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Exhibit 4.3
GUARANTEE
For value
received, each of NorthStar Realty Finance Corp., NorthStar Realty
Finance Limited Partnership and NRFC Sub-REIT Corp. (each a
“Guarantor” and together the “Guarantors”)
hereby fully and unconditionally guarantees the cash payments in
United States dollars of principal of and interest on the Security
on which this Guarantee is endorsed in the amounts and at the time
when due and interest on the overdue principal and interest, if
any, on this Security, if lawful, and the payment of all other
obligations of the NRFC NNN Holdings, LLC (the
“Issuer”) under the Indenture or the Security, to the
Holder of this Security and the Trustee, all in accordance with and
subject to the terms and limitations of this Security,
Article 13 of the Indenture and this Guarantee. This Guarantee
will become effective in accordance with Article 13 of the
Indenture and its terms shall be evidenced therein. Capitalized
terms used but not defined herein shall have the meanings ascribed
to them in the Indenture, dated as of May 28, 2008, by and
among the Issuer, each of the undersigned, as Guarantors, and
Wilmington Trust Company, as Trustee, as amended or supplemented
(the “Indenture”).
The obligations of
each of the undersigned to the Holder of this Security and to the
Trustee pursuant to
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