Document:

CNL STRATEGIC CAPITAL 8-K

 

Exhibit 10.4

 

 

 

GUARANTY AGREEMENT

 

FOR VALUE RECEIVED, and in consideration
of credit given or to be given, advances made or to be made, or other financial accommodation from time to time afforded or to be afforded
to CNL STRATEGIC CAPITAL B, INC., a Delaware corporation (hereinafter called the “Borrower”), by FIRST HORIZON BANK,
a Tennessee banking corporation, and having a place of business in 315 E. Robinson St., Suite 350, Orlando, FL 32801 (hereinafter
called the “Bank”), the undersigned CNL STRATEGIC CAPITAL, LLC, a Delaware limited liability company (hereinafter called
the “Guarantor”) hereby jointly and severally, for itself, it’s heirs, executors, administrators and successors absolutely
and unconditionally guarantee(s) the full and prompt payment to the Bank, at maturity (whether by acceleration or otherwise) and at all
times thereafter, of

 

(A) any and all indebtedness,
obligations and liabilities of every kind and nature, however created, arising or evidenced, of the Borrower to the Bank, whether now
existing or hereafter created or arising, whether direct or indirect, absolute or contingent, joint or several, and howsoever owned, held
or acquired, whether through discount, overdraft, purchase, direct loan or as collateral, or otherwise, together with all expenses, legal
and/or otherwise (including court costs and attorney’s fees) incurred by the Bank in collecting or endeavoring to collect such indebtedness
or any part thereof, in protecting any collateral, and in enforcing this Agreement. The right of recovery, against the Guarantor (or each
of them, if more than one) is limited to Fifty Million and NO/100 Dollars ($50,000,000.00) plus interest on all loans and/or advances
hereunder and all expenses hereinbefore mentioned, and

 

(B) each and all of the following:

 

		(1)	the indebtedness (and interest thereon) evidenced by that certain Revolving Credit Note (the “Note”),
dated as of even date herewith, in the principal sum of Fifty Million and NO/100 Dollars ($50,000,000.00), bearing interest from date
at the rate specified in said Note, said Note being payable to the order of the Bank, at the offices of the Bank at 315 E. Robinson St.,
Suite 350, Orlando, FL 32801, or at such other place as the holder may designate in writing, being executed by the Borrower, and being
given for value received, said Note being incorporated herein by reference as fully and particularly as if set out verbatim herein; and

 

		(2)	all obligations of Borrower pursuant to any and all renewals, modifications, or extensions, in whole or
in part, of the Note; and

 

		(3)	all obligations of the Borrower under and pursuant to any deed of trust, mortgage, security agreement,
assignment of rents and leases, or other security document (collectively herein called “Security Documents”) which now or hereafter
secures the payment of the indebtedness evidenced by the Note; and

 

     

     

    

 

		(4)	all obligations of Borrower pursuant to any and all renewals, modifications, or extensions, in whole or
in part, of any of the Security Documents; and

 

		(5)	all obligations of Borrower pursuant to that certain Revolving Loan Agreement dated as of even date herewith,
by and between the Borrower and the Bank, including, if applicable, the obligation of Borrower to complete the construction of the Improvements
described therein, and all renewals, amendments, modifications, or restatements (the “Loan Agreement”); and

 

		(6)	all other Obligations of the Borrower under the Loan Documents, as defined in the Loan Agreement;

 

TOGETHER WITH (C) all expenses, legal and/or otherwise
(including court costs and reasonable attorney’s fees) incurred by the Bank in collecting or endeavoring to collect the Indebtedness,
or any part thereof, in protecting any collateral, and in enforcing this Agreement (the foregoing (A), (B), and (C) all of which is hereinafter
collectively referred to as the “Indebtedness”).

 

THIS AGREEMENT SHALL BE A
CONTINUING, ABSOLUTE AND UNCONDITIONAL GUARANTY, and shall remain in full force and effect until the Indebtedness (and interest thereon
and expenses in connection therewith), and all renewals, modifications, or extensions thereof, in whole or in part, shall have been fully
paid and satisfied. The death or dissolution of the Guarantor (or any of them, if more than one) shall not terminate this Agreement.

 

The Guarantor acknowledges
that this Agreement is necessary to induce the Bank to make and/or maintain the Indebtedness and Guarantor will receive direct and material
benefit from the Bank’s extension of credit to Borrower and providing other financial accommodations to the Borrower.

