##### 



AMENDED AND RESTATED CREDIT AGREEMENT
   HOLLIDAY FENOGLIO FOWLER, L.P.
 BANK OF AMERICA, N.A.,
  THE LENDERS PARTY HERETO
 
 BANC OF AMERICA SECURITIES LLC,




---



##### 



TABLE OF CONTENTS
 Section
    
    PageARTICLE I DEFINITIONS AND ACCOUNTING TERMS
    
    
    1Section 1.01 Defined Terms
    
    
    1Section 1.02 Other Interpretive Provisions
    
    
    27Section 1.03 Accounting Terms
    
    
    28Section 1.04 Rounding
    
    
    29Section 1.05 Times of Day
    
    
    29ARTICLE II THE LOANS
    
    
    29Section 2.01 The Loans
    
    
    29Section 2.02 Borrowings, Conversions and Continuations of Loans
    
    
    29Section 2.03 Prepayments
    
    
    31Section 2.04 Termination or Reduction of Commitments
    
    
    31Section 2.05 Repayment of Loans
    
    
    32Section 2.06 Interest
    
    
    32Section 2.07 Fees
    
    
    32Section 2.08 Computation of Interest and Fees
    
    
    33Section 2.09 Evidence of Debt
    
    
    33Section 2.10 Payments Generally; Administrative Agents Clawback
    
    
    34Section 2.11 Sharing of Payments by Lenders
    
    
    35Section 2.12 Extension Option
    
    
    36Section 2.13 Increase in Credit Facility
    
    
    36ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY
    
    
    38Section 3.01 Taxes
    
    
    38Section 3.02 Illegality
    
    
    40Section 3.03 Inability to Determine Rates
    
    
    40Section 3.04 Increased Costs; Reserves on Eurodollar Rate Loans
    
    
    40Section 3.05 Compensation for Losses
    
    
    42Section 3.06 Mitigation Obligations; Replacement of Lenders
    
    
    43Section 3.07 Survival
    
    
    43ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
    
    
    43Section 4.01 Conditions of Initial Credit Extension
    
    
    43Section 4.02 Conditions to all Credit Extensions
    
    
    48ARTICLE V REPRESENTATIONS AND WARRANTIES
    
    
    48Section 5.01 Existence, Qualification and Power
    
    
    48Section 5.02 Authorization; No Contravention
    
    
    49Section 5.03 Governmental Authorization; Other Consents
    
    
    49Section 5.04 Binding Effect
    
    
    50Section 5.05 Financial Statements; No Material Adverse Effect
    
    
    50Section 5.06 Litigation
    
    
    51
 i




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##### 



TABLE OF CONTENTS
 Section
    
    PageSection 5.07 No Default
    
    
    51Section 5.08 Subsidiaries and Equity Investments
    
    
    51Section 5.09 Ownership
    
    
    51Section 5.10 Ownership of Property; Liens
    
    
    52Section 5.11 Intellectual Property; Licenses, Etc
    
    
    52Section 5.12 Environmental Matters
    
    
    52Section 5.13 Security Documents
    
    
    52Section 5.14 Insurance
    
    
    53Section 5.15 Transactions with Affiliates
    
    
    53Section 5.16 Taxes
    
    
    53Section 5.17 ERISA Compliance
    
    
    53Section 5.18 Purpose of Loans
    
    
    54Section 5.19 Margin Regulations; Investment Company Act; Public Utility Holding
Company Act
    
    
    54Section 5.20 Disclosure
    
    
    54Section 5.21 Compliance with Laws
    
    
    55Section 5.22 Labor Matters
    
    
    55Section 5.23 Solvency
    
    
    55Section 5.24 Material Contracts
    
    
    55ARTICLE VI AFFIRMATIVE COVENANTS
    
    
    56Section 6.01 Financial Statements
    
    
    56Section 6.02 Certificates; Other Information
    
    
    57Section 6.03 Notices
    
    
    58Section 6.04 Payment of Obligations
    
    
    59Section 6.05 Preservation of Existence, Etc
    
    
    59Section 6.06 Maintenance of Properties
    
    
    59Section 6.07 Maintenance of Insurance
    
    
    60Section 6.08 Compliance with Laws
    
    
    60Section 6.09 Books and Records
    
    
    60Section 6.10 Inspection Rights
    
    
    61Section 6.11 Further Assurances with Respect to Additional Subsidiary
    
    
    61Section 6.12 Further Assurances with Respect to Additional Collateral
    
    
    61Section 6.13 Performance of Material Contracts, etc
    
    
    62Section 6.14 Use of Proceeds
    
    
    62ARTICLE VII NEGATIVE COVENANTS
    
    
    62Section 7.01 Liens
    
    
    62Section 7.02 Investments
    
    
    64Section 7.03 Indebtedness
    
    
    64Section 7.04 Fundamental Changes
    
    
    65Section 7.05 Dispositions
    
    
    67Section 7.06 Restricted Payments
    
    
    68
 ii




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##### 



TABLE OF CONTENTS
 Section
    
    PageSection 7.07 Amendment, Etc
    
    
    68Section 7.08 Change in Nature of Business
    
    
    69Section 7.09 Transactions with Affiliates
    
    
    69Section 7.10 Limitations on Restricted Actions
    
    
    69Section 7.11 Sale-Leasebacks; Off-Balance Sheet Obligation
    
    
    69Section 7.12 [Reserved]
    
    
    69Section 7.13 Use of Proceeds
    
    
    70Section 7.14 Impairment of Security Interests
    
    
    70Section 7.15 Ownership of Subsidiaries and Other Restrictions Relating to the
Subsidiaries and the Loan Parties
    
