Document:

ex4-1.htm

    
      Exhibit
4.1

    

     

     

    AMENDED
AND RESTATED THIRD SUPPLEMENTAL INDENTURE (this “Amended and Restated Third
Supplemental Indenture”), dated as of May 15, 2008, is entered into by
and between Lazard Group LLC (the “Company”), a Delaware
Limited Liability company, and The Bank of New York, a New York banking
corporation, as Trustee (the “Trustee”).

     

    WHEREAS,
the Company has heretofore executed and delivered to the Trustee an Indenture,
dated as of May 10, 2005 (the “Indenture”), by and
between the Company and the Trustee, providing for the issuance from time to
time of securities to be issued in one or more series as provided in the
Indenture (capitalized terms used but not defined herein shall have the meanings
assigned thereto in the Indenture);

     

    WHEREAS,
the Company has heretofore executed and delivered to the Trustee a Second
Supplemental Indenture (the “Second Supplemental
Indenture”), dated as of May 10, 2005, by and between the Company and the
Trustee, providing for the issuance of 6.120% Senior Notes Initially Due 2035 in
aggregate principal amount of $287,500,000 (the “$287,500,000 Notes”)
and 6.120% Senior Notes Initially Due 2035 in aggregate principal amount of
$150,000,000 (the “$150,000,000 Notes”
and, together with the $287,500,000 Notes, the “2005
Notes”);

     

    WHEREAS,
on December 19, 2005 Lazard Group Finance merged with and into the
Company;

     

    WHEREAS,
Lazard Group Finance has heretofore executed and delivered to the Trustee an
Indenture, dated as of May 10, 2005 (the “Lazard Group Finance
Indenture”), providing for the issuance from time to time of securities
to be issued in one or more series as provided in the Lazard Group Finance
Indenture;

     

    WHEREAS,
Lazard Group Finance has heretofore executed and delivered to the Trustee (i) a
First Supplemental Indenture, dated as of May 10, 2005, by and between Lazard
Group Finance and the Trustee, providing for the issuance of 6.120% Senior Notes
Initially Due 2035 in an aggregate principal amount of $287,500,000, and (ii) a
Second Supplemental Indenture, dated as of May 10, 2005, by and between Lazard
Group Finance and the Trustee, providing for the issuance of 6.120% Senior Notes
Initially Due 2035 in an aggregate principal amount of $150,000,000 (together,
the “Lazard Group
Finance Notes”);

     

    WHEREAS,
on December 19, 2005 the Company and the Trustee exchanged, pursuant to Section
5.01(b)(B) of the Lazard Group Finance Indenture, the Lazard Group Finance Notes
for the 2005 Notes for purposes of the 6.625% Equity Security Units (the “ESUs”) of Lazard Ltd,
an exempted Bermuda limited company;

     

    WHEREAS,
the Company has heretofore executed and delivered to the Trustee a Third
Supplemental Indenture (the “Third Supplemental
Indenture”), dated as of December 19, 2005, by and between the
Company and the Trustee, providing for certain technical modifications to the
2005 Notes in order to give effect to the provisions of Section 5.01(b)(B) of
the Lazard Group Finance Indenture;

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    WHEREAS,
in connection with that certain remarketing of the 2005 Notes contemplated by
the terms of the ESUs the Company will purchase on the date hereof (i) the
entire aggregate principal amount of the outstanding $150,000,000 Notes and (ii)
$287,488,000 aggregate principal amount of the $287,500,000 Notes;

     

    WHEREAS,
the Company desires to amend and restate the Third Supplemental Indenture
pursuant to this Amended and Restated Third Supplemental Indenture in order to
(i) reset the interest rate and stated maturity of the 2005 Notes, (ii) make
certain other technical modifications to the terms of the $287,500,000 Notes and
(iii) cancel the $150,000,000 Notes;

     

    WHEREAS,
Section 9.01(4) of the Indenture provides that the Company and the Trustee may
amend the 2005 Notes without the consent of any Holder in order to correct any
provision of the Indenture, any supplemental indenture or any of the 2005 Notes
that may be defective or inconsistent with any other provision contained
therein;

     

    WHEREAS,
the Company hereby requests that the Trustee execute and deliver this Amended
and Restated Third Supplemental Indenture;

     

    WHEREAS,
Section 9.01(9) of the Indenture provides that the Company and the Trustee may
amend the 2005 Notes without the consent of any Holder in order to make any
change that does not adversely affect the rights of any Holder;

     

    WHEREAS,
certain of the changes contained herein correct certain inconsistencies in the
Indenture and do not adversely affect the rights of any Holder; and

     

    WHEREAS,
all other requirements necessary to make this Amended and Restated Third
Supplemental Indenture a valid and binding instrument in accordance with its
terms and the terms of the Indenture have been satisfied.

     

    NOW,
THEREFORE, THIS AMENDED AND RESTATED THIRD SUPPLEMENTAL INDENTURE
WITNESSETH:

     

    For and
in consideration of the premises and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto
do hereby mutually covenant and agree to amend and restate the Third
Supplemental Indenture to read as follows.

     

    SECTION
1. Supplement and Notation to
$287,500,000 Note.  The Trustee is hereby agrees (i) to attach
a copy of this Amended and Restated Third Supplemental Indenture to the
$287,500,000 Note as Exhibit B thereto and
(ii) to place a second notation on the $287,500,000 Note as
follows:

     

    “The terms of this Note have been
further revised in accordance with the Amended and Restated Third Supplemental
Indenture, dated as of May 15, 2008, by and between Lazard Group LLC and The
Bank of New York, as Trustee, attached hereto as Exhibit B.  The
Amended and Restated Third Supplemental Indenture supersedes in its entirety the
Third Supplemental Indenture attached hereto as Exhibit A.”

     

    , in each
case promptly following the effectiveness hereof.

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    SECTION
2. Amendments to the Second
Supplemental Indenture.

     

    (a)  Article
I, Section (c) of the Second Supplemental Indenture is hereby deleted in its
entirety and replaced with the following:

     

    “the
following terms shall have the respective meanings ascribed thereto in the
Purchase Contract Agreement: Accounting Redemption Event; Special Event; Tax
Event and Units;”

     

    (b)  Article
I, Section (d) of the Second Supplemental Indenture is hereby amended by (i)
deleting the defined terms “Aggregate Special Event Redemption Amount”, “Notes
Pledge Agreement”, “Reset Rate”, “Senior Notes Pledge Agreement” and “Successful
Remarketing” and (ii) adding the following defined term in appropriate
alphabetical order:

     

    “Special
Event Redemption Amount” means for each Note, the greater of (a) the
principal amount of such Note and (b) the product of (i) the principal
amount of such Note and (ii) a fraction the numerator of which is the
Treasury Portfolio Purchase Price and the denominator of which is the aggregate
principal amount of the Notes.