 

The Bank is hereby expressly
authorized to make from time to time, without notice to anyone: any renewals, modifications or extensions, whether such renewals, modifications
or extensions be in whole or in part and without limit as to the number of such extensions or of the renewal periods thereof, and without
notice to or further assent from the undersigned, sales, pledges, surrenders, compromises, settlements, releases, indulgences, alterations,
substitutions, exchanges, changes in, modifications, or other dispositions including, without limitation, cancellations, of all or any
part of the collateral pledged to secure the Indebtedness or any part of said Indebtedness, either express or implied, or of any contracts
or instruments evidencing any thereof, or of any security or collateral therefor, and/or to take any security for or other guaranties
upon any of said Indebtedness; and the liability of the Guarantor (or any of them, if more than one) shall not be in any manner affected,
diminished or impaired thereby, or by any lack of diligence, failure, neglect or omission on the part of the Bank to make any demand or
protest, or give any notice of dishonor or default, or to realize upon or protect any of said Indebtedness, or any collateral or security
therefor, or to exercise any lien upon or right of appropriation or setoff of any moneys, accounts, credits, or property of said Borrower,
possessed by the Bank, towards the liquidation of said Indebtedness, or by any application of payments or credits thereon. The Bank shall
have the exclusive right to determine how, when and what application of payments and credits, if any, shall be made on said Indebtedness,
or any part thereof, and shall be under no obligation, at any time, to first resort to, make demand on, file a claim against, or exhaust
its remedies against the Borrower, or any one or more of the Guarantors, or other persons or corporations, their properties or estates,
or to resort to or exhaust its remedies against, any collateral, security, property, liens or other rights whatsoever. It is expressly
agreed that the Bank may at any time make demand for payment on, or bring suit against the Guarantor (or any of them, if more than one),
or any other guarantors, may compound with the Guarantor or any other guarantor for such sums or on such terms as Bank may see fit and
release the Guarantor (or any of them, if more than one) or any other guarantor from all further liability to the Bank, without thereby
impairing the rights of the Bank in any respect to demand, sue for and collect the balance of the Indebtedness from any guarantor not
so released; and that any claims against Borrower, against any other guarantor, or against any collateral, accruing to the Guarantor (or
any of them, if more than one) by reason of payments made hereunder shall be in all respects junior and subordinate to any obligation
then or subsequently owed by the Borrower or by such other guarantor to the Bank. No set-off, claim, reduction, or diminution of any obligation
or defense of any kind or nature, which Guarantor or any Borrower has or may have against Bank, shall be available hereunder to Guarantor
against Bank.

 

    2 

     

    

 

In addition, the liability
of the Guarantor (or each of them, if more than one) under this Agreement shall be continuing, absolute and unconditional and shall remain
in full force and effect without regard to, and shall not be released, discharged or in any way affected by (a) any lack of validity or
enforceability of the Indebtedness; (b) any failure or omission of Bank to realize upon or protect any of the collateral securing the
Indebtedness, to exercise or enforce any lien upon the collateral securing the Indebtedness, or to exercise any right of set-off; (c) any
bankruptcy, insolvency, arrangement, composition, assignment for the benefit of creditors, or similar proceeding commenced by or against
either Borrower or Guarantor; (d) any failure to perfect or continue perfection of, or any release or waiver of, any rights given
to Bank with respect to any property as security for the performance of the Indebtedness by Borrower, or Guarantor’s obligations
hereunder; (e) dissolution (voluntarily or involuntarily) of Guarantor; (f) any defense that may arise by reason of the failure
of Bank to file or enforce a claim against any Borrower or Guarantor in any bankruptcy or other proceeding; (g) the voluntary or involuntary
liquidation, dissolution, sale of all or substantially all of the property of Borrower or Guarantor, the marshalling of assets and liabilities,
or other similar proceeding affecting Borrower, Guarantor, or any of their respective assets; (h) any limitation of liability of either
Borrower or Guarantor contained in any loan documents executed in connection with the Indebtedness (the “Loan Documents”); (i) the
genuineness, validity, or enforceability of the Loan Documents; (j) the release of Borrower or Guarantor from the performance or observance
of any of the agreements, covenants, terms, or conditions contained in the Loan Documents by operation of law, except upon full payment
of the Indebtedness; or (k) any other circumstances which might otherwise constitute a legal or equitable discharge of, or defense
available to, a guarantor or surety.

