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AMENDED AND RESTATED
LIMITED PARTNERSHIP AGREEMENT OF  HFF SECURITIES L.P.
 Dated as of February 5, 2007
 by and among
 HOLLIDAY GP CORP., a Delaware corporation,
 HFF LP ACQUISITION LLC, a Delaware limited liability company, and
 HFF PARTNERSHIP HOLDINGS LLC, a Delaware limited liability company




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TABLE OF CONTENTS
 PageARTICLE I. DEFINITIONS
    
    
    2ARTICLE II. FORMATION, NAME, PURPOSES AND OFFICES
    
    
    9Section 2.1. Organization
    
    
    9Section 2.2. Partnership Name
    
    
    9Section 2.3. Purposes
    
    
    10Section 2.4. Registered Office
    
    
    10Section 2.5. Term
    
    
    10ARTICLE III. MANAGEMENT OF THE PARTNERSHIP
    
    
    10Section 3.1. Authority of General Partner
    
    
    10Section 3.2. Expenses
    
    
    11Section 3.3. Officers
    
    
    11Section 3.4. Intentionally Omitted
    
    
    14Section 3.5. Authority of Limited Partners
    
    
    14ARTICLE IV. PARTNERS CAPITAL CONTRIBUTIONS
    
    
    14Section 4.1. Capital Contributions To Date
    
    
    14Section 4.2. Intentionally Omitted
    
    
    14Section 4.3. Capital Accounts
    
    
    14ARTICLE V. UNITS; CLASS A COMMON STOCK
    
    
    15Section 5.1. Units
    
    
    15Section 5.2. Splits; Distributions and Reclassifications
    
    
    15Section 5.3. Cancellation of Class A Common Stock and Units
    
    
    15Section 5.4. Incentive Plans
    
    
    15Section 5.5. Offerings of Class A Common Stock
    
    
    16Section 5.6. Forfeiture
    
    
    16Section 5.7. Class A Common Stock
    
    
    16Section 5.8. Register
    
    
    16ARTICLE VI. DISTRIBUTIONS
    
    
    17Section 6.1. Distributions of Net Cash Flow
    
    
    17Section 6.2. Tax Distributions
    
    
    17Section 6.3. Liquidation Distributions
    
    
    18
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TABLE OF CONTENTS
 PageARTICLE VII. ALLOCATIONS
    
    
    18Section 7.1. Allocations of Profits
    
    
    18Section 7.2. Allocation of Losses
    
    
    18Section 7.3. Special Allocations
    
    
    18Section 7.4. Tax Allocations
    
    
    19Section 7.5. Tax Advances
    
    
    20Section 7.6. Tax Matters
    
    
    20Section 7.7. Other Allocation Provisions
    
    
    21ARTICLE
VIII. BOOKS AND RECORDS
    
    
    21Section 8.1. Books and Records; Periodic Reporting
    
    
    21Section 8.2. Right to Inspection
    
    
    21ARTICLE IX. ADMISSION AND WITHDRAWAL OF PARTNERS; ASSIGNMENT; REMOVAL OF GENERAL
PARTNER
    
    
    22Section 9.1. Transfer by Limited Partner
    
    
    22Section 9.2. Admission of Substituting Partners
    
    
    22Section 9.3. Additional and Substitute General Partners; Transfer
by General Partner
    
    
    22Section 9.4. Further Restrictions on Transfer
    
    
    23Section 9.5. Exchange Rights
    
    
    23Section 9.6. Permitted Transfers
    
    
    23Section 9.7. Withdrawal
    
    
    24ARTICLE X. DISSOLUTION OF PARTNERSHIP
    
    
    24Section 10.1. No Dissolution
    
    
    24Section 10.2. Events of Dissolution
    
    
    24ARTICLE XI. LIQUIDATION OF THE PARTNERSHIP
    
    
    25Section 11.1. Liquidation
    
    
    25Section 11.2. Deemed Distribution and Reconstitution
    
    
    25Section 11.3. Rights of Limited Partners
    
    
    26ARTICLE XII. LIABILITY AND INDEMNIFICATION
    
    
    26Section 12.1. Liability of Partners
    
    
    26Section 12.2. Indemnification
    
    
    26
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TABLE OF CONTENTS
 PageARTICLE
XIII. MISCELLANEOUS
    
