Document:

EXHIBIT 4.1

 

Execution Version

 

REGISTRATION RIGHTS AGREEMENT

 

by
and among

 

Griffon Corporation,

 

and The Guarantors party hereto

and

 

Deutsche Bank Securities Inc.,

as the Representative of the several Initial Purchasers

 

Dated as of October 2, 2017

    	 

    	

    

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement (this
“Agreement”) is made and entered into as of October 2, 2017, by and among Griffon Corporation, a Delaware corporation
(the “Company”), the Guarantors named on Schedule 1 hereto (the “Griffon Guarantors”) and Deutsche Bank
Securities Inc., as the representative (the “Representative”) of the several initial purchasers (collectively, the
“Initial Purchasers”) listed on Schedule 1 to the Purchase Agreement (as defined below), which Initial Purchasers have
agreed to purchase $275,000,000 aggregate principal amount of the Company’s 5.25% Senior Notes due 2022 (the “New Notes”)
pursuant to the Purchase Agreement (as defined below). The Company previously issued and sold $725,000,000 aggregate principal
amount of its 5.25% Senior Notes due 2022 (the “Original Notes”) under the Indenture (as defined below). The New Notes
constitute an issuance of Additional Notes (as defined in the Indenture) under the Indenture.

 

This Agreement is made pursuant to the Purchase
Agreement, dated as of September 27, 2017 (the “Purchase Agreement”), among the Company, the Griffon Guarantors and
the Representative on behalf of itself and the Initial Purchasers (i) for the benefit of the Initial Purchasers and (ii) for the
benefit of the holders from time to time of the Registrable Securities, including the Initial Purchasers. The Original Notes are
guaranteed (the “Original Guarantees” and, together with the Original Notes, the “Original Securities”)
on a senior basis by the Griffon Guarantors. On the date hereof, the New Notes will be guaranteed (the “Guarantees”
and, together with the New Notes, the “New Securities”) on a senior basis by the Griffon Guarantors. Upon consummation
of the Acquisition (as defined in the Purchase Agreement), ClosetMaid LLC, a Delaware limited liability company (the “ClosetMaid
Guarantor” and, together with the Griffon Guarantors, the “Guarantors”) shall enter into a joinder agreement
substantially in the form of Exhibit A (the “Registration Rights Joinder”) hereto under which the ClosetMaid Guarantor
shall become party to this Agreement. Prior to the execution and delivery of the Registration Rights Joinder, the term “Guarantors”
shall mean the Griffon Guarantors and upon execution and delivery of the Registration Rights Joinder, the term “Guarantors”
shall mean, collectively, the Griffon Guarantors and the ClosetMaid Guarantor. Prior to the execution and delivery of the execution
and delivery of the Registration Rights Joinder, the term “Guarantees” shall mean the guarantees of the New Notes by
the Griffon Guarantors and upon due execution and delivery of the Registration Rights Joinder, the term “Guarantees”
shall mean, collectively, the guarantee of the New Notes by the Griffon Guarantors and the ClosetMaid Guarantor. In order to induce
the Initial Purchasers to purchase the New Notes, the Company has agreed to provide the registration rights set forth in this Agreement.
The execution and delivery of this Agreement is a condition to the obligations of the Initial Purchasers as set forth in Section
7(h) of the Purchase Agreement. The parties hereby agree as follows:

 

Section
1. Definitions. As used in this Agreement, the
following capitalized terms shall have the following meanings:

 

Additional Interest: As defined in
Section 5 hereof.

 

Advice: As defined in the last paragraph
of Section 7 hereof.

 

Agreement: As defined in the preamble
hereto.

 

Broker-Dealer: Any broker or dealer
registered under the Exchange Act.

 

Business Day: Any day other than
a Saturday, Sunday or U.S. federal holiday or a day on which banking institutions or trust companies located in New York, New York
are authorized or obligated to be closed.

    	 

    	

    

ClosetMaid Guarantor: As defined
in the preamble hereto.

 

Commission: The U.S. Securities and
Exchange Commission.

 

Company: As defined in the preamble
hereto.

 

Consummate: A registered Exchange
Offer shall be deemed “Consummated” for purposes of this Agreement upon the occurrence of (i) the filing with the Commission
of the Exchange Offer Registration Statement relating to the Exchange Securities to be issued in the Exchange Offer and its becoming
or being declared effective under the Securities Act, (ii) the maintenance of the continuous effectiveness of such Registration
Statement, and the keeping of the Exchange Offer open, for a period not less than the minimum period required pursuant to Section
3(b) hereof, and (iii) the delivery by the Company to the Registrar under the Indenture of Exchange Securities in the same aggregate
principal amount as the aggregate principal amount of New Securities that were tendered by Holders thereof pursuant to the Exchange
Offer.

 

Exchange Act: The Securities Exchange
Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

Exchange Offer: The registration
by the Company under the Securities Act of the Exchange Securities pursuant to a Registration Statement pursuant to which the Company
offers the Holders of all outstanding Registrable Securities the opportunity to exchange all such outstanding Registrable Securities
held by such Holders for Exchange Securities in an aggregate principal amount equal to the aggregate principal amount of the Registrable
Securities tendered in such exchange offer by such Holders.

 

Exchange Offer Registration Statement:
The Registration Statement relating to the Exchange Offer, including the related Prospectus.

 

Exchange Notes: The 5.25% Senior
Notes due 2022 of the same series under the Indenture as the New Notes, to be issued to Holders in exchange for Registrable Securities
pursuant to this Agreement.

 

Exchange Securities: The Exchange
Notes and the related Guarantees, if any, attached thereto.

 

Existing Exchange Notes: The 5.25%
Senior Notes due 2022 of the same series under the Indenture as the Original Securities that were issued to Holders of Original
Securities in an exchange offer pursuant to the Existing Registration Rights Agreement.

 

Existing Exchange Securities: The
Existing Exchange Notes and the related Guarantees, if any, attached thereto.

 

Existing Registration Rights Agreement:
The Registration Rights Agreement, dated as of February 27, 2014, by and among the Company and Deutsche Bank Securities, Inc. as
representative of the several initial purchasers of the Original Securities.

 

FINRA: Financial Industry Regulatory
Authority, Inc.

 

Griffon Guarantors: As defined in
the preamble hereto.

 

Guarantees: As defined in the preamble
hereto.

 

Guarantors: As defined in the preamble
hereto.

    	 

    	

    

Holder: As defined in Section 2(b)
hereof.

 

Indemnified Holder: As defined in
Section 9(a) hereof.

 

Indenture: The Indenture, dated as
of February 27, 2014, by and among the Company, the Guarantors party thereto and Wells Fargo Bank, National Association, as trustee
(the “Trustee”), pursuant to which the Original Securities were issued and the New Securities are to be issued, as
such Indenture may be amended or supplemented from time to time in accordance with the terms thereof.

 

Initial Placement: The issuance and
sale by the Company of the New Securities to the Initial Purchasers pursuant to the Purchase Agreement.

 

Initial Purchasers: As defined in
the preamble hereto.

 

Interest Payment Date: As defined
in the Indenture and the New Notes.

 

Issue Date: The date of this Agreement,
October 2, 2017.

 

New Notes: As defined in the preamble
hereto.

 

New Securities: As defined in the
preamble hereto.

 

Original Guarantees: As defined in
the preamble hereto.

 

Original Notes: As defined in the
preamble hereto.

 

Original Securities: As defined in
the preamble hereto.

 

Person: Any individual, corporation,
limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization, government
or any agency or political subdivision thereof or any other entity.

 

Prospectus: The prospectus included
in a Registration Statement, as amended or supplemented by any prospectus supplement and by all other amendments thereto, including
post-effective amendments, and all material incorporated by reference into such Prospectus.

 

Purchase Agreement: As defined in
the preamble hereto.

 

Registrable Securities: Each Security,
until the earliest to occur of (a) the date on which such Security is exchanged in the Exchange Offer for an Exchange Security
entitled to be resold to the public by the Holder thereof without complying with the prospectus delivery requirements of the Securities
Act, (b) the date on which such Security has been effectively registered under the Securities Act and disposed of in accordance
with a Shelf Registration Statement, (c) the date on which such Security is distributed by a Broker-Dealer pursuant to the “Plan
of Distribution” contemplated by the Exchange Offer Registration Statement (including delivery of the Prospectus contained
therein), (d) the date on which such Security does not bear a restricted CUSIP number and is sold pursuant to Rule 144
under the Securities Act under circumstances in which any legend borne by such New Security relating to restrictions on transferability
thereof, under the Securities Act or otherwise, is removed by the Company or pursuant to the Indenture and (e) the date on which
such New Security ceases to be outstanding.

 

Registration Default: As defined
in Section 5 hereof.

    	 

    	

    

Registration Rights Joinder: As defined
in the preamble hereto.

 

Registration Statement: Any registration
statement of the Company relating to (a) an offering of Exchange Securities pursuant to an Exchange Offer or (b) the registration
for resale of Registrable Securities pursuant to the Shelf Registration Statement, which is filed pursuant to the provisions of
this Agreement, in each case, including the Prospectus included therein, all amendments and supplements thereto (including post-effective
amendments) and all exhibits and material incorporated by reference therein.

 

Representative: As defined
in the preamble thereto.

 

Securities: The New Securities and
the Exchange Securities.

 

Securities Act: The Securities Act
of 1933, as amended, and the rules and regulations promulgated thereunder.

 

Shelf Filing Deadline: As defined
in Section 4(a)(x) hereof.

 

Shelf Registration Statement: As
defined in Section 4(a)(x) hereof.

 

Suspension Period: As defined in
the final paragraph of Section 7 hereof.

