# EDGAR Filing Document

**Accession Number:** 0000065984
**File Stem:** 0000065984-23-000027
**Filing Date:** 2023-3
**Character Count:** 210312
**Document Hash:** 0b4f5eb70a6a58eb9c195f936e1c216d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000065984-23-000027.hdr.sgml**: 20230329

**ACCESSION NUMBER**: 0000065984-23-000027

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230329

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230329

**DATE AS OF CHANGE**: 20230329

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ENTERGY CORP /DE/
- **CENTRAL INDEX KEY:** 0000065984
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **IRS NUMBER:** 721229752
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11299
- **FILM NUMBER:** 23773662

**BUSINESS ADDRESS:**
- **STREET 1:** 639 LOYOLA AVE
- **CITY:** NEW ORLEANS
- **STATE:** LA
- **ZIP:** 70113
- **BUSINESS PHONE:** 504-576-4000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 61000
- **CITY:** NEW ORLEANS
- **STATE:** LA
- **ZIP:** 70161

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ENTERGY CORP /FL/
- **DATE OF NAME CHANGE:** 19940329

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ENTERGY GSU HOLDINGS INC /DE/
- **DATE OF NAME CHANGE:** 19940329

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MIDDLE SOUTH UTILITIES INC
- **DATE OF NAME CHANGE:** 19890521
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ENTERGY LOUISIANA, LLC
- **CENTRAL INDEX KEY:** 0001348952
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **IRS NUMBER:** 474469646
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32718
- **FILM NUMBER:** 23773663

**BUSINESS ADDRESS:**
- **STREET 1:** 4809 JEFFERSON HIGHWAY
- **CITY:** JEFFERSON
- **STATE:** LA
- **ZIP:** 70121
- **BUSINESS PHONE:** 504-576-4000

**MAIL ADDRESS:**
- **STREET 1:** 4809 JEFFERSON HIGHWAY
- **CITY:** JEFFERSON
- **STATE:** LA
- **ZIP:** 70121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Entergy Louisiana, LLC
- **DATE OF NAME CHANGE:** 20060105

?xml version="1.0" ? etr-20230329

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date earliest event reported) March 29, 2023

---

| | | | |
|:---|:---|:---|:---|
| <br>**Commission**<br>**File Number** | **Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No.** | <br>**Commission**<br>**File Number** | **Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Telephone Number, and IRS Employer Identification No.** |
| 1-11299 | ENTERGY CORPORATION | 1-32718 | ENTERGY LOUISIANA, LLC |
|  | (a Delaware corporation)<br>639 Loyola Avenue<br>New Orleans, Louisiana 70113<br>Telephone (504) 576-4000 |  | (a Texas limited liability company)<br>4809 Jefferson Highway<br>Jefferson, Louisiana 70121<br>Telephone (504) 576-4000 |
|  | 72-1229752 |  | 47-4469646 |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2.):

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

------

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | | |
|:---|:---|:---|:---|
| **Registrant** | **Title of Class** | **Trading<br>Symbol** | **Name of Each Exchange<br>on Which Registered** |
| Entergy Corporation | Common Stock, $0.01 Par Value | ETR | New York Stock Exchange |
|  | Common Stock, $0.01 Par Value | ETR | NYSE Chicago, Inc. |
| Entergy Louisiana, LLC | Mortgage Bonds, 4.875% Series due September 2066 | ELC | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &nbsp;&nbsp;&nbsp;&nbsp;☐

------

**Item 8.01 Other Events**

**Closing of Securitization**

As discussed in the Form 10-K for the fiscal year ended December 31, 2022, in January 2023 the Louisiana Public Service Commission issued an order approving the financing, utilizing the securitization process authorized by Louisiana Act 55, as supplemented by Act 293, of $2.57 billion of Entergy Louisiana, LLC's ("ELL") costs that resulted from Hurricane Laura, Hurricane Delta, Hurricane Zeta, Winter Storm Uri, and Hurricane Ida, less Hurricane Ida amounts previously financed in May 2022 in a prior securitization transaction (the "2022 Securitization") and certain other adjustments. On March 29, 2023, the securitization for the benefit of Entergy Louisiana, LLC ("ELL") closed, resulting in the issuance of $1,491,485,000 principal amount of bonds (the "Bonds") by Louisiana Local Government Environmental Facilities and Community Development Authority (the "Issuer"), a political subdivision of the State of Louisiana organized under the provisions of Chapter 10-D of Title 33 of the Louisiana Revised Statutes of 1950, as amended. The securitization was authorized pursuant to the Louisiana Utilities Restoration Corporation Act, Part VIII of Chapter 9 of Title 45 of the Louisiana Revised Statutes, as supplemented by Act 293 of the Louisiana legislature approved in 2021. Pursuant to Act 293, Louisiana Utilities Restoration Corporation ("LURC") is authorized to contribute the net bond proceeds to a State legislatively authorized and LURC-sponsored trust (the "Trust"). The Trust, in turn, is authorized and required to use the net bond proceeds to purchase preferred membership interests issued by an Entergy affiliate. The Trust is legally separate from a substantially similar trust created coincident with the closing of the 2022 Securitization, which resulted in the issuance by the Issuer of $3,193,505,000 principal amount of bonds for the benefit of ELL under a substantially identical structure.

Pursuant to Act 293, the net proceeds of the Bonds were contributed by LURC to the Trust ("Trust Contribution"), which in turn used the Trust Contribution to purchase preferred membership interests (the "Preferred Interests") issued by Entergy Finance Company, LLC ("EFC"), a majority-owned indirect subsidiary of Entergy Corporation ("ETR"). The proceeds of the Preferred Interests are required to be used for corporate purposes supporting ELL's financial strength and stability.

EFC is required to make annual distributions ("Dividends") on the Preferred Interests issued to the Trust. These annual Dividends received by the Trust will be distributed to ELL and LURC, as beneficiaries of the Trust. Specifically, 1% of the annual Dividends received by the Trust will be distributed to the LURC, for the benefit of customers, and 99% will be distributed to ELL, net of Trust expenses. The Preferred Interests have a stated annual Dividend rate of 7.5%.

In connection with the issuance of the Bonds, ETR and ELL are filing the exhibits listed in Item 9.01, where are annexed hereto as exhibits to this Current Report on Form 8-K.

**Item 9.01 Financial Statements and Exhibits.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

Exhibit No. Description <br>

99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[Trust Agreement between Louisiana Utilities Restoration Corporation, as Settlor, and Hancock Whitney Bank, as trustee, dated as of March 29, 2023](a00723991.htm)</u> 

99.2&nbsp;&nbsp;&nbsp;&nbsp;<u>[Second Amended and Restated Limited Liability Company Agreement of Entergy Finance Company, LLC effective as of March 29, 2023](a00723992.htm)</u>

104&nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (formatted as inline XBRL)

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| Date: March 29, 2023 | **ENTERGY CORPORATION**<br><u>/s/ Barrett E. Green</u><br>Name: Barrett E. Green<br>Title: Vice President and Treasurer |
| Date: March 29, 2023 | **ENTERGY LOUISIANA, LLC**<br><u>/s/ Barrett E. Green</u><br>Name: Barrett E. Green<br>Title: Vice President and Treasurer |

---

## Exhibit 99.1

**<br>RESTORATION LAW TRUST II**<br>TRUST AGREEMENT<br>between<br>Louisiana Utilities Restoration Corporation<br>as Settlor,<br>and<br>Hancock Whitney Bank<br>as Trustee<br>Dated as of March 29, 2023<br>

------

---

| | |
|:---|:---|
| **<u>[ARTICLE I DEFINITIONS AND USAGE](#ia87eaa6af5c1402d8542cb315a79a764_41)</u>** | [4](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 1.01.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Definitions and Usage](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [4](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| **<u>[ARTICLE II ORGANIZATION](#ia87eaa6af5c1402d8542cb315a79a764_41)</u>** | [6](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 2.01.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Creation of Trust; Name](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [6](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 2.02.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Office](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [6](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 2.03.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Purposes and Powers; Appointment of Trustee](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [7](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 2.04.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Covenants of the Trust](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [7](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 2.05.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Initial Capital Contribution](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [8](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 2.06.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Declaration of Trust](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [8](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 2.07.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Liability of the Beneficiaries](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [8](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 2.08.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Title to Trust Estate](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [8](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 2.09.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Representations, Warranties and Covenants of the Settlor](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [8](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 2.10.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Authorization of the Trustee](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [9](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 2.11.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Tax Matters](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [9](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| **<u>[ARTICLE III BENEFICIAL OWNERSHIP](#ia87eaa6af5c1402d8542cb315a79a764_41)</u>** | [9](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 3.01.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Corporate Trust Office](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [9](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 3.02.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[The Beneficiaries.](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [9](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| **<u>[ARTICLE IV ACTIONS BY TRUSTEE](#ia87eaa6af5c1402d8542cb315a79a764_41)</u>** | [11](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 4.01.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Prior Notice to the Beneficiaries with Respect to Certain Matters](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [11](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 4.02.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Action with Respect to Sale of the Preferred Units](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [11](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 4.03.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Action with Respect to Bankruptcy](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [11](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 4.04.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Restrictions](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [11](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| **<u>[ARTICLE V AUTHORITY AND DUTIES OF TRUSTEE](#ia87eaa6af5c1402d8542cb315a79a764_41)</u>** | [11](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 5.01.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[General Authority and Redemption Requests](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [11](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 5.02.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[General Duties](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [14](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 5.03.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Action Upon Instruction.](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [14](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 5.04.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[No Duties Except as Specified in this Agreement or in Instructions](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [14](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 5.05.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Records and Audits](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [14](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 5.06.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Restrictions](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [15](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 5.07.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Investment of Trust Estate](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [15](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| **<u>[ARTICLE VI APPLICATION OF TRUST FUNDS; CERTAIN DUTIES](#ia87eaa6af5c1402d8542cb315a79a764_41)</u>** | [15](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 6.01.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Application of Trust Funds](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [15](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 6.02.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Method of Payment](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [16](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| **<u>[ARTICLE VII CONCERNING THE TRUSTEE](#ia87eaa6af5c1402d8542cb315a79a764_41)</u>** | [16](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 7.01.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Acceptance of Trusts and Duties](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [16](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 7.02.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Fiduciary Duties](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [18](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 7.03.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Representations and Warranties of the Trustee](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [18](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 7.04.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Reliance; Advice of Counsel.](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [19](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 7.05.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Not Acting in Individual Capacity](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [20](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 7.06.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Trustee Not Liable for the Underlying Preferred Units](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [20](#ia87eaa6af5c1402d8542cb315a79a764_41) |

---

------

---

| | |
|:---|:---|
| **<u>[ARTICLE VIII COMPENSATION AND INDEMNITY OF THE TRUSTEE](#ia87eaa6af5c1402d8542cb315a79a764_41)</u>** | [20](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 8.01.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Trustee's Fees and Expenses](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [20](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 8.02.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Limitation on Indemnity](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [20](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 8.03.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Indemnity](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [20](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| **<u>[ARTICLE IX TERMINATION OF TRUST AGREEMENT](#ia87eaa6af5c1402d8542cb315a79a764_41)</u>** | [21](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 9.01.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Termination of Trust Agreement.](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [21](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| **<u>[ARTICLE X SUCCESSOR TRUSTEES](#ia87eaa6af5c1402d8542cb315a79a764_41)</u>** | [22](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 10.01.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Eligibility Requirements for Trustee](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [22](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 10.02.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Resignation or Removal of the Trustee](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [22](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 10.03.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Successor Trustee](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [23](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 10.04.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Merger or Consolidation of Trustee](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [23](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| **<u>[ARTICLE XI MISCELLANEOUS](#ia87eaa6af5c1402d8542cb315a79a764_41)</u>** | [23](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 11.01.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Supplements and Amendments](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [23](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 11.02.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[No Legal Title to Trust Estate in the Beneficiaries](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [23](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 11.03.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Limitations on Rights of Others](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [24](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 11.04.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Notices](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [24](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 11.05.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Severability](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [25](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 11.06.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Separate Counterparts](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [25](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 11.07.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Successors and Assigns](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [26](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 11.08.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[No Petition.](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [26](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 11.09.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[No Recourse](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [26](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 11.10.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Headings](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [26](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 11.11.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Governing Law](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [26](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 11.12.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Waiver of Jury Trial](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [26](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 11.13.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Electronic Signatures](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [27](#ia87eaa6af5c1402d8542cb315a79a764_41) |
| <u>[Section 11.14.](#ia87eaa6af5c1402d8542cb315a79a764_41)[&nbsp;&nbsp;&nbsp;&nbsp;](#ia87eaa6af5c1402d8542cb315a79a764_41)[Compliance with Applicable Banking Laws](#ia87eaa6af5c1402d8542cb315a79a764_41)</u> | [27](#ia87eaa6af5c1402d8542cb315a79a764_41) |

---

------

**<u>TRUST AGREEMENT</u>**

STATE OF LOUISIANA

PARISH OF EAST BATON ROUGE

&nbsp;&nbsp;&nbsp;&nbsp;BE IT KNOWN, that on the respective dates hereinafter set forth, but effective upon the execution by the last to sign of all of the Settlor, the Trustee, and the two Beneficiaries (all defined below) (the "<u>Effective Date</u>"), before the respective undersigned Notaries Public, duly commissioned and qualified in and for the States and Parishes or Counties hereinafter set forth, and in the presence of the respective undersigned competent witnesses, personally came and appeared:

LOUISIANA UTILITIES RESTORATION CORPORATION, a Louisiana nonprofit public corporation and instrumentality of the State of Louisiana, represented herein by its duly authorized officer, who declares its mailing address to be P.O. Box 91154, Baton Rouge, Louisiana 70821-9154, as settlor (the "<u>Settlor</u>" or the "<u>LURC</u>"), and

HANCOCK WHITNEY BANK, a Mississippi chartered banking corporation, represented herein by its duly authorized officer, who declares its mailing address to be 445 North Boulevard, Suite 201, Baton Rouge, Louisiana 70802, acting hereunder not in its individual capacity but solely as the trustee (in such capacity, the "<u>Trustee</u>"),

who declare that they enter into this Trust Agreement (this "<u>Agreement</u>") on the following terms and conditions.

WITNESSETH:

WHEREAS, during the 2021 hurricane season, Hurricane Ida caused significant damage to ELL's (defined below) electric infrastructure;

WHEREAS, ELL, the State of Louisiana through the LPSC (defined below), and the Settlor wish to work together to finance the system restoration costs using securitization under the Restoration Law (defined below) in an effort to keep costs low for customers;

WHEREAS, the Settlor and the Trustee desire to safeguard and provide limited additional financial support regarding the repayment of the LURC Bonds (defined below);

WHEREAS, the Settlor and the Trustee desire to enter into this Agreement upon the terms and conditions set forth herein and establish the Trust (defined below) pursuant to the Restoration Law (defined below) as follows;

WHEREAS, one purpose of the Trust (as set forth below) is to enter into EFC's LLC Agreement (as defined below) at the Closing (as defined below);

NOW, THEREFORE, the Settlor and the Trustee hereby agree as follows:

**ARTICLE I**<br>**DEFINITIONS AND USAGE**

Section 1.01 <u>Definitions and Usage</u>. Capitalized terms used in this Agreement, unless the context otherwise requires, shall have the meanings set forth below.

------

"<u>Applicable Banking Laws</u>" has the meaning ascribed to such term in Section 11.14.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Authorized Officer</u>" means with respect to any corporation or limited liability company, the chairman of the board, the president, any vice president, the secretary, the treasurer, any assistant secretary, any assistant treasurer, and each other officer of such corporation, or each member and manager of such limited liability company, in each instance specifically authorized in resolutions of the board of directors or the bylaws of such corporation or authorized in resolutions of the members or managers or the operating agreement of such limited liability company to sign agreements, instruments or other documents in connection with this Agreement on behalf of such corporation or limited liability company, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Beneficiaries</u>" means the LURC and ELL.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Bond Payment Date</u>" means a date on which an amount of principal is paid on the LURC Bonds.

"<u>Business Day</u>" means any day other than a Saturday, a Sunday, or a day on which banking institutions in New York, New York, or Baton Rouge, Louisiana are authorized or obligated by law, regulation, or executive order to remain closed.

"<u>Closing</u>" means the date of issuance of the LURC Bonds, which is anticipated to occur on March 29, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Corporate Trust Office</u>" means the office designated pursuant to Section 3.01.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Dividend Date</u>" means a date on which EFC makes a distribution on the Preferred Units to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Dividend Income</u>" means the distributions made by EFC to the Trust on the Preferred Units.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>DSRS</u>" means the debt service reserve subaccount established under the Indenture.

"<u>DSRS Redemptions Cap</u>" has the meaning ascribed to such term in Section 5.01(b).

&nbsp;&nbsp;&nbsp;&nbsp;"<u>EFC</u>" means Entergy Finance Company, LLC, a Delaware limited liability company.

"<u>EFC's LLC Agreement</u>" means EFC's Second Amended and Restated Limited Liability Company Agreement to be effective as of the date of Closing.

"<u>Electronic Means</u>" means telephone, telecopy, telegraph, telex, internet, electronic mail, facsimile transmission, or any other similar means of electronic communication. Any communication by telephone as an Electronic Means shall be promptly confirmed in writing or by one of the other means of electronic communication authorized herein.

"<u>Eligible Investments</u>" means (i) the Preferred Units and (ii) instruments or investment property which are legal investments for moneys of LURC and the Issuer and which evidence investments in money market funds subject to SEC Rule 2a-7 and rated in the highest short-term rating category of at least two nationally recognized rating agencies.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>ELL</u>" means Entergy Louisiana, LLC, a Texas limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>ETR</u>" means Entergy Corporation, a Delaware corporation.

------

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Final Serial Redemption Date</u>" means the date of the last Serial Redemption, after which all the Preferred Units held by the Trust will have been redeemed. The Final Serial Redemption Date will occur on the date the LURC Bonds have been fully repaid.

&nbsp;&nbsp;&nbsp;&nbsp; "<u>Final Serial Redemption Proceeds</u>" has the meaning ascribed to such term in Section 6.01(c).

