Document:

First Supplemental Indenture dated as of May 10, 2005

  
 Exhibit 4.2 

 
  

  
 LAZARD LLC 
  

  
 FIRST SUPPLEMENTAL INDENTURE 
 Dated as of May 10, 2005 
  

  
 to the 
  
 INDENTURE 
  
 Dated as of May 10, 2005

  
 between 
  
 LAZARD LLC 
  
 and 
  
 THE BANK OF NEW YORK, 
  
 as Trustee 
  

  
 Table of Contents

  

					
	 	 	 	  	Page

	ARTICLE I
	
	Definitions
	
	ARTICLE II
	
	Designation and Terms of the Securities
			
	 SECTION 2.01.
	 	 Title and Aggregate Principal Amount
	  	5
	 SECTION 2.02.
	 	 Execution
	  	5
	 SECTION 2.03.
	 	 Other Terms and Form of the 7.125% Senior Notes
	  	5
	 SECTION 2.04.
	 	 Further Issues
	  	5
	 SECTION 2.05.
	 	 Interest and Principal
	  	5
	 SECTION 2.06.
	 	 Place of Payment
	  	6
	 SECTION 2.07.
	 	 Global Notes
	  	6
	 SECTION 2.08.
	 	 Euroclear and Clearstream Procedures Applicable
	  	7
	 SECTION 2.09.
	 	 Depositary; Registrar
	  	7
	 SECTION 2.10.
	 	 Optional Redemption
	  	7
	 SECTION 2.11.
	 	 Redemption at the Option of Holder; Sinking Fund
	  	8
	
	ARTICLE III
	
	Covenants
			
	 SECTION 3.01.
	 	 Rule 144A Information; SEC Reports
	  	8
	
	ARTICLE IV
	
	Transfer and Exchange
			
	 SECTION 4.01.
	 	 Transfers of Restricted Global Notes and IAI Global Notes
	  	9
	 SECTION 4.02.
	 	 Transfers of Regulation S Global Notes
	  	9
	 SECTION 4.03.
	 	 Exchanges of Global Note for Non Global Note
	  	10
	 SECTION 4.04.
	 	 Interests in Regulation S Global Note to be Held Through Euroclear or Clearstream
	  	10
	 SECTION 4.05.
	 	 Legends
	  	11
	 SECTION 4.06.
	 	 Cancellation and/or Adjustment of Global Notes
	  	13

  

					
	
	ARTICLE V
	
	Defeasance

  

 i 

					
			
	 SECTION 5.01.
	 	 Defeasance and Covenant Defeasance
	  	14
	
	ARTICLE VI
	
	Miscellaneous
			
	 SECTION 6.01.
	 	 Ratification of Original Indenture; Supplemental Indentures Part of Original Indenture
	  	14
	 SECTION 6.02.
	 	 Concerning the Trustee
	  	14
	 SECTION 6.03.
	 	 Counterparts
	  	14
	 SECTION 6.04.
	 	 GOVERNING LAW
	  	14

  

			
	 Exhibit A
	  	 Form of Note

  

 ii 

 FIRST SUPPLEMENTAL INDENTURE, dated as of May 10, 2005 (this “First Supplemental
Indenture”), to the Indenture, dated as of May 10, 2005 (the “Original Indenture”), between LAZARD LLC, a Delaware limited liability company (the “Company”), and THE BANK OF NEW YORK, as trustee (the
“Trustee”). 
  
 WHEREAS, the Company and the
Trustee have heretofore executed and delivered the Original Indenture to provide for the issuance from time to time of Securities (as defined in the Original Indenture) of the Company, to be issued in one or more Series; 
  
 WHEREAS, Sections 2.02 and 9.01 of the Original Indenture provide, among
other things, that the Company and the Trustee may enter into indentures supplemental to the Original Indenture for, among other things, the purpose of establishing the designation, form, terms and conditions of Securities of any Series permitted by
Sections 2.01 and 9.01 of the Original Indenture; 
  
 WHEREAS, the
Company (i) desires the issuance of a Series of Securities to be designated as hereinafter provided and (ii) has requested the Trustee to enter into this First Supplemental Indenture for the purpose of establishing the designation, form, terms and
conditions of the Securities of such Series; 
  
 WHEREAS, the
Company has duly authorized the creation of (1) an issue of its 7.125% Senior Notes Due 2015 (the “Original 7.125% Senior Notes”), (2) pursuant to the Exchange Offer (as herein defined), its 7.125% Senior Notes Due 2015 to be issued
in exchange for the Original 7.125% Senior Notes (the “Exchange Notes”) and (3) its 7.125% Senior Notes Due 2015 to be issued in a private exchange for the Original 7.125% Senior Notes (the “Private Exchange Notes”
and collectively with the Original 7.125% Senior Notes and the Exchange Notes, the “7.125% Senior Notes,” which expression includes any further notes issued pursuant to Section 2.04 hereof and forming a single series therewith) of
substantially the tenor and amount hereinafter set forth. The Original 7.125% Senior Notes, the Exchange Notes and the Private Exchange Notes shall rank pari passu; and 
  
 WHEREAS, all action on the part of the Company necessary to authorize the issuance of the 7.125% Senior Notes under the
Original Indenture and this First Supplemental Indenture (the Original Indenture, as supplemented by this First Supplemental Indenture, being hereinafter called the “Indenture”) has been duly taken. 
  
 NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH: 
  
 That, in order to establish the designation, form, terms and conditions of,
and to authorize the authentication and delivery of, the 7.125% Senior Notes, and in consideration of the acceptance of the 7.125% Senior Notes by the Holders thereof and of 

  

 
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

 
 ARTICLE I 
  
 Definitions 
  
 (a) Capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed thereto in the Original Indenture.

  
 (b) The rules of interpretation set forth in the Original
Indenture shall be applied hereto as if set forth in full herein. 
  
 (c) For all purposes of this First Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires, the following terms shall have the following respective meanings (such meanings shall apply equally
to both the singular and plural forms of the respective terms): 
  
 “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of DTC, Euroclear and Clearstream that apply to such transfer or exchange.

  
 “Closing Date” means the day on which the Closing
Date for the Original 7.125% Senior Notes occurs pursuant to the Purchase Agreement. 
  
 “Comparable Treasury Issue” means the U.S. Treasury security selected by the Trustee as having a maturity comparable to the remaining term of the 7.125% Senior Notes to be redeemed that would be utilized, at
the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the 7.125% Senior Notes. 
  
 “Comparable Treasury Price” means (1) the average of five Reference
Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such
quotations. 
  
 “Definitive Note” means a 7.125% Senior
Note in definitive registered form without coupons. 
  
 “DTC
Legend” means the legend set forth in Section 4.05(c), which is required to be placed on all Global Notes, for which DTC is acting as the Depositary. 
  
 “Exchange Notes” means the 7.125% Senior Notes issued pursuant to the Exchange Offer. 
  
 “Exchange Offer” means the Exchange Offer as defined in the
Registration Rights Agreement. 
  

 2 

 “Global Note Legend” means the legend set forth in Section 4.05(b), which is required to be
place on all Global Notes. 
  
 “Global Notes” means,
individually and collectively, each of the Restricted Global Notes, the IAI Global Notes, the Regulation S Global Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A hereto, issued in accordance with Section 2.15 of the
Original Indenture and Section 2.07 hereof. 
  
 “Initial
Purchasers” has the meaning set forth in the Purchase Agreement. 
  
 “Institutional Accredited Investor” means an institution that is an “accredited advisor” as that term is defined in Rule 50l(a)(1), (2), (3) or (7) under the Securities Act. 
  
 “Lead Managers” means Citigroup Global Markets Inc. and J.P. Morgan
Securities Inc. 
  
 “Original 7.125% Senior Notes” means
all 7.125% Senior Notes, other than Exchange Notes and the Private Exchange Notes. 
  
 “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include
Euroclear or Clearstream) as indirect participants. 
  
 “Private Exchange” means the offer by the Company, pursuant to the Registration Rights Agreement, to issue and deliver to the Initial Purchasers, in exchange for the Original 7.125% Senior Notes held by such Initial Purchasers as
part of their initial distribution, a like aggregate principal amount of Private Exchange Notes. 
  
 “Private Exchange Notes” means the 7.125% Senior Notes issued in connection with a Private Exchange pursuant to the Registration Rights
Agreement. 
  
 “Private Placement Legend” means the
legend set forth in Section 4.05(a) hereof. 
  
 “Purchase
Agreement” means the Purchase Agreement, dated as of May 4, 2005, between the Company and Citigroup Global Markets Inc., J.P. Morgan Securities Inc., BNY Capital Markets, Inc., Goldman, Sachs & Co. and Lazard Frères & Co. LLC, as
the initial purchasers, as such agreement may be amended, modified or supplemented from time to time. 
  
 “QIB” means any “qualified institutional buyer,” as defined in Rule 144A under the Securities Act. 
  
 “Reference Treasury Dealer Quotations” means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each 

  

 3 

 
case as a percentage of its principal amount) quoted in writing to the Trustee at 5:00 p.m., New York City time, on the third Business Day preceding such
Redemption Date. 
  
 “Reference Treasury Dealers” means
(a) Citigroup Global Markets Inc., (b) J.P. Morgan Securities Inc. and (c) one or more of BNY Capital Markets, Inc., Goldman, Sachs & Co. and Lazard Fréres & Co. LLC that the Company appoints to act as a Reference Treasury Dealer from
time to time, in each case and their respective successors; provided, however, that if any of the foregoing ceases to be a primary dealer of U.S. government securities in New York City, the Company shall substitute another primary
dealer of U.S. government securities. 
  
 “Registration
Rights Agreement” means the Registration Rights Agreement, dated as of May 10, 2005, between the Company and the Initial Purchasers, as such agreement may be amended, modified or supplemented from time to time. 
  
 “Regulation S” means Regulation S under the Securities Act.

  
 “Rule 144” means Rule 144 under the Securities Act.

  
 “Rule 144A” means Rule 144A under the Securities
Act. 
  
 “Shelf Registration Statement” means a
registration statement issued by the Company in connection with the offer and sale of Original 7.125% Senior Notes or Private Exchange Notes pursuant to the Registration Rights Agreement. 
  
 “Treasury Rate” means, with respect to any Redemption Date: (a) the yield, under the heading which represents the
average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15 (519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System
and which establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is
within three months before or after the remaining life (as defined below), yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or
extrapolated from such yields on a straight line basis, rounding to the nearest month); or (b) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per
annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
such redemption date. The Treasury Rate will be calculated on the third Business Day preceding the date fixed as a Redemption Date. 
  
 Other Definitions 
  

			
	 Term

	  	Defined in Section

	 “7.125% Senior Notes”
	  	2.01
	 “DTC”
	  	2.09

  

 4 

			
	 Term

	  	Defined in Section

	 “IAI Global Note”
	  	2.07
	 “Interest Payment Date”
	  	2.05
	 “Record Date”
	  	2.05
	 “Redemption Price”
	  	2.10
	 “Regulation S Global Note”
	  	2.07
	 “Resale Restriction Termination Date”
	  	4.01
	 “Restricted Global Note”
	  	2.07
	 “Restricted Notes”
	  	2.07
	 “Unrestricted Global Notes”
	  	2.07
	 “Unrestricted Notes”
	  	2.07

  
 ARTICLE II 

 
 Designation and Terms of the Securities 
  
 SECTION 2.01. Title and Aggregate Principal Amount. There is hereby
created one Series of Securities designated: 7.125% Senior Notes Due 2015 (the “7.125% Senior Notes”). 
  
 SECTION 2.02. Execution. The 7.125% Senior Notes may forthwith be executed by the Company and delivered to the Trustee for authentication and
delivery by the Trustee in accordance with the provisions of Section 2.04 of the Original Indenture. 
  
 SECTION 2.03. Other Terms and Form of the 7.125% Senior Notes. The 7.125% Senior Notes shall have and be subject to such other terms as provided in
the Original Indenture and this First Supplemental Indenture and shall be evidenced by one or more Global Notes in the form of Exhibit A hereof and as set forth in Section 2.07 hereof. 
  
 SECTION 2.04. Further Issues. The Company may from time to time, without the consent of the Holders of the 7.125%
Senior Notes and in accordance with the Original Indenture and this First Supplemental Indenture, create and issue further notes having the same terms and conditions as the 7.125% Senior Notes in all respects (or in all respects except for the first
payment of interest) so as to form a single series with the 7.125% Senior Notes. 
  
 SECTION 2.05. Interest and Principal. The 7.125% Senior Notes will mature on May 15, 2015 and will bear interest at the rate of 7.125% per annum. The Company will pay interest on the 7.125% Senior Notes on each
May 15 and November 15 (each an “Interest Payment Date”), beginning on November 15, 2005, to the holders of record on the immediately preceding May 1 or November 1 (each a “Record Date”), respectively. Interest on
the 7.125% Senior Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance. Payments of the principal of and interest on the 7.125% Senior Notes shall be made in
Dollars, and the 7.125% Senior Notes shall be denominated in Dollars. 
  

