Document:

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                                                                    EXHIBIT 10.6

                               SEVERANCE AGREEMENT

                  THIS SEVERANCE AGREEMENT ("Agreement") is made and effective
as of the 1st day of May, 2003, by and between RELIANT RESOURCES, INC., a
Delaware corporation, (the "Company"), RELIANT ENERGY CORPORATE SERVICES, LLC, a
Delaware limited liability corporation and wholly owned subsidiary of the
Company (the "Employer") and Michael L. Jines ("Executive").

                  WHEREAS, the Company and the Employer consider it essential to
the best interests of the Company's stockholders to foster the continued
employment of key management personnel; and

                  WHEREAS, the key management personnel of the Company,
including Executive, are employed by the Employer; and

                  WHEREAS, the Board recognizes that, as is the case with many
publicly held corporations, the possibility of a Change of Control exists and
that such possibility, and the uncertainty and questions which it may raise
among management, may result in the departure or distraction of management
personnel to the detriment of the Company and its stockholders; and

                  WHEREAS, the Board has determined that appropriate steps
should be taken to reinforce and encourage the continued attention and
dedication of members of the Company's and the Employer's management to their
assigned duties without distraction in the face of potentially disturbing
circumstances arising from the possibility of a Change of Control;

                  NOW, THEREFORE, the Company, the Employer and Executive have
entered into this Agreement, on the terms and conditions hereinafter stated.

         1.       DEFINITIONS: The following terms shall have the meanings set
forth below.

                  "Affiliate" means any company controlled by, controlling or
under common control with the Company within the meaning of Section 414 of the
Internal Revenue Code of 1986, as amended (the "Code") and includes, without
limitation, the Employer.

                  "BOARD" means the board of directors of the Company.

                  "CAUSE" means Executive's (a) gross negligence in the
performance of Executive's duties, (b) intentional and continued failure to
perform Executive's duties, (c) intentional engagement in conduct which is
materially injurious to the Company or its Affiliates (monetarily or otherwise)
or (d) conviction of a felony, which, in the case of clauses (a), (b) or (c) has
not been cured within 30 days after a written demand for substantial performance
is delivered to Executive by the Board, which demand specifically identifies the
conduct which the Board asserts to constitute Cause. For purposes of the
definition of Cause, an act or failure to act on the part of Executive will be
deemed "intentional" only if done or omitted to be done by Executive not in good
faith and without reasonable belief that his/her action or omission was in the
best interest of the Company and its Affiliates, and no act or failure to act on
the part of

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Executive will be deemed "intentional" if it was due primarily to an error in
judgment or negligence.

                  A "CHANGE OF CONTROL" shall be deemed to have occurred upon
the occurrence of any of the following events:

                  (a)      30% OWNERSHIP CHANGE: Any Person, other than an
         ERISA-regulated pension plan established by the Company or an
         Affiliate, makes an acquisition of Outstanding Voting Stock and is,
         immediately thereafter, the beneficial owner of 30% or more of the then
         Outstanding Voting Stock, unless such acquisition is made directly from
         the Company in a transaction approved by a majority of the Incumbent
         Directors; or any group is formed that is the beneficial owner of 30%
         or more of the Outstanding Voting Stock; or

                  (b)      BOARD MAJORITY CHANGE: Individuals who are Incumbent
         Directors cease for any reason to constitute a majority of the members
         of the Board; or

                  (c)      MAJOR MERGERS AND ACQUISITIONS: Consummation of a
         Business Combination unless, immediately following such Business
         Combination, (i) all or substantially all of the individuals and
         entities that were the beneficial owners of the Outstanding Voting
         Stock immediately prior to such Business Combination beneficially own,
         directly or indirectly, more than 70% of the then outstanding shares of
         voting stock of the parent corporation resulting from such Business
         Combination in substantially the same relative proportions as their
         ownership, immediately prior to such Business Combination, of the
         Outstanding Voting Stock, (ii) if the Business Combination involves the
         issuance or payment by the Company of consideration to another entity
         or its shareholders, the total fair market value of such consideration
         plus the principal amount of the consolidated long-term debt of the
         entity or business being acquired (in each case, determined as of the
         date of consummation of such Business Combination by a majority of the
         Incumbent Directors) does not exceed 50% of the sum of the fair market
         value of the Outstanding Voting Stock plus the principal amount of the
         Company's consolidated long-term debt (in each case, determined
         immediately prior to such consummation by a majority of the Incumbent
         Directors), (iii) no Person (other than any corporation resulting from
         such Business Combination) beneficially owns, directly or indirectly,
         30% or more of the then outstanding shares of voting stock of the
         parent corporation resulting from such Business Combination and (iv) a
         majority of the members of the board of directors of the parent
         corporation resulting from such Business Combination were Incumbent
         Directors of the Company immediately prior to consummation of such
         Business Combination; or

                  (d)      MAJOR ASSET DISPOSITIONS: Consummation of a Major
         Asset Disposition unless, immediately following such Major Asset
         Disposition, (i) individuals and entities that were beneficial owners
         of the Outstanding Voting Stock immediately prior to such Major Asset
         Disposition beneficially own,

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         directly or indirectly, more than 70% of the then outstanding shares of
         voting stock of the Company (if it continues to exist) and of the
         entity that acquires the largest portion of such assets (or the entity,
         if any, that owns a majority of the outstanding voting stock of such
         acquiring entity) and (ii) a majority of the members of the board of
         directors of the Company (if it continues to exist) and of the entity
         that acquires the largest portion of such assets (or the entity, if
         any, that owns a majority of the outstanding voting stock of such
         acquiring entity) were Incumbent Directors of the Company immediately
         prior to consummation of such Major Asset Disposition.

For purposes of the foregoing definition,

                  (1)      the term "Person" means an individual, entity or
         group;

                  (2)      the term "group" is used as it is defined for
         purposes of Section 13(d)(3) of the Securities Exchange Act of 1934
         (the "Exchange Act");

                  (3)      the term "beneficial owner" is used as it is defined
         for purposes of Rule 13d-3 under the Exchange Act;

                  (4)      the term "Outstanding Voting Stock" means outstanding
         voting securities of the Company entitled to vote generally in the
         election of directors; and any specified percentage or portion of the
         Outstanding Voting Stock (or of other voting stock) shall be determined
         based on the combined voting power of such securities;

                  (5)      the term "Incumbent Director" means a director of the
         my Company (x) who was a director of the Company on May 1, 2003 or (y)
         who becomes a director subsequent to such date and whose election, or
         nomination for election by the Company's shareholders, was approved by
         a vote of a majority of the Incumbent Directors at the time of such
         election or nomination, except that any such director shall not be
         deemed an Incumbent Director if his or her initial assumption of office
         occurs as a result of an actual or threatened election contest or other
         actual or threatened solicitation of proxies by or on behalf of a
         Person other than the Board;

                  (6)      the term "election contest" is used as it is defined
         for purposes of Rule 14a-11 under the Exchange Act;

                  (7)      the term "Business Combination" means (x) a merger or
         consolidation involving the Company or its stock or (y) an acquisition
         by the Company, directly or through one or more subsidiaries, of
         another entity or its stock or assets;

                  (8)      the term "parent corporation resulting from a
         Business Combination" means the Company if its stock is not acquired or
         converted in the Business Combination and otherwise means the entity
         which as a result of such

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         Business Combination owns the Company or all or substantially all the
         Company's assets either directly or through one or more subsidiaries;
         and

                  (9)      the term "Major Asset Disposition" means the sale or
         other disposition in one transaction or a series of related
         transactions of 70% or more of the assets of the Company and its
         subsidiaries on a consolidated basis; and any specified percentage or
         portion of the assets of the Company shall be based on fair market
         value, as determined by a majority of the Incumbent Directors.

