Document:

Form of Pledge Agreement

 Exhibit 4.5 
  

  
 PLEDGE AGREEMENT 
  
 between 
  
 LAZARD LTD 
  
 The Bank of New York, 
  
 as Collateral Agent, Custodial Agent and Securities Intermediary 
  

and 
  
 The Bank of New York, 
  
 as Purchase Contract Agent 
  
 Dated as of                 , 2005 
  

  
 TABLE OF CONTENTS 

 

					
	 	  	Page

	ARTICLE I	  	 
		
	Definitions	  	 
			
	 SECTION 1.01.
	  	 Definitions
	  	2
		
	ARTICLE II	  	 
		
	Pledge; Control and Perfection	  	 
			
	 SECTION 2.01.
	  	 The Pledge
	  	4
	 SECTION 2.02.
	  	 Delivery, Control and Perfection
	  	5
		
	ARTICLE III	  	 
		
	Payments on Collateral	  	 
			
	 SECTION 3.01.
	  	 Payments
	  	7
	 SECTION 3.02.
	  	 Application of Payments
	  	8
		
	ARTICLE IV	  	 
		
	Substitution, Release, Repledge and Settlement of Notes	  	 
			
	 SECTION 4.01.
	  	 Collateral Substitution and the Creation of Stripped Units
	  	9
	 SECTION 4.02.
	  	 Collateral Substitution and the Re-creation of Normal Units
	  	10
	 SECTION 4.03.
	  	 Termination Event
	  	10
	 SECTION 4.04.
	  	 Early Settlement; Merger Early Settlement; Cash Settlement
	  	11
	 SECTION 4.05.
	  	 Remarketing; Application of Proceeds; Settlement
	  	11
		
	ARTICLE V	  	 
		
	Voting Rights — Notes	  	 
			
	 SECTION 5.01.
	  	 Exercise by Purchase Contract Agent
	  	13
		
	ARTICLE VI	  	 
		
	Rights and Remedies; Special Event Redemption	  	 
			
	 SECTION 6.01.
	  	 Rights and Remedies of the Collateral Agent
	  	13
	 SECTION 6.02.
	  	 Substitutions
	  	14

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	Page

	 SECTION 6.03.
	  	 Special Event Redemption
	  	14
	 SECTION 6.04.
	  	 Cash Received from Holders of Normal Units not Participating in the Remarketing
	  	15
		
	ARTICLE VII	  	 
		
	Representations and Warranties; Covenants	  	 
			
	 SECTION 7.01.
	  	 Representations and Warranties of the Holders
	  	15
	 SECTION 7.02.
	  	 Representations and Warranties of the Collateral Agent, Custodial Agent and Securities Intermediary
	  	16
	 SECTION 7.03.
	  	 Covenants
	  	17
		
	ARTICLE VIII	  	 
		
	The Collateral Agent	  	 
			
	 SECTION 8.01.
	  	 Appointment, Powers and Immunities
	  	17
	 SECTION 8.02.
	  	 Instructions of the Company
	  	18
	 SECTION 8.03.
	  	 Reliance
	  	19
	 SECTION 8.04.
	  	 Rights in Other Capacities
	  	19
	 SECTION 8.05.
	  	 Non-reliance on Collateral Agent
	  	19
	 SECTION 8.06.
	  	 Compensation and Indemnity
	  	19
	 SECTION 8.07.
	  	 Failure to Act
	  	20
	 SECTION 8.08.
	  	 Resignation; Replacement of Collateral Agent, Custodial Agent or Securities Intermediary
	  	21
	 SECTION 8.09.
	  	 Right to Appoint Agent or Advisor
	  	21
	 SECTION 8.10.
	  	 Survival
	  	22
	 SECTION 8.11.
	  	 Exculpation
	  	22
		
	ARTICLE IX	  	 
		
	Amendment	  	 
			
	 SECTION 9.01.
	  	 Amendment Without Consent of Holders
	  	22
	 SECTION 9.02.
	  	 Amendment with Consent of Holders
	  	22
	 SECTION 9.03.
	  	 Execution of Amendments
	  	23
	 SECTION 9.04.
	  	 Effect of Amendments
	  	23
	 SECTION 9.05.
	  	 Reference to Amendments
	  	24

  

 ii 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	Page

	ARTICLE X	  	 
		
	Miscellaneous	  	 
	 SECTION 10.01.
	  	 No Waiver
	  	24
	 SECTION 10.02.
	  	 Governing Law
	  	24
	 SECTION 10.03.
	  	 Judgment Currency
	  	25
	 SECTION 10.04.
	  	 Notices
	  	25
	 SECTION 10.05.
	  	 Successors and Assigns
	  	26
	 SECTION 10.06.
	  	 Counterparts
	  	26
	 SECTION 10.07.
	  	 Severability
	  	26
	 SECTION 10.08.
	  	 Expenses, etc.
	  	26
	 SECTION 10.09.
	  	 Security Interest Absolute
	  	26
	 SECTION 10.10.
	  	 WAIVER OF JURY TRIAL
	  	27
	 SECTION 10.11.
	  	 Incorporation by Reference
	  	27

  

	EXHIBIT A	Instruction from Purchase Contract Agent to Collateral Agent 

	EXHIBIT B	Instruction to Purchase Contract Agent 

	EXHIBIT C	Instruction to Custodial Agent Regarding Remarketing 

	EXHIBIT D	Instruction to Custodial Agent Regarding Withdrawal from Remarketing 

  

 iii 

 PLEDGE AGREEMENT, dated as of
                , 2005, among Lazard Ltd, an exempted Bermuda limited company (the “Company”), The Bank of New York, not individually but solely as collateral
agent (in such capacity, together with its successors in such capacity, the “Collateral Agent”), as custodial agent (in such capacity, together with its successors in such capacity, the “Custodial Agent”) and as “securities
intermediary” as defined in Section 8-102(a)(14) of the Code (as defined herein) (in such capacity, together with its successors in such capacity, the “Securities Intermediary”), and The Bank of New York, a New York banking
association, not individually but solely as purchase contract agent and as attorney-in-fact of the holders from time to time of the units described herein (in such capacity, together with its successors in such capacity, the “Purchase Contract
Agent”) under the Purchase Contract Agreement (as defined herein). 
  
 RECITALS 
  
 WHEREAS, the Company and the Purchase
Contract Agent are parties to the Purchase Contract Agreement dated as of the date hereof (as modified, amended or supplemented, the “Purchase Contract Agreement”), pursuant to which there may be issued Units (such term, and each other
capitalized term used in these recitals, having the meaning set forth herein or, if not defined herein, the meaning set forth in the Purchase Contract Agreement) having a Stated Amount of $25 per Unit, all of which will initially be Normal Units.

  
 WHEREAS, each Normal Unit will consist of (a) a Purchase
Contract and (b) either (i) a 1/40, or 2.5%, beneficial ownership interest in a Note having a $1,000 principal amount or (ii) following a Special Event Redemption in accordance with the Purchase Contract Agreement and the terms of the Notes,
beneficial ownership of the Treasury Consideration. 
  
 WHEREAS,
in accordance with the terms of the Purchase Contract Agreement, a Holder of Normal Units may separate the Notes or the Treasury Consideration, as applicable, from the related Purchase Contracts by substituting for such Notes or the Treasury
Consideration, as the case may be, Treasury Securities that will pay in the aggregate an amount equal to the aggregate Stated Amount of such Normal Units. Upon such separation, the Normal Units will become Stripped Units. Each Stripped Unit will
consist of (a) a Purchase Contract and (b) a 1/40 undivided beneficial interest in a Treasury Security or, in the case of an opt-out pursuant to Section 6.04, the Cash Consideration. 
  
 WHEREAS, pursuant to the terms of the Purchase Contract Agreement and the Purchase Contracts, the Holders, from time to
time, of the Units have irrevocably authorized the Purchase Contract Agent, as attorney-in-fact of such Holders, among other things, to execute and deliver this Agreement on behalf of such Holders and to grant the pledge provided hereby of the
Notes, any Treasury Consideration and any Treasury Securities delivered in exchange therefor to secure each Holder’s obligations under the related Purchase Contract, as provided herein and subject to the terms hereof. 
  

 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company, the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Purchase Contract Agent agree as follows: 
  
 ARTICLE I 
  
 Definitions 
  
 SECTION 1.01. Definitions. For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:

  
 (a) capitalized terms used but not defined
herein shall have the meaning set forth in the Purchase Contract Agreement; 
  
 (b) the terms defined in this Agreement include the plural as well as the singular, and nouns and pronouns of the masculine gender include the feminine and neuter genders; 
  
 (c) all accounting terms not otherwise defined herein have
the meanings assigned to them in accordance with generally accepted accounting principles in the United States; 
  
 (d) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement
as a whole and not to any particular Recital, Article, Section or other subdivision; and 
  
 (e) the following terms shall have the following meanings: 
  
 “Agent” has the meaning set forth in Section 7.02(b). 
  
 “Agreement” means this agreement as originally
executed or as it may from time to time be supplemented or amended by one or more agreements supplemental hereto entered into pursuant to the applicable provisions hereof. 
  
 “Code” has the meaning set forth in Section 6.01. 
  
 “Collateral” has the meaning set forth in Section
2.01(a). 
  
 “Collateral Account” means
the securities account (number                 ) maintained at                 ,
                , in the name of “The Bank of New York, as Purchase Contract Agent on behalf of the holders of certain securities of Lazard Ltd, Collateral Account
subject to the security interest of The Bank of New York, as Collateral Agent, for the benefit of Lazard Ltd, as pledgee” and any successor account. 
  
 “Collateral Agent” has the meaning set forth in the preamble to this Agreement. 
  
 “Company” has the meaning set forth in the
preamble to this Agreement. 
  

 2 

 “Custodial Agent” has the meaning set forth in the preamble to this Agreement.

  
 “Intermediary” means any entity
that in the ordinary course of its business maintains securities accounts for others and is acting in that capacity. 
  
 “Pledge” has the meaning set forth in Section 2.01(c). 
  
 “Pledged Notes” has the meaning set forth in Section 2.01(c). 
  
 “Pledged Treasury Consideration” has the meaning
set forth in Section 2.01(c). 
  
 “Pledged
Treasury Securities” has the meaning set forth in Section 2.01(c). 
  
 “Proceeds” means all interest, dividends, cash, instruments, securities, financial assets (as defined in Section 8-102(a)(9) of the Code) and other property from time to time received, receivable or
otherwise distributed upon the sale, exchange, collection or disposition of the Collateral or any proceeds thereof. 
  
 “Purchase Contract Agent” has the meaning set forth in the preamble to this Agreement. 
  
 “Purchase Contract Agreement” has the meaning set
forth in the Recitals to this Agreement. 
  
 “Securities Intermediary” has the meaning set forth in the preamble to this Agreement. 
  
 “Security Entitlement” has the meaning set forth in Section 8-102(a)(17) of the Code. 
  
 “Separate Notes” means any Notes that are not
Pledged Notes. 
  
 “TRADES Regulations”
means the regulations of the United States Department of the Treasury, published at 31 C.F.R. Part 357, as amended from time to time. Unless otherwise defined herein, all terms defined in the TRADES Regulations are used herein as therein defined.

  
 “Transfer” means, with respect to
the Collateral and in accordance with the instructions of the Collateral Agent, the Purchase Contract Agent or the Holder, as applicable: 
  
 (i) in the case of Collateral consisting of certificated securities, delivery as provided in 8-301(a) of the UCC in appropriate physical
form to the recipient accompanied by any duly executed instruments of transfer, assignments in blank, transfer tax stamps and any other documents necessary to constitute a legally valid transfer to the recipient; and 
  

 3 

 (ii) in the case of Collateral consisting of security entitlements relating to securities
maintained in book-entry form, by causing a “securities intermediary” (as defined in Section 8-102(a)(14) of the Code) to (a) credit such “security entitlement” (as defined in Section 8-102(a)(17) of the Code) to a
“securities account” (as defined in Section 8-501(a) of the Code) maintained by or on behalf of the recipient and (b) to issue a confirmation to the recipient with respect to such credit. 
  
 In the case of Collateral to be delivered to the Collateral Agent, the securities
intermediary shall be the Securities Intermediary and the securities account shall be the Collateral Account. In addition, any Transfer of Treasury Securities and Treasury Consideration hereunder shall be made in accordance with the TRADES
Regulations and other applicable law. 
  
 ARTICLE II 
  
 Pledge; Control and Perfection 
  
 SECTION 2.01. The Pledge. (a) The Purchase Contract Agent and the
Holders from time to time, acting through the Purchase Contract Agent, as their attorney-in-fact, hereby pledge and grant to the Collateral Agent, for the benefit of the Company, as collateral security for the payment and performance when due by
such Holders of their respective obligations to the Company under the related Purchase Contracts, a security interest in, and right of set-off against, all of the right, title and interest of the Purchase Contract Agent and such Holders in:

  
 (i) the Notes constituting a part of the
Units that have not been released by the Collateral Agent to such Holders under the provisions of this Agreement; 
  
 (ii) (A) the Treasury Consideration or Treasury Securities constituting a part of the Units, (B) any Treasury Securities delivered in
exchange for any Notes or Treasury Consideration, as applicable, in accordance with Section 4.01 hereof and (C) any Notes or Treasury Consideration, as applicable, delivered in exchange for any Treasury Securities in accordance with Section 4.02
hereof, in each case that have been Transferred to or otherwise received by the Collateral Agent and not released by the Collateral Agent to such Holders under the provisions of this Agreement; 
  
 (iii) the Collateral Account and all securities, financial
assets, security entitlements, cash and other property credited thereto and all Security Entitlements related thereto; 
  
 (iv) upon the occurrence of a Special Event Redemption, the Treasury Portfolio Transferred to the Collateral Account; 
  
 (v) all Proceeds of the foregoing; and 
  
 (vi) all powers and rights now owned or hereafter acquired
under or with respect to any of the foregoing (all of the foregoing, collectively, the “Collateral”). 
  

 4 

 (b) Prior to or concurrently with the execution and delivery of this Agreement, the Purchase Contract
Agent, on behalf of the initial Holders of the Units, shall cause the Notes comprising a part of the Normal Units, which will be subject to the Pledge set forth in this Section 2.01, to be Transferred to the Collateral Agent for the benefit of the
Company. 
  
 (c) The pledge provided in this Section 2.01 is
herein referred to as the “Pledge” and the Notes (including any Notes that are delivered pursuant to Section 6.02 hereof), Treasury Consideration and Treasury Securities subject to the Pledge, excluding any Notes, Treasury Consideration or
Treasury Securities released from the Pledge as provided in Sections 4.01, 4.02 and 4.03 hereof, respectively, are hereinafter referred to as “Pledged Notes,” “Pledged Treasury Consideration” and “Pledged Treasury
Securities,” respectively. Subject to the Pledge and the provisions of Section 2.02 hereof, the Holders from time to time shall have full beneficial ownership of the Collateral. For purposes of perfecting the Pledge under applicable law,
including, to the extent applicable, the TRADES Regulations or the Uniform Commercial Code as adopted and in effect in any applicable jurisdiction, the Collateral Agent shall be the agent of the Company as provided herein. Whenever directed by the
Collateral Agent acting on behalf of the Company, the Securities Intermediary shall have the right to reregister in its name the Notes or any other securities held in physical form. 
  
 (d) Except as may be required in order to release Notes or Treasury Consideration, as applicable, in connection with a
Special Event Redemption or with a Holder’s election to convert its investment from a Normal Unit to a Stripped Unit, or except as may be required in order to release Treasury Securities in connection with a Holder’s election to convert
its investment from a Stripped Unit to a Normal Unit, or except as otherwise required to release Notes, Treasury Consideration or Treasury Securities as specified herein, the Collateral Agent, shall not relinquish physical possession of any
certificate evidencing Notes, Treasury Securities or Treasury Consideration, as applicable, prior to the termination of this Agreement, provided that the Collateral Agent and the Remarketing Agent shall jointly determine the process for releasing
Notes in connection with a remarketing (including the timing of release thereof). If it becomes necessary for the Collateral Agent to relinquish physical possession of a certificate in order to release a portion of the Notes evidenced thereby from
the Pledge, the Company shall use its commercially reasonable best efforts to arrange for the Securities Intermediary to obtain physical possession of a replacement certificate evidencing any Notes remaining subject to the Pledge hereunder
registered to the Securities Intermediary or endorsed in blank (or accompanied by a bond power endorsed in blank) within fifteen calendar days of the date the Securities Intermediary relinquished possession. The Securities Intermediary shall
promptly notify the Company and the Collateral Agent of its inability to obtain possession of any such replacement certificate as required hereby. 
  
 (e) Notwithstanding anything contained herein to the contrary, for avoidance of doubt, (i) interest payments on the Notes and (ii) after a Special Event
Redemption, the periodic payments with respect to the Treasury Consideration (as specified in clauses (i)(B) and (ii)(B) of the definition of Treasury Consideration) that are a part of the Normal Units to Holders of Normal Units shall not be subject
to the Pledge and therefore are not part of the Collateral. 
  
