Document:

Exhibit 10.3

      

    

    ADMINISTRATION AGREEMENT

     

    ADMINISTRATION AGREEMENT, dated as of                    , 2022 (this “Administration Agreement”), is by and between CLECO SECURITIZATION I LLC, a Louisiana limited liability company, as Issuer (the
      “Issuer”), and CLECO POWER LLC, a Louisiana limited liability company (“Cleco Power”), as Administrator (in such capacity, the “Administrator”).  Capitalized terms used and not otherwise defined herein shall have the meanings assigned to such terms
      in Appendix A to the Indenture (as defined below).  Not all terms defined in Appendix A are used in this Administration Agreement.  The rules of construction set forth in Appendix A shall apply to this Administration Agreement and are hereby
      incorporated by reference into this Administration Agreement as if set forth in this Administration Agreement.

     

    W I T N E S S E T H:

     

    WHEREAS, the Issuer is issuing Storm Recovery Bonds pursuant to the Indenture, dated as of the date hereof and the Series Supplement thereto, also dated as of the date hereof (the “Series
      Supplement”) (as amended, supplemented or otherwise modified and in effect from time to time, the “Indenture”), between the Issuer and The Bank of New York Mellon Trust Company, National Association, as the Trustee;

     

    WHEREAS, the Issuer has entered into certain agreements in connection with the issuance of the Storm Recovery Bonds, including (i) the Indenture and the Series Supplement, (ii) the Storm Recovery
      Property Servicing Agreement, dated as of the date hereof (the “Servicing Agreement”), between the Issuer and Cleco Power, as Servicer, (iii) the Storm Recovery Property Sale Agreement, dated as of the date hereof (the “Sale Agreement”), between the
      Issuer and Cleco Power, as Seller, and (iv) the Letter of Representations, dated as of             , 2022 (the “Depository Agreement”), among the Issuer, the Trustee and The Depository Trust Company relating to the Storm Recovery Bonds (the
      Indenture, the Series Supplement, the Servicing Agreement, the Sale Agreement and the Depository Agreement, as such agreements may be amended and supplemented from time to time, being referred to hereinafter collectively as the “Initial Related
      Agreements”);

     

    WHEREAS, pursuant to the Initial Related Agreements, the Issuer is required to perform certain duties in connection with the Initial Related Agreements, the Storm Recovery Bonds and the Trust Estate
      pledged to the Trustee pursuant to the Indenture;

     

    WHEREAS, the Issuer may from time to time enter into and be required to perform certain duties under additional agreements similar to the Initial Related Agreements (together with the Initial Related
      Agreements, the “Related Agreements”);

     

    WHEREAS, the Issuer has no employees, other than its officers, and does not intend to hire any employees, and consequently desires to have the Administrator perform certain of the duties of the
      Issuer referred to in the preceding clauses and to provide such additional services consistent with the terms of this Administration Agreement and the Related Agreements as the Issuer may from time to time request; and

     

    WHEREAS, the Administrator has the capacity to provide the services and the facilities required thereby and is willing to perform such services and provide such facilities for the Issuer on the terms
      set forth herein;

     

    
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    NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree
      as follows:

     

    	1.	
            Duties of the Administrator: Management Services.  The Administrator hereby agrees to provide the following corporate management services to the Issuer and to cause third parties to provide professional services required for or contemplated by such
                services in accordance with the provisions of this Administration Agreement:

          

     

    	

          	(i)	
            furnish the Issuer with ordinary clerical, bookkeeping and other corporate administrative services necessary and appropriate for the Issuer, including, without limitation, the following services:

          

     

    	

          	(A)	
            maintain at the Premises (as defined below) general accounting records of the Issuer (the “Account Records”), subject to year-end audit, in accordance with generally accepted accounting principles, separate and apart from its own
              accounting records, prepare or cause to be prepared such quarterly and annual financial statements as may be necessary or appropriate and arrange for year-end audits of the Issuer’s financial statements by the Issuer’s independent
              accountants;

          

     

    	

          	(B)	
            prepare and, after execution by the Issuer, file with the Securities and Exchange Commission (the “Commission”) and any applicable state agencies documents required to be filed with the Commission and any applicable state agencies,
              including, without limitation, periodic reports required to be filed under the Securities Exchange Act of 1934, as amended;

          

     

    	

          	(C)	
            prepare for execution by the Issuer and cause to be filed such income, franchise or other tax returns of the Issuer as shall be required to be filed by applicable law (the “Tax Returns”) and cause to be paid on behalf of the Issuer from
              the Issuer’s funds any taxes required to be paid by the Issuer under applicable law;

          

     

    	

          	(D)	
            prepare or cause to be prepared for execution by the Issuer’s managers (the “Managers”) minutes of the meetings of the Managers and such other documents deemed appropriate by the Issuer to maintain the separate limited liability company
              existence and good standing of the Issuer (the “Company Minutes”) or otherwise required under the Related Agreements (together with the Account Records, the Tax Returns, the Company Minutes, the Issuer LLC Agreement, and the Issuer Articles
              of Organization, the “Issuer Documents”); and any other documents deliverable by the Issuer thereunder or in connection therewith; and

          

     

    
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          	(E)	
            hold, maintain and preserve at the Premises (or such other place as shall be required by any of the Related Agreements) executed copies (to the extent applicable) of the Issuer Documents and other documents executed by the Issuer
              thereunder or in connection therewith;

          

     

    	

          	(ii)	
            take such actions on behalf of the Issuer, as are necessary or desirable for the Issuer to keep in full effect its existence, rights and franchises as a limited liability company under the laws of the state of Louisiana and obtain and
              preserve its qualification to do business in each jurisdiction in which it becomes necessary to be so qualified;

          

     

    	

          	(iii)	
            take such actions on behalf of the Issuer, as are necessary for the issuance and delivery of the Storm Recovery Bonds;

          

     

    	

          	(iv)	
            provide for the performance by the Issuer of its obligations under each of the Related Agreements, and prepare, or cause to be prepared, all documents, reports, filings, instruments, notices, certificates and opinions that it shall be the
              duty of the Issuer to prepare, file or deliver pursuant to the Related Agreements;

          

     

    	

          	(v)	
            enforce each of the rights of the Issuer under the Related Agreements, at the direction of the Trustee;

          

     

    	

          	(vi)	
            provide for the defense, at the direction of the Managers, of any action, suit or proceeding brought against the Issuer or affecting the Issuer or any of its assets;

          

     

    	

          	(vii)	
            provide office space (the “Premises”) for the Issuer and such reasonable ancillary services as are necessary to carry out the obligations of the Administrator hereunder, including telecopying, duplicating and word processing services;

          

     

    	

          	(viii)	
            undertake such other administrative services as may be appropriate, necessary or requested by the Issuer; and

          

     

    	

          	(ix)	
            provide such other services as are incidental to the foregoing or as the Issuer and the Administrator may agree.

