Document:

Form of Escrow Agmt

 EXHIBIT 10.2 
 FORM OF ESCROW AGREEMENT 
 THIS ESCROW AGREEMENT (the “Agreement”)
is dated this          day of                     , 200     , by and
among CNL Macquarie Global Income Trust, Inc., a Maryland corporation (the “Company”), UMB Bank, N.A., a Missouri corporation (the “Escrow Agent”), and Boston Financial Data Services, Inc., a Massachusetts
corporation (the “Transfer Agent”). This Agreement shall be effective as of the effective date of the Company’s registration statement filed with the Securities and Exchange Commission containing the Prospectus (as defined
below) (the “Effective Date”). 
 WHEREAS, the Company proposes to offer and sell, on a best-efforts basis
through CNL Securities Corp., the managing dealer for the offering (the “Managing Dealer”) and selected broker-dealers that are registered with the Financial Industry Regulatory Authority or that are exempt from such broker-dealer
registration (the Managing Dealer and such selected broker-dealers are hereinafter referred to collectively as the “Soliciting Dealers”) up to 150,000,000 shares of common stock of the Company (the “Shares”) to
investors (the “Offering”) pursuant to a prospectus as amended from time to time and filed with the Securities and Exchange Commission as part of a registration statement file no.
                                        
(the “Prospectus”). The current form of the Prospectus is attached hereto as Exhibit A. The Company shall provide a copy to the Escrow Agent and the Transfer Agent of each annual reprint of the updated Prospectus,
whereupon the revised Prospectus shall be deemed to replace the then-existing Exhibit A and shall become the “Prospectus” for purposes of this Agreement. 
 WHEREAS, the Company has agreed that the subscription price paid by subscribers for Shares (plus interest) will be refunded to such
subscribers if subscriptions and payment for an aggregate of at least $2,000,000 in Shares of the Company have not been received on or before
                                        ,
20         (the “Outside Date”), which Outside Date is one year from the Effective Date. 
 WHEREAS, the Company desires to establish an escrow account as further described herein in which funds received from subscribers will be deposited until the Outside Date or such earlier date on which subscriptions and
payment for at least $2,000,000 in Shares have been received, and the Escrow Agent is willing to serve as escrow agent for such account upon the terms and conditions herein set forth and the Transfer Agent is willing to serve as the record keeper
upon the terms and conditions herein set forth. 
 WHEREAS, the Company desires to engage the Transfer Agent to receive and
facilitate subscriptions into and out of an escrow account as further described herein upon the terms and conditions herein set forth between and among the Company, the Escrow Agent and the Transfer Agent, and the Transfer Agent is willing to do so.

 WHEREAS, in order to subscribe for Shares, a subscriber must deliver an executed subscription agreement in substantially
the form attached as Appendix C to the Prospectus along with the full amount of its subscription, subject to volume discounts or other discounts, as applicable: (i) by check in U.S. dollars or (ii) by wire transfer of immediately available
funds in U.S. dollars (collectively, the “Payment”). The Company shall instruct any Soliciting Dealers that any such wire transfers shall be in accordance with the instructions provided at Exhibit B hereto. 

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by the parties, the parties covenant and agree as follows: 
  

	 	1.	 Establishment of Escrow Account. On or prior to the commencement of the Offering, the Company shall establish an interest-bearing escrow account with the
Escrow Agent, which escrow account shall be entitled “Escrow Account for the Benefit of Subscribers to Shares of CNL Macquarie Global Income Trust, Inc.” (the “Escrow Account”). 

	 	 
This Agreement shall be effective on the Effective Date and the Company shall notify the Transfer Agent and the Escrow Agent of the Effective Date of the
registration statement. All monies deposited in the Escrow Account are hereinafter referred to as the “Escrowed Funds.” The Company will cause the Soliciting Dealers to instruct subscribers to make Payments for subscriptions payable
to the order of UMB Bank, N.A., Escrow Agent for CNL Macquarie Global Income Trust, Inc. until such time (if any) as the Escrowed Funds are deliverable to the Company pursuant to the provisions of Section 5(a) below. From and after such
time, the Escrow Agent shall promptly return to the Transfer Agent for deposit into an account designated by the Company any Payments received by the Escrow Agent or deposited into the Escrow Agent’s account, pursuant to Section 5(d)
below. Any Payments received prior to the time, if any, that the Escrowed Funds are deliverable to the Company pursuant to the provisions of Section 5(a) below that are made payable to a party other than the Escrow Agent shall be returned to
the Soliciting Dealer who submitted the Payment. The Managing Dealer may authorize certain Soliciting Dealers that are “$250,000 broker-dealers” to instruct their customers to make their Payments for Shares subscribed for payable directly
to such Soliciting Dealers. In such case, the Soliciting Dealer will collect the proceeds of the subscribers’ Payments and issue a Payment made payable to the order of the Escrow Agent for the aggregate amount of the subscription proceeds,
which proceeds shall be deposited the same as other Payments pursuant to Section 2 below. 

  

	 	2.	 Deposits into the Escrow Account. The Transfer Agent will transmit all monies received from subscribers for the payment of Shares to the Escrow Agent, for
deposit in the Escrow Account, by noon of the next Business Day immediately following the day the Transfer Agent received such monies. Until such time that the Escrowed Funds are deliverable to the Company pursuant to the provisions of
Section 5(a) below, the Transfer Agent will maintain a written account of each sale, which account shall set forth, among other things, the following information: (i) the subscriber’s name and address, (ii) the number of Shares
purchased by such subscriber, and (iii) the amount paid by such subscriber for such Shares. The Company, the Escrow Agent and the Transfer Agent are aware and understand that, during such escrow period, none of them is entitled to any funds
received into the Escrow Account, and no amounts deposited in the Escrow Account shall become the property of the Company, the Escrow Agent or the Transfer Agent, or be subject to the debts or offsets of the Company, the Escrow Agent or the Transfer
Agent. As used in this Agreement, the term “Business Day” means any day except Saturday, Sunday or a day on which commercial banks in New York, New York or Kansas City, Missouri are not closed in respect of a federal or state
holiday. 

  

	 	3.	 Collection Procedure. 

  

	 	(a)	 The Transfer Agent is hereby instructed by the Company to forward each Payment to the Escrow Agent for collection by noon of the next Business Day immediately
following the day the Transfer Agent received such Payment. 

  

	 	(b)	 The Escrow Agent is hereby instructed by the Company to forward each Payment for Federal Reserve Bank clearing and upon collection of the proceeds of each
Payment, to deposit the collected proceeds into the Escrow Account. 

  

	 	(c)	 The Escrow Agent will timely notify the Transfer Agent of any Payment returned unpaid. The Transfer Agent in turn will promptly notify the Company of any Payment
returned unpaid. Any Payment returned unpaid to the Escrow Agent shall be returned to the Transfer Agent and then in turn to the Soliciting Dealer that 

  

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submitted the Payment. In such cases, the Transfer Agent will promptly notify the Company of such return. 

  

	 	(d)	 In the event that the Company or any agent acting on behalf of the Company rejects any subscription for Shares and the funds for such subscription have already
been collected by the Escrow Agent, the Escrow Agent shall, upon receipt from the Company or the Transfer Agent of written notice of such rejection, promptly issue a refund payment to the Transfer Agent to be returned to the rejected or withdrawing
subscriber. If the Escrow Agent has not yet collected funds for such subscription but has submitted such subscription for clearing, the Escrow Agent shall promptly issue a payment in the amount of such Payment to the Transfer Agent to be returned to
the rejected or withdrawing subscriber only after the Escrow Agent has cleared such funds. If the Escrow Agent has not yet submitted the Payment relating to the subscription of the rejected or withdrawing subscriber, the Escrow Agent shall promptly
remit such Payment to the Transfer Agent to be returned to the drawer of the Payment submitted by or on behalf of the subscriber. 

  

	 	(e)	 In the event that money is deposited into the Escrow Account in error, the Escrow Agent shall, upon receipt from the Transfer Agent of written notice of such
deposit in error, promptly issue a refund payment to the Transfer Agent to be returned to the appropriate party only after the Payment has cleared. 

  

	 	4.	 Investment of Escrowed Funds. The Escrow Agent, upon receipt of each Payment remitted to it by the Transfer Agent, shall deposit such Payment into the
Escrow Account for further investment as directed by the Company and as indicated in Attachment I hereto. 

  

	 	5.	 Distribution of Escrowed Funds. 

  

	 	(a)	 Upon receipt of a written notice from the Company to the Escrow Agent and the Transfer Agent by 3:00 P.M. Eastern Time that the Company has subscriptions for at
least $2,000,000 in Shares, and contingent upon the prior day’s notification by the Company to the Escrow Agent and the Transfer Agent of the Company’s best efforts at an estimate of the amount of funds anticipated to be released from the
Escrow Account, the Escrow Agent will release that day from the Escrow Account to the Company (or otherwise will release within one Business Day following receipt by Escrow Agent and Transfer Agent of such notice), all Escrowed Funds therein (such
date of release is referred to in this Agreement as the “Initial Closing Date”). Accrued and unpaid interest on such Escrowed Funds shall be paid pursuant to Section 5(b) below. 

  

	 	(b)	 Subject to the third sentence of this Section 5(b), on the Initial Closing Date, in addition to the transfer of Escrowed Funds to the Company under
Section 5(a) above, the Escrow Agent shall calculate and deliver to the Transfer Agent the aggregate Investment Earnings (as defined in Section 6 below) on the Escrowed Funds for the purpose of the Transfer Agent distributing such amount
to the subscribers whose monies were held in the Escrow Account prior to the time the Company sold an aggregate of at least $2,000,000 in Shares in accordance with Section 6 below. The Transfer Agent shall calculate and deliver to each
subscriber such subscriber’s pro-rata share of the Investment Earnings pursuant to Section 6 below. An affidavit or certification from an officer of the Company to the Transfer Agent and the Escrow Agent stating that at least 

  

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$2,000,000 in Shares have been timely sold, shall constitute sufficient evidence for the purpose of this Agreement that such event has occurred (the
“Subscription Affidavit”). The current form of the Subscription Affidavit is attached hereto as Exhibit C. The Subscription Affidavit shall indicate (i) the date on which at least an aggregate of $2,000,000 in
Shares were sold (the “Break Escrow Date”) and (ii) the actual total number of Shares sold as of the Break Escrow Date. After receipt of the Subscription Affidavit, applied interest earned on Escrowed Funds shall be the
property of the Company from and after the Break Escrow Date. The Escrow Account shall be closed after the Initial Closing Date pursuant to subsection (d) below. 