 

    3 

     

    

 

Guarantor further waives (a)
any right to notice of advances made to Borrower from time to time under the provisions of the Loan Documents; (b) any law, statute, obligation
or requirement which purports to require Bank to pursue any collateral securing the Indebtedness prior to proceeding under this Agreement;
(c) any right of Guarantor to require that an action be brought against Borrower under any applicable state law, as the same may be amended
from time to time; (d) any and all notice of every kind to which Guarantor might otherwise be entitled with respect to the incurring of
any further or increased obligation or liability by Borrower to Bank, any renewal, amendment, extension or modification of any of the
Indebtedness, the demand for payment or the payment of all or any of the Indebtedness or other liabilities of Borrower or Guarantor to
Bank (whether now existing or hereafter arising) or the presentment of any instrument for payment at any time in connection with any obligation
or liability of Borrower or Guarantor or the protest or nonpayment thereof; and (e) any and all defenses, claims and discharges of
Borrower, or any other obligor, pertaining to the Indebtedness. Without limiting the generality of the foregoing, the Guarantor will not
assert, plead, or enforce against the Bank any defense of waiver, release, statute of limitations, fraud, incapacity, minority, usury,
illegality or unenforceability which may be available to the Borrower or any other person liable in respect of the indebtedness or any
setoff available against the Bank to Borrower or any such person. The Guarantor expressly agrees that it will be remain liable, to the
fullest extent permitted by applicable law, for any deficiency remaining after foreclosure of any mortgage or security interest securing
the Indebtedness, whether or not the liability of Borrower or any other obligor for such deficiency is discharged pursuant to statute
or judicial decision, and any failure to confirm judicially any deficiency. Guarantor hereby further waives, surrenders, and agrees not
to claim or enforce (i) any right to be subrogated in whole or in part of any right or claim of Bank against Borrower or Guarantor
arising under the Loan Documents or any other collateral given to Bank as security for the payment or performance of the Indebtedness,
except as expressly permitted in this Agreement; and (ii) any right to require the marshalling of any assets of Borrower or Guarantor,
which right of subrogation or marshalling might otherwise arise from any partial payment of the Indebtedness by Guarantor.

 

As security for the undertakings
and obligations of the Guarantor hereunder, the Guarantor (or each of them, if more than one) expressly grants and gives to the Bank a
right of immediate setoff, without demand or notice upon default, of the balance of all deposit or other accounts of Guarantor, including
without limitation (Pledged Deposit Account #XYZ held at Bank), now or at any time hereafter existing, of the Guarantor (or each of them,
if more than one) with the Bank, and a general lien upon, and security interest in all money, negotiable instruments, commercial paper,
notes, bonds, stocks, credits and/or choses in action, or any interest therein, and any other property, rights, and interests of the Guarantor
(or each of them, if more than one) or any evidence thereof, which have or any time shall come into the possession, custody, or control
of the Bank, and, in the event of default hereunder, the Bank may sell or cause to be sold at public or private sale in any manner which
may be lawful, for cash or credit and upon such terms as the Bank may see fit, and (except as may be otherwise expressly provided by the
Uniform Commercial Code, or other applicable law) without demand or notice to the Guarantor (or each of them, if more than one), all or
any of such security, and the Bank (unless prohibited by the Uniform Commercial Code from so doing) or any other person may purchase such
property, rights or interests so sold and thereafter hold the same free of any claim or right of whatsoever kind, including any right
or equity or redemption, of the Guarantor (or each of them, if more than one), such demand, notice, right or equity of redemption being
hereby expressly waived and released.

 

    4 

     

    

 

In the event of the death,
incompetency, dissolution, liquidation, insolvency (however evidenced) of the Borrower, or institution of bankruptcy or receivership proceedings
by the Borrower, or in the event that any involuntary bankruptcy or receivership proceedings filed against the Borrower shall not be dismissed
within thirty (30) days following the institution of such proceedings, then and in any such event all of the Indebtedness shall, for the
purposes of this Agreement, and at the option of the Bank, immediately become due and payable from the Guarantor; and, in such event,
any and all sums or payments of any nature which may be or become due and payable by the Borrower to the undersigned are hereby assigned
to the Bank, and shall be collectible by the Bank, without necessity for other authority than this instrument, until the Indebtedness
shall be fully paid and discharged, but such collection by the Bank shall not in any respect affect, impair or diminish any other rights
of the Bank hereunder.

