Document:

EX-4.2

 Exhibit 4.2 

Execution Version 

THIRD SUPPLEMENTAL INDENTURE 

Dated as of February 15, 2022 

Supplementing that Certain 

INDENTURE 
 Dated as of
June 10, 2021 
 among 

BLUE OWL FINANCE LLC, 
 THE
GUARANTOR PARTIES HERETO 
 and 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Trustee 
  

 
  

4.375% Senior Notes due 2032 
  

 

 TABLE OF CONTENTS 

 

					
	 ARTICLE I Issuance of Securities
	  	 	1	 
	 SECTION 1.1 Issuance of Notes; Principal Amount; Maturity; Title
	  	 	1	 
	 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
	  	 	9	 
		
	 ARTICLE IV Remedies
	  	 	20	 
	 SECTION 4.1 Events of Default
	  	 	20	 
	 SECTION 4.2 Waiver of Past Defaults
	  	 	20	 
		
	 ARTICLE V Redemption of Securities
	  	 	21	 
	 SECTION 5.1 Optional Redemption
	  	 	21	 
		
	 ARTICLE VI Particular Covenants
	  	 	21	 
	 SECTION 6.1 Liens
	  	 	21	 
	 SECTION 6.2 Obligation to Offer to Repurchase Upon a Change of Control Repurchase Event
	  	 	21	 
	 SECTION 6.3 Financial Reports
	  	 	23	 
		
	 ARTICLE VII Supplemental Indentures
	  	 	24	 
	 SECTION 7.1 Supplemental Indentures without Consent of Holders of Notes
	  	 	24	 
	 SECTION 7.2 Supplemental Indentures with Consent of Holders of Notes
	  	 	24	 
		
	 ARTICLE VIII Defeasance
	  	 	25	 
	 SECTION 8.1 Covenant Defeasance
	  	 	25	 
		
	 ARTICLE IX Miscellaneous
	  	 	26	 
	 SECTION 9.1 Execution as Supplemental Indenture
	  	 	26	 
	 SECTION 9.2 Not Responsible for Recitals or Issuance of Notes
	  	 	26	 
	 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 February 15, 2022 (the “Third
Supplemental Indenture”), among Blue Owl Finance LLC, a limited liability company duly organized and existing under the laws of the State of Delaware, having its principal office at 399 Park Avenue, 38th Floor, New York, NY 10022 (the
“Company”), the Guarantors party hereto, and Wilmington Trust, National Association, as Trustee under the Base Indenture (as hereinafter defined) and hereunder (the “Trustee”), and solely for the purposes of
Section 6.3 of this Third Supplemental Indenture, Blue Owl Capital Inc., supplements that certain Indenture, dated as of June 10, 2021, 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 Section 901 of the Base Indenture provides, 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 “4.375% Senior Notes
due 2032” 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 (as defined herein) 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 and 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. 

ARTICLE I 
 Issuance of
Securities 
 SECTION 1.1    Issuance of Notes; Principal Amount; Maturity; Title. 

(1)    On February 15, 2022, the Company shall issue and deliver to the Trustee, and the Trustee shall
authenticate, the Initial Notes (as defined herein) 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, 2032 (the “Stated Maturity”), unless the Notes are redeemed or repurchased prior to that date
as described in Sections 5.1 and 6.2. 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 such additional Notes may be offered at a different offering price or have a different issue date, initial interest accrual or initial interest payment date (“Additional Notes”); provided that if any Additional Notes are
not fungible with the Initial Notes for U.S. federal income tax purposes, such Additional Notes shall not have the same CUSIP number as the Initial Notes; provided further that such Additional Notes issued pursuant to Regulation S under the
Securities Act may initially be issued under a temporary CUSIP during the applicable Restricted Period. 

(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 “4.375% Senior Notes due 2032” 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 4.375%, 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)    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 August 15, 2022. 

(3)    Interest shall be paid on each Interest Payment Date to the registered Holders of the Notes after
the close of business on the Regular Record Date (as defined herein). 
 (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 

  
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from time to time. The Trustee will initially act as Paying Agent for payments with respect to the Notes. 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. All moneys paid by the Company to a
Paying Agent for the payment of principal, premium, interest, additional amounts or Redemption Price on Notes which remain unclaimed at the end of two years after such principal, interest or premium has become due and payable will be repaid to the
Company upon request, and the Holder of such Notes thereafter may look only to the Company for payment thereof. 

(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 or in the jurisdiction of the Place of Payment, 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): 
 (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 Indenture. 

  
 3 

 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. 