 

Trust Indenture Act: The Trust Indenture
Act of 1939, as amended, and the rules and regulations promulgated thereunder.

 

Underwritten Registration or Underwritten
Offering: A registration in which securities of the Company are sold to an underwriter for reoffering to the public.

 

Section
2. Securities Subject to this Agreement.

 

(a) Registrable Securities. The securities entitled to the benefits of this Agreement are the Registrable Securities.

 

(b) Holders
of Registrable Securities. A Person is deemed to be a holder of Registrable Securities (each, a
“Holder”) whenever such Person owns Registrable Securities.

 

Section
3. Registered Exchange Offer.

 

(a) Unless
the Exchange Offer shall not be permissible under applicable law or Commission policy (after the procedures set forth in
Section 7(a)(i) hereof have been complied with), the Company and the Guarantors shall (i) cause to be filed with the
Commission within 180 days after the Issue Date (or if such 180th day is not a Business Day, the next succeeding Business
Day) the Exchange Offer Registration Statement, (ii) use their commercially reasonable efforts to cause such Registration
Statement to become or be declared effective at the earliest possible time, but in no event later than 270 days after the
Issue Date (or if such 270th day is not a Business Day, the next succeeding Business Day), (iii) in connection with the
foregoing, (A) file all pre-effective amendments to such Registration Statement as may be necessary in order to cause such
Registration Statement to become or be declared effective, (B) if applicable, file a post-effective amendment to such
Registration Statement pursuant to Rule 430A under the Securities Act and (C) cause all necessary filings in connection with
the registration and qualification of the Exchange Securities to be made under the state securities or blue sky laws of such
jurisdictions as are necessary to permit Consummation of the Exchange Offer and (iv) upon the Registration Statement becoming
or being declared effective, commence the Exchange Offer. The Exchange Offer Registration

    	 

    	

    

Statement shall be on the appropriate form permitting registration
of the Exchange Securities to be offered in exchange for the Registrable Securities and to permit resales of Securities held by
Broker-Dealers as contemplated by Section 3(c) hereof. The Company shall use its commercially reasonable efforts to cause all Exchange
Securities to have the same CUSIP number.

 

(b) The
Company and the Guarantors shall use their commercially reasonable efforts to cause the Exchange Offer Registration Statement
to be effective continuously and shall keep the Exchange Offer open for a period of not less than the minimum period required
under applicable federal and state securities laws to Consummate the Exchange Offer; provided, however, that in no
event shall such period be less than 20 Business Days after the commencement of the Exchange Offer. The Company and the
Guarantors shall cause the Exchange Offer to comply with all applicable federal and state securities laws. No securities
other than the Exchange Securities shall be included in the Exchange Offer Registration Statement. The Company shall use its
commercially reasonable efforts to cause the Exchange Offer to be Consummated on the earliest practicable date after the
Exchange Offer Registration Statement has become or been declared effective, but in no event later than 330 days after the
Issue Date (or if such 330th day is not a Business Day, the next succeeding Business Day).

 

(c) The
Company and the Guarantors shall indicate in a “Plan of Distribution” section contained in the Prospectus forming
a part of the Exchange Offer Registration Statement that any Broker-Dealer who holds New Securities that are
Registrable Securities and that were acquired for its own account as a result of market-making activities or other trading
activities (other than Registrable Securities acquired directly from the Company) may exchange such New Securities pursuant
to the Exchange Offer; however, such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the
Securities Act and must, therefore, deliver a prospectus meeting the requirements of the Securities Act in connection with
any resales of the Exchange Securities received by such Broker-Dealer in the Exchange Offer, which prospectus delivery
requirement may be satisfied by the delivery by such Broker-Dealer of the Prospectus contained in the Exchange Offer
Registration Statement. Such “Plan of Distribution” section shall also contain all other information with respect
to such resales by Broker-Dealers that the Commission may require in order to permit such resales pursuant thereto, but such
“Plan of Distribution” shall not name any such Broker-Dealer or disclose the amount of New Securities held by any
such Broker-Dealer except to the extent required by the Commission.

 

The Company and the Guarantors shall use
their commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective, supplemented and
amended as required by the provisions of Section 7(c) hereof to the extent necessary to ensure that it is available for resales
of New Securities acquired by Broker-Dealers for their own accounts as a result of market-making activities or other trading activities,
and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations
of the Commission as announced from time to time, for a period ending on the earlier of (i) 180 days from the date on which the
Exchange Offer Registration Statement becomes or is declared effective and (ii) the date on which a Broker-Dealer is no longer
required to deliver a prospectus in connection with market-making or other trading activities.

 

The Company and the Guarantors shall provide
sufficient copies of the latest version of such Prospectus to Broker-Dealers promptly upon request at any time during such 180-day
(or shorter as provided in the foregoing paragraph) period in order to facilitate such resales.

 

Section
4. Shelf Registration.

 

(a) Shelf
Registration. If (i) the Company and the Guarantors are not required to file an Exchange Offer Registration Statement or
to consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy (after
the procedures set forth in Section 7(a)(i)

    	 

    	

    

hereof have been complied with), (ii) for any reason the Exchange
Offer is not Consummated within 330 days after the Issue Date (or if such 330th day is not a Business Day, the next succeeding
Business Day), or (iii) with respect to any Holder of Registrable Securities (A) such Holder is prohibited by applicable law or
Commission policy from participating in the Exchange Offer, (B) such Holder may not resell the Exchange Securities acquired by
it in the Exchange Offer to the public without delivering a prospectus and the Prospectus contained in the Exchange Offer Registration
Statement is not appropriate or available for such resales by such Holder or (C) such Holder is a Broker-Dealer and holds New Securities
acquired directly from the Company or one of its affiliates, then, upon such Holder’s request, the Company shall:

 

(x)cause to be filed a shelf
registration statement pursuant to Rule 415 under the Securities Act, which may be an amendment to the Exchange Offer Registration
Statement (in either event, the “Shelf Registration Statement”), as soon as practicable, but in no event later than
the earliest to occur of (1) the 60th day after the date on which the Company determines that it is not required to file the Exchange
Offer Registration Statement, (2) the 60th day after the date on which the Company receives notice from a Holder of Registrable
Securities as contemplated by clause (iii) above and (3) the 330th day after the Issue Date (or if such 330th day is not a Business
Day, the next succeeding Business Day) (such earliest date being the “Shelf Filing Deadline”), which Shelf Registration
Statement shall provide for resales of all Registrable Securities the Holders of which shall have provided the information required
pursuant to Section 4(b) hereof; and

 

(y)use its commercially reasonable
efforts to cause such Shelf Registration Statement to become or be declared effective by the Commission at the earliest possible
time, but in no event later that the 120th day after the Shelf Filing Deadline (or if such 120th day is not a Business Day, the
next succeeding Business Day).

 

The Company and the Guarantors shall use
their commercially reasonable efforts to keep such Shelf Registration Statement continuously effective, supplemented and amended
as required by the provisions of Sections 7(b) and (c) hereof to the extent necessary to ensure that it is available for resales
of Registrable Securities entitled to the benefit of this Section 4(a), and to ensure that it conforms with the requirements of
this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, for
a period of at least one year following the effective date of such Shelf Registration Statement (or shorter period that will terminate
when all the Securities covered by such Shelf Registration Statement have been sold pursuant to such Shelf Registration Statement
or are otherwise no longer Registrable Securities).

 

Notwithstanding the foregoing, the Company
may suspend the offering and sale under the Shelf Registration Statement (the “Suspension Period”) for a period
or periods if (i) the board of directors reasonably determines that the continued use of such Shelf Registration Statement would
(A) require the Company to make a public disclosure of material non-public information, which disclosure in the good faith judgment
of the board of directors of the Company (1) would be required to be made in such Shelf Registration Statement so that such Shelf
Registration Statement would not be materially misleading and (2) would not be required to be made at such time but for the continued
use of such Shelf Registration Statement or (B) would in the good faith and judgment of the board of directors of the Company be
expected to have a material adverse effect on the Company or its business or on the Company’s ability to effect a planned
or proposed acquisition, disposition, financing, reorganization, recapitalization or similar transaction and (ii) the Company notifies
the underwriters, if any, and the Holders of Registrable Securities within five days after the board of directors makes the relevant
determination set forth in clause (i); provided that the period or periods of suspension under clause (i) above shall not
exceed, in the aggregate, 60 days in any twelve-month period during which the Shelf Registration Statement is required to be effective.

    	 

    	

    

(b)
 Provision by Holders of Certain Information in Connection with the Shelf Registration Statement. No Holder of Registrable
Securities may include any of its Registrable Securities in any Shelf Registration Statement pursuant to this Agreement unless
and until such Holder furnishes to the Company in writing, within 10 Business Days after receipt of a request therefor, such information
as the Company may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or preliminary
Prospectus included therein or amendment or supplement thereto. Each Holder as to which any Shelf Registration Statement is being
effected agrees to furnish promptly to the Company all information required to be disclosed in order to make the information previously
furnished to the Company by such Holder not materially misleading.

