Document:

Third Supplemental Indenture

 Exhibit 4.2 
 EXECUTION VERSION 
  
  

 
 THIRD SUPPLEMENTAL INDENTURE

 Dated as of August 17, 2012 
 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 
  

 
 4.750% Senior
Notes due 2023 
  
  

 

 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
	  	 	3	  
		
	 SECTION 2.1. Definitions
	  	 	3	  
		
	 ARTICLE III Security Forms
	  	 	8	  
		
	 SECTION 3.1. Form Generally
	  	 	8	  
	 SECTION 3.2. Form of Note
	  	 	8	  
		
	 ARTICLE IV Remedies
	  	 	19	  
		
	 SECTION 4.1. Events of Default
	  	 	19	  
	 SECTION 4.2. Waiver of Past Defaults
	  	 	19	  
		
	 ARTICLE V Redemption of Securities
	  	 	20	  
		
	 SECTION 5.1. Optional Redemption
	  	 	20	  
		
	 ARTICLE VI Particular Covenants
	  	 	20	  
		
	 SECTION 6.1. Liens
	  	 	20	  
	 SECTION 6.2. Obligation to Offer to Repurchase Upon a Change of Control Repurchase Event
	  	 	20	  
	 SECTION 6.3. Financial Reports
	  	 	22	  
		
	 ARTICLE VII Supplemental Indentures
	  	 	23	  
		
	 SECTION 7.1. Supplemental Indentures without Consent of Holders of Notes
	  	 	23	  
	 SECTION 7.2. Supplemental Indentures with Consent of Holders of Notes
	  	 	23	  
		
	 ARTICLE VIII Defeasance
	  	 	25	  
		
	 SECTION 8.1. Covenant Defeasance
	  	 	25	  
		
	 ARTICLE IX Miscellaneous
	  	 	25	  
		
	 SECTION 9.1. Execution as Supplemental Indenture
	  	 	25	  
	 SECTION 9.2. Not Responsible for Recitals or Issuance of Notes
	  	 	25	  
	 SECTION 9.3. Separability Clause
	  	 	26	  
	 SECTION 9.4. Successors and Assigns
	  	 	26	  
	 SECTION 9.5. Execution and Counterparts
	  	 	26	  
	 SECTION 9.6. Governing Law
	  	 	26	  

  
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 This Third Supplemental Indenture, dated as of August 17, 2012 (the “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 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; and 
 Sections 901 (9) and (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 “4.750% Senior Notes due 2023” pursuant to the terms of this Third Supplemental Indenture. 

The Company has duly authorized the execution and delivery of this 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 Third Supplemental Indenture. 
 All things necessary have
been done to make this 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. 
 All things necessary have been done to make
the Guarantees, upon execution and delivery of this Third Supplemental Indenture, the valid and legally binding obligations of each Guarantor and to make this 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 August 17, 2012, 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 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 $400,000,000 and shall mature on February 15, 2023, 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 $400,000,000, 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 hereunder as part of the same series and on the same terms and conditions (and having the same Guarantors) and with the same CUSIP numbers as the
Initial Notes, but may be offered at a different offering price or have a different issue date, initial interest accrual or initial interest payment date (“Additional Notes”); 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 (the “Code”), such Additional Notes shall not have the same CUSIP 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 “4.750% Senior Notes due 2023” 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 4.750% (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 February 15
and August 15 of each year (each, an “Interest Payment Date”), commencing February 15, 2013. 
 (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 Third Supplemental Indenture. However, to the extent any provision of the Base
Indenture conflicts with the express provisions of this Third Supplemental Indenture, the provisions of this Third Supplemental Indenture will govern and be controlling. 
 ARTICLE II 
 Definitions and Other Provisions of General Application

 SECTION 2.1. Definitions. 
 For all purposes of this Third Supplemental Indenture (except as herein otherwise expressly provided or unless the context of this Third Supplemental Indenture otherwise requires): 

  
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 (1) any reference to an “Article” or a “Section” refers to an Article or
a Section, as the case may be, of this Third Supplemental Indenture; 
 (2) the words “herein,” “hereof” and
“hereunder” and other words of similar import refer to this 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 Third Supplemental Indenture. 
 The terms defined in this Section 2.1 (except as herein
otherwise expressly provided or unless the context of this Third Supplemental Indenture otherwise requires) for all purposes of this 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 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 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 Third Supplemental Indenture as originally executed; provided that any term that is defined
in both the Base Indenture and this Third Supplemental Indenture shall have the meaning assigned to such term in this 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 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 

  
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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). 
 “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 Partnership 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. 

