Document:

2nd Amended & Restated Limited Liability Company Agr't (BREA VI L.L.C.)

 Exhibit 10.20 
  

  
 BREA VI L.L.C. 
 SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 DATED AS OF MAY 31, 2007 
  

 Table of Contents 
  

					
	 	 	 	  	Page
	 ARTICLE I DEFINITIONS
	  	4
			
	               1.1.
	 	Definitions	  	4
	               1.2.
	 	Terms Generally	  	20
		
	 ARTICLE II GENERAL PROVISIONS
	  	20
			
	               2.1.
	 	Managing, Regular and Special Members	  	20
	               2.2.
	 	Formation; Name; Foreign Jurisdictions	  	21
	               2.3.
	 	Term	  	21
	               2.4.
	 	Purpose; Powers	  	21
	               2.5.
	 	Place of Business	  	23
		
	 ARTICLE III MANAGEMENT
	  	23
			
	               3.1.
	 	Managing Member	  	23
	               3.2.
	 	Member Voting, etc.	  	23
	               3.3.
	 	Management	  	24
	               3.4.
	 	Responsibilities of Members	  	27
	               3.5.
	 	Exculpation and Indemnification	  	28
	               3.6.
	 	Representations of Members	  	29
	               3.7.
	 	Tax Information	  	30
		
	 ARTICLE IV CAPITAL OF THE COMPANY
	  	30
			
	               4.1.
	 	Capital Contributions by Members	  	30
	               4.2.
	 	Interest	  	37
	               4.3.
	 	Withdrawals of Capital	  	37
		
	 ARTICLE V PARTICIPATION IN PROFITS AND LOSSES
	  	37
			
	               5.1.
	 	General Accounting Matters	  	37
	               5.2.
	 	GP-Related Capital Accounts; Tax Capital Accounts	  	39
	               5.3.
	 	GP-Related Profit Sharing Percentages	  	39
	               5.4.
	 	Allocations of GP-Related Net Income (Loss)	  	40
	               5.5.
	 	Liability of Members	  	41
	               5.6.
	 	[Intentionally Omitted]	  	41
	               5.7.
	 	Repurchase Rights, etc	  	41
	               5.8.
	 	Distributions	  	41
	               5.9.
	 	Business Expenses	  	47
	               5.10.
	 	Tax Capital Accounts; Tax Allocations	  	47
		
	 ARTICLE VI ADDITIONAL MEMBERS; WITHDRAWAL OF MEMBERS; SATISFACTION AND DISCHARGE OF COMPANY INTERESTS; TERMINATION
	  	48
			
	               6.1.
	 	Additional Members	  	48
	               6.2.
	 	Withdrawal of Members	  	48

  

					
	               6.3.
	  	GP-Related Member Interests Not Transferable	  	49
	               6.4.
	  	Consequences upon Withdrawal of a Member	  	50
	               6.5.
	  	Satisfaction and Discharge of a Withdrawn Member’s GP-Related Interest	  	50
	               6.6.
	  	Dissolution of the Company	  	54
	               6.7.
	  	Certain Tax Matters	  	54
	               6.8.
	  	Special Basis Adjustments	  	56
		
	 ARTICLE VII CAPITAL COMMITMENT INTERESTS; CAPITAL CONTRIBUTIONS; ALLOCATIONS; DISTRIBUTIONS
	  	56
			
	               7.1.
	  	Capital Commitment Interests, etc.	  	56
	               7.2.
	  	Capital Commitment Capital Accounts	  	57
	               7.3.
	  	Allocations	  	57
	               7.4.
	  	Distributions	  	58
	               7.5.
	  	Valuations	  	61
	               7.6.
	  	Disposition Election	  	62
	               7.7.
	  	Capital Commitment Special Distribution Election	  	62
		
	ARTICLE VIII WITHDRAWAL, ADMISSION OF NEW MEMBERS	  	62
			
	               8.1.
	  	Member Withdrawal; Vesting; Repurchase of Capital Commitment Interests	  	62
	               8.2.
	  	Transfer of Member’s Capital Commitment Interest	  	66
	               8.3.
	  	Compliance with Law	  	67
		