                  "COMPANY" means Reliant Resources, Inc., and, except for
purposes of determining whether a Change of Control has occurred, any successor
thereto.

                  "COVERED TERMINATION" means any termination of Executive's
employment with the Employer, the Company and their Affiliates during the term
of this Agreement that does not result from any of the following:

                           (i)      death;

                           (ii)     disability entitling Executive to benefits
                  under the Company's or the Employer's long-term disability
                  plan;

                           (iii)    termination for Cause; or

                           (iv)     termination by Executive.

Notwithstanding the foregoing, a Covered Termination shall also include a
termination by Executive for Good Reason that occurs following a Change of
Control.

                  "EMPLOYER" shall mean Reliant Energy Corporate Services, LLC.

                  "ERISA" shall mean the Employee Retirement Income Security Act
of 1974, as amended.

                  "GOOD REASON" shall mean any one or more of the following
which occurs following a Change of Control:

                  (a)      a significant reduction in the duties or
         responsibilities of Executive from those applicable to him/her
         immediately prior to the date on which a Change of Control occurs;

                  (b)      a reduction by the Employer or the Company in
         Executive's annual base salary as in effect on the date hereof or as
         the same may be increased from time to time;

                  (c)      the failure by the Company or the Employer to
         continue in effect any compensation plan in which Executive
         participates immediately prior to the Change of Control which is
         material to Executive's total compensation, unless an equitable
         arrangement (embodied in an ongoing substitute or alternative plan) has

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         been made with respect to such plan, or the failure by the Company or
         the Employer to continue Executive's participation therein (or in such
         substitute or alternative plan) on a basis not materially less
         favorable, both in terms of the amount or timing of payment of benefits
         provided and the level of Executive's participation relative to other
         participants, as existed immediately prior to the Change of Control;

                  (d)      the failure by the Company and the Employer to
         continue to provide Executive with benefits substantially similar to
         those enjoyed by Executive under any of the Company's (or the
         Employer's) pension, savings, life insurance, medical, health and
         accident, or disability plans in which Executive was participating
         immediately prior to the Change of Control, the taking of any other
         action by the Company or the Employer which would directly or
         indirectly materially reduce any of such benefits or deprive Executive
         of any material fringe benefit enjoyed by Executive at the time of the
         Change of Control or the failure by the Company or the Employer to
         provide Executive with paid vacation on the same basis as was
         applicable to Executive immediately prior to the Change of Control; or

                  (e)      a change in the location of Executive's principal
         place of employment with the Employer or the Company by more than 50
         miles from the location where Executive was principally employed
         immediately prior to the date on which a Change of Control occurs or
         the Company or the Employer requiring Executive to be based in a
         location other than that of the Company's principal executive offices.

                  "SALARY" means Executive's base salary as in effect
immediately prior to the termination of his employment or, if higher, the base
salary in effect immediately prior to the first occurrence of an event or
circumstance constituting Good Reason.

                  "TARGET BONUS PERCENTAGE" means Executive's target incentive
award opportunity under the Reliant Resources, Inc. Annual Incentive
Compensation Plan (or any successor plan) in effect immediately prior to the
termination of his employment or, if higher, immediately prior to the first
event or circumstance constituting Good Reason.

                  "WAIVER AND RELEASE" means a legal document, in the form
attached hereto as Exhibit A or such other form as may be prescribed by the
Company, but which form may not be altered, amended or modified after execution
of a binding agreement to effect a Change of Control without the consent of
Executive.

                  "WELFARE BENEFIT COVERAGE" shall mean each of life insurance,
medical, dental and vision benefits.

         2.       SEVERANCE BENEFITS: If Executive (a) experiences a Covered
Termination, (b) executes and returns to the Company a Waiver and Release within
the time period prescribed in the Waiver and Release following the date of
Executive's Covered Termination, and (c) does not revoke such Waiver and Release
within the time period prescribed in the Waiver and

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Release, then Executive shall be entitled to receive from the Employer, as
additional compensation for services rendered to the Company (including its
Affiliates), the following severance benefits:

                  (a)      CASH SEVERANCE PAYMENTS: Executive will receive from
         the Employer an amount equal to the product of (1) two and (2) the sum
         of (a) the Salary and (b) the product of the Salary multiplied by the
         Target Bonus Percentage, in one lump sum payment, within 15 days after
         the expiration of the Waiver and Release revocation period.

                  (b)      PRO RATED BONUS: Executive will receive from the
         Employer an amount equal to the product of (1) the Salary and (2) the
         Target Bonus Percentage, with the product of (1) and (2) prorated based
         on the number of days Executive was employed during the bonus year in
         which his employment terminated. Such bonus shall be paid within 15
         days after the expiration of the Waiver and Release revocation period.

                  (c)      WELFARE BENEFIT COVERAGE: The Employer will provide,
         or will cause to be provided, continued Welfare Benefit Coverage for
         Executive and his/her eligible dependents at the active employee rate
         for a period of (1) 3 years following the date of Executive's Covered
         Termination which occurs following a Change of Control or (2) 18 months
         following any other Covered Termination. Such entitlement shall apply
         only to those Welfare Benefit Coverages that the Company or the
         Employer has in effect from time to time for active employees. If
         Executive's employment is terminated following a Change of Control and
         Executive would have become entitled to benefits under the Company's or
         the Employer's post-retirement health care or life insurance plans, as
         in effect immediately prior to the termination or of his employment
         (or, if more favorable to Executive, as in effect immediately prior to
         the first occurrence of an event or circumstance constituting Good
         Reason), had Executive's employment terminated at any time during the
         period of three years following the date upon which Executive's
         employment was terminated, the Company or the Employer, as applicable,
         shall provide such post-retirement health care or life insurance
         benefits to Executive and Executive's dependents commencing on the
         later of (i) the date on which such coverage would have first become
         available and (ii) the date on which benefits described in the first
         sentence of this paragraph 2(c) terminate. Benefits otherwise
         receivable by Executive pursuant to this Section 2(c) shall be reduced
         to the extent Executive becomes eligible to receive benefits pursuant
         to a government-sponsored health insurance or health care program.

                  (d)      OUTPLACEMENT: The Employer will provide reimbursement
         for fees incurred for outplacement services within twenty four months
         of the date of Executive's Covered Termination in connection with
         Executive's efforts to obtain new employment, up to a maximum of
         $50,000.

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                  (e)      FINANCIAL PLANNING: The Employer will provide, or
         cause to be provided, continued access, for the remainder of the
         calendar year in which the Covered Termination occurs or for 60 days
         (if greater), to the financial planning services available to executive
         employees at the time of Covered Termination.

         3.       CHANGE OF CONTROL EQUITY-BASED BENEFITS: Immediately upon any
Change of Control or, if earlier, immediately upon a Covered Termination,
Executive shall be entitled to receive, as additional compensation for services
rendered to the Company (including its Affiliates), benefits with respect to any
equity based compensation in accordance with the applicable plans and
agreements.

