Document:

Exhibit 4.2

     

    This SERIES SUPPLEMENT, dated as of June 22, 2022 (this “Supplement”), is by and between CLECO SECURITIZATION I LLC, a limited liability company created under the laws of the State of
      Louisiana (the “Issuer”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, in its capacity as indenture trustee (the “Indenture Trustee”) for the benefit of the Secured Parties under the Indenture dated as of June
      22, 2022 (the “Indenture”), by and between the Issuer and THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, in its capacity as Indenture Trustee and in its separate capacity as a Securities Intermediary.

     

    PRELIMINARY STATEMENT

     

    Section 9.01 of the Indenture provides, among other things, that the Issuer and the Indenture Trustee
        may at any time enter into an indenture supplemental to the Indenture for the purposes of authorizing the issuance by the Issuer of a Series of the Storm Recovery Bonds and specifying the terms thereof.  The Issuer has duly authorized the creation
        of a Series of the Storm Recovery Bonds with an initial aggregate principal amount of $425,000,000 to be known as Series 2022-A Senior Secured Storm Recovery Bonds (the “Series 2022-A Storm Recovery Bonds”), and the Issuer and the Indenture
        Trustee are executing and delivering this Supplement in order to provide for the Series 2022-A Storm Recovery Bonds.

     

    All terms used in this Supplement that are defined in the Indenture, either directly or by reference therein, have the meanings assigned to them therein, except to the extent such terms are defined
      or modified in this Supplement or the context clearly requires otherwise.  In the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture, the terms and provisions
      of this Supplement shall govern.

     

    
      1

      
        

    

    GRANTING CLAUSE

     

    With respect to the Series 2022-A Storm Recovery Bonds, the Issuer hereby Grants to the Indenture Trustee, as Indenture Trustee for the benefit of the Secured Parties of the Series 2022-A Storm
      Recovery Bonds, all of the Issuer’s right, title and interest (whether now owned or hereafter acquired or arising) in and to (a) the Storm Recovery Property created under and pursuant to the Financing Order U-35807-B issued April 1, 2022 (Docket No.
      U-35807) and the Securitization Act, and transferred by the Seller to the Issuer on the date hereof pursuant to the Sale Agreement (including, to the fullest extent permitted by applicable law, the right to impose, bill, charge, collect and receive
      the Storm Recovery Charges, the right to obtain periodic adjustments to the Storm Recovery Charges, and all revenues, collections, claims, rights to payments, payments, money and proceeds arising out of the rights and interests created under the
      Financing Order), (b) all Storm Recovery Charges related to the Storm Recovery Property, (c) the Sale Agreement and the Bill of Sale executed in connection therewith and all property and interests in property transferred under the Sale Agreement and
      the Bill of Sale with respect to the Storm Recovery Property and the Series 2022-A Storm Recovery Bonds, (d) the Servicing Agreement, the Administration Agreement and any subservicing, agency, administration or collection agreements executed in
      connection therewith, to the extent related to the Storm Recovery Property and the Series 2022-A Storm Recovery Bonds, (e) the Collection Account for the Series 2022-A Storm Recovery Bonds, all Subaccounts thereof and all amounts of cash,
      instruments, investment property or other assets on deposit therein or credited thereto from time to time and all financial assets and securities entitlements carried therein or credited thereto, (f) all rights to compel the Servicer to file for and
      obtain periodic adjustments to the Storm Recovery Charges in accordance with the Securitization Act and the Financing Order, (g) all present and future claims, demands, causes and choses in action in respect of any or all of the foregoing, whether
      such claims, demands, causes and choses in action constitute Storm Recovery Property, accounts, general intangibles, instruments, contract rights, chattel paper or proceeds of such items or any other form of property, (h) all accounts, chattel paper,
      deposit accounts, documents, general intangibles, goods, instruments, investment property, letters of credit, letters-of-credit rights, money, commercial tort claims and supporting obligations related to the foregoing, and (i) all payments on or
      under, and all proceeds in respect of, any or all of the foregoing (the “Trust Estate”), it being understood that the following do not constitute the Trust Estate:  (x) cash that has been released
      pursuant to the terms of the Indenture, including Section 8.02(e)(x) of the Indenture and, following retirement of all Outstanding Series 2022-A Storm Recovery Bonds, pursuant to Section 8.02(e)(xii) of the Indenture, (y) amounts
      deposited with the Issuer on the Closing Date, for payment of costs of issuance with respect to the Series 2022-A Storm Recovery Bonds (together with any interest earnings thereon) or (z) proceeds from the sale of the Series 2022-A Storm Recovery
      Bonds required to pay the purchase price for the Storm Recovery Property and paid pursuant to the Sale Agreement and upfront Financing Costs, it being understood that such amounts described in clause (x) and clause (y) above shall not
      be subject to Section 3.17 of the Indenture.  This Supplement covers the foregoing described portion of the Storm Recovery Property described in the Financing Order.1 
      For the avoidance of doubt, any “storm recovery property” (as defined in the Securitization Act) created with respect to an Additional Series shall not be part of the Trust Estate.

     

    The foregoing Grant is made in trust to secure the Secured Obligations equally and ratably without prejudice, priority or distinction, except as expressly provided in the Indenture, to secure
      compliance with the provisions of the Indenture with respect to the Series 2022-A Storm Recovery Bonds, all as provided in the Indenture and to secure the performance by the Issuer of all of its obligations under the Indenture.  The Indenture and
      this Supplement constitute a security agreement within the meaning of the Securitization Act and under the UCC to the extent that the provisions of the UCC are applicable hereto.  The Issuer authorizes the Indenture Trustee (but the Indenture Trustee
      is not required) to file financing statements covering the Trust Estate, either as described above or by using more general terms as permitted by Section 9-504 of the Louisiana UCC; provided, however, that such authorization shall not
      be deemed an obligation.

     

    The Indenture Trustee, as indenture trustee on behalf of the Holders, acknowledges such Grant and accepts the trusts under this Supplement and the Indenture in accordance with the provisions of this
      Supplement and the Indenture.

     

    SECTION 1.          Designation.  The Series 2022-A Storm Recovery Bonds shall be designated generally as the 2022-A Senior Secured Storm Recovery
      Bonds, and further denominated as tranches A-1 through A-2.

    

    

     

      

     
    
      	
              1

            	
              La. R.S. 45:1229(D).

            

    

    

    

    
      2

      
        

    

    SECTION 2.           Initial Principal Amount; Bond Interest Rate; Scheduled Final Payment Date; Final Maturity Date; Required Capital Amount.  The
      Series 2022-A Storm Recovery Bonds of each tranche shall have the initial principal amount, bear interest at the rates per annum (the “Bond Interest Rate”) and shall have the Scheduled Final Payment Dates and the Final Maturity Dates set forth
      below:

     

    	
            
              Weighted 

              Average 

              Life

            

          	 	
            
              Initial

              Principal

              Amount

            

          	 	 	
            
              Bond

              Interest 

              Rate

            

          	 	
            
              Scheduled

              Final Payment

                Date

            

          	 	
            
              Final

              Maturity

              Date

            

          
	
            4.79 years

          	 	
            $

          	
            125,000,000

          	 	 	 	
            4.016

          	
            %

          	
            March 1, 2031

          	 	
            March 1, 2033

          
	
            15.00 years

          	 	
            $

          	
            300,000,000

          	 	 	 	
            4.646

          	
            %

          	
            September 1, 2042

          	 	
            September 1, 2044

          

    

    

    The Bond Interest Rate shall be computed by the Issuer on the basis of a 360-day year of twelve 30-day months.

     

    The Required Capital Amount for the Series 2022-A Storm Recovery Bonds shall be equal to 0.50% of the initial principal amount thereof.

     

    SECTION 3.        Authentication Date; Payment Dates; Expected Amortization Schedule for Principal; Periodic Interest; Book-Entry Storm Recovery Bonds.

     

    (a)         Authentication Date.  The Series 2022-A Storm Recovery Bonds that are authenticated and delivered by the Indenture Trustee to or upon the
      order of the Issuer on June 22, 2022 (the “Closing Date”) shall have as their date of authentication June 22, 2022.

     

    (b)         Payment Dates.  The “Payment Dates” for the Series 2022-A Storm Recovery Bonds are March 1 and September 1 of each year or, if any
      such date is not a Business Day, the next Business Day, commencing on March 1, 2023 and continuing until the earlier of repayment of the Series 2022-A Storm Recovery Bonds in full and the Final Maturity Date.

     

    (c)        Expected Amortization Schedule for Principal.  Unless an Event of Default shall have occurred and be continuing, on each Payment Date, the
      Indenture Trustee shall distribute to the Holders of record as of the related Record Date amounts payable pursuant to Section 8.02(e) of the Indenture as principal, in the following order and priority: (1) to the holders of the Series 2022-A,
      Tranche A-1 Storm Recovery Bonds, until the Outstanding Amount of the Series 2022-A, Tranche A-1 Storm Recovery Bonds thereof has been reduced to zero; and (2) to the holders of the Series 2022-A, Tranche A-2 Storm Recovery Bonds, until the
      Outstanding Amount of the Series 2022-A, Tranche A-2 Storm Recovery Bonds thereof has been reduced to zero; provided, however, that in no event shall a principal payment pursuant to this Section 3(c) on any tranche on a
      Payment Date be greater than the amount necessary to reduce the Outstanding Amount of such tranche of Series 2022-A Storm Recovery Bonds to the amount specified in the Expected Amortization Schedule that is attached as Schedule A hereto for
      such tranche and Payment Date.

     

    
      3

      
        

    

    (d)         Periodic Interest.  “Periodic Interest” will be payable on each tranche of the Series 2022-A Storm Recovery Bonds on each Payment
      Date in an amount equal to one-half of the product of (i) the applicable Bond Interest Rate and (ii) the Outstanding Amount of the related tranche of Series 2022-A Storm Recovery Bonds as of the close of business on the preceding Payment Date after
      giving effect to all payments of principal made to the Holders of the related tranche of Series 2022-A Storm Recovery Bonds on such preceding Payment Date; provided, however, that, with respect to the initial Payment Date, or if no
      payment has yet been made, interest on the outstanding principal balance will accrue from and including the Closing Date to, but excluding, the following Payment Date.

     

    (e)         Book-Entry Storm Recovery Bonds.  The Series 2022-A Storm Recovery Bonds shall be Book-Entry Storm Recovery Bonds, and the applicable
      provisions of Section 2.11 of the Indenture shall apply to the Series 2022-A Storm Recovery Bonds.

     

    SECTION 4.         Authorized Denominations.  The Series 2022-A Storm Recovery Bonds shall be issuable in denominations of $2,000 and integral
      multiples of $1,000 in excess thereof, except for one bond, which may be a smaller denomination (the “Authorized Denominations”).

     

    SECTION 5.          Delivery and Payment for the Series 2022-A Storm Recovery Bonds; Form of the Series 2022-A Storm Recovery Bonds.  The Indenture
      Trustee shall deliver the Series 2022-A Storm Recovery Bonds to the Issuer when authenticated in accordance with Section 2.03 of the Indenture.  The Series 2022-A Storm Recovery Bonds of each tranche shall be in the form of Exhibits B-1 and
      B-2 hereto.

     

    SECTION 6.           Ratification of Indenture.  As supplemented by this Supplement, the Indenture is in all respects ratified and confirmed and the
      Indenture, as so supplemented by this Supplement, shall be read, taken and construed as one and the same instrument.  This Supplement amends, modifies and supplements the Indenture only insofar as it relates to the Series 2022-A Storm Recovery Bonds.

     

    SECTION 7.           Counterparts.  This Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an
      original, but all of such counterparts shall together constitute but one and the same instrument.

     

    SECTION 8.        Governing Law.  This Supplement 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 9.           Issuer Obligation.  No recourse may be taken directly or indirectly by the Holders with respect to the obligations of the Issuer
      on the Series 2022-A Storm Recovery Bonds, under the Indenture or this Supplement or any certificate or other writing delivered in connection herewith or therewith, against (a) any owner of a beneficial interest in the Issuer (including Cleco Power)
      or (b) any shareholder, partner, owner, beneficiary, officer, director, employee or agent of the Indenture Trustee, the Managers or any owner of a beneficial interest in the Issuer (including Cleco Power) in its individual capacity, or of any
      successor or assign of any of them in their respective individual or corporate capacities, except as any such Person may have expressly agreed.  Each Holder by accepting a Series 2022-A Storm Recovery Bond specifically confirms the nonrecourse nature
      of these obligations and waives and releases all such liability.  The waiver and release are part of the consideration for issuance of the Series 2022-A Storm Recovery Bonds.

     

    
      4

      
        

    

    SECTION 10.         Indenture Trustee Disclaimer.  The Indenture Trustee is not responsible for the validity or sufficiency of this Supplement or for
      the recitals contained herein.

     

    SECTION 11.        Submission to Non-Exclusive Jurisdiction; Waiver of Jury Trial.  Each of the Issuer and the
        Indenture Trustee and each Holder (by its acceptance of the Storm Recovery Bonds) hereby irrevocably submits to the non-exclusive jurisdiction of (A) any Louisiana State court and any New York State court sitting in The Borough of Manhattan in The
        City of New York or (B) any U.S. federal court sitting in Louisiana and any U.S. federal court sitting in The Borough of Manhattan in The City of New York in respect of any suit, action or Proceeding arising out of or relating to this Supplement
        and the Series 2022-A Storm Recovery Bonds and irrevocably accepts for itself and in respect of its respective property, generally and unconditionally, jurisdiction of the aforesaid courts.  Each of the Issuer, the Indenture Trustee and each Holder
        (by its acceptance of the Storm Recovery Bonds) irrevocably waives, to the fullest extent that it may effectively do so under applicable law, trial by jury.

     

    
      5

      
        

    

    IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this Supplement to be duly executed by their respective officers thereunto duly authorized as of the day and year first above
      written.

     

    	 	
            CLECO SECURITIZATION I LLC,

          
	 	
            as Issuer

          
	 	  
	 	
            By:

          	
            /s/ William G. Fontenot

          	 
	 	 	
            Name:

          	
            William G. Fontenot

          	 
	 	 	
            Title:

          	
            President

          	 

    

    

    	 	
            THE BANK OF NEW YORK MELLON TRUST 

            COMPANY, NATIONAL ASSOCIATION,

          
	 	
            not in its individual capacity but solely as Indenture Trustee

          
	 	  
	 	
            By:

          	
            /s/ Linda Wirfel

          	 
	 	 	
            Name:

          	
            Linda Wirfel

          	 
	 	 	
            Title:

          	
            Vice President

          	 

    

    

    
      [Signature Page to Series Supplement]

       

      

    

    
      
        

    

    
     SCHEDULE A

    TO SERIES SUPPLEMENT

     

    EXPECTED SINKING FUND SCHEDULE

     

    	
            Payment Date

          	 	
            Tranche A-1

          	 	 	
            Tranche A-2

          	 
	
            March 1, 2023

          	 	
            $

          	
            3,203,819.00

          	 	 	
            $

          	
            0.00

          	 
	
            September 1, 2023

          	 	
            $

          	
            6,369,852.23

          	 	 	
            $

          	
            0.00

          	 
	
            March 1, 2024

          	 	
            $

          	
            7,843,811.64

          	 	 	
            $

          	
            0.00

          	 
	
            September 1, 2024

          	 	
            $

          	
            6,655,262.60

          	 	 	
            $

          	
            0.00

          	 
	
            March 1, 2025

          	 	
            $

          	
            8,134,953.05

          	 	 	$	0.00 

          	 
	
            September 1, 2025

          	 	
            $

          	
            6,952,250.13

          	 	 	
            $

          	
            0.00

          	 
	
            March 1, 2026

          	 	
            $

          	
            8,437,904.09

          	 	 	
            $

          	
            0.00

          	 
	
            September 1, 2026

          	 	
            $

          	
            7,261,284.43

          	 	 	
            $

          	
            0.00

          	 
	
            March 1, 2027

          	 	
            $

          	
            8,753,143.79

          	 	 	
            $

          	
            0.00

          	 
	
            September 1, 2027

          	 	
            $

          	
            7,582,854.15

          	 	 	
            $

          	
            0.00

          	 
	
            March 1, 2028

          	 	
            $

          	
            9,081,170.63

          	 	 	
            $

          	
            0.00

          	 
	
            September 1, 2028

          	 	
            $

          	
            7,917,467.76

          	 	 	
            $

          	
            0.00

          	 
	
            March 1, 2029

          	 	
            $

          	
            9,422,503.29

          	 	 	
            $

          	
            0.00

          	 
	
            September 1, 2029

          	 	
            $

          	
            8,265,654.39

          	 	 	
            $

          	
            0.00

          	 
	
            March 1, 2030

          	 	
            $

          	
            9,777,681.49

          	 	 	
            $

          	
            0.00

          	 
	
            September 1, 2030

          	 	
            $

          	
            8,627,964.57

          	 	 	
            $

          	
            0.00

          	 
	
            March 1, 2031

          	 	
            $

          	
            712,422.76

          	 	 	
            $

          	
            9,434,844.11

          	 
	
            September 1, 2031

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            9,034,690.98

          	 
	
            March 1, 2032

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            10,590,619.62

          	 
	
            September 1, 2032

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            9,490,586.94

          	 
	
            March 1, 2033

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            11,057,106.04

          	 
	
            September 1, 2033

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            9,967,909.85

          	 
	
            March 1, 2034

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            11,545,517.17

          	 
	
            September 1, 2034

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            10,467,666.75

          	 
	
            March 1, 2035

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            12,056,883.43

          	 
	
            September 1, 2035

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            10,990,912.06

          	 
	
            March 1, 2036

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            12,592,283.72

          	 
	
            September 1, 2036

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            11,538,749.69

          	 
	
            March 1, 2037

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            13,152,847.63

          	 
	
            September 1, 2037

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            12,112,335.50

          	 
	
            March 1, 2038

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            13,739,757.83

          	 
	
            September 1, 2038

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            12,712,879.63

          	 
	
            March 1, 2039

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            14,354,252.60

          	 
	
            September 1, 2039

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            13,341,649.11

          	 
	
            March 1, 2040

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            14,997,628.39

          	 
	
            September 1, 2040

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            13,999,970.53

          	 
	
            March 1, 2041

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            15,671,242.61

          	 
	
            September 1, 2041

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            14,689,232.81

          	 
	
            March 1, 2042

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            16,376,516.46

          	 
	
            September 1, 2042

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            16,083,916.54

          	 
	
            Total Payments

          	 	
            $

          	
            125,000,000.00

          	 	 	
            $

          	
            300,000,000.00

          	 

    

    

    
      A-1

      
        

    

    EXPECTED AMORTIZATION SCHEDULE

     

    	
            Date

          	 	
            Tranche A-1

          	 	 	
            Tranche A-2

          	 
	
            Closing Date

          	 	
            $

          	
            125,000,000.00

          	 	 	
            $

          	
            300,000,000.00

          	 
	
            March 1, 2023

          	 	
            $

          	
            121,796,181.00

          	 	 	
            $

          	
            300,000,000.00

          	 
	
            September 1, 2023

          	 	
            $

          	
            115,426,328.77

          	 	 	
            $

          	
            300,000,000.00

          	 
	
            March 1, 2024

          	 	
            $

          	
            107,582,517.13

          	 	 	
            $

          	
            300,000,000.00

          	 
	
            September 1, 2024

          	 	
            $

          	
            100,927,254.53

          	 	 	
            $

          	
            300,000,000.00

          	 
	
            March 1, 2025

          	 	
            $

          	
            92,792,301.48

          	 	 	
            $

          	
            300,000,000.00

          	 
	
            September 1, 2025

          	 	
            $

          	
            85,840,051.35

          	 	 	
            $

          	
            300,000,000.00

          	 
	
            March 1, 2026

          	 	
            $

          	
            77,402,147.26

          	 	 	
            $

          	
            300,000,000.00

          	 
	
            September 1, 2026

          	 	
            $

          	
            70,140,862.83

          	 	 	
            $

          	
            300,000,000.00

          	 
	
            March 1, 2027

          	 	
            $

          	
            61,387,719.04

          	 	 	
            $

          	
            300,000,000.00

          	 
	
            September 1, 2027

          	 	
            $

          	
            53,804,864.89

          	 	 	
            $

          	
            300,000,000.00

          	 
	
            March 1, 2028

          	 	
            $

          	
            44,723,694.26

          	 	 	
            $

          	
            300,000,000.00

          	 
	
            September 1, 2028

          	 	
            $

          	
            36,806,226.50

          	 	 	
            $

          	
            300,000,000.00

          	 
	
            March 1, 2029

          	 	
            $

          	
            27,383,723.21

          	 	 	
            $

          	
            300,000,000.00

          	 
	
            September 1, 2029

          	 	
            $

          	
            19,118,068.82

          	 	 	
            $

          	
            300,000,000.00

          	 
	
            March 1, 2030

          	 	
            $

          	
            9,340,387.33

          	 	 	
            $

          	
            300,000,000.00

          	 
	
            September 1, 2030

          	 	
            $

          	
            712,422.76

          	 	 	
            $

          	
            300,000,000.00

          	 
	
            March 1, 2031

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            290,565,155.89

          	 
	
            September 1, 2031

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            281,530,464.91

          	 
	
            March 1, 2032

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            270,939,845.29

          	 
	
            September 1, 2032

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            261,449,258.35

          	 
	
            March 1, 2033

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            250,392,152.31

          	 
	
            September 1, 2033

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            240,424,242.46

          	 
	
            March 1, 2034

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            228,878,725.29

          	 
	
            September 1, 2034

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            218,411,058.54

          	 
	
            March 1, 2035

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            206,354,175.11

          	 
	
            September 1, 2035

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            195,363,263.05

          	 
	
            March 1, 2036

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            182,770,979.33

          	 
	
            September 1, 2036

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            171,232,229.64

          	 
	
            March 1, 2037

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            158,079,382.01

          	 
	
            September 1, 2037

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            145,967,046.51

          	 
	
            March 1, 2038

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            132,227,288.68

          	 
	
            September 1, 2038

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            119,514,409.05

          	 
	
            March 1, 2039

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            105,160,156.45

          	 
	
            September 1, 2039

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            91,818,507.34

          	 
	
            March 1, 2040

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            76,820,878.95

          	 
	
            September 1, 2040

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            62,820,908.42

          	 
	
            March 1, 2041

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            47,149,665.81

          	 
	
            September 1, 2041

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            32,460,433.00

          	 
	
            March 1, 2042

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            16,083,916.54

          	 
	
            September 1, 2042

          	 	
            $

          	
            0.00

          	 	 	
            $

          	
            0.00

          	 

    

    

    
      A-2

      
        

    

    
    EXHIBIT B-1

    TO SERIES SUPPLEMENT

     

    FORM OF TRANCHE A-1 OF SERIES 2022-A SENIOR SECURED STORM RECOVERY 

    BONDS

     

    UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A
      NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.  UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
      REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
      IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
      OR TO ANY PERSON OR ENTITY IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    	
            No.  {          }

          	
            ${                  }

          
	
            Tranche Designation A-1

          	
            CUSIP No.: 185512 AA8

          

     

    

    THE PRINCIPAL OF THIS SERIES 2022-A, TRANCHE A-1 SENIOR SECURED STORM RECOVERY BOND, (THIS “STORM RECOVERY BOND”) WILL BE PAID IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT
      OF THIS STORM RECOVERY BOND AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.  THE HOLDER OF THIS STORM RECOVERY BOND HAS NO RECOURSE TO THE ISSUER HEREOF AND AGREES TO LOOK ONLY TO THE TRUST ESTATE, AS DESCRIBED IN THE INDENTURE, FOR PAYMENT OF
      ANY AMOUNTS DUE HEREUNDER.  ALL OBLIGATIONS OF THE ISSUER OF THIS STORM RECOVERY BOND UNDER THE TERMS OF THE INDENTURE WILL BE RELEASED AND DISCHARGED UPON PAYMENT IN FULL HEREOF OR AS OTHERWISE PROVIDED IN SECTION 3.10(b) OR ARTICLE IV
      OF THE INDENTURE.  THE HOLDER OF THIS STORM RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE THAT IS ONE YEAR AND ONE DAY AFTER THE PAYMENT IN FULL OF THIS STORM RECOVERY BOND, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY OTHER PERSON
      IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES.  NOTHING IN THIS PARAGRAPH SHALL
      PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER (A) FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN (I) ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY SUCH LAW OR (II) ANY
      INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER THAT IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE ASSIGNED, TRANSFERRED OR
      OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW OR (B) FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION THAT IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR PURSUANT TO ANY SUCH LAW AGAINST
      THE ISSUER OR ANY OF ITS PROPERTIES.

     

    
      B-1-1

      
        

    

    NEITHER THE FULL FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF LOUISIANA IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF, OR INTEREST ON, THIS TRANCHE A-1 SERIES 2022-A SENIOR SECURED STORM RECOVERY BOND

     

    CLECO SECURITIZATION I LLC

    SERIES 2022-A SENIOR SECURED STORM RECOVERY BONDS, TRANCHE A-1

     

    	
            
              BOND 

              INTEREST 

              RATE

            

          	 	 	
            
              ORIGINAL

               PRINCIPAL

              AMOUNT

            

          	 	
            
              SCHEDULED

               FINAL 

              PAYMENT 

              DATE

            

          	 	
            
              FINAL

               MATURITY 

              DATE

            

          
	
            4.016

          	
            %

          	 	
            $

          	
            125,000,000

          	 	
            March 1, 2031

          	 	
            March 1, 2033

          

    

    

    Cleco Securitization I LLC, a limited liability company created under the laws of the State of Louisiana (herein referred to as the “Issuer”), for value received, hereby promises to pay to
      {__________}, or registered assigns, the Original Principal Amount shown above in semi-annual installments on the Payment Dates and in the amounts specified below or, if less, the amounts determined pursuant to Section 8.02 of the Indenture,
      in each year, commencing on the date determined as provided below and ending on or before the Final Maturity Date shown above and to pay interest, at the Bond Interest Rate shown above, on each March 1 and September 1 or, if any such day is not a
      Business Day, the next Business Day, commencing on March 1, 2023 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each, a “Payment Date”), on the principal amount of this Storm
      Recovery Bond.  Interest on this Storm Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the date of
      issuance.  Interest will be computed on the basis of a 360-day year of twelve 30-day months.  Such principal of and interest on this Storm Recovery Bond shall be paid in the manner specified below.

     

    The principal of and interest on this Storm Recovery Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
      private debts.  All payments made by the Issuer with respect to this Storm Recovery Bond shall be applied first to interest due and payable on this Storm Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on this
      Storm Recovery Bond, all in the manner set forth in the Indenture.