    
    70Section 7.16 Partnerships, etc
    
    
    70Section 7.17 Fiscal Year and Accounting Method
    
    
    70Section 7.18 Financial Covenants
    
    
    70Section 7.19 Independent of Covenants
    
    
    70ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES
    
    
    71Section 8.01 Events of Default
    
    
    71Section 8.02 Remedies Upon Event of Default
    
    
    73Section 8.03 Application of Funds
    
    
    74ARTICLE IX ADMINISTRATIVE AGENT
    
    
    74Section 9.01 Appointment and Authority
    
    
    74Section 9.02 Rights as a Lender
    
    
    75Section 9.03 Exculpatory Provisions
    
    
    75Section 9.04 Reliance by Administrative Agent
    
    
    76Section 9.05 Delegation of Duties
    
    
    76Section 9.06 Resignation of Administrative Agent
    
    
    76Section 9.07 Non-Reliance on Administrative Agent and Other Lenders
    
    
    77Section 9.08 No Other Duties, Etc
    
    
    77Section 9.09 Administrative Agent May File Proofs of Claim
    
    
    77Section 9.10 Collateral and Guaranty Matters
    
    
    78ARTICLE X MISCELLANEOUS
    
    
    78Section 10.01 Amendments, Etc
    
    
    78Section 10.02 Notices; Effectiveness; Electronic Communication
    
    
    80Section 10.03 No Waiver; Cumulative Remedies
    
    
    81Section 10.04 Expenses; Indemnity; Damage Waiver
    
    
    82Section 10.05 Payments Set Aside
    
    
    83Section 10.06 Successors and Assigns
    
    
    84Section 10.07 Treatment of Certain Information; Confidentiality
    
    
    87Section 10.08 Right of Setoff
    
    
    88Section 10.09 Interest Rate Limitation
    
    
    88Section 10.10 Counterparts; Integration; Effectiveness
    
    
    88
 iii




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##### 



TABLE OF CONTENTS
 Section
    
    PageSection 10.11 Survival of Representations and Warranties
    
    
    89Section 10.12 Severability
    
    
    89Section 10.13 Replacement of Lenders
    
    
    89Section 10.14 Governing Law; Jurisdiction; Etc
    
    
    90Section 10.15 Waiver of Jury Trial
    
    
    91Section 10.16 No Advisory or Fiduciary Responsibility
    
    
    91Section 10.17 Entire Agreement
    
    
    92Section 10.18 USA Patriot Act Notice
    
    
    92Section 10.19 Time of the Essence
    
    
    92
 iv




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##### 



SCHEDULES1.01A
    
    Red Capital Term Sheet2.01
    
    Commitments and Applicable Percentages5.03
    
    Approvals and Consents5.06
    
    Litigation5.09(b)
    
    Ownership Structure5.15
    
    Transactions with Affiliates5.24
    
    Material Contracts7.01
    
    Existing Liens7.03
    
    Existing Indebtedness10.02
    
    Administrative Agents Office, Certain Addresses for NoticesEXHIBITSExhibit A
    
    Form of Loan NoticeExhibit B
    
    ReservedExhibit C
    
    Form of NoteExhibit D
    
    Form of Compliance CertificateExhibit E
    
    Form of Assignment of AssumptionExhibit F
    
    Form of Guaranty AgreementExhibit G
    
    Form of Joinder AgreementExhibit H
    
    Opinion MattersExhibit I
    
    Form of Pledge and Security Agreement
 v




---



##### 



CREDIT AGREEMENT
 Agreement Borrower Lenders Lender Section 1.01
  Existing Credit Agreement
    ARTICLE I
 DEFINITIONS AND ACCOUNTING TERMS
 Section 1.01 Defined Terms
 Acquisition Acquire
 Administrative Agent Section 9.06




---



##### 



Administrative Agents Office Schedule 10.02
 Administrative Questionnaire
 Affiliate
 Agreement
 Applicable Percentage Section 8.02 Schedule 2.01
 Applicable Rate
 Applicable RatePricing
    
    ConsolidatedLevel
    
    Leverage Ratio
    
    Eurodollar Rate1
    
    £ 1.00:1
    
    1.50%2
    
    >1.00:1 but £2.00:1
    
    1.75%3
    
    >2.00:1
    
    2.00%
 Section 6.02(b) provided however
 Approved Bank Cash
Equivalents
 2




---



##### 



Approved Fund
 Arranger
 Assignee Group
 Assignment and Assumption Section 10.06(b)) Exhibit E
 Attorney Costs
 Attributable Indebtedness
 Audited Financial Statements
 Availability Section 6.02(b)
 Availability Period Section 2.04 Section 8.02
 Bank of America
 Banc of America Securities
 Base Rate
 3




---



##### 



Base Rate Loan
 Borrower
 Borrower Warehoused Loans
 Borrowing Section 2.01(a)
 Business Day
 Capital Assets
 Capitalized Lease
 Cash Equivalents
 provided
 4




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##### 



AA
 A-1 Approved Bank
 A-1 P-1 Aa
    provided Federal Financial
Institutions Examinations Council Supervisory Policy  Repurchase Agreements of
Depository Institutions With Securities Dealers and Others, as adopted by the Comptroller of
the Currency in October 31, 1985
 5




---



##### 



Cash Management Bank
 Cash Management Services Agreement
 Casualty
 Change in Law
 Change of Control
 option right
  6




---



##### 



Closing Date Section
4.01 Section 4.01 Section 4.01 (k)
 Code
 Collateral provided that Sections 6.11 6.12
 Collateral Documents Sections 6.11 6.12
 Commitment Section 2.01(a) Schedule 2.01 Commitments
 Commitment Fee Section 2.07(a)
 Compliance Certificate Exhibit
D
 Condemnation
 7




---



##### 



Condemnation Award
 Consolidated Capital Expenditures
 Consolidated Cash Interest Charges provided
 Consolidated Cash Taxes
 Consolidated EBITDA plus minus
 Consolidated Fixed Charge Coverage Ratio provided that,
 8




---



##### 



Consolidated Fixed Charges plus plus plus plus
 Consolidated Funded Indebtedness
 Consolidated Interest Charges
 Consolidated Leverage Ratio provided that
 9




---



##### 



Consolidated Net Income
 Consolidated Scheduled Debt Payments provided
 Consolidated Subsidiary
 Contractual Obligation
 Control Controlling Controlled
 Credit Extension
 Credit Facility Section 8.02
 Debt Issuance provided that
 Debtor Relief Laws
 Default
 10




---



##### 



Default Rate plus plus plus plus
 Defaulting Lender
 Disposition Dispose provided
 Dollar $
 Domestic Subsidiary
 Eligible Assignee provided
 Environmental Laws
 Environmental Liability
 11