     

    (c)  Section
2.01 of the Second Supplemental Indenture is hereby amended by deleting the
first sentence thereof and inserting the following in place
thereof:

     

    “There is
hereby authorized one series of Securities designated (i) until May 15, 2008,
the 6.120% Senior Notes initially due 2035 and (ii) thereafter, the 4.00% Senior
Notes due 2010, in each case limited in aggregate principal amount to
$437,500,000, which amount to be issued shall be as set forth in any Company
Order for the authentication and delivery of Senior Notes pursuant to the
Original Indenture.”

     

    (d)  Section
2.03 of the Second Supplemental Indenture is hereby deleted in its entirety and
replaced with the following:

     

     “Stated
Maturity.  The Senior Notes shall mature on May 15,
2010.”

     

    (e)  Section
2.04 of the Second Supplemental Indenture is hereby amended by deleting “of
Exhibit A” and inserting in place thereof “provided for by the Amended and
Restated Third Supplemental Indenture, dated as of May 15, 2008, between the
Company and the Trustee”.

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

     

    (f)  Section
2.06(a) of the Second Supplemental Indenture is hereby deleted in its entirety
and replaced with the following:

     

    “Interest and
Principal.  Until May 15, 2008, each Senior Note shall bear
interest from its Issue Date or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, as the case may be, at the
rate of 6.120% per annum. From and after May 15, 2008, each Senior Note shall
bear interest from and including May 15, 2008 or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, as the case
may be, to the date on which the principal of the Senior Notes is paid or made
available for payment at the rate of 4.00% per annum.  Interest on the
Senior Notes shall be payable, semi-annually in arrears on May 15 and
November 15 of each year, until the principal thereof is paid or made
available for payment.  Each such date of interest payment referred to
above an “Interest Payment Date.” The interest so payable, on any such Interest
Payment Date, will be paid to the Holder in whose name the Note is registered at
the close of business on the regular record date for such interest, which shall
be the 15th calendar day (whether or not a business day) prior to the relevant
Interest Payment Date (the “Regular Record Date”).”

     

    (g)  Section
2.07 of the Second Supplemental Indenture is hereby deleted in its entirety and
replaced with the following:

     

    “Issuance of Notes.
The Senior Notes shall be issued in the form of one fully registered Global Note
registered in the name of The Depository Trust Company (“DTC”), as Depositary,
or its nominee, and deposited with the Trustee, as custodian for
DTC.”

     

    (h)  Section
2.10 of the Second Supplemental Indenture is hereby deleted in its entirety and
replaced with the following:

     

    “Special Event
Redemption.  If a Special Event shall have occurred and be
continuing (as of the time of giving notice of redemption), the Company, at its
option, may redeem the Notes, in whole but not in part, upon payment of the
aggregate Special Event Redemption Amounts.”

     

    (i)  Section
3.01 of the Second Supplemental Indenture is hereby deleted in its entirety and
replaced with the following:

     

    “Payment of Additional
Amounts.  All amounts payable (whether in respect of principal,
interest, distributions or otherwise) in respect of the Notes will be made free
and clear of and without withholding or deduction for or on account of any
present or future taxes, duties, levies, assessments or governmental charges of
whatever nature imposed or levied by or on behalf of the U.S. or any political
subdivision thereof or any authority or agency therein or thereof having power
to tax, unless the withholding or deduction of such taxes, duties, levies,
assessments or governmental charges is required by law.  In that
event, the Company in respect of the Notes will pay, or cause to be paid, such
additional amounts receivable by a Holder after such withholding or deduction as
shall equal the respective amounts that would have been receivable by such
Holder had no such withholding or deduction been required, provided that such
Holder provides the Company a duly executed IRS Form W-9 or appropriate IRS Form
W-8.  The foregoing shall not apply to any Holder that is described in
Section 881(c)(3) of the Code; provided, however, the Company
will not withhold on any amounts payable in respect of the Notes to any holder
that has provided appropriate documentation establishing an exemption from
withholding under an applicable tax treaty.”

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

     

    SECTION
3. Amendment and Restatement of
the $287,500,000 Note.  The form of $287,500,000 Note is hereby
deleted in its entirety and replaced with the following (it being understood and
agreed that the principal amount thereof will be reduced to $12,000 on the date
hereof):

     

    LAZARD
GROUP LLC

     

    AMENDED
AND RESTATED 4.00% SENIOR NOTE DUE 2010

     

    UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
BECAUSE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

     

    THIS
SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS
SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT
THAT (A) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT
TO SECTION 2.04 OF THE ORIGINAL INDENTURE, (B) THIS SECURITY MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.15(B) OF THE ORIGINAL INDENTURE, (C)
THIS SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO
SECTION 2.13 OF THE ORIGINAL INDENTURE AND (D) EXCEPT AS OTHERWISE PROVIDED IN
SECTION 2.15(B) OF THE ORIGINAL INDENTURE, THIS SECURITY MAY BE TRANSFERRED IN
WHOLE BUT NOT IN PART, ONLY (X) BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY, (Y) BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY OR (Z) BY THE DEPOSITARY OR ANY NOMINEE TO A SUCCESSOR
DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

     

    [Remainder
of Page Intentionally Left Blank]

    
 

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    CUSIP:  52107R
AA 1

    ISIN:  US52107R
AA 1

     

    No.
R2       
                                                                                        $287,500,000

     

    LAZARD
GROUP LLC

     

    4.00%
SENIOR NOTE DUE 2010

     

    LAZARD
GROUP LLC, a Delaware limited liability company (the “Company”, which term
includes any successor Person under the Indenture hereinafter referred to) for
value received, hereby promises to pay to CEDE & CO., or registered assigns,
the principal sum of two hundred eighty seven million five hundred thousand
United States dollars (U.S.$287,500,000), as such amount may be increased or
decreased as set forth on the Schedule of Increases or Decreases in Global Note
annexed hereto, on May 15, 2010, and to pay interest thereon, (i) during the
period from May 10, 2005 to May 15, 2008, at the rate of 6.120% per annum
and (ii) during the period from May 15, 2008 to the date on which the principal
hereof is paid or made available for payment, at the rate of 4.00% per
annum.