         4.       CERTAIN ADDITIONAL PAYMENTS: Anything in this Agreement to the
contrary notwithstanding, in the event it shall be determined that any payment
or distribution by the Company or the Employer to or for the benefit of
Executive (whether paid or payable or distributed or distributable pursuant to
the terms of this Agreement or otherwise, but determined without regard to any
additional payments required under this Section 4 (a "Payment")) would be
subject to the excise tax imposed by Section 4999 of the Code or any interest or
penalties incurred by Executive with respect to such excise tax (such excise
tax, together with any such interest and penalties, are hereinafter collectively
referred to as the "Excise Tax"), then Executive shall be entitled to receive an
additional payment (a "Gross-Up Payment") from the Employer in an amount such
that after payment (whether through withholding at the source or otherwise) by
Executive of all taxes (including any interest or penalties imposed with respect
to such taxes), including, without limitation, any income taxes (and any
interest and penalties imposed with respect thereto), employment taxes and
Excise Tax imposed upon the Gross-Up Payment, Executive retains an amount of the
Gross-Up Payment equal to the Excise Tax imposed upon the Payments.

                  Subject to the provisions of this Section 4, all
determinations required to be made under this Section 4, including whether and
when a Gross-Up Payment is required and the amount of such Gross-Up Payment and
the assumptions to be utilized in arriving at such determination, shall be made
by Deloitte & Touche (the "Accounting Firm") which shall provide detailed
supporting calculations both to the Employer and Executive within 15 business
days of the receipt of notice from Executive that there has been a Payment, or
such earlier time as is requested by the Employer. In the event that the
Accounting Firm is serving as accountant or auditor for the individual, entity
or group effecting the Change of Control, Executive may appoint another
nationally recognized accounting firm to make the determinations required
hereunder (which accounting firm shall then be referred to as the Accounting
Firm hereunder). All fees and expenses of the Accounting Firm shall be borne
solely by the Employer. Any Gross-Up Payment, as determined pursuant to this
Section 4, shall be paid by the Employer to Executive within five days of the
receipt of the Accounting Firm's determination. If the Accounting Firm
determines that no Excise Tax is payable by Executive, it shall furnish
Executive with a written opinion that failure to report the Excise Tax on
Executive's applicable federal income tax return would not result in the
imposition of negligence or similar penalty. Any determination by the Accounting
Firm shall be binding upon the Company, the Employer and Executive. As a result
of the uncertainty in the application of Section 4999 of the Code at the time of
the initial determination by the Accounting Firm hereunder, it is possible that
Gross-

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Up Payments which will not have been made by the Employer should have been made
("Underpayment"), consistent with the calculations required to be made
hereunder. In the event that the Employer exhausts its remedies pursuant to the
following provisions of this Section 4 and Executive thereafter is required to
make a payment of any Excise Tax, the Accounting Firm shall determine the amount
of the Underpayment that has occurred and any such Underpayment shall be
promptly paid by the Employer to or for the benefit of Executive.

                  Executive shall notify the Employer in writing of any claim by
the Internal Revenue Service that, if successful, would require the payment by
the Employer of the Gross-Up Payment. Such notification shall be given as soon
as practicable but no later than ten business days after Executive is informed
in writing of such claim and shall apprise the Employer of the nature of such
claim and the date on which such claim is requested to be paid. Executive shall
not pay such claim prior to the expiration of the 30-day period following the
date on which it gives such notice to the Employer (or such shorter period
ending on the date that any payment of taxes with respect to such claim is due).
If the Employer notifies Executive in writing prior to the expiration of such
period that it desires to contest such claim, Executive shall:

                  (a)      give the Employer any information reasonably
         requested by the Employer relating to such claim;

                  (b)      take such action in connection with contesting such
         claim as the Employer shall reasonably request in writing from time to
         time, including, without limitation, accepting legal representation
         with respect to such claim by an attorney reasonably selected by the
         Employer;

                  (c)      cooperate with the Employer in good faith in order to
         effectively contest such claim; and

                  (d)      permit the Employer to participate in any proceedings
         relating to such claim;

provided, however, that the Employer shall bear and pay directly all costs and
expenses (including additional interest and penalties) incurred in connection
with such contest and shall indemnify and hold Executive harmless, on an
after-tax basis, for any Excise Tax, employment tax or income tax (including
interest and penalties with respect thereto) imposed as a result of such
representation and payment of costs and expenses. Without limitation of the
foregoing provisions of this Section 4, the Employer shall control all
proceedings taken in connection with such contest and, at its sole option, may
pursue or forgo any and all administrative appeals, proceedings, hearings and
conferences with the taxing authority in respect of such claim and may, at its
sole option, either direct Executive to pay the tax claimed and sue for a refund
or contest the claim in any permissible manner, and Executive agrees to
prosecute such contest to a determination before any administrative tribunal, in
a court of initial jurisdiction and in one or more appellate courts, as the
Employer shall determine; provided, however, that if the Employer directs
Executive to pay such claim and sue for a refund, the Employer shall advance the
amount of such payment to Executive, on an interest-free basis and shall
indemnify and hold Executive harmless, on an after-tax basis, from any Excise
Tax, employment tax or income tax (including interest or penalties with respect
thereto) imposed with respect to such advance or with respect to

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any imputed income with respect to such advance; and further provided that any
extension of the statute of limitations relating to payment of taxes for the
taxable year of Executive with respect to which such contested amount is claimed
to be due is limited solely to such contested amount. Furthermore, the
Employer's control of the contest shall be limited to issues with respect to
which a Gross-Up Payment would be payable hereunder and Executive shall be
entitled to settle or contest, as the case may be, any other issue raised by the
Internal Revenue Service or any other taxing authority.

                  If, after the receipt by Executive of an amount advanced by
the Employer pursuant to the foregoing provisions of this Section 4, Executive
becomes entitled to receive any refund with respect to such claim, Executive
shall (subject to the Employer complying with the requirements of this Section
4) promptly pay to the Employer the amount of such refund (together with any
interest paid or credited thereon after taxes applicable thereto). If, after the
receipt by Executive of an amount advanced by the Employer pursuant to the
foregoing provisions of this Section 4, a determination is made that Executive
shall not be entitled to any refund with respect to such claim and the Employer
does not notify Executive in writing of its intent to contest such denial of
refund prior to the expiration of 30 days after such determination, then such
advance shall be forgiven and shall not be required to be repaid and the amount
of such advance shall offset, to the extent thereof, the amount of Gross-Up
Payment required to be paid.

                  If the Company or the Employer are obligated to provide
Executive with one or more Welfare Benefit Coverages pursuant to Section 2(c),
and the amount of such benefits or the value of such benefit coverage (including
without limitation any insurance premiums paid by the Company or the Employer to
provide such benefits) is subject to any income, employment or similar tax
imposed by federal, state or local law, or any interest or penalties with
respect to such tax (such tax or taxes, together with any such interest and
penalties, being hereafter collectively referred to as the "Income Tax") because
such benefits cannot be provided under a nondiscriminatory health plan described
in Section 105 of the Code or for any other reason, the Employer will pay to
Executive an additional payment or payments (collectively, an "Income Tax
Payment"). The Income Tax Payment will be in an amount such that, after payment
by Executive of all taxes (including any interest or penalties imposed with
respect to such taxes), Executive retains an amount of the Income Tax Payment
equal to the Income Tax imposed with respect to such welfare benefits or such
welfare benefit coverage.