     

    Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual, electronic or facsimile signature, this Storm Recovery Bond shall not be
      entitled to any benefit under the Indenture referred to below or be valid or obligatory for any purpose.

     

    
      B-1-2

      
        

    

    IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually, electronically or in facsimile, by its Responsible Officer.

     

    	
            Date:

          	
            {__________}, 20{__}

          	
            CLECO SECURITIZATION I LLC,

          
	 	 	
            as Issuer

          
	 	 	  
	 	 	
            By:

          	 	 
	 	 	 	
            Name:

          	 
	 	 	 	
            Title:

          	 

    

    

    
      B-1-3

      
        

    

     INDENTURE TRUSTEE’S

    CERTIFICATE OF AUTHENTICATION

     

    Dated: {__________}, 20{__}

     

    

    This is one of the Series 2022-A, Tranche A-1 Senior Secured Storm Recovery Bonds, designated above and referred to in the within-mentioned Indenture.

     

    	 	
            THE BANK OF NEW YORK MELLON TRUST 

            COMPANY, NATIONAL ASSOCIATION,

          
	 	
            as Indenture Trustee

          
	 	  
	 	
            By:

          	 	 
	 	 	
            Name:

          	 
	 	 	
            Title:

          	 

     

    

    
      B-1-4

      
        

    

    This Senior Secured Storm Recovery Bond, Series 2022-A, tranche A-1 is one of a duly authorized issue of Series 2022-A Senior Secured Storm Recovery Bonds of the Issuer (herein called the “Series
        2022-A Bonds”), which Series are issuable in one or more tranches.  The Series 2022-A Bonds consist of two tranches, including the Tranche A-1 Series 2022-A Senior Secured Storm Recovery Bonds, which include this Senior Secured Storm Recovery
      Bond (herein called the “Tranche A-1 Storm Recovery Bonds”), all issued and to be issued under that certain Indenture dated as of June 22, 2022 (as supplemented by the Series Supplement (as defined below), the “Indenture”), between the
      Issuer and The Bank of New York Mellon Trust Company, National Association, in its capacity as indenture trustee (the “Indenture Trustee”, which term includes any successor indenture trustee under the Indenture) and in its separate capacity as
      a securities intermediary (the “Securities Intermediary”, which term includes any successor securities intermediary under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of
      the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Series 2022-A Bonds.  For purposes herein, “Series Supplement” means that certain Series Supplement dated as of June 22, 2022 between
      the Issuer and the Indenture Trustee.  All terms used in this Tranche A-1 Storm Recovery Bond that are defined in the Indenture, as amended, restated, supplemented or otherwise modified from time to time, shall have the meanings assigned to such
      terms in the Indenture.

     

    All tranches of Series 2022-A Bonds are and will be equally and ratably secured by the Trust Estate pledged as security therefor as provided in the Indenture.

     

    The principal of this Tranche A-1 Storm Recovery Bond shall be payable on each Payment Date only to the extent that amounts in the Collection Account for the Series 2022-A Bonds are available
      therefor, and only until the outstanding principal balance thereof on the preceding Payment Date (after giving effect to all payments of principal, if any, made on the preceding Payment Date) has been reduced to the principal balance specified in the
      Expected Amortization Schedule that is attached to the Series Supplement as Schedule A, unless payable earlier because an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Holders representing a majority
      of the Outstanding Amount of the Series 2022-A Bonds have declared the Series 2022-A Bonds to be immediately due and payable in accordance with Section 5.02 of the Indenture (unless such declaration shall have been rescinded and annulled in
      accordance with Section 5.02 of the Indenture).  However, actual principal payments may be made in lesser than expected amounts and at later than expected times as determined pursuant to Section 8.02 of the Indenture.  The entire
      unpaid principal amount of this Tranche A-1 Storm Recovery Bond shall be due and payable on the Final Maturity Date hereof.  Notwithstanding the foregoing, the entire unpaid principal amount of the Series 2022-A Bonds shall be due and payable, if not
      then previously paid, on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Holders of the Series 2022-A Bonds representing a majority of the Outstanding Amount of the Series 2022-A Bonds have
      declared the Series 2022-A Bonds to be immediately due and payable in the manner provided in Section 5.02 of the Indenture (unless such declaration shall have been rescinded and annulled in accordance with Section 5.02 of the
      Indenture).  All principal payments on the Tranche A-1 Storm Recovery Bonds shall be made pro rata to the Holders of the Tranche A-1 Storm Recovery Bonds entitled thereto based on the respective principal amounts of the Tranche A-1 Storm Recovery
      Bonds held by them.

     

    
      B-1-5

      
        

    

    Payments of interest on this Tranche A-1 Storm Recovery Bond due and payable on each Payment Date, together with the installment of principal or premium, if any, shall be made by check mailed
      first-class, postage prepaid, to the Person whose name appears as the Registered Holder of this Tranche A-1 Storm Recovery Bond (or one or more Predecessor Tranche A-1 Storm Recovery Bonds) on the Storm Recovery Bond Register as of the close of
      business on the Record Date or in such other manner as may be provided in the Indenture or the Series Supplement, except that (a) upon application to the Indenture Trustee by any Holder owning a Global Storm Recovery Bond evidencing this Tranche A-1
      Storm Recovery Bond not later than the applicable Record Date, payment will be made by wire transfer to an account maintained by such Holder, and (b) if this Tranche A-1 Storm Recovery Bond is held in Book-Entry Form, payments will be made by wire
      transfer in immediately available funds to the account designated by the Holder of the applicable Global Storm Recovery Bond evidencing this Tranche A-1 Storm Recovery Bond unless and until such Global Storm Recovery Bond is exchanged for Definitive
      Storm Recovery Bonds (in which event payments shall be made as provided above) and except for the final installment of principal and premium, if any, payable with respect to this Tranche A-1 Storm Recovery Bond on a Payment Date, which shall be
      payable as provided below.  Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Storm Recovery Bond Register as of the applicable Record Date without requiring that this Tranche A-1 Storm
      Recovery Bond be submitted for notation of payment.  Any reduction in the principal amount of this Tranche A-1 Storm Recovery Bond (or any one or more Predecessor Tranche A-1 Storm Recovery Bonds) effected by any payments made on any Payment Date
      shall be binding upon all future Holders of this Tranche A-1 Storm Recovery Bond and of any Tranche A-1 Storm Recovery Bond issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.  If
      funds are expected to be available, as provided in the Indenture, for payment in full of the then-remaining unpaid principal amount of this Tranche A-1 Storm Recovery Bond on a Payment Date, then the Indenture Trustee, in the name of and on behalf of
      the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice sent no later than five (5) days prior to such final Payment Date and shall specify that such final installment will
      be payable only upon presentation and surrender of this Tranche A-1 Storm Recovery Bond and shall specify the place where this Tranche A-1 Storm Recovery Bond may be presented and surrendered for payment of such installment.

     

    The Issuer shall pay interest on overdue installments of interest at the Bond Interest Rate to the extent lawful.

     

    This Tranche A-1 Storm Recovery Bond is a “storm recovery bond” as such term is defined in the Securitization Act.  Principal and interest on this Tranche A-1 Storm Recovery Bond are payable from and
      secured primarily by the Storm Recovery Property authorized by the Financing Order.

    

    

    The Securitization Act provides that the State of Louisiana pledges “to and agrees with bondholders, the owners of storm recovery property, and other financing parties that the state will not:

     

    

    (1)   Alter the provisions of this Part [the Securitization Act] which authorize the commission to create a contract right by the issuance of a financing order, to create storm recovery property, and
      to make the storm recovery charges imposed by a financing order irrevocable, binding, and nonbypassable charges;

    

    

    
      B-1-6

      
        

    

    (2)   Take or permit any action that impairs or would impair the value of the storm recovery property; or

    

    

    (3)   Except as allowed under this Section [Section 1234 the Securitization Act] and except for adjustments under any true-up mechanism established by the commission, reduce, alter, or impair
      storm recovery charges that are to be imposed, collected, and remitted for the benefit of the bondholders and other financing parties until any and all principal, interest, premium, financing costs and other fees, expenses, or charges incurred, and
      any contracts to be performed, in connection with the related storm recovery bonds have been paid and performed in full. Nothing in this Paragraph shall preclude limitation or alteration if and when full compensation is made by law for the full
      protection of the storm recovery charges collected pursuant to a financing order and full protection of the holders of storm recovery bonds and any assignee or financing party.”

    

    

    In addition, the Financing Order provides that the Louisiana Commission “covenants, pledges and agrees it thereafter shall not amend, modify, or terminate th[e]
        Financing Order by any subsequent action, or reduce, impair, postpone, terminate, or otherwise adjust the storm recovery charges approved in th[e] Financing Order, or in any way reduce or impair
      the value of the storm recovery property created by th[e] Financing Order, except as may be contemplated by a refinancing authorized in strict accordance with the Securitization Act by a subsequent order of
      the Commission or by the periodic true up adjustments authorized by th[e] Financing Order, until the indefeasible payment in full of the storm recovery bonds and the related financing costs.”

     

    The Issuer acknowledges that the purchase of this Tranche A-1 Storm Recovery Bond by the Holder hereof or the purchase of any beneficial interest herein by any Person are made in reliance on the
      foregoing pledges by the State of Louisiana and the Louisiana Commission.

     

    As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Tranche A-1 Storm Recovery Bond may be registered on the Storm Recovery Bond Register upon
      surrender of this Tranche A-1 Storm Recovery Bond for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by, (a) a written instrument of transfer in form satisfactory
      to the Indenture Trustee duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by:  (i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange
      Medallion Program (MSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) such other signature guaranty program acceptable to the Indenture Trustee, and (b) such other documents as the Indenture Trustee may require, and thereupon one or
      more new Tranche A-1 Storm Recovery Bonds of Authorized Denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.  No service charge will be charged for any registration of transfer or
      exchange of this Tranche A-1 Storm Recovery Bond, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange, other
      than exchanges pursuant to Section 2.04 or Section 2.06 of the Indenture not involving any transfer.

     

    
      B-1-7

      
        

    

    Each Holder, by acceptance of a Tranche A-1 Storm Recovery Bond, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the
      Indenture Trustee on the Tranche A-1 Storm Recovery Bonds or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) any owner of a membership interest in the Issuer (including Cleco Power) or (b) any
      shareholder, partner, owner, beneficiary, agent, officer or employee of the Indenture Trustee, the Managers or any owner of a membership interest in the Issuer (including Cleco Power) in its respective individual or corporate capacities, or of any
      successor or assign of any of them in their individual or corporate capacities, except as any such Person may have expressly agreed in writing.  Each Holder by accepting a Tranche A-1 Storm Recovery Bond specifically confirms the nonrecourse nature
      of these obligations and waives and releases all such liability.  The waiver and release are part of the consideration for issuance of the Tranche A-1 Storm Recovery Bonds.

     

    Prior to the due presentment for registration of transfer of this Tranche A-1 Storm Recovery Bond, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the
      Person in whose name this Tranche A-1 Storm Recovery Bond is registered (as of the day of determination) as the owner hereof for the purpose of receiving payments of principal of and premium, if any, and interest on this Tranche A-1 Storm Recovery
      Bond and for all other purposes whatsoever, whether or not this Tranche A-1 Storm Recovery Bond be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to the contrary.

     

    The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders under the
      Indenture at any time by the Issuer with the consent of the Holders representing a majority of the Outstanding Amount of all Series 2022-A Storm Recovery Bonds at the time outstanding of each tranche to be affected and upon the satisfaction of the
      Rating Agency Condition and the Louisiana Commission Condition.  The Indenture also contains provisions permitting the Holders representing specified percentages of the Outstanding Amount of the Series 2022-A Storm Recovery Bonds, on behalf of the
      Holders of all the Series 2022-A Storm Recovery Bonds, with the satisfaction of the Louisiana Commission Condition, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their
      consequences.  Any such consent or waiver by the Holder of this Tranche A-1 Storm Recovery Bond (or any one of more Predecessor Tranche A-1 Storm Recovery Bonds) shall be conclusive and binding upon such Holder and upon all future Holders of this
      Tranche A-1 Storm Recovery Bond and of any Tranche A-1 Storm Recovery Bond issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Tranche A-1 Storm
      Recovery Bond.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders issued thereunder, but with the satisfaction of the Louisiana Commission
      Condition.

     

    The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Issuer on a Series 2022-A Storm Recovery Bond and (b) certain restrictive covenants and the related
      Events of Default, upon compliance by the Issuer with certain conditions set forth in the Indenture, which provisions apply to this Tranche A-1 Storm Recovery Bond.

     

    The term “Issuer” as used in this Tranche A-1 Storm Recovery Bond includes any successor to the Issuer under the Indenture.

     

    
      B-1-8

      
        

    

    
    The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders under the Indenture.

     

    The Tranche A-1 Storm Recovery Bonds are issuable only in registered form in denominations as provided in the Indenture and the Series Supplement subject to certain limitations therein set forth.

     

    This Tranche A-1 Storm Recovery Bond, the Indenture and the Series Supplement 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 and thereunder shall be determined in accordance with such laws.

     

    No reference herein to the Indenture and no provision of this Tranche A-1 Storm Recovery Bond or of the Indenture shall alter or impair the obligation, which is absolute and unconditional, to pay the
      principal of and interest on this Tranche A-1 Storm Recovery Bond at the times, place and rate and in the coin or currency herein prescribed.

     

    The Issuer and the Indenture Trustee, by entering into the Indenture, and the Holders and any Persons holding a beneficial interest in any Tranche A-1 Storm Recovery Bond, by acquiring any Tranche
      A-1 Storm Recovery Bond or interest therein, (a) express their intention that, solely for the purpose of U.S. federal taxes and, to the extent consistent with applicable state, local and other tax law, solely for the purpose of state, local and other
      taxes, the Tranche A-1 Storm Recovery Bonds qualify under applicable tax law as indebtedness of the sole owner of the Issuer secured by the Trust Estate and (b) solely for purposes of U.S. federal taxes and, to the extent consistent with applicable
      state, local and other tax law, solely for purposes of state, local and other taxes, so long as any of the Tranche A-1 Storm Recovery Bonds are outstanding, agree to treat the Tranche A-1 Storm Recovery Bonds as indebtedness of the sole owner of the
      Issuer secured by the Trust Estate unless otherwise required by appropriate taxing authorities.

     

  

  
    B-1-9

    
      

  

  
  
    
      
        ABBREVIATIONS

         

        The following abbreviations, when used above on this Series 2022-A Storm Recovery Bond, shall be construed as though they were written out in full according to applicable laws or regulations.

         

          
            	
                    TEN COM

                  	
                    as tenants in common

                  
	 	 
	
                    TEN ENT

                  	
                    as tenants by the entireties

                  
	 	 
	
                    JT TEN

                  	
                    as joint tenants with right of survivorship and not as tenants 

                    in common

                  
	 	 
	
                    UNIF GIFT MIN ACT

                  	

                  	 Custodian	

                  	 
	 	
                    (Custodian)

                    

                  	 	(minor)	 
	 	
                    Under Uniform Gifts to Minor Act (_________________) 

                    

                  
	 	
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      
                                                         (State) 

                                                        

                                                      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

             

          

        

        Additional abbreviations may also be used though not in the above list.

         

        
          B-1-10

          
            

        

        ASSIGNMENT

         

        Social Security or taxpayer I.D. or other identifying number of assignee                                

        

         

        FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

         

        

        
          	
                   

                
	
                   

                
	
                   (name and address of assignee)

                

        

         

        

        the within Tranche A-1 Storm Recovery Bond and all rights thereunder, and hereby irrevocably constitutes and appoints ____________, attorney, to transfer said Tranche A-1 Storm Recovery Bond on the books kept for
          registration thereof, with full power of substitution in the premises.

         

        	
                Dated: 

                

              	 	 	 
	 	 	 	
                Signature Guaranteed:

              
	 	 	 	 
	 	 	 	 

        

        

        The signature to this assignment must correspond with the name of the registered owner as it appears on the within Tranche A-1 Storm Recovery Bond in every particular, without alteration, enlargement or any change
          whatsoever.

         

        NOTE:  Signature(s) must be guaranteed by an institution that is a member of:  (i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MSP); (iii) the Stock Exchange Medallion Program
          (SEMP); or (iv) such other signature guaranty program acceptable to the Indenture Trustee.

         

        

        
          B-1-11

          
            

        

        
        EXHIBIT B-2

        TO SERIES SUPPLEMENT

         

        FORM OF TRANCHE A-2 OF SERIES 2022-A SENIOR SECURED STORM RECOVERY BONDS

         

        UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A
          NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.  UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
          REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
          NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
          OTHERWISE BY OR TO ANY PERSON OR ENTITY IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

         

        	
                No.  {_____}

              	
                ${__________}

              
	
                Tranche Designation A-2

              	
                CUSIP No.: 185512 AB6

              

         

        

        THE PRINCIPAL OF THIS SERIES 2022-A, TRANCHE A-2 SENIOR SECURED STORM RECOVERY BOND, (THIS “STORM RECOVERY BOND”) WILL BE PAID IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL
          AMOUNT OF THIS STORM RECOVERY BOND AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ABOVE.  THE HOLDER OF THIS STORM RECOVERY BOND HAS NO RECOURSE TO THE ISSUER HEREOF AND AGREES TO LOOK ONLY TO THE TRUST ESTATE, AS DESCRIBED IN THE INDENTURE, FOR
          PAYMENT OF ANY AMOUNTS DUE HEREUNDER.  ALL OBLIGATIONS OF THE ISSUER OF THIS STORM RECOVERY BOND UNDER THE TERMS OF THE INDENTURE WILL BE RELEASED AND DISCHARGED UPON PAYMENT IN FULL HEREOF OR AS OTHERWISE PROVIDED IN SECTION 3.10(b) OR ARTICLE
            IV OF THE INDENTURE.  THE HOLDER OF THIS STORM RECOVERY BOND HEREBY COVENANTS AND AGREES THAT PRIOR TO THE DATE THAT IS ONE YEAR AND ONE DAY AFTER THE PAYMENT IN FULL OF THIS STORM RECOVERY BOND, IT WILL NOT INSTITUTE AGAINST, OR JOIN ANY
          OTHER PERSON IN INSTITUTING AGAINST, THE ISSUER ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY OR LIQUIDATION PROCEEDINGS OR OTHER SIMILAR PROCEEDING UNDER THE LAWS OF THE UNITED STATES OR ANY STATE OF THE UNITED STATES.  NOTHING IN THIS
          PARAGRAPH SHALL PRECLUDE, OR BE DEEMED TO ESTOP, SUCH HOLDER (A) FROM TAKING OR OMITTING TO TAKE ANY ACTION PRIOR TO SUCH DATE IN (I) ANY CASE OR PROCEEDING VOLUNTARILY FILED OR COMMENCED BY OR ON BEHALF OF THE ISSUER UNDER OR PURSUANT TO ANY
          SUCH LAW OR (II) ANY INVOLUNTARY CASE OR PROCEEDING PERTAINING TO THE ISSUER THAT IS FILED OR COMMENCED BY OR ON BEHALF OF A PERSON OTHER THAN SUCH HOLDER AND IS NOT JOINED IN BY SUCH HOLDER (OR ANY PERSON TO WHICH SUCH HOLDER SHALL HAVE
          ASSIGNED, TRANSFERRED OR OTHERWISE CONVEYED ANY PART OF THE OBLIGATIONS OF THE ISSUER HEREUNDER) UNDER OR PURSUANT TO ANY SUCH LAW OR (B) FROM COMMENCING OR PROSECUTING ANY LEGAL ACTION THAT IS NOT AN INVOLUNTARY CASE OR PROCEEDING UNDER OR
          PURSUANT TO ANY SUCH LAW AGAINST THE ISSUER OR ANY OF ITS PROPERTIES.

         

        
          B-2-1

          
            

        

        
        NEITHER THE FULL FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF LOUISIANA IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF, OR INTEREST ON, THIS TRANCHE A-2 SERIES 2022-A SENIOR SECURED STORM RECOVERY BOND

         

        CLECO SECURITIZATION I LLC

        SERIES 2022-A SENIOR SECURED STORM RECOVERY BONDS, TRANCHE A-2

         

        	
                BOND

                 INTEREST

                 RATE

              	 	 	
                ORIGINAL

                 PRINCIPAL

                 AMOUNT

              	 	
                SCHEDULED 

                FINAL 

                PAYMENT 

                DATE

              	 	
                FINAL 

                MATURITY 

                DATE

              
	
                  

                4.646

              	
                %

              	 	
                $

              	
                300,000,000

              	 	
                September 1, 2042

              	 	
                September 1, 2044

              

        

        

        Cleco Securitization I LLC, a limited liability company created under the laws of the State of Louisiana (herein referred to as the “Issuer”), for value received, hereby promises to pay to
          {__________}, or registered assigns, the Original Principal Amount shown above in semi-annual installments on the Payment Dates and in the amounts specified below or, if less, the amounts determined pursuant to Section 8.02 of the
          Indenture, in each year, commencing on the date determined as provided below and ending on or before the Final Maturity Date shown above and to pay interest, at the Bond Interest Rate shown above, on each March 1 and September 1 or, if any such
          day is not a Business Day, the next Business Day, commencing on March 1, 2023 and continuing until the earlier of the payment in full of the principal hereof and the Final Maturity Date (each, a “Payment Date”), on the principal amount of
          this Storm Recovery Bond.  Interest on this Storm Recovery Bond will accrue for each Payment Date from the most recent Payment Date on which interest has been paid to but excluding such Payment Date or, if no interest has yet been paid, from the
          date of issuance.  Interest will be computed on the basis of a 360-day year of twelve 30-day months.  Such principal of and interest on this Storm Recovery Bond shall be paid in the manner specified below.

         

        The principal of and interest on this Storm Recovery Bond are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
          private debts.  All payments made by the Issuer with respect to this Storm Recovery Bond shall be applied first to interest due and payable on this Storm Recovery Bond as provided above and then to the unpaid principal of and premium, if any, on
          this Storm Recovery Bond, all in the manner set forth in the Indenture.

         

        Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual, electronic or facsimile signature, this Storm Recovery Bond shall
          not be entitled to any benefit under the Indenture referred to below or be valid or obligatory for any purpose.

         

        
          B-2-2

          
            

        

        IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually, electronically or in facsimile, by its Responsible Officer.

         

        	
                Date:

              	
                {__________}, 20{__}

              	
                CLECO SECURITIZATION I LLC, 

              
	 	 	as Issuer 

              
	 	 	   
	 	 	
                By:

              	 	 
	 	 	 	
                Name:

              	 
	 	 	 	
                Title:

              	 

         

        

        
          B-2-3

          
            

        

        INDENTURE TRUSTEE’S

        CERTIFICATE OF AUTHENTICATION

         

        Dated: {__________}, 20{__}

         

        

        This is one of the Series 2022-A, Tranche A-2 Senior Secured Storm Recovery Bonds, designated above and referred to in the within-mentioned Indenture.

         

        	 	
                THE BANK OF NEW YORK MELLON TRUST 

                COMPANY, NATIONAL ASSOCIATION, 

              
	 	as Indenture Trustee 

              
	 	   
	 	
                By:

              	 	 
	 	 	
                Name:

              	 
	 	 	
                Title:

              	 

         

        

        
          B-2-4

          
            

        

        This Senior Secured Storm Recovery Bond, Series 2022-A, tranche A-2 is one of a duly authorized issue of Series 2022-A Senior Secured Storm Recovery Bonds of the Issuer (herein called the “Series
            2022-A Bonds”), which Series are issuable in one or more tranches.  The Series 2022-A Bonds consist of two tranches, including the Tranche A-2 Series 2022-A Senior Secured Storm Recovery Bonds, which include this Senior Secured Storm
          Recovery Bond (herein called the “Tranche A-2 Storm Recovery Bonds”), all issued and to be issued under that certain Indenture dated as of June 22, 2022 (as supplemented by the Series Supplement (as defined below), the “Indenture”),
          between the Issuer and The Bank of New York Mellon Trust Company, National Association, in its capacity as indenture trustee (the “Indenture Trustee”, which term includes any successor indenture trustee under the Indenture) and in its
          separate capacity as a securities intermediary (the “Securities Intermediary”, which term includes any successor securities intermediary under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby
          made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Series 2022-A Bonds.  For purposes herein, “Series Supplement” means that certain Series Supplement dated
          as of June 22, 2022 between the Issuer and the Indenture Trustee.  All terms used in this Tranche A-2 Storm Recovery Bond that are defined in the Indenture, as amended, restated, supplemented or otherwise modified from time to time, shall have
          the meanings assigned to such terms in the Indenture.

         

        All tranches of Series 2022-A Bonds are and will be equally and ratably secured by the Trust Estate pledged as security therefor as provided in the Indenture.

         

        The principal of this Tranche A-2 Storm Recovery Bond shall be payable on each Payment Date only to the extent that amounts in the Collection Account for the Series 2022-A Bonds are available
          therefor, and only until the outstanding principal balance thereof on the preceding Payment Date (after giving effect to all payments of principal, if any, made on the preceding Payment Date) has been reduced to the principal balance specified in
          the Expected Amortization Schedule that is attached to the Series Supplement as Schedule A, unless payable earlier because an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Holders representing a
          majority of the Outstanding Amount of the Series 2022-A Bonds have declared the Series 2022-A Bonds to be immediately due and payable in accordance with Section 5.02 of the Indenture (unless such declaration shall have been rescinded and
          annulled in accordance with Section 5.02 of the Indenture).  However, actual principal payments may be made in lesser than expected amounts and at later than expected times as determined pursuant to Section 8.02 of the Indenture. 
          The entire unpaid principal amount of this Tranche A-2 Storm Recovery Bond shall be due and payable on the Final Maturity Date hereof.  Notwithstanding the foregoing, the entire unpaid principal amount of the Series 2022-A Bonds shall be due and
          payable, if not then previously paid, on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Holders of the Series 2022-A Bonds representing a majority of the Outstanding Amount of the
          Series 2022-A Bonds have declared the Series 2022-A Bonds to be immediately due and payable in the manner provided in Section 5.02 of the Indenture (unless such declaration shall have been rescinded and annulled in accordance with Section
            5.02 of the Indenture).  All principal payments on the Tranche A-2 Storm Recovery Bonds shall be made pro rata to the Holders of the Tranche A-2 Storm Recovery Bonds entitled thereto based on the respective principal amounts of the Tranche
          A-2 Storm Recovery Bonds held by them.

