SEC Contract Filing

Filing Date: 2022-08-29

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex10-2.htm
<DESCRIPTION>PROMISSORY NOTE
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left"><A HREF="cnl-8k_082422.htm">CNL STRATEGIC CAPITAL 8-K</A></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red; text-transform: uppercase; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: right">Exhibit 10.2</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red; text-transform: uppercase; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red; text-transform: uppercase; text-align: left"><IMG SRC="ex10-2_01.jpg" ALT="">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red; text-transform: uppercase; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>Revolving Credit&nbsp;NOTE</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

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 <TD STYLE="text-align: justify; padding-left: 10pt; text-indent: -10pt; width: 50%">$50,000,000.00</TD>
 <TD STYLE="text-align: right; width: 50%">August 24,&nbsp;2022<BR>
&#9;Orlando, Florida</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ON OR BEFORE August 23rd,
2023 (the &ldquo;Termination Date&rdquo;), the undersigned, <B>CNL STRATEGIC CAPITAL B, INC.</B>, a Delaware corporation (&ldquo;Maker&rdquo;),
promises to pay to the order of First Horizon Bank, a Tennessee banking corporation, having a place of business in 315 E. Robinson Street,
Suite 350, Orlando, Florida 32801 (&ldquo;Bank&rdquo;), the principal sum of FIFTY MILLION AND NO/100 DOLLARS ($50,000,000.00), value received,
together with interest from date until maturity, upon disbursed and unpaid principal balances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The &ldquo;Termination Date&rdquo;
may be extended one or more times pursuant to the provisions of that certain Revolving Loan Agreement, dated of even date, among the Maker,
the Bank and certain guarantors therein mentioned and described, as said agreement may be amended, modified, or restated from time to
time (the &ldquo;Loan Agreement&rdquo;); and, if so extended, such extended date shall thereupon constitute the Termination Date. Capitalized
terms not otherwise defined herein shall have the meaning ascribed to such terms in the Loan Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note shall be payable
and bear interest at the rate as set forth in the Loan Agreement, the terms of which are incorporated herein by reference.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any amounts not paid when
due hereunder (whether by acceleration or otherwise) shall bear interest after maturity at the Default Rate.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For any payment which is not
made within ten (10) days of the due date for such payment, the Maker shall pay a late fee. The late fee shall equal five percent (5%)
of the total amount due for such payment.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Note is secured by the
Security Documents and may now or hereafter be secured by other mortgages, trust deeds, assignments, security agreements, or other instruments
of pledge or hypothecation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All installments of interest,
and the principal hereof, are payable at the office of First Horizon Bank, a Tennessee banking corporation, and having a place of business
at 315 E. Robinson Street, Suite 350, Orlando, Florida 32801, or at such other place as the holder may designate in writing, in lawful
money of the United States of America, whic