Document:

Form of Exchange Agreement

 EXHIBIT 10.1 

EXCHANGE AGREEMENT 

THIS EXCHANGE AGREEMENT (this “Agreement”) is dated as of September 16, 2010, by and between Arrowhead Research
Corporation, a Delaware corporation (the “Corporation”), and                      (the “Holder”). The
Corporation and the Holder are referred to as a “Party” and collectively as the “Parties”. 

W I T N E S S E T H: 

WHEREAS, the Corporation and the Holder are shareholders of Calando Pharmaceuticals, Inc., a Delaware corporation
(“Calando”); 
 WHEREAS, the Holder owns      shares of Series A Preferred Stock,
$0.0001 par value per share, (the “Calando Shares”); 
 WHEREAS, for strategic reasons, the Corporation wishes to
acquire the Calando Shares; 
 WHEREAS, the Holder desires to exchange all the Calando Shares for a warrant, with an exercise
price of $0.50, to purchase      shares of common stock of the Corporation, $0.0001 par value per share (the “Arrowhead Warrant”); and 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows: 
 1. Exchange. 

(a) Exchange Ratio. The Corporation and the Holder hereby agree to exchange at the Closing the Calando Shares for Arrowhead
Warrant, the form of which is attached hereto as Exhibit A. 
 (b) Exchange. To effect this exchange, the Holder will
deliver to the Corporation the stock certificate or certificates representing the Calando Shares together with duly executed stock powers related thereto and the Corporation will deliver to the Holder the Arrowhead Warrant. 

2. The Closing. 

(a) Closing Date. The closing of the transactions contemplated by this Agreement (the “Closing”) shall take place
at the offices of Arrowhead Research Corporation, 201 South Lake Street, Suite 703, Pasadena, CA 91101 at 10:00 a.m., Pacific time, on September 16, 2010 (“Closing Date”), or at such other place, date or time as the parties may
mutually agree in writing. 
 (b) Conditions to Closing of Holder. The obligation of the Holder to consummate the
transactions on the Closing Date as contemplated by this Agreement shall be subject to the satisfaction or waiver on or prior to the Closing Date of the following conditions: 

(i) the Corporation shall have performed and complied in all material respects with all obligations and agreements
required to be performed and complied with by the Corporation hereunder on or prior to the Closing Date; 
  

 1 

 (ii) the representations and warranties of the Corporation contained in this
Agreement shall be true and correct in all material respects as of the Closing Date as if made as of such date; 

(iii) the Corporation shall have received all third party consents and all authorizations, consents and approvals of any
Governmental Authority necessary to consummate the transactions contemplated hereby. 
 (c) Conditions to Closing of
Corporation. The obligation of the Corporation to consummate the transactions on the Closing Date shall be subject to the satisfaction or waiver on or prior to the Closing Date of the following conditions: 

(i) The Holder shall have performed and complied in all material respects with all obligations and agreements required to
be performed and complied with by the Holder hereunder on or prior to the Closing Date; 
 (ii) the
representations and warranties of the Holder contained in this Agreement shall be true and correct in all material respects as of the Closing Date as if made as of such date; 

(iii) The Holder shall have delivered to the Corporation a certificate or the certificates representing all the Calando
Shares to be exchanged on such date and related executed stock powers; 
 (iv) The Corporation shall have
received approval of NASDAQ for the Listing of Additional Shares relating to the shares underlying the Arrowhead Warrant; and 

(v) The Holder shall have received all third party consents and all authorizations, consents and approvals of any
Governmental Authority necessary to consummate the transactions contemplated hereby. 
 3. Representations and
Warranties of the Corporation. The Corporation represents and warrants to Holder as follows: 
 (a) Corporate Status.
The Corporation is a corporation incorporated, validly existing and in good standing under the laws of the State of Delaware with full right, power and authority to execute, deliver and perform this Agreement. 

(b) Authorization/Enforceability. This Agreement has been duly authorized, executed and delivered by the Corporation and
constitutes the valid and legally binding obligation of the Corporation, enforceable in accordance with its terms and conditions. The Corporation need not give any notice to, make any filing with, or obtain any authorization, consent, or approval of
any Governmental Authority in order to consummate the transactions contemplated by this Agreement. 
  

 2 

 (c) Non-Contravention. Neither the execution and the delivery of this Agreement, nor
the consummation of the transactions contemplated hereby, will (i) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any Governmental Authority to which the
Corporation is subject, or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require any notice under the
certificate of incorporation or bylaws of the Corporation, or any agreement, contract, lease, license, instrument, or other arrangement to which the Corporation is a party or by which it is bound or to which any of its assets is subject. 

(d) Consents/Approvals. No consent, approval, authorization, order, registration or qualification of or with any Governmental
Authority or other Person or entity is required for the issuance and sale of the Arrowhead by the Corporation to Holder or the consummation by the Corporation of the transactions contemplated by this Agreement, provided, however, that the
Corporation may be required to file a Notification of Listing of Additional Shares with NASDAQ with respect to the transactions contemplated herein. 

(e) Arrowhead Warrant Authorization. The Arrowhead Warrant has been duly authorized and, when the underlying shares are issued and
delivered upon due exercise thereof, the underlying shares of Arrowhead common stock will be duly and validly issued and fully paid and non-assessable. Upon consummation of the transactions contemplated hereby, good and valid title to the Arrowhead
Warrant, free and clear of all Claims, will be transferred by the Corporation to Holder. 
 4. Representations and Warranties
of Holder. The Holder represents and warrants to the Corporation as follows: 
 (a) Legal Capacity. The Holder has
full legal right, power and capacity to execute and deliver this Agreement and to perform his obligations hereunder. This Agreement constitutes the valid and legally binding obligation of Holder, enforceable in accordance with its terms and
conditions. Holder need not give any notice to, make any filing with, or obtain any authorization, consent, or approval of any third party or Governmental Authority in order to consummate the transactions contemplated by this Agreement. 