     

    Interest
on this Note shall be payable semi-annually in arrears on May 15 and November 15
of each year (each, an “Interest Payment
Date”), until the principal hereof is paid or made available for
payment.  The interest so payable, and punctually paid or duly
provided for, on any such date will, as provided in the Indenture, be paid to
the Person in whose name this Note is registered at the close of business on the
regular record date for such interest, which shall be the 15th calendar day
(whether or not a business day) prior to the relevant Interest Payment
Date.

     

    The
principal of and the interest on the Notes will be payable at the Corporate
Trust Office or, at the option of the Company, by check mailed to the address of
the person entitled thereto at such person’s address as it appears on the
register or by wire transfer to the account maintained in the United States
designated by written notice given ten business days prior to the applicable
payment date by such person.

     

    The
amount of interest payable for any period on any interest payment date shall be
computed on the basis of a 360-day year consisting of twelve 30-day
months.  Except as provided in the following sentence, the amount of
interest payable for any period shorter than a semi-annual period for which
interest is computed will be computed on the basis of the actual number of days
elapsed in such 180-day period.  In the event that any date on which
interest is payable on the Notes is not a business day, then payment of interest
payable on such date will be made on the next succeeding day which is a business
day (and without any interest or other payment in respect of any such delay),
except that, if such business day is in the next succeeding calendar year, such
payment shall be made on the immediately preceding business day, in each case
with the same force and effect as if made on such date.

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

     

    Reference
is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as
if fully set forth at this place.

     

    Unless
the certificate of authorization hereon has been executed by the Trustee
referred to on the reverse hereof by the manual signature of one of its
respective authorized signatories, this Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any
purpose.

     

    [Remainder
of Page Intentionally Left Blank]

     

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

     

    IN
WITNESS WHEREOF, the Company has caused this Note to be executed and delivered
under its corporate seal.

     

    Dated:  May
10, 2005

     

     

    
      
        	 	LAZARD
      GROUP LLC	 
	 	 	 	 
	
                 

              	
                By:
      

              	 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

      

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

     

    CERTIFICATE
OF AUTHENTICATION

     

    This is
one of the Securities of the series designated herein referred to in the
within-mentioned Indenture.

     

    
       

      
        
          	 	
                  THE
      BANK OF NEW YORK,

                  as Trustee,

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	 	 
	 	 	Authorized
      Signatory	 
	 	 	 	 
	 	Dated: 
      May 10, 2005	 

        

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
 

    [FORM OF
REVERSE]

     

    This Note
is one of a duly authorized issue of securities of the Company designated, from
and after May 15, 2008, as its “4.00% Senior Notes due 2010” (herein sometimes
referred to as the “Notes”), issued under
and pursuant to an Indenture, dated as of May 10, 2005 (the “Original Indenture”),
duly executed and delivered between the Company and The Bank of New York, as
Trustee (the “Trustee”), a Second
Supplemental Indenture, dated as of May 10, 2005 (the “Second Supplemental
Indenture”), between the Company and the Trustee, and an Amended and
Restated Third Supplemental Indenture, dated as of May 15, 2008 (the “Amended and Restated Third
Supplemental Indenture”) between the Company and the Trustee (such
Original Indenture as amended and supplemented by the Second Supplemental
Indenture and the Amended and Restated Third Supplemental Indenture, the “Indenture”), to which
Indenture and all subsequent indentures supplemental thereto relating to the
Notes reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Notes and of the terms upon which the Notes are,
and are to be, authenticated and delivered.  Capitalized terms used
but not defined in this Note shall have the respective meanings described in the
Indenture.

     

    The Notes
are issuable only in registered form without coupons, in denominations of $1,000
and any integral multiple thereof.  As provided in the Indenture and
subject to certain limitations therein set forth, Notes of this series so issued
are exchangeable for a like aggregate principal amount of Notes of a different
authorized denomination, as requested by the Holder surrendering the
same.

     

    If a
Special Event shall have occurred and be continuing (as of the time of giving
notice of redemption), the Company, at its option, may redeem the Notes, in
whole but not in part, upon payment of the aggregate Special Event Redemption
Amounts.

     

    The Notes
shall constitute the senior, unsecured and unsubordinated obligations of the
Company and shall rank equally in right of payment with all existing and future
senior, unsecured and unsubordinated obligations of the Company.

     

    No
sinking fund is provided for the Notes.

     

    In the
case of an Event of Default described in Section 6.01(5) or 6.01(6) of the
Original Indenture, all unpaid principal of and accrued interest and Additional
Amounts on the Notes then Outstanding shall be due and payable immediately
without any declaration or other act on the part of the Trustee or the Holders
of any Notes.  In the case of all other Events of Default, if such
Event of Default shall occur and be continuing, the principal of all of the
Notes, together with accrued interest to the date of declaration, may be
declared due and payable in the manner and with the effect provided in the
Indenture.

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

     

    The
Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and
the rights of the Holders of the Securities of each series to be affected under
the Indenture at any time by the Company and the Trustee with the written
consent of the Holders of not less than a majority in principal amount of the
Securities at the time Outstanding and affected thereby.  The
Indenture also contains, with certain exceptions as therein provided, provisions
permitting Holders of not less than a majority in principal amount of the
Securities of any series at the time Outstanding, on behalf of the Holders of
all the Securities of such series, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences.  Any such consent or waiver by the
Holder of this Note shall be conclusive and binding upon such Holder and upon
all future Holders of this Note and of any Note issued in exchange herefor or in
lieu hereof whether or not notation of such consent or waiver is made upon this
Note or such other Note.

     

    As
provided in and subject to the provisions of the Indenture, the Holder of this
Note shall not have the right to institute any proceeding with respect to the
Indenture or for the appointment of a receiver or trustee or for any other
remedy thereunder, unless certain conditions have been satisfied.  The
foregoing shall not apply to any suit instituted by any Holder of this Note for
the enforcement of any payment of principal hereof, or any premium of interest
hereon on or after the respective due dates expressed herein.

     

    No
reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of, premium, if any, and interest on
this Note at the times, places and rate, and in the coin or currency, herein
prescribed.

