Document:

EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
 CLECO
CORPORATE HOLDINGS LLC, 
 as Issuer, 

and 
 WELLS FARGO BANK, N.A.,

 as Trustee 
 Indenture

 Dated as of May 17, 2016 

 CROSS-REFERENCE TABLE 

 

					
	 Trust Indenture Act Section
	  	 Indenture Section

	§310	 	 (a)(1)
	  	8.09
		 	 (a)(2)
	  	8.09
		 	 (a)(3)
	  	8.15
		 	 (a)(4)
	  	Not Applicable
		 	 (b)
	  	8.08, 8.10
	§311	 	 (a)
	  	8.13
		 	 (b)
	  	8.13
		 	 (c)
	  	8.13
	§312	 	 (a)
	  	9.01
		 	 (b)
	  	9.01
		 	 (c)
	  	9.01
	§313	 	 (a)
	  	9.02
		 	 (b)(1)
	  	Not Applicable
		 	 (b)(2)
	  	9.02
		 	 (c)
	  	9.02
		 	 (d)
	  	9.02
	§314	 	 (a)
	  	9.02, 5.05
		 	 (a)(4)
	  	5.05
		 	 (b)
	  	Not Applicable
		 	 (c)(1)
	  	1.02
		 	 (c)(2)
	  	1.02
		 	 (c)(3)
	  	Not Applicable
		 	 (d)
	  	Not Applicable
		 	 (e)
	  	1.02
	§315	 	 (a)
	  	8.01(a), 8.03
		 	 (b)
	  	8.02
		 	 (c)
	  	8.01(b)
		 	 (d)
	  	8.01(c)
		 	 (d)(1)
	  	8.01(a)(1), 8.01(c)(1)
		 	 (d)(2)
	  	8.01(c)(2)
		 	 (d)(3)
	  	8.01(c)(3)
		 	 (e)
	  	7.14
	§316	 	 (a)
	  	7.12, 7.13
		 	 (a)(1)(A)
	  	7.02, 7.12
		 	 (a)(1)(B)
	  	7.13
		 	 (a)(2)
	  	Not Applicable
		 	 (b)
	  	7.08
		 	 (c)
	  	1.04
	§317	 	 (a)(1)
	  	7.03
		 	 (a)(2)
	  	7.05
		 	 (b)
	  	5.03
	§318	 	 (a)
	  	1.07

  
 i 

 TABLE OF CONTENTS 

 

							
	Article I	  
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  
			
	 SECTION 1.01
	    	General Definitions	  	 	1	  
	 SECTION 1.02
	    	Compliance Certificates and Opinions	  	 	13	  
	 SECTION 1.03
	    	Content and Form of Documents Delivered to Trustee	  	 	14	  
	 SECTION 1.04
	    	Acts of Holders	  	 	15	  
	 SECTION 1.05
	    	Notices, Etc. to Trustee or Company	  	 	16	  
	 SECTION 1.06
	    	Notices to Holders of Securities; Waiver	  	 	17	  
	 SECTION 1.07
	    	Conflict with Trust Indenture Act	  	 	18	  
	 SECTION 1.08
	    	Effect of Headings and Table of Contents	  	 	18	  
	 SECTION 1.09
	    	Successors and Assigns	  	 	18	  
	 SECTION 1.10
	    	Separability Clause	  	 	18	  
	 SECTION 1.11
	    	Benefits of Indenture	  	 	18	  
	 SECTION 1.12
	    	Governing Law; Waiver of Jury Trial	  	 	18	  
	 SECTION 1.13
	    	Legal Holidays	  	 	18	  
	 SECTION 1.14
	    	USA Patriot Act	  	 	18	  
	 SECTION 1.15
	    	Force Majeure	  	 	19	  
	 SECTION 1.16
	    	Counterparts	  	 	19	  
	
	Article II	 
	SECURITY FORMS	  
			
	 SECTION 2.01
	    	Forms Generally	  	 	19	  
	 SECTION 2.02
	    	Form of Trustee’s Certificate of Authentication	  	 	19	  
	 SECTION 2.03
	    	Securities Issued in the Form of a Global Note	  	 	20	  
	
	Article III	  
	THE SECURITIES	  
			
	 SECTION 3.01
	    	Amount Unlimited; Issuable in Series	  	 	22	  
	 SECTION 3.02
	    	Denominations	  	 	25	  
	 SECTION 3.03
	    	Execution; Dating; Authentication	  	 	25	  
	 SECTION 3.04
	    	Temporary Securities	  	 	27	  
	 SECTION 3.05
	    	Registration; Registration of Transfer; Exchange	  	 	27	  
	 SECTION 3.06
	    	Mutilated, Destroyed, Lost and Stolen Securities	  	 	29	  
	 SECTION 3.07
	    	Payment of Interest; Interest Rights Preserved	  	 	30	  
	 SECTION 3.08
	    	Persons Deemed Owners	  	 	31	  
	 SECTION 3.09
	    	Cancellation by Security Registrar	  	 	31	  
	 SECTION 3.10
	    	Computation of Interest	  	 	31	  
	 SECTION 3.11
	    	Payment to Be in Proper Currency	  	 	31	  
	 SECTION 3.12
	    	CUSIP Numbers	  	 	32	  

  
 ii 

							
	
	Article IV	  
	REDEMPTION OF Securities	  
			
	 SECTION 4.01
	    	Applicability of Article	  	 	32	  
	 SECTION 4.02
	    	Election to Redeem; Notice to Trustee	  	 	32	  
	 SECTION 4.03
	    	Selection of Securities to Be Redeemed	  	 	32	  
	 SECTION 4.04
	    	Notice of Redemption	  	 	33	  
	 SECTION 4.05
	    	Securities Payable on Redemption Date	  	 	34	  
	 SECTION 4.06
	    	Securities Redeemed in Part	  	 	35	  
	
	Article V	  
	COVENANTS	  
			
	 SECTION 5.01
	    	Payment of Securities	  	 	35	  
	 SECTION 5.02
	    	Maintenance of Office or Agency	  	 	35	  
	 SECTION 5.03
	    	Money for Securities Payments to Be Held in Trust	  	 	36	  
	 SECTION 5.04
	    	Corporate Existence	  	 	37	  
	 SECTION 5.05
	    	Statements of Officers of Issuer as to Compliance; Notice of Default	  	 	37	  
	 SECTION 5.06
	    	Limitation on Liens	  	 	38	  
	 SECTION 5.07
	    	Reports and Other Information	  	 	38	  
	 SECTION 5.08
	    	Payment of Taxes and Other Claims	  	 	39	  
	 SECTION 5.09
	    	Payments for Consent	  	 	39	  
	 SECTION 5.10
	    	Information Regarding Collateral	  	 	39	  
	 SECTION 5.11
	    	Waiver of Certain Covenants	  	 	39	  
	
	Article VI	 
	SATISFACTION AND DISCHARGE	  
			
	 SECTION 6.01
	    	Satisfaction and Discharge of Securities	  	 	40	  
	 SECTION 6.02
	    	Satisfaction and Discharge of Indenture	  	 	42	  
	 SECTION 6.03
	    	Application of Trust Money	  	 	43	  
	
	Article VII	  
	EVENTS OF DEFAULT; REMEDIES	  
			
	 SECTION 7.01
	    	Events of Default	  	 	44	  
	 SECTION 7.02
	    	Acceleration of Maturity; Rescission and Annulment	  	 	46	  
	 SECTION 7.03
	    	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	47	  
	 SECTION 7.04
	    	Application of Money Collected	  	 	47	  
	 SECTION 7.05
	    	Trustee May File Proofs of Claim	  	 	48	  
	 SECTION 7.06
	    	Trustee May Enforce Claims Without Possession of Securities	  	 	48	  
	 SECTION 7.07
	    	Limitation on Suits	  	 	49	  
	 SECTION 7.08
	    	Unconditional Right of Holders to Receipt of Principal, Premium and Interest	  	 	49	  
	 SECTION 7.09
	    	Restoration of Rights and Remedies	  	 	49	  
	 SECTION 7.10
	    	Rights and Remedies Cumulative	  	 	50	  
	 SECTION 7.11
	    	Delay or Omission Not Waiver	  	 	50	  

  
 iii 

							
	 SECTION 7.12
	    	Control by Holders of Securities	  	 	50	  
	 SECTION 7.13
	    	Waiver of Past Defaults	  	 	51	  
	 SECTION 7.14
	    	Undertaking for Costs	  	 	51	  
	 SECTION 7.15
	    	Waiver of Stay, Extension or Usury Laws	  	 	51	  
	
	 Article VIII

THE TRUSTEE
	   
   

			
	 SECTION 8.01
	    	Certain Duties and Responsibilities	  	 	52	  
	 SECTION 8.02
	    	Notice of Defaults	  	 	53	  
	 SECTION 8.03
	    	Certain Rights of Trustee	  	 	53	  
	 SECTION 8.04
	    	Not Responsible for Recitals or Issuance of Securities	  	 	55	  
	 SECTION 8.05
	    	May Hold Securities	  	 	55	  
	 SECTION 8.06
	    	Money Held in Trust	  	 	55	  
	 SECTION 8.07
	    	Compensation and Reimbursement	  	 	55	  
	 SECTION 8.08
	    	Disqualification; Conflicting Interests	  	 	56	  
	 SECTION 8.09
	    	Corporate Trustee Required; Eligibility	  	 	56	  
	 SECTION 8.10
	    	Resignation and Removal; Appointment of Successor	  	 	57	  
	 SECTION 8.11
	    	Acceptance of Appointment by Successor	  	 	59	  
	 SECTION 8.12
	    	Merger, Conversion, Consolidation or Succession to Business	  	 	60	  
	 SECTION 8.13
	    	Preferential Collection of Claims Against Company	  	 	60	  
	 SECTION 8.14
	    	Appointment of Authenticating Agent	  	 	60	  
	
	 Article IX

LISTS OF HOLDERS; REPORTS BY TRUSTEE AND COMPANY
	   
   

			
	SECTION 9.01	    	Lists of Holders	  	 	62	  
	SECTION 9.02	    	Reports by Trustee and Company	  	 	62	  
	
	 Article X

CONSOLIDATION, MERGER, CONVEYANCE OR OTHER TRANSFER
	   

  

			
	SECTION 10.01	    	Company May Consolidate, Etc. Only on Certain Terms	  	 	63	  
	SECTION 10.02	    	Successor Substituted	  	 	63	  
	SECTION 10.03	    	Release of Company Upon Conveyance or Other Transfer	  	 	64	  
	SECTION 10.04	    	Limitation	  	 	64	  
	
	 Article XI

SUPPLEMENTAL INDENTURES
	   
   

			
	SECTION 11.01	    	Supplemental Indentures Without Consent of Holders	  	 	64	  
	SECTION 11.02	    	Supplemental Indentures With Consent of Holders	  	 	66	  
	SECTION 11.03	    	Execution of Supplemental Indentures	  	 	68	  
	SECTION 11.04	    	Effect of Supplemental Indentures	  	 	68	  
	SECTION 11.05	    	Conformity With Trust Indenture Act	  	 	69	  
	SECTION 11.06	    	Reference in Securities to Supplemental Indentures	  	 	69	  
	SECTION 11.07	    	Modification Without Supplemental Indenture	  	 	69	  

  
 iv 

							
	
	 Article XII

SECURITY
	   
   

			
	SECTION 12.01	    	Grant of Security Interest	  	 	69	  
	SECTION 12.02	    	Filings, Recordings and Opinions	  	 	70	  
	SECTION 12.03	    	Release	  	 	71	  
	SECTION 12.04	    	Authorization of Receipt of Funds by the Trustee Under the Security Documents	  	 	71	  
	
	 Article XIII

MEETINGS OF HOLDERS; ACTION WITHOUT MEETING
	   
   

			
	SECTION 13.01	    	Purposes for Which Meetings May Be Called	  	 	71	  
	SECTION 13.02	    	Call, Notice and Place of Meetings	  	 	71	  
	SECTION 13.03	    	Persons Entitled to Vote at Meetings	  	 	72	  
	SECTION 13.04	    	Quorum; Action	  	 	72	  
	SECTION 13.05	    	Attendance at Meetings; Determination of Voting Rights; Conduct and Adjournment of Meetings	  	 	73	  
	SECTION 13.06	    	Counting Votes and Recording Action of Meetings	  	 	74	  
	SECTION 13.07	    	Action Without Meeting	  	 	74	  
	
	 Article XIV

IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS AND MANAGERS
	   
   

			
	 SECTION 14.01
	    	Liability Solely Corporate	  	 	75	  

  
 v 

 INDENTURE, dated as of May 17, 2016 between CLECO CORPORATE HOLDINGS LLC, a Louisiana
limited liability company (the “Company”), and WELLS FARGO BANK, N.A., a national banking association, as trustee (the “Trustee”). 
  

RECITALS OF THE COMPANY 

The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its
secured debentures, notes or other evidences of indebtedness (herein called the “Securities”), to be issued in one or more series as contemplated herein; and all acts necessary to make this Indenture a legal, valid and binding
agreement of the Company have been performed.  
 NOW, THEREFORE, THIS INDENTURE WITNESSETH that in consideration of the
premises and of the purchase of the Securities by the Holders thereof, it is hereby covenanted and agreed, for the equal and ratable benefit of all Holders of the Securities or of series thereof (except as otherwise contemplated herein), as
follows: 
 ARTICLE I 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

SECTION 1.01 General Definitions. For all purposes of this Indenture, except as otherwise expressly provided or unless the context
otherwise requires: 
 (a) the terms defined in this Article have the meanings assigned to them in this Article and include
the plural as well as the singular; 
 (b) all terms used herein without definition which are defined in the Trust Indenture
Act, either directly or by reference therein, have the meanings assigned to them therein; 
 (c) all accounting terms not
otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States, and, except as otherwise herein expressly provided, the term “generally accepted accounting
principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted in the United States at the date of such computation or, at the election of the Company, at the date of
the execution and delivery of this Indenture; 
 (d) any reference to an “Article” or a “Section” refers
to an Article or a Section, as the case may be, of this Indenture; and 
 (e) the words “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 

“Accession Agreement” has the meaning assigned to such term in the Pari Passu Intercreditor Agreement. 

 “Act,” when used with respect to any Holder of a Security, has the
meaning specified in Section 1.04. 
 “Additional Senior Indebtedness” has the meaning assigned to such term
in the Pari Passu Intercreditor Agreement. 
 “Administrative Agent” means Mizuho Bank, Ltd., in its capacity
as administrative agent for the lenders under the Credit Agreement. 
 “Advisor” means, with respect to any
Fund, any entity which provides advice in relation to the management of investments of such Fund in a manner which is substantially the same as the manner in which a Manager would provide such advice. 

“Affiliate” means (i) with respect to any Person that is not a Fund or a direct or indirect subsidiary of a Fund,
any other Person that, directly or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with such Person and (ii) with respect to any Person that is a Fund or is a direct or indirect subsidiary
of a Fund, any Manager or Advisor of such Fund and any other Person that, directly or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, any such Manager or Advisor (including, for the
avoidance of doubt, any Fund or any direct or indirect subsidiary of any Fund which is Controlled by any such Person). 

“Agents” means the Administrative Agent and the Collateral Agent. 

“Authenticating Agent” means any Person (other than the Company or any Affiliate thereof) authorized by the Trustee to
act on behalf of the Trustee to authenticate the Securities of one or more series. 
 “Authorized Officer”
means, (i) with respect to any Person that is a corporation or a limited liability company, the chairman, any director or manager, the president, any vice president or the Financial Officer of such Person or any other Person authorized to act
on behalf of such corporation or limited liability company in respect of the action, and (ii) with respect to any Person that is a partnership, any director or manager, the president, any vice president or the Financial Officer of a general
partner or managing partner of such Person or any other Person authorized to act on behalf of such partnership in respect of the action.  

“Board of Managers” means the board of managers of the Company, or any committee thereof duly authorized to act in
respect of matters relating to this Indenture. 
 “Board Resolution” means a copy of a resolution certified
by the Corporate Secretary or an Assistant Corporate Secretary of the Company to have been duly adopted by the Board of Managers and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day,” means a day other than (i) a Saturday or a Sunday, (ii) a day on which banks in New York,
New York are authorized or obligated by law or executive order to remain closed, or (iii) a day on which the Trustee’s Corporate Trust Office is closed for business. 

  
 2 

 “Collateral” means (i) the Pledged Debt, (ii) the Pledged
Equity, (iii) any other assets from time to time subject to a Lien in favor of the Collateral Agent for the benefit of the Secured Parties to secure the Secured Obligations as required under the Secured Obligation Documents; and (iv) all
proceeds of the foregoing; provided, however, “Collateral” shall not include cash collateral granted for a specific purpose under any Secured Obligation Document as long as such cash collateral is permitted under the terms of
each other Secured Obligation Document and not required to be subject to a Lien in favor of the Collateral Agent for the benefit of any other Secured Parties to secure the Secured Obligations of such other Secured Parties. 

“Collateral Agent” means Wells Fargo Bank, N.A., in its capacity as collateral agent for the Secured Parties under the
Security Documents, and any successor collateral agent under the Pari Passu Intercreditor Agreement. 
 “Collateral
Release Date” means the date on which all of the conditions set forth in Section 12.03(a) have been satisfied. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the
Exchange Act, or, if at any time after the date of the execution and delivery of this Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body, if any, performing such duties
at such time. 
 “Company” means the Person named as the “Company” in the first paragraph of this
Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 

“Company Order” or “Company Request” means a written order or request, as the case may be, signed in
the name of the Company by an Authorized Officer and delivered to the Trustee. 
 “Control” means the
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of securities, by contract or otherwise, which, for the avoidance of doubt, shall include,
with respect to any Fund, any Manager or Advisor of such Fund. “Controlling” and “Controlled” have meanings correlative thereto.  

“Corporate Trust Office” means the principal office of the Trustee at which at any particular time its corporate trust
business shall be administered, which office at the date of the execution and delivery of this Indenture is located at Wells Fargo Bank, N.A., 750 N. Saint Paul Place, Suite 1750, MAC T9263-170, Dallas, Texas 75201, Attention: Corporate, Municipal
and Escrow Services or such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may
designate from time to time by notice to the Holders and the Company). 
 “Corporation” means a corporation,
association, company, joint stock company or business trust.  

  
 3 

 “Credit Agreement” means the Credit Agreement, dated as of April 13,
2016, among the Company, the Administrative Agent and the lenders party thereto, as amended, restated or otherwise modified from time to time. 

“Depositary” means, unless otherwise specified by the Company pursuant to either Section 203 or 301, with respect
to Securities of any series issuable or issued as a Global Note, The Depository Trust Company, New York, New York, or any successor thereto registered as a clearing agency under the Exchange Act of 1934 or other applicable statute or regulation.

 “Dollar” or “$” means a dollar or other equivalent unit in such coin or currency of the
United States as at the time shall be legal tender for the payment of public and private debts. 
 “Eligible
Obligations” means (i) with respect to Securities denominated in Dollars, Government Obligations; or (ii) with respect to Securities denominated in a currency other than Dollars or in a composite currency, such other obligations
or instruments as shall be specified with respect to such Securities, as contemplated by Section 3.01. 
 “Equity
Interests” means, with respect to any Person, all of the shares, membership interests, rights, participations or other equivalents (however designated) of capital stock of (or other ownership or profit interests or units in) such Person and
all of the warrants, options or other rights for the purchase, acquisition or exchange from such Person of any of the foregoing (including through convertible securities). 

“Event of Default” has the meaning specified in Section 7.01. 

“Exchange Act” means, as of any time, the Securities Exchange Act of 1934, as amended, or any successor statute, as in
effect at such time.  
 “Fair Market Value” means the value that would be paid by a willing buyer to a
willing seller in a transaction not involving distress or necessity of either party, determined in good faith by the chief financial officer or Board of Managers. 

“Financial Officer” means the chief financial officer, principal accounting officer, vice president finance, treasurer
or assistant treasurer of the Company or individual holding a similar position. 
 “Fund” means any
investment company, limited partnership, general partnership or other collective investment scheme or any body corporate or other entity, in each case, the business, operations or assets of which are managed professionally for investment
purposes. 
 “GAAP” means generally accepted accounting principles in the United States of America, as in
effect from time to time, consistently applied. 
 “Global Note” means, with respect to any series of
Securities issued hereunder, a Security that is executed by the Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with Section 2.03 of this Indenture and
any indenture supplemental hereto. 

  
 4 

 “Governmental Authority” means any nation, state, sovereign or
government, any federal, regional, state or local government or political subdivision thereof, any central bank or other entity exercising executive, legislative, judicial, treasury, regulatory or administrative functions of or pertaining to
government and having jurisdiction over the Person or matters in question (including any supra national body exercising such powers or functions, such as the European Union or the European Central Bank). 

“Governmental Rule” means any statute, law, regulation, ordinance, rule, judgment, order, decree, permit, concession,
grant, franchise, license, agreement, directive requirement, treaty or other governmental restriction or any similar form of decision of or determination by or any interpretation or administration of any of the foregoing, in each case, having the
force of law by, any Governmental Authority, which is applicable to any Person, whether now or hereafter in effect. 

“Hedge Provider” means any Person that is a lender under the Credit Agreement or a holder of any Additional Senior
Indebtedness or Permitted Refinancing Indebtedness or an Affiliate of any thereof at the time it enters into a Secured Hedge Agreement, in each case that at the time it enters into the applicable Secured Hedge Agreement, is a United States
commercial bank or financial institution or a United States branch of a foreign commercial bank or financial institution; provided that such Hedge Provider executes an Accession Agreement pursuant to the terms of the Pari Passu Intercreditor
Agreement. 
 “Holder” means a Person in whose name a Security is registered in the Security Register.

 “Indebtedness” of any Person means: 

(i) all indebtedness of such Person for borrowed money, 

(ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, 

(iii) all obligations of such Person to pay the deferred purchase price of property or services (other than trade payables not overdue for
more than 180 days) that in accordance with GAAP would be included as a liability on the balance sheet of such Person, 
 (iv) all
indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person, 

(v) any capital lease obligations (and the amount of these obligations shall be the amount so capitalized), 

(vi) all obligations, contingent or otherwise, of such Person under acceptances issued or created for the account of such Person, 

(vii) all unconditional obligations of such Person to purchase, redeem, retire, defease or otherwise acquire for value any capital stock or
other Equity Interests of such Person or any warrants, rights or options to acquire such capital stock or other Equity Interests, 

  
 5 

 (viii) all net obligations of such Person pursuant to hedging transactions, 

(ix) all guarantees of such Person in respect of obligations of the kind referred to in clauses (i) through (viii) above, and 

(x) all Indebtedness of the type referred to in clauses (i) through (viii) above secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property (including accounts and contracts rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such
Indebtedness, but only to the extent of the lesser of such Indebtedness or the value of the property secured by such Lien. 
 For purposes of this
definition, the amount of the liability of such Person with respect to any hedge agreement (or similar agreement or arrangement) at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that such Person would be
required to pay if such hedging agreement were terminated at such time. 
 “Indenture” means this instrument as
originally executed and delivered and as it may from time to time be amended and/or supplemented by one or more indentures or other instruments supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms
of particular series of Securities established as contemplated by Section 3.01. 
 “Intercreditor Agent”
means Mizuho Bank, Ltd., in its capacity as intercreditor agent under the Pari Passu Intercreditor Agreement, and any successor intercreditor agent under the Pari Passu Intercreditor Agreement. 

“Interest Payment Date,” when used with respect to any Security, means the Stated Maturity of an installment of
interest on such Security. 
 “Issuing Bank” has the meaning assigned to such term in the Credit
Agreement. 
 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance,
lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement, of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or
other encumbrance on title to real property, and any capitalized lease having substantially the same economic effect as any of the foregoing). 

“Manager” means, with respect to any Fund, any general partner, trustee, responsible entity, nominee, manager, or
other entity performing a similar function with respect to such Fund. 
 “Maturity,” when used with respect
to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable as provided in such Security or in this Indenture, whether at the Stated Maturity, by declaration of acceleration, upon
call for redemption or otherwise. 

  
 6 

 “Notice of Default” has the meaning specified in Section 7.01(c).

 “Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and
other liabilities payable under the Securities, this Indenture, and the Security Documents, in each case, whether now or hereafter existing, renewed or restructured, whether or not from time to time decreased or extinguished and later increased,
created or incurred, whether or not arising on or after the commencement of a case under Title 11, U.S. Code or any similar federal or state law for relief of debtors (including post-petition interest) and whether or not allowed or allowable as a
claim in any such case. 
 “Officer’s Certificate” means a certificate signed by an Authorized Officer
of the Company and delivered to the Trustee. 
 “Opinion of Counsel” means a written opinion of counsel, who
may be counsel for the Company or other counsel acceptable to the Trustee and who may be an employee or Affiliate of the Company. 

“Outstanding,” when used with respect to Securities, means, as of the date of determination, all Securities
theretofore authenticated and delivered under this Indenture, except: 
 (i) Securities theretofore canceled or
delivered to the Trustee for cancellation; 
 (ii) Securities deemed to have been paid for all purposes of this Indenture in
accordance with Section 6.01 (whether or not the Company’s indebtedness in respect thereof shall be satisfied and discharged for any other purpose); and 

(iii) Securities which have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities
have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it and the Company that such Securities are held by a bona fide
purchaser or purchasers in whose hands such Securities are valid obligations of the Company; 
 provided, however, that in determining whether
or not the Holders of the requisite principal amount of the Securities Outstanding under this Indenture, or the Outstanding Securities of any series or Tranche, have given or made any request, demand, authorization, direction, notice, consent
or waiver hereunder or whether or not a quorum is present at a meeting of Holders of Securities, Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor (unless the Company,
such obligor or such Affiliate owns all Securities Outstanding under this Indenture, or all Outstanding Securities of each such series and each such Tranche, as the case may be, determined without regard to this proviso) shall be disregarded and
deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in conclusively relying upon any such request, demand, authorization, direction, notice, consent or waiver or upon any such determination as to the
presence of a quorum, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded; provided, further, however, that Securities so owned which have been pledged in good faith
may be regarded as Outstanding if it is established to the reasonable satisfaction of the Trustee that the pledgee, and not the Company, or any such other 

  
 7 

 
obligor or Affiliate of either thereof, has the right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate
of the Company or of such other obligor; provided, further, that in the case of any Security the principal of which is payable from time to time without presentment or surrender, the principal amount of such Security that shall be
deemed to be Outstanding at any time for all purposes of this Indenture shall be the original principal amount thereof less the aggregate amount of principal thereof theretofore paid. 