“Below Investment Grade Rating Event” means the rating on the Notes is lowered as a result of a Change of Control to 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 as a result of a particular Change of Control (and thus shall not be deemed a
Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly
confirm or inform the Company in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not
the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 
 “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 Blue Owl 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 Blue Owl Entity, becomes (A) the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act or any successor provision) of a controlling interest in (i) the Corporation or (ii) one or more Guarantors comprising all or substantially all of the assets of the Credit
Group and (B) entitled to receive a Majority Economic Interest in connection with such transaction. 

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

  
 4 

 “Change of Control Repurchase Event” means the occurrence of a Change of
Control and a related Below Investment Grade Rating Event. 
 “Clearstream” means Clearstream Banking, S.A. 

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

“Continuing Blue Owl Entity” means any entity that, immediately following any relevant date of determination, is directly or
indirectly controlled by one or more persons who, as of any date of determination (i) each have devoted substantially all of his or her business and professional time to the activities of the Credit Parties and/or their Subsidiaries or
affiliated funds and investment vehicles during the 12-month period immediately preceding such date and (ii) directly or indirectly control a majority of the voting stock (or other similar interests) in
the Corporation or any successor entity. 
 “Covenant Defeasance” has the meaning specified in Section 8.1. 

“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. 

“Initial Notes” means Notes in an aggregate principal amount of up to $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
S&P (or its equivalent under any successor rating categories of S&P) and BBB- or better from Fitch (or its equivalent under any successor rating categories of Fitch) (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). 

“Issue Date” means February 15, 2022. 

“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). 

  
 5 

 “Maturity Date” means February 15, 2032. 

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

“Par Call Date” means November 15, 2031. 

“Permitted Liens” means (a) liens on voting stock or profit participating equity interests of any Subsidiary existing at
the time such entity becomes a direct or indirect Subsidiary of the Corporation or is merged into a direct or indirect Subsidiary of the Corporation; provided that such liens are not created or incurred in connection with such transaction and
do not extend to any other Subsidiary, (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, (c) other liens of a
similar nature as those described above, (d) liens existing on the date hereof and (e) any lien that renews, extends, replaces or refunds any lien permitted hereby without increasing the principal of the indebtedness secured thereby. 

“Rating Agency” means: 
  

	 	•	 	 each of Fitch and S&P; and 

 

	 	•	 	 if either 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) the Exchange Act selected by the Company as a replacement agency for Fitch or S&P, or
both, as the case may be. 

 “Registrar” means the Security Registrar for the Notes, which shall
initially be Wilmington Trust, National Association, 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 February 1 or
August 1, as applicable, immediately preceding the relevant Interest Payment Date (whether or not a Business Day). 

“Regulation S Permanent Global Note” has the meaning specified in Section 3.1(3). 

“Regulation S Temporary Global Note” has the meaning specified in Section 3.1(3). 

“Repurchase Price” has the meaning specified in Section 6.2(1). 

  
 6 

 “Repurchase Price Payment Date” has the meaning specified in
Section 6.2(3)(iii). 
 “Restricted Period” with respect to any Notes, means the period of 40 consecutive days
beginning on and including the later of (a) the day on which such Notes are first offered to persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S, notice of which day shall be
promptly given by the Company to the Trustee, and (b) the Issue Date, and with respect to any Additional Notes, it means the comparable period of 40 consecutive days. 

“S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., or
any successor thereto. 
 “Stated Maturity” has the meaning specified in Section 1.1(2). 

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

If on the third Business Day preceding the date notice of the redemption is given H.15 or any successor designation or publication is no
longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such date notice of the
redemption is given of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more
United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States
Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding
sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury
securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the
bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. 

  
 7 

 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 therefore 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 sold pursuant to Rule 144a under the Securities Act 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. 
 Notes sold pursuant to Regulation S under the Securities Act initially
shall be represented by one or more Global Securities in fully registered, global form without interest coupons (collectively, the “Regulation S Temporary Global Note”), which shall be registered in the name of the Depository or the
nominee of the Depository for the accounts of designated agents holding on behalf of Euroclear or Clearstream. 
 Following the termination
of the Restricted Period, beneficial interests in the Regulation S Temporary Global Note shall be exchanged for beneficial interests in a permanent Global Security (the 

  
 8 

 
“Regulation S Permanent Global Note”) pursuant to the applicable procedures of the Depository. Simultaneously with the authentication of the Regulation S Permanent Global Note, the
Trustee shall cancel the Regulation S Temporary Global Note. The aggregate principal amount of the Regulation S Temporary Global Note and the Regulation S Permanent Global Note may from time to time be increased or decreased by adjustments made on
the records of the Trustee and the Depository or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided. 

SECTION 3.2    Form of Note. 