     

    As
provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Note is registrable on the Security Register upon surrender
of this Note for registration of transfer at the Corporate Trust Office of the
Trustee or at such other office or agency of the Company as may be designated by
it for such purpose in the Borough of Manhattan, The City of New York (which
shall initially be an office or agency of the Trustee), or at such other offices
or agencies as the Company may designate, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Security Registrar
duly executed by, the Holder thereof or his attorney duly authorized in writing,
and thereupon one or more new Notes, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or
transferees by the Security Registrar.  No service charge shall be
made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to recover any tax or other governmental
charge payable in connection therewith.

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

     

    Prior to
due presentation of this Note for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in
whose name this Note is registered as the owner thereof for all purposes,
whether or not such Note be overdue, and neither the Company, the Trustee nor
any such agent shall be affected by notice to the contrary.

     

    No
recourse for the payment of the principal (and premium, if any) or interest on
this Note and no recourse under or upon any obligation, covenant or agreement of
the Company in the Indenture or any indenture supplemental thereto or in any
Note, or because of the creation of any indebtedness represented thereby, shall
be had against any incorporator, stockholder, employee, agent, officer or
director or subsidiary, as such, past, present, or future, of the Company or of
any successor corporation, either directly or through the Company or any
successor corporation, whether by virtue of any constitution, statute or rule of
law or by the enforcement of any assessment or penalty or otherwise, all such
liability being, by the acceptance hereof and as part of consideration for the
issue hereof expressly waived and released.

     

    This Note
is a Global Note and is subject to the provisions of the Indenture relating to
Global Notes, including the limitations in Section 2.08 of the Original
Indenture on transfers and exchanges of Global Notes.

     

    THE
INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK.

     

    All
capitalized terms used in this Note which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

     

    [Remainder
of page intentionally left blank]

     

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

     

    ABBREVIATIONS

     

    The
following abbreviations, when used in the inscription on the face of this
instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

     

    TEN COM -
as tenants in common

     

    
       

      
        
          	 	UNIF
      GIFT MIN ACT - Custodian	 
	 	 	 	 
	
                   

                	
                   

                	 
	 	 (cust)
      (minor)	 
	 	 Under
      Uniform Gifts to Minors Act	 
	 	 	 	 

        

      

    

    
 

    TEN ENT -
as tenants by the entireties

     

    JT TEN -
as joint tenants with rights of survivorship and not as tenants in
common

     

    Additional
abbreviations may also be used though not on the above list.

     

    ASSIGNMENT

     

    FOR VALUE
RECEIVED, the undersigned assigns and transfers this Note to:

     

    

      
        

      

    

    (Insert
assignee’s social security or tax identification number)

    
       

      

        
          

        

      

    

     

    (Insert
address and zip code of assignee)
_____________________________________________________________________________________________________

     

    and
irrevocably appoint agent to transfer this Note on the Security
Register.  The agent may substitute another to act for him or
her.

     

    Dated:

     

    Signed:

     

    Signature
Guarantee:

     

    (Sign
exactly as your name appears on the other side of this Note)

     

    Signatures
must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”) or such
other “signature guarantee program” as may be determined by the Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

     

    SCHEDULE
OF INCREASES AND DECREASES

     

    The
initial principal amount of this Global Note is $287,500,000.  The
following increases or decreases in this Global Note have been
made:

     

    

    
      	
              
                Date
      of Increase or Decrease

              

            	 	
              
                Amount
      of Decrease in Principal Amount of this Global Note

              

            	 	
              
                Amount
      of Increase in Principal Amount of this Global Note

              

            	 	
              
                Remaining
      Principal Amount of this Global Note Following such Decrease or
      Increase

              

            	 	
              
                Signature
      of Authorized Signatory of Trustee or Custodian

              

            
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      

    

    

    [Remainder
of page intentionally left blank]

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

     

    SECTION
4. Cancellation of the
$150,000,000 Note.  The $150,000,000 Note is hereby
cancelled.  The Trustee hereby agrees to promptly return the
$150,000,000 Note to the Company.

     

    SECTION
5. Separability.  In
case any provision in this Amended and Restated Third Supplemental Indenture
shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

     

    SECTION
6. No Third Party
Beneficiary.  Nothing in this Amended and Restated Third
Supplemental Indenture, express or implied, shall give to any Person, other than
the parties hereto and their successors under the Indenture, and the Holders (as
defined in the Indenture), any benefit or any legal or equitable right, remedy
or claim under the Indenture, as amended by this Amended and Restated Third
Supplemental Indenture.

     

    SECTION
7. Continuance of Indenture;
Effectiveness.  This Amended and Restated Third Supplemental
Indenture supplements the Indenture and shall be a part of and subject to all
the terms thereof.  The Indenture and the Second Supplemental
Indenture (as amended by this Amended and Restated Third Supplemental Indenture)
shall continue in full force and effect.  This Amended and Restated
Third Supplemental Indenture shall be effective on the date hereof.

     

    SECTION
8. Governing
Law.  This Amended and Restated Third Supplemental Indenture
shall be governed by and construed in accordance with the laws of the State of
New York.

     

    SECTION
9. Counterparts.  This
Amended and Restated Third Supplemental Indenture may be executed in any number
of counterparts, each of which so executed will be deemed to be an original, but
all such counterparts shall together constitute but one and the same
instrument.

     

    SECTION
10. Trustee.  The
Trustee makes no representations as to the validity or sufficiency of this
Amended and Restated Third Supplemental Indenture.  The recitals and
statements herein are deemed to be those of the Company and not of the
Trustee.

     

    

     

    [Remainder
of page intentionally left blank]

     

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Third
Supplemental Indenture to be duly executed, as of the day and year first written
above.

     

    
      
        	 	 LAZARD
      GROUP LLC	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Michael
      J. Castellano	 
	 	 	Name:  	Michael
      J. Castellano 	 
	 	 	Title: 	Chief
      Financial Officer	 
	 	 	 	 

      

    

     

    
       

      
        
          	 	
                   THE
      BANK OF NEW YORK,

                  As
      Trustee

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/ Sherma
      Thomas	 
	 	 	Name:  	Sherma
      Thomas 	 
	 	 	Title:  	Assistant
      Treasurerex4-1.htm

    
      Exhibit
4.1

    

     

     

    AMENDED
AND RESTATED THIRD SUPPLEMENTAL INDENTURE (this “Amended and Restated Third
Supplemental Indenture”), dated as of May 15, 2008, is entered into by
and between Lazard Group LLC (the “Company”), a Delaware
Limited Liability company, and The Bank of New York, a New York banking
corporation, as Trustee (the “Trustee”).