“Pari Passu Intercreditor Agreement” means that certain Collateral Agency and Intercreditor Agreement dated as of
April 13, 2016, as amended, restated or otherwise modified from time to time, among the Company, the Collateral Agent, the Administrative Agent, the Intercreditor Agent, the Trustee (pursuant to an Accession Agreement dated as of the date
hereof) and the other agents, trustees or other Persons from time to time party thereto. 
 “Paying Agent”
means any Person, including the Company, authorized to pay the principal of, and premium, if any, or interest, if any, on any Securities on behalf of the Company in accordance with Section 5.02. 

“Permitted Contest Conditions” means a contest, pursued in good faith, challenging the enforceability, validity,
interpretation, amount or application of any Governmental Rule, any Taxes, assessment, fee, government charge or levy or any Lien or other claim or payment of any nature or other matter (legal, contractual or other) by appropriate proceedings timely
instituted if (i) the Company diligently pursues such contest, (ii) the Company establishes adequate reserves with respect to the contested claim to the extent required by GAAP and (iii) such contest would not reasonably be expected
to result in a breach of the covenant described in an Event of Default described in Section 7.01(i) or any criminal or unindemnified civil liability (in the case of any such civil liability, otherwise required to be indemnified by the Company
under this Indenture), being incurred by the Trustee or any of the Holders. 
 “Permitted Liens” means:

 (i) mechanics’, materialmen’s, workers’, repairmens’, employees’, warehousemen’s, carriers’ or
other like Liens arising in the ordinary course of business or under Governmental Rules securing obligations which are not yet due, or which are adequately bonded and which are being contested pursuant to the Permitted Contest Conditions; 

(ii) Liens for Taxes, assessments or governmental charges, which are not yet due or which are being contested pursuant to the Permitted
Contest Conditions; 
 (iii) Liens arising out of judgments or awards fully covered by insurance or with respect to which an appeal or
proceeding for review is being prosecuted pursuant to the Permitted Contest Conditions; 
 (iv) Liens arising in the ordinary course of
business from netting services, overdraft protection, banking services obligations and otherwise in connection with deposit, securities and commodities accounts; 

  
 8 

 (v) Liens securing judgments that do not constitute an Event of Default described in
Section 7.01(i); 
 (vi) zoning, building and other generally applicable land use restrictions, which, in the aggregate, do not in any
case materially interfere with the ordinary conduct of the business of the Company; 
 (vii) Liens that have been placed by a third party on
the fee title of leased real property or property over which the Company has easement rights, and subordination or similar agreements relating thereto; 

(viii) Liens (A) pursuant to the Security Documents securing the Secured Obligations and (B) from and after the Collateral Release
Date, securing Indebtedness in an aggregate principal amount not to exceed 15% of the Fair Market Value of the property and assets of the Company; 

(ix) agreements for an obligation (other than repayment of borrowed money) relating to the joint or common ownership, operation, and use of
property, including Liens under joint venture or similar agreements securing obligations incurred in the conduct of operations or consisting of a purchase option, call or right of first refusal with respect to the Equity Interests in such jointly
owned person or assets; 
 (x) Liens created for the sole purpose of extending, renewing or replacing in whole or in part Indebtedness
secured by any lien, mortgage or security interest referred to in this definition of “Permitted Liens”; provided, however, that the principal amount of Indebtedness secured thereby shall not exceed the principal amount of
Indebtedness so secured at the time of such extension, renewal or replacement and that such extension, renewal or replacement, as the case may be, shall be limited to all or a part of the property or Indebtedness that secured the lien or mortgage so
extended, renewed or replaced (and any improvements on such property); 
 (xi) leases or subleases granted to others that do not materially
interfere with the business of the Company and its subsidiaries, or Liens arising from Uniform Commercial Code financing statements filed on a precautionary basis in respect of operating leases intended by the parties to be true leases; 

(xii) Liens securing or deposits securing obligations of the Company and its subsidiaries with respect to workers’ compensation,
unemployment insurance and other types of social security; and 
 (xiii) Liens permitted under the Credit Agreement (or any amendments,
modifications, refinancings or replacements thereof) other than Liens securing obligations of the Company under or in connection with the Credit Agreement (or any amendments, modifications, refinancings or replacements thereof). 

“Permitted Refinancing Indebtedness” means any Indebtedness of the Company issued in exchange for, or the net cash
proceeds of which are used to refund, refinance, replace, defease or discharge, other Indebtedness of the Company; provided that: 

  
 9 

 (i) the principal amount (or accreted value, if applicable) of such Permitted Refinancing
Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness extended, refinanced, renewed, replaced, defeased or refunded (plus all accrued interest on such Indebtedness and the amount of all reasonable
out of pocket expenses and premiums, underwriting, issuance, commitment, syndication and other similar fees, costs and expenses reasonably incurred in connection therewith); 

(ii) such Permitted Refinancing Indebtedness has a weighted average life to maturity equal to or greater than the weighted average life to
maturity of the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; 
 (iii) if the Indebtedness being
extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of payment to the Securities, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Securities on terms at least as favorable to the
Holders as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; provided that a certificate of an Authorized Officer of the Company delivered to the Intercreditor
Agent and the Trustee at least five Business Days (or such shorter period satisfactory to the Trustee) prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such
subordination terms or drafts of the documentation relating thereto, stating that the Company has determined in good faith that such terms and conditions satisfy the foregoing requirement shall be conclusive evidence that such terms and conditions
satisfy the foregoing requirement unless the Intercreditor Agent or Trustee notifies the Company within such period that it disagrees with such determination (including a reasonable description of the basis upon which it disagrees); 

(iv) the direct or any contingent obligor with respect to such Permitted Refinancing Indebtedness is not changed from the direct or contingent
obligor on the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; 
 (v) the Permitted Refinancing
Indebtedness is not secured by any collateral not granted to the holders of the Indebtedness being financed, renewed, replaced, defeased or refunded; and 

(vi) such Permitted Refinancing Indebtedness shall have terms which shall be no more restrictive taken as a whole, and shall not, taken as a
whole, be materially less favorable, in any respect on the Company or its subsidiaries than the provisions of the Indebtedness being refinanced, renewed, replaced, defeased or refunded; 

provided that the foregoing requirements shall not apply to pricing terms in respect of any Indebtedness being so refinanced, renewed, replaced,
defeased or refunded so long as such pricing is consistent with then-prevailing market pricing. 
 “Person” means
any individual, corporation, partnership, limited liability partnership, limited liability company, joint venture, trust or unincorporated organization or any Governmental Authority. 

  
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 “Place of Payment,” when used with respect to the Securities of any
series, or Tranche thereof, means the place or places, specified as contemplated by Section 3.01, at which, subject to Section 5.02, principal of and premium, if any, and interest, if any, on the Securities of such series or Tranche are
payable. 
 “Pledge Agreement” means the Pledge Agreement, dated as of April 13, 2016, by the Company,
as pledgor, in favor of the Collateral Agent (as amended, restated, supplemented or otherwise modified from time to time).  

“Pledged Debt” means all Indebtedness from time to time owed to the Company by Cleco Power LLC, a Louisiana limited
liability company, with respect to which a Lien is purported to be created under the Pledge Agreement.  
 “Pledged
Equity” means all Equity Interests in Cleco Power LLC, a Louisiana limited liability company, from time to time owned or acquired by the Company in any manner, with respect to which a Lien is purported to be created under the Pledge
Agreement. 
 “Predecessor Security” of any particular Security means every previous Security evidencing all
or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or
stolen Security shall be deemed (to the extent lawful) to evidence the same debt as the mutilated, destroyed, lost or stolen Security. 

“Redemption Date,” when used with respect to any Security to be redeemed, means the date fixed for such redemption by
or pursuant to this Indenture. 
 “Redemption Price,” when used with respect to any Security to be redeemed,
means the price at which it is to be redeemed pursuant to this Indenture. 
 “Regular Record Date” for the
interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated by Section 3.01. 

“Required Currency” has the meaning specified in Section 3.11. 

“Responsible Officer,” when used with respect to the Trustee, means any officer within the corporate trust department
of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at
the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration
of this Indenture. 
 “Secured Hedge Agreement” means any interest rate protection agreement, interest rate option
agreement, interest rate hedge agreement or other similar agreement or arrangement between one or more Hedge Providers and the Company designed to protect against fluctuations in interest rates that is permitted under the terms of the Secured
Obligation Documents then in effect to share in the Collateral. 

  
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 “Secured Obligation Documents” has the meaning assigned to such term in
the Pari Passu Intercreditor Agreement. 
 “Secured Obligations” has the meaning assigned to such term in the
Pari Passu Intercreditor Agreement. 
 “Secured Parties” means, collectively, the Agents, the lenders under
the Credit Agreement, the Issuing Banks, the Trustee, the Holders, the Hedge Providers, the holders of Additional Senior Indebtedness or Permitted Refinancing Indebtedness, and each co-agent or sub-agent appointed by an Agent from time to time
pursuant to the Credit Agreement or the Pari Passu Intercreditor Agreement, as applicable. 
 “Securities”
means any bonds, notes and other evidences of indebtedness authenticated and delivered under this Indenture. 

“Securities Act” means, as of any time, the Securities Act of 1933, as amended, or any successor statute, as in effect
at such time. 
 “Security Documents” means, collectively, the Pari Passu Intercreditor Agreement, the Pledge
Agreement and, to the extent required under any Secured Obligation Document or otherwise agreed to in writing by the Company in its sole discretion, each other security agreement, pledge agreement or other similar agreement delivered to the
Collateral Agent for the benefit of the Secured Parties that creates or purports to create a Lien in favor of the Collateral Agent for the benefit of the Secured Parties. 

“Security Register” and “Security Registrar” have the respective meanings specified in Section
3.05. 
 “Significant Subsidiary” means any subsidiary that would constitute a “significant
subsidiary” within the meaning of Article 1 of Regulation S-X under the Exchange Act. 
 “Special Record
Date” for the payment of any Unpaid Interest on the Securities of any series means a date fixed by the Company pursuant to Section 3.07. 

“Stated Interest Rate” means a rate (whether fixed or variable) at which a Security by its terms is stated to bear
simple interest. Any calculation or other determination to be made under this Indenture by reference to the Stated Interest Rate on an obligation shall be made (i) if the Company’s obligations in respect of any other indebtedness shall be
evidenced or secured in whole or in part by such obligation, by reference to the lower of the Stated Interest Rate on such obligation and the Stated Interest Rate on such other indebtedness and (ii) without regard to the effective interest cost
to the Company of such obligation or of any such other indebtedness. 

  
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 “Stated Maturity,” when used with respect to any Security or any
installment of principal thereof or interest thereon, means the date on which the principal of such obligation or such installment of principal or interest is stated to be due and payable (without regard to any provisions for redemption, prepayment,
acceleration, purchase or extension). 
 “subsidiary” means, with respect to any Person (the
“parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements
if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (i) of which securities or other ownership interests
representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, Controlled or held, or (ii) that is, as of
such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.  

“Successor” has the meaning specified in Section 10.01(a). 

“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup
withholding), assessments, fees or other similar charges now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority, including any interest, additions to tax, penalties or similar liability with respect
thereto. 
 “Tranche” means a group of Securities which (i) are of the same series and (ii) have
identical terms except as to principal amount and/or date of issuance. 
 “Trust Indenture Act” means, as of
any time, the Trust Indenture Act of 1939, as amended, or any successor statute, as in effect at such time. 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor
trustee shall have become such with respect to one or more series of Securities pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at
any time there is more than one such Person, acting as trustee hereunder, “Trustee” shall mean each such Person so acting. 

“United States” means the United States of America, its territories, its possessions and other areas subject to its
political jurisdiction. 
 “Unpaid Interest” has the meaning specified in Section 3.07. 

SECTION 1.02 Compliance Certificates and Opinions. Except as otherwise expressly provided in this Indenture, upon any application
or written request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with and an 

  
 13 

 
Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, it being understood that in the case of any such application or
request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. Every certificate or opinion
with respect to compliance with a condition or covenant provided for in this Indenture shall include: 
 (a) a statement that
each individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion of each such individual, such
individual has made such examination or investigation as is necessary to enable such individual to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

SECTION 1.03 Content and Form of Documents Delivered to Trustee. 

(a) Any Officer’s Certificate may be based (without further examination or investigation), insofar as it relates to or is dependent upon
legal matters, upon an opinion of, or representations by, counsel, unless, in any case, such Authorized Officer has actual knowledge that the certificate or opinion or representations with respect to the matters upon which such Officer’s
Certificate may be based as aforesaid are erroneous. 
 (b) Any Opinion of Counsel may be based (without further examination or
investigation), insofar as it relates to or is dependent upon factual matters, information with respect to which is in the possession of the Company, upon a certificate of, or representations by, an officer or officers of the Company, unless such
counsel has actual knowledge that the certificate or opinion or representations with respect to the matters upon which his opinion may be based as aforesaid are erroneous. In addition, any Opinion of Counsel may be based (without further examination
or investigation), insofar as it relates to or is dependent upon matters covered in an Opinion of Counsel rendered by other counsel, upon such other Opinion of Counsel, unless such counsel has actual knowledge that the Opinion of Counsel rendered by
such other counsel with respect to the matters upon which his Opinion of Counsel may be based as aforesaid are erroneous. If, in order to render any Opinion of Counsel provided for herein, the signer thereof shall deem it necessary that additional
facts or matters be stated in any Officer’s Certificate provided for herein, then such certificate may state all such additional facts or matters as the signer of such Opinion of Counsel may request. 

(c) In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or 

  
 14 

 
covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may
certify or give an opinion as to such matters in one or several documents. Where (i) any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under
this Indenture, or (ii) two or more Persons are each required to make, give or execute any such application, request, consent, certificate, statement, opinion or other instrument, any such applications, requests, consents, certificates,
statements, opinions or other instruments may, but need not, be consolidated and form one instrument. 
 SECTION 1.04 Acts of
Holders. 
 (a) Any request, demand, authorization, direction, notice, consent, election, waiver or other action provided by this
Indenture to be made, given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing or, alternatively, may be embodied
in and evidenced by the record of Holders voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders duly called and held in accordance with the provisions of Article Thirteen, or a combination of
such instruments and any such record. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to
the Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments and so
voting at any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section 8.01)
conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. The record of any meeting of Holders shall be proved in the manner provided in Section 13.06. 

(b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof or may be proved in any
other manner which the Trustee and the Company deem sufficient. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. 

(c) The ownership of Securities and principal amount of Securities held by any Person, and the date of holding the same, shall be proved by
the Security Register. 
 (d) Any request, demand, authorization, direction, notice, consent, election, waiver or other Act of a Holder
shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the
Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Security. 

  
 15 

 (e) Until such time as written instruments shall have been delivered to the Trustee with respect
to the requisite percentage of principal amount of Securities for the action contemplated by such instruments, any such instrument executed and delivered by or on behalf of a Holder may be revoked with respect to any or all of such Securities by
written notice by such Holder or any subsequent Holder, proven in the manner in which such instrument was proven. 
 (f) Securities of any
series, or any Tranche thereof, authenticated and delivered after any Act of Holders may, and shall if required by the Company, bear a notation in form approved by the Company as to any action taken by such Act of Holders. If the Company shall so
determine, new Securities of any series, or any Tranche thereof, so modified as to conform, in the opinion of the Company, to such action may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for
Outstanding Securities of such series or Tranche. 
 (g) The Company may, at its option, by Company Order fix in advance a record date for
the determination of Holders entitled to give any request, demand, authorization, direction, notice, consent, waiver or other Act solicited by the Company, but the Company shall not have any obligation to do so; provided, however, that
the Company may not fix a record date for the giving or making of any notice, declaration, request or direction referred to in the next sentence. In addition, the Trustee may, at its option, fix in advance a record date for the determination of
Holders of Securities of any series entitled to join in the giving or making of any Notice of Default, any declaration of acceleration referred to in Section 7.02, any request to institute proceedings referred to in Section 7.07 or any
direction referred to in Section 7.12, in each case with respect to Securities of such series. If any such record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act, or such notice, declaration,
request or direction, may be given before or after such record date, but only the Holders of record at the close of business on the record date shall be deemed to be Holders for the purposes of determining (i) whether Holders of the requisite
proportion of the Outstanding Securities have authorized or agreed or consented to such Act (and for that purpose the Outstanding Securities shall be computed as of the record date) and/or (ii) which Holders may revoke any such Act
(notwithstanding Section 1.04(e)); and any such Act, given as aforesaid, shall be effective whether or not the Holders which authorized or agreed or consented to such Act remain Holders after such record date and whether or not the Securities
held by such Holders remain Outstanding after such record date. 
 SECTION 1.05 Notices, Etc. to Trustee or Company. Any
request, demand, authorization, direction, notice, consent, election, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, the Trustee by any Holder or by the
Company, or the Company by the Trustee or by any Holder, shall be sufficient for every purpose hereunder (unless otherwise expressly provided herein) if the same shall be in writing and delivered personally to an officer or other responsible
employee of such party, or transmitted by facsimile transmission, to the applicable address set forth for such party below or otherwise as such party shall from time to time designate, or transmitted by registered mail, charges prepaid, to the
applicable address set forth for such party below or to such other address as such party may from time to time designate: 

  
 16 

 If to the Trustee, to: 

Wells Fargo Bank, N.A. 
 MAC
T9263-170 
 750 N. Saint Paul Place 

Dallas, Texas 75201 
 Attention:
Corporate Municipal & Escrow Services 
 Facsimile: (214) 756-7401 

If to the Company, to: 
 Cleco
Corporate Holdings LLC 
 2030 Donahue Ferry Rd. 

Pineville, Louisiana 71360-5226 

Attention: Julia Callis 

Facsimile: (318) 484-7697 

Any communication contemplated herein shall be deemed to have been made, given, furnished and filed if personally delivered, on the date of
delivery, if transmitted by facsimile transmission on the date of transmission, and if transmitted by registered mail or overnight delivery service on the date of receipt. 

SECTION 1.06 Notices to Holders of Securities; Waiver. 

(a) Except as otherwise expressly provided herein, where this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given, and shall be deemed given, to Holders if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at the address of such Holder as it appears in the Security Register, not later than the latest
date, and not earlier than the earliest date, prescribed for the giving of such notice. 
 (b) In case by reason of the suspension of
regular mail service or by reason of any other cause it shall be impracticable to give such notice to Holders by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every
purpose hereunder. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other
Holders. 
 (c) Any notice required by this Indenture may be waived in writing by the Person entitled to receive such notice, either before
or after the event otherwise to be specified therein, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any
action taken in reliance upon such waiver. 
 (d) Notwithstanding any other provision of this Indenture or any Security, where this
Indenture or any Security provides for notice of any event to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the standing instructions from
the Depositary or its designee, including by electronic mail in accordance with the rules and procedures of the Depositary. 

  
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 SECTION 1.07 Conflict with Trust Indenture Act. If any provision of this Indenture
limits, qualifies or conflicts with another provision hereof which is required or deemed to be included in this Indenture by, or is otherwise governed by, any provision of the Trust Indenture Act, such other provision shall control; and if any
provision hereof otherwise conflicts with the Trust Indenture Act, the Trust Indenture Act shall control. 
 SECTION 1.08 Effect of
Headings and Table of Contents. The Article and Section headings in this Indenture and the Table of Contents are for convenience only and shall not affect the construction hereof. 

SECTION 1.09 Successors and Assigns. All covenants and agreements in this Indenture by the Company shall bind its successors and
assigns, whether so expressed or not. 
 SECTION 1.10 Separability Clause. In case any provision in this Indenture or the
Securities shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 1.11 Benefits of Indenture. Nothing in this Indenture or the Securities, express or implied, shall give to any Person,
other than the parties hereto, their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

SECTION 1.12 Governing Law; Waiver of Jury Trial. This Indenture and the Securities shall be governed by and construed in
accordance with the laws of the State of New York. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 SECTION 1.13 Legal Holidays. In any case
where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities other than a contrary provision
in the Securities of any series, or any Tranche thereof, or in the indenture supplemental hereto, Board Resolution or Officer’s Certificate which establishes the terms of the Securities of such series or Tranche) payment of interest or
principal and premium, if any, need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption
Date, or at the Stated Maturity, and, if such payment is made or duly provided for on such Business Day, no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity,
as the case may be, to such Business Day. 
 SECTION 1.14 USA Patriot Act. The parties hereto acknowledge that in accordance
with Section 326 of the USA Patriot Act the Trustee, the Paying Agent and the 

  
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Security Registrar, like all financial institutions and in order to help fight the funding of terrorism and money laundering, are required to obtain, verify, and record information that
identifies each person or legal entity that establishes a relationship or opens an account. The parties to this Indenture agree that they will provide the Trustee, the Paying Agent and the Security Registrar with such information as they may
reasonably request in order to satisfy the requirements of the USA Patriot Act. 
 SECTION 1.15 Force Majeure. In no event shall
the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being
understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

SECTION 1.16 Counterparts. This Indenture may be executed in two or more counterparts, which when so executed shall constitute one
and the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the
original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

ARTICLE II 
 SECURITY
FORMS 
 SECTION 2.01 Forms Generally. 

(a) The definitive Securities of each series shall be in substantially the form or forms established in the Officer’s Certificate, the
indenture supplemental hereto or the Board Resolution establishing such series, in any case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers executing such
Securities, as evidenced by their execution thereof. If the form or forms of Securities of any series are established in an Officer’s Certificate or a Board Resolution, such Officer’s Certificate or Board Resolution shall be delivered to
the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.03 for the authentication and delivery of such Securities. 

(b) The Securities of each series shall be issuable in registered form without coupons. The definitive Securities shall be produced in such
manner as shall be determined by the officers executing such Securities, as evidenced by their execution thereof. 
 SECTION 2.02
Form of Trustee’s Certificate of Authentication. The Trustee’s certificate of authentication shall be in substantially the form set forth below: 

  
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 This is one of the Securities of the series described in the within-mentioned Indenture and
authorized by the Officer’s Certificate/indenture supplement thereto/Board Resolution dated             . 

 

			
	as Trustee
		
	By:	 	  

		 	Authorized Signatory

 SECTION 2.03 Securities Issued in the Form of a Global Note. 

(a) If the Company shall establish pursuant to Section 3.01 that the Securities of a particular series are to be issued in whole or in
part in the form of one or more Global Notes, then the Company shall execute and the Trustee shall, in accordance with Section 3.03 and the Company Order delivered to the Trustee thereunder, authenticate and deliver such Global Note or Global
Notes, which (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of the Outstanding Securities of such series to be represented by such Global Note or Global Notes, (ii) may provide that the
aggregate amount of Outstanding Securities represented thereby may from time to time be increased or reduced to reflect exchanges, (iii) shall be registered in the name of the Depositary for such Global Note or Global Notes or its nominee,
(iv) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction and (v) shall bear a legend in accordance with the requirements of the Depositary. 

(b) Notwithstanding any other provision of this Section 2.03 or of Section 3.05, subject to the provisions of Section 2.03(c),
unless the terms of a Global Note expressly permit such Global Note to be exchanged in whole or in part for individual Securities in certificated form, a Global Note may be transferred, in whole but not in part and in the manner provided in
Section 3.04, only to a nominee of the Depositary for such Global Note, or to the Depositary, or to a successor Depositary for such Global Note selected or approved by the Company, or to a nominee of such successor Depositary. 

(c) (i) If at any time the Depositary for a Global Note notifies the Company that it is unwilling or unable to continue as Depositary for
such Global Note or if at any time the Depositary for the Security for such series shall no longer be eligible or in good standing as a “clearing agency” under the Exchange Act or other applicable statute or regulation, the Company shall
appoint a successor Depositary with respect to such Global Note. If a successor Depositary for such Global Note is not appointed by the Company within ninety (90) days after the Company receives such notice or becomes aware of such
ineligibility, the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Securities of such series in exchange for such Global Note, will authenticate and deliver individual
Securities of such series of like tenor and terms in certificated form in an aggregate principal amount equal to the principal amount of the Global Note in exchange for such Global Note. 

(ii) The Company may at any time and in its sole discretion determine that the Securities of any series issued or issuable in
the form of one or more Global 

  
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Notes shall no longer be represented by such Global Note or Global Notes. In such event the Company will execute, and the Trustee, upon receipt of a Company Order for the authentication and
delivery of individual Securities of such series in exchange in whole or in part for such Global Note or Global Notes, will authenticate and deliver individual Securities of such series of like tenor and terms in certificated form in an aggregate
principal amount equal to the principal amount of such Global Note or Global Notes representing such series in exchange for such Global Note or Global Notes. 

(iii) If there shall have occurred an Event of Default with respect to a series of Securities, the Company will execute, and
the Trustee, upon receipt of a Company Order for the authentication and delivery of individual Securities of such series in exchange for the Global Note or Global Notes of such series, will authenticate and deliver individual Securities of such
series of like tenor and terms in certificated form in an aggregate principal amount equal to the principal amount of such Global Note or Global Notes representing such series in exchange for such Global Note or Global Notes. 

(iv) If specified by the Company pursuant to Section 3.01 with respect to Securities issued or issuable in the form of a
Global Note, the Depositary for such Global Note may surrender such Global Note in exchange in whole or in part for individual Securities of such series of like tenor and terms in certificated form on such terms as are acceptable to the Company and
such Depositary. Thereupon the Company shall execute, and the Trustee shall authenticate and deliver, without service charge, (A) to each Person specified by such Depositary a new Security or Securities of the same series of like tenor and
terms and of any authorized denomination as requested by such Person in aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Global Note; and (B) to such Depositary a new Global Note of like
tenor and terms and in an authorized denomination equal to the difference, if any, between the principal amount of the surrendered Global Note and the aggregate principal amount of Securities delivered to Holders thereof. 

(v) In any exchange provided for in any of Sections 2.03(c)(i) through (iv), the Company will execute and the Trustee will
authenticate and deliver individual Securities in certificated form in authorized denominations. Subject to Section 3.04, in the case of certificated Securities issued in exchange for Global Notes bearing any legend setting forth restrictions
on transfer in compliance with the Securities Act, such certificated Securities will bear, and be subject to, such legend. Upon the exchange of the entire principal amount of a Global Note for individual certificated Securities, such Global Note
shall be canceled by the Trustee. Except as provided in Section 2.03(c)(iv), Securities issued in exchange for a Global Note pursuant to this Section 2.03 shall be registered in such names and in such authorized denominations as the
Depositary for such Global Note, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. Provided that the Company and the Trustee have so agreed, the Trustee shall deliver such Securities to the
Persons in whose names the Securities are registered. 
 (vi) Any endorsement of a Global Note to reflect the amount, or any
increase or decrease in the amount, or changes in the rights of Holders, of Outstanding 

  
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Securities represented thereby shall be made in such manner and by such Person or Persons as shall be specified therein or in the Company Order to be delivered pursuant to Section 3.03 with
respect thereto. Subject to the provisions of Section 3.03, the Trustee shall deliver and redeliver any such Global Note in the manner and upon written instructions given by the Person or Persons specified therein or in the applicable Company
Order. If a Company Order pursuant to Section 3.03 has been, or simultaneously is, delivered, any instructions by the Company with respect to such Global Note shall be in writing but need not be accompanied by or contained in an Officer’s
Certificate and need not be accompanied by an Opinion of Counsel. 
 ARTICLE III 

THE SECURITIES 

SECTION 3.01 Amount Unlimited; Issuable in Series. 