---



##### 



Equity Interests provided however
 Equity Issuance provided
 ERISA
 ERISA Affiliate
 ERISA Event
 Eurodollar Rate
 12




---



##### 



Eurodollar Rate Loan
 Event of Default Section 8.01
 Excess Cash Flow minus
  Exchange Right
 Excluded Subsidiary
 Excluded Taxes
 13




---



##### 



Section 3.01(e) Section
3.01(a)
 Existing Credit Agreement
 Extension Fee
 Extension Option Section 2.12
 Fannie Mae
 Federal Funds Rate provided
 Fee Letter
 Foreign Lender
 Foreign Subsidiary
 FRB
 Freddie Mac
 Free Cash Flow minus Section 6.02(b)
 14




---



##### 



Fund
 GAAP
 GP Corp
 Governmental Authority
 Guarantee
 Guaranty Agreement
 15




---



##### 



Exhibit F
 Hazardous Materials
 HFF
 HFF Acquisition
 HFF Consolidated Group
 HFF Holdings
 HFF Holdings Operating Agreement
 HFF Partnership Holdings
 HFF Securities
 Indebtedness
     16




---



##### 



plus
    Indemnified Taxes
 Indemnitees Section 10.04(b)
 Indemnity Obligations
 Information Section 10.07
 Intercompany Notes
 Interest Payment Date provided however
 17




---



##### 



Interest Period provided
    Investment
 IP Rights Section 5.11
 IRS
 Joinder Agreement Section 6.11 Exhibit G
 Laws
 18




---



##### 



Lender Section
2.01
 Lending Office
 Lien
 Loan Article
II Type
 Loan Documents Section 8.03 Section 8.03 clause (a)
 Loan Notice Section
2.02(a) Exhibit
A
 Loan Party Loan Parties
 Loan Party Materials Section 6.02
 Master Agreement Swap
Contract
 Material Adverse Effect
 19




---



##### 



Material Contract Schedule 5.24
 Maturity Date
 Maximum Rate Section 10.09
 Multiemployer Plan
 Net Income
 Note Exhibit C
 Obligations Section 8.03
 20




---



##### 



Off-Balance Sheet Obligation
 Operating Companies
 Operating Lease
 Organization Documents
 Other Taxes
 Other Warehousing Facilities
 Outstanding Amount
 21




---



##### 



Participant Section 10.06(d)
 Partnership Agreements
 PBGC
 Pension Plan
 Perfection Certificate
 Perfection Certificate Supplement
 Permitted Acquisitions provided
    Sections 6.11 6.12
  22




---



##### 



Permitted Borrower Distribution
 Permitted Liens Section 7.01
 Person
 Plan
 Platform Section 6.02
 Pledge and Security Agreement Exhibit I
 Pledged Equity Interests
 Profit Participation Bonus Plans
 Profit Participation Payments
 23




---



##### 



Pro Forma Basis Section 1.03(c)
 Pro Forma Financial Statements Section
7.20
 Property
 Public Lender Section 6.02
 Quarterly Tax Distributions
 Red Capital Warehousing Facility Schedule 1.01C
 24




---



##### 



Reference Period
 Register Section 10.06(c)
 Related Parties
 Reportable Event
 Request for Credit Extension
 Required Lenders provided
 Responsible Officer
 Restricted Payment
 25




---



##### 



Sale and Leaseback Transaction
 SEC
 Secured Cash Management Services Agreement
 Secured Party
 Secured Swap Contract
 Securities Laws
 Subsidiary
 Subsidiary Guarantor Section 6.11
 Swap Bank
 26




---



##### 



Swap Contract Master Agreement
 Swap Termination Value
 Taxes
 Threshold Amount
 Total Outstandings
 Type
 UCC
 Unaudited Financial Statements
 Unfunded Pension Liability
 27




---



##### 



United States U.S
 Voting Securities provided however
 Warehousing Collateral
 Warehousing Facilities Warehousing Facility
 Wholly Owned Subsidiary
 Section 1.02 Other Interpretive Provisions
  include includes including without limitation will shall herein hereof hereunder
 28




---



##### 





asset property


from from and including to until to but excluding through to
and including




Section 1.03 Accounting Terms


Generally except


Changes in GAAP provided


Pro Forma Basis 29




---



##### 







Section 1.04 Rounding


Section 1.05 Times of Day


ARTICLE II


THE LOANS


Section 2.01 The Loans


Loan provided however 30




---



##### 





Section 2.01(a) Section 2.03 Section 2.01(a)




Section 2.02 Borrowings, Conversions and Continuations of Loans


Section 2.02(a)


Section 4.02 Section 4.01 31




---



##### 















Section 2.03 Prepayments


Voluntary Prepayment of Loans provided Section 3.05 provided 32




---



##### 



Mandatory Prepayments
 Section 2.04 Termination or Reduction of Commitments
 provided
 Section 2.05 Repayment of Loans
 Section 2.06 Interest
 plus plus
    33




---



##### 



Section 2.07 Fees
 Commitment Fee Commitment Fee times times Article IV provided that
 Other Fees
  Section 2.08 Computation of Interest and Fees
 34




---



##### 



provided Section 2.10(a)
 Section 2.09 Evidence of Debt
  provided
 Section 2.10 Payments Generally; Administrative Agents Clawback
 General 35
        Funding by Lenders; Presumption by Administrative Agent Section 2.02 Section 2.02
 Payments by Borrower; Presumptions by Administrative Agent
 36




---



##### 



Failure to Satisfy Conditions Precedent Article II Article IV
 Obligations of Lenders Several Section 10.04(c) Section 10.04(c) Section 10.04(c)
 Funding Source
 Section 2.11 Sharing of Payments by Lenders pro rata share provided
   37




---



##### 



Section 2.12 Extension Option. Extension Option provided Section 2.12
 Section 2.13 Increase in Credit Facility Request for Increase provided
 Lender Elections to Increase
 Notification by Administrative Agent; Additional Lenders
 38




---



##### 



Effective Date and Allocations Increase Effective Date
 Conditions to Effectiveness of Increase Article V Section 2.13 Section 5.05 Section 6.01 Section
3.05
 Conflicting Provisions Section 2.11 10.01
 ARTICLE III
TAXES, YIELD PROTECTION AND ILLEGALITY
 Section 3.01 Taxes
 Payments Free of Taxes provided
 Payment of Other Taxes by the Borrower
 39




