Exhibit 10.48

 

AMENDMENT NO. 4

TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

AND AMENDMENT TO GUARANTY AGREEMENT

 

THIS AMENDMENT NO. 4 TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT AND
AMENDMENT TO GUARANTY AGREEMENT (this “Amendment”) is dated as of January 14,
2005, and is by and among FEDERATED INVESTORS, INC., a Pennsylvania corporation
(the “Borrower”), the BANKS set forth herein (collectively, the “Banks”), and
PNC BANK, NATIONAL ASSOCIATION, as agent for the Banks (the “Agent”).

 

WHEREAS, the Borrower, the Banks and the Agent are parties to that certain
Second Amended and Restated Credit Agreement dated as of January 22, 2002, as
amended by Amendment No. 1 to Second Amended and Restated Credit Agreement dated
as of April 8, 2002, and Amendment No. 2 to Second Amended and Restated Credit
Agreement dated as of January 20, 2003 and Amendment No. 3 to Second Amended and
Restated Credit Agreement dated as of January 16, 2004 (the “Credit Agreement”)
and the Guarantors set forth therein are parties to the Continuing Agreement of
Guaranty and Suretyship dated as of January 22, 2002 (the “Guaranty Agreement”);

 

WHEREAS, the Borrower, the Banks and the Agent wish to amend the Credit
Agreement and the Guaranty Agreement as set forth herein.

 

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

 

1. Definitions.

 

Capitalized terms used herein unless otherwise defined herein shall have the
meanings ascribed to them in the Credit Agreement as amended by this Amendment.

 

2. Amendment of Credit Agreement and Guaranty Agreement.

 

(a) The definition of “Revolving Credit Expiration Date” in Section 1.1 of the
Credit Agreement is hereby amended and restated as follows:

 

Revolving Credit Expiration Date shall mean January 13, 2006 (which is the date
364 days after the effective date of Amendment No. 4 to Second Amended and
Restated Credit Agreement and Amendment to Guaranty Agreement among the
Borrower, the Banks and the Agent) or such later date as determined pursuant to
Section 2.13(a).

 

(b) Schedule 1.1(a) [Commitments of the Banks] of the Credit Agreement is hereby
deleted in its entirety and Schedule 1.1(a) attached hereto is inserted in lieu
thereof.

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(c) The Guaranty Agreement is hereby amended by releasing each of Edgewood
Services, Inc., a New York corporation, Federated Financial Services, Inc., a
Pennsylvania corporation, and Federated Securities Corp., a Pennsylvania
corporation, as Guarantors thereunder.

 

3. Conditions of Effectiveness of Amendment of Credit Agreement. The
effectiveness of this Amendment of the Credit Agreement is expressly conditioned
upon satisfaction of each of the following conditions precedent on the date
hereof:

 

(a) Representations and Warranties; No Defaults. The representations and
warranties of the Borrower contained in Article VI of the Credit Agreement shall
be true and accurate on the date hereof with the same effect as though such
representations and warranties had been made on and as of such date (except
representations and warranties which relate solely to an earlier date or time,
which representations and warranties shall be true and correct on and as of the
specific dates or times referred to therein), and the Borrower shall have
performed and complied with all covenants and conditions under the Senior Loan
Documents and hereof; and no Event of Default or Potential Default under the
Credit Agreement and the other Senior Loan Documents shall have occurred and be
continuing or shall exist.

 

(b) Authorization and Incumbency. There shall be delivered to the Agent for the
benefit of each Bank a certificate, dated as of the date hereof, and signed by
the Secretary or an Assistant Secretary of the Borrower, certifying as
appropriate as to:

 

  (i) all action taken by the Borrower in connection with this Amendment and the
other Senior Loan Documents; and

 

  (ii) the names of the officer or officers authorized to sign this Amendment
and the other documents executed and delivered in connection herewith and
described in this Section 3 and the true signatures of such officer or officers.

 

(c) Notes. There shall be delivered to the Agent for the benefit of each Bank
which is having its Revolving Credit Commitment amended pursuant to this
Amendment a Revolving Credit Note executed by the Borrower which reflects its
new Revolving Credit Commitment as set forth on Schedule 1.1 (a) hereto.

 

(d) Acknowledgment. There shall be delivered to the Agent for the benefit of
each Bank the Confirmation in the form attached hereto as Exhibit 1 hereto
executed by each of the Loan Parties (other than the Borrower).