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

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

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

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent
Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues
of corporate debt securities of a comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury
Price” means, with respect to any Redemption Date, the average of the Reference Treasury Dealer Quotations for such Redemption Date or, if the Company obtains only one Reference Treasury Dealer Quotation, such Reference Treasury Dealer
Quotation. 

  
 5 

 “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 Partnership 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 Partnership 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 Third Supplemental Indenture at 525 William Penn Place, 38th Floor, Pittsburgh, Pennsylvania 15259, 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). 
 “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, S.A./N.V., as operator of the Euroclear system. 

“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. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 

“Initial Notes” means Notes in an aggregate principal amount of $400,000,000 initially issued under this 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). 
 “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). 

  
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 “Note Interest Rate” has the meaning specified in Section 1.2(1).

 “Notes” has the meaning specified in Section 1.1(4). 

“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 Partnership or is merged into a direct or indirect Subsidiary of the Partnership (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.

 “Reference Treasury Dealer” means each of Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC or their respective affiliates which are primary U.S. Government securities dealers, and their respective successors; provided that if Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC or their respective affiliates shall cease to be a primary U.S. Government securities dealer in The City of New York (a “Primary
Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer. 
 “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m. New York time on the third business day preceding such Redemption Date. 

“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 the day that is 15 days prior to the relevant Interest Payment Date (whether or not a Business Day). 

  
 7 

 “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 Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc.,
or any successor thereto. 
 “Third Supplemental Indenture” has the meaning specified in the preamble hereto.

 “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual
equivalent yield to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
such Redemption Date. 
 “Trustee” 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 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. 
 (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, including
Clearstream and the Euroclear System. 
 SECTION 3.2. Form of Note.  

[FORM OF FACE OF NOTE] 

  
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 [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 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 THE BLACKSTONE GROUP L.P., BLACKSTONE HOLDINGS I 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

  
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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.] 
 [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 THE BLACKSTONE GROUP L.P., BLACKSTONE HOLDINGS I 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 

  
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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. 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 U.S. SECURITIES ACT OF 1933, AS AMENDED (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: 

  
 11 

 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.]. 
 [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.] 
 BLACKSTONE HOLDINGS FINANCE CO. L.L.C. 
 4.750% SENIOR NOTE DUE 2023 

 

			
	
No.                     

	  	Principal Amount
(US)$                     
	 CUSIP NO.
                         
	  	

 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 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.$             ) on
February 15, 2023 and to pay interest thereon, from August 17, 2012, 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
February 15 and August 15 of each year, commencing February 15, 2013, at the per annum rate of 4.750%, 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 Third Supplemental Indenture, be paid to the Person in 

  
 12 

 
whose name this Note is registered at the close of business on the Regular Record Date for such interest, which shall be the day that is 15 days prior to the relevant Interest Payment Date
(whether or not a Business Day). Except as otherwise provided in the 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 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 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 signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 13 

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

 

			
	BLACKSTONE HOLDINGS FINANCE CO. L.L.C.
		
	 By:
	 	Blackstone Holdings I L.P., its sole member
		
	 By:
	 	Blackstone Holdings I/II GP Inc., its general partner
		
	 By:
	 	  

		 	 Name:

		 	 Title:

 Attest: 
  

			
	BLACKSTONE HOLDINGS FINANCE CO. L.L.C.
		