         

        
          B-2-5

          
            

        

        Payments of interest on this Tranche A-2 Storm Recovery Bond due and payable on each Payment Date, together with the installment of principal or premium, if any, shall be made by check mailed
          first-class, postage prepaid, to the Person whose name appears as the Registered Holder of this Tranche A-2 Storm Recovery Bond (or one or more Predecessor Tranche A-2 Storm Recovery Bonds) on the Storm Recovery Bond Register as of the close of
          business on the Record Date or in such other manner as may be provided in the Indenture or the Series Supplement, except that (a) upon application to the Indenture Trustee by any Holder owning a Global Storm Recovery Bond evidencing this Tranche
          A-2 Storm Recovery Bond not later than the applicable Record Date, payment will be made by wire transfer to an account maintained by such Holder, and (b) if this Tranche A-2 Storm Recovery Bond is held in Book-Entry Form, payments will be made by
          wire transfer in immediately available funds to the account designated by the Holder of the applicable Global Storm Recovery Bond evidencing this Tranche A-2 Storm Recovery Bond unless and until such Global Storm Recovery Bond is exchanged for
          Definitive Storm Recovery Bonds (in which event payments shall be made as provided above) and except for the final installment of principal and premium, if any, payable with respect to this Tranche A-2 Storm Recovery Bond on a Payment Date, which
          shall be payable as provided below.  Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Storm Recovery Bond Register as of the applicable Record Date without requiring that this Tranche
          A-2 Storm Recovery Bond be submitted for notation of payment.  Any reduction in the principal amount of this Tranche A-2 Storm Recovery Bond (or any one or more Predecessor Tranche A-2 Storm Recovery Bonds) effected by any payments made on any
          Payment Date shall be binding upon all future Holders of this Tranche A-2 Storm Recovery Bond and of any Tranche A-2 Storm Recovery Bond issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
          hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then-remaining unpaid principal amount of this Tranche A-2 Storm Recovery Bond on a Payment Date, then the Indenture Trustee, in the name of
          and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice sent no later than five (5) days prior to such final Payment Date and shall specify that such
          final installment will be payable only upon presentation and surrender of this Tranche A-2 Storm Recovery Bond and shall specify the place where this Tranche A-2 Storm Recovery Bond may be presented and surrendered for payment of such
          installment.

         

        The Issuer shall pay interest on overdue installments of interest at the Bond Interest Rate to the extent lawful.

         

        This Tranche A-2 Storm Recovery Bond is a “storm recovery bond” as such term is defined in the Securitization Act.  Principal and interest on this Tranche A-2 Storm Recovery Bond are payable from
          and secured primarily by the Storm Recovery Property authorized by the Financing Order.

        

        

        The Securitization Act provides that the State of Louisiana pledges “to and agrees with bondholders, the owners of storm recovery property, and other financing parties that the state will not:

         

        

        (1)  Alter the provisions of this Part [the Securitization Act] which authorize the commission to create a contract right by the issuance of a financing order, to create storm recovery property,
          and to make the storm recovery charges imposed by a financing order irrevocable, binding, and nonbypassable charges;

         

        

        
          B-2-6

          
            

        

        (2)   Take or permit any action that impairs or would impair the value of the storm recovery property; or

        

        

        (3)   Except as allowed under this Section [Section 1234 the Securitization Act] and except for adjustments under any true-up mechanism established by the commission, reduce, alter, or impair
          storm recovery charges that are to be imposed, collected, and remitted for the benefit of the bondholders and other financing parties until any and all principal, interest, premium, financing costs and other fees, expenses, or charges incurred,
          and any contracts to be performed, in connection with the related storm recovery bonds have been paid and performed in full. Nothing in this Paragraph shall preclude limitation or alteration if and when full compensation is made by law for the
          full protection of the storm recovery charges collected pursuant to a financing order and full protection of the holders of storm recovery bonds and any assignee or financing party.”

        

        

        In addition, the Financing Order provides that the Louisiana Commission “covenants, pledges and agrees it thereafter shall not amend, modify, or terminate th[e]
            Financing Order by any subsequent action, or reduce, impair, postpone, terminate, or otherwise adjust the storm recovery charges approved in th[e] Financing Order, or in any way reduce or
          impair the value of the storm recovery property created by th[e] Financing Order, except as may be contemplated by a refinancing authorized in strict accordance with the Securitization Act by a
          subsequent order of the Commission or by the periodic true up adjustments authorized by th[e] Financing Order, until the indefeasible payment in full of the storm recovery bonds and the related
          financing costs.”

         

        The Issuer acknowledges that the purchase of this Tranche A-2 Storm Recovery Bond by the Holder hereof or the purchase of any beneficial interest herein by any Person are made in reliance on the
          foregoing pledges by the State of Louisiana and the Louisiana Commission.

         

        As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Tranche A-2 Storm Recovery Bond may be registered on the Storm Recovery Bond Register upon
          surrender of this Tranche A-2 Storm Recovery Bond for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by, (a) a written instrument of transfer in form
          satisfactory to the Indenture Trustee duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by:  (i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York
          Stock Exchange Medallion Program (MSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) such other signature guaranty program acceptable to the Indenture Trustee, and (b) such other documents as the Indenture Trustee may require, and
          thereupon one or more new Tranche A-2 Storm Recovery Bonds of Authorized Denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.  No service charge will be charged for any registration
          of transfer or exchange of this Tranche A-2 Storm Recovery Bond, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or
          exchange, other than exchanges pursuant to Section 2.04 or Section 2.06 of the Indenture not involving any transfer.

         

        
          B-2-7

          
            

        

        Each Holder, by acceptance of a Tranche A-2 Storm Recovery Bond, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the
          Indenture Trustee on the Tranche A-2 Storm Recovery Bonds or under the Indenture or any certificate or other writing delivered in connection therewith, against (a) any owner of a membership interest in the Issuer (including Cleco Power) or (b)
          any shareholder, partner, owner, beneficiary, agent, officer or employee of the Indenture Trustee, the Managers or any owner of a membership interest in the Issuer (including Cleco Power) in its respective individual or corporate capacities, or
          of any successor or assign of any of them in their individual or corporate capacities, except as any such Person may have expressly agreed in writing.  Each Holder by accepting a Tranche A-2 Storm Recovery Bond specifically confirms the
          nonrecourse nature of these obligations and waives and releases all such liability.  The waiver and release are part of the consideration for issuance of the Tranche A-2 Storm Recovery Bonds.

         

        Prior to the due presentment for registration of transfer of this Tranche A-2 Storm Recovery Bond, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat
          the Person in whose name this Tranche A-2 Storm Recovery Bond is registered (as of the day of determination) as the owner hereof for the purpose of receiving payments of principal of and premium, if any, and interest on this Tranche A-2 Storm
          Recovery Bond and for all other purposes whatsoever, whether or not this Tranche A-2 Storm Recovery Bond be overdue, and none of the Issuer, the Indenture Trustee or any such agent shall be affected by notice to the contrary.

         

        The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders under the
          Indenture at any time by the Issuer with the consent of the Holders representing a majority of the Outstanding Amount of all Series 2022-A Storm Recovery Bonds at the time outstanding of each tranche to be affected and upon the satisfaction of
          the Rating Agency Condition and the Louisiana Commission Condition.  The Indenture also contains provisions permitting the Holders representing specified percentages of the Outstanding Amount of the Series 2022-A Storm Recovery Bonds, on behalf
          of the Holders of all the Series 2022-A Storm Recovery Bonds, with the satisfaction of the Louisiana Commission Condition, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture
          and their consequences.  Any such consent or waiver by the Holder of this Tranche A-2 Storm Recovery Bond (or any one of more Predecessor Tranche A-2 Storm Recovery Bonds) shall be conclusive and binding upon such Holder and upon all future
          Holders of this Tranche A-2 Storm Recovery Bond and of any Tranche A-2 Storm Recovery Bond issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this
          Tranche A-2 Storm Recovery Bond.  The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders issued thereunder, but with the satisfaction of the
          Louisiana Commission Condition.

         

        The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Issuer on a Series 2022-A Storm Recovery Bond and (b) certain restrictive covenants and the
          related Events of Default, upon compliance by the Issuer with certain conditions set forth in the Indenture, which provisions apply to this Tranche A-2 Storm Recovery Bond.

         

        The term “Issuer” as used in this Tranche A-2 Storm Recovery Bond includes any successor to the Issuer under the Indenture.

         

        
          B-2-8

          
            

        

        The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders under the Indenture.

         

        The Tranche A-2 Storm Recovery Bonds are issuable only in registered form in denominations as provided in the Indenture and the Series Supplement subject to certain limitations therein set forth.

         

        This Tranche A-2 Storm Recovery Bond, the Indenture and the Series Supplement 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 and thereunder shall be determined in accordance with such laws.

         

        No reference herein to the Indenture and no provision of this Tranche A-2 Storm Recovery Bond or of the Indenture shall alter or impair the obligation, which is absolute and unconditional, to pay
          the principal of and interest on this Tranche A-2 Storm Recovery Bond at the times, place and rate and in the coin or currency herein prescribed.

         

        The Issuer and the Indenture Trustee, by entering into the Indenture, and the Holders and any Persons holding a beneficial interest in any Tranche A-2 Storm Recovery Bond, by acquiring any
          Tranche A-2 Storm Recovery Bond or interest therein, (a) express their intention that, solely for the purpose of U.S. federal taxes and, to the extent consistent with applicable state, local and other tax law, solely for the purpose of state,
          local and other taxes, the Tranche A-2 Storm Recovery Bonds qualify under applicable tax law as indebtedness of the sole owner of the Issuer secured by the Trust Estate and (b) solely for purposes of U.S. federal taxes and, to the extent
          consistent with applicable state, local and other tax law, solely for purposes of state, local and other taxes, so long as any of the Tranche A-2 Storm Recovery Bonds are outstanding, agree to treat the Tranche A-2 Storm Recovery Bonds as
          indebtedness of the sole owner of the Issuer secured by the Trust Estate unless otherwise required by appropriate taxing authorities.

         

        
          B-2-9

          
            

        

        ABBREVIATIONS

         

        The following abbreviations, when used above on this Series 2022-A Storm Recovery Bond, shall be construed as though they were written out in full according to applicable laws or regulations.

         

        	
                TEN COM

              	
                as tenants in common

              
	 	 
	
                TEN ENT

              	
                as tenants by the entireties

              
	 	 
	
                JT TEN

              	
                as joint tenants with right of survivorship and not as tenants 

                in common

              
	 	 
	
                UNIF GIFT MIN ACT

              	

              	 Custodian	

              	 
	 	
                (Custodian)

                

              	 	(minor)	 
	 	
                Under Uniform Gifts to Minor Act (_________________) 

                

              
	 	
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                     (State) 

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

         

        

        Additional abbreviations may also be used though not in the above list.

         

        
          B-2-10

          
            

        

        ASSIGNMENT

         

        Social Security or taxpayer I.D. or other identifying number of assignee ____________

         

        FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

         

        

        
          
            	
                     

                  
	
                     

                  
	
                    (name and address of assignee)

                  

          

        

        

        the within Tranche A-2 Storm Recovery Bond and all rights thereunder, and hereby irrevocably constitutes and appoints ____________, attorney, to transfer said Tranche A-2 Storm Recovery Bond on the books kept for
          registration thereof, with full power of substitution in the premises.

         

        	
                Dated:

                

              	 	 	 
	  	
                Signature Guaranteed:

              
	 	 
	 	 

        

        

        The signature to this assignment must correspond with the name of the registered owner as it appears on the within Tranche A-2 Storm Recovery Bond in every particular, without alteration, enlargement or any change
          whatsoever.

         

        NOTE:  Signature(s) must be guaranteed by an institution that is a member of:  (i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MSP); (iii) the Stock
          Exchange Medallion Program (SEMP); or (iv) such other signature guaranty program acceptable to the Indenture Trustee.

         

         

        

         B-2-11Exhibit 10.1

    

  STORM RECOVERY PROPERTY SERVICING AGREEMENT

   

  by and between

   

  CLECO SECURITIZATION I LLC

   

  Issuer

   

  and

   

  CLECO POWER LLC

   

  Servicer

   

  Acknowledged and Accepted by

   

  THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL

      ASSOCIATION, as Indenture Trustee

   

  Dated as of June 22, 2022

  

  
    
      
 

  

   

  TABLE OF CONTENTS

   

  	ARTICLE I DEFINITIONS	1
	Section 1.01   DEFINITIONS	1
	Section 1.02   OTHER DEFINITIONAL PROVISIONS	2

        
	ARTICLE II APPOINTMENT AND AUTHORIZATION OF SERVICER	2
	Section 2.01   APPOINTMENT OF THE SERVICER; ACCEPTANCE OF APPOINTMENT	2
	Section 2.02   AUTHORIZATION	2
	Section 2.03   DOMINION AND CONTROL OVER STORM RECOVERY PROPERTY	2
	ARTICLE III BILLING AND OTHER SERVICES	3
	Section 3.01   DUTIES OF THE SERVICER	3
	Section 3.02   SERVICING AND MAINTENANCE STANDARDS	6
	Section 3.03   ANNUAL REPORTS ON COMPLIANCE WITH REGULATION AB	7
	Section 3.04   ANNUAL REGISTERED INDEPENDENT PUBLIC ACCOUNTING FIRM REPORT	8
	Section 3.05   THIRD-PARTY SUPPLIERS	9
	ARTICLE IV SERVICES RELATED TO STORM RECOVERY CHARGE ADJUSTMENTS AND ALLOCATION ADJUSTMENTS	9
	Section 4.01   STORM RECOVERY CHARGE ADJUSTMENTS	9
	Section 4.02   LIMITATION OF LIABILITY	12
	ARTICLE V THE STORM RECOVERY PROPERTY	13
	Section 5.01   CUSTODY OF STORM RECOVERY PROPERTY RECORDS	13
	Section 5.02   DUTIES OF SERVICER AS CUSTODIAN	13
	Section 5.03   CUSTODIAN’S INDEMNIFICATION	15
	Section 5.04   EFFECTIVE PERIOD AND TERMINATION	15
	ARTICLE VI THE SERVICER	15
	Section 6.01   REPRESENTATIONS AND WARRANTIES OF THE SERVICER	15
	Section 6.02   INDEMNITIES OF THE SERVICER; RELEASE OF CLAIMS	17
	Section 6.03   MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE OBLIGATIONS OF, THE SERVICER	21
	Section 6.04   ASSIGNMENT OF THE SERVICER’S OBLIGATIONS	23
	Section 6.05   LIMITATION ON LIABILITY OF THE SERVICER AND OTHERS	23
	Section 6.06   CLECO POWER NOT TO RESIGN AS SERVICER	23
	Section 6.07   SERVICING FEE	24
	Section 6.08   COMPLIANCE WITH APPLICABLE LAW	24
	Section 6.09   SERVICER EXPENSES	25
	Section 6.10   APPOINTMENTS	25
	Section 6.11   NO SERVICER ADVANCES	25
	Section 6.12   REMITTANCES	25
	Section 6.13   PROTECTION OF TITLE	26
	Section 6.14   MAINTENANCE OF OPERATIONS	26

   

  
    i

    
      
 

  

   

  

  	ARTICLE VII SERVICER DEFAULT	26
	Section 7.01   SERVICER DEFAULT	26
	Section 7.02   NOTICE OF SERVICER DEFAULT	28
	Section 7.03   WAIVER OF PAST DEFAULTS	28
	Section 7.04   APPOINTMENT OF SUCCESSOR	29
	Section 7.05   COOPERATION WITH SUCCESSOR	29
	ARTICLE VIII MISCELLANEOUS PROVISIONS	30
	Section 8.01   AMENDMENT	30
	Section 8.02   NOTICES	30
	Section 8.03   ASSIGNMENT	31
	Section 8.04   LIMITATIONS ON RIGHTS OF OTHERS	31
	Section 8.05   SEVERABILITY	31
	Section 8.06   SEPARATE COUNTERPARTS	31
	Section 8.07   HEADINGS	31
	Section 8.08   GOVERNING LAW	32
	Section 8.09   PLEDGE TO THE TRUSTEE	32
	Section 8.10   NONPETITION COVENANTS	32
	Section 8.11   TERMINATION	32
	Section 8.12   LPSC CONSENT	32
	Section 8.13   LIMITATION OF LIABILITY	33
	Section 8.14   RULE 17g-5  COMPLIANCE	33
	Section 8.15   TRUSTEE ACTIONS	33

   

  SCHEDULE A TO SERVICING AGREEMENT

  

  EXHIBIT A – MONTHLY SERVICER’S CERTIFICATE

  

  EXHIBIT B – SEMI-ANNUAL SERVICER’S CERTIFICATE

  

  EXHIBIT C-1 SERVICER’S ANNUAL COMPLIANCE CERTIFICATE

  

  EXHIBIT C-2 CERTIFICATE OF COMPLIANCE

  

  ANNEX 1 TO SERVICING AGREEMENT

  

  APPENDIX A – MASTER DEFINITIONS

   

  
    ii

    
      
 

  

  STORM RECOVERY PROPERTY SERVICING AGREEMENT dated as of June 22, 2022 (this “Agreement”) by and between CLECO
      SECURITIZATION I LLC, a Louisiana limited liability company (the “Issuer”), and CLECO POWER LLC, a Louisiana limited liability company (“Cleco Power”), as the servicer of the Storm Recovery Property hereunder (together with each successor to Cleco
      Power in such capacity pursuant to Section 6.03 or 7.04, the “Servicer”), and acknowledged and accepted by THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, as Indenture Trustee.

   

  WHEREAS, pursuant to the Securitization Act and the Financing Order, Cleco Power, in its capacity as seller
      (the “Seller”), and the Issuer are concurrently entering into the Sale Agreement dated as of the date hereof pursuant to which the Seller is selling and the Issuer is purchasing the Storm Recovery Property created pursuant to the Securitization Act
      and the Financing Order described therein;

   

  WHEREAS the Servicer is willing to service the Storm Recovery Property purchased from the Seller by the
      Issuer;

   

  WHEREAS the Issuer, in connection with the ownership of the Storm Recovery Property and in order to collect
      the Storm Recovery Charges, desires to engage the Servicer to carry out the functions described herein and the Servicer desires to be so engaged;

   

  WHEREAS, the Storm Recovery Charges will be itemized on Customers’ Bills and the SRC Collections initially
      will be commingled with other funds collected from Customers;

   

  WHEREAS, the Financing Order calls for the Servicer to execute a servicing agreement with the Issuer pursuant
      to which the Servicer will be required, among other things, to impose and collect applicable Storm Recovery Charges for the benefit and account of the Issuer, to make periodic Storm Recovery Charge Adjustments required or allowed by the Financing
      Order, and to account for and remit the applicable Storm Recovery Charges to the Trustee on behalf and for the account of the Issuer in accordance with the remittance procedures contained hereunder without any deduction or surcharge of any kind; and

   

  WHEREAS, the Financing Order provides that the LPSC will enforce the obligations imposed by the Financing
      Order, the LPSC’s applicable substantive rules, and applicable statutory provisions.

   

  NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained and intending to be
      legally bound hereby, the parties hereto agree as follows:

   

  ARTICLE I

      

      DEFINITIONS

   

  Section 1.01                    DEFINITIONS. Capitalized terms used but
      not otherwise defined in this Agreement have the respective meanings set forth in Appendix A hereto.

   

  
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  Section 1.02                    OTHER DEFINITIONAL PROVISIONS.

   

  (a)               The words “hereof,” “herein,” “hereunder” and
      words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section, Appendix, Annex, Exhibit and Schedule references contained in this Agreement are references
      to Sections, Appendices, Annexes, Exhibits and Schedules in or to this Agreement unless otherwise specified; and the term “including” shall mean “including without limitation.”

   

  (b)               The definitions contained in this Agreement
      are applicable to the singular as well as the plural forms of such terms.

   

  (c)               All terms defined in this Agreement have the
      same defined meanings when used in any certificate or other document made or delivered pursuant to this Agreement unless otherwise defined therein.

   

  ARTICLE II

      

      APPOINTMENT AND AUTHORIZATION OF SERVICER

   

  Section 2.01                    APPOINTMENT OF THE SERVICER; ACCEPTANCE
      OF APPOINTMENT. The Issuer hereby appoints the Servicer, and the Servicer hereby accepts such appointment, to perform the Servicer’s obligations pursuant to this Agreement on behalf of and for the benefit of the Issuer or any assignee thereof in
      accordance with the terms of this Agreement and applicable law. This appointment and the Servicer’s acceptance thereof may not be revoked except in accordance with the express terms of this Agreement.

   

  Section 2.02                    AUTHORIZATION. With respect to all or
      any portion of the Storm Recovery Property, the Servicer shall be, and hereby is, authorized and empowered by the Issuer to:

   

  (a)                execute and deliver, on behalf of itself or
      the Issuer, as the case may be, any and all instruments, documents or notices, and

   

  (b)               on behalf of itself or the Issuer, as the
      case may be, make any filing and participate in Proceedings related to the duties of the Servicer hereunder with any governmental authorities, including with the LPSC.

   

  The Issuer shall furnish the Servicer with all executed documents as have been prepared by the Servicer for
      execution by the Issuer, and with such other documents as may be in the Issuer’s possession, as necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder. Upon the written request of the Servicer,
      the Issuer shall furnish the Servicer with any powers of attorney or other documents necessary or appropriate to enable the Servicer to carry out its duties hereunder.

   

  Section 2.03                    DOMINION AND CONTROL OVER STORM RECOVERY
      PROPERTY. Notwithstanding any other provision contained herein, the Servicer and the Issuer agree that the Issuer shall have dominion and control over the Storm Recovery Property, and the Servicer, in accordance with the terms hereof, is acting
      solely as the servicing agent of and custodian for the Issuer with respect to the Storm Recovery Property and Storm Recovery Property Documentation. The Servicer hereby agrees that it shall not take any action that is not authorized by this
      Agreement, the Securitization Act or the Financing Order, that is not consistent with its customary procedures and practices, or that shall impair the rights of the Issuer with respect to the Storm Recovery Property, in each case unless such action
      is required by law or court or regulatory order.

   

  
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  ARTICLE III

      

      BILLING AND OTHER SERVICES

   

  Section 3.01                    DUTIES OF THE SERVICER. The Servicer, as
      agent for the Issuer (to the extent provided herein), shall have the following duties:

   

  (a)              Duties of Servicer Generally. The
      Servicer shall manage, service, administer and make collections in respect of the Storm Recovery Property. The Servicer’s duties will include:

   

      (i)               calculating and billing the Storm Recovery
      Charges;

   

      (ii)              obtaining meter reads;

   

      (iii)             accounting for Storm Recovery Charges;

   

      (iv)             investigating and resolving delinquencies
      (and furnishing required reports with respect to such delinquencies to the Issuer);

   

      (v)               processing and depositing collections and
      making periodic remittances;

   

      (vi)              furnishing required periodic reports to
      the Issuer, the Trustee, the LPSC and the Rating Agencies;

   

      (vii)             monitoring Customer payments of Storm
      Recovery Charges;

   

      (viii)            notifying each Customer of any defaults in
      its payment obligations and other obligations (including its credit standards), and following such collection procedures as it follows with respect to comparable assets that it services for itself or others;

   

      (ix)              collecting payments of Storm Recovery
      Charges and payments with respect to Storm Recovery Property from all persons or entities responsible for paying Storm Recovery Charges and other payments with respect to Storm Recovery Property to the Servicer under the Financing Order, the
      Securitization Act, LPSC Regulations or applicable tariffs and remitting these collections to the Trustee;

  

  
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      (x)               responding to inquiries by Customers, the
      LPSC or any other Governmental Authority with respect to the Storm Recovery Property and the Storm Recovery Charges;

   

      (xi)              making all required filings with the LPSC
      and taking such other action as may be necessary to perfect the Issuer’s ownership interests in and the Trustee’s first priority Lien on the Storm Recovery Property; making all filings and taking such other action as may be necessary to perfect and
      maintain the perfection and priority of and the other portions of the Trust Estate under the Indenture;

   

      (xii)             selling, as the agent for the Issuer, as
      its interest may appear, defaulted or written-off accounts in accordance with the Servicer’s usual and customary practices;

   

      (xiii)            taking action in connection with Storm
      Recovery Charge Adjustments and allocation of the charges among various classes of Customers as is set forth herein and pursuant to the Financing Order;

   

      (xiv)            any other duties specified for a servicer
      under the Financing Order or other applicable law.

   

  Anything to the contrary notwithstanding, the duties of the Servicer set forth in this Agreement shall be qualified in their
      entirety by, and the Servicer shall at all times comply with, the Financing Order, the Securitization Act and any LPSC Regulations, and the federal securities laws and the rules and regulations promulgated thereunder, including Regulation AB, as in
      effect at the time such duties are to be performed. Without limiting the generality of this Section 3.01(a), in furtherance of the foregoing, the Servicer hereby agrees that it shall also have, and shall comply with, the duties and responsibilities
      relating to data acquisition, usage and bill calculation, billing, customer service functions, collections, payment processing and remittance set forth in the Issuer Annex hereto, as it may be amended from time to time. For the avoidance of doubt,
      the term “usage” when used herein refers to both kilowatt hour consumption and kilowatt demand.

   

  (b)               Reporting Functions.

   

      (i)                 Monthly Servicer’s Certificate.
      On or before the last Servicer Business Day of each month, the Servicer shall prepare and deliver to the Issuer, the Trustee, the LPSC and the Rating Agencies a written report substantially in the form of Exhibit A (a “Monthly Servicer’s
        Certificate”) setting forth certain information relating to Storm Recovery Charge payments in connection with the Storm Recovery Charges received by the Servicer during the Collection Period preceding such date; provided, however, that, for any
      month in which the Servicer is required to deliver a Semi-Annual Servicer’s Certificate pursuant to Section 4.01(g)(i), the Servicer shall prepare and deliver the Monthly Servicer’s Certificate no later than the date of delivery of such
      Semi-Annual Servicer’s Certificate.

   

  
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      (ii)               Notification of Laws and Regulations.
      The Servicer shall immediately notify the Issuer, the LPSC, the Trustee and each Rating Agency in writing when it becomes aware of any Requirement of Law or LPSC Regulations, orders or directions hereafter promulgated that have a material adverse
      effect on the Servicer’s ability to perform its duties under this Agreement.

