Common use of Managing Dealer Clause in Contracts

Managing Dealer. CNL Securities Corp., an Affiliate of the Advisor, or such entity selected by the Board of Directors to act as the managing dealer for the Offering. CNL Securities Corp. is a member of the National Association of Securities Dealers, Inc. Mortgage Loans. In connection with mortgage financing provided by the Company, the notes or other evidence of indebtedness or obligations which are secured or collateralized by real estate owned by the borrower. Net Income. For any period, the total revenues applicable to such period, less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating total allowable Operating Expenses (as defined herein) shall exclude the gain from the sale of the Company's assets.

Managing Dealer. CNL Securities Corp., an Affiliate of the Advisor, or such entity selected by the Board of Directors to act as the managing dealer for the 2004 Offering. CNL Securities Corp. is a member of the National Association of Securities Dealers, Inc. Mortgage Loans. In connection with mortgage financing provided by the Company, the notes or other evidence of indebtedness or obligations which are secured or collateralized by real estate estate, owned by the borrowerborrowers. Net Income. For any period, the total revenues applicable to such period, less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating total allowable Operating Expenses (as defined herein) shall exclude the gain from the sale of the Company's assets.

Managing Dealer. CNL Securities Corp., an Affiliate of the Advisor, or such entity selected by the Board of Directors to act as the managing dealer for the Offering. CNL Securities Corp. is a member of the National Association of Securities Dealers, Inc. Mortgage Loans. In connection with mortgage financing provided by the CompanyCompany or in which the Company invests, the notes or other evidence of indebtedness or obligations which are secured or collateralized by real estate owned by the borrower. Net Income. For any period, the total revenues applicable to such period, less the total expenses applicable to such period excluding additions to reserves for depreciation, bad debts or other similar non-cash reserves; provided, however, Net Income for purposes of calculating total allowable Operating Expenses (as defined herein) shall exclude the gain from the sale of the Company's assets.