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Indenture</u>" means the indenture for the LURC Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Indenture Trustee</u>" means the trustee under the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Investment Income</u>" has the meaning ascribed to such term in Section 5.07.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Issuer</u>" means the Louisiana Local Government Environmental Facilities and Community Development Authority.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>LPSC</u>" means the Louisiana Public Service Commission.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>LURC Bonds</u>" means the bonds to be issued by the Issuer, the net proceeds of which will be transferred to the Settlor and contributed to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>LURC Bond Proceeds</u>" has the meaning ascribed to such term in Section 2.05.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Mandatory Redemption</u>" has the meaning ascribed to such term in Section 5.01(b).

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Moody's</u>" means Moody's Investors Service, Inc. or any successor thereto.&nbsp;&nbsp;&nbsp;&nbsp;

"<u>Officer's Certificate</u>" means, with respect to any person, a certificate signed by an Authorized Officer of such person and delivered to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Preferred Units</u>" means the preferred limited liability company interests in EFC purchased by the Trust and designated as Class B Preferred.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Relevant Period</u>" is the calendar year preceding the year of the applicable Bond Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Responsible Officer</u>" means, with respect to the Trustee, any vice president, assistant vice president, or trust officer in the Corporate Trust Office of the Trustee, and also means, with respect to a particular corporate trust matter, any other officer of the Trustee to whom such matter is referred because of such officer's knowledge of and familiarity with the particular subject, in each case, who shall have authority to act on behalf of and to bind the Trustee and shall have direct responsibility for the administration of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Restoration Law</u>" means the Louisiana Utilities Restoration Corporation Act, Part VIII of Chapter 9 of Title 45 of the Louisiana Revised Statutes of 1950.

"<u>S&P</u>" means S&P Global Ratings, a division of S&P Global Inc., or any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Serial Redemption</u>" has the meaning ascribed to such term in Section 5.01(a).&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Serial Redemption Date</u>" means a date on which the Trust requires EFC to redeem a portion of the Preferred Units.

------

"<u>Serial Redemption Proceeds</u>" means the proceeds received by the Trust from a Serial Redemption by EFC of the Preferred Units.

"<u>Trust</u>" has the meaning ascribed to such term in Section 2.01.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Trust Estate</u>" means the property held in trust by the Trustee for the benefit of the Beneficiaries pursuant to this Agreement, consisting of the Preferred Units and any proceeds of the foregoing.

"<u>Trust Expenses</u>" means the expenses relating to the Trust that are permissible under this Agreement, including the Trustee's Fees.

"<u>Trustee's Fees</u>" means the fees payable to the Trustee pursuant to that certain letter agreement between the Trustee and the LURC to be executed on the date of Closing.

**ARTICLE II**<br>**ORGANIZATION**

Section 2.01 <u>Creation of Trust; Name</u>. There is hereby created a special public trust which shall have its domicile in the parish of East Baton Rouge, and which shall be known as "Restoration Law Trust II" (the "<u>Trust</u>"). The Trust is created pursuant to the Restoration Law and has all the powers, features, and characteristics of a trust described therein. The Trust is not a political subdivision nor a department, unit, agency, board, or commission of the Settlor or the State of Louisiana. Assets of the Trust are not part of the general fund of the State of Louisiana or any other fund in the State of Louisiana treasury. The Trust may make and execute contracts, may sue and be sued, and shall exercise its powers in its name through the Trustee.

Section 2.02 <u>Office</u>. The Louisiana office of the Trust and its general administrative office shall be in care of the Trustee at its Corporate Trust Office referred to in Section 3.01 or at such other address in Louisiana as the Trustee may designate by written notice to the Settlor and the Beneficiaries.

Section 2.03 <u>Purposes and Powers; Appointment of Trustee</u>. The Settlor hereby appoints the Trustee as trustee of the Trust, effective as of the Effective Date, to have all the rights, powers and duties set forth herein and in the Restoration Law, and the Trustee hereby accepts such appointment. The purpose of the Trust is to engage in the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To accept a contribution of the LURC Bond Proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To purchase the Preferred Units from EFC, enter into EFC's LLC Agreement, and hold such Preferred Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To distribute proceeds from the Dividend Income and redemptions of the Preferred Units as provided herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To take all such actions that are necessary, advisable, or appropriate to carry out the activities described in this Section 2.03 and to preserve the Trust Estate.

The Trust shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement. In particular, the Trust shall not issue bonds (including system restoration bonds, as described in the Restoration Law), notes, obligations, or other evidences of indebtedness. The Trust is intended to be a trust for federal and state tax purposes. The Trust is not intended to be a "business trust" for purposes of the United

------

States Bankruptcy Code. The Trust is not intended to be a partnership or corporation for federal and state tax purposes.

Section 2.04 <u>Covenants of the Trust</u>. The Trust covenants and agrees to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To maintain books and records separate from any other person or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To maintain its accounts separate from those of any other person or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not to commingle assets with those of any other entity, except as permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To conduct its own functions in its own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To maintain separate financial statements or records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To pay its own liabilities out of its own funds, except as permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To hold itself out as a separate entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To be subject to the Louisiana Public Records Law, Louisiana Revised Statutes <br>§ 44:1 et seq.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To be subject to examination by the Louisiana Legislative Auditor in accordance with the Restoration Law, including section 45:1334(G) thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To correct any known misunderstanding regarding its separate identity.

Section 2.05 <u>Initial Capital Contribution</u>. The Settlor shall contribute, assign, transfer, convey, and set over to the Trustee on the funding date of the LURC Bonds an amount which is equal to the proceeds from the LURC Bonds net of the estimated issuance costs of the Issuer and the LURC (the "<u>LURC Bond Proceeds</u>"). Upon receipt, the Trustee will acknowledge in writing receipt in trust from the Settlor of the foregoing contribution in the name of the Trust, which shall constitute the initial Trust Estate.

Section 2.06 <u>Declaration of Trust</u>. The Trustee hereby declares that it will hold the Trust Estate in trust (in the name and on behalf of the Trust and not in the name of the Trustee) upon and subject to the conditions set forth herein for the use and benefit of the Beneficiaries. It is the intention of the parties hereto that the Trust constitute a special public trust as authorized by Subpart B of the Restoration Law (but not under the Louisiana Public Trust Act, Louisiana Revised Statutes § 9:2341-2347 et seq.) and that this Agreement constitute the governing instrument of such Trust. As of the Effective Date, the Trustee shall have all of the duties set forth herein and all of the rights and powers set forth herein and in Subpart B of the Restoration Law with respect to accomplishing the purposes of the Trust.

Section 2.07 <u>Liability of the Beneficiaries</u>. No Beneficiary (in such capacity) shall have any personal liability for any liability or obligation of the Trust or by reason of any act or omission committed or suffered in the performance of the Trust's operations.

Section 2.08 <u>Title to Trust Estate</u>. Legal title to all of the Trust Estate shall be vested at all times in the Trust as a separate legal entity, except where mandatory provisions of applicable law in any jurisdiction requires title to any part of the Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Trustee, a co-trustee and/or a separate trustee, as the case may be.

------

Section 2.09 <u>Representations, Warranties and Covenants of the Settlor</u>. The Settlor hereby represents, warrants, and covenants to the Trustee as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Settlor is duly organized and validly existing as a non-profit corporation in good standing under the laws of the State of Louisiana, with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Settlor has the power and authority to execute and deliver this Agreement and to carry out its terms; the Settlor has the power and authority to contribute and deposit the LURC Bond Proceeds with the Trust and the Settlor has duly authorized such contribution and deposit to the Trust (to be administered by the Trustee on behalf of the Trust) by all necessary action; and the execution, delivery and performance of this Agreement has been duly authorized by the Settlor by all necessary action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement constitutes a legal, valid, and binding obligation of the Settlor enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, and similar laws relating to creditors' rights generally and subject to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice, lapse of time, or both) a default under, the Articles of Incorporation or Bylaws of the Settlor, or any indenture, agreement, or other instrument to which the Settlor is a party or by which it is bound; nor result in the creation or imposition of any lien upon any of its properties pursuant to the terms of any such indenture, agreement, or other instrument; nor violate any law or, to the Settlor's knowledge, any order, rule, or regulation applicable to the Settlor of any court or of any federal or state regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over the Settlor or its properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Settlor agrees, for the benefit of the Beneficiaries, that it will comply with each of the requirements set forth the Restoration Law applicable to Settlor.

Section 2.10 <u>Authorization of the Trustee</u>. The Trustee is authorized and directed, without requiring any additional documentation, to record this Agreement in the conveyance records of East Baton Rouge Parish, and, in accordance with specific detailed written instructions from LURC to the Trustee, to execute on behalf of the Trust, and, after execution, to file with the LPSC, all documents and forms, if any, required to be filed in accordance with applicable law or the rules and regulations prescribed by the LPSC.

Section 2.11 <u>Tax Matters</u>. The Trust is intended to be treated as an ordinary trust taxed as a complex trust (and not as a business trust, partnership, or corporation) for purposes of U.S. federal, state and local income and franchise tax, and any other tax measured in whole or part by income, and the Trustee is hereby directed to engage Entergy Services, LLC or the appropriate ETR affiliate to prepare and timely file any and all federal and state tax returns consistent with such treatment and to reflect the Beneficiaries as the beneficiaries of the Trust for all such purposes.

**ARTICLE III**<br>**BENEFICIAL OWNERSHIP**

Section 3.01 <u>Corporate Trust Office</u>. The Trustee initially designates Hancock Whitney Bank, 445 North Boulevard, Suite 201, Baton Rouge, Louisiana 70802, Attention: John C. Shiroda, john.shiroda@hancockwhitney.com as its principal Corporate Trust Office, at which it shall act as

------

trustee of the Trust. The Trustee may change the designated office from time to time by written notice to the Settlor and the Beneficiaries.

Section 3.02 <u>The Beneficiaries</u>.

<u>(</u>a) <u>General</u>. The Trust shall own, administer, and distribute the Trust Estate contributed and earned for the benefit of its Beneficiaries and, when applicable, pledge the Trust Estate as provided herein. Upon the contribution of the LURC Bond Proceeds to the Trust, ELL and the LURC shall be the sole beneficiaries of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Restrictions on Transfer</u>. Except as provided in this Section 3.02, neither Beneficiary may transfer or pledge its interest in the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>LURC Pledge</u>. The LURC may encumber the whole or any part of its interest as beneficiary in favor of the Issuer as additional security for the LURC's repayment of the loan of the proceeds of the LURC Bonds made to the LURC by the Issuer. The Issuer may re-pledge that collateral to the Indenture Trustee. In the event that the Trustee receives notification, authenticated by LURC, the Issuer, or the Indenture Trustee, that the amount due or to become due to LURC has been assigned (pledged) and that payment is to be made to the Issuer or the Indenture Trustee, consistent with the terms and any recourse conditions of the applicable pledge(s), the Trustee shall pay the Issuer or the Indenture Trustee pursuant to that notification all or a portion of the distribution owing to LURC. The Trustee hereby waives any provision of law limiting its obligation to comply with such notification to make payment to the Issuer or the Indenture Trustee or rendering such notification ineffective due to the notification to the Trustee requiring the Trust to make to the Issuer or the Indenture Trustee a payment amount less than the full amount of any distribution by the Trust to LURC. The Trustee may request the Issuer or the Indenture Trustee to seasonably furnish reasonable proof that an assignment to the Issuer or the Indenture Trustee has been made, and unless the Issuer or the Indenture Trustee complies the Trustee may pay LURC even if the Trustee has received a notification under this Section 3.02(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>LURC Escrow</u>. Pursuant to ELL Financing Order No. U-36350-A, the LURC is required to deposit any distributions received from the Trust into a separate restricted escrow account subject to the terms and conditions of the LURC Trust Distributions Escrow Agreement, to be effective as of the date of Closing, between the LURC and the escrow agent. The Trustee shall deposit any distributions due to the LURC pursuant to Section 6.01 of this Agreement directly into the separate restricted escrow account pursuant to Section 6.02 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>ELL</u>. ELL's beneficial interest in the Trust is not subject to voluntary or involuntary alienation or encumbrance, whether completely or partially with an exception as described in this Section 3.02(b)(iii). A creditor of ELL may seize only Trust distributions of Dividend Income and redemption proceeds due to ELL that have been authorized by the Trustee and not yet paid to ELL. This Section 3.02(b)(iii) is intended to comply with section 45:1341 of the Restoration Law and shall be interpreted consistent therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Costs</u>. No funds of the LURC shall be charged with or expended for the operation of the Trust. The costs associated with the operation of the Trust, including any audit by the LPSC or the Louisiana Legislative Auditor, shall be paid solely from ELL's share of the Dividend Income or redemption proceeds received by the Trust with respect to the Preferred Units.

------

**ARTICLE IV**<br>**ACTIONS BY TRUSTEE**

Section 4.01 <u>Prior Notice to the Beneficiaries with Respect to Certain Matters</u>. With respect to the following matters, the Trustee shall not take action unless the Trustee shall have notified the Settlor and the Beneficiaries and received the unanimous written consent of the Settlor and the Beneficiaries to such actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The initiation of any material claim or lawsuit by the Trust and the compromise of any material action, claim, or lawsuit brought by or against the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any filing or correspondence by the Trust with any tax authorities.

Section 4.02 <u>Action with Respect to Sale of the Preferred Units</u>. The Trustee shall not have the power to sell or encumber the Preferred Units except as provided in Section 5.01.

Section 4.03 <u>Action with Respect to Bankruptcy</u>. At all times prior to the date that is two years and one day after the LURC Bonds are paid off, the Trustee shall not have the power to commence a voluntary proceeding in bankruptcy relating to the Trust; <u>provided</u>, <u>however</u>, that nothing herein shall be deemed to prohibit the Trustee from filing a claim in, or otherwise participating in, any bankruptcy proceeding filed against the Trust.

Section 4.04 <u>Restrictions</u>. Neither the Settlor nor the Beneficiaries shall direct the Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Trustee under this Agreement.

**ARTICLE V**<br>**AUTHORITY AND DUTIES OF TRUSTEE**

Section 5.01 <u>General Authority and Redemption Requests</u>. The Trustee is authorized and directed on behalf of the Trust (i) upon the Trust's receipt of the LURC Bond Proceeds under Section 2.05, to have the Trust purchase the Preferred Units from EFC and hold such Preferred Units, (ii) to administer the Preferred Units owned by the Trust, and (iii) to take all actions required of the Trust pursuant to this Agreement, including to distribute proceeds from the Dividend Income and redemptions of the Preferred Units as provided herein. The Trustee is further authorized and directed from time to time to request the redemption by EFC of the Preferred Units held by the Trust in the manner provided in this Section 5.01, without further consent of the Beneficiaries except to the extent expressly provided in this Section 5.01.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Serial Redemption</u>. In the event that all of the conditions in paragraph (i) of this Section 5.01(a) are satisfied and the Trustee has been notified of such satisfaction in accordance with paragraphs (ii) and (iii) of this Section 5.01(a), other than the final Bond Payment Date, the Trustee shall, upon receipt of written instructions from a Beneficiary as set forth in Section 5.01(a)(iv), on each Bond Payment Date exercise the Trust's put right, granted under Section 4.5 of EFC's LLC Agreement, and require EFC to redeem a portion of the Preferred Units in an amount that causes the liquidation value of the Preferred Units held by the Trust to equal the amount of outstanding principal on the LURC Bonds (a "<u>Serial Redemption</u>"). As a result, the amount of Serial Redemptions that the Trustee is permitted to request is cumulative, such that the maximum amount of redemptions permitted under this Section 5.01(a) is increased for a year to the extent that the put right has not been fully exercised in prior years. For the avoidance of doubt, no Serial Redemption can occur if the liquidation value of the Preferred Units held by the Trust does not exceed the outstanding principal on the LURC Bonds, and in such case, EFC shall so notify the Trustee in writing and the notices provided in this Section 5.01 shall not be required to be sent. The amount

------

of a Serial Redemption permitted under this Section 5.01(a) shall be reduced by the amount of any Mandatory Redemption (defined below) that occurs during the year. Proceeds from Serial Redemptions shall be distributed pursuant to Section 6.01(b) and (c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Conditions</u>. The conditions described in this Section 5.01(a) are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)As of December 31 of the Relevant Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if the Trust held Preferred Units during the Relevant Period, EFC has paid Dividend Income during the Relevant Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) ELL's average annual net write offs of customer receivables for the five-year period ending on December 31 of the Relevant Period is less than $50 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) for the Relevant Period, the sum of the amounts billed as system restoration charges under all of ELL's outstanding storm securitization riders represents no more than 20% of ELL's billed electric charges; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)Thirty (30) days prior to the applicable Bond Payment Date, either ELL or ETR is rated BBB- or higher by S&P or Baa3 or higher by Moody's; if S&P and Moody's are no longer in existence, ELL or ETR must have an equivalent rating from a nationally recognized rating agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Notice to Trustee of Satisfaction of Annual Serial Redemption Conditions</u>. No later than forty-five (45) days prior to each Bond Payment Date, an Authorized Officer of ETR shall use the form attached as Exhibit A to issue an Officer's Certificate to the Trustee indicating whether the conditions in paragraphs (i)(A)(1) through (i)(A)(3) of this Section 5.01(a) have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Notice to Trustee of Satisfaction of Credit Rating Condition</u>. No later than twenty (20) days prior to each Bond Payment Date, an Authorized Officer of ETR shall use the form attached as Exhibit B-1 to issue an Officer's Certificate to the Trustee indicating whether the condition in paragraph (i)(B) of this Section 5.01(a) has been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Beneficiary Notice to Trustee of Upcoming Bond Payment Date</u>. No later than ten (10) Business Days preceding an expected Bond Payment Date, a Beneficiary shall use the form attached as Exhibit B-2 to notify the Trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)that a principal payment will be made on the LURC Bonds as of the applicable Bond Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)of the specific number of Preferred Units that should be redeemed on the applicable Bond Payment Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)that, pursuant to paragraph (v) of this Section 5.01(a), the Trustee should submit notice to EFC of its exercise of the Trust's put right using the form attached as Exhibit B-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Trustee Notice to EFC of Exercise of Put Right</u>. No later than one (1) Business Day following the Trustee's receipt of notice from a Beneficiary under paragraph

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) of this Section 5.01(a), or two (2) Business Days if such notice is received after 10:00 a.m. Central time, the Trustee shall use the form attached as Exhibit B-3 to notify EFC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)of the upcoming Bond Payment Date, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)that effective on the Bond Payment Date, the Trust is exercising its put right and requiring EFC to redeem a portion of the Preferred Units. In its notice, the Trustee shall specify the specific number of Preferred Units for which the Trust is exercising the put right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Cancellation of Exercise of Put Right</u>. If a Bond Payment Date is not to occur as scheduled, a Beneficiary may, before the applicable Bond Payment Date, use the form attached as Exhibit C-1 to notify the Trustee of the cancellation of its prior notice regarding an upcoming Bond Payment Date provided pursuant to paragraph (iv) of this Section 5.01(a). Upon receipt of such notice, the Trustee shall, before the applicable Bond Payment Date, use the form attached as Exhibit C-2 to notify EFC of rescission of the Trust's exercise of its put right provided pursuant to paragraph (v) of this Section 5.01(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Mandatory Redemption</u>. If a Beneficiary notifies the Trustee in writing using the form attached as Exhibit D-1 that the Trustee should exercise the Trust's put right because either (i) the DSRS is drawn down below its minimum funding requirement set forth in the Indenture, or (ii) the LURC Bonds are in payment default, the Trustee shall, using the form attached as Exhibit D-2, exercise the Trust's put right and require EFC to redeem a portion of the Preferred Units in an amount sufficient to replenish the DSRS or cure the bond payment default (a "<u>Mandatory Redemption</u>"). The amount of all Mandatory Redemptions to replenish the DSRS will be limited to a total aggregate of $5 million over the life of the LURC Bonds (the "<u>DSRS Redemptions Cap</u>"). The calculation of the DSRS Redemptions Cap is not affected by, nor does the DSRS Redemptions Cap apply to, any Mandatory Redemption that occurs because of a payment default on the LURC Bonds.