	 By:
	 	Blackstone Holdings I L.P., its sole member
		
	 By:
	 	Blackstone Holdings I/II GP Inc., its general partner
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 14 

 CERTIFICATE OF AUTHENTICATION 

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

Dated: August 17, 2012 
  

			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	 By:
	 	  

		 	 Authorized Signatory

  
 15 

 [FORM OF REVERSE OF NOTE] 

Indenture. This Note is one of a duly authorized issue of securities of the Company designated as its “4.750% Senior Notes
due 2023” (herein called the “Notes”), issued under a Third Supplemental Indenture, dated as of August 17, 2012 (the “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 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 $400,000,000 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 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. At any time prior to Stated Maturity, the Company may at its option redeem all or a part of the Notes upon
not more than 60 nor less than 30 days prior notice, at a redemption price in cash equal to the greater of (i) 100% of the principal amount of any Notes being redeemed and (ii) the sum of the present values of the remaining scheduled
payments of principal of and interest on the Notes to be redeemed (exclusive of interest accrued to the Redemption Date) 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 50 basis points, plus in each case accrued and unpaid interest thereon to, but excluding, the Redemption Date. 
 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 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. 

  
 16 

 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 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. 

  
 17 

 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. 
 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: 

  
 18 

 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. 

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 Third Supplemental Indenture, but no such waiver shall extend to any subsequent or other Default or
impair any right consequent thereon. 

  
 19 

 ARTICLE V 
 Redemption of Securities 
 SECTION 5.1. Optional Redemption. 

 The Notes will be redeemable in whole or in part, at the Company’s option at any time and from time to time, at a
Redemption Price equal to the greater of (i) 100% of the aggregate principal amount of any Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on any Notes being
redeemed (exclusive of interest accrued to the Redemption Date) 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 50 basis points, plus in each case accrued
and unpaid interest thereon to, but excluding, the Redemption Date. 
 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 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”). 

  
 20 

 (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 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;

 (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 

  
 21 

 (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
Partnership 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 Partnership 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 Partnership 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 Partnership 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. 

(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 Partnership (as if such rule applied to it); provided, however, that if any time the Partnership 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. 

  
 22 

 ARTICLE VII 
 Supplemental Indentures 
 SECTION 7.1. Supplemental Indentures without
Consent of Holders of Notes. 
 For the purposes of the Base Indenture and this Third Supplemental Indenture, no amendment
to cure any ambiguity, defect or inconsistency in this Third Supplemental Indenture, the Base Indenture or the Notes made solely to conform this Third Supplemental Indenture, the Base Indenture or the Notes to the Description of the Notes contained
in the Company’s offering memorandum dated August 14, 2012, to the extent that such provision in the Description of the Notes was intended to be a verbatim recitation of a provision of this 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: 
 (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; 

  
 23 

 (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 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 Third Supplemental Indenture or certain defaults thereunder and hereunder and their consequences) provided for in the Base Indenture and this 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 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. 
 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 Third Supplemental Indenture and Article VIII of the Base Indenture. 

  
 24 

 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 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 Third Supplemental
Indenture and such Notes and Guarantees shall be unaffected thereby. 
 ARTICLE IX 

Miscellaneous 
 SECTION 9.1. Execution as Supplemental Indenture.  
 This 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 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 representations as to the validity or sufficiency of this 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. 

  
 25 

 SECTION 9.3. Separability Clause.  

In case any provision in this 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 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 Third Supplemental Indenture shall bind its successors and assigns, whether so expressed or not. 

SECTION 9.5. Execution and Counterparts.  
 This 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. Governing Law.  

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

[Signature page to follow.] 

  
 26 

 IN WITNESS WHEREOF, the parties hereto have caused this 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:	 	Blackstone Holdings I L.P., its sole member
		
	By:	 	Blackstone Holdings I/II GP Inc., its general partner
		
	By:	 	/s/ John G. Finley
		 	Name: John G. Finley
		 	Title: Chief Legal Officer
	
	Blackstone Holdings I L.P.
		
	By:	 	Blackstone Holdings I/II GP Inc., its general partner
		
	By:	 	/s/ John G. Finley
		 	Name: John G. Finley
		 	Title: Chief Legal Officer
	
	Blackstone Holdings II L.P.
		
