Document:

AMENDMENT NO. 1 TO THE CREDIT AGREEMENT DATED AS OF APRIL 12, 2005

Exhibit 10.47

AMENDMENT
NO. 1 dated as of April 12, 2005, to the Credit Agreement dated as of January 9,
2004 (the “Credit
Agreement”), among
AMERICAN AXLE & MANUFACTURING, INC. ( the “Borrower”),
AMERICAN AXLE & MANUFACTURING HOLDINGS, INC. (“Parent”), the
financial and other institutions party thereto as lenders (the “Lenders”) and
JPMORGAN CHASE BANK, N.A., formerly known as JPMorgan Chase Bank, as
administrative agent (in such capacity, the “Administrative
Agent”) for
the Lenders.

 

A.    
Pursuant to the Credit Agreement, the Lenders have extended credit to the
Borrower, and have agreed to extend credit to the Borrower, pursuant to the
terms and subject to the conditions set forth therein.

 

B.    
The Borrower has requested that the Lenders agree to amend certain provisions of
the Credit Agreement, as set forth herein.

 

C.    
The undersigned Lenders are willing to agree to such amendments pursuant to the
terms and subject to the conditions set forth herein.

 

In
consideration of the premises and the agreements, provisions and covenants
herein contained, the parties hereto hereby agree, on the terms and subject to
the conditions set forth herein, as follows:

 

SECTION
1.   Definitions;
References. Unless
otherwise specifically defined herein, each term used herein that is defined in
the Credit Agreement shall have the meaning assigned to such term in the Credit
Agreement. Each reference to “hereof”, “hereunder”, “herein” and “hereby” and
each other similar reference and each reference to “this Agreement” and each
other similar reference contained in the Credit Agreement shall from and after
the date hereof refer to the Credit Agreement with such amendments effected
hereby.

 

SECTION
2.   Amendments. (a)
The
definition of “Applicable Rate” set forth in Section 1.01 of the Credit
Agreement is hereby amended by deleting the table set forth therein in its
entirety and substituting in lieu thereof the following:

 

	 	
      Index
      Debt

      Ratings
	
      ABR
      Spread
	
      Eurodollar
      Spread
	
      Commitment
      Fee
      Rate

	
      Category
      1
	
      ≥
      A-/A3
	
      0.00%
	
      0.50%
	
      0.100%

	
      Category
      2
	
      ≥
      BBB+/Baa1
	
      0.00%
	
      0.625%
	
      0.125%

	
      Category
      3
	
      ≥
      BBB/Baa2
	
      0.00%
	
      0.75%
	
      0.150%

	
      Category
      4
	
      ≥
      BBB-/Baa3
	
      0.00%
	
      1.00%
	
      0.175%

	
      Category
      5
	
      ≤
      BB+/Ba1
	
      0.25%
	
      1.25%
	
      0.250%

 

(b)
  The
definition of “Maturity Date” set forth in Section 1.01 of the Credit Agreement
is hereby amended to read in its entirety as follows:

 

“Maturity
Date” means
April 12, 2010.

 

(c)
  Section
3.04(a) of the Credit Agreement is hereby amended to read in its entirety as
follows:

 

(a) The
Parent has heretofore furnished to the Lenders its consolidated balance sheet
and statements of income, stockholders equity and cash flows as of and for the
fiscal year ended December 31, 2004, reported on by Deloitte & Touche LLP,
independent public accountants. Such financial statements present fairly, in all
material respects, the financial position and results of operations and cash
flows of the Parent and its consolidated Subsidiaries as of such date and for
such period in accordance with GAAP.

 

(d)
  Section
3.04(b) of the Credit Agreement is hereby amended to read in its entirety as
follows:

 

(b) Since
December 31, 2004, there has been no material adverse change in the
business, assets, operations or financial condition of the Parent and the
Subsidiaries, taken as a whole.

 

SECTION
3.   Representations
and Warranties. Each of
Parent and the Borrower represents and warrants to each of the Lenders
that:

 

(a)
  After
giving effect to this Amendment, the representations and warranties of each Loan
Party set forth in the Loan Documents are true and correct in all material
respects on the date hereof with the same effect as if made on the date hereof,
except for representations and warranties expressly made as of an earlier date,
which were true and correct in all material respects as of such earlier
date.

 

(b)
  After
giving effect to this Amendment, no Default has occurred and is
continuing.