 

Section
5.
Additional Interest. If (i) unless the Exchange Offer shall not be permissible under applicable law or Commission
policy, the Exchange Offer Registration Statement has not become or been declared effective by the Commission on or prior to the
270th day after the Issue Date (or if such 270th day is not a Business Day, the next succeeding Business Day), (ii) in the
event the Company is required to file a Shelf Registration Statement pursuant to Section 4(a) hereof, (A) the Shelf Registration
Statement is not filed by the Shelf Filing Deadline or (B) the Shelf Registration Statement has not become or been declared effective
by the Commission on or prior to the 120th day after the Shelf Filing Deadline (or if such 120th day is not a Business Day, the
next succeeding Business Day), (iii) unless the Exchange Offer shall not be permissible under applicable law or Commission policy,
the Exchange Offer has not been Consummated within 330 days after the Issue Date or (iv) any Registration Statement required by
this Agreement is filed and declared effective but shall thereafter cease to be effective or fail to be usable for its intended
purpose without being immediately succeeded by a post-effective amendment to such Registration Statement that cures such failure
and that is itself immediately declared effective (each such event referred to in clauses (i) through (iv), a “Registration
Default”), the Company and the Guarantors hereby agree that the interest rate borne by the Registrable Securities shall be
increased by 0.25% per annum during the 90-day period immediately following the occurrence of any Registration Default and shall
increase by 0.25% per annum at the end of each subsequent 90-day period (such increases, “Additional Interest”), but
in no event shall such increase exceed 1.00% per annum. Any amounts of Additional Interest due pursuant to this Section 5 will
be paid in cash on the relevant Interest Payment Date to Holders of record on the relevant regular record dates. Following the
cure of all Registration Defaults relating to any particular Registrable Securities, the interest rate borne by the relevant Registrable
Securities will be reduced to the original interest rate borne by such Registrable Securities; provided, however,
that, if after any such reduction in interest rate, a different Registration Default occurs, the interest rate borne by the relevant
Registrable Securities shall again be increased pursuant to the foregoing provisions.

 

All obligations of the Company and the Guarantors
set forth in the preceding paragraph that are outstanding with respect to any Registrable Security at the time such security ceases
to be a Registrable Security shall survive until such time as all such obligations with respect to such security shall have been
satisfied in full.

 

Notwithstanding the foregoing, (i) the amount
of Additional Interest payable shall not increase because more than one Registration Default has occurred and is pending at any
given time and (ii) a Holder of Registrable Securities that has not provided the information required pursuant to Section 4(b)
hereof within the time period set forth therein shall not be entitled to Additional Interest with respect to a Registration Default
that pertains to the relevant Shelf Registration Statement.

 

Section
6. Reserved.

    	 

    	

    

SECTION 7. Registration Procedures.

 

(a)  
Exchange Offer Registration Statement. In connection with the Exchange Offer, the Company and the Guarantors shall
comply with all of the applicable provisions of Section 7(c) hereof, shall use their commercially reasonable efforts to effect
such exchange to permit the sale of Registrable Securities being sold in accordance with the intended method or methods of distribution
thereof, and shall comply with all of the following provisions:

 

                                     
(i)
If in the reasonable opinion of counsel to the Company there is a question as to whether the Exchange Offer is permitted
by applicable law, the Company and the Guarantors hereby agree to seek a no-action letter or other favorable decision from the
Commission allowing the Company and the Guarantors to Consummate an Exchange Offer for such New Securities. The Company and the
Guarantors hereby agree to pursue the issuance of such a decision to the Commission staff level but shall not be required to take
commercially unreasonable action to effect a change of Commission policy. The Company and the Guarantors hereby agree, however,
to (A) participate in telephonic conferences with the Commission, (B) deliver to the Commission staff an analysis prepared by counsel
to the Company setting forth the legal bases, if any, upon which such counsel has concluded that such an Exchange Offer should
be permitted and (C) diligently pursue a favorable resolution by the Commission staff of such submission. 

 

                                   
(ii)
As a condition to its participation in the Exchange Offer pursuant to the terms of this Agreement, each Holder of Registrable
Securities shall furnish, upon the request of the Company, prior to the Consummation thereof, a written representation to the Company
(which may be contained in the letter of transmittal contemplated by the Exchange Offer Registration Statement) to the effect that
(A) it is not an affiliate of the Company, (B) it is not engaged in, and does not intend to engage in, and has no arrangement or
understanding with any Person to participate in, a distribution of the Exchange Securities to be issued in the Exchange Offer,
(C) it is acquiring the Exchange Securities in its ordinary course of business, (D) if it is a Broker-Dealer that holds Securities
that were acquired for its own account as a result of market-making activities or other trading activities (other than Securities
acquired directly from the Company or any of its affiliates), it will deliver a prospectus meeting the requirements of the Securities
Act in connection with any resales of the Exchange Securities received by it in the Exchange Offer, and (E) if it is a Broker-Dealer,
that it did not purchase the Securities to be exchanged in the Exchange Offer from the Company or any of its affiliates. In addition,
all such Holders of Registrable Securities shall otherwise cooperate in the Company’s preparations for the Exchange Offer.
Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Exchange Offer to participate in
a distribution of the securities to be acquired in the Exchange Offer (1) could not under Commission policy as in effect on the
date of this Agreement rely on the position of the Commission enunciated in Morgan Stanley and Co., Inc. (available June
5, 1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the Commission’s letter
to Shearman & Sterling dated July 2, 1993, and similar no-action letters (which may include any no-action letter obtained pursuant
to clause (i) above), and (2) must comply with the registration and prospectus delivery requirements of the Securities Act in connection
with a secondary resale transaction and that such a secondary resale transaction should be covered by an effective registration
statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K
if the resales are of Exchange Securities obtained by such Holder in exchange for New Securities acquired by such Holder directly
from the Company.

 

(b)
Shelf Registration Statement. In connection with the Shelf Registration Statement, the Company and the Guarantors
shall comply with all the provisions of Section 7(c) hereof and shall use their commercially reasonable efforts to effect such
registration to permit the sale of the Registrable Secu-

    	 

    	

    

rities being sold in accordance with the intended method or
methods of distribution thereof, and pursuant thereto the Company will as expeditiously as is commercially reasonable prepare and
file with the Commission a Shelf Registration Statement relating to the registration on any appropriate form under the Securities
Act, which form shall be available for the sale of the Registrable Securities in accordance with the intended method or methods
of distribution thereof.

 

(c)  
General Provisions. In connection with any Registration Statement and any Prospectus required by this Agreement to
permit the sale or resale of Registrable Securities (including, without limitation, any Registration Statement and the related
Prospectus required to permit resales of New Securities by Broker-Dealers), the Company and the Guarantors shall:

 

(i)
use their commercially reasonable efforts to keep such Registration Statement continuously effective during the period required
by this Agreement and provide all requisite financial statements;

 

(ii)
upon the occurrence of any event that would cause any such Registration Statement or the Prospectus contained therein (A)
to contain a material misstatement or omission or (B) not to be effective and usable for resale of Registrable Securities during
the period required by this Agreement, the Company shall cause to be filed promptly an appropriate amendment to such Registration
Statement, in the case of clause (A), correcting any such misstatement or omission, and, in the case of either clause (A) or (B),
use their commercially reasonable efforts to cause such amendment to become or be declared effective and such Registration Statement
and the related Prospectus to become usable for their intended purpose(s) as soon as practicable thereafter;

 

(iii)
prepare and file with the Commission such amendments and post-effective amendments to the applicable Registration Statement
as may be necessary to keep the Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof,
as applicable, or such shorter period as will terminate when all Registrable Securities covered by such Registration Statement
have been sold; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed
pursuant to Rule 424 under the Securities Act, and to comply fully with the applicable provisions of Rules 424 and 430A under
the Securities Act in a timely manner; and comply with the provisions of the Securities Act with respect to the disposition of
all securities covered by such Registration Statement during the applicable period in accordance with the intended method or methods
of distribution by the sellers thereof set forth in such Registration Statement or supplement to the Prospectus;

 

(iv)
advise the underwriter(s), if any, and selling Holders promptly and, if requested by such Persons, to confirm such advice
in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect
to any Registration Statement or any post-effective amendment thereto, when the same has become or been declared effective, (B)
of any request by the Commission for amendments to the Registration Statement or amendments or supplements to the Prospectus or
for additional information relating thereto, (C) of the issuance by the Commission of any stop order suspending the effectiveness
of the Registration Statement under the Securities Act or of the suspension by any state securities commission of the qualification
of the Registrable Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding
purposes, (D) of the existence of any fact or the happening of any event that makes any statement of a material fact made in the
Registration Statement, the Prospectus, any amendment or supplement thereto, or any document incorporated by reference therein
untrue, or that requires the making of any additions to or changes in the Registration Statement or the Prospectus in order to
make the statements therein not misleading. If at

    	 

    	

    

any time the Commission shall issue any stop order
suspending the effectiveness of the Registration Statement, or any state securities commission or other regulatory authority shall
issue an order suspending the qualification or exemption from qualification of the Registrable Securities under state securities
or blue sky laws, the Company shall use its commercially reasonable efforts to obtain the withdrawal or lifting of such order at
the earliest possible time;

 

(v)
furnish without charge to each of the Initial Purchasers, each selling Holder named in any Registration Statement that
has requested such copies, if any, and each of the underwriter(s), if any, before filing with the Commission, copies of any Registration
Statement or any Prospectus included therein or any amendments or supplements to any such Registration Statement or Prospectus
(other than any documents that will be incorporated by reference in such Registration Statement or Prospectus), which documents
will be subject to the review and comment of such requesting Holders and underwriter(s) in connection with such sale, if any,
for a period of at least five Business Days, and the Company and the Guarantors will not file any such Registration Statement
or Prospectus or any amendment or supplement to any such Registration Statement or Prospectus to which an Initial Purchaser of
Registrable Securities covered by such Registration Statement or the underwriter(s), if any, shall reasonably object in writing
within five Business Days after the receipt thereof (such objection to be deemed timely made upon confirmation of facsimile transmission
within such period). The objection of an Initial Purchaser or underwriter, if any, shall be deemed to be reasonable if such Registration
Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains a material misstatement or omission;

 

(vi)
make the Company’s representatives reasonably available to the Initial Purchasers for customary due diligence matters;

 

