Document:

Form of Service Agreement

 EXHIBIT 10.5 
 SERVICE AGREEMENT 
 THIS SERVICE AGREEMENT (“Agreement”) is dated and
effective as of this 19th day of December 2008 (the “Effective Date”), by and between CNL Capital Markets Corp. (“CCM” or “Servicer”), a wholly owned subsidiary of CNL Financial Group, Inc., CNL Macquarie Global Growth
Trust, Inc. (“Customer”), and CNL Macquarie Global Growth Advisors, LLC (the “Advisor”). 
 WITNESSETH 

WHEREAS, Customer intends to offer securities through a public offering pursuant to a registration statement on Form S-11 and related
prospectus (collectively, the “Registration Statement”) under the Securities Act of 1933 and intends to have a class of securities registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934, or the
Customer may offer securities pursuant to an exemption from registration under the Securities Act of 1933; and 
 WHEREAS,
Customer desires to retain CCM to act as an agent on its behalf to provide services set forth herein. 
 NOW, THEREFORE, IN
CONSIDERATION of the mutual covenants and agreements herein made, the parties do hereby agree as follows: 
 I.          Appointment and Services of CCM 
 A.         Customer hereby appoints CCM to act as an agent on its behalf, to negotiate and execute a Transfer Agency and Service Agreement (the “Master Agreement”) with a duly
registered transfer agent, to negotiate and execute the FAN Services Agreement with DST Systems, Inc., (the “DST Agreement”) and to perform such other services set forth in Exhibit A attached hereto, as amended from time to time (the
“Services”), for and on behalf of Customer upon and subject to the terms and conditions of this Agreement. The Customer also acknowledges and accepts the terms and fees associated with any services agreement (other than the Master
Agreement which requires prior Customer approval) CCM negotiates and executes on behalf of the Customer. CCM hereby accepts the appointment as agent and agrees to perform the Services in accordance with the terms and conditions hereinafter set
forth. Customer acknowledges that CCM is not a registered transfer agent under 17A(c) of the Securities Exchange Act of 1934 and is not acting as a fiduciary or in the capacity of a transfer agent in connection with performing the Services for
Customer. 
 B.         Changes to Exhibit A shall be effective upon CCM,
Customer and the Advisor (collectively, the “Parties”) agreeing in writing to an amended Exhibit A, setting forth the new or revised Services to be provided to Customer by CCM. Such amended Exhibit A shall be signed by an authorized
representative of each of CCM, Customer and the Advisor and appended to this Agreement as Amended Exhibit A. 
 C.         CCM shall undertake the Services pursuant to Customer’s policies and procedures applicable to such Services. The personnel provided by Servicer to perform the Services shall have
the appropriate technical and other skills to enable them to perform their duties hereunder. 

 D.         CCM shall, with the approval of
Customer, determine the levels and priorities for the Services set forth in Exhibit A and CCM shall use due diligence in performing those Services within a reasonable time. Unless the Parties agree otherwise, CCM will utilize the same standard of
care in performing the Services for or on behalf of Customer hereunder as would be reasonable and customary for the industry if such Services were performed for a third-party. CCM shall not be liable for damages, loss of data, delays, errors, claims
or losses by reason of circumstances beyond its reasonable control, except as described herein. 
 E.         In the event an investor, broker-dealer or financial advisor contacts CCM’s customer service division regarding any of the issues set forth in Exhibit B attached hereto,
CCM’s customer service representatives shall refer such investor, broker-dealer or financial advisor to an officer of the Advisor for the resolution of such issue(s). 
 F.         Customer hereby agrees that CCM shall have full discretion to engage subcontractors and third-party service providers to perform, and
assist CCM with the performance of, any and all of its obligations under this Agreement. 
 G.         It is intended that CCM be deemed an independent service provider and that no employment relationship shall be created between Customer on the one hand and CCM or CCM’s employees,
agents or subcontractors on the other hand. 
 H.         Nothing in this
Agreement shall in any way be deemed to restrict the right of CCM to perform services for any other person or entity, and the performance of such services for others will not be deemed to violate or give rise to any duty or obligation to Customer or
any investor not specifically undertaken by CCM hereunder. 
 II.        Responsibilities of Customer

 A.         Customer agrees to use reasonable efforts to provide CCM
(1) advance written notice in the event that there are any administrative changes to Customer’s governing documents or business practices which changes would have an impact on the Services provided pursuant to this Agreement, including
changes to Customer’s dividend reinvestment plan, automatic purchase plan, redemption plan, commissions and fees (including discounts) paid on sales of shares, share price, investor suitability standards, the states where shares are offered,
distribution rates or declaration and payable dates, introduction of new securities offerings, and changes in business practices pertaining to certification of shares, book entry, electronic delivery of information to stockholders, and
(2) prompt notice of Customer’s filing of a Registration Statement with the Securities and Exchange Commission, and amendments thereto, that affect the Services provided by CCM pursuant to this Agreement. 
 B.         Customer agrees to use reasonably diligent efforts to ensure that Customer abides
by all applicable provisions of Customer’s governing instruments, as the same may be amended. 
 III.       Pricing 
 A.         Initial Pricing 
 In consideration of
Servicer’s agreement to provide the Services, Customer agrees to pay Servicer according to the fee schedule set forth on Exhibit C, attached hereto, as it may be 
  

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 amended from time to time pursuant to Section II. B. of this Agreement. Additionally, Customer agrees to
pay any fees due under the DST Agreement, the Master Agreement and any other agreements for Services as provided in Section I. A. to the extent such additional fees have received prior approval of Customer. 
 B.         Subsequent Pricing 
 On the first anniversary of the Effective Date of this Agreement and each year thereafter, the fee schedule set forth on Exhibit C shall
be subject to review by Customer, CCM and the Advisor and shall be adjusted upon the approval of Customer’s board of directors, including a majority of its independent directors, CCM and the Advisor. Changes to the fee schedule shall be
effective upon such approval in writing and an amendment to Exhibit C shall be attached as Amended Exhibit C to this Agreement. Notwithstanding the foregoing, each succeeding year following the first anniversary of the Effective Date of this
Agreement, the fee schedule shall be adjusted at a minimum to an amount equal to the current fees paid by Customer for the Services increased by the percentage increase for the twelve-month period of the previous calendar year of the CPI-W (defined
below), or, in the event that publication of such index is terminated, any successor or substitute index, appropriately adjusted, reasonably acceptable to the Parties. As used herein, “CPI-W” shall mean the Consumer Price Index for Urban
Wage Earners and Clerical Workers for Boston-Brockton-Nashua, MA-NH-ME-CT, (Base Period: 1982-84 = 100), as published by the United States Department of Labor, Bureau of Labor Statistics. 
 IV.       Maintenance and Inspection of Records 
 Servicer shall maintain accurate and complete books, accounts and records of its operations necessary for purposes of this Agreement, including those needed to support the amounts of fees set
forth on all invoices. Customer shall have the right to examine the applicable portion of such books, accounts and records at any reasonable time or times for the sole purpose of verifying the payments required to be made by it hereunder.

 V.         Confidentiality of Records 
 As used herein, “Customer Data” means all information and facts owned by the Customer or collected on behalf of the Customer,
including, without limitation, any technical, business or investor information, in any form, format or medium (including, without limitation, all interrelated, unique data items or records in one or more computer files). Servicer (and its nominees
or subcontractors or third-party service providers) shall keep confidential any Customer Data it receives, maintains, processes or otherwise accesses while providing services and will use such Customer Data solely for performing its obligations
under this Agreement. Servicer will not release Customer Data except as may be required by applicable law or with the consent of Customer. 
 Customer will provide Servicer with such information as Servicer may reasonably require in order to comply with its duties under this Agreement. Servicer will maintain such reports and records as Customer may
reasonably require and for such length of time as set forth by Customer’s record retention policies. 
  

