SEC Contract Filing

Filing Date: 2022-08-29

Document Content:
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<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>ex10-4.htm
<DESCRIPTION>GUARANTY AGREEMENT
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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 10.4</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-align: left">&nbsp;<IMG SRC="ex10-4_01.jpg" ALT=""></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>GUARANTY AGREEMENT</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">FOR VALUE RECEIVED, and in consideration
of credit given or to be given, advances made or to be made, or other financial accommodation from time to time afforded or to be afforded
to <B>CNL STRATEGIC CAPITAL B, INC.</B>, a Delaware corporation (hereinafter called the &ldquo;Borrower&rdquo;), by <B>FIRST HORIZON BANK,
</B>a Tennessee banking corporation, and having a place of business in 315 E. Robinson St., Suite 350, Orlando, FL 32801 (hereinafter
called the &ldquo;Bank&rdquo;), the undersigned <B>CNL STRATEGIC CAPITAL, LLC, </B>a Delaware limited liability company (hereinafter called
the &ldquo;Guarantor&rdquo;) hereby jointly and severally, for itself, it&rsquo;s heirs, executors, administrators and successors absolutely
and unconditionally guarantee(s) the full and prompt payment to the Bank, at maturity (whether by acceleration or otherwise) and at all
times thereafter, of</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">(A) any and all indebtedness,
obligations and liabilities of every kind and nature, however created, arising or evidenced, of the Borrower to the Bank, whether now
existing or hereafter created or arising, whether direct or indirect, absolute or contingent, joint or several, and howsoever owned, held
or acquired, whether through discount, overdraft, purchase, direct loan or as collateral, or otherwise, together with all expenses, legal
and/or otherwise (including court costs and attorney&rsquo;s fees) incurred by the Bank in collecting or endeavoring to collect such indebtedness
or any part thereof, in protecting any collateral, and in enforcing this Agreement. The right of recovery, against the Guarantor (or each
of them, if more than one) is limited to Fifty Million and NO/100 Dollars ($50,000,000.00) plus interest on all loans and/or advances
hereunder and all expenses hereinbefore mentioned, and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(B) each and all of the following:</P>

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

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">the indebtedness (and interest thereon) evidenced by that certain Revolving Credit Note (the &ldquo;Note&rdquo;),
dated as of even date herewith, in the principal sum of Fifty Million and NO/100 Dollars ($50,000,000.00), bearing interest from date
at the rate specified in said Note, said Note being payable to the order of the Bank, at the offices of the Bank at 315 E. Robinson St.,
Suite 350, Orlando, FL 32801, or at such other place as the holder may designate in writing, being executed by the Borrower, and being
given for value received, said Note being incorporated herein by reference as fully and particularly as if set out verbatim herein; and</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">all obligations of Borrower pursuant to any and all renewals, modifications, or extensions, in whole or
in part, of the Note; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">all obligations of the Borrower under and pursuant to any deed of trust, mortgage, security agreement,
assignment of rents and leases, or other security document (collectively herein called &ldqu