 SECTION 2.02. Delivery, Control and Perfection. (a) The Purchase Contract Agent shall immediately deliver to the Collateral Agent all certificates or instruments 

  

 5 

 
representing the Collateral accompanied by stock or bond powers duly executed in blank or other instruments of reasonable satisfaction to the Collateral
Agent. 
  
 (b) Except as provided in Section 5.01, at all times
prior to the termination of the Pledge, the Collateral Agent shall have sole control of the Collateral Account, and the Securities Intermediary shall take instructions and directions with respect to the Collateral Account solely from the Collateral
Agent. In connection with the Pledge granted in Section 2.01, and subject to the other provisions of this Agreement, the Holders from time to time acting through the Purchase Contract Agent, as their attorney-in-fact, hereby authorize and direct the
Securities Intermediary (without the necessity of obtaining the further consent of the Purchase Contract Agent or any of the Holders), and the Securities Intermediary agrees, to comply with and follow any instructions and entitlement orders (as
defined in Section 8-102(a)(8) of the Code) that the Collateral Agent may deliver pursuant to the terms hereof or upon the written direction of the Company with respect to the Collateral Account, the Collateral credited thereto and any Security
Entitlements with respect thereto. Such instructions and entitlement orders may, without limitation, direct the Securities Intermediary to transfer, redeem, assign, or otherwise deliver the Notes, the Treasury Consideration and the Treasury
Securities, and any Security Entitlements with respect thereto, or sell, liquidate or dispose of such assets through a broker designated by the Company, and to pay and deliver any income, proceeds or other funds derived therefrom to the Company. The
Collateral Agent shall be the agent of the Company and shall act only in accordance with the terms hereof or as otherwise directed in writing by the Company. Without limiting the generality of the foregoing, the Collateral Agent shall issue
entitlement orders to the Securities Intermediary when and as required by the terms hereof or as otherwise directed in writing by the Company. 
  
 (c) The Securities Intermediary hereby confirms and agrees that: 
  

(i) all securities or other property underlying any financial assets credited to the Collateral Account shall be registered in the name
of the Securities Intermediary, or its nominee, endorsed to the Securities Intermediary, or its nominee, or in blank or credited to another Collateral Account maintained in the name of the Securities Intermediary and in no case will any financial
asset credited to the Collateral Account be registered in the name of the Purchase Contract Agent, the Collateral Agent, the Company or any Holder, payable to the order of, or specially endorsed to, the Purchase Contract Agent, the Collateral Agent,
the Company or any Holder except to the extent the foregoing have been specially endorsed to the Securities Intermediary or in blank; 
  
 (ii) all property delivered to the Securities Intermediary pursuant to this Agreement (including, without limitation, any Notes, Treasury
Consideration or Treasury Securities) will be promptly credited to the Collateral Account; 
  
 (iii) the Collateral Account is an account to which financial assets are or may be credited, and the Securities Intermediary shall,
subject to the terms of this Agreement, treat the Purchase Contract Agent as entitled to exercise the rights of any financial asset credited to the Collateral Account; 
  

 6 

 (iv) the Securities Intermediary has not entered into, and until the termination of this
Agreement will not enter into, any agreement with any other Person relating to the Collateral Account or any financial assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8) of
the Code) of such other Person; and 
  
 (v) the
Securities Intermediary has not entered into, and until the termination of this Agreement will not enter into, any agreement with the Company, the Collateral Agent or the Purchase Contract Agent purporting to limit or condition the obligation of the
Securities Intermediary to comply with entitlement orders as set forth in this Section 2.02 hereof. 
  
 (d) The Securities Intermediary hereby agrees that each item of property (whether investment property, financial asset, security, instrument or cash)
credited to the Collateral Account shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the Code. 
  
 (e) In the event of any conflict between this Agreement (or any portion thereof) and any other agreement now existing or hereafter entered into, the terms
of this Agreement, as may be amended pursuant to Article IX hereof, shall prevail. 
  
 (f) The Purchase Contract Agent hereby irrevocably constitutes and appoints the Collateral Agent and the Company, with full power of substitution, as the Purchase Contract Agent’s attorney-in-fact to take on
behalf of, and in the name, place and stead of the Purchase Contract Agent and the Holders, any action necessary or desirable to perfect and to keep perfected the security interest in the Collateral referred to in Section 2.01. The grant of such
power-of-attorney shall not be deemed to require of the Collateral Agent any specific duties or obligations not otherwise assumed by the Collateral Agent hereunder. Notwithstanding the foregoing, in no event shall the Collateral Agent, the Custodial
Agent, the Securities Intermediary or the Purchase Contract Agent be responsible for the preparation or filing of any financing or continuation statements in the appropriate jurisdictions or responsible for maintenance or perfection of any security
interest hereunder. 
  
 (g) The Purchase Contract Agent shall file
with the United States Internal Revenue Service (and deliver to the Holders) Forms 1099 (or successor or comparable forms), to the extent required by law, with respect to payments to the Holders. 
  
 ARTICLE III 
  
 Payments on Collateral 
  
 SECTION 3.01. Payments. So long as the Purchase Contract Agent is the registered owner of the Pledged Notes, Pledged Treasury Consideration or
Pledged Treasury Securities, it shall receive all payments thereon. If the Pledged Notes are reregistered such that the Collateral Agent becomes the registered holder, all payments of the principal of, or interest or other amounts on, the Pledged
Notes and all payments of the principal of, or cash distributions 

  

 7 

 
on, any Pledged Treasury Consideration or Pledged Treasury Securities, that are received by the Collateral Agent and that are properly payable hereunder
shall be paid by the Collateral Agent by wire transfer in same day funds: 
  
 (i) in the case of (A) any interest payments with respect to the Pledged Notes or Pledged Treasury Consideration (including as specified in clauses (i)(B) or (ii)(B) of the definition of Treasury Consideration), as
the case may be, with respect to Normal Units and (B) any payments with respect to any Notes or Treasury Consideration (including as specified in clauses (i)(A) or (ii)(A) of the definition of Treasury Consideration), as the case may be, that have
been released from the Pledge pursuant to Section 4.03 hereof, to the Purchase Contract Agent, for the benefit of the relevant Holders, to the account designated by the Purchase Contract Agent for such purpose no later than 11:00 a.m., New York City
time, on the Business Day such payment is received by the Collateral Agent (provided that in the event such payment or payment instructions are received by the Collateral Agent on a day that is not a Business Day or after 10:30 a.m., New York
City time, on a Business Day, then such payment shall be made no later than 9:30 a.m., New York City time, on the next succeeding Business Day); 
  
 (ii) in the case of any payments with respect to any Treasury Securities that have been released from the Pledge pursuant to Section 4.03
hereof to the Holders of the Stripped Units, to the accounts and in such amounts designated by the Purchase Contract Agent (subject to the Purchase Contract Agent receiving such information from the relevant Holders) in writing for such purpose no
later than 2:00 p.m., New York City time, on the Business Day such payment is received by the Collateral Agent (provided that in the event such payment or payment instructions are received by the Collateral Agent on a day that is not a
Business Day or after 12:30 p.m., New York City time, on a Business Day, then such payment shall be made no later than 10:30 a.m., New York City time, on the next succeeding Business Day); and 
  
 (iii) in the case of payments in respect of any Pledged
Notes, Pledged Treasury Consideration (as specified in clauses (i)(A) and (ii)(A) of the definition of Treasury Consideration) or Pledged Treasury Securities, as the case may be, to be paid upon settlement of such Holder’s obligations to
purchase Ordinary Shares under the Purchase Contract, to the Company on the Stock Purchase Date in accordance with the procedure set forth in Section 4.05(a) or 4.05(b) hereof, in full satisfaction of the respective obligations of the Holders under
the related Purchase Contracts and, to the extent such payments exceed the Purchase Price, to the Purchase Contract Agent for the benefit of the Holders. 
  
 SECTION 3.02. Application of Payments. All payments received by the Purchase Contract Agent as provided herein shall be applied by the Purchase
Contract Agent pursuant to the provisions of the Purchase Contract Agreement. If, notwithstanding the foregoing, the Purchase Contract Agent shall receive any payments of principal on account of any Notes or Treasury Consideration (as specified in
clauses (i)(A) and (ii)(A) of the definition of Treasury Consideration), as applicable, that, at the time of such payments, are Pledged Notes or Pledged Treasury Consideration (which, shall be as specified in clauses (i)(A) and (ii)(A) of the
definition of Treasury Consideration), as the case may be, or a Holder of a Stripped Unit 

  

 8 

 
shall receive any payments of principal on account of any Treasury Securities that, at the time of such payment, are Pledged Treasury Securities, the
Purchase Contract Agent or such Holder shall hold the same as trustee of an express trust for the benefit of the Company (and promptly deliver the same over to the Company) for application to the obligations of the Holders under the related Purchase
Contracts, and the Holders shall acquire no right, title or interest in any such payments of principal so received, except as provided herein. 
  
 ARTICLE IV 
  
 Substitution, Release, Repledge and Settlement of Notes 
  
 SECTION 4.01. Collateral Substitution and the Creation of Stripped Units. (a) At any time on or prior to the thirteenth Business Day immediately
preceding the Stock Purchase Date, a Holder of Normal Units shall have the right to substitute Treasury Securities for the Pledged Notes or Pledged Treasury Consideration, as the case may be, securing such Holder’s obligations under the
Purchase Contracts comprising a part of such Normal Units, in integral multiples of 40 Normal Units, or after a Special Event Redemption, in integral multiples of Normal Units so that Treasury Securities to be deposited and the Treasury
Consideration, as the case may be, to be released are in integral multiples of $1,000, by (a) Transferring to the Collateral Agent Treasury Securities having an aggregate principal amount equal to the aggregate Stated Amount of such Normal Units and
(b) delivering such Normal Units to the Purchase Contract Agent, accompanied by a notice, substantially in the form of Exhibit B hereto, to the Purchase Contract Agent, with a copy of such notice to the Company, stating that such Holder has
Transferred Treasury Securities to the Collateral Agent pursuant to this Section 4.01 (stating the principal amount, the maturities and the CUSIP numbers of the Treasury Securities Transferred by such Holder) and requesting that the Purchase
Contract Agent instruct the Collateral Agent to release from the Pledge the Pledged Notes or Pledged Treasury Consideration related to such Normal Units, whereupon the Purchase Contract Agent shall promptly give such instruction to the Collateral
Agent, with a copy of such instruction to the Company, in the form provided in Exhibit A. Upon receipt of Treasury Securities from a Holder of Normal Units and the related instruction from the Purchase Contract Agent, the Collateral Agent shall
release the Pledged Notes or Pledged Treasury Consideration and shall promptly Transfer such Pledged Notes or Pledged Treasury Consideration free and clear of any lien, pledge or security interest created hereby, to the Purchase Contract Agent. All
items Transferred or substituted by any Holder pursuant to this Section 4.01, Section 4.02 or any other Section of this Agreement shall be Transferred or substituted free and clear of all liens, claims and encumbrances, except as otherwise set forth
herein. 
  
 (b) Holders who elect to separate the Pledged Notes or
Pledged Treasury Consideration, as the case may be, from the related Purchase Contract and to substitute Treasury Securities for such Pledged Notes or Pledged Treasury Consideration shall be responsible for any fees or expenses payable to the
Collateral Agent for its services as Collateral Agent in respect of the substitution, and the Company shall not be responsible for any such fees or expenses. 
  

 9 

 SECTION 4.02. Collateral Substitution and the Re-creation of Normal Units. (a) At any time on or
prior to the thirteenth Business Day immediately preceding the Stock Purchase Date, a Holder of Stripped Units shall have the right to reestablish Normal Units (i) consisting of the Purchase Contracts and Notes in integral multiples of 40 Normal
Units or (ii) after a Special Event Redemption, consisting of the Purchase Contracts and the Treasury Consideration (identified and calculated by reference to the Treasury Consideration then comprising Normal Units) or the appropriate portion of the
Treasury Portfolio in integral multiples of Stripped Units so that the Treasury Consideration to be deposited and the Treasury Securities to be released are in integral multiples of $1,000, by (x) Transferring to the Collateral Agent Notes or the
Treasury Consideration, as the case may be, then comprising such number of Normal Units as is equal to such Stripped Units and (y) delivering such Stripped Units to the Purchase Contract Agent, accompanied by a notice, substantially in the form of
Exhibit B hereto, to the Purchase Contract Agent, with a copy of such notice to the Company, stating that such Holder has transferred Notes or Treasury Consideration to the Collateral Agent pursuant to this Section 4.02 and requesting that the
Purchase Contract Agent instruct the Collateral Agent to release from the Pledge the Pledged Treasury Securities related to such Stripped Units, whereupon the Purchase Contract Agent shall give such instruction to the Collateral Agent, with a copy
of such instruction to the Company, in the form provided in Exhibit A. Upon receipt of the Notes or the Treasury Consideration, as the case may be, from such Holder and the instruction from the Purchase Contract Agent, the Collateral Agent shall
release the Pledged Treasury Securities and shall promptly Transfer such Treasury Securities, free and clear of any lien, pledge or security interest created hereby, to the Purchase Contract Agent. 
  
 (b) Holders of Stripped Units who reestablish Normal Units shall be
responsible for any fees or expenses payable to the Collateral Agent for its services as Collateral Agent in respect of the substitution, and the Company shall not be responsible for any such fees or expenses. 
  
 SECTION 4.03. Termination Event. (a) Upon receipt by the Collateral
Agent of written notice from the Company or the Purchase Contract Agent that there has occurred a Termination Event and identifying the nature of the Termination Event, the Collateral Agent shall release all Collateral from the Pledge and shall
promptly Transfer any Pledged Notes or Pledged Treasury Consideration, as the case may be, and Pledged Treasury Securities to the Purchase Contract Agent for the benefit of the Holders of the Normal Units and the Stripped Units, respectively, free
and clear of any lien, pledge or security interest or other interest created in favor of the Collateral Agent hereby. 
  
 (b) If such Termination Event shall result from any of the Company, Lazard Group or Lazard Group Finance becoming a debtor under the Bankruptcy Code or,
in the case of the Company, becoming subject to a petition under clause (ii) of the definition of Bankruptcy Law (for the purposes of this Section 4.03(b), a “bankruptcy event”), and if the Collateral Agent shall fail for any reason to
promptly effectuate, the release and Transfer of all Pledged Notes, Pledged Treasury Consideration or Pledged Treasury Securities, as the case may be, as provided by this Section 4.03, the Purchase Contract Agent, shall: 
  
 (i) use its best efforts to obtain, at the expense of the
Company, an opinion of a nationally recognized law firm reasonably acceptable to the Collateral Agent to the effect 

  

 10 

 
that, as a result of such bankruptcy event, the Collateral Agent will not be prohibited from releasing or Transferring the Collateral as provided in this
Section 4.03 and shall deliver such opinion to the Collateral Agent within ten days after the occurrence of such Termination Event, and if (A) the Purchase Contract Agent shall be unable to obtain such opinion within ten days after the occurrence of
such Termination Event or (B) the Collateral Agent shall continue, after delivery of such opinion, to refuse to effectuate the release and Transfer of all Pledged Notes, Pledged Treasury Consideration or Pledged Treasury Securities, as the case may
be, as provided in this Section 4.03, then the Purchase Contract Agent shall within fifteen days after the occurrence of such Termination Event commence an action or proceeding in the court having jurisdiction of such bankruptcy event, seeking an
order requiring the Collateral Agent to effectuate the release and transfer of all Pledged Notes, Pledged Treasury Consideration or Pledged Treasury Securities, as the case may be, as provided by this Section 4.03; or 
  
 (ii) commence an action or proceeding like that described in
subsection (i)(B) hereof within ten days after the occurrence of such Termination Event. 
  
 SECTION 4.04. Early Settlement; Merger Early Settlement; Cash Settlement. Upon written notice to the Collateral Agent by the Purchase Contract Agent that one or more Holders of Units have elected to effect
Early Settlement, Merger Early Settlement or Cash Settlement of their respective obligations under the Purchase Contracts forming a part of such Units in accordance with the terms of the Purchase Contracts and the Purchase Contract Agreement
(setting forth the number of such Purchase Contracts as to which such Holders have elected to effect Early Settlement, Merger Early Settlement or Cash Settlement), and that the Purchase Contract Agent has received from such Holders, and paid to the
Company as confirmed by written notice to the Collateral Agent by the Company, the related Early Settlement Amounts, Merger Early Settlement Amounts or Cash Settlement Amounts, as the case may be, pursuant to the terms of the Purchase Contracts and
the Purchase Contract Agreement and that all conditions to such Early Settlement, Merger Early Settlement or Cash Settlement, as the case may be, have been satisfied, then the Collateral Agent shall release from the Pledge (a) Pledged Notes or
Pledged Treasury Consideration, as the case may be, in the case of a Holder of Normal Units or (b) Pledged Treasury Securities, in the case of a Holder of Stripped Units, identified by the Purchase Contract Agent as relating to such Purchase
Contracts as to which such Holders have paid such Early Settlement Amounts, Merger Early Settlement Amounts or Cash Settlement Amounts, and shall Transfer all such Pledged Notes, Pledged Treasury Consideration or Pledged Treasury Securities, as the
case may be, free and clear of the Pledge created hereby, to the Purchase Contract Agent for the benefit of the Holders. 
  