---



##### 



Indemnification by the Borrower
 Evidence of Payments
 Status of Lenders
   40




---



##### 



Treatment of Certain Refunds provided
 Section 3.02 Illegality
 41




---



##### 



Section 3.03 Inability to Determine Rates
 Section 3.04 Increased Costs; Reserves on Eurodollar Rate Loans
 Increased Costs Generally
  Section 3.01
   42




---



##### 



Capital Requirements
 Certificates for Reimbursement
 Delay in Requests provided
 Reserves on Eurodollar Rate Loans provided
 43




---



##### 



Section 3.05 Compensation for Losses
   Section 10.13
  Section 3.05
 Section 3.06 Mitigation Obligations; Replacement of Lenders.
 Section 3.04 Section 3.01 Section 3.02 Section 3.01 3.04 Section 3.02
 44




---



##### 



Replacement of Lenders Section
3.04 Section 3.01 Section 10.13
 Section 3.07 Survival Article III
 ARTICLE IV
CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
 Section 4.01 Conditions of Initial Credit Extension
 Documents to be Delivered
 Loan Documents
 Notes
 [ ]
 Secretarys Certificates
 Certified Organization Documents; Good Standing Certificates
 45




---



##### 



Opinions Exhibit H
 HFF Side Letter
 Responsible Officers Certificate
  Section
5.05(a) (c)
 Sections 4.02(a) (b)
 Insurance
 Perfection of Security Interests
 Pledged Equity
 46




---



##### 



Pledged Debt
 UCC, Tax Liens, Judgments Search Reports Schedule 7.01
 Termination Statements Section 7.01
 Financing Statements
 Payoff Letters Section 7.03
 Material Contracts
 Compliance Certificate
 Other
 47




---



##### 



Existing Indebtedness; Liens Schedule 7.03 Schedule 7.01
 Intercompany Debt
 ERISA Matters
 Judgments; Actions
 Corporate Structure; Etc.
  [ ]
 48




---



##### 



[ ]
 Fee Letter
 Solvency
 HFF IPO
 Fees and Expenses
 Legal Expenses provided that
 Section
9.03 Section
4.01
 Section 4.02 Conditions to all Credit Extensions
 Article V Section 4.02 Section 5.05
 49




---



##### 



Section 6.01
  Section 2.13(e)
  Sections 4.02(a) (b)
 ARTICLE V
REPRESENTATIONS AND WARRANTIES
  Section 5.01 Existence, Qualification and Power
 Section 5.02 Authorization; No Contravention
 50




---



##### 



Section 5.03 Governmental Authorization; Other Consents
  Schedule 5.03
 Section 5.04 Binding Effect
 Section 5.05 Financial Statements; No Material Adverse Effect
  51




---



##### 



Sections 6.01(a) (b)
 Section 5.06 Litigation Schedule 5.06
 52




---



##### 



Section 5.07 No Default
 Section 5.08 Subsidiaries and Equity Investments
 Section 5.09 Ownership
 Schedule 5.09(b)
 Section 5.10 Ownership of Property; Liens
 Section 5.11 Intellectual Property; Licenses, Etc IP
Rights
 53




---



##### 



Section 5.12 Environmental Matters
 Section 5.13 Security Documents
 Section 5.03
  Section 5.14 Insurance
 54




---



##### 



Section 5.15 Transactions with Affiliates Schedule 5.15 Section 7.09
 Section 5.16 Taxes
 Section 5.17 ERISA Compliance
    Section 5.18 Purpose of Loans
 55




---



##### 



Section 5.19 Margin Regulations; Investment Company Act
   Section 5.20 Disclosure provided
 Section 5.21 Compliance with Laws
 Section 5.22 Labor Matters
 Section 5.23 Solvency
 56




---



##### 



Section 5.24 Material Contracts Schedule 5.24
 ARTICLE VI
AFFIRMATIVE COVENANTS
 Sections 6.01 6.02 6.03, 6.14 6.15
 Section 6.01 Financial Statements
   57




---



##### 



provided however
 Section 6.02 Certificates; Other Information
 Section
6.01(a)
 Sections
6.01(a) (b) Section 6.02(b) Article V
  58




---



##### 



Section 7.06(e)
   Sections 6.01(a) (b) Schedule 10.02 provided i.e. Section 6.02(b)
 Loan Party Materials Platform Public Lender
 59




---



##### 



provided however 10.07
 Section 6.03 Notices
       Section 6.03 Section 6.03(a)
 Section 6.04 Payment of Obligations
 60




---



##### 



Section 6.05 Preservation of Existence, Etc Sections 7.04 7.05 Sections
7.04 7.05
 Section 6.06 Maintenance of Properties
 Section 6.07 Maintenance of Insurance.
  Section 6.07
 61




---



##### 



Section 6.07
 Section 6.08 Compliance with Laws
 Section 6.09 Books and Records
 Section 6.10 Inspection Rights provided however
 Section 6.11 Further Assurances with Respect to Additional Subsidiary
  Section 4.01(a) 62
        Section 6.12 Further Assurances with Respect to Additional Collateral
  Section 6.02(b) Section 6.11
 Section 6.13 Performance of Material Contracts, etc
 63




---



##### 



Section 6.14 Use of Proceeds Section 5.18
 ARTICLE VII
NEGATIVE COVENANTS
  Section 7.01 Liens Permitted Liens
  Schedule 7.01 provided
 Section 6.04 provided
    64




---



##### 



Section 8.01(h) provided
 Section 7.03(c)
  Section 7.03(c)
  Section 7.02 Investments
   provided
  65




---



##### 



Section 7.03(e)
 Section
7.03(f) Section 7.02(f)(ii) provided however
    Section 7.03 Indebtedness
  Schedule 7.03
 provided however
 Section 7.02(c) provided
 Section 6.15
 66




---



##### 



7.02(f)
 Section 7.02(g)
 Section 7.04 Fundamental Changes
 Section 7.04(e)
 provided that Sections 6.11 6.12
 provided that Sections 6.11 6.12
 provided that provided that
 provided that
  67