         5.       LEGAL FEES AND EXPENSES: It is the intent of the Company and
the Employer that Executive not be required to incur legal fees and the related
expenses associated with the interpretation, enforcement or defense of
Executive's rights under this Agreement by litigation or otherwise because the
cost and expense thereof would detract from the benefits intended to be extended
to Executive hereunder. Accordingly, if it should appear to Executive that the
Company or the Employer have failed to comply with any of their obligations
under this Agreement or in the event that the Company or the Employer or any
other person takes or threatens to take any action to declare this Agreement
void or unenforceable, or institutes any litigation or other action or
proceeding designed to deny, or to recover from, Executive the benefits provided
or intended to be provided to Executive hereunder, the Employer irrevocably
authorizes Executive from time to time to retain counsel of Executive's choice,
at the expense of the Employer as hereafter provided, to advise and represent
Executive in connection with any

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such interpretation, enforcement or defense, including without limitation the
initiation or defense of any litigation or other legal action, whether by or
against the Company, the Employer or any director, officer, stockholder or other
person affiliated with the Company or the Employer, in any jurisdiction.
Notwithstanding any existing or prior attorney-client relationship between the
Company or the Employer and such counsel, the Company and the Employer
irrevocably consent to Executive entering into an attorney-client relationship
with such counsel, and in that connection the Company, the Employer and
Executive agree that a confidential relationship will exist between Executive
and such counsel. Without regard to whether Executive prevails, in whole or in
part, in connection with any of the foregoing, the Employer will pay and be
solely financially responsible for any and all attorneys' fees and related
expenses incurred by Executive in connection with any of the foregoing except to
the extent that a final judgment no longer subject to appeal finds that a claim
or defense asserted by Executive was frivolous. In such a case, the portion of
such fees and expenses incurred by Executive as a result of such frivolous claim
or defense shall become Executive's sole responsibility and any funds advanced
by the Company or by a trust created to secure such payment shall be repaid.

                  In the event a Change of Control occurs, the performance of
the Employer's obligations under this Section 5 will be funded by amounts
deposited or which may be deposited in trust pursuant to certain trust
agreements to which the Company or the Employer may be a party providing that
the fees and expenses of counsel selected from time to time by Executive
pursuant to this Section 5 will be paid, or reimbursed to Executive if paid by
Executive, either in accordance with the terms of such trust agreements, or, if
not so provided, on a regular, periodic basis upon presentation by Executive to
the Employer or to the trustee of a statement or statements prepared by such
counsel in accordance with its customary practices. In order to be eligible for
payment of expenses directly from the Employer, Executive must first exhaust all
rights to payment under the trust agreements, if any, contemplated immediately
above. The pendency of a claim by the Employer that a claim or defense of
Executive is frivolous or otherwise lacking merit shall not excuse the Employer
(or the trustee of a Trust contemplated by this Section 5) from making periodic
payments of legal fees and expenses until a final judgment is rendered as
hereinabove provided. Any failure by the Employer to satisfy any of its
obligations under this Section 5 will not limit the rights of Executive
hereunder. Subject to the foregoing (and to the provisions of Section 14),
Executive will have the status of a general unsecured creditor of the Employer
and will have no right to, or security interest in, any assets of the Company,
the Employer or any Affiliate.

         6.       CONFIDENTIALITY: Executive acknowledges that pursuant to this
Agreement, the Company agrees to provide to him Confidential Information
regarding the Company and the Company's business and has previously provided him
other such Confidential Information. In return for this and other consideration
provided under this Agreement, Executive agrees that he will not, while employed
by the Company or the Employer and thereafter, disclose or make available to any
other person or entity, or use for his own personal gain, any Confidential
Information, except for such disclosures as required in the performance of his
duties hereunder as may otherwise be required by law or legal process (in which
case Executive and shall notify the Company of such legal or judicial proceeding
as soon as practicable following his receipt of notice of such a proceeding, and
permit the Company to seek to protect its interests and information). For
purposes of this Agreement, "Confidential Information" shall mean any and

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all information, data and knowledge that has been created, discovered, developed
or otherwise become known to the Company or any of its Affiliates or ventures or
in which property rights have been assigned or otherwise conveyed to the Company
or any of its Affiliates or ventures, which information, data or knowledge has
commercial value in the business in which the Company or any of its Affiliates
or ventures is engaged, except such information, data or knowledge as is or
becomes known to the public without violation of the terms of this Agreement. By
way of illustration, but not limitation, Confidential Information includes
business trade secrets, secrets concerning the Company's or any of its
Affiliates or ventures plans and strategies, nonpublic information concerning
material market opportunities, technical trade secrets, processes, formulas,
know-how, improvements, discoveries, developments, designs, inventions,
techniques, marketing plans, manuals, records of research, reports, memoranda,
computer software, strategies, forecasts, new products, unpublished financial
information, projections, licenses, prices, costs, and employee, customer and
supplier lists or parts thereof.

         7.       RETURN OF PROPERTY: Executive agrees that at the time of
leaving the Company's or the Employer's employ, he will deliver to the Employer
(and will not keep in his possession, recreate or deliver to anyone else) all
Confidential Information as well as all other devices, records, data, notes,
reports, proposals, lists, correspondence, specifications, drawings, blueprints,
sketches, materials, equipment, customer or client lists or information, or any
other documents or property (including all reproductions of the aforementioned
items) belonging to the Company or any of its Affiliates or ventures, regardless
of whether such items were prepared by Executive.

         8.       NON-SOLICITATION AND NON-COMPETITION:

                  (a)      For consideration provided under this Agreement,
         including but not limited to the Company's agreement to provide
         Executive with Confidential Information regarding the Company and the
         Company's business, Executive agrees that while employed by the Company
         or the Employer and for one year following a Covered Termination that
         does not occur following a Change of Control, he shall not, without the
         prior written consent of the Company, directly or indirectly, (i) hire
         or induce, entice or solicit (or attempt to induce entice or solicit)
         any employee of the Company or any of its Affiliates or ventures to
         leave the employment of the Company or any of its Affiliates or
         ventures or (ii) solicit or attempt to solicit the business of any
         customer or acquisition prospect of the Company or any of its
         Affiliates or ventures with whom Executive had any actual contact while
         employed at the Company, the Employer or any Affiliate.

                  (b)      Additionally, for consideration provided under this
         Agreement, including but not limited to the Company's agreement to
         provide Executive with Confidential Information regarding the Company
         and the Company's business, Executive agrees that while employed by the
         Company or the Employer and for one year following a Covered
         Termination that does not occur following a Change of Control, he will
         not, without the prior written consent of the Company, acting alone or
         in conjunction with others, either directly or indirectly, engage in

                                      -11-
<PAGE>

         any business that is in competition with the Company or any of its
         Affiliates or ventures or accept employment with or render services to
         such a business as an officer, agent, employee, independent contractor
         or consultant, or otherwise engage in activities that are in
         competition with the Company or any of its Affiliates or ventures.

                  (c)      The restrictions contained in this Paragraph 8 are
         limited to a 50-mile radius around any geographical area in which the
         Company or any of its Affiliates or ventures engages (or has definite
         plans to engage) in operations or the marketing of its products or
         services at the time of a Covered Termination.

