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AMENDED AND RESTATED
TEXAS LIMITED PARTNERSHIP AGREEMENT OF  HOLLIDAY FENOGLIO FOWLER, 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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ARTICLE I  DEFINITIONS
    
    
    2ARTICLE II  FORMATION, NAME, PURPOSES AND OFFICES
    
    
    9Section 2.1.       Organization
    
    
    9Section 2.2.       Partnership Name
    
    
    9Section 2.3.       Purposes
    
    
    9Section 2.4.       Registered Office
    
    
    9Section 2.5.       Term
    
    
    10ARTICLE III  MANAGEMENT OF THE PARTNERSHIP
    
    
    10Section 3.1.       Authority of General Partner
    
    
    10Section 3.2.      Expenses
    
    
    10Section 3.3.       Officers; Voting Right Holders
    
    
    10Section 3.4.       Managing Member and Operating Committee
    
    
    11Section 3.5.       Budget
    
    
    11Section 3.6.       Authority of Limited Partners
    
    
    12ARTICLE IV  PARTNERS CAPITAL CONTRIBUTIONS
    
    
    12Section 4.1.       Capital Contributions To Date
    
    
    12Section 4.2.       Capital Accounts
    
    
    12ARTICLE V  UNITS; CLASS A COMMON STOCK
    
    
    13Section 5.1.       Units
    
    
    13Section 5.2.       Splits; Distributions and Reclassifications
    
    
    13Section 5.3.       Cancellation of Class A Common Stock and Units
    
    
    13Section 5.4.       Incentive Plans
    
    
    13Section 5.5.       Offerings of Class A Common Stock
    
    
    14Section 5.6.       Forfeiture
    
    
    14Section 5.7.       Class A Common Stock
    
    
    14Section 5.8.       Register
    
    
    14ARTICLE VI  DISTRIBUTIONS
    
    
    14Section 6.1.       Distributions of Net Cash Flow
    
    
    14Section 6.2.       Tax Distributions
    
    
    15Section 6.3.       Liquidation Distributions
    
    
    15Section 6.4.       Limitation on Distributions
    
    
    16ARTICLE VII  ALLOCATIONS
    
    
    16Section 7.1.       Allocations of Profits
    
    
    16
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Section 7.2.       Allocation of Losses
    
    
    16Section 7.3.       Special Allocations
    
    
    16Section 7.4.      Tax Allocations
    
    
    17Section 7.5.       Tax Advances
    
    
    18Section 7.6.       Tax Matters
    
    
    18Section 7.7.       Other Allocation Provisions
    
    
    18ARTICLE VIII   BOOKS AND RECORDS
    
    
    19Section 8.1.       Books and Records; Periodic Reporting
    
    
    19Section 8.2.       Right to Inspection
    
    
    19ARTICLE IX  ADMISSION AND WITHDRAWAL OF PARTNERS; ASSIGNMENT; REMOVAL OF GENERAL PARTNER
    
    
    19Section 9.1.       Transfer by Limited Partner
    
    
    19Section 9.2.       Admission of Substituting Partners
    
    
    20Section 9.3.       Additional and Substitute General Partners; Transfer by General Partner
    
    
    20Section 9.4.       Further Restrictions on Transfer
    
    
    20Section 9.5.       Exchange Rights
    
    
    21Section 9.6.       Permitted Transfers
    
    
    21Section 9.7.       Withdrawal
    
    
    22ARTICLE X  DISSOLUTION OF PARTNERSHIP
    
    
    22Section 10.1.       No Dissolution
    
    
    22Section 10.2.       Events of Dissolution
    
    
    22ARTICLE XI  LIQUIDATION OF THE PARTNERSHIP
    
    
    22Section 11.1.       Liquidation
    
    
    22Section 11.2.       Deemed Distribution and Reconstitution
    
    
    23Section 11.3.       Rights of Limited Partners
    
    
    23ARTICLE XII  LIABILITY AND INDEMNIFICATION
    
    
    23Section 12.1.       Liability of Partners
    
    
    23Section 12.2.       Indemnification
    
    
    24ARTICLE XIII  MISCELLANEOUS
    
    
    26Section 13.1.       Additional Documents and Acts
    
    
    26Section 13.2.       Governing Law
    
    
    26Section 13.3.       Severability
    
    
    26
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Section 13.4.       Entire Agreement
    
    
    26Section 13.5.       Binding Effect
    
    
    26Section 13.6.       Agreement Restricted to Partners
    
    
    26Section 13.7.       Counterparts
    
    
    27Section 13.8.       Power of Attorney; Amendments
    
    
    27Section 13.9.       Notices
    
    
    27Section 13.10.       Authorized Representative
    
    
    28Section 13.11.       Amended and Restated Agreement
    
    
    29
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AMENDED AND RESTATED
TEXAS LIMITED PARTNERSHIP AGREEMENT OF  HOLLIDAY FENOGLIO FOWLER, L.P.
  RECITALS