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 All records, data files, material, reports and other data received pursuant to this
Agreement are the property of Customer, are confidential and will be delivered upon Customer’s demand to Customer at Customer’s expense. 
 Notwithstanding anything to the contrary in this Agreement, Servicer may disclose this Agreement and any amendments, terminations and renewals thereof to third party due diligence firms and their broker-dealer clients
as Servicer deems appropriate to facilitate the review of Customer’s offerings in connection with the sale thereof or as may be required by applicable laws, rules and regulations. 
  

	VI.	Limitation of Liability; Indemnification 

 A.         Limitation of Liability of CCM 
 1.          CCM shall not be liable to Customer and/or the Advisor for any Losses (as defined in Section VI. B.) or action taken or omitted or for any loss or injury resulting from its (or
its nominees or subcontractors) actions or its (or its nominees’, subcontractors’ or third-party service providers’) performance or lack of performance of their respective duties hereunder in the absence of gross negligence or willful
misconduct on their respective part. In no event shall CCM be liable to Customer, the Advisor, any investor, or any third party (i) for acting in accordance with Customer instructions or instructions from any entity reasonably believed by CCM
to be an agent of Customer; (ii) for special, consequential or punitive damages; (iii) for the acts or omissions of its correspondents, designees, agents, subagents; (iv) any Losses (as defined in Section VI. B.) due to forces beyond
the reasonable control of CCM, including, without limitation, strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities,
communications or computer (software or hardware) services; or (v) for any violation or alleged violation of any federal securities law or any “blue sky” or state securities law. 
 With respect to any and all Losses howsoever arising from or in connection with this Agreement or the performance of CCM’s (or its
nominees’, subcontractors’ or third-party service providers’) duties hereunder, the enforcement of this Agreement and disputes between the Parties hereto or otherwise related to CCM’s performance hereunder, CCM’s sole
responsibility and aggregate liability to Customer and/or the Advisor shall not exceed the amount of fees paid by Customer to CCM (exclusive of costs and expenses incurred by CCM) pursuant to Section III of this Agreement. 
 2.          Notwithstanding any provisions of this Agreement to the contrary, CCM
shall be under no duty or obligation to inquire into, and shall not be liable for: 
  

	 	i.	 The legality of the issue, sale or transfer of any securities, the sufficiency of the amount to be received in connection therewith, or the authority of Customer
to request such issuance, sale or transfer; 

  

	 	ii.	 The legality of the purchase of any securities, the sufficiency of the amount to be paid in connection therewith, or the authority of Customer to request such
purchase; 

  

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	 	iii.	 The legality of the declaration of any dividend by Customer, or the legality of the issue of any securities in payment of any stock dividend; or

  

	 	iv.	 The legality of any recapitalization or readjustment of the securities. 

 B.         Indemnity 
 1.          Customer shall indemnify CCM (and its nominees or subcontractors) and hold
them harmless from and against any and all claims, losses, liabilities, damages or expenses (including attorneys’ fees and expenses) (collectively referred to herein as “Losses”) howsoever arising from or in connection with this
Agreement or the performance of their duties hereunder, the enforcement of this Agreement and disputes between the Parties hereto or otherwise related to CCM’s performance hereunder, provided, however, that (i) CCM has determined, in good
faith, that the course of conduct which caused the Losses was in the best interest of Customer, (ii) CCM was acting on behalf of or performing the Services for Customer, and (iii) such Losses were not the result of CCM’s (or its
nominees or subcontractors) negligence or misconduct. Any indemnification of CCM may be made only out of the net assets of Customer and not from the stockholders of Customer. 
 2.          Subject to the limitation of liability set forth in Section VI. A. 1. above, CCM shall indemnify Customer and hold it harmless from
Losses arising out of or attributed to any action or failure or omission to act by CCM (and its nominees or subcontractors or third-party service providers) as a result of CCM’s lack of good faith, gross negligence or willful misconduct.

 C.         Third Party Information 
 CCM shall have no responsibility for the accuracy of any information that has been provided by or obtained from third parties.

 D.         Trustee or Fiduciary 
 Nothing contained herein shall cause CCM to be deemed a trustee or fiduciary for or on behalf of Customer, any investor, or any other
person. The Services provided by CCM hereunder are in addition to the services provided by CCM under any other agreement between the Parties. 
 E.         Disclosure of Information 
 CCM is authorized to disclose information concerning Customer and investors to its affiliates and to providers of services as may be necessary in connection with the administration of or performance of this Agreement and to its regulators,
its internal and external auditors, accountants and counsel, and to any other person or entity when advised by counsel that it may be liable for a failure to do so. In such event, notice will be given to Customer simultaneously with such disclosure.

  

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 VII.     Representations and Warranties 
 A.         CCM hereby represents and warrants during the full term of this Agreement, that:

 1.          It is duly organized and validly existing under the laws of
Florida with full power and authority to conduct its business. 
 2.          It has the power and authority to enter into and perform this Agreement; and the execution and delivery of this Agreement by CCM has been duly and validly authorized by all
necessary action. This Agreement constitutes the valid and binding agreement of CCM, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights generally and by general equitable principles. CCM is not in violation of its articles of incorporation or bylaws or in
default under any agreement or instrument the effect of which violation or default would be material to CCM. None of: (i) the execution and delivery by CCM of this Agreement; (ii) the consummation by CCM of any of the transactions herein
or therein contemplated; and (iii) the compliance by CCM with the provisions hereof or thereof, does or will conflict with or result in a breach of any term or provision of the articles of incorporation or bylaws of CCM or conflict with, result
in a breach, violation or acceleration of, or constitute a default under, the terms of any agreement or instrument to which CCM is a party or by which it is bound or, to the knowledge of CCM, any statute, order or regulation applicable to CCM of any
court, regulatory body, administrative agency or governmental body having jurisdiction over CCM. CCM is not a party to, bound by or in breach or violation of any agreement or instrument or, to the knowledge of CCM, subject to or in violation of any
statute, order or regulation of any court, regulatory body, administrative agency or governmental body having jurisdiction over it that materially and adversely affects, or may in the future materially and adversely affect: (i) the ability of
CCM to perform its obligations under this Agreement; or (ii) the business, operations, financial conditions, properties or assets of CCM. 
 3.          There are no actions or proceedings against, or investigations of, CCM pending or, to the knowledge of CCM, threatened, before any court, arbitrator,
administrative agency or other tribunal: (i) asserting the invalidity of this Agreement; (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement; or (iii) that might materially and adversely
affect the performance by CCM of its obligations under, or the validity or enforceability of, this Agreement. 
 4.          It will, during the full term of this Agreement, abide by all applicable provisions of its governing instruments, as the same may be amended. 
 B.         Customer hereby represents and warrants during the full term of this Agreement,
that: 
 1.          It is duly organized and validly existing under the
laws of Maryland with full power and authority to conduct its business. 
 2.          It has the power and authority to enter into and perform this Agreement; and the execution and delivery of this Agreement by Customer has been duly and validly authorized by all
necessary action. This Agreement constitutes the valid and binding agreement 
  