(b) Title to Calando Shares. Holder is the lawful record and beneficial owner of the Calando Shares that will be transferred
pursuant to Section 1 of this Agreement with good and marketable title thereto, and the Holder has the right to sell, assign, convey, transfer and deliver the Calando Shares and any and all rights and benefits incident to the ownership thereof
(including, without limitation, any registration or other rights pertaining to the Calando Shares), all of which rights and benefits are transferable by the Holder to the Corporation pursuant to this Agreement, free and clear of all Claims. The
exchange of the securities as contemplated herein will (i) pass good and marketable title to all the Calando Shares transferred pursuant to Section 1 of this Agreement to the Corporation, free and clear of all Claims, and (ii) convey,
free and clear of all Claims, any and all rights and benefits incident to the ownership of such securities (including, without limitation, any registration or other rights pertaining to the securities and the shares of common stock underlying such
securities). 
  

 3 

 (c) Non-Contravention. Neither the execution and the delivery of this Agreement, nor
the consummation of the transactions contemplated hereby, will (i) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any Governmental Authority to which Holder is
subject, or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require any notice under any agreement,
organizational document, bylaws, partnership agreement, trust agreement, agreement any trust is bound by, contract, lease, license, instrument, or other arrangement to which Holder, as applicable, is a party or by which it is bound or to which any
of its assets is subject. 
 (d) Consents/Approvals. No consent, approval, authorization, order, registration or
qualification of or with any Governmental Authority or other entity or Person is required for the Exchange or the consummation by Holder of the transactions contemplated by this Agreement. 

(e) Investment Representations. 

(i) Holder qualifies as an “accredited investor” (as defined in Rule 501(a) of Regulation D under the Securities
Act of 1933, as amended (the “Securities Act”)) and is acquiring the Arrowhead Warrant and the shares underlying the Arrowhead Warrant hereunder for its own account and with no intention of distributing or selling the Arrowhead
Warrant or the shares underlying the Arrowhead Warrant except pursuant to a registration or an available exemption under applicable law. Holder understands that neither Arrowhead Warrant or the shares of common stock underlying the Arrowhead Warrant
have not been (and are not being) registered under the Securities Act by reason of their contemplated issuance in transaction(s) exempt from the registration and prospectus delivery requirements of the Securities Act pursuant to Section 4(2)
thereof (including the rules and regulations promulgated thereunder), and that the reliance of the Corporation on such exemption from registration is predicated in part on the representations and warranties of Holder hereunder. 

(ii) Holder agrees that it will not sell or otherwise dispose of the Arrowhead Warrant or any of the shares underlying the
Arrowhead Warrant unless such sale or other disposition has been registered or is exempt from registration under the Securities Act and has been registered or qualified or is exempt from registration or qualification under applicable securities laws
of any State. 
 (iii) Holder understands that a restrictive legend consistent with the foregoing set forth in
Section 10(a) of this Agreement has been or will be placed on the Arrowhead Warrant and any certificates evidencing the shares underlying the Arrowhead Warrant to be issued to it hereunder, and related stop transfer instructions will be noted
in the transfer records of the Corporation and/or its transfer agent during the Prohibited Period. 
  

 4 

 (iv) Holder represents that it is not an Affiliate (as defined herein) of
the Corporation and will covenant and agree that if it becomes an Affiliate, it will promptly provide notice to the Corporation of such status and comply with insider trading laws and policies and the applicable “control securities”
provisions of Rule 144 in addition to any other obligations set forth in this Agreement. 
 (v) Holder has such
knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risk of an investment in the Arrowhead Warrant and the shares underlying the Arrowhead Warrant. Holder acknowledges that it has had access to
all information concerning the Corporation and Calando and their respective businesses, assets, liabilities, financial statements, and obligations which have been requested and has been provided the opportunity to ask questions of and receive
answers from the Corporation and/or Calando to fully and effectively evaluate the Exchange and the transactions contemplated herein. Holder understands that a new holding period for purposes of Rule 144 under the Securities Act will be triggered
with respect to the Arrowhead Warrant and the shares underlying the Warrant, and such Holder is able to bear the economic risk of loss of the investment in such securities and is able to afford a complete loss of such investment. 

5. Indemnification. 

(a) The Holder understands and acknowledges that the Corporation is relying on representations, warranties, covenants and agreements made
by such Holder to the Corporation in this Agreement. The Holder, as applicable, hereby agrees to indemnify, defend and hold harmless the Corporation, its Affiliates and their directors, officers, shareholders, principals, representatives, agents and
employees (each, a “Corporation Indemnified Party”), against any and all loss, damage, liability or expense (including, but not limited to, expenses related to the investigation and enforcement of any provisions of this Agreement
and/or any reasonable attorneys’ fees) (collectively, “Losses”) which any Corporation Indemnified Party may suffer, sustain or incur by reason of or in connection with or arising under (i) any inaccuracy or breach of
representation or warranty of the Holder contained in this Agreement; (ii) the breach of this Agreement or any covenant or agreement made by such Holder in this Agreement; or (iii) the sale or distribution by such Holder of the Arrowhead
Warrant or the underlying shares of common stock in violation of this Agreement and/or the Securities Act or any other applicable law. This right to indemnification is in addition to any other remedy available to the Corporation under this
Agreement. 
 (b) The Corporation understands and acknowledges that the Holder is relying on representations, warranties,
covenants and agreements made by the Corporation to the Holder in this Agreement. The Corporation hereby agrees to indemnify, defend and hold harmless the Holder and its officers, principals, Affiliates, trustees, agents and representatives, as
applicable, (each, a “Holder Indemnified Party”), against any and all Losses which any Holder Indemnified Party may suffer, sustain or incur by reason of or in connection with or arising under (i) any inaccuracy or breach of
representation or warranty of the Corporation contained in this Agreement; or (ii) the breach of this Agreement or any covenant or agreement made by the Corporation in this Agreement. This right to indemnification is in addition to any other
remedy available to the Holder under this Agreement. 
  

