EX-4.2




 Exhibit 4.2 
  

 
  

TWENTY-THIRD SUPPLEMENTAL INDENTURE 

Dated as of November 3, 2022 

Supplementing that Certain 

INDENTURE 
 Dated as of
August 20, 2009 
  
  

Among 
 BLACKSTONE HOLDINGS
FINANCE CO. L.L.C., 
 THE GUARANTOR PARTIES HERETO 

and 
 THE BANK OF NEW YORK MELLON,

 as Trustee 
  

 
 5.900% Senior
Notes due 2027 
  
  

 











 TABLE OF CONTENTS 
  

					
	 	  	Page	 
	 ARTICLE I Issuance of Securities
	  	 	2	 
		
	 SECTION 1.1. Issuance of Notes; Principal Amount; Maturity; Title.
	  	 	2	 
	 SECTION 1.2. Interest.
	  	 	2	 
	 SECTION 1.3. Relationship with Base Indenture.
	  	 	3	 
		
	 ARTICLE II Definitions and Other Provisions of General Application
	  	 	4	 
		
	 SECTION 2.1. Definitions.
	  	 	4	 
		
	 ARTICLE III Security Forms
	  	 	9	 
		
	 SECTION 3.1. Form Generally.
	  	 	9	 
	 SECTION 3.2. Form of Note.
	  	 	9	 
		
	 ARTICLE IV Remedies
	  	 	22	 
		
	 SECTION 4.1. Events of Default.
	  	 	22	 
	 SECTION 4.2. Waiver of Past Defaults.
	  	 	22	 
		
	 ARTICLE V Redemption of Securities
	  	 	23	 
		
	 SECTION 5.1. Optional Redemption.
	  	 	23	 
		
	 ARTICLE VI Particular Covenants
	  	 	23	 
		
	 SECTION 6.1. Liens.
	  	 	23	 
	 SECTION 6.2. Obligation to Offer to Repurchase Upon a Change of Control Repurchase
Event.
	  	 	24	 
	 SECTION 6.3. Financial Reports
	  	 	25	 
		
	 ARTICLE VII Supplemental Indentures
	  	 	26	 
		
	 SECTION 7.1. Supplemental Indentures without Consent of Holders of Notes.
	  	 	26	 
	 SECTION 7.2. Supplemental Indentures with Consent of Holders of Notes.
	  	 	26	 
		
	 ARTICLE VIII Defeasance
	  	 	28	 
		
	 SECTION 8.1. Covenant Defeasance.
	  	 	28	 
		
	 ARTICLE IX Miscellaneous
	  	 	28	 
		
	 SECTION 9.1. Execution as Supplemental Indenture.
	  	 	28	 


  
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	 SECTION 9.2. Not Responsible for Recitals or Issuance of Notes.
	  	 	28	 
	 SECTION 9.3. Separability Clause.
	  	 	29	 
	 SECTION 9.4. Successors and Assigns.
	  	 	29	 
	 SECTION 9.5. Execution and Counterparts.
	  	 	29	 
	 SECTION 9.6. Electronic Signatures.
	  	 	29	 
	 SECTION 9.7. Governing Law.
	  	 	29	 


  
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 This Twenty-Third Supplemental Indenture, dated as of November 3, 2022 (the
“Twenty-Third Supplemental Indenture”), among Blackstone Holdings Finance Co. L.L.C., a limited liability company duly organized and existing under the laws of the State of Delaware, having its principal office at 345 Park Avenue,
New York, New York 10154 (the “Company”), the Guarantors party hereto and The Bank of New York Mellon, a New York banking corporation, as Trustee under the Base Indenture (as hereinafter defined) and hereunder (the
“Trustee”), supplements that certain Indenture, dated as of August 20, 2009, among the Company, the Guarantors named therein and the Trustee (the “Base Indenture” and subject to Section 1.3 hereof,
together with this Twenty-Third Supplemental Indenture, the “Indenture”). 
 RECITALS OF THE COMPANY 

The Company and the Guarantors have heretofore executed and delivered to the Trustee the Base Indenture providing for the issuance from time
to time of one or more series of the Company’s senior unsecured debt securities (herein and in the Base Indenture called the “Securities”), the forms and terms of which are to be determined as set forth in Sections 201 and 301
of the Base Indenture, and the Guarantees thereof by the Guarantors; 
 Sections 901 (9) and 901 (12) of the Base Indenture provide, among
other things, that the Company, the Guarantors and the Trustee may enter into indentures supplemental to the Base Indenture for, among other things, the purposes of (a) establishing the form or terms of Securities of any series as permitted by
Sections 201 and 301 of the Base Indenture and (b) adding to or changing any of the provisions to the Base Indenture in certain circumstances; 

The Company desires to create a series of Securities designated as its “5.900% Senior Notes due 2027” pursuant to the terms of this
Twenty-Third Supplemental Indenture; 
 The Company has duly authorized the execution and delivery of this Twenty-Third Supplemental
Indenture and the Notes to be issued from time to time, as provided for in the Indenture; 
 Each Guarantor has duly authorized its
Guarantee of the Notes and to provide therefor each Guarantor has duly authorized the execution and delivery of this Twenty-Third Supplemental Indenture; 

All things necessary have been done to make this Twenty-Third Supplemental Indenture a valid and legally binding agreement of the Company, in
accordance with its terms and to make the Notes, when executed by the Company and authenticated and delivered under the Indenture and duly issued by the Company, the valid and legally binding obligations of the Company; and 

All things necessary have been done to make the Guarantees, upon execution and delivery of this Twenty-Third Supplemental Indenture, the valid
and legally binding obligations of each Guarantor and to make this Twenty-Third Supplemental Indenture a valid and legally binding agreement of each Guarantor, in accordance with its terms. 

  
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 ARTICLE I 

Issuance of Securities 

SECTION 1.1. Issuance of Notes; Principal Amount; Maturity; Title. 