   

      (iii)              Other Information. Upon the
      reasonable request of the Issuer, the Trustee, the LPSC or any Rating Agency, the Servicer shall provide to the Issuer, the Trustee, the LPSC or such Rating Agency, as the case may be, any public financial information in respect of the Servicer, or
      any material information regarding the Storm Recovery Property to the extent it is reasonably available to the Servicer, that may be reasonably necessary and permitted by law for the Issuer, the Trustee, the LPSC or such Rating Agency to monitor the
      performance by the Servicer hereunder; provided however, that any such request by the Trustee shall not create any obligation for the Trustee to monitor the performance of the Servicer. In addition, so long as any of the Storm Recovery Bonds are
      Outstanding, the Servicer shall provide to the Issuer, to the LPSC and to the Trustee, within a reasonable time after written request therefor, any information available to the Servicer or reasonably obtainable by it that is necessary to calculate
      the Storm Recovery Charges applicable to each Customer Class.

   

      (iv)             Preparation of Reports. The Servicer
      shall prepare and deliver such additional reports as required under this Agreement, including a copy of each Semi-Annual Servicer’s Certificate described in Section 4.01(g)(i), the annual Servicer’s Compliance Certificate and Certificate of
      Compliance described in Section 3.03, and the Annual Accountant’s Report described in Section 3.04. In addition, the Servicer shall prepare, procure, deliver and/or file, or cause to be prepared, procured, delivered or filed, any reports,
      attestations, exhibits, certificates or other documents required to be delivered or filed with the SEC (and/or any other Governmental Authority) by the Issuer or the Sponsor under the federal securities or other applicable laws or in accordance with
      the Basic Documents, including, but without limiting the generality of foregoing, filing with the SEC, if applicable, a copy or copies of (A) the Monthly Servicer’s Certificates described in Section 3.01(b)(i) above (under Form 10-D or any other
      applicable form), (B) the Semi-Annual Servicer’s Certificates described in Section 4.01(g)(i) (under Form 10-D or any other applicable form), (C) the annual statements of compliance, attestation reports and other certificates described in Section
      3.03, and (D) the Annual Accountant’s Report (and any attestation required under Regulation AB) described in Section 3.04. In addition, the appropriate officer or officers of the Servicer shall (in its separate capacity as Servicer) sign the
      Sponsor’s annual report on Form 10-K (and any other applicable SEC or other reports, attestations, certifications and other documents), to the extent that the Servicer’s signature is required by, and consistent with, the federal securities law and/or
      any other applicable law.

  

  
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  (c)               Opinions of Counsel.

   

  

  The Servicer shall deliver to the Issuer, to the LPSC and to the Trustee:

   

      (i)                 promptly after the execution and
      delivery of this Agreement and of each amendment hereto, an Opinion of Counsel either:

   

          (A)        all actions or filings (including filings
      with the Louisiana UCC Filing Officer in accordance with the rules prescribed under the Securitization Act and the UCC) necessary to perfect the Lien and security interest created by the Indenture have been taken or made, and reciting the details of
      such actions and filings, or

   

          (B)         no such actions or filings are necessary to
      perfect such Lien and security interest.

   

      (ii)               on or before March 31 in each calendar
      year beginning with the first calendar year beginning more than three months after the Sale Date, an Opinion of Counsel, dated as of a date during such calendar year, either:

   

          (A)        all actions or filings (including filings
      and refilings with the Louisiana UCC Filing Officer in accordance with the rules prescribed under the Securitization Act and the UCC) necessary to maintain perfection of the Lien and security interest created by the Indenture have been taken or made,
      and reciting the details of such actions and filings, or

   

          (B)         no such actions or filings are necessary to
      maintain the perfection of such Lien and security interest.

   

  Each Opinion of Counsel referred to in clause (i) or (ii) above shall specify any action necessary (as of the date of such
      opinion) to be taken in the following year to preserve and protect such Lien and security interests.

   

  Section 3.02                    SERVICING AND MAINTENANCE STANDARDS. The
      Servicer shall, on behalf of the Issuer:

   

  (a)               manage, service, administer and make
      collections in respect of the Storm Recovery Property with reasonable care and in material compliance with applicable law and regulations, including all applicable LPSC Regulations and guidelines, using the same degree of care and diligence that the
      Servicer exercises with respect to similar assets for its own account;

   

  (b)               follow standards, policies and practices in
      performing its duties as Servicer that are customary in the electric transmission and distribution industry or that the LPSC has mandated and that are consistent with the terms and provisions of the Financing Order, tariffs and existing law;

   

  (c)               use all reasonable efforts, consistent with
      the Servicer’s Policies and Practices, to enforce and maintain the Issuer’s and the Trustee’s rights in respect of the Storm Recovery Property;

   

  
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  (d)               calculate Storm Recovery Charges and the
      allocation of Storm Recovery Charges among Customer Classes in compliance with the Securitization Act, the Financing Order, any LPSC order related to the Storm Recovery Charge allocation and any applicable tariffs;

   

  (e)               use all reasonable efforts consistent with
      the Servicer’s Policies and Practices to collect all amounts owed in respect of the Storm Recovery Property as they become due;

   

  (f)                make all filings required under the
      Securitization Act or the applicable UCC to maintain the perfected security interest of the Trustee in the Storm Recovery Property and the other portions of the Trust Estate under the Indenture and use all reasonable efforts to otherwise enforce and
      maintain the Trustee’s rights in respect of the Storm Recovery Property and the other portions of the Trust Estate under the Indenture;

   

  (g)               petition the LPSC for adjustments to the
      Storm Recovery Charges that the Servicer determines to be necessary in accordance with the Financing Order; and

   

  (h)               keep on file, in accordance with customary
      procedures, all documents pertaining to the Storm Recovery Property and maintain accurate and complete accounts, records and computer systems pertaining to the related Storm Recovery Property

   

  except where the failure to comply with any of the foregoing would not materially and adversely affect the Issuer’s or the
      Trustee’s respective interests in the Storm Recovery Property. The Servicer shall follow such customary and usual practices and procedures as it shall deem necessary or advisable in its servicing of all or any portion of the Storm Recovery Property,
      which, in the Servicer’s judgment, may include the taking of legal action pursuant to Section 5.02(d) hereof or otherwise.

   

  Section 3.03                    ANNUAL REPORTS ON COMPLIANCE WITH
      REGULATION AB.

   

  (a)               The Servicer shall deliver to the Issuer,
      the Trustee and the Rating Agencies, on or before the earlier of (i) March 31 of each year, beginning March 31, 2023, to and including the March 31 succeeding the retirement of all Storm Recovery Bonds or (ii) with respect to each calendar year
      during which Cleco Power’s annual report on Form 10-K is required to be filed in accordance with the Exchange Act and the rules and regulations thereunder, the date on which the annual report on Form 10-K is required to be filed in accordance with
      the Exchange Act and the rules and regulations thereunder, certificates from a Servicer Responsible Officer (A) containing, and certifying as to, the statements of compliance required by Item 1123 (or any successor or similar items or rule) of
      Regulation AB, as then in effect (the “Annual Compliance Certificate”), and (B) containing, and certifying as to, the statements and assessment of compliance required by Item 1122(a) (or any successor or similar items or rule) of Regulation AB, as
      then in effect (the “Certificate of Compliance”). These certificates may be in the form of, or shall include the forms attached hereto as Exhibit C-1 and Exhibit C-2 hereto, with, in the case of Exhibit C-1, such changes as
      may be required to conform to applicable securities law.

   

  
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  (b)               The Servicer shall use commercially
      reasonable efforts to obtain from each other party participating in the servicing function any additional certifications as to the statements and assessment required under Item 1122 or Item 1123 of Regulation AB to the extent required in connection
      with the filing of the annual report on Form 10-K referred to above; provided, however, that a failure to obtain such certifications shall not be a breach of the Servicer’s duties hereunder. The parties acknowledge that the Trustee’s certifications
      shall be limited to the Item 1122 certifications described in Exhibit A of the Indenture.

   

  (c)               The initial Servicer, in its capacity as
      Sponsor, shall post on its or its parent company’s website and file with or furnish to the SEC, in periodic reports and other reports as are required from time to time under Section 13 or Section 15(d) of the Exchange Act, the information described
      in Section 3.07(g) of the Indenture to the extent such information is reasonably available to the Sponsor.

   

  Section 3.04                    ANNUAL REGISTERED INDEPENDENT PUBLIC
      ACCOUNTING FIRM REPORT.

   

  (a)               The Servicer shall cause a registered
      independent public accounting firm (which may also provide other services to the Servicer or the Seller) to prepare annually, and the Servicer shall deliver annually to the Issuer, the LPSC, the Trustee and each Rating Agency, on or before the
      earlier of (a) March 31 of each year, beginning March 31, 2023, to and including the March 31 succeeding the retirement of all Storm Recovery Bonds or (b) with respect to each calendar year during which the Sponsor’s annual report on Form 10-K is
      required to be filed in accordance with the Exchange Act and the rules and regulations thereunder, the date on which the annual report on Form 10-K is required to be filed in accordance with the Exchange Act and the rules and regulations thereunder,
      a report addressed to the Servicer (the “Annual Accountant’s Report”), which may be included as part of the Servicer’s assessment of compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB during the immediately preceding
      calendar year ended December 31 (or, in the case of the first Annual Accountant’s Report, to be delivered on or before March 31, 2023, the period of time from the Sale Date through December 31, 2022), in accordance with paragraph (b) of Rule 13a-18
      and 15d-18 of the Exchange Act and Item 1122 of Regulation AB, identifying the results of such procedures and including any exceptions noted. In the event such accounting firm requires the Trustee or the Issuer to agree or consent to the procedures
      performed by such firm, the Issuer shall direct the Trustee in writing to so agree; it being understood and agreed that the Trustee shall deliver such letter of agreement or consent in conclusive reliance upon the direction of the Issuer, and the
      Trustee shall not make any independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures.

  

  
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  (b)               The Annual Accountant’s Report shall also
      indicate that the accounting firm providing such report is independent of the Servicer in accordance with the Rules of the Public Company Accounting Oversight Board, and shall include the attestation report required under Item 1122(b) of Regulation
      AB (or any successor or similar items or rule), as then in effect. The costs of the Annual Accountant’s Report shall be reimbursable as an Operating Expense under the Indenture and also indicate that the accounting firm providing such report is
      independent of the Servicer within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants.

  

   

  

  Section 3.05                    THIRD-PARTY SUPPLIERS. So long as any of
      the Storm Recovery Bonds are Outstanding, the Servicer shall take reasonable efforts to assure that no Third-Party Supplier bills or collects Storm Recovery Charges on behalf of the Issuer unless permitted by applicable law or regulation and, to the
      extent permitted by applicable law or regulation, the Rating Agency Condition is satisfied. As long as any of the Storm Recovery Bonds are Outstanding, Servicer will use commercially reasonable efforts to ensure that any Third-Party Supplier provide
      to the Issuer and to the Trustee, within a reasonable time after written request therefor, any information available to the Third-Party Supplier or reasonably obtainable by it that is necessary to calculate the Storm Recovery Charges.

   

  ARTICLE IV

      

      SERVICES RELATED TO STORM RECOVERY CHARGE ADJUSTMENTS AND 

      ALLOCATION ADJUSTMENTS

   

  Section 4.01                    STORM RECOVERY CHARGE ADJUSTMENTS. From
      time to time, but at least semi-annually, until the retirement of the Storm Recovery Bonds, the Servicer shall identify the need for Storm Recovery Charge Adjustments and shall take reasonable action to obtain and implement such Storm Recovery Charge
      Adjustments, all in accordance with the following:

   

  (a)                Expected Amortization Schedule. The
      Expected Amortization Schedule for the Storm Recovery Bonds is provided in the Supplement.

   

  (b)               Semi-Annual Storm Recovery Charge
        Adjustments. The Servicer will calculate and make semi-annual Storm Recovery Charge Adjustments as of each Adjustment Date commencing with the first Adjustment Date as follows:

   

      (i)                subtract the preceding period’s Storm
      Recovery Charge revenues collected and remitted from the preceding period’s Periodic Payment Requirement to calculate the under-collection or over-collection from the preceding period;

   

      (ii)               calculate the amount of the Storm
      Recovery Charge Adjustment, by (A) correcting any under-collection or over-collection calculated in step (i) over a period of up to 12 months covering the next two succeeding payment dates (in order to mitigate the size and impact of the adjustment),
      using the rules that (x) principal payments on the Storm Recovery Bonds will be brought on schedule over the next two succeeding Payment Dates, but (y) the resulting periodic billing requirement always must be sufficient to cover ongoing financing
      costs and interest on the Storm Recovery Bonds on a timely basis, (B) adding any amount carried forward from the previous Storm Recovery Charge Adjustment by the operation of step (A) above during the preceding Storm Recovery Charge Adjustment
      calculation;

   

  
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      (iii)              add the amount calculated in step (ii),
      without duplication, to the upcoming period’s trued-up Periodic Billing Requirement to determine an adjusted Periodic Billing Requirement for the upcoming period;

   

      (iv)              add the amount, if a positive number,
      equal to the difference of the return to Cleco Power on Cleco Power’s invested capital in the Issuer for the preceding period minus the actual investment earnings thereon from the eligible investments made by the Trustee at the written direction of
      the Issuer pursuant to the terms of the Indenture for the preceding period, to the amount calculated in step (iii);

   

      (v)               allocate the result from step (iv) using
      the allocation factors approved by the LPSC in the Financing Order and develop Customer Class-specific Storm Recovery Charge rates based on those allocated dollar amounts; and

   

      (vi)              file those adjusted storm recovery charge
      rates with the LPSC not less than fifteen (15) days prior to the first billing cycle of the Cleco Power revenue month in which the revised Storm Recovery Charges will be in effect;

   

  provided, however, that to the extent any Storm Recovery Bonds remain outstanding after the Scheduled Final Payment Date
      of the last tranche or class, Storm Recovery Charge Adjustments shall be made quarterly until the Storm Recovery Bonds and all associated financing costs are paid in full (and any under-collection shall be corrected for the next Payment Date instead
      of over a period covering the next two succeeding Payment Dates.

   

  (c)                Interim Storm Recovery Charge Adjustment
        Request. The Servicer may also make interim Storm Recovery Charge Adjustments more frequently at any time during the term of the Storm Recovery Bonds: (i) if the Servicer forecasts that SRC Collections will be insufficient to make on a timely
      basis all scheduled payments of interest and other financing costs in respect of the Storm Recovery Bonds during the current or next succeeding payment period or bring all principal payments on schedule over the next two succeeding payment dates
      and/or (ii) to replenish any draws upon the capital subaccount. Such adjusted storm recovery charge rates shall be filed with the LPSC not less than fifteen (15) days prior to the first billing cycle of the Cleco Power revenue month in which the
      revised Storm Recovery Charges will be in effect.

   

  (d)               Quarterly Storm Recovery Charge
        Adjustment Request. If required by the Rating Agencies to obtain the highest credit ratings, the Servicer may make quarterly Storm Recovery Charge Adjustments as and when so required. Such adjusted storm recovery charge rates shall be filed
      with the LPSC not less than fifteen (15) days prior to the first billing cycle of the Cleco Power revenue month in which the revised Storm Recovery Charges will be in effect.

   

  
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  (e)                Non-Standard Storm Recovery Charge
        Adjustment. The Servicer shall request LPSC approval of an amendment to the Storm Recovery Charge Adjustment mechanism to make a non-standard Storm Recovery Charge Adjustment (under such procedures as shall be proposed by the Servicer and
      approved by the LPSC at the time) that it deems necessary or appropriate to address any material deviations between SRC Collections and the periodic revenue requirement. No such change shall cause any of the then-current credit ratings of the Storm
      Recovery Bonds to be suspended, withdrawn or downgraded.

   

  (f)                Notification of Adjustment Requests.
      Whenever the Servicer files a Storm Recovery Charge Adjustment request with the LPSC, the Servicer shall send a copy of such filing to the Issuer, each Trustee and the Rating Agencies concurrently therewith and such other persons as are entitled to
      notice under the Financing Order. If any Storm Recovery Charge Adjustment request does not become effective on the applicable date as provided in such filing and in accordance with the Financing Order, the Servicer shall notify the Issuer, each
      Trustee and the Rating Agencies by the end of the second Servicer Business Day after such applicable date.

   

  (g)               Reports.

   

      (i)                Servicer’s Certificate. Not later
      than five (5) Servicer Business Days prior to each Payment Date or Special Payment Date, the Servicer shall deliver a written report substantially in the form of Exhibit B (the “Semi-Annual Servicer’s Certificate”) to the Issuer, the
      LPSC, the Trustee and the Rating Agencies, which shall include all of the following information (to the extent applicable and including any other information so specified in the Series Supplement) as to the Storm Recovery Bonds with respect to such
      Payment Date or Special Payment Date or the period since the previous Payment Date, as applicable:

   

          (A)        the Storm Recovery Bond Balance and the
      Projected Storm Recovery Bond Balance as of the immediately preceding Payment Date,

   

          (B)         the amount on deposit in the Capital
      Subaccount and the Excess Funds Subaccount and the amount required to be on deposit in the Capital Subaccount as of the immediately preceding Payment Date,

   

          (C)         the amount of the payment to Holders
      allocable to principal, if any,

   

          (D)         the amount of the payment to Holders
      allocable to interest,

   

          (E)          the aggregate Outstanding Amount of the
      Storm Recovery Bonds, before and after giving effect to any payments allocated to principal reported under clause (C) above,

  
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          (F)          the difference, if any, between the amount
      specified in clause (E) above and the Outstanding Amount specified in the Expected Amortization Schedule,

   

          (G)         any other transfers and payments to be made
      on such Payment Date or Special Payment Date, including amounts paid to the Trustee and to the Servicer, and

   

          (H)         the Servicer’s projection of the amount on
      deposit in the Excess Funds Subaccount for the Payment Date immediately preceding the next succeeding Adjustment Date.

   

      (ii)               Reports to Customers.

   

          (A)         After each revised Storm Recovery Charge
      has gone into effect pursuant to a Storm Recovery Charge Adjustment, the Servicer shall, to the extent and in the manner and time frame required by applicable LPSC Regulations, if any, cause to be prepared and delivered to Customers any required
      notices announcing such revised Storm Recovery Charges.

   

          (B)         The Servicer shall comply with the
      requirements of the Financing Order and Rate Schedule with respect to the identification of Storm Recovery Charges on Bills. In addition, at least once each year, the Servicer shall notify such Customers, in effect, that the Storm Recovery Property
      and the Storm Recovery Charges are owned by the Issuer (or its assignee) and not the Seller and that the Servicer is merely the collection agent for the Issuer (or its assignee or pledgee). Such notification shall be delivered to such Customers
      either by annual Bill inserts with mailed Bills or by statements posted on the “my account” website pages of the Servicer’s internet website.

   

          (C)         The Servicing Fee includes all costs of
      preparation and delivery incurred in connection with clauses (A) and (B) above, including printing and postage costs.

   

  Section 4.02                    LIMITATION OF LIABILITY

   

  (a)                The Issuer and the Servicer expressly agree
      and acknowledge that:

   

      (i)                In connection with any Storm Recovery
      Charge Adjustment, the Servicer is acting solely in its capacity as the servicing agent of the Issuer hereunder.

   

      (ii)               Neither the Servicer nor the Issuer shall
      be responsible in any manner for, and shall have no liability whatsoever as a result of, any action, decision, ruling or other determination made or not made, or any delay (other than any delay resulting from the Servicer’s failure to file the
      requests required by Section 4.01 in a timely and correct manner or other breach by the Servicer of its duties under this Agreement that materially and adversely affects the Storm Recovery Charge Adjustments), by the LPSC in any way related to the
      Storm Recovery Property or in connection with any Storm Recovery Charge Adjustment.

  

  
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      (iii)              Except only to the extent that the
      Servicer is liable under Section 6.02, (A) the Servicer shall have no liability whatsoever relating to the calculation of the Storm-Recovery Charges and the adjustments thereto, including as a result of any inaccuracy of any of the assumptions made
      in such calculation regarding expected electric energy or demand usage volumes, the rate of charge-offs and estimated expenses and fees of the Issuer, so long as the Servicer has not acted in bad faith or in a grossly negligent manner in connection
      therewith, and (B) the Servicer shall have no liability whatsoever as a result of any Person, including the Holders, not receiving any payment, amount or return anticipated or expected in respect of any Storm Recovery Bond generally.

   

  (b)               Notwithstanding the foregoing, this Section
      4.02 shall not relieve the Servicer of any liability under Section 6.02 for any misrepresentation by the Servicer under Section 6.01 or for any breach by the Servicer of its obligations under this Agreement.

   

  ARTICLE V

      

      THE STORM RECOVERY PROPERTY

   

  Section 5.01                    CUSTODY OF STORM RECOVERY PROPERTY
      RECORDS. To assure uniform quality in servicing the Storm Recovery Property and to reduce administrative costs, the Issuer hereby revocably appoints the Servicer, and the Servicer hereby accepts such appointment, to act as the agent of the Issuer as
      custodian of any and all documents and records relating to the Storm Recovery Property, which are hereby constructively delivered to the Trustee, as pledgee of the Issuer, with respect to all Storm Recovery Property.

   

  Section 5.02                    DUTIES OF SERVICER AS CUSTODIAN.

   

  (a)               Safekeeping. The Servicer shall hold
      the Storm Recovery Property Documentation on behalf of the Issuer and Trustee and maintain such accurate and complete accounts, records and computer systems pertaining to the Storm Recovery Property Documentation as shall enable the Issuer and the
      Trustee, as applicable, to comply with this Agreement, the Sale Agreement and the Indenture. In performing its duties as custodian, including documentation, record keeping, accounts and computer systems, the Servicer shall act with reasonable care,
      using that degree of care and diligence that the Servicer exercises with respect to comparable assets that the Servicer services for itself or, if applicable, for others. The Servicer shall promptly report to the Issuer, the Trustee, the LPSC and the
      Rating Agencies any material failure on its part to hold the Storm Recovery Property Documentation and maintain its accounts, records and computer systems as herein provided and promptly take appropriate action to remedy any such failure. Nothing
      herein shall be deemed to require an initial review or any periodic review by the Issuer or the Trustee of the Storm Recovery Property Documentation. The Servicer’s duties to hold the Storm Recovery Property Documentation set forth in this Section
      5.02, to the extent such Storm Recovery Property Documentation has not been previously transferred to a successor Servicer, shall terminate one year and one day after the earlier of the date on which (i) the Servicer is succeeded by a successor
      pursuant to the provisions of the Agreement and (ii) no Storm Recovery Bonds are Outstanding.

  
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  (b)              Maintenance and Access to Records. The
      Servicer shall maintain the Storm Recovery Property Documentation at 2030 Donahue Ferry Road, Pineville, Louisiana or at such other office as shall be specified to the Issuer, to the LPSC and to the Trustee by written notice at least thirty (30) days
      prior to any change in location. The Servicer shall make available, as is reasonably required for the Trustee to perform its duties and obligations under the Indenture and the other Basic Documents, for inspection, audit and copying to the Issuer and
      the Trustee or their respective duly authorized representatives, attorneys or auditors the Servicer’s records regarding the Storm Recovery Property, the Storm Recovery Charges and the Storm Recovery Property Documentation at such times during normal
      business hours as the Issuer or the Trustee shall reasonably request and which do not unreasonably interfere with the Servicer’s normal operations. Nothing in this Section 5.02(b) shall affect the obligation of the Servicer to observe any applicable
      law (including any LPSC Regulation) prohibiting disclosure of information regarding the Customers, and the failure of the Servicer to provide access to such information as a result of such obligation shall not constitute a breach of this Section
      5.02(b).

   

  (c)               Release of Documents. Upon
      instruction from the Trustee in accordance with the Indenture, the Servicer shall release any Storm Recovery Property Documentation to the Trustee, the Trustee’s agent or the Trustee’s designee, as the case may be, at such place or places as the
      Trustee may designate, as soon as practicable.

   

  (d)              Litigation to Defend Storm Recovery
        Property. The Servicer is required to institute any action or proceeding reasonably necessary to compel performance by the LPSC or the State of Louisiana of any of their respective obligations or duties under the Securitization Act or the
      Financing Order, as the case may be, with respect to the Storm Recovery Charge Adjustment, provided, however, that in circumstances in which the servicing procedures set out in Annex I apply, the provisions of this undertaking do not require the
      Servicer to act in a manner different from the manner that the servicing procedures require. In any proceedings related to the exercise of the power of eminent domain by any municipality to acquire a portion of Cleco Power’s electric distribution
      facilities, including upon the expiration of any franchise agreement, the Servicer shall assert that that the court ordering such condemnation must treat such municipality as a successor to Cleco Power under the Securitization Act and the Financing
      Order and that Customers in such municipalities remain responsible for payment of Storm Recovery Charges. The costs of any such actions or proceedings would be reimbursed by the Issuer to the Servicer from amounts on deposit in the Collection Account
      as an Operating Expense (and shall not be deemed to constitute a portion of the Servicing Fee) in accordance with the terms of Section 8.02(d) of the Indenture. The amount of any recoveries received by the Servicer as a result of any such action or
      procedures shall be forwarded to the Trustee for deposit in the Collection Account. The Servicer’s obligations pursuant to this Section 5.02(d) survive and continue notwithstanding that the payment of Operating Expenses pursuant to the Indenture may
      be delayed.

  
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  Section 5.03                    CUSTODIAN’S INDEMNIFICATION. THE
        SERVICER AS CUSTODIAN SHALL INDEMNIFY THE ISSUER, THE INDEPENDENT MANAGERS AND THE TRUSTEE (FOR ITSELF AND FOR THE BENEFIT OF THE STORM RECOVERY BONDHOLDERS) AND EACH OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS FOR, AND DEFEND AND
        HOLD HARMLESS EACH SUCH PERSON FROM AND AGAINST, ANY AND ALL LIABILITIES, OBLIGATIONS, LOSSES, DAMAGES, PAYMENTS AND CLAIMS, AND REASONABLE COSTS OR EXPENSES, OF ANY KIND WHATSOEVER (COLLECTIVELY, “LOSSES”) THAT MAY BE IMPOSED ON, INCURRED
        BY OR ASSERTED AGAINST EACH SUCH PERSON AS THE RESULT OF ANY NEGLIGENT ACT OR OMISSION IN ANY WAY RELATING TO THE MAINTENANCE AND CUSTODY BY THE SERVICER, AS CUSTODIAN, OF THE STORM RECOVERY PROPERTY DOCUMENTATION; PROVIDED, HOWEVER, THAT
        THE SERVICER SHALL NOT BE LIABLE FOR ANY PORTION OF ANY SUCH AMOUNT RESULTING FROM THE WILLFUL MISCONDUCT, BAD FAITH OR NEGLIGENCE OF THE ISSUER, THE INDEPENDENT MANAGERS OR THE TRUSTEE, AS THE CASE MAY BE.