 

(e) Legal Details; Counterparts. All legal details and proceedings in connection
with the transactions contemplated by this Amendment shall be in form and
substance satisfactory to the Agent. The Agent shall have received from the
Borrower and each of the Banks an executed original of this Amendment. Each of
this Amendment and the Confirmation may be executed by the parties hereto or
thereto in any number of separate counterparts, each of which when taken
together shall constitute one and the same instrument.

 

- 2 -

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(f) Amendment Fee. The Borrower shall pay to each of the Banks which executes
this Amendment on or before January 12, 2005 in immediately available funds an
amendment fee equal to five (5) basis points of each Bank’s Revolving Credit
Commitment, determined as of the date of this Amendment.

 

4. Fees and Expenses. The Borrower hereby agrees to reimburse the Agent and the
Banks on demand for all legal costs, expenses and disbursements relating to this
Amendment which are payable by the Borrower as provided in Sections 10.5 and
11.3 of the Credit Agreement.

 

5. Force and Effect. Except as expressly modified by this Amendment, the Credit
Agreement and the other Senior Loan Documents are hereby ratified and confirmed
and shall remain in full force and effect after the date hereof.

 

6. Governing Law. This Amendment shall be deemed to be a contract under the laws
of the Commonwealth of Pennsylvania and for all purposes shall be governed by
and construed and enforced in accordance with the internal laws of the
Commonwealth of Pennsylvania without regard to its conflict of laws principles.

 

[SIGNATURE PAGES FOLLOW]

 

- 3 -

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SIGNATURE PAGE 1 OF 8 TO AMENDMENT NO. 4

TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

AND AMENDMENT TO GUARANTY AGREEMENT

 

IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly
authorized, have executed this Amendment No. 4 to Second Amended and Restated
Credit Agreement and Amendment to Guaranty Agreement as of the date first above
written.

 

FEDERATED INVESTORS, INC. By:   

/s/ Denis McAuley III

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Name:    Denis McAuley III Title:    Vice President

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SIGNATURE PAGE 2 OF 8 TO AMENDMENT NO. 4

TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

AND AMENDMENT TO GUARANTY AGREEMENT

 

PNC BANK, NATIONAL ASSOCIATION
individually and as Agent By:   

/s/ Enrico Della Corna

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Name:    Enrico Della Corna Title:    Vice President

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SIGNATURE PAGE 3 OF 8 TO AMENDMENT NO. 4

TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

AND AMENDMENT TO GUARANTY AGREEMENT

 

BANK OF AMERICA, NATIONAL
ASSOCIATION By:   

/s/ Sean Cassidy

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Name:    Sean Cassidy Title:    Senior Vice President

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SIGNATURE PAGE 4 OF 8 TO AMENDMENT NO. 4

TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

AND AMENDMENT TO GUARANTY AGREEMENT

 

STATE STREET BANK AND TRUST

COMPANY

By:   

/s/ John T. Daley

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Name:    John T. Daley Title:    Vice President

 

 

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SIGNATURE PAGE 5 OF 8 TO AMENDMENT NO. 4

TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

AND AMENDMENT TO GUARANTY AGREEMENT

 

JPMORGAN CHASE BANK By:   

/s/ Marybeth Mullen

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Name:    Marybeth Mullen Title:    Vice President

 

 

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SIGNATURE PAGE 6 OF 8 TO AMENDMENT NO. 4

TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

AND AMENDMENT TO GUARANTY AGREEMENT

 

CITIBANK, N.A. By:   

/s/ Matthew Nicholls

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Name:    Matthew Nicholls Title:    Vice President

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SIGNATURE PAGE 7 OF 8 TO AMENDMENT NO. 4

TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

AND AMENDMENT TO GUARANTY AGREEMENT

 

FIFTH THIRD BANK By:   

/s/ James Janovsky

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Name:    James Janovsky Title:    Vice President

 

 

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SIGNATURE PAGE 8 OF 8 TO AMENDMENT NO. 4

TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

AND AMENDMENT TO GUARANTY AGREEMENT

 

CITIZENS BANK OF PENNSYLVANIA By:   

/s/ Dwayne Finney

--------------------------------------------------------------------------------

Name:    Dwayne Finney Title:    Vice President

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CONFIRMATION

 

Reference is hereby made to that certain Second Amended and Restated Credit
Agreement by and between FEDERATED INVESTORS, INC., the BANKS set forth therein,
and PNC BANK, NATIONAL ASSOCIATION, as Agent for the Banks, dated as of January
22, 2002, as amended by Amendment No. 1 to Second Amended and Restated Credit
Agreement dated as of April 8, 2002, Amendment No. 2 to Second Amended and
Restated Credit Agreement dated as of January 20, 2003 and Amendment No. 3 to
Second Amended and Restated Credit Agreement dated as of January 16, 2004 (the
“Credit Agreement”). All terms used herein unless otherwise defined herein shall
have the meanings given to them in the Credit Agreement.