[FORM OF FACE OF NOTE] 

[THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO RULE 144A UNDER THE SECURITIES ACT: 

THIS SECURITY (INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION 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 BLUE OWL FINANCE LLC OR ANY AFFILIATE OF BLUE OWL FINANCE LLC WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO BLUE OWL FINANCE LLC OR BLUE
OWL CAPITAL HOLDINGS LP, BLUE OWL CAPITAL CARRY LP, OWL ROCK CAPITAL GROUP LLC, DYAL CAPITAL HOLDINGS LLC, OWL ROCK CAPITAL GP HOLDINGS LP OR DYAL GP HOLDINGS LLC OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN
DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS
OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL
“ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL
ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR
(F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO BLUE OWL FINANCE LLC’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR
(F) TO REQUIRE 

  
 9 

 
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 BLUE OWL FINANCE LLC OR ANY AFFILIATE OF BLUE OWL FINANCE LLC WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO BLUE OWL FINANCE LLC OR
BLUE OWL CAPITAL HOLDINGS LP, BLUE OWL CAPITAL CARRY LP, OWL ROCK CAPITAL GROUP LLC, DYAL CAPITAL HOLDINGS LLC, OWL ROCK CAPITAL GP HOLDINGS LP OR DYAL GP HOLDINGS LLC 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 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 BLUE OWL FINANCE LLC’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.] 

  
 10 

 [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY: 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO THE DEPOSITORY TRUST COMPANY (“DTC”) OR ITS NOMINEE OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]. 
 [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.] 

 BLUE OWL FINANCE LLC 

4.375% SENIOR NOTE DUE 2032 
  

			
	No.	  	Principal Amount (US)$

 CUSIP NO. 
 Blue
Owl Finance LLC, 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, 2032 and to
pay interest thereon, from February 15, 2022, or from the most recent Interest Payment Date to which interest has been paid or duly provided for to but excluding the next Interest Payment Date, which shall be February 15 and August 15
of each year, commencing August 15, 2022, at the per annum rate of 4.375%, or as such rate may be adjusted pursuant to the terms hereof, per annum, 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 whose name this Note is registered at the close of business on the Regular Record Date for such interest (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. 

  
 12 

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

 

			
	Blue Owl Finance LLC
		
	By:	 	  

	Name:
	Title	 	

 CERTIFICATE OF AUTHENTICATION 

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

 

			
	Dated:	 	  

	
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	
	as Trustee
		
	By:	 	  

	
	Authorized Signatory

 [FORM OF REVERSE OF NOTE] 
  

	1.	 Indenture. This Note is one of a duly authorized issue of securities of the Company designated as its
“4.375% Senior Notes due 2032” (herein called the “Notes”), issued under a Third Supplemental Indenture, dated as of February 15, 2022 (the “Third Supplemental Indenture”), to an indenture, dated as
of June 10, 2021 (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 Wilmington Trust, National Association, 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. 

 

	2.	 Optional Redemption. Prior to the Par Call Date, 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 (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of (i) 100% of the principal amount of any Notes being
redeemed and (ii) the sum, as determined by the Company, of the present values of the remaining scheduled payments of principal and interest (exclusive of interest accrued to the Redemption Date) on any Notes being redeemed, discounted to the
Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 40 basis points, plus in each case accrued
and unpaid interest, if any, on the principal amount of the Notes being redeemed to, but excluding, the Redemption Date. 

On or after the Par Call Date, the Notes may be redeemed in whole or in part, at the Company’s option at any time and from time to time,
at a Redemption Price equal to 100% of the principal amount of any Notes being redeemed, plus accrued and unpaid interest, if any, on the principal amount of the Notes being redeemed to, but excluding, the Redemption Date. 

  
 14 

 The Company’s actions and determinations in determining the Redemption Price shall be
conclusive and binding for all purposes, absent manifest error. 
  

	3.	 Change of Control Repurchase Event. If a Change of Control Repurchase Event occurs, 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
repurchased, plus any accrued and unpaid interest, if any, pursuant to the provisions of Section 6.2 of the Third Supplemental Indenture. 

  

	4.	 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. 

  

	5.	 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 an Event of Default and the continuance thereto with respect to the Notes, 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, and if requested, provided to the Trustee indemnity 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. 
  

	6.	 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. 

  
 15 

 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. 
  

	7.	 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 shall 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. 

 

	8.	 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. 

  

	9.	 Governing Law. THE INDENTURE, THIS SECURITY AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK. 

 ABBREVIATIONS 

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

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

  
 16 

 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. 