 

The granting of credit from
time to time by the Bank to the Borrower, in excess of the amount to which right of recovery under this Agreement is limited and without
notice to the Guarantor (or any of them, if more than one), is hereby expressly authorized and shall in no way affect or impair this Agreement;
and, in the event that the Indebtedness of the Borrower to the Bank shall so exceed the amount to which this Agreement is limited, any
payment by the Borrower or any collections or recovery by the Bank from any sources other than this Agreement may first be applied by
the Bank to any portion of the Indebtedness which exceeds the limits of this Agreement.

 

The Guarantor (or each of
them, if more than one) will not exercise any rights that Guarantor (or any of them, if more than one) may acquire by way of subrogation
under this Agreement, by any payment made hereunder or otherwise, until all of the Indebtedness shall have been paid in full. If any amount
shall be paid to the Guarantor (or any of them, if more than one) on account of such subrogation rights at any time when all the Indebtedness
shall not have been paid in full, such amount shall be held in trust for the benefit of the Bank and shall forthwith be paid to the Bank
to be credited and applied upon the Indebtedness.

 

Notwithstanding any provision
of the preceding paragraph to the contrary, if at any time the Guarantor (or any of them, if more than one) is or becomes an “insider”
(as defined from time to time in Section 101 of the Federal Bankruptcy Code) with respect to the Borrower, the Guarantor (or each of them,
if more than one) waives any and all rights of subrogation against the Borrower with respect to this Agreement, whether such rights arise
under an express or implied contract or by operation of law, it being the intention of the parties that, if any Guarantor is an “insider”
with respect to the Borrower, the Guarantor shall not be deemed to be a “creditor” (as defined in Section 101 of the Federal
Bankruptcy Code) of the Borrower, by reason of the existence of this Agreement in the event that the Borrower becomes a debtor in any
proceeding under the Federal Bankruptcy Code.

 

Subject to applicable law,
in the event Bank is required at any time to refund or repay to any person for any reason any sums collected by it on account of the obligations
subject to this Agreement, including but not limited to sums repaid to a trustee in Bankruptcy as a result of an avoided preferential
transfer or fraudulent conveyance, Guarantor agrees that all such sums shall be subject to the terms of this Agreement and that Bank shall
be entitled to recover such sums from Guarantor notwithstanding the fact that this Agreement previously may have been returned to Guarantor
or that Guarantor previously may have been discharged from further liability under this Agreement.

 

Notwithstanding any other
provision of this Agreement to the contrary, if the obligations of the Guarantor hereunder would otherwise be held or determined by a
court of competent jurisdiction in any action or proceeding involving any state corporate law or any state or Federal bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance or other law affecting the rights of creditors generally, to be void, invalid or unenforceable
to any extent on account of the amount of the Guarantor’s (or each of them, if more than one) liability under this Agreement, then notwithstanding
any other provision of this Agreement to the contrary, the amount of such liability shall, without any further action by the Guarantor
(or each of them, if more than one) or any other person, be automatically limited and reduced to the highest amount which is valid and
enforceable as determined in such action or proceeding.

 

    5 

     

    

 

The Bank may without any notice
whatsoever to anyone, sell, assign, participate, or transfer all or any part of said Indebtedness; and in that event each and every immediate
and successive assignee, transferee or holder of all or any part of said Indebtedness shall have the right to enforce this Agreement,
by suit or otherwise, for the benefit of such assignee, transferee or holder, as fully as though such assignee, transferee or holder were
herein by name given such rights, powers and benefits; but the Bank shall have an unimpaired right, prior and superior to that of any
said assignee, transferee or holder, to enforce this Agreement for the benefit of the Bank, as to so much of said Indebtedness that has
not been sold, assigned or transferred.

 

No act of commission or omission
of any kind, or at any time, on the part of the Bank in respect of any matter whatsoever shall in any way affect or impair this Agreement.
This Agreement is in addition to and not in substitution for or discharge of any other guaranty held by the Bank. The Guarantor (or each
of them, if more than one) waives any rights of action Guarantor (or any of them, if more than one) might have against the Bank because
of the exercise by the Bank in any manner howsoever of any rights granted to the Bank herein.

