Exhibit 10.48

AMENDMENT NO. 1

AMENDMENT NO. 1 (this “Amendment”) dated as of August 12, 2010 among LAZARD
GROUP LLC (the “Company”), the Banks executing this Amendment, each of which is
a party to the Credit Agreement referred to below, and Citibank, N.A., as
Administrative Agent (the “Administrative Agent”).

The Company, the Banks party thereto (including the Banks executing this
Amendment) and the Administrative Agent are parties to a Credit Agreement dated
as of April 29, 2010 (the “Credit Agreement”), providing, subject to the terms
and conditions thereof, for extensions of credit to be made by said Banks to the
Company thereunder.

The parties hereto wish now to amend the Credit Agreement in certain respects
and, accordingly, the parties hereto hereby agree as follows:

Section 1. Definitions. Except as otherwise defined in this Amendment, terms
defined in the Credit Agreement are used herein as defined therein.

Section 2. Amendments. Subject to the satisfaction of the conditions precedent
specified in Section 4 below, the Credit Agreement shall be amended as follows:

2.01. References Generally. References in the Credit Agreement (including
references to the Credit Agreement as amended hereby) to “this Agreement” (and
indirect references such as “hereunder”, “hereby”, “herein” and “hereof”) shall
be deemed to be references to the Credit Agreement as amended hereby.

2.02. Amendments to Section 1.1 (Defined Terms). Section 1.1 of the Credit
Agreement is hereby amended by (i) deleting the definition for “FOCUS Report” in
its entirety and (ii) restating the following definition to read as follows:

“Designated Subsidiary”: each of Lazard Frères & Co. LLC, Lazard Asset
Management LLC, Lazard & Co., Limited and Compagnie Financiere Lazard Frères and
each of their respective successors.

2.03. Amendments to Section 6.2(b) (Certificates; Other Information).
Section 6.2(b) of the Credit Agreement is hereby amended by deleting the text of
the paragraph in its entirety and replacing it with the word “[Reserved]”.

Section 3. Representations and Warranties. The Company represents and warrants
to the Administrative Agent and the Banks that immediately before and after
giving effect to this Amendment (a) the representations and warranties set forth
in Article 4 of the Credit Agreement are true and correct in all material
respects on the date hereof as if made on and as of the date hereof (or, if any
representation or warranty is expressly stated to have been made as of a
specific date, such representation or warranty shall be true and correct in all
material respects as of such specific date) and (b) no Default or Event of
Default has occurred and is continuing.

Section 4. Conditions Precedent. The amendments set forth in Section 2 hereof
shall each become effective on the date this Amendment shall have been duly
executed and delivered by the Company, the Administrative Agent and the Required
Lenders.

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Section 5. Costs and Expenses. The Company agrees to pay the reasonable costs
and expenses of the Administrative Agent in connection with this Amendment as
provided in Section 12.5(a) of the Credit Agreement.

Section 6. Miscellaneous. Except as herein provided, the Credit Agreement shall
remain unchanged and in full force and effect. This Amendment may be executed in
any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original
and both of which taken together shall constitute one and the same agreement.
Delivery of an executed counterpart of a signature page to this Amendment by
electronic transmission shall be effective as delivery of a manually executed
counterpart of this Amendment. This Amendment shall be governed by, and
construed in accordance with, the law of the State of New York.

[Remainder of the page intentionally left blank.]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered in New York, New York by their proper and duly authorized
officers as of the date first above written.

 

LAZARD GROUP LLC By:  

    /s/ Michael J. Castellano

  Name: Michael J. Castellano  

Title: Chief Financial Officer

[Signature Page to Amendment No.1]

 

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CITIBANK, N.A., as Administrative Agent and as a Bank

By

 

    /s/ Maureen P. Maroney

  Name: Maureen P. Maroney   Title: Authorized Signatory

[Signature Page to Amendment No.1]

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STATE STREET BANK AND TRUST COMPANY, as a Bank

By

 

    /s/ John T. Daley

  Name: John T. Daley   Title: Vice President

[Signature Page to Amendment No.1]

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THE BANK OF NEW YORK MELLON, as a Bank

By

 

    /s/ John S. Vricella

  Name: John S. Vricella   Title: Vice President

[Signature Page to Amendment No.1]