                  (d)      Executive acknowledges that these restrictive
         covenants under this Agreement, for which Executive received valuable
         consideration from the Company as provided in this Agreement, including
         but not limited to the Company's agreement to provide Executive with
         Confidential Information regarding the Company and the Company's
         business are ancillary to otherwise enforceable provisions of this
         Agreement that the consideration provided by the Company gives rise to
         the Company's interest in restraining Executive from competing and that
         the restrictive covenants are designed to enforce Executive's
         consideration or return promises under this Agreement. Additionally,
         Executive acknowledges that these restrictive covenants contain
         limitations as to time, geographical area, and scope of activity to be
         restrained that are reasonable and do not impose a greater restraint
         than is necessary to protect the goodwill or other legitimate business
         interests of the Company, including but not limited to the Company's
         need to protect its Confidential Information.

         9.       NOTICES: For purposes of this Agreement, notices and all other
communications provided for herein shall be in writing and shall be deemed to
have been duly given when personally delivered or when mailed by United States
registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

                  If to Company or the Employer:  Reliant Resources, Inc.
                                                  1000 Main Street
                                                  Houston, Texas 77002
                                                  ATTENTION: Chairman of the
                                                  Board

                  If to Executive:                Michael L. Jines
                                                  2307 Crimson Valley Court
                                                  Kingwod, TX 77345

or to such other address as either party may furnish to the other in writing in
accordance herewith, except that notices of changes of address shall be
effective only upon receipt.

         10.      APPLICABLE LAW: The validity, interpretation, construction and
performance of this Agreement will be governed by and construed in accordance
with the substantive laws of the

                                      -12-
<PAGE>

State of Texas, including the Texas statute of limitations, but without giving
effect to the principles of conflict of laws of such State.

         11.      SEVERABILITY: If a court of competent jurisdiction determines
that any provision of this Agreement is invalid or unenforceable, then the
invalidity or unenforceability of that provision shall not affect the validity
or enforceability of any other provision of this Agreement and all other
provisions shall remain in full force and effect.

         12.      WITHHOLDING OF TAXES: The Company or the Employer, as
applicable, may withhold from any payments payable under this Agreement all
federal, state, city or other taxes as may be required pursuant to any law or
governmental regulation or ruling.

         13.      No ASSIGNMENT; SUCCESSORS: Executive's right to receive
payments or benefits hereunder shall not be assignable or transferable, whether
by pledge, creation or a security interest or otherwise, whether voluntary,
involuntary, by operation of law or otherwise, other than a transfer by will or
by the laws of descent or distribution, and in the event of any attempted
assignment or transfer contrary to this Section 13 the Company shall have no
liability to pay any amount so attempted to be assigned or transferred. This
Agreement shall inure to the benefit of and be enforceable by Executive's
personal or legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees.

                  This Agreement shall be binding upon and inure to the benefit
of the Company and the Employer and their successors and assigns (including,
without limitation, any company into or with which the Company may merge or
consolidate).

         14.      PAYMENT OBLIGATIONS ABSOLUTE: Except for the requirement of
Executive to execute and return to the Company the Waiver and Release in
accordance with Section 2, the Company's and the Employer's obligation to pay
Executive the amounts and to make the arrangements provided herein shall be
absolute and unconditional and shall not be affected by any circumstances,
including, without limitation, any set-off, counter-claim, recoupment, defense
or other right which the Company or the Employer (including their Affiliates)
may have against him/her or anyone else. All amounts payable by the Company or
the Employer (including its Affiliates hereunder) shall be paid without notice
or demand. Executive shall not be obligated to sign an agreement not to compete
with the Company in addition to that set forth in Section 8 or to seek other
employment in mitigation of the amounts payable or arrangements made under any
provision of this Agreement, and the obtaining of any other employment shall in
no event effect any reduction of the Company's or the Employer's obligations to
make (or cause to be made) the payments and arrangements required to be made
under this Agreement. In the event that the Employer fails to pay any amount or
provide any benefit required to be made or provided by the terms of this
Agreement, the Company shall be required to make such payment or provide such
benefit, as the case may be, under the same terms and conditions that were
applicable to the Employer.

         15.      NUMBER AND GENDER: Wherever appropriate herein, words used in
the singular shall include the plural and the plural shall include the singular.
The masculine gender where appearing herein shall be deemed to include the
feminine gender.

                                      -13-
<PAGE>

         16.      CONFLICTS: This Agreement constitutes the entire understanding
of the parties with respect to its subject matter and supercedes any other
agreement or other understanding, whether oral or written, express or implied,
between them concerning, related to or otherwise in connection with, the subject
matter hereof.

         17.      TERM: The effective date of the Agreement is May 1, 2003. This
Agreement shall remain in effect until January 14, 2006. Thereafter, on each
January 14, the term shall be extended automatically for an additional one-year
period unless the Company shall have delivered to Executive written notice of
non-renewal prior to the applicable anniversary. Upon the occurrence of a Change
of Control, the term shall be automatically extended to a date which is three
years from the date upon which the Change of Control occurs. If Executive's
employment is terminated prior to the occurrence of a Change of Control this
Agreement shall immediately terminate, except that terms of this Agreement,
which must survive the termination this Agreement in order to be effectuated
(including the provisions of Sections 2, 5, 6, 7 and 8) shall survive.

                  IN WITNESS WHEREOF, the parties have caused this Agreement to
be executed and delivered this 30th day of September 2003, but effective as of
the day and year first above written.

                                        RELIANT RESOURCES, INC.

                                        By -s- Joel V. Staff
                                          --------------------------------------
                                          Joel V. Staff
                                          Chief Executive Officer

                                        RELIANT ENERGY CORPORATE SERVICES, LLC

                                        By -s- Joel V. Staff
                                          --------------------------------------
                                          Joel V. Staff
                                          Chief Executive Officer

                                        EXECUTIVE

                                        -s- Michael L. Jines
                                        ----------------------------------------
                                        Michael L. Jines

                                      -14-
<PAGE>

                                    EXHIBIT A

                               WAIVER AND RELEASE

                  In exchange for the payment to me of the severance benefits
described in Section 2 of the Severance Agreement between Reliant Resources,
Inc. (the "Company"), Reliant Energy Corporate Services, LLC (the "Employer")
and me effective as of May 1, 2003 (the "Agreement") and of other remuneration
and consideration provided for in the Agreement (the "Benefits"), which is in
addition to any remuneration or benefits to which I am already entitled, I agree
not to sue and to release and forever discharge the Company, the Employer and
all of their respective parents, subsidiaries, affiliates and unincorporated
divisions, and its or their respective officers, directors, agents, servants,
employees, successors, assigns, insurers, employee benefit plans and
fiduciaries, and agents of any of the foregoing (collectively, the "Corporate
Group") from any and all damages, losses, causes of action, expenses, demands,
liabilities, and claims on behalf of myself, my heirs, executors,
administrators, and assigns with respect to all matters relating to or arising
out of my employment with or separation from the Company, under any employee
benefit plan or claims for indemnity arising as a result of my being an officer
or fiduciary of the Corporate Group. The release does not apply to claims or
causes of action accruing after the date hereof.