  
 17 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

			
	 (I) or (we) assign and transfer this

Note to:
  
	 	  

		
		 	(Insert assignee’s last name
		
		 	  

		
		 	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	  

	
	  

	
	  

	
	  

	(Print or type assignee’s name, address and zip code)

 and irrevocably appoint
                , as agent, to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

In connection with the assignment of the Notes evidenced by this certificate occurring prior to the date that is one year or six months, as the case may be
(as specified in Rule 144(d) under the Securities Act), after the later of the date of original issuance of such Notes and the last date, if any, on which such Notes were owned by the Company or any affiliate of the Company, the undersigned confirms
that such Notes are being: 
 CHECK ONE BOX BELOW: 
  

	 	1.	 ☐ acquired for the undersigned’s own account, without transfer; or 

 

	 	2.	 ☐ transferred to the Company; or 

 

	 	3.	 ☐ transferred pursuant to and in compliance with Rule 144A promulgated under the Securities Act of 1933,
as amended (the “Securities Act”); or 

  

	 	4.	 ☐ transferred pursuant to an effective registration statement under the Securities Act; or

  

	 	5.	 ☐ transferred pursuance to and in compliance with Regulation S promulgated under the Securities Act; or

  

	 	6.	 ☐ transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2),
(3), or (7) under the Securities Act) that, prior to such transfer, furnished the Trustee with a signed letter containing certain representations and agreements relating to the transfer; or 

  
 18 

	 	7.	 ☐ transferred pursuant to another available exemption from the registration requirements of the
Securities Act. 

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by
this certificate in the name of any Person other than the registered holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Company may require, prior to registering any such transfer of the Notes, in its
sole discretion, such legal opinions, certifications and other information as the Company may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act, such as the exemption provided by Rule 144A promulgated under the Securities Act. 
  

							
	Dated:	 	  
	 	Signature:	 	  

							
	
	 Signature Guarantee:

		
	  
	 	  

							
	 (Signature must be guaranteed)
	 	 Signature
	 	

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 of the Securities Exchange Act. 

TO BE COMPLETED BY PURCHASER IF (1) OR (3) ABOVE IS CHECKED. 

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

							
	Dated:	 	  
	 	Signature:	 	  

 [SCHEDULE OF INCREASES AND DECREASES IN THE GLOBAL NOTE 

Blue Owl Finance LLC 
 4.375% Senior
Note due 2032 
 The initial principal amount of this Note is
$            . The following increases or decreases in this Note have been made: 
  

																	
	 Date
	  	Amount of
decrease in
Principal
Amount of
this Note	 	  	Amount of
increase in
Principal
Amount of
this Note	 	  	Principal
Amount of
this Note
following such
decrease or
increase	 	  	Signature of
authorized
signatory of
Trustee](1)	 
					
		  				  				  				  			
					
		  				  				  				  			
					
		  				  				  				  			

  

	(1)	 Insert for Global Securities only 

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 or causing 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. 
 Subject to Section 502 of the Base Indenture, 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 and any Event of Default arising therefrom, 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 9 of the Base Indenture cannot be modified or amended without the consent of the Holder of each Outstanding Note affected. 

  
 20 

 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. 

ARTICLE V 
 Redemption of
Securities 
 SECTION 5.1    Optional Redemption. 

Prior to the Par Call Date, 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 (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of (i) 100% of the principal amount of any Notes being redeemed and (ii) the sum, as determined by the Company, of
the present values of the remaining scheduled payments of principal and interest (exclusive of interest accrued to the Redemption Date) on any Notes being redeemed, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 40 basis points, plus in each case accrued and unpaid interest, if any, on the principal amount of
the Notes being redeemed to, but excluding, the Redemption Date. 
 On or after the Par Call Date, the Notes may be redeemed in whole or in
part, at the Company’s option at any time and from time to time, at a Redemption Price equal to 100% of the principal amount of any Notes being redeemed, plus accrued and unpaid interest, if any, on the principal amount of the Notes being
redeemed to, but excluding, the Redemption Date. 
 The Company’s actions and determinations in determining the Redemption Price shall
be conclusive and binding for all purposes, absent manifest error. Any redemption of the Notes under this Section 5.1 shall be in accordance with Article 11 of the Base Indenture (Redemption of Securities), other than the notice of redemption
shall be given by first-class mail, postage prepaid, mailed not less than 10 nor more than 60 days prior to the Redemption Date, to each Holder of the Notes to be redeemed, at such Holder’s address appearing in the Security Register. 

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 

  
 21 

 
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, if any, on the Notes repurchased to, but excluding, the date of repurchase (the “Repurchase Price”). 

(2)    In connection with any Change of Control related to a Change of Control Repurchase Event and any particular
reduction in the rating on the Notes, the Company shall request from the Rating Agency or Rating Agencies, as the case may be, 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 Officer’s 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 being repurchased; and 

  
 22 

 (iii)    deliver or cause to be delivered to the Trustee
the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased. 