 5 

 6. Certain Definitions. 

(a) “Affiliate” (and, with a correlative meaning, “affiliated”) means, with respect to any Person, any
direct or indirect subsidiary of such Person, and any other Person that directly, or through one or more intermediaries, Controls or is Controlled by or is under common Control with such first Person. As used in this definition,
“Control” (and, with correlative meanings, “Controlled by” and “under common Control with”) means the possession, directly or indirectly, of the power to direct the management or policies of a
Person (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise). 
 (b)
“Claims” shall mean the following of any nature whatsoever: security interests, liens, deeds of trust, hypothecations, pledges, claims (pending or threatened), charges, escrows, encumbrances, lock-up arrangements, options, rights of
first offer or refusal, community property rights, mortgages, indentures, security agreements or other agreements, arrangements, contracts, commitments, understandings or obligations, whether written or oral and whether or not relating in any way to
credit or the borrowing of money. 
 (c) “Governmental Authority” means any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to government, including any governmental authority, independent or autonomous official authority, agency, department, board, commission or instrumentality of the United
States or any other country, or any political subdivision thereof, whether federal, state or local, and any tribunal, court or arbitrator(s) of competent jurisdiction. 

(d) “Person(s)” means and includes any natural persons, sole proprietorships, corporations, limited partnerships,
limited liability companies, general partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities, all Governmental
Authorities and all other entities. 
 7. Miscellaneous. 

(a) Legend Requirement. The Arrowhead Warrant and each certificate representing shares issued pursuant to the warrant held or
acquired by the Holder will contain legends acknowledging that the shares represented by such certificate are restricted securities and are subject to this Agreement, as follows: 

THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, AND NO SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION, GIFT, TRANSFER OR OTHER DISPOSITION OR OFFER TO DO ANY OF THE FOREGOING MAY BE MADE UNLESS A REGISTRATION STATEMENT UNDER THE SECURITIES ACT
AND OTHER APPLICABLE SECURITIES LAWS WITH RESPECT TO SUCH SECURITIES IS THEN IN EFFECT, OR IN THE OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER, SUCH REGISTRATION UNDER THE SECURITIES ACT AND OTHER APPLICABLE SECURITIES LAWS IS NOT REQUIRED.

  

 6 

 The Transfer Agent and any applicable broker shall each be instructed not to recognize any transfer by a
Holder that does not comply with this Agreement. 
 (b) Equitable Remedy. Each Party shall agree that in addition to any
other remedy that may be available to such Party hereunder, the Party shall be entitled to specific performance. Notwithstanding anything to the contrary in this Agreement, each Party shall be responsible for paying its own expenses, including legal
fees, incurred in enforcing this Agreement. 
 (c) Notices. All notices, claims, demands and other communications
hereunder shall be in writing and shall be deemed given upon (i) confirmation of receipt of a facsimile transmission, (ii) confirmation of delivery when delivered by a standard overnight carrier or (iii) the expiration of five
(5) business days after the day when mailed by registered or certified mail (postage prepaid, return receipt requested), addressed to the respective Parties at the following addresses (or such other address for a Party as shall be specified by
like notice): 
  

					
	If to the Corporation, to:	  	Arrowhead Research Corporation	  	
		  	201 South Lake Avenue, Suite 703	  	
		  	Pasadena, CA 91101	  	
			
		  	Attention: Dr. Christopher Anzalone	  	
		  	Telephone: (626) 304-3400	  	
		  	Fax: (626) 304-3401	  	
			
	If to the Holder, to:	  		  	

 (d) No Third-Party Beneficiaries. Unless otherwise specifically set forth herein, this
Agreement shall not confer any rights or remedies upon any Person other than the Parties hereto and their respective successors and assigns. 

(e) Entire Agreement. This Agreement (including the documents referred to herein) constitutes the entire agreement among the
parties hereto and supersedes any prior understandings, agreements, or representations by or among the parties, written or oral, to the extent they relate in any way to the subject matter hereof. 

(f) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of
which together will constitute one and the same instrument. 
 (g) Headings. The section headings contained in this
Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement. 
  

 7 

 (h) Governing Law. This Agreement shall be governed by and construed in accordance
with the domestic laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of Delaware. 
 (i) Amendments and Waivers. No amendment of any provision of this Agreement shall be
valid unless the same shall be in writing and signed by the Corporation and the Holder. 
 (j) Gender. All pronouns and
any variation thereof shall be deemed to refer to the masculine, feminine, neuter, singular, or plural as the identity of the person or entity or the context may require. 

(k) Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction
shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction. 

(l) No Presumption Against Drafter. Each of the Parties has jointly participated in the negotiation and drafting of this
Agreement. In the event of any ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by each of the Parties and no presumptions or burdens of proof shall arise favoring any Party by
virtue of the authorship of any of the provisions of this Agreement. 
 (m) Successors and Assigns. Except as otherwise
specifically provided herein, this Agreement shall be binding upon, and inure to the benefit of, the Parties hereto and their respective successors and permitted assigns. 

(n) Survival. All covenants, agreements, representations and warranties made herein shall survive the Closing and the consummation
of the Exchange of the Calando Shares. 
  

 8 

 IN WITNESS WHEREOF, this Exchange Agreement has been duly executed by or on behalf of each
of the parties hereto on the date first above written. 
  

			
	ARROWHEAD RESEARCH CORPORATION, a Delaware corporation
		
	By:	 	  

		 	    Name:
		 	    Title:

 

			
	HOLDER:
	
	  

	
	  

 

 9 

 EXHIBIT A 

FORM OF WARRANT AGREEMENTSecond Supplemental Indenture

 Exhibit 4.2 

EXECUTION VERSION 
  

 
  

SECOND SUPPLEMENTAL INDENTURE 

Dated as of September 20, 2010 

Supplementing that Certain 

INDENTURE 
 Dated
as of August 20, 2009 
  
  

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

and 
 THE BANK OF
NEW YORK MELLON, 
 as Trustee 
  

 
 5.875% Senior
Notes due 2021 
  
  

 

 TABLE OF CONTENTS 

 

			
	 	  	Page
	 ARTICLE I Issuance of Securities
	  	2
		
	 SECTION 1.1. Issuance of Notes; Principal Amount; Maturity; Title
	  	2
	 SECTION 1.2. Interest
	  	2
	 SECTION 1.3. Relationship with Base Indenture
	  	3
		