                  I ACKNOWLEDGE THAT SIGNING THIS WAIVER AND RELEASE IS AN
IMPORTANT LEGAL ACT AND THAT I HAVE BEEN ADVISED IN WRITING TO CONSULT AN
ATTORNEY PRIOR TO EXECUTION. I ALSO UNDERSTAND THAT, IN ORDER TO BE ELIGIBLE FOR
THE BENEFITS, I MUST SIGN AND RETURN THIS WAIVER AND RELEASE TO THE COMPANY'S
GENERAL COUNSEL. I ACKNOWLEDGE THAT I HAVE BEEN GIVEN AT LEAST 21 DAYS TO
CONSIDER WHETHER TO EXECUTE THIS WAIVER AND RELEASE.

                  In exchange for the payment to me of the Benefits, which is in
addition to any remuneration or benefits to which I am already entitled, (1) I
agree not to sue in any local, state or federal court regarding or relating in
any way to my employment with or separation from the Company, the Employer or
any member of the Corporate Group, and (2) I knowingly and voluntarily waive all
claims and release the Corporate Group from any and all claims, demands,
actions, liabilities, and damages, whether known or unknown, arising out of or
relating in any way to my employment with or separation from the Company, the
Employer or any member of the Corporate Group, except to the extent that my
rights are vested under the terms of employee benefit plans sponsored by the
Corporate Group, rights described in the Agreement, claims for indemnity from
the Corporate Group arising as a result of being an officer or fiduciary of the
Corporate Group, and except with respect to such rights or claims as may arise
after the date this Waiver and Release is executed. Except for the matters
identified above that are not the subject of this Waiver and Release, this
Waiver and Release includes, but is not limited to, claims and causes of action
under: Title VII of the Civil Rights Act of 1964, as amended; the Age
Discrimination in Employment Act of 1967, as amended, including the Older
Workers Benefit Protection Act of 1990; the Civil Rights Act of 1866, as
amended; the Civil Rights Act of 1991; the Americans with Disabilities Act of
1990; the Energy Reorganization Act, as amended, 42 U.S.C. Section 5851; the
Workers Adjustment and Retraining Notification Act of 1988; the Pregnancy

                                       -1-
<PAGE>

Discrimination Act of 1978; the Employee Retirement Income Security Act of 1974,
as amended; the Family and Medical Leave Act of 1993; the Fair Labor Standards
Act; the Occupational Safety and Health Act; the Texas Labor Code Section 21.001
et. seq.; the Texas Labor Code; the Sarbanes-Oxley Act of 2002; claims in
connection with workers' compensation or "whistle blower" statutes; and claims
for breach of contract (whether written or oral, expressed or implied), tort,
personal injury, defamation, negligence or wrongful termination; and any other
claims under the statutory, regulatory, administrative, constitutional or common
law of any nation, state, locality or any other jurisdiction.

                  Further, I expressly represent that no promise or agreement
which is not expressed in this Waiver and Release has been made to me in
executing this Waiver and Release, and that I am relying on my own judgment in
executing this Waiver and Release, and that I am not relying on any statement or
representation of any member of the Corporate Group or any of their agents. I
agree that this Waiver and Release is valid, fair, adequate and reasonable, is
with my full knowledge and consent, was not procured through fraud, duress or
mistake and has not had the effect of misleading, misinforming or failing to
inform me. I acknowledge and agree that the Company or the Employer, as
applicable, will withhold any taxes required by federal or state law from the
Benefits otherwise payable to me.

                  I understand that for a period of seven calendar days
following the Company's receipt of this Waiver and Release executed by me, I may
revoke my acceptance of the offer of the Benefits by delivering a written
statement to the Company's General Counsel, by hand or by registered-mail, in
which case the Waiver and Release will not become effective. In the event I
revoke my acceptance of this offer, the Company and the Employer shall have no
obligation to provide me the Benefits. I understand that failure to revoke my
acceptance of the offer within seven days after the date I sign this Waiver and
Release will result in this Waiver and Release being permanent and irrevocable.

                  I agree that the terms of this Waiver and Release are
CONFIDENTIAL and that any disclosure to anyone for any purpose whatsoever except
as required by law by me or my agents, representatives, heirs, spouse, employees
or spokespersons shall be a breach of this Waiver and Release.

                  I agree that this Waiver and Release is valid. I agree that
this Waiver and Release is fair, adequate and reasonable. I agree that my
consent to this Waiver and Release was with my full knowledge and was not
procured through fraud, duress or mistake.

                  I acknowledge that payment of the Benefits is not an admission
by any member of the Corporate Group that they engaged in any wrongful or
unlawful act or that any member of the Corporate Group violated any law or
regulation. I understand that nothing in this Waiver and Release is intended to
prohibit, restrict or otherwise discourage me from engaging in any activity
related to matters of public or employee health or safety, specifically to
include activity protected under 42 U.S.C. Section 5851 and 10 C.F.R. Section
50.7, including, but not limited to, providing information to the Nuclear
Regulatory Commission ("NRC") regarding nuclear safety or quality concerns,
potential violations or other matters within the NRC's jurisdiction. Similarly,
nothing

                                       -2-
<PAGE>

herein is intended to prohibit, restrict or otherwise discourage me or any other
individual from making reports of unsafe, wrongful or illegal conduct to any
agency or branch of the local, state or federal government, including law
enforcement authorities, public utility commissions, energy regulatory
commissions or any other lawful authority.

                  I understand and agree that in the event of any breach of the
provisions of Sections 6 or 8 of the Agreement, or threatened breach, by me, the
Company or the Employer, in their discretion, may initiate appropriate action as
provided in those Sections and may recover all lawful damages which it may prove
by a preponderance of the evidence in accordance with the law specified in those
Sections.

                  I acknowledge that this Waiver and Release set forth the
entire understanding and agreement between me, the Company and the Employer
concerning the subject matter of this Waiver and Release and supersedes any
prior or contemporaneous oral and/or written agreements or representations, if
any, between me, the Company, the Employer or any other member of the Corporate
Group. The invalidity or enforceability of any provisions hereof shall in no way
affect the validity or enforceability of any other provision.

______________________________
Name

______________________________
Social Security Number

______________________________
Signature Date

                                       -3-<PAGE>

                                                                 EXHIBIT 10.14.7

                                    CONSENT, WAIVER AND AMENDMENT dated as of
                           October 1, 2003 (this "Amendment"), among JANUS
                           CAPITAL GROUP INC., a Delaware corporation formerly
                           known as Stilwell Financial Inc. (the "Borrower"),
                           the lenders party hereto (the "Lenders") and
                           CITIBANK, N.A., as administrative agent (in such
                           capacity, the "Agent") and as swingline lender.

                  Reference is made to the Five-Year Credit Agreement dated
December 7, 2000 (as amended, supplemented or otherwise modified from time to
time, the "Five-Year Agreement") among the Borrower, the Lenders party thereto,
Wells Fargo Bank West, N.A., as documentation agent, JPMorgan Chase Bank, as
syndication agent, and the Agent. Capitalized terms used but not otherwise
defined herein have the meanings assigned to them in the Five-Year Agreement as
amended hereby.

                  The Borrower has informed the Lenders that it intends to
exchange 32,300,000 shares of the common stock of DST Systems, Inc. owned by it
for equity of equal value of Output Marketing Services, currently a subsidiary
of DST Systems Inc., with the result that Output Marketing Services (which will
be renamed JCG Partners) will become a wholly owned subsidiary of the Borrower.

                  The Borrower has requested that the Lenders consent to the
exchange described in the preceding paragraph and to waive and amend certain
provisions of the Five-Year Agreement as set forth in this Amendment and the
Lenders whose signatures appear below, constituting at least the Required
Lenders, are willing to agree to such waivers and amendments on the terms and
subject to the conditions set forth herein.