Section 5.02 <u>General Duties</u>. It shall be the duty of the Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement and to administer the Trust in the interest of the Beneficiaries as a prudent person would administer it, subject to and in accordance with the provisions of this Agreement. Without limiting the foregoing, the Trustee shall on behalf of the Trust file and prove any claim or claims that may exist on behalf of the Trust against the Settlor in connection with any claims paying procedure as part of an insolvency or a receivership proceeding involving the Settlor.

Section 5.03 <u>Action Upon Instruction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee shall act in accordance with the written directions or instructions of the Settlor and the Beneficiaries that are not inconsistent with the Restoration Law or this Agreement. Subject to Article IV and the other provisions of this Section 5.03, in exercising its discretionary rights, remedies, or powers under this Agreement, the Trustee shall in all instances act in the best interests of the Beneficiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee shall not be required to take any action hereunder if the Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Trustee or is contrary to the terms hereof or is otherwise contrary to an applicable law.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent the Trustee acts in good faith in compliance with the terms of this Agreement, the Trustee shall not be liable on account of such action to any Beneficiary.

Section 5.04 <u>No Duties Except as Specified in this Agreement or in Instructions</u>. The Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, service, dispose of, or otherwise deal with the Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Trustee is a party, except as expressly provided by the terms of this Agreement or in any document or written instruction received by the Trustee pursuant to Sections 6.01 and 6.03; and no implied duties or obligations shall be read into this Agreement against the Trustee. The Trustee shall have no responsibility for the preparation, correctness, accuracy, existence, validity, or perfection of any financing statement or for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or lien or to monitor or enforce the satisfaction of any risk retention requirements. The Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any liens on any part of the Trust Estate that result from actions by, or claims against, Hancock Whitney Bank in its individual capacity or as the Trustee that are not related to the ownership or administration of the Trust Estate.

Section 5.05 <u>Records and Audits</u>. The Trustee shall keep and render clear and accurate accounts of the administration of the Trust and provide a report thereof to the Beneficiaries not less than once per calendar year. The Trustee shall, upon reasonable notice, (a) provide the Beneficiaries complete and accurate information as to the nature and amount of the Trust Estate, and (b) permit the Beneficiaries or their agents to inspect the subject matter of the Trust, and the accounts and other documents relating to the Trust. The LURC shall arrange for an annual independent audit of the Trust by a certified public accountant. The Trustee shall cooperate in the audit or examination of the books and records of the Trust by the legislative auditor of the State of Louisiana, as provided in Section 45:1334(G) of the Restoration Law.

Section 5.06 <u>Restrictions</u>. The Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.03, or (b) that, to the actual knowledge of a Responsible Officer of the Trustee, would result in the Trust's becoming taxable as a corporation for U.S. federal and state income tax purposes, or (c) that is not in accordance with applicable law. Neither the Settlor nor the Beneficiaries shall direct the Trustee to take action that would violate the provisions of this Section.

Section 5.07 <u>Investment of Trust Estate</u>. The Trust Estate may be invested only in Eligible Investments. The Trustee shall invest the Trust Estate pursuant to written directions from an Authorized Officer of the LURC, the security procedures for which are set forth in Exhibit E hereto. The Trustee shall not be liable or responsible in any manner for any loss resulting from an investment made pursuant to such direction or for verifying that a directed investment is an Eligible Investment. Interest and other earnings on investments ("<u>Investment Income</u>") shall, immediately upon receipt by the Trustee, be credited as part of the Trust Estate and shall be distributed pursuant to Section 6.01.

**ARTICLE VI**<br>**APPLICATION OF TRUST FUNDS; CERTAIN DUTIES**

Section 6.01 <u>Application of Trust Funds</u>. Any contribution to the Trust shall be used only to purchase the Preferred Units. Subject to direct payment to Issuer or the Indenture Trustee pursuant to Section 3.02(b)(i) of this Agreement, proceeds from the Preferred Units shall be distributed as provided in this Section 6.01 and Section 6.02 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Dividend Income</u>. Within the five (5) Business Days following each Dividend Date, the Trustee shall distribute to the Beneficiaries the Dividend Income received by the Trust, plus any Investment Income earned thereon, in the following order of priority:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) One percent (1%) to the LURC by deposit as provided in Section 3.02(b)(ii), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The remaining Dividend Income, reduced by any Trust Expenses, to ELL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Serial Redemption Proceeds</u>. Within the five (5) Business Days following each Serial Redemption Date (except for the Final Serial Redemption Date), the Trustee shall distribute to the Beneficiaries the Serial Redemption Proceeds, plus any Investment Income earned thereon, received by the Trust in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) One percent (1%) to the LURC by deposit as provided in Section 3.02(b)(ii), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The remaining proceeds, reduced by any Trust Expenses in excess of amounts that reduced the Dividend Income in Section 6.01(a)(ii), to ELL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Final Serial Redemption Proceeds</u>. No earlier than five (5) Business Days following the Final Serial Redemption Date, the Trustee shall distribute to the Beneficiaries the proceeds from the last Serial Redemption (the "<u>Final Serial Redemption Proceeds</u>"), plus any Investment Income earned thereon, in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) One percent (1%) to the LURC by deposit as provided in Section 3.02(b)(ii), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The remaining proceeds, reduced by unpaid Trust Expenses and Trust Expenses expected to be incurred until the dissolution of the Trust pursuant to Section 9.01, to ELL.

Any proceeds that remain following the dissolution of the Trust shall be distributed to ELL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Mandatory Redemption Proceeds</u>. All proceeds (100%) from a Mandatory Redemption, plus any Investment Income earned thereon, shall be distributed to the LURC by deposit as provided in Section 3.02(b)(ii) within the five (5) Business Days following the receipt by the Trust, subject to direct payment to Issuer or the Indenture Trustee pursuant to Section 3.02(b)(i) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Withholding Taxes</u>. In the event that a withholding tax is applicable to any of the Trust's payments to a Beneficiary, the Trustee shall, subject to the concurrence of the party engaged by the Trustee in Section 2.11, cause the amount otherwise distributable to such Beneficiary to be reduced by the required withholding tax amount and pay such withholding tax amount to the applicable taxing authority on behalf of the Beneficiary.

Section 6.02 <u>Method of Payment</u>. Distributions required to be made to the Beneficiaries or a pledgee shall be made to the relevant Beneficiary or pledgee by wire transfer, in immediately available funds, to the account of such Beneficiary as shall be specified in writing by such Beneficiary to the Trustee, or as required pursuant to a notification under Section 3.02(b)(i) or Section 3.02(b)(ii) of this Agreement.

**ARTICLE VII**<br>**CONCERNING THE TRUSTEE**

Section 7.01 <u>Acceptance of Trusts and Duties</u>. The Trustee accepts the Trust hereby created and agrees to perform its duties hereunder, but only upon the terms of this Agreement. The Trustee hereby submits to the jurisdiction of the courts of the State of Louisiana. The Trustee also agrees to disburse all moneys actually received by it constituting part of the Trust Estate upon the terms of this

------

Agreement. The Trustee shall not be answerable or accountable hereunder under any circumstances, except (i) for its own fraud, willful misconduct, or negligence, or breach of the duty of loyalty to a Beneficiary, or for breach of trust committed in bad faith, or (ii) in the case of the inaccuracy of any representation or warranty contained in Section 7.03 expressly made by the Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee shall not be liable for any error of judgment, except for such error resulting from fraud, willful misconduct, or negligence as set forth in the preceding paragraph, made by a Responsible Officer of the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the directions or instructions of the Settlor and the Beneficiaries under Section 5.03 of this Agreement or of a Beneficiary under Section 5.01 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no provision of this Agreement shall require the Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder, if the Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Trustee shall not be responsible or personally liable for or in respect of the validity, enforceability, or sufficiency of this Agreement or for the due execution hereof by the Settlor or for the form, character, genuineness, enforceability, sufficiency, value, or validity of any of the Trust Estate, and nor shall the Trustee in any event assume or incur any liability, duty, or obligation to the Settlor or the Beneficiaries, other than as expressly provided for herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Trustee shall not be responsible or personally liable to prepare or file any financing or continuation statement in any public office at any time or otherwise to perfect or maintain the perfection of any ownership, security interest, or lien or to prepare or file any tax, qualification to do business or securities law filing or report except to the extent provided herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Trustee shall not be liable for, or have any duty to supervise or monitor, the action or inaction, default, or misconduct of the Settlor, and the Trustee may assume performance by the Settlor absent written notice or knowledge of a Responsible Officer to the contrary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Trustee shall not be under any obligation to institute, conduct, or defend any litigation under this Agreement or otherwise or in relation to this Agreement, at the request, order, or direction of the Settlor or the Beneficiaries, unless the Trustee has been offered security by the Settlor, or security or indemnity by ELL reasonably satisfactory to the Trustee against the costs, expenses, and liabilities that may be incurred by the Trustee, therein or thereby. The right of the Trustee to perform any discretionary act enumerated in this Agreement shall not be construed as a duty, and the Trustee shall not be answerable therefor other than its negligence or willful misconduct in the performance of any such act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) in no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, epidemics or pandemics, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance of its obligations as soon as practicable under the circumstances;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in no event shall the Trustee be responsible or liable for any special, indirect, punitive, or consequential loss or damage of any kind whatsoever irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Trustee shall not be deemed to have knowledge or notice of any event or information or be required to act upon any event or information (including the sending of any notice), unless written notice of such event or information is received by a Responsible Officer of the Trustee or upon the actual knowledge of a Responsible Officer of the Trustee. Absent written notice in accordance with this Section or the actual knowledge of a Responsible Officer, the Trustee may assume that no such event has occurred. Delivery of any reports, information, and documents to the Trustee is for informational purposes only, and the Trustee's receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein. The Trustee shall not have any obligation to inquire into, or investigate as to, the occurrence of any such event. For purposes of determining the Trustee's responsibility and liability hereunder, whenever reference is made in this Agreement to any event, such reference shall be construed to refer only to such event of which the Trustee has received written notice as described in this Section; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Trustee shall be entitled to rely conclusively on Officers' Certificates provided by Authorized Officers of the Settlor or the Beneficiaries to confirm compliance by such parties with their covenants and obligations under this Agreement, but shall have no duty to request or otherwise monitor the delivery of such Officers' Certificates.

Section 7.02 <u>Fiduciary Duties</u>. Other than pursuant to the Restoration Law and this Agreement, to the extent that, under applicable law, the Trustee has duties (including fiduciary duties) and liabilities relating to the Trust, the Settlor, or the Beneficiaries, such duties are hereby eliminated to the extent permitted under applicable law, and it is hereby agreed that the Trustee shall not be liable to the Trust, the Settlor, or the Beneficiaries, except as expressly set forth in this Agreement and under the Restoration Law. It is hereby agreed that to the extent permitted under applicable law, the standards set forth in this Agreement hereby supersede any duties (including fiduciary duties) that might otherwise exist under applicable law, other than the Restoration Law.

Section 7.03 <u>Representations and Warranties of the Trustee</u>. The Trustee hereby represents and warrants to the Settlor, for the benefit of the Beneficiaries, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is (i) a federally insured depository institution organized under the laws of Mississippi (or as to a successor trustee, of Louisiana, another state, or of the United States), or (ii) a financial institution or trust company organized under the laws of Mississippi (or as to a successor trustee, of Louisiana or the United States), authorized to exercise trust or fiduciary powers under the laws of Louisiana or of the United States, or (iii) a trust company organized under the laws of another state and operating in Louisiana pursuant to Louisiana Revised Statutes § 6:626(A)(1) and (2). It has all requisite banking and trust power and authority to execute, deliver, and perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It has taken all action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or state law, governmental rule or regulation governing the banking or trust powers of the Trustee or any judgment or order binding on

------

it, or constitute any default under its charter documents or bylaws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is not, nor is it affiliated with a trustee that is, serving as a trustee under the Indenture.

Section 7.04 <u>Reliance; Advice of Counsel</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee shall incur no liability to anyone in acting upon any signature, instrument, direction, notice, resolution, request, consent, order, certificate, report, opinion, bond, or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Trustee may request and conclusively rely upon an opinion of reputable counsel prior to the performance of any discretionary act enumerated in this Agreement. The Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed herein, the Trustee may for all purposes hereof conclusively rely on a certificate, signed by an Authorized Officer of the relevant party, as to such fact or matter and such certificate shall constitute full protection to the Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. The Trustee shall not need investigate or re-calculate, evaluate, verify, or independently determine the accuracy of any report, certificate, information, statement, representation, or warranty or any fact or matter stated in any such document and may request and conclusively rely as to the truth of the statements and the correctness of the opinions expressed therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the exercise or administration of the Trust hereunder and in the performance of its duties and obligations under this Agreement, the Trustee (i) may act directly or through its agents, accountants, or attorneys pursuant to agreements entered into with any of them, and the Trustee shall not be liable for the conduct, misconduct, fraud, or negligence of such agents, accountants, or attorneys if such agents, accountants, or attorneys shall have been selected by the Trustee with due care, and (ii) may consult with counsel and accountants to be selected with due care and employed by it. The Trustee shall not be liable for anything done, suffered, or omitted in good faith by it in accordance with the advice of any such counsel or accountants and not contrary to this Agreement.

Section 7.06 <u>Trustee Not Liable for the Underlying Preferred Units</u>. The Trustee makes no representations as to the validity or sufficiency of the Preferred Units. The Trustee shall not at any time have any responsibility for or with respect to the enforceability of the Preferred Units, or for or with respect to the sufficiency of the Trust Estate or its ability to generate the payments required to be distributed to the Beneficiaries under this Agreement or the compliance by the Settlor with any warranty or representation made under any related document or the accuracy of any such warranty or representation.

------

**ARTICLE VIII**<br>**COMPENSATION AND INDEMNITY OF THE TRUSTEE**

Section 8.01 <u>Trustee's Fees and Expenses</u>. The Trustee shall receive as compensation for its services hereunder the Trustee's Fees. The Trustee may employ or retain such attorneys, accountants, and other professionals as it may deem necessary to carry out its duties under this Agreement and may determine their duties and compensation, subject to regulation by the LPSC in its discretion. The Trustee's Fees and compensation for other professionals provided in this Section 8.01 shall be paid only first from ELL's share as beneficiary of the Dividend Income received by the Trust from the Preferred Units, and if insufficient, then from ELL's share as beneficiary of Serial Redemption proceeds received by the Trust in respect of the Preferred Units.

Section 8.02 <u>Limitation on Indemnity</u>. Any indemnification and expenses related thereto provided to the Trustee or any other person under this Agreement shall be payable solely out of ELL's portion of the Trust Estate.

Section 8.03 <u>Indemnity</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the limitation in Section 8.02, the Trust, but only the extent of the Trust Estate, shall indemnify the Trustee in its individual capacity and any of its officers, directors, employees, and agents against any and all losses, claims, damages, liabilities, actions, suits, costs, penalties, taxes (excluding taxes payable by them on any compensation received by them for their services as trustee), or expenses (including attorneys' fees and expenses (including, without limitation, any legal fees, costs and expenses) incurred in connection with (i) any enforcement (including any action, claim, or suit brought by the Trustee of any indemnification or other obligation of the Settlor), or (ii) a successful defense, in whole or in part of any claim by the Settlor that the Trustee breached its standard of care due to negligence or willful misconduct or breach of the duty of loyalty to a Beneficiary, or for breach of trust committed in bad faith) incurred by it in connection with this Agreement or the administration of the Trust and the performance of its duties hereunder or thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee shall notify the Trust, the Settlor, and the Beneficiaries promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Trust shall not relieve the Trust of its obligations hereunder except to the extent the Trust is actually prejudiced by such failure. The Trust shall defend, but only to the extent of the Trust Estate, any such claim and the Trust shall be liable for the legal fees and expenses of the Trustee after it has assumed such defense; provided, however, that, in the event that there may be a conflict between the positions of the Trustee and the Trust in conducting the defense of such claim, the Trustee shall be entitled to separate counsel acceptable to it in its sole discretion, the fees and expenses of which shall be paid by the Trust, but only to the extent of the Trust Estate. The Trust need not reimburse any expense or indemnify against any loss, liability, or expense incurred by the Trustee through the Trustee's own willful misconduct, negligence, or bad faith, or breach of the duty of loyalty to a Beneficiary, or for breach of trust committed in bad faith.

