify the Shares for offer and sale under the securities laws of such
jurisdictions as the Dealer Manager may reasonably designate and will file and make in each year such statements and reports as may be required. The Company will furnish to the Dealer Manager a copy of such papers filed by the Company in connection
with any such qualification. 

   

	 	3.3.	 It will: (a) furnish copies of any proposed amendment or supplement of the Registration Statement or the Prospectus to the Dealer Manager; (b) file every amendment
or supplement to the Registration Statement or the Prospectus that may be required by the SEC or any state securities administration; and (c) if at any time the SEC shall issue any stop order suspending the effectiveness of the 

   

 - 4 - 

	 	 
Registration Statement or any state securities administration shall issue any order or take other action to suspend or enjoin the sale of the Shares, it will
promptly notify the Dealer Manager and will use its best efforts to obtain the lifting of such order or to prevent such other action at the earliest possible time. 

   

	 	3.4.	If at any time when a Prospectus is required to be delivered under the Securities Act any event occurs as a result of which, in the opinion of either the Company or the Dealer
Manager, the Prospectus or any other prospectus then in effect would include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in view of the circumstances under which they were made,
not misleading, the Company will promptly notify the Dealer Manager thereof (unless the information shall have been received from the Dealer Manager) and will effect the preparation of an amended or supplemental prospectus which will correct such
statement or omission. 

   

	 	3.5.	It will comply with all requirements imposed upon it by the Securities Act and the Exchange Act, by the rules and regulations of the SEC promulgated thereunder as from time to time
in effect, and by all state securities laws and regulations of those states in which an exemption has been obtained or qualification of the Shares has been effected, to permit the continuance of offers and sales of the Shares in accordance with the
provisions hereof and of the Prospectus. 

   

	 	3.6.	It will pay all expenses incident to the performance of its obligations under this Agreement, including (a) the preparation, filing and printing of the Registration Statement as
originally filed and of each amendment thereto, (b) the preparation, printing and delivery to the Dealer Manager of this Agreement, the Selected Dealer Agreement and such other documents as may be required in connection with the offering, sale,
issuance and delivery of the Shares, (c) the fees and disbursements of the Company’s counsel, accountants and other advisors, (d) the fees and expenses related to the review of the terms and fairness of the Offering by the NASD; (e) the fees
and expenses related to the qualification of the Shares under securities laws in accordance with the provisions of Section 3.2 hereof, including the fees and disbursements of counsel in connection with the preparation of the Blue Sky Survey and any
supplement thereto, (f) the printing and delivery to the Dealer Manager of copies of any Preliminary Prospectus, the Prospectus and any amendments or supplements thereto, (g) the fees and expenses of any registrar, transfer agent or paying agent in
connection with the Shares and (h) the costs and expenses of the Company relating to investor presentations undertaken in connection with the marketing of the offering of the Shares, including, without limitation, expenses associated with the
production of slides and graphics, fees and expenses of any consultants engaged in connection with presentations with the prior approval of the Company, and travel and lodging expenses of the representatives of the Company and any such consultants.

   

 - 5 - 

	4.	Covenants of the Dealer Manager. The Dealer Manager covenants and agrees with the Company that: 

   

	 	4.1.	In connection with the offer and sale of the Shares, the Dealer Manager will comply with all requirements imposed upon it by the Securities Act and the Exchange Act, by the rules
and regulations of the SEC promulgated thereunder or other federal regulations applicable to the Offering, the sale of Shares or its activities, as from time to time in effect, by all applicable state securities laws and regulations and by this
Agreement, including the obligation to deliver a copy of the Prospectus and all supplements thereto and any amended Prospectus as required by the Securities Act of 1933. The Dealer Manager will not offer the Shares for sale in any jurisdiction
unless and until it has been advised that the Shares are either registered in accordance with, or exempt from, the securities and other laws applicable thereto. 

   

	 	4.2.	The Dealer Manager will make no representations concerning the Offering except as set forth in the Prospectus, as amended or supplemented from time to time.

   

	 	4.3.	The Dealer Manager will provide the Company with such information relating to the offer and sale of the Shares by it as the Company may from time to time reasonably request or as
may be requested to enable the Company to prepare such reports of sale as may be required to be filed under applicable state securities laws. 

   

	5.	Obligations and Compensation of Dealer Manager. 

   

	 	5.1.	The Company hereby appoints the Dealer Manager as its agent and principal distributor during the Offering Period (as hereinafter defined) for the purpose of finding, on a best
efforts basis, purchasers for the Shares for cash through the Dealers, all of whom shall be members of the NASD. The Dealer Manager may also arrange for the sale of Shares for cash directly to its own clients and customers at the public offering
price and subject to the terms and conditions stated in the Prospectus. The Dealer Manager hereby accepts such agency and distributorship and agrees to use its best efforts to find purchasers for the Shares on said terms and conditions, commencing
as soon as practicable. 

   

	 	5.2.	The Dealer Manager agrees to be bound by the terms of the Escrow Agreement dated
                    , 2003 among SouthTrust Bank as escrow agent, the Dealer Manager and the Company, a copy of which is attached hereto as
Exhibit B. 