 

Guarantor shall provide to
Bank, updated annual financial statements, as provided in the Loan Documents, and as otherwise requested from time to time by the Bank,
and such other financial information regarding Guarantor and Guarantor’s affiliated entities and interests as Bank may reasonably
request from time to time. All of the foregoing shall be in a form consistent with the information previously provided to Bank in connection
with the Indebtedness, and shall otherwise be in form and substance reasonably acceptable to Bank.

 

Guarantor shall execute a
Pledge and Security Agreement with Lender and Borrower in favor of Lender with respect to (Pledged Deposit Account #XYZ held at Bank)
to be held at the Bank, to secure the obligations under this Guaranty. This account will be used to control Subscription Agreement Funds
(as defined in the Loan Agreement) and disbursed or swept accordingly. In the event there are no draws with an outstanding principal balance
or accrued interest due on the facility and the Borrower and Guarantor are in good standing with respect to the Loan Agreement, Borrower
may disburse funds to an account other than the pledged account at the bank.

 

Any notice, demand, or request
by Bank to Guarantor or by Guarantor to Bank shall be in writing and shall be given in accordance with the Loan Agreement. All notices
and other communications provided for hereunder (except for routine informational communications) shall be in writing and shall be mailed,
certified mail, return receipt requested, sent by recognized national overnight courier service, or delivered, if to the Guarantor, to
it at the address reflected at 450 S. Orange Ave. Orlando, FL 32802 and if to Bank, to it at 315 E. Robinson Street, Suite 350 32801,
Attention: Abhi Vyas, SVP and Sr. Commercial Relationship Manager or as to any such person at such other address as shall be designated
by such person in a written notice to the other parties hereto complying as to delivery with the terms of this paragraph. All such notices
and other communications shall be effective (i) if mailed, when received or three (3) business days after mailing, whichever is earlier;
or (ii) if sent by overnight courier service, on the first (1st) business day after sending, or (iii) if delivered,
upon delivery.

 

    6 

     

    

 

If Bank employs counsel to
enforce this Agreement by suit or otherwise, Guarantor will reimburse Bank, upon demand, for all reasonable expenses incurred in connection
therewith (including, without limitation, reasonable attorneys’ fees), whether or not suit is actually instituted.

 

Guarantor irrevocably: (a)
agrees that Bank or any other holder or holders of the Indebtedness may bring suit, action, or other legal proceedings arising out of
this Agreement or the transactions contemplated hereby in the courts of the State of Florida, sitting in Orange County, Florida, or the
courts of the United States for the Middle District of Florida, sitting in Orange County, Florida, but shall not be restricted to such
courts; (b) consents to the jurisdiction of each such court in any such suit, action, or proceeding; and (c) waives any objection which
Guarantor may have to the laying of the venue of any such suit, action, or proceeding in any of such courts.

 

This Agreement contains the
entire agreement between the parties and every part thereof shall be binding upon the Guarantor (or each of them, if more than one), Guarantor’s
successors and assigns, as fully as though everywhere specifically mentioned, and shall inure to the benefit of the Bank, and its successors
and assigns, and shall be construed according to the laws of the State of Florida, in which state it is accepted by the Bank.

 

If any provision hereof is
invalid or unenforceable, the remaining provisions hereof shall not be affected by such invalidity or unenforceability. Each term and
provision contained herein shall, however, be valid and enforceable to the fullest extent permitted by applicable law. Each and every
right, remedy, and power hereby granted to Bank or allowed it by law or other agreement shall be cumulative and not exclusive of any other,
and may be exercised by Bank at any time and from time to time. In the event that the Indebtedness exceeds in any respect any amount by
which this Agreement may be limited, any payments by Borrower, or any collections or recovery by Bank from any sources other than this
Agreement, may be applied first by Bank to any portion of the Indebtedness which exceeds the limits of this Agreement.

 

The Guarantor (or each of
them, if more than one) acknowledges that this Agreement is and shall be effective against such Guarantor upon execution by such Guarantor
(regardless of whether any other person named herein as Guarantor shall sign), and delivery hereof to the Bank, or its agent; and that
it shall not be necessary for the Bank to execute any acceptance hereof or otherwise to signify or express its acceptance hereof. Capitalized
terms not defined herein have the meanings ascribed to such terms in the Loan Agreement.

