Document:

Exhibit
10.14

 

Execution
Version

 

PLEDGE
AND ADMINISTRATION ANNEX AMENDMENT AGREEMENT

 

This PLEDGE AND ADMINISTRATION ANNEX AMENDMENT AGREEMENT (this “Annex Amendment Agreement”) dated as July 1,
2009, is entered into among Dexia SA,  Dexia
Crédit Local S.A, acting
through its New York Branch, Dexia Bank Belgium SA, Dexia FP Holdings Inc.,
Financial Security Assurance Inc., FSA Asset Management LLC, FSA
Portfolio Asset Limited, FSA Capital Markets Services
LLC, FSA Capital Management Services LLC, FSA Capital Markets Services (Caymans) Ltd. and The
Bank of New York Mellon Trust Company, National Association.

 

W I T N E S S E T H

 

WHEREAS, on June 30, 2009, the parties hereto entered into
the Pledge and Administration Agreement (the “Pledge and Administration Agreement”),
dated as of June 30, 2009, as the same may be amended, supplemented or
modified from time to time.

 

WHEREAS, the parties hereto wish to replace in its entirety Annex D to
the Pledge and Administration to reflect their original intent.

 

Capitalized terms used but not defined herein shall have meanings
assigned such terms in Pledge and Administration Agreement.

 

NOW, THEREFORE, in consideration of the premises and
agreements contained herein and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged by the parties hereto,
the parties hereto hereby agree to the following:

 

1. Amendment to Annex I

 

Annex D (“Annex D — Hedge
Agreements”) to the Pledge and Administration Agreement is hereby replaced in
its entirety with Annex 1 hereto.

 

2. Governing Law.  THIS ANNEX AMENDMENT AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES OTHER THAN SECTIONS 5-1401 AND
5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK AND THE
MANDATORY CHOICE OF LAW RULES CONTAINED IN THE UCC.

 

3. Counterparts.  The parties may execute this Annex Amendment
Agreement in counterparts, each of which is deemed an original and all of which
taken together constitute only one agreement.

 

4. Submission to
Jurisdiction. Each of the parties hereto hereby irrevocably submits to the
exclusive jurisdiction of any U.S. federal or state court in The City of New
York for the purpose of any suit, action, proceeding or judgment arising out of
or relating to this Annex Amendment Agreement. 
Each of the parties hereto hereby consents to the laying of venue in any
such suit, action or proceeding in New York County, New York, and hereby
irrevocably waives any claim that any such suit, action or proceeding brought
in such a court has been brought in an inconvenient forum and agrees not to
plead or claim the same.

 

5. Waiver of Jury Trial. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING RELATING TO THIS LETTER AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.  EACH PARTY ACKNOWLEDGES AND
AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS
PROVISION.

 

 

In Witness
Whereof, the undersigned have executed this Annex Amendment Agreement as of the
date first above written.

 

 

	
  DEXIA SA

  	
   

  	
  FINANCIAL SECURITY ASSURANCE INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Title:

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  DEXIA CRÉDIT
  LOCAL S.A.

  	
   

  	
  FSA ASSET MANAGEMENT
  LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Title:

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  DEXIA BANK BELGIUM SA

  	
   

  	
  FSA CAPITAL MARKETS SERVICES LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Title:

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  DEXIA FP HOLDINGS INC.

  	
   

  	
  FSA CAPITAL MANAGEMENT SERVICES LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
  Title:

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  FSA CAPITAL MARKETS SERVICES (CAYMANS) LTD.

  	
   

  	
  Executed as a DEED by FSA PORTFOLIO ASSET 

  
	
   

  	
   

  	
  LIMITED  

  
	
   

  	
   

  	
  acting by EDSEL LANGLEY,

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
  a director, in the
  presence of :

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  THE BANK OF NEW YORK MELLON TRUST 

  	
   

  	
  Name:

  
	
  COMPANY, NATIONAL ASSOCIATION, as Collateral 

  	
   

  	
  Address:

  
	
  Agent

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  

 

Pledge and
Administration Annex

Amendment AgreementExhibit
10.15

 

Execution
Version

 

PUT
CONFIRMATION ANNEX AMENDMENT AGREEMENT

 

dated as of July 1,
2009

 

	
  among:

  	
  Dexia
  SA (“Dexia”)

  
	
   

  	
   

  
	
  and

  	
  Dexia
  Crédit Local S.A. (“DCL”), acting through its New York Branch

  
	
   

  	
   

  
	
  and

  	
  FSA
  Asset Management LLC (“FSAM”)

  
	
   

  	
   

  
	
  and

  	
  Financial Security Assurance Inc. (“FSA”)

  

 

W I T N E S S E T H

 

WHEREAS, on June 30, 2009, Dexia, DCL and FSAM entered into a
securities option transaction pursuant to a Confirmation (the “Guaranteed Put Confirmation”) to a 1992
ISDA Master Agreement (Multicurrency—Cross Border), including the schedule and
credit support annex thereto;

 

WHEREAS, on June 30, 2009, Dexia, DCL and FSAM, also entered into
a securities option transaction pursuant to a Confirmation (the “Non-Guaranteed Put Confirmation”) to a 1992
ISDA Master Agreement (Multicurrency—Cross Border), including the schedule and
credit support annex thereto; and

 

WHEREAS, reference is made to a certain
Pledge and Administration Agreement (the “Pledge
and Administration Agreement”), dated as of June 30, 2009,
among Dexia, DCL, Dexia Bank Belgium SA, FSA, FSAM, FSA Portfolio Asset
Limited, FSA Capital Markets Services LLC, FSA Capital Management Services LLC,
FSA Capital Markets Services (Caymans) Ltd., and The Bank of New York Mellon
Trust Company, National Association as the same may be amended, supplemented or
modified from time to time.

 

WHEREAS, the parties hereto wish to replace in its entirety Annex 4 to
each of the Guaranteed Put Confirmation and Non-Guaranteed Put Confirmation to
reflect their original intent and to correct certain errors therein.

 

Capitalized terms used but not defined herein shall have meanings
assigned such terms in the Guaranteed Put Confirmation, the Non-Guaranteed Put
Confirmation or the Pledge and Administration Agreement.

 

NOW, THEREFORE, in consideration of the premises and
agreements contained herein and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged by the parties hereto,
the parties hereto hereby agree to the following:

 

1. Amendment to Annex I

 

Annex 4 (“Annex 4 — GICs”)
to each of the Guaranteed Put Confirmation and the Non-Guaranteed Put
Confirmation is hereby replaced in its entirety with Annex 1 hereto.

 

2. Governing Law.  THIS ANNEX AMENDMENT AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES OTHER THAN SECTIONS 5-1401 AND 

 

 

5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF
NEW YORK AND THE MANDATORY CHOICE OF LAW RULES CONTAINED IN THE UCC.

 

3. Counterparts.  The parties may execute this Annex Amendment
Agreement in counterparts, each of which is deemed an original and all of which
taken together constitute only one agreement.

 

4. Submission to
Jurisdiction. Each of the parties hereto hereby irrevocably submits to the
exclusive jurisdiction of any U.S. federal or state court in The City of New
York for the purpose of any suit, action, proceeding or judgment arising out of
or relating to this Annex Amendment Agreement. 
Each of the parties hereto hereby consents to the laying of venue in any
such suit, action or proceeding in New York County, New York, and hereby
irrevocably waives any claim that any such suit, action or proceeding brought
in such a court has been brought in an inconvenient forum and agrees not to
plead or claim the same.

 

5. Waiver of Jury
Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING RELATING TO THIS LETTER AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY.  EACH
PARTY ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT
CONSIDERATION FOR THIS PROVISION.

 

6. Effectiveness.  This Annex Amendment Agreement shall be
effective upon the execution hereof by the parties hereto, and Dexia having
obtained the consent or acknowledgement of the Sovereign Guarantors to the
terms hereof in accordance with the Sovereign Guarantee Reimbursement
Agreement.

 

[signature
page follows]

 

 

In Witness
Whereof, the undersigned have executed this Annex Amendment Agreement as of the
date first above written.

 

 

	
  FSA ASSET MANAGEMENT LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

	
  DEXIA SA

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

	
  DEXIA CRÉDIT LOCAL  S.A.,
  acting through its New York Branch

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 

	
  FINANCIAL SECURITY ASSURANCE INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

Put Confirmation Annex Amendment Agreement

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