Common use of Effectiveness; No Default Clause in Contracts

Effectiveness; No Default. Schedule 3.4.3 sets forth a list of all of the Deutsche Bank Agreements. Alliance has provided a copy to Federated of the Deutsche Bank Agreements as in effect on the date hereof. Neither Alliance nor, to Alliance’s Knowledge, any other party to the Deutsche Bank Agreements is in default under, or in breach or violation of, any Deutsche Bank Agreement, other than such defaults, breaches and violations as would not, individually or in the aggregate, be reasonably expected to have a material adverse effect on the financial condition or operation of the Insured Accounts, the Alliance Funds or the Business.