 

    7 

     

    

 

UNLESS EXPRESSLY PROHIBITED
BY APPLICABLE LAW, GUARANTOR HEREBY WAIVES THE RIGHT TO TRIAL BY JURY OF ANY MATTERS OR CLAIMS ARISING OUT OF THIS GUARANTY OR ANY OF
THE LOAN DOCUMENTS EXECUTED BY BORROWER IN CONNECTION HEREWITH OR OUT OF THE CONDUCT OF THE RELATIONSHIP BETWEEN BORROWER OR GUARANTOR
AND BANK, IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. GUARANTOR AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION
OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT BANK MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS PARAGRAPH
WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF GUARANTOR TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. THIS PROVISION IS A MATERIAL
INDUCEMENT FOR BANK TO EXTEND CREDIT TO BORROWER. GUARANTOR HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF BANK, NOR BANK’S
COUNSEL, HAS REPRESENTED THAT BANK WOULD NOT SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION AND THAT NO REPRESENTATIVE OR
AGENT OF BANK, NOR BANK’S COUNSEL, HAS THE AUTHORITY TO WAIVE, CONDITION OR MODIFY THIS PROVISION. GUARANTOR ACKNOWLEDGES THAT IT
HAS HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS PARAGRAPH, THAT IT FULLY UNDERSTANDS ITS TERMS, CONTENT AND EFFECT, AND
THAT IT VOLUNTARILY AND KNOWINGLY AGREES TO THE TERMS OF THIS PARAGRAPH.

 

[Signature Page to Follow]

 

    8 

     

    

 

IN WITNESS WHEREOF, the Guarantor
has caused this Agreement to be executed by its duly authorized officers on this the 24th day of August, 2022.

 

	 	 	 	CNL STRATEGIC CAPITAL, LLC,
	ATTEST	 	a Delaware limited liability company
	 	 	 	 	 
	By: 	/s/ Dale Burket		By:	/s/ Tammy Tipton
	Title:	Attorney		Name: Tammy Tipton
	 	 	 	Title:  Authorized Signatory
	 	 	 	 	 
	By: 	/s/ Tracey Bracco	 	 	 
	Title:	Secretary	 	 	 

 

    9CNL STRATEGIC CAPITAL 8-K

 

Exhibit 10.5

 

FOURTH AMENDMENT TO THE ESCROW AGREEMENT

 

This FOURTH AMENDMENT TO THE
ESCROW AGREEMENT (this “Fourth Amendment”) is dated this 24th day of August, 2022, amends that certain ESCROW AGREEMENT
(the “Original Agreement”) dated as of February 14, 2018, and, the First Amendment to the Escrow Agreement (the “First
Amendment”) dated as of April 18, 2019, the Second Amendment to the Escrow Agreement dated as of July 12, 2019 (the “Second
Amendment”), the Third Amendment to the Escrow Agreement dated as of January 31, 2020 (the “Third Amendment”), and that
Letter Escrow Agreement dated as of October 19, 2021 (the “Letter Amendment”) by and among CNL Strategic Capital, LLC, a Delaware
limited liability company (the “Company”), UMB Bank, N.A. as escrow agent (the “Escrow Agent”) and
CNL Securities Corp. (the “Managing Dealer”), (collectively, the “Parties”)(the Original Escrow Agreement
as amended by the First Amendment, Second Amendment, Third Amendment, and Letter Amendment, the “Agreement”). All capitalized
terms not defined herein shall have the meaning given to such term in the Original Agreement.

 

WHEREAS, the Company wishes
to gives First Horizon Bank, a Tennessee banking corporation, its current lender, certain rights to disbursements from the Escrowed Funds;
and

 

WHEREAS, in order to accomplish
the foregoing, the Company desire to set forth the requirements for instructions required to be delivered to the Escrow Agent from and
after the Break Escrow Date; and

 

NOW, THEREFORE, the parties
hereto, in consideration of the mutual promises herein contained and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, hereby agree to amend the Agreement as follows:

 

		1.	Section 5(b) of the Agreement is hereby amended and restated as follows:

 