---



##### 



Material Amendment Section 10.02 68
       provided however
 Section 7.05 Dispositions
    Section 7.04
 Section 7.02
 Section 7.04
      provided however
 69




---



##### 



Section 7.06 Restricted Payments
    Section 7.18
 Section 7.18
  Sections
6.01(a) 6.02(b) Section
7.18
 Section 7.07 Amendment, Etc. of Indebtedness, Other Material Contracts and Payments in respect
of Indebtedness
  70




---



##### 



Section 7.07(a)
  Section
7.06(e)
 Section 7.08 Change in Nature of Business
 Section 7.09 Transactions with Affiliates
 Section 7.10 Limitations on Restricted Actions provided however Section 7.03(c) Section 7.01
 Section 7.11 Sale-Leasebacks; Off-Balance Sheet Obligation Section 7.03(c)
 71




---



##### 



Section 7.12 [Reserved]
 Section 7.13 Use of Proceeds
 Section 7.14 Impairment of Security Interests Section 7.01
 Section 7.15 Ownership of Subsidiaries and Other Restrictions Relating to the Subsidiaries and
the Loan Parties
   Section 7.16 Partnerships, etc.
 Section 7.17 Fiscal Year and Accounting Method
 Section 7.18 Financial Covenants
 72




---



##### 



Consolidated Leverage Ratio
 Consolidated Fixed Charge Coverage Ratio
 Section 7.19 Independent of Covenants.
 ARTICLE VIII
EVENTS OF DEFAULT AND REMEDIES
 Section 8.01 Events of Default
 Non-Payment
 Specific Covenants Section 6.01 6.02 6.03(a)-(e) 6.05 6.07(a) 6.10 6.11 6.12 6.14 Article VII
 Other Defaults
 Representations and Warranties
 Cross-Default 73
        Insolvency Proceedings, Etc
 Inability to Pay Debts; Attachment
 Judgments
 74




---



##### 



ERISA
 Invalidity of Loan Documents Section
6.11 6.12
 Guaranty Agreement Section
6.11 Section 6.11
 Change of Control
 Freddie Mac/ Fannie Mae
 Section 8.02 Remedies Upon Event of Default
  75




---



##### 



provided however
 Section 8.03 Application of Funds Section
8.02 Section 8.02
 First Article III
 Second Article III
 Third
 Fourth Fourth Fourth
 76




---



##### 



Last
 ARTICLE IX
ADMINISTRATIVE AGENT
 Section 9.01 Appointment and Authority
  Section 9.02 Rights as a Lender
 Section 9.03 Exculpatory Provisions
  provided
  77




---



##### 



Sections 10.01 8.02
 Article IV
 Section 9.04 Reliance by Administrative Agent
 Section 9.05 Delegation of Duties
 78




---



##### 



Section 9.06 Resignation of Administrative Agent provided Section 10.04
 Section 9.07 Non-Reliance on Administrative Agent and Other Lenders
 Section 9.08 No Other Duties, Etc
 79




---



##### 



Section 9.09 Administrative Agent May File Proofs of Claim
 Section
2.07 10.04
  Sections 2.07 10.04
  Section 9.10 Collateral and Guaranty Matters
 Section 10.01
 80




---



##### 



Section 7.01(i)
  Section 9.10
 ARTICLE X
MISCELLANEOUS
 Section 10.01 Amendments, Etc provided however
 Section 4.01(a)
 Section 8.02
  Section 10.01 provided however
 Section 2.11 Section 8.03
 81




---



##### 



Section 9.10
 provided further
 Section 10.02 Notices; Effectiveness; Electronic Communication
 Notices Generally
 Schedule 10.02
   82




---



##### 



Electronic Communications provided Article II provided
 provided
 The Platform Agent Parties provided however
 Change of Address, Etc 83
        Reliance by Administrative Agent and Lenders
 Section 10.03 No Waiver; Cumulative Remedies
 Section 10.04 Expenses; Indemnity; Damage Waiver
 Costs and Expenses 84
        Indemnification by the Loan Parties Indemnitee , IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN
WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided
 Reimbursement by Lenders provided Section 2.10(d)
 85




---



##### 



Waiver of Consequential Damages, Etc.
 Payments
 Survival
 Section 10.05 Payments Set Aside
 Section 10.06 Successors and Assigns.
 Successors and Assigns Generally 86
        Assignments by Lenders provided
 Minimum Amounts
  provided however provided however
 Proportionate Amount
 Required Consents
 87




---



##### 



Assignment and Assumption provided
 No Assignment to Borrower
 No Assignment to Natural Persons
 Sections 3.01 3.04 3.05 10.04
 Register Register
 88




---



##### 



Participations Participant provided
 provided Section 10.01 Sections
3.01 3.04 3.05 Section 10.08 provided Section 2.11
 Limitations On Participant Rights Section 3.01 3.04 Section 3.01 Section 3.01(e)
 Certain Pledges provided
 Electronic Execution of Assignments 89
        Section 10.07 Treatment of Certain Information; Confidentiality
 Information provided
  Section 10.08 Right of Setoff
 90




---



##### 



provided Section 10.08
 Section 10.09 Interest Rate Limitation Maximum Rate
 Section 10.10 Counterparts; Integration; Effectiveness Section 4.01
 91




---



##### 



Section 10.11 Survival of Representations and Warranties
 Section 10.12 Severability
 Section 10.13 Replacement of Lenders. Section
3.04 Section 3.02 Section 3.01 Section 10.06 provided
 Section 10.06(b)
 Section 3.05
 Section 3.04 Section 3.01
  92




---



##### 



Section 10.14 Governing Law; Jurisdiction; Etc
 GOVERNING LAW
 SUBMISSION TO JURISDICTION
 WAIVER OF VENUE
 SERVICE OF PROCESS SECTION 10.02
 93




---



##### 



Section 10.15 Waiver of Jury Trial
 Section 10.16 No Advisory or Fiduciary Responsibility
 Section 10.17 Entire Agreement
 94




---



##### 



Section 10.18 USA Patriot Act Notice
 Section 10.19 Time of the Essence. Time is of the essence of the Loan Documents
 95




---



##### 



IN WITNESS WHEREOF
 BORROWERHOLLIDAY FENOGLIO FOWLER, L.P.,By: Holliday GP Corp., its general partnerBy:
    
    /s/ John H. Pelusi, Jr.Name:
    
    John H. Pelusi, Jr.Title:
    
    President




---



##### 



BANK OF AMERICA, N.A., as
Administrative AgentBy:
    
    /s/ Steven P. RenwickName:
    
    Steven P. RenwickTitle:
    
    Senior Vice President




---



##### 



BANK OF AMERICA, N.A., as a LenderBy:
Name:
    
    /s/ Steven P. Renwick

Steven P. RenwickTitle:
    
    Senior Vice President




---



##### 



EXHIBIT A
 FORM OF LOAN NOTICE
 
   [  ] Agreement Borrower HFF
  o o
 1.
    