(1) On November 3, 2022, the Company shall issue and deliver to the Trustee, and the Trustee shall authenticate, the Initial Notes
substantially in the form set forth in Section 3.2 below, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Base Indenture and this Twenty-Third Supplemental
Indenture, and with such letters, numbers, or other marks of identification and such legends or endorsements placed thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or Depositary therefor or as
may, consistently herewith, be determined by the Officer executing such Notes, as evidenced by the execution of such Notes. 
 (2) The
Initial Notes to be issued pursuant to the Indenture shall be issued in the aggregate principal amount of $600,000,000 and shall mature on November 3, 2027 (the “Stated Maturity”), unless the Notes are redeemed prior to that date as
described in Section 5.1. The aggregate principal amount of Initial Notes Outstanding at any time may not exceed $600,000,000, except for Notes issued, authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu
of, other Notes of the series pursuant to Sections 304, 305, 306, 906 or 1107 of the Base Indenture and except for any Notes which, pursuant to Section 303 of the Base Indenture, are deemed never to have been authenticated and delivered. The
Company may without the consent of the Holders, issue additional Notes as part of the same series and on the same terms and conditions (and having the same Guarantors) and with the same CUSIP numbers and ISIN numbers as the Initial Notes
(“Additional Notes”), but such Additional Notes may be offered at a different offering price or have a different issue date, initial interest accrual or initial interest payment date; provided that if any Additional Notes are
issued at a price that causes such Additional Notes to have “original issue discount” within the meaning of Section 1273 of the United States Internal Revenue Code of 1986, as amended, and regulations of the United States Department
of Treasury thereunder, such Additional Notes shall not have the same CUSIP number or ISIN number as the Initial Notes. 
 (3) The Notes
shall be issued only in fully registered form without coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 

(4) Pursuant to the terms hereof and Sections 201 and 301 of the Base Indenture, the Company hereby creates a series of Securities designated
as the “5.900% Senior Notes due 2027” of the Company (as amended or supplemented from time to time, that are issued under the Indenture, including both the Initial Notes and the Additional Notes, if any, the “Notes”),
which Notes shall be deemed “Securities” for all purposes under the Base Indenture. 
 SECTION 1.2. Interest. 

(1) Interest on a Note will accrue at the per annum rate of 5.900% (the “Note Interest Rate”), from and including the date
specified on the face of such Note to, but excluding, the date on which the principal thereof is paid, deemed paid, or made available for payment and, in each case, will be paid on the basis of a 360-day year
comprised of twelve 30-day months. 

  
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 (2) The Company shall pay interest on the Notes semi-annually in arrears on May 3 and
November 3 of each year (each, an “Interest Payment Date”), commencing May 3, 2023. 
 (3) Interest shall be paid
on each Interest Payment Date to the registered Holders of the Notes at the close of business on the Regular Record Date. 
 (4) Amounts due
on the Stated Maturity or earlier Redemption Date of the Notes will be payable at the Corporate Trust Office. The Company shall make payments of principal, premium, if any, and interest or the Repurchase Price in connection with a Change of Control
Repurchase Event in respect of the Notes in book-entry form to DTC in immediately available funds, while disbursement of such payments to owners of beneficial interests in Notes in book-entry form will be made in accordance with the procedures of
DTC and its participants in effect from time to time. The Company may at any time designate additional Paying Agents or rescind the designation of any Paying Agent or approve a change in the office through which any Paying Agent acts, except that
the Company shall be required to maintain a Paying Agent in each Place of Payment for the Notes. Neither the Company nor the Trustee shall impose any service charge for any transfer or exchange of a Note. However, the Company may require Holders of
the Notes to pay any taxes or other governmental charges in connection with a transfer or exchange of Notes. 
 (5) If any Interest Payment
Date, Stated Maturity, or earlier Redemption Date or Repurchase Price Payment Date falls on a day that is not a Business Day in The City of New York, the Company shall make the required payment of principal, premium, if any, and/or interest or
Repurchase Price in connection with a Change of Control Repurchase Event on the next succeeding Business Day as if it were made on the date payment was due, and no interest will accrue on the amount so payable for the period from and after that
Interest Payment Date, Stated Maturity or earlier Redemption Date or Repurchase Price Payment Date, as the case may be, to such next succeeding Business Day. 

SECTION 1.3. Relationship with Base Indenture. 

The terms and provisions contained in the Base Indenture will constitute, and are hereby expressly made, a part of this Twenty-Third
Supplemental Indenture. However, to the extent any provision of the Base Indenture conflicts with the express provisions of this Twenty-Third Supplemental Indenture, the provisions of this Twenty-Third Supplemental Indenture will govern and be
controlling. 

  
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 ARTICLE II 

Definitions and Other Provisions of General Application 

SECTION 2.1. Definitions. 

For all purposes of this Twenty-Third Supplemental Indenture (except as herein otherwise expressly provided or unless the context of this
Twenty-Third Supplemental Indenture otherwise requires): 
 (1) any reference to an “Article” or a “Section” refers to
an Article or a Section, as the case may be, of this Twenty-Third Supplemental Indenture; 
 (2) the words “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Twenty-Third Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; 

(3) “including” means including without limitation; 

(4) unless otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and other
modifications to such agreements and instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Twenty-Third Supplemental Indenture. 

The terms defined in this Section 2.1 (except as herein otherwise expressly provided or unless the context of this Twenty-Third
Supplemental Indenture otherwise requires) for all purposes of this Twenty-Third Supplemental Indenture and of any indenture supplemental hereto have the respective meanings specified in this Section 2.1. All other terms used in this
Twenty-Third Supplemental Indenture that are defined in the Base Indenture, either directly or by reference therein (except as herein otherwise expressly provided or unless the context of this Twenty-Third Supplemental Indenture otherwise requires),
have the respective meanings assigned to such terms in the Base Indenture, as in force at the date of this Twenty-Third Supplemental Indenture as originally executed; provided that any term that is defined in both the Base Indenture and this
Twenty-Third Supplemental Indenture shall have the meaning assigned to such term in this Twenty-Third Supplemental Indenture. 

“Additional Notes” has the meaning specified in Section 1.1(2). 

“Applicable Procedures” means, with respect to any transfer or transaction involving a Global Security or beneficial interest
therein, the rules and procedures of DTC, Euroclear and Clearstream, in each case to the extent applicable to such transaction and as in effect from time to time. 

“Base Indenture” has the meaning specified in the preamble hereto. 

