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Exhibit 10(i)(3)
 
 
 
EXECUTION COPY
 
AMENDMENT NO. 1
 
Dated as of January 27, 2011
 
to
 
LOAN AGREEMENT
 
Dated as of February 19, 2010
 
THIS AMENDMENT NO. 1 (“Amendment”) is made as of January 27, 2011 by and among
Cleco Corporation (the “Borrower”), the financial institutions listed on the
signature pages hereof (collectively, the “Lenders”) and JPMorgan Chase Bank,
N.A., in its capacity as administrative agent for the Lenders (the
“Administrative Agent”), under that certain Loan Agreement dated as of February
19, 2010 by and among the Borrower, the Lenders and the Administrative Agent (as
may be further amended, supplemented or otherwise modified from time to time,
the “Loan Agreement”).  Capitalized terms used herein and not otherwise defined
herein shall have the respective meanings given to them in the Loan Agreement.
 
WHEREAS, the Borrower, the Lenders and the Administrative Agent have agreed to
make certain amendments to the Loan Agreement;
 
WHEREAS, the parties hereto have agreed to such amendments on the terms and
conditions set forth herein;
 
NOW, THEREFORE, in consideration of the premises set forth above, the terms and
conditions contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
have agreed to enter into this Amendment.
 
1. Amendments to Loan Agreement.  Upon the Effective Date (as defined below),
the Loan Agreement is hereby amended as follows:
 
(a) The pricing grid appearing in the definition of “Applicable Rate” appearing
in Section 1.1 of the Loan Agreement is hereby amended and restated in its
entirety to read as follows:
 
Pricing Level
Eurodollar Margin
ABR Margin
Pricing Level I
2.25%
1.25%
Pricing Level II
2.50%
1.50%
Pricing Level III
3.00%
2.00%

(b) The definition of “Maturity Date” appearing in Section 1.1 of the Loan
Agreement is hereby amended to delete the date “February 19, 2011” appearing
therein and to replace such date with the date “August 19, 2011”.
 
2. Conditions of Effectiveness.  This Amendment shall become effective (the
“Effective Date”) as of January 27, 2011, upon (a) receipt by the Administrative
Agent of (i) counterparts of this Amendment duly executed by the Borrower, the
Lenders and the Administrative Agent, (ii) a
 
 
 
 
 

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favorable written opinion of Phelps Dunbar, L.L.P., counsel to the Borrower and
Cleco Power LLC, in form and substance reasonably satisfactory to the
Administrative Agent and (iii) a certificate of the Corporate Secretary of the
Borrower (x) attaching the current articles of incorporation and bylaws of the
Borrower, (y) certifying that the resolutions of its Board of Directors
authorizing the execution, delivery and performance of the Loan Agreement, as
modified by this Amendment, have not been amended, rescinded or modified and are
in full force and effect, and (z) setting forth, to the extent modified from the
incumbency and specimen signatures delivered to the Administrative Agent as of
February 19, 2010, the incumbency and specimen signature of each of its officers
authorized to sign this Amendment and (b) payment by the Borrower of, to the
extent invoiced, all expenses of the Administrative Agent (including attorneys’
fees and expenses) in connection with this Amendment and the other Loan
Documents.
 
3. Representations and Warranties of the Borrower.  The Borrower hereby
represents and warrants as follows:
 
(a) This Amendment and the Loan Agreement, as amended hereby, constitute legal,
valid and binding obligations of the Borrower, enforceable in accordance with
their terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally and
subject to general principles of equity.
 
(b) As of the date hereof and after giving effect to the terms of this
Amendment, (i) no Default shall have occurred and be continuing and (ii) the
representations and warranties of the Borrower set forth in the Loan Agreement,
as amended hereby, are true and correct, except to the extent such
representations and warranties specifically relate to an earlier date, in which
case such representations and warranties are true and correct on and as of such
earlier date.
 
4. Reference to and Effect on the Loan Agreement.
 
(a) Upon the effectiveness hereof, each reference to the Loan Agreement in the
Loan Agreement or any other Loan Document shall mean and be a reference to the
Loan Agreement as amended hereby.
 
(b) Except as specifically amended above, the Loan Agreement and all other
documents, instruments and agreements executed and/or delivered in connection
therewith shall remain in full force and effect and are hereby ratified and
confirmed.
 
(c) The execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of the Administrative Agent or
the Lenders, nor constitute a waiver of any provision of the Loan Agreement or
any other documents, instruments and agreements executed and/or delivered in
connection therewith.
 
5. Governing Law.  This Amendment shall be construed in accordance with and
governed by the law of the State of New York.
 
6. Headings.  Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.
 
 
 
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7. Counterparts.  This Amendment may be executed by one or more of the parties
hereto on any number of separate counterparts, and all of said counterparts
taken together shall be deemed to constitute one and the same
instrument.  Signatures delivered by facsimile or PDF shall have the same force
and effect as manual signatures delivered in person.
 
[Signature Pages Follow]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year
first above written.
 

CLECO CORPORATION, as the Borrower
   
By   /s/  Charles A. Mannix           
 
Name:  Charles A. Mannix
 
Title:    Vice President – Tax & Treasurer
 

 
 
 
 
 
 
 
 
Signature Page to Amendment No. 1
Cleco Corporation
Loan Agreement dated as of February 19, 2010

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JPMORGAN CHASE BANK, N.A., individually as a Lender and as Administrative Agent
   
By  /s/  Helen D. Davis                
 
Name:  Helen D. Davis
 
Title:    Authorized Officer

 
 
 
 
 
 
Signature Page to Amendment No. 1
Cleco Corporation
Loan Agreement dated as of February 19, 2010

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CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender
   
By  /s/  Dixon Schultz             
 
Name:  Dixon Schultz
 
Title:    Director

 
 

 
 

 
By  /s/  Sharada Manne             
 
Name:  Sharada Manne
 
Title:    Director

 
 
 
Signature Page to Amendment No. 1
Cleco Corporation
Loan Agreement dated as of February 19, 2010

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BANK OF AMERICA, N.A., as a Lender
   
By  /s/  Justin Martin                
 
Name:  Justin Martin
 
Title:    Vice President

 
 
 
 
 
Signature Page to Amendment No. 1
Cleco Corporation
Loan Agreement dated as of February 19, 2010

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CAPITAL ONE, N.A., as a Lender
   
By   /s/  Kermit W. Pharris, Jr.    
 
Name:  Kermit W. Pharris, Jr.
 
Title:    Vice President

 

 
 
Signature Page to Amendment No. 1
Cleco Corporation
Loan Agreement dated as of February 19, 2010
 
 

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