	By:	 	Blackstone Holdings I/II GP Inc., its general partner
		
	By:	 	/s/ John G. Finley
		 	Name: John G. Finley
		 	Title: Chief Legal Officer

  
 [Signature Page to Third
Supplemental Indenture] 

 
			
	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:	 	The Blackstone Group L.P., its sole member
		
	By:	 	Blackstone Group Management L.L.C., its general partner
		
	By:	 	/s/ John G. Finley
		 	Name: John G. Finley
		 	Title: Chief Legal Officer
	
	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:	 	The Blackstone Group L.P., its sole member
		
	By:	 	Blackstone Group Management L.L.C., its general partner
		
	By:	 	/s/ John G. Finley
		 	Name: John G. Finley
		 	Title: Chief Legal Officer

  
 [Signature Page to Third
Supplemental Indenture] 

 
			
	The Blackstone Group L.P.
		
	By:	 	Blackstone Group Management L.L.C., its general partner
		
	By:	 	/s/ John G. Finley
		 	Name: John G. Finley
		 	Title: Chief Legal Officer

  
 [Signature Page to Third
Supplemental Indenture] 

 
			
	The Bank of New York Mellon, as Trustee
		
	By:	 	/s/ Francine Kincaid
		 	Name: Francine Kincaid
		 	Title: Vice President

  
 [Signature Page to Third
Supplemental Indenture]Fourth Supplemental Indenture

 Exhibit 4.4 
 EXECUTION VERSION 
  
  

 
 FOURTH SUPPLEMENTAL INDENTURE

 Dated as of August 17, 2012 
 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 
  

 
 6.250% Senior
Notes due 2042 
  
  

 

 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
	  	 	3	  
		
	 SECTION 2.1. Definitions
	  	 	3	  
		
	 ARTICLE III Security Forms
	  	 	8	  
		
	 SECTION 3.1. Form Generally
	  	 	8	  
	 SECTION 3.2. Form of Note
	  	 	8	  
		
	 ARTICLE IV Remedies
	  	 	19	  
		
	 SECTION 4.1. Events of Default
	  	 	19	  
	 SECTION 4.2. Waiver of Past Defaults
	  	 	19	  
		
	 ARTICLE V Redemption of Securities
	  	 	20	  
		
	 SECTION 5.1. Optional Redemption
	  	 	20	  
		
	 ARTICLE VI Particular Covenants
	  	 	20	  
		
	 SECTION 6.1. Liens
	  	 	20	  
	 SECTION 6.2. Obligation to Offer to Repurchase Upon a Change of Control Repurchase Event
	  	 	20	  
	 SECTION 6.3. Financial Reports
	  	 	22	  
		
	 ARTICLE VII Supplemental Indentures
	  	 	23	  
		
	 SECTION 7.1. Supplemental Indentures without Consent of Holders of Notes
	  	 	23	  
	 SECTION 7.2. Supplemental Indentures with Consent of Holders of Notes
	  	 	23	  
		
	 ARTICLE VIII Defeasance
	  	 	25	  
		
	 SECTION 8.1. Covenant Defeasance
	  	 	25	  
		
	 ARTICLE IX Miscellaneous
	  	 	25	  
		
	 SECTION 9.1. Execution as Supplemental Indenture
	  	 	25	  
	 SECTION 9.2. Not Responsible for Recitals or Issuance of Notes
	  	 	25	  
	 SECTION 9.3. Separability Clause
	  	 	26	  
	 SECTION 9.4. Successors and Assigns
	  	 	26	  
	 SECTION 9.5. Execution and Counterparts
	  	 	26	  
	 SECTION 9.6. Governing Law
	  	 	26	  

  
 i 

 This Fourth Supplemental Indenture, dated as of August 17, 2012 (the “Fourth
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 Fourth
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; and 
 Sections 901 (9) and (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 “6.250% Senior Notes due 2042” pursuant to the terms of this Fourth Supplemental Indenture. 