(vii)
make available at reasonable times for inspection by the Initial Purchasers, any Holder, the managing underwriter(s), if
any, participating in any disposition pursuant to such Registration Statement and any attorney or accountant retained by such
Initial Purchasers, Holder or any of the underwriter(s), in each case subject to confidentiality agreements in form and substance
customarily entered into by such Initial Purchasers or underwriters, all financial and other records, pertinent corporate documents
and properties of the Company and cause the Company’s officers, directors and employees to supply all information reasonably
requested by any such Holder, underwriter, attorney or accountant in connection with such Registration Statement or any post-effective
amendment thereto subsequent to the filing thereof and prior to its effectiveness and to participate in meetings with investors
to the extent reasonably requested by the managing underwriter(s), if any;

 

(viii)
if requested by any selling Holders listed as selling securityholders in any Registration Statement or the underwriter(s),
if any, promptly incorporate in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment
if necessary, such information as such selling Holders and underwriter(s), if any, may reasonably request to have included therein,
including, without limitation, information relating to the “Plan of Distribution” of the Registrable Securities, information
with respect to the principal amount of Registrable Securities being sold to such underwriter(s), the purchase price being paid
therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; and make all required
filings of such Prospectus supplement or post-effective amendment as soon as practicable after the Company is notified of the
matters to be incorporated in such Prospectus supplement or post-effective amendment;

    	 

    	

    

(ix)
 cause the Registrable Securities covered by the Registration Statement to be rated with the appropriate rating agencies,
if so requested by the Holders of a majority in aggregate principal amount of Registrable Securities covered thereby or the underwriter(s),
if any;

 

(x)
furnish to each Initial Purchaser, each selling Holder and each of the underwriter(s), if any, without charge, at least
one copy of the Registration Statement, as first filed with the Commission, and of each amendment thereto, including financial
statements and schedules, if requested, all documents incorporated by reference therein and all exhibits (including exhibits incorporated
therein by reference), unless, in each case, publicly available;

 

(xi)
deliver to each selling Holder and each of the underwriter(s), if any, without charge, as many copies of the Prospectus
(including each preliminary prospectus) and any amendment or supplement thereto as such Persons reasonably may request; the Company
and the Guarantors hereby consent to the use of the Prospectus and any amendment or supplement thereto by each of the selling
Holders and each of the underwriter(s), if any, in connection with the offering and the sale of the Registrable Securities covered
by the Prospectus or any amendment or supplement thereto;

 

(xii)
in connection with an underwritten offering pursuant to a Shelf Registration Statement, enter into such agreements (including
an underwriting agreement), and make such representations and warranties, and take all such other commercially reasonable actions
in connection therewith in order to expedite or facilitate the disposition of the Registrable Securities. In furtherance of the
foregoing, the Company and the Guarantors shall:

 

(A)
furnish to each Initial Purchaser, each selling Holder and each underwriter in such substance and scope as they may reasonably
request and as are customarily made by issuers to underwriters in primary underwritten offerings, upon the date of the effectiveness
of the Shelf Registration Statement:

 

(1)
a certificate, dated the effectiveness of the Shelf Registration Statement, signed by (y) the Chief Executive Officer, the
President or any Vice President and (z) a principal financial or accounting officer of the Company, confirming customary matters;

 

(2)
if requested by a majority of selling Holders, an opinion, dated the date of effectiveness of the Shelf Registration Statement,
of counsel for the Company, covering the matters customarily covered in opinions requested in underwritten offerings;

 

(3)
a customary comfort letter, dated the date of effectiveness of the Shelf Registration Statement, from the Company’s
independent accountants, in the customary form and covering matters of the type customarily requested to be covered in comfort
letters by underwriters in connection with primary underwritten offerings;

 

(B)
set forth in full or incorporate by reference in the underwriting agreement, if any, the indemnification provisions and
procedures of Section 9 hereof with respect to all parties to be indemnified pursuant to said Section; and

 

(C)
deliver such other documents and certificates as may be reasonably requested by such parties to evidence compliance with
Section 7(c)(xii)(A) hereof and with

    	 

    	

    

any customary conditions contained in the underwriting
agreement or other agreement entered into by the Company pursuant to this Section 7(c)(xii), if any.

 

If at any time the representations
and warranties of the Company and the Guarantors contemplated in Section 7(c)(xii)(A)(1) hereof cease to be true and correct, the
Company and the Guarantors shall so advise the Initial Purchasers and the underwriter(s), if any, and each selling Holder promptly
and, if requested by such Persons, shall confirm such advice in writing;

 

(xiii)
prior to any public offering of Registrable Securities, cooperate with the selling Holders, the underwriter(s), if any,
and their respective counsel in connection with the registration and qualification of the Registrable Securities under the state
securities or blue sky laws of such jurisdictions as the selling Holders or underwriter(s), if any, may request and do any and
all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities
covered by the Shelf Registration Statement; provided, however, that the Company and the Guarantors shall not be required
to register or qualify as a foreign corporation where it is not then so qualified or to take any action that would subject it
to the service of process in suits or to taxation, other than as to matters and transactions relating to the Registration Statement,
in any jurisdiction where it is not then so subject;

 

(xiv)
in the case of a Shelf Registration Statement, shall issue, upon the request of any Holder of New Securities covered by
the Shelf Registration Statement and only in connection with any valid sale of Securities by such Holder pursuant to such registration
statement (and provided that such Holder delivers such certificates or opinions reasonably requested by the Company in connection
with such sale), Exchange Securities having an aggregate principal amount equal to the aggregate principal amount of New Securities
surrendered to the Company by such Holder in exchange therefor or being sold by such Holder; such Exchange Securities to be registered
in the name of such Holder or in the name of the purchaser(s) of such Exchange Securities, as the case may be; in return, the
New Securities held by such Holder shall be surrendered to the Company for cancellation;

 

(xv)
in the case of a Shelf Registration Statement, and subject to the forms of the Indenture, cooperate with the selling Holders
and the underwriter(s), if any, to facilitate the timely preparation and delivery of certificates or book-entry receipts, as applicable,
representing Registrable Securities to be sold and not bearing any restrictive legends; and enable such Registrable Securities
or such book-entry receipts, as applicable, to be in such denominations and registered in such names as the Holders or the underwriter(s),
if any, may request at least two Business Days prior to any sale of Registrable Securities made by such Holders or underwriter(s);

 

(xvi)
use their commercially reasonable efforts to cause the Registrable Securities covered by the Registration Statement to
be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or
sellers thereof or the underwriter(s), if any, to consummate the disposition of such Registrable Securities, subject to the proviso
contained in Section 7(c)(xiii) hereof;

 

(xvii)
if any fact or event contemplated by Section 7(c)(iv)(D) hereof shall exist or have occurred, prepare a supplement or post-effective
amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other
required document so that, as thereafter delivered to the purchasers of Registrable Securities, the Prospectus will not contain
an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein not
misleading;

    	 

    	

    

(xviii)
 not later than the effective date of the Registration Statement covering such Exchange Securities, provide that the CUSIP
and ISIN numbers for all Exchange Securities shall be the same unrestricted CUSIP and ISIN numbers as borne by the Existing Exchange
Securities and provide the Trustee under the Indenture with printed certificates for such Exchange Securities which are in a form
eligible for deposit with the Depository Trust Company and take all other action necessary to ensure that all such Exchange Securities
are eligible for deposit with the Depository Trust Company;

 

(xix)
cooperate and assist in any filings required to be made with the FINRA and in the performance of any due diligence investigation
by any underwriter (including any “qualified independent underwriter”) that is required to be retained in accordance
with the rules and regulations of the FINRA;

 

(xx)
otherwise use their commercially reasonable efforts to comply with all applicable rules and regulations of the Commission,
and make generally available to its security holders, as soon as practicable, a consolidated earnings statement meeting the requirements
of Rule 158 under the Securities Act (which need not be audited) for the twelve-month period (A) commencing at the end of any
fiscal quarter in which Registrable Securities are sold to underwriters in a firm commitment or commercially reasonable efforts
Underwritten Offering or (B) if not sold to underwriters in such an offering, beginning with the first month of the Company’s
first fiscal quarter commencing after the effective date of the Registration Statement; and

 

(xxi)
cause the Indenture to continue to be qualified under the Trust Indenture Act as of, and not later than the effective date
of the first Registration Statement required by this Agreement, and, in connection therewith, cooperate with the Trustee and the
Holders of Exchange Securities to effect such changes to the Indenture as may be required for such Indenture to remain so qualified
in accordance with the terms of the Trust Indenture Act; and to execute and use their commercially reasonable efforts to cause
the Trustee to execute, all documents that may be required to effect such changes and all other forms and documents required to
be filed with the Commission to enable such Indenture to be so qualified in a timely manner.

 

Each Holder agrees by acquisition of a Registrable
Security that, upon receipt of any notice from the Company of the existence of any fact of the kind described in Section 7(c)(iv)(D)
hereof or any Suspension Period, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to the applicable
Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by
Section 7(c)(xvii) hereof, or until it is advised in writing (the “Advice”) by the Company that the use of the
Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference
in the Prospectus. If so directed by the Company, each Holder will deliver to the Company (at the Company’s expense) all
copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities
that was current at the time of receipt of such notice. In the event the Company shall give any such notice, the time period regarding
the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by the number
of days during the period from and including the date of the giving of such notice pursuant to Section 7(c)(iv)(D) hereof or notice
of any Suspension Period to and including the date when each selling Holder covered by such Registration Statement shall have received
the copies of the supplemented or amended Prospectus contemplated by Section 7(c)(xvii) hereof or shall have received the Advice;
provided, however, that no such extension shall be taken into account in determining whether Additional Interest is due
pursuant to Section 5 hereof or the amount of such Additional Interest, it being agreed that the Company’s option to suspend
use of a Registration Statement pursuant to this paragraph shall be treated as a Registration Default for purposes of Section 5
hereof.