     

    WHEREAS,
the Company has heretofore executed and delivered to the Trustee an Indenture,
dated as of May 10, 2005 (the “Indenture”), by and
between the Company and the Trustee, providing for the issuance from time to
time of securities to be issued in one or more series as provided in the
Indenture (capitalized terms used but not defined herein shall have the meanings
assigned thereto in the Indenture);

     

    WHEREAS,
the Company has heretofore executed and delivered to the Trustee a Second
Supplemental Indenture (the “Second Supplemental
Indenture”), dated as of May 10, 2005, by and between the Company and the
Trustee, providing for the issuance of 6.120% Senior Notes Initially Due 2035 in
aggregate principal amount of $287,500,000 (the “$287,500,000 Notes”)
and 6.120% Senior Notes Initially Due 2035 in aggregate principal amount of
$150,000,000 (the “$150,000,000 Notes”
and, together with the $287,500,000 Notes, the “2005
Notes”);

     

    WHEREAS,
on December 19, 2005 Lazard Group Finance merged with and into the
Company;

     

    WHEREAS,
Lazard Group Finance has heretofore executed and delivered to the Trustee an
Indenture, dated as of May 10, 2005 (the “Lazard Group Finance
Indenture”), providing for the issuance from time to time of securities
to be issued in one or more series as provided in the Lazard Group Finance
Indenture;

     

    WHEREAS,
Lazard Group Finance has heretofore executed and delivered to the Trustee (i) a
First Supplemental Indenture, dated as of May 10, 2005, by and between Lazard
Group Finance and the Trustee, providing for the issuance of 6.120% Senior Notes
Initially Due 2035 in an aggregate principal amount of $287,500,000, and (ii) a
Second Supplemental Indenture, dated as of May 10, 2005, by and between Lazard
Group Finance and the Trustee, providing for the issuance of 6.120% Senior Notes
Initially Due 2035 in an aggregate principal amount of $150,000,000 (together,
the “Lazard Group
Finance Notes”);

     

    WHEREAS,
on December 19, 2005 the Company and the Trustee exchanged, pursuant to Section
5.01(b)(B) of the Lazard Group Finance Indenture, the Lazard Group Finance Notes
for the 2005 Notes for purposes of the 6.625% Equity Security Units (the “ESUs”) of Lazard Ltd,
an exempted Bermuda limited company;

     

    WHEREAS,
the Company has heretofore executed and delivered to the Trustee a Third
Supplemental Indenture (the “Third Supplemental
Indenture”), dated as of December 19, 2005, by and between the
Company and the Trustee, providing for certain technical modifications to the
2005 Notes in order to give effect to the provisions of Section 5.01(b)(B) of
the Lazard Group Finance Indenture;

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    WHEREAS,
in connection with that certain remarketing of the 2005 Notes contemplated by
the terms of the ESUs the Company will purchase on the date hereof (i) the
entire aggregate principal amount of the outstanding $150,000,000 Notes and (ii)
$287,488,000 aggregate principal amount of the $287,500,000 Notes;

     

    WHEREAS,
the Company desires to amend and restate the Third Supplemental Indenture
pursuant to this Amended and Restated Third Supplemental Indenture in order to
(i) reset the interest rate and stated maturity of the 2005 Notes, (ii) make
certain other technical modifications to the terms of the $287,500,000 Notes and
(iii) cancel the $150,000,000 Notes;

     

    WHEREAS,
Section 9.01(4) of the Indenture provides that the Company and the Trustee may
amend the 2005 Notes without the consent of any Holder in order to correct any
provision of the Indenture, any supplemental indenture or any of the 2005 Notes
that may be defective or inconsistent with any other provision contained
therein;

     

    WHEREAS,
the Company hereby requests that the Trustee execute and deliver this Amended
and Restated Third Supplemental Indenture;

     

    WHEREAS,
Section 9.01(9) of the Indenture provides that the Company and the Trustee may
amend the 2005 Notes without the consent of any Holder in order to make any
change that does not adversely affect the rights of any Holder;

     

    WHEREAS,
certain of the changes contained herein correct certain inconsistencies in the
Indenture and do not adversely affect the rights of any Holder; and

     

    WHEREAS,
all other requirements necessary to make this Amended and Restated Third
Supplemental Indenture a valid and binding instrument in accordance with its
terms and the terms of the Indenture have been satisfied.

     

    NOW,
THEREFORE, THIS AMENDED AND RESTATED THIRD SUPPLEMENTAL INDENTURE
WITNESSETH:

     

    For and
in consideration of the premises and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto
do hereby mutually covenant and agree to amend and restate the Third
Supplemental Indenture to read as follows.

     

    SECTION
1. Supplement and Notation to
$287,500,000 Note.  The Trustee is hereby agrees (i) to attach
a copy of this Amended and Restated Third Supplemental Indenture to the
$287,500,000 Note as Exhibit B thereto and
(ii) to place a second notation on the $287,500,000 Note as
follows:

     

    “The terms of this Note have been
further revised in accordance with the Amended and Restated Third Supplemental
Indenture, dated as of May 15, 2008, by and between Lazard Group LLC and The
Bank of New York, as Trustee, attached hereto as Exhibit B.  The
Amended and Restated Third Supplemental Indenture supersedes in its entirety the
Third Supplemental Indenture attached hereto as Exhibit A.”

     

    , in each
case promptly following the effectiveness hereof.

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    SECTION
2. Amendments to the Second
Supplemental Indenture.

     

    (a)  Article
I, Section (c) of the Second Supplemental Indenture is hereby deleted in its
entirety and replaced with the following:

     

    “the
following terms shall have the respective meanings ascribed thereto in the
Purchase Contract Agreement: Accounting Redemption Event; Special Event; Tax
Event and Units;”

     

    (b)  Article
I, Section (d) of the Second Supplemental Indenture is hereby amended by (i)
deleting the defined terms “Aggregate Special Event Redemption Amount”, “Notes
Pledge Agreement”, “Reset Rate”, “Senior Notes Pledge Agreement” and “Successful
Remarketing” and (ii) adding the following defined term in appropriate
alphabetical order:

     

    “Special
Event Redemption Amount” means for each Note, the greater of (a) the
principal amount of such Note and (b) the product of (i) the principal
amount of such Note and (ii) a fraction the numerator of which is the
Treasury Portfolio Purchase Price and the denominator of which is the aggregate
principal amount of the Notes.