(a) The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. The Securities
may be issued from time to time in one or more series. Subject to Section 3.01(c), prior to the authentication and delivery of Securities of any series there shall be established by specification in an Officer’s Certificate, a supplemental
indenture or a Board Resolution: 
 (i) the title of the Securities of such series (which shall distinguish the Securities of
such series from Securities of all other series); 
 (ii) any limit upon the aggregate principal amount of the Securities of
such series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of such series pursuant to Sections
3.04, 3.05, 3.06, 4.06 or 11.06 and except for any Securities which, pursuant to Section 3.03, are deemed never to have been authenticated and delivered hereunder); 

(iii) the Persons (without specific identification) to whom interest, if any, on Securities of such series, or any Tranche
thereof, shall be payable, if other than the Persons in whose names such Securities (or one or more Predecessor Securities) are registered at the close of business on the Regular Record Date for such interest; 

(iv) the date or dates on which the principal of the Securities of such series or any Tranche thereof, is payable or any
formulary or other method or other means by which such date or dates shall be determined, by reference to an index or other fact or event ascertainable outside of this Indenture or otherwise (without regard to any provisions for redemption,
prepayment, acceleration, purchase or extension); and the right, if any, to extend the Maturity of the Securities of such series, or any Tranche thereof, and the duration of any such extension; 

(v) the rate or rates at which the Securities of such series, or any Tranche thereof, shall bear interest, if any (including
the rate or rates at which overdue principal shall bear interest, and the right, if any, to extend the interest payment periods and the duration of any such extension; if different from the rate or rates at which such

  
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Securities shall bear interest prior to Maturity, and, if applicable, the rate or rates at which overdue premium or interest shall bear interest, if any), or any formulary or other method or
other means by which such rate or rates shall be determined by reference to an index or other fact or event ascertainable outside of this Indenture or otherwise; the date or dates from which such interest shall accrue; the Interest Payment Dates on
which such interest shall be payable and the Regular Record Date, if any, for the interest payable on such Securities on any Interest Payment Date; the basis of computation of interest, if other than as provided in Section 3.10; and the right,
if any, to extend the interest payment periods and the duration of any such extension; 
 (vi) the place or places at which
and/or the methods (if other than as provided elsewhere in this Indenture) by which (A) the principal of and premium, if any, and interest, if any, on Securities of such series, or any Tranche thereof, shall be payable, (B) registration of
transfer of Securities of such series, or any Tranche thereof, may be effected, (C) exchanges of Securities of such series, or any Tranche thereof, may be effected and (D) notices and demands to or upon the Company in respect of the
Securities of such series, or any Tranche thereof, and this Indenture may be served; the Security Registrar and any Paying Agent or Agents for such series or Tranche; and, if such is the case, that the principal of such Securities shall be payable
without the presentment or surrender thereof; 
 (vii) the period or periods within which, or the date or dates on which, the
price or prices at which and the terms and conditions upon which the Securities of such series, or any Tranche thereof, may be redeemed, in whole or in part, at the option of the Company; 

(viii) the obligation or obligations, if any, of the Company to redeem or purchase the Securities of such series, or any
Tranche thereof, pursuant to any sinking fund or other mandatory redemption provisions or at the option of a Holder thereof and the period or periods within which or the date or dates on which, the price or prices at which and the terms and
conditions upon which such Securities shall be redeemed or purchased, in whole or in part, pursuant to such obligation, and applicable exceptions to the requirements of Section 4.04 in the case of mandatory redemption or redemption at the
option of the Holder; 
 (ix) the denominations in which Securities of such series, or any Tranche thereof, shall be issuable
if other than denominations of Two Thousand Dollars ($2,000) and integral multiples of One Thousand Dollars ($1,000) in excess thereof; 

(x) the currency or currencies, including composite currencies, in which payment of the principal of or premium, if any, or
interest, if any, on the Securities of such series, or any Tranche thereof, shall be payable (if other than in Dollars) and the formulary or other method or other means by which the equivalent of any such amount in Dollars is to be determined for
any purpose, including for the purpose of determining the principal amount of such Securities deemed to be Outstanding at any time; 

  
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 (xi) if the principal of or premium, if any, or interest, if any, on the
Securities of such series, or any Tranche thereof, are to be payable, at the election of the Company or a Holder thereof, in a coin or currency other than that in which the Securities are stated to be payable, the period or periods within which, and
the terms and conditions upon which, such election may be made; 
 (xii) if the principal of or premium, if any, or interest,
if any, on the Securities of such series, or any Tranche thereof, are to be payable, or are to be payable at the election of the Company or a Holder thereof, in securities or other property, the type and amount of such securities or other property,
or the formulary or other method or other means by which such amount shall be determined, and the period or periods within which, and the terms and conditions upon which, any such election may be made; 

(xiii) if the amount payable in respect of the principal of or premium, if any, or interest, if any, on the Securities of such
series, or any Tranche thereof, may be determined with reference to an index or other fact or event ascertainable outside of this Indenture, the manner in which such amounts shall be determined (to the extent not established pursuant to
Section 3.01(a)(v)); 
 (xiv) if other than the entire principal amount thereof, the portion of the principal amount of
Securities of such series, or any Tranche thereof, which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 7.02; 

(xv) the terms, if any, pursuant to which the Securities of such series, or any Tranche thereof, may be converted into or
exchanged for shares of capital stock or other securities of the Company or any other Person; 
 (xvi) the obligations or
instruments, if any, which shall be considered to be Eligible Obligations in respect of the Securities of such series, or any Tranche thereof, denominated in a currency other than Dollars or in a composite currency, and any additional or alternative
provisions for the reinstatement of the Company’s indebtedness in respect of such Securities after the satisfaction and discharge thereof as provided in Section 6.01; 

(xvii) if the Securities of such series, or any Tranche thereof, are to be issued in global form, (A) any limitations on
the rights of the Holder or Holders of such Securities to transfer or exchange the same or to obtain the registration of transfer thereof, (B) any limitations on the rights of the Holder or Holders thereof to obtain certificates therefor in
definitive form in lieu of temporary form and (C) any and all other matters incidental to such Securities; 
 (xviii) if
the Securities of such series, or any Tranche thereof, are to be issuable as bearer securities, any and all matters incidental thereto which are not specifically addressed in a supplemental indenture as contemplated by Section 11.01(f); 

(xix) to the extent not established pursuant to Section 3.01(a)(xvii), any limitations on the rights of the Holders of the
Securities of such series, or any Tranche thereof, to transfer or exchange such Securities or to obtain the registration of transfer thereof; and if a service charge will be made for the registration of transfer or exchange of Securities of such
series, or any Tranche thereof, the amount or terms thereof; 

  
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 (xx) any exceptions to Section 1.13, or variation in the definition of
Business Day, with respect to the Securities of such series, or any Tranche thereof; 
 (xxi) any non-applicability of
Section 5.06 to the Securities of such series or any exceptions or modifications of Section 5.06 with respect to the Securities of such series; and 

(xxii) any other terms of the Securities of such series, or any Tranche thereof. 

(b) Unless otherwise specified with respect to a series of Securities as contemplated by Section 3.01(a)(ii), any limit upon the
aggregate principal amount of a series of Securities may be increased without the consent of any Holders and additional Securities of such series may be authenticated and delivered up to the limit upon the aggregate principal amount authorized with
respect to such series as so increased. 
 (c) Anything herein to the contrary notwithstanding, the Trustee shall be under no obligation to
authenticate and deliver Securities of any series the terms of which, established as contemplated by this Section 3.01, would affect the rights, duties, obligations, liabilities or immunities of the Trustee under this Indenture or otherwise.

 SECTION 3.02 Denominations. Unless otherwise provided as contemplated by Section 3.01 with respect to any series of
Securities, or any Tranche thereof, the Securities of each series shall be issuable in denominations of Two Thousand Dollars ($2,000) and integral multiples of One Thousand Dollars ($1,000) in excess thereof. 

SECTION 3.03 Execution; Dating; Authentication. 

(a) Unless otherwise specified as contemplated by Section 3.01 with respect to any series of Securities, or any Tranche thereof, the
Securities shall be executed on behalf of the Company by an Authorized Officer, and may have the corporate seal of the Company affixed thereto or reproduced thereon and attested by any other Authorized Officer. The signature of any or all of these
officers on the Securities may be manual or facsimile. 
 (b) Securities bearing the manual or facsimile signatures of individuals who were
at the time of execution Authorized Officers shall bind the Company, notwithstanding that such individuals, or any of them, have ceased to be such Authorized Officers prior to the authentication and delivery of such Securities or were not such
Authorized Officers at the date of such Securities. 
 (c) The Trustee shall authenticate and deliver Securities of a series for original
issue, at one time or from time to time in accordance with the Company Order referred to below, upon receipt by the Trustee of: 

  
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 (i) the instrument or instruments establishing the form or forms and terms of the
Securities of such series as provided in Sections 2.01 and 3.01; 
 (ii) a Company Order requesting the authentication and
delivery of such Securities and, to the extent that the terms of such Securities shall not have been established in an Officer’s Certificate, an indenture supplemental hereto or a Board Resolution, all as contemplated by Sections 2.01 and 3.01,
establishing such terms acceptable to the Trustee, by which such terms are to be established (which terms may provide, to the extent acceptable to the Trustee, for authentication and delivery pursuant to electronic instructions from the Company or
any agent or agents thereof), in accordance with the instrument or instruments delivered pursuant to Section 3.03(c)(i); 

(iii) Securities of such series, each executed on behalf of the Company by an Authorized Officer; 

(iv) an Opinion of Counsel to the effect that: 

(A) (1) the form or forms of such Securities have been duly authorized by the Company, and (2) the forms of such
Securities have been established in conformity with the provisions of this Indenture; 
 (B) (1) the terms of such
Securities have been duly authorized by the Company, and (2) the terms of such Securities have been established in conformity with the provisions of this Indenture; and 

(C) when such Securities shall have been authenticated and delivered by the Trustee and issued and delivered by the Company in
the manner and subject to any conditions specified in such Opinion of Counsel, such Securities will constitute legal, valid and binding obligations of the Company, entitled to the benefits provided by this Indenture; 

(d) If the form or terms of the Securities of any series have been established by or pursuant to an Officer’s Certificate or Board
Resolution as permitted by Sections 2.01 or 3.01, the Trustee shall not be required to authenticate such Securities if the issuance of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under
the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 
 (e) Unless otherwise
specified as contemplated by Section 3.01 with respect to any series of Securities, or any Tranche thereof, each Security shall be dated the date of the authentication of such Security. 

(f) Unless otherwise specified as contemplated by Section 3.01 with respect to any series of Securities, or any Tranche thereof, no
Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the Trustee or
an Authenticating Agent by manual signature of an authorized officer thereof, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such 

  
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Security has been duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the foregoing, if (i) any Security shall have been
authenticated and delivered hereunder to the Company, or any Person acting on its behalf, but shall never have been issued and sold by the Company, (ii) the Company shall deliver such Security to the Security Registrar for cancellation as
provided in Section 3.09 and (iii) the Company, at its election, shall deliver to the Trustee a written statement (which need not comply with Section 1.02 and need not be accompanied by an Officer’s Certificate or an Opinion of
Counsel) stating that such Security has never been issued and sold by the Company, then for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the
benefits hereof. 
 SECTION 3.04 Temporary Securities. 

(a) Pending the preparation of definitive Securities of any series, or any Tranche thereof, the Company may execute, and upon Company Order
the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed, photocopied or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities
in lieu of which they are issued with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities; provided,
however, that temporary Securities need not recite specific redemption, sinking fund, conversion or exchange provisions. 
 (b)
Except as otherwise specified as contemplated by Section 3.01 with respect to the Securities of any series, or any Tranche thereof, after the preparation of definitive Securities of such series or Tranche, the temporary Securities of such
series or Tranche shall be exchangeable, without charge to the Holders thereof, for definitive Securities of such series or Tranche, upon surrender of such temporary Securities at the office or agency of the Company maintained pursuant to
Section 5.02 in a Place of Payment for such Securities. Upon such surrender of temporary Securities, the Company, except as aforesaid, shall execute and upon Company Order the Trustee shall authenticate and deliver in exchange therefor
definitive Securities of the same series and Tranche, of authorized denominations and of like tenor and aggregate principal amount. 
 (c)
Until exchanged in full as hereinabove provided, temporary Securities shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of the same series and Tranche and of like tenor authenticated and delivered
hereunder. 
 SECTION 3.05 Registration; Registration of Transfer; Exchange. 

(a) The Company shall cause to be kept in one of the offices designated pursuant to Section 5.02, with respect to the Securities of each
series, or any Tranche thereof, a register (the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities of such series or Tranche and
the registration of transfer thereof. The Company shall designate one Person to maintain the Security Register for the Securities of each series, and such Person is referred to herein, with respect to such series, as the “Security
Registrar”. Anything herein to the contrary 

  
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notwithstanding, the Company may designate one or more of its offices or an office of any Affiliate as an office in which a register with respect to the Securities of one or more series, or any
Tranche or Tranches thereof, shall be maintained, and the Company may designate itself or any Affiliate as the Security Registrar with respect to one or more of such series. The Security Register shall be open for inspection by the Trustee and the
Company at all reasonable times. 
 (b) Except as otherwise specified as contemplated by Section 3.01 with respect to the Securities of
any series, or any Tranche thereof, upon presentment for registration of transfer of any Security of such series or Tranche at the office or agency of the Company maintained pursuant to Section 5.02 in a Place of Payment for such series or
Tranche, and further upon satisfaction of any conditions prescribed by applicable law, the Company shall execute, and upon Company Order the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more
new Securities of the same series and Tranche, of authorized denominations and of like tenor and aggregate principal amount. 
 (c) Except
as otherwise specified as contemplated by Section 3.01 with respect to the Securities of any series, or any Tranche thereof, any Security of such series or Tranche may be exchanged, at the option of the Holder, for one or more new Securities of
the same series and Tranche, of authorized denominations and of like tenor and aggregate principal amount, upon presentment of the Securities to be exchanged at any such office or agency. Whenever any Securities are so presented for exchange and
upon satisfaction of any conditions prescribed by applicable law, the Company shall execute, and upon Company Order the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 

(d) All Securities delivered upon any registration of transfer or exchange of Securities shall be valid obligations of the Company evidencing
the same respective obligations, and being entitled to the same benefits under this Indenture, as the Securities presented upon such registration of transfer or exchange. 

(e) Every Security presented for registration of transfer or for exchange shall (if so required by the Company, the Trustee or the Security
Registrar) be duly endorsed or shall be accompanied by a written instrument of transfer in form satisfactory to the Company and the Trustee or the Security Registrar, as the case may be, duly executed by the Holder thereof or his attorney duly
authorized in writing. 
 (f) Unless otherwise specified as contemplated by Section 3.01 with respect to Securities of any series, or
any Tranche thereof, no service charge shall be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Securities, other than exchanges pursuant to Sections 3.04, 4.06 or 11.06 not involving any transfer. 

(g) The Company shall not be required to execute or to provide for the registration of transfer of or the exchange of (i) Securities of
any series, or any Tranche thereof, during a period of fifteen (15) days immediately preceding the date of a mailing of a notice of redemption identifying the Securities of such series or Tranche called for redemption or (ii) any Security
so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed in part. 

  
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 (h) The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depositary participants or beneficial owners of
interests in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same
to determine substantial compliance as to form with the express requirements hereof. 
 (i) Neither the Trustee nor any Agent shall have any
responsibility or liability for any actions taken or not taken by the Depositary. 
 SECTION 3.06 Mutilated, Destroyed, Lost and
Stolen Securities. 
 (a) If any mutilated Security is presented to the Trustee, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a new Security of the same series and Tranche, and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

(b) If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the ownership of and the
destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of any of them harmless, then, in the absence of written notice to the Company or the Trustee that such
Security is held by a Person deemed to be a protected purchaser under applicable law, the Company shall execute and upon Company Order the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security
of the same series and Tranche, and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
 (c)
Notwithstanding the foregoing, in case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, but subject to compliance with the conditions set forth in the next
preceding paragraph, instead of issuing a new Security, pay such Security. 
 (d) Upon the issuance of any new Security under this
Section 3.06, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Trustee) in
connection therewith. 
 (e) Every new Security of any series issued pursuant to this Section 3.06 in lieu of any destroyed, lost or
stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone other than the Holder of such new Security, and any such
new Security shall be entitled to all the benefits of this Indenture equally and ratably with any and all other Securities of such series duly issued hereunder. 

  
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 (f) The provisions of this Section 3.06 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

SECTION 3.07 Payment of Interest; Interest Rights Preserved. 

(a) Unless otherwise specified as contemplated by Section 3.01 with respect to the Securities of any series, or any Tranche thereof,
interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest. 
 (b) Any interest on any Security of any series which is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date, including without limitation interest the payment period for which has been extended as specified with respect to such series as contemplated by Section 3.01 (herein called
“Unpaid Interest”), shall forthwith cease to be payable to the Holder on the related Regular Record Date by virtue of having been such Holder, and such Unpaid Interest may be paid by the Company, at its election in each case, as
provided in clauses (i) or (ii) below: 
 (i) The Company may elect to make payment of any Unpaid Interest to the
Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a date (herein called a “Special Record Date”) for the payment of such Unpaid Interest,
which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Unpaid Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company
shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Unpaid Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment,
such money when deposited to be held in trust for the benefit of the Persons entitled to such Unpaid Interest as in this clause provided. Thereupon the Company shall fix a Special Record Date for the payment of such Unpaid Interest which shall be
not more than thirty (30) days and not less than ten (10) days prior to the date of the proposed payment and not less than twenty-five (25) days after the receipt by the Trustee of written notice of the proposed payment. The Company
shall promptly notify the Trustee of such Special Record Date and the Trustee, in the name and at the expense of the Company, shall, not less than fifteen (15) days prior to such Special Record Date, cause notice of the proposed payment of such
Unpaid Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Securities of such series at the address of such Holder as it appears in the Security Register. Notice of the proposed payment of such
Unpaid Interest and the Special Record Date therefor having been so mailed, such Unpaid Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of
business on such Special Record Date. 
 (ii) The Company may make payment of any Unpaid Interest on the Securities of any
series in any other lawful manner not inconsistent with the requirements 

  
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of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after written notice given by the Company to the Trustee of the
proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 
 (c) Subject to the foregoing
provisions of this Section 3.07 and Section 3.05, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and
to accrue, which were carried by such other Security. 
 SECTION 3.08 Persons Deemed Owners. Prior to the due presentment of any
Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered as the absolute owner of such Security for the purpose of receiving payment of
principal of and premium, if any, and (subject to Section 3.07) interest, if any, on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company nor the Trustee, or any agent of the
Company or the Trustee, shall be affected by notice to the contrary. 
 SECTION 3.09 Cancellation by Security Registrar. All
Securities presented for payment, redemption, registration of transfer or exchange shall, if presented to any Person other than the Security Registrar, be delivered to the Security Registrar and, if not theretofore canceled, shall be promptly
canceled by the Security Registrar. The Company may at any time deliver to the Security Registrar for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever or which
the Company shall not have issued and sold, and all Securities so delivered shall be promptly canceled by the Security Registrar. All canceled Securities held by the Security Registrar shall be disposed of in accordance with the Security
Registrar’s customary procedures. The Security Registrar shall, upon written request of the Company, promptly deliver to the Company and the Trustee evidence of any cancellation by it of a Security, and of any disposition by it of a canceled
Security, in accordance with this Section 3.09. 
 SECTION 3.10 Computation of Interest. Except as otherwise specified as
contemplated by Section 3.01 for Securities of any series, or any Tranche thereof, interest on the Securities of each series shall be computed on the basis of a three hundred sixty (360) day year 26 consisting of twelve (12) thirty
(30) day months, and, with respect to any period less than a full calendar month, on the basis of the actual number of days elapsed during such period. 

SECTION 3.11 Payment to Be in Proper Currency. In the case of the Securities of any series, or any Tranche thereof, denominated in
any currency other than Dollars or in a composite currency (the “Required Currency”), except as otherwise specified with respect to such Securities as contemplated by Section 3.01, the obligation of the Company to make any
payment of the principal thereof, or the premium, if any, or interest, if any, thereon, shall not be discharged or satisfied by any tender by the Company, or recovery by the Trustee, in any currency other than the Required Currency, except to the
extent that such tender or recovery shall result in the Trustee timely holding the full amount of the Required Currency then due and payable. If any such tender or recovery is in a currency other than the Required Currency, the Trustee may take such
actions as it considers appropriate to exchange such currency for the 

  
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Required Currency. The costs and risks of any such exchange, including without limitation the risks of delay and exchange rate fluctuation, shall be borne by the Company, the Company shall remain
fully liable for any shortfall or delinquency in the full amount of Required Currency then due and payable, and in no circumstances shall the Trustee be liable therefor except in the case of its gross negligence or willful misconduct. 

SECTION 3.12 CUSIP Numbers. The Company in issuing the Securities may use “CUSIP,” “ISIN” or other numbers (if
then generally in use) in addition to serial numbers, and, if so, the Trustee shall use such “CUSIP,” “ISIN” or other numbers in addition to serial numbers in notices of redemption, repurchase or other notices to Holders as a
convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption or repurchase and that
reliance may be placed only on the serial or other identification numbers printed on the Securities, and any such redemption or repurchase shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the
Trustee in writing of any change in the CUSIP, ISIN or other numbers. 
 ARTICLE IV 

REDEMPTION OF SECURITIES 

SECTION 4.01 Applicability of Article. Securities of any series, or any Tranche thereof, which are redeemable before their Stated
Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 3.01 for Securities of such series or Tranche) in accordance with this Article Four. 

SECTION 4.02 Election to Redeem; Notice to Trustee. The election of the Company to redeem any Securities shall be evidenced by a
Board Resolution or an Officer’s Certificate. The Company shall, at least five (5) Business Days before the date of giving notice of the redemption pursuant to Section 4.04 (unless a shorter notice shall be satisfactory to the
Trustee), notify the Trustee in writing of such Redemption Date and of the principal amount of such Securities to be redeemed and any additional information the Trustee must provide to the Holders in accordance with Section 4.04. In the case of
any redemption of Securities (a) prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture or (b) pursuant to an election of the Company which is subject to a
condition specified in the terms of such Securities, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with such restriction or condition. 

SECTION 4.03 Selection of Securities to Be Redeemed. 

(a) If less than all the Securities of any series, or any Tranche thereof, are to be redeemed, the particular Securities to be redeemed shall
be selected by the Security Registrar from the Outstanding Securities of such series or Tranche not previously called for redemption, in compliance with the requirements of the principal national securities exchange, if any, on which the series of
Securities is listed or, if the series of Securities is not listed on a national securities exchange, on a pro rata basis, by lot or, including in the case of Securities in global form, by such other method in accordance with the procedures of the
Depositary, and which may, in any case, provide for the selection for redemption of portions (in any authorized 

  
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denomination for Securities of such series or Tranche) of the principal amount of Securities of such series or Tranche having a denomination larger than the minimum authorized denomination for
Securities of such series or Tranche; provided, however, that if, as indicated in an Officer’s Certificate, the Company shall have offered to purchase all or any principal amount of the Securities then Outstanding of any series,
or any Tranche thereof, and less than all of such Securities as to which such offer was made shall have been tendered to the Company for such purchase, the Trustee, if so directed by Company Order, shall select for redemption all or any principal
amount of such Securities which have not been so tendered. 
 (b) The Security Registrar shall promptly notify the Company and the Trustee
in writing of the Securities selected for redemption and, in the case of any Securities selected to be redeemed in part, the principal amount thereof to be redeemed. 

(c) For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall
relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed. 

SECTION 4.04 Notice of Redemption. 

(a) Notice of redemption shall be given in the manner provided in Section 1.06 to the Holders of the Securities to be redeemed not less
than thirty (30) nor more than sixty (60) days prior to the Redemption Date. 
 (b) All notices of redemption shall state: 

(i) the Redemption Date, 

(ii) the Redemption Price, 

(iii) if less than all the Securities of any series or Tranche are to be redeemed, the portion of the principal amount of any
Security to be redeemed in part, 
 (iv) that on the Redemption Date the Redemption Price, together with accrued interest
(including additional interest), if any, to, but excluding, the Redemption Date, will become due and payable upon each such Security to be redeemed and, if applicable, that interest thereon will cease to accrue on and after said date, 

(v) the place or places where such Securities are to be surrendered for payment of the Redemption Price and accrued interest
(including additional interest), if any, unless it shall have been specified as contemplated by Section 3.01 with respect to such Securities that such surrender shall not be required, 

(vi) that the redemption is for a sinking or other fund, if such is the case, 

  
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 (vii) the CUSIP number, and that no representation is made to the accuracy or
correctness of the CUSIP number, if any, listed in such notice or printed on the Securities; and 
 (viii) such other matters
as the Company shall deem desirable or appropriate. 
 (c) With respect to any notice of redemption of Securities at the election of the
Company, unless, upon the giving of such notice, such Securities shall be deemed to have been paid in accordance with Section 6.01, such notice may state that the Securities are to be refinanced by the issuance of other Indebtedness by the
Company or any of its Affiliates, in which event such redemption shall be conditional upon the receipt by the Company (or its Affiliate), on or prior to the date fixed for such redemption, of proceeds of such Indebtedness sufficient to pay the
principal of and premium, if any, and interest, if any, on the Securities being redeemed, and if such money shall not have been so received, such notice shall be of no force or effect and the Company shall not be required to redeem such Securities.
In the event that such notice of redemption contains such a condition and such money is not so received, the redemption shall not be made and within a reasonable time thereafter notice shall be given, in the manner in which the notice of redemption
was given, that such money was not so received and such redemption was not required to be made and the Paying Agent or Agents for the Securities otherwise to have been redeemed shall promptly return to the Holders thereof any of such Securities
which had been surrendered for payment upon such redemption. If a notice of redemption of Securities does not include such a statement, such notice of redemption may not be conditional and once such notice of redemption is sent, Securities called
for redemption under such notice shall become irrevocably due and payable on the Redemption Date at the Redemption Price set forth in such notice. Notices of redemption, if delivered in a manner herein provided, shall be conclusively presumed to
have been given, whether or not the Holder receives such notice. In any case, failure to deliver such notice or any defect in the notice to the Holder of any Security designated for redemption in whole or in part shall not affect the validity of the
proceedings for the redemption of any other Security. 
 (d) Notice of redemption of Securities to be redeemed at the election of the
Company, and any notice of non-satisfaction of a condition for redemption as aforesaid, shall be given by the Company or, upon Company Request, by the Trustee in the name and at the expense of the Company; provided that the Company shall have
delivered to the Trustee, at least five (5) Business Days before the date of giving notice of the redemption pursuant to this Section 4.04 (unless a shorter notice shall be satisfactory to the Trustee) or five (5) Business Days before
the date of giving any notice of non-satisfaction of a condition for redemption as aforesaid (unless a shorter notice shall be satisfactory to the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and setting forth
the information to be stated in such notice pursuant to this Section 4.04. Notice of mandatory redemption of Securities shall be given by the Trustee in the name and at the expense of the Company. 