The Paying Agent shall promptly deliver to each Holder of Notes properly tendered the Repurchase Price for such Notes, and the Company shall
execute 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 minimum 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 5.2; provided that the Company has not failed to pay the Redemption
Price on the Redemption Date. 
 SECTION 6.3    Financial Reports 

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

(1)    For so long as the Corporation is subject to the reporting requirements of Section 13 or 15(d)
of the Exchange Act, the Company shall provide (or cause its Affiliates to provide) to the Trustee, unless available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system), within 15 days after the
Corporation files the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations
prescribe) which the Corporation may file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act. In connection with any annual report or quarterly report of the Corporation , the Company will 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), an unaudited reconciliation indicating any material differences between the financial
information of the Corporation and the financial information of the Company and the Guarantors on a combined and consolidated basis, taken as a whole, provided that, the requirement to deliver such unaudited reconciliation shall not be applicable at
any time the Corporation guarantees the Notes. The Trustee may conclusively presume, and shall incur no liability in such presumption, that the Corporation has not filed any such reports, reconciliations, 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 and have not become freely tradeable without
restrictions by non-affiliates of the Credit Parties pursuant to Rule 144 under the Securities Act, 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; provided, however, that if any time the Corporation no longer directly or indirectly controls the Credit Parties,
such information shall be provided for either (1) 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 (in each case, as if such rule
applied to such Person). The Company will, or will cause its affiliates to, make the above information and reports available to securities analysts and prospective investors upon request. 

  
 23 

 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
February 10, 2022, 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 upon a
declaration of acceleration of the Stated Maturity thereof pursuant to Section 502 and Section 503 of the Base Indenture, or reduce the rate of or extend the time of payment of interest on any Note; 

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

(4)    reduce any premium payable upon the redemption of or change the date on which any Note may or must
be redeemed; 
 (5)    change the coin or currency in which the principal of or premium, if any, or
interest on any Note is payable; 
 (6)    impair the right of any Holder to institute suit for the
enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date); 

(7)    reduce the percentage in principal amount of the Outstanding Notes the consent of whose Holders is
required for modification or amendment of this 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 

  
 24 

 (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
this Section 7.2 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 and Article 8 of the Base Indenture. 

ARTICLE VIII 
 Defeasance

 SECTION 8.1    Covenant Defeasance. 

Section 1303 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 1303 in the
Base Indenture shall instead be deemed to refer to this Section 8.1. 
 Upon the Company’s exercise of its option, if any, to have
this Section 8.1 applied to the Notes, or if this Section 8.1 shall otherwise apply to the Notes, (1) the Company and the Guarantors shall be released from their respective obligations and any covenants provided pursuant to Article VI
of this Third Supplemental Indenture and Section 301(18), Section 801, Section 901(1), Section 901(12) and Section 1402 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 and Section 4.1(2) of the Third Supplemental 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 Section 1303 of the Base Indenture 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. 

  
 25 

 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 this Third Supplemental Indenture and the Base Indenture shall henceforth be read together, and any conflict between the Base Indenture and this Third Supplemental Indenture shall be
resolved as provided in Section 1.3 of this Third Supplemental Indenture. 
 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. 

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. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Third Supplemental
Indenture or any document to be signed in connection with this Third Supplemental Indenture shall be deemed to include electronic signatures (including, without limitation, any .pdf file, .jpeg file or any other electronic or image file, or any
other “electronic signature” as defined under E-SIGN or ESRA, including Orbit, Adobe Fill & Sign, Adobe Sign, DocuSign, or any other similar platform identified by the Company and reasonably
available at no undue burden or expense to the Trustee), deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof
or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means provided that, notwithstanding anything herein to the contrary, the Trustee
is not under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Trustee pursuant to reasonable procedures approved by the Trustee. The Company also hereby acknowledges that the
Trustee shall have no duty to inquire into or investigate the authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto. This
exchange of copies of this Third Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Third Supplemental Indenture as to the parties hereto and may be used in lieu
of the original Third Supplemental Indenture and signature pages for all purposes. 
 SECTION 9.6    Governing
Law. 
 This Third Supplemental Indenture shall be governed by, and construed in accordance with, the internal laws of the State of New
York. 

  
 26 

 [Signature Pages Follow] 

 

  
 27 

 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. 
  