          

     

    In providing the services under this Section 1 and as otherwise provided under this Administration Agreement, the Administrator will not knowingly take any actions on behalf of the Issuer which (i)
      the Issuer is prohibited from taking under the Related Agreements, or (ii) would cause the Issuer to be in violation of any federal, state or local law or the Issuer LLC Agreement.

     

    In performing its duties hereunder, the Administrator shall use the same degree of care and diligence that the Administrator exercises with respect to performing such duties on its own account and,
      if applicable, for others.

     

    
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    	2.	
            Compensation.

          

     

    	

          	(a)	
            As compensation for the performance of the Administrator’s obligations under this Administration Agreement (including the compensation of Persons serving as Managers (other than the independent Manager(s)) and officers of the Issuer, but,
              for the avoidance of doubt, excluding the performance by Cleco Power of its obligations in its capacity as Servicer), the Administrator shall be entitled to $100,000.00 annually (the “Administration Fee”), with no escalation, payable by the
              Issuer in arrears proportionately on each Payment Date, in semi-annual increments of $50,000.00, which shall be prorated based on the fraction of a calendar year during which the Administrator provides any of the services set forth in this
              Administration Agreement. In addition, the Administrator shall be entitled to be reimbursed by the Issuer for all costs and expenses of services performed by unaffiliated third parties and actually incurred by the Administrator in connection
              with the performance of its obligations under this Administration Agreement in accordance with Section 3 (but, for the avoidance of doubt, excluding any such costs and expenses incurred by Cleco Power in its capacity as Servicer), to the
              extent that such costs and expenses are supported by invoices or other customary documentation and are reasonably allocated to the Issuer (“Reimbursable Expenses”).

          

     

    	

          	(b)	
            In the event that one or more series of Additional Storm Recovery Bonds, (i.e., other than the Storm Recovery Bonds) is issued by the Issuer, the administration fees and other costs and expenses
              described above payable by the Issuer may be assessed to each series of storm recovery bonds (including the Storm Recovery Bonds) on a pro rata basis, based upon the respective outstanding principal amounts of each series of storm recovery
              bonds, and this Administration Agreement may be amended to provide that Cleco Power will provide administrative services to the Issuer with respect to any such series of Additional Storm Recovery Bonds.

          

     

    	3.	
            Third Party Services.  Any services required for or contemplated by the performance of the above-referenced services by the Administrator to be provided by unaffiliated third parties (including independent accountants’ fees and legal counsel fees) may,
                if provided for or otherwise contemplated by the Financing Order and if the Issuer deems it necessary or desirable, be arranged by the Issuer or by the Administrator at the direction (which may be general or specific) of the Issuer.  Costs
                and expenses associated with the contracting for such third-party services may be paid directly by the Issuer or paid by the Administrator and reimbursed by the Issuer in accordance with Section 2, or otherwise as the Administrator and the
                Issuer may mutually arrange.

          

     

    	4.	
            Additional Information to be Furnished to the Issuer.  The Administrator shall furnish to the Issuer from time to time such additional information regarding the Trust Estate as the Issuer shall reasonably request.

          

     

    	5.	
            Independence of the Administrator.  For all purposes of this Administration Agreement, the Administrator shall be an independent contractor and shall not be subject to the supervision of the Issuer with respect to the manner in which it accomplishes the
                performance of its obligations hereunder.  Unless expressly authorized by the Issuer, the Administrator shall have no authority, and shall not hold itself out as having the authority, to act for or represent the Issuer in any way and shall
                not otherwise be deemed an agent of the Issuer.

          

     

    
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    The work to be performed under this Administration Agreement is part of the Issuer’s business and is an integral part of and is essential to the business and operations of the Issuer.  For purposes
      of the Louisiana Worker’s Compensation Act, the Issuer is deemed to be the statutory employer of the Administrator’s employees who perform the services under this Administration Agreement.  Although the Issuer is to be granted the protections that
      are afforded a statutory employer under Louisiana law, this provision is included for the sole purpose of establishing a statutory employer relationship between the Issuer and the Administrator’s personnel within the meaning of La. R.S. 23:1061(A)
      and is not intended to create an employer / employee relationship as between the Issuer and the Administrator’s personnel for any other purpose.  The Administrator shall be and remain primarily responsible for the payment of workers’ compensation
      benefits to the Administrator’s personnel and shall not be entitled to seek contribution for any such payments from the Issuer, and the Administrator further shall indemnify and hold harmless the Issuer and at the Issuer’s option defend the Issuer
      for any payment to the Administrator’s personnel of workers’ compensation benefits or from any claim for such benefits or any other employee claim.

     

    	6.	
            No Joint Venture. 

                Nothing contained in this Administration Agreement (a) shall constitute the Administrator and the Issuer as partners or co-members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity,
                (b) shall be construed to impose any liability as such on either of them or (c) shall be deemed to confer on either of them any express, implied or apparent authority to incur any obligation or liability on behalf of the other.

          

     

    	7.	
            Other Activities of Administrator.  Nothing herein shall prevent the Administrator or any of its members, managers, officers, employees, subsidiaries or affiliates from engaging in other businesses or, in its sole discretion, from acting in a similar
                capacity as an Administrator for any other person or entity even though such person or entity may engage in business activities similar to those of the Issuer.

