Document:

Discretionary Line of Credit Demand Note

 Exhibit 10.1 
  

	Discretionary Line of Credit	 	[LOGO OF PNC BANK]
	Demand Note	 	 
	(As-Offered Rate)	 	 
		
	$50,000,000.00	 	September 30, 2003

  
 FOR VALUE RECEIVED, EDGEWOOD
SERVICES, INC. (the “Borrower”), with an address at P.O. Box 897, Pittsburgh, Pennsylvania 15230-0897, promises to pay ON DEMAND to the order of PNC BANK, NATIONAL ASSOCIATION (the “Bank”),
in lawful money of the United States of America in immediately available funds at its offices located at One PNC Plaza, 249 Fifth Avenue, Pittsburgh, PA 15222-2707, or at such other location as the Bank may designate from time to time, the principal
sum of FIFTY MILLION DOLLARS ($50,000,000.00) (the “Facility”) or such lesser amount as may be advanced to or for the benefit of the Borrower hereunder, together with interest accruing on the outstanding principal balance
from the date hereof, as provided below. 
  
 1. Rate of Interest.
Each advance outstanding under this Note will bear interest at a rate per annum as offered by the Bank in its sole discretion for the interest period requested, each as agreed upon in writing between the Borrower and the Bank. Interest will be
calculated on the basis of a year of 360 days for the actual number of days in each interest period. In no event will the rate of interest hereunder exceed the maximum rate allowed by law. 
  
 2. Discretionary Advances. THIS IS NOT
A COMMITTED LINE OF CREDIT AND ADVANCES UNDER THIS NOTE, IF ANY,
SHALL BE MADE BY THE BANK IN ITS SOLE DISCRETION. NOTHING CONTAINED
IN THIS NOTE OR ANY OTHER LOAN DOCUMENTS SHALL BE CONSTRUED TO
OBLIGATE THE BANK TO MAKE ANY ADVANCES. THE BANK SHALL HAVE THE
RIGHT TO REFUSE TO MAKE ANY ADVANCES AT ANY TIME WITHOUT PRIOR
NOTICE TO THE BORROWER. The Borrower may request advances, repay and request additional advances hereunder, subject to the terms and conditions of this Note and the Loan Documents (as
defined herein). In no event shall the aggregate unpaid principal amount of advances under this Note exceed the face amount of this Note. 
  
 3. Payment Terms. The outstanding principal amount of each advance shall be payable on the last day of the applicable interest period for such advance and
ON DEMAND. Accrued interest shall be due and payable in the absence of demand on the earlier of (a) the last day of the applicable interest period (provided if any interest period is longer than three (3) months, then interest shall be due
and payable also on the three (3) month anniversary of such interest period and every three (3) months thereafter) and (b) the Expiration Date (as defined in the Loan Documents); provided, however, that if no interest period is specified for an
advance, interest shall be due and payable monthly in arrears. THE BORROWER ACKNOWLEDGES AND AGREES THAT THE BANK
MAY AT ANY TIME AND IN ITS SOLE DISCRETION DEMAND PAYMENT OF
ALL AMOUNTS OUTSTANDING UNDER THIS NOTE WITHOUT PRIOR NOTICE TO THE
BORROWER. 
  
 Any payment of principal or interest under this
Note must be received by the Bank by 2:00 p.m., Eastern Standard Time, on a business day in order to be credited on such date. If any payment under this Note shall become due on a Saturday, Sunday or public holiday under the laws of the State where
the Bank’s office indicated above is located, such payment shall be made on the next succeeding business day and such extension of time shall be included in computing interest in connection with such payment. The Borrower hereby authorizes the
Bank to charge the Borrower’s deposit account at the Bank for any payment when due hereunder. Payments received will be applied to charges, fees and expenses (including attorneys’ fees), accrued interest and principal in any order the Bank
may choose, in its sole discretion. 
  