	 ARTICLE II Definitions and Other Provisions of General Application
	  	3
		
	 SECTION 2.1. Definitions
	  	3
		
	 ARTICLE III Security Forms
	  	8
		
	 SECTION 3.1. Form Generally
	  	8
	 SECTION 3.2. Form of Note
	  	8
		
	 ARTICLE IV Remedies
	  	18
		
	 SECTION 4.1. Events of Default
	  	18
	 SECTION 4.2. Waiver of Past Defaults
	  	18
		
	 ARTICLE V Redemption of Securities
	  	18
		
	 SECTION 5.1. Optional Redemption
	  	18
		
	 ARTICLE VI Particular Covenants
	  	19
		
	 SECTION 6.1. Liens
	  	19
	 SECTION 6.2. Obligation to Offer to Repurchase Upon a Change of Control Repurchase Event
	  	19
	 SECTION 6.3. Financial Reports
	  	21
		
	 ARTICLE VII Supplemental Indentures
	  	22
		
	 SECTION 7.1. Supplemental Indentures without Consent of Holders of Notes
	  	22
	 SECTION 7.2. Supplemental Indentures with Consent of Holders of Notes
	  	22
		
	 ARTICLE VIII Defeasance
	  	23
		
	 SECTION 8.1. Covenant Defeasance
	  	23
		
	 ARTICLE IX Miscellaneous
	  	24
		
	 SECTION 9.1. Execution as Supplemental Indenture
	  	24

  

 i 

			
	 SECTION 9.2. Not Responsible for Recitals or Issuance of Notes
	  	24
	 SECTION 9.3. Separability Clause
	  	24
	 SECTION 9.4. Successors and Assigns
	  	24
	 SECTION 9.5. Execution and Counterparts
	  	25

  

 ii 

 This Second Supplemental Indenture, dated as of September 20, 2010 (the “Second
Supplemental Indenture”), among Blackstone Holdings Finance Co. L.L.C., a limited liability company duly organized and existing under the laws of the State of Delaware, having its principal office at 345 Park Avenue, New York, New York
10154 (the “Company”), the Guarantors party hereto and The Bank of New York Mellon, a New York banking corporation, as Trustee under the Base Indenture (as hereinafter defined) and hereunder (the “Trustee”),
supplements that certain Indenture, dated as of August 20, 2009, among the Company, the Guarantors named therein and the Trustee (the “Base Indenture” and subject to Section 1.3 hereof, together with this Second
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 “5.875% Senior Notes due 2021” pursuant to the terms of
this Second Supplemental Indenture. 
 The Company has duly authorized the execution and delivery of this Second Supplemental
Indenture and the Notes to be issued from time to time, as provided for in the Indenture. 
 Each Guarantor has duly authorized
its Guarantee of the Notes and to provide therefor each Guarantor has duly authorized the execution and delivery of this Second Supplemental Indenture. 

All things necessary have been done to make this Second 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 Second Supplemental Indenture, the valid
and legally binding obligations of each Guarantor and to make this Second Supplemental Indenture a valid and legally binding agreement of each Guarantor, in accordance with its terms. 

 

 1 

 ARTICLE I 

Issuance of Securities 

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

(1) On September 20, 2010, the Company shall issue and deliver to the Trustee, and the Trustee shall authenticate, the Initial Notes
substantially in the form set forth in Section 3.2 below, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Base Indenture and this Second 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 March 15, 2021, unless the Notes are redeemed prior to that date as described in Section 5.1.
The aggregate principal amount of Initial Notes Outstanding at any time may not exceed $400,000,000, except for Notes issued, authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes of the series
pursuant to Sections 304, 305, 306, 906 or 1107 of the Base Indenture and except for any Notes which, pursuant to Section 303 of the Base Indenture, are deemed never to have been authenticated and delivered. The Company may without the consent
of the Holders, issue additional Notes hereunder as part of the same series and on the same terms and conditions (and having the same Guarantors) and with the same CUSIP numbers as the Initial Notes, but may be offered at a different offering price
or have a different issue date, initial interest accrual or initial interest payment date (“Additional Notes”); provided that if any Additional Notes are issued at a price that causes such Additional Notes to have
“original issue discount” within the meaning of Section 1273 of the United States Internal Revenue Code of 1986, as amended, and regulations of the United States Department of Treasury thereunder (the “Code”), such
Additional Notes shall not have the same CUSIP number as the Initial Notes. 
 (3) The Notes shall be issued only in fully
registered form without coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 
 (4)
Pursuant to the terms hereof and Sections 201 and 301 of the Base Indenture, the Company hereby creates a series of Securities designated as the “5.875% Senior Notes due 2021” of the Company (as amended or supplemented from time to time,
that are issued under the Indenture, including both the Initial Notes and the Additional Notes, if any, the “Notes”), which Notes shall be deemed “Securities” for all purposes under the Base Indenture. 

SECTION 1.2. Interest. 

(1) Interest on a Note will accrue at the per annum rate of 5.875% (the “Note Interest Rate”), from and including the
date specified on the face of such Note to, but excluding, the date on which the principal thereof is paid, deemed paid, or made available for payment and, in each case, will be paid on the basis of a 360-day year comprised of twelve 30-day months.

  

 2 

 (2) The Company shall pay interest on the Notes semi-annually in arrears on March 15
and September 15 of each year (each, an “Interest Payment Date”), commencing March 15, 2011. 
 (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. 

(4) Amounts due on the Stated Maturity or earlier Redemption Date of the Notes will be payable at the Corporate Trust Office. The Company
shall make payments of principal, premium, if any, and interest or the Repurchase Price in connection with a Change of Control Repurchase Event in respect of the Notes in book-entry form to DTC in immediately available funds, while disbursement of
such payments to owners of beneficial interests in Notes in book-entry form will be made in accordance with the procedures of DTC and its participants in effect from time to time. The Company may at any time designate additional Paying Agents or
rescind the designation of any Paying Agent or approve a change in the office through which any Paying Agent acts, except that the Company shall be required to maintain a Paying Agent in each Place of Payment for the Notes. Neither the Company nor
the Trustee shall impose any service charge for any transfer or exchange of a Note. However, the Company may require Holders of the Notes to pay any taxes or other governmental charges in connection with a transfer or exchange of Notes. 