   

	 	5.3.	 The “Offering Period” shall mean that period during which Shares may be offered for sale, commencing on the date the registration was filed with the SEC,
during which period offers and sales of the Shares shall occur continuously unless and until the Offering is terminated as provided in Section 11 hereof, except that the Dealer Manager and the Dealers shall suspend or terminate offering of the
Shares upon request of the Company at any time and shall resume offering the Shares upon subsequent request of the Company. The Offering Period shall in all events 

   

 - 6 - 

	 	 
terminate upon the sale of all of the Shares. Upon termination of the Offering Period, the Dealer Manager’s agency and this Agreement shall terminate
without obligation on the part of the Dealer Manager or the Company except as set forth in this Agreement. 

   

	 	5.4.	Except as provided in the “Plan of Distribution” section of the Prospectus, as compensation for the services rendered by the Dealer Manager, the Company agrees that it
will pay to the Dealer Manager selling commissions plus a dealer manager fee as follows: 

   

	 	  	Public Shares

	 	 	DRP Shares

	 
	 Selling Commissions
	  	 	 	 	 	 
	 Undiscounted
	  	7.00	%	 	5.00	%
	 BD Channel Full Discount
	  	0.00	%	 	0.00	%
	 Registered Investment Advisor Channel
	  	0.00	%	 	0.00	%
			
	 Dealer Manager Fee
	  	 	 	 	 	 
	 Undiscounted
	  	2.50	%	 	0.00	%
	 BD Channel Full Discount
	  	2.50	%	 	0.00	%
	 Registered Investment Advisor Channel
	  	1.50	%	 	0.00	%

   
  Provided,
however, that reduced selling commissions will be paid to the Dealer Manager and reduced per share selling prices shall be recovered on large transactions in accordance with the following table: 
   

	 Shares purchased in the transaction

	  	Commission Rate

	 	Price per share

	 —
	  	  50,000	  	7.0%	 	$10.00
	 50,001
	  	100,000	  	6.0%	 	  $9.90
	 100,001
	  	200,000	  	5.0%	 	  $9.80
	 200,001
	  	300,000	  	4.0%	 	  $9.70
	 300,001
	  	400,000	  	3.0%	 	  $9.60
	 400,001
	  	500,000	  	2.0%	 	  $9.50
	 500,001
	  	And up	  	1.0%	 	  $9.40

   
  The discounts
noted in the above table will be applied on a transaction-by-transaction basis and in a progressive fashion. By way of example, an investment transaction of $750,000 would pay 7% commission on the first $500,000, which would purchase 50,000 shares,
and then 6% on the remaining $250,000, which would purchase 25,252 shares ($250,000 divided by $9.90 per share). 
   
  The Company will also reimburse the Dealer Manager for its reimbursement of the bona fide due diligence expenses of the Dealers in the amount of up to
0.5% of the gross offering proceeds attributable to such Dealer. Notwithstanding the foregoing, no commissions, payments or amounts whatsoever will be paid to the Dealer Manager under this Section 5.4 unless or until 250,000 Shares have been sold in
the Offering (the “Minimum Offering”). Until the Minimum Offering is 

   

 - 7 - 

  
obtained, investments will be held in escrow and, if the Minimum Offering is not obtained, will be returned to the investors in accordance with the
Prospectus. The Company will not be liable or responsible to any Dealer for direct payment of commissions to such Dealer, it being the sole and exclusive responsibility of the Dealer Manager for payment of commissions to Dealers. Notwithstanding the
above, at its discretion, the Company may act as agent of the Dealer Manager by making direct payment of commissions to such Dealers without incurring any liability therefor. 
   

	 	5.5.	The Dealer Manager will not represent or imply that SouthTrust Bank, as the escrow agent identified in the Prospectus, has investigated the desirability or advisability of
investment in the Company or has approved, endorsed or passed upon the merits of the Shares or the Company, nor will the Dealer Manager use the name of said escrow agent in any manner whatsoever in connection with the offer or sale of the Shares
other than by acknowledgment that it has agreed to serve as escrow agent. 

   

	6.	Indemnification. 

   

	 	6.1.	 The Company will indemnify and hold harmless the Dealers and the Dealer Manager, their officers and directors and each person, if any, who controls such Dealer or
Dealer Manager within the meaning of Section 15 of the Securities Act from and against any losses, claims, damages or liabilities, joint or several, to which such Dealers or Dealer Manager, their officers and directors, or such controlling person
may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) any untrue statement or alleged untrue statement of a material fact
contained (i) in any Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereto or in the Prospectus or any amendment or supplement to the Prospectus or (ii) in any blue sky application or other
document executed by the Company or on its behalf specifically for the purpose of qualifying any or all of the Shares for sale under the securities laws of any jurisdiction or based upon written information furnished by the Company under the
securities laws thereof (any such application, document or information being hereinafter called a “Blue Sky Application”), or (b) the omission or alleged omission to state in the Registration Statement (including the Prospectus as a part
thereof) or any post-effective amendment thereof or in any Blue Sky Application a material fact required to be stated therein or necessary to make the statements therein not misleading, or (c) any untrue statement or alleged untrue statement of a
material fact contained in any Preliminary Prospectus, if used prior to the effective date of the Registration Statement, or in the Prospectus or any amendment or supplement to the Prospectus or the omission or alleged omission to state therein a
material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The Company will reimburse each Dealer or Dealer Manager, its officers and
directors and each such controlling person, for any legal or other expenses reasonably 