 SECTION 4.05. Remarketing; Application of Proceeds; Settlement. (a) Pursuant to the Purchase Contract Agreement, the Purchase Contract Agent shall
notify, by 10:00 a.m., New York City time, on the second Business Day immediately preceding the Remarketing Date, the Remarketing Agent and the Collateral Agent of the aggregate principal amount of Notes comprising part of Normal Units to be
remarketed. The Remarketing Agent and the Collateral Agent shall jointly determine the process for releasing Pledged Notes subject to remarketing. Pledged Notes not subject to remarketing shall be released to the Purchase Contract Agent in
accordance with the terms of the Purchase Contract Agreement promptly following such time as the Collateral Agent determines that such Pledged Securities are no longer subject to the security 

  

 11 

 
interest created hereunder (or are being disposed of to satisfy such secured obligations), subject to Section 4.05(c). 
  
 (b) Upon completion of a successful remarketing, after deducting as the
remarketing fee an amount not exceeding 25 basis points (0.25%) of the Remarketing Value of such Pledged Notes, the Remarketing Agent will deliver the proceeds of such remarketing to the Collateral Agent for the benefit of the Company to be held in
trust for the Company. Upon receipt of the proceeds following a successful remarketing, (i) the Collateral Agent, for the benefit of the Company, shall thereupon apply such proceeds in an amount equal to the aggregate Stated Amount of the related
Normal Units in direct settlement and satisfaction in full of such Normal Units Holders’ obligations to pay to the Company the Purchase Price under the Purchase Contracts on the Stock Purchase Date and (ii) the remaining portion, if any, of the
proceeds of such successful remarketing shall be distributed by the Remarketing Agent to the Purchase Contract Agent for payment on a pro rata basis to such Normal Units Holders participating in such remarketing. 
  
 (c) The Remarketing Agent shall agree to make one or more attempts to
remarket the Notes in accordance with the procedures set forth in the Purchase Contract Agreement and the Remarketing Agreement between the Remarketing Date and the last Subsequent Remarketing Date. If by 4:00 p.m., New York City time, on the third
Business Day immediately preceding the Stock Purchase Date the Remarketing Agent has failed to remarket the Notes at a price equal to 100.5% of the aggregate principal amount of the Notes participating in the remarketing, the Last Failed Remarketing
shall be deemed to have occurred. In this case, the Remarketing Agent will agree to advise the Collateral Agent in writing that it cannot remarket the related Pledged Notes of such Holders of Normal Units. The Collateral Agent, for the benefit of
the Company will, at the written direction of the Company, deliver or dispose of the Pledged Notes in accordance with the Company’s written instructions to satisfy in full, from any such disposition or retention, such Holders’ obligations
to pay the Purchase Price for the Ordinary Shares (provided that any accumulated and unpaid interest on such Notes will remain payable by the Company to the Purchase Contract Agent for payment to the Holder of the Normal Units to which such
Notes relate in accordance with the Purchase Contract Agreement). 
  
 (d) In the event a Holder of Stripped Units has not made an Early Settlement, Merger Early Settlement or Cash Settlement of the Purchase Contracts underlying its Stripped Units, such Holder shall be deemed to have elected to pay for the
shares of Common Stock to be issued under such Purchase Contracts from the payments received in respect of the related Pledged Treasury Securities. Without receiving any instruction from any such Holder of Stripped Units, the Collateral Agent shall
apply such payments to the Company in settlement of such Purchase Contracts on the Stock Purchase Date pursuant to written instructions from the Purchase Contract Agent. In the event the payments received in respect of the related Pledged Treasury
Securities are in excess of the aggregate Purchase Price of the Purchase Contracts being settled thereby, the Collateral Agent shall distribute such excess, when received, to the Purchase Contract Agent for payment to such Holders of Stripped Units.

  
 (e) Pursuant to the Remarketing Agreement and the Purchase
Contract Agreement, on or prior to the thirteenth Business Day immediately preceding the Stock Purchase Date, but no earlier than the sixteenth Business Day immediately preceding the Stock Purchase 

  

 12 

 
Date, holders of Separate Notes may elect to have their Separate Notes remarketed by delivering their Separate Notes, together with a notice of such
election, substantially in the form of Exhibit C hereto, to the Custodial Agent. On the second Business Day immediately prior to the Remarketing Date, by 10:00 a.m., New York City time, the Custodial Agent shall notify the Remarketing Agent of the
aggregate principal amount of such Separate Notes to be remarketed. The Custodial Agent will hold such Separate Notes in an account separate from the Collateral Account. A holder of Separate Notes electing to have its Separate Notes remarketed also
will have the right to withdraw such election by written notice to the Custodial Agent, substantially in the form of Exhibit D hereto, on or prior to the thirteenth Business Day immediately preceding the Stock Purchase Date, upon which notice the
Custodial Agent will return such Separate Notes to such holder. The Remarketing Agent and the Custodial Agent shall jointly determine the process for releasing such Separate Notes to the Remarketing Agent. In the event of a successful remarketing,
after deducting as the remarketing fee an amount not exceeding 25 basis points (0.25%) of the Remarketing Value of such Separate Notes, the Remarketing Agent will remit to the Custodial Agent, for the benefit of the holders of such Separate Notes,
the portion of the proceeds from such remarketing equal to the amount calculated in respect of such Separate Notes as set forth in Section 50.4(b) of the Purchase Contract Agreement. For purposes of this Section 4.05(d), a “holder” of
Separate Notes shall mean the Person in whose name such Separate Notes are registered on the books of the registrar for the Notes. 
  
 ARTICLE V 
  
 Voting Rights — Notes 
  
 SECTION 5.01. Exercise by Purchase Contract Agent. The Purchase Contract Agent may exercise, or refrain from exercising, any and all voting and other consensual rights pertaining to the Pledged Notes, subject
to the terms and conditions set forth in Section 4.02 of the Purchase Contract Agreement. 
  
 ARTICLE VI 
  
 Rights and Remedies;
Special Event Redemption 
  
 SECTION 6.01. Rights and Remedies
of the Collateral Agent. (a) In addition to the rights and remedies available at law or in equity, after an event of default under any of the Purchase Contracts by a Holder thereof, the Collateral Agent shall have all of the rights and remedies
with respect to the Collateral of a secured party under the Uniform Commercial Code (or any successor thereto) as in effect in the State of New York from time to time (the “Code”) (whether or not the Code is in effect in the jurisdiction
where the rights and remedies are asserted) and the TRADES Regulations and such additional rights and remedies to which a secured party is entitled under the laws in effect in any jurisdiction where any rights and remedies hereunder may be asserted.
Wherever reference is made in this Agreement to any section of the Code, such reference shall be deemed to include a reference to any provision of the Code which is a successor to, or amendment of, such section. Without limiting the generality of

  

 13 

 
the foregoing, such remedies may include, to the extent permitted by applicable law, at the direction of the Company (i) retention of the Pledged Notes or
other Collateral in full satisfaction of the Holders’ obligations under the Purchase Contracts or (ii) sale of the Pledged Notes or other Collateral in one or more public or private sales or otherwise at the written direction of the Company.

  
 (b) Without limiting any rights or powers otherwise granted by
this Agreement to the Collateral Agent, in the event the Collateral Agent is unable to make payments to the Company on account of any Pledged Treasury Consideration or Pledged Treasury Securities as provided in Article III hereof in full
satisfaction of the obligations of the Holder of the Units of which such Pledged Treasury Consideration or Pledged Treasury Securities, as applicable, is a part under the related Purchase Contracts, any such inability to make a payment shall
constitute an event of default under the Purchase Contracts and the Collateral Agent shall have and may exercise, with reference to such Pledged Treasury Securities or such Pledged Treasury Consideration, as applicable, and such obligations of such
Holder, any and all of the rights and remedies available to a secured party under the Code and the TRADES Regulations after default by a debtor, and as otherwise granted herein or under any other law. 
  
 (c) Without limiting any rights or powers otherwise granted by this Agreement
to the Collateral Agent, the Collateral Agent is hereby irrevocably authorized to receive and collect all payments of (i) the principal amount of, or interest on, the Pledged Notes, or (ii) the principal amount of the Pledged Treasury Consideration
or Pledged Treasury Securities, subject, in each case, to the provisions of Article III. 
  
 (d) The Purchase Contract Agent, individually and as attorney-in-fact for each Holder of Units, agrees that, from time to time, upon the written request of the Company or the Collateral Agent (acting upon the written
request of the Company), the Purchase Contract Agent or such Holder shall execute and deliver such further documents and do such other acts and things as may be necessary, including as the Company or the Collateral Agent (acting upon the written
request of the Company) may reasonably request in order to maintain the Pledge, and the perfection and priority thereof, and to confirm the rights of the Collateral Agent hereunder. The Purchase Contract Agent shall have no liability to any Holder
for executing any documents or taking any such acts requested by the Company or the Collateral Agent (acting upon the written request of the Company) hereunder, except for liability for its own grossly negligent act, its own grossly negligent
failure to act, its own bad faith or its own willful misconduct. 
  
 SECTION 6.02. Substitutions. Whenever a Holder has the right to substitute Treasury Securities, Notes, or Treasury Consideration, as the case may be, for Collateral held by the Collateral Agent, such substitution shall not constitute
a novation of the security interest created hereby. 
  
 SECTION
6.03. Special Event Redemption. Upon the occurrence of a Special Event Redemption prior to the Stock Purchase Date and the receipt of the Redemption Price of the Pledged Notes by the Collateral Agent, the Collateral Agent will, at the written
direction of the Company, apply the Redemption Price to purchase on behalf of the Holders of Normal Units the Treasury Portfolio. The Collateral Agent shall Transfer the Treasury Portfolio to the Collateral Account to secure the obligation of all
Holders of Normal Units to purchase Ordinary 

  

 14 

 
Shares of the Company under the Purchase Contracts constituting a part of such Normal Units, in substitution for the Pledged Notes. Thereafter, the
Collateral Agent shall have such security interests, rights and obligations with respect to the Treasury Portfolio as it had in respect of the Pledged Notes as provided in Articles II, III, IV, V and VI, and any reference herein to the Notes shall
be deemed to be reference to such Treasury Portfolio, and any reference herein to interest on the Notes shall be deemed to be a reference to corresponding distributions on such Treasury Portfolio. Upon the occurrence of a Special Event Redemption
and the satisfaction of all terms and conditions related thereto as forth in the Indenture, including receipt of the Redemption Price, the Collateral Agent shall be authorized to surrender the Notes in accordance with the provisions of the
Indenture. 
  
 SECTION 6.04. Cash Received from Holders of
Normal Units not Participating in the Remarketing. If a Holder of Normal Units shall opt not to participate in the remarketing in accordance with the Purchase Contract Agreement and upon the receipt by the Collateral Agent of the Cash
Consideration paid by such Holder sufficient to satisfy the Holder’s obligations to the Company under the related Purchase Contracts in full, the Collateral Agent shall transfer such Cash Consideration to the Collateral Account to secure and be
applied in direct settlement and satisfaction in full of the obligations of such Holder to purchase Ordinary Shares of the Company under the Purchase Contracts constituting a part of such Normal Units. Thereupon, the Collateral Agent shall deliver
the related Pledged Notes to the Purchase Contract Agent on the Business Day immediately preceding the first day of the Remarketing Period, free and clear of any lien, claim and security interest created hereby. Thereafter, such Units will be
Stripped Units and the Collateral Agent shall have a first priority perfected security interest in such Cash Consideration paid by such Holder. In such event, all references in this Agreement, including for purposes of Section 4.03, to the Treasury
Securities or Pledged Treasury Securities shall be deemed to include such Cash Consideration (the Cash Consideration subject to the Pledge referred to as the “Pledged Cash Consideration”) or Pledged Cash Consideration, as the case may be,
in addition to the Treasury Securities or Pledged Treasury Securities, as the case may be, with respect to the applicable Units. 
  
 ARTICLE VII 
  
 Representations and Warranties; Covenants 
  
 SECTION 7.01. Representations and Warranties of the Holders. The Holders from time to time, acting through the Purchase Contract Agent as their attorney-in-fact (it being understood that the Purchase Contract
Agent shall not be liable for any representation or warranty made by or on behalf of a Holder), hereby represent and warrant to the Collateral Agent, which representations and warranties shall be deemed repeated on each day a Holder Transfers
Collateral, and on each day a person becomes a Holder, that: 
  
 (a) such Holder has the power to grant a security interest in and lien on the Collateral; 
  

 15 

 (b) such Holder is the sole beneficial owner of the Collateral and, in the case of
Collateral delivered in physical form, is the sole holder of such Collateral and is the sole beneficial owner of, or has the right to Transfer, the Collateral it Transfers to the Collateral Agent, free and clear of any security interest, lien,
encumbrance, call, liability to pay money or other restriction other than the security interest and lien granted under Section 2.01; 
  
 (c) upon the Transfer of the Collateral to the Collateral Account, the Collateral Agent, for the benefit of the Company, will have a valid
and perfected first priority security interest therein (assuming that any central clearing operation or any Intermediary or other entity not within the control of the Holder involved in the Transfer of the Collateral, including the Collateral Agent,
gives the notices and takes the action required of it hereunder and under applicable law for perfection of that interest and assuming the establishment and exercise of control pursuant to Section 2.02); and 
  
 (d) the execution and performance by the Holder of its
obligations under this Agreement will not result in the creation of any security interest, lien or other encumbrance on the Collateral other than the security interest and lien granted under Section 2.01 or violate any provision of any existing law
or regulation applicable to it or of any mortgage, charge, pledge, indenture, contract or undertaking to which it is a party or which is binding on it or any of its assets. 
  
 SECTION 7.02. Representations and Warranties of the Collateral Agent, Custodial Agent and Securities Intermediary.
Each of the Collateral Agent, Custodial Agent and Securities Intermediary (each an “Agent”) hereby represents and warrants: 
  
 (a) such Agent is a national banking association duly organized and existing under the laws of the United States of America; 

 
 (b) the Securities Intermediary is a “securities
intermediary” as defined in Article 8-102(a)(14) of the Code and the Collateral Account is a “securities account” as such term is defined in Section 8-501(a) of the Code; 
  
 (c) the execution, delivery and performance by such Agent of this Agreement has been duly authorized by all
necessary corporate action on the part of such Agent; this Agreement has been duly executed and delivered by such Agent and constitutes a valid and legally binding obligation of such Agent, enforceable against such Agent in accordance with its
terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting creditors’ rights and to general equity principles; 
  
 (d) the execution, delivery and performance by such Agent of
this Agreement does not violate or constitute a breach of the Articles of Incorporation or By-Laws of such Agent; and 
  
 (e) no consent of any federal or state banking authority having regulatory authority over such Agent in its individual capacity is
required for the execution and 

  

 16 

 
delivery of, or performance by its Agent of its respective obligations under, this Agreement. 
  
 SECTION 7.03. Covenants. The Holders from time to time, acting through the Purchase Contract Agent as their
attorney-in-fact (it being understood that the Purchase Contract Agent shall not be liable for any covenant made by or on behalf of a Holder), hereby covenant to the Collateral Agent that for so long as the Collateral remains subject to the Pledge:

  
 (a) neither the Purchase Contract Agent nor
such Holders will create or purport to create or allow to subsist any mortgage, charge, lien, pledge or any other security interest whatsoever over the Collateral or any part of it other than pursuant to this Agreement; and 
  
 (b) neither the Purchase Contract Agent nor such Holders
will sell or otherwise dispose (or attempt to dispose) of the Collateral or any part of it except for the beneficial interest therein, subject to the pledge hereunder, transferred in connection with the Transfer of the Units. 
  