	 ARTICLE IX DISSOLUTION
	  	67
			
	               9.1.
	  	Dissolution	  	67
	               9.2.
	  	Final Distribution	  	67
	               9.3.
	  	Amounts Reserved Related to Capital Commitment Member Interests	  	67
		
	 ARTICLE X MISCELLANEOUS
	  	68
			
	               10.1.
	  	Submission to Jurisdiction; Waiver of Jury Trial	  	68
	               10.2.
	  	Ownership and Use of the Company Name	  	69
	               10.3.
	  	Written Consent	  	70
	               10.4.
	  	Letter Agreements; Schedules	  	70
	               10.5.
	  	Governing Law; Separability of Provisions	  	70
	               10.6.
	  	Successors and Assigns	  	70
	               10.7.
	  	Confidentiality	  	70
	               10.8.
	  	Notices	  	71
	               10.9.
	  	Counterparts	  	71
	               10.10.
	  	Power of Attorney	  	71
	               10.11.
	  	Member’s Will	  	71
	               10.12.
	  	Cumulative Remedies	  	71
	               10.13.
	  	Legal Fees	  	71
	               10.14.
	  	Entire Agreement.	  	72

  

 BREA VI L.L.C. 
 SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT of BREA VI L.L.C. (the “Company”), dated as of May 31, 2007, by and among Blackstone Holdings III L.P., a Delaware limited
partnership (the “Managing Member” or “Holdings”), the other members of the Company as provided on the signature pages hereto, and such other persons that are admitted to the Company as members after the date hereof
in accordance herewith. 
 W I T N E S S E T H 
 WHEREAS, the Company was formed under the LLC Act (defined below) pursuant to a certificate of formation filed in the office of the Secretary of State of
the State of Delaware on November 17, 2006; 
 WHEREAS, the original limited liability company agreement of the Company was executed as
of November 17, 2006 (the “Original Operating Agreement”); 
 WHEREAS, the Original Operating Agreement was amended and
restated in its entirety by the Amended and Restated Limited Liability Company Agreement, dated as of February 8, 2007, of the Company (as amended to date, the “First Amended and Restated Operating Agreement”); and 

WHEREAS, the parties hereto now wish to amend and restate the First Amended and Restated Agreement in its entirety as of the date hereof and as more
fully set forth below; 
 NOW, THEREFORE, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.1. Definitions. Unless the context otherwise requires, the following terms shall have the following meanings for purposes of this Agreement:

 “Advancing Party” has the meaning set forth in Section 7.1(b). 
 “Affiliate” when used with reference to another person means any person (other than the Company), directly or indirectly, through one or
more intermediaries, controlling, controlled by, or under common control with, such other person. 
 “Agreement” means this
Second Amended and Restated Limited Liability Company Agreement, as it may be further amended and restated from time to time. 
 “Alternative Investment Vehicle” means any investment vehicle or structure formed pursuant to paragraph 2.7.1 of the BREP VI Partnership Agreement or any other “Alternative Investment Vehicle” (as defined in any
other BREP VI Partnership Agreement). 
 “Applicable Collateral Percentage” shall have the meaning with respect to any Firm
Collateral and Special Firm Collateral, in each case, as set forth on the books and records of the Company with respect thereto. 
  