 4. Late Payments; Default
Rate. If the Borrower fails to make any payment of principal, interest or other amount coming due pursuant to the provisions of this Note within fifteen (15) calendar days of the date due and payable, the Borrower also shall pay to the Bank
a late charge equal to the lesser of five percent (5%) of the amount of such payment or $100.00 (the “Late Charge”). Such fifteen (15) day period shall not be construed in any way to extend the due date of any such payment.
Following demand, this Note shall bear interest at a rate per annum (based on a year of 360 days and actual days elapsed) which shall be two percentage points (2%) in excess of the Prime Rate but not more than the maximum rate allowed by law (the
“Default Rate”). As used herein, “Prime Rate” shall mean the rate publicly announced by the Bank from time to time as its prime rate. The Prime Rate is determined from time to time by the Bank as a means of pricing
some loans to its borrowers. The Prime Rate is not tied to any external rate or index, and does not necessarily reflect the lowest rate of interest actually charged by the Bank to any particular class or category of customers. If and when the Prime
Rate changes, the rate of interest on this Note will change automatically without notice to the Borrower, effective on the date of any such change. Following demand, the Default Rate shall continue to apply whether or not judgment shall be entered
on this Note. Both the Late Charge and the Default Rate are imposed as liquidated damages for the purpose of defraying the Bank’s expenses incident to the handling of delinquent payments, but are in addition to, and not in lieu of, the
Bank’s exercise of any rights and remedies hereunder, under the other Loan Documents or under applicable law, and any fees and expenses of any agents or attorneys which the Bank may employ. In addition, the Default Rate reflects the increased
credit risk to the Bank of carrying a loan that is in default. The Borrower agrees that the Late Charge and Default Rate are reasonable forecasts of just 
  

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 compensation for anticipated and actual harm incurred by the Bank, and that the actual harm incurred by the Bank cannot
be estimated with certainty and without difficulty. 
  
 5.
Prepayment; Break Funding Indemnification. The Borrower shall have the right to prepay any advance hereunder at any time and from time to time, in whole or in part; subject, however, to payment of any break funding indemnification
amounts owing pursuant to this Section 5. The Borrower shall pay to the Bank, on written demand therefor, together with the written evidence of the justification therefor, all direct costs incurred, losses suffered or payments made by Bank by reason
of any change in law or regulation or its interpretation imposing any reserve, deposit, allocation of capital, or similar requirement (including without limitation, Regulation D of the Board of Governors of the Federal Reserve System) on the Bank,
its holding company or any of their respective assets. In addition, the Borrower agrees to indemnify the Bank against any liabilities, losses or expenses (including, without limitation, loss of margin, any loss or expense sustained or incurred in
liquidating or employing deposits from third parties, and any loss or expense incurred in connection with funds acquired to effect, fund or maintain any advance (or any part thereof) bearing interest based upon a fixed rate) which the Bank sustains
or incurs as a consequence of either (i) the Borrower’s failure to make a payment on the due date thereof, (ii) the Borrower’s revocation (expressly, by later inconsistent notices or otherwise) in whole or in part of any notice given to
Bank to request, convert, renew or prepay any advance bearing interest based upon a fixed rate, or (iii) the Borrower’s payment or prepayment (whether voluntary, after acceleration of the maturity of this Note, upon demand or otherwise) or
conversion of any advance bearing interest based upon a fixed rate on a day other than the last day of the applicable interest period. A notice as to any amounts payable pursuant to this paragraph given to the Borrower by the Bank shall, in the
absence of manifest error, be conclusive and shall be payable upon demand. The Borrower’s indemnification obligations hereunder shall survive the payment in full of the advances and all other amounts payable hereunder. 
  
 6. Other Loan Documents. This Note is issued pursuant to the confirmation
letter from the Bank to the Borrower dated of even date herewith, and the other agreements and documents executed in connection therewith or referred to therein, the terms of which are incorporated herein by reference (as amended, modified or
renewed from time to time, collectively the “Loan Documents”), and is secured by the property described in the Loan Documents (if any) and by such other collateral or guarantees as previously may have been or may in the future be
granted to the Bank to secure this Note. 
  
 7. Advance Procedures.
A request for advance must be received by the Bank prior to 4:30 p.m., Eastern Standard Time, for same-day advances. If such request is in writing, it shall be in the form of Exhibit “A” attached hereto. A request for advance made by
telephone must be promptly confirmed in writing in the form of Exhibit “A” attached hereto. The Borrower authorizes the Bank to accept telephonic requests for advances, and the Bank shall be entitled to rely upon the authority of any
person providing such instructions. The Borrower hereby indemnifies and holds the Bank harmless from and against any and all damages, losses, liabilities, costs and expenses (including reasonable attorneys’ fees and expenses) which may arise or
be created by the acceptance of such telephone requests or making such advances. The Bank will enter on its books and records, which entry when made will, absent manifest error, be presumed correct, the date and amount of each advance, the interest
rate and interest period for each advance, as well as the date and amount of each payment made by the Borrower. 
  