(ii)       Post
Escrow Break Period. Except as otherwise set forth in this Section, from and after the Break Escrow Date (the “Post Escrow Break
Period”), the Escrow Agent shall disburse Escrowed Funds upon receipt of written instruction in the form of Exhibit A hereto (the
“Post Escrow Break Instructions”). Prior to the Escrow Agent’s receipt of a written notice signed by the Company certifying
to the Escrow Agent that all payment obligations owed to First Horizon Bank have been paid in full and the line of credit has matured
or been terminated, which certification shall include customary documentation confirming the same, the Post Escrow Break Instruction may
not be amended except in a written instrument signed by the Company, Managing Dealer, Escrow Agent, and First Horizon Bank. After the
Escrow Agent’s receipt of such written notice signed by the Company certifying to the Escrow Agent that all payments obligations
owed to First Horizon have been paid in full and the line of credit has matured or been terminated, which certification shall include
customary documentation confirming the same, the Company, without the consent of First Horizon Bank or the Managing Dealer or any other
party, may submit written instructions to the Escrow Agent directing all further disbursements of the Escrowed Funds during the Post Escrow
Break Period.

 

     

     

    

 

		2.	The Agreement, except as expressly amended by this Fourth Amendment shall continue unmodified and in full
force and effect.

 

		3.	No provision of this Fourth Amendment may be changed or modified, except by an instrument in writing signed
by each of the parties hereto.

 

		4.	This Fourth Amendment shall be governed and construed in accordance with the laws of the State of Delaware
without regard to the principles of conflicts of law.

 

     

     

    

IN WITNESS WHEREOF, the parties
have duly executed this Fourth Amendments of the date first above written.

 

 

	 	CNL STRATEGIC CAPITAL, LLC	 
	 	 	 	 
	 	By:	  /s/
    Chirag J. Bhavsar	 
	 	Name:   Chirag J. Bhavsar	 
	 	Title:     Authorized Signatory	 
	 	 	 	 
	 	UMB BANK, N.A., as escrow agent	 
	 	 	 	 
	 	By:	  /s/
    Lara L. Stevens	 
	 	Name:   Lara L. Stevens	 
	 	Title:    Vice President 	 
	 	 	 	 
	 	CNL SECURITIES CORP.	 
	 	 	 	 
	 	By:	  /s/
    Erin M. Gray	 
	 	Name:   Erin M. Gray	 
	 	Title:    Authorized Signatory	 

  

     

     

    

 

 

	 	EXHIBIT A
	 	450 S. Orange
Avenue

Orlando, FL 32801

Tel 866.745.3797

Fax 407.540.7653

www.CNLStrategicCapital.com

 

Mailing Address:

P.O. Box 4920

Orlando, Florida 32802-4920

 

August ___, 2022

 

	Via Email	Via Email
	UMB Bank, N.A.	DST Systems, Inc.
	928 Grand, 12th Floor	330 West 9th Street
	Mail Stop: 1020409	Floor 4
	Kansas City, MO 64106	Kansas, MO 64105
	Attention: Lara Stevens, Corporate Trust	Attention: Reconciliation and Control

 

Re: CNL Strategic Capital, LLC (the “Issuer”)

 

Dear Ladies and Gentlemen:

 

The undersigned
signatory hereby provides to you the following instructions pursuant to Section 5(b) of the Escrow Agreement among the Issuer and therein
defined Escrow Agent and Managing Dealer (the “Escrow Agreement”):

 

1.       The Company
hereby requests the Escrow Agent wire $__________, which represents all funds net of sales load held in the escrow account for subscriptions
deemed to be in good and proper order (“Net Good Order Funds”) payable to or at the direction of the Company, to First Horizon
Bank, according to the wire instructions described on Schedule A of this letter (the “Standing Instructions”). The Standing
Instructions shall not change except as set forth in the Fourth Amendment.

 

2.        The Company
hereby requests you wire $_________, which represents the amount of sales load held in the escrow account (“Sales Loads”),
to the account of CNL Securities Corp in accordance with the wire instructions for such amount set forth on Schedule A to this Letter.
As always, Investors shall be admitted as shareholders at such time as their funds are released from the Escrow Account upon written authorization
received by the Escrow Agent from the Issuer.

 

Should you have any questions, please contact Kristen Crabb
at (407) 540-7617.

 

	 	Sincerely,
	 	 	 	 
	 	CNL Strategic Capital, LLC
	 	 	 	 
	 	By:	 	 
	 	 	Kristen Crabb	 
	 	 	Controller	 
	 	 	CNL Financial Group	 
	 	 	as Administrator of CNL Strategic Capital,
LLC

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