    
    28Section 13.1. Additional Documents and Acts
    
    
    28Section 13.2. Governing Law
    
    
    28Section 13.3. Severability
    
    
    28Section 13.4. Entire Agreement
    
    
    29Section 13.5. Binding Effect
    
    
    29Section 13.6. Agreement Restricted to Partners
    
    
    29Section 13.7. Counterparts
    
    
    29Section 13.8. Power of Attorney; Amendments
    
    
    29Section 13.9. Notices
    
    
    30Section 13.10. Authorized Representative
    
    
    31Section 13.11. Amended and Restated Agreement
    
    
    31
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AMENDED AND RESTATED
 LIMITED PARTNERSHIP AGREEMENT OF
 HFF SECURITIES L.P.
  RECITALS:




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inter alia
   ARTICLE I.
 DEFINITIONS
     Section 6.2
   Section 6.2
 Section 3.3(o)
  -2-




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Section 9.1
  Section 3.3(o)
 Section 3.3(o)
 Section 4.3
  de minimis de minimis provided
  -3-




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Exhibit D
  Section 6.2
   Exhibit D
   Section 6.2
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Section 5.6
             -5-




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Exhibit B
  Section 6.2
   -6-




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Exhibit A
   Section 7.3
 -7-




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provided
     Exhibit D
    -8-




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Section 7.5
 Section 6.2
 Section 6.2
 Section 7.6
    Exhibit A
 Exhibit B
   ARTICLE II.
 FORMATION, NAME, PURPOSES AND OFFICES
 Organization
 Partnership Name
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Purposes
 Registered Office
 Term
 ARTICLE III.
 MANAGEMENT OF THE PARTNERSHIP
 Authority of General Partner
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Expenses
 Officers
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-12-




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Partner Rights
 Annual Budget
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Intentionally Omitted
 Authority of Limited Partners
 ARTICLE IV.
 PARTNERS CAPITAL CONTRIBUTIONS
 Capital Contributions To Date
 Intentionally Omitted
 Capital Accounts
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ARTICLE V.
 UNITS; CLASS A COMMON STOCK
 Units
 Splits; Distributions and Reclassifications
 Cancellation of Class A Common Stock and Units
 Incentive Plans
 -15-




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Offerings of Class A Common Stock
 Forfeiture
 Class A Common Stock
 Register
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ARTICLE VI.
 DISTRIBUTIONS
 Distributions of Net Cash Flow
 Tax Distributions
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Liquidation Distributions
 Limitation on Distribution
 ARTICLE VII.
 ALLOCATIONS
 Allocations of Profits
   Allocation of Losses
   Special Allocations
  -18-




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Tax Allocations
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Tax Advances
 Tax Matters
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Other Allocation Provisions Sections 4.3, 7.1, 7.2 7.3
 ARTICLE VIII.
 BOOKS AND RECORDS
 Books and Records; Periodic Reporting
     Right to Inspection
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ARTICLE IX.
 ADMISSION AND WITHDRAWAL OF PARTNERS; ASSIGNMENT; REMOVAL OF
 GENERAL PARTNER
 Transfer by Limited Partner
 Admission of Substituting Partners
      Additional and Substitute General Partners; Transfer by General Partner
 -22-




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Further Restrictions on Transfer
      Exchange Rights
 Permitted Transfers
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Withdrawal
 ARTICLE X.
 DISSOLUTION OF PARTNERSHIP
 No Dissolution
 Events of Dissolution
   -24-




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ARTICLE XI.
 LIQUIDATION OF THE PARTNERSHIP
 Liquidation
     Article XI
 Deemed Distribution and Reconstitution
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Rights of Limited Partners
 ARTICLE XII.
 LIABILITY AND INDEMNIFICATION
 Liability of Partners
     Indemnification
  -26-




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-27-




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Section 12.2
 Section 12.2 Section 12.2(a)
 ARTICLE XIII.
 MISCELLANEOUS
 Additional Documents and Acts
 Governing Law
 Severability
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Entire Agreement
 Binding Effect
 Agreement Restricted to Partners
 Counterparts
 Power of Attorney; Amendments
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Notices
 If to Acquisition:
    
    
    
    c/o HFF Holdings LLC2000 Post Oak Boulevard, Suite 2000One Post Oak CentralHouston, TX 77056Facsimile: 713.527.8725Attn: Nancy Goodson, Chief Operating Officerwith a copy to:c/o HFF Holdings LLC429 Fourth Avenue, Suite 200Pittsburgh, PA 15219Facsimile: 412.281.2792Attn: John H. Pelusi, Jr., Managing Memberwith a copy to:Dechert LLP90 State House Square, 12th FloorHartford, CT 06103-3702Facsimile: 860.524.3930Attn: John J. Gillies, Esq.If to Holdco:
    