   

  INDEMNIFICATION UNDER THIS SECTION 5.03 SHALL SURVIVE RESIGNATION OR REMOVAL OF THE TRUSTEE OR ANY INDEPENDENT MANAGER AND
        TERMINATION OF THIS AGREEMENT AND SHALL INCLUDE REASONABLE OUT-OF-POCKET FEES AND EXPENSES OF INVESTIGATION AND LITIGATION (INCLUDING REASONABLE ATTORNEY’S FEES AND EXPENSES).

   

  Section 5.04                    EFFECTIVE PERIOD AND TERMINATION. The
      Servicer’s appointment as custodian shall become effective as of the Sale Date and shall continue in full force and effect until terminated pursuant to this Section 5.04. If the Servicer shall resign as Servicer in accordance with the provisions of
      this Agreement or if all of the rights and obligations of the Servicer shall have been terminated under Section 7.01, the appointment of the Servicer as custodian shall be terminated effective as of the date on which the termination or resignation of
      the Servicer is effective. Additionally, if not sooner terminated as provided above, the Servicer’s obligations as custodian shall terminate one year and one day after the date on which no Storm Recovery Bonds are Outstanding.

   

  ARTICLE VI

      

      THE SERVICER

   

  Section 6.01                    REPRESENTATIONS AND WARRANTIES OF THE
      SERVICER. The Servicer makes the following representations and warranties as of the Sale Date, and as of such other dates expressly provided in this Section 6.01, on which the Issuer has relied in acquiring the Storm Recovery Property. The
      representations and warranties shall survive the execution and delivery of this Agreement, the sale of any of the Storm Recovery Property to the Issuer and the pledge thereof to the Trustee pursuant to the Indenture.

  
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  (a)                Organization and Good Standing. The
      Servicer is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Louisiana, with the limited liability company power and authority to own its properties, to conduct its business as such
      business is presently conducted and to execute, deliver and carry out the terms of this Agreement and had at all relevant times and has the requisite power, authority and legal right to service the Storm Recovery Property and to hold the Storm
      Recovery Property Documentation as custodian.

   

  (b)               Due Qualification. The Servicer is
      duly qualified to do business and is in good standing, and has obtained all necessary licenses and approvals, in all jurisdictions in which it is required to do so (except where the failure to so qualify would not be reasonably likely to have a
      material adverse effect on the Servicer’s business, operations, assets, revenues or properties or adversely affect the servicing of the Storm Recovery Property).

   

  (c)                Power and Authority. The Servicer
      has the limited liability company power and authority to execute and deliver this Agreement and to carry out the terms thereof; and the execution, delivery and performance of this Agreement have been duly authorized by the Servicer by all necessary
      limited liability company action.

   

  (d)               Binding Obligation. This Agreement
      constitutes a legal, valid and binding obligation of the Servicer enforceable against the Servicer in accordance with its terms subject to applicable bankruptcy, receivership, insolvency, reorganization, moratorium, fraudulent transfer or conveyance
      and other laws relating to or affecting creditors’ rights generally from time to time in effect and to general principles of equity (including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing), regardless of
      whether considered in a Proceeding in equity or at law.

   

  (e)                No Violation. The consummation of
      the transactions contemplated by this Agreement (to the extent applicable to the Servicer’s responsibilities thereunder) and the fulfillment of the terms will not conflict with, result in any breach of any of the terms and provisions of, or
      constitute (with or without notice or lapse of time) a material default under, the articles of organization, operating agreement or any material indenture or any material agreement to which the Servicer is a party or by which it or any of its
      property is bound or result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such agreement (other than any Lien that may be granted under the Basic Documents pursuant to Section 1231 of the
      Securitization Act); or violate any existing law or any existing order, rule or regulation applicable to the Servicer.

   

  (f)                Approvals. No approval,
      authorization, consent, order or other action of, or filing with, any Governmental Authority is required under an applicable law, rule or regulation in connection with the execution and delivery by the Servicer of this Agreement, the performance by
      the Servicer of the transactions contemplated hereby or the fulfillment by the Servicer of the terms of the Agreement, except those that have been obtained or made or that are required by this Agreement to be made in the future by the Servicer,
      including the Issuance Advice Letter, filings with the LPSC for adjusting Storm Recovery Charges and allocation of storm recovery charge adjustments pursuant to Section 4.01 and filings with the Louisiana UCC Filing Officer under the Securitization
      Act and the UCC.

  
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  (g)               No Proceedings. Except as disclosed
      by the Servicer on Schedule A hereto, there are no Proceedings pending or, to the Servicer’s knowledge, threatened before any Governmental Authority having jurisdiction over the Servicer or its properties involving or relating to the Servicer or the
      Issuer or, to the Servicer’s knowledge, any other Person:

   

      (i)                asserting the invalidity of this
      Agreement or any of the other Basic Documents;

   

      (ii)               seeking to prevent the issuance of the
      Storm Recovery Bonds or the consummation of any of the transactions contemplated by this Agreement or any of the other Basic Documents;

   

      (iii)              seeking any determination or ruling that
      might materially and adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability against the Servicer of, this Agreement, any of the other Basic Documents or the Storm Recovery Bonds;

   

      (iv)              relating to the Servicer and which might
      materially and adversely affect the federal income tax or State income, gross receipts or franchise tax attributes of the Storm Recovery Bonds; or

   

      (v)               seeking to prevent the issuance of the
      Storm Recovery Bonds or the consummation of any of the transactions contemplated by this Agreement or any of the other Basic Documents.

   

  (h)               Reports and Certificates. Each report
      and certificate delivered in connection with any filing made to the LPSC by the Servicer on behalf of the Issuer with respect to Storm Recovery Charges, Storm Recovery Charge Adjustments or allocation of storm recovery charges among Customer Classes
      will be true and correct in all material respects; provided, however, that to the extent any such report or certificate is based in part upon or contains assumptions, forecasts or other predictions of future events, the representation and
      warranty of the Servicer with respect thereto will be limited to the representation and warranty that such assumptions, forecasts or other predictions of future events are reasonable based upon historical performance and the facts known to the
      Servicer on the date such report or certificate is delivered.

   

  Section 6.02                    INDEMNITIES OF THE SERVICER; RELEASE OF
      CLAIMS.

   

  (a)                THE SERVICER SHALL BE LIABLE IN
        ACCORDANCE HEREWITH ONLY TO THE EXTENT OF THE OBLIGATIONS SPECIFICALLY UNDERTAKEN BY THE SERVICER UNDER THIS AGREEMENT.

  
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  (b)               THE SERVICER SHALL INDEMNIFY THE ISSUER,
        THE TRUSTEE (FOR ITSELF AND ON BEHALF OF THE STORM RECOVERY BONDHOLDERS) AND THE INDEPENDENT MANAGER AND EACH OF THEIR RESPECTIVE TRUSTEES, MEMBERS, MANAGERS, OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS FOR, AND DEFEND AND HOLD HARMLESS EACH SUCH
        PERSON FROM AND AGAINST, ANY AND ALL LOSSES THAT MAY BE IMPOSED UPON, INCURRED BY OR ASSERTED AGAINST ANY SUCH PERSON AS A RESULT OF:

   

      (i)                THE SERVICER’S WILLFUL MISCONDUCT, BAD
        FAITH OR NEGLIGENCE IN THE PERFORMANCE OF ITS DUTIES OR OBSERVANCE OF ITS COVENANTS UNDER THIS AGREEMENT OR THE SERVICER’S RECKLESS DISREGARD OF ITS OBLIGATIONS AND DUTIES UNDER THIS AGREEMENT; 

   

      (ii)               THE SERVICER’S BREACH OF ANY OF ITS
        REPRESENTATIONS OR WARRANTIES IN THIS AGREEMENT; OR 

   

      (iii)              LITIGATION AND RELATED EXPENSES
        RELATING TO ITS STATUS AND OBLIGATIONS AS SERVICER (OTHER THAN ANY PROCEEDINGS THE SERVICER IS REQUIRED TO INSTITUTE UNDER THIS AGREEMENT);

   

  PROVIDED, HOWEVER, THAT THE SERVICER SHALL NOT BE LIABLE FOR ANY LOSSES RESULTING FROM THE BAD FAITH, WILLFUL
        MISCONDUCT OR NEGLIGENCE OF ANY PERSON INDEMNIFIED PURSUANT TO THIS SECTION 6.02 (EACH, AN “INDEMNIFIED PERSON”) OR RESULTING FROM A BREACH OF A REPRESENTATION OR WARRANTY MADE BY SUCH INDEMNIFIED PERSON TO THE SERVICER IN ANY BASIC DOCUMENT THAT
        GIVES RISE TO THE SERVICER’S BREACH.

  
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  (c)                PROMPTLY AFTER RECEIPT BY AN INDEMNIFIED
        PERSON OF WRITTEN NOTICE OF ITS INVOLVEMENT IN ANY ACTION, PROCEEDING OR INVESTIGATION, SUCH INDEMNIFIED PERSON SHALL, IF A CLAIM FOR INDEMNIFICATION IN RESPECT THEREOF IS TO BE MADE AGAINST THE SERVICER UNDER THIS SECTION 6.02, NOTIFY THE SERVICER
        IN WRITING OF SUCH INVOLVEMENT. FAILURE BY AN INDEMNIFIED PERSON TO SO NOTIFY THE SERVICER SHALL RELIEVE THE SERVICER FROM THE OBLIGATION TO INDEMNIFY AND HOLD HARMLESS SUCH INDEMNIFIED PERSON UNDER THIS SECTION 6.02 ONLY TO THE EXTENT THAT THE
        SERVICER SUFFERS ACTUAL PREJUDICE AS DETERMINED BY A COURT OF COMPETENT JURISDICTION AS A RESULT OF SUCH FAILURE. WITH RESPECT TO ANY ACTION, PROCEEDING OR INVESTIGATION BROUGHT BY A THIRD PARTY FOR WHICH INDEMNIFICATION MAY BE SOUGHT BY AN
        INDEMNIFIED PERSON UNDER THIS SECTION 6.02, THE SERVICER SHALL BE ENTITLED TO ASSUME THE DEFENSE OF ANY SUCH ACTION, PROCEEDING OR INVESTIGATION UNLESS (X) SUCH ACTION, PROCEEDING OR INVESTIGATION EXPOSES THE INDEMNIFIED PERSON TO A RISK OF
        CRIMINAL LIABILITY OR FORFEITURE, (Y) THE SERVICER AND SUCH INDEMNIFIED PERSON HAVE A CONFLICT OF INTEREST IN THEIR RESPECTIVE DEFENSES OF SUCH ACTION, PROCEEDING OR INVESTIGATION OR (Z) THERE EXISTS AT THE TIME THE SERVICER WOULD ASSUME SUCH
        DEFENSE AN ONGOING SERVICER DEFAULT. UPON ASSUMPTION BY THE SERVICER OF THE DEFENSE OF ANY SUCH ACTION, PROCEEDING OR INVESTIGATION, THE INDEMNIFIED PERSON SHALL HAVE THE RIGHT TO PARTICIPATE IN SUCH ACTION OR PROCEEDING AND TO RETAIN ITS OWN
        COUNSEL (INCLUDING LOCAL COUNSEL), AND THE SERVICER SHALL BEAR THE REASONABLE FEES, COSTS AND EXPENSES OF SUCH SEPARATE COUNSEL. THE INDEMNIFIED PERSON SHALL NOT SETTLE OR COMPROMISE OR CONSENT TO THE ENTRY OF ANY JUDGMENT WITH RESPECT TO ANY
        PENDING OR THREATENED CLAIM, ACTION, SUIT OR PROCEEDING IN RESPECT OF WHICH INDEMNIFICATION MAY BE SOUGHT UNDER THIS SECTION 6.02 (WHETHER OR NOT THE SERVICER IS AN ACTUAL OR POTENTIAL PARTY TO SUCH CLAIM OR ACTION) UNLESS THE SERVICER AGREES IN
        WRITING TO SUCH SETTLEMENT, COMPROMISE OR CONSENT AND SUCH SETTLEMENT, COMPROMISE OR CONSENT INCLUDES AN UNCONDITIONAL RELEASE OF THE SERVICER FROM ALL LIABILITY ARISING OUT OF SUCH CLAIM, ACTION, SUIT OR PROCEEDING.

   

  

  

  (d)               THE SERVICER SHALL INDEMNIFY THE TRUSTEE
        AND ITS RESPECTIVE TRUSTEES, OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS FOR, AND DEFEND AND HOLD HARMLESS EACH SUCH PERSON FROM AND AGAINST, ANY AND ALL LOSSES THAT MAY BE IMPOSED UPON, INCURRED BY OR ASSERTED AGAINST ANY SUCH PERSON AS A RESULT OF
        THE ACCEPTANCE OR PERFORMANCE OF THE TRUSTS AND DUTIES CONTAINED HEREIN AND IN THE INDENTURE, EXCEPT TO THE EXTENT THAT ANY SUCH LOSS (I) SHALL BE DUE TO THE WILLFUL MISCONDUCT, BAD FAITH OR NEGLIGENCE OF THE TRUSTEE OR (II) SHALL ARISE FROM THE
        TRUSTEE’S BREACH OF ANY OF ITS REPRESENTATIONS OR WARRANTIES SET FORTH IN THE INDENTURE; PROVIDED, HOWEVER, THAT THE FOREGOING INDEMNITY IS EXTENDED TO THE TRUSTEE SOLELY IN ITS INDIVIDUAL CAPACITY AND NOT FOR THE BENEFIT OF THE STORM
        RECOVERY BONDHOLDERS OR ANY OTHER PERSON. SUCH AMOUNTS WITH RESPECT TO THE TRUSTEE SHALL BE DEPOSITED AND DISTRIBUTED IN ACCORDANCE WITH THE INDENTURE.

  
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  (e)                THE SERVICER’S INDEMNIFICATION
        OBLIGATIONS UNDER SECTION 6.02(b) AND (d) FOR EVENTS OCCURRING PRIOR TO THE REMOVAL OR RESIGNATION OF THE TRUSTEE OR ANY INDEPENDENT MANAGER OR THE TERMINATION OF THIS AGREEMENT SHALL SURVIVE THE RESIGNATION OR REMOVAL OF THE TRUSTEE, ANY
        INDEPENDENT MANAGER OR THE TERMINATION OF THIS AGREEMENT AND SHALL INCLUDE REASONABLE COSTS, FEES AND EXPENSES OF INVESTIGATION AND LITIGATION (INCLUDING THE ISSUER’S AND THE TRUSTEE’S REASONABLE ATTORNEYS’ FEES AND EXPENSES). INDEMNIFICATION UNDER
        THIS SECTION 6.02 SHALL SURVIVE ANY REPEAL OF, MODIFICATION OF, OR SUPPLEMENT TO, OR JUDICIAL INVALIDATION OF, THE SECURITIZATION ACT OR ANY FINANCING ORDER.

   

  (f)                EXCEPT TO THE EXTENT EXPRESSLY PROVIDED
        FOR IN THIS AGREEMENT, THE SALE AGREEMENT OR THE FORMATION DOCUMENTS (INCLUDING THE SERVICER’S CLAIMS WITH RESPECT TO THE SERVICING FEES AND EXPENSES REIMBURSEMENT AND THE SELLER’S CLAIM FOR PAYMENT OF THE PURCHASE PRICE OF STORM RECOVERY
        PROPERTY), THE SERVICER HEREBY RELEASES AND DISCHARGES THE ISSUER (INCLUDING ITS MEMBERS, MANAGERS, EMPLOYEES AND AGENTS, IF ANY), THE INDEPENDENT MANAGER, AND THE TRUSTEE (INCLUDING ITS RESPECTIVE OFFICERS, DIRECTORS AND AGENTS) (COLLECTIVELY, THE
        “RELEASED PARTIES”) FROM ANY AND ALL CLAIMS WHATSOEVER, WHICH THE SERVICER, IN ITS CAPACITY AS SERVICER OR OTHERWISE, SHALL OR MAY HAVE AGAINST ANY SUCH PERSON RELATING TO THE STORM RECOVERY PROPERTY OR THE SERVICER’S ACTIVITIES WITH RESPECT
        THERETO OTHER THAN ANY ACTIONS, CLAIMS AND DEMANDS ARISING OUT OF THE WILLFUL MISCONDUCT, BAD FAITH OR NEGLIGENCE OF THE RELEASED PARTIES.

   

  (g)               THE SERVICER AND THE ISSUER HEREBY
        ACKNOWLEDGE THAT, NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, THE TRUSTEE IS A THIRD-PARTY BENEFICIARY OF THIS SECTION 6.02 AND IS ENTITLED TO THE BENEFITS OF THE INDEMNITY FROM THE SERVICER CONTAINED HEREIN AND TO BRING ANY ACTION TO ENFORCE
        SUCH INDEMNIFICATION DIRECTLY AGAINST THE SERVICER.

  
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  (h)               THE SERVICER SHALL INDEMNIFY THE LPSC
        (FOR THE BENEFIT OF CUSTOMERS), THE ISSUER, THE TRUSTEE (FOR ITSELF AND ON BEHALF OF THE STORM RECOVERY BONDHOLDERS), AND EACH OF THEIR RESPECTIVE TRUSTEES, MEMBERS, MANAGERS, OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS FOR, AND DEFEND AND HOLD
        HARMLESS EACH SUCH PERSON FROM AND AGAINST, ANY AND ALL LOSSES THAT MAY BE IMPOSED UPON, INCURRED BY OR ASSERTED AGAINST ANY SUCH PERSON AS A RESULT OF ANY INCREASE IN THE SERVICING FEE THAT BECOMES PAYABLE PURSUANT TO SECTION 6.07(b) OF THIS
        AGREEMENT AS A RESULT OF A DEFAULT RESULTING FROM THE SERVICER’S MISCONDUCT, NEGLIGENCE IN PERFORMANCE OF ITS DUTIES OR OBSERVANCE OF ITS COVENANTS UNDER THIS AGREEMENT OR TERMINATION FOR CAUSE OF CLECO POWER OR AN AFFILIATE SERVICER. THE
        INDEMNIFICATION OBLIGATION SET FORTH IN THIS PARAGRAPH MAY BE ENFORCED BY THE LPSC BUT IS NOT ENFORCEABLE BY ANY THIRD-PARTY COLLECTOR OR ANY CUSTOMER. ANY INDEMNITY PAYMENTS UNDER THIS PARAGRAPH FOR THE BENEFIT OF CUSTOMERS SHALL BE REMITTED TO
        THE TRUSTEE PROMPTLY FOR DEPOSIT INTO THE COLLECTION ACCOUNT.

  

  

   

  Section 6.03                    MERGER OR CONSOLIDATION OF, OR
      ASSUMPTION OF THE OBLIGATIONS OF, THE SERVICER. Any Person:

   

  (a)                into which the Servicer may be merged,
      converted or consolidated and which succeeds to all or substantially all of the electric transmission and distribution business of the servicer (or, if the transmission and distribution business is split, any Person which the LPSC designates in
      connection with an order relating to such split),

   

  (b)               which results from the division of the
      Servicer into two or more Persons and which succeeds to all or substantially all of the electric transmission and distribution business of the Servicer (or, if the transmission and distribution business is split, any Person which the LPSC designates
      in connection with an order relating to such split),

   

  (c)                which may result from any merger,
      conversion or consolidation to which the Servicer shall be a party and which succeeds to all or substantially all of the electric transmission and distribution business of the Servicer (or, if the transmission and distribution business is split, any
      Person which the LPSC designates in connection with an order relating to such split),

   

  (d)               which may purchase or otherwise succeed to
      the properties and assets of the Servicer substantially as a whole and which purchases or otherwise succeeds to all or substantially all of the electric transmission and distribution business of the Servicer (or, if the transmission and distribution
      business is split, any Person which the LPSC designates in connection with an order relating to such split), or

   

  (e)                which may otherwise purchase or succeed to
      all or substantially all of the electric transmission and distribution business of the Servicer (or, if the transmission and distribution business is split, any Person which the LPSC designates in connection with an order relating to such split),

  
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  which Person in any of the foregoing cases executes an agreement of assumption to perform every obligation of
      the Servicer under this Agreement and undertake to collect, account and remit amounts in respect of the Storm Recovery Charges from Customers for the benefit and account of the Issuer (or its financing party), shall be the successor to the Servicer
      under this Agreement without the execution or filing of any document or any further act by any of the parties to this Agreement; provided, however, that:

   

      (i)                 immediately after giving effect to such
      transaction, the representations and warranties made pursuant to Section 6.01 shall be true and correct and no Servicer Default, and no event that, after notice or lapse of time, or both, would become a Servicer Default, shall have occurred and be
      continuing;

   

      (ii)               the Servicer shall have delivered to the
      Issuer, the Rating Agencies, the LPSC and the Trustee an Officers’ Certificate and an Opinion of Counsel each stating that such consolidation, merger, conversion, division or succession and such agreement of assumption comply with this Section 6.03
      and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with;

   

      (iii)              the Servicer shall have delivered to the
      Issuer, the Rating Agencies, the LPSC and the Trustee an Opinion of Counsel either

   

          (A)        stating that, in the opinion of such
      counsel, all filings to be made by the Servicer, including filings with the LPSC pursuant to the Securitization Act and the UCC, that are necessary fully to preserve and protect the interests of each of the Issuer and the Trustee in the Storm
      Recovery Property have been executed and filed and are in full force and effect, and reciting the details of such filings, or

   

          (B)         stating that, in the opinion of such
      counsel, no such action is necessary to preserve and protect such interests;

   

      (iv)              the Rating Agencies shall have received
      prior written notice of such transaction and, if such Person is not an Affiliate of Cleco Power, the Rating Agency Condition shall be satisfied; and

   

      (v)               the Servicer shall have delivered to the
      Issuer, the LPSC, the Trustee and the Rating Agencies an opinion of independent tax counsel (as selected by, and in form and substance satisfactory to, the Servicer, and which may be based on a ruling from the Internal Revenue Service) to the effect
      that, for federal income tax purposes, such transaction will not result in a material adverse federal income tax consequence to the Issuer or the Storm Recovery Bondholders.

   

  The Servicer shall not consummate any transaction referred to in clauses (a), (b), (c), (d) or (e) above except upon execution of
      the above-described agreement of assumption and compliance with clauses (i), (ii), (iii), (iv) and (v) above. When any Person acquires the properties and assets of the Servicer substantially as a whole or otherwise becomes the successor to the
      Servicer in accordance with the terms of this Section 6.03, then upon the satisfaction of all of the other conditions of this Section 6.03, the Servicer shall automatically and without further notice be released from its obligations hereunder.

  
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  Section 6.04                    ASSIGNMENT OF THE SERVICER’S
      OBLIGATIONS. The Servicer will not voluntarily assign or outsource its obligations hereunder except with the LPSC’s prior approval and upon a demonstration that the costs under an alternative arrangement will be no more than if the Servicer continued
      to perform such services itself, or the assignment or outsourcing is to another Affiliate that will provide such services at the same or lower cost than if the Servicer continued to perform such services itself, or the assignment or outsourcing is to
      a successor entity to the Servicer as the result of a merger or other restructuring that assumes the Servicer’s responsibilities as the servicer and administrator.

   

  Section 6.05                    LIMITATION ON LIABILITY OF THE SERVICER
      AND OTHERS. Neither the Servicer nor any of the managers, officers, employees or agents of the Servicer shall be liable to the Issuer, its managers, the Storm Recovery Bondholders, the Trustee or any other Person, except as provided under this
      Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement or for errors in judgment; provided, however, that this provision shall not protect the Servicer against any liability that
      would otherwise be imposed by reason of willful misconduct, bad faith or negligence in the performance of its duties under this Agreement. The Servicer and any manager or officer or employee or agent of the Servicer may rely in good faith on the
      advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement.

   

  Except as provided in this Agreement (including but not limited to Section 5.02(c) and 5.02(d) of this Agreement), the Servicer
      shall not be under any obligation to appear in, prosecute or defend any Proceeding that is not directly related to one of the Servicer’s enumerated duties in this Agreement or related to its obligation to pay indemnification, and that in its
      reasonable opinion may cause it to incur any expense or liability; provided, however, that the Servicer may, in respect of any Proceeding, undertake any reasonable action that is not specifically identified in this Agreement as a duty of the
      Servicer but that the Servicer may deem necessary or desirable in respect of this Agreement and the rights and duties of the parties to this Agreement and the interests of the Storm Recovery Bondholders under this Agreement. The Servicer’s costs and
      expenses incurred in connection with any such Proceeding shall be payable from the Collection Account as an Operating Expense (and shall not be deemed to constitute a portion of the Servicing Fee) in accordance with Section 8.02 of the Indenture. The
      Servicer’s obligations pursuant to this Section 6.05 shall survive and continue notwithstanding the fact that the payment of Operating Expenses pursuant to the Indenture may be delayed (it being understood that the Servicer may be required initially
      to advance its own funds to satisfy its obligations hereunder).

   

  Section 6.06                    CLECO POWER NOT TO RESIGN AS SERVICER.
      Subject to the provisions of Sections 6.03 and 6.04, Cleco Power shall not resign from the obligations and duties imposed on it as Servicer under this Agreement unless the Servicer delivers to the Issuer, the Trustee, the LPSC and each Rating Agency
      written notice of such resignation at the earliest practicable time and, concurrently therewith or promptly thereafter, an opinion of Independent legal counsel that the Servicer’s performance of its duties under this Agreement shall no longer be
      permissible under applicable law. No such resignation shall become effective until a Successor Servicer shall have assumed the servicing obligations and duties hereunder of the Servicer in accordance with Section 7.04.

  
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  Section 6.07                    SERVICING FEE.

   

  (a)                The Issuer agrees to pay the Servicer on
      each Payment Date, solely to the extent amounts are available therefor in accordance with the Indenture, the Servicing Fee with respect to the Storm Recovery Bonds. For so long as:

   

      (i)                Cleco Power or one of its Affiliates is
      the Servicer,

   

      (ii)               a successor to Cleco Power or one of its
      Affiliates is the Servicer due to the operation of the provisions of Section 6.03, or

   

      (iii)              any Person is the Successor Servicer
      hereunder pursuant to the provisions of Section 6.03 if the predecessor Servicer was Cleco Power or one of its Affiliates,

   

  the amount of the Servicing Fee paid to the Servicer annually shall equal 0.05 % of the Storm Recovery Bond Balance on the
      Issuance Date and shall be prorated based on the fraction of a calendar year during which the Servicer provides any of the services set forth in this Agreement.