 ARTICLE VIII 
  
 The Agents 
  
 SECTION 8.01. Appointment, Powers and Immunities. (a) Each Agent shall act as agent for the Company hereunder with such powers as are specifically
vested in such Agent by the terms of this Agreement, together with such other powers as are reasonably incidental thereto. Each Agent: 
  
 (i) shall have no duties or responsibilities except those expressly set forth in this Agreement and no implied covenants or obligations
shall be inferred from this Agreement against any of them, nor shall any of them be bound by the provisions of any agreement by any party hereto beyond the specific terms hereof; 
  
 (ii) shall not be responsible for any recitals contained in this Agreement, or in any certificate or other
document referred to or provided for in, or received by it under, this Agreement, the Units or the Purchase Contract Agreement, or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement (other than as
against such Agent), the Units or the Purchase Contract Agreement or any other document referred to or provided for herein or therein or for any failure by the Company or any other Person (except such Agent) to perform any of its obligations
hereunder or thereunder or, except as expressly required hereby, for the existence, validity, perfection, priority or maintenance of any security interest created hereunder; 
  
 (iii) shall not be required to initiate or conduct any litigation or collection proceedings hereunder
(except in the case of the Collateral Agent, pursuant to written directions furnished under Section 8.02 hereof, subject to Section 8.06 hereof); 
  

 17 

 (iv) shall not be responsible for any action taken or omitted to be taken by it hereunder
or under any other document or instrument referred to or provided for herein or in connection herewith or therewith, except for its own gross negligence, bad faith or willful misconduct; 
  
 (v) shall not be required to advise any party as to selling or retaining, or taking or refraining from
taking any action with respect to, the Units or other property deposited hereunder; 
  
 (vi) may perform any of their duties hereunder directly or by or through agents or attorneys appointed with due care; 
  
 (vii) shall be entitled to consult with counsel and to act
in full reliance upon the advice of such counsel concerning matters pertaining to the agencies created hereby and its duties hereunder, and shall not be liable for any action taken or omitted to be taken by it in good faith and in reliance upon and
in accordance with the reasonable advice of counsel selected by it; 
  
 (viii) shall not be liable with respect to any action taken by it in good faith in accordance with any direction of the Company or its agents except for its own gross negligence or willful misconduct; and 

 
 (ix) shall not be liable for any failure or delay in the
performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws,
ordinances, regulations, governmental action or the like which delay, restrict or prohibit the providing of services contemplated by this Agreement. 
  
 Subject to the foregoing, during the term of this Agreement, each Agent, in connection with the safekeeping and preservation of the Collateral hereunder,
shall use the same standard of care it applies for similar property held for its own account. 
  
 (b) No provision of this Agreement shall require any Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder. In no event shall any Agent be
liable for any amount in excess of the value of the Collateral. Notwithstanding the foregoing, each Agent in its individual capacity, hereby waive any right of set-off, banker’s lien, liens or perfection rights as securities intermediary or any
counterclaim with respect to any of the Collateral. 
  
 (c) No
Agent shall have any liability whatsoever for the action or inaction of any Clearing Agency or any book-entry system thereof. In no event shall any Clearing Agency or any book-entry system thereof be deemed an agent or subcustodian of any Agent.

  
 SECTION 8.02. Instructions of the Company. The Company
shall have the right, by one or more instruments in writing executed and delivered to the Collateral Agent, the Custodial Agent or the Securities Intermediary, as the case may be, to direct the time, method and place of conducting any proceeding for
the realization of any right or remedy available to the 

  

 18 

 
Collateral Agent, the Custodial Agent or the Securities Intermediary, as the case may be, or of exercising any power conferred on the Collateral Agent, the
Custodial Agent or the Securities Intermediary, as the case may be, or to direct the taking or refraining from taking of any action authorized by this Agreement; provided that (i) such direction shall be in writing and shall not conflict with
the provisions of any law or of this Agreement and (ii) the applicable Agent shall receive indemnity reasonably satisfactory to it as provided herein. Nothing in this Section 8.02 shall impair the right of each Agent in its discretion to take any
action or omit to take any action which it deems proper and which is not inconsistent with such direction. 
  
 SECTION 8.03. Reliance. Each Agent, in absence of bad faith, shall be entitled conclusively to rely upon any certification, order, judgment,
instructions, opinion, notice or other communication (including, without limitation, any thereof by telephone or facsimile) reasonably believed by it to be genuine and correct and to have been signed or sent by or on behalf of the proper Person or
Persons (without being required to determine the correctness of any fact stated therein), and upon advice and written statements of legal counsel and other experts selected by such Agent. As to any matters not expressly provided for by this
Agreement, each Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder in accordance with written instructions given by the Company in accordance with this Agreement. 
  
 SECTION 8.04. Rights in Other Capacities. Each Agent and its
affiliates may (without having to account therefor to the Company) accept deposits from, lend money to, make their investments in and generally engage in any kind of banking, trust or other business with the Purchase Contract Agent, any Holder of
Units and any holder of Separate Notes (and any of their respective subsidiaries or affiliates) as if it were not acting as such Agent, and each Agent and its affiliates may accept fees and other consideration from the Purchase Contract Agent, any
Holder of Units or any holder of Separate Notes without having to account for the same to the Company; provided that each Agent covenants and agrees with the Company that it shall not accept, receive or permit there to be created in favor of
itself (and waives any right of set-off or banker’s lien with respect to) and shall take no affirmative action to permit there to be created in favor of any other Person, any security interest, lien or other encumbrance of any kind in or upon
the Collateral and the Collateral shall not be commingled with any other assets of any such Person. 
  
 SECTION 8.05. Non-reliance on Collateral Agent. None of the Agents shall be required to keep itself informed as to the performance or observance by
the Purchase Contract Agent or any Holder of Units of this Agreement, the Purchase Contract Agreement, the Units or any other document referred to or provided for herein or therein or to inspect the properties or books of the Purchase Contract Agent
or any Holder of Units. None of the Agents shall have any duty or responsibility to provide the Company or the Remarketing Agent with any credit or other information concerning the affairs, financial condition or business of the Purchase Contract
Agent, any Holder of Units or any holder of Separate Notes (or any of their respective subsidiaries or affiliates) that may come into its possession or any of its affiliates. 
  
 SECTION 8.06. Compensation and Indemnity. The Company agrees: 
  
 (a) to pay each Agent from time to time such compensation as
shall be agreed in writing between the Company and such Agent for all services rendered by it hereunder; and 
  

 19 

 (b) to indemnify the Collateral Agent, the Custodial Agent and the Securities
Intermediary and their officers, directors and agents for, and to hold each of them harmless from and against, any loss, liability or reasonable out-of-pocket expense incurred without negligence, willful misconduct or bad faith on its part, arising
out of or in connection with the acceptance or administration of its powers and duties under this Agreement, including the reasonable out-of-pocket costs and expenses (including reasonable fees and expenses of one counsel) of defending itself
against any claim or liability in connection with the exercise or performance of such powers and duties or collecting such amounts. Each Agent shall promptly notify the Company of any third party claim which may give rise to the indemnity hereunder
and give the Company the opportunity to control the defense of such claim with counsel reasonably satisfactory to the indemnified party, provided no conflict of interest exists (if such a conflict of interests exists, the Collateral Agent, the
Custodial Agent and the Securities Intermediary collectively will be entitled to one separate counsel payable by the Company), and if the Company so elects to assume such defense, the Company shall in good faith defend the Collateral Agent, the
Custodial Agent or the Securities Intermediary (in which case all attorney’s fees and expenses shall be borne by the Company). No compromise or settlement of any claims may be effected by any party without the other parties’ consent (which
consent shall not be unreasonably withheld) unless (i) there is no finding or omission of any violation of law and no effect on any other claims that may be made against any of such other parties and (ii) the sole relief provided is monetary damages
that are paid in full by the party seeking the compromise or settlement. The provisions of this Section 8.06(b) shall survive the termination of this Agreement or the resignation or removal of any of the Agents. 
  
 SECTION 8.07. Failure to Act. In the event of any ambiguity in the
provisions of this Agreement or any dispute between or conflicting claims by or among the parties hereto or any other Person with respect to any funds or property deposited hereunder, each Agent shall be entitled, after prompt notice to the Company
and the Purchase Contract Agent, at its sole option, to refuse to comply with any and all claims, demands or instructions with respect to such property or funds so long as such dispute or conflict shall continue, and no Agent shall be or become
liable in any way to any of the parties hereto for its failure or refusal to comply with such conflicting claims, demands or instructions. Each Agent shall be entitled to refuse to act until either (i) such conflicting or adverse claims or demands
shall have been finally determined by a court of competent jurisdiction or settled by agreement between the conflicting parties as evidenced in a writing, reasonably satisfactory to such Agent, or (ii) such Agent shall have received security or an
indemnity reasonably satisfactory to it sufficient to save such Agent harmless from and against any and all loss, liability or reasonable out-of-pocket expense which such Agent may incur by reason of its acting without bad faith, willful misconduct
or negligence. Each Agent may, but shall not be required, in addition elect to commence an interpleader action or seek other judicial relief or orders at the expense of the Company as such Agent may deem necessary. Notwithstanding anything contained
herein to the contrary, no Agent shall be required to take any action that is in the reasonable opinion of its counsel contrary to law or to the terms of this Agreement, or which would in its reasonable opinion subject it or any of its officers,
employees or directors to liability. 
  

 20 

 SECTION 8.08. Resignation; Replacement of Collateral Agent, Custodial Agent or Securities
Intermediary. Subject to the appointment and acceptance of a successor Agent, as provided below, (a) any Agent may resign at any time by giving notice thereof to the Company and the Purchase Contract Agent as attorney-in-fact for the Holders of
Units, (b) any Agent may be removed at any time by the Company (with or without cause) by notice to the Purchase Contract Agent and the Collateral Agent, the Custodial Agent and the Securities Intermediary and (c) if any Agent fails to perform any
of its material obligations hereunder in any material respect for a period of not less than 20 days after receiving written notice of such failure by the Purchase Contract Agent and such failure shall be continuing, such Agent may be removed by the
Purchase Contract Agent (including with respect to other Agent responsibilities). The Purchase Contract Agent shall promptly notify the Company of any removal of an Agent pursuant to clause (c) of the immediately preceding sentence. Upon notice of
any such resignation or removal, the Company shall have the right to appoint a successor Agent. If no successor Agent shall have been so appointed and shall have accepted such appointment within 30 days after any notice of such resignation or such
removal, then the retiring Agent may at the Company’s expense petition any court of competent jurisdiction for the appointment of a successor Agent. Upon removal of an Agent, no fees paid to the retiring Agent pursuant to Section 8.06(a) of
this Agreement shall be refunded. Each successor Agent shall be a financial institution which has an office or agency in New York, New York with a combined capital and surplus of at least $50,000,000 or any affiliate of a financial institution
having such capital and surplus. Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent,
and the retiring Agent, upon payment of any of its unpaid fees and expenses, shall take all appropriate action to transfer any money and property held by it hereunder (including the Collateral) to such successor. The retiring Agent shall, upon such
succession, be discharged from its duties and obligations as such Agent hereunder. After any retiring Agent’s resignation hereunder as Agent, the provisions of this Section 8.08 and Section 8.06 hereof, shall continue in effect for its benefit
in respect of any actions taken or omitted to be taken by it while it was acting as such Agent. Any resignation or removal of the Collateral Agent hereunder shall be deemed for all purposes of this Agreement as the simultaneous resignation or
removal of the Custodial Agent and the Securities Intermediary hereunder. 
  
 So long as it meets the requirements of this Section 8.08, any corporation into which the Collateral Agent, the Custodial Agent or the Securities Intermediary, in its individual capacity, may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Collateral Agent in its individual capacity shall be a party, or any corporation to which substantially all the corporate trust
business of the Collateral Agent in its individual capacity may be transferred, shall be the Collateral Agent, the Custodial Agent, or the Securities Intermediary, as the case may be, respectively, under this Agreement without further act.

  
 SECTION 8.09. Right to Appoint Agent or Advisor. The
Collateral Agent shall have the right to appoint agents or advisors in connection with any of its duties hereunder, and the Collateral Agent shall not be liable for any action taken or omitted by, or in reliance upon the advice of, such agents or
advisors reasonably selected in good faith. The appointment of agents 

  

 21 

 
(other than legal counsel) pursuant to this Section 8.09 shall be subject to prior written consent of the Company. 
  
 SECTION 8.10. Survival. The provisions of this Article VIII shall
survive termination of this Agreement and the resignation or removal of the Collateral Agent, the Custodial Agent or the Securities Intermediary. 
  
 SECTION 8.11. Exculpation. Anything in this Agreement to the contrary notwithstanding, in no event shall any of the Agents or their respective
officers, employees or agents be liable under this Agreement to any third party for indirect, special, punitive or consequential loss or damage of any kind whatsoever, including lost profits or loss of business, relating to, arising from or in
connection with this Agreement, whether or not the likelihood of such loss or damage was known to such Agent, incurred without any act or deed that is found to be attributable to negligence, bad faith or willful misconduct on the part of such Agent.

  
 ARTICLE IX 
  
 Amendment 
  
 SECTION 9.01. Amendment Without Consent of Holders. Without the consent of any Holders or the holders of any Separate
Notes, the Company, the Collateral Agent, the Custodial Agent, the Securities Intermediary and the Purchase Contract Agent, at any time and from time to time, may amend this Agreement, in form satisfactory to the Company, the Collateral Agent, the
Custodial Agent, the Securities Intermediary and the Purchase Contract Agent, for any of the following purposes: 
  
 (i) to evidence the succession of another Person to the Company, and the assumption by any such successor of the covenants of the Company;
or 
  
 (ii) to add covenants of the Company for
the benefit of the Holders, or to surrender any right or power herein conferred upon the Company so long as such covenants or such surrender do not adversely affect the validity, perfection or priority of the security interests granted or created
hereunder; or 
  
 (iii) to evidence and provide
for the acceptance of appointment hereunder by a successor Collateral Agent, Custodial Agent, Securities Intermediary or Purchase Contract Agent; or 
  
 (iv) to cure any ambiguity, to correct or supplement any provisions herein which may be inconsistent with any other such provisions
herein, or to make any other provisions with respect to such matters or questions arising under this Agreement, provided such action shall not adversely affect the interests of the Holders. 
  
 SECTION 9.02. Amendment with Consent of Holders. With the consent of
the Holders of not less than a majority of the Purchase Contracts at the time outstanding, by Act of said Holders delivered to the Company, the Purchase Contract Agent or the Collateral Agent, as 

  

 22 

 
the case may be, the Company, the Purchase Contract Agent, the Collateral Agent, the Custodial Agent and the Securities Intermediary may amend this Agreement
for the purpose of modifying in any manner the provisions of this Agreement or the rights of the Holders in respect of the Units, provided that no such amendment shall, as to any Holder of an Outstanding Unit affected thereby, without the
consent of such Holder, 
  
 (i) change the amount
or type of Collateral underlying a Unit (except for the rights of holders of Normal Units to substitute the Treasury Securities for the Pledged Notes or the Pledged Treasury Consideration, as the case may be, or the rights of Holders of Stripped
Units to substitute Notes or the Treasury Consideration, as applicable, for the Pledged Treasury Securities), impair the right of the Holder of any Unit to receive distributions on the underlying Collateral or otherwise adversely affect the
Holder’s rights in or to such Collateral; 
  
 (ii) otherwise effect any action that would require the consent of the Holder of each Outstanding Unit affected thereby pursuant to the Purchase Contract Agreement if such action were effected by an agreement supplemental thereto; or

  
 (iii) reduce the percentage of Purchase
Contracts the consent of whose Holders is required for any such amendment; 
  
 provided that if any amendment or proposal referred to above would adversely affect only the Normal Units or the Stripped Units, then only the affected class of Holders as of the record date for the Holders entitled to vote thereon
will be entitled to vote on or consent to such amendment or proposal. 
  
 It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed amendment, but it shall be sufficient if such Act shall approve the substance thereof. 
  
 SECTION 9.03. Execution of Amendments. In executing any amendment
permitted by this Article IX, the Collateral Agent, the Custodial Agent, the Securities Intermediary and the Purchase Contract Agent shall be entitled to receive and (subject to Section 8.01 hereof, with respect to the Collateral Agent, and Section
7.01 of the Purchase Contract Agreement, with respect to the Purchase Contract Agent) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that
all conditions precedent, if any, to the execution and delivery of such amendment have been satisfied and, in the case of an amendment pursuant to Section 9.01, that such amendment does not adversely affect the validity, perfection or priority of
the security interests granted or created hereunder. 
  
 SECTION
9.04. Effect of Amendments. Upon the execution of any amendment under this Article IX, this Agreement shall be modified in accordance therewith, and such amendment shall form a part of this Agreement for all purposes; and every Holder of
Certificates theretofore or thereafter authenticated, executed on behalf of the Holders and delivered under the Purchase Contract Agreement shall be bound thereby. 
  

 23 

 SECTION 9.05. Reference to Amendments. Certificates authenticated, executed on behalf of the
Holders and delivered after the execution of any amendment pursuant to this Article IX may, and shall if required by the Collateral Agent or the Purchase Contract Agent, bear a notation in form approved by the Purchase Contract Agent and the
Collateral Agent as to any matter provided for in such amendment. If the Company shall so determine, new Certificates so modified as to conform, in the opinion of the Collateral Agent, the Purchase Contract Agent and the Company, to any such
amendment may be prepared and executed by the Company and authenticated, executed on behalf of the Holders and delivered by the Purchase Contract Agent in accordance with the Purchase Contract Agreement in exchange for outstanding Certificates.