     

    (c)  Section
2.01 of the Second Supplemental Indenture is hereby amended by deleting the
first sentence thereof and inserting the following in place
thereof:

     

    “There is
hereby authorized one series of Securities designated (i) until May 15, 2008,
the 6.120% Senior Notes initially due 2035 and (ii) thereafter, the 4.00% Senior
Notes due 2010, in each case limited in aggregate principal amount to
$437,500,000, which amount to be issued shall be as set forth in any Company
Order for the authentication and delivery of Senior Notes pursuant to the
Original Indenture.”

     

    (d)  Section
2.03 of the Second Supplemental Indenture is hereby deleted in its entirety and
replaced with the following:

     

     “Stated
Maturity.  The Senior Notes shall mature on May 15,
2010.”

     

    (e)  Section
2.04 of the Second Supplemental Indenture is hereby amended by deleting “of
Exhibit A” and inserting in place thereof “provided for by the Amended and
Restated Third Supplemental Indenture, dated as of May 15, 2008, between the
Company and the Trustee”.

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

     

    (f)  Section
2.06(a) of the Second Supplemental Indenture is hereby deleted in its entirety
and replaced with the following:

     

    “Interest and
Principal.  Until May 15, 2008, each Senior Note shall bear
interest from its Issue Date or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, as the case may be, at the
rate of 6.120% per annum. From and after May 15, 2008, each Senior Note shall
bear interest from and including May 15, 2008 or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, as the case
may be, to the date on which the principal of the Senior Notes is paid or made
available for payment at the rate of 4.00% per annum.  Interest on the
Senior Notes shall be payable, semi-annually in arrears on May 15 and
November 15 of each year, until the principal thereof is paid or made
available for payment.  Each such date of interest payment referred to
above an “Interest Payment Date.” The interest so payable, on any such Interest
Payment Date, will be paid to the Holder in whose name the Note is registered at
the close of business on the regular record date for such interest, which shall
be the 15th calendar day (whether or not a business day) prior to the relevant
Interest Payment Date (the “Regular Record Date”).”

     

    (g)  Section
2.07 of the Second Supplemental Indenture is hereby deleted in its entirety and
replaced with the following:

     

    “Issuance of Notes.
The Senior Notes shall be issued in the form of one fully registered Global Note
registered in the name of The Depository Trust Company (“DTC”), as Depositary,
or its nominee, and deposited with the Trustee, as custodian for
DTC.”

     

    (h)  Section
2.10 of the Second Supplemental Indenture is hereby deleted in its entirety and
replaced with the following:

     

    “Special Event
Redemption.  If a Special Event shall have occurred and be
continuing (as of the time of giving notice of redemption), the Company, at its
option, may redeem the Notes, in whole but not in part, upon payment of the
aggregate Special Event Redemption Amounts.”

     

    (i)  Section
3.01 of the Second Supplemental Indenture is hereby deleted in its entirety and
replaced with the following:

     

    “Payment of Additional
Amounts.  All amounts payable (whether in respect of principal,
interest, distributions or otherwise) in respect of the Notes will be made free
and clear of and without withholding or deduction for or on account of any
present or future taxes, duties, levies, assessments or governmental charges of
whatever nature imposed or levied by or on behalf of the U.S. or any political
subdivision thereof or any authority or agency therein or thereof having power
to tax, unless the withholding or deduction of such taxes, duties, levies,
assessments or governmental charges is required by law.  In that
event, the Company in respect of the Notes will pay, or cause to be paid, such
additional amounts receivable by a Holder after such withholding or deduction as
shall equal the respective amounts that would have been receivable by such
Holder had no such withholding or deduction been required, provided that such
Holder provides the Company a duly executed IRS Form W-9 or appropriate IRS Form
W-8.  The foregoing shall not apply to any Holder that is described in
Section 881(c)(3) of the Code; provided, however, the Company
will not withhold on any amounts payable in respect of the Notes to any holder
that has provided appropriate documentation establishing an exemption from
withholding under an applicable tax treaty.”

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

     

    SECTION
3. Amendment and Restatement of
the $287,500,000 Note.  The form of $287,500,000 Note is hereby
deleted in its entirety and replaced with the following (it being understood and
agreed that the principal amount thereof will be reduced to $12,000 on the date
hereof):

     

    LAZARD
GROUP LLC

     

    AMENDED
AND RESTATED 4.00% SENIOR NOTE DUE 2010

     

    UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
BECAUSE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

     

    THIS
SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS
SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT
THAT (A) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT
TO SECTION 2.04 OF THE ORIGINAL INDENTURE, (B) THIS SECURITY MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.15(B) OF THE ORIGINAL INDENTURE, (C)
THIS SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO
SECTION 2.13 OF THE ORIGINAL INDENTURE AND (D) EXCEPT AS OTHERWISE PROVIDED IN
SECTION 2.15(B) OF THE ORIGINAL INDENTURE, THIS SECURITY MAY BE TRANSFERRED IN
WHOLE BUT NOT IN PART, ONLY (X) BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY, (Y) BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY OR (Z) BY THE DEPOSITARY OR ANY NOMINEE TO A SUCCESSOR
DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

     

    [Remainder
of Page Intentionally Left Blank]

    
 

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    CUSIP:  52107R
AA 1

    ISIN:  US52107R
AA 1

     

    No.
R2       
                                                                                        $287,500,000

     

    LAZARD
GROUP LLC

     

    4.00%
SENIOR NOTE DUE 2010

     

    LAZARD
GROUP LLC, a Delaware limited liability company (the “Company”, which term
includes any successor Person under the Indenture hereinafter referred to) for
value received, hereby promises to pay to CEDE & CO., or registered assigns,
the principal sum of two hundred eighty seven million five hundred thousand
United States dollars (U.S.$287,500,000), as such amount may be increased or
decreased as set forth on the Schedule of Increases or Decreases in Global Note
annexed hereto, on May 15, 2010, and to pay interest thereon, (i) during the
period from May 10, 2005 to May 15, 2008, at the rate of 6.120% per annum
and (ii) during the period from May 15, 2008 to the date on which the principal
hereof is paid or made available for payment, at the rate of 4.00% per
annum.