The Company has duly authorized the execution and delivery of this Fourth 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 Fourth Supplemental Indenture. 
 All things necessary
have been done to make this Fourth 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. 
 All things necessary have been done to
make the Guarantees, upon execution and delivery of this Fourth Supplemental Indenture, the valid and legally binding obligations of each Guarantor and to make this Fourth Supplemental Indenture a valid and legally binding agreement of each
Guarantor, in accordance with its terms. 

  
 1 

 ARTICLE I 
 Issuance of Securities 
 SECTION 1.1. Issuance of Notes; Principal
Amount; Maturity; Title.  
 (1) On August 17, 2012, 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 Fourth 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 $250,000,000 and shall mature on August 15, 2042, 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 $250,000,000, 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 hereunder as part of the same series and on the same terms and conditions (and having the same Guarantors) and with the same CUSIP numbers as the Initial Notes,
but may be offered at a different offering price or have a different issue date, initial interest accrual or initial interest payment date (“Additional Notes”); 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
(the “Code”), such Additional Notes shall not have the same CUSIP 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 “6.250% Senior Notes due 2042” 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 6.250% (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.

  
 2 

 (2) The Company shall pay interest on the Notes semi-annually in arrears on February 15
and August 15 of each year (each, an “Interest Payment Date”), commencing February 15, 2013. 
 (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 Fourth Supplemental Indenture. However, to the extent any provision of the Base
Indenture conflicts with the express provisions of this Fourth Supplemental Indenture, the provisions of this Fourth Supplemental Indenture will govern and be controlling. 
 ARTICLE II 
 Definitions and Other Provisions of General Application

 SECTION 2.1. Definitions. 
 For all purposes of this Fourth Supplemental Indenture (except as herein otherwise expressly provided or unless the context of this Fourth Supplemental Indenture otherwise requires): 

  
 3 

 (1) any reference to an “Article” or a “Section” refers to an Article or
a Section, as the case may be, of this Fourth Supplemental Indenture; 
 (2) the words “herein,” “hereof”
and “hereunder” and other words of similar import refer to this Fourth 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 Fourth Supplemental Indenture. 
 The terms
defined in this Section 2.1 (except as herein otherwise expressly provided or unless the context of this Fourth Supplemental Indenture otherwise requires) for all purposes of this Fourth Supplemental Indenture and of any indenture supplemental
hereto have the respective meanings specified in this Section 2.1. All other terms used in this Fourth 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 Fourth Supplemental Indenture otherwise requires), have the respective meanings assigned to such terms in the Base Indenture, as in force at the date of this Fourth Supplemental Indenture as originally
executed; provided that any term that is defined in both the Base Indenture and this Fourth Supplemental Indenture shall have the meaning assigned to such term in this Fourth 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 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 

  
 4 

 
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). 
 “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 Partnership 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. 

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

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

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

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent
Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues
of corporate debt securities of a comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury
Price” means, with respect to any Redemption Date, the average of the Reference Treasury Dealer Quotations for such Redemption Date or, if the Company obtains only one Reference Treasury Dealer Quotation, such Reference Treasury Dealer
Quotation. 

  
 5 

 “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 Partnership 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 Partnership 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 Fourth Supplemental Indenture at 525 William Penn Place, 38th Floor, Pittsburgh, Pennsylvania 15259, 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). 
 “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, S.A./N.V., as operator of the Euroclear system. 

“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. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 

“Initial Notes” means Notes in an aggregate principal amount of $250,000,000 initially issued under this Fourth
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). 
 “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). 

  
 6 

 “Note Interest Rate” has the meaning specified in Section 1.2(1).

 “Notes” has the meaning specified in Section 1.1(4). 

“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 Partnership or is merged into a direct or indirect Subsidiary of the Partnership (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.

 “Reference Treasury Dealer” means each of Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC or their respective affiliates which are primary U.S. Government securities dealers, and their respective successors; provided that if Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC or their respective affiliates shall cease to be a primary U.S. Government securities dealer in The City of New York (a “Primary
Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer. 
 “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m. New York time on the third business day preceding such Redemption Date. 

“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 the day that is 15 days prior to the relevant Interest Payment Date (whether or not a Business Day). 