 5 

 SECTION 2.06. Place of Payment. The place of payment where the 7.125% Senior Notes issued in the
form of Definitive Notes may be presented or surrendered for payment, where the principal of and interest and any other payments due on the 7.125% Senior Notes issued in the form of Definitive Notes are payable, where the 7.125% Senior Notes may be
surrendered for registration of transfer or exchange and where notices and demands to and upon the Company in respect of the 7.125% Senior Notes and the Indenture may be served shall be in the Borough of Manhattan, The City of New York, and the
office or agency maintained by the Company for such purpose shall initially be the Corporate Trust Office of the Trustee. All payments on 7.125% Senior Notes issued in the form of Global Notes shall be made by wire transfer of immediately available
funds to the Depositary and, at the option of the Company, payment of interest on the 7.125% Senior Notes issued in the form of Definitive Notes may be made by check mailed to registered Holders. 
  
 SECTION 2.07. Global Notes. 
  
 (a) Regulation S and Unrestricted Global Notes. Original 7.125% Senior
Notes offered and sold in their initial distribution in reliance on Regulation S shall be initially issued in the form of one or more Global Notes in definitive, fully registered form without interest coupons with such applicable legends as are
provided for in Section 4.05, except as otherwise permitted herein. Such Global Notes shall be registered in the name of the Depositary or its nominee and deposited with the Trustee, at its Corporate Trust Office, as custodian for the Depositary,
duly executed by the Company and authenticated by the Trustee as provided in the Original Indenture, for credit to the respective accounts at the Depositary of the depositories for Euroclear or for Clearstream. Until such time as the Restricted
Period (as defined below) shall have terminated, such Global Notes shall be referred to herein collectively as the “Regulation S Global Note.” After such time as the Restricted Period shall have terminated, such Global Notes shall
be referred to herein collectively as the “Unrestricted Global Notes.” The aggregate principal amount of the Regulation S Global Note or the Unrestricted Global Note may from time to time be increased or decreased by adjustments
made on the records of the Trustee, as custodian for the Depositary, in connection with a corresponding decrease or increase in the aggregate principal amount of the Restricted Global Note or the IAI Global Note, as provided herein. As used herein,
the term “Restricted Period” means the period of 40 consecutive days beginning on and including the first day after the later of (i) the day that the Lead Managers advise the Company and the Trustee is the day on which the 7.125%
Senior Notes are first offered to persons other than distributors (as defined in Regulation S) in reliance on Regulation S and (ii) the Closing Date. The Regulation S Global Note, the Unrestricted Global Note and all other 7.125% Senior Notes that
are not Restricted Notes or IAI Global Notes shall collectively be referred to herein as the “Unrestricted Notes.” 
  
 (b) Restricted Notes. Original 7.125% Senior Notes offered and sold in their initial distribution in reliance on Rule 144A shall be issued in the
form of one or more Global Notes (collectively, the “Restricted Global Note”) in definitive, fully registered form without interest coupons with such applicable legends as are provided for in Section 4.05, except as otherwise
permitted herein. Such Restricted Global Note shall 

  

 6 

 
be registered in the name of the Depositary or its nominee and deposited with the Trustee, at its Corporate Trust Office, as custodian for the Depositary,
duly executed by the Company and authenticated by the Trustee as provided in the Original Indenture. The aggregate principal amount of the Restricted Global Note may from time to time be increased or decreased by adjustments made on the records of
the Trustee, as custodian for the Depositary, in connection with a corresponding decrease or increase in the aggregate principal amount of the Regulation S Global Note or the Unrestricted Global Note or the IAI Global Note, as provided herein. The
Restricted Global Note and all other 7.125% Senior Notes evidencing the debt, or any portion of the debt, initially evidenced by such Note, other than (x) 7.125% Senior Notes transferred or exchanged upon certification as provided in Sections 4.01
or 4.02, (y) Exchange Notes and (z) 7.125% Senior Notes no longer required to bear the Private Placement Legend as provided in Section 4.05, shall collectively be referred to herein as the “Restricted Notes.” 
  
 (c) IAI Global Notes. Original 7.125% Senior Notes transferred to an
Institutional Accredited Investor following the initial distribution of the Original 7.125% Senior Notes shall be issued in the form of one or more Global Notes (collectively, the “IAI Global Note”) in definitive, fully registered
form without interest coupons with such applicable legends as are provided for in Section 3.05, except as otherwise permitted herein. Such IAI Global Note shall be registered in the name of the Depositary or its nominee and deposited with the
Trustee, at its Corporate Trust Office, as custodian for the Depositary, duly executed by the Company and authenticated by the Trustee as provided in the Original Indenture. The aggregate principal amount of the IAI Global Note may from time to time
be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depositary, in connection with a corresponding decrease or increase in the aggregate principal amount of the Restricted Global Note or the Regulation S
Global Note or Unrestricted Global Note, as provided herein. 
  
 SECTION 2.08. Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System,” the “General Terms and Conditions of Clearstream Banking” and the “Customer
Handbook” of Clearstream, in each case, as in effect from time to time, shall be applicable to transfers of beneficial interests in Global Notes sold in reliance on Regulation S and that are held by Participants through Euroclear or
Clearstream. 
  
 SECTION 2.09. Depositary; Registrar. The
Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. The Company initially appoints the Trustee to act as the Registrar and the paying agent and designates the
Trustee’s New York office as the office or agency referred to in Section 2.05(b) of the Original Indenture. 
  
 SECTION 2.10. Optional Redemption. The Company at its option may, at any time, redeem the 7.125% Senior Notes, in whole or in part, upon payment of
a redemption price equal to (A) the greater of (i) 100% of the principal amount of the 7.125% Senior Notes to be redeemed on the Redemption Date; or (ii) the sum of the 

  

 7 

 
present values of the remaining scheduled payments of principal and interest on the 7.125% Senior Notes being redeemed on that Redemption Date (not including
any portion of any payment of interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis at the Treasury Rate, plus 50 basis points, as determined by the Reference Treasury Dealer, plus (B) in each case,
accrued and unpaid interest on the 7.125% Senior Notes to the Redemption Date (the “Redemption Price”‘). Notwithstanding the foregoing, installments of interest on 7.125% Senior Notes that are due and payable on Interest
Payment Dates falling on or prior to a Redemption Date will be payable on the Interest Payment Date to the Holders as of the close of business on the relevant Record Date. The Redemption Price shall be calculated on the basis of a 360-day year
consisting of twelve 30-day months. The actual Redemption Price, calculated as described above, must be set forth in an Officers’ Certificate delivered to the Trustee no later than two Business Days prior to the Redemption Date. 
  
 SECTION 2.11. Redemption at the Option of Holder; Sinking Fund. The
7.125% Senior Notes shall not be redeemable at the option of any Holder thereof, upon the occurrence of any particular circumstances or otherwise. The 7.125% Senior Notes will not have the benefit of any sinking fund. 
  
 ARTICLE III 
  
 Covenants 
  
 SECTION 3.01. Rule 144A Information: SEC Reports. The Company will furnish to Holders of the 7.125% Senior Notes and to prospective investors, upon
request, any information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as the 7.125% Senior Notes are not freely transferable under the Securities Act. 
  
 The Company will not be obligated to (i) file the information, documents and
reports specified in Section 4.02 of the Original Indenture with the SEC if the SEC does not permit such filings or (ii) prior to the earlier of (a) 105 days after the date of the issuance of the 7.125% Senior Notes under this Supplemental Indenture
and (b) the consummation of the exchange offer described in the registration rights agreement dated as of May 10, 2005, between the Company and the initial purchasers named therein, file with the SEC and provide the Trustee and Holders of the 7.125%
Senior Notes with the information, documents and reports specified in Section 4.02 of the Original Indenture if Lazard Ltd files with the SEC and provides the Trustee and Holders of the 7.125% Senior Notes with such information, documents and
reports at the times specified for the filing of such information, documents and reports under such Sections. 
  

 8 

 ARTICLE IV 
  
 Transfer and Exchange 
  
 SECTION 4.01. Transfers of Restricted Global Notes and IAI Global Notes. Notwithstanding anything to the contrary herein, the following provisions
shall apply with respect to any proposed transfer of Restricted Global Notes or IAI Global Notes prior to the date which is two years after the later of the date of its original issue and the last date on which the Company or any Affiliate of the
Company was the owner of such Global Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”): 
  
 (A) a transfer of a Restricted Global Note or IAI Global Note or a beneficial interest therein to a QIB shall be made upon the
representation of the transferee, in the form of an assignment on the reverse of the certificate, that it is purchasing the 7.125% Senior Note for its own account or an account with respect to which it exercises sole investment discretion and that
it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the
Company as such transferee has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration
provided by Rule 144A; 
  
 (B) a transfer of a
Restricted Global Note or an IAI Global Note or a beneficial interest therein to an Institutional Accredited Investor shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth in Annex 1 to Exhibit A
from the proposed transferee and, if requested by the Company or the Trustee, the delivery of an opinion of counsel, certification and/or other information satisfactory to each of them; and 
  
 (C) a transfer of a Restricted Global Note or an IAI Global
Note or a beneficial interest therein to a non-United States Person shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth in Annex 2 to Exhibit A from the proposed transferor and, if requested by
the Company or the Trustee, the delivery of an opinion of counsel, certification and/or other information satisfactory to each of them. 
  
 SECTION 4.02. Transfers of Regulation S Global Notes. Notwithstanding anything to the contrary, the following provisions shall apply with respect
to any proposed transfer of a Regulation S Global Note prior to the expiration of the Restricted Period: 
  

 9 

 (A) a transfer of a Regulation S Global Note or a beneficial interest therein to a QIB
shall be made upon the representation of the transferee, in the form of assignment on the reverse of the certificate, that it is purchasing the 7.125% Senior Note for its own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such
information regarding the Company as such transferee has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the
exemption from registration provided by Rule 144A; 
  
 (B) a transfer of a Regulation S Global Note or a beneficial interest therein to an Institutional Accredited Investor shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth in Annex 1 to
Exhibit A from the proposed transferee and, if requested by the Company or the Trustee, the delivery of an opinion of counsel, certification and/or other information satisfactory to each of them; and 
  
 (C) a transfer of a Regulation S Global Note or a beneficial
interest therein to a non-United States Person shall be made upon receipt by the Trustee or its agent of a certificate substantially in the form set forth in Annex 2 to Exhibit A hereof from the proposed transferor and, if requested by the Company
or the Trustee, receipt by the Trustee or its agent of an opinion of counsel, certification and/or other information satisfactory to each of them. 
  
 After the expiration of the Restricted Period, interests in a Regulation S Security may be transferred without requiring certification set forth in Annex
1 to Exhibit A, Annex 2 to Exhibit A or any additional certification. 
  
 SECTION 4.03. Exchanges of Global Note for Non Global Note. In the event that a Global Note or any portion thereof is exchanged for 7.125% Senior Notes other than Global Notes pursuant to Section 2.11 of the Original Indenture, such
other Notes may in turn be exchanged (on transfer or otherwise) for 7.125% Senior Notes that are not Global Notes or for beneficial interests in a Global Note (if any is then Outstanding) only in accordance with such procedures, which shall be
substantially consistent with the provisions of Sections 4.01, 4.02 and 4.04 of this First Supplemental Indenture (including the certification requirements intended to insure that transfers and exchanges of beneficial interests in a Global Note
comply with Rule 144A, Rule 144 or Regulation S, as the case may be) and any Applicable Procedures, as may be from time to time adopted by the Company and the Trustee. 
  
 SECTION 4.04. Interests in Regulation S Global Note to be Held Through Euroclear or Clearstream. Until the
termination of the Restricted Period, interests in the Regulation S Global Note may be held only through DTC Participants acting for and on 

  

 10 

 
behalf of Euroclear and Clearstream, provided that this Section 4.04 shall not prohibit any transfer in accordance with Section 4.02 hereof. 
  
 SECTION 4.05. Legends. The following legends shall, as indicated
below, appear on the face of 7.125% Senior Notes issued under the Indenture unless specifically stated otherwise in the applicable provisions of the Indenture. 
  

(a) Private Placement Legend. 
  
 (1) Except as permitted by subparagraph (2) below, each Restricted Note, IAI Global Note and Regulation S Global Note (and all 7.125%
Senior Notes issued in exchange therefor or substitution thereof) shall bear a legend in substantially the following form: 
  
 “THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”). THE HOLDER HEREOF, BY
PURCHASING THIS SECURITY, AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS SECURITY MAY NOT BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED (X) PRIOR TO THE SECOND ANNIVERSARY OF THE ISSUANCE HEREOF (OR ANY PREDECESSOR SECURITY HERETO) OR (Y) BY ANY
HOLDER THAT WAS AN AFFILIATE OF THE COMPANY AT ANY TIME DURING THE THREE MONTHS PRECEDING THE DATE OF SUCH TRANSFER, IN EITHER CASE OTHER THAN (1) TO THE COMPANY, (2) SO LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT (“RULE 144A”), TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A, PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM
NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS
ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A TRANSACTION INVOLVING A MINIMUM PRINCIPAL AMOUNT OF $250,000 OF SECURITIES, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO
OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (4) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (5) PURSUANT TO ANY EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT OR (6) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES; (B) THE HOLDER WILL NOTIFY ANY PURCHASER OF NOTES

  

 11 

 
FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE, IF THEN APPLICABLE; AND (C) WITH RESPECT TO ANY TRANSFER OF NOTES PURSUANT TO CLAUSES (A)(3),
(A)(4) or (A)(5), THE HOLDER WILL DELIVER TO THE COMPANY AND THE TRUSTEE AN OPINION OF COUNSEL, CERTIFICATES AND OTHER INFORMATION AS THE COMPANY OR THE TRUSTEE MAY REQUIRE TO CONFIRM THAT THE TRANSFER BY IT COMPLIES WITH THE FOREGOING
RESTRICTIONS.” 
  