  

	 	(c)	 If the Escrow Agent has not received a Subscription Affidavit on or prior to the Outside Date, the Escrow Agent shall return the Escrowed Funds to the Transfer
Agent for further delivery to the respective subscribers in amounts equal to the subscription amount theretofore paid by each of them, together with their respective Investment Earnings (as defined in Section 6 below), without deduction,
penalty or expense to the subscriber. The Escrow Agent shall notify the Transfer Agent and the Company of any such return of subscription amounts. The purchase money returned to each subscriber shall be free and clear of any and all claims of the
Company, the Transfer Agent or the Escrow Agent or any of their creditors. 

  

	 	(d)	 The Escrow Account shall be closed upon distributions of Escrowed Funds under the foregoing provisions of this Section 5; provided, however, any Payments
deposited into the Escrow Account after the Break Escrow Date shall be promptly returned to the Transfer Agent for the benefit of the Company and the Transfer Agent shall have the ability to debit the Escrow Account for such Payments.

  

	 	6.	 Distribution of Interest. If the Escrowed Funds become deliverable to (i) subscribers pursuant to Section 5(c) above, or (ii) the Company
pursuant to Section 5(a) above, the Transfer Agent shall compute and distribute to each subscriber a pro rata share of the earnings on the Escrowed Funds from the investment thereof pursuant to Section 4 above (the “Investment
Earnings”). Each subscriber’s pro rata share of Investment Earnings shall be computed as follows: 

  

					
		 		    	 Individual Subscription

		 		    	 Amount  x  days held

	 Investment Earnings
	 	x	    	 Total subscription amounts x days held

 For purposes of this calculation, “days held” for purposes of
distributing interest pursuant to Section 5(a) shall be deemed through and including the Break Escrow Date. 
 Such pro rata share of Investment Earnings shall be distributed to each subscriber (x) within 45 days, along with the return of such subscriber’s subscription amount and distribution of
interest, if distributions are made pursuant to Section 5(c) above, and (y) within 45 days of the Break Escrow Date, if distributions are made pursuant to Section 5(a) above. If the 45th day is not a Business Day, then the 45th day shall be deemed to be the next
Business Day. 
  

	 	7.	 Tax Reporting. The Transfer Agent shall provide subscribers with applicable Form 1099 for amounts paid pursuant to Section 6 above in a timely
manner. 

  

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	 	8.	 Liability of Transfer Agent and Escrow Agent. 

  

	 	(a)	 In performing any of their duties under this Agreement, or upon the claimed failure to perform their duties hereunder, the Transfer Agent and Escrow Agent shall
not be liable to anyone for any damages, losses, or expenses that they may incur as a result of either Agent so acting, or failing to act; provided, however, the Transfer Agent and Escrow Agent shall be liable for damages arising out of their
negligence, willful default or misconduct under this Agreement. Accordingly, neither the Transfer Agent nor the Escrow Agent shall incur any liability with respect to (i) any action taken or omitted to be taken in good faith upon advice of its
counsel that is given with respect to any questions relating to their duties and responsibilities hereunder, or (ii) any action taken or omitted to be taken in reliance upon any document, including any written notice or instructions provided
for in this Escrow Agreement, not only as to its due execution and to the validity and effectiveness of its provisions but also as to the truth and accuracy of any information contained therein, if the Transfer Agent and/or the Escrow Agent shall
believe such document to be genuine. 

  

	 	(b)	 The Company hereby agrees to indemnify and hold harmless the Transfer Agent and Escrow Agent against any and all losses, claims, damages, liabilities and
expenses, including, without limitation, reasonable costs of investigation and counsel fees and disbursements that may be incurred by either of them resulting from any act or omission of the Company; provided, however, that the Company shall not
indemnify the Transfer Agent and the Escrow Agent for any losses, claims, damages, or expenses arising directly out of such Agent’s negligence, willful default or misconduct. 

  

	 	(c)	 If a dispute ensues between any of the parties hereto that, in the opinion of the Transfer Agent or Escrow Agent, is sufficient to justify its doing so, the
Transfer Agent or Escrow Agent shall be entitled to tender into the registry or custody of any court of competent jurisdiction, all money or property in its hands under the terms of this Agreement, and to file such legal proceedings as it deems
appropriate, and shall thereupon be discharged from all further duties under this Agreement. Any such legal action may be brought in any such court as the Transfer Agent or Escrow Agent shall determine to have jurisdiction thereof. The Company shall
indemnify the Transfer Agent or Escrow Agent against their reasonable court costs and attorneys’ fees incurred in filing such legal proceedings. 

  

	 	9.	 Inability to Deliver. In the event that Payments for subscriptions are not cleared through normal banking channels according to the regular Federal
Reserve Bank clearing schedule, the Escrow Agent will notify the Transfer Agent and the Transfer Agent will in turn notify the Company. 

  

	 	10.	 Notice. All notices, requests, demands and other communications or deliveries required or permitted to be given hereunder shall be in writing and shall be
deemed to have been duly given if delivered personally, given by facsimile confirmed by telephone call or deposited for mailing, first class, postage prepaid, registered or certified mail, as follows: 

  

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	 If to the subscribers for Shares:
	  	 To their respective addresses as specified in their
 subscription agreements.

		
	 If to the Company:
	  	 CNL Macquarie Global Income Trust, Inc.

		  	 Post Office Box 4920

		  	 Orlando, Florida 32802-4920

		  	 Attention: Steven Shackelford, Chief Financial Officer

		  	 (407) 540-2500 facsimile

		
	 If to the Escrow Agent:
	  	 UMB Bank, N.A.

		  	 1010 Grand Blvd., 4th Floor

		  	 Mail Stop: 1020409

		  	 Kansas City, Missouri 64106

		  	 Attention: Lara L. Stevens, Corporate Trust

		  	 Facsimile: (816) 860-3029

		
	 If to the Transfer Agent:
	  	 Boston Financial Data Services, Inc.

		  	 2 Heritage Drive

		  	 North Quincy, MA 02171

		  	 Attention: Reconciliation and Control

		  	 Facsimile: (617) 483-3206

  

	 	11.	 Fees to Escrow Agent. In consideration of the services to be provided by the Escrow Agent hereunder, the Company agrees to pay the fees to the Escrow
Agent as outlined in Attachment II hereto. 

  

	 	12.	 General. 

  

	 	(a)	 This Agreement shall be interpreted, construed and enforced in all respects in accordance with the internal laws of the State of Maryland applicable to contracts
to be made and performed entirely in said state. 

  

	 	(b)	 The section headings contained herein are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.

  

	 	(c)	 This Agreement sets forth the entire agreement and understanding of the parties with regard to this escrow transaction and supersedes all prior agreements,
arrangements and understandings relating to the subject matter hereof. 

  

	 	(d)	 This Agreement may be amended, modified, superseded or cancelled, and any of the terms or conditions hereof may be waived, only by a written instrument executed
by each party hereto or, in the case of a waiver, by the party waiving compliance. The failure of any party at any time or times to require performance of any provision hereof shall in no manner affect the right at a later time to enforce the same.
No waiver in any one or more instances by any party of any condition, or of the breach of any term contained in this Agreement, whether by conduct or otherwise, shall be deemed to be, or construed as, a further or continuing waiver of any such
condition or breach, or a waiver of any other condition or of the breach of any other terms of this Agreement. 

  

	 	(e)	 This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. Copies, telecopies, facsimiles, electronic files and other reproductions of original executed documents shall be deemed to 

  

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be authentic and valid counterparts of such original documents for all purposes, including the filing of any claim, action, or suit in the appropriate court
of law. 

  

	 	(f)	 The Escrow Agent may rely conclusively on and shall not be required to make any independent inspection or investigation in connection therewith any electronic
communication, resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, affidavit, letter, telegram or paper or other document received by it, provided for under this Escrow Agreement.

  

	 	(g)	 This Agreement shall inure to the benefit of the parties hereto and their respective administrators, successors, and assigns. 

  

	 	13.	 Representation of the Company. The Company hereby acknowledges that the status of the Transfer Agent and the Escrow Agent with respect to the offering of
the Shares is that of agent solely of the Company only for the limited purposes herein set forth, and hereby agrees it will not represent or imply that the Transfer Agent or Escrow Agent, by serving as the Escrow Agent or Transfer Agent hereunder or
otherwise, has investigated the desirability or advisability of an investment in the Shares, or has approved, endorsed or passed upon the merits of the Shares, nor shall the Company use the name of the Transfer Agent or Escrow Agent in any manner
whatsoever in connection with the offer or sale of the Shares, other than by acknowledgement that it has agreed to serve as Transfer Agent or Escrow Agent for the limited purposes herein set forth. 

  

	 	14.	 Licenses and Qualifications. From and after the Effective Date, the Transfer Agent and Escrow Agent shall obtain, and continue to maintain until the
termination of this Agreement, any and all required licenses and qualifications necessary or desirable to perform the services and obligations contemplated by this Agreement. 

  

	 	15.	 Resignation of Escrow Agent or Transfer Agent. If, at any time, any attempt is made to modify this Agreement in a manner that would increase the duties
and responsibilities of the Transfer Agent or Escrow Agent, or to modify the Escrow Agreement in any manner that the Transfer Agent or Escrow Agent shall deem undesirable, the Transfer Agent or Escrow Agent may resign by notifying the Company. Such
resignation shall become effective on the earlier to occur of (i) the acceptance by a successor Transfer Agent or Escrow Agent or (ii) sixty (60) days following the date upon which notice was mailed. Until such time as the Transfer
Agent or Escrow Agent has resigned in accordance herewith, the Transfer Agent or Escrow Agent shall perform its duties hereunder in accordance with the terms of this Escrow Agreement. 

  

	 	16.	 Force Majeure. The Transfer Agent or Escrow Agent shall not be responsible for any failure or delay in the performance of its obligations under this
Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God, earthquakes, fires, floods, wars, civil or military disturbances, sabotage, epidemics, riots,
interruptions, loss or malfunctions of utilities, communication service, accidents, labor disputes, acts of civil or military authority, or governmental actions. 

 [Signature Page Follows] 
  

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

			
	CNL MACQUARIE GLOBAL INCOME TRUST, INC.
	