 8. Right of Setoff. The Bank retains all rights of setoff against the Borrower’s money, securities or other property given to the Bank by applicable
law. Every such security interest and right of setoff may be exercised without demand upon or notice to the Borrower. Every such right of setoff shall be deemed to have been exercised hereunder without any action of the Bank, although the Bank may
enter such setoff on its books and records at a later time. 
  
 9.
Miscellaneous. All notices, demands, requests, consents, approvals and other communications required or permitted hereunder must be in writing (except as may be agreed otherwise above with respect to borrowing requests) and will be
effective upon receipt. Such notices and other communications may be hand-delivered, sent by facsimile transmission with confirmation of delivery and a copy sent by first-class mail, or sent by nationally recognized overnight courier service, to the
addresses for the Bank and the Borrower set forth above or to such other address as either may give to the other in writing for such purpose. No delay or omission on the Bank’s part to exercise any right or power arising hereunder will impair
any such right or power or be considered a waiver of any such right or power, nor will the Bank’s action or inaction impair any such right or power. No modification, amendment or waiver of any provision of this Note nor consent to any departure
by the Borrower therefrom will be effective unless made in a writing signed by the Bank. The Borrower agrees to pay on demand, to the extent permitted by law, all costs and expenses incurred by the Bank in the enforcement of its rights in this Note
and in any security therefor, including without limitation reasonable fees and expenses of the Bank’s counsel. If any provision of this Note is found to be invalid by a court, all the other provisions of this Note will remain in full force and
effect. The Borrower and all other makers and indorsers of this Note hereby forever waive presentment, protest, notice of dishonor and notice of non-payment. The Borrower also waives all defenses based on suretyship or impairment of collateral. This
Note shall bind the Borrower and its successors and assigns, and the benefits hereof shall inure to the benefit of the Bank and its successors and assigns; provided, however, that the Borrower may not assign this Note in whole or in part without the
Bank’s written consent and the Bank at any time may assign this Note in whole or in part. 
  
 This Note has been delivered to and accepted by the Bank and will be deemed to be made in the State where the Bank’s office indicated above is located. THIS NOTE
WILL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE BANK AND
THE 
  

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 BORROWER DETERMINED IN ACCORDANCE WITH
THE LAWS OF THE STATE WHERE THE BANK’S OFFICE INDICATED ABOVE
IS LOCATED, EXCLUDING ITS CONFLICT OF LAWS RULES. The Borrower hereby irrevocably consents to the exclusive jurisdiction of
any state or federal court in the county or judicial district where the Bank’s office indicated above is located; provided that nothing contained in this Note will prevent the Bank from bringing any action, enforcing any award or judgment or
exercising any rights against the Borrower individually, against any security or against any property of the Borrower within any other county, state or other foreign or domestic jurisdiction. The Borrower acknowledges and agrees that the venue
provided above is the most convenient forum for both the Bank and the Borrower. The Borrower waives any objection to venue and any objection based on a more convenient forum in any action instituted under this Note. 
  
 10. Waiver of Jury Trial. THE BORROWER
IRREVOCABLY WAIVES ANY AND ALL RIGHTS THE BORROWER MAY HAVE TO A
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR CLAIM OF ANY NATURE
RELATING TO THIS NOTE, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS
NOTE OR ANY TRANSACTION CONTEMPLATED IN ANY OF SUCH DOCUMENTS. THE
BORROWER ACKNOWLEDGES THAT THE FOREGOING WAIVER IS KNOWING AND VOLUNTARY. 
  
 The Borrower acknowledges that it has read and understood all the provisions of this Note,
including the waiver of jury trial, and has been advised by counsel as necessary or appropriate. 
  
 WITNESS the due execution hereof as a document under seal, as of the date first written above, with the intent to be legally bound hereby. 
  

	 	 	 	 	 	 	EDGEWOOD SERVICES, INC. 
					
