Document:

AGNC 10Q 9/30/11 EX 10.1

Exhibit 10.1

ASSIGNMENT & AMENDMENT AGREEMENT

ASSIGNMENT AGREEMENT dated as of July 29, 2011, among American Capital Agency Management, LLC (“Assignor”), American Capital AGNC Management, LLC (“Assignee”) and American Capital Agency Corp. (“Remaining Party”).
WITNESSETH
WHEREAS Assignor and Remaining Party have entered into that certain Management Agreement dated as of May 20, 2008 (the “Agreement”);
WHEREAS Assignor desires to assign to Assignee all its rights, duties and obligations under the Agreement, and to be released from such duties and obligations in accordance with the terms hereof;
WHEREAS Assignee desires to accept such assignment and to assume such rights, duties and obligations in accordance with the terms hereof; and
WHEREAS Assignor and Assignee desire to obtain the written consent of Remaining Party to such assignment, assumption and release, and Remaining Party agrees to grant such consent in accordance with the terms hereof;
NOW, THEREFORE, in consideration of the promises and of the mutual agreements herein contained, the parties hereto agree as follows:
1.    Assignment of Rights
Effective as of and from July 29, 2011 (the “Effective Date”), Assignor hereby assigns to Assignee all its rights, duties and obligations under the Agreement.  
2.    Consent and Agreement of Remaining Party
Remaining Party hereby consents to the assignment by Assignor to Assignee and the assumption by Assignee of all the rights, duties and obligations of Assignor under the Agreement and agrees as of and from the Effective Date to accept Assignee as the counterparty in place of Assignor.
3.    Acceptance by Assignee
Assignee hereby accepts the aforesaid assignment to it effective as of and from the Effective Date, and covenants and agrees with the Assignor and Remaining Party that from and after the Effective Date it will be bound by, observe and perform, carry out and fulfill all covenants and agreements required to be observed and performed by the Assignor under the terms of the Agreement, as amended herein, arising from and after the Effective Date.
4.    Release
Assignor agrees that Remaining Party shall be fully released as of and from the Effective Date from its duties and obligations to Assignor under the Agreement.  Remaining Party agrees that Assignor shall be fully released as of and from the Effective Date from all of its duties and obligations under the Agreement.
5.    Amendments
Notwithstanding any other provision in the Agreement, each of Assignee, Assignor and Remaining Party hereby agree that the Agreement shall be amended as follows:  
		
	(1)
	Any reference to American Capital Agency Management, LLC shall be a reference to American Capital AGNC Management, LLC.

6.    Representations
Each of Assignee, Assignor, and Remaining Party hereby represents and warrants to the others that the execution, delivery and performance hereof by it are within its corporate powers, and have been duly authorized by all necessary corporate or other action and that this Assignment Agreement constitutes its legal, valid and binding agreement, enforceable against it in accordance with its terms.
7.      Governing Law
This Assignment Agreement shall be governed by and construed in accordance with the laws of the State of New York (without reference to choice of law doctrine).
8.    Counterparts
This Assignment Agreement may be executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original.

IN WITNESS WHEREOF, the parties hereto have executed this Assignment Agreement as of the date first above written.
	
			
	AMERICAN CAPITAL AGENCY MANAGEMENT, LLC
(Assignor)

	 
	 

	By:
	/s/ Samuel A. Flax

	Name:
	Samuel A. Flax

	Title:
	Executive Vice President and Secretary

	 
	 

	AMERICAN CAPITAL AGNC MANAGEMENT, LLC 
(Assignee)

	 
	 

	By:
	/s/ Samuel A. Flax

	Name:
	Samuel A. Flax

	Title:
	Executive Vice President and Secretary

	 
	 

	AMERICAN CAPITAL AGENCY CORP. 
(Remaining Party)
	 

	 
	 

	By:
	/s/ Samuel A. Flax

	Name:
	Samuel A. Flax

	Title:
	Executive Vice President and SecretaryAGNC 10Q 9/30/11 EX 10.2

Exhibit 10.2

AMENDMENT AND JOINDER AGREEMENT

This AMENDMENT AND JOINDER AGREEMENT (this “Amendment”), dated as of September 30, 2011, is entered into by and between American Capital Agency TRS, LLC, a Delaware limited liability company (“TRS”), and American Capital AGNC Management, LLC, a Delaware limited liability company (the “Manager”).  Capitalized terms used but not defined herein shall have the meanings assigned to them in the Management Agreement (as defined below).

WHEREAS, the Manager (as assignee of American Capital Agency Management, LLC) and American Capital Agency Corp., a Delaware corporation (“AGNC”), are party to that certain Management Agreement, dated as of May 20, 2008 (as amended pursuant to the Assignment and Amendment Agreement, dated as of July 29, 2011, the “Management Agreement”), pursuant to which the Manager administers the business activities and day-to-day operations of AGNC and its subsidiaries, including TRS; 

WHEREAS, TRS desires to become party to, and be bound by, the Management Agreement; and

WHEREAS, the parties hereto desire to amend the Management Agreement accordingly.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

Section 1.    Joinder.