     

    Interest
on this Note shall be payable semi-annually in arrears on May 15 and November 15
of each year (each, an “Interest Payment
Date”), until the principal hereof is paid or made available for
payment.  The interest so payable, and punctually paid or duly
provided for, on any such date will, as provided in the Indenture, be paid to
the Person in whose name this Note is registered at the close of business on the
regular record date for such interest, which shall be the 15th calendar day
(whether or not a business day) prior to the relevant Interest Payment
Date.

     

    The
principal of and the interest on the Notes will be payable at the Corporate
Trust Office or, at the option of the Company, by check mailed to the address of
the person entitled thereto at such person’s address as it appears on the
register or by wire transfer to the account maintained in the United States
designated by written notice given ten business days prior to the applicable
payment date by such person.

     

    The
amount of interest payable for any period on any interest payment date shall be
computed on the basis of a 360-day year consisting of twelve 30-day
months.  Except as provided in the following sentence, the amount of
interest payable for any period shorter than a semi-annual period for which
interest is computed will be computed on the basis of the actual number of days
elapsed in such 180-day period.  In the event that any date on which
interest is payable on the Notes is not a business day, then payment of interest
payable on such date will be made on the next succeeding day which is a business
day (and without any interest or other payment in respect of any such delay),
except that, if such business day is in the next succeeding calendar year, such
payment shall be made on the immediately preceding business day, in each case
with the same force and effect as if made on such date.

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

     

    Reference
is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as
if fully set forth at this place.

     

    Unless
the certificate of authorization hereon has been executed by the Trustee
referred to on the reverse hereof by the manual signature of one of its
respective authorized signatories, this Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any
purpose.

     

    [Remainder
of Page Intentionally Left Blank]

     

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

     

    IN
WITNESS WHEREOF, the Company has caused this Note to be executed and delivered
under its corporate seal.

     

    Dated:  May
10, 2005

     

     

    
      
        	 	LAZARD
      GROUP LLC	 
	 	 	 	 
	
                 

              	
                By:
      

              	 	 
	 	 	Name 	 
	 	 	Title 	 
	 	 	 	 

      

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

     

    CERTIFICATE
OF AUTHENTICATION

     

    This is
one of the Securities of the series designated herein referred to in the
within-mentioned Indenture.

     

    
       

      
        
          	 	
                  THE
      BANK OF NEW YORK,

                  as Trustee,

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	 	 
	 	 	Authorized
      Signatory	 
	 	 	 	 
	 	Dated: 
      May 10, 2005	 

        

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
 

    [FORM OF
REVERSE]

     

    This Note
is one of a duly authorized issue of securities of the Company designated, from
and after May 15, 2008, as its “4.00% Senior Notes due 2010” (herein sometimes
referred to as the “Notes”), issued under
and pursuant to an Indenture, dated as of May 10, 2005 (the “Original Indenture”),
duly executed and delivered between the Company and The Bank of New York, as
Trustee (the “Trustee”), a Second
Supplemental Indenture, dated as of May 10, 2005 (the “Second Supplemental
Indenture”), between the Company and the Trustee, and an Amended and
Restated Third Supplemental Indenture, dated as of May 15, 2008 (the “Amended and Restated Third
Supplemental Indenture”) between the Company and the Trustee (such
Original Indenture as amended and supplemented by the Second Supplemental
Indenture and the Amended and Restated Third Supplemental Indenture, the “Indenture”), to which
Indenture and all subsequent indentures supplemental thereto relating to the
Notes reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Notes and of the terms upon which the Notes are,
and are to be, authenticated and delivered.  Capitalized terms used
but not defined in this Note shall have the respective meanings described in the
Indenture.

     

    The Notes
are issuable only in registered form without coupons, in denominations of $1,000
and any integral multiple thereof.  As provided in the Indenture and
subject to certain limitations therein set forth, Notes of this series so issued
are exchangeable for a like aggregate principal amount of Notes of a different
authorized denomination, as requested by the Holder surrendering the
same.

     

    If a
Special Event shall have occurred and be continuing (as of the time of giving
notice of redemption), the Company, at its option, may redeem the Notes, in
whole but not in part, upon payment of the aggregate Special Event Redemption
Amounts.

     

    The Notes
shall constitute the senior, unsecured and unsubordinated obligations of the
Company and shall rank equally in right of payment with all existing and future
senior, unsecured and unsubordinated obligations of the Company.

     

    No
sinking fund is provided for the Notes.

     

    In the
case of an Event of Default described in Section 6.01(5) or 6.01(6) of the
Original Indenture, all unpaid principal of and accrued interest and Additional
Amounts on the Notes then Outstanding shall be due and payable immediately
without any declaration or other act on the part of the Trustee or the Holders
of any Notes.  In the case of all other Events of Default, if such
Event of Default shall occur and be continuing, the principal of all of the
Notes, together with accrued interest to the date of declaration, may be
declared due and payable in the manner and with the effect provided in the
Indenture.

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

     

    The
Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and
the rights of the Holders of the Securities of each series to be affected under
the Indenture at any time by the Company and the Trustee with the written
consent of the Holders of not less than a majority in principal amount of the
Securities at the time Outstanding and affected thereby.  The
Indenture also contains, with certain exceptions as therein provided, provisions
permitting Holders of not less than a majority in principal amount of the
Securities of any series at the time Outstanding, on behalf of the Holders of
all the Securities of such series, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences.  Any such consent or waiver by the
Holder of this Note shall be conclusive and binding upon such Holder and upon
all future Holders of this Note and of any Note issued in exchange herefor or in
lieu hereof whether or not notation of such consent or waiver is made upon this
Note or such other Note.

     

    As
provided in and subject to the provisions of the Indenture, the Holder of this
Note shall not have the right to institute any proceeding with respect to the
Indenture or for the appointment of a receiver or trustee or for any other
remedy thereunder, unless certain conditions have been satisfied.  The
foregoing shall not apply to any suit instituted by any Holder of this Note for
the enforcement of any payment of principal hereof, or any premium of interest
hereon on or after the respective due dates expressed herein.

     

    No
reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of, premium, if any, and interest on
this Note at the times, places and rate, and in the coin or currency, herein
prescribed.