“Below Investment Grade Rating Event” means the rating on the Notes is lowered in respect of a Change of Control and the
Notes are rated below Investment Grade by both Rating Agencies on any date from the date of the public notice of an arrangement that could 

  
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result in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be
extended until the ratings are announced if during such 60 day period the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies); provided that a Below Investment Grade Rating
Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the
definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Company in writing at its request that
the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the
time of the Below Investment Grade Rating Event). 
 “Business Day” means any day that is not Saturday or Sunday or any
other day on which commercial banks are authorized or required by law, regulation or executive order to close in the City of New York. 

“Change of Control” means the occurrence of the following: 

 

	 	(1)	 the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the properties and assets of the Credit Group to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act or any successor
provision), other than to a Continuing Blackstone Entity; or 


  

	 	(2)	 the consummation of any transaction (including, without limitation, any merger or consolidation) the result of
which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act or any successor provision), other than a Continuing Blackstone Entity, becomes (A) the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act or any successor provision) of a controlling interest in (i) the Corporation or (ii) one or more Guarantors comprising all or substantially all of the assets of the Credit
Group and (B) entitled to receive a Majority Economic Interest in connection with such transaction. 



“Change of Control Offer” has the meaning specified in Section 6.2(1). 

“Change of Control Repurchase Event” means the occurrence of a Change of Control and a Below Investment Grade Rating Event.

 “Clearstream” means Clearstream Banking, S.A. 

“Commission” means the U.S. Securities and Exchange Commission or any successor entity. 

  
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 “Company” has the meaning specified in the preamble hereto. 

“Continuing Blackstone Entity” means any entity that, immediately prior to and immediately following any relevant date of
determination, is directly or indirectly controlled by one or more senior managing directors or other personnel of the Corporation who, as of any date of determination (i) each has devoted substantially all of his or her business and
professional time to the activities of the Credit Parties and/or their Subsidiaries during the 12-month period immediately preceding such date and (ii) directly or indirectly controls a majority of the
general partner interests (or other similar interests) in the Corporation or any successor entity. 
 “Corporate Trust
Office” means the principal office of the Trustee at which, at any particular time, its corporate trust business shall be conducted, which office is located as of the date of this Twenty-Third Supplemental Indenture at 500 Ross Street, 12th Floor, Pittsburgh, Pennsylvania 15262, Attention: Corporate Trust Division—Corporate Finance Unit, or at any other time at such other address as the Trustee may designate from time to time by
notice to the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Company). 

“Corporation” means Blackstone Inc. 

“Covenant Defeasance” has the meaning specified in Section 8.1. 

“Credit Parties” means the Company and the Guarantors. 

“DTC” means The Depository Trust Company, a New York corporation. 

“Euroclear” means Euroclear Bank, SA/NV. 

“Event of Default” has the meaning specified in Section 4.1. 

“Fitch” means Fitch Ratings Inc. or any successor thereto. 

“Indenture” has the meaning specified in the preamble hereto. 

“Initial Notes” means Notes in an aggregate principal amount of $600,000,000, initially issued under this Twenty-Third
Supplemental Indenture in accordance with Section 1.1(2). 
 “Interest Payment Date” has the meaning specified in
Section 1.2(2). 
 “Investment Grade” means a rating of BBB- or better by
Fitch (or its equivalent under any successor rating categories of Fitch) and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) (or, in each case, if such Rating
Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent investment grade credit rating from any Rating Agency selected by the Company as a replacement Rating Agency). 

  
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 “Majority Economic Interest” means any right or entitlement to receive more
than 50% of the equity distributions or partner allocations (whether such right or entitlement results from the ownership of partner or other equity interests, securities, instruments or agreements of any kind) made to all holders of partner or
other equity interests in the Credit Group (other than entities within the Credit Group). 
 “Note Interest Rate” has the
meaning specified in Section 1.2(1). 
 “Notes” has the meaning specified in Section 1.1(4). 

“Par Call Date” means October 3, 2027. 

“Permitted Liens” means (a) liens on voting stock or profit participating equity interests of any Subsidiary existing at
the time such entity becomes a direct or indirect Subsidiary of the Corporation or is merged into a direct or indirect Subsidiary of the Corporation (provided such liens are not created or incurred in connection with such transaction and do
not extend to any other Subsidiary), and (b) statutory liens, liens for taxes or assessments or governmental liens not yet due or delinquent or which can be paid without penalty or are being contested in good faith and (c) other liens of a
similar nature as those described above. 
 “Rating Agency” means: 

 

	 	(1)	 each of Fitch and S&P; and 



 

	 	(2)	 if either of Fitch or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly
available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company as a replacement agency for
Fitch or S&P, or both, as the case may be. 


 “Registrar” means the Security Registrar for the Notes,
which shall initially be The Bank of New York Mellon, or any successor entity thereof, subject to replacement as set forth in the Base Indenture. 

“Regular Record Date” for interest payable in respect of any Note on any Interest Payment Date means April 18 and
October 18 prior to the relevant Interest Payment Date (whether or not a Business Day). 
 “Repurchase Price” has the
meaning specified in Section 6.2(1). 
 “Repurchase Price Payment Date” has the meaning specified in
Section 6.2(3)(iii). 
 “S&P” means S&P Global Ratings a division of S&P Global Inc. and its successors.


  
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 “Treasury Rate” means, with respect to any Redemption Date, the yield
determined by the Company in accordance with the following two paragraphs. 
 The Treasury Rate shall be determined by the Company after
4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or
yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any
successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the
Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date for the notes being redeemed (the “Remaining
Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield
corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result
to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of
this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. 

If on the third business day preceding the redemption date H.15 TCM is no longer published, the Company shall calculate the Treasury Rate
based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity
that is closest to, the Par Call Date of the notes being redeemed, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally
distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States Treasury security with a maturity date preceding the Par Call
Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from among these two or more
United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the
Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal
amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. 
 The
Company’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. 

  
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 “Trustee” has the meaning specified in the preamble hereto. 

“Twenty-Third Supplemental Indenture” has the meaning specified in the preamble hereto. 

ARTICLE III 
 Security Forms

 SECTION 3.1. Form Generally. 

(1) The Notes shall be in substantially the form set forth in Section 3.2 of this Article III, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by the Base Indenture and this Twenty-Third Supplemental Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements
placed thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or Depositary therefor or as may, consistent herewith, be determined by the Officer executing such Notes, as evidenced by the execution
thereof. All Notes shall be in fully registered form. The Trustee may authenticate the Notes by manual, facsimile or electronic signature; provided, however, that any electronic signature is a true representation of such
signatory’s actual signature 
 (2) The Notes shall be printed, lithographed or engraved on steel engraved borders or may be produced
in any other manner, all as determined by the Officer of the Company executing such Notes, as evidenced by the execution of such Notes. 