                  Accordingly, in consideration of the mutual agreements herein
contained and other good and valuable consideration, the sufficiency and receipt
of which are hereby acknowledged, the parties hereto hereby agree as follows:

                  SECTION 1. Amendment of Section 1.01. Section 1.01 of the
Five-Year Agreement is hereby amended as follows:

                  (a) The following new definitions are inserted in the
         appropriate alphabetical order therein:

                           '"DST Equity Exchange' shall mean the exchange by JCG
                  Inc. of 32,300,000 shares of the common stock of DST Systems,
                  Inc. owned by it for equity of equal value of JCG Partners
                  (currently named "Output Marketing Services"), a subsidiary of
                  DST Systems Inc., with the result that JCG Partners will
                  become a wholly owned subsidiary of the Borrower.

<PAGE>

                           'JCG Partners' shall mean Output Marketing Services,
                  currently a subsidiary of DST Systems Inc., which after the
                  DST Equity Exchange will be renamed JCG Partners and will be a
                  wholly owned subsidiary of the Borrower.

                           'New York Complaint' shall mean the complaint filed
                  in the Supreme Court of the State of New York, County of New
                  York, on September 3, 2003, on behalf of the State of New
                  York, by the Attorney General of the State of New York,
                  against Canary Capital Partners, LLC, Canary Investment
                  Management, LLC, Canary Capital Partners, Ltd. and Edward J.
                  Stern."

                  (b) The definition of "Applicable Percentage" is hereby
         amended and restated as follows:

                           '"Applicable Percentage' shall mean on any date, with
                  respect to the Loans comprising any Eurodollar Standby
                  Borrowing, the Facility Fee, or the Utilization Fee, as the
                  case may be, the applicable percentage set forth in the table
                  below:

Eurodollar Spread                   Facility Fee                 Utilization Fee
-----------------                   ------------                 ---------------
      0.500%                           0.250%                         0.375%

                  (c) The definition of "Consolidated Net Income" therein is
         hereby amended and restated in its entirety as follows:

                           '"Consolidated Net Income' shall mean, for any
                  period, the net income of Stilwell and the Consolidated
                  Subsidiaries on a consolidated basis for such period,
                  determined in accordance with GAAP, but without giving effect
                  to (a) any extraordinary gains, (b) any gains during such
                  period relating to the sale, transfer or other disposition of
                  (i) any assets of Stilwell or any subsidiary (other than in
                  the ordinary course of business) or (ii) investments in any
                  subsidiary or Affiliate of Stilwell or the Consolidated
                  Subsidiaries, including, without limitation, DST Systems,
                  Nelson, and Bay Isle Financial LLC, a Delaware limited
                  liability company, (c) any costs, expenses or losses incurred
                  during such period (which in the aggregate for all such
                  periods shall not exceed $200,000,000) consisting of or
                  relating to (i) the sale, transfer or other disposition, in
                  whole or in part, of any subsidiary or Affiliate of Stilwell
                  or the Consolidated Subsidiaries, (ii) any exchange,
                  repayment, prepayment, purchase or redemption by Stilwell or
                  any Subsidiary of the outstanding Indebtedness of Stilwell,
                  (iii) any fines, penalties, damages, or restitution payments
                  directly related to the New York Complaint, (iv) any non-cash
                  compensation expenses related to the amortization of
                  restricted stock grants of Stilwell, and (v) the cost of tax
                  opinion insurance obtained in connection with the DST Equity
                  Exchange and (d) any income, gains, costs, expenses, losses or
                  other items attributable to DST Systems (but including all
                  such items attributable to JCG Partners after the
                  effectiveness of the DST Equity Exchange). It is agreed that
                  any determination of Consolidated EBITDA for a period of four
                  fiscal quarters ending on or after September 30, 2003 will
                  employ the above definition with respect to all fiscal
                  quarters included in such period."

                                       2
<PAGE>

                  (d) The definition of "Liquid Assets" therein is hereby
         amended and restated in its entirety as follows:

                           '"Liquid Assets' shall mean cash, cash equivalents
                  and other readily marketable securities (it being understood
                  that any equity of JCG Inc. held by any Related Subsidiary
                  shall not qualify as 'Liquid Assets' hereunder), the value of
                  which shall be deemed to be the amount of cash which would be
                  realized upon prompt liquidation of such securities."

                  (e) The definition of "Maturity Date" therein is hereby
         amended and restated in its entirety as follows:

                           '"Maturity Date' shall mean October 23, 2004."

                  SECTION 2. Amendment of Article V. Article V of the Five-Year
Agreement is hereby amended by adding the following new Section 5.09 at the end
thereof:

                           "SECTION 5.09. Maintenance of JCG Partners as a
                  Wholly Owned Subsidiary. Such Borrower will cause JCG
                  Partners, at all times after the DST Equity Exchange, to be
                  and remain a direct or indirect wholly owned subsidiary of JCG
                  Inc."

                  SECTION 3. Amendment of Article VI. Article VI of the
Five-Year Agreement is hereby amended as follows:

                  (a) Section 6.01(a)(iv) is hereby amended and restated as
         follows:

                           "(iv) other Indebtedness not secured by any Liens and
                  incurred in the ordinary course of business and refinancings
                  thereof, in an aggregate principal amount at any one time
                  outstanding not in excess of $10,000,000;".

                  (b) Section 6.01(a)(xi) is hereby amended and restated as
         follows:

                           "(xi) other Indebtedness of Stilwell and its Related
                  Subsidiaries that is not secured by any Lien in an aggregate
                  principal amount at any time outstanding that does not exceed
                  $856,000,000 minus the aggregate principal amount of any
                  Indebtedness outstanding under this paragraph that shall have
                  been repaid, prepaid, redeemed, purchased or defeased by
                  Stilwell or any other Related Subsidiary, including any such
                  Indebtedness of either Borrower or any Related Subsidiary of
                  either Borrower originally owed to third parties and purchased
                  by either Borrower or any Related Subsidiary of either
                  Borrower (other, in each case, than Indebtedness repaid,
                  prepaid, redeemed, purchased or defeased with the proceeds of
                  new Indebtedness issued for the specific purpose of providing
                  funds for any such repayment, prepayment, redemption or
                  purchase); provided that with respect to any such Indebtedness
                  issued or incurred to extend, renew or refinance existing
                  Indebtedness, the principal thereof is not by its terms
                  required to be repaid, prepaid, redeemed, purchased or
                  defeased, in whole or in part, at the option of any holder
                  thereof or on any date prior to the Maturity Date; provided

                                       3
<PAGE>

                  further that the incurrence of such Indebtedness would not
                  cause a Default or an Event of Default under any other Section
                  of this Agreement."

                  (c) The following new Sections 6.09 and 6.10 are added at the
         end thereof:

                           "SECTION 6.09. Limitation on Investments in JCG
                  Partners. Such Borrower shall not make, or permit any Related
                  Subsidiary to make, any loans, advances or capital
                  contributions to, or other investments of any kind in, JCG
                  Partners or any of its subsidiaries, except that JCG Inc. may
                  make regularly scheduled payments of interest and principal in
                  respect of any Indebtedness of JCG Inc. that shall have been
                  purchased or otherwise acquired by JCG Partners from third
                  parties.