  
 ARTICLE X 
  
 Miscellaneous 
  
 SECTION 10.01. No Waiver. No failure on the part of any party hereto or any of its agents to exercise, and no course
of dealing with respect to, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by any party hereto or any of its agents of any right, power or remedy hereunder
preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and are not exclusive of any remedies provided by law. 
  
 SECTION 10.02. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. Without limiting the foregoing, the above choice of law is expressly agreed to by the Securities Intermediary, the Collateral Agent, the Custodial Agent and the Holders from time to
time acting through the Purchase Contract Agent, as their attorney-in-fact, in connection with the establishment and maintenance of the Collateral Account, which law, for purposes of the Code, shall be deemed to be the law governing all Security
Entitlements related thereto. In addition, such parties agree that, for purposes of the Code, New York shall be the Securities Intermediary’s jurisdiction. The Company, the Collateral Agent and the Holders from time to time of the Units, acting
through the Purchase Contract Agent as their attorney-in-fact, hereby submit to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York state court sitting in the Borough of
Manhattan in New York City for the purposes of all legal proceedings arising out of or relating to this Agreement or the transactions contemplated hereby. The Company, the Collateral Agent and the Holders from time to time of the Units, acting
through the Purchase Contract Agent as their attorney-in-fact, irrevocably waive, to the fullest extent permitted by applicable law, any objection which they may now or hereafter have to the laying of the venue of any such proceeding brought in such
a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. 

  

 24 

 SECTION 10.03. Judgment Currency. The Company agrees, to the fullest extent that it may
effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due (the “Required Currency”) into a currency in which a judgment will be rendered (the
“Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Purchase Contract Agent could purchase in The City of New York the requisite amount of the Required Currency with
the Judgment Currency on the New York Banking Day preceding the day on which a final unappealable judgment is given and (b) its obligations under this Agreement to make payments in the Required Currency (i) shall not be discharged or satisfied by
any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with clause (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by
the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount,
if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment being obtained for any other sum due under this Agreement. For purpose of the
foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day on which banking institutions in The City of New York are authorized or obligated by law, regulation or executive
order to be closed. 
  
 SECTION 10.04. Notices. Unless
otherwise stated herein, all notices, requests, instructions, consents and other communications provided for herein (including, without limitation, any modifications of, or waivers or consents under, this Agreement) shall be given or made in writing
(including, without limitation, by telecopy) and, if sent to the Company, will be mailed, delivered or telecopied to Clarendon House, 2 Church Street, Hamilton HM11, Bermuda, Attention:
                 (fax no.: (441)                 ), with a copy to Lazard Ltd, 30
Rockefeller Plaza, New York, New York, 10020, Attention: General Counsel, telecopy:                 ; or if sent to the Purchase Contract Agent as attorney-in-fact of
the Holders from time to time of the Units, will be mailed, delivered or telefaxed to                 , Attention:
                 (fax no.:                 ); or if sent to the Collateral Agent,
Custodial Agent and Securities Intermediary, will be mailed, delivered or telefaxed to                  (fax no.:
                ), or as to any party, at such other address as shall be designated by such party in a notice to the other parties. Except as otherwise provided in this
Agreement, all such communications shall be deemed to have been duly given when personally delivered or, in the case of a mailed notice or notice transmitted by telecopier, upon receipt, in each case given or addressed as aforesaid. 
  

 25 

 SECTION 10.05. Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the respective successors and assigns of the Company, the Collateral Agent, the Custodial Agent, the Securities Intermediary and the Purchase Contract Agent, and the Holders from time to time of the Units, by their acceptance of the same,
shall be deemed to have agreed to be bound by the provisions hereof and to have ratified the agreements of, and the grant of the Pledge hereunder by, the Purchase Contract Agent. 
  
 SECTION 10.06. Counterparts. This Agreement may be executed in any number of counterparts, all of which taken
together shall constitute one and the same instrument, and any of the parties hereto may execute this Agreement by signing any such counterpart. 
  
 SECTION 10.07. Severability. If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest extent permitted by
law, (i) the other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in order to carry out the intentions of the parties hereto as nearly as may be possible and (ii) the invalidity or
unenforceability of any provision hereof in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction. 
  
 SECTION 10.08. Expenses, etc. The Company agrees to reimburse the Collateral Agent, the Securities Intermediary and the Custodial Agent for:

  
 (a) all reasonable out-of-pocket costs and
all reasonable expenses of the Collateral Agent, the Custodial Agent and the Securities Intermediary (including, without limitation, the reasonable fees and expenses of one counsel to the Collateral Agent, the Custodial Agent and the Securities
Intermediary), in connection with (i) the negotiation, preparation, execution and delivery or performance of this Agreement and (ii) any modification, supplement or waiver of any of the terms of this Agreement; 
  
 (b) all reasonable costs and expenses of the Collateral
Agent, the Custodial Agent and the Securities Intermediary (including, without limitation, reasonable fees and expenses of one counsel) in connection with (i) any enforcement or proceedings resulting or incurred in connection with causing any Holder
of Units to satisfy its obligations under the Purchase Contracts forming a part of the Units and (ii) the enforcement of this Section 10.07; and 
  
 (c) all transfer, stamp, documentary or other similar taxes, assessments or charges levied by any governmental or revenue authority in
respect of this Agreement or any other document referred to herein and all costs, expenses, taxes, assessments and other charges, if any, incurred in connection with any filing, registration, recording or perfection of any security interest to the
extent contemplated hereby. 
  
 SECTION 10.09. Security
Interest Absolute. All rights of the Collateral Agent and security interests hereunder, and all obligations of the Holders from time to time hereunder, shall be absolute and unconditional irrespective of: 
  
 (a) any lack of validity or enforceability of any provision
of the Purchase Contracts or the Units or any other agreement or instrument relating thereto; 
  

 26 

 (b) any change in the time, manner or place of payment of, or any other term of, or any
increase in the amount of, all or any of the obligations of Holders of Units under the related Purchase Contracts, or any other amendment or waiver of any term of, or any consent to any departure from any requirement of, the Purchase Contract
Agreement or any Purchase Contract or any other agreement or instrument relating thereto; or 
  
 (c) any other circumstance which might otherwise constitute a defense available to, or discharge of, a borrower, a guarantor or a pledgor.

  
 SECTION 10.10. WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES
AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
  
 SECTION 10.11. Incorporation by Reference. Each of the Company, the Collateral Agent and the Securities Intermediary agrees that the Purchase
Contract Agent is, in acting hereunder with respect to the Company, entitled to all rights, privileges, benefits, protections, immunities and indemnities provided to it under the Purchase Contract Agreement. 
  

 27 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and
year first above written. 
  

					
	 LAZARD LTD,

		
	By	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

					
	The Bank of New York, as Purchase Contract Agent and as attorney-in-fact of the Holders from time to time of the Units,
		
	By	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 
	
	The Bank of New York, as Collateral Agent, Custodial Agent and Securities Intermediary,
		
	By	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 28 

 EXHIBIT A 
  
 INSTRUCTION FROM PURCHASE CONTRACT AGENT TO COLLATERAL AGENT 
  
  
 Attention:
                 
  

	 	Re:	          % EQUITY SECURITY UNITS 

	 	  	OF LAZARD LTD (THE “COMPANY”) 

  
 We hereby notify you in accordance with Section [4.01] [4.02] of the Pledge Agreement dated as of
                , 2005 (the “Pledge Agreement”), among the Company, yourselves, as Collateral Agent, Custodial Agent and Securities Intermediary and ourselves,
as Purchase Contract Agent and as attorney-in-fact for the holders of [Normal Units] [Stripped Units] from time to time, that the holder of Units listed below (the “Holder”) has elected to substitute
[$                 aggregate principal amount of Treasury Securities (CUSIP No.
                )] [$                 aggregate principal amount of Notes or
$                 aggregate principal amount of Treasury Consideration (CUSIP No.
                )] in exchange for the related [Pledged Notes or Pledged Treasury Consideration] [Pledged Treasury Securities] held by you in accordance with the Pledge
Agreement and has delivered to us a notice stating that the Holder has Transferred [Treasury Securities] [Notes or the Treasury Consideration] to you, as Collateral Agent. We hereby instruct you, upon receipt of such [Pledged Treasury Securities]
[Pledged Notes or Pledged Treasury Consideration], to release the [Notes or the Treasury Consideration] [Treasury Securities] related to such [Normal Units] [Stripped Units] to us in accordance with the Holder’s instructions. Capitalized terms
used herein but not defined shall have the meaning set forth in the Pledge Agreement. 
  
 Date:
                                        
                         
  

			
	The Bank of New York, as Purchase Contract Agent,
		
	 By
	 	 
	 	 	 Name:

	 	 	 Title:

  

 A-1 

 Please print name and address of Registered Holder electing to substitute [Treasury Securities] [Notes or
Treasury Consideration] for the [Pledged Notes or the Pledged Treasury Consideration] [Pledged Treasury Securities]: 
  
 Name: 
  
 Social Security or other Taxpayer Identification Number, if any: 
  
 Address: 
  

 A-2 

 EXHIBIT B 
  
 INSTRUCTION TO PURCHASE CONTRACT AGENT 
  
  
  
  
 Attention:                  
  

	 	Re:	          % EQUITY SECURITY UNITS 

	 	  	OF LAZARD LTD (THE “COMPANY”) 

  
 The undersigned Holder hereby notifies you that it has delivered to
                , as Collateral Agent, [$                 aggregate principal
amount of Treasury Securities (CUSIP No.                 )] [$                
aggregate principal amount of Notes or $                 principal amount of Treasury Consideration (CUSIP No.
                )] in exchange for the related [Pledged Notes or Pledged Treasury Consideration] [Pledged Treasury Securities] held by the Collateral Agent, in
accordance with Section [4.01][4.02] of the Pledge Agreement, dated as of                 , 2005 (the “Pledge Agreement”), between you, the Company and the
Collateral Agent. The undersigned Holder hereby instructs you to instruct the Collateral Agent to release to you on behalf of the undersigned Holder the [Pledged Notes or the Pledged Treasury Consideration] [Pledged Treasury Securities] related to
such [Normal Units] [Stripped Units]. Capitalized terms used herein but not defined shall have the meaning set forth in the Pledge Agreement. 
  
 Date:
                                        
     
  
 Signature:
                                        
                                        
             
  
 Signature Guarantee:
                                        
                         
  
 Please print name and address of Registered Holder: 
  
 Name: 
  
 Social Security or other Taxpayer Identification Number, if any: 
  
 Address: 
  

 B-1 

 EXHIBIT C 
  
 INSTRUCTION TO CUSTODIAL AGENT REGARDING REMARKETING 
  
  
  
  
 Attention:                  
  

	 	Re:	NOTES OF LAZARD GROUP FINANCE LLC 

  
 The undersigned hereby notifies you in accordance with Section 4.05(d) of the Pledge Agreement dated as of
                , 2005 (the “Pledge Agreement”), among Lazard Ltd, yourselves, as Collateral Agent, Securities Intermediary and Custodial Agent, and The Bank
of New York, as Purchase Contract Agent and as attorney-in-fact for the Holders of Normal Units and Stripped Units from time to time, that the undersigned elects to deliver on the fourth Business Day immediately preceding the Remarketing Date
commencing on                 , 2008 $                 aggregate principal amount of
Notes for delivery to the Remarketing Agent for remarketing pursuant to Section 4.05(d) of the Pledge Agreement. 
  
 The undersigned will, upon request of the Remarketing Agent, execute and deliver any additional documents deemed by the Remarketing Agent or by the
Company to be necessary or desirable to complete the sale, assignment and transfer of the Notes tendered hereby. The undersigned hereby instructs you, upon receipt of the proceeds of such remarketing from the Remarketing Agent, net of amounts
payable to the Remarketing Agent in accordance with the Pledge Agreement, to deliver such proceeds to the undersigned in accordance with the instructions indicated herein under “A. Payment Instructions.” The undersigned hereby instructs
you, in the event of the Last Failed Remarketing upon receipt of the Notes tendered herewith from the Remarketing Agent, to deliver such Notes to the person(s) and the address(es) indicated herein under “B. Delivery Instructions.”

  
 With this notice, the undersigned hereby (i) represents and
warrants that the undersigned has full power and authority to tender, sell, assign and transfer the Notes tendered hereby and that the undersigned is the record owner of any Notes tendered herewith in physical form or a participant in The Depository
Trust Company (“DTC”) and the beneficial owner of any Notes tendered herewith by book-entry transfer to your account at DTC and (ii) agrees to be bound by the terms and conditions of Section 4.05(d) of the Pledge Agreement. Capitalized
terms used herein but not defined shall have the meaning set forth in the Pledge Agreement. 
  

			
	 Date: 
	 	 

			
		
	 Signature: 
	 	 

			
		
	 Signature Guarantee: 
	 	 

			
		
	 Name: 
	 	 
	 	 	 (Please Print)

		
	 Address: 
	 	 
	 	 	 (Please Print)

  

 C-1 

 Zip Code: 
  
 Country: 
  
 Telecopy (include country code if outside U.S.): 
  
 Telephone (include
country code if outside U.S.): 
  
 (Tax Identification or Social Security Number):

  
 A. PAYMENT INSTRUCTIONS 
  
 Proceeds of the remarketing should be paid by check in the name of the person(s) set forth
below and mailed to the address set forth below. 
  

			
	 Name(s): 
	 	 
	 	 	 (Please Print)

		
	 Address: 
	 	 
	 	 	 (Please Print)

  
 Zip Code: 
  
 Country: 
  
 Telecopy (include country code if outside U.S.): 
  
 Telephone (include country code if outside U.S.): 
  
 (Special Identification or Social Security Number): 
  
 B. DELIVERY INSTRUCTIONS 
  
 In the event of the Last Failed Remarketing, Notes which are in physical form should be delivered to the person(s) set forth below and mailed to the address set forth below. 
  

			
	 Name(s): 
	 	 
	 	 	 (Please Print)

		
	 Address: 
	 	 
	 	 	 (Please Print)

  
 Zip Code: 
  
 Country: 
  

 C-2 

 Telecopy (include country code if outside U.S.): 
  
 Telephone (include country code if outside U.S.): 
  

(Special Identification or Social Security Number): 
  
 In the event of [a/the Last] Failed Remarketing, Notes which are in book-entry form should be credited to the account at The Depository Trust Company set forth below.

  
 Name of Account Party: 
  
 DTC Account Number: 
  

 C-3 

 EXHIBIT D 
  
 INSTRUCTION TO CUSTODIAL AGENT REGARDING 
 WITHDRAWAL FROM REMARKETING 
  
  
  
  
 Attention:
                 
  

	 	Re:	NOTES OF LAZARD GROUP FINANCE LLC 

  
 The undersigned hereby notifies you in accordance with Section 4.05(d) of Pledge Agreement dated as of
                , 2005 (the “Pledge Agreement”), among Lazard Ltd, yourselves, as Collateral Agent, Securities Intermediary and Custodial Agent, and The Bank
of New York, as Purchase Contract Agent and as attorney-in-fact for the Holders of Normal Units and Stripped Units from time to time, that the undersigned elects to withdraw the
$                 aggregate principal amount of Notes delivered to the Custodial Agent on
                , 2008 for remarketing pursuant to Section 4.05(d) of the Pledge Agreement. The undersigned hereby instructs you to return such Notes to the
undersigned in accordance with the undersigned’s instructions. With this notice, undersigned hereby agrees to be bound by the terms and conditions 4.5(d) of the Pledge Agreement. Capitalized terms used herein but shall have the meaning set
forth in the Pledge Agreement. 
  

			
	 Date: 
	 	 

			
		
	 Signature: 
	 	 

			
		
	 Signature Guarantee: 
	 	 

			
		
	 Name: 
	 	 
	 	 	 (Please Print)

		
	 Address: 
	 	 
	 	 	 (Please Print)

  
 Zip Code: 
  
 Country: 
  
 Telecopy (include country code if outside U.S.): 
  
 Telephone (include country code if outside U.S.): 
  
 (Tax Identification or Social Security Number): 
  

 D-1 

 A. DELIVERY INSTRUCTIONS 
  
 In the event of [a/the Last] Failed Remarketing, Notes which are in physical form should be delivered to the person(s) set forth below and mailed to the address set forth
below. 
  

			
	 Name(s): 
	 	 
	 	 	 (Please Print)

		
	 Address: 
	 	 
	 	 	 (Please Print)

  
 Zip Code: 
  
 Country: 
  
 Telecopy (include country code if outside U.S.): 
  
 Telephone (include country code if outside U.S.): 
  
 (Special Identification or Social Security Number): 
  
 In the event of [a/the Last] Failed Remarketing, Notes which are in book-entry form should be credited to the account at The Depository Trust Company set forth below.