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 of Customer, enforceable against it in accordance with its terms, except as enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights generally and by general equitable principles.
Customer is not in violation of its articles of incorporation or bylaws or in default under any agreement or instrument the effect of which violation or default would be material to Customer. None of: (i) the execution and delivery by Customer
of this Agreement; (ii) the consummation by Customer of any of the transactions herein or therein contemplated; and (iii) the compliance by Customer with the provisions hereof or thereof, does or will conflict with or result in a breach of
any term or provision of the articles of incorporation or bylaws of Customer or conflict with, result in a breach, violation or acceleration of, or constitute a default under, the terms of any agreement or instrument to which Customer is a party or
by which it is bound or, to the knowledge of Customer, any statute, order or regulation applicable to Customer of any court, regulatory body, administrative agency or governmental body having jurisdiction over Customer. Customer is not a party to,
bound by or in breach or violation of any agreement or instrument or, to the knowledge of Customer, subject to or in violation of any statute, order or regulation of any court, regulatory body, administrative agency or governmental body having
jurisdiction over it that materially and adversely affects, or may in the future materially and adversely affect: (i) the ability of Customer to perform its obligations under this Agreement; or (ii) the business, operations, financial
conditions, properties or assets of Customer. 
 3.          There are no
actions or proceedings against, or investigations of, Customer pending or, to the knowledge of Customer, threatened, before any court, arbitrator, administrative agency or other tribunal: (i) asserting the invalidity of this Agreement;
(ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement; or (iii) that might materially and adversely affect the performance by Customer of its obligations under, or the validity or enforceability
of, this Agreement. 
 4.          Customer will use its best efforts to
prevent it from being classified as an “investment company” or under the control of an “investment company” as such terms are defined in the Investment Company Act of 1940, as amended. 
 C.         The Advisor hereby represents and warrants during the full term of this
Agreement, that: 
 1.          It is duly organized and validly existing
under the laws of Delaware with full power and authority to conduct its business. 
 2.          It has the power and authority to enter into and perform this Agreement; and the execution and delivery of this Agreement by the Advisor has been duly and validly authorized by
all necessary action. This Agreement constitutes the valid and binding agreement of the Advisor, enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights generally and by general equitable principles. The Advisor is not in violation of its certificate of
formation or operating agreement or in default under any agreement or instrument the effect of which violation or default would be material to the Advisor. None of: (i) the execution and delivery by the Advisor of this Agreement; (ii) the
consummation by the Advisor 
  

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 of any of the transactions herein or therein contemplated; and (iii) the compliance by the Advisor
with the provisions hereof or thereof, does or will conflict with or result in a breach of any term or provision of the certificate of formation or operating agreement of the Advisor or conflict with, result in a breach, violation or acceleration
of, or constitute a default under, the terms of any agreement or instrument to which the Advisor is a party or by which it is bound or, to the knowledge of the Advisor, any statute, order or regulation applicable to the Advisor of any court,
regulatory body, administrative agency or governmental body having jurisdiction over the Advisor. The Advisor is not a party to, bound by or in breach or violation of any agreement or instrument or, to the knowledge of the Advisor, subject to or in
violation of any statute, order or regulation of any court, regulatory body, administrative agency or governmental body having jurisdiction over it that materially and adversely affects, or may in the future materially and adversely affect:
(i) the ability of the Advisor to perform its obligations under this Agreement; or (ii) the business, operations, financial conditions, properties or assets of the Advisor. 
 3.          There are no actions or proceedings against, or investigations of, the
Advisor pending or, to the knowledge of the Advisor, threatened, before any court, arbitrator, administrative agency or other tribunal: (i) asserting the invalidity of this Agreement; (ii) seeking to prevent the consummation of any of the
transactions contemplated by this Agreement; or (iii) that might materially and adversely affect the performance by the Advisor of its obligations under, or the validity or enforceability of, this Agreement. 
 4.          It will, during the full term of this Agreement, abide by all applicable
provisions of its governing instruments, as the same may be amended. 
 VIII.    Termination 
 A.         The initial term of this Agreement shall be five (5) years commencing on
December 19, 2008 unless terminated earlier as follows: 
 1.          By either Servicer, Customer or Advisor, after having given the other parties at least 90 days advance written notice of its intent to terminate, except in the event of a company
liquidation which shall require 180 days advance written notice; or 
 2.          In the event that Servicer shall fail to perform material services hereunder and such failure may result in a material adverse effect on Customer’s business, Customer may
terminate this Agreement immediately on written notice to Servicer. 
 B.         In the event that this Agreement is terminated, regardless of the reason for such termination, Servicer agrees to cooperate with Customer to provide for an orderly transfer of
functions to the successor service provider. 
 C.         In the event that
this Agreement is terminated due to a liquidation of either CCM or Customer, partial services and pricing will extend through October of the year following the year in which the liquidation of either party took place. The services performed and fees
assessed between the time of liquidation of either Customer or CCM and that final October date are detailed in Exhibit D. In the event another party becomes a successor in interest to Customer, that party shall pay the Servicer for any services
performed in Exhibit D until the successor in interest has commenced performing the functions described in Exhibit D. 
  

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 IX.       Survival of Terms 
 The provisions of the last sentence of Section I. D., and Sections V and VI shall survive any termination of this Agreement. 

X.         Notices 
 Unless otherwise provided herein, all notices or other communications under this Agreement must be in writing and signed by an authorized officer (or such other persons as a party shall specify in written notice to
the other parties). 
 All such notices shall be deemed given and received when delivered by hand or facsimile transmission,
or placed in the mails addressed to the other parties, first class registered mail, at the parties’ addresses set forth on the signature page hereof. 
 XI.       No Waiver of Non-Compliance 
 No failure of any party hereto to
exercise any power or right granted hereunder or to insist upon strict compliance by a party of any obligation hereunder, and no custom or practice of any party with regard to the terms of performance hereof, shall constitute a waiver of the rights
of such party to demand full and exact compliance with the terms of this Agreement. 
 XII.     Assignment 
 Except for the assignment by CCM (i) to a successor corporation upon the merger or consolidation of CCM, (ii) to an affiliate
of CCM, or (iii) upon the sale of all or substantially all of CCM’s business of providing services similar to the Services, this Agreement shall not be assigned by any party hereto without the prior written consent of the other parties
hereto. 
 XIII.    Successors; Governing Law 
 This Agreement shall be binding upon the successors and permitted assigns of the Parties hereto and shall be governed by the laws of the State of Florida. 
 XIV.    Severability 
 In the event any provision of this Agreement shall for any reason be held to be invalid, illegal or unenforceable, the remaining provisions of this Agreement shall be unimpaired and the invalid, illegal or unenforceable provision shall be
replaced by a mutually acceptable provision, which, being valid, legal and enforceable, comes closest to the intention of the Parties. 
 XV.      Use of CCM’s Name 
 Customer shall obtain the prior written
consent of CCM for any reference to CCM or to services to be furnished by CCM in any communication or document; provided that CCM shall have no responsibility or liability for the content of any such communication or document. 
  

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 XVI.    Headings 
 The section and paragraph headings contained herein are for convenience and reference only and are not intended to define or limit the scope of any provision of this Agreement. 

XVII.  Counterparts 
 This Agreement may be signed in multiple counterparts, in which event such counterparts when taken together shall constitute an entire agreement. 
 XVIII. Amendment; Entire Agreement 
 No modification, amendment, supplement to or waiver of this
Agreement or any of its provisions shall be binding upon Servicer, Customer or Advisor unless made in writing and duly signed by authorized officers of each of Servicer, Customer and Advisor. This Agreement contains the entire understanding between
the Parties and all prior or contemporaneous correspondence, conversations or memoranda are merged in, replaced by and without effect on this Agreement. 
 Signatures on next page 
  

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

									
	CNL Capital Markets Corp.	  		  	CNL Macquarie Global Growth Trust, Inc.
					