 (2) Exchange Notes shall
not bear the Private Placement Legend. The Private Placement Legend required for the Regulation S Global Note may be removed when such Note becomes an Unrestricted Global Note as provided in Section 2.07. The Private Placement Legend required for a
Restricted Note and an IAI Global Note may be removed from a 7.125% Senior Note if there is delivered to the Company such satisfactory evidence, which may include an opinion of independent counsel licensed to practice law in the State of New York,
as may be reasonably required by the Company that neither such legend nor the restrictions on transfer set forth therein are required to ensure that transfers of such 7.125% Senior Note will not violate the registration requirements of the
Securities Act. In addition, after a transfer of any Original 7.125% Senior Notes or Private Exchange Notes, as the case may be, during the period of the effectiveness of a Shelf Registration Statement with respect to such Original 7.125% Senior
Notes or Private Exchange Notes, all requirements pertaining to the Private Placement Legend on such Original 7.125% Senior Note or Private Exchange Note will cease to apply. Upon provision of such satisfactory evidence or upon such transfer
pursuant to a Shelf Registration Statement, the Trustee, at the direction of the Company, shall authenticate and deliver in exchange for such 7.125% Senior Note another 7.125% Senior Note or 7.125% Senior Notes having an equal aggregate principal
amount that does not bear such legend. If such a legend required for a Restricted Note has been removed from a 7.125% Senior Note as provided above, it shall not be a Restricted Note and no other 7.125% Senior Note issued in exchange for all or any
part of such 7.125% Senior Notes shall bear such legend, unless the Company has reasonable cause to believe that such other 7.125% Senior Note is a “restricted security” within the meaning of Rule 144 and instructs the Trustee to cause a
legend to appear thereon. 
  
 (3) Exchange Notes
shall not contain language regarding additional interest in certain cases of noncompliance with the Registration Rights Agreement. 
  
 (b) Global Note Legend. Each Global Note shall bear a legend in substantially the following form: 
  
 “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 

  

 12 

 
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.” 
  
 (c) PTC Legend. Each Global Note for which DTC is acting as the Depositary shall bear a legend in the following form: 
  
 “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.” 
  
 SECTION 4.06. Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been
redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.13 of the Original Indenture. At any time prior to such cancellation, if any
beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such
Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or
transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly 

  

 13 

 
and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase.

  
 ARTICLE V 
  
 Defeasance 
  
 SECTION 5.01. Defeasance and Covenant Defeasance. Article Eight of the Original Indenture shall be applicable to the
7.125% Senior Notes. 
  
 ARTICLE VI 
  
 Miscellaneous 
  
 SECTION 6.01. Ratification of Original Indenture; Supplemental Indentures Part of Original Indenture. Except as
expressly amended hereby, the Original Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This First Supplemental Indenture shall form a part of the
Original Indenture for all purposes, and every Holder heretofore or hereafter authenticated and delivered shall be bound hereby. 
  
 SECTION 6.02. Concerning the Trustee. The recitals contained herein and in the 7.125% Senior Notes, except with respect to the Trustee’s
certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this First
Supplemental Indenture or of the 7.125% Senior Notes. 
  
 SECTION
6.03. Counterparts. This First Supplemental Indenture may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all such counterparts shall together constitute one and the same
instrument. 
  
 SECTION 6.04. GOVERNING LAW. THIS FIRST
SUPPLEMENTAL INDENTURE AND EACH NOTE OF THE SERIES CREATED HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT
THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  

 14 

 IN WITNESS WHEREOF, the parties have caused this First Supplemental indenture to be duly executed by
their respective officers thereunto duly authorized as of the date first above written. 
  

					
	LAZARD LLC,
		
	by	 	/s/ Scott D. Hoffman
	 	 	 Name:
	 	 Scott D. Hoffman

	 	 	 Title:
	 	 Authorized Person

  

 IN WITNESS WHEREOF, the parties have caused this First Supplemental Indenture to be duly executed
by their respective officers thereunto duly authorized as of the date first above written. 
  

	
	 THE BANK OF NEW YORK,

	 as Trustee,

			
		
	By:	 	/s/    Julie Salovitch-Miller
	 Name:
	 	Julie Salovitch-Miller
	 Title:
	 	Vice President

  

 EXHIBIT A 
  
 [Face of Note]  
  
 LAZARD LLC 
  
 7.125% Senior Notes Due 2015 
  
 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 HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
(THE “SECURITIES ACT”). THE HOLDER HEREOF, BY PURCHASING THIS SECURITY, AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS SECURITY MAY NOT BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED (X) PRIOR TO THE SECOND ANNIVERSARY OF THE ISSUANCE
HEREOF (OR ANY PREDECESSOR SECURITY HERETO) OR (Y) BY ANY HOLDER THAT WAS AN AFFILIATE OF THE COMPANY AT ANY TIME DURING THE THREE MONTHS PRECEDING THE DATE OF SUCH TRANSFER, IN EITHER CASE OTHER THAN (1) TO THE COMPANY, (2) SO LONG AS THIS SECURITY
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A, PURCHASING FOR ITS OWN ACCOUNT OR FOR
THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR
(7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A TRANSACTION INVOLVING A MINIMUM PRINCIPAL AMOUNT OF $250,000 OF
SECURITIES, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE 

  

 A-1 

 
SECURITIES ACT, (4) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT, (5) PURSUANT TO ANY EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT OR (6) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES; (B) THE HOLDER WILL NOTIFY ANY PURCHASER OF
NOTES FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE, IF THEN APPLICABLE; AND (C) WITH RESPECT TO ANY TRANSFER OF NOTES PURSUANT TO CLAUSES (A)(3), (A)(4) or (A)(5), THE HOLDER WILL DELIVER TO THE COMPANY AND THE TRUSTEE AN OPINION OF
COUNSEL, CERTIFICATES AND OTHER INFORMATION AS THE COMPANY OR THE TRUSTEE MAY REQUIRE TO CONFIRM THAT THE TRANSFER BY IT COMPLIES WITH THE FOREGOING RESTRICTIONS. 
  
 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. 
  

 A-2 

 CUSIP: [52107Q AA 3]1[U51391 AA 5]2  

ISIN: [US52107QAA31]3[USU51391 AA50]4 
  
 7.125% Senior Notes Due 2015 
  

			
	No.         	 	$550,000,000

  
 LAZARD LLC 

 
 promises to pay to [CEDE & CO.]5 or registered assigns, the principal sum [of [        ] Dollars ($[    ])]6 [as such amount may be adjusted as set forth on the Schedule of Exchanges, Redemptions, Repurchases, Cancellations and
Transfers annexed hereto]5 on May 10,2015. 
  
 Interest Payment Dates: May 15 and November 15, commencing on November 15, 2005. 
  
 Records Dates: May 1 and November 1. 

	1	Insert for Rule 144A Global Note. 

  

	2	Insert for Reg. S Global Note. 

  

	3	Insert for Rule 144A Global Note. 

  

	4	Insert for Reg. S Global Note. 

  

	5	Insert for Global Securities. 

  

	6	Insert for Definitive Securities. 

  

 A-3 

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 
  

			
	LAZARD LLC,
		
	by	 	 
	 	 	 Name:

	 	 	 Title:

  

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	Dated:
	
	THE BANK OF NEW YORK,
		
	by	 	 
	 	 	 Authorized Signatory

  

 A-4 

 [Reverse of Note] 
  

LAZARD LLC 
  
 7.125% Senior Notes Due 2015 
  
 1. Indenture 
  
 This Security is one of a duly authorized issue of Securities of the Company, designated as its 7.125% Senior Notes Due 2015 (herein called the
“Notes,” which expression includes any further notes issued pursuant to Section 2.04 of the Supplemental Indenture (as hereinafter defined) and forming a single series therewith), issued and to be issued under an indenture, dated as of May
10, 2005 (herein called the “Original Indenture”), as supplemented by a supplemental indenture, dated as of May 10, 2005 (the “Supplemental Indenture,” and together with the Original Indenture, the “Indenture”), between
LAZARD LLC, a Delaware limited liability company (such company, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”) and THE BANK OF NEW YORK, as trustee (the “Trustee”),
to which Indenture and all indentures supplemental thereto relevant to the Notes reference is hereby made for a complete description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and
the Holders of the Notes. Capitalized terms used but not defined in this Note shall have the meanings ascribed to them in the Indenture. 
  
 The Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries to create or incur Liens and to dispose of shares
of Capital Stock of Designated Subsidiaries. The Indenture also imposes certain limitations on the ability of the Company to merge, consolidate or amalgamate with or into any other person (other than a merger of a wholly owned subsidiary into the
Company) or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all of the property of the Company in any one transaction or series of related transactions. 
  
 Each Note is subject to, and qualified by, all such terms as set forth in the Indenture certain of which are summarized
herein and each Holder of a Note is referred to the corresponding provisions of the Indenture for a complete statement of such terms. To the extent that there is any inconsistency between the summary provisions set forth in the Notes and the
Indenture, the provisions of the Indenture shall govern. 
  
 2. Interest 
  
 (a) The
Company promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Company will pay interest semiannually on Ma 15 and November 15 of each year, commencing November 15, 2005. Interest on the Notes will
accrue from the most recent date to which interest has been paid or, if no interest has been paid, from May 10, 2005. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 
  

 (b) Additional Interest. The Holder of this Note is entitled to the benefits of a Registration
Rights Agreement, dated as of May 10, 2005, between the Company and the initial purchasers named therein (the “Registration Agreement”). Capitalized terms used in this paragraph (b) but not defined herein have the meanings assigned to them
in the Registration Agreement. In the event that (i) neither the Exchange Offer Registration Statement nor the Shelf Registration Statement has been filed with the Securities and Commission on or prior to the 105th day following the date of the
original issuance of the Notes, (ii) the Exchange Offer Registration Statement has not been declared effective on or prior to the 150th day following the date of the original issuance of the Notes, (iii) neither the Registered Exchange Offer has
been consummated nor the Shelf Registration Statement has been declared effective on or prior to the 180th day following the date of the original issuance of the Notes, or (iv) after the Shelf Registration Statement has been declared effective, such
Registration Statement thereafter ceases to be effective or usable in connection with resales of the Notes at any time that the Company is obligated to maintain the effectiveness thereof pursuant to the Registration Agreement (each such event
referred to in clauses (i) through (iv) above being referred to herein as a “Registration Default”), interest (the “Additional Interest”) shall accrue (in addition to stated interest on the Notes) from and including the date on
which the first such Registration Default shall occur to but excluding the date on which all Registration Defaults have been cured, at a rate per annum equal to 0.25% of the principal amount of the Notes; provided, however, that such
rate per annum shall increase by 0.25% per annum from and including the 76th day after the first such Registration Default (and each successive 76th day thereafter) unless and until all Registration Defaults have been cured; provided further,
however, that in no event shall the Additional Interest accrue at a rate in excess of 0.50% per annum. The Additional Interest will be payable in cash semiannually in arrears each May 15 and November 15. 
  
 3. Paying Agent, Registrar and Service Agent

  
 Initially, THE BANK OF NEW YORK, a New York corporation (the
“Trustee”), will act as paying agent, registrar and service agent. The Company may appoint and change any paying agent, registrar or co-registrar and service agent without notice. The Company or any of its Subsidiaries may act as paying
agent, registrar, co-registrar or service agent. 
  
 4. Defaults and Remedies; Waiver 
  
 If an Event
of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the outstanding Notes, subject to certain limitations, may declare all the Notes due and payable immediately. In the case of an Event of
Default resulting from certain events of bankruptcy, insolvency or reorganization, the principal (or such specified amount) and premium, if any, of all outstanding Notes will become and be immediately due and payable without any declaration or other
act by the Trustee or any Holder of outstanding Notes. 
  
 Holders
of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Notes 

  

 A-6 

 
unless it receives reasonable indemnification. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Notes then
outstanding may direct the Trustee in its exercise of any trust or power under the Indenture. 
  
 At any time after the principal of the Notes shall have been so declared due and payable (or have become immediately due and payable), and before any judgment or decree for the payment of the moneys due shall have
been obtained or entered, the Holders of a majority in aggregate principal amount of the Notes then outstanding under the Indenture, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if (i)
the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Notes and the principal of (and premium, if any, on) any and all Notes that shall have become due otherwise than by
acceleration (with interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Notes to the date of such
payment or deposit) and the amount payable to the Trustee under Section 7.07 of the Original Indenture and (ii) any and all existing Events of Default under the Indenture with respect to the Notes, other than the nonpayment of principal on Notes
that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.04 of the Original Indenture. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 
  
 The Holders of a majority in principal amount of the Notes by notice to the
Trustee may waive an existing Default and its consequences except a Default in the payment of the principal amount of premium, if any, and accrued and unpaid interest on a Note. When a Default is waived, it is deemed cured, but no such waiver shall
extend to any subsequent or other Default or impair any consequent right. 
  