(5) If any Interest Payment Date, Stated Maturity, or earlier Redemption Date or Repurchase Price Payment Date falls on a day that is not
a Business Day in The City of New York, the Company shall make the required payment of principal, premium, if any, and/or interest or Repurchase Price in connection with a Change of Control Repurchase Event on the next succeeding Business Day as if
it were made on the date payment was due, and no interest will accrue on the amount so payable for the period from and after that Interest Payment Date, Stated Maturity or earlier Redemption Date or Repurchase Price Payment Date, as the case may be,
to such next succeeding Business Day. 
 SECTION 1.3. Relationship with Base Indenture. 

The terms and provisions contained in the Base Indenture will constitute, and are hereby expressly made, a part of this Second
Supplemental Indenture. However, to the extent any provision of the Base Indenture conflicts with the express provisions of this Second Supplemental Indenture, the provisions of this Second 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 Second Supplemental Indenture (except as herein otherwise expressly provided or unless the context of this
Second 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 Second Supplemental Indenture; 
  

 3 

 (2) the words “herein,” “hereof” and “hereunder” and other
words of similar import refer to this Second 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 Second Supplemental Indenture. 

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

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

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

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

“Below Investment Grade Rating Event” means the rating on the Notes is lowered in respect of a Change of Control and the
Notes are rated below Investment Grade by both Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of
a Change of Control (which period shall be extended until the ratings are announced if during such 60 day period the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies);
provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below
Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or
inform the 
  

 4 

 
Company in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable
Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 

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

 

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

  

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

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

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

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

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

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

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

 5 

 “Continuing Blackstone Entity” means any entity that, immediately prior to
and immediately following any relevant date of determination, is directly or indirectly controlled by one or more senior managing directors or other personnel of the Partnership who, as of any date of determination (i) each have devoted
substantially all of his or her business and professional time to the activities of the Credit Parties and/or their Subsidiaries during the 12-month period immediately preceding such date and (ii) directly or indirectly control a majority of
the general partner interests (or other similar interests) in Partnership or any successor entity. 
 “Covenant
Defeasance” has the meaning specified in Section 8.1. 
 “Credit Parties” means the Company and
the Guarantors. 
 “DTC” means The Depository Trust Company, a New York corporation. 

“Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system. 

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

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

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

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Trustee after consultation
with the Company. 
 “Initial Notes” means Notes in an aggregate principal amount of up to $400,000,000
initially issued under this Second Supplemental Indenture in accordance with Section 1.1(2). 
 “Interest Payment
Date” has the meaning specified in Section 1.2(2). 
 “Investment Grade” means a rating of BBB-
or better by Fitch (or its equivalent under any successor rating categories of Fitch) and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) (or, in each case, if such Rating Agency ceases to rate the
Notes of either series for reasons outside of the Company’s control, the equivalent investment grade credit rating from any Rating Agency selected by the Company as a replacement Rating Agency). 

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

 

 6 

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

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

  

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

 “Reference Treasury Dealer” means each of Banc of America Securities LLC, Citigroup Global
Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. Incorporated or their respective affiliates which are primary U.S. Government securities dealers, and their respective successors; provided that if Banc of America
Securities LLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. Incorporated or their respective affiliates shall cease to be a primary U.S. Government securities dealer in The City of New York (a
“Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date,
the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 3:30 p.m.
New York time on the third business day preceding such Redemption Date. 
 “Registrar” means the Security
Registrar for the Notes, which shall initially be The Bank of New York Mellon, or any successor entity thereof, subject to replacement as set forth in the Base Indenture. 

“Regular Record Date” for interest payable in respect of any Note on any Interest Payment Date means the day that is 15
days prior to the relevant Interest Payment Date (whether or not a Business Day). 
 “Repurchase Price” has the
meaning specified in Section 6.2(1). 
 “Repurchase Price Payment Date” has the meaning specified in
Section 6.2(3)(iii). 
 “S&P” means Standard & Poor’s Financial Services LLC, a
subsidiary of The McGraw-Hill Companies, Inc., or any successor thereto. 
  

 7 

 “Second Supplemental Indenture” has the meaning specified in the preamble
hereto. 
 “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the
semiannual equivalent yield to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury
Price for such Redemption Date. 
 “Trustee” has the meaning specified in the preamble hereto. 

ARTICLE III 

Security Forms 

SECTION 3.1. Form Generally. 

(1) The Notes shall be in substantially the form set forth in Section 3.2 of this Article III, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by the Base Indenture and this Second 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 shall be issued in the form of one or more Global Securities in definitive, fully registered
form without interest coupons. Each such Global Security shall be duly executed by the Company, authenticated and delivered by the Trustee and shall be registered in the name of DTC, as Depositary, or its nominee, and deposited with the Trustee, as
custodian for DTC. Beneficial interests in the Global Securities will be shown on, and transfers will only be made through, the records maintained by DTC and its participants, including Clearstream and the Euroclear System. 

SECTION 3.2. Form of Note. 