	By:	  	/s/ Jeffrey Shafer	  	 	  	By:	  	/s/ Mark Mullen
					
	Name:	  	Jeffrey Shafer	  		  	Name:	  	Mark Mullen
					
	Title:	  	President	  		  	Title:	  	Senior Vice President
					
	Address:	  	 CNL Center at City Commons
 450 South Orange
Avenue
 Orlando, Florida 32801
	  		  	Address:	  	 CNL Center at City Commons
 450 South Orange
Avenue
 Orlando, Florida 32801

	  	  	  	  
	  	  	  	  
			
		  		  	CNL Macquarie Global Growth Advisors, LLC
					
	 	  	 	  	 	  	By:	  	/s/ Mark Mullen
					
		  		  		  	Name:	  	Mark Mullen
					
		  		  		  	 Title:
	  	 Senior Vice President

					
		  		  		  	 Address:
	  	 CNL Center at City Commons
 450 S. Orange Avenue
 Orlando, Florida 32801

	  	  	  	  
	  	  	  	  

  

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 EXHIBIT A 
 The Services Provided by CCM 
  

	—	 	 Answer and resolve all incoming administrative calls from Broker/Dealers and Financial Advisors 

	—	 	 Negotiate and set up Interactive Voice Response strategy & call flows 

	—	 	 Respond to incoming phone calls, e-mails, faxes and mail correspondence relating to administrative services 

	—	 	 Transfer Agent facilitation, liaison & oversight 

	 	¡	 Contract, pricing and Service Level Agreement negotiation and oversight of transfer agents, technology vendors, telephone vendors, printers, statement companies,
DTCC, custodians, etc. 

	 	¡	 Investor-custodian calls oversight 

	 	¡	 Distributions processing oversight 

	 	¡	 Commissions processing oversight 

	 	¡	 Rescissions processing oversight 

	 	¡	 Redemptions processing oversight, if applicable 

	 	¡	 Deposits processing oversight 

	 	¡	 Ownership transfer and secondary market oversight, if applicable (tracking trends, unusual activity, etc.) 

	 	¡	 Tax form generation oversight (printing, mailing, re-prints, electronic availability) 

	 	¡	 Vision, FAN Web (websites) and FAN Mail oversight & development (Financial Advisor and Investor transactional websites) 

	 	¡	 Statements coordination and oversight (distributions, confirmations, etc.) 

	 	¡	 Invoice reconciliation from various vendors (confirming that they are adhering to the contracted pricing and terms) 

	 	¡	 Oversight and approval of foreign investors 

	 	¡	 New product / subsequent offering set up as it pertains to systems, technologies, etc. 

	—	 	 Facilitate, but not undertake, Customer and Advisor oversight of: 

	 	¡	 Transfer agent compliance and regulatory issues (SEC, FINRA, OFAC, Privacy Acts, Electronic Transactions Act, NASAA) 

	 	¡	 Blue Sky matters (including communication and reporting to prevent blue sky violations) 

	—	 	 Internal & External Client Services Training: training on processes and procedures 

	—	 	 Outbound Research & Problem Resolution Calls (as it pertains to not-in-good-order (NIGO) issues) 

	—	 	 Responding to all escalated issues except the issues that are resolved by the Issuer/Advisor as described on Exhibit B attached hereto (as referred by Boston
Financial Data Services, Inc. (BFDS)) including but not limited to: 

	 	¡	 Investor, Broker/Dealer and Financial Advisor phone calls 

	 	¡	 New business and maintenance issues and cures 

	 	¡	 Lost shareholder / escheatment 

	 	¡	 TIN certifications / IRS B & C notices 

	—	 	 Vision and CNL Securities Corp. website log-in’s and trouble-shooting Custodian, Broker/Dealer, and Clearing Firm liaison & services – set up,
problem-resolution, reports, reconciliations, etc. 

	—	 	 Executive Management & Ad-hoc reports 

	—	 	 Investor & Financial Advisor communication generation and consultation 

	—	 	 Systems enhancement / development facilitation and consultation 

	—	 	 Development and maintenance of a data bridge for sales and tax reporting 

	—	 	 Negotiate and continue oversight of custodial accounts and /or escrow arrangements 

	—	 	 Marketing Distribution Center services (remitting materials to Financial Advisors or Conventions including prospectus packets, articles packets and promotional
items) 

	—	 	 Assistance and support of special events (liquidations, listing, etc.) 

  

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 EXHIBIT B 
 Customer Service Escalations to Issuer and Office of Named Advisor 
  

	•	 	 Redemptions of trusts due to death 

  

	•	 	 Legal requests 

  

	•	 	 Requests for shareholder lists 

  

	•	 	 Redemption requests when forms are received after the deadline 

  

	•	 	 Rescission requests 

  

	•	 	 Foreign investor approvals 

  

	•	 	 Questionable resales 

  

	•	 	 Some transfers requiring legal back up 

  

	•	 	 Redemptions due to disability 

 EXHIBIT C 
 Fee Schedule 
  

	—	 	 Initial charge of $4.57 per investor 

  

	—	 	 Annual charge of $19.20 per investor ($1.60 per month) 

 EXHIBIT D 
 Post-liquidation Services and Pricing 
 Termination: October 31, of the year following the year of the
liquidating event 
 Post-liquidation Event Services 

	 	n	 (Pre and post-merger) Consultation and facilitation of migrating from a directly held investment to liquidation. 

	 	n	 Check void and reissue requests 

	 	n	 ACH issues 

	 	n	 Processing returned mail - investors coded “lost” 

	 	n	 Transfer of Escheatment file 

	 	n	 Incoming paperwork including address changes, or other changes or inquires 

	 	n	 Requests for Date of Death Values letters for occurrences prior to liquidation 

	 	n	 Requests for transfer of asset; resolution of transfer issues 

	 	n	 Requests for balance of shares at the time of the liquidating event 

	 	n	 Requests for duplicate investor purchase and/or distribution statements 

	 	n	 Requests for duplicate financial advisor distribution reports 

	 	n	 Corrections for custodial issues. Required research and updating investor’s accounts. 

	 	n	 Requests for Tax Information – explanation of tax consequences, duplicate 1099’s, tax basis questions/information 

	 	n	 Requests for withholding issues; Tax Identification Number issues, 

	 	n	 Ownership type disputes (impacts tax reporting) 

	 	n	 Providing historical investor data (prior to event) - including ownership, distribution history, tax records, address information, registration, etc.

	 	n	 Consultation regarding website 

	 	n	 Field calls from Financial Advisors to assist investors with post-event questions. 

	 	1.	 Provide historical distribution information for investors. 

	 	2.	 Direct individuals to sources of information. 

	 	3.	 Walk through the transaction and provide information where gaps exist. 

 Pricing 

	 	n	 All pass-though DST Systems, Inc./Boston Financial Data Services pricing will remain on schedule as of the date of the liquidating event through April 30 of
the year following the year of the liquidating event. 

	 	n	 CCM pricing will remain on schedule as of the date of the liquidating event through the first 90 days past said event. 

	 	n	 At 90 days pricing will be reduced to $             per investor (at a negotiated charge)
based on the investor count as of the date of the liquidating event.Indemnification Agreement

 EXHIBIT 10.6 
 INDEMNIFICATION AGREEMENT 
 THIS INDEMNIFICATION AGREEMENT (the
“Agreement”) is made and entered into as of the 19th day of December, 2008, by and among CNL Macquarie Global Growth Trust, Inc., a Maryland corporation (the “Company”) and James M. Seneff, Jr., a director and/or officer
of the Company (the “Indemnitee”). 
 WITNESSETH: 
 WHEREAS, damages sought against directors and officers in shareholder or similar litigation by class action plaintiffs may be substantial, and the costs of defending such actions and of judgments
in favor of plaintiffs or of settlement therewith may be prohibitive for individual directors and officers, without regard to the merits of a particular action and without regard to the culpability of, or the receipt of improper personal benefit by,
any named director or officer to the detriment of the corporation; and 
 WHEREAS, the issues in controversy in such
litigation usually relate to the knowledge, motives and intent of the director or officer, who may be the only person with firsthand knowledge of essential facts or exculpating circumstances who is qualified to testify in his defense regarding
matters of such a subjective nature, and the long period of time which may elapse before final disposition of such litigation may impose undue hardship and burden on a director or officer or his estate in launching and maintaining a proper and
adequate defense of himself or his estate against claims for damages; and 
 WHEREAS, the Company is organized under the
Maryland General Corporation Law (the “MGCL”) and Section 2-418 of the MGCL empowers corporations to indemnify and advance expenses of litigation to a person serving as a director, officer, employee or agent of a corporation and to
persons serving at the request of the corporation, while a director of a corporation, as a director, officer, partner, trustee, employee or agent of another foreign or domestic corporation, partnership, joint venture, trust, other enterprise or
employee benefit plan, and further provides that the indemnification and advancement of expenses set forth in the MGCL are not “exclusive of any other rights, by indemnification or otherwise, to which a director may be entitled under the
charter, the bylaws, a resolution of stockholders or directors, an agreement or otherwise, both as to action in an official capacity and as to action in another capacity while holding such office”; and 
 WHEREAS, the Articles of Incorporation of the Company, as they may be amended or amended and restated from time to time (the
“Articles of Incorporation”), provide that the Company may indemnify and hold harmless directors, advisors, or affiliates, as such terms are defined in the Articles of Incorporation; and 
 WHEREAS, the Board of Directors of the Company (the “Board”) has concluded that it is advisable and in the best interests of
the Company to enter into an agreement to indemnify in a reasonable and adequate manner the Indemnitee and to assume for itself liability for expenses and damages in connection with claims lodged against the Indemnitee for the Indemnitee’s
decisions and actions as a director and/or officer of the Company or any of its Subsidiaries, or as an officer of CNL Macquarie Global Growth Advisors, LLC, a Delaware limited liability 