	Attest:	 	/S/    JOSEPH M. HUBER        	 	 	 	 By:
	 	/S/    DENIS MCAULEY
III        
	
	 	 	 	

					
	  	 	  	 	 	 	 	 	(SEAL)
					
	Print Name:	 	  	 	 	 	 Print Name:
	 	    DENIS MCAULEY III    
	 	
	 	 	 	 	

					
	Title:	 	 	 	 	 	Title:	 	Treasurer
	
	 	 	 	

  
  
  

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 Exhibit “A” 
 to 
 Discretionary Line of Credit Demand Note 
  
 Request for Advance 
 Advance Number                     

  

	 To:
	 	PNC Bank, National Association
	 	 	Attention: Hillary Guttman, Corporate Banking Loan Administration
	 	 	Facsimile Number: (412) 768-4586

  
 Edgewood Services,
Inc. (the “Borrower”) hereby requests an advance in the amount of
$                                 (the “Advance”) under its
$50,000,000.00 discretionary line of credit facility with PNC Bank, National Association (the “Bank”), as governed by that certain Confirmation Letter between the Borrower and the Bank, dated September 30, 2003, and evidenced by
that certain Discretionary Line of Credit Demand Note executed by the Borrower in favor of the Bank, dated September 30, 2003 (collectively, the “Loan Documents”). 
  
 1. The Advance shall be wire transferred to: 
  
 The Bank of New York 
 ABA # 021000018 
 Account # 8900104104 
 Edgewood Services, Inc., Special Account for the Exclusive Benefit of Customers for Edgewood 
  
 2. The Borrower has performed all of its obligations under the Loan Documents, and all of the representations and warranties made by the Borrower
in the Loan Documents are true and correct as of the date hereof. 
  
 3. The Borrower acknowledges and agrees that the delivery of this request shall in no way obligate the Bank to make such requested Advance, it being understood that the Loan Documents evidence a discretionary line of credit facility
and advances thereunder, if any, shall be made by the Bank in its sole discretion. 
  
 4. The undersigned has been duly authorized by the Borrower to make this request, and the Bank is entitled to rely conclusively on the above instructions to disburse loan proceeds under the Loan Documents in
the amount and manner specified above. 
  
 WITNESS the due
execution hereof with the intent to be legally bound hereby as of this              day of
                            ,
            . 
  

	EDGEWOOD SERVICES, INC.
		
	By:	 	 
	

		
	Print Name:	 	 
	

		
	Title:	 	 
	

  
  

 4Guaranty and Suretyship Agreement

 Exhibit 10.2 
  

	Guaranty and Suretyship Agreement	 	[LOGO OF PNC BANK	]

  
 THIS GUARANTY AND
SURETYSHIP AGREEMENT (this “Guaranty”) is made and entered into as of this 30th day of September, 2003, by FEDERATED INVESTORS, INC. (the “Guarantor”), with an address at Federated Investors Tower, 1001
Liberty Avenue, Pittsburgh, Pennsylvania 15222-3779, in consideration of the extension of credit by PNC BANK, NATIONAL ASSOCIATION (the “Bank”), with an address at One PNC Plaza, 249 Fifth Avenue, Pittsburgh, PA 15222-2707,
to EDGEWOOD SERVICES, INC. (the “Borrower”), and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged. 
  
 1. Guaranty of Obligations. The Guarantor hereby guarantees, and becomes surety for, the prompt payment and
performance of all loans, advances, debts, liabilities, obligations, covenants and duties owing by the Borrower to the Bank under and in connection with a discretionary line of credit from the Bank to the Borrower in the principal amount of
$50,000,000.00, as evidenced by that certain $50,000,000.00 Discretionary Line of Credit Demand Note dated of even date herewith (including any interest accruing thereon after maturity, or after the filing of any petition in bankruptcy, or the
commencement of any insolvency, reorganization or like proceeding relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), whether now existing or hereafter arising, and any
amendments, extensions, renewals or increases thereof and all costs and expenses of the Bank incurred in the documentation, negotiation, modification, enforcement, collection or otherwise in connection with any of the foregoing, including reasonable
attorneys’ fees and expenses (hereinafter referred to collectively as the “Obligations”). If the Borrower defaults under any such Obligations, the Guarantor will pay the amount due to the Bank. 
  
 2. Nature of Guaranty; Waivers. This is a guaranty of payment
and not of collection and the Bank shall not be required, as a condition of the Guarantor’s liability, to make any demand upon or to pursue any of its rights against the Borrower, or to pursue any rights which may be available to it with
respect to any other person who may be liable for the payment of the Obligations. 
  