 

SECTION
4.   Conditions
to Effectiveness. This
Amendment shall become effective as of the date (the “Amendment
Effective Date”) on
which the following conditions precedent have been satisfied:

 

(a)
  the
Master Assignment and Assumption Agreement dated as of the date hereof (the
“Assignment
and Assumption”) among
the Borrower, Parent, the Assignors and Assignees (each as defined therein) and
the Administrative Agent shall have become effective and the transactions
contemplated thereby shall have been completed in accordance with its
terms;

 

 

(b)
  the
Administrative Agent shall have received counterparts of this Amendment that,
when taken together, bear the signatures of Parent, the Borrower and each of the
Lenders;

 

(c)
  the
Administrative Agent shall have received such evidence as it shall reasonably
request regarding the authority of Parent and the Borrower to enter into this
Amendment;

 

(d)
  the
Administrative Agent shall have received from the Borrower all accrued interest,
accrued fees and other amounts (other than (i) principal and (ii) amounts
payable to any Terminating Lenders (as defined in the Assignment and Assumption)
pursuant to Section 2.15 of the Credit Agreement) payable to the Lenders
(including any Terminating Lenders) on the Amendment Effective Date under the
Credit Agreement to the extent not previously paid (regardless of whether the
same would be due and payable on the Amendment Effective Date under the Credit
Agreement);

 

(e)
  the
Administrative Agent shall have received all fees separately agreed to be
payable to the Lenders in connection with this Amendment; and

 

(f)
  the
Administrative Agent shall have received all other amounts due and payable by
the Borrower hereunder or under the Credit Agreement on or prior to the
Amendment Effective Date, including, to the extent invoiced, reimbursement or
payment of all out-of-pocket expenses (including reasonable fees and
disbursements of Cravath, Swaine & Moore LLP, counsel to the Administrative
Agent) required to be reimbursed or paid by the Borrower hereunder or
thereunder.

 

SECTION
5.   Commitments. The
parties hereto agree that, after giving effect to the assignments and
assumptions made pursuant to the Assignment and Assumption, and effective
immediately prior to the effectiveness of this Amendment on the Amendment
Effective Date, the Commitments of the Lenders under the Credit Agreement are as
set forth on Schedule 1 hereto.

 

SECTION
6.   Effect
of Amendment. Except
as expressly set forth herein, this Amendment shall not by implication or
otherwise limit, impair, constitute a waiver of, amend, or otherwise affect the
rights and remedies of the Lenders or the Administrative Agent under the Credit
Agreement or any other Loan Document, and shall not alter, modify, amend or in
any way affect any of the terms, conditions, obligations, covenants or
agreements contained in the Credit Agreement or any other Loan Document, all of
which are ratified and affirmed in all respects and shall continue in full force
and effect. Nothing herein shall be deemed to entitle any Loan Party to a
consent to, or a waiver, amendment, modification or other change of, any of the
terms, conditions, obligations, covenants or agreements contained in the Credit
Agreement or any other Loan Document in similar or different circumstances. This
Amendment shall apply and be effective with respect to the matters expressly
referred to herein. After the Amendment Effective Date, any reference to the
Credit Agreement shall mean the Credit 

Agreement
with such amendments effected hereby. This Amendment shall constitute a “Loan
Document” for all purposes of the Credit Agreement and the other Loan
Documents.

 

SECTION
7.   Applicable
Law.
THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK.

 

SECTION
8.   Counterparts. This
Amendment may be executed in two or more counterparts, each of which shall
constitute an original but all of which when taken together shall constitute but
one contract. Delivery of an executed signature page of this Amendment by
facsimile transmission or electronic mail shall be effective as delivery of a
manually executed counterpart hereof.

 

SECTION
9.   Expenses. The
Borrower agrees to reimburse the Administrative Agent for its reasonable and
documented out-of-pocket expenses in connection with this Amendment, including
the reasonable fees, charges and disbursements of Cravath, Swaine &
Moore LLP, counsel for the Administrative Agent.

 

 

[The
remainder of this page intentionally left blank]

 

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed by their respective authorized officers as of the day and year first
written above.

 

 

	
      AMERICAN
      AXLE & MANUFACTURING, INC.

       

	
      by
	/s/ 
      Michael K. Simonte 
	 	
      Name: 
      Michael K. Simonte 

	 	
      Title: 
      Vice President, Treasurer

 

 

	
      AMERICAN
      AXLE & MANUFACTURING HOLDINGS, INC.

       

	
      by
	/s/ 
      Michael K. Simonte 
	 	
      Name: 
      Michael K. Simonte 

	 	
      Title: 
      Vice President, Treasurer

 

 

	
      JPMORGAN
      CHASE BANK, N.A., individually and as Administrative Agent

       

	
      by
	/s/
      Richard W. Duker 
	 	
      Name: 
      Richard W. Duker 

	 	
      Title:  Managing
      Director 

 

SIGNATURE
PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

	
      BANK
      OF AMERICA, N.A.