 company and advisor to the Company (the “Advisor”, and collectively with such Subsidiaries, the
“Affiliates”). 
 NOW, THEREFORE, in consideration of the foregoing, and of other good and valuable consideration,
the receipt and sufficiency of which is acknowledged by each of the parties hereto, the parties agree as follows: 
 I. DEFINITIONS 

 For purposes of this Agreement, the following terms shall have the meanings set forth below: 
 A.         “Board” shall mean the Board of Directors of the Company.

 B.         “Change in Control” shall mean a change in the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of the Company, or any successor in interest thereto, whether through the ownership of Voting Securities, by contract or otherwise,
including but not limited to a change which would be required to be reported under Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934 as in effect on the date hereof (the “Exchange
Act”) or as may otherwise be determined pursuant to a resolution of the Board. 
 C.         “Corporate Status” shall mean: (i) the status of a person who is or was a director or officer of the Company or any of the Affiliates, or a member of any
committee of the Board; and (ii) the status of a person who, while a director or officer of the Company, is or was serving at the request of the Company as a director, officer, partner (including service as a general partner of any limited
partnership), trustee, employee, or agent of another foreign or domestic corporation, partnership, joint venture, trust, other incorporated or unincorporated entity or enterprise or employee benefit plan. 
 D.         “Disinterested Director” shall mean a director of the Company
who neither is nor was a party to the Proceeding with respect to which indemnification is being sought by the Indemnitee. 
 E.         “Expenses” shall mean expenses of Proceedings including, without limitation, all attorneys’ fees, retainers, court costs, transcript costs, fees of experts,
investigation fees and expenses, accounting and witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses of the types customarily incurred
in connection with prosecuting, defending, preparing to prosecute or defend, being or preparing to be a witness in or investigating a Proceeding. 
 F.         “Good Faith Act or Omission” shall mean an act or omission of the Indemnitee reasonably believed by the Indemnitee to be in or not opposed to
the best interests of the Company or the Affiliates and not: (i) one involving negligence or misconduct, or, if the Indemnitee is an independent director, one involving gross negligence or willful misconduct; (ii) one that was material to
the loss or liability and that was committed in bad faith or that was the result of active or deliberate dishonesty; (iii) one from which the Indemnitee actually received an improper personal benefit in money, property or services; or
(iv) in the case of a 
  

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 criminal Proceeding, one as to which the Indemnitee had cause to believe his or her conduct was unlawful.

 G.         “Liabilities” shall mean liabilities of any type
whatsoever, including, without limitation, any judgments, fines, excise taxes and penalties under the Employee Retirement Income Security Act of 1974, as amended, penalties and amounts paid in settlement (including all interest, assessments and
other charges paid or payable in connection with or with respect to such judgments, fines, penalties or amounts paid in settlement) in connection with the investigation, defense, settlement or appeal of any Proceeding or any claim, issue or matter
therein. 
 H.         “MGCL” shall mean the Maryland General
Corporation Law. 
 I.          “Proceeding” shall mean
any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other actual, threatened or completed proceeding whether civil, criminal, administrative or
investigative, or any appeal therefrom. 
 J.          “Trust” shall have the meaning ascribed to it in Article IX herein. 
 K.         “Trustee” shall have the meaning ascribed to it in Article IX herein. 
 L.         “Subsidiary” shall mean 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. 
 M.        “Undertakings” shall have the meaning ascribed to it in Article V
herein. 
 N.         “Voting Securities” shall mean any
securities of the Company that are entitled to vote generally in the election of directors. 
 II. TERMINATION OF AGREEMENT 

This Agreement shall continue until, and terminate upon the later to occur of: (i) the seventh anniversary of the Indemnitee
ceasing to be a director and/or officer of the Company; or (ii) the final termination of all Proceedings (including possible Proceedings) with respect to which the Indemnitee is granted rights of indemnification or advancement of Expenses
hereunder and of any proceeding commenced by the Indemnitee regarding the interpretation or enforcement of this Agreement. 
 III. SERVICE
BY INDEMNITEE, NOTICE OF 
 PROCEEDINGS, DEFENSE OF CLAIMS 
 A.         Notice of Proceedings.    The Indemnitee agrees to notify the Company promptly in writing upon being served with
any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder. However, the Indemnitee’s failure
to so notify the Company shall not relieve the Company from any liability it may have 
  

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 to the Indemnitee under this Agreement, except to the extent that the Indemnitee’s failure to so
notify the Company materially prejudices the Company with respect to said Proceeding or matter. 
 B.         Defense of Claims.    The Company will be entitled to participate, at its own expense, in any Proceeding of which it has notice. The Company jointly with any
other indemnifying party similarly notified of any Proceeding will be entitled to assume the defense of the Indemnitee therein, with counsel reasonably satisfactory to the Indemnitee; provided, however, that the Company shall not be entitled to
assume the defense of the Indemnitee in any Proceeding if there has been a Change in Control or if the Indemnitee has reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee with respect to such
Proceeding. The Company will not be liable to the Indemnitee under this Agreement for any Expenses incurred by the Indemnitee in connection with the defense of any Proceeding, other than reasonable costs of investigation or as otherwise provided
below, after notice from the Company to the Indemnitee of its election to assume the defense of the Indemnitee therein. The Indemnitee shall have the right to employ his own counsel in any such Proceeding, but the fees and expenses of such counsel
incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of the Indemnitee unless (i) the employment of counsel by the Indemnitee has been authorized by the Company; (ii) the Indemnitee shall
have reasonably concluded that counsel employed by the Company may not adequately represent the Indemnitee and shall have so informed the Company; or (iii) the Company shall not in fact have employed counsel to assume the defense of the
Indemnitee in such Proceeding, such counsel shall not in fact have assumed such defense or such counsel shall not be acting, in connection therewith, with reasonable diligence. In each such case the fees and expenses of the Indemnitee’s counsel
shall be advanced by the Company in accordance with this Agreement. 
 C.         Settlement of Claims.    The Company shall not settle any Proceeding in any manner which would impose any liability, penalty or limitation on the Indemnitee
without the written consent of the Indemnitee, which consent shall not be unreasonably withheld or delayed. The Company shall not be liable to indemnify the Indemnitee under this Agreement or otherwise for any amounts paid in settlement of any
Proceeding effected by the Indemnitee without the Company’s written consent, which consent shall not be unreasonably withheld or delayed. 
 IV. INDEMNIFICATION 
 A.         In
General.    Upon the terms and subject to the conditions set forth in this Agreement, the Company shall hold harmless and indemnify the Indemnitee against any and all Liabilities actually incurred by or for him or her in
connection with any Proceeding (whether the Indemnitee is or becomes a party, a witness or is otherwise a participant in any role) to the fullest extent required or permitted by the Articles of Incorporation. For all matters for which the Indemnitee
is entitled to indemnification under this Article IV, the Indemnitee shall be entitled to advancement of Expenses in accordance with Article V hereof. 
 B.         Proceeding Other Than a Proceeding by or in the Right of the Company.    If the Indemnitee, by reason of his or her Corporate Status
or alleged action or inaction in such 
  