	 By:
                                         
                       

	 Name:
	 	   Curtis B. McWilliams

	 Title:
	 	   President

	
	 UMB BANK, N.A.

	
	 By:                                       
                                 

	 Name:
	 	   Lara L. Stevens

	 Title:
	 	   Vice President

	
	BOSTON FINANCIAL DATA SERVICES, INC.
	
	 By:                                       
                                  

	 Name:                                      
                              

	 Title:                                      
                                

 ATTACHMENT I 
 Investment of Escrowed Funds 
 The following money market fund is AAA Rated by Standard & Poor’s and
Moody’s: 
 Federated Treasury Obligations Fund 

 ATTACHMENT II 
 Escrow Agent Fee Schedule 
 Escrow Agent fee of $2,500 for the first two months of the escrow and $750 per
month thereafter. The initial two months fee covers the Escrow Agent’s fees for acceptance and review of the documents. 

 EXHIBIT A 
 Prospectus dated                     , 200     

 EXHIBIT B 
 Wiring Instructions 

 EXHIBIT C 
 Subscription AffidavitAdvisory Agreement

 EXHIBIT 10.3 
 ADVISORY AGREEMENT 
 THIS ADVISORY AGREEMENT, dated as of April 7, 2009, is
between CNL Macquarie Global Income Trust, Inc., a corporation organized under the laws of the State of Maryland (the “Company”), CNL Macquarie Income, LP, a limited partnership organized under the laws of the State of Delaware (the
“Operating Partnership”), and CNL Macquarie Global Income Advisors, LLC, a limited liability company organized under the laws of the State of Delaware (the “Advisor”). 
 W I T N E S S E T H 
 WHEREAS, the Company has filed with
the Securities and Exchange Commission a Registration Statement (No. 333-                ) on Form S-11 registering 150,000,000 shares of its common stock, par
value $0.01 per share (as defined below), to be offered to the public, and the Company may subsequently issue Securities (as defined below) other than such shares or otherwise raise additional capital; 
 WHEREAS, the Company intends to qualify as a REIT (as defined below), and invest its funds in investments permitted by the terms of the
Prospectus (as defined below) and Sections 856 through 860 of the Code (as defined below); 
 WHEREAS, the Company is the
sole owner of the general partner of the Operating Partnership and intends to conduct all of its business and make all investments in Real Property, Real Estate Related Securities, Loans and Permitted Investments (each as defined below), through the
Operating Partnership; 
 WHEREAS, the Company and the Operating Partnership desire to avail themselves of the experience,
sources of information, advice, assistance and certain facilities of the Advisor and to have the Advisor undertake the duties and responsibilities hereinafter set forth, on behalf of, and subject to the supervision, of the Board of Directors (as
defined below) of the Company, all as provided herein; and 
 WHEREAS, the Advisor is willing to undertake to render such
services, subject to the supervision of the Board of Directors, on the terms and conditions hereinafter set forth. 
 NOW,
THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, the parties hereto agree as follows: 
 (1)        Definitions.    As used in this Advisory Agreement (the “Agreement”), the following terms have the definitions hereinafter
indicated: 
 Acquisition Expenses.    Any and all expenses, exclusive of Acquisition Fees,
incurred by the Company, the Operating Partnership, the Advisor, or any of their Affiliates in connection with the selection, acquisition, development or construction of any investment, including any Real Property, Real Estate Related Securities,
Loans or Permitted Investments, whether or not acquired, including, without limitation, legal fees and expenses, travel and communications expenses, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and
expenses, title insurance premiums, and the costs of performing due diligence. 
 Acquisition
Fees.    Any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person, to any other Person (including any fees or commissions paid by or to any Affiliate of the Company, the Operating Partnership or
the Advisor) in connection with the selection, evaluation, structure, purchase, development or construction of Real Property or with making or investing in Loans, Real Estate Related Securities or Permitted Investments, including real estate
commissions, selection fees, Investment Services Fees, Development Fees, Construction Fees, nonrecurring management fees, loan fees, points or any other fees of a similar nature. Excluded shall be Development Fees and Construction Fees paid to any
Person not affiliated with the Advisor in connection with the actual development and construction of a project. 

 Advisor.    CNL Macquarie Global Income Advisors, LLC, a
limited liability company organized under the laws of the State of Delaware, or any successor advisor to the Company and the Operating Partnership. Notwithstanding the foregoing, a Person hired or retained by CNL Macquarie Global Income Advisors,
LLC to perform property management and related services for the Company or the Operating Partnership that is not hired or retained to perform substantially all of the functions of CNL Macquarie Global Income Advisors, LLC with respect to the Company
or the Operating Partnership as a whole shall not be deemed to be an Advisor. 
 Affiliate or
Affiliated.    With respect to any Person, (a) any Person directly or indirectly owning, controlling, or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such other
Person; (b) any Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (c) any Person directly or indirectly
controlling, controlled by or under common control with such other Person; (d) any executive officer, director, trustee or general partner of such other Person; or (e) any legal entity for which such Person acts as an executive officer,
director, trustee or general partner. Notwithstanding anything to the contrary contained herein, CNL Global Income Advisors, LLC and Macquarie Real Estate Advisory Services LLC shall not be deemed Affiliates of each other. 
 Articles of Incorporation.    The Articles of Incorporation of the Company, as amended or restated from time
to time. 
 Asset.    Any Real Property, Real Estate Related Security, Loan, Permitted Investment
or other investment (other than investments in bank accounts or money market funds) owned by the Company, directly or indirectly through one or more of its Joint Ventures or Subsidiaries, and any other investment made by the Company, directly or
indirectly through one or more of its Joint Ventures or Subsidiaries. 
 Asset Management
Fee.    Asset Management Fee shall have the meaning set forth in Section 9(a) of this Agreement. 
 Average Invested Assets.    For a specified period, the average of the aggregate book value of the Assets before deducting depreciation, bad debts or other non-cash reserves computed by taking the average of such
values at the end of each month during such period. 
 Board of Directors, Board or
Directors.    The persons holding such office, as of any particular time, under the Articles of Incorporation of the Company, whether they be the Directors named therein or additional or successor Directors. 
 Bylaws.    The bylaws of the Company, as the same are in effect and may be amended from time to time.

 Cause.    With respect to the termination of this Agreement, (a) fraud, criminal conduct,
willful misconduct or willful or negligent breach of fiduciary duty by the Advisor; or (b) a material breach of this Agreement of any nature whatsoever by the Advisor, which breach is not cured within 30 days of notice given to the Advisor
specifying the nature of the alleged breach. 
 CNL Sponsor.    CNL Financial Group, LLC, a
Florida limited liability company. 
 Code.    The Internal Revenue Code of 1986, as amended from
time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable
regulations as in effect from time to time. 
 Common Shares.    The common stock, par value $0.01
per share, of the Company that may be issued from time to time in accordance with the terms of the Articles of Incorporation and applicable law. 
 Company.    Company shall have the meaning set forth in the preamble of this Agreement. 
  

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 Company Property.    Any and all property, real, personal or
otherwise, tangible or intangible, which is transferred or conveyed to the Company, the Operating Partnership, any Subsidiary or any Joint Venture of any of the foregoing (including all rents, income, profits and gains therefrom), and which is owned
or held by, or for the account of, the Company, the Operating Partnership, any Subsidiary or any Joint Venture of any of the foregoing. 
 Construction Fee.    A fee or other remuneration for acting as general contractor and/or construction manager to construct improvements, supervise and coordinate projects or to provide major
repairs or rehabilitations on a property. 
 Competitive Real Estate Commission.    A real estate
or brokerage commission for the purchase or sale of property which is reasonable, customary, and competitive in light of the size, type, and location of the property. 
 Contract Purchase Price.    The amount actually paid in respect of the purchase of a Real Property, and the amount budgeted in respect of the development, construction
or improvement of a Real Property, the amount of funds advanced with respect to a Loan or the amount actually paid in respect to the purchase of other Real Estate Related Securities or Permitted Investments, in each case exclusive of Acquisition
Fees and Acquisition Expenses. 
 Development Fee.    The fee for the packaging of a Company
Property, including negotiating and approving plans and assisting in obtaining zoning and necessary variances and financing for a specific Company Property to be developed or under development, either initially or at a later date. 
 Director.    A member of the Board of Directors of the Company. 
 Disposition Fee.    The fee payable to the Advisor under Section 9(c). 
 Distributions.    Any distributions of money or other property by the Company to owners of Equity Shares,
including distributions that may constitute a return of capital for federal income tax purposes. 
 Distribution
Reinvestment Plan.    Any reinvestment plan adopted from time to time by the Company pursuant to which the Company’s stockholders may elect to have the full amount of their cash distributions reinvested in additional
Common Shares. 
 Equity Shares.    Transferable shares of beneficial interest of the Company of
any class or series, including Common Shares or Preferred Shares. The use of the term “Equity Shares” or any term defined by reference to the term “Equity Shares” shall refer to the particular class or series of capital stock of
the Company which is appropriate under the context. 
 Excess Amount.    Excess Amount shall have
the meaning set forth in Section 12 of this Agreement. 
 Excess Shares.    Equity Shares
that have been designated as “Excess Shares” pursuant to the Company’s Articles of Incorporation. 
 Expense Year.    Expense Year shall have the meaning set forth in Section 12 of this Agreement. 
 FINRA.    The Financial Industry Regulatory Authority. 
 GAAP.    Generally accepted accounting principles as in effect in the United States of America from time to time or such other accounting basis mandated by the U.S. Securities and Exchange Commission. 