(3) Upon their original issuance, the Notes shall be issued in the form of one or more Global Securities in definitive, fully registered form
without interest coupons. Each such Global Security shall be duly executed by the Company, authenticated and delivered by the Trustee and shall be registered in the name of DTC, as Depositary, or its nominee, and deposited with the Trustee, as
custodian for DTC. Beneficial interests in the Global Securities will be shown on, and transfers will only be made through, the records maintained by DTC and its participants and indirect participants, including Clearstream and the Euroclear System.

 SECTION 3.2. Form of Note. 

[FORM OF FACE OF NOTE] 
 [THE
FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO RULE 144A UNDER THE SECURITIES ACT: 
 THIS SECURITY
(INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION 

  
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OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR
ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE
DATE IN RESPECT OF A FURTHER ISSUANCE OF SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR ANY AFFILIATE OF BLACKSTONE HOLDINGS FINANCE CO. L.L.C. WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF
SUCH SECURITY), ONLY (A) TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR BLACKSTONE INC., BLACKSTONE HOLDINGS I L.P., BLACKSTONE HOLDINGS AI L.P., BLACKSTONE HOLDINGS II L.P., BLACKSTONE HOLDINGS III L.P. OR BLACKSTONE HOLDINGS IV L.P. OR ANY
SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING
OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN
CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C.’S AND THE
TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE
REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.] 

  
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 [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO
REGULATION S UNDER THE SECURITIES ACT: 
 THIS SECURITY (INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR
OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR
ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE
DATE IN RESPECT OF A FURTHER ISSUANCE OF SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR ANY AFFILIATE OF BLACKSTONE HOLDINGS FINANCE CO. L.L.C. WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF
SUCH SECURITY), ONLY (A) TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR BLACKSTONE INC., BLACKSTONE HOLDINGS I L.P., BLACKSTONE HOLDINGS AI L.P., BLACKSTONE HOLDINGS II L.P., BLACKSTONE HOLDINGS III L.P. OR BLACKSTONE HOLDINGS IV L.P. OR ANY
SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING
OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF 

  
 11 












 
ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN
CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C.’S AND THE
TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE
REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS
SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] 
 [THE FOLLOWING ADDITIONAL LEGEND SHALL
APPEAR ON THE FACE OF EACH TEMPORARY GLOBAL SECURITY SOLD PURSUANT TO REGULATION S UNDER THE SECURITIES ACT: 
 THIS SECURITY (INCLUDING THE
RELATED GUARANTEES) IS A TEMPORARY GLOBAL SECURITY. PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD APPLICABLE HERETO, BENEFICIAL INTERESTS HEREIN MAY NOT BE HELD BY ANY PERSON OTHER THAN (1) A NON-U.S.
PERSON OR (2) A U.S. PERSON THAT PURCHASED SUCH INTEREST IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT. BENEFICIAL INTERESTS HEREIN ARE NOT EXCHANGEABLE FOR PHYSICAL SECURITIES OTHER THAN A PERMANENT GLOBAL SECURITY IN
ACCORDANCE WITH THE TERMS OF THE INDENTURE. TERMS IN THIS LEGEND ARE USED AS USED IN REGULATION S UNDER THE SECURITIES ACT.] 
 [THE
FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY: 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO THE DEPOSITORY TRUST COMPANY (“DTC”) OR ITS NOMINEE OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE
AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.] 

  
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 [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY FOR WHICH DTC IS TO
BE THE DEPOSITARY: 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.] 

  
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 BLACKSTONE HOLDINGS FINANCE CO. L.L.C. 

5.900% SENIOR NOTE DUE 2027 
  

			
	No.                 	  	Principal Amount (US)$            

 CUSIP NO.
                     
 ISIN.
                     

Blackstone Holdings Finance Co. L.L.C., a limited liability company duly organized and existing under the laws of the State of Delaware
(herein called the “Company”, which term includes any successor Person under the Twenty-Third Supplemental Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of United States Dollars (U.S.$                ), as increased or decreased by the Schedule of Increases or Decreases In the Global
Note attached hereto, on November 3, 2027 and to pay interest thereon, from November 3, 2022, or from the most recent Interest Payment Date to which interest has been paid or duly provided for to but excluding the next Interest Payment
Date, which shall be May 3 and November 3 of each year, commencing May 3, 2023, at the per annum rate of 5.900%, or as such rate may be adjusted pursuant to the terms hereof, per annum (the “Note Interest Rate”),
until the principal hereof is paid or made available for payment. 
 The interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date will, as provided in the Twenty-Third Supplemental Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Regular Record Date for such interest, which shall be April 18
and October 18 prior to the relevant Interest Payment Date (whether or not a Business Day). Except as otherwise provided in the Twenty-Third Supplemental Indenture, any such interest not so punctually paid or duly provided for will forthwith
cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice of which shall be given to Holders of Notes not less than 10 days prior to the Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which such
Notes may be listed, all as more fully provided in the Twenty-Third Supplemental Indenture. Interest will be computed on the basis of a 360-day year comprised of twelve
30-day months. 
 Payment of principal of, and premium, if any, and interest on this Note and the
Repurchase Price in connection with a Change of Control Repurchase Event will be made at the Corporate Trust Office, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public
and private debts. With respect to Global Securities, the Company will make such payments by wire transfer of immediately available funds to DTC, or its nominee, as registered owner of the Global Securities. With respect to certificated Notes, the
Company will make such payments by wire transfer of immediately available funds to a United States Dollar account maintained in New York, New York to each Holder of an aggregate principal amount of Notes in excess of U.S. $5,000,000 that has
furnished wire instructions in writing to the Trustee no later than 15 days prior to the relevant payment date. If a Holder of a certificated Note (i) does not furnish such wire instructions as


  
 14 












 
provided in the preceding sentence or (ii) holds U.S. $5,000,000 or less aggregate principal amount of Notes, the Company will make such payments by mailing a check to such
Holder’s registered address. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual, facsimile or electronic signature; provided, however, that any electronic signature is a true representation of such signatory’s actual
signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 15 












 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	BLACKSTONE HOLDINGS FINANCE CO. L.L.C.
		