   

 - 8 - 

	 	 
incurred by such Dealer or Dealer Manager, its officers and directors and each such controlling person, in connection with investigating or defending such
loss, claim, damage, liability or action. Notwithstanding the foregoing provisions of this Section 6.1, the Company will not be liable in any such case to the extent that any such loss, claim, damage, liability or expense arises out of or is based
upon an untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished (x) to the Company by the Dealer Manager or (y) to the Company or the Dealer Manager by
or on behalf of any Dealer specifically for use in the preparation of the Registration Statement or any such post-effective amendment thereof, any such Blue Sky Application or any such Preliminary Prospectus or the Prospectus or any such amendment
thereof or supplement thereto, and, further, the Company will not be liable in any such case if it is determined that such Dealer or the Dealer Manager was at fault in connection with the loss, claim, damage, liability, expense or action.
Notwithstanding foregoing, the Company shall not indemnify or hold harmless the Dealer Manager, its officers and directors and each person, if any, who controls such Dealer Manager within the meaning of Section 15 of the Securities Act for any
losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (a) there has been a successful adjudication on the merits of each
count involving alleged securities law violations as to the particular indemnitee, (b) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee and (c) a court of competent
jurisdiction approves a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the
position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities laws.

   

	 	6.2.	 The Dealer Manager will indemnify and hold harmless the Company, each director of the Company (including any person named in the Registration Statement, with his
consent, as about to become a director), each other person who has signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act, from and against any losses, claims,
damages or liabilities to which any of the aforesaid parties may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) any
untrue statement of a material fact contained (i) in the Registration Statement (including the Prospectus as a part thereof) or any post-effective amendment thereof or (ii) any Blue Sky Application, or (b) the omission to state in the Registration
Statement (including the Prospectus as a part thereof) or any post-effective amendment thereof or in any Blue Sky Application a material fact required to be stated therein or necessary to make the statements therein not misleading, or (c) any untrue
statement or alleged untrue statement of a material fact contained in any Preliminary Prospectus, if used prior to the 

   

 - 9 - 

	 	 
effective date of the Registration Statement, or in the Prospectus, or in any amendment or supplement to the Prospectus or the omission to state therein a
material fact required to be stated therein or necessary in order to make the statements therein in the light of the circumstances under which they were made not misleading, in the case of each of clauses (a)-(c) to the extent, but only to the
extent, that such untrue statement or omission was made in reliance upon and in conformity with written information furnished to the Company by or on behalf of the Dealer Manager specifically for use with reference to the Dealer Manager in the
preparation of the Registration Statement or any such post-effective amendments thereof or any such Blue Sky Application or any such Preliminary Prospectus or the Prospectus or any such amendment thereof or supplement thereto, or (d) any
unauthorized use of sales materials or use of unauthorized verbal representations concerning the Shares by the Dealer Manager. The Dealer Manager will reimburse the aforesaid parties for any legal or other expenses reasonably incurred by them in
connection with investigating or defending such loss, claim, damage, liability, expense or action. This indemnity agreement will be in addition to any liability which the Dealer Manager may otherwise have. 

   

	 	6.3.	 Each Dealer severally will indemnify and hold harmless the Company, the Dealer Manager, each of their directors (including any person named in the Registration
Statement, with his consent, as about to become a director), each other person who has signed the Registration Statement and each person, if any, who controls the Company and the Dealer Manager within the meaning of Section 15 of the Securities Act
from and against any losses, claims, damages or liabilities to which the Company, the Dealer Manager, any such director or other person, or controlling person may become subject, under the Securities Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) any untrue statement or alleged untrue statement of a material fact contained (i) in the Registration Statement (including the Prospectus as a part thereof) or
any post-effective amendment thereof or (ii) in any Blue Sky Application, or (b) the omission or alleged omission to state in the Registration Statement (including the Prospectus as a part thereof or any post-effective amendment thereof or in any
Blue Sky Application a material fact required to be stated therein or necessary to make the statements therein not misleading, or (c) any untrue statement or alleged untrue statement of a material fact contained in any Preliminary Prospectus, if
used prior to the effective date of the Registration Statement, or in the Prospectus, or in any amendment or supplement to the Prospectus or the omission or alleged omission to state therein a material fact required to be stated therein or necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in the case of each of clauses (a)-(c) to the extent, but only to the extent, that such untrue statement or alleged untrue
statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Company or the Dealer Manager by or on behalf of such Dealer specifically for use with reference to such Dealer in the
preparation of the Registration Statement or any such post-effective amendments thereof or any such Blue Sky Application or any such Preliminary Prospectus or the 

   

 - 10 - 

	 	 
Prospectus or any such amendment thereof or supplement thereto, or (d) any unauthorized use of sales materials or use of unauthorized verbal representations
concerning the Shares by such Dealer or Dealer’s representatives or agents in violation of Section VII of the Selected Dealer Agreement or otherwise. Each such Dealer will reimburse the Company and the Dealer Manager and each such director or
other person or controlling person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, expense or action. This indemnity agreement will be in addition to
any liability which such Dealer may otherwise have. 