 5. Amendment 
  
 In
addition to any supplemental indenture otherwise authorized by the Indenture, the Company and the Trustee may from time to time and at any time enter into supplemental indentures (which shall conform to the provisions of the Trust Indenture Act as
then in effect), without the consent of any Holder of Notes, for one or more of the following purposes: (i) to evidence the succession of another person to the Company and the assumption by such successor of the Company’s covenants, agreements
and obligations; (ii) to surrender any right or power conferred upon the Company by the Indenture, to add to the covenants of the Company such further covenants, restrictions, conditions or provisions for the protection of the Holders of all or any
Notes as the Board of Directors of the Company shall consider to be for the protection of the Holders of such Notes, and to make the occurrence, or the occurrence and continuance, of a default in respect of any such additional covenants,
restrictions, conditions or provisions a Default or an Event of Default under the Indenture; provided, however, that with respect to any such additional covenant, restriction, condition or provision, such amendment may provide for a
period of grace after default, which may be shorter or longer than that allowed in the case of other Defaults, may provide for an immediate enforcement upon such Default, may limit the remedies available to the Trustee upon such Default or may

  

 A-7 

 
limit the right of Holders of a majority in aggregate principal amount of the Notes to waive such default; (iii) to cure any ambiguity or correct or
supplement any provision contained in the Indenture, in any supplemental indenture or in any Notes that may be defective or inconsistent with any other provision contained therein; (iv) to convey, transfer, assign, mortgage or pledge any property to
or with the Trustee, or to make such other provisions in regard to matters or questions arising under the Indenture as shall not adversely affect the interests of any Holders of Notes; (v) to modify or amend the Indenture in such a manner as to
permit the qualification of the Indenture or any supplemental indenture thereto under the Trust Indenture Act as then in effect; (vi) to add or to change any of the provisions of the Indenture to provide that Notes in bearer form may be registrable
as to principal, to change or eliminate any restrictions on the payment of principal or premium with respect to Notes in registered form or of principal, premium or interest with respect to Notes in bearer form, or to permit Notes in registered form
to be exchanged for Notes in bearer form, so as to not adversely affect the interests of the Holders or any coupons in any material respect or permit or facilitate the issuance of Notes in uncertificated form; (vii) to secure the Notes; (viii) to
make any change that does not adversely affect the rights of any Holder; (ix) to add to, change, or eliminate any of the provisions of the Indenture with respect to the Notes, so long as any such addition, change or elimination not otherwise
permitted under the Indenture shall (A) neither apply to any Note created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor modify the rights of the Holders of any such Note with respect to the
benefit of such provision or (B) become effective only when there is no such Note outstanding; (x) to evidence and provide for the acceptance of appointment by a successor or separate Trustee with respect to the Notes and to add to or change any of
the provisions of the Indenture as shall be necessary to provide for or facilitate the administration of the Indenture by more than one Trustee. 
  
 With the written consent (as evidenced as provided in Section 9.02 of the Original Indenture) of the Holders of at least a majority in principal amount of
the Notes at the time outstanding affected by such amendment (including consents obtained in connection with a tender offer or exchange offer for the Notes), the Company and the Trustee, may amend the Indenture without notice to any Holder;
provided that no such amendment shall, without the consent of the Holders of each Note then outstanding and affected thereby, (i) reduce the principal amount of Notes whose Holders must consent to an amendment, modification, supplement or
waiver; (ii) reduce the rate of or extend the time for payment of interest on any Note; (iii) reduce the principal of or change the Stated Maturity of any Note; (iv) reduce the amount payable upon the redemption of any Note or add redemption
provisions to any Note; (v) make any Note payable in money other than that stated in the Note; or (vi) make any change in the Sections of the Indenture relating to waivers of past defaults and the rights of Holders to receive payments, or in the
foregoing amendment and waiver provisions. It shall not be necessary for the consent of the Holders to approve the particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. 
  
 Any consent to an amendment or a waiver by the Holder of this Note (unless
revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Note and any Notes that may be 

  

 A-8 

 
issued in exchange or substitution hereof, irrespective of whether or not any notation thereof is made upon this Note or such other Notes. Any Holder or
subsequent Holder may revoke its consent if the Trustee receives the notice of revocation before the date the amendment or waiver becomes effective. Neither the Company nor any Affiliate of the Company shall, directly or indirectly, pay or cause to
be paid any consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of the Indenture or the Notes unless such consideration is offered
to be paid to all Holders, ratably, that so consent, waive or agree to amend. 
  
 6. Obligations Absolute 
  
 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 and any premium and interest on this
Note at the place, at the respective times, at the rate and in the coin or currency herein prescribed. 
  
 7. Sinking Fund 
  
 The Notes shall not be redeemable at the option of any Holder thereof, upon the occurrence of any particular circumstances or otherwise. The Notes will
not have the benefit of any sinking fund. 
  
 8.
Denominations; Transfer; Exchange 
  
 The Notes are
issuable in registered form without coupons in denominations of $1,000 principal amount and integral multiples thereof. When Notes are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an
equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but with payment of
a sum sufficient to cover any transfer tax or other governmental charge that may be imposed in connection with any registration or exchange of Notes. 
  
 The Company and the Registrar shall not be required (a) to issue, register the transfer of or exchange any Notes during a period beginning at the opening
of business 15 days before the day of the mailing of a notice of redemption of Notes of that Series selected for redemption and ending at the close of business on the day of such mailing or (b) to register the transfer or exchange of Notes of any
Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part. 
  
 9. Further Issues 
  
 The Company may from time to time, without the consent of the Holders of the Notes and in accordance with the Indenture,
create and issue further notes having the same terms and conditions as the Notes in all respects (or in all respects except for the first payment of interest) so as to form a single series with the Notes. 
  

 A-9 

 10. Optional Redemption 
  
 The Notes may be redeemed at the Company’s option, upon notice as set
forth in the Indenture, in whole at any time or in part from time to time, at a Redemption Price equal to (A) the greater of (i) 100% of the principal amount of the Notes to be redeemed on the Redemption Date or (ii) the sum of the present values of
the remaining scheduled payments of principal and interest on the Notes being redeemed on that Redemption Date (not including any portion of any payment of interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual
basis at the Treasury Rate, plus 50 basis points, as determined by the Reference Treasury Dealer, plus (B) in each case, accrued and unpaid interest on the Notes to the Redemption Date; provided that if the date fixed for redemption is on a
date or after the Record Date and on or before the next following Interest Payment Date, then the interest payable on such date shall be paid to the Holder of record on the relevant Record Date. 
  
 11. Persons Deemed Owners 
  
 The ownership of Notes shall be proved by the register maintained by the
Registrar. 
  
 12. No Recourse Against
Others 
  
 A director, officer, employee or shareholder, as
such, of any Company shall not have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder shall
waive and release all such liability. This waiver and release shall be part of the consideration for the issuance of the Notes. 
  
 13. Discharge and Defeasance 
  
 Subject to certain conditions set forth in the Indenture, the Company at any time may terminate some or all of its obligations under the Notes and the
Indenture if the Company deposits with the Trustee money and/or U.S. Government Obligations for the payment of principal of, premium, if any, and interest on the Notes to redemption or maturity, as the case may be. 
  
 14. Unclaimed Money 
  
 Any money deposited with the Trustee or any Paying Agent, or then held by
the Company, in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Company
on its request or, if then held by the Company, shall be discharged from such trust. Thereafter the Holder of such Note shall look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such
trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company
cause to be published once, in the New York Times and The 

  

 A-10 

 
Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30
days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
  
 15. Trustee Dealings with the Company 
  
 Subject to certain limitations imposed by the Trust Indenture Act, the Trustee in its individual or any other capacity may become the owner or pledgee of
Notes and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co-paying agent may do the same with like rights. 
  
 16. Abbreviations 
  
 Customary abbreviations may be used in the name of a Holder or an assignee,
such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 
  
 17. CUSIP Numbers 
  
 Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy
of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  
 The Company will furnish to any Holder of Notes upon written request and without charge to the Holder a copy of the
Indenture. 
  

 A-11 

 ASSIGNMENT FORM 
  

For value received
                             hereby sell(s), assign(s) and transfer(s) unto
                             (please insert social security or other identifying number of assignee)
the within Note, and hereby irrevocably constitutes and appoints                              attorney
to transfer the said Note on the books of the Company, with full power of substitution in the premises. 
  
 In connection with any transfer of the within Note occurring prior to the second anniversary of the date of original issuance of such Note, the
undersigned confirms that such Note is being transferred: 
  

						
	 (1)
	  	 ̈	 	  	To Lazard LLC; or
			
	 (2)
	  	 ̈	 	  	So long as this Note is eligible for resale pursuant to Rule 144A under the Securities Act, to a person whom the seller reasonably believes is a Qualified Institutional Buyer within the
meaning of Rule l44A, purchasing for its own account or for the account of a Qualified Institutional Buyer to whom notice is given that the resale, pledge or other transfer is being made in reliance on Rule 144A; or
			
	 (3)
	  	 ̈	 	  	To an institutional “accredited investor” within the meaning of Rule 501(a)(l), (2), (3) or (7) of Regulation D under the Securities Act that is acquiring this Note for its own
account, or for the account of such an institutional “accredited investor,” in each case in a transaction involving a minimum principal amount of $250,000 of Notes, for investment purposes and not with a view to or for offer or sale in
connection with any distribution in violation of the Securities Act; or
			
	 (4)
	  	 ̈	 	  	In an offshore transaction in accordance with Regulation S under the Securities Act; or
			
	 (5)
	  	 ̈	 	  	Pursuant to any exemption from registration under the Securities Act; or
			
	 (6)
	  	 ̈	 	  	Pursuant to an effective Registration Statement under the Securities Act.

  
 Unless one of the
boxes above is checked, the Trustee will refuse to register any of the within Notes in the name of any person other than the registered Holder thereof (or hereof); provided, however, that the Trustee may, in its sole discretion,
register the transfer of such Notes if it has received such certifications, legal opinions and/or other information as the Company has required to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act of 1933, as amended. 
  

 A-12 

 In addition, if box (3), (4) or (5) above is checked, the Holder must furnish to the Trustee
certifications, legal opinions or other information as it or the Company may require to confirm that such transfer is being made pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended. 
  
 Dated:________________ 
  
 _____________________ 
  
 _____________________ 
  
 Signature(s) 
  
 Signature(s) must be guaranteed
by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15.

  

	
	
	  
	Signature Guarantee

  
 TO BE COMPLETED BY PURCHASER IF (2)
ABOVE IS CHECKED. 
  
 The undersigned represents and warrants
that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A of the
Securities Act of 1933, as amended, and is aware that the sale is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has
determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

	
	
	  
	 Signature

  
 Dated: _______________ 
  

 A-13 

 SCHEDULE OF EXCHANGES, REDEMPTIONS, REPURCHASES 
 CANCELLATIONS AND TRANSFERS 
  
 The initial principal amount of this Global Note is $550,000,000. 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

	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 
	 	  	 	  	 	  	 	  	 

  

 A-14 

 Annex 1 to 
 Exhibit A 
  
 Form of
Certificate to be Delivered in Connection with 
 Transfers to Institutional Accredited Investors 
  
 [Date] 
  
 [Trustee] 
 Attention: Corporate Trust
Administration 
  
 Dear Sirs: 
  
 This certificate is delivered to request a transfer of
$             principal amount of the 7.125% Senior Notes Due 2015 (the “Securities”) of Lazard LLC (the “Company”). 
  
 Upon transfer, the Securities would be registered in the name of the new
beneficial owner as follows: 
  
 Name:                                     
                                        
                
  
 Address:                                     
                                        
            
  
 Taxpayer ID
Number:                                       
                            
  
 The undersigned represents and warrants to you that: 
  
 1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act of 1933, as amended (the “Securities Act”)) purchasing for our own account or for the account of such an institutional “accredited investor” at least $250,000 principal amount of the Securities, and we are
acquiring the Securities not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the
merits and risk of our investment in the Securities and we invest in or purchase securities similar to the Securities in the normal course of our business. We and any accounts for which we are acting are each able to bear the economic risk of our or
its investment. 
  