  
 Name of Account Party: 
  
 DTC Account Number: 
  

 D-2Form of Pledge Agreement

 Exhibit 4.6 
  

  
 PLEDGE AGREEMENT 
  
 among 
  
 LAZARD GROUP FINANCE LLC, 
  
 THE BANK OF NEW YORK, 
  
 as Collateral Agent, Custodial Agent and Securities Intermediary 

 
 and 
  
 THE BANK OF NEW YORK, 
  
 as Trustee 
  
 Dated as of             , 2005 
  

  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

	ARTICLE I	  	 
		
	Definitions	  	 
			
	SECTION 1.01.	 	 Definitions
	  	2
		
	ARTICLE II	  	 
		
	Pledge; Control and Perfection	  	 
			
	SECTION 2.01.	 	 The Pledge
	  	4
	SECTION 2.02.	 	 Delivery, Control and Perfection
	  	5
		
	ARTICLE III	  	 
		
	Payments on Collateral	  	 
			
	SECTION 3.01.	 	 Payments
	  	7
	SECTION 3.02.	 	 Application of Payments
	  	7
		
	ARTICLE IV	  	 
		
	Voting Rights — Senior Notes	  	 
			
	SECTION 4.01.	 	 Exercise by Trustee
	  	8
		
	ARTICLE V	  	 
		
	Rights and Remedies; Special Event Redemption; Lazard Group Merger	  	 
			
	SECTION 5.01.	 	 Rights and Remedies of the Collateral Agent
	  	8
	SECTION 5.02.	 	 Special Event Redemption
	  	9
	SECTION 5.03.	 	 Lazard Group Merger
	  	9
		
	ARTICLE VI	  	 
		
	Representations and Warranties; Covenants	  	 
			
	SECTION 6.01.	 	 Representations and Warranties of the Company
	  	9
	SECTION 6.02.	 	 Representations and Warranties of the Collateral Agent, Custodial Agent and Securities Intermediary
	  	10
	SECTION 6.03.	 	 Covenants
	  	10

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	 	 	  	Page

	ARTICLE VII	  	 
		
	The Agents	  	 
			
	SECTION 7.01.	 	 Appointment, Powers and Immunities
	  	11
	SECTION 7.02.	 	 Instructions of the Company
	  	12
	SECTION 7.03.	 	 Reliance
	  	12
	SECTION 7.04.	 	 Rights in Other Capacities
	  	13
	SECTION 7.05.	 	 Non-reliance on Collateral Agent
	  	13
	SECTION 7.06.	 	 Compensation and Indemnity
	  	13
	SECTION 7.07.	 	 Failure to Act
	  	14
	SECTION 7.08.	 	 Resignation; Replacement of Collateral Agent, Custodial Agent or Securities Intermediary
	  	14
	SECTION 7.09.	 	 Right to Appoint Agent or Advisor
	  	15
	SECTION 7.10.	 	 Survival
	  	15
	SECTION 7.11.	 	 Exculpation
	  	15
		
	ARTICLE VIII	  	 
		
	Amendment	  	 
			
	SECTION 8.01.	 	 Amendment Without Consent of the Holders
	  	16
	SECTION 8.02.	 	 Amendment with Consent of the Holders
	  	16
	SECTION 8.03.	 	 Execution of Amendments
	  	16
	SECTION 8.04.	 	 Effect of Amendments
	  	17
	SECTION 8.05.	 	 Reference to Amendments
	  	17
		
	ARTICLE IX	  	 
		
	Miscellaneous	  	 
			
	SECTION 9.01.	 	 No Waiver
	  	17
	SECTION 9.02.	 	 Governing Law
	  	17
	SECTION 9.03.	 	 Judgment Currency
	  	17
	SECTION 9.04.	 	 Notices
	  	18
	SECTION 9.05.	 	 Successors and Assigns
	  	18
	SECTION 9.06.	 	 Counterparts
	  	18
	SECTION 9.07.	 	 Severability
	  	18
	SECTION 9.08.	 	 Expenses, etc.
	  	19
	SECTION 9.09.	 	 Security Interest Absolute
	  	19
	SECTION 9.10.	 	 WAIVER OF JURY TRIAL
	  	19
	SECTION 9.11.	 	 Incorporation by Reference
	  	20

  

 ii 

 PLEDGE AGREEMENT, dated as of     , 2005, among Lazard Group Finance LLC, a Delaware
limited liability company (the “Company”), The Bank of New York, not individually but solely as collateral agent (in such capacity, together with its successors in such capacity, the “Collateral Agent”), as custodial agent (in
such capacity, together with its successors in such capacity, the “Custodial Agent”) and as “securities intermediary” as defined in Section 8-102(a)(14) of the Code (as defined herein) (in such capacity, together with its
successors in such capacity, the “Securities Intermediary”), and The Bank of New York, a New York banking association, not individually but solely as trustee and as attorney-in-fact of the holder of the senior notes of the Company
described herein (in such capacity, together with its successors in such capacity, the “Trustee”) under the Notes Indenture (as defined herein). 
  
 RECITALS 
  
 WHEREAS, Lazard Ltd and the Purchase Contract Agent are parties to the Purchase Contract Agreement dated as of the date hereof (as modified, amended or
supplemented, the “Purchase Contract Agreement”), pursuant to which there may be issued Units (such term, and each other capitalized term used in these recitals, having the meaning set forth herein or, if not defined herein, the meaning
set forth in the Purchase Contract Agreement) having a Stated Amount of $25 per Unit, all of which will initially be Normal Units. 
  
 WHEREAS, each Normal Unit will consist of (a) a Purchase Contract and (b) either (i) a 1/40, or 2.5%, beneficial ownership interest in a Note having a
$1,000 principal amount or (ii) following a Special Event Redemption in accordance with the Purchase Contract Agreement and the terms of the Notes, beneficial ownership of the Treasury Consideration. 
  
 WHEREAS, pursuant to the terms of the Purchase Contract Agreement and the
Purchase Contracts, the Holders, from time to time, of the Units have irrevocably authorized the Purchase Contract Agent, as attorney-in-fact of such Holders, among other things, to execute and deliver the Notes Pledge Agreement on behalf of such
Holders and to grant the pledge provided thereby of the Notes, any Treasury Consideration and any Treasury Securities delivered in exchange therefor to secure each Holder’s obligations under the related Purchase Contract, as provided therein
and subject to the terms thereof. 
  
 WHEREAS, the Company as
holder of the Senior Notes has irrevocably authorized the Trustee, as its attorney-in-fact, to, among other things, execute and deliver this Agreement on behalf of the Company and to grant the pledge provided hereby of the Senior Notes to secure the
Company’s obligations under the Notes comprising a part of the Purchase Contracts, as provided herein and subject to the terms hereof. 
  
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company, the Collateral Agent, the Securities Intermediary, the Custodial Agent and the Trustee agree as follows: 
  

 ARTICLE I 
  
 Definitions 
  
 SECTION 1.01. Definitions. For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:

  
 (a) capitalized terms used but not defined
herein shall have the meaning set forth in the Purchase Contract Agreement; 
  
 (b) the terms defined in this Agreement include the plural as well as the singular, and nouns and pronouns of the masculine gender include the feminine and neuter genders; 
  
 (c) all accounting terms not otherwise defined herein have
the meanings assigned to them in accordance with generally accepted accounting principles in the United States; 
  
 (d) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement
as a whole and not to any particular Recital, Article, Section or other subdivision; and 
  
 (e) the following terms shall have the following meanings: 
  
 “Agent” has the meaning set forth in Section 6.02(b). 
  
 “Agreement” means this agreement as originally executed or as it
may from time to time be supplemented or amended by one or more agreements supplemental hereto entered into pursuant to the applicable provisions hereof. 
  
 “Code” has the meaning set forth in Section 5.01. 
  
 “Collateral” has the meaning set forth in Section 2.01(a). 
  
 “Collateral Account” means the securities account (number         )
maintained at         ,         , in the name of “The Bank of New York, as Trustee on behalf of the holder of certain securities of Lazard Group LLC, Collateral
Account subject to the security interest of The Bank of New York, as Collateral Agent, for the benefit of Lazard Group Finance LLC, as pledgee” and any successor account. 
  
 “Collateral Agent” has the meaning set forth in the preamble to this Agreement. 
  
 “Company” has the meaning set forth in the preamble to this
Agreement. 
  
 “Custodial Agent” has the meaning set
forth in the preamble to this Agreement. 
  
 “Intermediary” means any entity that in the ordinary course of its business maintains securities accounts for others and is acting in that capacity. 
  
 “Lazard Group” means Lazard Group LLC, a Delaware limited liability company. 
  

 2 

 “Lazard Ltd” means Lazard Ltd, a Bermuda corporation. 
  
 “Notes” means the         %
senior notes at Lazard Group Finance LLC initially due 2035 issued pursuant to the Notes Indenture, including the notes issued pursuant to the First Supplemental Notes Indenture and the restricted notes issued to the Private Purchaser pursuant to
the Second Supplemental Notes Indenture. 
  
 “Notes
Indenture” means the Indenture dated as of         , 2005, between the Company and The Bank of New York, as trustee, as supplemented by the First Supplemental Notes Indenture and the Second Supplemental
Notes Indenture, each dated as of         , 2005. 
  
 “Notes Pledge Agreement” means the Pledge Agreement dated as of         , 2005, among Lazard Ltd, The Bank of New York, as collateral agent (as defined therein),
custodial agent (as defined therein) and securities intermediary (as defined therein) and The Bank of New York, as purchase contract agent. 
  
 “Pledge” has the meaning set forth in Section 2.01(c). 
  

“Pledged Senior Notes” has the meaning set forth in Section 2.01(c). 
  
 “Pledged Treasury Consideration” has the meaning set forth in Section 2.01(c). 
  
 “Pledged Treasury Securities” has the meaning set forth in Section
2.01(c). 
  
 “Private Purchaser” means IXIS-Corporate
& Investment Bank, an entity organized under the laws of France. 
  
 “Proceeds” means all interest, dividends, cash, instruments, securities, financial assets (as defined in Section 8-102(a)(9) of the Code) and other property from time to time received, receivable or otherwise distributed upon the
sale, exchange, collection or disposition of the Collateral or any proceeds thereof. 
  
 “Purchase Contract Agreement” has the meaning set forth in the Recitals to this Agreement. 
  
 “Securities Intermediary” has the meaning set forth in the preamble to this Agreement. 
  
 “Security Entitlement” has the meaning set forth in Section
8-102(a)(17) of the Code. 
  
 “Senior Notes” means the
        % senior notes of Lazard Group LLC initially due 2035 issued pursuant to the Senior Notes Indenture, as supplemented by the Second Supplemental Senior Notes Indenture. 
  
 “Senior Notes Indenture” means the Indenture dated as of
        , 2005, between Lazard Group LLC and The Bank of New York, as trustee, as supplemented by the Second Supplemental Senior Notes Indenture. 
  

 3 

 “TRADES Regulations” means the regulations of the United States Department of the Treasury,
published at 31 C.F.R. Part 357, as amended from time to time. Unless otherwise defined herein, all terms defined in the TRADES Regulations are used herein as therein defined. 
  
 “Transfer” means, with respect to the Collateral and in accordance with the instructions of the Collateral Agent,
the Trustee or the Company, as applicable: 
  
 (i) in the case of Collateral consisting of certificated securities, delivery as provided in 8-301(a) of the UCC in appropriate physical form to the recipient accompanied by any duly executed instruments of transfer, assignments in blank,
transfer tax stamps and any other documents necessary to constitute a legally valid transfer to the recipient; and 
  
 (ii) in the case of Collateral consisting of security entitlements relating to securities maintained in book-entry form, by causing a
“securities intermediary” (as defined in Section 8-102(a)(14) of the Code) to (a) credit such “security entitlement” (as defined in Section 8-102(a)(17) of the Code) to a “securities account” (as defined in Section
8-501(a) of the Code) maintained by or on behalf of the recipient and (b) to issue a confirmation to the recipient with respect to such credit. 
  
 In the case of Collateral to be delivered to the Collateral Agent, the securities intermediary shall be the Securities Intermediary and the securities account shall be
the Collateral Account. In addition, any Transfer of Treasury Securities and Treasury Consideration hereunder shall be made in accordance with the TRADES Regulations and other applicable law. 
  
 “Trustee” has the meaning set forth in the preamble of this
Agreement. 
  
 ARTICLE II 
  
 Pledge; Control and Perfection 
  
 SECTION 2.01. The Pledge. (a) The Trustee and the Company, acting
through the Trustee, as its attorney-in-fact, hereby pledges and grants to the Collateral Agent, for the benefit of the holders from time to time of the Notes, as collateral security for the payment and performance when due by the Company of its
obligations to such holders under the Notes, a security interest in, and right of set-off against, all of the right, title and interest of the Trustee and the Company in: 
  
 (i) the Senior Notes; 
  
 (ii) the Collateral Account and all securities, financial assets, security entitlements, cash and other
property credited thereto and all Security Entitlements related thereto; 
  
 (iii) all Proceeds of the foregoing; and 
  

 4 

 (iv) all powers and rights now owned or hereafter acquired under or with respect to any
of the foregoing (all of the foregoing, collectively, the “Collateral”). 
  
 (b) Prior to or concurrently with the execution and delivery of this Agreement, the Trustee, on behalf of the Company, shall cause the Senior Notes, which will be subject to the Pledge set forth in this Section 2.01,
to be Transferred to the Collateral Agent for the benefit of the holders from time to time of the Notes. 
  
 (c) The pledge provided in this Section 2.01 is herein referred to as the “Pledge” and the Senior Notes, subject to the Pledge, are hereinafter
referred to as “Pledged Senior Notes”. Subject to the Pledge and the provisions of Section 2.02 hereof, the Company shall have full beneficial ownership of the Collateral. For purposes of perfecting the Pledge under applicable law,
including, to the extent applicable, the TRADES Regulations or the Uniform Commercial Code as adopted and in effect in any applicable jurisdiction, the Collateral Agent shall be the agent of the holders from time to time of the Notes as provided
herein. Whenever directed by the Collateral Agent acting on behalf of such holders, the Securities Intermediary shall have the right to reregister in its name the Senior Notes or any other securities held in physical form. 
  
 (d) Except as may be required in order to release Senior Notes in connection
with a Special Event Redemption, or except as otherwise required to release Senior Notes as specified herein, the Collateral Agent, shall not relinquish physical possession of any certificate evidencing Senior Notes prior to the termination of this
Agreement. If it becomes necessary for the Collateral Agent to relinquish physical possession of a certificate in order to release a portion of the Senior Notes evidenced thereby from the Pledge, the Company shall use its commercially reasonable
best efforts to arrange for the Securities Intermediary to obtain physical possession of a replacement certificate evidencing any Senior Notes remaining subject to the Pledge hereunder registered to the Securities Intermediary or endorsed in blank
(or accompanied by a bond power endorsed in blank) within fifteen calendar days of the date the Securities Intermediary relinquished possession. The Securities Intermediary shall promptly notify the Company and the Collateral Agent of its inability
to obtain possession of any such replacement certificate as required hereby. 
  
 (e) Notwithstanding anything contained herein to the contrary, for avoidance of doubt, interest payments on the Senior Notes shall not be subject to the Pledge and therefore are not part of the Collateral. 

 
 SECTION 2.02. Delivery, Control and Perfection. (a) The Trustee
shall immediately deliver to the Collateral Agent all certificates or instruments representing the Collateral accompanied by stock or bond powers duly executed in blank or other instruments of reasonable satisfaction to the Collateral Agent.

  
 (b) Except as provided in Section 4.01, at all times prior to
the termination of the Pledge, the Collateral Agent shall have sole control of the Collateral Account, and the Securities Intermediary shall take instructions and directions with respect to the Collateral Account solely from the Collateral Agent. In
connection with the Pledge granted in Section 2.01, and subject to the other provisions of this Agreement, the Company acting through the Trustee, as its 

  

 5 

 
attorney-in-fact, hereby authorizes and directs the Securities Intermediary (without the necessity of obtaining the further consent of the Trustee or the
Company), and the Securities Intermediary agrees, to comply with and follow any instructions and entitlement orders (as defined in Section 8-102(a)(8) of the Code) that the Collateral Agent may deliver pursuant to the terms hereof or upon the
written direction of the holders with respect to the Collateral Account, the Collateral credited thereto and any Security Entitlements with respect thereto. Such instructions and entitlement orders may, without limitation, direct the Securities
Intermediary to transfer, redeem, assign, or otherwise deliver the Senior Notes, and any Security Entitlements with respect thereto, or sell, liquidate or dispose of such assets through a broker designated by the holders, and to pay and deliver any
income, proceeds or other funds derived therefrom to the holders. The Collateral Agent shall be the agent of the holders and shall act only in accordance with the terms hereof or as otherwise directed in writing by the holders. Without limiting the
generality of the foregoing, the Collateral Agent shall issue entitlement orders to the Securities Intermediary when and as required by the terms hereof or as otherwise directed in writing by the holders. 
  