			
	BLUE OWL FINANCE LLC 
		
	By:	 	 /s/ Neena A. Reddy

	Name:	 	Neena A. Reddy
	Title:	 	General Counsel and Secretary
	
	BLUE OWL CAPITAL HOLDINGS LP, as Guarantor 
		
	By:	 	 /s/ Neena A. Reddy

	Name:	 	Neena A. Reddy
	Title:	 	General Counsel and Secretary
	
	BLUE OWL CAPITAL CARRY LP, as Guarantor
		
	By:	 	 /s/ Neena A. Reddy

	Name:	 	Neena A. Reddy
	Title:	 	General Counsel and Secretary
	
	OWL ROCK CAPITAL GROUP LLC, as Guarantor
		
	By:	 	 /s/ Neena A. Reddy

	Name:	 	Neena A. Reddy
	Title:	 	General Counsel and Secretary
	
	DYAL CAPITAL HOLDINGS LLC, as Guarantor
		
	By:	 	 /s/ Neena A. Reddy

	Name:	 	Neena A. Reddy
	Title:	 	General Counsel and Secretary

 [Signature Page to Third Supplemental Indenture] 

 
			
	OWL ROCK CAPITAL GP HOLDINGS LP, as Guarantor
		
	By:	 	 /s/ Neena A. Reddy

	Name:	 	Neena A. Reddy
	Title:	 	General Counsel and Secretary
	
	DYAL GP HOLDINGS LLC, as Guarantor
		
	By:	 	 /s/ Neena A. Reddy

	Name:	 	Neena A. Reddy
	Title:	 	General Counsel and Secretary

 Solely for the purposes of Section 6.3 of this Third Supplemental Indenture: 

 

			
	BLUE OWL CAPITAL INC.
		
	By:	 	 /s/ Neena A. Reddy

	Name:	 	Neena A. Reddy
	Title:	 	General Counsel and Secretary
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Nedine P. Sutton

	Name:	 	Nedine P. Sutton
	Title:	 	Vice President

 [Signature Page to Third Supplemental Indenture]EX-10.13

  Exhibit 10.13

   

  [***] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED BECAUSE THE INFORMATION (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED

   

  AMENDMENT NO. 11 TO COLLABORATION AND LICENSE AGREEMENT

   

  This Amendment No. 11 to the Collaboration and License Agreement, (“Amendment”) is made and entered into by and between Kyowa Kirin Co., Ltd. (formerly, Kyowa Hakko Kirin Co., Ltd.), a company organized and existing under the laws of Japan, with an address at 1-9-2 Otemachi, Chiyoda-ku, Tokyo, 100-0004, Japan ("KKC’') and Ultragenyx Pharmaceutical Inc., a company organized and existing under the laws of the State of Delaware, with an address at 60 Leveroni Court, Novato, California 94949, USA ("UGNX'' ).

   

  RECITALS

   

  WHEREAS, KKC and UGNX entered into a Collaboration and License Agreement effective as of August 29, 2013, an Amendment No. 1 to Collaboration and License Agreement effective as of August 24, 2015, an Amendment No. 2 to Collaboration and License Agreement effective as of November 28, 2016, an Amendment No. 3 to Collaboration and License Agreement effective as of September 29, 2017, an Amendment No. 4 to Collaboration and License Agreement effective as of January 29, 2018, an Amendment No. 5 to Collaboration and License Agreement effective as of April 30, 2018, an Amendment No. 6 to Collaboration and License Agreement effective as of February 1, 2019, an Amendment No. 7 to Collaboration and License Agreement effective as of December 5, 2018, an Amendment No. 8 to Collaboration and License Agreement effective as of July 4, 2019, an Amendment No. 9 to Collaboration and License Agreement effective as of December 23, 2019; and an Amendment No. 10 to Collaboration and License Agreement effective as of April 1, 2020 (collectively, the “Collaboration Agreement”).

   

  WHEREAS, as part of [***], KKC desires to change the market authorization holder with respect to the Licensed Product, which includes the holder of the Drug Identification Number (“DIN”) and Notice of Compliance (“NOC”) of the Licensed Product in Canada, from its Affiliate, Kyowa Kirin Limited (“KKL”) to Kyowa Kirin, Inc. (“KKUS”);

   

  WHEREAS, such name change of the DIN/NOC holder necessitates certain regulatory and contractual actions;

   

   WHEREAS, the Parties desire to set forth the agreed to actions herein to effectuate the name change of the DIN/NOC holder and to further amend the Collaboration Agreement as set forth below.

  

   

  AGREEMENT

   

  NOW, THEREFORE, in consideration of the mutual covenants and premises herein contained, the Parties agree as follows:

   

  1.This Amendment shall be effective as of December 17, 2021 (the "Amendment Effective Date").

   

  2.Any capitalized terms that are not defined in this Amendment will have their respective meanings set forth in the Collaboration Agreement.

   

  3.Since KKC has changed its company name as of July 1, 2019, the abbreviation “KHK” of “Kyowa Hakko Kirin Co., Ltd.” in the Collaboration Agreement will be read as “KKC” after the Amendment Effective Date.