	By:	 	  

		 	  Name:
		 	  Title:


 Attest: 
  

			
	 BLACKSTONE HOLDINGS FINANCE CO. L.L.C.

		
	By:	 	  

		 	  Name:
		 	  Title:


  
 16 












 CERTIFICATE OF AUTHENTICATION 

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

Dated: November 3, 2022 
  

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	  

		 	  Authorized Signatory


  
 17 












 [FORM OF REVERSE OF NOTE] 

Indenture. This Note is one of a duly authorized issue of securities of the Company designated as its “5.900% Senior Notes due
2027” (herein called the “Notes”), issued under a Twenty-Third Supplemental Indenture, dated as of November 3, 2022 (the “Twenty-Third Supplemental Indenture”), to an indenture, dated as of August 20,
2009 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the “Base Indenture” and herein with the Twenty-Third Supplemental Indenture, collectively, the “Indenture”), among
the Company, the Guarantors and The Bank of New York Mellon, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantors, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. The aggregate
principal amount of Initial Notes Outstanding at any time may not exceed $600,000,000 in aggregate principal amount, except for, or in lieu of, other Notes of the series pursuant to Sections 304, 305, 306, 906 or 1107 of the Base Indenture and
except for any Notes which, pursuant to Section 303 of the Base Indenture, are deemed never to have been authenticated and delivered. The Twenty-Third Supplemental Indenture pursuant to which this Note is issued provides that Additional Notes
may be issued thereunder. 
 All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the
Indenture. In the event of a conflict or inconsistency between this Note and the Indenture, the provisions of the Indenture shall govern. 

Optional Redemption. Prior to October 3, 2027, the Company may, at its option, redeem all or a part of the Notes upon not more
than 60 nor less than 15 days prior notice, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) in cash equal to the greater of: 

(i) 100% of the principal amount of any Notes being redeemed, and 

(ii) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed
discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points less
(b) interest accrued to the Redemption Date, 
 plus, in each case, accrued and unpaid interest thereon to, but excluding, the
Redemption Date. 
 On or after October 3, 2027, the Company may, at its option, redeem all or a part of the Notes upon not more than
60 nor less than 15 days prior notice, at a redemption price in cash equal to 100% of the principal amount of any Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

Any notice of any redemption may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited
to, completion of a securities offering or other corporate transaction. 

  
 18 












 Change of Control Repurchase Event. In the event of a Change of Control Repurchase
Event, unless the Company has exercised its option to redeem the Notes, the Company will make an offer to each Holder of Notes to repurchase all or any part of that Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate
principal amount of the Notes, plus any accrued and unpaid interest, if any, pursuant to the provisions of Section 6.2 of the Twenty-Third Supplemental Indenture. 

Global Security. If this Note is a Global Security, then, in the event of a deposit or withdrawal of an interest in this Note,
including an exchange, transfer, redemption, repurchase or conversion of this Note in part only, the Trustee, as custodian of the Depositary, shall make an adjustment on its records to reflect such deposit or withdrawal in accordance with the
Applicable Procedures. 
 Defaults and Remedies. If an Event of Default shall occur and be continuing, the principal of all the Notes
may be declared due and payable in the manner and with the effect provided in the Indenture. Upon payment of the amount of principal so declared due and payable, all obligations of the Company in respect of the payment of the principal of and
interest on the Notes shall terminate. 
 No Holder of Notes shall have any right to institute any proceeding, judicial or otherwise, with
respect to the Indenture, or for the appointment of a receiver, assignee, trustee, liquidator or sequestrator (or similar official) or for any other remedy hereunder (except actions for payment of overdue principal of, and premium, if any, or
interest on such Notes in accordance with its terms), unless (i) such Holder has previously given written notice to the Trustee of a continuing Event of Default, specifying an Event of Default, as required under the Indenture; (ii) the
Holders of not less than 25% in aggregate principal amount of the Outstanding Notes shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee under the Indenture;
(iii) such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; (iv) the Trustee has failed to institute any such
proceeding for 60 days after its receipt of such notice, request and offer of indemnity; and (v) no direction inconsistent with such written request has been given to the Trustee during such 60-day period
by the Holders of a majority in aggregate principal amount of the Outstanding Notes, it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of
the Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under the Indenture, except in the manner provided
in the Indenture and for the equal and ratable benefit of all of such Holders. 
 The foregoing shall not apply to any suit instituted by
the Holder of this Note for the enforcement of any payment of principal of, and premium, if any, or interest hereon, on or after the respective due dates expressed herein. 

Amendment, Supplement and Waiver. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any 

  
 19 












 
time by the Company and the Trustee with the written consent of the Holders of at least a majority in aggregate principal amount of the Outstanding Notes. The Indenture also contains provisions
permitting the Holders of specified percentages in aggregate principal amount of the Outstanding Notes, on behalf of the Holders of all the Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note or such other Note. Certain modifications or amendments to the Indenture require the consent of the Holder of each Outstanding
Note affected. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair (without the
consent of the Holder hereof) the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed. 

Registration and Transfer. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note
is registerable on the Security Register. Upon surrender for registration of transfer of this Note at the office or agency of the Company in a Place of Payment, the Company shall execute, and the Trustee shall authenticate and deliver, in the name
of the designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. As provided in the Indenture and subject to certain limitations therein set forth, at the option of the
Holder, this Note may be exchanged for one or more new Notes of any authorized denominations and of like tenor and principal amount, upon surrender of this Note at such office or agency. Upon such surrender by the Holder, the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. Every Note presented or surrendered for
registration of transfer or for exchange shall be duly endorsed (if so required by the Company or the Trustee), or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the
Holder thereof or such Holder’s attorney duly authorized in writing. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith. 
 Prior to due presentment of this Note for registration of transfer, the
Company, the Guarantors, the Trustee and any agent of the Company, a Guarantor or the Trustee may treat the Person in whose name such Note is registered as the owner thereof for all purposes, whether or not such Note be overdue, and neither the
Company, the Guarantors, the Trustee nor any agent of the Company, a Guarantor or the Trustee shall be affected by notice to the contrary. 