Good Reason.    With respect to the termination of this Agreement, (a) in connection with a merger,
sale of substantially all the assets, sale of Equity Shares or other transaction involving the Company or the Operating Partnership pursuant to which a majority of the Directors then in office are replaced or removed; (b) any failure to obtain
a satisfactory agreement from any successor to the Company and/or the Operating Partnership to assume and agree to perform the Company’s and/or the Operating Partnership’s obligations under this Agreement, whether or 
  

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not a majority of the Directors then in office are replaced or removed; or (c) any material breach of this Agreement of any nature whatsoever by the
Company and/or the Operating Partnership, which breach is not cured within 30 days of notice given to the Company and/or the Operating Partnership specifying the nature of the alleged breach. 
 Gross Proceeds.    The purchase price of all Equity Shares sold for the account of the Company through all
Offerings, without deduction for Organizational and Offering Expenses or volume or other discounts. For the purpose of computing Gross Proceeds, the purchase price of any Equity Share for which reduced or no Selling Commissions or Marketing Support
Fees are paid to the Managing Dealer or a Participating Broker shall be deemed to be the full amount of the Offering price per Equity Share pursuant to the Prospectus for such Offering, with the exception of Equity Shares purchased pursuant to the
Company’s Distribution Reinvestment Plan, which will be factored into the calculation using their actual purchase price. 
 Incentive Fees.    The Subordinated Share of Net Sales Proceeds, the Subordinated Incentive Fee and the Performance Fee. 
 Independent Director.    Independent Director shall have the meaning set forth in the Articles of Incorporation. 
 Initial Public Offering.    The Company’s first public offering of Equity Shares pursuant to an effective
registration statement filed under the Securities Act of 1933, as amended. 
 Invested
Capital.    The amount calculated by multiplying the total number of Common Shares issued and outstanding by the Offering price per share, without deduction for volume or other discounts or Organizational and Offering
Expenses (which price per Common Share, in the case of Common Shares purchased pursuant to the Distribution Reinvestment Plan, shall be deemed to be the actual purchase price), reduced by the amount paid to redeem Common Shares pursuant to the
Company’s redemption plan. 
 Investment Services Fee.    Investment Services Fee shall have
the meaning set forth in Section 9(b)(i) of this Agreement. 
 Joint Ventures.    Those joint
venture or partnership arrangements in which the Company, the Operating Partnership or any of its Subsidiaries is a co-venturer or partner and which are established to acquire Real Properties, Real Estate Related Securities, Loans or Permitted
Investments. 
 Listing.    The listing of the Common Shares of the Company on a national
securities exchange or the receipt by the Company’s Stockholders of securities that are listed on a national securities exchange in exchange for the Company’s Common Shares. Upon commencement of trading of the Common Shares on a national
securities exchange, the Common Shares shall be deemed Listed. 
 Loans.    Mortgage Loans and
other types of debt financing provided by the Company. 
 Managing Dealer.    CNL Securities
Corp., an Affiliate of the Advisor, or such other Person or entity selected by the Board of Directors to act as the managing dealer for an Offering. CNL Securities Corp. is a member of FINRA. 
 Marketing Support Fee.    The fees payable to the Managing Dealer in connection with the sale of Equity Shares
for marketing support. 
 Mortgage Loans.    In connection with mortgage financing provided by the
Company, notes or other evidences of indebtedness or obligations that are secured or collateralized by Real Property owned by the borrowers. 
 MRE Sponsor.    Macquarie Capital Funds Inc., a Delaware corporation. 
 NASAA REIT Guidelines.    The Statement of Policy Regarding Real Estate Investment Trusts adopted by the North American Securities Administrators Association on May 7, 2007. 
  

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 Net Income.    For any period, the Company’s total
revenues determined in accordance with GAAP applicable to such period, less the total expenses determined in accordance with GAAP applicable to such period other than additions to reserves for depreciation, bad debts or other similar non-cash
reserves and Acquisition Expenses and Acquisition Fees to the extent not capitalized, excluding any gain from the sale of Assets. 
 Net Sales Proceeds.    In the case of a transaction described in clause (a) of the definition of Sale, the proceeds of any such transaction less the amount of all selling expenses incurred by or on behalf of
the Company or the Operating Partnership, including all real estate commissions, closing costs and legal fees and expenses. In the case of a transaction described in clause (b) of such definition, Net Sales Proceeds means the proceeds of any
such transaction less the amount of selling expenses incurred by or on behalf of the Company or the Operating Partnership, including any legal fees and expenses and other selling expenses incurred in connection with such transaction. In the case of
a transaction described in clause (c) of such definition, Net Sales Proceeds means the Company’s or Operating Partnership’s pro rata share of the proceeds of any such transaction received by the Joint Venture, less the amount of any
selling expenses incurred by or on behalf of the Joint Venture, less the amount of any selling expenses, including legal fees and expenses, incurred by or on behalf of the Company or the Operating Partnership. In the case of a transaction or series
of transactions described in clause (d) of the definition of Sale, Net Sales Proceeds means the proceeds of any such transaction (including the aggregate of all payments under a Mortgage on or in satisfaction thereof other than regularly
scheduled interest payments) less the amount of selling expenses incurred by or on behalf of the Company, Operating Partnership or any Joint Venture, including all commissions, closing costs and legal fees and expenses. In the case of a transaction
described in clause (e) of such definition, Net Sales Proceeds means the proceeds of any such transaction received by the Company less the amount of selling expenses incurred in connection with such transaction. With respect to each of the
transactions or series of transactions described above in this definition, Net Sales Proceeds means the proceeds of such transaction or series of transactions less the amount of any real estate commissions, closing costs, and legal fees and expenses
and other selling expenses incurred by or allocated to the Company, the Operating Partnership or any Joint Venture in connection with such transaction or series of transactions. Net Sales Proceeds shall also include any amounts that the Company
determines, in its discretion, to be economically equivalent to proceeds of a Sale. The repayment of debt shall be deducted from the proceeds of a transaction for the purpose of calculating Net Sales Proceeds. 
 Offering.    A public offering of Equity Shares pursuant to a Prospectus. 
 Operating Partnership.    Operating Partnership shall have the meaning set forth in the preamble of this
Agreement. 
 Operating Partnership Agreement.    The Limited Partnership Agreement of the
Operating Partnership between CNL Macquarie Income GP, LLC, a Delaware limited liability company, and the Company. 
 OP
Unit.    A unit of limited partnership interest in the Operating Partnership. 
 Organizational
and Offering Expenses.    Any and all costs and expenses, including Selling Commissions and the Marketing Support Fee incurred by the Company or any of its Affiliates in connection with the formation, qualification and
registration of the Company and the marketing and distribution of Equity Shares in an Offering, including, without limitation, the following: legal, accounting and escrow fees; due diligence expenses; printing, amending, supplementing, mailing and
distributing costs; personnel costs associated with processing investor subscriptions and the preparation and dissemination of organizational and offering documents and sales materials; telecopy and telephone costs; charges of transfer agents,
registrars, trustees, depositories and experts; and fees, expenses and taxes related to the filing, registration and qualification of the Equity Shares under federal and state laws. 
 Ownership Limit.    At any time at which the Company is required to meet the requirements of
Section 856(a) of the Code in order to qualify as a REIT, with respect to each class or series of Equity Shares, 9.8% (by vote or value) of the outstanding shares of such Equity Shares. 
  

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 Participating Broker.    A broker-dealer who is a member of
FINRA or who is exempt from broker-dealer registration, and who, in either case, has executed a participating broker or other agreement with the Managing Dealer to sell Equity Shares. 
 Performance Fee.    The fee payable to the Advisor under Section 18(b). 
 Permitted Investments.    All investments that are permitted to be made by a REIT under the Code. 

Person.    An individual, corporation, partnership, trust, joint venture, limited liability company or
other entity or association. 
 Preferred Shares.    Any class or series of preferred stock, par
value $0.01 per share, of the Company that may be issued from time to time in accordance with the terms of the Articles of Incorporation and applicable law. 
 Priority Return.    As of any date, an aggregate amount equal to an 8% cumulative, non-compounded, annual return on Invested Capital, prorated for any partial year. For
purposes of calculating the Priority Return for any calendar year or portion thereof, the Company will use the daily weighted average amount of Invested Capital for such period. 
 Prospectus.    The most recent final prospectus of the Company relating to the Common Shares as filed with the
Securities and Exchange Commission pursuant to Rule 424(b) under the Securities Act of 1933, as amended. 
 Real Estate
Asset Value.    The amount invested in Real Properties wholly owned by the Company, the Operating Partnership and/or any of their respective Subsidiaries, determined on the basis of cost, plus, in the case of Real Properties
owned by any Joint Venture or partnership in which the Company, the Operating Partnership and/or any of their Subsidiaries is the co-venturer or partner, the Company’s, Operating Partnership’s or such Subsidiary’s, as applicable,
proportionate share of the amount invested by the Joint Venture or partnership in such Real Properties determined on the basis of cost, exclusive of Acquisition Fees and Acquisition Expenses. 
 Real Estate Related Securities.    The real estate related securities investments, or such investments the
Board of Directors and the Advisor mutually designate as Real Estate Related Securities to the extent such investments could be classified as either Real Estate Related Securities or Real Property, which are owned from time to time by the Company,
the Operating Partnership, Subsidiaries or Joint Ventures. 
 Real Property.    (a) Land,
including the buildings located thereon, (b) land only and/or (c) the buildings only, which are owned from time to time by the Company or the Operating Partnership, either directly or through Subsidiaries, joint venture arrangements or
other partnerships, or (d) such investments the Board of Directors and the Advisor mutually designate as Real Property to the extent such investments could be classified as either Real Property or Real Estate Related Securities. Properties sold
by the Company, the Operating Partnership or any of their Subsidiaries to tenancy-in-common investors shall be deemed Real Property for the purposes of this definition so long as (x) such properties are being leased by the Company, the
Operating Partnership or any of their Subsidiaries from the tenancy-in-common investors, and (y) such properties are reflected as assets of the Company in accordance with GAAP. 
 REIT.    A “real estate investment trust” as defined pursuant to sections 856 through 860 of the
Code. 
 Sale or Sales.    Any transaction or series of transactions whereby (a) the Company
or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or relinquishes its ownership of any Real Property or portion thereof, and including any event with
respect to any Real Property which gives rise to a significant amount of insurance proceeds or condemnation awards; (b) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this
definition) sells, grants, transfers, conveys, or relinquishes its ownership of all or substantially all of the interest of the Company or the Operating Partnership in any Joint Venture in which it is a co-venturer or partner; (c) any Joint
Venture directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, 
  