 

On the date hereof, the Borrower, the Banks and the Agent are entering into that
certain Amendment No. 4 to Second Amended and Restated Credit Agreement (the
“Amendment”), a copy of which has been provided to the undersigned. This
Confirmation is delivered to the Bank pursuant to Section 3(d) of the Amendment.

 

Pursuant to the Credit Agreement, (i) the Guarantors are party to that certain
Continuing Agreement of Guaranty and Suretyship dated as of January 22, 2002 in
favor of the Agent for the benefit of the Banks (the “Guaranty Agreement”) and
(ii) the Borrower and its Subsidiaries are party to that certain Intercompany
Subordination Agreement dated as of January 22, 2002 in favor of the Agent for
the benefit of the Banks (the “Intercompany Subordination Agreement”). This
Confirmation will confirm to the Agent and the Banks that the undersigned
Guarantors and Subsidiaries of the Borrower have read and understand the
Amendment which provides for, subject to certain conditions set forth in the
Credit Agreement, the extension of the Revolving Credit Expiration Date and the
release of Edgewood Services, Inc., Federated Financial Services, Inc. and
Federated Securities Corp. as Guarantors under the Guaranty Agreement.

 

The Guarantors hereby ratify and confirm the Guaranty Agreement. The
Subsidiaries of the Borrower hereby ratify and confirm the Intercompany
Subordination Agreement.

 

This Confirmation is dated as of January 14, 2005.

 

[SIGNATURE PAGES FOLLOW]

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[SIGNATURE PAGE 1 OF 6 OF CONFIRMATION]

 

IN WITNESS WHEREOF, intending to be legally bound hereby, the undersigned, by
their duly authorized officers, have executed this Confirmation as of the date
set forth above.

 

EDGEWOOD SERVICES, INC. By:   

/s/ Denis McAuley III

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Name:    Denis McAuley III Title:    Treasurer FEDERATED ADMINISTRATIVE SERVICES
By:   

/s/ Denis McAuley III

--------------------------------------------------------------------------------

Name:    Denis McAuley III Title:    Treasurer

FEDERATED ADMINISTRATIVE SERVICES,

INC.

By:   

/s/ Denis McAuley III

--------------------------------------------------------------------------------

Name:    Denis McAuley III Title:    Treasurer

FEDERATED INVESTMENT MANAGEMENT

COMPANY

By:   

/s/ Denis McAuley III

--------------------------------------------------------------------------------

Name:    Denis McAuley III Title:    Assistant Treasurer

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[SIGNATURE PAGE 2 OF 6 OF CONFIRMATION]

 

FEDERATED INVESTORS TRUST COMPANY By:   

/s/ Denis McAuley III

--------------------------------------------------------------------------------

Name:    Denis McAuley III Title:    Assistant Treasurer FEDERATED FINANCIAL
SERVICES, INC. By:   

/s/ Denis McAuley III

--------------------------------------------------------------------------------

Name:    Denis McAuley III Title:    Treasurer

FEDERATED GLOBAL INVESTMENT

MANAGEMENT CORP.

By:   

/s/ Denis McAuley III

--------------------------------------------------------------------------------

Name:    Denis McAuley III Title:    Assistant Treasurer

FEDERATED INTERNATIONAL

MANAGEMENT LIMITED

By:   

/s/ J. Christopher Donahue

--------------------------------------------------------------------------------

Name:    J. Christopher Donahue Title:    Director FEDERATED INVESTORS, INC By:
  

/s/ Denis McAuley III

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Name:    Denis McAuley III Title:    Vice President

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[SIGNATURE PAGE 3 OF 6 OF CONFIRMATION]

 

FEDERATED INVESTORS MANAGEMENT

COMPANY

By:   

/s/ Denis McAuley III

--------------------------------------------------------------------------------

Name:    Denis McAuley III Title:    Senior Vice President FEDERATED INVESTMENT
COUNSELING By:   

/s/ Denis McAuley III

--------------------------------------------------------------------------------

Name:    Denis McAuley III Title:    Assistant Treasurer FEDERATED SECURITIES
CORP. By:   

/s/ Denis McAuley III

--------------------------------------------------------------------------------

Name:    Denis McAuley III Title:    Director FEDERATED SERVICES COMPANY By:   

/s/ Denis McAuley III

--------------------------------------------------------------------------------

Name:    Denis McAuley III Title:    Senior Vice President

FEDERATED SHAREHOLDER SERVICES

COMPANY

By:   