 2. We understand that the Securities have not
been registered under the Securities Act and, unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Securities to offer, sell
or otherwise transfer such Securities prior to the date which is two years after the later of the date of original issue and the last date on which the Company or any affiliate of the Company was the owner of such Securities (or any predecessor
thereto) (the “Resale Restriction Termination Date”) only (a) to the Company, (b) so long as this Security is eligible for resale pursuant to Rule 144A under the Securities Act (“Rule 144A”), to a person whom we reasonably
believe is a qualified institutional buyer within the meaning of Rule l44A, purchasing for its own account or for the account of a qualified institutional buyer to whom notice is given that the resale, pledge or other transfer is being made in
reliance on Rule 144A, (c) 

  

 A-15 

 
to an institutional accredited investor within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act that is acquiring the
security for its own account, or for the account of such an institutional accredited investor, in each case in a transaction involving a minimum principal amount of $250,000 of securities, for investment purposes and not with a view to or for offer
or sale in connection with any distribution in violation of the Securities Act, (d) in an offshore transaction in accordance with Regulation S under the Securities Act, (e) pursuant to any exemption from registration under the Securities Act or (f)
pursuant to an effective registration statement under the Securities Act, in each case in accordance with any applicable securities laws of any state of the United States. The foregoing restrictions on resale will not apply subsequent to the Resale
Restriction Termination Date. If any resale or other transfer of the Securities is proposed to be made pursuant to clause (c) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee
substantially in the form of this letter to the Company and the Trustee, which shall provide, among other things, that the transferee is an institutional accredited investor (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities
Act) and that it is acquiring such Securities for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company and the Trustee reserve the right prior to any offer, sale or other
transfer prior to the Resale Restriction Termination Date of the Securities pursuant to clauses (c), (d) or (e) above to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to the Company and the
Trustee. [We certify that we are not, and have not been, an affiliate of the Company.][We certify that we were not an affiliate of the Company at any time during the three months preceding the date of any offer, sale or other transfer of
Securities.] 
  

			
		
	 TRANSFEREE:
	 	 

			
		
	BY:	 	 

  

 A-16 

 Annex 2 to 
 Exhibit A 
  
 Form of
Certificate to be Delivered in Connection with 
 Transfers Pursuant to Regulation S 
  
 [Trustee] 
 Attention: Corporate Trust Administration 
  
 Re: Lazard LLC 
 7.125% Senior Notes Due 2015 (the “Securities”) 
  
 Ladies and Gentlemen: 
  
 In connection with our proposed sale of $            
aggregate principal amount of the Securities, we confirm that such sale has been effected pursuant to and in accordance with Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly,
we represent that: 
  
 (a) the offer of the Securities was not
made to a person in the United States; 
  
 (b) either (i) at the
time the buy order was originated, the transferee was outside the United States or we and any person acting on our behalf reasonably believed that the transferee was outside the United States or (ii) the transaction was executed in, on or through
the facilities of a designated off-shore securities market and neither we nor any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 
  
 (c) no directed selling efforts have been made in the United States in
contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; and 
  
 (d) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act. 
  
 In addition, if the sale is being made during a restricted period, we
represent that the sale is not being made to a United States person or for the account or benefit of a United States person. 
  
 You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party
in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S. 
  

			
	 Very truly yours,

		
	 TRANSFEREE:
	 	 

			
		
	BY	 	 
	 	 	Signature Medallion Guaranteed

  

 A-17Registration Rights Agreement dated as of May 10, 2005

 Exhibit 4.3 
  
  
 LAZARD LLC 
  
 $550,000,000 
 7.125% Senior Notes Due 2015 
  
 REGISTRATION RIGHTS AGREEMENT 
  
 May 10, 2005 
  
 Citigroup Global Markets Inc. 
 J.P. Morgan Securities Inc. 
  
 c/o Citigroup Global Markets Inc. 
 388 Greenwich Street 
 New York, New York 10013 
  
 Ladies and Gentlemen:

  
 Lazard LLC, a limited liability company organized under the
laws of Delaware (the “Company”), proposes to issue and sell to those certain purchasers named in Schedule I to the Purchase Agreement (the “Initial Purchasers”), for whom you (the “Representatives”) are acting as
representatives, its 7.125% Senior Notes due 2015 (the “Securities”), upon the terms set forth in the Purchase Agreement between the Company and the Initial Purchasers dated May 4, 2005 (the “Purchase Agreement”) relating to the
initial placement (the “Initial Placement”) of the Securities. To induce the Initial Purchasers to enter into the Purchase Agreement and to satisfy a condition to your obligations thereunder, the Company agrees with you for your benefit
and the benefit of the holders from time to time of the Securities (including the Initial Purchasers) (each a “Holder” and, collectively, the “Holders”), as follows: 
  
 1. Definitions. Capitalized terms used herein without definition shall have their respective meanings set forth in
the Purchase Agreement. As used in this Agreement, the following capitalized defined terms shall have the following meanings: 
  
 “Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. 
  
 “Affiliate” shall have the meaning specified in Rule 405 under the
Act and the terms “controlling” and “controlled” shall have meanings correlative thereto. 
  
 “Broker-Dealer” shall mean any broker or dealer registered as such under the Exchange Act. 
  
 “Business Day” shall mean any day other than a Saturday, a Sunday
or a legal holiday or a day on which banking institutions or trust companies are authorized or obligated by law to close in New York City. 
  
 “Closing Date” shall mean the date of the first issuance of the Securities. 
  

 “Commission” shall mean the Securities and Exchange Commission. 
  
 “Deferral Period” shall have the meaning indicated in Section
4(k)(ii) hereof. 
  
 “Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder. 
  
 “Exchange Offer Registration Period” shall mean the six-month period following the consummation of the Registered Exchange Offer, exclusive of
any period during which any stop order shall be in effect suspending the effectiveness of the Exchange Offer Registration Statement. 
  
 “Exchange Offer Registration Statement” shall mean a registration statement of the Company on an appropriate form under the Act with respect to
the Registered Exchange Offer, and all amendments and supplements to such registration statement, including post-effective amendments thereto, in each case including the Prospectus contained therein, and all exhibits thereto and all material
incorporated by reference therein, if any (it being understood that any representations and warranties contained in any such incorporated materials shall not constitute representations and warranties for any purpose herein). 
  
 “Exchanging Dealer” shall mean any Holder (which may include any
Initial Purchaser) that is a Broker-Dealer and elects to exchange for New Securities any Securities that it acquired for its own account as a result of market-making activities or other trading activities (but not directly from the Company or any
Affiliate of the Company) for New Securities. 
  
 “Final
Memorandum” shall mean the offering memorandum, dated May 4, 2005 relating to the Securities, including any and all exhibits thereto and any information incorporated by reference therein as of such date (it being understood that any
representations and warranties contained in any such incorporated materials shall not constitute representations and warranties for any purpose herein). 
  
 “Holder” shall have the meaning set forth in the preamble hereto. 
  
 “Indenture” shall mean the Indenture and the Supplemental Indenture relating to the Securities, each dated as of
May 10, 2005, between the Company and The Bank of New York, as trustee, as each may be amended from time to time in accordance with the terms thereof. 
  
 “Initial Placement” shall have the meaning set forth in the preamble hereto. 
  
 “Initial Purchaser” shall have the meaning set forth in the preamble hereto. 
  
 “Losses” shall have the meaning set forth in Section 6(d) hereof.

  
 “Majority Holders” shall mean, on any date, Holders
of a majority of the aggregate principal amount of Securities registered under a Registration Statement. 
  

 2 

 “Managing Underwriters” shall mean the investment banker or investment bankers and manager or
managers that administer an underwritten offering, if any, under a Registration Statement. 
  
 “NASD Rules” shall mean the Conduct Rules and the By-Laws of the National Association of Securities Dealers, Inc. 
  
 “New Securities” shall mean debt securities of the Company identical in all material respects to the Securities (except that the transfer
restrictions shall be modified or eliminated, as appropriate) to be issued under the New Securities Indenture. 
  
 “New Securities Indenture” shall mean an indenture between the Company and the New Securities Trustee, identical in all material respects to the
Indenture (except that the transfer restrictions shall be modified or eliminated, as appropriate), which may be the Indenture if in the terms thereof appropriate provision is made for the New Securities. 
  
 “New Securities Trustee” shall mean the Trustee or a bank or trust
company reasonably satisfactory to the initial Purchasers, as trustee with respect to the New Securities under the New Securities Indenture. 
  
 “Prospectus” shall mean the prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A under the Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of
any portion of the Securities or the New Securities covered by such Registration Statement, and all amendments and supplements thereto, including any information incorporated by reference therein (it being understood that any representations and
warranties contained in any such incorporated materials shall not constitute representations and warranties for any purpose herein). 
  
 “Purchase Agreement” shall have the meaning set forth in the preamble hereto. 
  
 “Registered Exchange Offer” shall mean the proposed offer of the Company to issue and deliver to the Holders of
the Securities that are not prohibited by any law or policy of the Commission from participating in such offer, in exchange for the Securities, a like aggregate principal amount of the New Securities. 
  
 “Registrable Securities” shall mean (i) Securities other than those
(A) that have been registered under a Registration Statement and disposed of in accordance therewith, (B) that have been distributed to the public pursuant to Rule 144 under the Act or any successor rule or regulation thereto that may be adopted by
the Commission, (C) that have become distributable to the public pursuant to Rule 144(k) under the Act or any successor rule or regulation thereto that may be adopted by the Commission or (D) that have ceased to be outstanding and (ii) any New
Securities the resale of which by the Holder thereof requires compliance with the prospectus delivery requirements of the Act. 
  
 “Registration Default Damages” shall have the meaning set forth in Section 8 hereof. 
  

 3 

 “Registration Statement” shall mean any Exchange Offer Registration Statement or Shelf
Registration Statement that covers any of the Securities or the New Securities pursuant to the provisions of this Agreement, any amendments and supplements to such registration statement, including post-effective amendments (in each case including
the Prospectus contained therein), and all exhibits thereto, if any. 
  
 “Securities” shall have the meaning set forth in the preamble hereto. 
  
 “Shelf Registration” shall mean a registration effected pursuant to Section 3 hereof. 
  
 “Shelf Registration Period” has the meaning set forth in Section 3(b) hereof. 
  
 “Shelf Registration Statement” shall mean a “shelf registration statement of the Company pursuant to the
provisions of Section 3 hereof which covers some or all of the Securities or New Securities, as applicable, on an appropriate form under Rule 415 under the Act, or any similar rule that may be adopted by the Commission, amendments and supplements to
such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein, if any (it being understood that any representations
and warranties contained in any such incorporated materials shall not constitute representations and warranties for any purpose herein). 
  
 “Trustee” shall mean the trustee with respect to the Securities under the Indenture. 
  
 “Trust Indenture Act” shall mean the Trust Indenture Act of 1939,
as amended, and the rules and regulations of the Commission promulgated thereunder. 
  
 “underwriter” shall mean any underwriter of Securities in connection with an offering thereof under a Shelf Registration Statement. 
  
 2. Registered Exchange Offer. (a) The Company shall use its reasonable best efforts to prepare and, not later than
105 days following the Closing Date, file with the Commission the Exchange Offer Registration Statement with respect to the Registered Exchange Offer. The Company shall use its reasonable best efforts to cause the Exchange Offer Registration
Statement to become effective under the Act within 150 days of the Closing Date. 
  
 (b) Upon the effectiveness of the Exchange Offer Registration Statement, the Company shall promptly commence the Registered Exchange Offer, it being the objective of such Registered Exchange Offer to enable each
Holder electing to exchange Securities for New Securities (assuming that such Holder is not an Affiliate of the Company, acquires the New Securities in the ordinary course of such Holder’s business, has no arrangements with any person to
participate in the distribution of the New Securities and is not prohibited by any law or policy of the Commission from participating in the Registered Exchange Offer) to trade such New Securities from and after their receipt without any limitations
or restrictions under the Act and without material restrictions under the securities laws of a substantial proportion of the several states of the United States. 
  
 (c) In connection with the Registered Exchange Offer, the Company shall: 
  

 4 

 (i) mail to each Holder a copy of the Prospectus forming part of the Exchange Offer
Registration Statement, together with an appropriate letter of transmittal and related documents; 
  
 (ii) keep the Registered Exchange Offer open for not less than 20 Business Days and not more than 30 Business Days after the date notice
thereof is mailed to the Holders (or, in each case, longer if required by applicable law); 
  
 (iii) use its reasonable best efforts to keep the Exchange Offer Registration Statement continuously effective under the Act, supplemented
and amended as required under the Act, to ensure that it is available for sales of New Securities by Exchanging Dealers during the Exchange Offer Registration Period; 
  
 (iv) utilize the services of a depositary for the Registered Exchange Offer with an address in the Borough
of Manhattan in New York City, which may be the Trustee, the New Securities Trustee or an Affiliate of either of them; 
  
 (v) permit Holders to withdraw tendered Securities at any time prior to the close of business, New York time, on the last Business Day on
which the Registered Exchange Offer is open; and 
  
 (vi) otherwise comply in all material respects with all laws applicable to the Registered Exchange Offer. 
  
 (d) As soon as practicable after the close of the Registered Exchange Offer, the Company shall: 
  
 (i) accept for exchange all Securities tendered and not
validly withdrawn pursuant to the Registered Exchange Offer; 
  
 (ii) deliver to the Trustee for cancellation all Securities so accepted for exchange; and 
  
 (iii) cause the New Securities Trustee promptly to authenticate and deliver to each Holder of Securities a principal amount of New
Securities equal to the principal amount of the Securities of such Holder so accepted for exchange. 
  