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conveys, or relinquishes its ownership of any Real Property or portion thereof, including any event with respect to any Real Property which gives rise to
insurance claims or condemnation awards; (d) the Company or the Operating Partnership directly or indirectly (except as described in other subsections of this definition) sells, grants, conveys or relinquishes its interest in any mortgage or
portion thereof (including with respect to any mortgage, all payments thereunder or in satisfaction thereof other than regularly scheduled interest payments) of amounts owed pursuant to such mortgage and any event which gives rise to a significant
amount of insurance proceeds or similar awards; or (e) the Company, the Operating Partnership or any Joint Venture directly or indirectly (except as described in other subsections of this definition) sells, grants, transfers, conveys, or
relinquishes its ownership of any other asset not previously described in this definition or any portion thereof. 
 Securities.    Any Equity Shares, any other stock, shares or other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness,
secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for,
guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing. 
 Selling
Commissions.    Any and all commissions payable to underwriters, managing dealers, or other broker-dealers in connection with the sale of Equity Shares through Offerings, including, without limitation, selling commissions
payable to the Managing Dealer. 
 Stockholders.    The registered holders of the Company’s
Equity Shares. 
 Subordinated Incentive Fee.    The fee payable to the Advisor under
Section 9(e). 
 Subordinated Share of Net Sales Proceeds.    The fee payable to the Advisor
under Section 9(d). 
 Subsidiary.    Any corporation, limited liability company,
partnership, business trust or other entity of which the Company, directly or indirectly, owns or controls at least fifty percent (50%) of the voting securities or economic interests. 
 Termination Date.    The date of termination of this Agreement. 
 Termination Event.    The termination or non-renewal of this Agreement (a) by the Advisor for Good Reason
or (b) by the Company and the Operating Partnership other than for Cause. 
 Total Operating
Expenses.    All costs and expenses incurred by the Company, as determined under GAAP, that relate in any way to the operation of the Company or to corporate business, including Asset Management Fees and other fees paid to
the Advisor, but excluding (a) the expenses of raising capital such as Organizational and Offering Expenses, legal, audit, accounting, underwriting, brokerage, listing, registration, and other fees, printing and other such expenses and tax
incurred in connection with the issuance, distribution, transfer, registration and Listing of Equity Shares, (b) interest payments, (c) taxes, (d) non-cash expenditures such as depreciation, amortization and bad debt reserves,
(e) the Performance Fee, the Subordinated Incentive Fee, the Subordinated Share of Net Sales Proceeds and any other incentive fees paid in compliance with the NASAA REIT Guidelines, (f) Acquisition Fees and Acquisition Expenses,
(g) real estate commissions on the Sale of Real Property, (h) the Disposition Fee, (i) property management fees and leasing commissions or other amounts incurred pursuant to property management agreements, (j) property or
investment direct operating expenses, and (k) other fees and expenses connected with the acquisition, disposition, management and ownership of real estate interests, mortgage loans or other property (including the costs of foreclosure,
insurance premiums, legal services, maintenance, repair, and improvement of property). The definition of Total Operating Expenses set forth above is intended to encompass only those expenses which are required to be treated as Total Operating
Expenses under the NASAA REIT Guidelines. As a result, and notwithstanding the definition set forth above, any expense of the Company which is not part of Total Operating Expenses under the NASAA REIT Guidelines shall not be treated as part of Total
Operating Expenses for purposes hereof. 
  

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 2%/25% Guidelines.    The requirement pursuant to the NASAA
REIT Guidelines that, in any 12-month period, Total Operating Expenses shall not exceed the greater of 2% of the Company’s Average Invested Assets during such 12-month period or 25% of the Company’s Net Income over the same 12-month
period. 
 (2)        Appointment.    The Company and the
Operating Partnership hereby appoint the Advisor to serve as their advisor on the terms and conditions set forth in this Agreement, and the Advisor hereby accepts such appointment. 
 (3)        Duties of the Advisor.    The Advisor undertakes to use its
commercially reasonable efforts to present to the Company and the Operating Partnership potential investment opportunities and to provide a continuing and suitable investment program consistent with the investment objectives and policies of the
Company as determined and adopted from time to time by the Directors. In performance of this undertaking, subject to the supervision of the Directors and consistent with the provisions of the Prospectus, Articles of Incorporation and Bylaws of the
Company, and the Operating Partnership Agreement, the Advisor shall, either directly or by engaging any such Person, including an Affiliate, that it deems qualified: 
 (a)        serve as the Company’s and the Operating Partnership’s investment and financial advisor and provide research and economic and
statistical data in connection with the Company’s and the Operating Partnership’s Assets and investment policies; 
 (b)        provide the daily management of the Company and the Operating Partnership and perform and supervise the various administrative functions reasonably necessary for the management of the
Company and the Operating Partnership; 
 (c)        investigate, select, and, on
behalf of the Company and the Operating Partnership, engage and conduct business with such Persons as the Advisor deems necessary to the proper performance of its obligations hereunder, including but not limited to consultants, accountants,
correspondents, lenders, technical advisors, attorneys, brokers, underwriters, corporate fiduciaries, escrow agents, depositaries, custodians, agents for collection, insurers, insurance agents, banks, builders, developers, property owners, real
estate management companies, real estate operating companies, securities investment advisors, mortgagors, and any and all agents for any of the foregoing, including Affiliates of the Advisor, and Persons acting in any other capacity deemed by the
Advisor necessary or desirable for the performance of any of the foregoing services, including but not limited to entering into contracts in the name of the Company and the Operating Partnership with any of the foregoing; 
 (d)        consult with the officers and Directors of the Company and assist the Directors in
the formulation and implementation of the Company’s and the Operating Partnership’s financial policies, and, as necessary, furnish the Directors with advice and recommendations with respect to the making of investments consistent with the
investment objectives and policies of the Company and in connection with any borrowings proposed to be undertaken by the Company and/or the Operating Partnership; 
 (e)        subject to the provisions of Sections 3(g) and 4 hereof: (i) locate, analyze and select potential investments; (ii) structure and
negotiate the terms and conditions of transactions pursuant to which investments will be made; (iii) make investments on behalf of the Company and the Operating Partnership in compliance with the investment objectives and policies of the
Company; (iv) arrange for financing and refinancing and make other changes in the asset or capital structure of, and dispose of, reinvest the proceeds from the sale of, or otherwise deal with, investments; and (v) enter into leases and
service contracts for Real Property and, to the extent necessary, perform all other operational functions for the maintenance and administration of such Real Property; 
 (f)        upon request, provide the Directors with periodic reports regarding prospective investments; 
 (g)        obtain the prior approval of the Board, any particular Directors specified by the
Board or any committee of the Board, as the case may be, for any and all investments in and dispositions of Real Properties; 
 (h)        make investments in and dispositions of Real Estate Related Securities, Loans and Permitted Investments within the discretionary limits and authority as granted by the Board; 
  

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 (i)        negotiate on behalf of the Company
and the Operating Partnership with banks or lenders for loans to be made to the Company and the Operating Partnership, and negotiate on behalf of the Company and the Operating Partnership with investment banking firms and broker-dealers or negotiate
private sales of Equity Shares and Securities or obtain loans for the Company and the Operating Partnership, but in no event in such a way so that the Advisor shall be acting as broker-dealer or underwriter; and provided, further, that any fees and
costs payable to third parties incurred by the Advisor in connection with the foregoing shall be the responsibility of the Company or the Operating Partnership; 
 (j)        obtain reports (which may, but are not required to, be prepared by the Advisor or its Affiliates), where appropriate, concerning the value of
investments or contemplated investments of the Company and/or the Operating Partnership in Real Properties, Real Estate Related Securities, Loans and Permitted Investments; 
 (k)        from time to time, or at any time reasonably requested by the Directors, make reports to the Directors of its performance of services to the
Company and the Operating Partnership under this Agreement; 
 (l)        provide
the Company and the Operating Partnership with all necessary cash management services; 
 (m)        do all things necessary to assure its ability to render the services described in this Agreement; 
 (n)        deliver to or maintain on behalf of the Company copies of all appraisals obtained in connection with the investments in and valuations of Real
Properties, Real Estate Related Securities, Loans and Permitted Investments as may be required to be obtained by the Board; 
 (o)        effect any private placement of OP Units, tenancy-in-common or other interests in Real Properties as may be approved by the Board; 
 (p)        make necessary regulatory filings, including filing tax returns on behalf of the
Company and the Operating Partnership; 
 (q)        prepare or oversee third
parties in preparing all financial reports, statements or analysis required by regulatory authorities or the Board; 
 (r)        provide investor relations services to the Company; 
 (s)        provide Sarbanes-Oxley compliance for the Company, the Operating Partnership and their respective subsidiaries; 
 (t)        provide tax compliance for the Company, the Operating Partnership and their respective subsidiaries; 
 (u)        provide foreign currency management (including foreign currency hedging); and

 (v)        notify the Board of all proposed transactions not otherwise described
above, the value of which exceeds an amount which may be designated by the Board from time to time, before they are completed. 
 Notwithstanding the foregoing, the Advisor may delegate any of the foregoing duties to any Person, including an Affiliate, so long as the Advisor remains responsible for the performance of the duties set forth in this Section 3.

  

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	 	(4)	 Authority of the Advisor. 

 (a)        Pursuant to the terms of this Agreement (including the restrictions included in this Section 4 and in Section 7), and subject to the continuing and
exclusive authority of the Directors over the management of the Company, the Board hereby delegates to the Advisor the authority to take those actions set forth in Section 3. 
 (b)        Notwithstanding the foregoing, any investment in a Real Property, Real Estate Related
Security, Loan or Permitted Investment, including any acquisition or disposition of Real Property by the Company or the Operating Partnership (including any financing of such acquisition), will require the prior approval of the Directors, any
particular Directors specified by the Board or any committee of the Board, or otherwise come within the authority delegated by the Board to the Advisor, as the case may be. 
 (c)        If a transaction requires approval by the Independent Directors, the Advisor will deliver to the Independent Directors all documents and other
information required by them to properly evaluate the proposed transaction. 
 The prior approval of a majority of the
Independent Directors not otherwise interested in the transaction and a majority of the Directors not otherwise interested in the transaction will be required for each transaction to which the Advisor or its Affiliates is a party. 
 The Directors may, at any time upon the giving of notice to the Advisor, modify or revoke the authority set forth in this Section 4.
If and to the extent the Directors so modify or revoke the authority contained herein, the Advisor shall henceforth submit to the Directors for prior approval such proposed transactions involving investments in Real Properties, Real Estate Related
Securities, Loans or Permitted Investments as thereafter require prior approval, provided, however, that such modification or revocation shall be effective upon receipt by the Advisor and shall not be applicable to investment transactions to which
the Advisor has committed the Company prior to the date of receipt by the Advisor of such notification. 
 (5)        Bank Accounts.    The Advisor may establish and maintain one or more bank accounts in the name of the Company and the Operating Partnership and may collect and
deposit into any such account or accounts, and disburse from any such account or accounts, any money on behalf of the Company and/or the Operating Partnership, under such terms and conditions as the Directors may approve, provided that no funds
shall be commingled with the funds of the Advisor. The Advisor shall from time to time render appropriate accountings of such collections and payments to the Directors and to the auditors of the Company. Notwithstanding the foregoing, the Advisor
may delegate its duties under this Section 5 to any Person, including an Affiliate, so long as the Advisor remains responsible for the performance of its duties under this Section 5. 
 (6)        Records; Access.    The Advisor shall maintain appropriate
records of all its activities hereunder and make such records available for inspection by the Directors and by counsel, auditors and authorized agents of the Company and the Operating Partnership, at any time and from time to time during normal
business hours. The Advisor shall at all reasonable times have access to the books and records of the Company and the Operating Partnership as necessary to perform its duties pursuant to this Agreement. 
 (7)        Limitations on Activities.    Anything else in this
Agreement to the contrary notwithstanding, the Advisor shall refrain from taking any action which, in its sole judgment made in good faith, would (a) adversely affect the status of the Company as a REIT; (b) subject the Company to
regulation under the Investment Company Act of 1940, as amended; or (c) violate any law, rule, regulation or statement of policy of any governmental body or agency having jurisdiction over the Company, its Securities, or otherwise not be
permitted by the Articles of Incorporation or Bylaws of the Company, except if such action shall be ordered by the Directors, in which case the Advisor shall notify promptly the Directors of the Advisor’s judgment of the potential impact of
such action and shall refrain from taking such action until it receives further clarification or instructions from the Directors. In such event the Advisor shall have no liability for acting in accordance with the specific instructions of the
Directors so given. Notwithstanding the foregoing, neither the Advisor nor any subadvisor, nor any of their respective directors, officers, employees, agents, members, stockholders or other Affiliates shall be liable to the Company, the Directors or
Stockholders for any act or omission by the Advisor or 