    On  (a Business Day).2.
    
    In the amount of $.3.
    
    Comprised of .
 [ ]
 4.
    
    For Eurodollar Rate Loans: with an Interest Period of  months.
 Section 2.01(a)
 HOLLIDAY FENOGLIO FOWLER, L.P.By:Name:Title:
 A-1




---



##### 



EXHIBIT B
 RESERVED
 B-1




---



##### 



EXHIBIT C
 FORM OF NOTE
 
 Borrower  Lender  Agreement
    C-1




---



##### 



HOLLIDAY FENOGLIO FOWLER, L.P.By: Holliday GP Corp., its general partnerBy:Name:
    
    John H. Pelusi, Jr.Title:
    
    President
 C-2




---



##### 



LOANS AND PAYMENTS WITH RESPECT THERETO
 Amount ofPrincipal or
    
    
    OutstandingEnd of
    
    
    Interest
    
    
    PrincipalType of
    
    
    Amount of
    
    
    Interest
    
    
    Paid This
    
    
    Balance
    
    
    NotationDate
    
    
    Loan Made
    
    
    Loan Made
    
    
    Period
    
    
    Date
    
    
    This Date
    
    
    Made By
 C-3




---



##### 



EXHIBIT D
 FORM OF COMPLIANCE CERTIFICATE
 D-1




---



##### 



EXHIBIT E
 FORM OF
 ASSIGNMENT AND ASSUMPTION
 Assignment and Assumption [ ][ ] 1 [ ][ ] [ ] [ ] 2 [ ][ ] Assignee [ [ ][ ] 3 Credit Agreement
 [ ][ ] [ ][ ] [ ][ ] [ ][ ] [ ][ ] [ ][ ] [ ][ ] [ ][ ] [ ][ ] [ ][ ]
 
 1
    
    For bracketed language here and elsewhere in
this form relating to the Assignor(s), if the assignment is from a single
Assignor, choose the first bracketed language. If the assignment is from
multiple Assignors, choose the second bracketed language.2
    
    For bracketed language here and elsewhere in
this form relating to the Assignee(s), if the assignment is to a single
Assignee, choose the first bracketed language. If the assignment is to
multiple Assignees, choose the second bracketed language.3
    
    Select as appropriate.  E-1




---



##### 



[ ][ ] Assigned Interest [ ][ ] [ ][ ]
 1.
    
    Assignor[s]:2.
    
    Assignee:[s]  [for each Assignee, indicate[Affiliate]/[Approved Fund]of [identify Lender]]3.
    
    Borrower: Holliday Fenoglio Fowler, a Texas limited partnership4.
    
    Administrative Agent:
    
    Bank of America, N.A., as the administrative agent under the
Credit Agreement5.
    
    Credit Agreement:
    
    The Amended and Restated Credit Agreement, dated as of February ___,
2007, among HOLLIDAY FENOGLIO FOWLER, L.P., a limited partnership organized under the laws of
the State of Texas, (Borrower or HFF), the Lenders from time to time party
thereto, and Bank of America, N.A., as Administrative Agent.6.
    
    Assigned Interests:
 Aggregate
    
    Amount ofAmount of
    
    Commitment/
    
    PercentageCommitment/Loans
    
    Loans
    
    Assigned ofAssignor[s]4
    
    Assignee[s]5
    
    for all Lenders
    
    Assigned
    
    Commitment$
    
    $
    
    %
 [7.    Trade Date: ]6
 [ ]
 
 4
    
    List each Assignor, as appropriate.5
    
    List each Assignee, as appropriate.6
    
    To be completed if the Assignor and the Assignee
intend that the minimum assignment amount is to be determined as of the Trade
Date.  E-2




---



##### 



The terms set forth in this Assignment and Assumption are hereby agreed to:ASSIGNOR[NAME OF ASSIGNOR]By:Name:Title:ASSIGNEE[NAME OF ASSIGNEE]By:Name:Title:  E-3




---



##### 



[Consented to and]1 Accepted:BANK OF AMERICA, N.A., as
Administrative AgentBy:Name:Title:[Consented to:]2[BORROWER]By:Name:Title:
 
 1
    
    To be added only if the consent of the
Administrative Agent is required by the terms of the Credit Agreement.2
    
    To be added to the extent the consent of the
Borrower is required by the terms of the Credit Agreement.  E-4




---



##### 



ANNEX 1 TO ASSIGNMENT AND ASSUMPTION
   Representations and Warranties
 Assignor [ ][ ] [ ][ ] [ ][ ]
 Assignee [ ][ ] [ ][ ] [ ][ ] [ ][ ] [ ][ ] [ ][ ] [ ][ ] [ ][ ]
  E-5




---



##### 



Payments [ ][ ] [ ][ ] [ ][ ]
 General Provisions
  E-6




---



##### 



EXHIBIT F
 FORM OF GUARANTY AGREEMENT
 Agreement HFF Partnership
Holdings GP Corp HFF Acquisition recitals Article I Section 5.06 Guarantors Guarantor Administrative Agent
 RECITALS
 WHEREAS Credit
Agreement Borrower
 WHEREAS
 WHEREAS
 WHEREAS
 NOW THEREFORE
 ARTICLE XI
DEFINITIONS




---



##### 



Section 11.01 .
 Additional Guarantors Section 5.06(b)
 Administrative Agent preamble
 Agreement preamble
 Borrower first recital
 Credit Agreement first recital
 Guaranteed Obligations Section 2.01
 Guarantor Guarantors preamble
 Intercompany Note
 Post Petition Interest Section 2.04(b)(ii)
 Subordinated Obligations Section 2.04(b)
 Termination Date
 Section 11.02 .
 Section 11.03
 ARTICLE XII
 Section 12.01 Guaranteed Obligations
  -8-