**ARTICLE IX**<br>**TERMINATION OF TRUST AGREEMENT**

Section 9.01 <u>Termination of Trust Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust may be dissolved at any time following six years after the Final Serial Redemption Proceeds are distributed to the Beneficiaries pursuant to Section 6.01(c) by the express approval of the Settlor, the Beneficiaries and the LPSC consistent with the

------

Restoration Law. Notwithstanding any provisions of this Agreement, no termination, rescission, rehabilitation, liquidation, or dissolution of the Trust shall take effect as long as any of the LURC Bonds are outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The bankruptcy, liquidation, or dissolution of any Beneficiary shall not (i) operate to terminate this Agreement or the Trust, nor (ii) entitle such Beneficiary's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Trust Estate, nor (iii) otherwise affect the rights, obligations, and liabilities of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as provided in Section 9.01(a), none of the Settlor or any Beneficiary shall be entitled to revoke or terminate the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) After the final distribution of any funds remaining in the Trust, the Trustee shall file a certificate of termination of the Trust's trust agreement pursuant to Section 45:1335(F) of the Restoration Law in the conveyance records of East Baton Rouge Parish whereupon this Agreement (other than Article VIII) and the Trust shall terminate and be of no further force or effect.

**ARTICLE X**<br>**SUCCESSOR TRUSTEES**

Section 10.01 <u>Eligibility Requirements for Trustee</u>. The Trustee shall at all times be a corporation or association (i) meeting the requirements of the Restoration Law, Section 45:1338(A) of the Restoration Law, (ii) being authorized to exercise statutory trust powers, (iii) being unrelated to and independent from ETR and any of its affiliates, (iv) having a combined capital and surplus of at least $50 million and subject to supervision or examination by federal or state authorities, (v) having (or having a parent which has) a rating in respect of its long-term senior unsecured debt of at least "BBB-" (or the equivalent) by S&P and, if such institution is rated by DBRS, Inc., a credit rating of not less than "BBB-" (or the equivalent) from DBRS, Inc., and (vi) being authorized to operate in the State of Louisiana. If the Trustee shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of the Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 10.02.

If at any time the Trustee shall cease to be or shall be likely to cease to be eligible in accordance with the provisions of Section 10.01 and shall fail to resign after written request therefor by the Beneficiaries, or if at any time an insolvency with respect to the Trustee shall have occurred and be continuing, or if at any time the Beneficiaries agree that it is necessary, desirable or appropriate to remove the Trustee, then the Beneficiaries may remove the Trustee by giving written notice thereof to

------

the Trustee. If the Beneficiaries remove the Trustee under the authority of the immediately preceding sentence, the Beneficiaries shall promptly appoint a successor trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Trustee so removed and one copy to the successor Trustee and payment of all fees owed to the outgoing Trustee.

Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Trustee pursuant to Section 10.03 and the payment of all fees and expenses owed to the outgoing Trustee.

Section 10.03 <u>Successor Trustee</u>. Any successor Trustee appointed pursuant to Section 10.02 shall execute, acknowledge, and deliver to the Beneficiaries and to its predecessor Trustee an instrument accepting such appointment under this Agreement, which shall be recorded in the conveyance records of East Baton Rouge Parish, and thereupon the resignation or removal of the predecessor Trustee shall become effective and such successor Trustee without any further act, deed, or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Trustee. The predecessor Trustee shall upon payment of its fees and expenses deliver to the successor Trustee all documents, statements, moneys, and properties held by it under this Agreement; and the predecessor Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Trustee all such rights, powers, duties, and obligations.

No successor Trustee shall accept such appointment as provided in this Section unless at the time of such acceptance such successor Trustee shall be eligible pursuant to Section 10.01.

Upon acceptance of appointment by a successor Trustee pursuant to this Section, the successor Trustee shall give notice of such acceptance to the Beneficiaries.

Section 10.04 <u>Merger or Consolidation of Trustee</u>. Any corporation or association into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger, conversion, or consolidation to which the Trustee shall be a party, or any corporation or association succeeding to all or substantially all the corporate trust business of the Trustee shall, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, be the successor of the Trustee hereunder; <u>provided</u>, that such corporation or association shall be eligible pursuant to Section 10.01; and <u>provided</u>, <u>further</u>, that the Trustee shall give notice of such merger or consolidation to the Beneficiaries within thirty (30) days after the completion thereof.

**ARTICLE XI**<br>**MISCELLANEOUS**

Section 11.01 <u>Supplements and Amendments</u>. This Agreement may be modified, amended, terminated, or rescinded from time to time only with the express written approval of the Settlor, the Trustee, each of the Beneficiaries, and the LPSC. The Trustee is authorized and directed, without requiring any additional documentation, to record each amendment in the conveyance records of East Baton Rouge Parish.

Section 11.02 <u>No Legal Title to Trust Estate in the Beneficiaries</u>. The Beneficiaries shall not have legal title to any part of the Trust Estate. The Beneficiaries shall be entitled to receive distributions with respect to their undivided beneficial ownership interest therein only in accordance with Section 6.01 of this Agreement. No transfer, by operation of law or otherwise, of any right, title, or interest of the Beneficiaries to and in its beneficial ownership interest in the Trust Estate shall operate to terminate

------

this Agreement or the Trust hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate.

Section 11.03 <u>Limitations on Rights of Others</u>. The provisions of this Agreement are solely for the benefit of the Trustee, the Settlor, and the Beneficiaries, and nothing in this Agreement, whether express or implied, shall be construed to give to any other person any legal or equitable right, remedy, or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions, or provisions contained herein, except for the Issuer as a pledgee of LURC under Section 3.02(b).

Section 11.04 <u>Notices</u>. Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be given by personal delivery, by Electronic Means, or by mailing by certified mail, postage prepaid, as follows:

if to the Trustee, addressed to its Corporate Trust Office:

&nbsp;&nbsp;&nbsp;&nbsp;Hancock Whitney Bank

Corporate Trust Office

445 North Boulevard

Suite 201

Baton Rouge, Louisiana 70802

Attention: John C. Shiroda, Senior Vice President

John.shiroda@hancockwhitney.com

if to the Settlor, addressed to:

Louisiana Utilities Restoration Corporation<br>P.O. Box 91154<br>Baton Rouge, Louisiana 70821-9154<br>Attention: Chairperson

brandon.frey@la.gov

with a copy to:

Long Law Firm<br>1800 City Farm Drive<br>Building 6<br>Baton Rouge, Louisiana 70806<br>Attention: Jamie Watts

jhw@longlaw.com

if to the LURC as a Beneficiary, addressed to:

Louisiana Utilities Restoration Corporation<br>P.O. Box 91154<br>Baton Rouge, Louisiana 70821-9154

Attention: Chairperson

brandon.frey@la.gov

if to ELL as a Beneficiary, addressed to:

Entergy Louisiana, LLC

4809 Jefferson Highway

Jefferson, Louisiana 70121

------

Attention: President

pmay@entergy.com

with a copy to:

Entergy Services, LLC<br>639 Loyola Avenue<br>New Orleans, Louisiana 70113

Attention: Dawn Balash

dbalash@entergy.com

if to EFC as required by Section 5.01, addressed to:

Entergy Finance Company, LLC

2107 Research Forest Drive

The Woodlands, TX 77380

Attention: Treasurer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c/o dbalash@entergy.com

with a copy to:

Entergy Services, LLC<br>639 Loyola Avenue<br>New Orleans, Louisiana 70113

Attention: Dawn Balash

dbalash@entergy.com

or, as to each party, at such other address as shall be designated by such party in a written notice to each other party.

Section 11.05 <u>Severability</u>. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

Section 11.06 <u>Separate Counterparts</u>. This Agreement may be executed by the parties hereto in separate counterparts (including counterparts in electronic form), each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.

Section 11.07 <u>Successors and Assigns</u>. All covenants and agreements contained herein shall be binding upon and inure to the benefit of the Settlor and its successors, the Trustee and its successors, each Beneficiary and its successors and permitted assigns, all as herein provided.

Section 11.08 <u>No Petition</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the Settlor, nor any Beneficiary, will institute against the Trust, at any time, any bankruptcy proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to this Agreement. The foregoing shall not limit the rights of the Settlor, nor any Beneficiary, to file any claim in, or otherwise take

------

any action with respect to, any insolvency proceeding that was instituted against the Trust by a person other than the Settlor or such other Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee (not in its individual capacity but solely as Trustee), by entering into this Agreement, and the Beneficiaries, by accepting the benefits of this Agreement, hereby covenant and agree that they will not at any time institute against the Trust, or join in any institution against the Trust of, any bankruptcy, reorganization, arrangement, insolvency, receivership, or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to this Agreement. The foregoing shall not limit the rights of the Trustee to file any claim in, or otherwise take any action with respect to, any insolvency proceeding that was instituted against the Trust by a person.

Section 11.09 <u>No Recourse</u>. Each Beneficiary, by accepting its interest in the Trust, acknowledges that its interest represents a beneficial interest in the Trust only and does not represent an interest in or obligation of the Settlor, the Trustee, or any affiliate thereof or any officer, director, or employee of any thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement.

Section 11.10 <u>Headings</u>. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

Section 11.11 <u>Governing Law</u>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF LOUISIANA, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

Section 11.12 <u>Waiver of Jury Trial</u>. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTION CONTEMPLATED HEREBY.

Section 11.13 <u>Electronic Signatures</u>. Each party agrees that this Agreement may be electronically signed, and that any electronic signatures appearing on this Agreement are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility.

Section 11.14 <u>Compliance with Applicable Banking Laws</u>. In order to comply with laws, rules, regulations, and executive orders in effect from time to time including but not limited to those relating to the funding of terrorist activities and money laundering, including, without limitation, Section 326 of the USA Patriot Act of the United States ("<u>Applicable Banking Laws</u>"), the Trustee may be required to obtain, verify, and record certain information relating to individuals and entities which maintain a business relationship with the Trustee. Accordingly, each of the parties hereto agrees to provide the Trustee upon its request from time to time such identifying information and documentation as may be available for such party in order to enable the Trustee to comply with Applicable Banking Laws.

[*Remainder of Page Intentionally Left Blank*]

------

THUS DONE AND PASSED in the Parish of East Baton Rouge, State of Louisiana, on this 24<sup>th</sup> day of March, 2023, in the presence of me, Notary, and the undersigned competent witnesses.

---

| | |
|:---|:---|
| WITNESSES: | LOUISIANA UTILITIES RESTORATION CORPORATION<br>as Settlor |
| <u>/s/ Kathryn H. Bowman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Print name: <u>Kathryn H. Bowman</u> | By: <u>/s/ Brandon Frey&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>&nbsp;&nbsp;&nbsp;&nbsp; Name: &nbsp;&nbsp;&nbsp;&nbsp;Brandon Frey<br>&nbsp;&nbsp;&nbsp;&nbsp; Title: &nbsp;&nbsp;&nbsp;&nbsp;Chairperson |
| <u>/s/ Catherine S. Carrier&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Print name: <u>Catherine S. Carrier</u> |  |

---

<u>/s/ Jamie Hurst Watts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

NOTARY PUBLIC<br>Print name: <u>Jamie Hurst Watts</u><br>La. Bar/Notarial Id. No.: <u>28262</u> <br> My commission expires: at death

*Signature page to Trust Agreement*

------

THUS DONE AND PASSED in the Parish of East Baton Rouge, State of Louisiana, on this 24<sup>th</sup> day of March, 2023, in the presence of me, Notary, and the undersigned competent witnesses.

---

| | |
|:---|:---|
| WITNESSES: | HANCOCK WHITNEY BANK<br>as Trustee |
| <u>/s/ Deborah B. Mitchell&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Print name: <u>Deborah B. Mitchell</u> | By: <u>/s/ John C. Shiroda&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>&nbsp;&nbsp;&nbsp;&nbsp; Name: &nbsp;&nbsp;&nbsp;&nbsp;John C. Shiroda<br>&nbsp;&nbsp;&nbsp;&nbsp; Title: &nbsp;&nbsp;&nbsp;&nbsp;Sr. Vice President |
| <u>/s/ Catherine Spivey&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Print name: Catherine Spivey |  |

---

<u>/s/ Thomas G. Hessburg&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

NOTARY PUBLIC<br>Print name: Thomas G. Hessburg <br>La. Bar/Notarial Id. No.: 28533 <br>My commission expires: at death

*Signature page to Trust Agreement*

------

**<u>ACCEPTANCE OF BENEFICIARY</u>**

The undersigned beneficiary hereby accepts the foregoing Trust Agreement and its beneficial interest thereunder.

THUS DONE AND PASSED in the Parish of East Baton Rouge, State of Louisiana, on this 24<sup>th</sup> day of March, 2023, in the presence of me, Notary, and the undersigned competent witnesses.

---

| | |
|:---|:---|
| WITNESSES: | LOUISIANA UTILITIES RESTORATION CORPORATION<br>as a Beneficiary |
| <u>/s/ Kathryn H. Bowman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Print name: <u>Kathryn H. Bowman</u> | By: <u>/s/ Brandon Frey&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>&nbsp;&nbsp;&nbsp;&nbsp; Name: &nbsp;&nbsp;&nbsp;&nbsp;Brandon Frey<br>&nbsp;&nbsp;&nbsp;&nbsp; Title: &nbsp;&nbsp;&nbsp;&nbsp;Chairperson |
| <u>/s/ Catherine Carrier&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Print name: Catherine Carrier |  |

---

<u>/s/ Jamie Hurst Watts&nbsp;&nbsp;&nbsp;&nbsp;</u>

NOTARY PUBLIC<br>Print name: <u>Jamie Hurst Watts</u> <br>La. Bar/Notarial Id. No.: <u>28262</u> <br> My commission expires: at death

*Signature page to Trust Agreement*

------

**<u>ACCEPTANCE OF BENEFICIARY</u>**

The undersigned beneficiary hereby accepts the foregoing Trust Agreement and its beneficial interest thereunder.

THUS DONE AND PASSED in the Parish of Orleans, State of Louisiana, on this 24<sup>th</sup> day of March , 2023, in the presence of me, Notary, and the undersigned competent witnesses.

---

| | |
|:---|:---|
| WITNESSES: | ENTERGY LOUISIANA, LLC<br>as a Beneficiary |
| <u>/s/ Tom Littlejohn&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Print name: <u>Tom Littlejohn</u> | By: <u>/s/ Barrett E. Green&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>&nbsp;&nbsp;&nbsp;&nbsp; Name: &nbsp;&nbsp;&nbsp;&nbsp;Barrett E. Green<br>&nbsp;&nbsp;&nbsp;&nbsp; Title: &nbsp;&nbsp;&nbsp;&nbsp;Vice President and Treasurer |
| <u>/s/ Kevin Marino&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Print name: <u>Kevin Marino</u> |  |

---

<u>/s/ Dawn Balash&nbsp;&nbsp;&nbsp;&nbsp;</u>

NOTARY PUBLIC<br>Print name: <u>Dawn Balash</u> <br>La. Bar/Notarial Id. No.: <u>25548</u><br> My commission expires: at death

*Signature page to Trust Agreement*

------

**EXHIBIT A**

**Officer's Certificate Notifying Trustee of Satisfaction <br>of Annual Serial Redemption Conditions**

[Authorized Officer Name]

Entergy Corporation<br>639 Loyola Avenue<br>New Orleans, LA 70113

[Phone]

[Date]

Hancock Whitney Bank

445 North Boulevard, Suite 201

Baton Rouge, LA 70802

Attention: John C. Shiroda

john.shiroda@hancockwhitney.com

(225) 248-7407

I, [Authorized Officer's Name], an Authorized Officer of Entergy Corporation ("ETR") submit this Officer's Certificate pursuant to Section 5.01(a)(ii) of that certain trust agreement dated [Date] (the "Trust Agreement") among the Louisiana Utilities Restoration Corporation as settlor and a beneficiary, Entergy Louisiana, LLC ("ELL") as a beneficiary, and Hancock Whitney Bank as trustee. Any capitalized terms not defined in this certificate shall have the meanings ascribed to them in the Trust Agreement.

I hereby certify that as of December 31, [insert Relevant Period], the conditions in Section 5.01(a)(i)(A) of the Trust Agreement are satisfied because the following facts exist:

☒&nbsp;&nbsp;&nbsp;&nbsp;The Trust held Preferred Units during [insert Relevant Period], and EFC paid distributions on such Preferred Units during [insert Relevant Period].

☐&nbsp;&nbsp;&nbsp;&nbsp;The Trust did not hold Preferred Units during [insert Relevant Period].

**[NOTE TO DRAFTER: MARK ONLY ONE OF THE ABOVE TWO, AND DELETE THE UNUSED ONE ALONG WITH THIS TEXT]**

☒&nbsp;&nbsp;&nbsp;&nbsp;ELL's average annual net write offs of customer receivables for the five-year period ending on December 31 of [insert Relevant Period] is less than $50 million.

☒&nbsp;&nbsp;&nbsp;&nbsp;For [insert Relevant Period], the sum of the amounts billed as system restoration charges under all of ELL's outstanding storm securitization riders represents no more than 20% of ELL's billed electric charges.