          

     

    	8.	
            Term of Agreement; Resignation and Removal of Administrator.

          

     

    	

          	(a)	
            This Administration Agreement shall continue in force until the payment in full of the Storm Recovery Bonds and any other amount which may become due and payable under the Indenture, upon which event this Administration Agreement shall
              automatically terminate.

          

     

    	

          	(b)	
            Subject to Sections 8(e) and 8(f), the Administrator may resign its duties hereunder by providing the Issuer and the Rating Agencies with at least sixty (60) days’ prior written notice.

          

     

    	

          	(c)	
            Subject to Sections 8(e) and 8(f), the Issuer may remove the Administrator without cause by providing the Administrator and the Rating Agencies with at least sixty (60) days’ prior written notice.

          

     

    
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          	(d)	
            Subject to Sections 8(e) and 8(f), at the sole option of the Issuer, the Administrator may be removed immediately upon written notice of termination from the Issuer to the Administrator and the Rating Agencies if any of the following
              events shall occur:

          

     

    	

          	(i)	
            The Administrator shall default in the performance of any of its duties under this Administration Agreement and, after notice of such default, shall fail to cure such default within ten (10) days (or, if such default cannot be cured in
              such time, shall (A) fail to give within ten (10) days such assurance of cure as shall be reasonably satisfactory to the Issuer and (B) fail to cure such default within 30 days thereafter);

          

     

    	

          	(ii)	
            a court of competent jurisdiction shall enter a decree or order for relief, and such decree or order shall not have been vacated within sixty (60) days, in respect of the Administrator in any involuntary case under any applicable
              bankruptcy, insolvency or other similar law now or hereafter in effect, or such court shall appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for the Administrator or any substantial part of its
              property or order the winding-up or liquidation of its affairs; or

          

     

    	

          	(iii)	
            the Administrator shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, shall consent to the entry of an order for relief in an involuntary case under any such law,
              shall consent to the appointment of a receiver, liquidator, assignee, trustee, custodian, sequestrator or similar official for the Administrator or any substantial part of its property, shall consent to the taking of possession by any such
              official of any substantial part of its property, shall make any general assignment for the benefit of creditors or shall fail generally to pay its debts as they become due.

          

     

    The Administrator agrees that if any of the events specified in clauses (ii) or (iii) of this Section 8(d) shall occur, it shall give written notice thereof to the Issuer and the Trustee as soon as
      practicable but in any event within seven (7) days after the happening of such event.

     

    	

          	(e)	
            No resignation or removal of the Administrator pursuant to this Section 8(e) shall be effective until (i) a successor Administrator has been appointed by the Issuer, (ii) the Rating Agency Condition with respect to the proposed appointment
              has been satisfied and (iii) such successor Administrator has agreed in writing to be bound by the terms of this Administration Agreement in the same manner as the Administrator is bound hereunder.

          

     

    	

          	(f)	
            The appointment of any successor Administrator shall be effective only after satisfaction of the Rating Agency Condition with respect to the proposed appointment.

          

     

    
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    	9.	
            Action upon Termination, Resignation or Removal.  Promptly upon the effective date of termination of this Administration Agreement pursuant to Section 8(a), the resignation of the Administrator pursuant to Section 8(b) or the removal of the
                Administrator pursuant to Section 8(c) or 8(d), the Administrator shall be entitled to be paid a pro-rated portion of the annual fee described in Section 2 hereof through the date of termination and all Reimbursable Expenses incurred by it
                through the date of such termination, resignation or removal.  The Administrator shall forthwith upon such termination pursuant to Section 8(a) deliver to the Issuer all property and documents of or relating to the Trust Estate then in the
                custody of the Administrator.  In the event of the resignation of the Administrator pursuant to Section 8(b) or the removal of the Administrator pursuant to Section 8(c) or 8(d), the Administrator shall cooperate with the Issuer and take
                all reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Administrator.

          

     

    	10.	
            Administrator’s Liability.  Except as otherwise provided herein, the Administrator assumes no liability other than to render or stand ready to render the services called for herein, and neither the Administrator nor any of its members, managers,
                officers, employees, subsidiaries or affiliates shall be responsible for any action of the Issuer or any of the members, managers, officers, employees, subsidiaries or affiliates of the Issuer (other than the Administrator itself).  The
                Administrator shall not be liable for nor shall it have any obligation with regard to any of the liabilities, whether direct or indirect, absolute or contingent of the Issuer or any of the members, managers, officers, employees,
                subsidiaries or affiliates of the Issuer (other than the Administrator itself).

          

     

    	11.	
            INDEMNITY.

          

     

    (a)      SUBJECT TO THE PRIORITY OF PAYMENTS SET FORTH IN THE INDENTURE, THE ISSUER SHALL INDEMNIFY
        THE ADMINISTRATOR, ITS MEMBERS, MANAGERS, OFFICERS, EMPLOYEES AND AFFILIATES AGAINST ALL LOSSES, CLAIMS, DAMAGES, PENALTIES, JUDGMENTS, LIABILITIES AND EXPENSES (INCLUDING, WITHOUT LIMITATION, ALL EXPENSES OF LITIGATION OR PREPARATION THEREFOR
        WHETHER OR NOT THE ADMINISTRATOR IS A PARTY THERETO) WHICH ANY OF THEM MAY PAY OR INCUR ARISING OUT OF OR RELATING TO THIS ADMINISTRATION AGREEMENT AND THE SERVICES CALLED FOR HEREIN; PROVIDED, HOWEVER, THAT SUCH INDEMNITY SHALL NOT APPLY TO ANY
        SUCH LOSS, CLAIM, DAMAGE, PENALTY, JUDGMENT, LIABILITY OR EXPENSE RESULTING FROM THE ADMINISTRATOR’S NEGLIGENCE OR WILLFUL MISCONDUCT IN THE PERFORMANCE OF ITS OBLIGATIONS HEREUNDER.