---



##### 



Section 12.02 .
    -9-




---



##### 



Section 12.03 .
   -10-




---



##### 



Section 2.02 Section 2.03
 Section 12.04 . Section 2.01(c)
  -11-




---



##### 



Section 2.01(c) Subordinated Obligations Section 2.04(b)
  Post Petition Interest
    -12-




---



##### 



Section 2.04(b)
 Section 2.04
  Section 12.05 . Section
2.05
    -13-




---



##### 



ARTICLE XIII
REPRESENTATIONS AND WARRANTIES
 Section 13.01 .
 Section 13.02
 Section 13.03
 ARTICLE XIV
COVENANTS
 Section 14.01 .
 Section 14.02
    -14-




---



##### 



ARTICLE XV
MISCELLANEOUS PROVISIONS
 Section 15.01 .
 Section 15.02
  -15-




---



##### 



Section 15.03 provided
 Section 15.04 Section 10.04 Section 10.04
  Section 5.04
 Section 2.01(a) Section 2.02 Section 2.05 Section 5.04
  -16-




---



##### 



Section 15.05 .
   Section 15.06 .
 Additional Guarantor
  Section 15.07
   -17-




---



##### 



Section 15.08 .
 Section 15.09
 Section 15.10
 Section 15.11
    -18-




---



##### 



SECTION 5.07 .
 Section 15.12
 Section 15.13
   -19-




---



##### 



HFF PARTNERSHIP HOLDINGS LLCBy:Name:Title: HOLLIDAY GP CORP.By:Name:Title: HFF LP ACQUISITION LLCBy:Name:Title:  F-1




---



##### 



EXHIBIT G
 FORM OF JOINDER AGREEMENT
 Agreement       Subsidiary  Credit Agreement Borrower HFF
   ARTICLE I
JOINDERS
 1.1 Guaranty
 1.2. Pledge and Security Agreement
  G-1




---



##### 



ARTICLE II
REPRESENTATIONS AND WARRANTIES
    ARTICLE III
EFFECTIVENESS
      G-2




---



##### 



G-3




---



##### 



ARTICLE IV
MISCELLANEOUS
 4.1. Integration; Confirmation.
 4.2. Loan Document.
  G-4




---



##### 



4.3. Expenses.
 4.4. Addresses for Notices.
 4.5. Section Captions.
 4.6. Severability.
 4.7. Counterparts.
 4.8. GOVERNING LAW.
  G-5




---



##### 



[SUBSIDIARY]By:Name:Title:
  G-6




---



##### 



Acknowledged and accepted:BANK OF AMERICA, N.A.,as Administrative AgentBy:Name:Title:
  G-7




---



##### 



[
 
  ]
  G-8




---



##### 



EXHIBIT H
 OPINION MATTERS
 ·
 ·
 ·
 ·
 ·
 ·
 ·
 ·
 ·
  H-1




---



##### 



EXHIBIT I
 FORM OF
 PLEDGE AND SECURITY AGREEMENT
   HFF PARTNERSHIP HOLDINGS LLC,  HOLLIDAY GP CORP.  HFF LP ACQUISITION LLC  HOLLIDAY FENOGLIO FOWLER, L.P.,  CERTAIN OF THEIR SUBSIDIARIES
  BANK OF AMERICA, N.A.,




---



##### 



ARTICLE I DEFINITIONS
    
    
    11.01 Credit Agreement Definitions and Constructions
    
    
    11.02 UCC Definitions
    
    
    11.03 Other Defined Terms
    
    
    1ARTICLE II PLEDGED COLLATERAL
    
    
    82.01 Pledged Collateral
    
    
    82.02 Delivery of the Pledged Collateral
    
    
    82.03 Agreements of Grantors as Issuers of Pledged Equity
    
    
    92.04 Representations, Warranties and Covenants with respect to Pledged Collateral
    
    
    92.05 Voting Rights; Dividends and Interest, etc
    
    
    102.06 Registration in Nominee Name; Denominations
    
    
    11ARTICLE III SECURITY INTERESTS IN PERSONAL PROPERTY
    
    
    123.01 Security Interest
    
    
    123.02 Filing Authorization
    
    
    133.03 Continuing Security Interest; Transfer of Credit Extensions
    
    
    143.04 Grantors Remain Liable
    
    
    143.05 Security Interest Absolute
    
    
    153.06 Waiver of Subrogation
    
    
    153.07 Release; Termination
    
    
    15ARTICLE IV COVENANTS; REPRESENTATION AND WARRANTIES
    
    
    164.01 Perfection of Security Interest
    
    
    164.02 Representations and Warranties
    
    
    204.03 Covenants
    
    
    204.04 Other Actions
    
    
    224.05 Covenants regarding Patent, Trademark and Copyright Collateral
    
    
    22ARTICLE V REMEDIES
    
    
    245.01 Remedies upon Default
    
    
    245.02 Application of Proceeds
    
    
    265.03 Grant of License to Use Intellectual Property
    
    
    265.04 Securities Act, etc
    
    
    26ARTICLE VI MISCELLANEOUS
    
    
    276.01 Notices
    
    
    276.02 Amendments, etc.; Additional Grantors; Successors and Assigns
    
    
    276.03 Survival of Agreement
    
    
    286.04 Indemnity and Expenses
    
    
    286.05 Administrative Agent Appointed Attorney-in-Fact
    
    
    296.06 Waivers
    
    
    296.07 Severability
    
    
    30
 iii




---



##### 



6.08 Counterparts, Integration, Effectiveness
    
    
    306.09 Headings
    
    
    306.10 GOVERNING LAW; JURISDICTION; ETC
    
    
    306.11 WAIVER OF JURY TRIAL
    
    
    316.12 ENTIRE AGREEMENT
    
    
    316.13 Mortgages
    
    
    31
 Exhibits
  iv




---



##### 



PLEDGE AND SECURITY AGREEMENT
 Agreement HFF PARTNERSHIP HOLDINGS LLC, HFF Partnership
Holdings HOLLIDAY GP CORP. GP Corp. HFF LP ACQUISITION
LLC HFF Acquisition HOLLIDAY FENOGLIO FOWLER,
L.P., Borrower Article
I Section 5.03 Grantors Grantor Administrative Agent
 RECITALS
 Credit Agreement
 Guaranty
Agreement
    ARTICLE I
DEFINITIONS
 1.01 Credit Agreement Definitions and Constructions