       

	
      by:
	/s/ 
      Chas McDonell 
	 	
      Name: 
      Chas McDonell 

	 	
      Title: 
      Senior Vice President 

 

 

 

SIGNATURE
PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

	
      Name
      of Institution  BANK OF CHINA, LOS ANGELES BRANCH

       

	
      by:
	/s/ 
      Jason Fu 
	 	
      Name:  Jason
      Fu 

	 	
      Title: 
      Vice President 

	
       
	 
	
      by:
	/s/ 
      Xiao Wang 
	 	Name: 
      Xiao Wang 
	 	Title: 
      Branch Manager & VP 

 

 

 

SIGNATURE
PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

	
      Bank
      of China, New York Branch

       

	
      by:
	/s/  William
      W. Smith 
	 	
      Name: 
      William W. Smith 

	 	
      Title: 
      Chief Lending Officer 

 

 

 

SIGNATURE
PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

	
      Name
      of Institution BNP PARIBAS

       

	
      by:
	/s/  Richard
      Broeren 
	 	
      Name: 
      Richard Broeren 

	 	
      Title: 
      Managing Director

	 	 
	
      by:
	/s/ 
      Gaye Plunkett 
	 	Name: 
      Gaye Plunkett 
	 	Title: 
      Vice President 

 

 

SIGNATURE
PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

	
      CALYON
      NEW YORK BRANCH

       

	
      by:
	/s/  Lee
      E. Greve 
	 	
      Name:  Lee
      E. Greve 

	 	
      Title:  Managing
      Director, Deputy Manager 

 

	
      CALYON
      NEW YORK BRANCH

       

	
      by:
	/s/  Thomas
      P. Gillis 
	 	
      Name:  Thomas
      P. Gillis 

	 	
      Title:  Managing
      Director 

	 	Head
      of Midwest Region 

 

 

SIGNATURE
PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

	
      Name
      of Institution COMERICA BANK

       

	
      by:
	/s/ 
      Robert M. Ramirez 
	 	
      Name:  Robert
      M. Ramirez 

	 	
      Title: 
      Vice President 

 

SIGNATURE
PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

	
      Name
      of Institution HSBC Bank USA, National Associat:

       

	
      by:
	/s/ 
      John G. Tierney 
	 	
      Name: 
      John G. Tierney 

	 	
      Title: 
      Vice President 

 

 

 

SIGNATURE
PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

	
      Name
      of Institution

       

      KEYBANK
      NATIONAL ASSOCIATION

       

	
      by:
	/s/  Thomas
      J. Purcell 
	 	
      Name: 
      Thomas J. Purcell 

	 	
      Title: 
      Senior Vice President 

 

 

 

SIGNATURE
PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

	
      MERRILL
      LYNCH BANK USA

       

	
      by:
	/s/  Frank
      Stepan 
	 	
      Name:  Frank
      Stepan 

	 	
      Title: 
      Vice President 

 

SIGNATURE
PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

	
      Name
      of Institution MIZUHO CORPORATE BANK, LTD.

       

	
      by:
	/s/ 
      Robert Gallagher 
	 	
      Name: 
      Robert Gallagher 

	 	
      Title: 
      Senior Vice President & Team Leader 

 

 

SIGNATURE
PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

	
      Name
      of Institution: National City Bank of the
      Midwest

       

	
      by:
	/s/ 
      Brian Harbin 
	 	
      Name: 
      Brian Harbin 

	 	
      Title: 
      Vice President 

 

 

SIGNATURE
PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

	
      Name
      of Institution  Standard Federal Bank, N.A.

       

	
      by:
	/s/  Jason
      W. Bierlein 
	 	
      Name:  Jason
      W. Bierlein 

	 	
      Title: 
      Vice President 

 

 

SIGNATURE
PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

	
      Name
      of Institution SUMITOMO MITSUI BANKING CORPORATION

       

	
      by:
	/s/ 
      Yoshihiro Hyakutome 
	 	
      Name: 
      Yoshihiro Hyakutome 

	 	
      Title:  Deputy
      General Manager 

 

 

SIGNATURE
PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

	
      Name
      of Institution  SUNTRUST BANK

       

	
      by:
	/s/  Heidi
      M. Khambatta 
	 	
      Name:  Heidi
      M. Khambatta 

	 	
      Title:  Director 

 

 

SIGNATURE
PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

	
      Name
      of Institution  THE BANK OF NEW YORK

       

	
      by:
	/s/ 
      John M. Lokay, Jr.
	 	
      Name: 
      John M. Lokay, Jr. 