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 capacity, was or is a party or is threatened to be made a party to any Proceeding (whether the Indemnitee
is or becomes a party, a witness or is otherwise a participant in any role) (other than a Proceeding by or in the right of the Company or any Affiliate), the Company shall, subject to the limitations set forth in Section IV.F below, hold harmless
and indemnify the Indemnitee against any and all Expenses and Liabilities actually and reasonably incurred by or for the Indemnitee in connection with the Proceeding, if the act(s) or omission(s) of the Indemnitee giving rise thereto were Good Faith
Act(s) or Omission(s). 
 C.         Proceedings by or in the Right of the
Company.    If the Indemnitee, by reason of his or her Corporate Status or alleged action or inaction in such capacity, was or is a party or is threatened to be made a party to any Proceeding (whether the Indemnitee is or
becomes a party, a witness or otherwise is a participant in any role) by or in the right of the Company or any Affiliate to procure a judgment in its favor, the Company shall, subject to the limitations set forth in Section IV.F below, hold harmless
and indemnify the Indemnitee against any and all Expenses actually incurred by or for the Indemnitee in connection with the investigation, defense, settlement or appeal of such Proceeding, if the act(s) or omission(s) of the Indemnitee giving rise
to the Proceeding were Good Faith Act(s) or Omission(s). However, no indemnification under this Section IV.C shall be made with respect to any claim, issue or matter as to which the Indemnitee shall have been finally adjudged to be liable to the
Company or any Affiliate, unless a court of appropriate jurisdiction (including, but not limited to, the court in which such Proceeding was brought) determines upon application that, despite the adjudication of liability but in view of all the
circumstances of the case, regardless of whether the Indemnitee’s act(s) or omission(s) were found to be a Good Faith Act(s) or Omission(s), the Indemnitee is fairly and reasonably entitled to indemnification for such Expenses, which such court
shall deem proper. 
 D.         Indemnification of a Party Who is Wholly or
Partly Successful.    Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee is, by reason of the Indemnitee’s Corporate Status, a party to and is successful in, on the merits or
otherwise, any Proceeding, the Indemnitee shall be indemnified by the Company to the maximum extent consistent with the Articles of Incorporation against all Expenses and Liabilities actually incurred by or for him or her in connection therewith. If
the Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall hold harmless and indemnify the Indemnitee
to the maximum extent consistent with the Articles of Incorporation against all Expenses and Liabilities actually and reasonably incurred by or for the Indemnitee in connection with each successfully resolved claim, issue or matter in such
Proceeding. Resolution of a claim, issue or matter by dismissal, with or without prejudice, but except as provided in Section IV.F hereof, shall be deemed a successful result as to such claim, issue or matter so long as there has been no finding
(either adjudicated or pursuant to Article VI hereof) that the act(s) or omission(s) of the Indemnitee giving rise thereto were not a Good Faith Act(s) or Omission(s). 
 E.         Indemnification for Expenses as Witness.    Notwithstanding any other provision of this Agreement, to the extent
that the Indemnitee, by reason of the Indemnitee’s Corporate Status, has prepared to serve or has served as a witness in any Proceeding, or has participated in discovery proceedings or other trial preparation, the Indemnitee shall be held

  

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 harmless and indemnified against all Expenses actually and reasonably incurred by or for him or her in
connection therewith. 
 F.         Specific Limitations on
Indemnification.    In addition to the other limitations set forth in this Article IV and notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated under this Agreement to make any payment
to the Indemnitee for indemnification with respect to any Proceeding: 
 1.          To the extent that payment is actually made to the Indemnitee under any insurance policy or is made on behalf of the Indemnitee by or on behalf of the Company otherwise than
pursuant to this Agreement. 
 2.          If a court in
such Proceeding has entered a judgment or other adjudication which is final and has become non-appealable and establishes that a claim of the Indemnitee for such indemnification arose from: (i) a breach by the Indemnitee of the
Indemnitee’s duty of loyalty to the Company or its shareholders; (ii) acts or omissions of the Indemnitee that the Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or the Affiliates and not:
(a) an act or omission involving negligence or misconduct, or, if the Indemnitee is an independent director, an act or omission involving gross negligence or willful misconduct, or (b) an act or omission that was material to the loss or
liability and that was committed in bad faith or that was the result of active and deliberate dishonesty,; (iii) acts or omissions of the Indemnitee which the Indemnitee had reasonable cause to believe were unlawful; or (iv) a transaction
in which the Indemnitee actually received an improper personal benefit in money, property or services. 
 3.          If there has been no Change in Control, for Liabilities in connection with Proceedings settled without the consent of the Company, which consent shall not have been unreasonably
withheld. 
 4.          For any loss or liability arising
from an alleged violation of federal or state securities laws unless one or more of the following conditions are met: (i) there has been a successful adjudication in favor of the Indemnitee on the merits of each count involving alleged
securities law violations as to the Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee; or (iii) a court of competent jurisdiction approves a settlement
of the claims against the Indemnitee, finds that indemnification of the settlement and the related costs should be made, and has been advised of the position on indemnification for violations of securities laws of (A) the Securities and
Exchange Commission and (B) any state securities regulatory authority in which securities of the Company were offered or sold. 
 5.          If such Indemnitee is a party to such Proceeding by reason of his or her status as an officer of director of the Advisor and such Proceeding is brought by
a member of the Advisor against such Indemnitee arising from claims solely related to the relationship of the members as members of the Advisor. 
  

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 V. ADVANCEMENT OF EXPENSES 
 Notwithstanding any provision to the contrary in Article VI hereof, the Company shall advance to the Indemnitee all Expenses which, by reason of the Indemnitee’s Corporate Status, were
incurred by or for the Indemnitee in connection with any Proceeding for which the Indemnitee is entitled to indemnification pursuant to Article IV hereof, in advance of the final disposition of such Proceeding, provided that all of the following are
satisfied: (i) the Indemnitee was made a party to the proceeding by reason of Indemnitee’s Corporate Status; (ii) the Indemnitee provides the Company with written affirmation of the Indemnitee’s good faith belief that the
Indemnitee has met the standard of conduct necessary for indemnification by the Company pursuant to Article IV hereof and (iii) the Indemnitee provides the Company with a written agreement (the “Undertaking”) to repay the amount paid
or reimbursed by the Company, together with the applicable legal rate of interest thereon, if it is ultimately determined that the Indemnitee did not comply with the requisite standard of conduct. The Indemnitee shall be required to execute and
submit the Undertaking to repay Expenses Advanced in the form of Exhibit A attached hereto or in such form as may be required under applicable law as in effect at the time of execution thereof. The Undertaking shall reasonably evidence the Expenses
incurred by or for the Indemnitee and shall contain the written affirmation by the Indemnitee, described above, of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification has been met. The Company shall
advance such expenses within five (5) business days after its receipt of the Undertaking. The Indemnitee hereby agrees to repay any Expenses advanced hereunder if it is ultimately determined that the Indemnitee is not entitled to be indemnified
against such Expenses. Any advances and the undertaking to repay pursuant to this Article V shall be unsecured. 
 VI. PROCEDURE FOR
PAYMENT OF LIABILITIES; 
 DETERMINATION OF RIGHT TO INDEMNIFICATION 
 A.         Procedure for Payment.    To obtain indemnification
for Liabilities under this Agreement, the Indemnitee shall submit to the Company a written request for payment, including with such request such documentation as is reasonably available to the Indemnitee and reasonably necessary to determine whether
and to what extent the Indemnitee is entitled to indemnification and payment hereunder. The Secretary of the Company, or such other person as shall be designated by the Board, shall promptly advise the Board in writing of such request for
indemnification. Any indemnification payment due hereunder shall be paid by the Company no later than five (5) business days following the determination, pursuant to this Article VI, that such indemnification payment is proper hereunder.