Guarantee. As expressly set forth in the Base Indenture, payment of this Note is jointly and severally and fully and unconditionally
guaranteed by the Guarantors that have become and continue to be Guarantors pursuant to the Indenture. Guarantors may be released from their obligations under the Indenture and their Guarantees under the circumstances specified in the Base
Indenture. 

  
 20 












 Electronic Signatures. Notwithstanding anything in the Indenture or this Note to the
contrary, the words “execution,” “signed,” “signature,” and words of like import in this Note or in any other certificate, agreement or document related to this Note, including, without limitation, the Indenture, shall
include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including, without limitation,
DocuSign and AdobeSign), so long as any electronic signature is a true representation of such signatory’s actual signature. The use of electronic signatures and electronic records (including, without limitation, any contract or other record
created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent
permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other applicable law, including, without limitation, any state law based
on the Uniform Electronic Transactions Act or the Uniform Commercial Code. 
 Governing Law. THE INDENTURE, THIS
SECURITY AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 ABBREVIATIONS

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

	
	 TEN COM (= tenant in common)

	 TEN ENT (= tenants by the entireties (Cust))

	 JT TEN (= joint tenants with right of survivorship and not as tenants in common)

	 UNIF GIFT MIN ACT (= under Uniform Gifts to Minors Act )


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

SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL NOTE * 

The following increases or decreases in the principal amount of this Global Note have been made: 

 

									
	 Date of
Increase or

Decrease
	 	
Amount of
decrease in
Principal Amount
at maturity of
this Global Note
	 	
Amount of
increase in
Principal Amount
at maturity of
this Global Note
	  	
Principal Amount
at maturity of
this Global Note
following such
decrease 
(or
increase)
	  	
Signature of
authorized officer
of Trustee or
Custodian

	     
	 		 		  		  	
	     
	 		 		  		  	
	     
	 		 		  		  	

  

	*	 This schedule should be included only if the Note is issued in global form. 



  
 21 












 ARTICLE IV 

Remedies 
 SECTION 4.1.
Events of Default. 
 “Event of Default” means, wherever used herein with respect to the Notes, any one of the
following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): 
 (1) an Event of Default pursuant to Section 501 of the Base Indenture; or 

(2) the Company’s failure to pay the Repurchase Price when due in connection with a Change of Control Repurchase Event.

 SECTION 4.2. Waiver of Past Defaults. 

Section 512 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 512 in the
Base Indenture shall instead be deemed to refer to this Section 4.2. 
 The Holders of not less than a majority in aggregate principal
amount of the Outstanding Notes may on behalf of the Holders of all the Notes waive any past Default hereunder with respect to the Notes and its consequences, except a default 

(1) in the payment of the principal of or premium, if any, or interest on any Note or the Repurchase Price in connection with a Change of
Control Repurchase Event; or 
 (2) in respect of a covenant or provision hereof or of the Base Indenture which under Article VII hereof or
under Article IX of the Base Indenture cannot be modified or amended without the consent of the Holder of each Outstanding Note affected. 

Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for
every purpose of this Twenty-Third Supplemental Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

  
 22 












 ARTICLE V 

Redemption of Securities 

SECTION 5.1. Optional Redemption. 

Prior to October 3, 2027, the Company may, at its option, redeem all or a part of the Notes upon not more than 60 nor less than 15 days
prior notice, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) in cash equal to the greater of: 

(i) 100% of the principal amount of any Notes being redeemed, and 

(ii) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed
discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points less
(b) interest accrued to the Redemption Date, 
 plus, in each case, accrued and unpaid interest thereon to, but excluding, the
Redemption Date. 
 On or after October 3, 2027, the Company may, at its option, redeem all or a part of the Notes upon not more than
60 nor less than 15 days prior notice, at a redemption price in cash equal to 100% of the principal amount of any Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

Any notice of any redemption may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited
to, completion of a securities offering or other corporate transaction. 
 ARTICLE VI 

Particular Covenants 

SECTION 6.1. Liens. 
 The
Credit Parties shall not, and shall not cause or permit any of their respective Subsidiaries to, create, assume, incur or guarantee any indebtedness for money borrowed that is secured by a pledge, mortgage, lien or other encumbrance (other than
Permitted Liens) on any voting stock or profit participating equity interests of their respective Subsidiaries (to the extent of their ownership of such voting stock or profit participating equity interests) or any entity that succeeds (whether by
merger, consolidation, sale of assets or otherwise) to all or any substantial part of the business of any of such Subsidiaries, without providing that the Notes (together with, if the Credit Parties shall so determine, any other indebtedness of, or
guarantee by, the Credit Parties ranking equally with the Notes and existing as of the closing of the offering of the Notes or thereafter created) will be secured equally and ratably with or prior to all other indebtedness secured by such pledge,
mortgage, lien or other encumbrance on the voting stock or profit participating equity interests of any such entities for so long as such other indebtedness is so 

  
 23 












 
secured. This Section 6.1 shall not limit the ability of the Credit Parties or their Subsidiaries to incur indebtedness or other obligations secured by liens on assets other than the voting
stock or profit participating equity interests of the Credit Parties and their respective Subsidiaries. 
 SECTION 6.2. Obligation to
Offer to Repurchase Upon a Change of Control Repurchase Event.  
 (1) If a Change of Control Repurchase Event occurs, unless the
Company has exercised its option to redeem the Notes pursuant to Article V, the Company shall make an offer to each Holder of Notes to repurchase all or any part of that Holder’s Notes (the “Change of Control Offer”) at a
repurchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but excluding, the date of purchase (the “Repurchase Price”). 