  
 7 

 “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 Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc.,
or any successor thereto. 
 “Fourth Supplemental Indenture” has the meaning specified in the preamble hereto.

 “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual
equivalent yield to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
such Redemption Date. 
 “Trustee” 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 Fourth 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. 
 (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, including
Clearstream and the Euroclear System. 
 SECTION 3.2. Form of Note.  

[FORM OF FACE OF NOTE] 

  
 8 

 [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 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 THE BLACKSTONE GROUP L.P., BLACKSTONE HOLDINGS I 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 

  
 9 

 
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.] 
 [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 THE BLACKSTONE GROUP
L.P., BLACKSTONE HOLDINGS I 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 

  
 10 

 
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. 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 U.S. SECURITIES ACT OF
1933, AS AMENDED (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:

  
 11 

 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.]. 
 [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.] 
 BLACKSTONE HOLDINGS FINANCE CO. L.L.C. 
 6.250% SENIOR NOTE DUE 2042 

 

			
	No.                     	  	Principal Amount
(US)$                      
	CUSIP NO.
                         	  	

 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 Fourth 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.$             ) on
August 15, 2042 and to pay interest thereon, from August 17, 2012, 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
February 15 and August 15 of each year, commencing February 15, 2013, at the per annum rate of 6.250%, 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 Fourth Supplemental Indenture, be paid to the Person in 

  
 12 

 
whose name this Note is registered at the close of business on the Regular Record Date for such interest, which shall be the day that is 15 days prior to the relevant Interest Payment Date
(whether or not a Business Day). Except as otherwise provided in the Fourth 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 Fourth
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 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 signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 13 

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

 

			
	 BLACKSTONE HOLDINGS FINANCE CO. L.L.C.

		
	 By:
	 	Blackstone Holdings I L.P., its sole member
		
	 By:
	 	Blackstone Holdings I/II GP Inc., its general partner
		
	 By:
	 	  

		 	 Name:

		 	 Title:

 Attest: 
  

			
	BLACKSTONE HOLDINGS FINANCE CO. L.L.C.
		
	 By:
	 	Blackstone Holdings I L.P., its sole member
		
	 By:
	 	Blackstone Holdings I/II GP Inc., its general partner
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 14 

 CERTIFICATE OF AUTHENTICATION 

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

Dated: August 17, 2012 
  

			
	 THE BANK OF NEW YORK MELLON, as Trustee

		
	 By:
	 	  

		 	 Authorized Signatory

  
 15 

 [FORM OF REVERSE OF NOTE] 

Indenture. This Note is one of a duly authorized issue of securities of the Company designated as its “6.250% Senior Notes
due 2042” (herein called the “Notes”), issued under a Fourth Supplemental Indenture, dated as of August 17, 2012 (the “Fourth 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 Fourth 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 $250,000,000 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 Fourth 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. At any time prior to Stated Maturity, the Company may at its option redeem all or a part of the Notes upon
not more than 60 nor less than 30 days prior notice, at a redemption price in cash equal to the greater of (i) 100% of the principal amount of any Notes being redeemed and (ii) the sum of the present values of the remaining scheduled
payments of principal of and interest on the Notes to be redeemed (exclusive of interest accrued to the Redemption Date) 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 55 basis points, plus in each case accrued and unpaid interest thereon to, but excluding, the Redemption Date. 
 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 Fourth 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. 

  
 16 

 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 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. 

  
 17 

 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. 
 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: 

  
 18 

 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. 

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 Fourth Supplemental Indenture, but no such waiver shall extend to any subsequent or other Default or
impair any right consequent thereon. 

  
 19 

 ARTICLE V 
 Redemption of Securities 
 SECTION 5.1. Optional Redemption. 

 The Notes will be redeemable in whole or in part, at the Company’s option at any time and from time to time, at a
Redemption Price equal to the greater of (i) 100% of the aggregate principal amount of any Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on any Notes being
redeemed (exclusive of interest accrued to the Redemption Date) 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 55 basis points, plus in each case accrued
and unpaid interest thereon to, but excluding, the Redemption Date. 
 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 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”). 