     

    As
provided in the Indenture and subject to certain limitations therein set forth,
the transfer of this Note is registrable on the Security Register upon surrender
of this Note for registration of transfer at the Corporate Trust Office of the
Trustee or at such other office or agency of the Company as may be designated by
it for such purpose in the Borough of Manhattan, The City of New York (which
shall initially be an office or agency of the Trustee), or at such other offices
or agencies as the Company may designate, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Security Registrar
duly executed by, the Holder thereof or his attorney duly authorized in writing,
and thereupon one or more new Notes, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or
transferees by the Security Registrar.  No service charge shall be
made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to recover any tax or other governmental
charge payable in connection therewith.

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

     

    Prior to
due presentation of this Note for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in
whose name this Note is registered as the owner thereof for all purposes,
whether or not such Note be overdue, and neither the Company, the Trustee nor
any such agent shall be affected by notice to the contrary.

     

    No
recourse for the payment of the principal (and premium, if any) or interest on
this Note and no recourse under or upon any obligation, covenant or agreement of
the Company in the Indenture or any indenture supplemental thereto or in any
Note, or because of the creation of any indebtedness represented thereby, shall
be had against any incorporator, stockholder, employee, agent, officer or
director or subsidiary, as such, past, present, or future, of the Company or of
any successor corporation, either directly or through the Company or any
successor corporation, whether by virtue of any constitution, statute or rule of
law or by the enforcement of any assessment or penalty or otherwise, all such
liability being, by the acceptance hereof and as part of consideration for the
issue hereof expressly waived and released.

     

    This Note
is a Global Note and is subject to the provisions of the Indenture relating to
Global Notes, including the limitations in Section 2.08 of the Original
Indenture on transfers and exchanges of Global Notes.

     

    THE
INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK.

     

    All
capitalized terms used in this Note which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

     

    [Remainder
of page intentionally left blank]

     

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

     

    ABBREVIATIONS

     

    The
following abbreviations, when used in the inscription on the face of this
instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

     

    TEN COM -
as tenants in common

     

    
       

      
        
          	 	UNIF
      GIFT MIN ACT - Custodian	 
	 	 	 	 
	
                   

                	
                   

                	 
	 	 (cust)
      (minor)	 
	 	 Under
      Uniform Gifts to Minors Act	 
	 	 	 	 

        

    

     

    TEN ENT -
as tenants by the entireties

     

    JT TEN -
as joint tenants with rights of survivorship and not as tenants in
common

     

    Additional
abbreviations may also be used though not on the above list.

     

    ASSIGNMENT

     

    FOR VALUE
RECEIVED, the undersigned assigns and transfers this Note to:

     

    

      
        

      

    

    (Insert
assignee’s social security or tax identification number)

    
       

      

        
          

        

      

    

     

    (Insert
address and zip code of assignee)
_____________________________________________________________________________________________________

     

    and
irrevocably appoint agent to transfer this Note on the Security
Register.  The agent may substitute another to act for him or
her.

     

    Dated:

     

    Signed:

     

    Signature
Guarantee:

     

    (Sign
exactly as your name appears on the other side of this Note)

     

    Signatures
must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Registrar, which requirements include membership or
participation in the Security Transfer Agent Medallion Program (“STAMP”) or such
other “signature guarantee program” as may be determined by the Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

     

    SCHEDULE
OF INCREASES AND DECREASES

     

    The
initial principal amount of this Global Note is $287,500,000.  The
following increases or decreases in this Global Note have been
made:

     

    

    
      	
              
                Date
      of Increase or Decrease

              

            	 	
              
                Amount
      of Decrease in Principal Amount of this Global Note

              

            	 	
              
                Amount
      of Increase in Principal Amount of this Global Note

              

            	 	
              
                Remaining
      Principal Amount of this Global Note Following such Decrease or
      Increase

              

            	 	
              
                Signature
      of Authorized Signatory of Trustee or Custodian

              

            
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      	 	 
      

    

    

    [Remainder
of page intentionally left blank]

     

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

     

    SECTION
4. Cancellation of the
$150,000,000 Note.  The $150,000,000 Note is hereby
cancelled.  The Trustee hereby agrees to promptly return the
$150,000,000 Note to the Company.

     

    SECTION
5. Separability.  In
case any provision in this Amended and Restated Third Supplemental Indenture
shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

     

    SECTION
6. No Third Party
Beneficiary.  Nothing in this Amended and Restated Third
Supplemental Indenture, express or implied, shall give to any Person, other than
the parties hereto and their successors under the Indenture, and the Holders (as
defined in the Indenture), any benefit or any legal or equitable right, remedy
or claim under the Indenture, as amended by this Amended and Restated Third
Supplemental Indenture.

     

    SECTION
7. Continuance of Indenture;
Effectiveness.  This Amended and Restated Third Supplemental
Indenture supplements the Indenture and shall be a part of and subject to all
the terms thereof.  The Indenture and the Second Supplemental
Indenture (as amended by this Amended and Restated Third Supplemental Indenture)
shall continue in full force and effect.  This Amended and Restated
Third Supplemental Indenture shall be effective on the date hereof.

     

    SECTION
8. Governing
Law.  This Amended and Restated Third Supplemental Indenture
shall be governed by and construed in accordance with the laws of the State of
New York.

     

    SECTION
9. Counterparts.  This
Amended and Restated Third Supplemental Indenture may be executed in any number
of counterparts, each of which so executed will be deemed to be an original, but
all such counterparts shall together constitute but one and the same
instrument.

     

    SECTION
10. Trustee.  The
Trustee makes no representations as to the validity or sufficiency of this
Amended and Restated Third Supplemental Indenture.  The recitals and
statements herein are deemed to be those of the Company and not of the
Trustee.

     

    

     

    [Remainder
of page intentionally left blank]

     

     

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Third
Supplemental Indenture to be duly executed, as of the day and year first written
above.

     

    
      
        	 	 LAZARD
      GROUP LLC	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Michael
      J. Castellano	 
	 	 	Name: 	Michael
      J. Castellano 	 
	 	 	Title: 	Chief
      Financial Officer	 
	 	 	 	 

      

    

     

    
       

      
        
          	 	
                   THE
      BANK OF NEW YORK,

                  As
      Trustee

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/ Sherma
      Thomas	 
	 	 	Name: 	Sherma
      Thomas	 
	 	 	Title:  	Assistant
      Treasurer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00142-of-00352.parquet"}]]