 This is an absolute, unconditional, irrevocable and continuing guaranty and will remain in full force and effect until all of the Obligations have been indefeasibly paid in full, and the Bank has terminated this
Guaranty. This Guaranty will remain in full force and effect even if there is no principal balance outstanding under the Obligations at a particular time or from time to time. This Guaranty will not be affected by any surrender, exchange,
acceptance, compromise or release by the Bank of any other party, or any other guaranty or any security held by it for any of the Obligations, by any failure of the Bank to take any steps to perfect or maintain its lien or security interest in or to
preserve its rights to any security or other collateral for any of the Obligations or any guaranty, or by any irregularity, unenforceability or invalidity of any of the Obligations or any part thereof or any security or other guaranty thereof. The
Guarantor’s obligations hereunder shall not be affected, modified or impaired by any counterclaim, set-off, deduction or defense based upon any claim the Guarantor may have against the Borrower or the Bank, except payment or performance of the
Obligations. 
  
 Notice of acceptance of this Guaranty, notice of
extensions of credit to the Borrower from time to time, notice of default, diligence, presentment, notice of dishonor, protest, demand for payment, and any defense based upon the Bank’s failure to comply with the notice requirements of the
applicable version of Uniform Commercial Code § 9-504 are hereby waived. The Guarantor waives all defenses based on suretyship or impairment of collateral. 
  

The Bank at any time and from time to time, without notice to or the consent of the Guarantor, and without impairing or releasing, discharging or
modifying the Guarantor’s liabilities hereunder, may (a) change the manner, place, time or terms of payment or performance of or interest rates on, or other terms relating to, any of the Obligations; (b) renew, substitute, modify, amend or
alter, or grant consents or waivers relating to any of the Obligations, any other guaranties, or any security for any Obligations or guaranties; (c) apply any and all payments by whomever paid or however realized including any proceeds of any
collateral, to any Obligations of the Borrower in such order, manner and amount as the Bank may determine in its sole discretion; (d) settle, compromise or deal with any other person, including the Borrower or the Guarantor, with respect to any
Obligations in such manner as the Bank deems appropriate in its sole discretion; (e) substitute, exchange or release any security or guaranty; or (f) take such actions and exercise such remedies hereunder as provided herein. 
  
 3. Repayments or Recovery from the Bank. If any demand is made
at any time upon the Bank for the repayment or recovery of any amount received by it in payment or on account of any of the Obligations and if the Bank repays all or any part of such amount by reason of any judgment, decree or order of any court or
administrative body or by reason of any settlement or compromise of any such demand, the Guarantor will be and remain liable hereunder for the amount so repaid or recovered to the same extent as if such amount had never been received originally by
the Bank. The provisions of this section will be and remain effective notwithstanding any contrary action which may have been taken by the Guarantor in reliance upon such payment, and any such contrary action so taken will be without prejudice to
the Bank’s rights hereunder and will be deemed to have been conditioned upon such payment having become final and irrevocable. 
  
  

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 4. Financial
Statements. Unless compliance is waived in writing by the Bank or until all of the Obligations have been paid in full, the Guarantor will promptly submit to the Bank such information relating to the Guarantor’s affairs (including but
not limited to annual financial statements and tax returns for the Guarantor) or any security for the Guaranty as the Bank may reasonably request. 
  
 5. Enforceability of Obligations. No modification, limitation or discharge of the Obligations arising out of or by virtue of any bankruptcy,
reorganization or similar proceeding for relief of debtors under federal or state law will affect, modify, limit or discharge the Guarantor’s liability in any manner whatsoever and this Guaranty will remain and continue in full force and effect
and will be enforceable against the Guarantor to the same extent and with the same force and effect as if any such proceeding had not been instituted. The Guarantor waives all rights and benefits which might accrue to it by reason of any such
proceeding and will be liable to the full extent hereunder, irrespective of any modification, limitation or discharge of the liability of the Borrower that may result from any such proceeding. 
  