 B.         No Determination Necessary when the Indemnitee was
Successful.    To the extent the Indemnitee has been successful, on the merits or otherwise, in defense of any Proceeding referred to in Sections IV.B or IV.C above or in the defense of any claim, issue or matter described
therein, the Company shall indemnify the Indemnitee against Expenses actually and reasonably incurred by or for the Indemnitee in connection with the investigation, defense or appeal of such Proceeding. 
 C.         Determination of Good Faith Act or Omission.    In the
event that Section VI.B above is inapplicable, the Company shall also hold harmless and indemnify the Indemnitee 
  

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 unless the Company proves by clear and convincing evidence to a forum listed in Section VI.D below that
the act(s) or omission(s) of the Indemnitee giving rise to the Proceeding were not Good Faith Act(s) or Omission(s). 
 D.         Forum for Determination.    The Indemnitee shall be entitled to select from among the following the forums in which the validity of the Company’s claim
under Section VI.C above that the Indemnitee is not entitled to indemnification will be heard: 
 1.          A majority of the Disinterested Directors, or, if there are fewer than three (but at least one) Disinterested Directors, all of the Disinterested Directors; 
 2.          The shareholders of the Company; 
 3.          Legal counsel selected by the Indemnitee, subject to the
approval of the Board, which approval shall not be unreasonably delayed or denied and which counsel shall make such determination in a written opinion; or 
 4.          A panel of three arbitrators, one of whom is selected by the Company, another of whom is selected by the Indemnitee and the last of
whom is selected jointly by the first two arbitrators so selected. 
 As soon as practicable, and in no event later than
thirty (30) days after written notice of the Indemnitee’s choice of forum pursuant to this Section VI.D, the Company shall, at its own expense, submit to the selected forum its claim that the Indemnitee is not entitled to indemnification,
and the Company shall act in the utmost good faith to give the Indemnitee a complete opportunity to defend against such claim. The fees and expenses of the forum selected in connection with making the determination contemplated hereunder shall be
paid by the Company. If the Company fails to submit the matter to the selected forum within thirty (30) days of the Indemnitee’s written notice or if the selected forum fails to make the requested determination within thirty (30) days
of the matter being submitted to it by the Company, the determination that the Indemnitee has the right to indemnification will be made. 
 E.         Right to Appeal.    Notwithstanding a determination by any forum listed in Section VI.D above that the Indemnitee is not entitled to
indemnification with respect to a specific Proceeding, the Indemnitee shall have the right to apply to the court in which that Proceeding is or was pending, or to any other court of competent jurisdiction, for the purpose of enforcing the
Indemnitee’s right to indemnification pursuant to this Agreement. Such enforcement action shall consider the Indemnitee’s entitlement to indemnification de novo, and the Indemnitee shall not be prejudiced by reason of a prior
determination that the Indemnitee is not entitled to indemnification. The Company shall be precluded from asserting that the procedures and presumptions of this Agreement are not valid, binding and enforceable. The Company further agrees to
stipulate in any such judicial proceeding that the Company is bound by all the provisions of this Agreement and is precluded from making any assertion to the contrary. 
 F.         Right to Seek Judicial Determination.    Notwithstanding any other provision of this Agreement to the contrary,
at any time sixty (60) days after a request for indemnification has been made to the Company (or upon earlier receipt of written notice that a request for 
  

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 indemnification has been rejected) and before the third (3rd) anniversary of the making of such
indemnification request, the Indemnitee may petition a court of competent jurisdiction, regarding whether the court has jurisdiction over or is the forum in which the Proceeding is pending, to determine whether the Indemnitee is entitled to
indemnification hereunder, and such court shall have the exclusive authority to make such determination, unless and until the Indemnitee’s action is dismissed or otherwise terminated before such determination is made. The court, as petitioned,
shall make an independent determination of whether the Indemnitee is entitled to indemnification hereunder, without regard to any prior determination in any other forum. 
 G.         Expenses under this Agreement.    Notwithstanding any other provision in this Agreement to the contrary, the
Company shall indemnify the Indemnitee against all Expenses incurred by the Indemnitee in connection with any hearing or proceeding under this Article VI involving the Indemnitee and against all Expenses incurred by the Indemnitee in connection with
any other action between the Company and the Indemnitee involving the interpretation or enforcement of the rights of the Indemnitee under this Agreement, even if it is finally determined that the Indemnitee is not entitled to indemnification in
whole or in part hereunder. 
 VII. PRESUMPTIONS AND EFFECT 
 OF CERTAIN PROCEEDINGS 
 A.         Burden of Proof.    In making a determination with respect to entitlement to indemnification hereunder, the person, persons, entity or entities making such
determination shall presume that the Indemnitee is entitled to indemnification under this Agreement and the Company shall have the burden of proof of overcoming that presumption. 
 B.         Effect of Other Proceedings.    The termination of any
Proceeding or any claim, issue or matter therein by judgment, order or settlement shall not create a presumption that the act(s) or omission(s) giving rise to the Proceeding were not Good Faith Act(s) or Omission(s). The termination of any
Proceeding by conviction, upon a plea of nolo contendere, or its equivalent, or an entry of an order of probation prior to judgment, shall create a rebuttable presumption that the act(s) or omission(s) of the Indemnitee giving rise to the Proceeding
were not Good Faith Act(s) or Omission(s). 
 C.         Reliance as Safe
Harbor.    For the purposes of any determination of whether any act or omission of the Indemnitee was a Good Faith Act or Omission, each act of the Indemnitee shall be deemed to be a Good Faith Act or Omission if the
Indemnitee’s action is based on the records or books of accounts of the Company, including financial statements, on information supplied to the Indemnitee by the officers of the Company in the course of their duties, on the advice of legal
counsel for the Company or the independent directors or any committee thereof, or on information or records given or reports made to the Company by an independent certified public accountant or by an appraiser or other expert selected with
reasonable care by the Company. The provisions of this Section VII.C shall not be exclusive or deemed to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this
Agreement or under applicable law. 
  