     

    (b)     THE ADMINISTRATOR SHALL INDEMNIFY THE ISSUER, ITS MEMBERS, MANAGERS, OFFICERS AND EMPLOYEES
        AGAINST ALL LOSSES, CLAIMS, DAMAGES, PENALTIES, JUDGMENTS, LIABILITIES AND EXPENSES (INCLUDING, WITHOUT LIMITATION, ALL EXPENSES OF LITIGATION OR PREPARATION THEREFOR WHETHER OR NOT THE ISSUER IS A PARTY THERETO) WHICH ANY OF THEM MAY INCUR AS A
        RESULT OF THE ADMINISTRATOR’S NEGLIGENCE OR WILLFUL MISCONDUCT IN THE PERFORMANCE OF ITS OBLIGATIONS HEREUNDER.

     

    
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    	12.	
            Notices.  Any
                notice, report or other communication given hereunder shall be in writing and addressed as follows:

          

     

    	 	
            (a)

          	
            if to the Issuer, to:

          
	 	 	 
	 	 	
            Cleco Securitization I LLC

          
	 	 	
            505 Cleco Drive, Office Number 16

          
	 	 	
            Pineville, Louisiana 71360

          

     

    	 	
            (b)

          	
            if to the Administrator, to:

          
	 	 	 
	 	 	
            Cleco Power LLC

          
	 	 	
            2030 Donahue Ferry Road,

          
	 	 	
            Pineville, Louisiana 71360-5226

          
	 	 	
            Attention: Treasurer

          

    

    

    or to such other address as either party shall have provided to the other party in writing. Any notice required to be in writing hereunder shall be deemed given if such notice is mailed by certified mail, postage
      prepaid, or hand-delivered to the address of such party as provided above.

     

    	13.	
            Amendments. 
                This Administration Agreement may be amended from time to time by a written amendment duly executed and delivered by each of the Issuer and the Administrator, provided that (i) the Rating Agency Condition has been satisfied in connection
                therewith, (ii) the Trustee shall have consented and (iii) in the case of any amendment that increases ongoing financing costs as defined in the Financing Order, the LPSC shall have consented thereto or shall be conclusively deemed to have
                consented thereto. With respect to the LPSC’s consent to any amendment to this Administration Agreement,

          

     

    	

          	(a)	
            the Administrator may submit the amendment to the LPSC by delivering to the LPSC’s executive counsel a written request for such consent, which request shall contain:

          

     

    	

          	(i)	
            a reference to Docket No. U-35807 and a statement as to the possible effect of the amendment on ongoing financing costs;

          

     

    	

          	(ii)	
            an Officer’s Certificate stating that the proposed amendment has been approved by all parties to this Administration Agreement; and

          

     

    	

          	(iii)	
            a statement identifying the person to whom the LPSC or its staff is to address its consent to the proposed amendment.

          

     

    
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          	(b)	
            Any amendment requiring the consent of the LPSC as provided in this Section 13 shall become effective on the later of:

          

     

    	

          	(i)	
            the date proposed by the parties to the amendment, or

          

     

    	

          	(ii)	
            31 days after such submission of the amendment to the LPSC unless the LPSC issues an order disapproving the amendment within a 30-day period.

          

     

    Following delivery of a notice to the LPSC by the Administrator under Section 13(a) above, the Administrator and Issuer may at any time withdraw from the LPSC further consideration of any notification of a proposed
      amendment.

     

    	14.	
            Successors and Assigns. This Administration Agreement may not be assigned by the Administrator unless such assignment is previously consented to in writing by the Issuer and the Trustee and subject to the satisfaction of the Rating Agency Condition in
                connection therewith. Any assignment with such consent and satisfaction, if accepted by the assignee, shall bind the assignee hereunder in the same manner as the Administrator is bound hereunder. Notwithstanding the foregoing, this
                Administration Agreement may be assigned by the Administrator without the consent of the Issuer or the Trustee and without satisfaction of the Rating Agency Condition to a corporation or other organization that is a successor (by merger,
                reorganization, consolidation or purchase of assets) to the Administrator; provided that such successor organization executes and delivers to the Issuer an agreement in which such corporation or other organization agrees to be bound
                hereunder by the terms of said assignment in the same manner as the Administrator is bound hereunder. Subject to the foregoing, this Administration Agreement shall bind any successors or assigns of the parties hereto. Upon satisfaction of
                all of the conditions of this Section 14, the preceding Administrator shall automatically and without further notice be released from all of its obligations hereunder.

          

     

    	15.	
            Governing Law. 
                This Administration Agreement shall be 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.

          

     

    	16.	
            Headings.  The
                Section headings hereof have been inserted for convenience of reference only and shall not be construed to affect the meaning, construction or effect of this Administration Agreement.

          

     

    	17.	
            Counterparts. 
                This Administration Agreement may be executed in counterparts, each of which when so executed shall be an original, but all of which together shall constitute but one and the same Administration Agreement.

          

     

    	18.	
            Severability.
                Any provision of this Administration Agreement that is prohibited or unenforceable in any jurisdiction shall 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.

          

     

    
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    	19.	
            Nonpetition Covenant.  Notwithstanding any prior termination of this Administration Agreement, the Administrator covenants that it shall not, prior to the date which is one year and one day after payment in full of the Storm Recovery Bonds, acquiesce,
                petition or otherwise invoke or cause the Issuer to invoke the process of any court or government authority for the purpose of commencing or sustaining an involuntary case against the Issuer under any U.S. federal or state bankruptcy,
                insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or any substantial part of its property, or ordering the winding up or liquidation of the
                affairs of the Issuer.

          

     

    	20.	
            Pledge to Trustee.  The Administrator hereby acknowledges and consents to any pledge and grant of a security interest by the Issuer to the Trustee for the benefit of the Secured Parties pursuant to the Indenture of any or all of the Issuer’s rights
                hereunder.  For the avoidance of doubt, the Trustee is a third-party beneficiary of this Administration Agreement and is entitled to the rights and benefits hereunder and may enforce the provisions hereof as if it were a party hereto.

          

     

    [Rest of page intentionally left blank]

    

    

    
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    IN WITNESS WHEREOF, the parties have caused this Administration Agreement to be duly executed and delivered as of the day and year first above written.