  

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any subadvisor, or any of their respective directors, officers, employees, agents, members, stockholders or other Affiliates taken or omitted to be taken in
the performance of their duties under this Agreement, except as provided in Section 20 of this Agreement, and such parties shall be intended third party beneficiaries of this Section. 
 (8)        Relationship with Directors.    Subject to Section 7
of this Agreement and to restrictions advisable with respect to the qualification of the Company as a REIT, directors, officers and employees of the Advisor or an Affiliate of the Advisor or any corporate parents of an Affiliate may serve as a
Director and as officers of the Company, except that no director, officer or employee of the Advisor or its Affiliates who also is a Director or officer of the Company shall receive any compensation from the Company for serving as a Director or
officer other than reasonable reimbursement for travel and related expenses incurred in attending meetings of the Directors and no such Director shall be deemed an Independent Director for purposes of satisfying the Director independence requirement
set forth in the Articles of Incorporation. 
  

	 	(9)	 Fees. 

 (a)        Asset Management Fee.    The Company or the Operating Partnership shall pay to the Advisor as compensation for the advisory services rendered to the Company and
the Operating Partnership under Section 3 above a monthly fee of an amount equal to 0.08334% of the sum of the Company’s and the Operating Partnership’s respective Real Estate Asset Value (without duplication), plus the outstanding
principal amount of any Loans made, plus the amount invested in Permitted Investments (excluding Real Estate Related Securities and other Securities), and a monthly fee of an amount equal to 0.1042% on the book value of Real Estate Related
Securities and other Securities, in each case as of the end of the preceding month (the “Asset Management Fee”). The Asset Management Fee shall be payable monthly on the first business day following the last day of such month. The
Asset Management Fee shall not exceed fees which are competitive for similar services in the same geographic area, and may or may not be taken, in whole or in part as to any year, in the sole discretion of the Advisor. All or any portion of the
Asset Management Fee not taken as to any fiscal year shall be deferred without interest and may be taken in such other fiscal year as the Advisor shall determine. 
 (b)        Acquisition Fees. 
 (i)        Investment Services Fee.    The Advisor shall receive as compensation for services rendered in connection with the selection, evaluation, structure and purchase
of Real Properties or Permitted Investments that are not securities, or the making of Loans, a fee (the “Investment Services Fee”) in the amount of (A) with respect to each (W) Real Property, or Permitted Investment that
is not a security, acquired directly by the Company or the Operating Partnership, 3.0% of the Contract Purchase Price of such asset, or (X) Loan acquired or made directly by the Company or the Operating Partnership, 2.0% of the funds advanced,
and (B) with respect to each (Y) Real Property, or Permitted Investment that is not a security, acquired indirectly by the Company or the Operating Partnership through one or more of its Affiliates or Joint Ventures, 3.0% of the Contract
Purchase Price of such asset multiplied by the Company’s or the Operating Partnership’s percentage equity interest in such Affiliates or Joint Ventures, or (Z) Loan acquired or made indirectly by the Company or the Operating
Partnership through one or more of its Affiliates or Joint Ventures, 2.0% of the funds advanced, multiplied by the Company’s or the Operating Partnership’s percentage equity interest in such Affiliates or Joint Ventures. Such fees shall be
paid to the Advisor as the Company or the Operating Partnership closes on the acquisition of such Asset. No Investment Services Fee shall be paid to the Advisor in connection with the purchase by the Company or the Operating Partnership of
Securities. In the case of a development or construction project, upon completion of the project, the Advisor shall determine the actual amounts paid. To the extent the amounts actually paid vary from the budgeted amounts on which the Investment
Services Fee was initially based, the Advisor will pay or invoice the Company for 3.0% of the budget variance such that the Investment Services Fee is ultimately 3.0% of amounts expended on such development or construction project. The Advisor shall
not be paid an Investment Services Fee with respect to Real Estate Related Securities or Permitted Investments that are securities. 
 (ii)        Other Fees.    The Company or the Operating Partnership may pay the Advisor or its Affiliates fees that are usual and customary for
comparable services in connection with the financing, development, construction or renovation of Real Property or the acquisition or disposition of Real Estate Related Securities or Permitted Investments or the making of Loans. In connection with
the acquisition of Securities, the Company or the 
  

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Operating Partnership may pay a brokerage fee to an Affiliate or related party of the Advisor if, at the time of such payment, such Affiliate or related
party is a properly registered and licensed broker dealer (or equivalent) in the jurisdiction in which the securities are being sold. Such fees are in addition to the fees described in clause (i) above and payment of such fees will be subject
to the prior approval of the Board of Directors, including a majority of the Independent Directors, and will be paid by the Company or the Operating Partnership to such Affiliate or related party upon the closing of the Sale of the Securities.

 (iii)        Limitations on Acquisition
Fees.    Acquisition Fees shall be reduced to the extent necessary to limit the total compensation paid to all Persons involved in the acquisition of any Real Properties, Real Estate Related Securities or Permitted
Investments or the making of Loans to the amount customarily charged in arm’s-length transactions by other Persons or entities rendering similar services as an ongoing public activity in the same geographic location and for comparable types of
Real Properties, Real Estate Related Securities, Loans or Permitted Investments and to the extent that other acquisition fees, finder’s fees, real estate commissions, or other similar fees or commissions are paid by any Person in connection
with the transaction. The total of all Acquisition Fees and any Acquisition Expenses shall be reasonable and shall be limited in accordance with the Articles of Incorporation. 
 (c)        Disposition Fee.    If the Advisor, its Affiliates or related parties provide a substantial amount of the services
(as determined in good faith by a majority of the Independent Directors) in connection with the Sale of one or more Assets, the Advisor, Affiliate or related party shall receive a Disposition Fee in an amount equal to: (i) in the case of the
Sale of Real Property, the lesser of (A) one-half of the Competitive Real Estate Commission, or (B) 3% of the sales price of such Real Property or Properties; and (ii) in the case of the Sale of any Asset other than Real Property or a
Loan, 3% of the sales price of such Asset that is not a Real Property or a Loan. The total of all real estate commissions paid by the Company to all Persons in connection with any Sale of one or more Real Property or Properties shall not exceed the
lesser of (i) a Competitive Real Estate Commission or (ii) 6% of the gross sales price of the Company Real Property or Properties. In the case of the Sale of Loans, the Advisor, Affiliate or related party shall receive a Disposition Fee in
an amount equal to 1.0% of the contract sales price of any Loan. The Advisor, Affiliate or related party will not receive a Disposition Fee upon the maturity, prepayment, workout, modification or extension of a Loan unless there is a corresponding
fee paid by the borrower, in which case the Advisor, Affiliate or related party will receive a Disposition Fee in an amount equal to the lesser of (i) 1.0% of the principal amount of the Loan or (ii) the amount of the fee paid by the
borrower in connection with such transaction. If the Company or the Operating Partnership takes ownership of a Real Property as a result of a workout or foreclosure of a Loan, the Advisor, Affiliate or related party will receive a Disposition Fee in
an amount equal to 1.0% of the sale price of such Real Property. Any Disposition Fee on any Loan in excess of 1.0% shall require the approval of the majority of the Independent Directors, provided, however, the maximum Disposition Fee on any Loan
shall be limited to 3.0% of the contract sales price. No Disposition Fee will be paid to the Advisor in connection with the Sale by the Company or the Operating Partnership of Securities; provided, however, the Company or the Operating Partnership
may pay a brokerage fee to an Affiliate or related party of the Advisor if, at the time of such payment, such Affiliate or related party is a properly registered and licensed broker dealer (or equivalent) in the jurisdiction in which the securities
are being sold. Any such Disposition Fee so deemed to be earned by such Affiliate or related party shall be paid by the Company or the Operating Partnership to such Affiliate or related party upon the closing of the Sale of the Securities.

 (d)        Subordinated Share of Net Sales
Proceeds.    The Subordinated Share of Net Sales Proceeds shall be payable to the Advisor in an amount equal to 15% of the amount by which (i) the sum of (A) Net Sales Proceeds from Sales, and (B) the total
Distributions paid to holders of Common Shares from the Company’s inception through the measurement date, and (C) the total of any Incentive Fees paid from inception through the measurement date exceeds (ii) the sum of (A) 100%
of Invested Capital and (B) the total Distributions required to pay the holders of Common Shares a Priority Return from the Company’s inception until the measurement date, including those paid prior to the date of payment. Such amount
shall be reduced by all prior Incentive Fees paid. Following Listing, no Subordinated Share of Net Sales Proceeds will be paid to the Advisor. 
 (e)        Subordinated Incentive Fee.    Upon Listing, the Advisor shall be paid the Subordinated Incentive Fee in an amount equal to 15% of the
amount by which (i) the sum of (A) the market value of the Company, measured by taking the average closing price or average of bid and asked price, as the case may be, over a period of 30 days during which the Common Shares are traded,
with such period beginning 180 days after Listing 
  

 - 12 - 

 
(the “Market Value”), and (B) the total Distributions paid to holders of Common Shares from the Company’s inception until the date
of Listing, and (C) the total of any Incentive Fees paid from inception through the date of Listing exceeds (ii) the sum of (A) 100% of Invested Capital and (B) the total Distributions required to pay the holders of Common Shares
a Priority Return from the Company’s inception through the date of Listing, including those paid prior to such date of determination. Such amount shall be reduced by all prior Incentive Fees paid. The Company shall have the option to pay such
fee in the form of cash or Listed Equity Shares (subject to reasonable and customary lock-up provisions) or any combination of the foregoing. 
  