    
    
    c/o HFF Holdings LLC429 Fourth Avenue, Suite 200Pittsburgh, PA 15219Facsimile: 412.281.2792Attn: John H. Pelusi, Jr., Managing Member
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with a copy to:Dechert LLP90 State House Square, 12th FloorHartford, CT 06103-3702Facsimile: 860.524.3930Attn: John J. Gillies, Esq.If to General Partner:
    
    
    
    c/o HFF Holdings LLC429 Fourth Avenue, Suite 200Pittsburgh, PA 15219Facsimile: 412.281.2792Attn: John H. Pelusi, Jr., Managing Memberwith a copy to:Dechert LLP90 State House Square, 12th FloorHartford, CT 06103-3702Facsimile: 860.524.3930Attn: John J. Gillies, Esq.
  Authorized Representative
 Amended and Restated Agreement
 [SIGNATURE PAGE FOLLOWS]
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GENERAL PARTNER:HOLLIDAY GP CORP., a Delaware corporationBy:
    
    /s/ John H. Pelusi, Jr.Name: John H. Pelusi, Jr.Title: PresidentLIMITED PARTNERS:HFF LP ACQUISITION LLC, a Delaware limitedliability companyBy:
    
    HFF Holdings LLC, a Delaware limitedliability company, its MemberBy:
    
    /s/ John H. Pelusi, Jr.Name: John H. Pelusi, Jr.Title: Managing MemberHFF PARTNERSHIP HOLDINGS LLC, aDelaware limited liability companyBy:
    
    HFF Inc., a Delaware corporation, its sole MemberBy:
    
    /s/ John H. Pelusi, Jr.Name: John H. Pelusi, Jr.Title: Chief Executive Officer




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EXHIBIT A
 PARTNERSHIP INTERESTS
 INITIALPARTNER
    
    INITIAL UNITS
    
    PARTNERSHIP INTERESTHolliday GP Corp.
    
    
    368,000
    
    
    
    1
    %HFF LP Acquisition LLC
    
    
    22,500,000
    
    
    
    61
    %HFF Partnership Holdings LLC
    
    
    13,932,000
    
    
    
    38
    %Total
    
    
    36,800,000
    
    
    
    100
    %




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EXHIBIT B
 MEMBERS
    
    UNITSMark Gibson
    
    
    1,944,000John Pelusi
    
    
    1,944,000Jody Thornton
    
    
    1,903,725John Fowler
    
    
    1,534,950Scott McMullin
    
    
    1,284,975Stephen Conley
    
    
    1,169,775Scott Galloway
    
    
    836,325John Duffy
    
    
    831,375Riaz Cassum
    
    
    806,175Gerard Sansosti
    
    
    806,175Fred Wittmann
    
    
    806,175Grady Roberts
    
    
    735,525David Nackoul
    
    
    654,975Todd Armstrong
    
    
    604,575Mona Carlton
    
    
    604,575Don Curtis
    
    
    402,975Todd Stressenger
    
    
    402,975Mike Tepedino
    
    
    402,975Whit Wilcox
    
    
    402,975Greg Pappas
    
    
    241,875Paul Brindley
    
    
    224,100John Brownlee
    
    
    201,600Dan Carlo
    
    
    201,600Manny deZarraga
    
    
    537,750Bob Donhauser
    
    
    201,600Whitaker Johnson
    
    
    201,600Matthew Larson
    
    
    537,750Andrew Levy
    
    
    201,600Glenn Whitmore
    
    
    426,600Tim Wright
    
    
    151,200William Asbill
    
    
    100,800Dana Brome
    
    
    100,800Dave Keller
    
    
    100,800Lloyd Minten
    
    
    100,800Mike Kavanau
    
    
    100,800Trey Morsbach
    
    
    225,000Robert Herron
    
    
    112,500Joseph Morningstar
    
    
    112,500Timothy Jordan
    
    
    112,500Barry Brown
    
    
    112,500James Batjer
    
    
    112,500




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EXHIBIT C
 FORM OF CERTIFICATE




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EXHIBIT D
 FORM OF EMPLOYMENT AGREEMENT