	 	
      Title: 
      Vice President 

 

 

SIGNATURE
PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

	
      Name
      of Institution  The Bank of Nova Scotia

       

	
      by:
	/s/ 
      V. Gibson
	 	
      Name: 
      V. Gibson 

	 	
      Title: 
      Assistant Agent 

 

 

 

SIGNATURE
PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

	
      Name
      of Institution  THE BANK OF TOKYO-MITSUBISHI, LTD., CHICAGO
      BRANCH

       

	
      by:
	/s/  Kazuya
      Matsushita 
	 	
      Name: 
      Kazuya Matsushita

	 	
      Title:  General
      Manager 

 

 

SIGNATURE
PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

	
      Name
      of Institution  US Bank, National Association

       

	
      by:
	/s/ 
      Jeff Janza 
	 	
      Name: 
      Jeff Janza 

	 	
      Title: 
      Vice President 

 

 

 

SIGNATURE
PAGE TO AMENDMENT NO. 1 DATED AS OF APRIL ___, 2005, TO THE CREDIT
AGREEMENT DATED AS OF JANUARY 9, 2004, among AMERICAN AXLE & MANUFACTURING,
INC., AMERICAN AXLE & MANUFACTURING HOLDINGS, INC., THE LENDERS and JPMORGAN
CHASE BANK, N.A., as Administrative Agent,

	
      Name
      of Institution:  WACHOVIA BANK, NA

       

	
      by:
	/s/  Frederick
      E Blumer 
	 	
      Name: 
      Frederick E Blumer 

	 	
      Title:  Director 

 

 

Schedule
I

 

	
      Lender

       
	
      Commitment

       

	
      Administrative
      Agent:

       
	 
	
      JPMorgan
      Chase Bank, N.A.

       
	
      $60,000,000.00

       

	
      Syndication
      Agents:

       
	 
	
      Bank
      of America, N.A.

       
	
      $60,000,000.00

       

	
      Wachovia
      Bank, National Association

       
	
      $50,000,000.00

       

	
      Documentation
      Agents:

       
	 
	
      Standard
      Federal Bank, N.A.

       
	
      $42,500,000.00

       

	
      Managing
      Agents:

       
	 
	
      SunTrust
      Bank

       
	
      $35,000,000.00

       

	
      Key
      Bank, National Association

       
	
      $35,000,000.00

       

	
      Calyon
      New York Branch

       
	
      $35,000,000.00

       

	
      BNP
      Paribas

       
	
      $35,000,000.00

       

	
      Mizuho
      Corporate Bank, Ltd.

       
	
      $35,000,000.00

       

	
      Bank
      of China, New York Branch

       
	
      $18,750,000.00

       

	
      Bank
      of China, Los Angeles Branch

       
	
      $13,750,000.00

       

	
      Co-Agents:

       
	 
	
      Merrill
      Lynch Bank USA

       
	
      $25,000,000.00

       

	
      Sumitomo
      Mitsui Banking Corp., New York

       
	
      $25,000,000.00

       

	
      US
      Bank, National Association

       
	
      $25,000,000.00

       

	
      HSBC
      Bank USA, NA

       
	
      $25,000,000.00

       

	
      The
      Bank of Tokyo-Mitsubishi, Ltd., Chicago 

      Branch

       
	
       

       

      $17,500,000.00

       

	
      The
      Bank of New York

       
	
      $17,500,000.00

       

	
      Comerica
      Bank

       
	
      $17,500,000.00

       

	
      National
      City Bank of the Midwest

       
	
      $17,500,000.00

       

	
      The
      Bank of Nova Scotia

       
	
      $10,000,000.00    
       

       

	
      Total

       
	
      $600,000,000.00Exhibit 10(b)

Exhibit 10(a)

	
    CLECO CORPORATION 

	
    2000 LONG-TERM
  INCENTIVE COMPENSATION PLAN 

	
     

    
	
    Amendment No. 1

	
    (Elimination of
  Restricted Stock Award)

Whereas, Cleco
Corporation, a corporation organized and existing under the laws of the State
of Louisiana (the "Company"), adopted the 2000 Long-Term Incentive Compensation
Plan (the "LTIP"), which plan was approved by the shareholders of the Company
on April 28, 2000; 

Whereas,
the Company now desires to amend the LTIP to eliminate the award of restricted
stock thereunder with respect to certain nonemployee members of the Board of
Directors of the Company;

Whereas, Section
12.1 of the LTIP permits the Board of Directors of the Company to amend the
LTIP, subject to any limitations imposed by applicable law; 

Now, Therefore,
effective as of December 12, 2003, Section 11.2 of the LTIP shall be
amended and restated in its entirety as follows:

"11.2   
Restricted
Stock Awards.  This section intentionally left blank."

This
Amendment No. 1 was approved by the Board of Directors of the Company on
December 12, 2003, to be effective as of the dates set forth above.

 

	
     
	
    CLECO CORPORATION 

    
	
     
	
     

	
     
	
    By:  /s/  Catherine
    C. Powell                        

    
	
     
	
     

	
     
	
    Its:  Sr. V.P. -
    Corporate Services

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