SECTION 4.05 Securities Payable on Redemption Date. Notice of redemption having been given as aforesaid, and the conditions, if
any, set forth in such notice having been satisfied, the Securities or portions thereof so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from 

  
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and after such date (unless, in the case of an unconditional notice of redemption, the Company shall default in the payment of the Redemption Price and accrued interest (including additional
interest), if any) such Securities or portions thereof, if interest-bearing, shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with such notice, and in any event prior to 11:00 a.m. (New York City time)
on the Redemption Date, the Company shall deposit with the Trustee or with the Paying Agent money sufficient to pay the Redemption Price, together with accrued interest (including additional interest), if any, to, but excluding, the Redemption Date,
on all Securities to be redeemed on that Redemption Date; provided, however, that no such surrender shall be a condition to such payment if so specified as contemplated by Section 3.01 with respect to such Security; and
provided, further, that except as otherwise specified as contemplated by Section 3.01 with respect to such Security, any installment of interest on any Security the Stated Maturity of which installment is on or prior to the
Redemption Date shall be payable to the Holder of such Security, or one or more Predecessor Securities, registered as such at the close of business on the related Regular Record Date according to the terms of such Security and subject to the
provisions of Section 3.07. 
 SECTION 4.06 Securities Redeemed in Part. Upon the surrender of any Security which is to be
redeemed only in part at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company or the Trustee, as the case may be, duly executed by,
the Holder thereof or his attorney duly authorized in writing), the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security, without service charge, a new Security or Securities of the same series and
Tranche, of any authorized denomination requested by such Holder and of like tenor and in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 

ARTICLE V 
 COVENANTS

 SECTION 5.01 Payment of Securities. The Company shall pay the principal of and premium, if any, and interest, if any, on
the Securities of each series in accordance with the terms of such Securities and this Indenture. 
 SECTION 5.02 Maintenance of
Office or Agency. 
 (a) The Company shall maintain in each Place of Payment for the Securities of each series, or any Tranche thereof,
an office or agency where payment of such Securities shall be made, where the registration of transfer or exchange of such Securities may be effected and where notices and demands to or upon the Company in respect of such Securities and this
Indenture may be served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of each such office or agency and prompt notice to the Holders of any such change in the manner specified in
Section 1.06. If at any time the Company shall fail to maintain any such required office or agency in respect of Securities of any series, or any Tranche thereof, or shall fail to furnish the Trustee with the address thereof, payment of such
Securities shall be made, registration of transfer or exchange thereof may be effected and notices and demands in respect thereof may be served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent
for all such purposes in any such event. 

  
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 (b) The Company may also from time to time designate one or more other offices or agencies with
respect to the Securities of one or more series, or any Tranche thereof, for any or all of the foregoing purposes and may from time to time rescind such designations; provided, however, that, unless otherwise specified as contemplated
by Section 3.01 with respect to the Securities of such series or Tranche, no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency for such purposes in each Place of Payment for
such Securities in accordance with the requirements set forth above. The Company shall give prompt written notice to the Trustee, and prompt notice to the Holders in the manner specified in Section 1.06, of any such designation or rescission
and of any change in the location of any such other office or agency. 
 (c) Anything herein to the contrary notwithstanding, any office or
agency required by this Section 5.02 may be maintained at an office of the Company or any Affiliate thereof, in which event the Company or such Affiliate, as the case may be, shall perform all functions to be performed at such office or agency.

 SECTION 5.03 Money for Securities Payments to Be Held in Trust. 

(a) If the Company shall at any time act as its own Paying Agent with respect to the Securities of any series, or any Tranche thereof, it
shall, on or before each due date of the principal of and premium, if any, and interest, if any, on any of such Securities, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and premium
or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided. The Company shall promptly notify the Trustee in writing of any failure by the Company (or any other obligor on such Securities)
to make any payment of principal or premium, if any, or interest, if any, on such Securities. 
 (b) Whenever the Company shall have one or
more Paying Agents for the Securities of any series, or any Tranche thereof, it shall, on or before each due date of the principal of and premium, if any, and interest, if any, on such Securities, deposit with such Paying Agents sums sufficient
(without duplication) to pay the principal and premium or interest so becoming due, such sums to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent is the Trustee) the
Company shall promptly notify the Trustee of any failure by it so to act. 
 (c) The Company shall cause each Paying Agent for the
Securities of any series, or any Tranche thereof, other than the Company or the Trustee, to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that
such Paying Agent shall: 
 (i) hold all sums held by it for the payment of the principal of and premium, if any, or
interest, if any, on such Securities in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 

  
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 (ii) give the Trustee written notice of any failure by the Company (or any other
obligor upon such Securities) to make any payment of principal of and premium, if any, or interest, if any, on such Securities; and 

(iii) at any time during the continuance of any such failure, upon the written request of the Trustee, forthwith pay to the
Trustee all sums so held in trust by such Paying Agent and furnish to the Trustee such information as it possesses regarding the names and addresses of the Persons entitled to such sums. 

(d) The Company may at any time pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company
or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent and, if so stated in a Company Order delivered to the Trustee, in accordance with the
provisions of Article Six; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

(e) To the extent permitted by applicable Governmental Rule, any money deposited with the Trustee or any Paying Agent, or then held by the
Company, in trust for the payment of the principal of and premium, if any, or interest, if any, on any Security and remaining unclaimed for two years after such principal and premium, if any, or interest, if any, has become due and payable shall be
paid to the Company on Company Request, or, if then held by the Company, shall be discharged from such trust; and, upon such payment or discharge, the Holder of such Security shall, as an unsecured general creditor and not as the Holder of an
Outstanding Security, look only to the Company for payment of the amount so due and payable and remaining unpaid, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee
thereof, shall thereupon cease. 
 SECTION 5.04 Corporate Existence. Subject to the rights of the Company under Article Ten, the
Company shall do or cause to be done all things necessary to preserve and keep its corporate existence in full force and effect. 

SECTION 5.05 Statements of Officers of Issuer as to Compliance; Notice of Default. 

(a) The Company shall deliver to the Trustee, within one hundred twenty days (120) days after the end of each fiscal year ending after
the date hereof, a certificate from the principal executive officer, principal financial officer or principal accounting officer stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been
made under the supervision of the signing officer with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to such officer signing such certificate, that
to the best of his or her knowledge, the Company has kept, observed, performed and fulfilled each and every condition and covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions,
covenants and conditions of this Indenture (or, if a default or an Event of Default shall have occurred, describing all such defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or propose to take
with respect thereto). 

  
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 (b) The Company shall promptly (which shall be no more than thirty (30) days following
the date on which the Company becomes aware of any event which would constitute an Event of Default) send to the Trustee an Officer’s Certificate specifying such event, its status and what action the Company is taking or proposes to take with
respect thereto. 
 SECTION 5.06 Limitation on Liens. The Company shall not pledge, mortgage, hypothecate or grant a security
interest in, or permit any mortgage, pledge, security interest or other Lien upon, any of the Company’s assets or property, whether owned on the date hereof or acquired thereafter, to secure any Indebtedness, other than Permitted Liens;
provided, however, that any Lien on such property or assets will be permitted notwithstanding that it is not a Permitted Lien if the Securities are equally and ratably secured pursuant to the terms of the Pari Passu Intercreditor
Agreement with (or on a senior basis to, in the case of obligations subordinated in right of payment to the Securities) the obligations so secured until such time as such obligations are no longer secured by a Lien (other than Permitted Liens). 

SECTION 5.07 Reports and Other Information. 

(a) At all times whether or not the Company is subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act the Company
shall furnish to the Trustee, so long as any series of Securities is outstanding, within the time periods specified in the Commission’s rules and regulations that would be applicable if the Company were a “non-accelerated filer”
subject to such rules and regulations: 
 (i) all annual and quarterly reports that would be required to be filed with the
Commission on Forms 10-K and 10-Q if the Company were required to file such reports; and 
 (ii) all current reports that
would be required to be filed with the Commission on Form 8-K if the Company were required to file such reports. 
 (b) The Company shall
prepare all such reports within the time periods specified in Section 5.07(a), in all material respects in accordance with all of the rules and regulations applicable to such reports. Each annual report on Form 10-K shall include a report on
the Company’s consolidated financial statements by its independent registered public accounting firm or independent auditors. In addition, the Company shall file a copy of each of the reports referred to in Sections 5.07(a)(i) and
(ii) with the Commission for public availability within the time periods specified in Sections 5.07(a)(i) and (ii) (unless the Commission will not accept such a filing). The Company shall not take any action for the purpose of causing the
Commission not to accept any such filings. If, notwithstanding the foregoing, the Commission will not accept the Company’s filings for any reason, the Company shall use its reasonable best efforts to post the reports referred to in Sections
5.07(a)(i) and (ii) on its website within the time periods specified therein. To the extent such filings are made, the reports will be deemed to be furnished to the Trustee on the date filed. 

  
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 (c) Delivery or furnishing of such reports, information and documents to the Trustee is for
informational purposes only, and the Trustee’s receipt or deemed receipt of such reports, information and documents shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). The Trustee shall have no obligation whatsoever to determine whether or
not such information, documents or reports have been filed pursuant to the “EDGAR” system (or its successor) or posted on the Company’s website. 

SECTION 5.08 Payment of Taxes and Other Claims. The Company shall pay, and shall cause each of its subsidiaries to pay, prior to
delinquency, any material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of any
Securities. 
 SECTION 5.09 Payments for Consent. The Company shall not, directly or indirectly, pay or cause to be paid any
consideration to or for the benefit of any Holder of Securities for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or any Securities, unless such consideration is offered to all Holders of
such Securities and is paid to all Holders of such Securities that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 

SECTION 5.10 Information Regarding Collateral. 

(a) Until the Collateral Release Date, the Company will furnish to the Collateral Agent, with a copy to the Trustee, prompt written notice of
any change in the Company’s (i) legal name, (ii) jurisdiction of incorporation or (iii) identity or corporate structure. The Company will agree not to effect or permit any change referred to in the preceding sentence unless all
filings have been made or will have been made promptly following any such change (and in no event later than the expiry any applicable statutory period) under the Uniform Commercial Code or otherwise that are required in order for the Collateral
Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral. The Company also agrees promptly to notify the Collateral Agent if any material portion of the Collateral is damaged,
destroyed or condemned. 
 (b) Each year, at the time of delivery of the annual financial statements with respect to the preceding fiscal
year, the Company shall, if the Collateral Release Date has not occurred, deliver to the Trustee and the Holders of Securities a certificate of a Financial Officer setting forth the information required pursuant to the schedules required by the
Security Documents or confirming that there has been no change in such information since the date of the prior annual financial statements. 

SECTION 5.11 Waiver of Certain Covenants. The Company may omit in any particular instance to comply with any term, provision or
condition set forth in: 

  
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 (a) any covenant or restriction specified with respect to the Securities of any
one or more series, or any Tranche or Tranches thereof, as contemplated by Section 3.01 or by Section 11.01(b) if before the time for such compliance the Holders of a majority in aggregate principal amount of the Outstanding Securities of
all series and Tranches with respect to which compliance with such covenant or restriction is to be omitted, considered as one class, shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with
such term, provision or condition; provided, however, that no such waiver shall be effective as to any matters contemplated in Sections 11.02(a), (b) or (c) without consent of the Holders specified in such Section; and 

(b) Section 5.04 or Article Ten if before the time for such compliance the Holders of a majority in principal amount of
Securities Outstanding under this Indenture shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition; 

but, in either case, no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such
waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 

ARTICLE VI 
 SATISFACTION
AND DISCHARGE 
 SECTION 6.01 Satisfaction and Discharge of Securities. 

(a) Any Security or Securities, or any portion of the principal amount thereof, shall be deemed to have been paid for purposes of this
Indenture and, at the Company’s election, the entire Indebtedness of the Company in respect thereof will be deemed to have been satisfied and discharged, if there shall have been irrevocably deposited with the Trustee, in trust: 

(i) money in an amount which shall be sufficient; or 

(ii) in the case of a deposit made before the Maturity of such Securities or portions thereof that shall not contain provisions
permitting the redemption or other prepayment thereof at the option of the issuer thereof, Eligible Obligations, the principal of and the interest on which when due, without any regard to reinvestment thereof, will provide moneys which, together
with the money, if any, deposited with or held by the Trustee, shall be sufficient; or 
 (iii) a combination of clauses
(i) or (ii) which shall be sufficient, 
 in each case, to pay when due the principal of and premium, if any, and interest, if any, due and to
become due on such Securities or portions thereof; provided, however, that in the case of the provision for payment or redemption of less than all the Securities of any series or Tranche, such Securities or portions thereof shall have
been selected by the Security Registrar as provided herein and, in the case of a redemption, the notice requisite to the validity of such redemption shall have been given or irrevocable authority shall have been given by the Company to the Trustee
to give such notice, under arrangements satisfactory to the Trustee; and provided, further, that the Company shall have delivered to the Trustee and such Paying Agent: 

  
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 (x) if such deposit shall have been made prior to the Maturity of such
Securities, a Company Order stating that the money and Eligible Obligations deposited in accordance with this Section 6.01 shall be held in trust, as provided in Section 6.03; 

(y) if Eligible Obligations shall have been deposited, an Opinion of Counsel to the effect that such obligations constitute
Eligible Obligations and do not contain provisions permitting the redemption or other prepayment thereof at the option of the issuer thereof, and an opinion of a nationally-recognized investment bank, appraisal firm or firm of independent
accountants, selected by the Company, to the effect that the other requirements set forth in Section 6.01(a)(ii) and, if applicable, Section 6.01(a)(iii) have been satisfied; and 

(z) if such deposit shall have been made prior to the Maturity of such Securities, an Officer’s Certificate stating that
the money and Eligible Obligations are sufficient to pay the Securities being redeemed and the Company’s intention that, upon delivery of such Officer’s Certificate, its Indebtedness in respect of such Securities or portions thereof will
have been satisfied and discharged as contemplated in this Section 6.01. 
 (b) Upon the deposit of money or Eligible Obligations, or
both, in accordance with this Section 6.01, together with the documents required by Sections 6.01(a)(x), (y) and (z) above and upon receipt by the Trustee of an Officer’s Certificate and Opinion of Counsel that the conditions set
forth in this Section 6.01 have been met, the Trustee shall, upon Company Request, acknowledge in writing that such Securities or portions thereof are deemed to have been paid for all purposes of this Indenture and that the entire Indebtedness
of the Company in respect thereof has been satisfied and discharged as contemplated in this Section 6.01. In the event that all of the conditions set forth in Section 6.01(a) shall have been satisfied in respect of any Securities or
portions thereof except that, for any reason, the Officer’s Certificate specified in Section 6.01(a)(z) (if otherwise required) shall not have been delivered, such Securities or portions thereof shall nevertheless be deemed to have been
paid for all purposes of this Indenture, and the Holders of such Securities or portions thereof shall nevertheless be no longer entitled to the benefits provided by this Indenture or of any of the covenants of the Company under Article Five (except
the covenants contained in Sections 5.02 and 5.03) or any other covenants made in respect of such Securities or portions thereof as contemplated by Section 3.01 or Section 12.01(b), but the Indebtedness of the Company in respect of such
Securities or portions thereof shall not be deemed to have been satisfied and discharged prior to Maturity for any other purpose; and, upon receipt by the Trustee of an Officer’s Certificate and Opinion of Counsel that the conditions set forth
in this Section 6.01 have been met, the Trustee shall acknowledge in writing that such Securities or portions thereof are deemed to have been paid for all purposes of this Indenture. 

(c) If payment at Stated Maturity of less than all of the Securities of any series, or any Tranche thereof, is to be provided for in the
manner and with the effect provided in this Section 6.01, the Security Registrar shall select such Securities, or portions of principal amount thereof, in the manner specified by Section 4.03 for selection for redemption of less than all
the Securities of a series or Tranche. 

  
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 (d) In the event that Securities which shall be deemed to have been paid for purposes of this
Indenture, and, if such is the case, in respect of which the Indebtedness of the Company shall have been satisfied and discharged, all as provided in this Section 6.01, do not mature and are not to be redeemed within the sixty (60) day
period commencing with the date of the deposit of moneys or Eligible Obligations, as aforesaid, the Company shall, as promptly as practicable, give a notice, in the same manner as a notice of redemption with respect to such Securities, to the
Holders of such Securities to the effect that such deposit has been made and the effect thereof. 
 (e) Notwithstanding that any Securities
shall be deemed to have been paid for purposes of this Indenture, as aforesaid, the obligations of the Company and the Trustee in respect of such Securities under Sections 3.04, 3.05, 3.06, 4.04, 5.02, 5.03, 8.07 and 8.14 and this Article Six shall
survive. 
 (f) The Company shall pay, and shall indemnify the Trustee or any Paying Agent with which Eligible Obligations shall have been
deposited as provided in this Section against, any tax, fee or other charge imposed on or assessed against such Eligible Obligations or the principal or interest received in respect of such Eligible Obligations, including, but not limited to, any
such tax payable by any entity deemed, for tax purposes, to have been created as a result of such deposit. 
 (g) Anything herein to the
contrary notwithstanding, (i) if, at any time after a Security would be deemed to have been paid for purposes of this Indenture, and, if such is the case, the Company’s Indebtedness in respect thereof would be deemed to have been satisfied
and discharged pursuant to this Section 6.01 (without regard to the provisions of this paragraph), the Trustee or any Paying Agent, as the case may be, (A) shall be required to return the money or Eligible Obligations, or combination
thereof, deposited with it as aforesaid to the Company or any representative thereof (designated in writing by the Company or any court or Governmental Authority), under any applicable Federal or State bankruptcy, insolvency or other similar law or
(B) are unable to apply any money with respect to such Security by reason of any order or judgment of any court or Governmental Authority enjoining, restraining or otherwise prohibiting such application, such Security shall thereupon be deemed
retroactively not to have been paid and any satisfaction and discharge of the Indebtedness of the Company in respect thereof shall retroactively be deemed not to have been effected, and such Security shall be deemed to remain Outstanding and
(ii) any satisfaction and discharge of the Indebtedness of the Company in respect of any Security shall be subject to the provisions of Section 5.03(e). 

SECTION 6.02 Satisfaction and Discharge of Indenture. 

(a) This Indenture shall cease to be of further effect (except as hereinafter expressly provided), and, upon receipt by the Trustee of an
Officer’s Certificate and Opinion of Counsel that the conditions set forth in this Section 6.02 have been met, the Trustee, at the expense of the Company, shall execute such instruments as the Company shall reasonably request to effect,
evidence and acknowledge the satisfaction and discharge of this Indenture, when: 

  
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 (i) no Securities remain Outstanding hereunder; and 

(ii) the Company has paid or caused to be paid all other sums payable hereunder by the Company; 

provided, however, that if, in accordance with Section 6.01(g), any Security previously deemed to have been paid for purposes of this
Indenture shall be deemed retroactively not to have been so paid, this Indenture shall thereupon be deemed retroactively not to have been satisfied and discharged, as aforesaid, and to remain in full force and effect, and the Company shall execute
and deliver such instruments and opinions the Trustee shall reasonably request to evidence and acknowledge the same. 
 (b) Notwithstanding
the satisfaction and discharge of this Indenture as aforesaid, the obligations of the Company and the Trustee under Sections 3.04, 3.05, 3.06, 4.04, 5.02, 5.03, 8.07 and 8.14 and this Article Six shall survive. 

(c) Upon satisfaction and discharge of this Indenture as provided in this Section 6.02, the Trustee shall turn over to the Company any
and all money, securities and other property then held by the Trustee for the benefit of the Holders of the Securities (other than money and Eligible Obligations held by the Trustee pursuant to Section 6.03). 

SECTION 6.03 Application of Trust Money. Neither the Eligible Obligations nor the money deposited pursuant to Section 6.01,
nor the principal or interest payments on any such Eligible Obligations, shall be withdrawn or used for any purpose other than, and shall be held in trust for, the payment of the principal of and premium, if any, and interest, if any, on the
Securities or portions of principal amount thereof in respect of which such deposit was made, all subject, however, to the provisions of Section 5.03; provided, however, that any cash received from such principal or interest
payments on such Eligible Obligations, if not then needed for such purpose, shall, to the extent practicable and upon Company Request and delivery to the Trustee of the documents referred to in Section 6.01(a)(y), be invested in Eligible
Obligations of the type described in Section 6.01(a)(ii) maturing at such times and in such amounts as shall be sufficient, together with any other moneys and the proceeds of any other Eligible Obligations then held by the Trustee, to pay when
due the principal of and premium, if any, and interest, if any, due and to become due on such Securities or portions thereof on and prior to the Maturity thereof, and interest earned from such reinvestment shall be paid over to the Company as
received, free and clear of any trust, lien or pledge under this Indenture; and provided, further, that any moneys held in accordance with this Section 6.03 on the Maturity of all such Securities in excess of the amount required
to pay the principal of and premium, if any, and interest, if any, then due on such Securities shall be paid over to the Company free and clear of any trust, lien or pledge under this Indenture; and provided, further, that if an Event
of Default shall have occurred and be continuing, moneys to be paid over to the Company pursuant to this Section shall be held until such Event of Default shall have been waived or cured. 

  
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 ARTICLE VII 

EVENTS OF DEFAULT; REMEDIES 

SECTION 7.01 Events of Default. “Event of Default,” wherever used herein with respect to the Securities of any
series, means any of the following events which shall have occurred and be continuing: 
 (a) failure to pay interest, if
any, on any Security of such series within thirty (30) days after the same becomes due and payable; provided, however, that no such failure shall constitute an “Event of Default” if the Company shall have made a valid
extension of the interest payment period with respect to the Securities of such series if so provided with respect to such series as contemplated by Section 3.01; 

(b) failure to pay the principal of or premium, if any, on any Security of such series at maturity, upon redemption, upon
required purchase, upon acceleration or otherwise; provided, however, that no such failure shall constitute an “Event of Default” if the Company shall have made a valid extension of the Maturity of the Securities of such
series if so provided with respect to such series as contemplated by Section 3.01; 
 (c) failure to perform or breach
of any covenant, representation, warranty or other agreement of the Company in this Indenture, the Securities or the Security Documents (other than a default referred to in Section 7.01(a) or (b)) for a period of sixty (60) days after
written notice has been given to the Company by the Trustee, or to the Company and the Trustee by the Holders of at least twenty-five percentum (25%) in principal amount of the Outstanding Securities of such series, specifying such default or
breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder, unless the Trustee, or the Trustee and the Holders of a principal amount of Securities of such series not less than the
principal amount of Securities the Holders of which gave such notice, as the case may be, shall agree in writing to an extension of such period prior to its expiration; provided that the Trustee, or the Trustee and the Holders of such
principal amount of Securities of such series, as the case may be, shall be deemed to have agreed to an extension of such period (not to exceed a total period of one hundred twenty (120) days) if corrective action is initiated by the Company
within such period and the Company provides the Trustee and the Holders written notice that such corrective action is being diligently pursued (provided that the Company’s failure to provide such notice shall not affect the validity of any such
extension); 
 (d) the occurrence of an event of default (howsoever defined), as defined in any instrument of the Company or
any Significant Subsidiary under which there is or by which there is evidenced any Indebtedness of the Company or any Significant Subsidiary, that has resulted in the acceleration of such Indebtedness in excess of $50 million, or any default in
payment of indebtedness in excess of $50 million at final maturity, after the expiration of any applicable grace or cure periods; provided that the waiver or cure of any such default under any such instrument or Indebtedness shall constitute
a waiver and cure of the corresponding Event of Default under this Indenture and the rescission and annulment of the consequences thereof shall constitute a rescission and annulment of the corresponding consequences under this Indenture; 

  
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 (e) the repudiation by the Company of any of its obligations under any of the
Security Documents or the unenforceability of any of the Security Documents against the Company for any reason if such unenforceability shall be applicable to (i) Collateral having an aggregate Fair Market Value of $50 million or more or
(ii) the Pledged Equity and any such unenforceability has not been cured within sixty (60) days after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of at least twenty-five percentum
(25%) in principal amount of the Securities as provided in Section 7.02; 
 (f) any Security Document or any Lien
purported to be granted thereby is held in any judicial proceeding to be unenforceable or invalid, in whole or in part, or ceases for any reason (other than pursuant to a release that is delivered or becomes effective as set forth in this Indenture)
to be fully enforceable and perfected and any such unenforceability or lack of perfection has not been cured within sixty (60) days after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of at least
twenty-five percentum (25%) in principal amount of the Securities as provided in Section 7.02; 
 (g) the entry by
a court having jurisdiction in the premises of (i) a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or
(ii) a decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition by one or more Persons other than the Company seeking reorganization, arrangement, adjustment or composition of or in respect of the
Company under any applicable Federal or State law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official for the Company or for any substantial part of its property, or ordering the winding up or
liquidation of its affairs, and any such decree or order for relief or any such other decree or order shall have remained unstayed and in effect for a period of ninety (90) consecutive days; 

(h) the commencement by the Company of a voluntary case or proceeding under any applicable Federal or State bankruptcy,
insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by the Company to the entry of a decree or order for relief in respect of the Company in a case or
proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against the Company, or the filing by the Company of a petition or
answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by the Company to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee,
trustee, sequestrator or similar official of the Company or of any substantial part of its property, or the making by the Company of an assignment for the benefit of creditors, or the admission by the Company in writing of its inability to pay its
debts generally as they become due, or the authorization of such action by the Board of Managers; or 

  
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 (i) the failure by the Company to pay final judgments aggregating in excess of
$50 million, which judgments are not paid, discharged or stayed for a period of sixty (60) days. 
 SECTION 7.02
Acceleration of Maturity; Rescission and Annulment. 
 (a) If an Event of Default under Sections 7.01(g) or (h) shall have
occurred and be continuing with respect to Securities of any series at the time Outstanding, then the principal amount of, premium, if any, and accrued interest, if any, on all of the Securities of such series then Outstanding shall be due and
payable immediately without any declaration or other act on the part of the Trustee or any Holder. If any other Event of Default shall have occurred and be continuing with respect to Securities of any series at the time Outstanding, then in every
such case the Trustee or the Holders of not less than twenty-five percentum (25%) in principal amount of the Securities of such series then Outstanding may declare the principal amount of all of the Securities of such series then Outstanding to
be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon such declaration such principal amount (or specified amount), together with premium, if any, and accrued interest, if any,
thereon, shall become immediately due and payable; provided that if an Event of Default shall have occurred and be continuing with respect to more than one series of Securities, the Trustee or the Holders of not less than twenty-five
percentum (25%) in aggregate principal amount of the Outstanding Securities of all such series, considered as one class, may make such declaration of acceleration, and not the Holders of the Securities of any one of such series. 