   

  4.Section 5.13 (a) Regulatory Matters in Canada, shall be amended by adding the following language:

   

  “KKL, as the holder of Drug Identification Number (“DIN”) and Notice of Compliance (“NOC”) of the Licensed Product in Canada as of August 26, 2021, will transfer the DIN/NOC holder to KKUS. The Parties agree that KKUS shall prepare all filings and materials in connection with the change to any market authorization holder, including the DIN/NOC holder, that are required to be made to Health Canada Including the Office of Submissions and Intellectual Property (“OSIP”) and the Office of Patented Medicines Liaison (“OPML”) and any other regulatory authority as may be required to affect said change in DIN/NOC holder or any other market authorization holder, including, but not limited to, as applicable the following: (i) Letter of name change and address change and any other documentation required to affect said administrative change; (ii) Letter to OPML to update the patent information for the DIN/NOC holder, the name and address for service in Canada, the name of the manufacturer of the Licensed Product,; and (iii) Any requisite label (including, cartons, vial labels, package inserts and product monograph) updates, changes and notifications and submissions/communications of same to Health Canada. KKUS shall provide all such documents to be filed in connection with the DIN/NOC holder change to Health Canada (including OSIP and OPML) to the individual set forth on Schedule A attached hereto or such other UGNX representatives identified by UGNX in advance to KKUS (“UGNX Contact”) for review in advance of such filings and KKUS shall ensure that all such documents are prepared in compliance with Applicable Laws. UGNX agrees to promptly review such materials for completeness and accuracy and the UGNX Contact will provide written approval/sign-off indicating said completeness and accuracy (email acceptable) to KKUS’ regulatory contact. Following such approval and sign off, pursuant to Sections 5.13(b) and (c) below, UGNX shall make such filings, and communicate directly with, Health Canada and any other regulatory 

  

  authority as may be required to affect said change in DIN/NOC holder or any other market authorization holder. The Parties further agree that UGNX shall prepare the updated “Form IV Patent Lists” for the Licensed Product (“Form IVs”) by carrying forward any patents on the current Form IVs pursuant to the Patented Medicines (Notice of Compliance) Regulations and timely submit such updated Form IVs in connection with the change in DIN/NOC holder. In addition, until the Profit Share Territory Transition Date, UGNX shall prepare and timely file any Form IVs for new patents that are to be added to the patent list for the Licensed Product, as required by law or as may be directed by KKC or KKUS from time to time. UGNX shall provide the prepared Form IVs set forth above to KKC and KKUS at least [***] Business Days prior to the filing due date for review and signature or as otherwise directed by KKC or KKUS (provided that, KKC or KKUS provides at least [***] Business Days prior notice to UGNX), as the case maybe. Submission of such Form IVs by UGNX shall occur only after review and signature by either KKC or KKUS, as appropriate. The Parties further agree that UGNX will continue to timely prepare and file all necessary Form IVs following the procedure described in this Section until the Profit Share Territory Transition Date.

   

  5.Section 5.14 Canadian Labeling and Packaging, shall be amended by adding the following language:

   

  “KKUS shall also update the labels, packaging, leaflet and the product monograph of the Licensed Product to reflect the name change of DIN/NOC holder In Canada. The label, packaging, leaflet and monograph of the Licensed Product shall be updated as follows: 

   

   

   

  Vial labels and product monograph will state: “Kyowa Kirin, Inc.”

  The leaflet will state: “This leaflet was prepared by Kyowa Kirin, Inc.” and will be translated to French for the French leaflet. UGNX will timely notify Health Canada (or other regulatory Canadian authority, as applicable), as of when Licensed Product with new label is being distributed/sold in Canada. It is understood that Health Canada does provide a grace period for product with old vial labels to be used, distributed and remain on the market and UGNX will utilize, distribute and exhaust the stock of currently labeled Licensed Product to the extent permitted by Applicable Law (including regulations and Health Canada) prior to commencing 

  

  distribution or utilization of newly labeled Licensed Product. KKUS and UGNX shall promptly notify each other once either becomes aware (upon notification/communication with Health Canada or otherwise) of the time period it is required to cease utilizing distributing and exhausting currently labeled Licensed Product and of inventory of all Licensed Product on hand (including a break down into currently and newly labelled Licensed Product) and UGNX shall cooperate with KKUS on the timing of importing and sale of Licensed Product (currently and newly labelled) to ensure continuity of supply of the Licensed Product in Canada. If there is currently labeled Licensed Product in stock at the time transfer to newly labeled Licensed Product is required, then the Parties will consider options to minimize Licensed Product wastage, such as over-labelling and will discuss same before a decision is reached. KKUS shall have final decision as to what happens with the currently labeled Licensed Product. The Parties agree that the obligations set forth in this paragraph shall terminate as of the Profit Share Territory Transition Date, except to the extent otherwise extended by mutual agreement. 