	 	(10)	 Expenses. 

 (a)        In addition to the compensation paid to the Advisor pursuant to Section 9 hereof, the Company or the Operating Partnership shall reimburse the Advisor for all of the expenses paid or
incurred by the Advisor and its Affiliates or subadvisors, if applicable, in connection with the services provided by the Advisor (or on behalf of the Advisor by its Affiliates or subadvisors, if applicable) to the Company and the Operating
Partnership pursuant to this Agreement, including, but not limited to: 
 (i)        the Company’s Organizational and Offering Expenses; provided, however, that the aggregate of the Organizational and Offering Expenses paid by the Company shall not exceed 15% of Gross
Proceeds, and within 60 days after the end of the month in which the Offering terminates, the Advisor shall reimburse the Company or the Operating Partnership for any Organizational and Offering Expenses to the extent that any reimbursement received
by the Advisor pursuant to this Section 10(a)(i) exceeds the maximum amount permitted or, at the option of the Company or the Operating Partnership, such excess shall be subtracted from the next reimbursement of expenses to be made by the
Company or the Operating Partnership pursuant to this Section 10(a)(i). The Advisor shall pay or directly reimburse the Company to the extent that any Organizational and Offering Expenses exceed 15% of Gross Proceeds; 
 (ii)        Acquisition Expenses incurred in connection with the selection, acquisition,
development or construction of Assets; 
 (iii)        the actual cost of goods and
services used by the Company and the Operating Partnership and obtained from entities not Affiliated with the Advisor, other than Acquisition Expenses, including brokerage fees paid in connection with the purchase and sale of Real Estate Related
Securities; 
 (iv)        interest and other costs for borrowed money, including
discounts, points and other similar fees; 
 (v)        taxes and assessments on
income of the Company, the Operating Partnership or its Subsidiaries or in connection with any Assets; 
 (vi)        all costs and insurance premiums required in connection with the business of the Company and the Operating Partnership, including providing Directors and Officers insurance to the
Directors; 
 (vii)        expenses of managing and operating Real Properties owned
by the Company and the Operating Partnership, whether payable to an Affiliate of the Company and the Operating Partnership or a non-Affiliated Person; 
 (viii)        payments and expense reimbursements to the Directors and meetings of the Directors and Stockholders; 
 (ix)        expenses associated with a Listing, if applicable, or with the issuance and
distribution of Equity Shares and Securities, such as selling commissions and fees, advertising expenses, taxes, legal and accounting fees and Listing and registration fees and costs; 
  

 - 13 - 

 (x)        expenses connected with payments of
Distributions in cash or otherwise made or caused to be made by the Company to the Stockholders; 
 (xi)        expenses of organizing, revising, amending, converting, modifying, or terminating the Company, the Operating Partnership, the Articles of Incorporation or the Operating Partnership
Agreement; 
 (xii)        expenses of maintaining communications with Stockholders,
including the cost of preparation, printing, and mailing annual reports and other Stockholder reports, proxy statements and other reports required by governmental entities; 
 (xiii)        personnel costs and related overhead costs of personnel of the Advisor or its Affiliates, but excluding personnel providing asset management
or acquisition services and named executive officers of the Advisor relating to services provided to the Company, the Operating Partnership and their Subsidiaries or assets of such entities; and 
 (xiv)        internal or external audit, accounting, tax, legal fees and compliance costs
(including personnel costs, and related overhead, of personnel of the Advisor or its Affiliates). 
 (b)        Expenses incurred by the Advisor on behalf of the Company and the Operating Partnership and payable pursuant to this Section 10 shall be reimbursed no less than monthly to the Advisor.
The Advisor shall prepare a statement documenting the reimbursable expenses of the Company and the Operating Partnership and the calculation of the Asset Management Fee, and shall deliver such statement to the Company and the Operating Partnership
within 20 days after the end of each month. 
 (11)    Other
Services.    Should the Directors request that the Advisor or any director, officer or employee thereof render services for the Company and the Operating Partnership other than set forth in Section 3, such services shall
be separately compensated at such rates and in such amounts as are agreed by the Advisor and the Independent Directors of the Company, subject to the limitations contained in the Articles of Incorporation, and shall not be deemed to be services
pursuant to the terms of this Agreement. 
 (12)        Limitation on
Reimbursement to the Advisor.    Commencing with the fourth full fiscal quarter following the effective date of the Company’s Initial Public Offering, for any period during which the Company’s Articles of
Incorporation require compliance with the 2%/25% Guidelines, the Company shall not reimburse the Advisor at the end of any fiscal quarter for Total Operating Expenses that, in the four consecutive fiscal quarters then ended (the “Expense
Year”) exceed the 2%/25% Guidelines for such year (the “Excess Amount”), unless the Independent Directors make a finding that, based on such unusual and non-recurring factors which they deem sufficient, a higher level of
expenses is justified for such Expense Year. Such determination shall be reflected in the minutes of the meetings of the Board of Directors. If the Independent Directors do not determine that such Excess Amount is justified, any Excess Amount paid
to the Advisor during a fiscal quarter shall be repaid to the Company. If there is an Excess Amount in any Expense Year and the Independent Directors determine that such excess was justified based on unusual and nonrecurring factors which they deem
sufficient, then the Excess Amount may be paid in the Expense Year and within 60 days after the end of such Expense Year there shall be sent to the Stockholders a written disclosure of such fact, together with an explanation of the factors the
Independent Directors considered in determining that such excess expenses were justified. Further, the Company shall not reimburse the Advisor or its Affiliates for services for which the Advisor or its Affiliates are entitled to compensation in the
form of a separate fee. All figures used in the foregoing computation shall be determined in accordance with GAAP applied on a consistent basis. 
 (13)        Other Activities of the Advisor.    Nothing herein contained shall prevent the Advisor or any of its Affiliates from engaging in or
earning fees from other activities, including, without limitation, direct investment in assets that would be suitable for the Company and the Operating Partnership; the rendering of advice to other Persons (including other REITs) and the management
of other programs advised, sponsored or organized by the Advisor or its Affiliates; nor shall this Agreement limit or restrict the right of the Advisor or any of its Affiliates or of any director, officer, employee, member or stockholder of the
Advisor or its Affiliates to engage in or earn fees 
  

 - 14 - 

 
from any other business or to render services of any kind to any other partnership, corporation, firm, individual, trust or association and earn fees for
rendering such services. The Advisor and/or its Affiliates or subadvisors may, with respect to any investment in which the Company and the Operating Partnership is a participant, also render advice and service to each and every other participant
therein, and earn fees for rendering such advice and service. Specifically, it is contemplated that the Company and the Operating Partnership may enter into joint ventures or other similar co-investment arrangements with certain Persons, and
pursuant to the agreements governing such joint ventures or arrangements, the Advisor and/or its Affiliates or subadvisors may be engaged to provide advice and service to such Persons, in which case the Advisor will earn fees for rendering such
advice and service. 
 The Advisor shall be required to use commercially reasonable efforts to present a continuing and
suitable investment program to the Company and the Operating Partnership that is consistent with their investment policies and objectives, but neither the Advisor nor any Affiliate of the Advisor shall be obligated generally to present any
particular investment opportunity to the Company and the Operating Partnership even if the opportunity is of a character which, if presented to the Company and the Operating Partnership, could be taken by them. 
 (14)        Term; Termination of Agreement.    This Agreement shall
continue in force for a period of one year from the date hereof, subject to an unlimited number of successive one-year renewals upon mutual consent of the parties. 
 (15)        Termination by the Parties.    This Agreement may be terminated (i) immediately by the Company and/or the
Operating Partnership for Cause or upon the bankruptcy of the Advisor; (ii) upon 60 days prior written notice without Cause and without penalty by a majority of the Independent Directors of the Company; (iii) upon 60 days prior written
notice without Good Reason and without penalty by the Advisor; or (iv) immediately by the Advisor for Good Reason or upon the bankruptcy of the Company. 
 (16)        Assignment to an Affiliate.    This Agreement shall not be assigned by the Company or the Operating Partnership
without the consent of the Advisor, except in the case of an assignment by the Company or the Operating Partnership to a corporation, limited partnership or other organization which is a successor to all of the assets, rights and obligations of the
Company or the Operating Partnership, in which case such successor organization shall be bound hereunder and by the terms of said assignment in the same manner as the Company and the Operating Partnership are bound by this Agreement. 
 (17)        Subcontracts with Affiliates.    The Advisor may
subcontract with any Person it deems qualified, including an Affiliate, for a portion of the services and duties to be performed under this Agreement without obtaining the approval of the Directors. The Advisor may further subcontract any rights to
receive fees or other payments for such services or duties under this Agreement without obtaining the approval of the Directors. Notwithstanding the foregoing, in the event of any such subcontracting by the Advisor of the services or duties to be
performed by it under this Agreement, the Advisor shall remain responsible for the completion and performance of all such services and duties. 
 (18)        Payments to and Duties of Advisor Upon Termination.    Payments to the Advisor of unpaid expense reimbursements pursuant to this
Section 18 shall be subject to the 2%/25% Guidelines to the extent applicable. 
 (a)        After the Termination Date, the Advisor shall not be entitled to compensation for further services hereunder except it shall be entitled to receive from the Company or the Operating
Partnership within 30 days after the Termination Date all unpaid reimbursements of expenses and all earned but unpaid fees payable to the Advisor prior to termination of this Agreement. 
 (b)        Upon a Termination Event, the Advisor shall be entitled to payment of the Performance
Fee. The Performance Fee shall be calculated upon a Listing or Sale following such Termination Event and (i) in the event of a Listing, shall be calculated in the same manner as the Subordinated Incentive Fee and (ii) in the case of a
Sale, shall be calculated in the same manner as the Subordinated Share of Net Sales Proceeds; provided, however, that the amount of the Performance Fee paid to the Advisor shall be equal to the amount as calculated above multiplied by the quotient
of (A) the number of days elapsed from the initial effective date of the Agreement with CNL Macquarie Global Income Advisors, LLC (the “Initial Effective Date”) to the date of the Termination 
  

 - 15 - 

 
Event, divided by (B) the number of days elapsed from the Initial Effective Date through the date of the Listing or the Sale, as applicable. The Company
shall have the option to pay the Performance Fee in cash, Listed Equity Shares priced at the Market Value or Listed equity Securities received by Stockholders in exchange for their Equity Shares priced at Market Value, such fee to be payable within
thirty (30) days following final determination of the Performance Fee. 
 (c)        The Advisor shall be entitled to receive all accrued but unpaid compensation and expense reimbursements in cash or Listed Equity Shares within 30 days of the Termination Date. 