   

  (b)               In the event that a Successor Servicer not
      an Affiliate of Cleco Power is appointed in accordance with Section 7.04, the amount of Servicing Fee paid to the Servicer annually shall be agreed upon by the Successor Servicer and the Trustee but shall in no event exceed 0.60% of the Storm
      Recovery Bond Balance on the Issuance Date without the consent of the LPSC and shall be prorated based on the fraction of a calendar year during which the Successor Servicer provides any of the services set forth in this Agreement. The foregoing fees
      set forth in Section 6.07(a) and this Section 6.07(b) constitute a fair and reasonable price for the obligations to be performed by the Servicer. The Servicer shall have indemnification obligations for an increased Servicing Fee under certain
      circumstances, in accordance with Section 6.02(h).

   

  (c)                The Servicing Fee, together with any
      portion of the Servicing Fee that remains unpaid from prior Payment Dates, will be paid solely to the extent funds are available. The Servicing Fee will be paid prior to the payment of or provision for any amounts in respect of interest on and
      principal of the Storm Recovery Bonds.

   

  Section 6.08                    COMPLIANCE WITH APPLICABLE LAW. The
      Servicer covenants and agrees, in servicing the Storm Recovery Property, to comply in all material respects with all laws applicable to, and binding upon, the Servicer and relating to such Storm Recovery Property the noncompliance with which would
      have a material adverse effect on the value of the Storm Recovery Property; provided, however, that the foregoing is not intended to, and shall not, impose any liability on the Servicer for noncompliance with any Requirement of Law
      that the Servicer is contesting in good faith in accordance with its customary standards and procedures. It is expressly acknowledged that the payment of fees to the Rating Agencies shall be at the expense of the Issuer and that, if the Servicer
      advances such payments to the Rating Agencies, the Issuer shall reimburse the Servicer for any such advances.

  
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  Section 6.09                    SERVICER EXPENSES. Except as expressly
      provided elsewhere in this Agreement, the Servicer will not be reimbursed for any expenses incurred by it in connection with its activities hereunder, including taxes imposed on the Servicer and expenses incurred in connection with reports to Storm
      Recovery Bondholders, and external information technology costs, bank wire fees and internal legal fees related to this Agreement. The Servicer is entitled to receive reimbursement for its out-of-pocket costs for external accounting and external
      legal services as well as for other items of costs that will be incurred annually to support and service the Storm Recovery Bonds after issuance, as provided in the Financing Order.

  

   

  Section 6.10                    APPOINTMENTS. The Servicer may at any
      time appoint a subservicer or agent to perform all or any portion of its obligations as Servicer hereunder; provided, however, that unless such Person is an Affiliate of Cleco Power, the Rating Agency Condition shall have been satisfied in
      connection therewith; provided further that the Servicer shall remain obligated and be liable to the Issuer for the servicing and administering of the Storm Recovery Property in accordance with the provisions hereof without diminution of such
      obligation and liability by virtue of the appointment of such subservicer or agent and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and administering the Storm Recovery Property. The fees and
      expenses of the subservicer or agent shall be as agreed between the Servicer and its subservicer or agent from time to time, and none of the Issuer, the Trustee or the Storm Recovery Bondholders shall have any responsibility therefor. Any such
      appointment shall not constitute a Servicer resignation under Section 6.06. In the event any subservicer participates in the “servicing function” within the meaning of Item 1122 of Regulation AB, the Servicer shall be responsible for obtaining from
      each subservicer and delivering to the Issuer any assessment of compliance and attestation required to be delivered by the Servicer under Section 3.03.

   

  Section 6.11                    NO SERVICER ADVANCES. The Servicer shall
      not make any advances of interest on or principal of the Storm Recovery Bonds.

   

  Section 6.12                    REMITTANCES. (a) The Servicer shall
      remit Storm Recovery Charges to the Trustee each Servicer Business Day, but in no event later than two Servicer Business Days following such Servicer Business Day, based on estimated daily collections using a weighted average balance of days
      outstanding on retail bills and prior year write-off experience (the “Daily Remittance”)in all respects as provided in Annex 1 and shall make such adjustments as are set out in Annex 1 to adjust for any estimates of actual Storm Recovery
      Charges actually remitted to the Trustee. The Servicer will remit those Storm Recovery Charges for any Servicer Business Day no later than the second Servicer Business Day after that Servicer Business Day. Cleco Power will not be required to credit
      Customers or the Issuer with any earnings accruing to Cleco Power on transferred and untransferred daily collections of Storm Recovery Charges.

   

  (a) Prior to (or concurrently with each remittance to the General Subaccount of the Collection Account
      pursuant to this Section 6.12, the Servicer shall provide written notice (which may be via electronic means, including electronic mail) to the Trustee and, upon request, to the Issuer of each such remittance (including the exact dollar amount
      to be remitted). The Servicer shall also, promptly upon receipt, remit to the Collection Account any other proceeds of the Trust Estate that it may receive from time to time. Reconciliations of bank statements shall be as set forth in Exhibit A.

  
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  (b) The Servicer agrees and acknowledges that it holds all Storm Recovery Charge payments collected by
      it and any other proceeds for the Trust Estate received by it for the benefit of the Trustee and the Holders and that all such amounts will be remitted by the Servicer in accordance with this Section 6.12 without any surcharge, fee, offset,
      charge or other deduction. The Servicer further agrees not to make any claim to reduce its obligation to remit all Storm Recovery Charge payments collected by it in accordance with this Agreement

   

  (c) Unless otherwise directed to do so by the Issuer, the Servicer shall be responsible for selecting
      Eligible Investments in which the funds in the Collection Account shall be invested pursuant to Section 8.03 of the Indenture.

   

  Section 6.13                    PROTECTION OF TITLE. The Servicer shall
      execute and file all filings, including filings with the Louisiana UCC Filing Officer pursuant to the Securitization Act and the Louisiana UCC, and cause to be executed and filed all filings, all in such manner and in such places as may be required
      by law fully to preserve, maintain and protect the interests of the Issuer and the Trustee in the Storm Recovery Property, including all filings required under the Securitization Act and the Louisiana UCC relating to the transfer of the ownership or
      security interest in the Storm Recovery Property by the Seller to the Issuer or any security interest granted by the Issuer in the Storm Recovery Property. The Servicer shall deliver (or cause to be delivered) to the Issuer, the LPSC and the Trustee
      file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing.

   

  Section 6.14                    MAINTENANCE OF OPERATIONS. To the extent
      that any interest in the Storm Recovery Property is assigned, sold, or transferred to an assignee, Cleco Power shall enter into a contract with that assignee that requires Cleco Power to continue to operate its electric transmission and distribution
      system in order to provide electric services to Cleco Power’s Customers; and, further, Cleco Power will undertake to collect, account for and remit amounts in respect of the Storm Recovery Charges for the benefit of such assignee (or its financing
      party); provided, however, that this provision shall not prohibit Cleco Power from selling, assigning, or otherwise divesting its electric transmission and distribution systems or any part thereof so long as the entity or entities acquiring such
      system agree to continue operating the facilities to provide electric service to Cleco Power’s LPSC’s jurisdictional Customers.

   

  ARTICLE VII

      

      SERVICER DEFAULT

   

  Section 7.01                    SERVICER DEFAULT. If any one of the
      following events (a “Servicer Default”) occurs and is continuing:

   

  (a)                any failure by the Servicer to remit to the
      Collection Account, on behalf of the Issuer, any required remittance by the date that such remittance must be made that continues unremedied for a period of five Servicer Business Days after the date on which written notice thereof shall have been
      given to the Servicer and the LPSC by the Issuer or the Trustee;

  
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  (b)               any failure by the Servicer to duly observe
      or perform in any material respect any other covenant or agreement of the Servicer set forth in this Agreement (other than as provided in Section 7.01(a) or (c)) or any other Basic Document to which it is a party in such capacity, which failure

   

      (i)                 materially and adversely affects the
      Storm Recovery Property or the timely collection of the Storm Recovery Charges or the rights of the Storm Recovery Bondholders, and

   

      (ii)               continues unremedied for a period of 60
      days after the date on which written notice thereof shall have been given to the Servicer by the Trustee, the LPSC (with a copy to the Trustee) or the Issuer or after discovery of such failure by an officer of the Servicer, as the case may be;

   

  (c)                any failure by the Servicer duly to perform
      its obligations under Section 4.01(b) of this Agreement in the time and manner set forth therein, which failure continues unremedied for a period of five Servicer Business Days;

   

  (d)               any representation or warranty made by the
      Servicer in this Agreement or any other Basic Document proves to have been incorrect when made, which has a material adverse effect on the Issuer or the Storm Recovery Bondholders, and which material adverse effect continues unremedied for a period
      of 60 days after the date on which written notice thereof shall have been given to the Servicer by the Issuer (with a copy to the Trustee) or the Trustee or after discovery of such failure by an officer of the Servicer, as the case may be; or

   

  (e)                an Insolvency Event occurs with respect to
      the Servicer;

   

  then, so long as the Servicer Default shall not have been remedied, the Trustee shall upon the written instruction of the Majority
      Holders and with the Issuer’s prior written consent (which shall not be unreasonably withheld), terminate all the rights and obligations (other than the indemnification obligations set forth in Section 6.02 hereof and the obligation under Section
      7.04 to continue performing its functions as Servicer until a Successor Servicer is appointed) of the Servicer under this Agreement by notice then given in writing to the Servicer (a “Termination Notice”).

   

  In addition, upon a Servicer Default, the Storm Recovery Bondholders and the Trustee shall be entitled to (i) apply to the 19th
      Judicial District Court for the Parish of East Baton Rouge, Louisiana, for sequestration and payment to the Trustee of revenues arising with respect to the Storm Recovery Property, (ii) foreclose on or otherwise enforce the Lien on and security
      interests in the Storm Recovery Property and (iii) apply to the LPSC for an order that amounts arising from the Storm Recovery Charges be transferred to a separate account for the benefit of the Storm Recovery Bondholders, in accordance with the
      Securitization Act.

  
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  On or after the receipt by the Servicer of a Termination Notice, all authority and power of the Servicer under this Agreement,
      whether with respect to the Storm Recovery Property, the related Storm Recovery Charges or otherwise, shall, upon appointment of a Successor Servicer pursuant to Section 7.04, without further action, pass to and be vested in such Successor Servicer
      and, without limitation, the Trustee is hereby authorized and empowered to execute and deliver, on behalf of the predecessor Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other
      acts or things necessary or appropriate to effect the purposes of such Termination Notice, whether to complete the transfer of the Storm Recovery Property Documentation and related documents, or otherwise. The predecessor Servicer shall cooperate
      with the Successor Servicer, the Trustee and the Issuer in effecting the termination of the responsibilities and rights of the predecessor Servicer under this Agreement, including the transfer to the Successor Servicer for administration by it of all
      cash amounts that shall at the time be held by the predecessor Servicer for remittance, or shall thereafter be received by it with respect to the Storm Recovery Property or the related Storm Recovery Charges. As soon as practicable after receipt by
      the Servicer of such Termination Notice, the Servicer shall deliver the Storm Recovery Property Documentation to the Successor Servicer. All reasonable costs and expenses (including attorneys’ fees and expenses) incurred in connection with
      transferring the Storm Recovery Property Documentation to the Successor Servicer and amending this Agreement to reflect such succession as Servicer pursuant to this Section shall be paid by the predecessor Servicer upon presentation of documentation
      of such costs and expenses. All costs and expenses (including attorneys’ fees and expenses) incurred in connection with transferring the Storm Recovery Property Documentation to the Successor Servicer and amending this Agreement to reflect the
      succession as Servicer other than pursuant to this Section shall be paid by the party incurring such costs and expenses. Termination of Cleco Power’s rights as a Servicer shall not terminate Cleco Power’s rights or obligations in its individual
      capacity under the Sale Agreement (except rights thereunder deriving from its rights as the Servicer hereunder).

   

  Section 7.02                    NOTICE OF SERVICER DEFAULT. The Servicer
      shall deliver to the Issuer, to the Trustee, to the LPSC, and to each Rating Agency promptly after having obtained actual knowledge thereof, but in no event later than two Servicer Business Days thereafter, written notice in an Officers’ Certificate
      of any event or circumstance which, with the giving of notice or the passage of time, would become a Servicer Default under Section 7.01.

   

  Section 7.03                    WAIVER OF PAST DEFAULTS. The Trustee,
      with the written consent of the Majority Holders, may waive in writing in whole or in part any default by the Servicer in the performance of its obligations hereunder and its consequences, except a default in making any required remittances to the
      Trustee of SRC Collections from Storm Recovery Property in accordance with Section 6.12 of this Agreement. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Default arising therefrom shall be deemed to have
      been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereto.

  
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  Section 7.04                    APPOINTMENT OF SUCCESSOR.

   

  (a)                Upon the Servicer’s receipt of a
      Termination Notice pursuant to Section 7.01 or the Servicer’s resignation or removal in accordance with the terms of this Agreement, the Servicer shall continue to perform its functions as Servicer under this Agreement and shall be entitled to
      receive the requisite portion of the Servicing Fee and expenses reimbursement, until a Successor Servicer shall have assumed in writing the obligations of the Servicer hereunder as described below. In the event of the Servicer’s removal or
      resignation hereunder, the Trustee at the written direction and with the consent of the Majority Holders shall appoint a Successor Servicer with the Issuer’s prior written consent thereto (which consent shall not be unreasonably withheld), and the
      Successor Servicer shall accept its appointment by a written assumption in form acceptable to the Issuer and the Trustee and provide prompt written notice of such assumption to the Rating Agencies. In no event shall the Trustee be liable for its
      appointment of a Successor Servicer appointed at the written direction of the Majority Holders. If, within 30 days after the delivery of the Termination Notice, a new Servicer shall not have been appointed and accepted such appointment, the Trustee
      may petition the LPSC or a court of competent jurisdiction to appoint a Successor Servicer under this Agreement. A Person shall qualify as a Successor Servicer only if:

   

  

      (i)                 such Person is permitted under LPSC
      Regulations to perform the duties of the Servicer pursuant to the Securitization Act, the Financing Order and this Agreement,

   

      (ii)               either (A) the LPSC has approved the
      appointment of the Successor Servicer or (B) 45 days have lapsed since the LPSC received notice of appointment of the Successor Servicer and the LPSC has neither approved nor disapproved that appointment,

   

      (iii)              the Rating Agency Condition shall have
      been satisfied, and

   

      (iv)             such Person enters into a servicing
      agreement with the Issuer having substantially the same provisions as this Agreement.

   

  (b)               Upon appointment, the Successor Servicer
      shall be the successor in all respects to the predecessor Servicer under this Agreement and shall be subject to all the responsibilities, duties and liabilities arising thereafter relating thereto placed on the predecessor Servicer and shall be
      entitled to the Servicing Fee and expenses reimbursement and all the rights granted to the predecessor Servicer by the terms and provisions of this Agreement.

   

  (c)                The Successor Servicer may not resign
      unless it is prohibited from serving as Servicer pursuant to this Agreement by law.

   

  Section 7.05                    COOPERATION WITH SUCCESSOR. The
      predecessor Servicer covenants and agrees with the Issuer that it will, on an ongoing basis, cooperate with the Issuer and Successor Servicer and provide whatever information is, and take whatever actions are, reasonably necessary to assist the
      Successor Servicer in performing its obligations hereunder.

  
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  ARTICLE VIII

      

      MISCELLANEOUS PROVISIONS

   

  Section 8.01                    AMENDMENT.

   

  (a)                This Agreement may be amended by the
      Servicer and the Issuer, with the prior written consent of the Trustee and the satisfaction of the Rating Agency Condition; provided, however, that no amendment that would increase the ongoing financing costs, as defined in the Financing Order, shall
      be permitted without the prior approval of the LPSC under Section 8.12. Promptly after the execution of any such amendment or consent, the Issuer shall furnish written notification of the substance of such amendment or consent to each of the Rating
      Agencies.

   

  (b)               Notwithstanding Section 8.01(a) or anything
      to the contrary in this Agreement, the Servicer and the Issuer may amend the Issuer Annex in writing with prior written notice given to the Trustee and the Rating Agencies, but without the consent of the Trustee, any Rating Agency or any Holder,
      solely to address changes to the Servicer’s method of calculating SRC Collections as a result of changes to the Servicer’s current computerized Customer information system; provided that any such amendment shall not have a material adverse
      effect on the Holders of then Outstanding Storm Recovery Bonds.

   

  Prior to the execution of any amendment to this Agreement, the Issuer and the Trustee shall be entitled to receive and
      conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and all conditions precedent, if any, provided for in this Agreement relating to such amendment have been satisfied
      upon the Opinion of Counsel referred to in Section 3.01. The Issuer and the Trustee may, but shall not be obligated to, enter into any such amendment which affects their own rights, duties or immunities under this Agreement or otherwise.
      Notwithstanding Section 8.01(a) or anything to the contrary in this Agreement, this Agreement shall be amended automatically to comply with changes in law.

   

  Section 8.02                    NOTICES. All demands, notices and
      communications upon or to the Servicer, the Issuer, the LPSC, the Trustee or the Rating Agencies under this Agreement shall be in writing, delivered personally, via facsimile, by reputable overnight courier or by certified mail, return-receipt
      requested, and shall be deemed to have been duly given upon receipt

   

  (a)                in the case of the Servicer, to Cleco Power
      LLC, 2030 Donahue Ferry Road, Pineville, Louisiana 71360-5226, Attention: Treasurer;

   

  (b)               in the case of the Issuer, to Cleco
      Securitization I LLC, 505 Cleco Drive Office Number 16, Pineville, Louisiana 71360-5226, Attention: Manager;

   

  (c)                in the case of the Trustee, at its
      Corporate Trust Office;

   

  (d)               in the case of Moody’s, to Moody’s Investors
      Service, Inc., ABS/RMBS Monitoring Department, 25th Floor, 7 World Trade Center, 250 Greenwich Street, New York, New York 10007, Email: ServicerReports@moodys.com (all such notices to be delivered to Moody’s in writing by email);

  
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  (e)                in the case of S&P, to Standard &
      Poor’s Ratings Group, Inc., Structured Credit Surveillance, 55 Water Street, New York, New York 10041, Telephone: (212) 438-8991, Email: servicer_reports@spglobal.com (all such notices to be delivered to S&P in writing by email); and

   

  (f)                in the case of Fitch, to Fitch, Ratings,
      Inc., 300 West 57th Street, New York, New York 10019, Attention: ABS Surveillance, Telephone: (212) 908-0500;

   

  (g)               in the case of the Louisiana Commission, to
      Galvez Building, 12th Floor, 602 North Fifth Street, Baton Rouge, Louisiana 70802, Attention: Executive Secretary;

   

  or, as to each of the foregoing, at such other address as shall be designated by written notice to the other parties.

   

  Section 8.03                    ASSIGNMENT. Notwithstanding anything to
      the contrary contained herein, except as provided in Sections 6.03 and 6.04 and as provided in the provisions of this Agreement concerning the resignation or termination of the Servicer, this Agreement may not be assigned by the Servicer. Any
      purported assignment not in compliance with this Agreement shall be void.

   

  Section 8.04                    LIMITATIONS ON RIGHTS OF OTHERS. The
      provisions of this Agreement are solely for the benefit of the Servicer, the Issuer and, to the extent provided herein or in the other Basic Documents, Customers and the other Persons expressly referred to herein and the Trustee, on behalf of itself
      and the Storm Recovery Bondholders, 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 Storm Recovery Property and other amounts in Trust
      Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. Notwithstanding anything to the contrary contained herein, for the avoidance of doubt, any right, remedy or claim to which any Customer may
      be entitled pursuant to the Financing Order and this Agreement may be asserted or exercised only by the LPSC (or by the Attorney General of the State of Louisiana in the name of the LPSC) for the benefit of such Customer.

   

  Section 8.05                    SEVERABILITY. Any provision, or portion
      thereof, 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 remainder of such provision (if any) or
      the remaining provisions hereof (unless such a construction shall be unreasonable), and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

   

  Section 8.06                    SEPARATE COUNTERPARTS. This Agreement
      may be executed by the parties hereto in separate counterparts, 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 8.07                    HEADINGS. 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.

  
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  Section 8.08                    GOVERNING LAW. THIS 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.

   

  Section 8.09                    PLEDGE TO THE TRUSTEE. The Servicer
      hereby acknowledges and consents to any pledge, assignment and grant of a security interest by the Issuer to the Trustee pursuant to the Indenture for the benefit of any Storm Recovery Bondholders of all right, title and interest of the Issuer in, to
      and under the Storm Recovery Property owned by the Issuer and the proceeds thereof and the pledge of any or all of the Issuer’s rights hereunder to the Trustee. Notwithstanding such assignment, in no event shall the Trustee have any liability for the
      representations, warranties, covenants, agreements or other obligations of the Issuer, hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which any recourse shall be had solely to the assets of the
      Issuer.

   

  Section 8.10                    NONPETITION COVENANTS. Notwithstanding
      any prior termination of this Agreement or the Indenture, but subject to a court’s rights to order the sequestration and payment of revenues arising with respect to the Storm Recovery Property pursuant to Section 1229(F) of the Securitization Act,
      the Servicer shall not, prior to the date which is one year and one day after the termination of the Indenture, petition or otherwise invoke or cause the Issuer to invoke the process of any Governmental Authority for the purpose of commencing or
      sustaining a case against the Issuer under any 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
      the property of the Issuer, or ordering the winding up or liquidation of the affairs of the Issuer.

   

  Section 8.11                    TERMINATION. This Agreement shall
      terminate when all Storm Recovery Bonds and related financing costs have been retired or redeemed in full and the funds relating thereto have been fully accounted for.

   

  Section 8.12                    LPSC CONSENT. Except as specifically set
      forth in Section 7.04, to the extent the consent of the LPSC is required to effect any amendment to or modification of this Agreement or any provision of this Agreement,

   

  (a)                the Servicer may request the consent of the
      LPSC by delivering to the LPSC’s executive director and general 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 Officers’ Certificate stating that the
      proposed amendment or modification has been approved by all parties to this Agreement; and

   

      (iii)              a statement identifying the person to
      whom the LPSC or its staff is to address its consent to the proposed amendment or modification or request additional time;

  
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  (b)               The LPSC shall, within 30 days of receiving
      the request for consent complying with Section 8.12(a) above, either

   

      (i)                provide notice of its consent or its
      order denying consent to the person specified in Section 8.12(a)(iii) above, or

   

      (ii)               be conclusively deemed, on the 31st day
      after receiving the request for consent, to have consented to the proposed amendment or modification.

   

  Any amendment or modification requiring the consent of the LPSC as provided in this Section 8.12 shall become effective on the
      later of (i) the date proposed by the parties to such amendment or modification and (ii) the first day after the expiration of the 30-day period provided for in Section 8.12(b)(ii).

   

  Following the delivery of a notice to the LPSC by the Servicer under Section 8.12(a), the Servicer and the Issuer shall have the
      right at any time to withdraw from the LPSC further consideration of any notification of a proposed amendment. Such withdrawal shall be evidenced by the Servicer’s giving prompt written notice thereof to the LPSC, the Issuer and the Trustee.

   

  Section 8.13                    LIMITATION OF LIABILITY. It is expressly
      understood and agreed by the parties hereto that this Agreement is executed and delivered by the Trustee, not individually or personally but solely as Trustee in the exercise of the powers and authority conferred and vested in it, and that the
      Trustee, in acting hereunder, is entitled to all rights, benefits, protections, immunities and indemnities accorded to it under the Indenture.

   

  Section 8.14                    RULE 17g-5 COMPLIANCE. The Servicer
      agrees that any notice, report, request for satisfaction of the Rating Agency Condition, document or other information provided by the Servicer to any Rating Agency under this Agreement or any other Basic Document to which it is a party for the
      purpose of determining the initial credit rating of the Storm Recovery Bonds or undertaking credit rating surveillance of the Storm Recovery Bonds with any Rating Agency, or satisfy the Rating Agency Condition, shall be substantially concurrently
      posted by the Servicer on the 17g-5 Website.

   

  Section 8.15                    TRUSTEE ACTIONS. In acting hereunder,
      the Trustee shall have the rights, privileges, protections, indemnities and immunities granted to it under the Indenture.

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

   

   

  	 	CLECO SECURITIZATION I LLC
		as Issuer,
		

        	

        
		By:	/s/ William G. Fontenot

        
			
          Name: William G. Fontenot

          

           Title: President

          

        

  

   

   

    

  	 	CLECO POWER LLC,

          
	

        	as Servicer,
	

        	By:	/s/ William G. Fontenot

        
	

        	

        	
          Name: William G. Fontenot

          

           Title: President

          

        

  

   

  

  

   

  Acknowledged and Accepted:

  

  The Bank of New York Mellon Trust Company, National Association, 

  not in its individual capacity but solely as

  

  Trustee on behalf of the Holders 

  of the Storm Recovery Bonds

   

  

  	By:	/s/ Linda Wirfel

        	 
	 	Name: Linda Wirfel

          	 
	 	Title: Vice President

          	 

   

   Signature Page to Storm Recovery Property Servicing Agreement

  
     

    
      
 

  

  SCHEDULE A

      TO

      STORM RECOVERY PROPERTY SERVICING AGREEMENT

   

  Proceedings pending or, to the Servicer’s best knowledge, threatened before any court, federal or State
      regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Servicer or its properties seeking any determination or ruling that might materially and adversely affect the Storm Recovery Property or the
      performance by the Servicer of its obligations under, or the validity or enforceability against the Servicer of, this Agreement:

   

  None

   

  
    Schedule A-1

    
      
 

  

  EXHIBIT A

   

  FORM OF MONTHLY SERVICER’S CERTIFICATE

   

  MONTHLY SERVICER’S CERTIFICATE 

  Pursuant to Section 3.01(b) of the Storm Recovery Property Servicing Agreement dated as of June 22,
      2022 by and between Cleco Power LLC, as Servicer, and Cleco Securitization I LLC, as Issuer (the “Servicing Agreement”), the Servicer does hereby certify as follows:

  

  Capitalized terms used but not defined in this Monthly Servicer’s Certificate have their respective meanings
      as set forth in the Servicing Agreement. References herein to certain sections and subsections are references to the respective sections or subsections of the Servicing Agreement.

