Execution Copy CLEAR LAKE CLO, LTD. Issuer, CLEAR LAKE CLO, CORP. Co-Issuer, AND WELLS FARGO BANK, NATIONAL ASSOCIATION Trustee INDENTURE Dated as of January 18, 2007 COLLATERA

Execution Copy CLEAR LAKE CLO, LTD. Issuer, CLEAR LAKE CLO, CORP. Co-Issuer, AND WELLS FARGO BANK, NATIONAL ASSOCIATION Trustee INDENTURE Dated as of January 18, 2007 COLLATERA

IN WITNESS WHEREOF, we have set our hands as of the date first written above. EXECUTED AS A DEED BY CLEAR LAKE CLO, LTD., as Issuer By: Name: Title: In the presence of: Wimess: Name: CLEAR LAKE CLO, CORP., as Co-Issuer By: Name: Title: WELLS FARGO BANK, NATIO

Execution Copy CLEAR LAKE CLO, LTD. Issuer, CLEAR LAKE CLO, CORP. Co-Issuer, AND WELLS FARGO BANK, NATIONAL ASSOCIATION Trustee INDENTURE Dated as of January 18, 2007 COLLATERA

page follows.] 169 EFTA00596301 IN WITNESS WHEREOF, we have set our hands as of the date first written above. EXECUTED AS A DEED BY CLEAR LAKE CLO, LTD., as Issuer By: Name: Title: In the presence of: Witness: Name: CLEAR LAKE CLO, CORP., as Co-Issuer By: Name: Title: WELLS FARGO BANK, NATI