 (c) The Securities Intermediary hereby confirms and agrees that: 

 
 (i) all securities or other property underlying any
financial assets credited to the Collateral Account shall be registered in the name of the Securities Intermediary, or its nominee, endorsed to the Securities Intermediary, or its nominee, or in blank or credited to another Collateral Account
maintained in the name of the Securities Intermediary and in no case will any financial asset credited to the Collateral Account be registered in the name of the Trustee, the Collateral Agent, the Company or any holder, payable to the order of, or
specially indorsed to, the Trustee, the Collateral Agent, the Company or any holder except to the extent the foregoing have been specially endorsed to the Securities Intermediary or in blank; 
  
 (ii) all property delivered to the Securities Intermediary
pursuant to this Agreement (including, without limitation, any Senior Notes) will be promptly credited to the Collateral Account; 
  
 (iii) the Collateral Account is an account to which financial assets are or may be credited, and the Securities Intermediary shall,
subject to the terms of this Agreement, treat the Trustee as entitled to exercise the rights of any financial asset credited to the Collateral Account; 
  
 (iv) the Securities Intermediary has not entered into, and until the termination of this Agreement will not enter into, any agreement with
any other Person relating to the Collateral Account or any financial assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8) of the Code) of such other Person; and 
  
 (v) the Securities Intermediary has not entered into, and
until the termination of this Agreement will not enter into, any agreement with any holder, the Collateral Agent or the Trustee purporting to limit or condition the obligation of the Securities Intermediary to comply with entitlement orders as set
forth in this Section 2.02 hereof. 
  

 6 

 (d) The Securities Intermediary hereby agrees that each item of property (whether investment property,
financial asset, security, instrument or cash) credited to the Collateral Account shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the Code. 
  
 (e) In the event of any conflict between this Agreement (or any portion thereof) and any other agreement now existing or
hereafter entered into, the terms of this Agreement, as may be amended pursuant to Article IX hereof, shall prevail. 
  
 (f) The Trustee hereby irrevocably constitutes and appoints the Collateral Agent and the holders, with full power of substitution, as the Trustee’s
attorney-in-fact to take on behalf of, and in the name, place and stead of the Trustee and the Company, any action necessary or desirable to perfect and to keep perfected the security interest in the Collateral referred to in Section 2.01. The grant
of such power-of-attorney shall not be deemed to require of the Collateral Agent any specific duties or obligations not otherwise assumed by the Collateral Agent hereunder. Notwithstanding the foregoing, in no event shall the Collateral Agent, the
Custodial Agent, the Securities Intermediary or the Trustee be responsible for the preparation or filing of any financing or continuation statements in the appropriate jurisdictions or responsible for maintenance or perfection of any security
interest hereunder. 
  
 (g) The Trustee shall file with the United
States Internal Revenue Service (and deliver to the Company) Forms 1099 (or successor or comparable forms), to the extent required by law, with respect to payments to the Company. 
  
 ARTICLE III 
  
 Payments on Collateral 
  
 SECTION 3.01. Payments. So long as the Company or the Trustee is the registered owner of the Pledged Senior Notes, the Trustee shall receive all
payments thereon. If the Pledged Senior Notes are reregistered such that the Collateral Agent becomes the registered holder, all payments of the principal of, or interest or other amounts on the Pledged Senior Notes that are properly payable
hereunder shall be paid by the Collateral Agent by wire transfer in same day funds, in the case of (A) any interest payments with respect to the Pledged Senior Notes and (B) any payments with respect to any Senior Notes that have been released from
the Pledge pursuant to Section 4.01 hereof, to the Trustee, for the benefit of the Company, to the account designated by the Trustee for such purpose no later than 11:00 a.m., New York City time, on the Business Day such payment is received by the
Collateral Agent (provided that in the event such payment or payment instructions are received by the Collateral Agent on a day that is not a Business Day or after 10:30 a.m., New York City time, on a Business Day, then such payment shall be
made no later than 9:30 a.m., New York City time, on the next succeeding Business Day); 
  
 SECTION 3.02. Application of Payments. All payments received by the Trustee as provided herein shall be applied by the Trustee pursuant to the provisions of the Notes Indenture. If, notwithstanding the
foregoing, the Trustee shall receive any payments of principal 

  

 7 

 
on account of any Senior Notes, that, at the time of such payments, are Pledged Senior Notes, the Trustee or the Company shall hold the same as trustee of an
express trust for the benefit of the holders (and promptly deliver the same over to the holders) for application to the obligations of the Company under the Notes comprising a part of the Purchase Contracts, and the Company shall acquire no right,
title or interest in any such payments of principal so received, except as provided herein. 
  
 ARTICLE IV 
  
 Voting Rights —
Senior Notes 
  
 SECTION 4.01. Exercise by Trustee. The
Trustee may exercise, or refrain from exercising, any and all voting and other consensual rights pertaining to the Pledged Senior Notes, subject to the terms and conditions set forth in the Senior Notes Indenture. 
  
 ARTICLE V 
  
 Rights and Remedies; Special Event Redemption; Lazard Group Merger 
  
 SECTION 5.01. Rights and Remedies of the Collateral Agent. (a) In
addition to the rights and remedies available at law or in equity, after an event of default under any of the Senior Notes by the Company, the Collateral Agent shall have all of the rights and remedies with respect to the Collateral of a secured
party under the Uniform Commercial Code (or any successor thereto) as in effect in the State of New York from time to time (the “Code”) (whether or not the Code is in effect in the jurisdiction where the rights and remedies are asserted)
and the TRADES Regulations and such additional rights and remedies to which a secured party is entitled under the laws in effect in any jurisdiction where any rights and remedies hereunder may be asserted. Wherever reference is made in this
Agreement to any section of the Code, such reference shall be deemed to include a reference to any provision of the Code which is a successor to, or amendment of, such section. Without limiting the generality of the foregoing, such remedies may
include, to the extent permitted by applicable law, at the direction of the Trustee (i) retention of the Pledged Senior Notes or other Collateral in full satisfaction of the Company’s obligations under the Notes comprising a part of the Units
or (ii) sale of the Pledged Senior Notes or other Collateral in one or more public or private sales or otherwise at the written direction of the Trustee. 
  
 (b) Without limiting any rights or powers otherwise granted by this Agreement to the Collateral Agent, the Collateral Agent is hereby irrevocably
authorized to receive and collect all payments of the principal amount of, or interest on the Pledged Senior Notes, subject to the provisions of Article III. 
  
 (c) The Trustee, as attorney-in-fact for the Company, agrees that, from time to time, upon the written request of the holders or the Collateral Agent
(acting upon the written request of the Holders), the Trustee or the Company shall execute and deliver such further 

  

 8 

 
documents and do such other acts and things as may be necessary, including as the Company or the Collateral Agent (acting upon the written request of the
Company) may reasonably request in order to maintain the Pledge, and the perfection and priority thereof, and to confirm the rights of the Collateral Agent hereunder. The Trustee shall have no liability to the Company for executing any documents or
taking any such acts requested by the holders or the Collateral Agent (acting upon the written request of the holders) hereunder, except for liability for its own grossly negligent act, its own grossly negligent failure to act, its own bad faith or
its own willful misconduct. 
  
 SECTION 5.02. Special Event
Redemption. Upon the occurrence of a Special Event Redemption and the satisfaction of all terms and conditions related thereto as set forth in the Notes Indenture and the Senior Notes Indenture, including receipt of the Redemption Price, the
Collateral Agent shall be authorized to surrender the Senior Notes in accordance with the provisions of the Senior Notes Indenture. 
  
 SECTION 5.03. Lazard Group Merger. Upon the occurrence of a Lazard Group Merger and the satisfaction of all terms and conditions related thereto as
set forth in the Notes Indenture and the Senior Notes Indenture, the Collateral Agent shall be authorized to release the Senior Notes in accordance with the provisions of the Notes Indenture and the Senior Notes Indenture. Any such Senior Notes that
would replace the Notes constituting part of a Normal Unit shall be transferred to the person acting as collateral agent with respect to the Normal Units. 
  
 ARTICLE VI 
  
 Representations and Warranties; Covenants 
  
 SECTION 6.01. Representations and Warranties of the Company. The Company, acting through the Trustee as its attorney-in-fact (it being understood that the Trustee shall not be liable for any representation or
warranty made by or on behalf of the Company), hereby represents and warrants to the Collateral Agent, which representations and warranties shall be deemed repeated on each day the Company Transfers Collateral that: 
  
 (a) such Company has the power to grant a security interest
in and lien on the Collateral; 
  
 (b) the
Company is the sole beneficial owner of the Collateral and, in the case of Collateral delivered in physical form, is the sole holder of such Collateral and is the sole beneficial owner of, or has the right to Transfer, the Collateral it Transfers to
the Collateral Agent, free and clear of any security interest, lien, encumbrance, call, liability to pay money or other restriction other than the security interest and lien granted under Section 2.01; 
  
 (c) upon the Transfer of the Collateral to the Collateral
Account, the Collateral Agent, for the benefit of the holders from time to time of the Notes, will have a valid and perfected first priority security interest therein (assuming that any central clearing operation or any Intermediary or other entity
not within the control of the Company 

  

 9 

 
involved in the Transfer of the Collateral, including the Collateral Agent, gives the notices and takes the action required of it hereunder and under
applicable law for perfection of that interest and assuming the establishment and exercise of control pursuant to Section 2.02); and 
  
 (d) the execution and performance by the Company of its obligations under this Agreement will not result in the creation of any security
interest, lien or other encumbrance on the Collateral other than the security interest and lien granted under Section 2.01 or violate any provision of any existing law or regulation applicable to it or of any mortgage, charge, pledge, indenture,
contract or undertaking to which it is a party or which is binding on it or any of its assets. 
  
 SECTION 6.02. Representations and Warranties of the Collateral Agent, Custodial Agent and Securities Intermediary. Each of the Collateral Agent, Custodial Agent and Securities Intermediary (each an
“Agent”) hereby represents and warrants: 
  
 (a) such Agent is a national banking association duly organized and existing under the laws of the United States of America; 
  
 (b) the Securities Intermediary is a “securities intermediary” as defined in Article 8-102(a)(14) of the Code and the Collateral
Account is a “securities account” as such term is defined in Section 8-501(a) of the Code; 
  
 (c) the execution, delivery and performance by such Agent of this Agreement has been duly authorized by all necessary corporate action on
the part of such Agent; this Agreement has been duly executed and delivered by such Agent and constitutes a valid and legally binding obligation of such Agent, enforceable against such Agent in accordance with its terms, subject, as to enforcement,
to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting creditors’ rights and to general equity principles; 
  
 (d) the execution, delivery and performance by such Agent of this Agreement does not violate or constitute a
breach of the Articles of Incorporation or By-Laws of such Agent; and 
  
 (e) no consent of any federal or state banking authority having regulatory authority over such Agent in its individual capacity is required for the execution and delivery of, or performance by its Agent of its
respective obligations under, this Agreement. 
  
 SECTION 6.03.
Covenants. The Company, acting through the Trustee as their attorney-in-fact (it being understood that the Trustee shall not be liable for any covenant made by or on behalf of the Company), hereby covenant to the Collateral Agent that for so
long as the Collateral remains subject to the Pledge: 
  
 (a) neither the Trustee nor the Company will create or purport to create or allow to subsist any mortgage, charge, lien, pledge or any other security interest whatsoever over the Collateral or any part of it other than pursuant to this
Agreement; and 
  

 10 

 (b) neither the Trustee nor Company will sell or otherwise dispose (or attempt to
dispose) of the Collateral or any part of it except for the beneficial interest therein, subject to the pledge hereunder, transferred in connection with the Transfer of the Units. 
  
 ARTICLE VII 
  
 The Agents 
  
 SECTION 7.01. Appointment, Powers and Immunities. (a) Each Agent shall act as agent for the Company hereunder with such powers as are specifically
vested in such Agent by the terms of this Agreement, together with such other powers as are reasonably incidental thereto. Each Agent: 
  
 (i) shall have no duties or responsibilities except those expressly set forth in this Agreement and no implied covenants or obligations
shall be inferred from this Agreement against any of them, nor shall any of them be bound by the provisions of any agreement by any party hereto beyond the specific terms hereof; 
  
 (ii) shall not be responsible for any recitals contained in this Agreement, or in any certificate or other
document referred to or provided for in, or received by it under, this Agreement, the Senior Notes or the Senior Notes Indenture, or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement (other than as
against such Agent), the Senior Notes or the Senior Notes Indenture or any other document referred to or provided for herein or therein or for any failure by the Company or any other Person (except such Agent) to perform any of its obligations
hereunder or thereunder or, except as expressly required hereby, for the existence, validity, perfection, priority or maintenance of any security interest created hereunder; 
  
 (iii) shall not be required to initiate or conduct any litigation or collection proceedings hereunder
(except in the case of the Collateral Agent, pursuant to written directions furnished under Section 7.02 hereof, subject to Section 7.06 hereof); 
  
 (iv) shall not be responsible for any action taken or omitted to be taken by it hereunder or under any other document or instrument
referred to or provided for herein or in connection herewith or therewith, except for its own gross negligence, bad faith or willful misconduct; 
  
 (v) shall not be required to advise any party as to selling or retaining, or taking or refraining from taking any action with respect to,
the Units or other property deposited hereunder; 
  
 (vi) may perform any of their duties hereunder directly or by or through agents or attorneys appointed with due care; 
  
 (vii) shall be entitled to consult with counsel and to act in full reliance upon the advice of such counsel concerning matters pertaining
to the agencies created hereby and 

  

 11 

 
its duties hereunder, and shall not be liable for any action taken or omitted to be taken by it in good faith and in reliance upon and in accordance with the
reasonable advice of counsel selected by it; 
  
 (viii) shall not be liable with respect to any action taken by it in good faith in accordance with any direction of the Company or its agents except for its own gross negligence or willful misconduct; and 
  
 (ix) shall not be liable for any failure or delay in the
performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws,
ordinances, regulations, governmental action or the like which delay, restrict or prohibit the providing of services contemplated by this Agreement. 
  
 Subject to the foregoing, during the term of this Agreement, each Agent, in connection with the safekeeping and preservation of the Collateral hereunder,
shall use the same standard of care it applies for similar property held for its own account. 
  
 (b) No provision of this Agreement shall require any Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder. In no event shall any Agent be
liable for any amount in excess of the value of the Collateral. Notwithstanding the foregoing, each Agent in its individual capacity, hereby waive any right of set-off, banker’s lien, liens or perfection rights as securities intermediary or any
counterclaim with respect to any of the Collateral. 
  
 (c) No
Agent shall have any liability whatsoever for the action or inaction of any Clearing Agency or any book-entry system thereof. In no event shall any Clearing Agency or any book-entry system thereof be deemed an agent or subcustodian of any Agent.

  
 SECTION 7.02. Instructions of the Company. The Company
shall have the right, by one or more instruments in writing executed and delivered to the Collateral Agent, the Custodial Agent or the Securities Intermediary, as the case may be, to direct the time, method and place of conducting any proceeding for
the realization of any right or remedy available to the Collateral Agent, the Custodial Agent or the Securities Intermediary, as the case may be, or of exercising any power conferred on the Collateral Agent, the Custodial Agent or the Securities
Intermediary, as the case may be, or to direct the taking or refraining from taking of any action authorized by this Agreement; provided that (i) such direction shall be in writing and shall not conflict with the provisions of any law or of
this Agreement and (ii) the applicable Agent shall receive indemnity reasonably satisfactory to it as provided herein. Nothing in this Section 7.02 shall impair the right of each Agent in its discretion to take any action or omit to take any action
which it deems proper and which is not inconsistent with such direction. 
  
 SECTION 7.03. Reliance. Each Agent, in absence of bad faith, shall be entitled conclusively to rely upon any certification, order, judgment, instructions, opinion, notice or other communication (including,
without limitation, any thereof by telephone or facsimile) reasonably believed by it to be genuine and correct and to have been signed or sent by or on behalf of the 

  

 12 

 
proper Person or Persons (without being required to determine the correctness of any fact stated therein), and upon advice and written statements of legal
counsel and other experts selected by such Agent. As to any matters not expressly provided for by this Agreement, each Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder in accordance with written
instructions given by the Company in accordance with this Agreement. 
  
 SECTION 7.04. Rights in Other Capacities. Each Agent and its affiliates may (without having to account therefor to the Company) accept deposits from, lend money to, make their investments in and generally engage in any kind of
banking, trust or other business with the Trustee and any holder of Notes (and any of their respective subsidiaries or affiliates) as if it were not acting as such Agent, and each Agent and its affiliates may accept fees and other consideration from
the Trustee or any holder of Notes without having to account for the same to the Company; provided that each Agent covenants and agrees with the Company that it shall not accept, receive or permit there to be created in favor of itself (and
waives any right of set-off or banker’s lien with respect to) and shall take no affirmative action to permit there to be created in favor of any other Person, any security interest, lien or other encumbrance of any kind in or upon the
Collateral and the Collateral shall not be commingled with any other assets of any such Person. 
  