[FORM OF FACE OF NOTE] 

[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 
  

 8 

 
ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS
PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY OTHER ISSUE DATE IN RESPECT OF A
FURTHER ISSUANCE OF SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR ANY AFFILIATE OF BLACKSTONE HOLDINGS FINANCE CO. L.L.C. WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY
(A) TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR THE BLACKSTONE GROUP L.P., BLACKSTONE HOLDINGS I L.P., BLACKSTONE HOLDINGS II L.P., BLACKSTONE HOLDINGS III L.P. OR BLACKSTONE HOLDING IV L.P. OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A
REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL
“ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT
OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C.’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO
CLAUSES (D), (E) OR 
  

 9 

 
(F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE
RESALE RESTRICTION TERMINATION DATE.] 
 [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY SOLD PURSUANT TO
REGULATION S UNDER THE SECURITIES ACT: 
 THIS SECURITY (INCLUDING THE RELATED GUARANTEES) HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF
ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ISSUE DATE HEREOF OR ANY
OTHER ISSUE DATE IN RESPECT OF A FURTHER ISSUANCE OF SECURITIES OF THE SAME SERIES AND THE LAST DATE ON WHICH BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR ANY AFFILIATE OF BLACKSTONE HOLDINGS FINANCE CO. L.L.C. WAS THE OWNER OF THIS SECURITY (OR ANY
PREDECESSOR OF SUCH SECURITY), ONLY (A) TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C. OR THE BLACKSTONE GROUP L.P., BLACKSTONE HOLDINGS I L.P., BLACKSTONE HOLDINGS II L.P., BLACKSTONE HOLDINGS III L.P. OR BLACKSTONE HOLDING IV L.P. OR ANY
SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM 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 
  

 10 

 
INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF
$250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT, SUBJECT TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C.’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A
U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. 

[THE FOLLOWING ADDITIONAL LEGEND SHALL APPEAR ON THE FACE OF EACH TEMPORARY GLOBAL SECURITY SOLD PURSUANT TO REGULATION S UNDER THE
SECURITIES ACT: 
 THIS SECURITY (INCLUDING THE RELATED GUARANTEES) IS A TEMPORARY GLOBAL SECURITY. PRIOR TO THE EXPIRATION OF
THE RESTRICTED PERIOD APPLICABLE HERETO, BENEFICIAL INTERESTS HEREIN MAY NOT BE HELD BY ANY PERSON OTHER THAN (1) A NON-U.S. PERSON OR (2) A U.S. PERSON THAT PURCHASED SUCH INTEREST IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). BENEFICIAL INTERESTS HEREIN ARE NOT EXCHANGEABLE FOR PHYSICAL SECURITIES OTHER THAN A PERMANENT GLOBAL SECURITY IN ACCORDANCE WITH THE TERMS OF THE INDENTURE. TERMS IN THIS LEGEND
ARE USED AS USED IN REGULATION S UNDER THE SECURITIES ACT.] 
 [THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL
SECURITY: 
 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.]. 
  

 11 

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

5.875% SENIOR NOTE DUE 2021 
  

			
	No. ____________	  	Principal Amount (US)$____________

 CUSIP NO.
______________ 
 Blackstone Holdings Finance Co. L.L.C., a limited liability company duly organized and existing under
the laws of the State of Delaware (herein called the “Company”, which term includes any successor Person under the Second 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
March 15, 2021 and to pay interest thereon, from September 20, 2010, 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
March 15 and September 15 of each year, commencing March 15, 2011, at the per annum rate of 5.875%, or as such rate may be adjusted pursuant to the terms hereof, per annum (the “Note Interest Rate”), until the
principal hereof is paid or made available for payment. 
 The interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date will, as provided in the Second Supplemental Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Regular Record Date for such interest, which shall be the day that is 15
days prior to the relevant Interest Payment Date (whether or not a Business Day). Except as otherwise provided in the Second 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 

 

 12 

 
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 Second 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. 

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

 

					
		 	BLACKSTONE HOLDINGS FINANCE CO. L.L.C.
			
		 	By:	  	 Blackstone Holdings I L.P.,

its sole member

			
		 	By:	  	 Blackstone Holdings I/II GP Inc.,

its general partner

			
		 	By:	  	
		 		  	 
		 		  	Name:
		 		  	Title:

  

 13 

 Attest: 
  

					
	BLACKSTONE HOLDINGS FINANCE CO. L.L.C.	  	
			
	By:	  	 Blackstone Holdings I L.P.,

its sole member
	  	
			
	By:	  	 Blackstone Holdings I/II GP Inc.,

its general partner
	  	
			
	By:	  		  	
		  	 	  	
		  	Name:	  	
		  	Title:	  	

 CERTIFICATE OF AUTHENTICATION 

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

Dated: September 20, 2010 
  

					
	 THE BANK OF NEW YORK MELLON,

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 “5.875% Senior Notes
due 2021” (herein called the “Notes”), issued under a Second Supplemental Indenture, dated as of September 20, 2010 (the “Second Supplemental Indenture”), to an indenture, dated as of August 20, 2009
(as it may be amended or supplemented from time to time in accordance with the terms thereof, the “Base Indenture” and herein with the Second Supplemental Indenture, collectively, the “Indenture”), among the
Company, the Guarantors and The Bank of New York Mellon, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities 
  

 14 

 
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 Second 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. At any time prior to Stated Maturity, the Company may at its option redeem all or a part of the Notes upon
not more than 60 nor less than 30 days prior notice, at a redemption price in cash equal to the greater of (i) 100% of the principal amount of any Notes being redeemed and (ii) the sum of the present values of the remaining scheduled
payments of principal of and interest on the Notes to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Rate plus 50 basis points, plus in each case accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

3. Change of Control Repurchase Event. In the event of a Change of Control Repurchase Event, unless the Company has exercised its
option to redeem the Notes, the Company will make an offer to each Holder of Notes to repurchase all or any part of that Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes, plus any accrued
and unpaid interest, if any, pursuant to the provisions of Section 6.3 of the Second 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 a continuing Event of Default, specifying an Event of Default, as required under the

  

 15 

 
Indenture; (ii) the Holders of not less than 25% in aggregate principal amount of the Outstanding Notes shall have made written request to the Trustee to institute proceedings in respect of
such Event of Default in its own name as Trustee under the Indenture; (iii) such Holder or Holders have offered to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with
such request; (iv) the Trustee has failed to institute any such proceeding for 60 days after its receipt of such notice, request and offer of indemnity; and (v) no direction inconsistent with such written request has been given to the
Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Notes, it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or
by availing of, any provision of the Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under the
Indenture, except in the manner provided in the Indenture and for the equal and ratable benefit of all of such Holders. 
 The
foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal of, and premium, if any, or interest hereon, on or after the respective due dates expressed herein. 