   

	 	6.4.	Promptly after receipt by an indemnified party under this Section 6 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be
made against any indemnifying party under this Section 6, notify in writing the indemnifying party of the commencement thereof. The failure of an indemnified party so to notify the indemnifying party will relieve the indemnifying party from any
liability under this Section 6 as to the particular item for which indemnification is then being sought, but not from any other liability which it may have to any indemnified party. In case any such action is brought against any indemnified party,
and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled, to the extent it may wish, jointly with any other indemnifying party similarly notified, to participate in the defense thereof, with separate
counsel. Such participation shall not relieve such indemnifying party of the obligation to reimburse the indemnified party for reasonable legal and other expenses (subject to Section 6.5) incurred by such indemnified party in defending itself,
except for such expenses incurred after the indemnifying party has deposited funds sufficient to effect the settlement, with prejudice, of the claim in respect of which indemnity is sought. Any such indemnifying party shall not be liable to any such
indemnified party on account of any settlement of any claim or action effected without the consent of such indemnifying party. 

   

	 	6.5.	The indemnifying party shall pay all legal fees and expenses of the indemnified party in the defense of such claims or actions; provided, however, that the indemnifying party shall
not be obliged to pay legal expenses and fees to more than one law firm in connection with the defense of similar claims arising out of the same alleged acts or omissions giving rise to such claims notwithstanding that such actions or claims are
alleged or brought by one or more parties against more than one indemnified party. If such claims or actions are alleged or brought against more than one indemnified party, then the indemnifying party shall only be obliged to reimburse the expenses
and fees of the one law firm that has been selected by a majority of the indemnified parties against which such action is finally brought; and in the event a majority of such indemnified parties is unable to agree on which law firm for which
expenses or fees will be reimbursable by the indemnifying party, then payment shall be made to the first law firm of record representing an indemnified party against the action or claim. Such law firm shall be paid only to the extent of services
performed by such law firm and no reimbursement shall be payable to such law firm on account of legal services performed by another law firm. 

   

 - 11 - 

	 	6.6.	If the indemnity agreements contained in this Section 6 are for any reason unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, claims,
damages, liabilities or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount of such losses, claims, damages, liabilities and expenses incurred by such indemnified party, as incurred, (a) in such
proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Dealer Manager or Dealer on the other hand from the offering of the Shares in question or (b) if the allocation provided by clause (a) is
not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (a) but also the relative fault of the Company on the one hand and of the Dealer Manager or Dealer on the other
hand in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. 

   
  The relative benefits received by the Company on the one
hand and the Dealer Manager or Dealer on the other hand in connection with the offering of the Shares in question shall be deemed to be in the same respective proportions as the total net proceeds from the offering of the Shares in question (before
deducting expenses) received by the Company and the total selling commission and any dealer manager fee actually received by the Dealer Manager or Dealer, in each case as set forth on the cover of the Prospectus, bear to the aggregate public
offering price of the Shares in question as set forth on such cover. The relative fault of the Company on the one hand and the Dealer Manager or Dealer on the other hand shall be determined by reference to, among other things, whether any such
untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or by the Dealer Manager or Dealer and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission. It is understood that it would not be just and equitable if contribution pursuant to this Section 6.6 were determined by pro rata allocation or by any other method of
allocation which does not take account of the equitable considerations referred to above in this Section 6.6. The aggregate amount of losses, claims, damages, liabilities and expenses incurred by an indemnified party and referred to above in this
Section 6.6 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body,
commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. 
   
  Notwithstanding the provisions of this Section 6.6, the Dealer Manager or Dealer shall not be required to contribute any amount in excess
of the amount by which the total price at which the Shares in question sold by it exceeds the amount of any damages which such Dealer Manager or Dealer has otherwise been required to pay by reason of any such untrue or alleged untrue statement or
omission or alleged omission. 
   

 - 12 - 

 No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
  
  For purposes of this Section 6.6, each director of the Company, each other person who signed the Registration Statement, and each person,
if any, who controls the Company within the meaning of Section 15 of the Securities Act shall have the same rights to contribution as the Company, and each person, if any, who controls the Dealer Manager or any Dealer within the meaning of Section
15 of the Securities Act shall have the same rights to contribution as such Dealer Manager or Dealer. 
   

	7.	Survival of Provisions. The respective agreements, representations and warranties of the Company and the Dealer Manager set forth in this Agreement shall remain operative and in
full force and effect regardless of (a) any termination of this Agreement, (b) any investigation made by or on behalf of the Dealer Manager or any Dealer or any person controlling the Dealer Manager or any Dealer or by or on behalf of the Company or
any person controlling the Company, and (c) the acceptance of any payment for the Shares. 

   

	8.	Applicable Law. This Agreement was executed and delivered in, and its validity, interpretation and construction shall be governed by, the laws of the State of Georgia; provided
however, that causes of action for violations of federal or state securities laws shall not be governed by this Section. 

   

	9.	Counterparts. This Agreement may be executed in any number of counterparts. Each counterpart, when executed and delivered, shall be an original contract, but all counterparts, when
taken together, shall constitute one and the same Agreement. 

   

	10.	Successors and Amendment. 

   

	 	10.1.	This Agreement shall inure to the benefit of and be binding upon the Dealer Manager and the Company and their respective successors. Nothing in this Agreement is intended or shall
be construed to give to any other person any right, remedy or claim, except as otherwise specifically provided herein. This Agreement shall inure to the benefit of the Dealers to the extent set forth in Sections 1 and 4 hereof.