------

---

| |
|:---|
| Respectfully submitted, |
| [Authorized Officer Name] |
| **Signature** |
| **Title** |

---

------

**EXHIBIT B-1**

**Officer's Certificate Notifying Trustee of Satisfaction of Credit Rating Condition**

[Authorized Officer Name]

Entergy Corporation<br>639 Loyola Avenue<br>New Orleans, LA 70113

[Phone]

[Date]

Hancock Whitney Bank

445 North Boulevard, Suite 201

Baton Rouge, LA 70802

Attention: John C. Shiroda

john.shiroda@hancockwhitney.com

(225) 248-7407

I, [Authorized Officer's Name], an Authorized Officer of Entergy Corporation ("ETR") submit this Officer's Certificate pursuant to Section 5.01(a)(iii) of that certain trust agreement dated [Date] (the "Trust Agreement") among the Louisiana Utilities Restoration Corporation as settlor and a beneficiary, Entergy Louisiana, LLC ("ELL") as a beneficiary, and Hancock Whitney Bank as trustee. Any capitalized terms not defined in this certificate shall have the meanings ascribed to them in the Trust Agreement.

I hereby certify that as of [insert date 30 days before applicable Bond Payment Date], the condition in Section 5.01(a)(i)(B) of the Trust Agreement is satisfied because the following facts exist:

**[NOTE TO DRAFTER: MARK ONLY ONE OF THE BELOW TWO OPTIONS, AND DELETE THIS TEXT]**

☐&nbsp;&nbsp;&nbsp;&nbsp;Either ELL or ETR is rated BBB- or higher by S&P or Baa3 or higher by Moody's.

☐&nbsp;&nbsp;&nbsp;&nbsp;S&P and Moody's are no longer in existence, and either ELL or ETR has an equivalent rating from a nationally recognized rating agency.

---

| |
|:---|
| Respectfully submitted, |
| [Authorized Officer Name] |
| **Signature** |
| **Title** |

---

------

**EXHIBIT B-2**

[Beneficiary Name] <br>[Address] <br>[City, State, ZIP]<br>[Phone] <br>

[Date]

Hancock Whitney Bank

445 North Boulevard, Suite 201

Baton Rouge, LA 70802

Attention: John C. Shiroda

john.shiroda@hancockwhitney.com

(225) 248-7407

Re: &nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Upcoming Bond Payment Date on LURC Bonds</u>

[Beneficiary Name] submits this notice in its capacity as a beneficiary of the Trust created pursuant to that certain trust agreement dated [Date] (the "Trust Agreement") among the Louisiana Utilities Restoration Corporation (the "LURC") as settlor and a beneficiary, Entergy Louisiana, LLC as a beneficiary, and Hancock Whitney Bank (the "Trustee") as trustee. This notice is submitted pursuant to Section 5.01(a)(iv) of the Trust Agreement. Any capitalized terms not defined in this letter shall have the meanings ascribed to them in the Trust Agreement.

**[Beneficiary Name] hereby submits notice and certifies that, absent any subsequent notice from [Beneficiary Name] to the contrary:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)As of [insert Bond Payment Date], a principal payment will have been made on the LURC Bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Pursuant to Section 5.01(a) of the Trust Agreement and Section 4.5 of EFC's LLC Agreement, on [insert Bond Payment Date], [__________] Preferred Units held by the Trust, with a total redemption amount of $[__________], should be redeemed, leaving a balance of [__________] Preferred Units after the redemption; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Pursuant to Section 5.01(a)(v) of the Trust Agreement, within one (1) Business Day of receipt of this notice, or two (2) Business Days if this notice is received after 10:00 a.m. Central time, Trustee should use the attached form (Exhibit B-3 of the Trust Agreement) to notify EFC that the Trust is exercising its put right, granted under Section 4.5 of EFC's LLC Agreement, and requiring EFC to redeem [___________] Preferred Units held by the Trust, with a total redemption amount of $[__________].

------

---

| |
|:---|
| Respectfully submitted, |
| [Beneficiary Name]  |
| **Name** |
| **Title** |

---

------

**EXHIBIT B-3**

Hancock Whitney Bank

445 North Boulevard, Suite 201

Baton Rouge, LA 70802

Attention: John C. Shiroda

john.shiroda@hancockwhitney.com

(225) 248-7407

[Date]

Entergy Finance Company, LLC ("EFC")

2107 Research Forest Drive

The Woodlands, TX 77380

Attention: Treasurer

Entergy Services, LLC

639 Loyola Avenue

New Orleans, Louisiana 70113

Attention: Dawn Balash

dbalash@entergy.com

(504) 576-6755

Re: &nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Exercise of Put Right</u>

Hancock Whitney Bank (the "Trustee") submits this notice in its capacity as trustee of the Trust created pursuant to that certain trust agreement dated [Date] (the "Trust Agreement") among the Louisiana Utilities Restoration Corporation (the "LURC") as settlor and a beneficiary, Entergy Louisiana, LLC as a beneficiary, and the Trustee. This notice is submitted pursuant to Section 5.01(a)(v) of the Trust Agreement. Any capitalized terms not defined in this letter shall have the meanings ascribed to them in the Trust Agreement.

**Trustee hereby submits notice and certifies that, absent any subsequent notice from the Trustee to the contrary:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)As of [insert Bond Payment Date], a principal payment will have been made on the LURC Bonds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Effective [insert Bond Payment Date], the Trust hereby exercises its put right, granted under Section 4.5 of EFC's LLC Agreement, and requires EFC to redeem [__________] Preferred Units held by the Trust, with a total redemption amount of $[__________], leaving a balance of [__________] Preferred Units after the redemption.

Therefore, the undersigned authorizes and directs EFC to make a disbursement to the Trustee via wire transfer to:

 <br> Bank Account ABA #

------

---

| |
|:---|
| <br>Respectfully submitted, |
| Hancock Whitney Bank |
| **Name** |
| **Title** |

---

------

**EXHIBIT C-1**

[Beneficiary Name] <br>[Address] <br>[City, State, ZIP]<br>[Phone]<br>

[Date]

Hancock Whitney Bank

445 North Boulevard, Suite 201

Baton Rouge, LA 70802

Attention: John C. Shiroda

john.shiroda@hancockwhitney.com

(225) 248-7407

Re: &nbsp;&nbsp;&nbsp;&nbsp;<u>Cancellation of Prior Notice of Upcoming Bond Payment Date on LURC Bonds</u>

[Beneficiary Name] submits this notice in its capacity as a beneficiary of the Trust created pursuant to that certain trust agreement dated [Date] (the "Trust Agreement") among the Louisiana Utilities Restoration Corporation (the "LURC") as settlor and a beneficiary, Entergy Louisiana, LLC as a beneficiary, and Hancock Whitney Bank (the "Trustee") as trustee. This notice is submitted pursuant to Section 5.01(a)(vi) of the Trust Agreement. Any capitalized terms not defined in this letter shall have the meanings ascribed to them in the Trust Agreement.

[Beneficiary Name] submitted notice on [insert date of notice of upcoming bond payment date on LURC Bonds] regarding an upcoming principal payment to be made on the LURC Bonds.

[Beneficiary Name] hereby submits this subsequent notice that **the notice dated [insert date of notice of upcoming bond payment date on LURC Bonds] is canceled and should be disregarded.** Trustee **should not** require EFC to redeem any Preferred Units held by the Trust on [insert upcoming bond Payment date].

Pursuant to Section 5.01(a)(vi) of the Trust Agreement, Trustee should use the attached form (Exhibit C-2 of the Trust Agreement) to notify EFC of rescission of the Trust's exercise of its put right.

---

| |
|:---|
| Respectfully submitted, |
| [Beneficiary Name] |
| **Name** |
| **Title** |

---

------

**EXHIBIT C-2**

Hancock Whitney Bank

445 North Boulevard, Suite 201

Baton Rouge, LA 70802

Attention: John C. Shiroda

john.shiroda@hancockwhitney.com

(225) 248-7407

[Date]

Entergy Finance Company, LLC ("EFC")

2107 Research Forest Drive

The Woodlands, TX 77380

Attention: Treasurer

Entergy Services, LLC

639 Loyola Avenue

New Orleans, Louisiana 70113

Attention: Dawn Balash

dbalash@entergy.com

(504) 576-6755

Re: &nbsp;&nbsp;&nbsp;&nbsp;<u>Cancellation of Exercise of Put Right</u>

Hancock Whitney Bank (the "Trustee") submits this notice in its capacity as trustee of the Trust created pursuant to that certain trust agreement dated [Date] (the "Trust Agreement") among the Louisiana Utilities Restoration Corporation (the "LURC") as settlor and a beneficiary, Entergy Louisiana, LLC as a beneficiary, and the Trustee. This notice is submitted pursuant to Section 5.01(a)(vi) of the Trust Agreement. Any capitalized terms not defined in this letter shall have the meanings ascribed to them in the Trust Agreement.

The Trustee submitted notice on [insert date of notice of exercise of put right] regarding the Trust's exercise of its put right.

The Trustee hereby submits this subsequent notice that **the notice dated [insert date of notice of exercise of put right] is canceled and should be disregarded.** The Trust hereby **rescinds** the exercise of its put right contained in the notice dated [insert date of notice of exercise of put right] and **does not** require EFC to redeem any Preferred Units held by the Trust.

---

| |
|:---|
| Respectfully submitted, |
| Hancock Whitney Bank |
| **Name** |
| **Title** |

---

------

**EXHIBIT D-1**

[Beneficiary Name] <br>[Address] <br>[City, State, ZIP]<br>[Phone]<br>

[Date]

Hancock Whitney Bank

445 North Boulevard, Suite 201

Baton Rouge, LA 70802

Attention: John C. Shiroda

john.shiroda@hancockwhitney.com

(225) 248-7407

Re: &nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Draw upon DSRS or Payment Default on LURC Bonds</u>

[Beneficiary Name] submits this notice in its capacity as a beneficiary of the Trust created pursuant to that certain trust agreement dated [Date] (the "Trust Agreement") among the Louisiana Utilities Restoration Corporation (the "LURC"), as settlor and a beneficiary, Entergy Louisiana, LLC as a beneficiary, and Hancock Whitney Bank (the "Trustee") as trustee. This notice is submitted pursuant to Section 5.01(b) of the Trust Agreement. Any capitalized terms not defined in this letter shall have the meanings ascribed to them in the Trust Agreement.

**[Beneficiary Name] hereby submits notice and certifies that:**

☐&nbsp;&nbsp;&nbsp;&nbsp;the DSRS is drawn down below its minimum funding requirement set forth in the <br>indenture for the LURC Bonds in the amount of $[___________].

☐&nbsp;&nbsp;&nbsp;&nbsp;the LURC Bonds are in payment default in the amount of $[___________].

Pursuant to Section 5.01(b) of the Trust Agreement and Section 4.5 of EFC's LLC Agreement, Trustee should use the attached form (Exhibit D-2 of the Trust Agreement) to notify EFC that the Trust is exercising its put right and requiring EFC to redeem [__________] Preferred Units held by the Trust, with a total redemption amount of $[__________].

---

| |
|:---|
| Respectfully submitted, |
| [Beneficiary Name] |
| **Name** |
| **Title** |

---

------

**EXHIBIT D-2**

Hancock Whitney Bank

445 North Boulevard, Suite 201

Baton Rouge, LA 70802

Attention: John C. Shiroda

john.shiroda@hancockwhitney.com

(225) 248-7407

[Date]

Entergy Finance Company, LLC ("EFC")

2107 Research Forest Drive

The Woodlands, TX 77380

Attention: Treasurer

Entergy Services, LLC

639 Loyola Avenue

New Orleans, Louisiana 70113

Attention: Dawn Balash

dbalash@entergy.com

(504) 576-6755

Re: &nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Exercise of Put Right</u>

Hancock Whitney Bank (the "Trustee") submits this notice in its capacity as trustee of the Trust created pursuant to that certain trust agreement dated [Date] (the "Trust Agreement") among the Louisiana Utilities Restoration Corporation (the "LURC") as settlor and a beneficiary, Entergy Louisiana, LLC as a beneficiary, and the Trustee. This notice is submitted pursuant to Section 5.01(b) of the Trust Agreement. Any capitalized terms not defined in this letter shall have the meanings ascribed to them in the Trust Agreement.

**Trustee hereby submits notice and certifies that:**

☐&nbsp;&nbsp;&nbsp;&nbsp;the DSRS is drawn down below its minimum funding requirement set forth in the <br>indenture for the LURC Bonds in the amount of $[___________].

☐&nbsp;&nbsp;&nbsp;&nbsp;the LURC Bonds are in payment default in the amount of $[___________].

Pursuant to Section 5.01(b) of the Trust Agreement and Section 4.5 of EFC's LLC Agreement, the Trust hereby exercises its put right and requires EFC to redeem [__________] Preferred Units held by the Trust, with a total redemption amount of $[__________].

Therefore, the undersigned authorizes and directs EFC to make a disbursement to the Trustee via wire transfer to:

 <br> Bank Account ABA #

------

---

| |
|:---|
| <br>Respectfully submitted, |
| Hancock Whitney Bank |
| **Name** |
| **Title** |

---

------

**<u>EXHIBIT E</u>**

**Security Procedures**

Pursuant to Section 5.07, Trustee is hereby authorized to execute purchases and sales of Eligible Investments through the facilities of its own trading or capital markets operations or those of any affiliated entity and Trustee or any affiliated entity may act as counterparty with respect to such investments. Market values, exchange rates and other valuation information (including without limitation, market value, current value or notional value) furnished in any report or statement may be obtained from third party sources and is furnished for the exclusive use of LURC. Trustee has no responsibility whatsoever to determine the market or other value and makes no representation or warranty, express or implied, as to the accuracy of any such valuations or that any values necessarily reflect the proceeds that may be received on the sale. An "<u>Authorized Representative</u>" means one of the designated persons as set forth on the Designation of Authorized Representatives attached hereto as <u>Schedule 1</u> that has been delivered to the Trustee only by facsimile (as evidenced by a confirmed transmittal to ELL's transmitting fax number) or as a Portable Document Format ("<u>PDF</u>") attached to an email only at the fax number or email address set forth in Section 11.04 herein. The persons designated as Authorized Representatives and telephone numbers and email addresses for same may be changed only in a writing executed by an Authorized Officer of LURC setting forth such changes and actually received by Trustee via facsimile or as a PDF attached to an email. Trustee may confirm any such change in Authorized Representatives by a telephone call-back according to its security procedures. Trustee will not provide supervision, recommendations or advice relating to Eligible Investments, and LURC acknowledges that it was not offered any investment, tax or accounting advice or recommendation by Trustee with regard to any Eligible Investment and has made an independent assessment of the suitability and appropriateness of any Eligible Investment selected hereunder for purposes of this Trust Agreement. Trustee shall not be liable or responsible in any manner for any loss resulting from an Eligible Investment made in accordance with this Trust Agreement or as a result of any liquidation of any Eligible Investment prior to its maturity or for the failure of an Authorized Representative of LURC to give Trustee instructions to invest or reinvest the Trust Estate. Trustee shall have the right to liquidate any Eligible Investments held in order to provide funds necessary to make required payments under this Trust Agreement. Investment Income shall, promptly upon receipt by Trustee, be credited to the Trust as part of the Trust Estate.

------

**Schedule 1**

**<u>Louisiana Utilities Restoration Corporation</u>**

**DESIGNATION OF AUTHORIZED**

**REPRESENTATIVES**

The undersigned, Brandon Frey, being the duly appointed, elected, qualified and acting Chairman of the Louisiana Utilities Restoration Corporation ("LURC"), does hereby certify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.That each of the following representatives is at the date hereof an Authorized Representative, as such term is defined in the Trust Agreement, dated the 29<sup>th</sup> day of March, 2023, by and among LURC and Trustee (the "Trust Agreement"), that the signature appearing opposite each Authorized Representative's name is the true and genuine signature of such Authorized Representative, and that each Authorized Representative's contact information is current and up-to-date at the date hereof. Each of the Authorized Representatives is authorized to issue instructions, confirm funds transfer instructions by callback or email confirmation and effect changes in Authorized Representatives, all in accordance with the terms of the Trust Agreement. Callbacks or emails confirming an instruction shall be made to an Authorized Representative other than the Authorized Representative who issued the instruction unless (a) only a single Authorized Representative is designated below, (b) the information set forth below changes and is not updated by LURC such that only the Authorized Representative who issued the instruction is available to receive a callback or email confirmation, or (c) LURC is an individual. LURC acknowledges that pursuant to this Schedule, Trustee is offering an option for callback or email confirmation to a different Authorized Representative, and if LURC nevertheless names only a single Authorized Representative or fails to update Authorized Representative information, LURC agrees to be bound by any instruction, whether or not authorized, confirmed by callback or email confirmation to the issuer of the instruction.

------

---

| | | |
|:---|:---|:---|
| NAME | SIGNATURE | TELEPHONE, CELL NUMBER and EMAIL ADDRESS |
| <br>Brandon Frey, Chairman-President | <br><u>/s/ Brandon Frey&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> | <br>(ph) (225) 342-4427<br>(cell) (225)202-0856<br>Brandon.Frey@la.gov |
| <br>John Carroll, Secretary-Treasurer | <br><u>/s/ John Carroll&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> | <br>(ph) (318) 402-0483<br>(cell) (318) 792-1898<br>jcarroll@wellspringadvisor.com |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Email confirmation is only permitted to a corporate email address for purposes of this Schedule. Any personal email addresses provided will not be used for email confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.This Schedule may be signed in counterparts and the undersigned certifies that any signature set forth on an attachment to this Schedule is the true and genuine signature of an Authorized Representative and that each such Authorized Representative's contact information is current and up-to-date at the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.That pursuant to LURC's governing documents, as amended, the undersigned has the power and authority to execute this Designation on behalf of LURC, and that the undersigned has so executed this Designation this 29<sup>th</sup> day of March, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Notwithstanding the above, if LURC is an individual, no signature will be required below.

---

| |
|:---|
| Signature: <u>/s/ Barrett E. Green</u> |
| Name: Brandon Frey |
| Title: Chairman-President, LURC Board |

---

**FOR YOUR SECURITY, PLEASE CROSS OUT ALL UNUSED SIGNATURE LINES ON THIS SCHEDULE 1**

All instructions, including but not limited to funds transfer instructions, whether transmitted by facsimile or set forth in a PDF attached to an email, must include the signature (or electronic signature subject to the conditions set forth in the Trust Agreement) of the Authorized Representative authorizing said funds transfer on behalf of LURC.

