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 COLLATERALIZED LOAN OBLIGATIONS CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0072429 CONFIDENTIAL SDNY_GM_00218613 EFTA01376360