   

	 	10.2.	This Agreement may be amended by the written agreement of the Dealer Manager and the Company. 

   

	11.	Term. Any party to this Agreement shall have the right to terminate this Agreement on 60 days’ written notice. 

   

 - 13 - 

	12.	Confirmation. The Company hereby agrees and assumes the duty to confirm on its behalf and on behalf of dealers or brokers who sell the Shares all orders for purchase of Shares
accepted by the Company. Such confirmations will comply with the rules of the SEC and the NASD and will comply with applicable laws of such other jurisdictions to the extent the Company is advised of such laws in writing by the Dealer Manager.

   

	13.	Suitability of Investors. The Dealer Manager will offer Shares, and in its agreements with Dealers will require that the Dealers offer Shares, only to persons who meet the financial
qualifications set forth in the Prospectus or in any suitability letter or memorandum sent to it by the Company and will only make offers to persons in the states in which it is advised in writing that the Shares are qualified for sale or that such
qualification is not required. In offering Shares, the Dealer Manager will, and in its agreements with Dealers, the Dealer Manager will, require that the Dealer comply with the provisions of all applicable rules and regulations relating to
suitability of investors, including without limitation, the provisions of Article III.C. of the Statement of Policy Regarding Real Estate Investment Trusts of the North American Securities Administrators Association, Inc. 

  

	14.	Submission of Orders. 

   

	 	14.1.	Those persons who purchase Shares will be instructed by the Dealer Manager or the Dealer to make their checks payable to “Wells Real Estate Investment Trust II, Inc.” The
Dealer Manager and any Dealer receiving a check not conforming to the foregoing instructions shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Checks received by the Dealer
Manager or Dealer which conform to the foregoing instructions shall be transmitted for deposit pursuant to one of the methods described in this Section 14. 

   

	 	14.2.	Where, pursuant to a Dealer’s internal supervisory procedures, internal supervisory review is conducted at the same location at which subscription documents and checks are
received from subscribers, checks will be transmitted to the Dealer Manager by the end of the next business day following receipt by the Dealer for deposit either to the escrow agent for the Company or, after the Minimum Offering has been achieved,
to the Company. 

   

	 	14.3.	Where, pursuant to a Dealer’s internal supervisory procedures, final internal supervisory review is conducted at a different location, checks will be transmitted by the end of
the next business day following receipt by the Dealer to the office of the Dealer conducting such final internal supervisory review (the “Final Review Offices”). The Final Review Office will in turn by the end of the next business day
following receipt by the Final Review Office, transmit such checks to the Dealer Manager for deposit either to the escrow agent for the Company or, after the Minimum Offering has been achieved, to the Company. 

   

 - 14 - 

	 	14.4.	Where the Dealer Manager is involved in the distribution process, checks will be transmitted by the Dealer Manager for deposit either to the escrow agent for the Company or, after
the Minimum Offering has been achieved, to the Company as soon as practicable but in any event by the end of the second business day following receipt by the Dealer Manager. Checks of rejected potential investors will be promptly returned to such
potential investors. 

   
 If the foregoing
correctly sets forth our understanding, please indicate your acceptance thereof in the space provided below for that purpose, whereupon this letter and your acceptance shall constitute a binding agreement between us as of the date first above
written. 
  

	 Very truly yours,

	
	 WELLS REAL ESTATE INVESTMENT TRUST II, INC.

		
	 By:
	 	  

	 	 	 Leo F. Wells, III

	 	 	 President

  
 Accepted and agreed as of the 
 date first above written. 
  

	 WELLS INVESTMENT SECURITIES, INC.

		
	 By:
	 	  

	 	 	 Philip M. Taylor

	 	 	 President

  
  

 - 15 - 

 EXHIBIT A 
  
 WELLS REAL ESTATE INVESTMENT TRUST II, INC. 
  
 Up to 600,000,000 Shares of Common Stock 
  
 SELECTED DEALER AGREEMENT 
  
 Ladies and Gentlemen: 
  
  Wells Investment Securities, Inc., as the dealer manager (“Dealer Manager”) for Wells Real Estate Investment Trust II, Inc. (the
“Company”), a Maryland corporation, invites you (the “Dealer”) to participate in the distribution of shares of common stock (“Shares”) of the Company subject to the following terms. Capitalized terms not otherwise
defined herein shall have the meanings set forth in the Dealer Manager Agreement. 
   
 I. Dealer Manager Agreement 
  
  The Dealer Manager and the Company have entered into that certain Dealer Manager Agreement dated                     , 2003, in the
form attached hereto as Exhibit “A.” By your acceptance of this Agreement, you will become one of the Dealers referred to in such Dealer Manager Agreement between the Company and the Dealer Manager and will be entitled and subject to the
indemnification provisions contained in such Dealer Manager Agreement, including specifically the provisions of such Dealer Manager Agreement (Section 6.3) wherein each Dealer severally agrees to indemnify and hold harmless the Company, the Dealer
Manager and each officer and director thereof, and each person, if any, who controls the Company and the Dealer Manager within the meaning of the Securities Act of 1933, as amended. The Shares are offered solely through broker-dealers who are
members of the National Association of Securities Dealers, Inc. (“NASD”). 
   