(b) At any time after such a declaration of acceleration of the maturity of the Securities of any series then Outstanding shall have been
made, but before a judgment or decree for payment of the money due shall have been obtained by the Trustee as provided in this Article Seven, such declaration and its consequences shall, without further act, be deemed to have been rescinded and
annulled, if: 
 (i) the Company shall have paid or deposited with the Trustee a sum sufficient to pay: 

(A) all overdue interest, if any, on all Securities of such series then Outstanding; 

(B) the principal of and premium, if any, on any Securities of such series then Outstanding which have become due otherwise
than by such declaration of acceleration and interest, if any, thereon at the rate or rates prescribed therefor in such Securities; 

(C) interest, if any, upon overdue interest, if any, at the rate or rates prescribed therefor in such Securities, to the
extent that payment of such interest is lawful; and 
 (D) all amounts due to the Trustee under Section 8.07; and 

(ii) all Events of Default with respect to Securities of such series, other than the non-payment of the principal of Securities
of such series which shall have become due solely by such declaration of acceleration, shall have been cured or waived as provided in Section 7.13. 

  
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 (c) No such rescission and annulment shall extend to or affect any subsequent Event of Default or
impair any right consequent thereon. 
 SECTION 7.03 Collection of Indebtedness and Suits for Enforcement by Trustee. 

(a) If an Event of Default described in Sections 7.01(a) or (b) shall have occurred and be continuing, the Company shall, upon demand of
the Trustee, pay to it, for the benefit of the Holders of the Securities of the series with respect to which such Event of Default shall have occurred, the whole amount then due and payable on such Securities for principal and premium, if any, and
interest, if any, and, in addition thereto, such further amount as shall be sufficient to cover any amounts due to the Trustee under Section 8.07. If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own
name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other
obligor upon such Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 

(b) If an Event of Default with respect to Securities of any series shall have occurred and be continuing, the Trustee may in its discretion
proceed to protect and enforce its rights and the rights of the Holders of the Securities of such series then Outstanding by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights,
whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

SECTION 7.04 Application of Money Collected. Any money collected by the Trustee pursuant to this Article Seven shall be applied in
the following order, to the extent permitted by law, and, in case of the distribution of such money on account of principal or premium, if any, or interest, if any, upon presentation of the Securities in respect of which or for the benefit of which
such money shall have been collected and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 

First: To the payment of all amounts due the Trustee under Section 8.07; 

Second: To the payment of the whole amount then due and unpaid upon the Outstanding Securities for principal and premium, if
any, and interest, if any, in respect of which or for the benefit of which such money has been collected; and in case such proceeds shall be insufficient to pay in full the whole amount so due and unpaid upon such Securities, then to the payment of
such principal and interest, if any, thereon without any preference or priority, ratably according to the aggregate amount so due and unpaid, with any balance then remaining to the payment of premium, if any, and, if so specified as contemplated by
Section 3.01 with respect to the Securities of any series, or any Tranche thereof, interest, if any, on overdue premium, if any, and overdue interest, if any, ratably as aforesaid, all to the extent permitted by applicable law; 

  
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 Third: To the payment of the remainder, if any, to the Company or to whomsoever may be
lawfully entitled to receive the same or as a court of competent jurisdiction may direct. 
 The Trustee may fix a record date and payment date for
any payment to Holders of Securities pursuant to this Section 7.04. 
 SECTION 7.05 Trustee May File Proofs of Claim. 

(a) In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be
due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention
in such proceeding or otherwise: 
 (i) to file and prove a claim for the whole amount of principal, premium, if any, and
interest, if any, owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for amounts due to the Trustee under
Section 8.07) and of the Holders allowed in such judicial proceeding; and 
 (ii) to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Trustee any amounts due it under Section 8.07. 
 (b) Nothing herein contained shall be deemed to authorize the Trustee
to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of
the claim of any Holder in any such proceeding. 
 SECTION 7.06 Trustee May Enforce Claims Without Possession of Securities. All
rights of action and claims under this Indenture, or on the Securities endorsed thereon, may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and
any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel, be for the ratable benefit of the Holders in respect of which such judgment has been recovered. 

  
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 SECTION 7.07 Limitation on Suits. No Holder shall have any right to institute any
proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

(a) such Holder shall have previously given written notice to the Trustee of a continuing Event of Default with respect to the
Securities of such series; 
 (b) the Holders of at least twenty-five percentum (25%) in aggregate principal amount of
the Securities then Outstanding of all series in respect of which an Event of Default shall have occurred and be continuing, considered as one class, shall have made written request to the Trustee to institute proceedings in respect of such Event of
Default in its own name as Trustee hereunder; 
 (c) such Holder or Holders shall have offered to the Trustee an indemnity
satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request; 

(d) the Trustee for sixty (60) days after its receipt of such notice, request and offer of indemnity shall have failed to
institute any such proceeding; and 
 (e) no direction inconsistent with such written request shall have been given to the
Trustee during such sixty (60) day period by the Holders of a majority in aggregate principal amount of the Securities then Outstanding of all series in respect of which an Event of Default shall have occurred and be continuing, considered as
one class; 
 it being understood and intended that no one or more of the Holders of Securities of any series shall have any right in any manner whatever by
virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Securities of any series or to obtain or to seek to obtain priority or preference over any other Holders of Securities
of such series or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all Holders of Securities of such series (it being understood that the Trustee does not have an affirmative
duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). 
 SECTION 7.08 Unconditional
Right of Holders to Receipt of Principal, Premium and Interest. Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of
and premium, if any, and (subject to Section 3.07) interest, if any, on such Security on the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute suit for the
enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
 SECTION 7.09
Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding shall have been discontinued or abandoned for any reason, or shall have
been 

  
 49 

 
determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and such Holder shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and such Holder shall continue as though no such proceeding had been instituted. 

SECTION 7.10 Rights and Remedies Cumulative. Except as otherwise provided in Section 3.06(f), no right or remedy herein
conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or
remedy. 
 SECTION 7.11 Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article Seven or by law to the Trustee or to the
Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

SECTION 7.12 Control by Holders of Securities. If an Event of Default shall have occurred and be continuing in respect of a series
of Securities, the Holders of a majority in principal amount of the Securities of such series then Outstanding shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred on the Trustee, with respect to the Securities of such series; provided, that if an Event of Default shall have occurred and be continuing with respect to more than one series of Securities, the Holders
of a majority in aggregate principal amount of the Outstanding Securities of all such series, considered as one class, shall have the right to make such direction, and not the Holders of the Securities of any one of such series; provided,
further, that: 
 (a) such direction shall not be in conflict with any applicable Governmental Rule, this Indenture or
the Pari Passu Intercreditor Agreement, and could not involve the Trustee in personal liability in circumstances where indemnity would not, in the Trustee’s sole discretion, be adequate; 

(b) the Trustee shall not determine that the action so directed would be unjustly prejudicial to the Holders of Securities of
such series not taking part in such direction; and 
 (c) the Trustee may take any other action deemed proper by the Trustee
which is not inconsistent with such direction. 
 Prior to taking any action under this Section 7.12, the Trustee shall be entitled to indemnification
satisfactory to it against all loss, liability and expense caused by taking or not taking such action hereunder. 

  
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 SECTION 7.13 Waiver of Past Defaults. 

(a) The Holders of a majority in principal amount of the Securities of any series then Outstanding may on behalf of the Holders of all the
Securities of such series then Outstanding waive any past default with respect to such series hereunder and its consequences, except a default: 

(i) in the payment of the principal of or premium, if any, or interest, if any, on any Security of such series then
Outstanding; or 
 (ii) in respect of a covenant or provision hereof which under Section 11.02 cannot be modified or
amended without the consent of the Holder of each Outstanding Security of such series or the affected Tranche thereof. 
 (b) Upon any such
waiver, such default shall cease to exist, and any and all Events of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any
right consequent thereon. 
 SECTION 7.14 Undertaking for Costs. The Company and the Trustee agree, and each Holder by its
acceptance of a Security shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or
omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses,
against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant, all in the manner, to the extent and except as provided in the Trust Indenture Act; but the provisions of
this Section 7.14 shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than ten percentum (10%) in aggregate
principal amount of the Outstanding Securities of all series in respect of which such suit may be brought, considered as one class, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or premium, if any, or
interest, if any, on any Security on or after the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date). 

SECTION 7.15 Waiver of Stay, Extension or Usury Laws. To the full extent that it may lawfully so agree, the Company shall not at
any time set up, claim or otherwise seek to take the benefit or advantage of any stay, extension or usury law, now or hereafter in effect, in order to prevent or hinder the enforcement of this Indenture; and the Company, for itself and all who may
claim under it, so far as it or they now or hereafter may lawfully do so, hereby waives the benefit of all such laws. 

  
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 ARTICLE VIII 

THE TRUSTEE 

SECTION 8.01 Certain Duties and Responsibilities. 

(a) Except during the continuance of an Event of Default with respect to Securities of any series, 

(i) the Trustee undertakes to perform, with respect to Securities of such series, such duties and only such duties as are
specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii) in the absence of willful misconduct on its part, the Trustee may, with respect to Securities of such series, conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or
opinions which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not
confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 
 (b) In case an Event of Default with
respect to Securities of any series shall have occurred and be continuing, the Trustee shall exercise, with respect to Securities of such series, such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill
in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that: 
 (i) this subsection shall not be construed to limit the effect
of Section 8.01(a); 
 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (iii)
the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of a majority in principal amount of the Securities of any one or more series then
Outstanding, as provided herein, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the
Securities of such series; and 
 (iv) no provision of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers. 

  
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 (d) Whether or not therein expressly so provided, every provision of this Indenture relating to
the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 8.01. 

SECTION 8.02 Notice of Defaults. The Trustee shall give notice of any default hereunder with respect to the Securities of any
series to the Holders of Securities of such series in the manner and to the extent required to do so by the Trust Indenture Act, unless such default shall have been cured or waived; provided, however, that in the case of any default of
the character specified in Section 7.01(c), no such notice to Holders shall be given until at least seventy-five (75) days after the occurrence thereof; and provided, further, that, subject to the provisions of
Section 8.01, the Trustee shall not be deemed to have knowledge of such default unless either (i) a Responsible Officer of the Trustee shall have actual knowledge of such default or (ii) the Trustee shall have received written notice
thereof from the Company or any Holder and such notice references the Securities of such series and this Indenture. For the purpose of this Section 8.02, the term “default” means any event which is, or after notice or lapse of time,
or both, would become, an Event of Default with respect to the Securities of such series. 
 SECTION 8.03 Certain Rights of
Trustee. Subject to the provisions of Section 8.01 and to the applicable provisions of the Trust Indenture Act: 

(a) the Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed, sent or presented
by the proper party or parties; 
 (b) any request, direction or act of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order or as otherwise expressly provided herein, and any resolution of the Board of Managers may be sufficiently evidenced by a Board Resolution; 

(c) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence is specifically prescribed herein) may, in the absence of willful misconduct on its part, conclusively rely upon an Officer’s Certificate; 

(d) the Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be
full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in conclusive reliance thereon; 

(e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any Holder pursuant to this Indenture, unless such Holder shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it complying with
such request or direction; 

  
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 (f) the Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall (subject to applicable legal requirements) be entitled to
examine, during normal business hours, the books, records and premises of the Company, personally or by agent or attorney and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation; 

(g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or
through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(h) the Trustee shall not be charged with knowledge of any Event of Default with respect to the Securities of any series for
which it is acting as Trustee unless either (i) a Responsible Officer of the Trustee shall have actual knowledge of the Event of Default or (ii) written notice of such Event of Default shall have been given to the Trustee by the Company or
any other obligor on such Securities, or by any Holder of such Securities; 
 (i) the Trustee shall not be liable for any
action taken, suffered or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 

(j) in no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of
any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; 

(k) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder; 

(l) the Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties
hereunder; 
 (m) under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced
by the Securities; and 
 (n) the Trustee may request that the Company deliver a certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 

  
 54 

 SECTION 8.04 Not Responsible for Recitals or Issuance of Securities. The recitals
contained herein, in any disclosure materials and in the Securities (except the Trustee’s certificates of authentication) shall be taken as the statements of the Company and neither the Trustee nor any Authenticating Agent assumes any
responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by
the Company of Securities or the proceeds thereof. 
 SECTION 8.05 May Hold Securities. Each of the Trustee, any Authenticating
Agent, any Paying Agent, any Security Registrar or any other agent of the Company or the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities and, subject to Sections 8.08 and 8.13, may otherwise deal with
the Company with the same rights it would have if it were not such Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. 

SECTION 8.06 Money Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from other funds, except to
the extent required by law. The Trustee shall be under no liability for interest on or investment of any money received by it hereunder except as expressly provided herein or otherwise agreed with, and for the sole benefit of, the Company. 

SECTION 8.07 Compensation and Reimbursement. 

(a) The Company agrees: 

(i) to pay to the Trustee from time to time such compensation as agreed in writing between the Company and the Trustee for all
services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(ii) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances reasonably incurred or made by the Trustee in accordance with any provision of this Indenture (including the compensation and the expenses and disbursements of its agents and counsel), except to the extent that any such
expense, disbursement or advance as may be attributable to its gross negligence or willful misconduct; and 
 (iii) to
indemnify, defend, protect and hold the Trustee harmless from and against any and all loss, liability, damage, cost or expense, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee), that the Trustee
may suffer or incur arising out of or in connection with the acceptance or administration of the Indenture or the trust or trusts hereunder or the performance of its duties hereunder, including the costs and expenses of defending itself against any
claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder and including any loss, liability or expense incurred by it arising out of
or in connection with its performance as an Authorized Representative and Secured Party under the Pari Passu 

  
 55 

 
Intercreditor Agreement (including, without limitation, any obligations incurred by the Trustee under any indemnification provisions under the Pari Passu Intercreditor Agreement), except to the
extent that any such loss, liability or expense may be attributable to its gross negligence or willful misconduct. 
 (b) As security for
the performance of the obligations of the Company under this Section 8.07, the Trustee shall have a Lien prior to the Securities upon all property and funds held or collected by the Trustee as such, other than property and funds held in trust
under Section 6.03 (except moneys payable to the Company as provided in Section 6.03). “Trustee” for purposes of this Section shall include any predecessor Trustee; provided, however, that the negligence or
willful misconduct of any Trustee hereunder shall not affect the rights of any other Trustee hereunder. 
 (c) When the Trustee incurs
expenses or renders services in connection with an Event of Default specified in Section 7.01, the expenses (including the reasonable fees and expenses of its counsel) and the compensation for the services are intended to constitute expenses of
administration under any applicable Federal or state bankruptcy, insolvency or other similar law. 
 (d) The obligations of the Company
under this Section 8.07 shall survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. 

SECTION 8.08 Disqualification; Conflicting Interests. If the Trustee shall have or acquire any conflicting interest within the
meaning of the Trust Indenture Act, it shall either eliminate such conflicting interest or resign to the extent, in the manner and with the effect, and subject to the conditions, provided in the Trust Indenture Act and this Indenture. For purposes
of Section 3.10(b)(1) of the Trust Indenture Act and to the extent permitted thereby, the Trustee, in its capacity as trustee in respect of the Securities of any series, shall not be deemed to have a conflicting interest arising from its
capacity as trustee in respect of the Securities of any other series. 
 SECTION 8.09 Corporate Trustee Required; Eligibility.
There shall at all times be a Trustee hereunder which shall be: 
 (a) a corporation or association organized and doing business under the
laws of the United States any State or Territory thereof or the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least Ten Million Dollars ($10,000,000) and subject to
supervision or examination by Federal, State, Territorial or District of Columbia authority, or 
 (b) if and to the extent permitted by the
Commission by rule, regulation or order upon application, a corporation or other Person organized and doing business under the laws of a foreign government, authorized under such laws to exercise corporate trust powers, having a combined capital and
surplus of at least Fifty Million Dollars ($50,000,000) or the Dollar equivalent of the applicable foreign currency and subject to supervision or examination by authority of such foreign government or a political subdivision thereof substantially
equivalent to supervision or examination applicable to United States institutional trustees, and, in either case, 

  
 56 

 
qualified and eligible under this Article and the Trust Indenture Act. If such corporation or association publishes reports of condition at least annually, pursuant to law or to the requirements
of such supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 8.09 or the Trust Indenture Act, it shall resign immediately in the manner and with the effect hereinafter specified
in this Article Eight. 
 SECTION 8.10 Resignation and Removal; Appointment of Successor. 

(a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article Eight shall become effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 8.11. 
 (b) The
Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor Trustee required by Section 8.11 shall not have been delivered
to the Trustee within thirty (30) days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction, at the expense of the Company, for the appointment of a successor Trustee with
respect to the Securities of such series. 
 (c) The Trustee may be removed with respect to the Securities of any series by Act of the
Holders of a majority in principal amount of the Securities of such series then Outstanding upon thirty (30) days prior written notice delivered to the Trustee, and to the Company. If the instrument of acceptance by a successor Trustee required
by Section 8.11 shall not have been delivered to the Trustee within thirty (30) days after the Trustee is removed, the Trustee being removed may petition any court of competent jurisdiction, at the expense of the Company, for the
appointment of a successor Trustee with respect to the Securities of such series. 
 (d) If at any time: 

(i) the Trustee shall fail to comply with Section 8.08 after written request therefor by the Company or by any Holder who
has been a bona fide Holder for at least six (6) months; 
 (ii) the Trustee shall cease to be eligible under
Section 8.09 or Section 3.10(a) of the Trust Indenture Act and shall fail to resign after written request therefor by the Company or by any such Holder; or 

(iii) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or
of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

  
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 then, in any such case, (x) the Company may remove the Trustee with respect to all Securities or
(y) subject to Section 7.14, any Holder who has been a bona fide Holder for at least six (6) months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal of the
Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 
 (e) If the Trustee shall resign, be
removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause (other than as contemplated by Section 8.10(d)(y)), with respect to the Securities of one or more series, the Company shall take prompt
steps to appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and
that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 8.11. If, after such resignation, removal or incapability, or the occurrence
of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Securities of such series then Outstanding delivered to the Company and the retiring
Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 8.11, become the successor Trustee with respect to the Securities of such series and
to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required
by Section 8.11, any Holder who has been a bona fide Holder of a Security of such series for at least six (6) months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such series. 
 (f) So long as no event which is, or after notice or
lapse of time, or both, would become, an Event of Default shall have occurred and be continuing, if the Company shall have delivered to the Trustee or Trustees with respect to the Securities of one or more series, (i) an instrument executed by
an Authorized Officer of each of the Company appointing a successor Trustee or Trustees with respect to such series, effective as of a date specified therein, and (ii) an instrument of acceptance of such appointment, effective as of such date,
by such successor Trustee or Trustees in accordance with Section 8.11, the Trustee or Trustees with respect to such series, shall be deemed to have resigned as contemplated in Section 8.10(b), the successor Trustee or Trustees shall be
deemed to have been appointed by the Company pursuant to Section 8.10(e) and such appointment shall be deemed to have been accepted as contemplated in Section 8.11, all as of such date, and all other provisions of this Section and
Section 8.11 shall be applicable to such resignation, appointment and acceptance except to the extent inconsistent with Section 8.10(f). This Section 8.10(f) shall not apply with respect to a Trustee appointed by Act of the Holders of
a majority in principal amount of the Outstanding Securities of any series pursuant to Section 8.10(e). 
 (g) The Company shall give
notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series. Each notice
shall include the name of the successor Trustee with respect to the Securities of such series and the address of its corporate trust office. 

  
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 SECTION 8.11 Acceptance of Appointment by Successor. 

(a) In case of the appointment hereunder of a successor Trustee with respect to the Securities of all series, every such successor Trustee so
appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee,
without any further act, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of all sums owed to it,
execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder. 
 (b) In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not
all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of such series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which
(i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or
those series to which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all
the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee and (iii) shall add to or
change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution
and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, shall become vested with all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on written request of the Company or any successor Trustee, such retiring
Trustee, upon payment of all sums owed to it, shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates. 
 (c) Upon reasonable request of any such successor Trustee, the Company shall execute
instruments to more fully and certainly vest in and confirm to such successor Trustee all rights, powers and trusts referred to in Sections 8.11(a) or (b), as the case may be. 

  
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 (d) No successor Trustee shall accept its appointment unless at the time of such acceptance such
successor Trustee shall be qualified and eligible under this Article Eight. 
 SECTION 8.12 Merger, Conversion, Consolidation or
Succession to Business. Any corporation or association into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the
Trustee shall be a party, or any corporation or association succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder without the execution or filing of any paper or any
further act on the part of any of the parties hereto, provided that such corporation or association shall be otherwise qualified and eligible under this Article Eight. In case any Securities shall have been authenticated, but not delivered,
by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities. 
 SECTION 8.13 Preferential Collection of Claims Against Company. If the Trustee shall be or
become a creditor of the Company or any other obligor upon the Securities (other than by reason of a relationship described in Section 3.11(b) of the Trust Indenture Act), the Trustee shall be subject to any and all applicable provisions of the
Trust Indenture Act regarding the collection of claims against the Company or such other obligor. For purposes of Section 3.11(b) of the Trust Indenture Act: 

(a) the term “cash transaction” shall have the meaning specified in Rule 11b-4 under the Trust Indenture Act; and

 (b) the term “self-liquidating paper” shall have the meaning specified in Rule 11b-6 under the Trust
Indenture Act, 
 in each case as such rule (or any successor rule) shall be in effect at the applicable time. 

SECTION 8.14 Appointment of Authenticating Agent. 

(a) The Trustee may appoint an Authenticating Agent or Agents with respect to the Securities of one or more series, or any Tranche thereof,
which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series or Tranche issued upon original issuance, exchange, registration of transfer or partial redemption thereof or pursuant to Section 3.06, and
Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and
delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication
executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States of America, any State
or Territory thereof or the District of Columbia or the Commonwealth of Puerto Rico, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not 

  
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less than Ten Million Dollars ($10,000,000) and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually,
pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section 8.14, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus
as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 8.14, such Authenticating Agent shall resign immediately in
the manner and with the effect specified in this Section. 
 (b) Any corporation or association into which an Authenticating Agent may be
merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation or association succeeding to
all or substantially all of the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent, provided that such corporation or association shall be otherwise eligible under this Section 8.14. 
 (c)
An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent
and the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 8.14, the Trustee may appoint
a successor Authenticating Agent which shall be acceptable to the Company. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with
like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 8.14. 

(d) The Company shall pay to each Authenticating Agent from time to time reasonable compensation for its services under this
Section 8.14. 
 (e) The provisions of Sections 3.08, 8.04 and 8.05 shall be applicable to each Authenticating Agent. 

(f) If an appointment with respect to the Securities of one or more series, or any Tranche thereof, shall be made pursuant to this
Section 8.14, the Securities of such series or Tranche may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate of authentication substantially in the following form: 

This is one of the Securities of the series described in the within-mentioned Indenture and authorized by the Officer’s
Certificate/indenture supplement thereto/Board Resolution dated                     . 

  
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	 WELLS FARGO BANK, N.A., 

as Trustee

		
	By:	 	 
		 	  

		 	  

	
	                                ,
	as Authenticating Agent
		
	By:	 	  

		 	  

		 	Authorized Signatory

 (g) If all of the Securities of a series may not be originally issued at one time, and if the Trustee
does not have an office capable of authenticating Securities upon original issuance located in a Place of Payment where the Company wishes to have Securities of such series authenticated upon original issuance, the Trustee, if so requested by the
Company in writing (which writing need not comply with Section 1.02 and need not be accompanied by an Opinion of Counsel), shall appoint, in accordance with this Section 8.14 and in accordance with such procedures as shall be acceptable to
the Trustee, an Authenticating Agent having an office in a Place of Payment designated by the Company with respect to such series of Securities. 

ARTICLE IX 
 LISTS OF
HOLDERS; REPORTS BY TRUSTEE AND COMPANY 
 SECTION 9.01 Lists of Holders. Semiannually, not later than June 30 and
December 31 in each year, commencing June 30, 2016 and within thirty (30) days of such other times as the Trustee may request in writing, the Company shall furnish or cause to be furnished to the Trustee information as to the names
and addresses of the Holders, and the Trustee shall preserve such information and similar information received by it in any other capacity and afford to the Holders access to information so preserved by it, all to such extent, if any, and in such
manner as shall be required by the Trust Indenture Act; provided, however, that no such list need be furnished so long as the Trustee shall be the Security Registrar. 

SECTION 9.02 Reports by Trustee and Company. Once this Indenture is qualified under the Trust Indenture Act, if required by the
Trust Indenture Act, 60 days after each May 15 beginning with May 15, 2017, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders a brief report dated as of such reporting date that complies with Trust
Indenture Act § 313(a) (but if no event described in Trust Indenture Act § 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted) with respect to any events and other matters described in
Section 3.13(a) of the Trust Indenture Act, in such manner and to the extent required by the Trust Indenture Act. The Trustee shall transmit to the Holders, the Commission and each securities exchange upon which any Securities are listed, and
the Company shall file with the Trustee (within thirty (30) days after filing with the Commission in the case of reports which pursuant to the Trust Indenture Act must be filed with the Commission and furnished to the Trustee) and transmit
to the Holders, such other 

  
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information, reports and other documents, if any, at such times and in such manner, as shall be required by the Trust Indenture Act. The Company shall notify the Trustee in writing of the listing
of any Securities on any securities exchange or any delisting thereof. 
 ARTICLE X 

CONSOLIDATION, MERGER, CONVEYANCE OR OTHER TRANSFER 

SECTION 10.01 Company May Consolidate, Etc. Only on Certain Terms. The Company shall not directly or indirectly consolidate or
merge with any other Person, whether or not the Company is the surviving entity, or sell, assign, transfer, convey or otherwise dispose of all or substantially all of the Company or its subsidiaries’ properties or assets taken as a whole, in
one or more related transactions, to another Person, unless: 
 (a) either (i) the Company is the surviving entity or
(ii) the Person formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale, assignment, transfer, conveyance or other disposition or lease has been made is a corporation, partnership or limited
liability company organized or existing under the laws of the United States, any state of the United States or the District of Columbia (such Person being hereinafter sometimes called the “Successor”); 

(b) the Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such
sale, assignment, transfer, conveyance or other disposition or lease has been made assumes all of the Company’s obligations under the Securities then Outstanding and this Indenture pursuant to a supplemental indenture or other documents and
agreements reasonably satisfactory to the Trustee; 
 (c) immediately after such consolidation or merger, no Event of Default
exists; and 
 (d) the Company delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel each stating
that such transaction or series of transactions complies with the terms of this Indenture and that all conditions precedent herein provided for relating to such transaction or series of transactions have been satisfied. 

