Document:

Amended Agreement dated June 29, 2005 between Federated Investors and Alliance

 Exhibit 10.1 
  
 FEDERATED INVESTORS, INC. 
 1001 Liberty Avenue 
 Pittsburgh, PA 15222-3779 
  
 June 29, 2005 
  
 Via Overnight Courier 
  
 Gerald M. Lieberman 
 President and Chief Operating Officer 
 Alliance Capital Management L.P. 
 1345 Avenue of the Americas 
 New York, New York 10105 
  
 Re: Letter Amendment 
  
 Dear Mr. Lieberman: 
  
 Reference is made to that certain Agreement (as amended, modified or otherwise supplemented from time to time, the “Transaction Agreement”), dated as of October 28, 2004, between Federated
Investors, Inc. (“Federated”) and Alliance Capital Management L.P. (“Alliance”). This letter amendment (this “Letter Amendment”) amends and supplements the Transaction Agreement
as provided herein. Capitalized terms used, but not defined, in this Letter Amendment have the meanings given to them in the Transaction Agreement. 
  
 Correction to Definition of Non-Tracked Client Payment 
  
 Federated and Alliance agree that the reference to “0.017 basis points” in the definition of Non-Tracked Client Payment in Section 1.1 of the Transaction
Agreement should be deleted and replaced with the following: “one hundred and seventy (170) basis points (1.7%)”. 
  
 Client Split Reallocation 
  
 Federated and Alliance agree that the reallocation of the Client split as set forth in Section 2.7(f)(i) of the Transaction Agreement shall be mutually determined as of
the close of business on the Final Closing Date on or before July 15, 2005. 
  
 Allocation Among Acquired Assets 
  
 Federated and Alliance agree
that the phrase “prior to the Final Closing” in Section 2.9 of the Transaction Agreement shall be deleted and replaced by the phrase “within ninety (90) days after the Final Closing Date”. 
  
 This Letter Amendment will be effective as of June 29, 2005 upon its execution and delivery
by Federated and Alliance. The Transaction Agreement, as amended and supplemented by this Letter Amendment shall remain in full force and effect. 
  
 [Signature Page Follows] 

 Gerald M. Lieberman 
 June
29, 2005 
 Page 2 
  
 If you agree with the foregoing, please sign in the place noted below, which, upon execution by Federated, will constitute our agreement with respect to the subject matter of this Letter Amendment. 
  
 Very truly yours, 
  
 Federated Investors, Inc. 
  

			
	 By:
	 	 /s/ Thomas R. Donahue

	 Name:
	 	Thomas R. Donahue
	 Title:
	 	Vice President

  
 Accepted and Agreed as of the date
first written above: 
  
 Alliance Capital Management L.P. 
  

					
	 By:
	 	Alliance Capital Management Corporation,
	 	 	its General Partner
			
	 	 	By:	 	 /s/ Robert H. Joseph, Jr.

	 	 	Name:	 	Robert H. Joseph, Jr.
	 	 	Title:	 	Senior Vice President and Chief Financial OfficerAmended Federated Investor Program Documents

 Exhibit 10.2 
  
 AGREEMENT OF AMENDMENT 
  
 Dated as of June 30, 2005 
  
 Reference is made to that certain Purchase and Sale Agreement dated as of December 21, 2000 (as from time to time amended prior to the date hereof, the
“Purchase Agreement”) among Federated Investors Management Company (the “Transferor”), Federated Securities Corp. (the “Distributor”), Federated Funding 1997-1, Inc. (the “Seller”), Federated Investors, Inc.
(the “Parent”), Citibank, N.A., as purchaser (the “Purchaser”), and Citicorp North America, Inc., as program agent (the “Program Agent”). 
  
 WHEREAS, as a result of FSP EITF 85-24-1 (the “FSP”) posted on March 11, 2005 by the Financial Accounting
Standards Board, certain of the provisions set forth in the Purchase Agreement may lead to a conclusion that Seller has not sold the Purchased Receivables for purposes of GAAP, unless the Purchase Agreement is amended prior to June 30, 2005 with
retroactive effect to December 21, 2000; 
  
 WHEREAS, the
Purchaser is not able to agree to the removal of any provisions from the Purchase Agreement with retroactive effect, but is willing to move certain provisions of the Purchase Agreement so that such provisions are no longer the obligations of the
Distributor, and to confirm that such provisions are the obligations of the Parent; and 
  
 WHEREAS, the parties to this Agreement of Amendment desire to amend the Purchase Agreement with retroactive effect to December 21, 2000 as set forth below in order to eliminate the effect of the FSP on the separate
financial statements of the Distributor; 
  
 NOW, THEREFORE, in
consideration of the foregoing and of the mutual covenants herein contained, the parties hereto agree as follows: 
  
 Section 1. Defined Terms. 
  
 Capitalized terms used and not defined herein shall have the meanings assigned to them in the Purchase Agreement. 
  