     

    	 	
            CLECO SECURITIZATION I LLC,

          	 
	 	
            as Issuer

          	 
	 	 	 
	 	
            By:

          	 	 
	 	 	
            Name:

          	 
	 	 	
            Title:

          	 
	 	 	 	 
	 	
            CLECO POWER LLC,

          	 
	 	
            as Administrator

          	 
	 	 	 
	 	
            By:

          	 	 
	 	 	
            Name:

          	 
	 	 	
            Title:

          	 

    

     

  

  11Exhibit 10.4

   

  SERVICES AND INDEMNITY AGREEMENT

   

  This Services and Indemnity Agreement, dated as of April __, 2022 (as amended, supplemented or otherwise modified and in effect from time to time,
    this “Agreement”), is among Kevin P. Burns, a natural person (the “GSS Representative”), Global Securitization Services, LLC, a Delaware limited liability company (“Global”), Cleco Securitization I LLC, a Louisiana limited liability company (the
    “Company”), and Cleco Power LLC, a Louisiana limited liability company (“Parent”).

   

  WHEREAS, it is necessary for the Company to have an Independent Manager and Special Member in each case as defined in the Limited Liability
    Company Agreement of the Company, dated as of January 5, 2022, [and further amended...] (the “Formation Document”); and

   

  WHEREAS, the GSS Representative is employed by Global and Global has agreed to have the GSS Representative serve as Independent Manager and
    Special Member of the Company;

   

  NOW, THEREFORE, in consideration of the mutual promises herein contained, and other good and valuable consideration, receipt of which is hereby
    acknowledged, the parties hereto agree as follows:

   

  Section 1. Definitions. Unless otherwise defined herein, capitalized terms used in this Agreement shall have the meanings assigned to such
    terms in the Formation Document.

   

  Section 2. GSS Representative’s Service as Independent Manager and Special Member.

   

  (a) The GSS Representative’s service as Independent Manager and Special Member of the Company shall be subject to the terms of this Agreement. The
    GSS Representative shall perform its services with care, skill, and diligence and shall perform in accordance with the applicable, generally accepted professional and industry standards currently recognized by the GSS Representative’s profession.
    Nothing contained herein, however, shall be construed to require the GSS Representative to serve as Independent Manager and Special Member of the Company for any definite term. The GSS Representative shall have the right to resign in accordance with
    the terms of the Formation Document and this Agreement, or may be removed in accordance with the Formation Document. In the event that the GSS Representative desires to resign as Independent Manager and Special Member of the Company, Global, unless it
    determines in the exercise of its reasonable discretion that it is not advisable to do so, shall provide another representative of Global to serve as an Independent Manager and Special Member of the Company. The resignation or removal of the GSS
    Representative as an Independent Manager or Special Member shall not operate to deprive Indemnitees (as such term is defined in Section 3) of the benefits of this Agreement. Company is specifically recognized as a statutory employer of the GSS
    Representative, whether direct employee or statutory employee, who is performing work under this Agreement or any Purchase Order, as contemplated by LSA-R.S. 23:1061 A.

   

  (b) Company and Parent represent, notwithstanding anything to the contrary contained in the Formation Document, that Company has no present
    intention to register securities with the U.S. Securities and Exchange Commission (the “Commission”). Company and Parent agree to notify Global and the Independent Manager not less than ninety (90) days prior to the Company registering securities with
    the Commission.

   

  (c) In consideration of the GSS Representative’s services as Independent Manager and Special Member, Company shall pay to Global a fee in the
    amount of $5,000 per year (the “Fee”). The Fee for the first year of this Agreement shall be due and payable by the Company to Global upon the execution of this Agreement, and such Fee for subsequent years shall be due and payable by the Company to
    Global no later than each respective anniversary date hereof. The Company acknowledges that the Fee shall be paid according to the terms of this Agreement for so long as any GSS Representative serves as an Independent Manager or Special Member of the
    Company. 

  
     

    
      
 

  

  
   

  (d) Invoices will be sent to: P.O. Box 5000, Pineville, LA 71361, Attention: Mr. Stacy Stubbs, Email: Stacy.Stubbs@cleco.com, Telephone:
    318-484-7530.

   

  (e) “Confidential Information” means (a) all information, whether of a business, financial, technical, engineering, economic or other nature and
    regardless of the form in which it is communicated or maintained, relating to the Company and Parent, its Affiliates and/or the transaction that is provided to the GSS Representative and Global or any of its Representatives, (b) all sketches, drawings,
    reports, analysis, compilations, studies and notes containing or reflecting Confidential Information, regardless of who prepares such materials, (c) the fact that the Confidential Information has been made available to or is being inspected or
    evaluated by the Receiving Party, and (d) the fact that such discussions and negotiations are taking place concerning the Transaction or other related transactions between the Parties.

   

  The GSS Representative and Global agree to treat all Confidential Information regarding the Company, and the transactions to which the Company is
    a party, confidential and secret, and comply with the terms and conditions contained herein, and shall not disclose Confidential Information without the prior written consent of the Company except as otherwise set forth herein. The GSS Representative
    and Global shall only disclose Confidential Information to those of its representatives or other persons that are concerned with the transactions and whose knowledge of such Confidential Information is necessary or advisable for such purpose. The GSS
    Representative and Global shall so instruct each such representative and person receiving Confidential Information and shall use all reasonable efforts to prevent and prosecute unauthorized use or disclosure of Confidential Information by such person
    or representative(s). The GSS Representative and Global shall be liable to the Company and Parent for any breach of such obligations by any such person or representative. The GSS Representative and Global may disclose Confidential Information to legal
    counsel and auditors of the GSS Representative and Global as needed and necessary. Such counsel and auditors shall have the same obligations with respect to such Confidential Information as the GSS Representative and Global.

   

  If the GSS Representative and Global or any of its representatives is requested or required (by deposition, interrogatories, requests for
    information or documents in legal proceedings, subpoenas or similar process) in connection with any proceeding to disclose or otherwise becomes legally compelled to disclose any Confidential Information, the GSS Representative and Global shall provide
    the Company with prompt written notice and reasonable assistance (subject to reimbursement by the Company of all reasonable and out of pocket expenses incurred by the GSS Representative and Global in providing such assistance) so as to enable the
    Company to seek a protective order or other appropriate remedy or waive compliance with this Agreement. If such a protective order or other remedy is not obtained, or if the Company waives compliance with this Agreement, the GSS Representative and
    Global (or such other persons to whom such request is directed) may disclose Confidential Information, but only such Confidential Information as it is legally required to disclose to avoid contempt or other penalty in the reasonable opinion of counsel
    to the GSS Representative and Global, and shall exercise reasonable efforts to obtain reliable assurance that confidential treatment will be accorded such Confidential Information disclosed.