---



##### 



1.02 UCC Definitions
 1.03 Other Defined Terms.
 Account
 Account Control Agreement
 Account Debtor
 Administrative Agent
 Chattel Paper
 Collateral Section 3.01
 Commercial Tort Claim
 Credit Agreement
 Deposit Account
 Designated Event of Default
 Documents
 2




---



##### 



Electronic Chattel Paper
 Entitlement Holder
 Equipment
 Federal Securities Laws
 Financial Asset
    Fixtures
 General Intangibles
 Goods
 3




---



##### 



Grantors
 Indemnitee Section 6.04
 Instrument
 Intercompany Note
 Inventory
 Investment Property provided however
 Letter-of-Credit Right
 Payment Intangible
 Perfection Certificate Exhibit
A Exhibit A
 Perfection Certificate Supplement Section
4.01(b)
 Pledged Collateral Section 2.01
 4




---



##### 



Pledged Debt Section 2.01
 Pledged Equity Section 2.01
 Pledged Securities
 Proceeds
     Securities
    Securities Account
 Security Entitlements
 Security Interest Section 3.01
 Security Intermediary
   5




---



##### 



Software
 Supporting Obligation
 Tangible Chattel Paper
 Termination Date
 ARTICLE II
PLEDGED COLLATERAL
 2.01 Pledged Collateral Pledged Collateral
 Pledged Equity provided however provided 4.01(h)
 6




---



##### 



Pledged Debt provided however
 Section 2.05
 Section 2.05
  2.02 Delivery of the Pledged Collateral.
  provided that
 7
        2.03 Agreements of Issuers.
   2.04 Representations, Warranties and Covenants with respect to Pledged Collateral
 Pledged Collateral
 Due Authorization and Issuance 8
        Title
 Transferability of Pledged Collateral
 Validity of Security Interest
 Defaults
 2.05 Voting Rights; Dividends and Interest, etc
 9




---



##### 



provided that
  provided
 paragraph (a)(iii) Section 2.05 Section 2.05(b) Section 2.05(b) 10
       Section 5.02
 paragraph (a)(i) Section 2.05 paragraph (a)(ii) Section 2.05 paragraph (a)(i)
 2.06 Registration in Nominee Name; Denominations
 ARTICLE III
SECURITY INTERESTS IN PERSONAL PROPERTY
 3.01 Security Interest Security Interest Collateral
    11




---



##### 



provided however
 Section 3.01 provided however Section 3.01 Section 5.01(c)
 Section 3.01
 12




---



##### 



Section 3.01
     Excluded Property
 3.02 Filing Authorization
 13




---



##### 



3.03 Continuing Security Interest; Transfer of Credit Extensions.
 3.04 Grantors Remain Liable.
     3.05 Security Interest Absolute.
  14




---



##### 



3.06 Waiver of Subrogation.
 3.07 Release; Termination.
 15
       provided, however
  ARTICLE IV
COVENANTS; REPRESENTATION AND WARRANTIES
  4.01 Perfection of Security Interest
 Perfection Certificate Section
4.01
 Perfection Certificate Supplement
 16




---



##### 



UCC Filings
 Instruments and Tangible Chattel Paper Section 2.02
 Deposit Accounts
 Investment Property Article
II 17
        Electronic Chattel Paper and Transferable Records
 Letter-of-Credit Rights
 18




---



##### 



Commercial Tort Claims Section 4.01(b)
 Chattel Paper
 4.02 Representations and Warranties.
 Validity of Security Interest Section 4.01(c)
 Other Financing Statements
 4.03 Covenants Change of Name, etc
 Maintenance of Records
 19




---



##### 



Further Assurances
   Insurance Subsection 4.03(d)
 20




---



##### 



Inspection Rights
 Payment of Taxes provided however Section 4.03(e)
 ARTICLE V
REMEDIES
 5.01 Remedies upon Default
 21




---



##### 



Section 5.01 Section
 22




---



##### 



5.01
 Section 5.01
 5.02 Application of Proceeds. Section 5.06
 5.03 Grant of License to Use provided
 5.04 Securities Act, etc
 23




---



##### 



Federal Securities Laws Section 5.04
 ARTICLE VI
MISCELLANEOUS
 6.01 Notices.
 6.02 Amendments, etc.; Additional Grantors; Successors and Assigns
 24
         Section 4.01(b) Section 3.07
 provided however
 6.03 Survival of Agreement Section 3.07
 6.04 Indemnity and Expenses.
 Indemnitee 25
       provided
      Section 6.04
 6.05 Administrative Agent Appointed Attorney-in-Fact.
 26




---



##### 



provided
 6.06 Waivers
 6.07 Severability
 27




---



##### 



6.08 Counterparts, Integration, Effectiveness
 6.09 Headings
 6.10 GOVERNING LAW; JURISDICTION; ETC.
 GOVERNING LAW
 SUBMISSION TO JURISDICTION
 28




---



##### 



WAIVER OF VENUE
 SERVICE OF PROCESS
 6.11 WAIVER OF JURY TRIAL
 6.12 ENTIRE AGREEMENT
  29




---



##### 



Grantors:
    
    HFF PARTNERSHIP HOLDINGS LLC, a Delaware limited liability companyBy:Name:Title:HOLLIDAY FENOGLIO FOWLER, L.P., a Texas limited partnershipBy: HOLLIDAY GP CORP., a Delaware corporation and its general partnerBy:Name:Title:HOLLIDAY GP CORP., a Delaware corporationBy:Name:Title:HFF LP ACQUISITION LLC, a Delaware limited liability companyBy:Name:Title:Administrative Agent:
    
    BANK OF AMERICA, N.A., as Administrative AgentBy:Name:Title:
  S-1




---



##### 



S-2




---



##### 



PERFECTION CERTIFICATE
  I-1