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. 
 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

  

 16 

 
amount, upon surrender of this Note at such office or agency. Upon such surrender by the Holder, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Notes of any authorized denominations and of like tenor and principal amount. Every Note presented or surrendered for registration of transfer or for exchange shall be duly endorsed (if so
required by the Company or the Trustee), or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or such Holder’s attorney duly authorized in
writing. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.

 Prior to due presentment of this Note for registration of transfer, the Company, the Guarantors, the Trustee and any agent of
the Company, a Guarantor or the Trustee may treat the Person in whose name such Note is registered as the owner thereof for all purposes, whether or not such Note be overdue, and neither the Company, the Guarantors, the Trustee nor any agent of the
Company, a Guarantor or the Trustee shall be affected by notice to the contrary. 
 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 LAWS OF THE STATE OF NEW YORK. 

ABBREVIATIONS 

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

	
	 TEN COM (= tenant in common)

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

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

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

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

 

 17 

 ARTICLE IV 

Remedies 

SECTION 4.1. Events of Default. 

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

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

SECTION 4.2. Waiver of Past Defaults. 

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

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

Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured,
for every purpose of this Second 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. 

The Notes will be redeemable in whole or in part, at the Company’s option at any time and from time to time, at a Redemption Price
equal to the greater of (i) 100% of the aggregate principal amount of any Notes being redeemed and (ii) the sum of the present values 

 

 18 

 
of the remaining scheduled payments of principal and interest on any Notes being redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual
basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, plus in each case accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

ARTICLE VI 

Particular Covenants 

SECTION 6.1. Liens. 

The Credit Parties shall not, and shall not cause or permit any of their respective Subsidiaries to, create, assume, incur or guarantee
any indebtedness for money borrowed that is secured by a pledge, mortgage, lien or other encumbrance (other than Permitted Liens) on any voting stock or profit participating equity interests of their respective Subsidiaries (to the extent of their
ownership of such voting stock or profit participating equity interests) or any entity that succeeds (whether by merger, consolidation, sale of assets or otherwise) to all or any substantial part of the business of any of such Subsidiaries, without
providing that the Notes (together with, if the Credit Parties shall so determine, any other indebtedness of, or guarantee by, the Credit Parties ranking equally with the Notes and existing as of the closing of the offering of the Notes or
thereafter created) will be secured equally and ratably with or prior to all other indebtedness secured by such pledge, mortgage, lien or other encumbrance on the voting stock or profit participating equity interests of any such entities. This
Section 6.1 shall not limit the ability of the Credit Parties or their Subsidiaries to incur indebtedness or other obligations secured by liens on assets other than the voting stock or profit participating equity interests of the Credit Parties
and their respective Subsidiaries. 
 SECTION 6.2. Obligation to Offer to Repurchase Upon a Change of Control Repurchase
Event. 
 (1) If a Change of Control Repurchase Event occurs, unless the Company has exercised its option to redeem the
Notes pursuant to Article V, the Company shall make an offer to each Holder of Notes to repurchase all or any part of that Holder’s Notes (the “Change of Control Offer”) at a repurchase price in cash equal to 101% of the
aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but excluding, the date of purchase (the “Repurchase Price”). 

(2) In connection with any Change of Control related to a Change of Control Repurchase Event and any particular reduction in the rating
on the Notes, the Company shall request from the Rating Agencies each such Rating Agency’s written confirmation that such reduction in the rating on the Notes was the result, in whole or in part, of any event or circumstance comprised of or
arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of any Below Investment Grade Rating Event). The Company shall promptly certify to the
Trustee as to whether or not such confirmation has been received or denied. 
  

 19 

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

The Paying Agent shall promptly mail to each Holder of Notes properly tendered the Repurchase Price for such Notes, and the Trustee shall promptly
authenticate and mail (or cause to be transferred by book-entry) to each Holder of Notes properly tendered a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a
principal amount of $2,000 or any integral multiple of $1,000 in excess thereof. 
  

 20 

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

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

 (1) For so long as Partnership is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the
Company shall provide (or cause its Affiliates to provide) to the Trustee, unless available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system), within 15 days after the Partnership files the same
with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the
Partnership may file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act. The Trustee may conclusively presume, and shall incur no liability in such presumption, that the Partnership has not filed any such
reports, information, documents and other reports with the Commission that are not available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or successor system) unless and until it shall have received written
notice from the Company to the contrary. 
 (2) For so long as any of the Notes remain Outstanding, the Company shall, or shall
cause its Affiliates to, furnish to the Holders of the Notes and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act and, unless available on the Commission’s
Electronic Data Gathering, Analysis and Retrieval System (or successor system), such information for the Partnership (as if such rule applied to it); provided, however, that if any time the Partnership no longer directly or indirectly
controls the Credit Parties or guarantees the Notes, such information shall be provided for either (i) the Credit Parties on a combined and consolidated basis and taken as a whole or (ii) any Person that directly or indirectly controls the
Credit Parties and guarantees the Notes (in each case, as if such rule applied to such Persons). The Company shall, or shall cause its Affiliates to, make the above information and reports available to securities analysts and prospective investors
upon request. 
  

 21 

 ARTICLE VII 

Supplemental Indentures 

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

For the purposes of the Base Indenture and this Second Supplemental Indenture, no amendment to cure any ambiguity, defect or
inconsistency in this Second Supplemental Indenture, the Base Indenture or the Notes made solely to conform this Second Supplemental Indenture, the Base Indenture or the Notes to the Description of the Notes contained in the Company’s offering
memorandum dated September 15, 2010, to the extent that such provision in the Description of the Notes was intended to be a verbatim recitation of a provision of this Second Supplemental Indenture, the Base Indenture or the Notes, shall be
deemed to adversely affect the interests of the Holders of any Notes. 
 SECTION 7.2. Supplemental Indentures with Consent of
Holders of Notes. 
 Section 902 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes,
any reference to Section 902 in the Base Indenture shall instead be deemed to refer to this Section 7.2. 
 With the
consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Notes affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange for the Notes), by Act of
said Holders delivered to the Company, the Guarantors and the Trustee, the Company, the Guarantors and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of the Indenture or of modifying in any manner the rights of the Holders of such Notes under the Indenture; provided, however, no such supplemental indenture shall, without the consent of the Holder of
each Outstanding Note affected thereby: 
 (1) change the Stated Maturity of the principal of, or any installment of principal
of or interest on, any Note; 
 (2) reduce the principal amount of any Note which would be due and payable at or upon a
declaration of acceleration of the maturity thereof pursuant to Section 502 and 503 of the Base Indenture, or reduce the rate of or extend the time of payment of interest on any Note; 