 6. Events of Default. The occurrence of any of the following
shall be an “Event of Default”: (i) any Event of Default (as defined in any of the Obligations); (ii) any default under any of the Obligations that does not have a defined set of “Events of Default” and the lapse of any
notice or cure period provided in such Obligations with respect to such default; (iii) demand by the Bank under any of the Obligations that have a demand feature; (iv) the Guarantor’s failure to perform any of its obligations hereunder; (v) the
falsity, inaccuracy or material breach by the Guarantor of any written warranty, representation or statement made or furnished to the Bank by or on behalf of the Guarantor; or (vi) the termination or attempted termination of this Guaranty without
written consent from the Bank. Upon the occurrence of any Event of Default, (a) the Guarantor shall pay to the Bank the amount of the Obligations; or (b) on demand of the Bank, the Guarantor shall immediately deposit with the Bank, in U.S. dollars,
all amounts due or to become due under the Obligations, and the Bank may at any time use such funds to repay the Obligations; or (c) the Bank in its discretion may exercise with respect to any collateral any one or more of the rights and remedies
provided a secured party under the applicable version of the Uniform Commercial Code; or (d) the Bank in its discretion may exercise from time to time any other rights and remedies available to it at law, in equity or otherwise. 
  
 7. Right of Setoff. The Bank retains all rights of setoff
against the Guarantor’s money, securities or other property given to the Bank by applicable law. Every such right of setoff may be exercised without demand upon or notice to the Guarantor. Every such right of setoff shall be deemed to have been
exercised immediately upon the occurrence of an Event of Default hereunder without any action of the Bank, although the Bank may enter such setoff on its books and records at a later time. 
  
 8. Collateral. This Guaranty is secured by the property
described in any collateral security documents which the Guarantor executes and delivers to the Bank and by such other collateral as previously may have been or may in the future be granted to the Bank to secure any obligations of the Guarantor to
the Bank. 
  
 9. Costs. To the extent that the Bank
incurs any costs or expenses in protecting or enforcing its rights under the Obligations or this Guaranty, including reasonable attorneys’ fees and the costs and expenses of litigation, such costs and expenses will be due on demand, will be
included in the Obligations and will bear interest from the incurring or payment thereof at the Default Rate (as defined in any of the Obligations). 
  
 10. Postponement of Subrogation. Until the Obligations are indefeasibly paid in full, the Guarantor postpones and subordinates in favor of
the Bank any and all rights which the Guarantor may have to (a) assert any claim against the Borrower based on subrogation rights with respect to payments made hereunder, and (b) any realization on any property of the Borrower, including
participation in any marshalling of the Borrower’s assets. 
  
 11. Notices. All notices, demands, requests, consents, approvals and other communications required or permitted hereunder must be in writing and will be effective upon receipt. Such notices and other communications may be
hand-delivered, sent by facsimile transmission with confirmation of delivery and a copy sent by first-class mail, or sent by nationally recognized overnight courier service, to the addresses for the Bank and the Guarantor set forth above or to such
other address as one may give to the other in writing for such purpose. 
  
 12. Preservation of Rights. No delay or omission on the Bank’s part to exercise any right or power arising hereunder will impair any such right or power or be considered a waiver of any such right or power, nor will the
Bank’s action or inaction impair any such right or power. The Bank’s rights and remedies hereunder are cumulative and not exclusive of any other rights or remedies which the Bank may have under other agreements, at law or in equity. The
Bank may proceed in any order against the Borrower, the Guarantor or any other obligor of, or collateral securing, the Obligations. 
  
 13. Illegality. In case any one or more of the provisions contained in this Guaranty should be invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. 
  
  

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 14. Changes in Writing. No modification, amendment or waiver of any provision of this
Guaranty nor consent to any departure by the Guarantor therefrom will be effective unless made in a writing signed by the Bank, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No
notice to or demand on the Guarantor in any case will entitle the Guarantor to any other or further notice or demand in the same, similar or other circumstance. 
  

15. Entire Agreement. This Guaranty (including the documents and instruments referred to herein) constitutes the entire agreement and
supersedes all other prior agreements and understandings, both written and oral, between the Guarantor and the Bank with respect to the subject matter hereof; provided, however, that this Guaranty is in addition to, and not in substitution for, any
other guarantees from the Guarantor to the Bank. 
  
 16.
Successors and Assigns. This Guaranty will be binding upon and inure to the benefit of the Guarantor and the Bank and their respective heirs, executors, administrators, successors and assigns; provided, however, that the Guarantor may not
assign this Guaranty in whole or in part without the Bank’s prior written consent and the Bank at any time may assign this Guaranty in whole or in part. 
  