/s/ Denis McAuley III

--------------------------------------------------------------------------------

Name:    Denis McAuley III Title:    Director

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[SIGNATURE PAGE 4 OF 6 OF CONFIRMATION]

 

FII HOLDINGS, INC. By:   

/s/ Denis McAuley III

--------------------------------------------------------------------------------

Name:    Denis McAuley III Title:    Director PASSPORT RESEARCH, LTD. By:   

/s/ Denis McAuley III

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Name:    Denis McAuley III Title:    Assistant Treasurer

FEDERATED INTERNATIONAL HOLDINGS

BV

By:   

/s/ J. Christopher Donahue

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Name:    J. Christopher Donahue Title:    Director

FEDERATED INTERNATIONAL - EUROPE

GMBH

By:   

/s/ J. Christopher Donahue

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Name:    J. Christopher Donahue Title:    Director

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[SIGNATURE PAGE 5 OF 6 OF CONFIRMATION]

 

FEDERATED ASSET MANAGEMENT GMBH By:   

/s/ J. Christopher Donahue

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Name:    J. Christopher Donahue Title:    Supervisory Board Member

FEDERATED PRIVATE ASSET

MANAGEMENT, INC.

By:   

/s/ Denis McAuley III

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Name:    Denis McAuley III Title:    Assistant Treasurer INVESTLINK
TECHNOLOGIES, INC. By:   

/s/ Denis McAuley III

--------------------------------------------------------------------------------

Name:    Denis McAuley III Title:    Assistant Treasurer

RETIREMENT PLAN SERVICE COMPANY OF

AMERICA

By:   

/s/ Denis McAuley III

--------------------------------------------------------------------------------

Name:    Denis McAuley III Title:    Assistant Treasurer

FEDERATED ADVISORY SERVICES

COMPANY

By:   

/s/ Denis McAuley III

--------------------------------------------------------------------------------

Name:    Denis McAuley III Title:    Assistant Treasurer

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[SIGNATURE PAGE 6 OF 6 OF CONFIRMATION]

 

FEDERATED EQUITY MANAGEMENT

COMPANY OF PENNSYLVANIA

By:   

/s/ Denis McAuley III

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Name:    Denis McAuley III Title:    Assistant Treasurer PASSPORT RESEARCH II,
LTD. By:    Federated Equity Management Company of Pennsylvania, its general
partner By:   

/s/ Denis McAuley III

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Name:    Denis McAuley III Title:    Assistant Treasurer FEDERATED INVESTORS
(UK) LTD. By:   

/s/ J. Christopher Donahue

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Name:    J. Christopher Donahue Title:    Director

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SCHEDULE 1.1(a)

 

COMMITMENTS OF THE BANKS

 

Bank

--------------------------------------------------------------------------------

  

Amount of Commitment

for Revolving Credit Loans

(US$)

--------------------------------------------------------------------------------

   Ratable Share %

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PNC Bank, National Association

   $ 27,500,000    18.333333333 %

Bank of America, National Association

   $ 22,500,000    15.000000000 %

Citibank, N.A.

   $ 22,500,000    15.000000000 %

Fifth Third Bank

   $ 22,500,000    15.000000000 %

JPMorgan Chase Bank

   $ 22,500,000    15.000000000 %

State Street Bank and Trust Company

   $ 22,500,000    15.000000000 %

Citizens Bank of Pennsylvania

   $ 10,000,000    6.666666667 %

TOTAL

   $ 150,000,000    100.000000000 %

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FEDERATED INVESTORS, INC.

 

INCUMBENCY CERTIFICATION

 

THE UNDERSIGNED, Joseph M. Huber, the duly elected and qualified Assistant
Secretary of Federated Investors, Inc., a Pennsylvania corporation (the
“Corporation”) does hereby certify, pursuant to Amendment No. 4 to Second
Amended and Restated Credit Agreement as amended among the Corporation, the
Banks set forth therein, and PNC Bank, National Association, as Agent for the
Banks (the “Credit Agreement”) that:

 

I.   Attached hereto as Exhibit A is a true and correct copy of resolutions of
the Board of Directors of the Corporation authorizing the execution and delivery
of Amendment No. 4 to the Credit Agreement and the performance by the
Corporation of the transactions contemplated thereby. Such resolutions are in
full force and effect as of January 13, 2005 and have not been amended, modified
or supplemented.

 

II.   Denis McAuley III is authorized to sign and execute Amendment No. 4 to the
Credit Agreement, and all other documents related thereto on behalf of the
Corporation.