In addition, the Company shall not, directly or indirectly, lease all or substantially all of its properties or assets, in one or more related
transactions, to any other Person. 
 SECTION 10.02 Successor Substituted. Upon any consolidation or merger or any conveyance or
other transfer of all the properties of the Company, as or substantially as an entirety, in accordance with Section 10.01, the Successor shall succeed to, and be substituted for, and may exercise every power and right of, the Company under this
Indenture with the same effect as if such Successor had been named as the “Company” herein. Without limiting the generality of the foregoing, the Successor may execute and deliver to the Trustee, and thereupon the Trustee shall, subject to
the provisions of Article Three, authenticate and deliver, Securities. All Securities so executed by the Successor, and authenticated and delivered by the Trustee, shall in all respects be entitled to the benefits provided by this Indenture equally
and ratably with all Securities executed, authenticated and delivered prior to the time such consolidation, merger, conveyance or other transfer became effective. The provisions of this Section 10.02 shall not apply in the case of a lease of
properties of the Company. 

  
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 SECTION 10.03 Release of Company Upon Conveyance or Other Transfer. In the case of a
conveyance or other transfer to any Person or Persons as contemplated in Section 10.01, upon the satisfaction of all the conditions specified in Section 10.01 the Company (such term being used in this Section 10.03 without giving
effect to such transaction) shall be released and discharged from all obligations and covenants under this Indenture and on and under all Securities then Outstanding (unless the Company shall have delivered to the Trustee an instrument in which it
shall waive such release and discharge) and the Trustee, upon receipt of any Officer’s Certificate and Opinion of Counsel requested pursuant to Section 1.02, shall acknowledge in writing that the Company has been so released and
discharged. The provisions of this Section 10.03 shall not apply in the case of a lease of properties of the Company. 

SECTION 10.04 Limitation. Nothing in this Indenture shall be deemed to prevent or restrict: 

(a) any consolidation or merger after the consummation of which the Company would be the surviving or resulting entity; 

(b) any consolidation or merger of any Person all of the outstanding voting securities of which are owned, directly or
indirectly, by the Company with or into any other of such Persons; or any conveyance or other transfer, or lease, of properties by any thereof to any other thereof; 

(c) any conveyance or other transfer, or lease, of any part of the properties of the Company which does not constitute the
entirety, or substantially the entirety, thereof; or 
 (d) the approval by the Company of, or the consent by the Company to,
any consolidation or merger to which any direct or indirect subsidiary or Affiliate of the Company, may be a party or any conveyance, transfer or lease by any such subsidiary or Affiliate of any of its assets. 

ARTICLE XI 
 SUPPLEMENTAL
INDENTURES 
 SECTION 11.01 Supplemental Indentures Without Consent of Holders. 

(a) Without the consent of any Holders, the Company and the Trustee upon the written request of the Company, at any time and from time to
time, may enter into one or more indentures supplemental hereto, in form reasonably satisfactory to the Trustee, for any of the following purposes: 

(i) to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of
the Company herein and in the Securities, all as provided in Article Ten; 

  
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 (ii) to add one or more covenants of the Company or other provisions for the
benefit of all Holders or for the benefit of the Holders of, or to remain in effect only so long as there shall be Outstanding Securities of one or more specified series, or one or more specified Tranches thereof or to surrender any right or power
herein conferred upon the Company; 
 (iii) to change or eliminate any provision of this Indenture or to add any new
provision to this Indenture; provided, however, that if such change, elimination or addition shall adversely affect the interests of the Holders of Outstanding Securities of any series or Tranche in any material respect, such change,
elimination or addition shall become effective with respect to such series or Tranche only when no Security of such series or Tranche remains Outstanding; 

(iv) to comply with any requirements of the Commission in connection with the qualification of this Indenture under the Trust
Indenture Act; 
 (v) to make, complete or confirm any grant of Collateral permitted or required by the Security Documents
or, with the consent of the Collateral Agent, any release of Collateral that becomes effective as set forth in the Security Documents; 

(vi) to establish the form or terms of Securities of any series or Tranche as contemplated by Sections 2.01 and 3.01; 

(vii) to provide for the authentication and delivery of bearer securities and coupons appertaining thereto representing
interest, if any, thereon and for the procedures for the registration, exchange and replacement thereof and for the giving of notice to, and the solicitation of the vote or consent of, the Holders thereof, and for any and all other matters
incidental thereto; 
 (viii) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with
respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the
requirements of Section 8.11(b); 
 (ix) to provide for the procedures required to permit the Company to utilize, at its
option, a non-certificated system of registration for all, or any series or Tranche of, the Securities; 

(x) to change any place or places where (A) the principal of and premium, if any, and interest, if any, on all or any
series of Securities, or any Tranche thereof, shall be payable, (B) all or any series of Securities, or any Tranche thereof, may be surrendered for registration of transfer, (C) all or any series of Securities, or any Tranche thereof, may
be surrendered for exchange and (D) notices and demands to or upon the Company in respect of all or any series of Securities, or any Tranche thereof, and this Indenture may be served; 

  
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 (xi) to cure any ambiguity or mistake, to correct or supplement any provision
herein which may be defective or inconsistent with any other provision herein; or to add other provisions with respect to matters or questions arising under this Indenture or to make any other changes to the provisions hereof, provided that
such additions or other changes shall not adversely affect the interests of the Holders of Securities of any series or Tranche in any material respect; 

(xii) to conform the text of this Indenture or any of the Securities to any provision of the “Description of Notes”
section of the offering memorandum dated as of May 12, 2016 corresponding with this Indenture, as described in an Officer’s Certificate, to the extent that such provision in such “Description of Notes” section was intended to be
a verbatim recitation of a provision of this Indenture or Securities; or 
 (xiii) to waive the rights of other secured debt
holders. 
 (b) Without limiting the generality of the foregoing, if the Trust Indenture Act as in effect at the date of the execution and
delivery of this Indenture or at any time thereafter shall be amended, and 
 (i) if any such amendment shall require one or
more changes to any provisions hereof or the inclusion herein of any additional provisions, or shall by operation of law be deemed to effect such changes or incorporate such provisions by reference or otherwise, this Indenture shall be deemed to
have been amended so as to conform to such amendment to the Trust Indenture Act, and the Company and the Trustee may, without the consent of any Holders, enter into an indenture supplemental hereto to evidence such amendment hereof; or 

(ii) if any such amendment shall permit one or more changes to, or the elimination of, any provisions hereof which, at the date
of the execution and delivery hereof or at any time thereafter, are required by the Trust Indenture Act to be contained herein or are contained herein to reflect any provisions of the Trust Indenture Act as in effect at such date, this Indenture
shall be deemed to have been amended to effect such changes or elimination, and the Company and the Trustee may, without the consent of any Holders, enter into an indenture supplemental hereto to evidence such amendment. 

SECTION 11.02 Supplemental Indentures With Consent of Holders. 

(a) Subject to the provisions of Section 11.01, with the consent of the Holders of a majority in aggregate principal amount of the
Securities of all series then Outstanding under this Indenture, considered as one class, by Act of said Holders delivered to the Company and the Trustee, the Company and, upon the written request of the Company, the Trustee, may enter into an
indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture; provided, however, that if there shall be Securities of more
than one series Outstanding hereunder and if a proposed supplemental indenture shall directly affect the rights of the Holders of Securities of one or more, but less than all, of such series, then the consent only of the Holders of a majority in
aggregate principal amount of the Outstanding Securities of all series so directly affected, 

  
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considered as one class, shall be required; provided, further, that if the Securities of any series shall have been issued in more than one Tranche and if the proposed supplemental
indenture shall directly affect the rights of the Holders of Securities of one or more, but less than all, of such Tranches, then the consent only of the Holders of a majority in aggregate principal amount of the Outstanding Securities of all
Tranches so directly affected, considered as one class, shall be required; provided, further, that no such supplemental indenture shall, without the consent of the Holder of each Security affected thereby: 

(i) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security (other than
pursuant to the terms thereof), or reduce the principal amount thereof or the rate of interest thereon (or the amount of any installment of interest thereon) or change the method of calculating such rate or reduce any premium payable thereon, or
change the coin or currency (or other property), in which any Security or the premium, if any, or the interest, if any, thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Maturity of any
Security, without, in any such case, the consent of the Holder of such Security; 
 (ii) reduce the amount payable upon the
redemption of any Security, in respect of an optional redemption, change the times at which any Security may be redeemed or, once notice of redemption has been given, the time at which they must thereupon be redeemed; 

(iii) waive an Event of Default in the payment of principal of, or premium, if any, or interest on the Securities (except a
rescission of acceleration of such Securities by the Holders of at least a majority in aggregate principal amount of such Securities and a waiver of the payment default that resulted from such acceleration); 

(iv) make any Security payable in money other than that stated in such Security; 

(v) impair the right of any Holder to receive any principal payment or interest payment on such Holder’s Securities, on or
after the Stated Maturity thereof, or to institute suit for the enforcement of any such payment; 
 (vi) reduce the
percentage in principal amount of the Outstanding Securities of any series, or any Tranche thereof, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any
waiver of compliance with any provision of this Indenture or of any default hereunder and its consequences, or reduce the requirements of Section 13.04 for quorum or voting, without, in any such case, the consent of the Holder of each
Outstanding Security of such series or Tranche; 
 (vii) modify or change any provision of this Indenture affecting the
ranking of any Security in a manner adverse to the Holders of such Security; or 
 (viii) modify any of the provisions of
this Section 11.02, Sections 5.11 or 7.13 with respect to the Securities of any series or any Tranche thereof (except to 

  
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increase the percentages in principal amount referred to in this Section 11.02 or such other Sections or to provide that other provisions of this Indenture cannot be modified or waived
without, in any such case, the consent of the Holder of each Outstanding Security of such series or Tranche); provided, however, that Section 11.02(a)(vii) shall not be deemed to require the consent of any Holder with respect to
changes in the references to “the Trustee” and concomitant changes in this Section 11.02, or the deletion of this proviso, in accordance with the requirements of Sections 8.11(b) and 11.01(g). 

(b) A supplemental indenture which (i) changes or eliminates any covenant or other provision of this Indenture which has expressly been
included solely for the benefit of the Holders of, or which is to remain in effect only so long as there shall be Outstanding, Securities of one or more specified series, or one or more Tranches thereof, or (ii) modifies the rights of the
Holders of Securities of such series or Tranches with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series or Tranche. 

(c) It shall not be necessary for any Act of Holders under this Section 11.02 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 (d) Anything in this Indenture to the contrary
notwithstanding, if the Officer’s Certificate, supplemental indenture or Board Resolution, as the case may be, establishing the Securities of any series or Tranche shall so provide, (i) the Holders of such Securities shall be deemed to
have consented to a supplemental indenture containing the additions, changes or eliminations to or from this Indenture which shall be specified in such Officer’s Certificate, supplemental indenture or Board Resolution establishing such series
or Tranche, (ii) no Act of such Holders shall be required to evidence such consent and (iii) such consent may be counted in the determination of whether or not the Holders of the requisite principal amount of Securities shall have
consented to such supplemental indenture. 
 SECTION 11.03 Execution of Supplemental Indentures. In executing, or accepting the
additional trusts created by, any supplemental indenture permitted by this Article Eleven or the modifications thereby of the trusts created by this Indenture, the Trustee shall receive, and (subject to Section 8.01) shall be fully
protected in conclusively relying upon, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and constitutes the legal, valid and binding
obligation of the Company, enforceable against it in accordance with its terms. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties, immunities or liabilities
under this Indenture or otherwise. 
 SECTION 11.04 Effect of Supplemental Indentures. Upon the execution and delivery of any
supplemental indenture under this Article Eleven, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or
thereafter authenticated and delivered hereunder shall be bound thereby. Any supplemental indenture permitted by this Article Eleven may restate this Indenture in its entirety, and, upon the execution and delivery thereof, any such restatement shall
supersede this Indenture as theretofore in effect for all purposes. 

  
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 SECTION 11.05 Conformity With Trust Indenture Act. Every supplemental indenture
executed pursuant to this Article Eleven shall conform to the requirements of the Trust Indenture Act. 
 SECTION 11.06 Reference in
Securities to Supplemental Indentures. Securities of any series, or any Tranche thereof, authenticated and delivered after the execution of any supplemental indenture pursuant to this Article Eleven may, and shall if required by the Trustee,
bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series, or any Tranche thereof, so modified as to conform, in the opinion of the
Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series or Tranche. 

SECTION 11.07 Modification Without Supplemental Indenture. To the extent, if any, that the terms of any particular series of
Securities shall have been established in or pursuant to an Officer’s Certificate or a Board Resolution as contemplated by Section 3.01, and not in an indenture supplemental hereto, additions to, changes in or the elimination of any of
such terms may be effected by means of a supplemental Officer’s Certificate or a supplemental Board Resolution, as the case may be, delivered to, and accepted by, the Trustee; provided, however, that such supplemental
Officer’s Certificate or supplemental Board Resolution shall not be accepted by the Trustee or otherwise be effective unless all conditions set forth in this Indenture which would be required to be satisfied if such additions, changes or
elimination were contained in a supplemental indenture shall have been appropriately satisfied. Upon the acceptance thereof by the Trustee, any such supplemental Officer’s Certificate or supplemental Board Resolution shall be deemed to be a
“supplemental indenture” for purposes of Sections 11.04 and 11.06. 
 ARTICLE XII 

SECURITY 

SECTION 12.01 Grant of Security Interest. 

(a) To secure the due and punctual payment of the principal of, premium, if any, and interest on the Securities and amounts due hereunder when
and as the same shall be due and payable, by acceleration, purchase, repurchase, redemption or otherwise, and interest on the overdue principal of, premium, if any, and interest (to the extent permitted by law), if any, on the Securities and the
performance of all other obligations of the Company to the Holders or the Trustee under this Indenture and the Securities, the Company hereby covenants to cause (i) an Accession Agreement among the Company, the Trustee and the Intercreditor
Agent (pursuant to which the Trustee agrees to be bound by the Pari Passu Intercreditor Agreement), (ii) a certificate signed by an Authorized Officer of the Company certifying that (A) the Obligations are incurred in accordance with the
terms of each of the Secured Obligation Documents, in each case as in effect as of the date hereof, and the procedures set forth in Section 4.06 of the Pari Passu 

  
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Intercreditor Agreement and (B) the Company has duly authorized, executed (if applicable) and recorded (or caused to be recorded) in each appropriate governmental office all relevant filings
and recordations to ensure that each holder of Secured Obligations is secured by the Collateral in accordance with the Security Documents and will continue to be so secured following the incurrence of Indebtedness in respect of this Indenture, and
(iii) documentation to evidence the due authorization, execution and delivery of the Accession Agreement referred to in clause (i) above by the Trustee, in each case to be executed (if applicable) and delivered concurrently with this
Indenture. 
 (b) Each Holder, by its acceptance of a Security, consents and agrees to the terms of the Security Documents, as the same may
be in effect or may be amended from time to time in accordance with their terms and the Pari Passu Intercreditor Agreement, and authorizes and directs the Trustee to enter into the Accession Agreement described in Section 12.01(a) and to
perform its obligations and exercise its rights under the Pari Passu Intercreditor Agreement in accordance therewith and authorizes the Trustee to bind the Holders as set forth in the Pari Passu Intercreditor Agreement. The Company shall do or cause
to be done all such actions and things as may be necessary or proper, or as may be required by the provisions of the Security Documents, to assure and confirm to the Trustee the security interests in the Collateral contemplated hereby and by the
Security Documents, as from time to time constituted, so as to render the same available for the security and benefit of this Indenture and of the Securities secured hereby, according to the intent and purpose herein and therein expressed. The
Company shall (at its sole cost and expense) take any and all actions required and necessary to cause the Security Documents to create and maintain, as security for the Obligations valid and enforceable, perfected (except as expressly provided
herein or therein) security interests in and on all the Collateral, in favor of the Collateral Agent for the benefit of the Trustee and each Holder, ranking equally in priority with the security interests of each other Secured Party in the same
Collateral, superior to and prior to the rights of all third Persons, and subject to no other Liens, in each case, except as expressly provided herein or therein. 

SECTION 12.02 Filings, Recordings and Opinions. (a) The Company will comply with the provisions of the Trust Indenture Act
Sections 314(b) and 314(d) (including, without limitation, the provision of an initial and annual Opinion of Counsel under Section 314(b)), in each case following qualification of this Indenture pursuant to Trust Indenture Act, except to the
extent not required as set forth in any Commission regulation or interpretation (including any no-action letter issued by the Commission, whether issued to the Company or any other Person). Following such qualification, to the extent the Company is
required to furnish to the Trustee and Opinion of Counsel pursuant to Trust Indenture Act Section 314(b)(2), the Company will furnish such opinion not more than sixty (60) but not less than thirty (30) days prior to June 30 of
each year. 
 (b) Following qualification of this Indenture pursuant to the Trust Indenture Act, if any Collateral is released in accordance
with this Indenture or any Security Document, the Trustee shall be entitled to conclusively rely on an Opinion of Counsel and Officer’s Certificate delivered pursuant to Section 1.02, and will, upon written request, deliver a certificate,
prepared by the Company and reasonably acceptable to the Trustee, to the Collateral Agent and the Company acknowledging release by the Collateral Agent of such Collateral. 

  
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 SECTION 12.03 Release. (a) Without prejudice to clause (b)below, if the Company
has retired all of its Indebtedness (other than the Securities) that is secured by the Collateral and executed and delivered to the Trustee a certificate signed by a Financial Officer of the Company (and confirmed with respect to clauses
(i) and (ii) by the Intercreditor Agent, which confirmation shall not be unreasonably withheld) certifying that (i) the Obligations are the only Secured Obligations under the Pari Passu Intercreditor Agreement, (ii) the Trustee
is the only Secured Debt Representative (as defined in the Pari Passu Intercreditor Agreement) party to the Pari Passu Intercreditor Agreement and (iii) to the best of his or her knowledge, the Company is not in default in the performance or
observance of any of the terms, provisions, covenants and conditions of this Indenture, the Trustee shall instruct the Intercreditor Agent to direct the Collateral Agent to release the Liens encumbering the Collateral pursuant to the Security
Documents in accordance with Section 7.02(b)(ii) of the Pari Passu Intercreditor Agreement. 
 (b) Liens encumbering the Collateral
pursuant to the Security Documents will be released in accordance with the terms of the Pari Passu Intercreditor Agreement. 

SECTION 12.04 Authorization of Receipt of Funds by the Trustee Under the Security Documents. The Trustee is authorized to receive
any funds for the benefit of itself and the Holders distributed under the Security Documents to make further distributions of such funds to itself and the Holders in accordance with the provisions of Section 7.04 and the other provisions of
this Indenture. 
 ARTICLE XIII 

MEETINGS OF HOLDERS; ACTION WITHOUT MEETING 

SECTION 13.01 Purposes for Which Meetings May Be Called. A meeting of Holders of Securities of one or more, or all, series, or any
Tranche or Tranches thereof, may be called at any time and from time to time pursuant to this Article Thirteen to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to
be made, given or taken by Holders of Securities of such series or Tranches. 
 SECTION 13.02 Call, Notice and Place of
Meetings. 
 (a) The Trustee may at any time call a meeting of Holders of Securities of one or more, or all, series, or any Tranche or
Tranches thereof, for any purpose specified in Section 13.01, to be held at such time and (except as provided in Section 13.02(b)) at such place in the Borough of Manhattan, The City of New York, or as the Trustee shall determine, or, with
the approval of the Company, at any other place. Notice of every such meeting, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in
Section 1.06, not less than twenty-one (21) nor more than one hundred eighty (180) days prior to the date fixed for the meeting. 

(b) The Trustee may be asked to call a meeting of the Holders of Securities of one or more, or all, series, or any Tranche or Tranches
thereof, by the Company or by the Holders of twenty-five percentum (25%) in aggregate principal amount of all of such series and Tranches, considered as one class, for any purpose specified in Section 13.01, by written request

  
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setting forth in reasonable detail the action proposed to be taken at the meeting. If the Trustee shall have been asked by the Company to call such a meeting, the Company shall determine the time
and place for such meeting and may call such meeting by giving notice thereof in the manner provided in Section 13.02(a), or shall direct the Trustee, in the name and at the expense of the Company to give such notice. If the Trustee shall have
been asked to call such a meeting by Holders in accordance with this Section 13.02(b), and the Trustee shall not have given the notice of such meeting within twenty-one (21) days after receipt of such request or shall not thereafter
proceed to cause the meeting to be held as provided herein, then the Company or the Holders of Securities of such series and Tranches, in the principal amount above specified may determine the time and the place in the Borough of Manhattan, The City
of New York, or in such other place as shall be determined or approved by the Company for such meeting and may call such meeting for such purposes by giving notice thereof as provided in Section 13.02(a). 

(c) Any meeting of Holders of Securities of one or more, or all, series, or any Tranche or Tranches thereof, shall be valid without notice if
the Holders of all Outstanding Securities of such series or Tranches are present in person or by proxy and if representatives of the Company and the Trustee are present, or if notice is waived in writing before or after the meeting by the Holders of
all Outstanding Securities of such series, or any Tranche or Tranches thereof, or by such of them as are not present at the meeting in person or by proxy, and by the Company and the Trustee. 

SECTION 13.03 Persons Entitled to Vote at Meetings. To be entitled to vote at any meeting of Holders of Securities of one or more,
or all, series, or any Tranche or Tranches thereof, a Person shall be (i) a Holder of one or more Outstanding Securities of such series or Tranches, or (ii) a Person appointed by an instrument in writing as proxy for a Holder or Holders of
one or more Outstanding Securities of such series or Tranches by such Holder or Holders. The only Persons who shall be entitled to attend any meeting of Holders of Securities of any series or Tranche shall be the Persons entitled to vote at such
meeting and their counsel, any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 

SECTION 13.04 Quorum; Action. 

(a) The Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities of the series and Tranches with
respect to which a meeting shall have been called as hereinbefore provided, considered as one class, shall constitute a quorum for a meeting of Holders of Securities of such series and Tranches; provided, however, that if any action is
to be taken at such meeting which this Indenture expressly provides may be taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities of such series and Tranches, considered as
one class, the Persons entitled to vote such specified percentage in principal amount of the Outstanding Securities of such series and Tranches, considered as one class, shall constitute a quorum. In the absence of a quorum within one hour of the
time appointed for any such meeting, the meeting shall, if convened at the request of Holders of Securities of such series and Tranches, be dissolved. In any other case the meeting may be adjourned for such period as may be determined by the
chairman of the meeting prior to the adjournment of such meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for such period as may be determined

  
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by the chairman of the meeting prior to the adjournment of such adjourned meeting. Except as provided by Section 13.05(e), notice of the reconvening of any meeting adjourned for more than
thirty (30) days shall be given as provided in Section 1.06 not less than ten (10) days prior to the date on which the meeting is scheduled to be reconvened. Notice of the reconvening of an adjourned meeting shall state expressly the
percentage, as provided above, of the principal amount of the Outstanding Securities of such series and Tranches which shall constitute a quorum. 

(b) Except as limited by Section 11.02, any resolution presented to a meeting or adjourned meeting duly reconvened at which a quorum is
present as aforesaid may be adopted only by the affirmative vote of the Holders of a majority in aggregate principal amount of the Outstanding Securities of the series and Tranches with respect to which such meeting shall have been called,
considered as one class; provided, however, that, except as so limited, any resolution with respect to any action which this Indenture expressly provides may be taken by the Holders of a specified percentage, which is less than a
majority, in principal amount of the Outstanding Securities of such series and Tranches, considered as one class, may be adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the affirmative
vote of the Holders of such specified percentage in principal amount of the Outstanding Securities of such series and Tranches, considered as one class. 

(c) Any resolution passed or decision taken at any meeting of Holders of Securities duly held in accordance with this Section shall be binding
on all the Holders of Securities of the series and Tranches with respect to which such meeting shall have been held, whether or not present or represented at the meeting. 

SECTION 13.05 Attendance at Meetings; Determination of Voting Rights; Conduct and Adjournment of Meetings. 

(a) Attendance at meetings of Holders of Securities may be in person or by proxy; and, to the extent permitted by law, any such proxy shall
remain in effect and be binding upon any future Holder of the Securities with respect to which it was given unless and until specifically revoked by the Holder or future Holder (except as provided in Section 1.04(g)) of such Securities before
being voted. 
 (b) Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Holders of Securities in regard to proof of the holding of such Securities and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of proxies,
certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted or required by any such regulations and approved by the Company, the
holding of Securities shall be proved in the manner specified in Section 1.04 and the appointment of any proxy shall be proved in the manner specified in Section 1.04. Such regulations may provide that written instruments appointing
proxies, regular on their face, may be presumed valid and genuine without the proof specified in Section 1.04 or other proof. 

  
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 (c) The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting,
unless the meeting shall have been called by the Company or by Holders as provided in Section 13.02(b), in which case the Company or the Holders of Securities of the series and Tranches calling the meeting, as the case may be, shall in like
manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities of all series and
Tranches represented at the meeting, considered as one class. 
 (d) At any meeting each Holder or proxy shall be entitled to one vote for
each One Thousand Dollars ($1,000) principal amount of Outstanding Securities held or represented by such Holder; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not
Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security or proxy. 

(e) Any meeting duly called pursuant to Section 13.02 at which a quorum is present may be adjourned from time to time by Persons entitled
to vote a majority in aggregate principal amount of the Outstanding Securities of all series and Tranches represented at the meeting, considered as one class; and the meeting may be held as so adjourned without further notice. 

SECTION 13.06 Counting Votes and Recording Action of Meetings. The vote upon any resolution submitted to any meeting of Holders
shall be by written ballots on which shall be subscribed the signatures of the Holders or of their representatives by proxy and the principal amounts and serial numbers of the Outstanding Securities, of the series and Tranches with respect to which
the meeting shall have been called, held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with
the secretary of the meeting their verified written reports of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to such
record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that such notice was given
as provided in Section 13.02 and, if applicable, Section 13.04. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be delivered to the Company, and
another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

SECTION 13.07 Action Without Meeting. In lieu of a vote of Holders at a meeting as hereinbefore contemplated in this Article
Thirteen, any request, demand, authorization, direction, notice, consent, waiver or other action may be made, given or taken by Holders by written instruments as provided in Section 1.04. 