 Section 2. Amendments to the Purchase Agreement. 
  
 The parties hereto agree that, effective as of the date hereof, the Purchase
Agreement is hereby amended with retroactive effect to December 21, 2000 as follows: 
  
 (a) Section 5.01(s) of the Purchase Agreement is hereby amended by replacing the language set forth therein with the language “[INTENTIONALLY OMITTED]”. 

 (b) Section 5.02 of the Purchase Agreement is hereby amended by deleting the word “and” set
forth at the end of clause (j) thereto, by replacing the “.” set forth at the end of clause (k) thereto with “; and”, and by adding the following language as clause (l) thereto: 
  
 “(l) not take any action, and shall not permit any
Affiliate to take any action, to cancel, terminate, amend, supplement, modify or waive any of the provisions of any Distribution Agreement, any Principal Shareholder Servicer’s Agreement, any Shareholder Servicer’s Agreement, any
Distribution Plan, the Conversion Features or the CDSC arrangements applicable to the holders of any Shares of any Fund (including by way of allowing Free Redemptions in respect of Shares of any Fund under circumstances not required by the
Prospectus of such Fund in effect on the date of this Agreement or by the Systematic Withdrawal Program or by allowing Free Redemptions which are not Permitted Free Exchanges), or request, consent or agree to any such cancellation, termination,
amendment, supplement, modification or waiver, except with the prior written consent of the Program Agent, except that it may, and may permit an Affiliate to, from time to time waive a CDSC that becomes payable provided it pays in accordance with
the Program Servicing Procedures an amount to the Purchaser equal to the CDSC to which such Purchaser would have been entitled.” 
  
 (c) Section 5.03 of the Purchase Agreement is hereby amended by deleting the word “and” set forth at the end of clause (f) thereto, by replacing
the “.” set forth at the end of clause (g) thereto with “; and”, and by adding the following language as clause (h) thereto: 
  
 “(h) not take any unilateral action (it being understood that this covenant is not intended to modify Section 5.02(d)) to cancel,
terminate, amend, supplement, modify or waive any of the provisions of any Distribution Agreement, any Principal Shareholder Servicer’s Agreement, any Shareholder Servicer’s Agreement, any Distribution Plan, the Conversion Features or the
CDSC arrangements applicable to the holders of any Shares of any Fund (including by way of allowing Free Redemptions in respect of Shares of any Fund under circumstances not required by the Prospectus of such Fund in effect on the date of this
Agreement or by the Systematic Withdrawal Program or by allowing Free Redemptions which are not Permitted Free Exchanges), except that it may from time to time waive a CDSC that becomes payable provided it pays in accordance with the Program
Servicing Procedures an amount to the Purchaser equal to the CDSC to which such Purchaser would have been entitled.” 
  
 Section 3. Representations and Warranties. 
  
 Each of the Seller the Distributor, the Transferor and the Parent represents and warrants that (i) this Agreement of Amendment has been duly authorized,
executed and delivered by it and each of its obligations hereunder constitute its legal, valid and binding obligation enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy laws and
any other similar laws affecting the rights and remedies of creditors generally and by equitable principles, (ii) immediately after giving effect to this Agreement of Amendment and the transactions contemplated hereunder, its representations and

 
warranties set forth in the Program Documents will be true and correct, and (iii) no Event of Termination or event which, with the giving of notice, or
passage of time, or both would constitute an Event of Termination has occurred or will result from this Agreement of Amendment. 
  
 Section 4. Miscellaneous. 
  
 This Agreement of Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of
which when taken together shall constitute one and the same agreement. 
  
 THIS AGREEMENT OF AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

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

							
	 CITICORP NORTH AMERICA, INC.,
 as Program Agent
	 	 CITIBANK, N.A.,
 as
Purchaser

				
	 By:
	 	 /s/ Kenneth McDermott

	 	By:	 	 /s/ Kenneth McDermott

	 Name:
	 	 	 	Name:	 	 
	 Title:
	 	 	 	Title:	 	 
		
	 FEDERATED INVESTORS MANAGEMENT,
COMPANY, as Transferor
	 	 FEDERATED SECURITIES CORP.,
 as Distributor,
Principal Shareholder Servicer and Servicer

				
	 By:
	 	 /s/ Raymond J. Hanley

	 	By:	 	 /s/ Raymond J. Hanley

	 Name:
	 	Raymond J. Hanley	 	Name:	 	Raymond J. Hanley
	 Title:
	 	Senior Vice President	 	Title:	 	Vice President
		
	 FEDERATED FUNDING 1997-1, INC.,
 as Seller
	 	 FEDERATED INVESTORS, INC.,
 as
Parent

				
	 By:
	 	 /s/ Raymond J. Hanley

	 	By:	 	 /s/ Thomas R. Donahue

	 Name:
	 	Raymond J. Hanley	 	Name:	 	Thomas R. Donahue
	 Title:
	 	Vice President	 	Title:	 	Vice President

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