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

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

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

 

 22 

 (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 Second 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 Second Supplemental Indenture or certain defaults thereunder and hereunder and their consequences) provided for in the Base Indenture and this Second Supplemental Indenture 

(8) modify any of the provisions of this Section 7.2 or Section 512 or Section 1005 of the Base Indenture, except to
increase any such percentage or to provide that certain other provisions of this Second Supplemental Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; provided, however, that this
clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in Section 902 and Section 1005 of the Base Indenture, or the deletion of this
proviso, in accordance with the requirements of Sections 611 and 901(7) of the Base Indenture; 
 (9) subordinate the Notes or
any Guarantee of a Guarantor in respect thereof to any other obligation of the Company or such Guarantor; 
 (10) modify the
terms of any Guarantee in a manner adverse to the Holders of the Notes; or 
 (11) modify clauses (1) through
(10) above. 
 It shall not be necessary for any Act of Holders under this Section 7.2 to approve the particular form
of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 In
addition, the Holders of at least a majority in aggregate principal amount of the Outstanding Notes may, on behalf of the Holders of all Notes, waive compliance with the Credit Parties’ covenants described under Sections 6.1, 6.2 and 6.3 of
this Second Supplemental Indenture and Article VIII of the Base Indenture. 
 ARTICLE VIII 

Defeasance 

SECTION 8.1. Covenant Defeasance. 

Section 1303 of the Base Indenture shall not apply to the Notes, and, with respect to the Notes, any reference to Section 1303
in the Base Indenture shall instead be deemed to refer to this Section 8.1. 
  

 23 

 Upon the Company’s exercise of its option, if any, to have Section 1303 of the
Base Indenture applied to the Notes, or if Section 1303 of the Base Indenture 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
Articles VI of this Second Supplemental Indenture and Section 301(18), Section 801, Section 901(1) or Section 901(12) and Article XIV of the Base Indenture for the benefit of the Holders of such Notes and (2) the occurrence
of any event specified in Section 501(4) and Section 501(8) of the Base Indenture shall be deemed not to be or result in an Event of Default, in each case with respect to such Notes and the related Guarantees as provided in
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 Second
Supplemental Indenture and such Notes and Guarantees shall be unaffected thereby. 
 ARTICLE IX 

Miscellaneous 

SECTION 9.1. Execution as Supplemental Indenture. 

This Second Supplemental Indenture is executed and shall be construed as an indenture supplemental to the Base Indenture and, as provided
in the Base Indenture, this Second Supplemental Indenture forms a part thereof. 
 SECTION 9.2. Not Responsible for Recitals
or Issuance of Notes. 
 The recitals contained herein and in the Notes, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company and the Guarantors, as the case may be, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this
Second 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 Second 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 Second 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 Second Supplemental Indenture shall bind its successors and assigns, whether so expressed or not. 

 

 24 

 SECTION 9.5. Execution and Counterparts. 

This Second Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, and all such counterparts shall together constitute but one and the same instrument. 
 SECTION 9.6. Governing
Law. 
 This Second Supplemental Indenture shall be governed by, and construed in accordance with, the law of the State of
New York. 
 [Signature page to follow.] 
  

 25 

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

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

		 	Name:	 	Robert L. Friedman
		 	Title:	 	Authorized Person

  

					
	Blackstone Holdings I L.P.
		
	By:	 	Blackstone Holdings I/II GP Inc., its general partner
		
	By: 	 	 /s/ Robert L. Friedman

		 	Name:	 	Robert L. Friedman
		 	Title:	 	Authorized Person

  

					
	Blackstone Holdings II L.P.
		
	By:	 	Blackstone Holdings I/II GP Inc., its general partner
		
	By: 	 	 /s/ Robert L. Friedman

		 	Name:	 	Robert L. Friedman
		 	Title:	 	Authorized Person

  

 [Signature Page to Second Supplemental Indenture] 

					
	 Blackstone Holdings III L.P.

		
	By:	 	Blackstone Holdings III GP L.P. , its general partner
		
	By:	 	Blackstone Holdings III GP Management L.L.C., its general partner
		
	By:	 	The Blackstone Group L.P., its sole member
		
	By:	 	Blackstone Group Management L.L.C., its general partner
		
	By: 	 	 /s/ Robert L. Friedman

		 	Name:	 	Robert L. Friedman
		 	Title:	 	Authorized Person

  

					
	Blackstone Holdings IV L.P.
		
	By:	 	Blackstone Holdings IV GP L.P., its general partner
		
	By:	 	Blackstone Holdings IV GP Management (Delaware) L.P., its general partner
		
	By:	 	Blackstone Holdings IV GP Management L.L.C., its general partner
		
	By:	 	The Blackstone Group L.P., its sole member
		
	By:	 	Blackstone Group Management L.L.C., its general partner
		
	By: 	 	 /s/ Robert L. Friedman

		 	Name:	 	Robert L. Friedman
		 	Title:	 	Authorized Person

  

 [Signature Page to Second Supplemental Indenture] 

					
	The Blackstone Group L.P.
		
	By:	 	Blackstone Group Management L.L.C., its general partner
		
	By: 	 	 /s/ Robert L. Friedman

		 	Name:	 	Robert L. Friedman
		 	Title:	 	Authorized Person

  

 [Signature Page to Second Supplemental Indenture] 

					
	The Bank of New York Mellon, as Trustee
		
	 By:
	 	 /s/ Thomas J. Provenzano

		 	Name:	 	Thomas J. Provenzano
		 	Title:	 	Vice President

  

 [Signature Page to Second Supplemental Indenture]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00178-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00178-of-00352.parquet"}]]