    	 

    	

    

Section
8.  Registration Expenses.

 

(a)  
All expenses incident to the Company’s and the Guarantors’ performance of or compliance with this Agreement
will be borne by the Company and the Guarantors regardless of whether a Registration Statement becomes or is declared effective,
including, without limitation: (i) all registration and filing fees and expenses (including filings made by any Initial Purchaser
or Holder with the FINRA (and, if applicable, the fees and expenses of any “qualified independent underwriter” and
its counsel that may be required by the rules and regulations of the FINRA)); (ii) all fees and expenses of compliance with federal
securities and state securities or blue sky laws; (iii) all expenses of printing (including printing certificates for the Exchange
Securities to be issued in the Exchange Offer and printing of Prospectuses), messenger and delivery services and telephone; (iv)
all fees and disbursements of counsel for the Company and, subject to Section 8(b) hereof, the Holders of Registrable Securities;
(v) application and filing fees in connection with listing the Securities on a securities exchange or automated quotation system
pursuant to the requirements thereof; and (vi) all fees and disbursements of independent certified public accountants of the Company
(including the expenses of any special audit and comfort letters required by or incident to such performance).

 

The Company will, in any event, bear its
internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting
duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Company.

 

(b)
In connection with any Shelf Registration Statement required by this Agreement, the Company and the Guarantors will reimburse
the Initial Purchasers and the Holders of Registrable Securities being registered pursuant to the Shelf Registration Statement
for the reasonable fees and disbursements of not more than one counsel, who shall be Cahill Gordon & Reindel LLP
or such other counsel as may be chosen by the Holders of a majority in principal amount of the Registrable Securities for whose
benefit such Registration Statement is being prepared.

 

Section
9.
Indemnification.

 

(a)  
The Company and the Guarantors agree to indemnify and hold harmless (i) each Holder and (ii) each Person, if any, who controls
(within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) any Holder (any of the Persons referred
to in this clause (ii) being hereinafter referred to as a “controlling person”) and (iii) the respective officers,
directors, partners, employees, representatives and agents of any Holder or any controlling person (any Person referred to in clause
(i), (ii) or (iii) may hereinafter be referred to as an “Indemnified Holder”), to the fullest extent lawful, from and
against any and all losses, claims, damages, liabilities, judgments, actions and expenses (including, without limitation, and as
incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing, settling, compromising, paying or defending
any claim or action, or any investigation or proceeding by any governmental agency or body, commenced or threatened, including
the reasonable and documented fees and expenses of counsel to any Indemnified Holder), joint or several, directly or indirectly
caused by, related to, based upon, arising out of or in connection with any untrue statement or alleged untrue statement of a material
fact contained in any Registration Statement or Prospectus (or any amendment or supplement thereto), or any omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case
of any Prospectus, in the light of the circumstances under which they were made), not misleading, except insofar as such losses,
claims, damages, liabilities or expenses are caused by an untrue statement or omission or alleged untrue statement or omission
that is made in reliance upon and in conformity with information relating to any of the Holders furnished in writing to the Company
by or on behalf of any of the Holders expressly for use therein.

    	 

    	

    

This indemnity agreement shall be in addition to any liability
which the Company or any Guarantor may otherwise have.

 

In case any action or proceeding (including
any governmental or regulatory investigation or proceeding) shall be brought or asserted against any of the Indemnified Holders
with respect to which indemnity may be sought against the Company or any Guarantor, such Indemnified Holder (or the Indemnified
Holder controlled by such controlling person) shall promptly notify the Company in writing; provided, however, that the
failure to give such notice shall not relieve any of the Company or any Guarantor of its obligations pursuant to this Agreement
unless and to the extent the Company or any such Guarantor did not otherwise learn of such action and such failure results
in the forfeiture by the Company or any Guarantor of substantial rights and defenses. Such Indemnified Holder shall have the right
to employ its own counsel in any such action and the reasonable and documented fees and expenses of such counsel shall be paid,
as incurred, by the Company or any Guarantor (regardless of whether it is ultimately determined that an Indemnified Holder is not
entitled to indemnification hereunder). The Company or any Guarantor shall not, in connection with any one such action or proceeding
or separate but substantially similar or related actions or proceedings in the same jurisdiction arising out of the same general
allegations or circumstances, be liable for the reasonable and documented fees and expenses of more than one separate firm of attorneys
(in addition to one local counsel for all indemnified parties taken as a whole in each jurisdiction
reasonably required and, in the event of an actual conflict, one additional counsel in each relevant jurisdiction for the affected
indemnified parties similarly situated taken as a whole) at any time for such Indemnified Holders, which firm shall be designated
by the Holders. The Company or any Guarantor shall be liable for any settlement of any such action or proceeding effected with
the Company’s prior written consent, which consent shall not be unreasonably withheld or delayed, and the Company or any
Guarantor agree to indemnify and hold harmless any Indemnified Holder from and against any loss, claim, damage, liability or expense
by reason of any settlement of any action effected with the written consent of the Company. The Company or any Guarantor shall
not, without the prior written consent of each Indemnified Holder, settle or compromise or consent to the entry of judgment in
or otherwise seek to terminate any pending or threatened action, claim, litigation or proceeding in respect of which indemnification
or contribution may be sought hereunder (whether or not any Indemnified Holder is a party thereto), unless such settlement, compromise,
consent or termination (i) includes a complete and unconditional release of each Indemnified Holder from all liability arising
out of such action, claim, litigation or proceeding and (ii) does not include a statement as to or an admission of fault, culpability
or a failure to act, by or on behalf of any Indemnified Holder.

 

(b)
Each Holder of Registrable Securities agrees, severally and not jointly, to indemnify and hold harmless the Company, the
Guarantors, and its directors and officers who sign a Registration Statement, and any Person controlling (within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act) the Company, the Guarantors, and the officers, directors, partners,
employees, representatives and agents of each such Person, to the same extent as the foregoing indemnity from the Company and the
Guarantors to each of the Indemnified Holders, but only with respect to claims and actions based on information relating to such
Holder furnished in writing by or on behalf of such Holder expressly for use in any Registration Statement. In case any action
or proceeding shall be brought against the Company, the Guarantors, or its directors or officers or any such controlling person
in respect of which indemnity may be sought against a Holder of Registrable Securities, such Holder shall have the rights and duties
given to the Company, and the Company and the Guarantors, their respective directors and officers and such controlling person shall
have the rights and duties given to each Holder by the preceding paragraph. This indemnity agreement shall be in addition to any
liability which Holders may otherwise have.

 

(c)  
Reserved.

    	 

    	

    

(d)
 If the indemnification provided for in this Section 9 is unavailable to an indemnified party under Section 9(a) or (b)
hereof (other than by reason of exceptions provided in those Sections) in respect of any losses, claims, damages, liabilities,
judgments, actions or expenses referred to therein, then each applicable indemnifying party, in lieu of indemnifying such indemnified
party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities,
judgments, actions or expenses in such proportion as is appropriate to reflect the relative benefits received by the Company and
the Guarantors, on the one hand, and the Holders, on the other hand, from the Initial Placement (which in the case of the Company
shall be deemed to be equal to the total gross proceeds to the Company and the Guarantors from the Initial Placement), the amount
of Additional Interest which did not become payable as a result of the filing of the Registration Statement resulting in such losses,
claims, damages, liabilities, judgments, actions or expenses, and such Registration Statement, or if such allocation is not permitted
by applicable law, the relative fault of the Company and the Guarantors, on the one hand, and the Holders, on the other hand, in
connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as
any other relevant equitable considerations. The relative fault of the Company or the Guarantors, on the one hand, and of the Indemnified
Holder, on the other hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement
of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company
and the Guarantors, on the one hand, or the Indemnified Holders, on the other hand, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as
a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the
limitations set forth in the second paragraph of Section 9(a) hereof, any legal or other fees or expenses reasonably incurred by
such party in connection with investigating or defending any action or claim.

 

The Company, the Guarantors, and each Holder
of Registrable Securities agree that it would not be just and equitable if contribution pursuant to this Section 9(d) were determined
by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which
does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable
by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in the immediately preceding
paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred
by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions
of this Section 9, none of the Holders (and its related Indemnified Holders) shall be required to contribute, in the aggregate,
any amount in excess of the amount by which the total discount received by such Holder with respect to the New Securities exceeds
the amount of any damages which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement
or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’
obligations to contribute pursuant to this Section 9(d) are several in proportion to the respective principal amount of New Securities
held by each of the Holders hereunder and not joint.

 

Section
10. Rule
144A. The Company and the Guarantors hereby agree with each Holder, for so long as any Registrable Securities remain outstanding,
to make available to any Holder or beneficial owner of Registrable Securities in connection with any sale thereof and any prospective
purchaser of such Registrable Securities from such Holder or beneficial owner, the information required by Rule 144A(d)(4) under
the Securities Act in order to permit resales of such Registrable Securities pursuant to Rule 144A under the Securities Act, unless
the Company is then subject to Section 13 or 15(d) of the Exchange Act.

    	 

    	

    

Section
11. Participation in Underwritten Registrations. No Holder may participate in any Underwritten Registration hereunder
unless such Holder (a) agrees to sell such Holder’s Registrable Securities on the basis provided in any underwriting arrangements
approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all reasonable questionnaires,
powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the terms of such
underwriting arrangements.