(d)        The Advisor shall promptly upon termination: 
 (i)        deliver to the Company and the Operating Partnership all money collected and held for
the account of the Company and the Operating Partnership pursuant to this Agreement, after deducting any accrued compensation and reimbursement for its expenses to which it is then entitled; 
 (ii)        deliver to the Directors a full accounting, including a statement showing all
payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Directors; 
 (iii)        deliver to the Directors all Assets, including Real Properties and Real Estate Related Securities, and documents of the Company and the
Operating Partnership then in the custody of the Advisor; and 
 (iv)        cooperate with the Company and the Operating Partnership to provide an orderly management transition. 
 (19)        Indemnification by the Company and the Operating Partnership.    The Company and the Operating Partnership shall
indemnify and hold harmless the Advisor and its Affiliates, including their respective officers, directors, partners, employees, agents and advisors, from all liability, claims, damages, taxes or losses arising in the performance of their duties
hereunder, and related expenses, including reasonable attorneys’ fees and costs, to the extent such liability, claims, damages, taxes or losses and related expenses are not fully reimbursed by insurance, subject to any limitations imposed by
the Articles of Incorporation of the Company. Any indemnification of the Advisor may be made only out of the net assets of the Company and the Operating Partnership and not from Stockholders. 
 (20)        Indemnification by Advisor.    The Advisor shall indemnify
and hold harmless the Company and the Operating Partnership from all liability, claims, damages, taxes or losses and related expenses including reasonable attorneys’ fees and taxes, to the extent that such liability, claims, damages, taxes or
losses and related expenses are not fully reimbursed by insurance and are incurred by reason of the Advisor’s bad faith, fraud, misconduct, or gross negligence, but the Advisor shall not be held responsible for any action of the Board of
Directors in following or declining to follow any advice or recommendation given by the Advisor. 
 (21)        Notices.    Any notice, report or other communication required or permitted to be given hereunder shall be in writing unless some other method of giving such
notice, report or other communication is required by the Articles of Incorporation, the Bylaws, or accepted by the party to whom it is given, and shall be given deemed given and received by being delivered by hand or on the second
(2nd) business day after mailing by registered or certified United States mail, postage prepaid and return receipt requested, to the other party at the address set forth below: 
  

			
	 To the Directors and to the Company:
	 	 CNL Macquarie Global Income Trust, Inc.
 Attention:
Chief Financial Officer
 CNL Center at City Commons
 450 South
Orange Avenue
 Orlando, Florida 32801
 Facsimile: (407) 540-2500

  

 - 16 - 

			
		  	 with a copy to:
  
 Macquarie Capital Funds Inc.
 RE: CNL Macquarie Global Income Trust, Inc.
 One North Wacker Drive, 9th Floor
 Chicago, Illinois 60606
 Facsimile: (312) 660-9386

		
	 To the Operating Partnership:
	  	 CNL Macquarie Income, LP
 Attention: Chief Financial
Officer
 CNL Center at City Commons
 450 South Orange
Avenue
 Orlando, Florida 32801
 Facsimile: (407)
540-2500
  
 with a copy to:
  
 Macquarie Capital Funds Inc.
 RE: CNL Macquarie Global Income Trust, Inc.
 One North Wacker Drive, 9th Floor
 Chicago, Illinois 60606
 Facsimile: (312) 660-9386

		
	 To the Advisor:
	  	 CNL Macquarie Global Income Advisors, LLC
 Attn: Chief
Financial Officer
 CNL Center at City Commons
 450 South Orange
Avenue
 Orlando, Florida 32801
 Facsimile: (407)
540-2500
  
 with a copy to:
  
 Macquarie Capital Funds Inc.
 RE: CNL Macquarie Global Income Trust, Inc.
 One North Wacker Drive, 9th Floor
 Chicago, Illinois 60606
 Facsimile: (312) 660-9386

 Any party may at any time give notice in writing to the other parties of a change in its address
for the purposes of this Section 21. 
 (22)        Amendment or
Modification.    This Agreement shall not be amended, changed, modified or discharged, in whole or in part, except by an instrument in writing signed by the parties hereto, or their respective successors or permitted
assignees. 
 (23)        Severability.    The provisions
of this Agreement are independent of and severable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in
whole or in part. 
 (24)        Construction.    The
provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, and any action brought to enforce the agreements made hereunder or any action 
  

 - 17 - 

 
which arises out of the relationship created hereunder shall be brought exclusively in the federal or state courts for Orange County, Florida. 
 (25)        Entire Agreement.    This Agreement contains the
entire agreement and understanding among the parties hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any
nature whatsoever with respect to the subject matter hereof. The express terms hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. 
 (26)        Indulgences, Not Waivers.    Neither the failure
nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or
further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with
respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 (27)        Gender.    Words used herein regardless of the number and gender specifically used, shall be deemed and construed to include any
other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 
 (28)        Titles Not to Affect Interpretation.    The titles of sections and subsections contained in this Agreement are for convenience only, and they neither form
a part of this Agreement nor are they to be used in the construction or interpretation hereof. 
 (29)        Execution in Counterparts.    This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as against any
party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all
of the parties reflected hereon as the signatories. 
 (30)        Name.    The Advisor has proprietary interests in the names “CNL” and “Macquarie.” Accordingly, and in recognition of this right, if
at any time the Company ceases to retain the Advisor or an Affiliate thereof to perform any of the services of Advisor, the Directors of the Company will, promptly after receipt of written request from the Advisor, (a) cease to conduct business
under or use either of the names “CNL” or “Macquarie,” or any diminutive thereof, and (b) change the name of the Company to a name that does not contain the name “CNL,” “Macquarie” or any other word or
words that might, in the sole discretion of the Advisor, be susceptible of indication of some form of relationship between the Company and the Advisor or any Affiliate thereof. Consistent with the foregoing, it is specifically recognized that the
Advisor or one or more of its Affiliates has in the past and may in the future organize, sponsor or otherwise permit to exist other investment vehicles (including vehicles for investment in real estate) and financial and service organizations having
“CNL” or “Macquarie” as a part of their name, all without the need for any consent (and without the right to object thereto) by the Company or its Directors. The Company’s right to use the name “CNL” and any
associated trademarks, trade names, service marks, and other intellectual property is subject to the terms of the Brand License Agreement among CNL Intellectual Properties, Inc., a Florida corporation, as licensor, and the Advisor, the Company and
CNL Macquarie Global Income Managers, LLC, a Delaware limited liability company (the “Property Manager”), as licensees, and the terms of that agreement shall supersede any inconsistent terms of this Agreement. The Company’s
right to use the name “Macquarie” and any associated trademarks, trade names, service marks, and other intellectual property is subject to the terms of a License Deed among Macquarie Bank Limited, as licensor, and the Advisor, the Company,
and the Property Manager, and the terms of that agreement shall supersede any inconsistent terms of this Agreement. 
 (31)        Independent Contractor.    Neither the Company nor the Advisor shall be construed as joint venturers or owners of each other pursuant to this Agreement,
and neither shall have the power to bind or obligate the other except as set forth herein. In all respects, the status of the Company to the Advisor under this Agreement is that of an independent contractor. 
  

 - 18 - 

 (32)        Interpretation.    This Agreement shall be deemed to have been drafted jointly by the parties, and therefore no provision of this Agreement shall be construed
against or interpreted to the disadvantage of any party by reason of such party having, or being deemed to have, drafted, devised or imposed such provision. 
 (33)        Non-Solicitation.    During the period commencing on the date on which this Agreement is entered into and ending one
year following the termination of the this Agreement, the Company and the Operating Partnership shall not, without the Advisor’s prior written consent, directly or indirectly, (a) solicit or encourage any person to leave the employment or
other service of the Advisor, or (b) hire, on behalf of the Company, the Operating Partnership or any other person or entity, any person who has left the employment within the one year period following the termination of that person’s
employment the Advisor. During the period commencing on the date hereof through and ending one year following the termination of this Agreement, the Company and the Operating Partnership will not, whether for its own account or for the account of
any other person, firm, corporation or other business organization, intentionally interfere with the relationship of the Advisor with, or endeavor to entice away from the Advisor, any person who during the term of the Agreement is, or during the
preceding one-year period, was a tenant, co-investor, co-developer, joint venturer or other customer of the Advisor. 
  

 - 19 - 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and
year first above written. 
  

							
	 CNL MACQUARIE GLOBAL INCOME TRUST, INC.

		
	 By:
	 	 /s/    Mark Mullen

	 Name:
	 	 Mark Mullen

	 Title:
	 	 Senior Vice President

	
	 CNL MACQUARIE INCOME, LP

		
	 By:
	 	 CNL MACQUARIE INCOME GP, LLC, a Delaware
 limited liability company

	 Its:
	 	 General Partner

			
		 	 By:
	 	 CNL MACQUARIE GLOBAL INCOME TRUST,
 INC., a Maryland corporation

		 	 Its:
	 	 Managing Member

				
		 		 	 By:
	 	 /s/    Mark Mullen

		 		 	 Name:
	 	 Mark Mullen

		 		 	 Title:
	 	 Senior Vice President

	
	 CNL MACQUARIE GLOBAL INCOME ADVISORS, LLC

		
	 By:
	 	 /s/    Curtis B. McWilliams

	 Name:
	 	 Curtis B. McWilliams

	 Title:
	 	 President

  

 - 20 -

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