(a)    TRS acknowledges receipt of a copy of the Management Agreement and, after review and examination thereof, agrees that upon execution and delivery of this Amendment, TRS shall be a party to the Management Agreement and shall be bound by, and subject to, severally and not jointly with AGNC, all of the covenants, terms and conditions set forth in the Management Agreement where applicable, to the same extent as the Company.

(b)    Notwithstanding any other provision of this Amendment to the contrary, this Amendment shall be construed as if TRS had signed a separate Management Agreement with the Manager.  

Section 2.    Amendment.    

(a)    Section 1(a) of the Management Agreement is hereby amended such that the definition of the term “Board of Directors” is replaced in its entirety with the following:

“Board of Directors” means the board of directors or board of managers, as applicable, of the Company.

(b)    Section 1(a) of the Management Agreement is hereby amended such that the definition of the term “Company” is replaced in its entirety with the following:

“Company” means AGNC and, where applicable, TRS; provided that, for the avoidance of doubt, (i) with respect to AGNC's rights and obligations under the Management Agreement, references to “Company” shall refer only to AGNC, and with respect to TRS's rights and obligations under the Management Agreement, references to “Company”, where applicable, shall refer only to TRS; and (ii) the following references to “Company” shall apply only to AGNC and shall not include TRS: (a) with respect to qualifying as a real estate investment trust or REIT, (b) in the definitions of Common Stock, Independent Director and Initial Public Offering and (c) in the following sections: Section 2(b)(v), the last use of “Company” in Section 2(b)(xiii), Section 2(b)(xiv), Section 2(b)(xxiv), the first use of “Company” in Section 2(d)(ii), the first use of “Company” in Section 2(k), clauses (A), (B) and (D) of Section 7(b)(i), Section 7(b)(xvi) and Section 7(b)(xviii). 

(c)    Section 2(g) of the Management Agreement is hereby amended such that the reference to “Chief Executive Officer, Chief Financial Officer and Chief Investment Officers or similar positions” with respect to TRS only (and not AGNC) shall be replaced in its entirety with “Chief Executive Officer, Treasurer and President or similar positions”.

(d)    Section 16(a) of the Management Agreement is hereby amended to add the following notice information for TRS after the information for AGNC:

	
		
	TRS:
	American Capital Agency TRS, LLC
2 Bethesda Metro Center, 14th Floor
Bethesda, MD 20814
Attention:  Treasurer
Fax:  301-968-9301

	 
	 

	with a copy to:
	Skadden, Arps, Slate, Meagher & Flom LLP
4 Times Square
New York, New York 10036
Attention:  David J. Goldschmidt, Esq.
Fax:  (212) 735-2000

(e)     TRS hereby makes each of the representations and warranties and agrees to each of the covenants applicable to the Company contained in the Management Agreement; provided that, references in Section 15(a)(i) and Section 15(a)(ii) to “corporate power and authority” and “corporate action” with respect to TRS only (and not AGNC) shall be replaced in their entirety with “limited liability company power and authority” and “limited liability company action”, respectively.

Section 3.    Acceptance.      The Manager hereby (a) accepts TRS's agreement to be bound by the Management Agreement, (b) agrees that the Management Agreement is hereby amended pursuant to Section 2 above and (c) agrees that TRS shall have all rights and be subject to all obligations under the Management Agreement as if an original signatory thereto.

Section 4.    Miscellaneous.

(a)    Except as specifically amended by this Amendment, the Management Agreement shall remain in full force and effect and is hereby ratified and confirmed.

(b)    The execution, delivery and performance of this Amendment shall not, except as expressly provided herein, constitute a waiver of any provision or operate as a waiver of any right, power or remedy of AGNC or the Manager under the Management Agreement.

[The remainder of this page intentionally left blank.]

IN WITNESS WHEREOF, each of the undersigned has caused this Amendment to be executed and delivered by its duly authorized officer as of the date first above written.

	
					
	 
	 
	 
	AMERICAN CAPITAL AGENCY TRS, LLC

	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Samuel A. Flax

	 
	 
	 
	Name:
	Samuel A. Flax

	 
	 
	 
	Title:
	Vice President and Secretary

	 
	 
	 
	 

	 
	 
	 
	AMERICAN CAPITAL AGNC MANAGEMENT, LLC

	 
	 
	 
	 

	 
	 
	 
	By:
	/s/ Samuel A. Flax

	 
	 
	 
	Name:
	Samuel A. Flax

	 
	 
	 
	Title:
	Executive Vice President and Secretary

	 
	 
	 

	ACKNOWLEDGED AND AGREED                                            as of the date first above written:
	 
	 
	 

	 
	 
	 
	 

	AMERICAN CAPITAL AGENCY CORP.
	 
	 
	 

	 
	 
	 
	 

	By:
	/s/ Samuel A. Flax
	 
	 
	 

	Name:
	Samuel A. Flax
	 
	 
	 

	Title:
	Executive Vice President and Secretary

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