 SECTION 7.05. Non-reliance on Collateral Agent. None of the Agents shall be required to keep itself informed as to the performance or observance by
the Trustee or any holder of Notes of this Agreement, the Purchase Contract Agreement, the Units or any other document referred to or provided for herein or therein or to inspect the properties or books of the Trustee or any holder of Notes. None of
the Agents shall have any duty or responsibility to provide the Company or the Remarketing Agent with any credit or other information concerning the affairs, financial condition or business of the Trustee or any holder of Notes (or any of their
respective subsidiaries or affiliates) that may come into its possession or any of its affiliates. 
  
 SECTION 7.06. Compensation and Indemnity. The Company agrees: 
  
 (a) to pay each Agent from time to time such compensation as shall be agreed in writing between the Company
and such Agent for all services rendered by it hereunder; and 
  
 (b) to indemnify the Collateral Agent, the Custodial Agent and the Securities Intermediary and their officers, directors and agents for, and to hold each of them harmless from and against, any loss, liability or
reasonable out-of-pocket expense incurred without negligence, willful misconduct or bad faith on its part, arising out of or in connection with the acceptance or administration of its powers and duties under this Agreement, including the reasonable
out-of-pocket costs and expenses (including reasonable fees and expenses of one counsel) of defending itself against any claim or liability in connection with the exercise or performance of such powers and duties or collecting such amounts. Each
Agent shall promptly notify the Company of any third party claim which may give rise to the indemnity hereunder and give the Company the opportunity to control the defense of such claim with counsel reasonably satisfactory to the indemnified party,
provided no conflict of interest exists (if such a conflict of interests exists, the Collateral Agent, the Custodial Agent and the Securities Intermediary 

  

 13 

 
collectively will be entitled to one separate counsel payable by the Company), and if the Company so elects to assume such defense, the Company shall in good
faith defend the Collateral Agent, the Custodial Agent or the Securities Intermediary (in which case all attorney’s fees and expenses shall be borne by the Company). No compromise or settlement of any claims may be effected by any party without
the other parties’ consent (which consent shall not be unreasonably withheld) unless (i) there is no finding or omission of any violation of law and no effect on any other claims that may be made against any of such other parties and (ii) the
sole relief provided is monetary damages that are paid in full by the party seeking the compromise or settlement. The provisions of this Section 7.06(b) shall survive the termination of this Agreement or the resignation or removal of any of the
Agents. 
  
 SECTION 7.07. Failure to Act. In the event of
any ambiguity in the provisions of this Agreement or any dispute between or conflicting claims by or among the parties hereto or any other Person with respect to any funds or property deposited hereunder, each Agent shall be entitled, after prompt
notice to the Company and the Trustee, at its sole option, to refuse to comply with any and all claims, demands or instructions with respect to such property or funds so long as such dispute or conflict shall continue, and no Agent shall be or
become liable in any way to any of the parties hereto for its failure or refusal to comply with such conflicting claims, demands or instructions. Each Agent shall be entitled to refuse to act until either (i) such conflicting or adverse claims or
demands shall have been finally determined by a court of competent jurisdiction or settled by agreement between the conflicting parties as evidenced in a writing, reasonably satisfactory to such Agent, or (ii) such Agent shall have received security
or an indemnity reasonably satisfactory to it sufficient to save such Agent harmless from and against any and all loss, liability or reasonable out-of-pocket expense which such Agent may incur by reason of its acting without bad faith, willful
misconduct or negligence. Each Agent may, but shall not be required, in addition elect to commence an interpleader action or seek other judicial relief or orders at the expense of the Company as such Agent may deem necessary. Notwithstanding
anything contained herein to the contrary, no Agent shall be required to take any action that is in the reasonable opinion of its counsel contrary to law or to the terms of this Agreement, or which would in its reasonable opinion subject it or any
of its officers, employees or directors to liability. 
  
 SECTION
7.08. Resignation; Replacement of Collateral Agent, Custodial Agent or Securities Intermediary. Subject to the appointment and acceptance of a successor Agent, as provided below, (a) any Agent may resign at any time by giving notice thereof
to the Company and the Trustee as attorney-in-fact for the holders of Notes, (b) any Agent may be removed at any time by the Company (with or without cause) by notice to the Trustee and the Collateral Agent, the Custodial Agent and the Securities
Intermediary and (c) if any Agent fails to perform any of its material obligations hereunder in any material respect for a period of not less than 20 days after receiving written notice of such failure by the Trustee and such failure shall be
continuing, such Agent may be removed by the Trustee (including with respect to other Agent responsibilities). The Trustee shall promptly notify the Company of any removal of an Agent pursuant to clause (c) of the immediately preceding sentence.
Upon notice of any such resignation or removal, the Company shall have the right to appoint a successor Agent. If no successor Agent shall have been so appointed and shall have accepted such appointment within 30 days after any notice of such
resignation or such removal, then the retiring Agent may at the 

  

 14 

 
Company’s expense petition any court of competent jurisdiction for the appointment of a successor Agent. Upon removal of an Agent, no fees paid to the
retiring Agent pursuant to Section 7.06(a) of this Agreement shall be refunded. Each successor Agent shall be a financial institution which has an office or agency in New York, New York with a combined capital and surplus of at least $50,000,000 or
any affiliate of a financial institution having such capital and surplus. Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor shall thereupon succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Agent, and the retiring Agent, upon payment of any of its unpaid fees and expenses, shall take all appropriate action to transfer any money and property held by it hereunder (including the Collateral) to such
successor. The retiring Agent shall, upon such succession, be discharged from its duties and obligations as such Agent hereunder. After any retiring Agent’s resignation hereunder as Agent, the provisions of this Section 7.08 and Section 7.06
hereof, shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as such Agent. Any resignation or removal of the Collateral Agent hereunder shall be deemed for all purposes of this
Agreement as the simultaneous resignation or removal of the Custodial Agent and the Securities Intermediary hereunder. 
  
 So long as it meets the requirements of this Section 7.08, any corporation into which the Collateral Agent, the Custodial Agent or the Securities
Intermediary, in its individual capacity, may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Collateral Agent in its individual capacity shall be a
party, or any corporation to which substantially all the corporate trust business of the Collateral Agent in its individual capacity may be transferred, shall be the Collateral Agent, the Custodial Agent, or the Securities Intermediary, as the case
may be, respectively, under this Agreement without further act. 
  
 SECTION 7.09. Right to Appoint Agent or Advisor. The Collateral Agent shall have the right to appoint agents or advisors in connection with any of its duties hereunder, and the Collateral Agent shall not be liable for any action
taken or omitted by, or in reliance upon the advice of, such agents or advisors reasonably selected in good faith. The appointment of agents (other than legal counsel) pursuant to this Section 7.09 shall be subject to prior written consent of the
Company. 
  
 SECTION 7.10. Survival. The provisions of this
Article VII shall survive termination of this Agreement and the resignation or removal of the Collateral Agent, the Custodial Agent or the Securities Intermediary. 
  
 SECTION 7.11. Exculpation. Anything in this Agreement to the contrary notwithstanding, in no event shall any of the
Agents or their respective officers, employees or agents be liable under this Agreement to any third party for indirect, special, punitive or consequential loss or damage of any kind whatsoever, including lost profits or loss of business, relating
to, arising from or in connection with this Agreement, whether or not the likelihood of such loss or damage was known to such Agent, incurred without any act or deed that is found to be attributable to negligence, bad faith or willful misconduct on
the part of such Agent. 
  

 15 

 ARTICLE VIII 
  
 Amendment 
  
 SECTION 8.01. Amendment Without Consent of the Holders. Without the consent of the Holders, the Collateral Agent, the Custodial Agent, the
Securities Intermediary and the Trustee, at any time and from time to time, may amend this Agreement, in form satisfactory to the Company, the Collateral Agent, the Custodial Agent, the Securities Intermediary and the Trustee, for any of the
following purposes: 
  
 (i) to evidence the
succession of another Person to the Company and the assumption by any such successor of the covenants of the Company to the extent permitted by the Notes Indenture; or 
  
 (ii) to add covenants of the Company, or to surrender any right or power herein conferred upon the Company
so long as such covenants or such surrender do not adversely affect the validity, perfection or priority of the security interests granted or created hereunder; or 
  
 (iii) to evidence and provide for the acceptance of appointment hereunder by a successor Collateral Agent,
Custodial Agent, Securities Intermediary or Trustee; or 
  
 (iv) to cure any ambiguity, to correct or supplement any provisions herein which may be inconsistent with any other such provisions herein, or to make any other provisions with respect to such matters or questions
arising under this Agreement, provided such action shall not adversely affect the interests of the Holders. 
  
 SECTION 8.02. Amendment with Consent of the Holders. With the consent of the majority of the Holders, the Trustee or the Collateral Agent, as the
case may be, the Company, the Trustee, the Collateral Agent, the Custodial Agent and the Securities Intermediary may amend this Agreement for the purpose of modifying in any manner the provisions of this Agreement or the rights of the Company in
respect of the Senior Notes, provided that the approval of each Holder shall be required to change the amount or type of Collateral, impair the right of the Trustee on behalf of the Holders, to receive distributions on the underlying Collateral or
otherwise adversely affect the Trustee’s rights in or to such Collateral. 
  
 It shall not be necessary under this Section for the Holders to approve the particular form of any proposed amendment, but it shall be sufficient if such action approves the substance thereof. 
  
 SECTION 8.03. Execution of Amendments. In executing any amendment
permitted by this Article VIII, the Collateral Agent, the Custodial Agent, the Securities Intermediary and the Trustee shall be entitled to receive and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of
such amendment is authorized or permitted by this Agreement and that all conditions precedent, if any, to the execution and delivery of such amendment have been satisfied and, in the case of an amendment pursuant to Section 8.01, that such amendment
does not adversely affect the validity, perfection or priority of the security interests granted or created hereunder. 
  

 16 

 SECTION 8.04. Effect of Amendments. Upon the execution of any amendment under this Article VIII,
this Agreement shall be modified in accordance therewith, and such amendment shall form a part of this Agreement for all purposes. 
  
 SECTION 8.05. Reference to Amendments. Certificates authenticated, executed on behalf of the Company and delivered after the execution of any
amendment pursuant to this Article VIII may, and shall if required by the Collateral Agent or the Trustee, bear a notation in form approved by the Trustee and the Collateral Agent as to any matter provided for in such amendment. 
  
 ARTICLE IX 
  
 Miscellaneous 
  
 SECTION 9.01. No Waiver. No failure on the part of any party hereto or any of its agents to exercise, and no course of dealing with respect to, and
no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by any party hereto or any of its agents of any right, power or remedy hereunder preclude any other or further
exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and are not exclusive of any remedies provided by law. 
  

SECTION 9.02. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. Without
limiting the foregoing, the above choice of law is expressly agreed to by the Securities Intermediary, the Collateral Agent, the Custodial Agent and the company acting through the Trustee, as its attorney-in-fact, in connection with the
establishment and maintenance of the Collateral Account, which law, for purposes of the Code, shall be deemed to be the law governing all Security Entitlements related thereto. In addition, such parties agree that, for purposes of the Code, New York
shall be the Securities Intermediary’s jurisdiction. The Company, the Collateral Agent and the Holders from time to time of the Units, acting through the Purchase Contract Agent as their attorney-in-fact, hereby submit to the nonexclusive
jurisdiction of the United States District Court for the Southern District of New York and of any New York state court sitting in the Borough of Manhattan in New York City for the purposes of all legal proceedings arising out of or relating to this
Agreement or the transactions contemplated hereby. The Company, the Collateral Agent and the Holders from time to time of the Units, acting through the Purchase Contract Agent as their attorney-in-fact, irrevocably waive, to the fullest extent
permitted by applicable law, any objection which they may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an
inconvenient forum. 
  
 SECTION 9.03. Judgment Currency.
The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due (the “Required Currency”) into a currency
in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange 

  

 17 

 
used shall be the rate at which in accordance with normal banking procedures the Purchase Contract Agent could purchase in The City of New York the requisite
amount of the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which a final unappealable judgment is given and (b) its obligations under this Agreement to make payments in the Required Currency (i) shall
not be discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with clause (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall
result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in
the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment being obtained for any other sum due under
this Agreement. For purpose of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day on which banking institutions in The City of New York are authorized or
obligated by law, regulation or executive order to be closed. 
  
 SECTION 9.04. Notices. Unless otherwise stated herein, all notices, requests, instructions, consents and other communications provided for herein (including, without limitation, any modifications of, or waivers or consents under,
this Agreement) shall be given or made in writing (including, without limitation, by telecopy) and, if sent to the Company, will be mailed, delivered or telecopied to Clarendon House, 2 Church Street, Hamilton HM11, Bermuda, Attention:
            (fax no.: (441)             ), with a copy to Lazard Ltd, 30 Rockefeller Plaza, New York, New York, 10020, Attention:
            , telecopy:             ; or if sent to the Purchase Contract Agent as attorney-in-fact of the Holders from time to
time of the Units, will be mailed, delivered or telefaxed to             , Attention: General Counsel (fax no.:             ); or
if sent to the Collateral Agent, Custodial Agent and Securities Intermediary, will be mailed, delivered or telefaxed to (fax no.:             ), or as to any party, at such other address as
shall be designated by such party in a notice to the other parties. Except as otherwise provided in this Agreement, all such communications shall be deemed to have been duly given when personally delivered or, in the case of a mailed notice or
notice transmitted by telecopier, upon receipt, in each case given or addressed as aforesaid. 
  
 SECTION 9.05. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the Collateral Agent, the Custodial Agent, the Securities
Intermediary and the Trustee, and the Company as holder of the Senior Notes, by its acceptance of the same, shall be deemed to have agreed to be bound by the provisions hereof and to have ratified the agreements of, and the grant of the Pledge
hereunder by, the Trustee. 
  
 SECTION 9.06. Counterparts.
This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument, and any of the parties hereto may execute this Agreement by signing any such counterpart. 
  
 SECTION 9.07. Severability. If any provision hereof is invalid and
unenforceable in any jurisdiction, then, to the fullest extent permitted by law, (i) the other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally 

  

 18 

 
construed in order to carry out the intentions of the parties hereto as nearly as may be possible and (ii) the invalidity or unenforceability of any
provision hereof in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction. 
  
 SECTION 9.08. Expenses, etc. The Company agrees to reimburse the Collateral Agent, the Securities Intermediary and the Custodial Agent for:

  
 (a) all reasonable out-of-pocket costs and
all reasonable expenses of the Collateral Agent, the Custodial Agent and the Securities Intermediary (including, without limitation, the reasonable fees and expenses of one counsel to the Collateral Agent, the Custodial Agent and the Securities
Intermediary), in connection with (i) the negotiation, preparation, execution and delivery or performance of this Agreement and (ii) any modification, supplement or waiver of any of the terms of this Agreement; 
  
 (b) all reasonable costs and expenses of the Collateral
Agent, the Custodial Agent and the Securities Intermediary (including, without limitation, reasonable fees and expenses of one counsel) in connection with (i) any enforcement or proceedings resulting or incurred in connection with causing any Holder
of Units to satisfy its obligations under the Purchase Contracts forming a part of the Units and (ii) the enforcement of this Section 9.08; and 
  
 (c) all transfer, stamp, documentary or other similar taxes, assessments or charges levied by any governmental or revenue authority in
respect of this Agreement or any other document referred to herein and all costs, expenses, taxes, assessments and other charges, if any, incurred in connection with any filing, registration, recording or perfection of any security interest to the
extent contemplated hereby. 
  
 SECTION 9.09. Security Interest
Absolute. All rights of the Collateral Agent and security interests hereunder, and all obligations of the Holders from time to time hereunder, shall be absolute and unconditional irrespective of: 
  
 (a) any lack of validity or enforceability of any provision
of the Purchase Contracts or the Units or any other agreement or instrument relating thereto; 
  
 (b) any change in the time, manner or place of payment of, or any other term of, or any increase in the amount of, all or any of the
obligations of Holders of Units under the related Purchase Contracts, or any other amendment or waiver of any term of, or any consent to any departure from any requirement of, the Purchase Contract Agreement or any Purchase Contract or any other
agreement or instrument relating thereto; or 
  
 (c) any other circumstance which might otherwise constitute a defense available to, or discharge of, a borrower, a guarantor or a pledgor. 
  
 SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY 

  

 19 

 
LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
  
 SECTION 9.11. Incorporation by Reference. Each of the Company, the
Collateral Agent and the Securities Intermediary agrees that the Trustee is, in acting hereunder with respect to the Company, entitled to all rights, privileges, benefits, protections, immunities and indemnities provided to it under the Notes
Indenture. 
  

 20 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and
year first above written. 
  

			
	LAZARD GROUP FINANCE LLC
		
	By	 	 
	 	 	 Name:

	 	 	 Title:

	
	THE BANK OF NEW YORK, as Trustee and as attorney-in-fact of the Company,
		
	By	 	 
	 	 	 Name:

	 	 	 Title:

	
	THE BANK OF NEW YORK, as Collateral Agent, Custodial Agent and Securities Intermediary,
		
	By	 	 
	 	 	 Name:

	 	 	 Title:

  

 21

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