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 D.         Actions of
Others.    The knowledge and/or actions or failure to act of any director, officer, agent or employee of the Company shall not be imputed to the Indemnitee for the purposes of determining the right to indemnification under
this Agreement. 
 VIII. INSURANCE 
 In the event that the Company maintains officers’ and directors’ or similar liability insurance to protect itself and any director or officer of the Company against any expense, liability or loss, such
insurance shall cover the Indemnitee to at least the same degree as each other director and/or officer of the Company. 
 IX. OBLIGATIONS
OF THE COMPANY 
 UPON A CHANGE IN CONTROL 
 In the event of a Change in Control and upon written request of the Indemnitee, the Company shall establish a trust for the benefit of the Indemnitee hereunder (a “Trust”), and from
time to time and upon written request from the Indemnitee, shall fund the Trust in an amount sufficient to satisfy all amounts actually paid hereunder as indemnification for Liabilities or Expenses (including those paid in advance) or which the
Indemnitee reasonably determines and demonstrates, from time to time, may be payable by the Company hereunder. The amount or amounts to be deposited in the Trust shall be determined by legal counsel selected by the Indemnitee and approved by the
Company, which approval shall not be unreasonably withheld. The terms of the Trust shall provide that: (i) the Trust shall not be dissolved or the principal thereof invaded without the written consent of the Indemnitee; (ii) the trustee of
the Trust (the “Trustee”) shall be selected by the Indemnitee; (iii) the Trustee shall make advances to the Indemnitee for Expenses within ten (10) business days following receipt of a written request therefor (and the Indemnitee
hereby agrees to reimburse the Trust under the circumstances under which the Indemnitee would be required to reimburse the Company under Article V hereof); (iv) the Company shall continue to fund the Trust from time to time in accordance with
its funding obligations hereunder; (v) the Trustee shall promptly pay to the Indemnitee all amounts as to which indemnification is due under this Agreement; (vi) unless the Indemnitee agrees otherwise in writing, the Trust for the
Indemnitee shall be kept separate from any other trust established for any other person to whom indemnification might be owed by the Company; and (vii) all unexpended funds in the Trust shall revert to the Company upon final, nonappealable
determination by a court of competent jurisdiction that the Indemnitee has been indemnified to the full extent required under this Agreement. 
 X. NON-EXCLUSIVITY, 
 SUBROGATION AND MISCELLANEOUS 
 A.         Non-Exclusivity.    The rights of the Indemnitee
hereunder shall not be deemed exclusive of any other rights to which the Indemnitee may at any time be entitled under any provision of law, the Articles of Incorporation, the Bylaws of the Company, as the same may be in effect from time to time, any
agreement, a vote of shareholders of the Company or a resolution of directors of the Company or otherwise. To the extent that, during the term of this Agreement, the rights of the then-existing directors and officers of the Company are more

  

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 favorable to such directors or officers than the rights currently provided to the Indemnitee under this
Agreement, the Indemnitee shall be entitled to the full benefits of those more favorable rights. 
 No amendment, alteration,
rescission or replacement of this Agreement or any provision hereof that would limit in any way the benefits and protections afforded to an Indemnitee by this Agreement shall be effective as to an Indemnitee with regards to any action or inaction
undertaken by such Indemnitee in the Indemnitee’s Corporate Status prior to such amendment, alteration, rescission or replacement. 
 B.         Subrogation.    In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all
of the rights of recovery of the Indemnitee, who shall execute all required documents and take all action necessary to secure such rights, including execution of documents necessary to enable the Company to bring suit to enforce such rights.

 C.         Notices.    All notices, requests,
demands and other communications hereunder shall be in writing and shall be deemed to have been duly given: (i) if delivered by hand, by courier or by telegram and receipted for by the party to whom such notice or other communication was
directed at the time indicated on such receipt; (ii) if by facsimile at the time shown on the confirmation of such facsimile transmission; or (iii) if by U.S. certified or registered mail, with postage prepaid, on the third business day
after the date on which it is so mailed: 
 If to the Indemnitee, as shown with the Indemnitee’s signature below.

 If to the Company to: 
 CNL Macquarie Global Growth Trust, Inc. 
 450 South Orange Avenue 
 Orlando, FL 32801 
 Attention: Curtis B. McWilliams, President 
 Facsimile No. (407) 540-2500 
 With copies to: 
 CNL Macquarie Global Growth Advisors, LLC 
 c/o CNL Financial Group, LLC 
 450 South Orange Avenue 
 Orlando, FL 32801 
 Attention: Robert A. Bourne, Vice President 
 Facsimile No. (407) 540-2699 
 and: 
  

 - 11 - 

 c/o Macquarie Real Estate, Inc. 
 1 North Wacker Drive, 9th floor

 Chicago, Illinois 60606 
 Attention: General Counsel 
 Facsimile No. (312) 660-9386 
 or to such other address as may have been furnished to the Indemnitee by the Company or to the Company by the Indemnitee, as the case may
be. 
 D.         Governing Law.    The parties agree
that this Agreement shall be governed by, construed and enforced in accordance with the internal laws of the State of Maryland, without application of the conflict of laws principles thereof. 
 E.         Binding Effect.    Except as otherwise provided in
this Agreement, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns. The Company shall require any successor or
assignee (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of its respective assets or business and by written agreement in form and substance reasonably satisfactory to the Indemnitee, to
expressly assume and agree to be bound by and perform this Agreement in the same manner and to the same extent as the Company would be required to perform absent such succession or assignment. 
 F.         Waiver.    No termination, cancellation, modification,
amendment, deletion, addition or other change in this Agreement or any provision hereof, or waiver of any right or remedy herein, shall be effective for any purpose unless specifically set forth in a writing signed by the party or parties to be
bound thereby. The waiver of any right or remedy with respect to any occurrence on one occasion shall not be deemed a waiver of such right or remedy with respect to such occurrence on any other occasion. 
 G.         Entire Agreement.    This Agreement constitutes the
entire agreement and understanding among the parties hereto in reference to the subject matter hereof; provided, however, that the parties acknowledge and agree that the Amended and Restated Articles of Incorporation of the Company contain
provisions on the subject matter hereof and that this Agreement is not intended to, and does not, limit the rights or obligations of the parties hereto pursuant to such instruments. 
 H.         Titles.    The titles to the articles and sections of
this Agreement are inserted for convenience only and should not be deemed a part hereof or affect the construction or interpretation of any provisions hereof. 
 I.          Invalidity of Provisions.    Every provision of this Agreement is severable, and the invalidity or
unenforceability of any term or provision shall not effect the validity or enforceability of the remainder of this Agreement. 
 J.          Pronouns and Plurals.    Where applicable, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and
the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 
  

 - 12 - 

 K.         Counterparts.    This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together constitute
one agreement binding on all the parties hereto. 
 [Signature Page Follows] 
  

 - 13 - 

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

			
	 CNL MACQUARIE GLOBAL GROWTH
 TRUST, INC., a
Maryland corporation

		
	By:	 	 /s/ Curtis B. McWilliams

	 Name:
	 	 Curtis B. McWilliams

	 Title:
	 	 President

	
	/s/ James M. Seneff, Jr., as INDEMNITEE
		
	 Name:
	 	 James M. Seneff, Jr.

	 Address:
	 	 450 S. Orange Avenue
 14th Floor
 Orlando, Florida 32801

 EXHIBIT A 
 FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED 
 The Board of Directors of CNL Macquarie Global
Growth Trust, Inc. 
 Re:        Undertaking to Repay Expenses Advanced

 Ladies and Gentlemen: 
 The undertaking is being provided pursuant to that certain Indemnification Agreement dated the      day of
                    , 2008, by and between CNL Macquarie Global Growth Trust, Inc. and the undersigned Indemnitee (the “Indemnification
Agreement”), pursuant to which I am entitled to advancement of expenses in connection with [Description of Proceeding] (the “Proceeding”). Terms used herein and not otherwise defined shall have the meanings specified in the
Indemnification Agreement. 
 I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged actions
or omissions by me in such capacity. During the period of time to which the Proceeding relates I was — [name of office(s) held] of CNL Macquarie Global Growth Trust, Inc. Pursuant to Article IV of the Indemnification Agreement, the Company is
obligated to reimburse me for Expenses that are actually and reasonably incurred by or for me in connection with the Proceeding, provided that I execute and submit to the Company an Undertaking in which I: (i) undertake to repay any Expenses paid by
the Company on my behalf, together with the applicable legal rate of interest thereon, if it shall be ultimately determined that I am not entitled to be indemnified thereby against such Expenses; (ii) affirm my good faith belief that I have met the
standard of conduct necessary for indemnification; and (iii) reasonably evidence the Expenses incurred by or for me. 
 [Description of
expenses incurred by or for Indemnitee] 
 The letter shall constitute my undertaking to repay to the Company any Expenses
paid by it on my behalf, together with the applicable legal rate of interest thereon, in connection with the Proceeding if it is ultimately determined that I am not entitled to be indemnified with respect to such Expenses as set forth above. I
hereby affirm my good faith belief that I have met the standard of conduct necessary for indemnification and that I am entitled to such indemnification. 
  

	
	  
 Signature
  

	  
 Name
  

	  
 Date

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