 (c) Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Registered Exchange Offer to participate in a
distribution of the New Securities (x) could not, under Commission policy as in effect on the date of this Agreement, rely on the position of the Commission in Exxon Capital Holdings Corporation (pub. avail. May 13, 1988) and Morgan
Stanley and Co., Inc. (pub. avail. June 5, 1991), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993 and similar no-action letters; and (y) must comply with the registration and prospectus delivery
requirements of the Act in connection with any secondary resale transaction, which must be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation
S-K under the Act if the resales arc of New Securities obtained by such Holder in exchange for Securities acquired by such Holder directly from the Company 

  

 5 

 
or one of its Affiliates. Accordingly, each Holder participating in the Registered Exchange Offer shall be required to represent to the Company that:

  
 (i) any New Securities received by such
Holder will be acquired in the ordinary course of business; 
  
 (ii) at the time of the commencement of the Registered Exchange Offer, such Holder has no arrangement, intent or understanding with any person to participate in the distribution of the Securities or the New Securities
within the meaning of the Act; 
  
 (iii) such
Holder is not an Affiliate of the Company or if it is an Affiliate of the Company, that it will comply with the registration and prospectus delivery requirements of the Act to the extent applicable; 
  
 (iv) if such Holder is a Broker-Dealer, that it meets the
definition of an “Exchanging Dealer”; and 
  
 (v) if such Holder is a Broker-Dealer, that it is not acting on behalf of any person who could not truthfully and completely make the foregoing representations. 
  
 (f) If any Initial Purchaser determines that it is not eligible to participate in the Registered Exchange Offer with respect
to the exchange of Securities constituting any portion of an unsold allotment, at the request of such Initial Purchaser, the Company shall issue and deliver to such Initial Purchaser or the person purchasing New Securities registered under a Shelf
Registration Statement as contemplated by Section 3 hereof from such Initial Purchaser, in exchange for such Securities, a like principal amount of New Securities. The Company shall use its reasonable best efforts to cause the CUSIP Service Bureau
to issue the same CUSIP number for such New Securities as for New Securities issued pursuant to the Registered Exchange Offer. 
  
 3. Shelf Registration. (a) If (i) due to any change in law or applicable interpretations thereof by the Commission’s staff, the Company
determines upon advice of its outside counsel that it is not permitted to effect the Registered Exchange Offer as contemplated by Section 2 hereof, (ii) for any other reason the Exchange Offer Registration Statement is not declared effective within
150 days of the date of original issuance of the Securities or the Registered Exchange Offer is not consummated within 180 days of the date hereof, provided that the Company may terminate such obligation if the Exchange Offer is subsequently
consummated, (iii) any Initial Purchaser so requests with respect to Securities that arc not eligible to be exchanged for New Securities in the Registered Exchange Offer and that arc held by it following consummation of the Registered Exchange
Offer, or (iv) any Holder (other than an Initial Purchaser) is not eligible to participate in the Registered Exchange Offer or in the case of any Initial Purchaser that participates in the Registered Exchange Offer or acquires New Securities
pursuant to Section 2(f) hereof, such Initial Purchaser does not receive freely tradeable New Securities in exchange for Securities constituting any portion of an unsold allotment (it being understood that (x) the requirement that an Initial
Purchaser deliver a Prospectus containing the information required by Item 507 or 508 of Regulation S-K under the Act in connection with 

  

 6 

 
sales of New Securities acquired in exchange for such Securities shall result in such New Securities being not “freely tradeable” and (y) the
requirement that an Exchanging Dealer deliver a Prospectus in connection with sales of New Securities acquired in the Registered Exchange Offer in exchange for Securities acquired as a result of market-making activities or other trading activities
shall not result in such New Securities being not “freely tradeable”), the Company shall effect a Shelf Registration Statement in accordance with subsection (b) below. 
  
 (b) (i) The Company shall use its reasonable best efforts to file as promptly as practicable after so required or requested
pursuant to this Section 3 with the Commission and shall use its reasonable best efforts to cause to be declared effective under the Act as promptly as practicable after so required or requested, a Shelf Registration Statement relating to the offer
and sale of the Securities or the New Securities, as applicable, by the Holders thereof from time to time in accordance with the methods of distribution elected by such Holders and set forth in such Shelf Registration Statement; provided,
however, that no Holder (other than an Initial Purchaser) shall be entitled to have the Securities held by it covered by such Shelf Registration Statement unless such Holder agrees in writing to be bound by all of the provisions of this
Agreement applicable to such Holder; provided further, that with respect to New Securities received by an Initial Purchaser in exchange for Securities constituting any portion of an unsold allotment, the Company may, if permitted by
current interpretations by the Commission’s staff, file a post-effective amendment to the Exchange Offer Registration Statement containing the information required by Item 507 or 508 of Regulation S-K, as applicable, in satisfaction of its
obligations under this subsection with respect thereto, and any such Exchange Offer Registration Statement, as so amended, shall be referred to herein as, and governed by the provisions herein applicable to, a Shelf Registration Statement.

  
 (ii) The Company shall use its reasonable
best efforts to keep the Shelf Registration Statement continuously effective, supplemented and amended as required by the Act, in order to permit the Prospectus forming part thereof to be usable by Holders for a period the “Shelf Registration
Period”) from the date the Shelf Registration Statement is declared effective by the Commission until (A) the second anniversary of the Closing Date or (B) the date upon which all the Securities or New Securities, as applicable, covered by the
Shelf Registration Statement cease to be Registerable Securities. The Company shall be deemed not to have used its reasonable best efforts to keep the Shelf Registration Statement effective during the Shelf Registration Period if it voluntarily
takes any action that would result in Holders of Securities covered thereby not being able to offer and sell such Securities at any time during the Shelf Registration Period, unless such action is (x) required by applicable law or otherwise
undertaken by the Company in good faith and for valid business reasons (not including avoidance of the Company’s obligations hereunder), including the acquisition or divestiture of assets, and (y) permitted pursuant to Section 4(k)(ii) hereof.

  
 (iii) The Company shall cause the Shelf
Registration Statement and the related Prospectus and any amendment or supplement thereto, as of the effective date of the Shelf Registration Statement or such amendment or supplement, (A) to comply in all material respects with the applicable
requirements of the Act; and (B) not to contain any untrue statement of a material fact or omit to state a 

  

 7 

 
material fact required to be stated therein or necessary in order to make the statements therein (in the case of the Prospectus, in the light of the
circumstances under which they were made) not misleading. 
  
 4.
Additional Registration Procedures. In connection with any Shelf Registration Statement and, to the extent applicable, any Exchange Offer Registration Statement, the following provisions shall apply. 
  
 (a) The Company shall: 
  
 (i) furnish to each of the Representatives and to counsel
for the Holders, not less than five Business Days prior to the filing thereof with the Commission, a copy of any Exchange Offer Registration Statement and any Shelf Registration Statement, and each amendment thereof and each amendment or supplement,
if any, to the Prospectus included therein (including, if any Holder so requests in writing, all documents incorporated by reference therein after the initial filing) and shall use its reasonable best efforts to reflect in each such document, when
so filed with the Commission, such comments as the Representatives reasonably propose; 
  
 (ii) include the information set forth in Annex A hereto on the facing page of the Exchange Offer Registration Statement, in Annex B
hereto in the forepart of the Exchange Offer Registration Statement in a section setting forth details of the Exchange Offer, in Annex C hereto in the underwriting or plan of distribution section of the Prospectus contained in the Exchange Offer
Registration Statement, and in Annex D hereto in the letter of transmittal delivered pursuant to the Registered Exchange Offer; 
  
 (iii) if requested by an Initial Purchaser, include the information required by Item 507 or 508 of Regulation S-K, as applicable, in the
Prospectus contained in the Exchange Offer Registration Statement; and 
  
 (iv) in the case of a Shelf Registration Statement, include the names of the Holders that propose to sell Securities pursuant to the Shelf Registration Statement as selling security holders. 
  
 (b) The Company shall ensure that: 
  
 (i) any Registration Statement and any amendment thereto and
any Prospectus forming part thereof and any amendment or supplement thereto complies in all material respects with the Act; and 
  
 (ii) any Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 
  

 8 

 (c) The Company shall advise the Representatives, the Holders of Securities covered by any Shelf
Registration Statement and any Exchanging Dealer under any Exchange Offer Registration Statement that has provided in writing to the Company a telephone or facsimile number and address for notices, and, if requested by any Representative or any such
Holder or Exchanging Dealer, shall confirm such advice in writing (which notice pursuant to clauses (ii)-(vi) hereof shall be accompanied by an instruction to suspend the use of the Prospectus until the Company shall have remedied the basis for such
suspension): 
  
 (i) when a Registration
Statement and any amendment thereto has been filed with the Commission and when the Registration Statement or any post-effective amendment thereto has become effective; 
  
 (ii) of any request by the Commission for any amendment or supplement to the Registration Statement or the
Prospectus or for additional information; 
  
 (iii) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the institution or threatening of any proceeding for that purpose; 
  
 (iv) of the receipt by the Company of any notification with
respect to the suspension of the qualification of the securities included therein for sale in any jurisdiction or the institution or threatening of any proceeding for such purpose; 
  
 (v) of the Company’s determination, and the Company determines upon advice of its outside counsel that,
due to any change in law or applicable interpretations thereof by the Commission’s staff, it is necessary to suspend the availability of the Shelf Registration Statement; and 
  
 (vi) of the happening of any event that requires any change in the Registration Statement or the Prospectus
so that, as of such date, they (A) do not contain any untrue statement of a material fact and (B) do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the Prospectus, in the
light of the circumstances under which they were made) not misleading. 
  
 (d) The Company shall use its reasonable best efforts to prevent the issuance of any order suspending the effectiveness of any Registration Statement or the qualification of the securities therein for sale in any jurisdiction and, if
issued, to obtain as soon as possible the withdrawal thereof. 
  
 (e) The Company shall furnish to each Holder of Securities covered by any Shelf Registration Statement, without charge, at least one copy of such Shelf Registration Statement and any post-effective amendment thereto, including, if the
Holder so requests in writing, all material incorporated therein by reference, and all exhibits thereto (including exhibits incorporated by reference therein). 
  

 9 

 (f) The Company shall, during the Shelf Registration Period, deliver to each Holder of Securities covered
by any Shelf Registration Statement, without charge, as many copies of the Prospectus (including each preliminary Prospectus) included in such Shelf Registration Statement and any amendment or supplement thereto as such Holder may reasonably
request. The Company consents to the use of the Prospectus or any amendment or supplement thereto by each of the selling Holders of Securities in connection with the offering and sale of the Securities covered by the Prospectus, or any amendment or
supplement thereto, included in the Shelf Registration Statement. 
  
 (g) The Company shall furnish to each Exchanging Dealer which so requests, without charge, at least one copy of the Exchange Offer Registration Statement and any post-effective amendment thereto, including, if the Exchanging Dealer so
requests in writing, all material incorporated by reference therein, and all exhibits thereto (including exhibits incorporated by reference therein). 
  
 (h) The Company shall promptly deliver to each Initial Purchaser, each Exchanging Dealer and each other person required to deliver a Prospectus during the
Exchange Offer Registration Period, without charge, as many copies of the Prospectus included in such Exchange Offer Registration Statement and any amendment or supplement thereto as any such person may reasonably request. The Company consents to
the use of the Prospectus or any amendment or supplement thereto by any Initial Purchaser, any Exchanging Dealer and any such other person that may be required to deliver a Prospectus following the Registered Exchange Offer in connection with the
offering and sale of the New Securities covered by the Prospectus, or any amendment or supplement thereto, included in the Exchange Offer Registration Statement during the Exchange Offer Registration Period. 
  
 (i) Prior to the Registered Exchange Offer or any other offering of
Securities pursuant to any Registration Statement, the Company shall arrange, if necessary, for the qualification of the Securities or the New Securities for sale under the laws of such jurisdictions as any Holder shall reasonably request and shall
maintain such qualification in effect so long as required; provided that in no event shall the Company be obligated to qualify to do business in any jurisdiction where it is not then so qualified or to take any action that would subject it to
service of process in suits, other than those arising out of the Initial Placement, the Registered Exchange Offer or any offering pursuant to a Shelf Registration Statement, in any such jurisdiction where it is not then so subject. 
  
 (j) The Company shall cooperate with the Holders of Securities to facilitate
the timely preparation and delivery of certificates representing New Securities or Securities to be issued or sold pursuant to any Registration Statement free of any restrictive legends and in such denominations and registered in such names as
Holders may request. 
  
 (k) (i) Upon the occurrence of any event
contemplated by subsections (c)(ii) through (vi) above, the Company shall promptly (or within the time period provided for by clause (ii) hereof, if applicable) prepare a post-effective amendment to the applicable Registration Statement or an
amendment or supplement to the related Prospectus or file any other required document so that, as thereafter delivered to purchasers of the securities included therein, the Prospectus will not include an untrue statement of a material fact or omit
to state any material 

  

 10 

 
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.
In such circumstances, the period of effectiveness of the Exchange Offer Registration Statement provided for in Section 2 shall be extended by the number of days from and including the date of the giving of a notice of suspension pursuant to Section
4(c) to and including the date when the initial Purchasers, the Holders of the Securities and any known Exchanging Dealer shall have received such amended or supplemented Prospectus pursuant to this Section. 
  