  
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 ARTICLE XIV 

IMMUNITY OF INCORPORATORS, SHAREHOLDERS, OFFICERS AND MANAGERS 

SECTION 14.01 Liability Solely Corporate. No recourse shall be had for the payment of the principal of or premium, if any, or
interest, if any, on any Securities or any part thereof, or for any claim based thereon or otherwise in respect thereof, or of the indebtedness represented thereby, or upon any obligation, covenant or agreement under this Indenture, against any
incorporator, shareholder, officer, manager or director, as such, past, present or future of the Company or of any predecessor or successor corporation of either of them (either directly or through the Company or a predecessor or successor
corporation of either of them), whether by virtue of any constitutional provision, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that this Indenture and all the
Securities are solely corporate obligations, and that no personal liability whatsoever shall attach to, or be incurred by, any incorporator, shareholder, officer, manager or director, past, present or future, of the Company or of any predecessor or
successor corporation, either directly or indirectly through the Company or any predecessor or successor corporation of either of them, because of the indebtedness hereby authorized or under or by reason of any of the obligations, covenants or
agreements contained in this Indenture or in any of the Securities or to be implied herefrom or therefrom; and such personal liability, if any, is hereby expressly waived and released as a condition of, and as part of the consideration for, the
execution and delivery of this Indenture and the issuance and delivery of the Securities. 
 [Signature page immediately
follows] 

  
 75 

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

			
	CLECO CORPORATE HOLDINGS LLC
		
	By:	 	 /s/ Terry L. Taylor

		 	Name: Terry L. Taylor
		 	Title: Chief Financial Officer
	
	 WELLS FARGO BANK, N.A.,

as Trustee

		
	By:	 	 /s/ Patrick Giordano

		 	Name: Patrick Giordano
		 	Title: Vice President

 Signature Page to Indenture 

  
 76EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
 CLECO
CORPORATE HOLDINGS LLC, 
 AS ISSUER 

AND 
 WELLS FARGO BANK,
N.A., 
 AS TRUSTEE 

FIRST SUPPLEMENTAL INDENTURE 

Dated as of May 17, 2016 
  

 
 $535,000,000

 3.743% Senior Secured Notes due 2026 

 THIS FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental Indenture”) is made
as of the 17th day of May, 2016, by and between CLECO CORPORATE HOLDINGS LLC, a Louisiana limited liability company, as issuer (the “Company”), and WELLS FARGO BANK, N.A., a national banking association, as trustee (the
“Trustee”): 
 WHEREAS, the Company has heretofore entered into an Indenture, dated as of May 17, 2016 (the
“Original Indenture”), with the Trustee; 
 WHEREAS, the Original Indenture is incorporated herein by this reference and
the Original Indenture, as supplemented, including by this First Supplemental Indenture, is herein called the “Indenture”; 

WHEREAS, under the Original Indenture, a new series of senior secured notes may at any time be established by the Board of Managers in
accordance with the provisions of the Original Indenture and the terms of such series may be described by a supplemental indenture executed by the Company and the Trustee; 

WHEREAS, the Company proposes to create under the Indenture a new series of senior secured notes which shall contain certain transfer
restrictions as described herein and a new series of senior secured notes which shall not contain such transfer restrictions; 
 WHEREAS,
the Company may (i) propose an exchange offer whereby the holders of such restricted senior secured notes may exchange such securities for non-restricted senior secured notes in accordance with the procedures described herein or (ii) file a shelf
registration statement with the Commission whereby the holders of such restricted senior secured notes may transfer such notes freely upon the effectiveness of such registration statement; and 

WHEREAS, all things necessary to authorize the execution and delivery of this First Supplemental Indenture and make it a valid and binding
agreement of the Company, in accordance with its terms, have been done. 
 NOW THEREFORE, in consideration of the agreements and obligations
set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE I 
 3.743%
SENIOR NOTES DUE 2026 
 SECTION 1.01 Establishment. There is hereby established a new series of senior secured notes to be
issued under the Indenture, to be designated as the Company’s 3.743% Senior Secured Notes due 2026 (the “Initial Notes”), and a new series of senior secured notes to be issued under the Indenture upon an exchange of the Initial
Notes to be designated as the Company’s 3.743% Exchange Senior Secured Notes due 2026 (the “Exchange Notes”, and, collectively, with the Initial Notes, the “Notes”). 

There are to be authenticated and delivered $535,000,000 principal amount of Initial Notes and $535,000,000 principal amount of Exchange
Notes, and such principal amount 

  
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of Notes may be increased from time to time pursuant to Section 3.01 of the Original Indenture. All Notes need not be issued at the same time and such series may be reopened at any
time, without the consent of any Holder, for issuances of additional Notes. Any such additional Notes will have the same interest rate, maturity and other terms as those initially issued. No Notes shall be authenticated and delivered in
excess of the principal amount as so increased, except as provided by Sections 2.03, 3.05, 3.06, 4.06 and 11.06 of the Original Indenture and the terms of this First Supplemental Indenture. The Notes shall be issued in definitive fully
registered form. 
 The form of the Trustee’s Certificate of Authentication for the Notes shall be substantially in the form set forth
in Exhibit B hereto. 
 Each Note shall be dated the date of authentication thereof and shall bear interest from the date of original
issuance thereof or from the most recent Interest Payment Date to which interest has been paid or duly provided for. 
 SECTION 1.02
Definitions. The following defined terms used herein shall, unless the context otherwise requires, have the meanings specified below. Capitalized terms used herein for which no definition is provided herein shall have the meanings
set forth in the Original Indenture. 
 “Additional Interest” means all interest payable as a consequence of the failure to
effectuate in a timely manner the exchange offer and/or shelf registration procedures set forth in the Registration Rights Agreement. 

“Change of Control” has the meaning specified in Section 1.10(j). 

“Change of Control Date” has the meaning specified in Section 1.10(a). 

“Change of Control Offer” has the meaning specified in Section 1.10(a). 

“Change of Control Purchase Notice” has the meaning specified in Section 1.10(c). 

“Change of Control Purchase Price” has the meaning specified in Section 1.10(a). 

“Change of Control Repurchase Event” has the meaning specified in Section 1.10(j). 

“Clearstream” means Clearstream Banking, société anonyme, Luxembourg. 

“Company” has the meaning specified in the Preamble hereof. 

“Comparable Treasury Issue” has the meaning specified in Section 1.09. 

“Comparable Treasury Price” has the meaning specified in Section 1.09. 

  
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 “Distribution Compliance Period” means the distribution compliance period
provided by Rule 903(b)(3)(ii)(A) as promulgated by the Commission under the Securities Act. 
 “Euroclear” means Euroclear
Bank S.A./N.V., as operator of the Euroclear System. 
 “Exchange Notes” has the meaning specified in Section 1.01.

 “Exchange Offer” means the offer that may be made pursuant to the Registration Rights Agreement by the Company to
exchange the Initial Notes for the Exchange Notes. 
 “First Supplemental Indenture” has the meaning specified in the
Preamble hereof. 
 “Indenture” has the meaning specified in the Recitals hereof. 

“Independent Investment Banker” has the meaning specified in Section 1.09. 

“Initial Notes” has the meaning specified in Section 1.01. 

“Interest Payment Date” means May 1 and November 1 of each year, commencing on November 1, 2016. 

“Investment Grade” has the meaning specified in Section 1.10(j). 

“Investors” has the meaning specified in Section 1.10(j). 

“Moody’s” means Moody’s Investors Service, Inc. or its successors. 

“Non-U.S. Person” mean a Person who fails to qualify as a U.S. Person, as such term is defined in Rule 902 promulgated by the
Commission under the Securities Act. 
 “Notes” has the meaning specified in Section 1.01. 

“Operating Agreement” has the meaning specified in Section 1.10(j). 

“Original Indenture” has the meaning specified in the Recitals hereof. 

“Par Call Date” has the meaning specified in Section 1.09(a). 

“Permitted Holders” has the meaning specified in Section 1.10(j). 

“Purchase Date” has the meaning specified in Section 1.10(a). 

“QIB” means Qualified Institutional Buyer as defined in Rule 144A. 

“Rating Agency” has the meaning specified in Section 1.10(j). 

“Ratings Event” has the meaning specified in Section 1.10(j). 

  
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 “Reference Treasury Dealer” has the meaning specified in Section 1.09. 

“Reference Treasury Dealer Quotation” has the meaning specified in Section 1.09. 

“Registration Rights Agreement” means the Registration Rights Agreement dated as of May 17, 2016 among the Company and the
Initial Purchasers named therein, or any other Registration Rights Agreement executed in connection with the issuance of Initial Notes after the date hereof, as the case may be. 

“Regulation S” means Regulation S promulgated under the Securities Act. 

“Regulation S Global Notes” has the meaning specified in Section 1.05(b). 

“Regulation S Permanent Global Note” has the meaning specified in Section 1.05(b). 

“Regulation S Temporary Global Note” has the meaning specified in Section 1.05(b). 

“Regular Record Date” means, with respect to each Interest Payment Date, the close of business on April 15 or
October 15 immediately preceding such Interest Payment Date. 
 “Rule 144A” means Rule 144A promulgated under the
Securities Act. 
 “Rule 144A Global Note” has the meaning specified in Section 1.05(a). 

“S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., or its
successors. 
 “Shelf Registration Statement” means the Shelf Registration Statement as defined in the Registration Rights
Agreement. 
 “Stated Maturity” means May 1, 2026. 

“Treasury Rate” has the meaning specified in Section 1.09. 

“Trustee” has the meaning specified in the Preamble hereof. 

“Voting Stock” has the meaning specified in Section 1.10(j). 

SECTION 1.03 Payment of Principal and Interest. 

(a) The principal of the Notes shall be due at Stated Maturity. The unpaid and outstanding principal amount of the Notes, and any overdue
installment of interest thereon to the extent permitted by law, shall bear interest at the rate of 3.743% per year until paid or made available for payment, such interest to accrue from the most recent Interest Payment Date to which interest has
been paid or duly provided for or, if no interest has been paid, from the date hereof. Interest and Additional Interest, if any, shall be paid semi-annually in arrears on each 

  
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Interest Payment Date, commencing on November 1, 2016, to the Person in whose name the Notes are registered on the Regular Record Date for such Interest Payment Date; provided that
interest payable at the Stated Maturity of principal or on a Redemption Date as provided herein will be paid to the Person to whom principal is payable. Any such interest that is not so punctually paid or duly provided for will forthwith cease
to be payable to the holders on such Regular Record Date and may be paid as provided in Section 3.07 of the Original Indenture. 
 (b)
Payments of interest on the Notes will include interest, and Additional Interest, if any, accrued to but excluding the respective Interest Payment Dates. Interest payments for the Notes shall be computed and paid on the basis of a 360-day year
consisting of twelve 30-day months. In the event that any date on which interest is payable on the Notes is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day
(and without any interest or other payment in respect of any such delay), except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same
force and effect as if made on the date the payment was originally payable. 
 (c) Payment of the principal, premium, if any, and interest
and Additional Interest, if any, due at the Stated Maturity of, or on a Redemption Date for, the Notes shall be made upon surrender of the Notes at the Corporate Trust Office. The principal of and interest on the Notes shall be paid 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. Payments of interest (including interest on any Interest Payment Date) will be made, subject to such surrender
where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer at such place and to such account at a banking
institution in the United States as may be designated in writing to the Trustee at least fifteen (15) days prior to the date for payment by the Person entitled thereto. 

SECTION 1.04 Denominations. The Notes will be issued only in denominations of $2,000 and integral multiples of $1,000 in
excess thereof. 
 SECTION 1.05 Form of Notes. 

(a) Notes initially offered and sold to QIBs in reliance on Rule 144A shall be issued in the form of one or more Global Notes in definitive,
fully registered form, without interest coupons, substantially in the form of Exhibit A hereto (referred to collectively as the “Rule 144A Global Note”). The Rule 144A Global Note shall be deposited on the date of the closing
of the sale of the Notes with, or on behalf of, the Depositary and registered in the name of Cede & Co., as nominee of the Depositary. Interests in the Rule 144A Global Note shall be available for purchase only by QIBs. 

(b) Notes offered and sold in offshore transactions to Non-U.S. Persons in reliance on Regulation S shall initially be issued in the form of
one or more temporary Global Notes in definitive, fully registered form, without interest coupons, substantially in the form of Exhibit A hereto (referred to collectively as the “Regulation S Temporary Global Note”). Beneficial
interests in the Regulation S Temporary Global Note will be exchanged for beneficial interests in a corresponding Global Note in permanent form (referred to as the “Regulation S  

  
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Permanent Global Note” and referred to together with the Regulation S Temporary Global Note as the “Regulation S Global Notes”) within a reasonable period after the
expiration of the Distribution Compliance Period upon the certification required by Regulation S. Each Regulation S Global Note shall be deposited upon issuance with, or on behalf of, a custodian for the Depositary in the manner described in
Section 1.05(a) for credit to the respective accounts of the purchasers, or to other accounts as they may direct, at Euroclear or Clearstream. Prior to the expiration of the Distribution Compliance Period, interests in the Regulation S
Temporary Global Note may only be held through Euroclear or Clearstream, as indirect participants in the Depositary, unless exchanged for interests in the Rule 144A Global Note, in accordance with the transfer and certification requirements provided
by Section 1.06. 
 (c) Except as otherwise provided herein, the Rule 144A Global Note and the Regulation S Global Note may be
transferred, in whole and not in part, solely to another nominee of the Depositary or to a successor of the Depositary or its nominee. Owners of beneficial interests in the Global Notes will not be considered the Holders thereof for any purpose
under the Indenture, and beneficial interests in the Global Notes may not be exchanged for notes in physical, certificated form except in the limited circumstances described in Section 1.06. The rights of Holders of such Global Note shall
be exercised only through the Depositary. 
 Any beneficial interest in a Global Note that is transferred to a Person who takes delivery in
the form of an interest in another Global Note will, upon transfer, cease to be an interest in such Global Note and become an interest in the other Global Note and, accordingly, will thereafter be subject to all transfer restrictions, if any, and
other procedures applicable to beneficial interests in such other Global Note for so long as it remains such an interest. 
 A Global Note
shall be exchangeable for Notes registered in the names of Persons other than the Depositary or its nominee only in accordance with Section 2.03 of the Original Indenture. Any Global Note that is exchangeable pursuant to the preceding
sentence shall be exchangeable for Notes registered in such names as the Depositary shall direct and Notes issued in exchange for Rule 144A Global Notes and Regulation S Global Notes pursuant to the preceding sentence will bear, and be subject to,
the legends relating to restrictions on transfer required by Section 1.07. 
 SECTION 1.06 Transfer and Exchange. 

(a) Transfer Restrictions. The Initial Notes, and those Exchange Notes with respect to which any Person described in
Sections 1.07(c)(i), (ii) or (iii) is the beneficial owner, may not be transferred except in compliance with the applicable legends contained in Exhibit A unless otherwise determined by the Company in accordance with applicable law. 

No service charge will be made for any transfer or exchange of Notes, but the Trustee may require payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in connection therewith. 
 The Company shall not be required (i) to issue, transfer or
exchange any Notes during a period beginning at the opening of business fifteen (15) days before the day of the mailing of a notice identifying the Notes to be called for redemption, and ending at the close of business on the day of the
mailing, or (ii) to transfer or exchange any Notes theretofore selected for redemption in whole or in part, except the unredeemed portion of any Note redeemed in part. 

  
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 (b) Transfers under Regulation S Global Note. 

(i) Prior to the expiration of the Distribution Compliance Period, a transfer of a beneficial interest in the Rule 144A Global
Note to a transferee who takes delivery of such interest through the Regulation S Global Note shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth in Exhibit C hereto from the proposed
transferee and, if requested by the Company or the Trustee, the delivery of an opinion of counsel, certifications and/or other information satisfactory to each of them. After the expiration of the Distribution Compliance Period, interests in
the Regulation S Global Note may be transferred without requiring the certification set forth in Exhibit C hereto or any additional certification. 

(ii) Prior to or on the expiration of the Distribution Compliance Period, beneficial interests in a Regulation S Global Note
may only be held through Euroclear or Clearstream or another agent member of Euroclear and Clearstream acting for and on behalf of them, unless exchanged for interests in a Rule 144A Global Note in accordance with the certification requirements
hereof. During the Distribution Compliance Period, interests in a Regulation S Global Note, if any, may be exchanged for interests in the Rule 144A Global Note only in accordance with the certification requirements described in this
Section 1.06. 
 (iii) As used in the preceding two paragraphs of this Section 1.06(b), the term
“transfer” encompasses any sale, transfer or other disposition of any Notes referred to herein except for transfers from any Holder to an Affiliate of such Holder; provided that such transferring Holder shall deliver a letter to the
Trustee stating that the transferee is an Affiliate of such Holder. The Trustee shall be entitled to conclusively rely on and be fully protected in its reliance on such letter. 

(c) Transfers of Regulation S Global Note to Rule 144A Global Note. Prior to the expiration of the Distribution Compliance Period,
a transfer of a beneficial interest in the Regulation S Global Note to a transferee who takes delivery of such interest through the Rule 144A Global Note shall be made upon receipt by the Trustee or its agent of a certificate substantially in the
form set forth in Exhibit D hereto from the proposed transferor and, if requested by the Company or the Trustee, the delivery of an opinion of counsel, certifications and/or other information satisfactory to each of them. 

(d) Exchange of Initial Notes for Exchange Notes. The Initial Notes may be exchanged for Exchange Notes pursuant to the terms of
the Exchange Offer. The Trustee shall make the exchange as follows: 
 The Company shall present the Trustee with an Officer’s
Certificate certifying the following: 
 (i) upon issuance of the Exchange Notes, the transactions contemplated by the
Exchange Offer have been consummated; and 

  
 8 

 (ii) the principal amount of Initial Notes properly tendered in the Exchange
Offer that are represented by a Global Note or by Global Notes and the principal amount of Initial Notes properly tendered in the Exchange Offer that are represented by individual Notes, the name of each Holder of such individual Initial Notes, the
principal amount properly tendered in the Exchange Offer by each such Holder and the name and address to which individual Exchange Notes shall be registered and sent for each such Holder. 

The Trustee, upon receipt of (i) such Officer’s Certificate, (ii) an Opinion of Counsel addressed to the Trustee of the Notes to the
effect that the Exchange Notes have been registered under Section 5 of the Securities Act, and the Indenture has been qualified under the Trust Indenture Act and (iii) a Company Order, shall authenticate a Global Note or Global Notes for
Exchange Notes in aggregate principal amount equal to the aggregate principal amount of Initial Notes represented by a Global Note or by Global Notes indicated in such Officer’s Certificate as having been properly tendered. 

If the principal amount of the Global Note or Global Notes for the Exchange Notes is less than the principal amount of the Global Note or
Global Notes for the Initial Notes, the Trustee shall make an endorsement on such Global Note or Global Notes for Initial Notes indicating a reduction in the principal amount represented thereby. 

SECTION 1.07 Legends. 

(a) Except as permitted by Sections 1.07(b) and (c), or as otherwise determined by the Company in accordance with applicable law, each
Note shall bear the applicable legends relating to restrictions on transfer pursuant to the securities laws in substantially the form set forth on Exhibit A hereto. 

(b) After a transfer of any Initial Notes during the period of the effectiveness of a Shelf Registration Statement with respect to such
Initial Notes, all requirements pursuant to Section 1.07(a) pertaining to restrictive legends on such Initial Notes shall cease to apply. 

(c) The Company shall issue, and the Trustee shall authenticate upon a Company Order, Exchange Notes in exchange for Initial Notes accepted
for exchange in the Exchange Offer, which Exchange Notes shall not bear the legends required by Section 1.07(a), in each case unless the Holder of such Initial Notes is either (i) a broker-dealer who purchased such Initial Notes directly from
the Company for resale pursuant to Rule 144A or any other available exemption under the Securities Act, (ii) a Person participating in the distribution of the Initial Notes or (iii) a Person who is an affiliate (as defined in Rule 144 under the
Securities Act) of the Company. 
 SECTION 1.08 Satisfaction and Discharge. The provisions of Article Six of the
Original Indenture shall apply to the Notes. 
 SECTION 1.09 Redemption at the Option of the Company. 

(a) At any time prior to February 1, 2026 (three months prior to the Stated Maturity of the Notes) (the “Par Call Date”), the
Notes shall be redeemable, at the sole option 

  
 9 

 
of the Company, in whole at any time or in part from time to time, at a Redemption Price equal to the greater of (i) 100% of the aggregate principal amount of the Notes to be redeemed and (ii) an
amount equal to the sum of the present values of the remaining scheduled payments for principal of and interest, and Additional Interest, if any, on the Notes to be redeemed that would be due if the Notes matured on the Par Call Date, not including
any portion of the payments of interest accrued as of such Redemption Date, discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Rate, plus 30 basis points, plus, in the case of each of (i) and (ii), accrued and unpaid interest (including Additional Interest, if any) on the principal amount of the Notes to be redeemed to, but excluding, such Redemption Date. 

(b) At any time on or after the Par Call Date, the Notes shall be redeemable, at the sole option of the Company, in whole at any time or in
part from time to time, at 100% of the principal amount being redeemed plus accrued and unpaid interest (including Additional Interest, if any) on the principal amount of the Notes to be redeemed to, but excluding, such Redemption Date. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having
a maturity comparable to the remaining term of the Notes to be redeemed (assuming for this purpose that the Notes matured on the Stated Maturity) that would be used, at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes. 
 “Comparable Treasury
Price” means, with respect to any Redemption Date, (i) the average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) on the third Business Day preceding such
Redemption Date, as set forth in the daily statistical release (or any successor release) published by the Federal Reserve Bank of New York and designated “Composite 3:30 p.m. Quotations for U.S. Government Securities” or (ii) if such
release (or any successor release) is not published or does not contain such prices on such third Business Day, (A) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such
Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such Quotations. 

“Independent Investment Banker” means each of Mizuho Securities USA Inc., CIBC World Markets Corp., Credit Agricole
Securities (USA) Inc., Scotia Capital (USA) Inc. and SMBC Nikko Securities America, Inc., or their respective successors, or if any such firm is unwilling or unable to serve as such, an independent investment banking institution of national standing
appointed by the Company. 
 “Reference Treasury Dealer” means (a) Mizuho Securities USA Inc. or its successor, and Scotia
Capital (USA) Inc. and its affiliates or successors, (b) one primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”) selected by CIBC World Markets Corp. or its successor, (c) one Primary Treasury
Dealer selected by Credit Agricole Securities (USA) Inc. or its successor, (d) one Primary Treasury Dealer selected by SMBC Nikko Securities America, Inc. or its successor and (e) one other Primary Treasury Dealer selected by the Company. 

  
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 “Reference Treasury Dealer Quotation” means, with respect to each Reference
Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in
writing to the Independent Investment Banker by such Reference Treasury Dealer at or before 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the semi-annual equivalent yield to
maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

(c) The Company shall notify the Trustee in writing of the Redemption Price with respect to the foregoing redemption promptly after the
calculation thereof. The Trustee shall not be responsible for calculating said Redemption Price or confirming the accuracy thereof. Notwithstanding Section 4.04 of the Original Indenture, such notice need not set forth the Redemption
Price but only the manner of calculation thereof. 
 SECTION 1.10 Change of Control. 

(a) In the event of any Change of Control Repurchase Event (the effective date of such Change of Control Repurchase Event being the
“Change of Control Date”) each Holder of the Notes will have the right, at such Holder’s option, subject to the terms and conditions herein, to require the Company to repurchase all or any part (equal to $2,000 or an integral
multiple of $1,000 in excess thereof) of such Holder’s Notes (a “Change of Control Offer”) on a date selected by the Company that is no earlier than sixty (60) days nor later than ninety (90) days (the
“Purchase Date”) after the mailing of written notice by the Company, with a copy to the Trustee, of the occurrence of such Change of Control Repurchase Event, at a repurchase price payable in cash equal to 101% of the principal
amount of such Notes plus accrued interest, if any, and Additional Interest, if any, thereon to the Purchase Date (the “Change of Control Purchase Price”). The Company will not be required to make a Change of Control Offer upon a
Change of Control Repurchase Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in the Indenture applicable to a Change of Control Offer made by the
Company and purchases all Notes properly tendered and not withdrawn in accordance with such offer. Notwithstanding anything to the contrary contained herein, a Change of Control Offer may be made in advance of a Change of Control, conditioned upon
the occurrence of such Change of Control and without regard to the occurrence of a Ratings Event, if a definitive agreement is in place for the Change of Control at the time the Change of Control Offer is made; provided any such offer will be
deemed to satisfy the Company’s obligation to make a Change of Control Offer upon the occurrence of any related Change of Control Repurchase Event. 

  
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 (b) Within thirty (30) days after the Change of Control Date, the Company shall mail to each
Holder of a Note a notice, with a copy to the Trustee, regarding the Change of Control Repurchase Event, which notice shall state: 

(i) that a Change of Control Repurchase Event has occurred and that each such Holder has the right to require the Company to
repurchase all or any part of such Holder’s Notes at the Change of Control Purchase Price; 
 (ii) the Change of Control
Purchase Price; 
 (iii) the Purchase Date; 

(iv) that any Note not tendered will continue to accrue interest; 

(v) that, unless the Company defaults in the payment of the Change of Control Purchase Price, all Notes accepted for payment
pursuant to the Change of Control Repurchase Event will cease to accrue interest after the Purchase Date; 
 (vi) that
Holders electing to have any Notes purchased pursuant to a Change of Control Repurchase Event shall be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed, to
the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Purchase Date; 

(vii) the procedures to withdraw a Holder’s election to have any Notes repurchased pursuant to the Change of Control
Repurchase Event; and 
 (viii) that Holders whose Notes are being purchased only in part will be issued new Notes equal in
principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess of $2,000. 

(c) To exercise its right to have any Notes repurchased pursuant to a Change of Control Repurchase Event, a Holder must deliver a written
notice (the “Change of Control Purchase Notice”) to the Paying Agent at the Corporate Trust Office or any other office of the Paying Agent maintained for such purposes, not later than thirty (30) days prior to the Purchase
Date. The Change of Control Purchase Notice shall state: 
 (i) the portion of the principal amount of any Notes to be
repurchased, which shall be a minimum of $2,000 and in integral multiples of $1,000 in excess thereof; 
 (ii) that such
Notes are to be repurchased by the Company pursuant to this Section 1.10; and 
 (iii) unless the Notes are represented
by one or more Global Notes, the certificate numbers of the Notes to be repurchased. 