## Exhibit 99.2

**SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT<br>OF ENTERGY FINANCE COMPANY, LLC**

This Second Amended and Restated Limited Liability Company Agreement (this "***<u>Agreement</u>***") of ENTERGY FINANCE COMPANY, LLC (the "***<u>Company</u>***") is entered into effective as of March 29, 2023, by Entergy Utility Holding Company, LLC, a Delaware limited liability company ("***<u>EUHC</u>***" or the "***<u>Common Member</u>***"), Restoration Law Trust I, a Louisiana special public trust ("***<u>Trust I</u>***" or the "***<u>Class A</u> <u>Preferred Member</u>***"), and Restoration Law Trust II, a Louisiana special public trust ("***<u>Trust II</u>***" or the "***<u>Class B Preferred Member</u>***", and, together with the Common Member and the Class A Preferred Member, the "***<u>Members</u>***"), as the members of the Company (as defined herein).

WHEREAS, the Company was formed as a Delaware limited liability company by the filing by Entergy Holdings Company, LLC ("***<u>EHCL</u>***") of a Certificate of Formation with the Secretary of State of the State of Delaware on August 14, 2019;

WHEREAS, the Company is currently governed by the Amended and Restated Limited Liability Company Agreement of the Company dated as of May 19, 2022 (the "***<u>Prior Agreement</u>***");

WHEREAS, on March 3, 2022, the Louisiana Public Service Commission (the "***<u>Commission</u>***" or "***<u>LPSC</u>***"), in its capacity as the governmental body having the power of supervision, regulation and control over public utilities providing service in the State of Louisiana, including Entergy Louisiana, LLC ("***<u>ELL</u>***"), issued in its Docket U-35991 a financing order (the "***<u>Trust I Financing Order</u>***") relating to, among other things, a securitization bond financing to address ELL's system restoration costs for several 2020 and 2021 hurricanes and winter storms;

WHEREAS, pursuant to an Indenture of Trust (the "***<u>Trust I Indenture</u>***") dated May 1, 2022, between Louisiana Local Government Environmental Facilities and Community Development Authority (the "***<u>Issuer</u>***") and U.S. Bank Trust Company in its capacity as Indenture trustee, the Issuer issued and sold $3,193,505,000 aggregate principal amount of system restoration bonds (Louisiana Utilities Restoration Corporation Project/ELL) Series 2022 (the "***<u>Trust I LURC Bonds</u>***") in accordance with the Trust I Financing Order;

WHEREAS, the proceeds of the Trust I LURC Bonds were loaned by the Issuer to the Louisiana Utilities Restoration Corporation ("***<u>LURC</u>***") pursuant to a loan agreement (the "***<u>Trust I</u> <u>Loan Agreement</u>***") between the Issuer and LURC dated May 1, 2022, and LURC contributed the loaned amount (net of issuance costs of the Issuer and LURC) to Trust I;

WHEREAS, Trust I has used all of such contributed proceeds to acquire Class A Preferred Membership Interests in the Company;

WHEREAS, the previous holder of the Company's Common Membership Interests, EHCL, has dissolved effective May 24, 2022, and EUHC succeeded to these Common Membership Interests;

WHEREAS, on January 27, 2023, the LPSC, in its capacity as the governmental body having the power of supervision, regulation and control over public utilities providing service in the State of Louisiana, including ELL, issued in its Docket No. U-36350-A a financing order (the "***<u>Trust II Financing Order</u>***") relating to, among other things, a securitization bond financing to address ELL's system restoration costs for Hurricane Ida;

------

WHEREAS, pursuant to an Indenture of Trust (the "***<u>Trust II Indenture</u>***") dated March 1, 2023, between the Issuer and U.S. Bank Trust Company, National Association in its capacity as Indenture trustee, the Issuer will be issuing and selling $1,491,485,000 aggregate principal amount of system restoration bonds (Louisiana Utilities Restoration Corporation Project/ELL) Series 2023 (the "***<u>Trust II LURC Bonds</u>***") in accordance with the Trust II Financing Order;

WHEREAS, the proceeds of the Trust II LURC Bonds will be loaned by the Issuer to the LURC pursuant to the loan agreement (the "***<u>Trust II Loan Agreement</u>***") between the Issuer and LURC dated March 1, 2023, and LURC will then contribute the loaned amount (net of issuance costs of the Issuer and LURC) to Trust II;

WHEREAS, Trust II shall use all of such contributed proceeds to acquire Class B Preferred Membership Interests in the Company; and

WHEREAS, the Common Member and the Class A Preferred Member desire to amend and restate the Prior Agreement to create a new class of preferred membership interests, and certain other matters, which amendment is being effected pursuant to Sections 2.6 and 4.4 of the Prior Agreement by the signature of such Members, and by resolution of the Board dated as of the date hereof.

NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and intending to be legally bound, the Common Member, the Class A Preferred Member, and the Class B Preferred Member hereby agree as follows:

**ARTICLE I<br>DEFINITIONS**

"**<u>Act</u>**" means the Delaware Limited Liability Company Act, Del. Code Ann. tit. 6, §§ 18 101 et seq.

"***<u>Affiliate</u>***" means with respect to a specified Person, any Person that directly or indirectly controls, is controlled by, or is under common control with, the specified Person. As used in this definition, the term "control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise.

"***<u>Agreement</u>***" has the meaning ascribed to such term in the preamble to this Agreement.

"***<u>Board</u>***" means the board of directors of the Company established pursuant to <u>Section 3.3</u> hereof.

"***<u>Business Day</u>***" means any day other than a Saturday, a Sunday, or a day on which banking institutions in New York, New York, or Baton Rouge, Louisiana are authorized or obligated by law, regulation, or executive order to remain closed.

"***<u>Certificate of Formation</u>***" means the Certificate of Formation of the Company and any and all amendments thereto and restatements thereof filed on behalf of the Company with the office of the Secretary of State of the State of Delaware pursuant to the Act.

"***<u>Class A Preferred Member</u>***" has the meaning ascribed to such term in the preamble to this Agreement.

------

"***<u>Class A Preferred Membership Interest</u>***" means the Class A Preferred Member's Preferred Membership Interest.

"***<u>Class A Preferred Unit</u>***" means Units held by the Class A Preferred Member.

"***<u>Class B Preferred Member</u>***" has the meaning ascribed to such term in the preamble to this Agreement.

"***<u>Class B Preferred Membership Interest</u>***" means the Class B Preferred Member's Preferred Membership Interest.

"***<u>Class B Preferred Unit</u>***" means Units held by the Class B Preferred Member.

"***<u>Common Member</u>***" has the meaning ascribed to such term in the preamble to this Agreement.

"***<u>Common Membership Interest</u>***" means, with respect to any Common Member, (a) that Common Member's status as a Common Member, (b) that Common Member's share of the right to receive distributions from the Company with respect to Common Units, (c) all other rights, benefits and privileges enjoyed by that Common Member (under the Act, this Agreement, or otherwise) in its capacity as a Common Member, including that Common Member's rights to vote, consent and approve and otherwise to participate in the management of the Company, to the extent provided in this Agreement, and (d) all obligations, duties and liabilities imposed on that Common Member (under the Act, this Agreement or otherwise) in its capacity as a Common Member.

"***<u>Common Units</u>***" means Units representing a Common Membership Interest in the Company, which is issued to a Common Member and represents an economic interest in the Company, including the right to receive distributions of the Company's assets in accordance with the provisions of this Agreement and the Act.

"***<u>Company</u>***" has the meaning ascribed to such term in the preamble to this Agreement.

"***<u>DGCL</u>***" has the meaning ascribed to such term in <u>Section 3.12</u>.

"***<u>Director</u>***" means a Person designated as a director of the Company pursuant to <u>Section 3.3</u> hereof.

"***<u>Distribution Coverage Ratio</u>***" has the meaning ascribed to such term in <u>Section 3.16(b)</u>.

"***<u>Distribution Payment</u>***" has the meaning ascribed to such term in <u>Section 4.6</u>.

"***<u>Distribution Payment Date</u>***" has the meaning ascribed to such term in <u>Section 4.6</u>.

"***<u>Distribution Period</u>***" has the meaning ascribed to such term in <u>Section 4.6</u>.

"***<u>DSRS</u>***" means the Debt Service Reserve Subaccount established under the Indenture.

"***<u>ELL</u>***" has the meaning ascribed to such term in the preamble to this Agreement.

"***<u>ETR</u>***" means Entergy Corporation.

"***<u>Existing Common Unit</u>***" has the meaning ascribed to such term in <u>Section 4.3</u>.

------

"***<u>Financial Covenant</u>***" has the meaning ascribed to such term in <u>Section 3.16</u>.

"***<u>Indenture</u>***" has the meaning ascribed thereto in the preamble to this Agreement.

"***<u>LPSC</u>***" has the meaning ascribed to such term in the preamble to this Agreement.

"***<u>LURC</u>***" has the meaning ascribed to such term in the preamble to this Agreement.

"***<u>LURC Bonds</u>***" has the meaning ascribed to such term in the preamble to this Agreement.

"***<u>LURC Bond Default</u>***" has the meaning ascribed to such term in <u>Section 4.5</u>.

"***<u>Mandatory Redemption Notice</u>***" has the meaning ascribed to such term in <u>Section 4.5</u>.

"***<u>Members</u>***" has the meaning ascribed to such term in the preamble to this Agreement.

"***<u>Membership Interest</u>***" means a Common Membership Interest or a Preferred Membership Interest. A Member may hold more than one type of Membership Interest.

"***<u>Net Worth</u>***" means, as of any date of determination, the excess of the total assets of the Company over the total liabilities of the Company. For purposes of calculating Net Worth, (i) total liabilities of the Company shall include only (A) debt owed by the Company or any of its consolidated subsidiaries to any of Affiliates of the Company (other than consolidated subsidiaries) and (B) recourse debt of the Company or any of its consolidated subsidiaries owed to third parties (with any non-recourse debt of the Company or its consolidated subsidiaries owed to third parties being excluded), and (ii) total assets of the Company shall exclude the book value of any assets securing non-recourse debt of the Company or any of its consolidated subsidiaries owed to third parties. For the avoidance of doubt, the Class A Preferred Membership Interests shall be considered equity, and not debt, for purposes of calculating Net Worth.

"***<u>Officers</u>***" has the meaning ascribed to such term in <u>Section 3.14</u>.

"***<u>Person</u>***" includes any individual, corporation, association, partnership (general or limited), joint venture, trust, estate, limited liability company, or other legal entity or organization.

"***<u>Preferred Member</u>***" means the Class A Preferred Member and the Class B Preferred Member.

"***<u>Preferred Membership Interest</u>***" means, with respect to any Preferred Member, (a) that Member's status as a Class A or Class B Preferred Member, (b) that Preferred Member's share of the right to receive distributions from the Company with respect to Class A or Class B Preferred Units, (c) all other rights, benefits and privileges enjoyed by that Preferred Member (under the Act, this Agreement, or otherwise) in its capacity as a Preferred Member, including that Preferred Member's rights to vote, consent and approve and otherwise to participate in the management of the Company, to the extent provided in this Agreement, and (d) all obligations, duties and liabilities imposed on that Preferred Member (under the Act, this Agreement or otherwise) in its capacity as a Preferred Member.

"***<u>Preferred Unit</u>***" means Units representing a Preferred Membership Interest in the Company, which is issued to a Preferred Member and represents an economic interest in the Company, including the right to receive distributions of the Company's assets in accordance with the provisions of this Agreement and the Act.

------

"***<u>Prior Agreement</u>***" has the meaning ascribed to such term in the preamble to this Agreement.

"***<u>Put Right</u>***" means the right of each Preferred Member to require the Company to redeem all or a portion of the Preferred Units held by such Preferred Member on the terms set forth in <u>Section 4.5</u>.

"***<u>Redeeming Preferred Member</u>***" has the meaning ascribed to such term in <u>Section 4.5</u>.

"***<u>Redemption Notice</u>***" has the meaning ascribed to such term in <u>Section 4.5</u>.

"***<u>Redemption Amount</u>***" has the meaning ascribed to such term in Section 4.5.

"***<u>Serial Redemption Notice</u>***" has the meaning ascribed to such term in <u>Section 4.5</u>.

"***<u>State</u>***" means the State of Louisiana.

"***<u>Trust I</u>***" has the meaning ascribed to such term in the preamble to this Agreement.

"***<u>Trust II</u>***" has the meaning ascribed to such term in the preamble to this Agreement.

"***<u>Trust I Agreement</u>***" means the trust agreement, dated as of May 19, 2022, creating Trust I.

"***<u>Trust II Agreement</u>***" means the trust agreement, dated as of March 29, 2023, creating Trust II.

"***<u>Trustee</u>***" means the trustee under the Trust I Agreement and the Trust II Agreement.

"***<u>Unit</u>***" means a Membership Interest in the Company, which shall be divided into Common Units, Class A Preferred Units, and Class B Preferred Units.

**ARTICLE II<br>FORMATION AND TERM**

Section 2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Formation.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Certificate of Formation has been filed with the Secretary of State of the State of Delaware by an "authorized person" within the meaning of the Act. Each Officer of the Company is hereby authorized to execute, deliver and file any certificates (and any amendments and/or restatements thereof) (i) required or permitted to be filed in the office of the Secretary of State of the State of Delaware, or (ii) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The name and mailing address of the Members and the number of Units owned by each of the Members shall be listed on Schedule A attached hereto. The Secretary of the Company shall be required to update Schedule A from time to time as necessary to reflect accurately the information therein that may be updated as a result of the admission or substitution of a member, and any such update to the information contained therein made in accordance with the provisions of this Agreement shall not constitute an amendment to this Agreement; provided that notice of any such update to Schedule A relating to the Class A Preferred Member or Class B Preferred Member shall be provided as promptly as reasonably practicable to the Class A Preferred Member and Class B Preferred Member, respectively. Any reference in this Agreement to Schedule A shall be deemed to be a reference to Schedule A as amended and in effect from time to time.

------

Section 2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Term</u>. The term of the Company commenced upon the date the Certificate of Formation was filed in the office of the Secretary of State of the State of Delaware and shall continue in perpetuity until the Company is dissolved in accordance with the provisions of this Agreement. The existence of the Company as a separate legal entity shall continue until cancellation of the Certificate of Formation in the manner required by the Act.

Section 2.3 &nbsp;&nbsp;&nbsp;&nbsp;<u>Registered Agent and Office</u>. The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is The Corporation Trust Company, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801. The address of the registered office of the Company in the State of Delaware is c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801.

Section 2.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Principal Place of Business</u>. The principal business office of the Company shall be at 2107 Research Forest Drive, The Woodlands, Texas 77380 or at such location within or without the State of Texas as may be determined by the Board.

Section 2.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Governmental Certificates</u>. EHCL, as an authorized person within the meaning of the Act, has executed, delivered, and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. The Common Member, the Preferred Members, and the Board (as defined in <u>Section 3.3</u> below), or an officer of the Company shall execute, deliver, and file any other certificates (and any amendments and restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business.

Section 2.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments</u>. This Agreement may not be modified, altered, supplemented, or amended except pursuant to the consent requirements specified herein; provided, however, that the Common Member may amend this Agreement subject to the consent rights set forth in <u>Section 4.4</u> below.

Section 2.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Prior Agreement</u>. The Prior Agreement is hereby amended and restated in its entirety by this Agreement.

**ARTICLE III<br>PURPOSE AND POWERS OF THE COMPANY**

Section 3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Purpose</u>. The Company was formed for the object and purpose of, and the nature of the business to be conducted and promoted by the Company is, engaging in any lawful act or activity for which limited liability companies may be formed under the Act.

Section 3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Powers of the Company</u>. In furtherance of its purposes, but subject to all of the provisions of this Agreement, the Company shall have the power and is hereby authorized to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acquire by purchase, lease, contribution of property, or otherwise, own, hold, sell, convey, transfer, or dispose of any real or personal property that may be necessary, convenient, or incidental to the accomplishment of the purpose of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) act as a trustee, executor, nominee, bailee, director, officer, agent, or in some other fiduciary capacity for any person or entity and to exercise all of the powers, duties, rights, and responsibilities associated therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) take any and all actions necessary, convenient, or appropriate as trustee, executor, nominee, bailee, director, officer, agent, or other fiduciary, including the granting or approval of waivers, consents, or amendments of rights or powers relating thereto and the execution of appropriate documents to evidence such waivers, consents, or amendments;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) operate, purchase, maintain, finance, improve, own, sell, convey, assign, mortgage, lease, or demolish or otherwise dispose of any real or personal property that may be necessary, convenient, or incidental to the accomplishment of the purposes of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) borrow money and issue evidences of indebtedness in furtherance of any or all of the purposes of the Company, and secure the same by mortgage, pledge, or other lien on the assets of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) invest any funds of the Company pending distribution or payment of the same pursuant to the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) prepay in whole or in part, refinance, recast, increase, modify, or extend any indebtedness of the Company and, in connection therewith, execute any extensions, renewals, or modifications of any mortgage or security agreement securing such indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) enter into, perform and carry out contracts of any kind, including, without limitation, contracts with any person or entity affiliated with the Common Member, necessary to, in connection with, convenient to, or incidental to the accomplishment of the purposes of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employ or otherwise engage employees, managers, contractors, advisors, attorneys, and consultants and pay reasonable compensation for such services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) enter into partnerships, limited liability companies, trusts, associations, corporations, or other ventures with other persons or entities in furtherance of the purposes of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) do such other things and engage in such other activities related to the foregoing as may be necessary, convenient, or incidental to the conduct of the business of the Company, and have and exercise all of the powers and rights conferred upon limited liability companies formed pursuant to the Act.