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 “Bankruptcy” means, with respect to any person, the occurrence of any of the following
events: (i) the filing of an application by such person for, or a consent to, the appointment of a trustee or custodian of his assets; (ii) the filing by such person of a voluntary petition in Bankruptcy or the seeking of relief under
Title 11 of the United States Code, as now constituted or hereafter amended, or the filing of a pleading in any court of record admitting in writing his inability to pay his debts as they become due; (iii) the failure of such person to pay his
debts as such debts become due; (iv) the making by such person of a general assignment for the benefit of creditors; (v) the filing by such person of an answer admitting the material allegations of, or his consenting to, or defaulting in
answering, a Bankruptcy petition filed against him in any Bankruptcy proceeding or petition seeking relief under Title 11 of the United States Code, as now constituted or as hereafter amended; or (vi) the entry of an order, judgment or decree
by any court of competent jurisdiction adjudicating such person a bankrupt or insolvent or for relief in respect of such person or appointing a trustee or custodian of his assets and the continuance of such order, judgment or decree unstayed and in
effect for a period of 60 consecutive days. 
 “BCOM” means (i) Blackstone Communications Partners I L.P., a Delaware
limited partnership, and (ii) any other investment vehicle established pursuant to Article 2 of the partnership agreement for the partnership referred to in clause (i) above. 
 “BCP” means Blackstone Capital Partners L.P., a Delaware limited partnership, and any investment vehicle established in accordance with
the terms of Blackstone Capital Partners L.P.’s partnership agreement to invest in lieu of Blackstone Capital Partners L.P. on behalf of one or more of the partners thereof. 
 “BCP II” means Blackstone Capital Partners II Merchant Banking Fund L.P., a Delaware limited partnership, any investment vehicle
established pursuant to paragraph 2.7 of such partnership’s partnership agreement, Blackstone Offshore Capital Partners II L.P., a Cayman Islands exempted limited partnership, and any investment vehicle established pursuant to paragraph 2.7 of
such partnership’s partnership agreement. 
 “BCP III” means Blackstone Capital Partners III Merchant Banking Fund
L.P., a Delaware limited partnership, Blackstone Offshore Capital Partners III L.P., a Cayman Islands exempted limited partnership, and any investment vehicle established pursuant to paragraph 2.7 of the respective partnership agreement of
either of such partnerships. 
 “BCP IV” is the collective reference to Blackstone Capital Partners IV L.P., a Delaware
limited partnership, and any Alternative Investment Vehicle relating thereto and any Parallel Fund. 
 “BCP V” is the
collective reference to (i) Blackstone Capital Partners V L.P., a Delaware limited partnership, and any Alternative Investment Vehicle relating thereto, (ii) BCP V-S L.P., a Delaware limited partnership, and any Alternative Investment
Vehicle relating thereto, and (iii) Blackstone Capital Partners V-AC L.P., a Delaware limited partnership, and any Alternative Investment Vehicle relating thereto. 
 “BFCOMP” means Blackstone Communications Capital Associates I L.P., Blackstone Family Communications Partnership I L.P. and any other partnership that is an Affiliate thereof and has terms
substantially similar to those of the foregoing partnerships and is formed in connection with the participation by one or more partners thereof directly or indirectly in investments in securities also purchased by BCOM or any other funds with
substantially similar investment objectives to BCOM and that are sponsored or managed by an Affiliate of the Company (which includes serving as general partner of such funds). 
  