 (ii) If the Company’s board of directors determines in
good faith that suspending the availability of the Shelf Registration Statement is necessary to avoid (A) impeding, delaying or otherwise interfering with any proposed or pending material corporate transaction or (B) disclosure of material
non-public information, the disclosure of which at such time would not be in the best interests of the Company’s equity holders or Lazard Ltd’s stockholders, the Company shall give notice (without notice of the nature or details of such
events) to the Holders that the availability of the Shelf Registration is suspended and, upon actual receipt of any such notice, each Holder agrees not to sell any Registrable Securities pursuant to the Shelf Registration until such Holder’s
receipt of copies of the supplemented or amended Prospectus, or until it is advised in writing by the Company that the Prospectus may be used, and has received, if the Holder so requests in writing, copies of any additional or supplemental filings
that are incorporated or deemed incorporated by reference in such Prospectus. 
  
 The period during which the availability of the Shelf Registration and any Prospectus is suspended (the “Deferral Period”) shall not exceed 45 days in any three-month period or 115 days in any twelve-month
period. 
  
 (l) Not later than the effective date of any
Registration Statement, the Company shall provide a CUSIP number for the Securities or the New Securities, as the case may be, registered under such Registration Statement and provide the Trustee with printed certificates for such Securities or New
Securities, in a form eligible for deposit with The Depository Trust Company. 
  
 (m) The Company shall comply with all applicable rules and regulations of the Commission and shall make generally available to its security holders an earnings statement satisfying the provisions of Section 11(a) of
the Act as soon as practicable after the effective date of the applicable Registration Statement and in any event no later than 45 days after the end of a 12-month period (or 90 days, if such period is a fiscal year) beginning with the first month
of the Company’s first fiscal quarter commencing after the effective date of the applicable Registration Statement. 
  
 (n) The Company shall cause the New Securities Indenture to be qualified under the Trust Indenture Act in a timely manner. 
  
 (o) The Company may require each Holder of securities to be sold pursuant to
any Shelf Registration Statement to furnish to the Company such information regarding the Holder and the distribution of such securities as the Company may from time to time reasonably 

  

 11 

 
require for inclusion in such Registration Statement and to agree in writing to be bound by the terms of this Agreement applicable to Holders. The Company
may exclude from such Shelf Registration Statement the Securities of any Holder that unreasonably fails to furnish such information or agreement within a reasonable time after receiving such request. 
  
 (p) In the case of any Shelf Registration Statement, the Company shall enter
into customary agreements (including, if requested, an underwriting agreement in customary form) and take all other appropriate actions in order to expedite or facilitate the registration or the disposition of the Securities, and in connection
therewith, if an underwriting agreement is entered into, cause the same to contain indemnification provisions and procedures no less favorable than those set forth in Section 6 hereof. 
  
 (q) In the case of any Shelf Registration Statement, the Company shall: 
  
 (i) make reasonably available for inspection by the Holders
of Securities to be registered thereunder, any underwriter participating in any disposition pursuant to such Registration Statement, and any attorney, accountant or other agent retained by the Holders or any such underwriter all relevant financial
and other records and pertinent corporate documents of the Company and its subsidiaries; 
  
 (ii) cause the Company’s officers, directors, employees, accountants and auditors to supply all relevant information reasonably
requested by the Holders or any such underwriter, attorney, accountant or agent in connection with any such Registration Statement as is customary for similar due diligence examinations; 
  
 (iii) make such representations and warranties to the Holders of Securities registered thereunder and the
underwriters, if any, in form, substance and scope as are customarily made by issuers to underwriters in primary underwritten offerings and covering matters including, but not limited to, those set forth in the Purchase Agreement; 
  
 (iv) obtain opinions of counsel to the Company and updates
thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the Managing Underwriters, if any) addressed to each selling Holder and the underwriters, if any, covering such matters as are customarily covered
in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such Holders and underwriters; 
  
 (v) obtain “comfort” letters and updates thereof from the independent certified public accountants of the Company (and, if
necessary, any other independent certified public accountants of any subsidiary of the Company or of any business acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration
Statement), addressed to each selling Holder of Securities registered thereunder and the underwriters, if any, in customary form and covering matters of the type 

  

 12 

 
customarily covered in “comfort” letters in connection with primary underwritten offerings; and 
  
 (vi) deliver such documents and certificates as may be
reasonably requested by the Majority Holders or the Managing Underwriters, if any, including those to evidence compliance with Section 4(k) and with any customary conditions contained in the underwriting agreement or other agreement entered into by
the Company. 
  
 The actions set forth in clauses (iii), (iv), (v) and (vi) of
this paragraph (q) shall be performed at (A) the effectiveness of such Registration Statement and each post-effective amendment thereto; and (B) each closing under any underwriting or similar agreement as and to the extent required thereunder.

  
 (r) In the case of any Exchange Offer Registration Statement,
the Company shall, if requested by an Initial Purchaser or by a broker dealer that holds Securities that were acquired as a result of market making or other trading activities: 
  
 (i) make reasonably available for inspection by the requesting party, and any attorney, accountant or other
agent retained by the requesting party, all relevant financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries; 
  
 (ii) cause the Company’s officers, directors, employees, accountants and auditors to supply all
relevant information reasonably requested by the requesting party or any such attorney, accountant or agent in connection with any such Registration Statement as is customary for similar due diligence examinations; 
  
 (iii) make such representations and warranties to the
requesting party, in form, substance and scope as are customarily made by issuers to underwriters in primary underwritten offerings and covering matters including, but not limited to, those set forth in the Purchase Agreement; 
  
 (iv) obtain opinions of counsel to the Company and updates
thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the requesting party and its counsel, addressed to the requesting party, covering such matters as are customarily covered in opinions requested in
underwritten offerings and such other matters as may be reasonably requested by the requesting party or its counsel; 
  
 (v) obtain “comfort” letters and updates thereof from the independent certified public accountants of the Company (and, if
necessary, any other independent certified public accountants of any subsidiary of the Company or of any business acquired by the Company for which financial statements and financial data are, or arc required to be, included in the Registration
Statement), addressed to the requesting party, in customary form and covering matters of the type customarily covered in “comfort” letters in connection with primary 

  

 13 

 
underwritten offerings, or if requested by the requesting party or its counsel in lieu of a “comfort” letter, an agreed-upon procedures letter
under Statement on Auditing Standards No. 35, covering matters requested by the requesting party or its counsel; and 
  
 (vi) deliver such documents and certificates as may be reasonably requested by the requesting party or its counsel, including those to
evidence compliance with Section 4(k) and with conditions customarily contained in underwriting agreements. 
  
 The foregoing actions set forth in clauses (iii), (iv), (v) and (vi) of this Section shall be performed at the close of the Registered Exchange Offer and the effective date of any post-effective amendment to the
Exchange Offer Registration Statement. 
  
 (s) In the event that
any Broker-Dealer shall underwrite any Securities or participate as a member of an underwriting syndicate or selling group or “assist in the distribution” (within the meaning of the NASD Rules) thereof, whether as a Holder of such
Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, the Company shall assist such Broker-Dealer in complying with the NASD Rules. 
  
 (t) The Company shall use its reasonable best efforts to take all other steps
necessary to effect the registration of the Securities or the New Securities, as the case may be, covered by a Registration Statement. 
  
 5. Registration Expenses. The Company shall bear all expenses incurred in connection with the performance of its obligations under Sections 2, 3
and 4 hereof and, in the event of any Shelf Registration Statement, will reimburse the Holders for the reasonable fees and disbursements of one firm or counsel (which shall initially be Cravath, Swaine & Moore LLP, but which may be another
nationally recognized law firm experienced in securities matters designated by the Majority Holders) to act as counsel for the Holders in connection therewith, and, in the case of any Exchange Offer Registration Statement, will reimburse the Initial
Purchasers for the reasonable fees and disbursements of counsel acting in connection therewith. 
  
 6. Indemnification and Contribution. (a) The Company agrees to indemnify and hold harmless each Holder of Securities or New Securities, as the case
may be, covered by any Registration Statement, each Initial Purchaser and, with respect to any Prospectus delivery as contemplated in Section 4(h) hereof, each Exchanging Dealer, the directors, officers, employees, Affiliates and agents of each such
Holder, Initial Purchaser or Exchanging Dealer and each person who controls any such Holder, Initial Purchaser or Exchanging Dealer within the meaning of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities,
joint or several, to which they or any of them may become subject under the Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement as originally filed or in any amendment thereof, or in any preliminary Prospectus or the
Prospectus, or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be 

  

 14 

 
stated therein or necessary to make the statements therein (in the case of any preliminary Prospectus or the Prospectus, in the light of the circumstances
under which they were made) not misleading, and agrees to reimburse each such indemnified holder, as incurred, for any legal or other expenses reasonably incurred by it in connection with investigating or defending any such loss, claim, damage,
liability or action; provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue
statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Company by or on behalf of the party claiming indemnification specifically for inclusion therein; provided
further, that with respect to any untrue statement or omission of a material fact made in a preliminary Prospectus, the indemnity agreement contained in this Section 6(a) shall not inure to the benefit of any person to the extent that any
such loss, claim, damage or liability of such person occurs under the circumstance where it shall have been determined by a court of competent jurisdiction by final and nonappealable judgment that (i) the untrue statement or omission of a material
fact contained in the preliminary Prospectus was corrected in the final Prospectus or in an amendment or supplement thereto, (ii) the Company had previously furnished copies of the final Prospectus, amendment or supplement to such person and (iii)
such loss, claim, damage or liability results from the fact that there was not sent or given by such person at or prior to the written confirmation of the sale of such Securities, a copy of the final Prospectus, amendment or supplement. This
indemnity agreement shall be in addition to any liability that the Company may otherwise have. 
  
 The Company also agrees to indemnify as provided in this Section 6(a) or contribute as provided in Section 6(d) hereof to Losses of each underwriter, if any, of Securities or New Securities, as the case may be,
registered under a Shelf Registration Statement, their directors, officers, employees, Affiliates or agents and each person who controls such underwriter on substantially the same basis as that of the indemnification of the Initial Purchasers and
the selling Holders provided in this Section 6(a) and shall, if requested by any Holder, enter into an underwriting agreement reflecting such agreement, as provided in Section 4(p) hereof. 
  
 (b) Each Holder of securities covered by a Registration Statement (including
each Initial Purchaser that is a Holder, in such capacity) severally and not jointly agrees to indemnify and hold harmless the Company, each of its directors, each of its officers who signs such Registration Statement and each person who controls
the Company within the meaning of either the Act or the Exchange Act, to the same extent as the foregoing indemnity from the Company to each such Holder, but only with reference to written information relating to such Holder furnished to the Company
by or on behalf of such Holder specifically for inclusion in the documents referred to in the foregoing indemnity. This indemnity agreement will be in addition to any liability that any such Holder may otherwise have. 
  
 (c) Promptly after receipt by an indemnified holder under this Section 6 or
notice of the commencement of any action, such indemnified holder will, if a claim in respect thereof is to be made against the indemnifying party under this Section, notify the indemnifying party in writing of the commencement thereof;
provided, however, the failure so to notify the indemnifying party (i) will not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in
the forfeiture by the indemnifying party of substantial rights and defenses; and (ii) will not, in any event, 

  

 15 

 
relieve the indemnifying party from any obligations to any indemnified holder other than the indemnification obligation provided in paragraph (a) or (b)
above. The indemnifying party shall be entitled to appoint counsel (including local counsel) of the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified holder in any action for which indemnification
is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified holder or parties except as set forth below); provided, however, that
such counsel shall be satisfactory to the indemnified holder. Notwithstanding the indemnifying party’s election to appoint counsel (including local counsel) to represent the indemnified holder in an action, the indemnified holder shall have the
right to employ separate counsel (including local counsel), and the indemnifying party shall only bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the
indemnified holder would present such counsel with a conflict of interest; (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified holder and the indemnifying party and the indemnified holder shall
have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party; (iii) the indemnifying party shall not have employed
counsel satisfactory to the indemnified holder to represent the indemnified holder within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall authorize the indemnified holder to employ separate
counsel at the expense of the indemnifying party. Should the indemnifying party assume the defense of the indemnified holder, the indemnifying party shall not be liable to such indemnified holder under this Section for any legal expenses of other
counsel or any other expenses, in each case subsequently incurred by such party, in connection with the defense thereof, other than reasonable costs of investigation. In no event shall the indemnifying party be liable for fees and expenses of more
than one counsel (in addition to any local counsel) separate from their own counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general
allegations or circumstances. An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or
proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties arc actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an
unconditional release of each indemnified holder from all liability arising out of such claim, action, suit or proceeding. 
  