   

  Beginning of Billing Period: __________ 

  End of Billing Period: __________

   

  	Rate Class	a.       SRCAs in Effect	b.       SRCAs Billed1	c.        Estimated SRCA Collections Deemed    Received2	d. Estimated SRCA Collections Remitted3
	Residential	 	 	 	 
	General Non-Demand	 	 	 	 
	General Secondary	 	 	 	 
	General Primary	 	 	 	 
	School & Church Non-Demand	 	 	 	 
	School & Church Demand	 	 	 	 
	Municipal	 	 	 	 
	Large Power	 	 	 	 
	Standby Power Subscription

        	 	 	 	 
	Standby Power Back-up

        	 	 	 	 
	Standby Power Maintenance

        	 	 	 	 
	Unmetered and OLS (Outdoor Lighting Service)

        	 	 	 	 
	 	 	 	 	 
	Total	 	 	 	 

  1 Storm restoration charges billed during the period.

   

  2 Estimated storm restoration
      charge collections deemed received based on weighted average balance of days outstanding and prior year write-off experience.

   

  3 Estimated storm restoration
      charge collections remitted (i.e., estimated storm restoration charges remitted daily, but no later than two Servicer business days of deemed collection date).

   

  
    	 	CLECO POWER LLC, as Servicer
		 	 
		By:	 
			Name:
			Title:

  
  

  

  cc: CLECO SECURITIZATION I LLC

  
    Exhibit A-1

    
      
 

  

  EXHIBIT B

      FORM OF SEMI-ANNUAL SERVICER’S CERTIFICATE

   

  Pursuant to Section 4.01(g)(i) of the Storm Recovery Property Servicing Agreement, dated as of June 22, 2022 (the “Servicing

        Agreement”), between CLECO POWER LLC, as servicer and CLECO SECURITIZATION I LLC, the Servicer does hereby certify, for the              , 20    Payment Date (the “Current Payment Date”), as follows:

   

  (a) Capitalized terms used herein have their respective meanings as set forth in the Servicing Agreement or the
      Indenture. References herein to certain sections and subsections are references to the respective sections of the Servicing Agreement or the Indenture, as the context indicates.

   

  (i) Allocation of collections as of Current Payment Date allocable to principal and interest:

   

  a.       Principal

   

  	 	 	Aggregate
	i.	Tranche A-1	 
	ii.	Tranche A-2	 
	iii.	Total:	 

   

  b.       Interest

   

  	 	 	Aggregate
	i.	Tranche A-1	 
	ii.	Tranche A-2	 
	iii.	Total:	 

   

  (b) Outstanding Amount of Bonds prior to, and after giving effect to the payment on the current Payment Date and the
      difference, if any, between the Outstanding Amount specified in the Expected Amortization Schedule (after giving effect to payments to be made on such Payment Date under 1a above) and the principal balance to be Outstanding (following payment on
      current Payment Date):

   

  (i) Principal Balance Outstanding (as of the date of this certification):

   

  	i.	Tranche
            A-1	 
	ii.	Tranche A-2	 
	iii.	Total:	 

  
    Exhibit B-1

    
      
 

  

  

  (ii) Principal Balance to be Outstanding (following payment on current Payment Date):

   

  	i.	Tranche
            A-1	 
	ii.	Tranche A-2	 
	iii.	Total:	 

   

  (iii) Difference between (b) above and Outstanding Amount specified in Expected Amortization
      Schedule:

   

  	i.	Tranche
            A-1	 
	ii.	Tranche A-2	 
	iii.	Total:	 

   

  (c) All other transfers to be made on the current Payment Date, including amounts to be paid to the Trustee and to the
      Servicer:

   

  (i) Operating Expenses

   

  	i.	Trustee
            Fees and Expenses:	 
	ii.	Servicing Fee:	 
	iii.	Administration Fee:	 
	iv.	Independent Manager Fee:	 
	v.	Other Operating Expenses:	 
	vi.	Total:	 

   

  (ii) Other Payments

   

  	i.	Operating
            Expenses (payable pursuant to Section 8.02(e)(iv) of the Indenture):	 
	ii.	Funding of Capital Subaccount (to required amount):	 
	iii.	Return on Capital Subaccount payable to Cleco
            Securitization I LLC from investment earnings on the capital subaccount not to exceed 4.646% per annum:	 

  

  

  	iv.	Operating Expenses and Indemnity
            Amounts payable pursuant to Section 8.02(e)(viii) of the Indenture:	 
	v.	Deposits to Excess Funds Subaccount (including the
            portion, if any, of investment earnings on the Capital Subaccount in excess of the amounts payable under (iii)):	 
	vi.	Total:	 

   

  

  
    Exhibit B-2

    
      
 

  

  (d) Estimated amounts on deposit in the Capital Subaccount and Excess Funds Subaccount after giving effect to the
      foregoing payments:

   

  (i) Capital Subaccount

   

  	i.	Total:	 

   

  (ii) Excess Funds Subaccount

   

  	i.	Total:	 

  
    Exhibit B-3

    
      
 

  

  IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Semi-Annual Servicer’s Certificate this day of
                  .

   

  	
          CLECO POWER LLC,

          

          as Servicer

           

          

        	 
	
          By:

          

          Name:

          

          Title:

          

        

  
    Exhibit B-4

    
      
 

  

  EXHIBIT C-1

   

  FORM OF SERVICER’S ANNUAL COMPLIANCE CERTIFICATE

   

  The undersigned hereby certifies that he/she is the duly elected and acting [                      ] of CLECO POWER LLC, as
      servicer (the “Servicer”) under the Storm Recovery Property Servicing Agreement dated as of June 22, 2022 (the “Servicing Agreement”) between the Servicer and CLECO SECURITIZATION I LLC (the “Issuer”) and further that:

   

  1. The undersigned is responsible for assessing the Servicer’s compliance with the servicing criteria set forth in Item
      1122(d) of Regulation AB (the “Servicing Criteria”).

   

  2. With respect to each of the Servicing Criteria, the undersigned has made the following assessment of the Servicing
      Criteria in accordance with Item 1122(d) of Regulation AB, with such discussion regarding the performance of such Servicing Criteria during the fiscal year ended December 31, , and covered by Cleco Power’s annual report on Form 10-K (such fiscal
      year, the “Assessment Period”):

   

  	Regulation AB 

              Reference	Servicing

              Criteria	
          Applicable

          

          Servicing Criteria

          

        
	 	General Servicing Considerations	 
	1122(d)(1)(i)	Policies and procedures are
            instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	Applicable; assessment below.
	1122(d)(1)(ii)	If any material servicing
            activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	Not applicable; no servicing
            activities were outsourced.
	1122(d)(1)(iii)	Any requirements in the transaction
            agreements to maintain a back-up servicer for pool assets are maintained.	Not applicable; documents do not
            provide for a back-up servicer.
	1122(d)(1)(iv)	A fidelity bond and errors and
            omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Not applicable; LPSC rules impose
            credit standards on retail electric providers who handle customer collections and govern performance requirements of utilities.
	1122(d)(1)(v)	Aggregation of information, as
            applicable, is mathematically accurate and the information conveyed accurately reflects the information	Applicable
	 	Cash Collection and Administration	 
	1122(d)(2)(i)	Payments on pool assets are
            deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days of receipt, or such other number of days specified in the transaction agreements.	Applicable

  
    Exhibit C-1-1

    
      
 

  

  

  	1122(d)(2)(ii)	Disbursements made via
            wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Applicable
	1122(d)(2)(iii)	Advances of funds or guarantees
            regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	Not applicable; no advances by the
            Servicer are permitted under the transaction agreements.
	1122(d)(2)(iv)	The related accounts for the
            transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Applicable, but no current
            assessment is required since transaction accounts are maintained by and in the name of the Trustee.
	1122(d)(2)(v)	Each custodial account is
            maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign
            financial institution that meets the requirements of Rule 13k-1(b)(1) of the Exchange Act.	Applicable, but no current
            assessment required; all “custodial accounts” are maintained by the Trustee.
	1122(d)(2)(vi)	Unissued checks are safeguarded so
            as to prevent unauthorized access.	Not applicable; all transfers made
            by wire transfer.
	1122(d)(2)(vii)	Reconciliations are prepared on a
            monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank
            statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These
            reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	Applicable; assessment below.
	 	Investor Remittances and
              Reporting	 
	1122(d)(3)(i)	Reports to investors, including
            those to be filed with the SEC, are maintained in accordance with the transaction agreements and applicable SEC requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction
            agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the SEC as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as
            to the total unpaid principal balance and number of pool assets serviced by the Servicer.	Applicable; assessment below.

  
    Exhibit C-1-2

    
      
 

  

  

  	1122(d)(3)(ii)	Amounts due to
            investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	Not applicable;
            investor records maintained by the Trustee..
	1122(d)(3)(iii)	Disbursements made to an investor
            are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	Applicable
	1122(d)(3)(iv)	Amounts remitted to investors per
            the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Applicable; assessment below.
	 	Pool Asset Administration	 
	1122(d)(4)(i)	Collateral or security on pool
            assets is maintained as required by the transaction agreements or related pool asset documents.	Applicable; assessment below.
	1122(d)(4)(ii)	Pool assets and related documents
            are safeguarded as required by the transaction agreements.	Applicable; assessment below.
	1122(d)(4)(iii)	Any additions, removals or
            substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	Not applicable; no removals or
            substitutions of Storm Recovery property are contemplated or allowed under the transaction documents.
	1122(d)(4)(iv)	Payments on pool assets, including
            any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements,
            and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.	Applicable; assessment below.
	1122(d)(4)(v)	The Servicer’s records regarding
            the pool assets agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	Not applicable; because underlying
            obligation (Storm Recovery charge) is not an interest bearing instrument
	1122(d)(4)(vi)	Changes with respect to the terms
            or status of an obligor’s pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Applicable; assessment below

  
    Exhibit C-1-3

    
      
 

  

  

  	1122(d)(4)(vii)	Loss mitigation or
            recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established
            by the transaction agreements.	Applicable; limited
            assessment below. Servicer actions governed by LPSC regulations.
	1122(d)(4)(viii)	Records documenting collection
            efforts are maintained during the period pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe
            the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Applicable, but does not require
            assessment since no explicit documentation requirement with respect to delinquent accounts are imposed under the transactional documents due to availability of “true-up” mechanism.
	1122(d)(4)(ix)	Adjustments to interest rates or
            rates of return for pool assets with variable rates are computed based on the related pool asset documents.	Not applicable; Storm Recovery
            charges are not interest bearing instruments.
	1122(d)(4)(x)	Regarding any funds held in trust
            for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds
            is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of
            days specified in the transaction agreements.	Not Applicable; Servicer does not
            maintain deposit accounts for obligors.
	1122(d)(4)(xi)	Payments made on behalf of an
            obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the Servicer at least
            30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Not applicable; Servicer does not
            make payments on behalf of obligors.
	1122(d)(4)(xii)	Any late payment penalties in
            connection with any payment to be made on behalf of an obligor are paid from the Servicer’s funds and not charged to the obligor unless the late payment was due to the obligor’s error or omission.	Not applicable; Servicer cannot
            make advances of its own funds on behalf of customers under the transaction documents.

  
    Exhibit C-1-4

    
      
 

  

  

  	1122(d)(4)(xiii)	Disbursements made on
            behalf of an obligor are posted within two business days to the obligor’s records maintained by the Servicer, or such other number of days specified in the transaction agreements.	Not applicable;
            Servicer cannot make advances of its own funds on behalf of customers to pay principal or interest on the bonds.
	1122(d)(4)(xiv)	Delinquencies, charge-offs and
            uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Applicable; assessment below.
	1122(d)(4)(xv)	Any external enhancement or other
            support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	Not applicable; no external
            enhancement is required under the transaction documents.

   

  3. To the best of the undersigned’s knowledge, based on such review, the Servicer is in compliance in all material
      respects with the applicable servicing criteria set forth above as of and for the period ending the end of the fiscal year ended , and covered by Cleco Power’s annual report on Form 10-K. [If not true, include description of any material instance of
      noncompliance.]

   

  4. A registered independent public accounting firm has issued to us an attestation report in accordance with Section
      1122(b) of Regulation AB on its assessment of compliance with the applicable servicing criteria as of and for the period ending the end of the fiscal year ended December 31,                  , and covered by Cleco Power’s annual report on Form 10-K.

   

  Executed as of this                            day of                     ,      .

   

  	 	
          CLECO POWER LLC

          

          

          

        
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title: 

  
    Exhibit C-1-5

    
      
 

  

  EXHIBIT C-2

   

  FORM OF CERTIFICATE OF COMPLIANCE

   

  The undersigned hereby certifies that he/she is the duly elected and acting [                        ] of Cleco Power LLC as
      servicer (the “Servicer”) under the Storm Recovery Property Servicing Agreement dated as of June 22, 2022 (the “Servicing Agreement”) between the Servicer and Cleco Securitization I LLC (the “Issuer”) and further that:

   

  1. A review of the activities of the Servicer and of its performance under the Servicing Agreement during the twelve
      months ended December 31, 20__ has been made under the supervision of the undersigned pursuant to Section 3.03 of the Servicing Agreement; and

   

  2. To the best of the undersigned’s knowledge, based on such review, the Servicer has fulfilled all of its obligations
      in all material respects under the Servicing Agreement throughout the twelve months ended December 31,  20__, except as set forth on Annex A hereto.

   

  Executed as of this             day of            ,         

   

  

  	 	
          CLECO POWER LLC

          

        
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  
    Exhibit C-2-1

    
      
 

  

  ANNEX A

   

  to Certificate of Compliance

   

  LIST OF SERVICER DEFAULTS

   

  The following Servicer Defaults, or events which with the giving of notice, the lapse of time, or both, would become Servicer
      Defaults known to the undersigned occurred during the year ended December 31, 20__:

   

  	Nature of Default	 	Status
	 	 	 

  
    ANNEX A-1

    
      
 

  

  ANNEX 1 

  TO

  

  STORM RECOVERY PROPERTY SERVICING AGREEMENT

   

  SERVICING PROCEDURES

   

  1. Definitions.

   

  Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the
      Storm Recovery Property Servicing Agreement (the “Agreement”).

   

  2. Data Acquisition.

   

  a. Installation and Maintenance of Meters. The Servicer shall cause to be installed, replaced and maintained
      meters in such places and in such condition as will enable the Servicer to obtain customer usage measurements consistent with its customary procedures and practices.

   

  b. Meter Reading. The Servicer shall obtain usage measurements for each Customer, either directly or if
      applicable, from the Applicable MDMA consistent with its customary procedures and practices; provided, however, that the Servicer may estimate any Customer’s usage determined in accordance with applicable LPSC Regulations.

   

  c. Cost of Metering. The Issuer shall not be obligated to pay any costs associated with the routine metering
      duties set forth in this Section 2, including the costs of installing, replacing and maintaining meters, nor shall the Issuer be entitled to any credit against the Servicing Fee for any cost savings realized by the Servicer as a result of new
      metering and/or billing technologies.

   

  3. Usage and Bill Calculation.

   

  The Servicer (a) shall obtain a calculation of each Customer’s usage (which may be based on data obtained from such Customer’s
      meter read or on usage estimates determined in accordance with applicable LPSC Regulations) in accordance with the Servicer’s customary procedures and practices and shall determine therefrom each Customer’s individual Storm Recovery Charges to be
      included on Bills issued by it to such Customer.

   

  4. Billing.

   

  The Servicer shall implement the Storm Recovery Charges at least forty-five (45) days after the closing date in accordance with
      the Financing Order and shall thereafter bill each Customer for the respective Customer’s outstanding current and past due Storm Recovery Charges accruing through the date on which such Storm Recovery Charges may no longer be billed under the Rate
      Schedule, all in accordance with the following:

   

  a. Frequency of Bills; Billing Practices. In accordance with the Servicer’s then-existing policies and practices
      for its own charges, as such policies and practices may be modified from time to time, the Servicer shall generate and issue a Bill to each Customer, for such Customers’ Storm Recovery Charges once every applicable Billing Period, at the same time,
      with the same frequency and on the same Bill as that containing the Servicer’s own charges to such Customers. In the event that the Servicer makes any material modification to these practices, it shall notify the Issuer, the Trustee, and the Rating
      Agencies as soon as practicable, and in no event later than 30 Servicer Business Days after such modification goes into effect; provided, however, that the Servicer may not make any modification that will materially adversely affect the
      Holders. The initial Storm Recovery Charges shall be billed commencing on the first day of the first Billing Period of the first Cleco revenue month that begins at least forty-five (45) days after the date of issuance of the Storm Recovery Bonds.

  
    ANNEX 1-1

    
      
 

  

  

  b. Format.

   

  i. Each Bill issued by the Servicer shall contain the charge corresponding to the respective Storm Recovery Charges owed
      by such Customer for the applicable Billing Period. The Storm Recovery Charges shall be separately identified as required by and in accordance with the terms of the Financing Order and Rate Schedule. The Servicer shall provide Customers with the
      annual notice required by Section 4.01(g)(ii)(B) of the Agreement.

   

  ii. The Servicer shall conform to such requirements in respect of the format, structure and text of Bills delivered to
      Customers in accordance with, if applicable, the Financing Order, Rate Schedules, other applicable tariffs and any other LPSC Regulations and any agreement with the LPSC staff. To the extent that Bill format, structure and text are not prescribed by
      applicable LPSC Regulations or Rate Schedules, the Servicer shall, subject to clause (i) above, determine the format, structure and text of all Bills in accordance with its reasonable business judgment, its Servicer policies and practices
      with respect to its own charges and prevailing industry standards.

   

  c. Delivery. The Servicer shall deliver all Bills issued by it (i) by United States mail in such class or
      classes as are consistent with the policies and practices followed by the Servicer with respect to its own charges to its customers or (ii) by any other means, whether electronic or otherwise, that the Servicer may from time to time use to present
      its own charges to its customers. The Servicer shall pay from its own funds all costs of issuance and delivery of all Bills, including but not limited to printing and postage costs as the same may increase or decrease from time to time.

   

  5. Customer Service Functions.

   

  The Servicer shall handle all Customer inquiries and other Customer service matters according to the same procedures it uses to
      service Customers with respect to its own charges.

  
    ANNEX 1-2

    
      
 

  

  

  6. Collections; Payment Processing; Remittance.

   

  a. Collection Efforts, Policies, Procedures.

   

  i. The Servicer shall use reasonable efforts to collect all Billed SRCs from Customers as and when the same become due and
      shall follow such collection procedures as it follows with respect to comparable assets that it services for itself or others, including with respect to the following:

   

  A. The Servicer shall prepare and deliver overdue notices to Customers in accordance with applicable LPSC Regulations
      and Servicer Policies and Practices.

   

  B. The Servicer shall apply late payment charges to outstanding Customer balances in accordance with applicable LPSC
      Regulations and as required by the Financing Order.

   

  C. The Servicer shall deliver verbal and written final notices of delinquency and possible disconnection in accordance
      with applicable LPSC Regulations and Servicer Policies and Practices.

   

  D. The Servicer shall adhere to and carry out disconnection policies in accordance with the Financing Orders, applicable
      LPSC Regulations and Servicer Policies and Practices.

   

  E. The Servicer may employ the assistance of collection agents to collect any past-due Storm Recovery Charges in
      accordance with Servicer Policies and Practices, applicable LPSC Regulations and applicable tariffs.

   

  F. The Servicer shall apply Customer deposits to the payment of delinquent accounts in accordance with applicable LPSC
      Regulations and Servicer Policies and Practices and according to the priorities set forth in Sections 6(b)(ii), (iii), (iv) and (v) of this Annex I.

   

  ii. The Servicer shall not waive any late payment charge or any other fee or charge relating to delinquent payments, if
      any, or waive, vary or modify any terms of payment of any amounts payable by a Customer, in each case unless such waiver or action: (A) would be in accordance with the Servicer’s customary practices or those of any successor Servicer with respect to
      comparable assets that it services for itself and for others; (B) would not materially adversely affect the rights of the Holders; and (C) would comply with applicable law; provided, however, that notwithstanding anything in the Agreement or
      this Annex I to the contrary, the Servicer is authorized to write off any Billed SRCs, in accordance with Servicer Policies and Practices, that have remained outstanding for one hundred eighty (180) days or more.

   

  iii. The Servicer shall accept payment from Customers in respect of Billed SRCs in such forms and methods and at such
      times and places as it accepts for payment of its own charges in accordance with, if applicable, the Financing Order, Rate Schedule, other applicable tariffs, other LPSC Regulations and Servicer Policies and Practices.

  
    ANNEX 1-3

    
      
 

  

  

  b. Payment Processing; Allocation; Priority of Payments.

   

  i. The Servicer shall post all payments received to Customer accounts as promptly as practicable, and, in any event,
      substantially all payments shall be posted no later than three (3) Servicer Business Days after receipt.

   

  ii. If any Customer does not pay the full amount of any Bill to the Servicer, the amount paid by the Customer will be
      applied to all charges on the Bill, including without limitation electric service charges and all Storm Recovery Charges (under the Financing Order or future LPSC orders) and all similar securitization charges, based, as to a Bill with charges
      covering more than one month, on the chronological order of billing, and, as to those charges with the same billing date, pro-rata. In addition, such partial collections representing Storm Recovery Charges and any other similar securitization charges
      shall be allocated among all such securitization bonds pro-rata based upon the amounts billed with respect to each issuance of securitization bonds, provided that late fees and charges may be allocated to the Servicer as provided in the Rate
      Schedule.

   

  iii. The Servicer shall apply payments received to each Customer’s account in proportion to the charges contained on the
      outstanding Bill to such Customer. Any amounts collected by the Servicer that represent partial payments of the total Bill to a Customer shall be allocated as follows: (A) first to amounts owed to the Issuer, Cleco Power and any other Affiliate of
      Cleco Power which is owed “Storm Recovery Charges” as defined in the Securitization Law (excluding any late fees and interest charges), regardless of age, pro rata in proportion to their respective percentages of the total amount of their combined
      outstanding charges on such Bill; then (B) all late charges shall be allocated to the Servicer; provided that penalty payments owed on late payments of Storm Recovery Charges shall be allocated to the Issuer in accordance with the terms of
      the Rate Schedules. If more than one series of Storm Recovery Bonds is outstanding, the Servicer shall allocate amounts owed to the Issuer ratably based on the total amount of Storm Recovery Charges on such bill which were billed in respect of each
      such series. It is understood that such allocations may be made on a delayed basis in accordance with the reconciliations described in Section 6(e) of this Annex I.

   

  iv. The Servicer shall hold all over-payments for the benefit of the Issuer and Cleco Power and shall apply such funds to
      future Bill charges in accordance with clauses (ii) and (iii) (as applicable) as such charges become due.

   

  v. For Customers on a Budget Billing Plan, the Servicer shall treat SRC Collections received from such Customers as if
      such Customers had been billed for their respective Storm Recovery Charges in the absence of the Budget Billing Plan; partial payment of a Budget Billing Plan payment shall be allocated according to clause (ii) or (iii) (as
      applicable) and overpayment of a Budget Billing Plan payment shall be allocated according to clause (iv).

  
    ANNEX 1-4

    
      
 

  

  

  c. Accounts; Records.

   

  The Servicer shall maintain accounts and records as to the Storm Recovery Property accurately and in accordance with its standard
      accounting procedures and in sufficient detail (i) to permit reconciliation between payments or recoveries with respect to the Storm Recovery Property and the amounts from time to time remitted to the Collection Accounts in respect of the Storm
      Recovery Property and (ii) to permit the estimated SRC Collections held by the Servicer to be accounted for separately from the funds with which they may be commingled, so that the dollar amounts of estimated SRC Collections commingled with the
      Servicer’s funds may be properly identified and traced. The Servicer will perform periodic reconciliations (not less than annually) of estimated remittances (including the estimated write-off amount) with actual SRC Collections.

   

  d. Investment of SRC Collections Received.

   

  Prior to each Daily Remittance, the Servicer may invest SRC Collections received at its own risk and (except as required by
      applicable LPSC Regulations) for its own benefit. So long as the Servicer complies with its obligations under Section 6(c) of this Annex I, neither such investments nor such funds shall be required to be segregated from the other investment
      and funds of the Servicer.

   

  e. Calculation of Daily Remittance.

   

  i. For purposes of calculating the Daily Remittance, (i) all Billed SRCs shall be estimated to be collected the same
      number of days after billing as is equal to the Days Sales Outstanding then in effect (or on the next Servicer Business Day) and (ii) the Servicer will, on each Servicer Business Day but in no event later than two Servicer Business Days, remit to the
      Trustee for deposit in the Collection Account an amount equal to the product of the applicable Billed SRCs multiplied by one hundred percent less the system wide write-off percentage (or if available in the ordinary course of business, gross
      write-off percentage for each revenue class) used by the Servicer to calculate the most recent Periodic Billing Requirement. Such product shall constitute the amount of estimated SRC Collections for such Servicer Business Day.

   

  ii. As part of each Storm Recovery Charge Adjustment, pursuant to Section 4.01 of the Agreement, the Servicer will
      reconcile the amount of storm recovery charge remittances to the Trustee with the periodic payment requirement (including scheduled principal and interest payments on the storm recovery bonds and ongoing financing costs).The Servicer and the Issuer
      acknowledge and agree that the Servicer’s actual collections of Storm Recovery Charges on some days might exceed the Servicer’s estimated collections, and that the Servicer’s actual collections of Storm Recovery Charges on other days might be less
      than the Servicer’s estimated collections. The Servicer and the Issuer further acknowledge and agree that the amount of these variances are likely to be small and are not likely to be biased in favor of over-remittances or under-remittances.
      Consequently, so long as the Servicer faithfully makes all daily remittances based on weighted average days sales outstanding, as provided for herein, the Servicer and the Issuer agree that no actual or deemed investment earnings shall be payable in
      respect of such over-remittances or under-remittances.

  
    ANNEX 1-5

    
      
 

  

  

  iii. On or before the Calculation Date in February and August of, each year, beginning in February 2023 (or, in the case
      of any subsequent series, the corresponding date relating to the Storm Recovery Charge Adjustment for such series), in accordance with Section 4.01(b) of the Agreement, the Servicer shall, in a timely manner so as to perform all required calculations
      under such Section 4.01(b), update the Days Sales Outstanding and the system-wide write-off percentage (or if available in the ordinary course of business, gross write-off percentage for each revenue class) in order to be able to calculate the
      Periodic Billing Requirement for the next Storm Recovery Charge Adjustment and to calculate any change in the Daily Remittances for the next Calculation Period.

   

  iv. The Servicer and the Issuer acknowledge that, as contemplated in Section 8.01(b) of the Agreement, the Servicer may
      make certain changes to its current computerized Customer information system, which changes, when functional, would affect the Servicer’s method of calculating the SRC Collections estimated to have been received by the Servicer during each Collection
      Period as set forth in this Annex I. Should these changes to the computerized Customer information system become functional during the term of the Agreement, the Servicer and the Issuer agree that they shall review the procedures used to
      calculate the SRC Collections estimated to have been received in light of the capabilities of such new system and shall amend this Annex I in writing to make such modifications and/or substitutions to such procedures as may be appropriate in
      the interests of efficiency, accuracy, cost and/or system capabilities; provided, however, that the Servicer may not make any modification or substitution that will materially adversely affect the Holders. As soon as practicable, and in no event
      later than sixty (60) Servicer Business Days after the date on which all Customer accounts are being billed under such new system, the Servicer shall notify the Issuer, the Trustee and the Rating Agencies of the same.