   

  The GSS Representative and Global shall return to the Company, within ten (10) days after receipt of such a request by the Company, all materials
    pertaining to the Company and Parent, including without limitation such materials containing or reflecting Confidential Information that are in the possession of the GSS Representative and Global and its representatives, without retaining copies.
    Notwithstanding the foregoing, the GSS Representative and Global may retain such materials to the extent required by applicable law in the reasonable opinion of counsel to the GSS Representative and Global and may also retain reports, analysis,
    compilations, studies, notes or other documents or records prepared by the GSS Representative and Global that contain or otherwise reflect or are generated from Confidential Information, provided, however, GSS Representative and Global shall keep all
    such copies confidential in accordance with this Agreement and such obligation shall survive the termination of this Agreement. Notwithstanding the return of such materials, the GSS Representative and Global and its representatives shall continue to be
    bound by the obligations of confidentiality and other obligations hereunder. Unauthorized use of Company’s Confidential Information will diminish the value of such information. Therefore, if the GSS Representative and Global breaches any of its
    obligations with respect to confidentiality or unauthorized use of confidential information hereunder, Company shall be entitled to equitable relief to protect its interests therein, including but not limited to injunctive relief as well as money
    damages. 

  
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  (f) It is expressly understood by the Company and Parent that neither the Independent Manager nor any other employee of Global and its affiliates
    shall serve as an officer of the Company. It is an ongoing condition to the continued performance of Global’s duties under this Agreement that the Company promptly (i) take all appropriate actions under its Formation Document to duly appoint the
    Independent Manager, (ii) provide the Independent Manager written notice of any material adverse change in the Company’s business or financial condition (including any pending or threatened action, suit or proceeding that could reasonably be expected
    to result in a material adverse change), or in the Company’s ability to perform its obligations under the agreements to which it is a party and (iii) provide the Independent Manager any other documents, information or advice reasonably requested by the
    Independent Manager or reasonably required in connection with his or her duties as Independent Manager.

   

  (g) For so long as this Agreement remains in full force and effect, to the extent that the Company or any of its affiliates maintains a directors
    and officers liability insurance policy which covers any director of the Company, the GSS Representative shall be covered on no less favorable terms than that provided to other directors, and the Company will provide a copy of each such policy to the
    GSS Representative. The Company shall notify Global of the existence or non-existence of (and, if applicable, any termination, cancellation or material change to) such insurance coverage.

   

  (h) The services provided by Global and the GSS Representative hereunder are not exclusive.

   

  Section 3. Indemnification by Parent and the Company.

   

  In consideration of the GSS Representative’s agreement to serve as Independent Manager and Special Member of the Company, recognizing that Parent
    and the Company benefit from such service, and subject to Sections 4, 5 and 6, each of Parent and the Company, jointly and severally, hereby agrees to indemnify, defend and hold harmless (collectively, “indemnify” and “indemnification”) the GSS
    Representative, Global and Global’s directors, officers, managers, employees, agents, members and affiliates (each, an “Indemnitee” and collectively, the “Indemnitees”) from and against any and all third party claims, demands, actions, suits,
    liabilities, losses, damages, judgments, settlements, costs and expenses (including, without limitation, court costs and reasonable attorneys’ fees and disbursements) (individually, a “Loss” and collectively, the “Losses”) that Indemnitees may sustain
    or incur as a result of (i) the GSS Representative’s services as Independent Manager or Special Member of the Company or (ii) any act or omission that Global or the GSS Representative is alleged to have taken or omitted to take as Independent Manager
    or Special Member of the Company, in either case irrespective of the time when the claim giving rise to such Loss or Losses is asserted or when the amount of such Loss or Losses is established, excluding however any Losses to the extent resulting from
    the gross negligence, bad faith or willful misconduct of any Indemnitee. The indemnification herein is contingent upon the GSS Representative and Global promptly notifying the Company of such claim, allowing Company to solely control the defense,
    litigation, or settlement of such claim, and reasonably cooperating with Company in the investigation, defense, and/or settlement of such claim. The GSS Representative and Global shall have the option, at its sole expense, to have counsel of its own
    choosing participate in the defense of an indemnity claim. No settlement or payment of any indemnity claim shall be made by the GSS Representative and Global without Company’s prior written approval. 

  
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  Section 4. Duty to Defend. The Company and Parent, jointly and severally, shall pay all reasonable fees and expenses incurred by an
    Indemnitee in enforcing the Indemnitee’s rights (as finally determined) to indemnification. The Company and Parent shall (i) bear the burden of proof that an Indemnitee is not entitled to indemnification and (ii) be subrogated to an Indemnitee with
    respect to any indemnification payment.

   

  Section 5. Reimbursement by Indemnitees. Global hereby agrees that if a court of competent
    jurisdiction, through a final order, verdict or appellate decision, determines that an Indemnitee hereunder is not entitled to indemnification under Sections 3 and 4 or by operation of applicable law and Parent or the Company shall have paid any
    amounts to or on behalf of such Indemnitees, then promptly after the last of such determinations shall have been made, Global shall promptly and in any event no later than 15 days repay all amounts paid by Parent or the Company to or on behalf of such
    Indemnitee to the extent it has been determined that such Indemnitee is not entitled to indemnification. Late re-payments of such amounts will incur interest at a rate of 2.0% per month.

   

  Section 6. Notice of Claims. If any Indemnitee receives complaints, threat of a claim, claims or other notices of any Losses or other
    liabilities that may give rise to indemnification under Sections 3 and 4, such Indemnitee shall promptly notify Parent and the Company of each such complaint, claim or other notice. The failure to so notify Parent and the Company shall not relieve
    Parent and the Company from any liability under this Agreement, but in no event shall Company be liable for any losses that result from an undue delay in providing notice that materially prejudices the defense of the claim. The GSS Representative and
    Global acknowledges that the indemnification in Section 4 states the GSS Representative and Global’s exclusive remedy and Company’s sole liability in connection with any claim under this Agreement.