   

  6.Section 5.15 Other Reports to Health Canada and other Regulatory Authorities with respect to the Commercialization of the Licensed Products in Canada, Section 5.15(c) shall be deleted and replaced in its entirety as follows:

    

  “(c) Prior to the Profit Share Territory Transition Date, except to the extent otherwise extended by mutual agreement, UGNX shall be responsible for drafting all other NDS supplements, including, as applicable but not limited to, module 1 administrative documents and patent information, and Health Canada submissions. UGNX shall ensure prior to filing any NDS (supplements or otherwise), that it has an updated list of all patents that may be eligible for listing on the Patent List pursuant to the Patented Medicines (Notice of Compliance) Regulations and confirm same with KKUS, and shall ensure that all Form IVs documents are prepared, updated and carried forward with each filing (including any administrative or other change and/or drug submission) and the information on said Form IVs and the patent register in Canada are kept up to date to ensure protection of the Licensed Product’s intellectual property, regulatory and other rights. Prior to the Profit Share Territory Transition Date, except to the extent otherwise extended by mutual agreement, UGNX shall submit all routine or planned NDS supplements and other Regulatory Filings in Canada, including, but not limited to, Form IVs documents to KKUS for review and approval at least [***] Business Days prior to submission to Health Canada or other Regulatory Authorities. For non-routine submissions to Health Canada or other Canadian Regulatory Authorities that require expedited processing, UGNX shall discuss and agree with KKUS on timing for the KKUS review. Prior to the Profit Share Territory Transition Date, except to the extent otherwise extended by mutual agreement, UGNX shall ensure that the name and address for service in Canada on all Form IVs is KKUS’s appointed counsel in Canada, as may be updated from time to time on notification by KKUS to UGNX and that the “contact” listed in the Form IVs is kept up to date. 

   

  

  7.Paragraph 6.9 Third Party Logistics in Canada shall be deleted and replaced in its entirety as follows: 

   

  “6.9 Third Party Logistics in Canada. To the extent of the Commercialization of the Licensed Products in Canada, KKC’s Affiliate, Kyowa Kirin Services Limited (“KKS”) has novated its rights and obligations effective [***] to KKC’s Affiliate, [***] under the Third Party Logistics Provider agreement (“3PL Agreement”). The Third Party Logistics Provider will hold on consignment [***]-titled Licensed Product per the terms of the 3PL Agreement. UCI shall be responsible for the creation of Customer accounts at the Third Party Logistics Provider and shall provide all related and necessary information to the Third Party Logistics Provider to ensure that the Third Party Logistics Provider can fulfill its obligations under the 3PL Agreement with [***]. [***] will provide weekly reports to UCI reflecting the Third Party Logistics Provider’s data related to Customer account management.”

   

  8.A new Section 9.4.3 shall be added to Section 9.4 Licensed Product-Related Contracts with Respect to Commercialization of the Licensed Product in Canada as follows:

   

  “9.4.3 UGNX shall timely amend as necessary any supply, pricing, rebate or discount agreements or other commercial contracts related to the Licensed Products, including, but not limited to, the following product listing agreements between:

  (a) [***]; 

  (b) [***];

  (c) [***]; 

  (d) [***]; and

  (e) [***],

  to accurately reflect the name change of the DIN/NOC holder within [***] days, or earlier if required by the respective agreements or by Applicable Law, of UGNX notice to Health Canada of the DIN/NOC name change and shall provide copies of such executed amendments to KKUS. UGNX shall use Commercially Reasonable Efforts to ensure that: no such agreements or contracts shall terminate as a result of said change of the DIN/NOC holder; and there is no gap in continuity of: listing of the Licensed Product on any public or private formulary; or reimbursement or coverage of the Licensed Product with any public or private payor. UGNX shall promptly notify KKUS if it becomes aware of any such termination or gap in continuity. 

  

   

  9.Except as expressly provided in this Amendment, all other terms, conditions and provisions of the Collaboration Agreement shall continue in full force and effect as provided therein.

   

  10. This Amendment may be executed in one or more counterparts, including via electronic means, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties.

   

   

   

   

  IN WITNESS WHEREOF, the Parties have executed this Amendment to be effective as of the Amendment Effective Date.

   

  KYOWA KIRIN CO., LTD.				ULTRAGENYX PHARMACEUTICAL INC.

  					
	 
 
By:
	/s/ Yasuo Fujii
	 
	By:
	/s/ Thomas Kassberg

	 
 
Name:
	Yasuo Fujii
	 
	Name:
	Thomas Kassberg

	 
 
Title:
	Executive Officer Global Business Develop Head Director, Business Development Dept. 
	 
	Title:
	Chief Business Officer

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