 

III.   Denis McAuley III is authorized to sign and execute the Confirmation, and
all other documents related to the Credit Agreement on behalf of the following
subsidiaries of the Corporation:

 

1.   Edgewood Services, Inc.;

 

2.   FII Holdings, Inc.;

 

3.   Federated Administrative Services;

 

4.   Federated Administrative Services, Inc.;

 

5.   Federated Advisory Services Company

 

6.   Federated Equity Management Company of Pennsylvania

 

7.   Federated Financial Services, Inc.;

 

8.   Federated Global Investment Management Corp.;

 

9.   Federated Investment Counseling;

 

10.   Federated Investment Management Company;

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11.   Federated Investors Management Company;

 

12.   Federated Investors Trust Company;

 

13.   Federated Private Asset Management, Inc.;

 

14.   Federated Securities Corp.;

 

15.   Federated Services Company;

 

16.   Federated Shareholder Services Company;

 

17.   InvestLink Technologies, Inc.;

 

18.   Passport Research Ltd.;

 

19.   Passport Research Ltd. II;

 

20.   Retirement Plan Service Company of America

 

IV.   J. Christopher Donahue is authorized to sign and execute all documents
related to Amendment No. 4 to the Credit Agreement on behalf of the following
entities:

 

1.   Federated Asset Management GmbH;

 

2.   Federated International Holdings, BV;

 

3.   Federated International Management Ltd.; and

 

4.   Federated International-Europe GmbH.

 

5.   Federated Investors (UK) Ltd.

 

V.   J. Christopher Donahue and Denis McAuley III are present incumbents of the
Corporation and its subsidiaries as of the date hereof.

 

VI.   The signature set forth opposite the individual’s name is a true and
correct signature.

 

NAME

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SIGNATURE

--------------------------------------------------------------------------------

J. Christopher Donahue

  

/s/ J. Christopher Donahue

--------------------------------------------------------------------------------

Denis McAuley III

  

/s/ Denis McAuley III

--------------------------------------------------------------------------------

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IN WITNESS WHEREOF, the undersigned Assistant Secretary has executed this
certificate as of the 13th day of January, 2005.

 

By:  

/s/ Joseph M. Huber

--------------------------------------------------------------------------------

    Assistant Secretary

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EXHIBIT A

 

FEDERATED INVESTORS, INC.

 

UNANIMOUS CONSENT OF DIRECTORS

 

The undersigned, being all of the Directors of FEDERATED INVESTORS, INC.
(“Corporation”), hereby consent, in accordance with Section 1727 of the
Pennsylvania Business Corporation Law of 1988, as amended, and Article IV
Section 4.10(b) of the Restated Bylaws of the Corporation to the adoption of the
following resolution with the same effect as though it had been adopted at a
Meeting of the Board of Directors of the Corporation:

 

WHEREAS,

  the Corporation, the Banks set forth therein and PNC Bank, National
Association, as Agent, are parties to that certain Second Amended and Restated
Credit Agreement, dated as of January 22, 2002 as amended by Amendment No. 1 to
Second Amended and Restated Credit Agreement dated as of April 8, 2002,
Amendment No. 2 to the Second Amended and Restated Credit Agreement dated as of
January 20, 2003, and Amendment No. 3 to the Second Amended and Restated Credit
Agreement dated as of January 16, 2004 (the “Credit Agreement”); and WHEREAS,  
the parties desire to amend the Credit Agreement in consideration of the
premises and mutual covenants set forth in Amendment No. 4 to the Credit
Agreement (“Amendment No. 4”) dated as of January 14, 2005. NOW, THEREFORE, be
it: RESOLVED,   that pursuant to the terms of Amendment No. 4, the Board of
Directors hereby approves and adopts Amendment No. 4 to the Credit Agreement
substantially in the form attached hereto.

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FURTHER RESOLVED,   that the appropriate officers of the Corporation be, and
they hereby are, authorized and directed to execute such documents and take such
other actions as they deem necessary or appropriate to carry out the foregoing
resolution.

 

WITNESS the due execution hereof as of the 14th day of January, 2005.

 

/s/ John F. Donahue

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/s/ John W. McGonigle

--------------------------------------------------------------------------------

John F. Donahue

  John W. McGonigle

/s/ J. Christopher Donahue

--------------------------------------------------------------------------------

 

/s/ James L. Murdy

--------------------------------------------------------------------------------

J. Christopher Donahue

  James L. Murdy

/s/ Michael J. Farrell

--------------------------------------------------------------------------------

 

/s/ Edward G. O’Connor

--------------------------------------------------------------------------------

Michael J. Farrell

  Edward G. O’Connor

/s/ David M. Kelly

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David M. Kelly