(2) In connection with any Change of Control related to a Change of Control Repurchase Event and any particular reduction in the rating on the
Notes, the Company shall request from the Rating Agencies each such Rating Agency’s written confirmation that such reduction in the rating on the Notes was the result, in whole or in part, of any event or circumstance comprised of or arising as
a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of any Below Investment Grade Rating Event). The Company shall promptly deliver an officers’
certificate to the Trustee certifying as to whether or not such confirmation has been received or denied. 
 (3) Within 30 days following
any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but after the public announcement of the Change of Control, the Company shall give notice to each Holder of Notes, with a written copy to the
Trustee. Such notice shall state: 
 (i) a description of the transaction or transactions that constitute or may constitute
the Change of Control Repurchase Event; 
 (ii) that the Change of Control Offer is being made pursuant to this
Section 6.2; 
 (iii) the Repurchase Price and the date on which the Repurchase Price will be paid, which date shall be
a Business Day that is no earlier than 30 days and no later than 60 days from the date such notice is mailed, other than as may be required by law (the “Repurchase Price Payment Date”); and 

(iv) if the notice is given prior to the date of consummation of the Change of Control, a statement that the offer to purchase
is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. 
 (4) The
Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection
with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the


  
 24 












 
Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the
Notes by virtue of such conflict. 
 (5) On the Repurchase Price Payment Date, the Company shall, to the extent lawful: 

(i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer on the
Repurchase Price Payment Date; 
 (ii) deposit with the Paying Agent an amount equal to the Repurchase Price in respect of
all Notes or portions of Notes properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the Notes
properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased. 
 The
Paying Agent shall promptly deliver to each Holder of Notes properly tendered the Repurchase Price for such Notes, and the Trustee shall promptly authenticate (if applicable) and deliver (or cause to be transferred by book-entry) to each Holder of
Notes properly tendered a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a principal amount of $2,000 or any integral multiple of $1,000 in excess thereof. 

(6) Notwithstanding the foregoing, the Company shall not be required to make an offer to repurchase the Notes upon a Change of Control
Repurchase Event if (i) a third party makes such an offer in respect of the Notes in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all the Notes
properly tendered and not withdrawn under its offer or (ii) the Company has given written notice of a redemption as provided under Section 1104 of the Base Indenture; provided that the Company has not failed to pay the Redemption
Price on the Redemption Date. 
 SECTION 6.3. Financial Reports  

Section 704 of the Base Indenture shall apply to the reports, information, and documents delivered under this Section 6.3. 

(1) For so long as the Corporation is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall
provide (or cause its Affiliates to provide) to the Trustee, unless available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system), within 15 days after the Corporation files the same with the
Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Corporation may
file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act. The Trustee may conclusively presume, and shall incur no liability in such presumption, that the Corporation has not filed any such reports, information,
documents and other reports with the Commission that are not available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system) unless and until it shall have received written notice from the Company to
the contrary. 

  
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 (2) For so long as any of the Notes remain Outstanding, the Company shall, or shall cause
its Affiliates to, furnish to the Holders of the Notes and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act and, unless available on the Commission’s
Electronic Data Gathering, Analysis and Retrieval System (or successor system), such information for the Corporation (as if such rule applied to it); provided, however, that if any time the Corporation no longer directly or indirectly
controls the Credit Parties or guarantees the Notes, such information shall be provided for either (i) the Credit Parties on a combined and consolidated basis and taken as a whole or (ii) any Person that directly or indirectly controls the
Credit Parties and guarantees the Notes (in each case, as if such rule applied to such Person). The Company shall, or shall cause its Affiliates to, make the above information and reports available to securities analysts and prospective investors
upon request. 
 ARTICLE VII 

Supplemental Indentures 

SECTION 7.1. Supplemental Indentures without Consent of Holders of Notes. 

For the purposes of the Base Indenture and this Twenty-Third Supplemental Indenture, no amendment to cure any ambiguity, defect or
inconsistency in this Twenty-Third Supplemental Indenture, the Base Indenture or the Notes made solely to conform this Twenty-Third Supplemental Indenture, the Base Indenture or the Notes to the Description of the Notes contained in the
Company’s offering memorandum dated October 31, 2022, to the extent that such provision in the Description of the Notes was intended to be a verbatim recitation of a provision of this Twenty-Third Supplemental Indenture, the Base Indenture
or the Notes, shall be deemed to adversely affect the interests of the Holders of any Notes. 
 SECTION 7.2. Supplemental Indentures with
Consent of Holders of Notes. 
 Section 902 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any
reference to Section 902 in the Base Indenture shall instead be deemed to refer to this Section 7.2. 
 With the consent of the
Holders of not less than a majority in aggregate principal amount of the Outstanding Notes affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange for the Notes), by Act of said Holders
delivered to the Company, the Guarantors and the Trustee, the Company, the Guarantors and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of the Indenture or of modifying in any manner the rights of the Holders of such Notes under the Indenture; provided, however, no such supplemental indenture shall, without the consent of the Holder of each
Outstanding Note affected thereby: 

  
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 (1) change the Stated Maturity of the principal of, or any installment of principal of or
interest on, any Note; 
 (2) reduce the principal amount of any Note which would be due and payable at or upon a declaration of
acceleration of the maturity thereof pursuant to Section 502 and 503 of the Base Indenture, or reduce the rate of or extend the time of payment of interest on any Note; 

(3) reduce the Repurchase Price in connection with a Change of Control Repurchase Event; 

(4) reduce any premium payable upon the redemption of or change the date on which any Note may or must be redeemed; 

(5) change the coin or currency in which the principal of or premium, if any, or interest on any Note is payable; 

(6) impair the right of any Holder to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in
the case of redemption, on or after the Redemption Date); 
 (7) reduce the percentage in principal amount of the Outstanding Notes the
consent of whose Holders is required for modification or amendment of this Twenty-Third Supplemental Indenture or the Base Indenture or the consent of whose Holders is required for any waiver (of compliance with certain provisions of the Base
Indenture or this Twenty-Third Supplemental Indenture or certain defaults thereunder and hereunder and their consequences) provided for in the Base Indenture and this Twenty-Third Supplemental Indenture; 

(8) modify any of the provisions of this Section 7.2 or Section 512 or Section 1005 of the Base Indenture, except to increase
any such percentage or to provide that certain other provisions of this Twenty-Third Supplemental Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; provided, however, that this clause
shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in Section 902 and Section 1005 of the Base Indenture, or the deletion of this proviso,
in accordance with the requirements of Sections 611 and 901(7) of the Base Indenture; 
 (9) subordinate the Notes or any Guarantee of a
Guarantor in respect thereof to any other obligation of the Company or such Guarantor; 
 (10) modify the terms of any Guarantee in a manner
adverse to the Holders of the Notes; or 
 (11) modify clauses (1) through (10) above. 