   

  Section 7. No Proceedings. Each of the Company and Parent agrees (i) not to file any complaint, proceeding, lawsuit or other legal or
    equitable action against an Indemnitee based upon, relating to or arising out of any of the services provided by an Indemnitee other than for reason of alleged gross negligence, bad faith or willful misconduct and (ii) that, notwithstanding any
    provision in the Formation Document to the contrary, an Indemnitee shall not have any liability for any act or omission taken or omitted by such Indemnitee arising from, related to or connected with this Agreement or any services provided by such
    Indemnitee to the Company or Parent except to the extent any loss, claim or damage is found in a final judgment by a court of competent jurisdiction to have resulted from the Indemnitee’s gross negligence, bad faith or willful misconduct, in which case
    the Indemnitee shall only be liable for actual damages incurred and shall not be liable for consequential, punitive or exemplary damages or for any claims by third parties. Neither the Company nor Parent shall be liable to any GSS Representative or
    Global for any special, indirect, consequential, punitive or exemplary damages.

   

  Section 8. Notices. Any notice or other communication under this Agreement shall be in writing and deemed given upon receipt by a party at
    its address set forth on the signature page hereof or at such other address as such party shall hereafter furnish in writing.

   

  Section 9. Counterparts; Modification; Headings.

   

  (a) This Agreement may be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which when taken
    together shall constitute one and the same instrument. The words “execution,” “signed,” “signature,” and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement shall include images of
    manually executed signatures transmitted by facsimile or other electronic format (including without limitation “pdf’, “tif’ or “jpg”) and other electronic signatures (including without limitation DocuSign and AdobeSign). The use of electronic
    signatures and electronic records (including without limitation any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually
    executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including without limitation the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic
    Signatures and Records Act and any other applicable law, including without limitation any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. 

  
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  (b) No modification of this Agreement shall be binding unless executed in writing by the parties hereto or their respective successors and
    permitted assigns.

   

  (c) Section headings are not part of this Agreement; they are solely for convenience of reference and shall not affect the meaning or
    interpretation of any provisions of this Agreement.

   

  Section 10. Successors and Assigns; Sole Benefit. This Agreement shall be binding upon and shall inure to the benefit of the parties
    hereto and their respective heirs, executors, administrators, successors and assigns. Nothing expressed or referred to herein is intended or shall be construed to give any person other than the parties hereto and their respective heirs, executors,
    administrators, successors and assigns any legal or equitable rights, remedies or claims under or with respect to any provisions of this Agreement. No party hereto may assign its obligations under this Agreement without the prior written consent of the
    other parties hereto.

   

  Section 11. Agreement Not Exclusive. The right to indemnification and advancement of expenses provided to Indemnitees under this Agreement
    shall be independent of, and neither subject to nor in derogation of, any other rights to indemnification, advancement or exculpation to which the GSS Representative may be entitled, including, without limitation,
    any such rights that may be asserted under any other agreement, applicable law, the Formation Document or any other contract or insurance.

   

  Section 12. No Petition. The GSS Representative, solely in his or her capacity as a creditor of the Company on account of any
    indemnification or other payment owing to him or her by the Company, and Global hereby covenant and agree that, prior to the date that is one year and one day after the payment in full of all outstanding indebtedness of the Company to third parties
    unaffiliated with the Company or Parent, they will not institute against, or join any other person instituting against, the Company, or seek or join any other person seeking to consolidate the Company or its assets into, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other similar proceedings under the laws of any jurisdiction.

   

  Section 13. Costs of Enforcement. Parent and the Company shall jointly and severally pay all reasonable costs and expenses incurred by
    Indemnitees in the enforcement of their rights under this Agreement, including, without limitation, all court costs and reasonable attorneys’ fees except to the extent such costs and expenses resulted from gross negligence, bad faith or willful
    misconduct on the part of such Indemnitees.

   

  Section 14. Severability. If any provision of this Agreement, or the application thereof to any person, place or circumstance, shall be
    held by a court of competent jurisdiction to be invalid, unenforceable or void, the remainder of this Agreement and such provisions as applied to other persons, places and circumstances shall remain in full force and effect. 

  
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  Section 15. Governing Law; Submission to Jurisdiction. The GSS Representative’s service as Independent Manager and Special Member shall be
    governed by the Formation Document and Delaware law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, without reference to applicable principles of conflict of laws. Each of the
    parties hereto expressly (i) submits to the nonexclusive jurisdiction of the state or federal courts located in the Parish of East Baton Rouge, Baton Rouge, Louisiana and (ii) waives any objection that it may now or hereafter have relating to the venue
    or convenience of such courts. Further, each of the parties hereto agrees that no party shall request a trial by jury in the event of litigation between them concerning this Agreement or any claims or transactions in connection herewith, and any right
    to trial by jury is expressly waived, it being understood that such waiver is made with full understanding and knowledge of the nature of the rights and benefits waived hereby.

   

  Section 16. Term of this Agreement; Authorization. (a) This Agreement shall continue in full force and effect with respect to each party
    hereto until terminated in a writing delivered by a party to the other parties hereto. Such writing shall specify the effective date of such termination or, if no such date is specified, this Agreement shall be deemed terminated with respect to such
    party immediately. On any day on which a GSS Representative is no longer employed by Global, subject to Section 18, this Agreement shall automatically terminate with respect to such GSS Representative.

   

  (b) Each of the parties hereto represents and warrants that this Agreement has been duly authorized, executed and delivered by such party, and
    this Agreement constitutes the valid, binding and enforceable obligation of such party, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or similar laws (whether
    considered in a proceeding at law or in equity).

   

  Section 17. Entire Agreement. This Agreement expresses the entire agreement of the parties with respect to the subject matter hereof, and
    supersedes all prior agreements, written or oral, with respect to such subject matter.

   

  Section 18. Survival. The provisions of Section 2(e), 3, 4, 5, 6, 7, 12, 13 and 15 shall survive termination of this Agreement.