  
 20 

 (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 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;

 (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 

  
 21 

 (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
Partnership 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 Partnership 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 Partnership 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 Partnership 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. 

(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 Partnership (as if such rule applied to it); provided, however, that if any time the Partnership 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. 

  
 22 

 ARTICLE VII 
 Supplemental Indentures 
 SECTION 7.1. Supplemental Indentures without
Consent of Holders of Notes. 
 For the purposes of the Base Indenture and this Fourth Supplemental Indenture, no amendment
to cure any ambiguity, defect or inconsistency in this Fourth Supplemental Indenture, the Base Indenture or the Notes made solely to conform this Fourth Supplemental Indenture, the Base Indenture or the Notes to the Description of the Notes
contained in the Company’s offering memorandum dated August 14, 2012, to the extent that such provision in the Description of the Notes was intended to be a verbatim recitation of a provision of this Fourth 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: 
 (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; 

  
 23 

 (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 Fourth 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 Fourth Supplemental Indenture or certain defaults thereunder and hereunder and their consequences) provided for in the Base Indenture and this Fourth 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 Fourth 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. 
 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 Fourth Supplemental Indenture and Article VIII of the Base Indenture. 

  
 24 

 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 8.1shall 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 Fourth 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 Fourth Supplemental Indenture and
such Notes and Guarantees shall be unaffected thereby. 
 ARTICLE IX 

Miscellaneous 
 SECTION 9.1. Execution as Supplemental Indenture.  
 This Fourth
Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Base Indenture and, as provided in the Base Indenture, this Fourth 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 representations as to the validity or sufficiency of this Fourth 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. 

  
 25 

 SECTION 9.3. Separability Clause.  

In case any provision in this Fourth 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 Fourth 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 Fourth Supplemental Indenture shall bind its successors and assigns, whether so expressed or not. 

SECTION 9.5. Execution and Counterparts.  
 This Fourth 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. Governing Law.  

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

[Signature page to follow.] 

  
 26 

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

			
	Blackstone Holdings Finance Co. L.L.C.
		
	 By:
	 	Blackstone Holdings I L.P., its sole member
		
	 By:
	 	Blackstone Holdings I/II GP Inc., its general partner
		
	 By:
	 	/s/ John G. Finley
		 	  

		 	 Name: John G. Finley

		 	 Title: Chief Legal Officer

	
	 Blackstone Holdings I L.P.

		
	 By:
	 	Blackstone Holdings I/II GP Inc., its general partner
		
	 By:
	 	/s/ John G. Finley
		 	  

		 	 Name: John G. Finley

		 	 Title: Chief Legal Officer

	
	 Blackstone Holdings II L.P.

		
	 By:
	 	Blackstone Holdings I/II GP Inc., its general partner
		
	 By:
	 	/s/ John G. Finley
		 	  

		 	Name: John G. Finley
		 	Title: Chief Legal Officer

  
 [Signature Page to
Fourth Supplemental Indenture] 

 
			
	 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:
	 	The Blackstone Group L.P., its sole member
		
	 By:
	 	Blackstone Group Management L.L.C., its general partner
		
	 By:
	 	 /s/ John G. Finley

		 	Name: John G. Finley
		 	Title: Chief Legal Officer
	
	 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:
	 	The Blackstone Group L.P., its sole member
		
	 By:
	 	Blackstone Group Management L.L.C., its general partner
		
	 By:
	 	 /s/ John G. Finley

		 	Name: John G. Finley
		 	Title: Chief Legal Officer

  
 [Signature Page to
Fourth Supplemental Indenture] 

 
			
	The Blackstone Group L.P.
		
	By:	 	Blackstone Group Management L.L.C., its general partner
		
	By:	 	 /s/ John G. Finley

		 	Name: John G. Finley
		 	Title: Chief Legal Officer

  
 [Signature Page to
Fourth Supplemental Indenture] 

 
			
	The Bank of New York Mellon, as Trustee
		
	By:	 	 /s/ Francine Kincaid

		 	Name: Francine Kincaid
		 	Title: Vice President

  
 [Signature Page to
Fourth Supplemental Indenture]

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