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ARTICLE I
DEFINITIONS
     Section 6.2
   Section 6.2
 Section 9.1
  -2-




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Section 4.2
  de minimis de minimis provided
     -3-




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Exhibit D
  Section 6.2
   Exhibit D
   Section 6.2
  Section 5.6
 -4-




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-5-




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Section 3.3(b)
  Exhibit B
  Section 6.2
  Section 3.3(b)
    -6-




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Exhibit A
   Section 7.3 provided
 -7-




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Exhibit D
   Section 7.5
 Section 6.2
 Section 6.2
 Section 7.6
    -8-




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Exhibit A
 Exhibit B
    ARTICLE II
FORMATION, NAME, PURPOSES AND OFFICES
 Organization Section 2.3
 Partnership Name
 Purposes
 Registered Office
 -9-




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Term Section 10.2
 ARTICLE III
MANAGEMENT OF THE PARTNERSHIP
 Authority of General Partner
 Expenses
 Officers; Voting Right Holders
   -10-




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Managing Member and Operating Committee
    Budget st inter alia
 -11-




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Authority of Limited Partners
 ARTICLE IV
PARTNERS CAPITAL CONTRIBUTIONS
 Capital Contributions To Date
 Capital Accounts Section 7.1 Section 7.3 Section 7.2 Section 7.3
 -12-




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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
 -13-




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Offerings of Class A Common Stock
 Forfeiture
 Class A Common Stock
 Register
 ARTICLE VI
DISTRIBUTIONS
 Distributions of Net Cash Flow
 -14-




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Tax Distributions Section 6.2
 Liquidation Distributions Section 11.1
 Limitation on Distribution
 -15-




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ARTICLE VII
ALLOCATIONS
 Allocations of Profits
 Section 7.2(a) Section 7.1(a)
  Allocation of Losses Section 7.2(a) Section 7.2(b)
  Section 7.2(a) Section 7.2(b)
 Special Allocations
 Section 7.3(a)
  -16-




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provided Section 7.3(b) Article VII Section 7.3(b) Section 7.3(b)
 provided Section 7.3(c) Article
VII Section 7.3(b) Section 7.3(c)
   Sections 7.3(b) 7.3(c) Section 7.1 7.2 Section 7.3(f) Sections 7.3(b) 7.3(c)
 Tax Allocations provided
 -17-




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Tax Advances Section 6.2
 Tax Matters
 Other Allocation Provisions Sections 4.3, 7.1, 7.2 7.3
 -18-




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ARTICLE VIII
BOOKS AND RECORDS
 Books and Records; Periodic Reporting
     Right to Inspection
 -19-




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ARTICLE IX
ADMISSION AND WITHDRAWAL OF PARTNERS;
ASSIGNMENT; REMOVAL OF GENERAL PARTNER
 Transfer by Limited Partner Section 9.2
 Admission of Substituting Partners
     Section 9.4
 Additional and Substitute General Partners; Transfer by General Partner
 -20-




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Section 3.4
 Further Restrictions on Transfer
      Exchange Rights
 Permitted Transfers
 -21-




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Withdrawal
 ARTICLE X
DISSOLUTION OF PARTNERSHIP
 No Dissolution Article X
 Events of Dissolution
  provided Section
10.2(b)
 -22-




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ARTICLE XI
LIQUIDATION OF THE PARTNERSHIP
 Liquidation
     Article XI
 Deemed Distribution and Reconstitution Article XI Article XI
 Rights of Limited Partners
 -23-




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ARTICLE XII
LIABILITY AND INDEMNIFICATION
 Liability of Partners
     Indemnification
  -24-




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Section 12.2(c)
 Section 12.2(a) Section 12.2 Section 12.2(c)
 Section 12.2 Section 12.2(a)
 Section 12.2(a) Section 12.2
 Section 12.2 Section
12.2 Section 12.2 Section 12.2
 -25-




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Section 12.2 Section 12.2 Section 12.2(a)
 Section 12.2
 Section 12.2 Section 12.2(a)
 ARTICLE XIII
MISCELLANEOUS
 Additional Documents and Acts
 Governing Law THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, INCLUDING BOTH MATTERS OF INTERNAL LAW
AND CONFLICT OF LAWS
 Severability
 Entire Agreement
 -26-




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Binding Effect
 Agreement Restricted to Partners
 Counterparts
 Power of Attorney; Amendments
   -27-




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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 Memberwith a copy to:Dechert LLP90 State House Square, 12th Floor
 -28-




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Hartford, 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]
 -29-




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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 limited liability companyBy: HFF Holdings LLC, a Delaware limited liability company, its MemberBy:
    
    /s/ John H. Pelusi, Jr.Name: John H. Pelusi, Jr.Title: Managing MemberHFF PARTNERSHIP HOLDINGS LLC, a Delaware 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
 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