 Dealer hereby agrees to use its best efforts to sell the Shares for cash on the terms and conditions stated in the Prospectus. Nothing in this Agreement shall be deemed or construed to make Dealer an employee, agent,
representative or partner of the Dealer Manager or of the Company, and Dealer is not authorized to act for the Dealer Manager or the Company or to make any representations on their behalf except as set forth in the Prospectus and such other printed
information furnished to Dealer by the Dealer Manager or the Company to supplement the Prospectus (“supplemental information”). 
  
 II. Submission of Orders 
  
 Those persons who purchase Shares will be instructed by the Dealer to make their checks payable to “Wells Real Estate Investment Trust II, Inc.”
Any Dealer receiving a check not conforming to the foregoing instructions shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Checks received by the Dealer which conform to the
foregoing instructions shall be transmitted for deposit pursuant to one of the following methods: 
  
 Where, pursuant to the Dealer’s internal supervisory procedures, internal supervisory review is conducted at the same location at which subscription
documents and checks are received from subscribers, checks will be transmitted in care of the Dealer Manager by the end of the next business day following receipt by the Dealer for deposit either to an escrow agent for the Company or, after the
Minimum Offering has been achieved, to the Company. 
  

 Where, pursuant to the Dealer’s internal supervisory procedures, final and internal supervisory
review is conducted at a different location, checks will be transmitted by the end of the next business day following receipt by the Dealer to the office of the Dealer conducting such final internal supervisory review (the “Final Review
Office”). The Final Review Office will in turn by the end of the next business day following receipt by the Final Review Office, transmit such checks for deposit to either an escrow agent for the Company or, after the Minimum Offering has been
achieved, to the Company. 
  
 III. Pricing 
  
  Except as described in the Prospectus or with respect to volume
discounts as described below, the Shares are to be sold for a per Share cash price as follows: 
   

	 	  	Public Shares

	    	DRP Shares

	 Undiscounted
	  	$	10.00	    	$	9.55
	 BD Channel Full Discount
	  	$	9.30	    	$	9.55
	 Registered Investment Advisor Channel
	  	$	9.20	    	$	9.55

   
  The Shares
shall be sold at a reduced price as follows: 
   

	 Shares purchased in the transaction

	  	Price per share

	 —
	  	  50,000	  	$10.00
	 50,001
	  	100,000	  	  $9.90
	 100,001
	  	200,000	  	  $9.80
	 200,001
	  	300,000	  	  $9.70
	 300,001
	  	400,000	  	  $9.60
	 400,001
	  	500,000	  	  $9.50
	 500,001
	  	And up	  	  $9.40

   
  The discounts
noted in the above table will be applied on a transaction-by-transaction basis and in a progressive fashion. By way of example, an investment transaction of $750,000 would purchase 50,000 shares with the first $500,000 and 25,252 with the remaining
$250,000 ($250,000 divided by $9.90 per share). 
   
  Dealer hereby agrees to place any order for the purchase prices set forth above. 
   

 - 2 - 

 IV. Dealers’ Commissions 
  
  Except for discounts described in or as otherwise provided in the “Plan of Distribution” section of the
Prospectus, the Dealer’s selling commission applicable to the total public offering price of Shares sold by Dealer which it is authorized to sell hereunder is as follows: 
   

	 	  	Public Shares

	 	 	DRP Shares

	 
	 Selling Commissions
	  	 	 	 	 	 
	 Undiscounted
	  	7.00	%	 	5.00	%
	 BD Channel Full Discount
	  	0.00	%	 	0.00	%
	 Registered Investment Advisor Channel
	  	0.00	%	 	0.00	%

   
  The preceding
commissions shall be adjusted for sales under the volume discount program as discussed above as follows: 
   

	 Shares purchased in the transaction

	  	Commission Rate

	 —
	  	  50,000	  	7.0%
	   50,001
	  	100,000	  	6.0%
	 100,001
	  	200,000	  	5.0%
	 200,001
	  	300,000	  	4.0%
	 300,001
	  	400,000	  	3.0%
	 400,001
	  	500,000	  	2.0%
	 500,001
	  	And up	  	1.0%

   
  The above selling commissions
shall be based on the gross proceeds of Shares sold by such Dealer and accepted and confirmed by the Company, which commission will be paid by the Dealer Manager. For these purposes, a “sale of Shares” shall occur if and only if a
transaction has closed with a securities purchaser pursuant to all applicable offering and subscription documents and the Company has thereafter distributed the commission to the Dealer Manager in connection with such transaction. The Dealer affirms
that the Dealer Manager’s liability for commissions payable is limited solely to the proceeds of commissions receivable associated therewith, and the Dealer hereby waives any and all rights to receive payment of commissions due until such time
as the Dealer Manager is in receipt of the commission from the Company. In addition, as set forth in the Prospectus, the Dealer Manager may, in its sole discretion, reallow a portion of the dealer manager fee earned on the proceeds raised by a
Dealer. This reallowance would be in the form of a marketing fee and may also include a reimbursement of certain of a Dealer’s distribution-related costs, such as the costs and expenses of attending educational conferences sponsored by the
Dealer Manager and direct attendance fees the Company may pay for employees of the Dealer Manager or its affiliates to attend a seminar sponsored by a Dealer. That portion of the reallowance constituting a marketing fee to a Dealer shall not exceed
1.5% of the gross sales of such Dealer and, in the aggregate, the entire dealer manager fee reallowance to all Dealers shall not exceed 1.5% of gross offering proceeds. The Dealer Manager may also reimburse bona fide due diligence expenses of a
Dealer in an amount up to 0.5% of the gross offering proceeds attributable to such Dealer. 
   