 

Section
12. Selection
of Underwriters. If requested by the Holders of a majority in aggregate principal amount of the Registrable Securities covered
by the Shelf Registration Statement, the Holders of Registrable Securities covered by the Shelf Registration Statement who desire
to do so may sell such Registrable Securities in an Underwritten Offering. In such Underwritten Offering, the investment banker(s)
and managing underwriter(s) that will administer such offering will be selected by the Holders of a majority in aggregate principal
amount of the Registrable Securities included in such offering; provided, however, that such investment banker(s) and managing
underwriter(s) must be reasonably satisfactory to the Company.

 

Section
13. Miscellaneous.

 

(a)  
Remedies. The Company and the Guarantors hereby agree that monetary damages would not be adequate compensation for
any loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agree to waive the defense in any
action for specific performance that a remedy at law would be adequate.

 

(b)
No Inconsistent Agreements. The Company and the Guarantors will not on or after the date of this Agreement enter
into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement
or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with
and are not inconsistent with the rights granted to the holders of the Company’s and the Guarantors’ securities under
any agreement in effect on the date hereof.

 

(c)  
Adjustments Affecting the Securities. The Company and the Guarantors will not take any action, or permit any change
to occur, with respect to the Registrable Securities that would materially and adversely affect the ability of the Holders to Consummate
any Exchange Offer.

 

(d)
Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers
or consents to or departures from the provisions hereof may not be given unless the Company and the Guarantors have (i) in the
case of Section 5 hereof and this Section 13(d)(i), obtained the written consent of Holders of all outstanding Registrable Securities
and (ii) in the case of all other provisions hereof, obtained the written consent of Holders of a majority of the outstanding principal
amount of Registrable Securities (excluding any Registrable Securities held by the Company or its Affiliates). Notwithstanding
the foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose
securities are being tendered pursuant to the Exchange Offer and that does not affect directly or indirectly the rights of other
Holders whose securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the
outstanding principal amount of Registrable Securities being tendered or registered; provided, however, that, with respect
to any matter that directly or indirectly affects the rights of any Initial Purchaser hereunder, the Company shall obtain the written
consent of each such Initial Purchaser with respect to which such amendment, qualification, supplement, waiver, consent or departure
is to be effective.

    	 

    	

    

(e)  
 Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery,
first-class mail (registered or certified, return receipt requested), facsimile, or air courier guaranteeing overnight delivery:

 

(i)
if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar
under the Indenture;

 

(ii)
if to the Company:

 

Griffon Corporation

712 Fifth Avenue, 18th Floor

New York, NY 10019

Facsimile: (212) 957-5096

Attention: General Counsel

With a copy to:

Dechert LLP

1095 Avenue of the Americas

New York, NY 10036

Facsimile: (212) 698-3599

Attention: Martin Nussbaum

 

All such notices and communications shall
be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited
in the mail, postage prepaid, if mailed; when receipt acknowledged, if sent by facsimile; and on the next Business Day, if timely
delivered to an air courier guaranteeing overnight delivery.

 

Copies of all such notices, demands or other
communications shall be concurrently delivered by the Person giving the same to the Trustee at the address specified in the Indenture.

 

(f)  
Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns
of each of the parties, including, without limitation, and without the need for an express assignment, subsequent Holders of Registrable
Securities; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign
of a Holder unless and to the extent such successor or assign acquired Registrable Securities from such Holder.

 

(g)  
Counterparts. This Agreement may be executed in any number of counterparts (including by facsimile or other method
of electronic transmission) and by the parties hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the same agreement.

 

(h)
Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof.

 

(i)   
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW RULES THEREOF.

 

(j)   
Severability. In the event that any one or more of the provisions contained herein, or the application thereof in
any circumstance, is held invalid, illegal or unenforceable, the validity, legality and

    	 

    	

    

enforceability of any such provision in every other respect
and of the remaining provisions contained herein shall not be affected or impaired thereby.

 

(k)
Entire Agreement. This Agreement is intended by the parties as a final expression of their agreement and intended
to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter
contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein
with respect to the registration rights granted by the Company with respect to the Registrable Securities. This Agreement supersedes
all prior agreements and understandings between the parties with respect to such subject matter.

 

(l)   
Third Party Beneficiaries. Each Holder shall be a third party beneficiary to the agreements made hereunder (excluding
those agreements made in Section 6 hereto) between the Company and the Guarantors, on the one hand, and the Initial Purchasers,
on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary
or advisable to protect its rights or the rights of other Holders hereunder.

 

(m) Joinder. The Company agrees
to cause the ClosetMaid Guarantor to execute and deliver to the Initial Purchasers the Registration Rights Joinder on the
Acquisition Date (as defined in the Purchase Agreement), immediately after the consummation of the Acquisition (as defined in
the Purchase Agreement).

 

[Signature Pages Follow]

    	 

    	

    

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date first written above.

 

	 	GRIFFON CORPORATION	 
	 	 	 	 
	 	By:	/s/ Thomas D. Gibbons	 
	 	 	Name: Thomas D. Gibbons	 
	 	 	Title: Vice President and Treasurer	 

 

	 	CLOPAY BUILDING PRODUCTS COMPANY, INC.	 
	 	 	 	 
	 	By:	/s/ Thomas D. Gibbons	 
	 	 	Name: Thomas D. Gibbons	 
	 	 	Title: Vice President and Treasurer	 

 

	 	CLOPAY PLASTIC PRODUCTS COMPANY, INC.	 
	 	 	 	 
	 	By:	/s/ Thomas D. Gibbons	 
	 	 	Name: Thomas D. Gibbons	 
	 	 	Title: Vice President and Treasurer	 

 

	 	TELEPHONICS CORPORATION	 
	 	 	 	 
	 	By:	/s/ Seth L. Kaplan	 
	 	 	Name: Seth L. Kaplan	 
	 	 	Title: Executive Vice President and Assistant Secretary	 

 

	 	THE AMES COMPANIES, INC.	 
	 	 	 	 
	 	By:	/s/ Thomas D. Gibbons	 
	 	 	Name: Thomas D. Gibbons	 
	 	 	Title: Treasurer	 

    	 

    	

    

	 	ATT SOUTHERN, INC.	 
	 	 	 	 
	 	By:	/s/ Thomas D. Gibbons	 
	 	 	Name: Thomas D. Gibbons	 
	 	 	Title: Vice President and Treasurer	 

 

	 	CLOPAY AMES TRUE TEMPER HOLDING CORP.	 
	 	 	 	 
	 	By:	/s/ Thomas D. Gibbons	 
	 	 	Name: Thomas D. Gibbons	 
	 	 	Title: Treasurer	 

    	 

    	

    

The foregoing Registration Rights Agreement
is hereby confirmed and accepted as of the date first above written:

 

DEUTSCHE BANK SECURITIES INC., acting on behalf of itself and
as the Representative of the several Initial Purchasers

 

	By:	/s/ Alvin Varughese	 
	 	Name:  Alvin Varughese	 
	 	Title: Director	 

 

	By:	/s/ Denise Chow	 
	 	Name: Denise Chow	 
	 	Title: Director	 

    	 

    	

    

SCHEDULE 1

 

Griffon Guarantors

 

	Name	 	Jurisdiction of Incorporation
	 	 	 
	ATT Southern, Inc.	 	Delaware
	Clopay Ames True Temper Holding Corp.	 	Delaware
	Clopay Building Products Company, Inc.	 	Delaware
	Clopay Plastics Products Company, Inc.	 	Delaware
	Telephonics Corporation	 	Delaware
	The AMES Companies, Inc.	 	Delaware

    	 

    	

    

EXHIBIT A

 

FORM OF
JOINDER AGREEMENT

 

October 2, 2017

 

DEUTSCHE BANK SECURITIES INC.

As Representative of the several Initial Purchasers

c/o Deutsche Bank Securities Inc.

60 Wall Street

New York, New York 10005

 

Reference is made to that registration rights
agreement (the “Registration Rights Agreement”) dated as of October 2, 2017 among Griffon Corporation, a Delaware corporation
(the “Company”), the Griffon Guarantors, and Deutsche Bank Securities Inc., as the representative (the “Representative”)
of the several initial purchasers, relating to the issuance and sale to the Initial Purchasers of $275,000,000 aggregate principal
amount of the Company’s 5.25% Senior Notes due 2022 (the “Notes”). Capitalized terms used herein and not otherwise
defined herein shall have the meanings ascribed to such terms in the Registration Rights Agreement.

 

The Registration Rights Agreement contemplates
that substantially concurrently with the consummation of the Acquisition, the ClosetMaid Guarantor will become party to the Registration
Rights Agreement by executing this Registration Rights Joinder.

 

1.Joinder. Each of the undersigned
hereby acknowledges that it has received and reviewed a copy of the Registration Rights Agreement and all other documents it requires
to enter into this Joinder Agreement (the “Registration Rights Joinder”), and acknowledges and agrees to (i) join and
become a party to the Registration Rights Agreement as indicated by its signature below; (ii) be bound by all covenants, agreements,
representations, warranties and acknowledgements attributable to a Guarantor in the Registration Rights Agreement as if made by,
and with respect to, each Guarantor signatory hereto; and (iii) perform all obligations and duties required of a Guarantor pursuant
to the Registration Rights Agreement.

 

2.Counterparts. This Registration
Rights Joinder may be signed in one or more counterparts (which may be delivered in original form or facsimile or “pdf”
file thereof), each of which shall constitute an original when so executed and all of which together shall constitute one and the
same agreement.

 

3.Amendments. No amendment or waiver
of any provision of this Registration Rights Joinder, nor any consent or approval to any departure therefrom, shall in any event
be effective unless the same shall be in writing and signed by the parties thereto.

 

4.Headings. The section headings
used herein are for convenience only and shall not affect the construction hereof.