   

  v. All calculations of collections, each update of the Days Sales Outstanding, the system-wide write-off percentage (or if
      available in the ordinary course of business, gross write-off percentage for each revenue class) and any changes in procedures used to calculate the estimated SRC Collections pursuant to this Section 6(e) shall be made in good faith, and in the case
      of any update pursuant to clause (iii) above or any change in procedures pursuant to clause (iv) above, in a manner reasonably intended to provide estimates and calculations that are at least as accurate as those that would be
      provided on the closing date utilizing the initial procedures.

  
    ANNEX 1-6

    
      
 

  

   

  f. Remittances.

   

  i. The Issuer shall cause to be established the Collection Accounts in the name of the Trustee in accordance with the
      Indenture.

   

  ii. The Servicer shall make remittances to the Collection Accounts in accordance with Section 6.12 of the Agreement.

   

  iii. In the event of any change of account or change of institution affecting any Collection Account, the Issuer shall
      provide written notice thereof to the Servicer not later than five (5) Business Days from the effective date of such change.

   

  
    ANNEX 1-7 

    
      
 

  

  APPENDIX A

      DEFINITIONS

   

  The definitions contained in this Appendix A are applicable to the singular as well as the plural forms of such terms.

   

  “17g-5 Website” is defined in Section 10.18(a) of the Indenture.

   

  “Adjustment Date” means the date other than an Interim Adjustment Date on which any Storm Recovery Charge Adjustment (other
      than an interim (non-semi-annual) Storm Recovery Charge Adjustment) and/or any adjustment to allocation of storm recovery charges among Customer Classes, as applicable, becomes effective. The first Adjustment Date will be on or about March 1, 2023
      which may be more or less than six months from the Issuance Date, but in no event more than nine months therefrom, and all subsequent Adjustment Dates shall be on or about the same day of the sixth month after each prior adjustment date.

   

  “Administration Agreement” means the Administration Agreement dated as of June 22, 2022, between Cleco Power, as
      Administrator, and the Issuer, as the same may be amended and supplemented from time to time.

   

  “Administrator” means Cleco Power as administrator under the Administration Agreement and each successor to or assignee of
      Cleco Power in the same capacity.

   

  “Affiliate” means, with respect to any specified Person, any other Person controlling or controlled by or under common
      control with such specified Person. For the purposes of this definition, control, when used with respect to any specified Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the
      ownership of voting securities, by contract or otherwise; and the terms controlling and controlled have meanings correlative to the foregoing.

   

  “Annual Accountant’s Report” has the meaning assigned to that term in Section 3.04 of the Servicing Agreement.

   

  “Applicable MDMA” means with respect to each Customer, any meter data management agent providing meter reading services for
      that Customer’s account.

   

  “Articles of Organization” means the articles of organization of the Issuer that was filed with the Louisiana Secretary of
      State on January 5, 2022, as the same may be amended and restated from time to time.

   

  “Basic Documents” means the Issuer LLC Agreement, the Articles of Organization, the Sale Agreement, the Servicing
      Agreement, the Administration Agreement, the Indenture, the Supplement, the Underwriting Agreement relating to the Storm Recovery Bonds and the Bill of Sale.

   

  “Bill” means each of the regular monthly bills, summary bills, opening bills and closing bills issued to Customers by Cleco
      Power on its own behalf and in its capacity as Servicer.

  
    APPENDIX A-1

    
      
 

  

  

  “Bill of Sale” has the meaning assigned to that term in the Sale Agreement.

   

  “Billed SRCs” means the amounts of Storm Recovery Charges billed by the Servicer.

   

  “Billing Period” means the period of approximately thirty (30) days for which the Servicer renders Bills.

   

  “Book-Entry Storm Recovery Bonds” means beneficial interests in the Storm Recovery Bonds, ownership and transfers of which
      shall be made through book entries by a Clearing Agency as described in Section 2.11 of the Indenture.

   

  “Budget Billing Plan” means a payment plan made available by Cleco Power to Customers, who have had service for an
      established period of time and meet established rating standards, that uses averaged demand in calculating periodic obligations of the Customer.

   

  “Business Day” means any day other than a Saturday, a Sunday or a day on which banking institutions in New York, New York
      or New Orleans, Louisiana, are, or The Depository Trust Company is, required or authorized by law or executive order to remain closed.

   

  “Calculation Date” means, with respect to the Storm Recovery Bonds, the date on which the calculations and filings set
      forth in Section 4.01(b) will be made for each Storm Recovery Charge Adjustment. The first Calculation Date will be on or about February 13, 2023.

   

  “Capital Subaccount” has the meaning specified in Section 8.02(a) of the Indenture.

   

  “Cleco Power” means Cleco Power LLC, a Louisiana limited liability company, or its successor.

   

  “Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act.

   

  “Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time
      to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency.

   

  “Collection Account” has the meaning specified in Section 8.02(a) of the Indenture.

   

  “Collection Period” means the period from and including the first day of a calendar month to but excluding the first day of
      the next calendar month.

   

  “Corporate Trust Office” has the meaning specified in Appendix A to the Indenture.

   

  “Customer Class” means each of the Storm Recovery Charge classes specified in the Rate Schedule SRCA Form of Storm
      Restoration Cost Adjustment Calculation Appendix B-1 to the Financing Order.

   

  “Customers” means any existing or future LPSC-jurisdictional customer who remain attached to Cleco Power’s (or its
      successor’s or assignee’s) electric transmission or distribution lines, and who, via such lines, receive any type of service from Cleco Power (or its successors or assignees) under rate schedules or special contracts approved by the LPSC.

  
    APPENDIX A-2

    
      
 

  

  

  “Daily Remittance” has the meaning specified in Section 6.12.

   

  “Days Sales Outstanding” means the average number of days Cleco Power’s monthly Bills to Customers in its service area
      remain outstanding during the calendar year immediately preceding the calculation thereof pursuant to Section 4.01(b) of the Agreement. The initial Days Sales Outstanding shall be 20 days until updated pursuant to Section 4.01(b) of the Agreement.

   

  “Default” means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.

   

  “Event of Default” has the meaning specified in Section 5.01 of the Indenture.

   

  “Excess Funds Subaccount” has the meaning specified in Section 8.02(a) of the Indenture.

   

  “Excess Remittance” means the amount, if any, calculated for a particular Reconciliation Period, by which all estimated SRC
      Collections remitted to the Collection Account during such Reconciliation Period exceed actual SRC Collections received by the Servicer during such Reconciliation Period.

   

  “Exchange Act” means the Securities Exchange Act of 1934, as amended.

   

  “Expected Amortization Schedule” means, with respect to the Storm Recovery Bonds, or any Tranche thereof, the expected
      amortization schedule for principal thereof, as specified in the Supplement.

   

  “Financing Order” means the Financing Order U-35807-B issued on April 1, 2022 (Docket No. U-35807) by the LPSC pursuant to
      the Securitization Act.

   

  “Fitch” means Fitch, Inc.; or any successor thereto.

   

  “Formation Documents” means, collectively, the Articles of Organization, the Issuer LLC Agreement and any other document
      pursuant to which the Issuer is formed or governed, as the same may be amended and supplemented from time to time.

   

  “General Subaccount” has the meaning specified in Section 8.02(a) of the Indenture.

   

  “Governmental Authority” means any nation or government, any federal, state, local or other political subdivision thereof
      and any court, administrative agency or other instrumentality or entity exercising executive, legislative, judicial, regulatory or administrative function of government.

   

  “Holder” or “Storm Recovery Bondholder” means the Person in whose name a Storm Recovery Bond of any Tranche is
      registered on the Storm Recovery Bond Register.

  
    APPENDIX A-3

    
      
 

  

  

  “Indenture” means the Indenture, dated as of June 22, 2022, between the Issuer, the Trustee and The Bank of New York Mellon
      Trust Company, National Association, as Securities Intermediary, and the Supplement (including the forms and terms of the Storm Recovery Bonds established thereunder), as the same may be amended and supplemented with respect to the Storm Recovery
      Bonds, from time to time.

   

  “Independent” means, when used with respect to any specified Person, that the Person:

   

  (a) is in fact independent of the Issuer, any other obligor upon the Storm Recovery Bonds, the Servicer and any
      Affiliate of any of the foregoing Persons,

   

  (b) does not have any direct financial interest or any material indirect financial interest in the Issuer, any such
      other obligor, the Servicer or any Affiliate of any of the foregoing Persons and

   

  (c) is not connected with the Issuer, any such other obligor, the Servicer or any Affiliate of any of the foregoing
      Persons as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions.

   

  “Insolvency Event” means, with respect to a specified Person,

   

  (a) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person
      or any substantial part of its property in an involuntary case under any applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee,
      sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of 90
      consecutive days, or

   

  (b) the commencement by such Person of a voluntary case under any applicable federal or State bankruptcy, insolvency or
      other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver,
      liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person
      generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.

   

  “Interim Adjustment Date” means the effective date of any interim (non-semi-annual) Storm Recovery Charge Adjustment.

   

  “Issuance Advice Letter” means the issuance advice letter submitted to the LPSC by Cleco Power pursuant to the Financing
      Order in connection with the issuance of the Storm Recovery Bonds.

   

  “Issuance Date” means the date on which the Storm Recovery Bonds, are to be originally issued in accordance with the
      Indenture and the Supplement.

  
    APPENDIX A-4

    
      
 

  

  

  “Issuer” means Cleco Securitization I LLC, a Louisiana limited liability company, or any successor thereto pursuant to the
      Indenture.

   

  “Issuer Annex” means Annex 1 of the Servicing Agreement.

   

  “Issuer LLC Agreement” means the Amended and Restated Limited Liability Company Operating Agreement between the Issuer and
      Cleco Power, as sole member, effective as of June 20, 2022, as the same may be amended or supplemented from time to time.

   

  “Lien” means a security interest, lien, charge, pledge, equity or encumbrance of any kind.

   

  “Losses” means collectively, any and all liabilities, obligations, losses, damages, payments, costs or expenses of any kind
      whatsoever.

   

  “Louisiana UCC Filing Officer” means the recorder of mortgages of Orleans Parish (or any successor by law) or the clerk of
      the court of any other parish in Louisiana.

   

  “LPSC” means the Louisiana Public Service Commission or any successor entity thereto.

   

  “LPSC Regulations” means any regulations, rules, orders or directives promulgated, issued or adopted by the LPSC.

   

  “Majority Holders” means the Holders of a majority of the Outstanding Amount of the Storm Recovery Bonds.

   

  “Moody’s” means Moody’s Investors Service Inc., or any successor thereto.

   

  “Officers’ Certificate” means a certificate signed, in the case of Cleco Power, by:

   

  (a) any manager, the chairman of the board, the chief executive officer, the president, the vice chairman or any
      executive vice president, senior vice president or vice president; and

   

  (b) the treasurer, any assistant treasurer, the secretary or any assistant secretary.

   

  “Operating Expenses” means, with respect to the Issuer, all fees, costs and expenses owed by the Issuer with respect to the
      Storm Recovery Bonds, including all amounts owed by the Issuer to the Trustee (including any indemnity payments to the Trustee), the Servicing Fee, the Administration Fee, the costs and expenses incurred by the Seller in connection with the
      performance of the Seller’s obligations under Section 4.07 of the Sale Agreement, the fees relating to the Storm Recovery Bonds, payable by the Issuer to the independent manager of the Issuer, administrative expenses, including external legal and
      external accounting fees, ratings maintenance fees, and all other costs and expenses recoverable by the Issuer under the terms of the Financing Order.

   

  “Opinion of Counsel” means one or more written opinions of counsel who may be an employee of or counsel to the Servicer or
      the Issuer, which counsel shall be reasonably acceptable to the Trustee, the LPSC, the Issuer or the Rating Agencies, as applicable, and which shall be in form reasonably satisfactory to the Trustee, if applicable.

  
    APPENDIX A-5

    
      
 

  

  

  “Outstanding” with respect to Storm Recovery Bonds means, as of the date of determination, all Storm Recovery Bonds
      theretofore authenticated and delivered under the Indenture except:

   

  (a) Storm Recovery Bonds theretofore canceled by the Storm Recovery Bond Registrar or delivered to the Storm Recovery
      Bond Registrar for cancellation;

   

  (b) Storm Recovery Bonds or portions thereof the payment for which money in the necessary amount has been theretofore
      deposited with the Trustee or any Paying Agent in trust for the Holders of such Storm Recovery Bonds; provided, however, that if such Storm Recovery Bonds are to be redeemed, notice of such redemption has been duly given pursuant to the
      Indenture or provision therefor, satisfactory to the Trustee; and

   

  (c) Storm Recovery Bonds in exchange for or in lieu of other Storm Recovery Bonds which have been authenticated and
      delivered pursuant to the Indenture unless proof satisfactory to the Trustee is presented that any such Storm Recovery Bonds are held by a bona fide purchaser;

   

  provided that in determining whether the Holders of the requisite Outstanding Amount of the Storm Recovery Bonds or any
      Tranche thereof have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Basic Document, Storm Recovery Bonds owned by the Issuer, any other obligor upon the Storm Recovery Bonds, Cleco Power or any
      Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be fully protected in relying upon any such request, demand, authorization, direction, notice,
      consent or waiver, only Storm Recovery Bonds that a Responsible Officer of the Trustee knows to be so owned shall be so disregarded. Storm Recovery Bonds so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee
      establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Storm Recovery Bonds and that the pledgee is not the Issuer, any other obligor upon the Storm Recovery Bonds, the Servicer or any Affiliate of any of
      the foregoing Persons.

   

  “Outstanding Amount” means the aggregate principal amount of all Outstanding Storm Recovery Bonds, or, if the context
      requires, all Outstanding Storm Recovery Bonds of a Tranche of the Storm Recovery Bonds, Outstanding at the date of determination.

   

  “Paying Agent” means the entity so designated in Section 3.03 of the Indenture or any other Person that meets the
      eligibility standards for the Trustee specified in Section 6.11 of the Indenture and is authorized by the Issuer to make the payments of Principal of or premium, if any, or Interest on the Storm Recovery Bonds on behalf of the Issuer.

   

  “Payment Date” means, with respect to the Storm Recovery Bonds, or, if applicable, each Tranche thereof, the date or dates
      specified as Payment Dates for such Tranche in the Supplement, provided that if any such date is not a Business Day, the Payment Date shall be the Business Day immediately succeeding such date.

  
    APPENDIX A-6

    
      
 

  

  “Periodic Billing Requirement” means the aggregate dollar amount of Storm Recovery Charges that must be billed during a
      given period (i.e., semi-annually, or such other applicable period) so that the projected SRC Collections will be timely and sufficient to meet the entire aggregate Periodic Payment Requirement for that period, based upon: (i) forecast usage data for
      the period; (ii) forecast uncollectibles for the period; and (iii) forecast lags in collection of billed Storm Recovery Charges for the period. In the Storm Recovery Charge Adjustment process, the over or under collection from any period will be
      added to or subtracted from, as the case may be, the Periodic Billing Requirement for the upcoming period.

  

   

  “Periodic Payment Requirement” means the required periodic payment for a given period (i.e., semi-annually, or such other
      applicable period) due under (or otherwise payable with respect to) the Storm Recovery Bonds. As to be more fully specified in the bond financing documents, each periodic payment requirement includes: (a) the principal amortization of the Storm
      Recovery Bonds in accordance with the Expected Amortization Schedule (including deficiencies of previously scheduled principal for any reason); (b) periodic interest on the Storm Recovery Bonds (including any accrued and unpaid interest); (c)
      Operating Expenses (including any accrued and unpaid amounts); (d) any necessary replenishment of the Capital Subaccount, and (e) Issuer’s return on the capital investment made by Cleco Power in the Issuer (including any accrued and unpaid amounts so
      that Cleco Power can earn the return permitted under the Financing Order).

   

  “Person” means any individual, corporation, estate, partnership, joint venture, association, joint stock company, trust
      (including any beneficiary thereof), business trust, limited liability company, unincorporated organization or government or any agency or political subdivision thereof.

   

  “Proceeding” means any suit in equity, action at law or other judicial or administrative proceeding.

   

  “Projected Storm Recovery Bond Balance” means, as of any date, the anticipated Outstanding Amount of Storm Recovery Bonds,
      after giving effect to payment of the sum of the payment amounts provided for in the Expected Amortization Schedules for the Storm Recovery Bonds, to be paid on or before such date.

   

  “Rate Schedules” means Rate Schedule SRCA and Rate Schedule SCSA filed by the Seller pursuant to ordering paragraph 10 of
      the Financing Order.

   

  “Rating Agency” means any rating agency rating the Storm Recovery Bonds, at the time of issuance at the request of the
      Issuer, which initially shall be Moody’s, Fitch and Standard & Poor’s. If no such organization or successor is any longer in existence, “Rating Agency” shall be a nationally recognized statistical rating organization or other comparable Person
      designated by the Issuer, written notice of which designation shall be given to the Trustee, the LPSC and the Servicer.

  
    APPENDIX A-7

    
      
 

  

  “Rating Agency Condition” means, with respect to any action, at least ten (10) Business Days’ prior written notification to
      each Rating Agency of such action, and written confirmation from each of S&P and Moody’s to the Servicer, the Trustee and the Issuer that such action will not result in a suspension, reduction or withdrawal of the then current rating by such
      Rating Agency of any Tranche of the Storm Recovery Bonds and that prior to the taking of the proposed action no other Rating Agency shall have provided written notice to the Issuer that such action has resulted or would result in the suspension,
      reduction or withdrawal of the then current rating of any such Tranche of the Storm Recovery Bonds; provided, that, if within such ten (10) Business Day period, any Rating Agency (other than S&P) has neither replied to such notification nor
      responded in a manner that indicates that such Rating Agency is reviewing and considering the notification, then (i) the Issuer shall be required to confirm that such Rating Agency has received the Rating Agency Condition request, and if it has,
      promptly request the related Rating Agency Condition confirmation and (ii) if the Rating Agency neither replies to such notification nor responds in a manner that indicates it is reviewing and considering the notification within five (5) Business
      Days following such second (2nd) request, the applicable Rating Agency Condition requirement shall not be deemed to apply to such Rating Agency. For the purposes of this
      definition, any confirmation, request, acknowledgment or approval that is required to be in writing may be in the form of electronic mail or a press release (which may contain a general waiver of a Rating Agency’s right to review or consent).

  

   

  “Reconciliation Period” means, with respect to any Collection Period, the six-month period ending one month prior to each
      Adjustment Date.

   

  “Regulation AB” means the rules of the SEC promulgated under Subpart 229.1100—Asset Backed Securities (Regulation AB), 17
      C.F.R. §§229.1100-229.1123, as such may be amended from time to time.

   

  “Released Parties” has the meaning specified in Section 6.02(f) of the Servicing Agreement.

   

  “Requirement of Law” means any foreign, federal, state or local laws, statutes, regulations, rules, codes or ordinances
      enacted, adopted, issued or promulgated by any Governmental Authority or common law.

   

  “Responsible Officer” means, with respect to the Trustee, any officer within the Corporate Trust Office of the Trustee,
      including any Vice President, Director, Managing Officer, associate, Assistant Vice President, Secretary, Assistant Secretary, or any other officer of the Trustee having direct responsibility for the administration of the Indenture and also, with
      respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

   

  “Sale Agreement” means the Storm Recovery Property Sale Agreement dated as of June 22, 2022 relating to the Storm Recovery
      Property, between the Seller and the Issuer, as the same may be amended and supplemented from time to time.

   

  “Sale Date” means the date on which the Seller sells, transfers, assigns and conveys the Storm Recovery Property to which
      this Agreement relates to the Issuer.

   

  “SEC” means the U.S. Securities and Exchange Commission.

   

  “Securitization Act” means Act No. 64 of the Louisiana Regular Session of 2006, the “Louisiana Electric Utility Storm
      Recovery Securitization Act,” codified at La. R.S. 45:1226-1236.

   

  “Seller” means Cleco Power, or its successor, in its capacity as seller of the Storm Recovery Property to the Issuer
      pursuant to the Sale Agreement.

  
    APPENDIX A-8

    
      
 

  

  

  “Semi-annual Servicer’s Certificate” means the statement prepared by the Servicer and delivered to the Trustee with respect
      to the Storm Recovery Bonds, on or prior to each Payment Date therefor, the form of which is attached to the Indenture as Schedule 1.

   

  “Servicer” means Cleco Power, as the servicer of the Storm Recovery Property, and each successor to or assignee of Cleco
      Power (in the same capacity) pursuant to Section 6.03, 6.04, or 7.04 of the Servicing Agreement.

   

  “Servicer Business Day” means any day other than a Saturday or Sunday or a day on which banking institutions in the City of
      New Orleans, Louisiana, Chicago, Illinois, St. Paul, Minnesota or in the City of New York, New York, are required or authorized by law or executive order to remain closed, on which the Servicer maintains normal office hours and conducts business.

   

  “Servicer Default” means the occurrence and continuation of one of the events specified in Section 7.01 of the Servicing
      Agreement.

   

  “Servicer Policies and Practices” means, with respect to the Servicer’s duties under this Agreement, including Annex I,
      the policies and practices of the Servicer applicable to such duties that the Servicer follows with respect to comparable assets that it services for itself and, if applicable, others.

   

  “Servicer Responsible Officer” means any officer, including President, Executive Vice President, Senior Vice President,
      Vice President, Secretary, Assistant Secretary, Treasurer or Assistant Treasurer, of the Servicer.

   

  “Servicing Agreement” or this “Agreement” means the Storm Recovery Property Servicing Agreement dated as of June 22,
      2022, between the Issuer and the Servicer, and accepted and acknowledged by the Trustee, relating to the Storm Recovery Property as the same may be amended and supplemented from time to time.

   

  “Servicing Fee” means the fee payable by the Issuer to the Servicer on each Payment Date with respect to the Storm Recovery
      Bonds, in an amount specified in Section 6.07 of the Servicing Agreement.

   

  “Servicing Standard” means the obligation of the Servicer to calculate, apply, remit and reconcile proceeds of the Storm
      Recovery Property, including SRC Collections, for the benefit of the Issuer and the Holders (i) with the same degree of care and diligence as the Servicer applies with respect to payments owed to it for its own account, (ii) in accordance with all
      applicable procedures and requirements established by the LPSC for collection of electric utility tariffs and (iii) in accordance with the other terms of the Servicing Agreement.

   

  “Sponsor” means Cleco Power in its capacity as the Person who organizes and initiates an asset-backed securities
      transaction by selling or transferring assets, either directly or indirectly, to the Issuer.

   

  “SRC Collections” means amounts constituting good funds collected by Servicer from any Person in respect of Storm Recovery
      Charges and Storm Recovery Property.

  
    APPENDIX A-9

    
      
 

  

  

  “Standard & Poor’s” or “S&P” means Standard & Poor’s, a division of The McGraw-Hill Companies, or any
      successor thereto.

   

  “State” means any one of the 50 states of the United States of America or the District of Columbia.

   

  “Storm Recovery Bond” means any of the Series 2022-A Senior Secured Storm Recovery Bonds issued by the Issuer pursuant to
      the Indenture.

   

  “Storm Recovery Bond Balance” means, as of any date, the aggregate Outstanding Amount of Storm Recovery Bonds on such date.

   

  “Storm Recovery Bond Register” has the meaning specified in Section 2.05 of the Indenture.

   

  “Storm Recovery Bond Registrar” means the Trustee, in its capacity as keeper of the Storm Recovery Bond Register, or any
      successor to the Trustee in such capacity.

   

  “Storm Recovery Charge Adjustment” means each semi-annual adjustment to Storm Recovery Charges related to the Storm
      Recovery Property made in accordance with Section 4.01 of the Servicing Agreement and the Issuer Annex or in connection with the redemption or refunding by the Issuer of Storm Recovery Bonds.

   

  “Storm Recovery Charges” means the nonbypassable amounts to be charged for the use or availability of electric services,
      approved by the LPSC in the Financing Order to recover financing costs, that shall be collected by Cleco Power, its successors, assignees or other collection agents as provided for in the Financing Order.

   

  “Storm Recovery Property” means all of Seller’s rights and interest under the Financing Order (including, without
      limitation, rights to impose, collect and receive the “storm recovery charges” (as defined in the Securitization Act) approved in such Financing Order) issued by the LPSC on April 1, 2022 (Docket No. U-35807) pursuant to the Securitization Act,
      except the rights of Seller to earn and receive a rate of return on its invested capital in the Issuer, to receive administration and servicer fees, to withdraw funds from its restricted storm recovery reserve funded by the proceeds from the sale of
      the Storm Recovery Property, or to use the Seller’s remaining portion of those proceeds.

   

  “Storm Recovery Property Documentation” means all documents relating to the Storm Recovery Property, including copies of
      the Financing Order and all documents filed with the LPSC in connection with any Storm Recovery Charge Adjustment.

   

  “Successor Servicer” means (i) a successor to Cleco Power pursuant to Section 6.03 of the Servicing Agreement or (ii) a
      successor Servicer appointed by the Trustee pursuant to Section 7.04 of the Servicing Agreement which in each case will succeed to all the rights and duties of the Servicer under the Servicing Agreement.

   

  “Supplement” means the Series Supplement dated of even date herewith to the Indenture between the Issuer and the Trustee
      that authorizes the Storm Recovery Bonds.

  
    APPENDIX A-10

    
      
 

  

  

  “Termination Notice” has the meaning specified in Section 7.01 of the Servicing Agreement.

   

  “Third-Party Supplier” is a third-party supplier that is authorized by law to sell electric service to a customer using the
      transmission or distribution system of Cleco Power.

   

  “Tranche” means any one of the tranches of Storm Recovery Bonds, as specified in the Supplement.

   

  “Trust Estate” has the meaning specified in the Supplement.

   

  “Trustee” means The Bank of New York Mellon Trust Company, N.A., as indenture trustee, or its successor or any successor
      Trustee under the Indenture.

   

  “UCC” means, unless the context otherwise requires, the Uniform Commercial Code, as in effect in the relevant jurisdiction,
      as amended from time to time.

   

  “Underwriting Agreement” has the meaning specified in the Indenture.

   

  APPENDIX A-11

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