                           SECTION 6.10. Conduct of Business of JCG Partners.
                  Such Borrower shall not permit JCG Partners to engage in any
                  business or business activity other than those in which the
                  Borrower, the Related Subsidiaries or JCG Partners are engaged
                  as of the Amendment Effective Date (as such term is defined in
                  the Consent, Waiver and Amendment dated as of October 1, 2003,
                  to this Agreement) and other businesses and business
                  activities reasonably related thereto."

                  SECTION 4. Waiver of Section 6.04. Effective as of the
Amendment Effective Date (as defined below), each of the undersigned Lenders
hereby consents to the DST Equity Exchange and waives compliance by the Borrower
with the provisions of Section 6.04(c)(iv) of the Five-Year Agreement to the
extent (but only to the extent) necessary to permit the Borrower to consummate
the DST Equity Exchange.

                  SECTION 5. Schedules 3.07 and 3.08. Schedules 3.07 and 3.08 to
the Five-Year Agreement are hereby deleted and Schedules 3.07 and 3.08 hereto
are inserted in their place.

                  SECTION 6. Representations, Warranties and Agreements. The
Borrower hereby represents and warrants to and agrees with each Lender and the
Agent that:

                  (a) The representations and warranties of the Borrower set
         forth in Article III of the Five-Year Agreement, after giving effect to
         this Amendment, are true and correct in all material respects with the
         same effect as if made on the Amendment Effective Date, except to the
         extent such representations and warranties expressly relate to an
         earlier date.

                  (b) The Borrower has the requisite power and authority to
         execute, deliver and perform its obligations under this Amendment and
         to perform its obligations under the Five-Year Agreement, as amended
         and waived by this Amendment.

                  (c) This Amendment has been duly executed and delivered by the
         Borrower. The Five-Year Agreement, as amended and waived by this
         Amendment, constitutes a legal, valid and binding obligation of the
         Borrower, enforceable against the Borrower in accordance with its
         terms, except as enforceability may be limited by (i) any applicable
         bankruptcy, insolvency, reorganization, moratorium or similar laws
         affecting the enforcement of creditors' rights generally and (ii)
         general principles of equity.

                                       4
<PAGE>

                  (d) As of the Amendment Effective Date, no Event of Default or
         Default has occurred and is continuing.

                  SECTION 7. Conditions to Effectiveness. This Amendment shall
become effective as of the date first above written (the "Amendment Effective
Date") on the date of the satisfaction in full of the following conditions
precedent:

                  (a) The Agent shall have received duly executed counterparts
         hereof which, when taken together, bear the authorized signatures of
         the Borrower, Janus Capital Management LLC, the Agent and the Required
         Lenders under the Five-Year Agreement.

                  (b) All legal matters incident to this Amendment shall be
         satisfactory to the Required Lenders, the Agent and Cravath, Swaine &
         Moore LLP, counsel for the Agent.

                  (c) The Agent shall have received such other documents,
         instruments and certificates as it or its counsel shall reasonably
         request.

                  (d) The DST Equity Exchange shall have been, or shall on the
         Amendment Effective Date be, completed.

                  SECTION 8. Five-Year Agreement. Except as specifically stated
herein, the Five-Year Agreement shall continue in full force and effect in
accordance with the provisions thereof. As used therein, the terms "Agreement,"
"herein," "hereunder," "hereto," "hereof" and words of similar import shall,
unless the context otherwise requires, refer to the Five-Year Agreement as
modified hereby.

                  SECTION 9. Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                  SECTION 10. Counterparts. This Amendment may be executed in
any number of counterparts, each of which shall be an original but all of which,
when taken together, shall constitute but one instrument. Delivery of an
executed counterpart of a signature page of this Amendment by facsimile shall be
effective as delivery of a manually executed counterpart of this Amendment.

                  SECTION 11. Expenses. The Borrower agrees to reimburse the
Agent for its out-of-pocket expenses in connection with this Amendment,
including the reasonable fees, charges and disbursements of Cravath, Swaine &
Moore LLP, counsel for the Agent.

                                       5
<PAGE>

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

                                    JANUS CAPITAL GROUP INC.,

                                    by:  /s/ Loren M. Starr
                                         -------------------------------------
                                         Name:    Loren M. Starr
                                         Title:   VP, Chief Financial Officer

                                    JANUS CAPITAL MANAGEMENT LLC, as
                                    Guarantor,

                                    by:  /s/ Matthew R. Luoma
                                         -------------------------------------
                                         Name:    Matthew R. Luoma
                                         Title:   Treasurer

                                    CITIBANK, N.A., individually and as
                                    Administrative Agent and as
                                    Swingline Lender,

                                    by:  /s/ Matthew Nicholls
                                         -------------------------------------
                                         Name:    Matthew Nicholls
                                         Title:   Director

                                    WELLS FARGO BANK, N.A., as successor in
                                    interest to WELLS FARGO BANK WEST, N.A.,

                                    by:  /s/ Randall Schmidt
                                         -------------------------------------
                                         Name:    Randall Schmidt
                                         Title:   Vice President

                                    JPMORGAN CHASE BANK, individually and
                                    as Syndication Agent,

                                    by:  /s/ Marybeth Mullen
                                         -------------------------------------
                                         Name:    Marybeth Mullen
                                         Title:   Vice President

<PAGE>

                                    BANK OF AMERICA, N.A.,

                                    by:  /s/ Sean W. Cassidy
                                         ------------------------------------
                                         Name:    Sean W. Cassidy
                                         Title:   Principal

                                    THE GOVERNOR AND COMPANY OF THE
                                    BANK OF IRELAND,

                                    by:
                                         ------------------------------------
                                         Name:
                                         Title:

                                    by:
                                         ------------------------------------
                                         Name:
                                         Title:

                                    THE BANK OF NEW YORK,

                                    by:  /s/ William M. Stanton
                                         ------------------------------------
                                         Name:    William M. Stanton
                                         Title:   Vice President

                                    CREDIT SUISSE FIRST BOSTON,

                                    by:  /s/ Jay Chall
                                         ------------------------------------
                                         Name:    Jay Chall
                                         Title:   Director

                                    by:  /s/ Barbara Wong
                                         ------------------------------------
                                         Name:    Barbara Wong
                                         Title:   Associate

                                    U.S. BANK NATIONAL ASSOCIATION,

                                    by:  /s/ John P. Mills
                                         ------------------------------------
                                         Name:   John P. Mills
                                         Title:  Vice President

<PAGE>

                                    FLEET NATIONAL BANK,

                                    by:  /s/ Robert McClelland
                                         ------------------------------------
                                         Name:    Robert McClelland
                                         Title:   Director

                                    HSBC,

                                    by:  /s/ Scott H. Buitekant
                                         ------------------------------------
                                         Name:    Scott H. Buitekant
                                         Title:   First Vice President

                                    THE ROYAL BANK OF SCOTLAND plc,

                                    by:
                                         ------------------------------------
                                         Name:
                                         Title:

                                    STATE STREET BANK AND TRUST COMPANY,

                                    by:  /s/ Karen A. Gallagher
                                         ------------------------------------
                                         Name:    Karen A. Gallagher
                                         Title:   Vice President

                                    UMB, N.A.,

                                    by:  /s/ Terry Dierks
                                         ------------------------------------
                                         Name:    Terry Dierks
                                         Title:   Senior Vice President

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"}]]