Section 3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Board of Directors</u>. Except as otherwise specifically provided in this Agreement, the business and affairs of the Company shall be exclusively managed by or under the direction of a board of directors of the Company (the "***<u>Board</u>***") consisting of one or more natural persons designated as directors of the Company as provided below (each a "***<u>Director</u>***"). The number of Directors which shall constitute the whole Board shall be not less than one (1) nor more than ten (10). Subject to the foregoing, the number of Directors may be fixed from time to time by the Board or the Common Member. The number of Directors as of the date of this Agreement is hereby set at three (3) and the current Directors are listed on Schedule B attached hereto. <u>Schedule B</u> attached hereto shall be amended from time to time by the Board to reflect the current Directors, and any such amendment to the information contained therein made in accordance with the provisions of this Agreement shall not constitute an amendment of this Agreement. Directors shall be elected at the annual meeting of the Common Member. Each Director elected shall hold office until a successor is elected and qualified or until such Director's earlier death, resignation or removal. Directors need not be Members. Vacancies and newly created directorships resulting from any increase in the authorized number of Directors may be filled by resolution duly adopted by the Common Member, at a special meeting held for such purpose, by action taken in lieu of such meeting, or at the next annual meeting of Members following any vacancy. Any Director so chosen to fill a vacancy or a newly created directorship shall hold office until the next annual meeting of Members and until his or her successor is duly elected and qualified or until such Director's earlier death, resignation or removal.

Section 3.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Powers</u>. The Board shall have the power to do any and all acts necessary, convenient, or incidental to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise.

------

Section 3.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Meeting of the Board</u>. The Board may hold meetings, both regular and special, within or without the State of Delaware. Regular meetings of the Board may be held without notice at such time and at such place as shall from time to time be determined by the Board. Special meetings of the Board may be called by the Chairman of the Board or the President (or, if there is no President or similar Officer, the Common Member) on not less than 24 hours' notice to each Director by telephone, facsimiles, mail, telegram, or any other means of communication, and such meetings shall be held at the principal business office of the Company or at such other place or places, either within or without the State of Delaware, as shall be specified in the notice thereof.

Section 3.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Quorum; Acts of the Board</u>. At all meetings of the Board, a majority of the Directors shall constitute a quorum for the transaction of business and, except as otherwise provided in any other provision of this Agreement, the act of a majority of the Directors present at any meeting at which there is a quorum shall be the act of the Board. If a quorum shall not be present at any meeting of the Board, the Directors present at such meeting may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. Any action required or permitted to be taken at any meeting of the Board or of any sub-committee thereof may be taken without a meeting if all members of the Board or sub-committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Board or sub-committee. Any and all actions of the Board must be taken at a duly authorized meeting of the Board or upon unanimous consent of the Board.

Section 3.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Electronic Communications</u>. Directors, or any sub-committee designated by the Board, may participate in meetings of the Board, or any sub-committee, by means of telephone conference or similar communications equipment that allows all persons participating in the meeting to hear each other, and such participation in a meeting shall constitute presence in person at the meeting. If all the participants are participating by telephone conference or similar communication equipment, the meeting shall be deemed to be held at the principal place of business of the Company.

Section 3.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Committees of the Board</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board may designate one or more sub-committees, each sub-committee to consist of one or more of the Directors of the Company. The Board may designate one or more Directors as alternate members of any sub-committee, who may replace any absent or disqualified member at any meeting of the sub-committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the absence or disqualification of a member of a sub-committee, the number of members thereof present at any meeting and not disqualified from voting, whether or not such members constitute a quorum, may unanimously appoint another member of the Directors to act at the meeting in the place of any such absent or disqualified member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any such sub-committee, to the extent provided in the resolution of the Board, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Company. Such sub-committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the Board. Each sub-committee shall keep regular minutes of its meetings and report the same to the Board when required.

Section 3.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation of Directors; Expenses</u>. The Board shall have the authority to fix the compensation of Directors. The Directors may be paid their expenses, if any, of attendance at meetings of the Board, which may be a fixed sum for attendance at each meeting of the Board or a stated salary for each Director. No such payment shall preclude any Director from serving the Company in any other capacity and receiving compensation therefor. Members of special or standing sub-committees may be allowed like compensation for attending subcommittee meetings.

------

Section 3.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Removal of Directors</u>. Unless otherwise restricted by law, any Director may be removed, with or without cause by the Common Member, and without the consent of the Class A Preferred Member, and any vacancy caused by any such removal may be filled by action of the Common Member.

Section 3.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Directors as Agents</u>. To the extent of their powers set forth in this Agreement, the Directors are agents of the Company for the purpose of the Company's business, and the actions of the Directors taken in accordance with such powers set forth in this Agreement shall bind the Company. However, except as provided in this Agreement, no Director shall have the authority to bind the Company in his or her individual capacity.

Section 3.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Duties of Directors</u>. Except as provided in this Agreement in exercising their rights and performing their duties under this Agreement, the Director shall have a fiduciary duty of loyalty and care similar to that of a director of a business corporation organized under the General Corporation Law of the State of Delaware (the "***<u>DGCL</u>***").

Section 3.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Resignation</u>. Any Director may resign at any time by giving written notice to the Board, the Chairman of the Board, the President, or the Secretary. Any such resignation shall take effect at the time specified therein, or, if the time be not specified, upon receipt thereof, and unless otherwise specified therein, acceptance of such resignation shall not be necessary to make it effective.

Section 3.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Officers</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. The Board may select natural persons who are agents or employees of the Company to be designated as officers of the Company ("***<u>Officers</u>***"), with such titles as the Board shall determine in its sole discretion. Any number of offices may be held by the same person. The Officers shall hold office until their successors are chosen and qualify or they are otherwise removed from office by the Board. The initial Officers are listed on <u>Schedule C</u> attached hereto. <u>Schedule C</u> attached hereto shall be amended from time to time by the Board to reflect the current Officers, and any such amendment to the information contained therein made in accordance with the provisions of this Agreement shall not constitute an amendment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)<u>The Chief Executive Officer</u>. The Chief Executive Officer or, if no Chief Executive Officer is elected, the President, subject to the direction of the Board, shall have direct charge of and general supervision over the day-to-day business and affairs of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)<u>The Chairman of the Board</u>. The Chairman of the Board shall be a member of the Board. He shall preside at all meetings of the Board and shall have such other duties as from time to time may be assigned to him by the Board or by the Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)<u>The President</u>. The President shall perform all duties incident to the office of president of a corporation organized under the DGCL and such other duties as from time to time may be assigned to him or her by the Board or the Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)<u>The Vice Presidents</u>. Each Vice President shall have such powers and shall perform such duties incident to the offices of a vice president of a corporation organized under the DGCL and such other duties from time to time as may be conferred upon or assigned to him or her by the Board or as may be delegated to him or her by the Chief Executive Officer or the President. In the absence of the Chief Executive Officer and the President, or in the event of the Chief Executive Officer's and the President's

------

inability to act, the Vice President, if any (or in the event there be more than one Vice President, the Vice Presidents in the order designated by the Board, or in the absence of any designation, then in the order of their election) shall perform the duties of the President and, when so acting, shall have all the powers of and be subject to all the restrictions upon the President.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)<u>The Secretary</u>. The Secretary shall attend all meetings of the Board and record all the proceedings of the meetings of the Members and of the Board in a book to be kept for that purpose and shall perform like duties for any standing committees of the Board when required. The Secretary shall cause notices of all meetings of the Board to be given in accordance with this Agreement, shall be custodian of the records and the seal, if any, of the Company, and shall cause the Company seal, if any, to be affixed to all documents the execution of which under seal is duly authorized, and when the Company seal is so affixed, may attest to the same. The Secretary shall perform such other duties as are incident to the office of secretary of a corporation organized under the DGCL or as may be prescribed by the Board or the President, under whose supervision the Secretary shall be. The Board may appoint an Assistant Secretary to perform the duties of the Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)<u>The Treasurer</u>. The Treasurer shall have charge and custody of, and be responsible for, all funds, securities, receipts, and disbursements of the Company and shall deposit or cause to be deposited all moneys and other valuable effects in the name and to the credit of the Company in such banks, trust companies, or other depositories as shall, from time to time, be designated by the Board or by the Treasurer if so authorized by the Board. The Treasurer: (A) may endorse for collection on behalf of the Company checks, notes and other obligations, (B) may sign receipts and vouchers for payments made to the Company, (C) may, singly or jointly with another person as may be authorized by the Board, sign checks on the Company's accounts and pay out and disburse the funds of the Company under the direction of the Board, taking proper vouchers for such disbursements, and (D) shall render or cause to be rendered to the Chief Executive Officer, the President and the Board, whenever requested, an account of all of the Treasurer's transactions and of the financial condition of the Company. The Treasurer shall perform such other duties as are incident to the office of treasurer of a corporation organized under the DGCL or as may be assigned from time to time by the Chief Executive Officer, the President, or the Board. The Board may appoint an Assistant Treasurer to perform the duties of the Treasurer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)<u>The Tax Officers</u>. One or more Tax Officers shall have the authority to communicate with the Internal Revenue Service and with state and local tax authorities, may sign tax returns, shall pay or cause to be paid taxes, and shall have the authority to settle tax liabilities in the name or on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Officers as Agents</u>. The Officers, to the extent of their powers set forth in this Agreement or otherwise vested in them by action of the Board not inconsistent with this Agreement, are agents of the Company for the purpose of the Company's business, and the actions of the Officers taken in accordance with such powers shall bind the Company.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Duties of Officers</u>. Except to the extent otherwise provided herein, each Officer shall have a fiduciary duty of loyalty and care similar to that of officers of business corporations organized under the DGCL.

Section 3.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Business</u>. The Members and Directors may engage in or possess an interest in other business ventures (unconnected with the Company) of every kind and description. The Company shall not have any rights in or to such independent ventures or the income or profits therefrom by virtue of this Agreement.

Section 3.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Financial Covenants</u>. For so long as any Preferred Membership Interest remains outstanding, the Company shall comply with the following financial covenants (collectively, the "***<u>Financial Covenants</u>***") which shall be measured as follows: (i) as to each Financial Covenant, as of the last day of each calendar quarter, and (ii) in the case of the Financial Covenant set forth in clause (a) below, also as of the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for so long as any Preferred Membership Interest remains outstanding, the Company's Net Worth shall be equal to or greater than an amount equal to the sum of (x) all amounts due under the Company's outstanding debt (including without limitation, outstanding principal, accrued and unpaid interest thereon, premium, if any, and all fees or other amounts due in respect thereof), and (y) the aggregate Redemption Amount then payable in respect of the Preferred Units (assuming the redemption of all outstanding Preferred Units on the date the Company's Net Worth is being determined); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company's Distribution Coverage Ratio shall be at least 1:1.

&nbsp;&nbsp;&nbsp;&nbsp;"Distribution Coverage Ratio" means, as to any given calendar quarter of the Company, the ratio of (A) the total amount of interest, calculated on a consolidated post-tax basis, earned by the Company and its consolidated subsidiaries in that calendar quarter (including, for the avoidance of doubt, both interest earned on loans made by the Company to any of its Affiliates other than consolidated subsidiaries and interest earned by the Company on securities issued by Affiliates other than consolidated subsidiaries or non-Affiliates of the Company) to (B) the total amount of distributions made by the Company in that calendar quarter to the holders of Preferred Units pursuant to <u>Section 4.6</u> hereof. For purposes of this definition, "consolidated post-tax basis" shall mean a calculation which reduces the amount of interest income of the Company and its consolidated subsidiaries for a fiscal quarter determined on a consolidated basis by an amount equal to the total current income tax expense of the Company and its consolidated subsidiaries for such fiscal quarter determined on a consolidated basis, *divided by* the total taxable income of the Company and its consolidated subsidiaries for such fiscal quarter determined on a consolidated basis and *multiplied by* the amount of such interest income.

**ARTICLE IV<br>CAPITAL CONTRIBUTIONS AND INTERESTS**

Section 4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Units Generally</u>. The Membership Interests of the Members shall be represented by issued and outstanding Units, which may be divided into one or more types, classes, or series. Each type, class, or series of Units shall have the privileges, preference, duties, liabilities, obligations, and rights, including voting rights, if any, set forth in this Agreement with respect to such type, class, or series. The Company may issue fractional Units.

Section 4.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Membership Interests; Certification</u>. The authorized Membership Interests shall consist of (i) Common Units, (ii) Class A Preferred Units, and (iii) Class B Preferred Units. As of the date hereof, there shall be issued and outstanding 1,000 Common Units; 31,169,292.7125 Class A Preferred Units; and 14,576,747.48 Class B Preferred Units. The Preferred Units shall have a liquidation value per Preferred Unit equal to $100. The Units shall be uncertificated, unless the Board

------

determines to issue certificates to the Members representing the Units of membership interests held by each Unit holder. Subject to the consent rights of the holders of the Preferred Units set forth herein, the Company is authorized, in the Board's sole discretion, in order to raise additional capital, acquire assets, redeem or retire Company debt, or for any other Company purpose, to cause the Company to issue:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an unlimited number of additional Common Units, Preferred Units or any other type of limited liability company interest in the Company, which may be of a new class or classes or series, from time to time, to additional Members pursuant to <u>Section 4.9</u>, all without the approval of the Common Member or any other Persons who may acquire an interest in any of the limited liability company interests in the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any limited liability company interests in the Company or other securities issued or issuable by the Company pursuant to <u>Section 4.1</u> and <u>Section 4.9</u>, subject to the limitations referred to therein and except as prohibited by the Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the Board shall do all things necessary to comply with the Act and is authorized and directed to do all things it deems to be necessary or advisable in connection with any such issuance, including without limitation compliance with any statute, rule, regulation, or guideline of any federal, state, or other governmental agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the Company may assume liabilities and hypothecate its property in connection with any such issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)such limited liability company interests shall be issuable from time to time in one or more classes or series, at such price, and with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers, and duties senior to existing interests or classes or series thereof, all as shall be fixed by the Board in the exercise of its sole discretion, including, without limitation: (i) the right of such additional limited liability company interests in the Company or class or series thereof to share in Company distributions; (ii) the rights of such additional limited liability company interests in the Company or class or series thereof upon dissolution and liquidation of the Company; (iii) whether such additional limited liability company interests in the Company or class or series thereof are redeemable by the Company and, if so, the price at which, and the terms and conditions on which, such additional limited liability company interests in the Company or class or series thereof may be redeemed by the Company; (iv) whether such additional limited liability company interests in the Company or class or series thereof are issued with the privilege of conversion and, if so, the rate at and the terms and conditions upon which such additional limited liability company interests in the Company or class or series thereof may be converted into any other limited liability company interest in the Company or class or series thereof; (v) the terms and conditions of the issuance of such additional limited liability company interests in the Company or class or series thereof; and (vi) the rights of such additional limited liability company interests in the Company or class or series thereof to vote on matters relating to the Company and this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)upon such issuance, the Board, in its sole discretion and without the approval of the Common Member or other Person who may acquire an interest in any limited liability company interests in the Company, may

------

amend any provision of this Agreement (each Person accepting limited liability company interests in the Company being deemed to approve such amendment), and execute, swear to, acknowledge, deliver, file, and record whatever documents may be required in connection therewith, as shall be necessary or desirable to reflect the authorization and issuance of such additional limited liability company interests in the Company or class or series thereof or other securities and the relative rights and preferences of such additional limited liability company interests in the Company or class or series thereof or other securities.

Section 4.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Common Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Common Units</u>. The Company is authorized to issue and has issued 1,000 Common Units, all of which are currently held by the Common Member. The Common Member is not entitled to the return of any part of its capital contributions. An unrepaid capital contribution is not a liability of the Company or of the Common Member. The Common Member is not required to contribute or to lend any cash or property to the Company to enable the Company to return the Common Member's capital contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Distributions to the Common Member</u>. Distributions shall be made to the Common Member at the times and in the aggregate amounts determined by the Board. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not make a distribution to the Common Member on account of its interest in the Company if such distribution would violate Section 18-607 of the Act or other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Assignments.</u> The Common Member may assign in whole or in part its Units with the written consent of the Board. If the Common Member transfers all of its Units pursuant to this Section 4.3(c), the transferee shall be admitted to the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement. Such admission shall be deemed effective concurrent with the transfer, and, concurrent with such admission, the transferring Common Member shall cease to be a member of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Additional Contributions</u>. The Common Member is not required to make any additional capital contributions to the Company. The Common Member may make additional capital contributions to the Company in the sole discretion of the Common Member. The Secretary of the Company shall update Schedule A from time to time as necessary to reflect accurately the information therein that may be adjusted as a result of additional capital contributions by the Common Member, and any such update to the information contained therein made in accordance with the provisions of this Agreement shall not constitute an amendment to this Agreement.

Section 4.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Preferred Units</u>. The Company issued Class A Preferred Units to Trust I under the Prior Agreement. The Company shall issue Class B Preferred Units to Trust II as set forth in Schedule A hereto. The rights of each class of Preferred Members shall be pari passu with each other. The Preferred Members shall possess no voting power with respect to such Preferred Units held, except as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding the foregoing, so long as any Preferred Units are outstanding, the Company shall not, without the prior written consent of both Preferred Members:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)convert any Preferred Units into another class or series of Units; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)authorize, create, or increase the number of authorized or outstanding Units that rank senior or equal to the Preferred Units as to the payment of

------

distributions in respect of Units or of distributions upon the liquidation, dissolution, or winding up of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)authorize, create, or issue any obligation or security convertible into or otherwise exercisable for, or any rights or options entitling the holder thereof to purchase, such other class of Units; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)institute proceedings to be adjudicated bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against the Company, or file a petition seeking, or consent to, reorganization or relief with respect to the Company under any applicable federal or state law relating to bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or a substantial part of its property, or make any assignment for the benefit of creditors of the Company, or admit in writing the Company's inability to pay its debts generally as they become due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)dissolve or liquidate other than as provided in <u>Section 5.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The terms and attributes of the Preferred Units may not be modified, amended, terminated, or rescinded without the express prior written approval of both Preferred Members. Any such amendment shall become effective on the later of (A) the date proposed by the parties to such amendment or (B) 31 days after submission of such amendment to LPSC unless LPSC issues an order disapproving such amendment within the 30-day period following such submission.