  
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 (d) The Paying Agent shall promptly mail to each Holder of Notes properly tendered the Change of
Control Purchase Price for such Notes, and the Trustee shall promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any;
provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000. The Company shall publicly announce the results of the Change of Control Offer on or as soon as practicable after the Purchase Date.

 (e) Any Change of Control Purchase Notice may be withdrawn by a Holder by a written notice of withdrawal delivered to the Paying Agent
not later than three (3) Business Days prior to the Purchase Date. The notice of withdrawal shall state the principal amount and, if applicable, the certificate numbers of the Notes as to which the withdrawal notice relates and the
principal amount, if any, that remains subject to a Change of Control Purchase Notice. 
 (f) If the Paying Agent holds money sufficient to
pay the Change of Control Purchase Price of a Note on the Business Day following the Purchase Date for such Note, then, on and after such date, interest on such Note will cease to accrue, whether or not such Note is delivered to the Paying Agent,
and all other rights of the Holder of such Note shall terminate (other than the right to receive the Change of Control Purchase Price upon delivery of such Note). 

(g) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change in Control Repurchase Event. To the extent that the provisions of any securities laws or regulations
conflict with the provisions of this Section 1.10, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 1.10 by virtue of such compliance.

 (h) Notwithstanding anything to the contrary in this Section 1.10, the Company shall not be required to make a Change of Control
Offer upon a Change of Control Repurchase Event if (i) a third party makes a Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth herein applicable to a Change of Control Offer made by the
Company and purchases all Notes properly tendered and not withdrawn in accordance with such Change of Control Offer, or (ii) notice of redemption has been given pursuant to Section 1.09 unless and until there is a default in payment of the
applicable Redemption Price. 
 (i) Notwithstanding anything to the contrary in this Section 1.10, no Note may be repurchased by the
Company as a result of a Change of Control Repurchase Event if there shall have occurred and be continuing an Event of Default (other than a default in the payment of the Change of Control Purchase Price with respect to the Notes). 

(j) The following terms shall have the following meanings in this Section 1.10: 

“Change of Control” means the occurrence of any of the following events: 

  
 13 

 (i) any “person” or “group” (as such terms are used in
Sections 13(d) and 14(d) of the Exchange Act or any successor provisions to either of the foregoing), other than the Permitted Holders, becomes the “beneficial owners” (as used in Rules 13d-3 and 13d-5 under the Exchange Act, except
that a person or group will be deemed to have “beneficial ownership” of all shares that any such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or
indirectly, of a majority of the total voting power of the Voting Stock of the Company, whether as a result of the issuance of securities of the Company, any merger, consolidation, liquidation or dissolution of the Company or otherwise; 

(ii) the sale, transfer, assignment, lease, conveyance or other disposition, directly or indirectly, of all or substantially
all the assets of the Company and its subsidiaries, considered as a whole (other than a disposition of such assets as an entirety or virtually as an entirety to a wholly-owned subsidiary) to any person other than the Permitted Holders shall have
occurred, or the Company merges, consolidates or amalgamates with or into any other person or any other person merges, consolidates or amalgamates with or into the Company, in any such event pursuant to a transaction in which the outstanding Voting
Stock of the Company is reclassified into or exchanged for cash, securities or other property, other than any such transaction where (x) the outstanding Voting Stock of the Company is reclassified into or exchanged for other Voting Stock of the
Company or for Voting Stock of the surviving corporation and (y) the holders of the Voting Stock of the Company immediately prior to such transaction own, directly or indirectly, a majority of the Voting Stock of the Company or the surviving
corporation immediately after such transaction; 
 (iii) during any period, individuals who at the beginning of such period
constituted the Board of Managers (for so long as the Operating Agreement of the Company, adopted April 13, 2016 (as amended from time to time, the “Operating Agreement”) is in effect, together with any replacement or new managers
appointed to such Board of Managers in accordance with the terms of the Operating Agreement, and to the extent the terms of the Operating Agreement are no longer in effect, together with any new managers whose election or appointment by such Board
of Managers or whose nomination for election by the members of the Company was approved by a vote of a majority of the managers then still in office who were either managers at the beginning of such period or whose election or nomination for
election was previously so approved) cease for any reason to constitute a majority of the Board of Managers then in office; or 

(iv) the Company’s members shall have approved any plan of liquidation or dissolution of the Company. 

“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Ratings Event. 

“Investment Grade” means BBB- or higher by S&P and Baa3 or higher by Moody’s, or the equivalent of such ratings by
S&P or Moody’s or, if either S&P or Moody’s shall not make a rating on the Notes publicly available, another Rating Agency. 

  
 14 

 “Investors” means MIP Cleco Partners L.P. (f/k/a Como B L.P.), bcIMC Como
Investment Limited Partnership and John Hancock Life Insurance Company (U.S.A.), and each of their respective Affiliates. For purposes of the preceding sentence, the term “portfolio companies” does not include, without limitation,
(i) any investment fund or investment vehicle managed or co-managed by any Investor or by any of such investment funds’ or investment vehicles’ Affiliates or (ii) any direct or indirect non-operating subsidiary of any Investor. 
 “Permitted Holders” means each of the
Investors and members of management of the Company (or its direct or indirect parent) who are holders of Voting Stock of the Company (or any of its direct or indirect parent companies) on the issue date of the Notes and any “group” (as
such term is used in Section 13(d) and 14(d) of the Exchange Act or any successor provision) of which any of the foregoing are members; provided that, in the case of such group and without giving effect to the existence of such group or
any other group, such Investors and members of management, collectively, have beneficial ownership of a majority of the total voting power of the Voting Stock of the Company. 

“Rating Agency” means each of S&P and Moody’s or, if S&P or Moody’s or both shall not make a rating on the
Notes publicly available, a nationally recognized statistical rating organization or organizations, as the case may be, selected by the Company (as certified by a resolution of the Board of Managers), which shall be substituted for S&P or
Moody’s, or both, as the case may be. 
 “Ratings Event” means a decrease in the ratings of the Notes by one or more
gradations (including gradations within categories as well as between rating categories) by each of the Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the
30-day period following public notice of the occurrence of the Change of Control (which 30-day period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating
Agencies and the other Rating Agency has either downgraded, or publicly announced that it is considering downgrading, the Notes). Notwithstanding the foregoing, if the rating of the Notes by each of the Rating Agencies is Investment Grade, then
“Ratings Event” means a decrease in the ratings of the Notes by one or more gradations (including gradations within categories as well as between rating categories) by each of the Rating Agencies such that the rating of the Notes by
each of the Rating Agencies falls below Investment Grade on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 30-day period following public notice of the occurrence of the
Change of Control (which 30-day period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies and the other Rating Agency has either downgraded, or
publicly announced that it is considering downgrading, the Notes). 
 “Voting Stock” means securities of any class or
classes the holders of which are ordinarily, in the absence of contingencies, entitled to vote for corporate directors or managers (or persons performing similar functions). 

SECTION 1.11    Rule 144A Reporting Requirement. Upon request therefor, the Company shall provide to
prospective Holders of the Initial Notes, all information required to 

  
 15 

 
be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as any Note that remains Outstanding is a “restricted security” with the meaning of Rule 144(a)(3) under the
Securities Act. 
 ARTICLE II 

MISCELLANEOUS PROVISIONS 

SECTION 2.01 Recitals by the Company. The recitals in this First Supplemental Indenture are made by the Company only and not
by the Trustee, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture or of the Notes. The Trustee shall not be
accountable for the use or application by the Company of the Notes or the proceeds thereof. All of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be
applicable in respect of the Notes and of this First Supplemental Indenture as fully and with like effect as if set forth herein in full. 

SECTION 2.02 Ratification and Incorporation of Original Indenture. As supplemented hereby, the Original Indenture is in all
respects ratified and confirmed, and the Original Indenture and this First Supplemental Indenture shall be read, taken and construed as one and the same instrument. 

SECTION 2.03 Executed in Counterparts. This First Supplemental Indenture may be simultaneously executed in several
counterparts, each of which shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. The exchange of copies of this First Supplemental Indenture and of signature pages by facsimile or
PDF transmission shall constitute effective execution and delivery of this First Supplemental Indenture as to the parties hereto and may be used in lieu of the First Supplemental Indenture for all purposes. Signatures of the parties hereto
transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 
 SECTION 2.04 New York Law to
Govern. This First Supplemental Indenture and each Note shall be governed by and construed in accordance with the laws of the State of New York. 

SECTION 2.05 Valid and Binding Obligation. This First Supplemental Indenture, upon execution and delivery by the parties hereto,
constitutes a valid and binding obligation of the Company or the Trustee, as applicable, enforceable against the Company or the Trustee, as applicable, in accordance with its terms, except to the extent the enforcement thereof may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting enforcement of creditors’ rights generally and except as enforcement thereof is subject to general principles of equity and except as rights to indemnification
may be limited by applicable law. 
 [Signature page immediately follows] 

  
 16 

 IN WITNESS WHEREOF, each party hereto has caused this instrument to be signed in its name and
behalf by its duly authorized officers, all as of the day and year first above written. 
  

			
	CLECO CORPORATE HOLDINGS LLC,
	as Issuer
		
	By:	 	 /s/ Terry L. Taylor

		 	Name: Terry L. Taylor
		 	Title: Chief Financial Officer
	
	WELLS FARGO BANK, N.A.,
	as Trustee
		
	By:	 	 /s/ Patrick Giordano

		 	Name: Patrick Giordano
		 	Title: Vice President

 [Signature Page to First Supplemental Indenture] 

 Table of Contents 

 

							
	 	  	 	  	Page	 
	ARTICLE I	  
	
	3.743% SENIOR NOTES DUE 2026	  
			
	 SECTION 1.01
	  	 Establishment
	  	 	2	  
	 SECTION 1.02
	  	 Definitions
	  	 	3	  
	 SECTION 1.03
	  	 Payment of Principal and Interest
	  	 	5	  
	 SECTION 1.04
	  	 Denominations
	  	 	6	  
	 SECTION 1.05
	  	 Form of Notes
	  	 	6	  
	 SECTION 1.06
	  	 Transfer and Exchange
	  	 	7	  
	 SECTION 1.07
	  	 Legends
	  	 	9	  
	 SECTION 1.08
	  	 Satisfaction and Discharge
	  	 	9	  
	 SECTION 1.09
	  	 Redemption at the Option of the Company
	  	 	9	  
	 SECTION 1.10
	  	 Change of Control
	  	 	11	  
	 SECTION 1.11
	  	 Rule 144A Reporting Requirement
	  	 	15	  
	
	ARTICLE II	  
	
	MISCELLANEOUS PROVISIONS	  
			
	 SECTION 2.01
	  	 Recitals by the Company
	  	 	16	  
	 SECTION 2.02
	  	 Ratification and Incorporation of Original Indenture
	  	 	16	  
	 SECTION 2.03
	  	 Executed in Counterparts
	  	 	16	  
	 SECTION 2.04
	  	 New York Law to Govern
	  	 	16	  
	 SECTION 2.05
	  	 Valid and Binding Obligation
	  	 	16	  
		
	 EXHIBIT A Form of Global Note
	  	 	A-1	  
	 EXHIBIT B Form of Certificate of Authentication
	  	 	B-1	  
	 EXHIBIT C Form of Rule 144A Note to Regulation S Note Transfer Certificate
	  	 	C-1	  
	 EXHIBIT D Form of Regulation S Note to Rule 144A Note Transfer Certificate
	  	 	D-1	  

 EXHIBIT A 

FORM OF NOTE 
 [INCLUDE IF NOTE IS A
GLOBAL NOTE: UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO CLECO CORPORATE HOLDINGS LLC (THE “COMPANY”) OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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 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 IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL NOTE IN WHOLE SHALL BE LIMITED TO TRANSFERS TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR
ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY AND TRANSFERS OF THIS GLOBAL NOTE IN PART SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE
REVERSE HEREOF. 
 THIS GLOBAL NOTE SHALL BE EXCHANGEABLE FOR NOTES REGISTERED IN THE NAMES OF PERSONS OTHER THAN DTC OR ITS NOMINEE ONLY IF (I) DTC
NOTIFIES THE COMPANY THAT IT IS UNWILLING OR UNABLE TO CONTINUE AS A DEPOSITARY FOR SUCH GLOBAL NOTE, OR IF AT ANY TIME DTC CEASES TO BE A CLEARING AGENCY REGISTERED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AT A TIME WHEN DTC IS
REQUIRED TO BE SO REGISTERED TO ACT AS SUCH DEPOSITARY AND, IN EACH CASE, NO SUCCESSOR DEPOSITARY SHALL HAVE BEEN APPOINTED BY THE COMPANY WITHIN 90 DAYS OF SUCH NOTICE, (II) THE COMPANY IN ITS SOLE DISCRETION DETERMINES THAT SUCH GLOBAL NOTE SHALL
BE SO EXCHANGEABLE, OR (III) THERE SHALL HAVE OCCURRED AN EVENT OF DEFAULT WITH RESPECT TO THE NOTES. ANY GLOBAL NOTE THAT IS EXCHANGEABLE PURSUANT TO THE PRECEDING SENTENCE SHALL BE EXCHANGEABLE FOR NOTES REGISTERED IN SUCH NAMES AS THE
DEPOSITARY SHALL DIRECT AND NOTES ISSUED IN EXCHANGE FOR RULE 144A GLOBAL NOTES AND REGULATION S GLOBAL NOTES PURSUANT TO THE PRECEDING SENTENCE, SHALL BEAR, AND BE SUBJECT TO, THE LEGENDS RELATING TO RESTRICTIONS ON TRANSFER REQUIRED BY THE
INDENTURE RELATING HERETO.] 
 [INCLUDE IF THIS NOTE IS A REGULATION S GLOBAL NOTE: THE NOTES COVERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED AND SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT 

  
 A-1 

 
OR BENEFIT OF, U.S. PERSONS (i) AS PART OF THEIR DISTRIBUTION AT ANY TIME OR (ii) OTHERWISE UNTIL 40 DAYS AFTER THE LATER OF THE OFFERING AND THE CLOSING DATE, EXCEPT IN EITHER CASE IN
ACCORDANCE WITH REGULATION S (OR RULE 144A IF AVAILABLE) UNDER THE SECURITIES ACT. TERMS USED ABOVE HAVE THE MEANING GIVEN TO THEM BY REGULATION S.] 

THE NOTE (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE NOTE EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF
THE NOTE EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE NOTE EVIDENCED HEREBY AGREES FOR THE BENEFIT
OF CLECO CORPORATE HOLDINGS LLC (THE “COMPANY”) THAT (A) SUCH NOTE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (1)(a) INSIDE THE UNITED STATES TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL
BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (b) OUTSIDE THE
UNITED STATES TO A FOREIGN PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (c) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF APPLICABLE) OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY IF THE COMPANY SO REQUESTS), (2) TO THE COMPANY OR (3)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS
REQUIRED TO, NOTIFY ANY PURCHASER OF THE NOTE EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE NOTE EVIDENCED
HEREBY. 
 BECAUSE OF THE FOREGOING RESTRICTIONS, PURCHASERS ARE ADVISED TO CONSULT LEGAL COUNSEL PRIOR TO MAKING ANY RESALE, PLEDGE OR TRANSFER OF ANY
OF THE NOTES. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. 

  
 A-2 

 CUSIP: [        ] 

ISIN: [        ] 

CLECO CORPORATE HOLDINGS LLC 

3.743% Senior Secured Note due 2026 
  

			
	 Principal Amount:
	  	 $[        ] or such other principal sum set forth in
the Schedule of Exchanges of Interests attached hereto

		
	 Regular Record Date:
	  	 April 15 or October 15 immediately preceding the Interest Payment Date

		
	 Original Issue Date:
	  	 May 17, 2016

		
	 Stated Maturity:
	  	 May 1, 2026

		
	 Interest Payment Dates:
	  	 May 1 and November 1, beginning on November 1, 2016

		
	 Interest Rate:
	  	 3.743% per annum

		
	 Authorized Denominations:
	  	 $2,000 or any integral multiple of $1,000 in excess thereof

  

					
	 No. [        ]
	  		  	 $[        ]

 Cleco Corporate Holdings LLC, a Louisiana limited liability company (the “Company,” which term
includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to [     ], or registered assigns, the principal sum of [    ] DOLLARS
($[     ]) or such other principal sum as shall be set forth in the Schedule of Exchanges of Interests attached hereto on the Stated Maturity shown above (or upon earlier redemption), and to pay interest thereon from the Original
Issue Date shown above, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on each Interest Payment Date as specified above, commencing on the Interest Payment Date next
succeeding the Original Issue Date shown above and on the Stated Maturity (or upon earlier redemption) at the rate per annum shown above until the principal hereof is paid or made available for payment and on any overdue principal and on any overdue
installment of interest. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date (other than an Interest Payment Date that is the Stated Maturity or on a Redemption Date) will, as provided in such Indenture,
be paid to the Person in whose name this Note (this “Note”) is registered at the close of business on the Regular Record Date as specified above next preceding such Interest Payment Date; provided that any interest
payable at Stated Maturity or on any Redemption Date will be paid to the Person to whom principal is payable. Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to
be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Company,
notice whereof shall be given to Holders of Notes of this series not less than 15 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange, if any, on
which the Notes of this series shall be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the Indenture. 

  
 A-3 

 Payments of interest on this Note will include interest accrued to but excluding the respective
Interest Payment Dates. Interest payments for this Note shall be computed and paid on the basis of a 360-day year of twelve 30-day months. In the event that any date on which interest is payable on this Note is not a Business Day, then payment of
the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), except that, if such Business Day is in the next succeeding calendar year,
payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on the date the payment was originally payable. A “Business Day” shall mean any day other than a Saturday or a
Sunday or a day on which banks in New York, New York are authorized or obligated by law or executive order to remain closed or a day on which the Trustee’s Corporate Trust Office is closed for business. 

Payment of the principal, premium, if any, and interest due at the Stated Maturity or earlier redemption of this Note shall be made upon
surrender of this Note at the Corporate Trust Office of the Trustee, 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. Payments of interest (including
interest on any Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or
(ii) by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least 15 days prior to the date for payment by the Person entitled thereto. 

The unpaid principal amount of this Note shall bear interest at the rate per annum set forth above. 

The Company has entered into a Registration Rights Agreement dated May 17, 2016 with the Initial Purchasers described therein (the
“Registration Rights Agreement”). Holders of the Initial Notes shall have all the rights set forth in the Registration Rights Agreement. 

From and after the date on which a Registration Default (as defined in the Registration Rights Agreement) occurs, the interest rate payable on
this Note shall increase (in addition to the interest rate set forth above) and additional interest reflecting such increase shall accrue with respect to this Note, as described in the Registration Rights Agreement, until but not including the date
on which all such Registration Defaults shall be cured and cease to exist (and provided no other Registration Default with respect to this Note shall then be continuing), at the rate of one quarter of one percent (0.25%) per annum during the 90-day
period immediately following the occurrence of any Registration Default and shall increase by one quarter of one percent (0.25%) per annum at the end of each subsequent 90-day period, but in no event shall such increase exceed one percent (1.00%)
per annum, which additional interest shall be payable hereon at the times, in the manner and subject to the same terms and conditions set forth herein and in the Indenture, as though the interest rate set forth above had been increased by such
applicable percentage per annum. 

  
 A-4 

 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF,
WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 
 Unless the certificate of
authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

IN WITNESS HEREOF, the Company has caused this instrument to be duly executed. 

 

			
	CLECO CORPORATE HOLDINGS LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	ATTEST:
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-5 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture: 

 

			
	WELLS FARGO BANK, N.A.,
	as Trustee
		
	By:	 	  

		 	Authorized Signatory
		
	 Dated:
	 	

  
 A-6 

 (Reverse Side of Note) 

This Note is one of a duly authorized issue of Senior Secured Notes of the Company, issued and issuable in one or more series under an
Indenture, dated as of May 17, 2016, as supplemented, including by the First Supplemental Indenture dated as of May 17, 2016 (collectively, the “Indenture”), between the Company and Wells Fargo Bank, N.A., to which Indenture
reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Senior Secured Notes issued thereunder and of the terms upon which said
Senior Secured Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof as 3.743% Senior Secured Notes due May 1, 2026 (the “Senior Secured Notes”) in aggregate principal
amount of up to $535,000,000, subject to increase as provided for in the Indenture. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture. 

The Notes are secured obligations of the Company. The Notes are secured by a pledge of Collateral pursuant to the Security Documents
referred to in the Indenture. 
 The Notes are subject to optional redemption, and may be the subject of a Change of Control Offer, as
further described in the Indenture. 
 If an Event of Default with respect to the Notes of this series shall occur and be continuing, the
principal of the Notes of this series may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Senior Secured Notes of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of
the Outstanding Senior Secured Notes of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Outstanding Senior Secured Notes of each series, on behalf of
the Holders of all Senior Secured Notes of such series, to waive compliance by the Company 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 Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note 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 Note. Without the consent of any Holder, the Company and the Trustee may amend the Indenture or the Notes for the purpose of curing any ambiguity or mistake, or of curing, correcting or supplementing any defective
provision thereof or hereof, or that is not inconsistent with the Indenture and the Notes and will not adversely affect the interests of any Holder in any material respect. 

The Indenture contains certain covenants, including without limitation, covenants with respect to liens and mergers, consolidations and
certain transfers of assets. The Company must furnish to the Trustee annual statements as to the Company’s compliance with such limitations in accordance with the terms of the Indenture. 

  
 A-7 

 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security
Register, upon surrender of this Note for registration of transfer at the office or agency of the Company for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security
Registrar and duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series, of authorized denominations and of like tenor and for the same aggregate principal amount, will be
issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith. 
 Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and
any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected
by notice to the contrary. 
 The Senior Secured Notes are issuable only in registered form without coupons in minimum denominations of
$2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Senior Secured Notes are exchangeable for a like aggregate principal amount of Notes of this series of
a different authorized denomination, as requested by the Holder surrendering the same upon surrender of the Senior Secured Note or Notes to be exchanged at the office or agency of the Company. 

This Note shall be governed by, and construed in accordance with, the laws of the State of New York. 

The Trustee will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to Wells
Fargo Bank, N.A., Attention: Corporate Municipal & Escrow Services. 

  
 A-8 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

The initial outstanding principal amount of this Global Note is $[        ]. The following exchanges
of a part of this Global Note for an interest in another Global Note, or exchanges of a part of another Global Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	 Amount of decrease in

Principal Amount of this

Global Note
	  	
Amount of increase in
Principal Amount of this
Global Note
	  	 Principal Amount of this
Global Note
following
such decrease or
increase
	  	 Signature of authorized
signatory of
Trustee or
Custodian

		  		  		  		  	

  
 A-9 

 EXHIBIT B 

CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture: 

 

			
	WELLS FARGO BANK, N.A.,
	as Trustee
		
	By:	 	  

		 	Authorized Signatory
		
	Dated:	 	

  
 B-1 

 EXHIBIT C 

FORM OF RULE 144A NOTE TO REGULATION S NOTE TRANSFER CERTIFICATE 

Wells Fargo Bank, N.A. 
 MAC T9263-170 

750 N. Saint Paul Place 
 Dallas, Texas 75201 

Attention: Corporate Municipal & Escrow Services 

Re: Cleco Corporate Holdings LLC 3.743% Senior Secured Notes due 2026 (the “Notes”) 

Reference is hereby made to the Indenture dated as of May 17, 2016 between Cleco Corporate Holdings LLC and Wells Fargo Bank, N.A., as
Trustee, as supplemented, including by the First Supplemental Indenture dated as of May 17, 2016 (collectively, the “Indenture”). Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 This letter relates to U.S.$[        ] principal amount of the Notes which are held in the form
of the Rule 144A Global Note (CUSIP No. [        ]) with the Depositary in the name or for the account of [insert name of transferor] (the “Transferor”). The Transferor has requested a
transfer or exchange of such beneficial interest for an interest in the Regulation S Global Note (CINS No. [        ]) to be held with [Euroclear Bank S.A./N.V., as operator of the Euroclear System]
[Clearstream Banking, société anonyme, Luxembourg] (Common Code) through the Depositary. 
 In connection with such
request and in respect of such Notes, the Transferor does hereby certify that such transfer or exchange has been effected in accordance with the transfer restrictions set forth in the Indenture and the Notes and pursuant to and in accordance with
Regulation S under the Securities Act, and accordingly the Transferor does hereby certify: 
 (1) the offer of the Notes was not made to a
person in the United States or for the account or benefit of a person in the United States (other than an initial purchase of the Notes), 

[(2) at the time the buy order was originated, the transferee was outside the United States or the Transferor and any person acting on its
behalf reasonably believed that the transferee was outside the United States,]* 
 [(2) the transaction was executed in, on or through the
facilities of a designated offshore securities market and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]* 

(3) no directed selling efforts have been made in contravention of the requirements or Rule 903(b) or 904(b) of Regulation S, as applicable,
and 
 (4) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act. 

  
 C-1 

 This certificate and the statements contained herein are made for your benefit and the benefit of
the Issuer. 
  

			
	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:
		
	Dated:	 	
	
	cc: Cleco Corporate Holdings LLC

  

	*	Insert one of these two provisions, which come from the definition of “offshore transactions” in Regulation S. 

Signature Guarantee: 

  
 C-2 

 EXHIBIT D 

FORM OF REGULATION S NOTE TO RULE 144A NOTE TRANSFER CERTIFICATE 

Wells Fargo Bank, N.A. 
 MAC T9263-170 

750 N. Saint Paul Place 
 Dallas, Texas 75201 

Attention: Corporate Municipal & Escrow Services 

Cleco Corporate Holdings LLC 3.743% Senior Secured Notes due 2026 (the “Notes”) 

Reference is hereby made to the Indenture dated as of May 17, 2016 between Cleco Corporate Holdings LLC and Wells Fargo Bank, N.A., as
Trustee, as supplemented, including by the First Supplemental Indenture dated as of May 17, 2016 (collectively, the “Indenture”). Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 This letter relates to U.S.$[        ] principal amount of the Notes which are held in the form
of the Regulation S Global Note (CINS No. [         ]) with the Depositary in the name or for the account of [insert name of transferor] (the “Transferor”). The Transferor has requested a
transfer or exchange of such beneficial interest for an interest in the Rule 144A Global Note (CUSIP No. [        ]). 

The transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act, and, accordingly, the Transferor hereby
further certifies that the beneficial interest is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest for its own account, or for one or more accounts with respect to which such Person
exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such transfer is in compliance
with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest will be subject to the restrictions on
transfer enumerated in the legend printed on the Rule 144A Global Note and in the Indenture and the Securities Act. 

  
 D-1 

 This certificate and the statements contained herein are made for your benefit and the benefit of
the Issuer. 
  

			
	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:
		
	Dated:	 	
	
	cc: Cleco Corporate Holdings LLC
	
	[         ]

 Signature Guarantee: 

  
 D-2

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