 

5.APPLICABLE LAW. THIS REGISTRATION
RIGHTS JOINDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS
OF LAW RULES THEREOF.

    	A-1

    	

    

IN WITNESS WHEREOF, each of the undersigned
has cause this Registration Rights Joinder to be duly executed and delivered, by its proper and duly authorized officer as of the
date set forth above.

 

	 	CLOSETMAID LLC	 
	 	 	 	 
	 	By:

         
	 	 
	 	 	Name:	 
	 	 	Title:	 

    	S-1EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
  

 
  

TENTH SUPPLEMENTAL INDENTURE 

Dated as of October 2, 2017 

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 
  

 
 3.150% Senior
Notes due 2027 
  
  

 

 TABLE OF CONTENTS 
  

					
	 	  	Page	 
	 ARTICLE I Issuance of Securities
	  	 	2	 
		
	 SECTION 1.1. Issuance of Notes; Principal Amount; Maturity; Title
	  	 	2	 
	 SECTION 1.2. Interest
	  	 	2	 
	 SECTION 1.3. Relationship with Base Indenture
	  	 	3	 
		
	 ARTICLE II Definitions and Other Provisions of General Application
	  	 	4	 
		
	 SECTION 2.1. Definitions
	  	 	4	 
		
	 ARTICLE III Security Forms
	  	 	8	 
		
	 SECTION 3.1. Form Generally
	  	 	8	 
	 SECTION 3.2. Form of Note
	  	 	9	 
		
	 ARTICLE IV Remedies
	  	 	21	 
		
	 SECTION 4.1. Events of Default
	  	 	21	 
	 SECTION 4.2. Waiver of Past Defaults
	  	 	21	 
		
	 ARTICLE V Redemption of Securities
	  	 	22	 
		
	 SECTION 5.1. Optional Redemption
	  	 	22	 
		
	 ARTICLE VI Particular Covenants
	  	 	22	 
		
	 SECTION 6.1. Liens
	  	 	22	 
	 SECTION 6.2. Obligation to Offer to Repurchase Upon a Change of Control Repurchase Event
	  	 	22	 
	 SECTION 6.3. Financial Reports
	  	 	24	 
		
	 ARTICLE VII Supplemental Indentures
	  	 	25	 
		
	 SECTION 7.1. Supplemental Indentures without Consent of Holders of Notes
	  	 	25	 
	 SECTION 7.2. Supplemental Indentures with Consent of Holders of Notes
	  	 	25	 
		
	 ARTICLE VIII Defeasance
	  	 	27	 
		
	 SECTION 8.1. Covenant Defeasance
	  	 	27	 
		
	 ARTICLE IX Miscellaneous
	  	 	27	 
		
	 SECTION 9.1. Execution as Supplemental Indenture
	  	 	27	 

  
 i 

					
	 SECTION 9.2. Not Responsible for Recitals or Issuance of Notes
	  	 	27	 
	 SECTION 9.3. Separability Clause
	  	 	28	 
	 SECTION 9.4. Successors and Assigns
	  	 	28	 
	 SECTION 9.5. Execution and Counterparts
	  	 	28	 
	 SECTION 9.6. Governing Law
	  	 	28	 

  
 ii 

 This Tenth Supplemental Indenture, dated as of October 2, 2017 (the “Tenth
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 Tenth
Supplemental Indenture, the “Indenture”). 
 RECITALS OF THE COMPANY 

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

The Company desires to create a series of Securities designated as its “3.150% Senior Notes due 2027” pursuant to the terms of this
Tenth Supplemental Indenture; 
 The Company has duly authorized the execution and delivery of this Tenth 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 Tenth Supplemental Indenture; 
 All things
necessary have been done to make this Tenth Supplemental Indenture a valid and legally binding agreement of the Company, in accordance with its terms and to make the Notes, when executed by the Company and authenticated and delivered under the
Indenture and duly issued by the Company, the valid and legally binding obligations of the Company; and 
 All things necessary have been
done to make the Guarantees, upon execution and delivery of this Tenth Supplemental Indenture, the valid and legally binding obligations of each Guarantor and to make this Tenth 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 October 2, 2017, 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 Tenth 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 $300,000,000 and shall mature on October 2, 2027 (the “Stated Maturity”), unless the Notes are redeemed prior to that date as described in
Section 5.1. The aggregate principal amount of Initial Notes Outstanding at any time may not exceed $300,000,000, 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 and ISIN 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 or ISIN number as the Initial Notes. 
 (3) The Notes
shall be issued only in fully registered form without coupons in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 

(4) Pursuant to the terms hereof and Sections 201 and 301 of the Base Indenture, the Company hereby creates a series of Securities designated
as the “3.150% Senior Notes due 2027” of the Company (as amended or supplemented from time to time, that are issued under the Indenture, including both the Initial Notes and the Additional Notes, if any, the “Notes”),
which Notes shall be deemed “Securities” for all purposes under the Base Indenture. 
 SECTION 1.2. Interest.  

(1) Interest on a Note will accrue at the per annum rate of 3.150% (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 April 2 and
October 2 of each year (each, an “Interest Payment Date”), commencing April 2, 2018. 
 (3) Interest shall be paid
on each Interest Payment Date to the registered Holders of the Notes at the close of business on the Regular Record Date. 
 (4) Amounts due
on the Stated Maturity or earlier Redemption Date of the Notes will be payable at the Corporate Trust Office. The Company shall make payments of principal, premium, if any, and interest or the Repurchase Price in connection with a Change of Control
Repurchase Event in respect of the Notes in book-entry form to DTC in immediately available funds, while disbursement of such payments to owners of beneficial interests in Notes in book-entry form will be made in accordance with the procedures of
DTC and its participants in effect from time to time. The Company may at any time designate additional Paying Agents or rescind the designation of any Paying Agent or approve a change in the office through which any Paying Agent acts, except that
the Company shall be required to maintain a Paying Agent in each Place of Payment for the Notes. Neither the Company nor the Trustee shall impose any service charge for any transfer or exchange of a Note. However, the Company may require Holders of
the Notes to pay any taxes or other governmental charges in connection with a transfer or exchange of Notes. 
 (5) If any Interest Payment
Date, Stated Maturity, or earlier Redemption Date or Repurchase Price Payment Date falls on a day that is not a Business Day in The City of New York, the Company shall make the required payment of principal, premium, if any, and/or interest or
Repurchase Price in connection with a Change of Control Repurchase Event on the next succeeding Business Day as if it were made on the date payment was due, and no interest will accrue on the amount so payable for the period from and after that
Interest Payment Date, Stated Maturity or earlier Redemption Date or Repurchase Price Payment Date, as the case may be, to such next succeeding Business Day. 

SECTION 1.3. Relationship with Base Indenture.  

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

  
 3 

 ARTICLE II 

Definitions and Other Provisions of General Application 

SECTION 2.1. Definitions. 

For all purposes of this Tenth Supplemental Indenture (except as herein otherwise expressly provided or unless the context of this Tenth
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 Tenth Supplemental Indenture; 
 (2) the words “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Tenth 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 Tenth Supplemental Indenture. 

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

  
 4 

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

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

 

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

 

	 	(2)	the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act or
any successor provision), other than a Continuing Blackstone Entity, becomes (A) the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act or any successor provision) of a controlling
interest in (i) the 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. 

  
 5 

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

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

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

“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. 

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

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

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

  
 6 

 “Independent Investment Banker” means one of the Reference Treasury Dealers
appointed by the Company. 
 “Initial Notes” means Notes in an aggregate principal amount of $300,000,000, initially issued
under this Tenth Supplemental Indenture in accordance with Section 1.1(2). 
 “Interest Payment Date” has the meaning
specified in Section 1.2(2). 
 “Investment Grade” means a rating of BBB- or
better by Fitch (or its equivalent under any successor rating categories of Fitch) and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) (or, in each case, if such
Rating Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent investment grade credit rating from any Rating Agency selected by the Company as a replacement Rating Agency). 

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

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

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

 

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

  

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

“Reference Treasury Dealer” means each of Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Merrill Lynch,
Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC or their respective affiliates which are primary U.S. Government securities dealers, and their respective successors; provided that if Citigroup Global Markets
Inc., Goldman 

  
 7 

 
Sachs & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC or their respective affiliates shall cease to be a primary U.S.
Government securities dealer in The City of New York (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer. 

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

“Regular Record Date” for interest payable in respect of any Note on any Interest Payment Date means March 15 and
September 15 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. 
 “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 Tenth Supplemental Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with applicable tax laws or the rules of any securities exchange or Depositary therefor or as may, consistent herewith, be determined by the Officer executing such Notes, as evidenced by the execution thereof.
All Notes shall be in fully registered form. 

  
 8 

 (2) The Notes shall be printed, lithographed or engraved on steel engraved borders or may be
produced in any other manner, all as determined by the Officer of the Company executing such Notes, as evidenced by the execution of such Notes. 

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

 SECTION 3.2. Form of Note.  

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

  
 9 

 
EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT
REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE
SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT
OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN
VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C.’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH
OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER
AFTER THE RESALE RESTRICTION TERMINATION DATE.] 
 [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 

  
 10 

 
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 A.I. L.P. BLACKSTONE HOLDINGS II L.P., BLACKSTONE HOLDINGS III L.P. OR BLACKSTONE HOLDINGS IV L.P. OR ANY SUBSIDIARY
THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”),
TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING
MADE IN RELIANCE ON RULE 144A IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN
CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO BLACKSTONE HOLDINGS FINANCE CO. L.L.C.’S AND THE
TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATIONS AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE
REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS
SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] 

  
 11 

 [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.]. 

[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.] 

  
 12 

 BLACKSTONE HOLDINGS FINANCE CO. L.L.C. 