Section 4.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Put Rights of the Preferred Members</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Put Right</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)If the conditions of Article V of the Trust I Agreement are satisfied, the Class A Preferred Member shall require the Company to redeem all or a portion of the Class A Preferred Units held by the Class A Preferred Member on the terms set forth in this <u>Section 4.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)If the conditions of Article V of the Trust II Agreement are satisfied, the Class B Preferred Member shall require the Company to redeem all or a portion of the Class B Preferred Units held by the Class B Preferred Member on the terms set forth in this <u>Section 4.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Exercise of the Put Right</u>. Each Preferred Member shall exercise its Put Right by delivering to the Company a notice substantially in the form attached hereto as <u>Exhibit A</u> (a "***<u>Mandatory Redemption Notice</u>***") or <u>Exhibit B</u> (a "***<u>Serial Redemption Notice</u>***," and together with the Mandatory Redemption Notice, the "***<u>Redemption Notice</u>***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Redemption Mechanics</u>. After receipt of a Redemption Notice and on the date the Put Right is exercised as indicated in such Redemption Notice, the Company shall redeem the number of Class A or Class B Preferred Units as set forth in such Redemption Notice, which amount may include fractional Units, and the redemption amount shall be equal to the liquidation value of such Preferred Units plus accrued and unpaid distributions in respect of such redeemed Preferred Units, if any, as of the date of the Redemption Notice (the "***<u>Redemption Amount</u>***"). The Company shall distribute the proceeds of the redemption to the Preferred Member exercising its Put Right (the "***<u>Redeeming Preferred Member</u>***") no later than one Business Day following the date the Put Right is exercised as indicated in

------

the Redemption Notice. In consideration for the payment of the Redemption Amount specified in this <u>Section 4.5(c)</u>, the Redeeming Preferred Member shall transfer to the Company the number of its Preferred Units to be so redeemed, free and clear of all liens and encumbrances, and shall furnish to the Company all documentation reasonably required by the Company to effect and evidence the redemption of such Preferred Units. If less than all the outstanding Preferred Units held by the Redeeming Preferred Member are to be redeemed, the selection of Preferred Units for redemption shall be made pro-rata among the outstanding Preferred Units held by the Redeeming Preferred Member. Upon the redemption of any Preferred Units, Schedule A attached hereto shall be amended to reflect the remaining amount, if any, of Preferred Units held by Trust I and Trust II.

Section 4.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Distributions on the Preferred Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Distributions on the Class A Preferred Units</u>. The holders of the Class A Preferred Units shall be entitled to receive, if, when, and as declared by the Directors, out of funds legally available for the payment of distributions and in preference to the holders of Common Units, but not the Class B Preferred Units, cumulative cash distributions with respect to each Class A Preferred Unit owned in an amount equal to seven percent (7%) per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Distributions on the Class B Preferred Units</u>. The holders of the Class B Preferred Units shall be entitled to receive, if, when, and as declared by the Directors, out of funds legally available for the payment of distributions and in preference to the holders of Common Units, but not the Class A Preferred Units, cumulative cash distributions with respect to each Class B Preferred Unit owned in an amount equal to seven and a half percent(7.5%) per annum; provided, however, the distributions made on the first Distribution Payment Date (as defined below) should be calculated on a pro rata basis from the date on which each Class B Preferred Unit is issued to such Distribution Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Preferred Distribution Mechanics</u>. The distributions in this section 4.6 shall be payable annually on December 15 of each year, or if any such date is not a Business Day on the next succeeding Business Day (such distribution, a "***<u>Distribution Payment</u>***", such date a "***<u>Distribution Payment Date</u>***" and each twelve-month period a "***<u>Distribution Period</u>***"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)beginning on December 15, 2022, to holders of record of the Class A Preferred Units as of a date to be fixed by the Board not exceeding sixty (60) days and not less than ten (10) days preceding the applicable Distribution Payment Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)beginning on December 15, 2023, to holders of record of the Class B Preferred Units as of a date to be fixed by the Board not exceeding sixty (60) days and not less than ten (10) days preceding the applicable Distribution Payment Date.

Such distributions shall be made by the Company by mailing a check or sending a wire transfer, in the amount of such distribution, to such holder's last registered address listed in the transfer records of the Company, in the case of a check, or to an account specified by such holder at least ten (10) days prior to the applicable Distribution Payment Date, in the case of a wire transfer.

Section 4.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Distributions on Preferred Units; Non-Participation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The distributions with respect to the Preferred Units provided for in <u>Section 4.6</u> shall be cumulative, whether or not earned or declared, so that, if at any time full cumulative distributions at the rate specified in <u>Section 4.6(c)(1)</u> (for the Class A Preferred Units) or <u>Section 4.6(c)(2)</u> (for the Class B Preferred Units) on the affected Preferred Units then outstanding to the end of the Distribution Period next preceding such time shall not have been paid, the amount of the

------

deficiency shall be paid before any distribution in respect of Common Units or other distribution shall be paid or declared and set apart for payment on any Common Unit or any sum shall be set aside for or applied by the Company to the purchase, redemption, or other acquisition of any Common Membership Interest. No interest, or sum of money in lieu of interest, shall be payable in respect of any Distribution Payment on the Preferred Units which may be in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary contained in this Agreement, for so long as any Preferred Membership Interest remains outstanding, the Board shall have no authority on behalf of the Company to authorize, and the Company shall not make, any distribution to the Common Member, if the Company either is currently, or after giving effect to such distribution to the Common Member on a *pro forma* basis, will be in breach of either Financial Covenant set forth in <u>Section 3.16</u> hereof.

Section 4.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment of Preferred Units</u>. Each Preferred Member may assign in whole or in part its Units with the written consent of the Board. If a Preferred Member transfers all of its Preferred Units pursuant to this Section 4.8, the transferee shall be admitted to the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement. Such admission shall be deemed effective concurrent with the transfer, and, concurrent with such admission, the transferring Preferred Member shall cease to be a member of the Company if all of its Preferred Units are transferred.

Section 4.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Members</u>. Additional Persons may be admitted to the Company as Members. Subject to Section 4.2 above, the terms of admission may provide for the creation of different classes or groups of Members having different rights, powers, and duties, or the creation of different classes or series of limited liability company interests having different rights, powers or duties. The Board shall reflect the creation of any new class or group of Members in an amendment to this Agreement indicating in each case the different rights, powers, and duties. Any such admission shall only be effective after the new Member has executed and delivered to the Board a document including the new Member's notice address and its agreement to be bound by this Agreement.

**ARTICLE V<br>MISCELLANEOUS**

Section 5.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Exculpation and Indemnification</u>. No Member, Director, or Officer shall be liable to the Company, or to any other person or entity that has an interest in the Company, for any loss, damage, or claim incurred by reason of any act or omission performed or omitted by such Member, Director, or Officer in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of the authority conferred on such Member, Director, or Officer by this Agreement, except that a Member, Director, or Officer shall be liable for any such loss, damage, or claim incurred by reason of such Member's, Director's, or Officer's willful misconduct. To the full extent permitted by applicable law, a Member, Director, or Officer shall be entitled to indemnification from the Company for any loss, damage, or claim incurred by such Member, Director, or Officer by reason of any act or omission performed or omitted by such Member, Director, or Officer in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of the authority conferred on such Member, Director, or Officer by this Agreement, except that no Member, Director, or Officer shall be entitled to be indemnified in respect of any loss, damage, or claim incurred by such Member, Director, or Officer by reason of willful misconduct with respect to such acts or omissions; provided, however, that any indemnity under this <u>Section 5.1</u> shall be provided out of and to the extent of Company assets only, and the Class A Preferred Member, the Common Member, Directors, and Officers shall not have personal liability on account thereof.

Section 5.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Resignation</u>. The Common Member may resign from the Company with the written consent of the other Members, if any. If the Common Member is permitted to resign pursuant to this <u>Section 5.2</u>, an additional member may be admitted to the Company, subject to <u>Section 4.9</u> above,

------

upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement. Such admission shall be deemed effective concurrent with the resignation, and concurrent with such admission, the resigning Common Member shall cease to be a member of the Company.

Section 5.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Dissolution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall dissolve and its affairs shall be wound up upon the first to occur of the following: (i) the written consent of the Common Member and, in the event a Preferred Member will not get back all of its capital contributions in any liquidation, that Preferred Member; (ii) the retirement, resignation, or dissolution of the last remaining Member or the occurrence of any other event that terminates the continued membership of the last remaining Member in the Company unless the business of the Company is continued in a manner permitted by the Act; or (iii) the entry of a decree of judicial dissolution under Section 18-802 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except to the extent set forth in <u>Section 5.3(a)</u> of this Agreement, the occurrence of any event that terminates the continued membership of the Common Member in the Company shall not cause the dissolution of the Company, and, upon the occurrence of such an event, the business of the Company shall continue without dissolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of dissolution, the Company shall conduct only such activities as are necessary to wind up its affairs (including the sale of the assets of the Company in an orderly manner). After payment of, or other adequate provision for, the debts and obligations of the Company, including the expenses of its liquidation and dissolution or other transaction expenses, the Company shall distribute the net proceeds or assets available for distribution, whether in cash or in other property, in the following order of priority: first, to the holders of the Preferred Units, on a pari passu basis; next, to the holders of the Common Units. Unless otherwise stated herein, the assets of the Company shall be applied in the manner, and in the order of priority, set forth in Section 18-804 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as set forth in this <u>Section 5.3</u>, the Company shall have perpetual existence.

Section 5.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Books and Records</u>. The Board shall keep or cause to be kept complete and accurate books of account and records with respect to the Company's business. The books of the Company shall at all times be maintained by the Board or by an Officer at the direction of the Board. Each Member and its duly authorized representatives shall have the right to examine the Company books and records and documents during normal business hours. The Company and the Board on behalf of the Company shall not have the right to keep confidential from the Common Member any information that the Company or the Board would otherwise be permitted to keep confidential from the Common Member pursuant to Section 18-305(c) of the Act. The Company's books of account shall be kept using the method of accounting determined by the Board. The Board may appoint independent auditors for the Company, which independent auditors shall be an independent public accounting firm.

Section 5.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Status</u>. The Company elected to be classified as an association taxed as a corporation for federal income tax purposes in accordance with the provisions of Income Tax Regulations Sections 301.7701-3(a) and -3(c). The Common Member may elect from time to time to change the Company's federal income tax status.

Section 5.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability of Provisions</u>. Each provision of this Agreement shall be considered separable, and, if for any reason any provision or provisions herein are determined to be invalid, unenforceable, or illegal under any existing or future law, such invalidity, unenforceability, or illegality shall not impair the operation of or affect those portions of this Agreement that are valid, enforceable and legal.

------

Section 5.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Agreement shall be governed by, and construed under, the laws of the State of Delaware (without regard to conflict of laws principles), all rights and remedies being governed by said laws.

Section 5.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Consent</u>. By their signature hereto, each of the Common Member and the Class A Preferred Member hereby consents to the amendment and restatement of the Prior Agreement to create the Class B Preferred Membership Interests in the Company, and certain other matters in the Prior Agreement, pursuant to Sections 2.6 and 4.4 of the Prior Agreement.

Section 5.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. This Agreement constitutes the entire agreement with respect to the subject matter hereof.

**IN WITNESS WHEREOF**, the undersigned, intending to be legally bound hereby, have duly executed this Agreement as of the date first set forth above.

**ENTERGY UTILITY HOLDING COMPANY, LLC**<br>As the Common Member

By: <u>/s/ Barrett E. Green</u><br>Name: Barrett E. Green<br>Title: Vice President and Treasurer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **RESTORATION LAW TRUST I**

By: <u>/s/ John C. Shiroda</u><br>Name: John C. Shiroda<br>Title: Sr. Vice President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **RESTORATION LAW TRUST II**

By: <u>/s/ John C. Shiroda</u><br>Name: John C. Shiroda<br>Title: Sr. Vice President

------

**SCHEDULE A<br>MEMBERS**

---

| | | |
|:---|:---|:---|
| <u>Name</u> | <u>Mailing Address</u> | <u>Number of Units</u> |
| Entergy Utility Holding Company, LLC | 2107 Research Forest Drive<br>The Woodlands, Texas 77380 | 1,000 (Common) |
| Restoration Law Trust I | c/o Hancock Whitney Bank <br>Corporate Trust Office <br>445 North Boulevard <br>Suite 201 <br>Baton Rouge, Louisiana 70802 <br>Attention: John C. Shiroda, Senior <br>Vice President<br> <u>John.shiroda@hancockwhitney.com</u> | 31,169,292.7125 <br>(Class A <br>Preferred) <br>Unit value <br>$100.00 each |
| Restoration Law Trust II | c/o Hancock Whitney Bank <br>Corporate Trust Office <br>445 North Boulevard <br>Suite 201 <br>Baton Rouge, Louisiana 70802 <br>Attention: John C. Shiroda, Senior <br>Vice President <br> <u>John.shiroda@hancockwhitney.com</u> | 14,576,747.48 <br>(Class B Preferred) Unit value $100.00 each |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Member** | **Date** | **Class of Interests** | **Number of Units** | **Notes** |
| Restoration Law Trust I | May 19, 2022 | Class A Preferred | 31635718.7221 |  |
| Entergy Utility Holding Company, LLC | May 20, 2022 | Common | 1000 | Reflects the transfer by Entergy Holdings Company LLC of 1,000 Common Units to EUHC on May 20, 2022 |
| Restoration Law Trust I | February 1, 2023 | Class A Preferred | 31169292.7125 | Reflects redemption of 466,426.0096<br> units on February 1, 2023 |
| Restoration Law Trust II | March 29, 2023 | Class B Preferred | 14576747.48 |  |
| Restoration Law Trust II | [_____] | Class B Preferred | [show reduced amount outstanding] | Reflects redemption of [____] units on [date] |

---

------

**SCHEDULE B<br>DIRECTORS**

Garth A. Fitzgerald<br>Barrett Green<br>Eddie D. Peebles

------

**SCHEDULE C<br>OFFICERS**

---

| | |
|:---|:---|
| **Officer** | **Name** |
| President | Eddie D. Peebles |
| Vice President | Garth A. Fitzgerald |
| Vice President and Treasurer | Barrett Green |
| Assistant Secretary | Devrim Albuz |
| Tax Officer | Sangeeta Shah |

---

------

**EXHIBIT A: MANDATORY REDEMPTION NOTICE**

Hancock Whitney Bank

445 North Boulevard, Suite 201

Baton Rouge, LA 70802

(225) 248-7407

[Date]

Entergy Finance Company, LLC ("EFC")

2107 Research Forest Drive

The Woodlands, TX 77380

Attention: Treasurer

Entergy Services, LLC

639 Loyola Avenue

New Orleans, Louisiana 70113

Attention: Dawn Balash

dbalash@entergy.com

(504) 576-6755

Re: &nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Exercise of Put Right</u>

Hancock Whitney Bank (the "Trustee") submits this notice in its capacity as trustee of [Trust I / Trust II] created pursuant to that certain trust agreement dated [Date] (the "Trust Agreement") among the Louisiana Utilities Restoration Corporation (the "LURC") as settlor and a beneficiary, Entergy Louisiana, LLC as a beneficiary, and the Trustee. This notice is submitted pursuant to Section 5.01(b) of the Trust Agreement. Any capitalized terms not defined in this letter shall have the meanings ascribed to them in the Trust Agreement.

**Trustee hereby submits notice and certifies that:**

☐&nbsp;&nbsp;&nbsp;&nbsp;the DSRS is drawn down below its minimum funding requirement set forth in the <br>indenture for the LURC Bonds in the amount of $[___________].

☐&nbsp;&nbsp;&nbsp;&nbsp;the LURC Bonds are in payment default in the amount of $[___________].

Pursuant to Section 5.01(b) of the Trust Agreement and Section 4.5 of EFC's LLC Agreement, the Trust hereby exercises its put right and requires EFC to redeem [__________] [Class A/Class B] Preferred Units held by the Trust, with a total redemption amount of $[__________], leaving a balance of [ ] [Class A Preferred Units/ Class B Preferred Units] outstanding after giving effect to the redemption.

Therefore, the undersigned authorizes and directs EFC to make a disbursement to the Trustee via wire transfer to:

 <br> Bank Account ABA #

------

---

| |
|:---|
| <br>Respectfully submitted, |
| Hancock Whitney Bank |
| **Name** |
| **Title** |

---

------

**EXHIBIT B: SERIAL REDEMPTION NOTICE**

Hancock Whitney Bank

445 North Boulevard, Suite 201

Baton Rouge, LA 70802

(225) 248-7407

[Date]

Entergy Finance Company, LLC ("EFC")

2107 Research Forest Drive

The Woodlands, TX 77380

Attention: Treasurer

Entergy Services, LLC

639 Loyola Avenue

New Orleans, Louisiana 70113

Attention: Dawn Balash

dbalash@entergy.com

(504) 576-6755

Re: &nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Exercise of Put Right</u>

Hancock Whitney Bank (the "Trustee") submits this notice in its capacity as trustee of [Trust I / Trust II] created pursuant to that certain trust agreement dated [Date] (the "Trust Agreement") among the Louisiana Utilities Restoration Corporation (the "LURC") as settlor and a beneficiary, Entergy Louisiana, LLC as a beneficiary, and the Trustee. This notice is submitted pursuant to Section 5.01(a)(v) of the Trust Agreement. Any capitalized terms not defined in this letter shall have the meanings ascribed to them in the Trust Agreement.

**Trustee hereby submits notice and certifies that, absent any subsequent notice from the Trustee to the contrary:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)As of [insert Bond Payment Date], a principal payment will have been made on the LURC Bonds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Effective [insert Bond Payment Date], the Trust hereby exercises its put right, granted under Section 4.5 of EFC's LLC Agreement, and requires EFC to redeem [__________] [Class A/Class B] Preferred Units held by the Trust, with a total redemption amount of $[__________], leaving a balance of [ ] [Class A Preferred Units/ Class B Preferred Units] outstanding after giving effect to the redemption.

Therefore, the undersigned authorizes and directs EFC to make a disbursement to the Trustee via wire transfer to:

 <br> Bank Account ABA #

------

---

| |
|:---|
| Respectfully submitted, |
| Hancock Whitney Bank |
| **Name** |
| **Title** |

---

<br>