 17. Interpretation. In this Guaranty, unless the Bank and the Guarantor otherwise agree in writing, the singular includes the plural and the
plural the singular; references to statutes are to be construed as including all statutory provisions consolidating, amending or replacing the statute referred to; the word “or” shall be deemed to include “and/or”, the words
“including”, “includes” and “include” shall be deemed to be followed by the words “without limitation”; and references to sections or exhibits are to those of this Guaranty unless otherwise indicated. Section
headings in this Guaranty are included for convenience of reference only and shall not constitute a part of this Guaranty for any other purpose. If this Guaranty is executed by more than one party as Guarantor, the obligations of such persons or
entities will be joint and several. 
  
 18.
Indemnity. The Guarantor agrees to indemnify each of the Bank, its directors, officers and employees and each legal entity, if any, who controls the Bank (the “Indemnified Parties”) and to hold each Indemnified Party
harmless from and against any and all claims, damages, losses, liabilities and expenses (including all fees and charges of internal or external counsel with whom any Indemnified Party may consult and all expenses of litigation or preparation
therefor) which any Indemnified Party may incur or which may be asserted against any Indemnified Party as a result of the execution of or performance under this Guaranty; provided, however, that the foregoing indemnity agreement shall
not apply to claims, damages, losses, liabilities and expenses solely attributable to an Indemnified Party’s gross negligence or willful misconduct. The indemnity agreement contained in this Section shall survive the termination of this
Guaranty. The Guarantor may participate at its expense in the defense of any such claim. 
  
 19. Governing Law and Jurisdiction. This Guaranty has been delivered to and accepted by the Bank and will be deemed to be made in the State where the Bank’s office indicated above is located.
THIS GUARANTY WILL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF
THE BANK AND THE GUARANTOR DETERMINED IN ACCORDANCE WITH THE LAWS OF
THE STATE WHERE THE BANK’S OFFICE INDICATED ABOVE IS LOCATED,
EXCLUDING ITS CONFLICT OF LAWS RULES. The Guarantor hereby irrevocably consents to the exclusive jurisdiction of any state or federal court in the county
or judicial district where the Bank’s office indicated above is located; provided that nothing contained in this Guaranty will prevent the Bank from bringing any action, enforcing any award or judgment or exercising any rights against the
Guarantor individually, against any security or against any property of the Guarantor within any other county, state or other foreign or domestic jurisdiction. The Guarantor acknowledges and agrees that the venue provided above is the most
convenient forum for both the Bank and the Guarantor. The Guarantor waives any objection to venue and any objection based on a more convenient forum in any action instituted under this Guaranty. 
  
 20. Equal Credit Opportunity Act. If the Guarantor is not an
“applicant for credit” under Section 202.2 (e) of the Equal Credit Opportunity Act of 1974 (“ECOA”), the Guarantor acknowledges that (i) this Guaranty has been executed to provide credit support for the Obligations, and (ii) the
Guarantor was not required to execute this Guaranty in violation of Section 202.7(d) of the ECOA. 
  
 21. WAIVER OF JURY TRIAL. THE GUARANTOR
IRREVOCABLY WAIVES ANY AND ALL RIGHT THE GUARANTOR MAY HAVE TO A
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR CLAIM OF ANY NATURE
RELATING TO THIS GUARANTY, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS
GUARANTY OR ANY TRANSACTION CONTEMPLATED IN ANY OF SUCH DOCUMENTS. THE
GUARANTOR ACKNOWLEDGES THAT THE FOREGOING WAIVER IS KNOWING AND VOLUNTARY. 
  
 The Guarantor acknowledges that it has read and understood all the
provisions of this Guaranty, including the waiver of jury trial, and has been advised by counsel as necessary or appropriate. 
  

 3 

 WITNESS the due execution hereof as a document under seal, as of the date first written above, with the intent to
be legally bound hereby. 
  

	 	 	 	 	 	 	FEDERATED INVESTORS, INC.
					
	Attest:	 	/S/    JOSEPH M. HUBER        	 	 	 	 By:
	 	/S/    DENIS MCAULEY
III        
	 	
	 	 	 	 	

					
	  	 	  	 	 	 	 	 	(SEAL)
					
	Print Name:	 	  	 	 	 	 Print Name:
	 	    DENIS MCAULEY III    
	 	
	 	 	 	 	

					
	Title:	 	 	 	 	 	Title:	 	Vice President
	 	
	 	 	 	 	

  
  

 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}]]