3.150% SENIOR NOTE DUE 2027 
  

					
	No.                 	  		  	Principal Amount (US)$                
	CUSIP NO.                 	  		  	
	ISIN.                 	  		  	

 Blackstone Holdings Finance Co. L.L.C., a limited liability company duly organized and existing under the laws
of the State of Delaware (herein called the “Company,” which term includes any successor Person under the Tenth Supplemental Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede &
Co., or registered assigns, the principal sum of                United States Dollars
(U.S.$                ), as increased or decreased by the Schedule of Increases or Decreases In the Global Note attached hereto, on October 2, 2027 and to pay
interest thereon, from October 2, 2017, 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 April 2 and October 2 of each
year, commencing April 2, 2018, at the per annum rate of 3.150%, 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 Tenth
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 March 15 and September 15 prior to the relevant Interest Payment Date
(whether or not a Business Day). Except as otherwise provided in the Tenth Supplemental Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Notes not less
than 10 days prior to the Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Notes may be listed, all as more fully provided in the Tenth
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 

  
 13 

 
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. 

  
 14 

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

 

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

		
	By:	 	 Blackstone Holdings I/II GP Inc.,
 its general
partner

		
	By:	 	  

	Name:	 	
	Title:	 	

 Attest: 
  

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

		
	By:	 	 Blackstone Holdings I/II GP Inc.,
 its general
partner

		
	By:	 	  

		 	Name:
		 	Title:

  
 15 

 CERTIFICATE OF AUTHENTICATION 

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

Dated: October 2, 2017 
  

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	  

		 	Authorized Signatory

  
 16 

 [FORM OF REVERSE OF NOTE] 

Indenture. This Note is one of a duly authorized issue of securities of the Company designated as its “3.150% Senior Notes due
2027” (herein called the “Notes”), issued under a Tenth Supplemental Indenture, dated as of October 2, 2017 (the “Tenth 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 Tenth Supplemental Indenture, collectively, the “Indenture”), among the Company, the
Guarantors and The Bank of New York Mellon, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Guarantors, the Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. The aggregate principal amount of
Initial Notes Outstanding at any time may not exceed $300,000,000 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 Tenth Supplemental Indenture pursuant to which this Note is issued provides that Additional Notes may be issued thereunder.

 All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. In the event of
a conflict or inconsistency between this Note and the Indenture, the provisions of the Indenture shall govern. 
 Optional
Redemption. Prior to July 2, 2027, 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 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 15 basis points, plus in each case accrued
and unpaid interest thereon to, but excluding, the Redemption Date. 
 On or after July 2, 2027, 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 100% of the principal amount of any Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the
Redemption Date. 
 Change of Control Repurchase Event. In the event of a Change of Control Repurchase Event, unless the Company has
exercised its option to redeem the Notes, the Company will make an offer to each Holder of Notes to repurchase all or any part of that Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of the Notes,
plus any accrued and unpaid interest, if any, pursuant to the provisions of Section 6.2 of the Tenth Supplemental Indenture. 

Global Security. If this Note is a Global Security, then, in the event of a deposit or withdrawal of an interest in this Note,
including an exchange, transfer, redemption, repurchase or conversion of this Note in part only, the Trustee, as custodian of the Depositary, shall make an adjustment on its records to reflect such deposit or withdrawal in accordance with the
Applicable Procedures. 

  
 17 

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

The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal of, and
premium, if any, or interest hereon, on or after the respective due dates expressed herein. 
 Amendment, Supplement and Waiver. The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the
Trustee with the written consent of the Holders of at least a majority in aggregate principal amount of the Outstanding Notes. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of
the Outstanding Notes, on behalf of the Holders of all the Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note or such other Note. 

  
 18 

 Certain modifications or amendments to the Indenture require the consent of the Holder of each Outstanding Note
affected. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair (without the
consent of the Holder hereof) the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed. 

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

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

  
 19 

 ABBREVIATIONS 

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

	
	 TEN COM (= tenant in common)

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

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

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

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

SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL NOTE * 

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

 

									
	 Date of

Increase or Decrease
	 	 Amount of

decrease in

Principal Amount

at maturity of

this Global Note
	 	 Amount of

increase in

Principal Amount

at maturity of

this Global Note
	  	 Principal Amount

at maturity of

this Global Note

following such

decrease (or

increase)
	  	 Signature of

authorized officer

of Trustee or

Custodian

		 		 		  		  	
		 		 		  		  	

  

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

  
 20 

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

  
 21 

 ARTICLE V 

Redemption of Securities 

SECTION 5.1. Optional Redemption.  

Prior to July 2, 2027, 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 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 15 basis points, plus in each case accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

On or after July 2, 2027, 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 100% of the principal amount of any Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

ARTICLE VI 
 Particular
Covenants 
 SECTION 6.1. Liens. 

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

  
 22 

 
to each Holder of Notes to repurchase all or any part of that Holder’s Notes (the “Change of Control Offer”) at a repurchase price in cash equal to 101% of the aggregate
principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but excluding, the date of purchase (the “Repurchase Price”). 

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

(iv) if the notice is given prior to the date of consummation of the Change of Control, a statement that the offer to purchase
is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. 
 (4) The
Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection
with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Company
shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict. 

(5) On the Repurchase Price Payment Date, the Company shall, to the extent lawful: 

(i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer on the
Repurchase Price Payment Date; 

  
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 (ii) deposit with the Paying Agent an amount equal to the Repurchase Price in
respect of all Notes or portions of Notes properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the
Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased. 

The Paying Agent shall promptly deliver to each Holder of Notes properly tendered the Repurchase Price for such Notes, and the Trustee shall promptly
authenticate (if applicable) and deliver (or cause to be transferred by book-entry) to each Holder of Notes properly tendered a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new
Note will be in a principal amount of $2,000 or any integral multiple of $1,000 in excess thereof. 
 (6) Notwithstanding the foregoing, the
Company shall not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if (i) a third party makes such an offer in respect of the Notes in the manner, at the times and otherwise in compliance with the
requirements for an offer made by the Company and such third party purchases all the Notes properly tendered and not withdrawn under its offer or (ii) the Company has given written notice of a redemption as provided under Section 1104 of
the Base Indenture; provided that the Company has not failed to pay the Redemption Price on the Redemption Date. 
 SECTION 6.3.
Financial Reports  
 Section 704 of the Base Indenture shall apply to the reports, information, and documents delivered
under this Section 6.3. 
 (1) For so long as the 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 

  
 24 

 
controls the Credit Parties or guarantees the Notes, such information shall be provided for either (i) the Credit Parties on a combined and consolidated basis and taken as a whole or
(ii) any Person that directly or indirectly controls the Credit Parties and guarantees the Notes (in each case, as if such rule applied to such Person). The Company shall, or shall cause its Affiliates to, make the above information and reports
available to securities analysts and prospective investors upon request. 
 ARTICLE VII 

Supplemental Indentures 

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

For the purposes of the Base Indenture and this Tenth Supplemental Indenture, no amendment to cure any ambiguity, defect or inconsistency in
this Tenth Supplemental Indenture, the Base Indenture or the Notes made solely to conform this Tenth Supplemental Indenture, the Base Indenture or the Notes to the Description of the Notes contained in the Company’s offering memorandum dated
September 25, 2017, to the extent that such provision in the Description of the Notes was intended to be a verbatim recitation of a provision of this Tenth 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; 

  
 25 

 (4) reduce any premium payable upon the redemption of or change the date on which any Note may or
must be redeemed; 
 (5) change the coin or currency in which the principal of or premium, if any, or interest on any Note is payable; 

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

  
 26 

 ARTICLE VIII 

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

Miscellaneous 
 SECTION
9.1. Execution as Supplemental Indenture.  
 This Tenth Supplemental Indenture is executed and shall be construed as an
indenture supplemental to the Base Indenture and, as provided in the Base Indenture, this Tenth 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 Tenth 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. 

  
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 SECTION 9.3. Separability Clause.  

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

SECTION 9.5. Execution and Counterparts.  

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

[Signature page to follow.] 

  
 28 

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

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

	    Name: John G. Finley
	    Title: Chief Legal Officer
	
	Blackstone Holdings I L.P.
		
	By:	 	Blackstone Holdings I/II GP Inc., its general partner
		
	By:	 	 /s/ John G. Finley

	    Name: John G. Finley
	    Title: Chief Legal Officer
	
	Blackstone Holdings II L.P.
		
	By:	 	Blackstone Holdings I/II GP Inc., its general partner
		
	By:	 	 /s/ John G. Finley

	    Name: John G. Finley
	    Title: Chief Legal Officer

 [Signature Page to Tenth Supplemental Indenture] 

 
			
	 Blackstone Holdings AI L.P.

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

	       Name: John G. Finley

	       Title: Chief Legal Officer

  

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

	      Name: John G. Finley
	      Title: Chief Legal Officer
	
	Blackstone Holdings IV L.P.
		
	By:	 	Blackstone Holdings IV GP L.P., its general partner
		
	By:	 	Blackstone Holdings IV GP Management (Delaware) L.P., its general partner
		
	By:	 	Blackstone Holdings IV GP Management L.L.C., its general partner

 [Signature Page to Tenth Supplemental Indenture] 

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

	      Name: John G. Finley
	      Title: Chief Legal Officer

 [Signature Page to Tenth Supplemental Indenture] 

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

	      Name: John G. Finley
	      Title: Chief Legal Officer

 [Signature Page to Tenth Supplemental Indenture] 

 
			
	 The Bank of New York Mellon,
 as
Trustee

		
	By:	 	 /s/ Laurence J. O’Brien

	      Name: Laurence J. O’Brien
	      Title: Vice President

 [Signature Page to Tenth Supplemental Indenture]

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