It shall not be necessary for any Act of Holders under this Section 7.2 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

  
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 In addition, the Holders of at least a majority in aggregate principal amount of the
Outstanding Notes may, on behalf of the Holders of all Notes, waive compliance with the Credit Parties’ covenants described under Sections 6.1, 6.2 and 6.3 of this Twenty-Third Supplemental Indenture and Article VIII of the Base Indenture. 

ARTICLE VIII 
 Defeasance

 SECTION 8.1. Covenant Defeasance. 

Section 1303 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 1303 in the
Base Indenture shall instead be deemed to refer to this Section 8.1. 
 Upon the Company’s exercise of its option, if any, to have
this Section 8.1 applied to the Notes, or if this Section 8.1 shall otherwise apply to the Notes, (1) the Company and the Guarantors shall be released from their respective obligations and any covenants provided pursuant to Article VI
of this Twenty-Third Supplemental Indenture and Section 301(18), Section 801, Section 901(1) or Section 901(12) and Article XIV of the Base Indenture for the benefit of the Holders of such Notes and (2) the occurrence of any
event specified in Section 501(4) and Section 501(8) of the Base Indenture shall be deemed not to be or result in an Event of Default, in each case with respect to such Notes and the related Guarantees as provided in this Section 8.1
on and after the date the conditions set forth in Section 1304 of the Base Indenture are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Notes
and Guarantees, each of the Company and the Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such specified Section, whether directly or indirectly by reason of any
reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of the Base Indenture, this Twenty-Third Supplemental Indenture and such Notes
and Guarantees shall be unaffected thereby. 
 ARTICLE IX 

Miscellaneous 
 SECTION
9.1. Execution as Supplemental Indenture. 
 This Twenty-Third Supplemental Indenture is executed and shall be construed as an
indenture supplemental to the Base Indenture and, as provided in the Base Indenture, this Twenty-Third Supplemental Indenture forms a part thereof. 

SECTION 9.2. Not Responsible for Recitals or Issuance of Notes. 

The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of
the Company and the Guarantors, as the case may be, and the Trustee assumes no responsibility for their correctness. The Trustee makes no 

  
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representations as to the validity or sufficiency of this Twenty-Third Supplemental Indenture or of the Securities or the Guarantees. The Trustee shall not be accountable for the use or
application by the Company of the Notes or the proceeds thereof. 
 SECTION 9.3. Separability Clause. 

In case any provision in this Twenty-Third Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 9.4. Successors
and Assigns. 
 All covenants and agreements in this Twenty-Third Supplemental Indenture by the Company and the Guarantors shall
bind their respective successors and assigns, whether so expressed or not. All agreements of the Trustee in this Twenty-Third Supplemental Indenture shall bind its successors and assigns, whether so expressed or not. 

SECTION 9.5. Execution and Counterparts. 

This Twenty-Third Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, and all such counterparts shall together constitute but one and the same instrument. 
 SECTION 9.6. Electronic Signatures.

 Section 303 of the Base Indenture is hereby waived. The words “execution,” “signed,” “signature,” and
words of like import in this Twenty-Third Supplemental Indenture or in any other certificate, agreement or document related to this Twenty-Third Supplemental Indenture, including, without limitation, any Global Security, shall include images of
manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”, “tif” or “jpg”) and other electronic signatures (including, without limitation, DocuSign and
AdobeSign), so long as any electronic signature is a true representation of such signatory’s actual signature. The use of electronic signatures and electronic records (including, without limitation, any contract or other record created,
generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other applicable law, including, without limitation, any state law based on the
Uniform Electronic Transactions Act or the Uniform Commercial Code. 
 SECTION 9.7. Governing Law. 

This Twenty-Third Supplemental Indenture shall be governed by, and construed in accordance with, the law of the State of New York. 

[Signature page to follow.] 

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

					
	Blackstone Holdings Finance Co. L.L.C.
		
	By:	 	  /s/ Tabea Hsi

		 	Name:	 	Tabea Hsi
		 	Title:	 	Senior Managing Director – Assistant Secretary
	
	Blackstone Holdings I L.P.
		
	By:	 	Blackstone Holdings I/II GP L.L.C., its general partner
		
	By:	 	  /s/ Tabea Hsi

		 	Name:	 	Tabea Hsi
		 	Title:	 	Senior Managing Director – Assistant Secretary
	
	Blackstone Holdings AI L.P.
		
	By:	 	Blackstone Holdings I/II GP L.L.C., its general partner
		
	By:	 	 /s/ Tabea Hsi

		 	Name:	 	Tabea Hsi
		 	Title:	 	Senior Managing Director – Assistant Secretary


 [Signature Page to Twenty-Third Supplemental Indenture] 











 
					
	Blackstone Holdings II L.P.
		
	By:	 	Blackstone Holdings I/II GP L.L.C., its general partner
		
	By:	 	 /s/ Tabea Hsi

		 	Name:	 	Tabea Hsi
		 	Title:	 	Senior Managing Director – Assistant Secretary
	
	Blackstone Holdings III L.P.
		
	By:	 	Blackstone Holdings III GP L.P. , its general partner
		
	By:	 	Blackstone Holdings III GP Management L.L.C., its general partner
		
	By:	 	 /s/ Tabea Hsi

		 	Name:	 	Tabea Hsi
		 	Title:	 	Senior Managing Director – Assistant Secretary


 [Signature Page to Twenty-Third Supplemental Indenture] 











 
					
	Blackstone Holdings IV L.P.
		
	By:	 	Blackstone Holdings IV GP L.P., its general partner
		
	By:	 	Blackstone Holdings IV GP Management (Delaware) L.P., its general partner
		
	By:	 	Blackstone Holdings IV GP Management L.L.C., its general partner
		
	By:	 	  /s/ Tabea Hsi

		 	Name:	 	Tabea Hsi
		 	Title:	 	Senior Managing Director – Assistant Secretary
	
	Blackstone Inc.
		
	By:	 	  /s/ Tabea Hsi

		 	Name:	 	Tabea Hsi
		 	Title:	 	Senior Managing Director – Assistant Secretary


 [Signature Page to Twenty-Third Supplemental Indenture] 











 
					
	 The Bank of New York Mellon,
 as
Trustee

		
	By:	 	  /s/ Stacey B. Poindexter

		 	Name:  Stacey B. Poindexter
		 	Title:    Vice President


 [Signature Page to Twenty-Third Supplemental Indenture]