 The parties hereby agree that the foregoing commission is not in excess of the usual and customary distributors’ or sellers’ commission received
in the sale of securities similar to the Shares, that Dealer’s interest in the offering is limited to such commission from the Dealer Manager and Dealer’s indemnity referred to in Section 6 of the Dealer Manager Agreement, and that the
Company is not liable or responsible for the direct payment of such commission to the Dealer. 
  

 - 3 - 

 V. Payment 
  
 Payments of selling commissions will be made by the Dealer Manager (or by the Company as provided in the Dealer Manager Agreement) to Dealer within 30
days of the receipt by the Dealer Manager of the gross commission payments from the Company. 
  
 VI. Right to Reject Orders or Cancel Sales 
  
 All orders, whether initial or additional, are subject to acceptance by and shall only become effective upon confirmation by the Company, which reserves the right to reject any order. Orders not accompanied by an
Investment Application Signature Page and the required check in payment for the Shares may be rejected. Issuance and delivery of the Shares will be made only after actual receipt of payment therefor. If any check is not paid upon presentment, or if
the Company is not in actual receipt of clearinghouse funds or cash, certified or cashier’s check or the equivalent in payment for the Shares within 15 days of sale, the Company reserves the right to cancel the sale without notice. In the event
an order is rejected, canceled or rescinded for any reason, the Dealer agrees to return to the Dealer Manager any commission theretofore paid with respect to such order. 
  
 VII. Prospectus and Supplemental Information 
  
  Dealer is not authorized or permitted to give, and will not give, any information or make any representation concerning
the Shares except as set forth in the Prospectus and supplemental information. The Dealer Manager will supply Dealer with reasonable quantities of the Prospectus, any supplements thereto and any amended Prospectus, as well as any supplemental
information, for delivery to investors, and Dealer will deliver a copy of the Prospectus and all supplements thereto and any amended Prospectus as required by the Securities Act of 1933. The Dealer agrees that it will not send or give any
supplements thereto and any amended Prospectus to that investor unless it has previously sent or given a Prospectus and all supplements thereto and any amended Prospectus to that investor or has simultaneously sent or given a Prospectus and all
supplements thereto and any amended Prospectus with such supplemental information. Dealer agrees that it will not show or give to any investor or prospective investor or reproduce any material or writing that is supplied to it by the Dealer Manager
and marked “dealer only” or otherwise bearing a legend denoting that it is not to be used in connection with the sale of Shares to members of the public. Dealer agrees that it will not use in connection with the offer or sale of Shares any
material or writing that relates to another company supplied to it by the Company or the Dealer Manager bearing a legend that states that such material may not be used in connection with the offer or sale of any securities of the Company. Dealer
further agrees that it will not use in connection with the offer or sale of Shares any materials or writings that have not been previously approved by the Dealer Manager. Each Dealer agrees, if the Dealer Manager so requests, to furnish a copy of
any revised Preliminary Prospectus to each person to whom it has furnished a copy of any previous Preliminary Prospectus, and further agrees that it will itself mail or otherwise deliver all preliminary and final Prospectuses required for compliance
with the 

   

 - 4 - 

  
provisions of Rule 15c2-8 under the Securities Exchange Act of 1934. Regardless of the termination of this Agreement, Dealer will deliver a Prospectus in
transactions in the Shares for a period of 90 days from the effective date of the Registration Statement or such longer period as may be required by the Securities Exchange Act of 1934. On becoming a Dealer, and in offering and selling Shares,
Dealer agrees to comply with all the applicable requirements under the Securities Act of 1933 and the Securities Exchange Act of 1934. 
   
 VIII. License and Association Membership 
  
 Dealer’s acceptance of this Agreement constitutes a representation to the Company and the Dealer Manager that Dealer is a properly registered or
licensed broker-dealer, duly authorized to sell Shares under Federal and state securities laws and regulations and in all states where it offers or sells Shares, and that it is a member in good standing of the NASD. This Agreement shall
automatically terminate if the Dealer ceases to be a member in good standing of such association, or in the case of a foreign dealer, so to conform. Dealer agrees to notify the Dealer Manager immediately if Dealer ceases to be a member in good
standing, or in the case of a foreign dealer, so to conform. The Dealer Manager hereby agrees to abide by the Rules of Fair Practice of the NASD and to comply with Rules 2730, 2740, 2420 and 2750 of the NASD Conduct Rules. 
  
 IX. Anti-Money Laundering Compliance Programs 
  
 Dealer’s acceptance of this Agreement constitutes a representation to
the Company and the Dealer Manager that Dealer has established and implemented anti-money laundering compliance programs in accordance with proposed NASD Rule 3011 and Section 352 of the Money Laundering Abatement Act reasonably expected to detect
and cause the reporting of suspicious transactions in connection with the sale of Shares of the Company. 
  