   

  Section 19. Insurance. Contractor shall maintain, at its expense, insurance coverage of the kind, type and in the limits specified in
    Appendix A. The insurance specified in Appendix A shall be the minimum insurance required of Global and the GSS Representative by Cleco. Contractor shall, upon request, furnish Cleco with certificates of insurance evidencing the required coverage.

   

  SIGNATURE PAGE TO FOLLOW 

  
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  IN WITNESS WHEREOF, each of the parties hereto has caused this Services and Indemnity Agreement to be executed as of the day and year first above
    written.

  	 	 	 
	 	/s/ Kevin P. Burns
	 	Kevin P. Burns
	 	 	 
	 	Address:	c/o Global Securitization Services, LLC
	 	 	68 South Service Road, Suite 120 
	 	 	Melville, NY 11747
	 	 	 
	 	Global Securitization Services, LLC
	 	 	 
	 	By:	/s/ Bernard J. Angelo
	 	Name:	Bernard J. Angelo
	 	Title:	Senior Vice President
	 	Address:	114 West 47th Street, Suite 2310
	 	 	New York, NY 10036
	 	 	 
	 	CLECO SECURITIZATION I LLC, as Company
	 	 	 
	 	By:	/s/ William G. Fontenot
	 	Name:	
	 	Title:	
	 	Address:	2030 Donahue Ferry Road
	 	 	P.O. Box 5000 
	 	 	Pineville, LA 71360-5000
	 	 	 
	 	CLECO POWER LLC
	 	 	 
	 	By:	/s/ William G. Fontenot
	 	Name:	
	 	Title:	
	 	Address:	2030 Donahue Ferry Road 
	 	 	P.O. Box 5000
	 	 	Pineville, LA 71360-5000

  

  
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  APPENDIX A

   

  INSURANCE REQUIRED OF CONTRACTORS 

  FORM M

   

  Note: Insurance requirements are subject to change at any time upon notification to Contractors.

   

  		1.	All policies are to be written by insurance companies rated “A- V” or better in Best’s Key Rating Guide unless, otherwise approved by Cleco.

   

  		2.	“Cleco Corporate Holdings LLC, its Subsidiaries and Joint-Owners” are to be named (included) as an additional insured on all liability policies (except workers’ compensation and employer’s liability policies).

   

  		3.	Waiver of subrogation in favor of Cleco Corporate Holdings LLC, its Subsidiaries and Joint-Owners is to be included on all policies.

   

  		4.	Cleco is to be provided 30 days’ written notice of policy cancellation.

   

  		5.	Below are the minimum coverages required by Cleco:

   

  Note: These limits may be achieved through any combination of primary and/or excess liability policies. Excess coverage must be equal to or broader than
      underlying policies.

   

  		a.	General Liability: $1,000,000 each occurrence; $1,000,000 aggregate

   

  Coverage shall include contractual liability; independent contractor’s liability; premises and operations hazard; explosion, collapse and underground
    hazard; products and completed operations liability; broad form property damage liability; personal injury liability; and watercraft liability. If any of the above coverages are excluded from the general liability policy or sublimits apply to these
    coverages, they are to be noted on the certificate.

   

  		b.	Automobile Liability: $ 1,000,000 each occurrence; $1,000,000 aggregate

   

  		c.	Workers’ Compensation: $1,000,000, unless limited by statute in the State of Louisiana

   

  		d.	Employer’s Liability: $ 1,000,000 each occurrence; $1,000,000 aggregate

   

  		6.	Special Requirements:

   

  		a.	Aircraft Liability: $1,000,000 each occurrence; $2,000,000 aggregate

  

  Required if work being performed requires use of aircraft.

   

  		b.	Chemical Spraying Liability: $1,000,000 each occurrence; $1,000,000 aggregate

  Required if any aircraft is equipped to carry chemicals.

   

  		c.	Architects & Engineers Professional Liability: $1,000,000 each occurrence; $1,000,000 aggregate

  Required if work being performed requires furnishing architectural or engineering plans or specifications.

   

  		d.	Surveyors Professional Liability: $1,000,000 each occurrence; $1,000,000 aggregate

  Required if work being performed involves surveying.

   

  		e.	Cargo and Transit Coverage: $500,000 each occurrence; $500,000 aggregate

  Required for hauling contractors transporting high-valued property of Cleco. 

  
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  		f.	Technology Professional Liability: $1,000,000 each occurrence; $2,000,000 aggregate

  Covering claims arising out of errors or omissions in connection with services provided by Contractor and including network security and private data risks
    involving unauthorized access, failure of security, transmission of malicious code, denial of service attacks, and unauthorized disclosure or misappropriation of private data. The policy shall have a retroactive date on or before the Agreement
    effective date or the date of Contractor’s first professional service, whichever is earlier. Contractor shall use commercially reasonable efforts to maintain such coverage for one (1) year following expiration or cancellation of the Agreement.

   

  		g.	Pollution Liability Insurance: $1,000,000 each occurrence; $1,000,000 aggregate

  Required if providing directly or indirectly work with pollution/environmental hazards

   

  		h.	Environmental Liability Insurance: $1,000,000 each occurrence; $1,000,000 aggregate

  Required if work includes handling, storing or utilizing hazardous materials

   

  		i.	Drone/DAV Liability Insurance: $1,000,000 each occurrence; $1,000,000 aggregate

  Required if work includes utilizing drones or other unmanned aerial vehicles

   

  		j.	Wharfingers Liability Insurance: $1,000,000 each occurrence; $1,000,000 aggregate

  Required if work includes handling, storing or utilizing commercial docks, wharves or piers.

   

  		k.	Jones Act Liability Insurance: $1,000,000 each occurrence; $1,000,000 aggregate

  Required if work includes handling, storing or utilizing commercial docks, wharves or piers.

   

  	 	INSURANCE CERTIFICATES MUST BE UPLOADED AT http://www.isnetworld.com
	 	 
	 	For further information or assistance uploading the certificates, please contact the ISN Customer Service Team at (214) 303-4900 or (800) 976-1303.
	 	 
	 	CERTIFICATE HOLDER
	 	Cleco Corporate Holdings LLC
	 	P.O. Box 5000
	 	Pineville, LA 71361-5000

   

  9

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