 (d) In the event that the indemnity provided in paragraph (a) or (b) of this Section is unavailable to or insufficient to hold harmless an indemnified
holder for any reason, then each applicable indemnifying party shall have a joint and several obligation to contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with
investigating or defending any loss, claim, liability, damage or action) (collectively “Losses”) to which such indemnified holder may be subject in such proportion as is appropriate to reflect the relative benefits received by such
indemnifying party, on the one hand, and such indemnified holder, on the other hand, from the Initial Placement and the Registration Statement which resulted in such Losses; provided, however, that in no case shall any Initial
Purchaser be responsible, in the aggregate, for any amount in excess of the purchase discount or commission applicable to such Security, or in the case of a New Security, applicable to the Security that was exchangeable into such New Security, as
set forth in 

  

 16 

 
the Final Memorandum, nor shall any underwriter be responsible for any amount in excess of the underwriting discount or commission applicable to the
securities purchased by such underwriter under the Registration Statement which resulted in such Losses. If the allocation provided by the immediately preceding sentence is unavailable for any reason, the indemnifying party and the indemnified
holder shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of such indemnifying party, on the one hand, and such indemnified holder, on the other hand, in connection with the
statements or omissions which resulted in such Losses as well as any other relevant equitable considerations. Benefits received by the Company shall be deemed to be equal to the total net proceeds from the Initial Placement (before deducting
expenses) as set forth in the Final Memorandum. Benefits received by the Initial Purchasers shall be deemed to be equal to the total purchase discounts and commissions as set forth in the Purchase Agreement, and benefits received by any other
Holders shall be deemed to be equal to the value of receiving Securities or New Securities, as applicable, registered under the Act. Benefits received by any underwriter shall be deemed to be equal to the total underwriting discounts and
commissions, as set forth on the cover page of the Prospectus forming a part of the Registration Statement which resulted in such Losses. Relative fault shall be determined by reference to, among other things, whether any untrue or any alleged
untrue statement of a material fact or omission or alleged omission to state a material fact relates to information provided by the indemnifying party, on the one hand, or by the indemnified holder, on the other hand, the intent of the parties and
their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The parties agree that it would not be just and equitable if contribution were determined by pro rata allocation (even if the
Holders were treated as one entity for such purpose) or any other method of allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (d), no person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section, each person who controls a Holder
within the meaning of either the Act or the Exchange Act and each director, officer, employee and agent of such Holder shall have the same rights to contribution as such Holder, and each person who controls the Company within the meaning of either
the Act or the Exchange Act, each officer, director, employee or agent of the Company who shall have signed the Registration Statement and each director of the Company shall have the same rights to contribution as the Company, subject in each case
to the applicable terms and conditions of this paragraph (d). 
  
 (c) The provisions of this Section will remain in full force and effect, regardless of any investigation made by or on behalf of any Holder or the Company or any of the indemnified persons referred to in this Section 6, and will survive the
sale by a Holder of securities covered by a Registration Statement. 
  
 7. Underwritten Registrations. If any of the Securities or New Securities, as the case may be, covered by any Shelf Registration Statement are to be sold in an underwritten offering, the Managing Underwriters shall be selected by the
Holders of a majority in aggregate principal amount of such Securities included in such offering, subject to the consent of the Company (which shall not be unreasonably withheld or delayed) and such Holders shall be responsible for all underwriting
commissions and discounts in connection therewith. 
  

 17 

 No person may participate in any underwritten offering pursuant to any Shelf Registration Statement,
unless such person (i) agrees to sell such person’s Securities or New Securities, as the case may be, on the basis reasonably provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements; and
(ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 
  
 8. Registration Defaults. (a) If any of the following events
(“Registration Defaults”) shall occur, then the Company shall pay liquidated damages (“Registration Default Damages”) to the Holders of Registrable Securities in respect of such Registrable Securities: 
  
 (i) any Registration Statement required by this Agreement is
not filed with the Commission on or prior to the date specified for such filing in this Agreement; 
  
 (ii) any Registration Statement required by this Agreement is not declared effective by the Commission on or prior to the date specified
for such effectiveness under this Agreement; 
  
 (iii) any Registration Statement required by this Agreement has been declared effective but ceases to be effective or usable at any time at which it is required to be effective under this Agreement, except as permitted by Section 4(k); or

  
 (iv) the Registered Exchange Offer is not
consummated within 180 days of the date hereof. 
  
 (b)
Registration Default Damages shall accrue on the Registrable Securities at a rate of 0.25% per annum during the 75-day period immediately following the occurrence of such specified date and will increase by 0.25% per annum at the end of each
subsequent 75-day period, but in no event shall such rate exceed 0.50% per annum; provided, however, that the Company shall not be required to pay Registration Default Damages for more than one Registration Default at a time.
Registration Default Damages will accrue from and include the date on which any such Registration Default shall occur and to, but excluding, the date on which (1) in the case of clause (i) above, the Registration Statement is filed, (2) in the case
of clause (ii) above, the Registration Statement is declared effective, (3) in the case of clause (iii) above, the Registration Statement which had ceased to remain effective or usable is declared effective or usable and (4) in the case of clause
(iv) above, the Registered Exchange Offer is consummated. Registration Default Damages shall accrue in addition to the stated interest on such Registrable Securities. 
  
 9. No Inconsistent Agreements. The Company has not entered into, and agrees not to enter into, any agreement with
respect to its securities that is inconsistent with the rights granted to the Holders herein or that otherwise conflicts with the provisions hereof. 
  
 10. Amendments and Waivers. The provisions of this Agreement may not be amended, qualified, modified or supplemented, and waivers or consents to
departures from the 

  

 18 

 
provisions hereof may not be given, unless the Company has obtained the written consent of the Holders of a majority of the aggregate principal amount of the
Registrable Securities outstanding; provided that, with respect to any matter that directly or indirectly affects the rights of any Initial Purchaser hereunder, the Company shall obtain the written consent of each such Initial Purchaser
against which such amendment, qualification, supplement, waiver or consent is to be effective; provided, further, that no amendment, qualification, supplement, waiver or consent with respect to Section 8 hereof shall be effective as
against any Holder of Registrable Securities unless consented to in writing by such Holder; provided, further, that the provisions of this Section 10 may not be amended, qualified, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given, unless the Company has obtained the written consent of the Initial Purchasers and each Holder. Notwithstanding the foregoing (except the foregoing provisos), a waiver or consent to departure
from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose Securities or New Securities, as the case may be, are being sold pursuant to a Registration Statement and that does not directly or
indirectly affect the rights of other Holders may be given by the Majority Holders, determined on the basis of Securities or New Securities, as the case may be, being sold rather than registered under such Registration Statement. 
  
 11. Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail, telex, telecopier or air courier guaranteeing overnight delivery: 
  
 (a) if to a Holder, at the most current address given by such holder to the Company in accordance with the provisions of this Section 11, which address
initially is, with respect to each Holder, the address of such Holder maintained by the Registrar under the Indenture; 
  
 (b) if to the Representatives, initially at the addresses set forth in the Purchase Agreement; and 
  
 (c) if to the Company, initially at its address set forth in the Purchase
Agreement. 
  
 All such notices and communications shall be deemed
to have been duly given when received. 
  
 The Initial Purchasers
or the Company by notice to the other parties may designate additional or different addresses for subsequent notices or communications. 
  
 12. Remedies. Each Holder, in addition to being entitled to exercise all rights provided to it herein, in the Indenture or in the Purchase
Agreement or granted by law, including recovery of liquidated or other damages, will be entitled to specific performance of its rights under this Agreement. The Company agrees that monetary damages would not be adequate compensation for any loss
incurred by reason of a breach by it of the provisions of this Agreement and hereby agrees to waive in any action for specific performance the defense that a remedy at law would be adequate. 
  

 19 

 13. Successors. This Agreement shall inure to the benefit of and be binding upon the parties
hereto, their respective successors and assigns, including, without the need for an express assignment or any consent by the Company thereto, subsequent Holders of Securities and the New Securities, and the indemnified persons referred to in Section
6 hereof. The Company hereby agrees to extend the benefits of this Agreement to any Holder of Securities and the New Securities, and any such Holder may specifically enforce the provisions of this Agreement as if an original party hereto.

  
 14. Counterparts. This Agreement may be signed in one
or more counterparts, each of which shall constitute an original and all of which together shall constitute one and the same agreement. 
  
 15. Headings. The section headings used herein are for convenience only and shall not affect the construction hereof. 
  
 16. Applicable Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York applicable to contracts made and to be performed in the State of New York. The parties hereto each hereby waive any right to trial by jury in any action, proceeding or
counterclaim arising out of or relating to this Agreement. 
  
 17. Severability. In the event that any one of more of the provisions contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality
and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired or affected thereby, it being intended that all of the rights and privileges of the parties shall be enforceable
to the fullest extent permitted by law. 
  
 18. Securities Held
by the Company, etc. Whenever the consent or approval of Holders of a specified percentage of principal amount of Securities or New Securities is required hereunder, Securities or New Securities, as applicable, held by the Company or its
Affiliates (other than subsequent Holders of Securities or New Securities if such subsequent Holders are deemed to be Affiliates solely by reason of their holdings of such Securities or New Securities) shall not be counted in determining whether
such consent or approval was given by the Holders of such required percentage. 
  

 20 

 If the foregoing is in accordance with your understanding of our agreement, please sign and return to us
the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement between the Company and the several Initial Purchasers. 
  

					
	Very truly yours,
	
	Lazard LLC,
		
	By:	 	/s/ Scott D. Hoffman
	 	 	 Name:
	 	 Scott D. Hoffman

	 	 	 Title:
	 	 Authorized Person

  

 The foregoing Agreement is hereby confirmed and accepted as of the date first above written. 
  

					
	 Citigroup Global Markets Inc.
 J.P. Morgan
Securities Inc.

		
	By:	 	Citigroup Global Markets Inc.,
		
	By	 	 /s/ Kevin Deignan

	 	 	 Name:
	 	 Kevin Deignan

	 	 	 Title:
	 	 Director

  

 22 

					
		
	By:	 	J.P. Morgan Securities Inc.,
		
	By:	 	 /s/ Maria Sramek

	 	 	 Name:
	 	 Maria Sramek

	 	 	 Title:
	 	 Vice President

  
 For themselves and the other several
Initial Purchasers named in Schedule I to the Purchase Agreement. 
  

 23 

 ANNEX A 
  
 Each broker-dealer that receives new securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in
connection with any resale of such new securities. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the
Act. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of new securities received in exchange for securities where such securities were acquired by such broker-dealer
as a result of market-making activities or other trading activities. The company has agreed that, starting on the expiration date and ending on the close of business six months after the expiration date, it will make this prospectus available to any
broker-dealer for use in connection with any such resale. See “Plan of Distribution”. 
  

 24 

 ANNEX B 
  
 Each broker-dealer that receives new securities for its own account in exchange for securities, where such securities were acquired by such broker-dealer
as a result of market-making activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such new securities. See “Plan of Distribution”. 
  

 25 

 ANNEX C 
  
 PLAN OF DISTRIBUTION 
  
 Each broker-dealer that receives new securities for its own account pursuant to the Exchange Offer must acknowledge that it will deliver a prospectus in
connection with any resale of such new securities. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection with resales of new securities received in exchange for securities where such
securities were acquired as a result of market-making activities or other trading activities. The company has agreed that, starting on the expiration date and ending on the close of business six months after the expiration date, it will make this
prospectus, as amended or supplemented, available to any broker-dealer for use in connection with any such resale. In addition, until [insert date on which dealer prospectus delivery requirement under the Act expires], all dealers effecting
transactions in the new securities may be required to deliver a prospectus. 
  
 The company will not receive any proceeds from any sale of new securities by brokers-dealers. New securities received by broker-dealers for their own account pursuant to the Exchange Offer may be sold from time to
time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing of options on the new securities or a combination of such methods of resale, at market prices prevailing at the time of resale, at
prices related to such prevailing market prices or negotiated prices. Any such resale may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions from any such
broker-dealer and/or the purchasers of any such new securities. Any broker-dealer that resales new securities that were received by it for its own account pursuant to the Exchange Offer and any broker or dealer that participates in a distribution of
such new securities may be deemed to be an “underwriter” within the meaning of the Act and any profit of any such resale of new securities and any commissions or concessions received by any such persons may be deemed to be underwriting
compensation under the Act. The Letter of Transmittal states that by acknowledging that it will deliver and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter” within the meaning of the Act.

  
 For a period of six months after the expiration date, the
company will promptly send additional copies of this prospectus and any amendment or supplement to this prospectus to any broker-dealer that requests such documents in the Letter of Transmittal. The company has agreed to pay all expenses incident to
the Exchange Offer (including the expenses of one counsel for the holder of the securities) other than commissions or concessions of any brokers or dealers and will indemnify the holders of the securities (including any broker-dealers) against
certain liabilities, including liabilities under the Act. 
  
 [If
applicable, add information required by Regulation S-K Items 507 and/or 508.] 
  

 26 

 ANNEX D 
  
 Rider A 
  

	 	 ̈	CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO. 

  
 Name:    
                                        
                                 
 Address:
                                        
                             
  
 Rider B 
  
 If the undersigned is not a Broker-Dealer, the undersigned represents that it acquired the New Securities in the ordinary course of its business, it is not engaged in,
and does not intend to engage in, a distribution of New Securities and it has no arrangements or understandings with any person to participate in a distribution of the New Securities. If the undersigned is a Broker-Dealer that will receive New
Securities for its own account in exchange for Securities, it represents that the Securities to be exchanged for New Securities were acquired by it as a result of market-making activities or other trading activities and acknowledges that it will
deliver a prospectus in connection with any resale of such New Securities; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an “underwriter” within the meaning of the
Securities Act of 1933, as amended. 
  

 27

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]