 X. Limitation of Offer 
  
 Dealer will offer Shares only to persons who meet the financial qualifications set forth in the Prospectus or in any suitability letter or memorandum sent
to it by the Company or the Dealer Manager and will only make offers to persons in the states in which it is advised in writing that the Shares are qualified for sale or that such qualification is not required. In offering Shares, Dealer will comply
with the provisions of the Rules of Fair Practice set forth in the NASD Manual, as well as all other applicable rules and regulations relating to suitability of investors, including without limitation, the provisions of Article III.C. of the
Statement of Policy Regarding Real Estate Investment Trusts of the North American Securities Administrators Association, Inc. 
  

 - 5 - 

 XI. Termination 
  

 Dealer will suspend or terminate its offer and sale of Shares upon the request of the Company or the Dealer Manager at any time and will resume its
offer and sale of Shares hereunder upon subsequent request of the Company or the Dealer Manager. Any party may terminate this Agreement by written notice. Such termination shall be effective 48 hours after the mailing of such notice. This Agreement
and the exhibits hereto are the entire agreement of the parties and supersede all prior agreements, if any, relating to the subject matter hereof between the parties hereto. 
   
 This Agreement may be amended at any time by the Dealer Manager by written notice to the Dealer, and any such amendment
shall be deemed accepted by Dealer upon placing an order for sale of Shares after he has received such notice. 
  
 XII. Privacy Laws 
  
 The Dealer Manager and Dealer (each referred to individually in this section as “party”) agree as follows: 
  
 A. Each party agrees to abide by and comply with (i) the
privacy standards and requirements of the Gramm-Leach-Bliley Act of 1999 (“GLB Act”), (ii) the privacy standards and requirements of any other applicable Federal or state law, and (iii) its own internal privacy policies and procedures,
each as may be amended from time to time. 
  
 B.
Each party agrees to refrain from the use or disclosure of nonpublic personal information (as defined under the GLB Act) of all customers who have opted out of such disclosures except as necessary to service the customers or as otherwise necessary
or required by applicable law; and 
  
 C. Each
party shall be responsible for determining which customers have opted out of the disclosure of nonpublic personal information by periodically reviewing and, if necessary, retrieving a list of such customers (the “List”) as provided by each
to identify customers that have exercised their opt-out rights. In the event either party uses or discloses nonpublic personal information of any customer for purposes other than servicing the customer, or as otherwise required by applicable law,
that party will consult the List to determine whether the affected customer has exercised his or her opt-out rights. Each party understands that each is prohibited from using or disclosing any nonpublic personal information of any customer that is
identified on the List as having opted out of such disclosures. 
  
 XIII. Notice 
  
 All notices will be in writing and will
be duly given to the Dealer Manager when mailed to 6200 The Corners Parkway, Suite 250, Norcross, Georgia 30092, and to Dealer when mailed to the address specified by Dealer herein. 
  

 - 6 - 

 XIV. Attorney’s Fees and Applicable Law 
  
 In any action to enforce the provisions of this Agreement or to secure
damages for its breach, the prevailing party shall recover its costs and reasonable attorney’s fees. This Agreement shall be construed under the laws of the State of Georgia and shall take effect when signed by Dealer and countersigned by the
Dealer Manager. 
  

	 	 	 	 	 	 	 THE DEALER MANAGER:

				
	 	 	 	 	 	 	 WELLS INVESTMENT SECURITIES, INC.

	 Attest:
	 	 	 	 	 	 	 	 
					
	 By:
	 	  

	 	 	 	 By:
	 	  

	 Name:
	 	  

	 	 	 	 	 	 Philip M. Taylor
 President

	 Title:
	 	  

	 	 	 	 	 	 

  
 We have read the
foregoing Agreement and we hereby accept and agree to the terms and conditions therein set forth. We hereby represent that the list below of jurisdictions in which we are registered or licensed as a broker or dealer and are fully authorized to sell
securities is true and correct, and we agree to advise you of any change in such list during the term of this Agreement. 
  

	 1.      Identity of Dealer:

	
	 Name:                                     
                                        
                                        
                                        
                                        
                                        
       

	
	 Type of
entity:                                       
                                        
                                        
                                        
                                        
                              

	 	  	(to be completed by Dealer) (corporation, partnership or proprietorship)
	
	 Organized in the State
of:                                       
                                        
                                        
                                        
                                        
         

	 	  	(to be completed by
Dealer)                    (State)
	
	 Licensed as broker-dealer in the following

	 States:                                     
                                        
                                        
                                        
                                        
                                        
       

	 	  	(to be completed by Dealer)
	
	 Tax I.D.
#:                                       
                                        
                                        
                                        
                                        
                                     

	
	 2.      Person to receive notice pursuant to Section XI.

	
	 Name:                                     
                                        
                                        
                                        
                                        
                                        
       

	
	 Company:                                     
                                        
                                        
                                        
                                        
                                       
 

	
	 Address:                                     
                                        
                                        
                                        
                                        
                                        
   

  

 - 7 - 

	 City, State and Zip
Code:                                       
                                        
                                        
                                        
                                        
          

	
	 Telephone
No.:(____)                                      
                                        
                                        
                                        
                                        
                 

	
	 Telefax
No.:(____)                                      
                                        
                                        
                                        
                                        
                      

  

	 AGREED TO AND ACCEPTED BY THE DEALER:

	
	  

	 (Dealer’s Firm Name)

		
	 By:
	 	  

	 	 	 Signature

		
	 Title:
	 	  

  

 - 8 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}]]