Exhibit 10.34

 

Execution Version

 

FIRST AMENDMENT

(Credit Agreement)

 

FIRST AMENDMENT, dated as of March 28, 2006 (this “Amendment”), to the SENIOR
REVOLVING CREDIT AGREEMENT, dated as of May 10, 2005 (as amended, supplemented
or otherwise modified from time to time, the “Credit Agreement”), among LAZARD
GROUP LLC, a Delaware limited liability company (the “Company”), the Banks from
time to time parties thereto, CITIBANK, N.A., a national banking association
(“Citibank”), and THE BANK OF NEW YORK, New York Branch (“The Bank of New
York”), and JPMORGAN CHASE BANK, N.A., a New York banking corporation as a Bank
(in such capacity, “JPMorgan Chase Bank”, and together with Citibank and The
Bank of New York, the “Banks”) and as Administrative Agent for the Banks
thereunder (in such capacity, the “Administrative Agent”).

 

W I T N E S S E T H :

 

WHEREAS, the Company, the Banks and the Administrative Agent are parties to the
Credit Agreement;

 

WHEREAS, the Company has requested, and upon this Amendment becoming effective,
the Banks have agreed, to amend certain provisions of the Credit Agreement upon
the terms and conditions set forth herein.

 

NOW, THEREFORE, the parties hereto agree as follows:

 

SECTION 1. DEFINITIONS

 

1.1 Defined Terms. Unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given such terms in the Credit
Agreement.

 

SECTION 2. AMENDMENTS TO CREDIT AGREEMENT

 

2.1 Amendment of Section 7.2. Section 7.2 is hereby amended by (i) adding a new
paragraph (s) after paragraph (r) thereof to read in its entirety as follows;
(ii) by deleting the “and” appearing after clause (q) thereof and (iii) by
deleting the “.” at the end of clause (r) thereof and inserting, in lieu thereof
“; and”:

 

“(s) Indebtedness under the 4.25% senior note in the principal amount of
$96,000,000 and under the 4.60% subordinated note in the principal amount of
$50,000,000, both due February 28, 2008 and issued by the Company in favor of
Banca Intesa S.p.A., and incurred by the Company in connection with the
dissolution of the Intesa Strategic Alliance and any Permitted Refinancing
Indebtedness incurred to Refinance such Indebtedness; provided that the senior
note is used to repurchase the equity interest of Banca Intesa S.p.A. in
Lazard & Co. S.r.l. and the subordinated note is used to refinance in full that
certain 3.0% subordinated promissory note, dated June 10, 2003, in the principal
amount of

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2

 

$50,000,000, issued by Lazard & Co. S.r.l. in favor of Banca Intesa S.p.A.”

 

SECTION 3. MISCELLANEOUS

 

3.1 Limited Effect. Except as expressly amended, modified and supplemented
hereby, the Credit Agreement is, and shall remain, in full force and effect in
accordance with its terms.

 

3.2 Effectiveness. This Amendment shall become effective as of the date (the
“First Amendment Effective Date”) of receipt by the Administrative Agent of
counterparts hereof duly executed by the Company and Lenders constituting the
Required Lenders.

 

3.3 Representations and Warranties. On and as of the date hereof and after
giving effect to this Amendment, the Company hereby confirms, reaffirms and
restates the representations and warranties set forth in Section 4 of the Credit
Agreement mutatis mutandis, except to the extent that such representations and
warranties expressly relate to a specific earlier date in which case the Company
hereby confirms, reaffirms and restates such representations and warranties as
of such earlier date.

 

3.4 Counterparts. This Amendment may be executed by one or more of the parties
hereto on any number of separate counterparts, and all of said counterparts
taken together shall be deemed to constitute one and the same instrument. A set
of the copies of this Amendment signed by all the parties shall be lodged with
the Company and the Administrative Agent. This Amendment may be delivered by
facsimile transmission of the relevant signature pages hereof.

 

3.5 GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK.

 

[Signature page to follow]

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

 

LAZARD GROUP LLC By:     /S/    MICHAEL J. CASTELLANO            

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Name:   Michael J. Castellano

Title:     Chief Financial Officer

JPMORGAN CHASE BANK, N.A., as

Administrative Agent and as a Bank

By:     /S/    THOMAS H. MULLIGAN             

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Name:   Thomas H. Mulligan

Title:     Managing Director

CITIBANK, N.A., as a Bank

By:     /S/    MATTHEW NICHOLLS             

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Name:   Matthew Nicholls

Title:     Managing Director

THE BANK OF NEW YORK, N.A., as a Bank

By:     /S/    JOSEPH CIACCIARELLI             

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Name:   Joseph Ciacciarelli

Title:     Managing Director

                 

 

Signature page to First Amendment to the Credit Agreement