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 “BFCOMP Agreement” means the Amended and Restated Agreements of Limited Partnership
dated as of June 29, 2000 of Blackstone Family Communications Partnership I L.P. and Blackstone Communications Capital Associates I L.P. and any other BFCOMP limited partnership agreement. 
 “BFCOMP Investment” means any direct or indirect investment by BFCOMP. 
 “BFIP” means Blackstone Capital Associates II L.P., Blackstone Capital Associates III L.P., Blackstone Capital Associates IV L.P.,
Blackstone Capital Associates V L.P., Blackstone Family Investment Partnership I L.P., Blackstone Family Investment Partnership II L.P., Blackstone Family Investment Partnership III L.P., Blackstone Family Investment Partnership IV - A L.P. ,
Blackstone Family Investment Partnership IV— B L.P., Blackstone Family Investment Partnership V L.P., Blackstone Family Investment Partnership V— A L.P. and any other entity that is an Affiliate thereof and has terms similar to those of
the foregoing partnerships and is formed in connection with the participation by one or more of the partners thereof in investments in securities also purchased by BCP, BCP II, BCP III, BCP IV, BCP V or any other fund with substantially similar
investment objectives to BCP, BCP II, BCP III, BCP IV and BCP V and that are sponsored or managed by an Affiliate of the Company (which includes serving as general partner of such funds). 
 “BFIP Agreement” means the Amended and Restated Agreement of Limited Partnership dated as of December 14, 1995 of Blackstone Family
Investment Partnership I L.P., the Limited Partnership Agreement dated as of December 14, 1995 of Blackstone Family Investment Partnership II L.P., the Limited Partnership Agreement dated as of December 21, 1995 of Blackstone Capital
Associates II L.P., the Limited Partnership Agreements dated as of June 27, 1997 of Blackstone Family Investment Partnership III L.P. and Blackstone Capital Associates III L.P., the Amended and Restated Agreements of Limited Partnership dated
as of November 9, 2001 of Blackstone Family Investment Partnership IV—A L.P., Blackstone Family Investment Partnership IV - B L.P. and Blackstone Capital Associates IV L.P., the Amended and Restated Agreements of Limited Partnership dated
as of October 14, 2005 of Blackstone Family Investment Partnership V L.P. and Blackstone Capital Associates V L.P., and the Amended and Restated Agreement of Limited Partnership dated as of March 23, 2006 of Blackstone Family Investment
Partnership V - A L.P., as each of such agreements may be amended, supplemented or otherwise modified from time to time, and any other BFIP limited partnership agreement. 
 “BFIP Investment” means any direct or indirect investment by BFIP. 
 “BFMEZP” means Blackstone Mezzanine Capital Associates L.P., Blackstone Mezzanine Capital Associates II L.P., Blackstone Family Mezzanine Partnership L.P., Blackstone Family Mezzanine Partnership II L.P., Blackstone
Mezzanine Holdings L.P., Blackstone Mezzanine Holdings II L.P., and any other entity that is an Affiliate thereof and that has terms substantially similar to those of the foregoing partnerships and is formed in connection with the participation by
one or more partners thereof directly or indirectly in investments in securities also purchased by BMEZP I, BMEZP II or any other funds with substantially similar investment objectives to BMEZP I and BMEZP II and that are sponsored or managed by an
Affiliate of the Company (which includes serving as general partner of such funds). 
 “BFMEZP Agreement” means the Amended
and Restated Agreements of Limited Partnership dated as of October 22, 1999 of Blackstone Family Mezzanine Partnership L.P. and Blackstone Mezzanine Capital Associates L.P., the Limited Partnership Agreement dated as of March 22, 1999 of
Blackstone Mezzanine Holdings L.P., the Amended and Restated Agreements of Limited Partnership dated as of June 10, 2005 of Blackstone Family Mezzanine Partnership II L.P., Blackstone Mezzanine Capital Associates II L.P. and Blackstone
Mezzanine Holdings II L.P., as each of such agreements may be amended, supplemented or otherwise modified from time to time, and any other BFMEZP limited partnership agreement. 
  

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 “BFMEZP Investment” means any direct or indirect investment by BFMEZP. 
 “BFREP” means Blackstone Real Estate Capital Associates L.P., Blackstone Real Estate Capital Associates II L.P., Blackstone Real Estate
Capital Associates III L.P., Blackstone Real Estate Capital Associates International L.P., Blackstone Real Estate Capital Associates IV L.P., Blackstone Real Estate Capital Associates International II L.P., Blackstone Real Estate Capital Associates
V L.P., Blackstone Real Estate Capital Associates VI L.P., Blackstone Family Real Estate Partnership L.P., Blackstone Family Real Estate Partnership II L.P., Blackstone Family Real Estate Partnership III L.P., Blackstone Family Real Estate
Partnership International - A L.P., Blackstone Family Real Estate Partnership International - B L.P., Blackstone Family Real Estate Partnership IV L.P., Blackstone Family Real Estate Partnership International II L.P., Blackstone Family Real Estate
Partnership V L.P., Blackstone Family Real Estate Partnership VI L.P., Blackstone Real Estate Holdings L.P., Blackstone Real Estate Holdings II L.P., Blackstone Real Estate Holdings III L.P., Blackstone Real Estate Holdings International - A L.P.,
Blackstone Real Estate Holdings International - B L.P., BRE Holdings International - A L.P., BRE Holdings International - B L.P., Blackstone Real Estate Holdings IV L.P., Blackstone Real Estate Holdings International II L.P., Blackstone Real Estate
Holdings International II-A L.P., BRE Holdings International II L.P., Blackstone Real Estate Holdings V L.P., Blackstone Real Estate Holdings VI L.P., and any other entity that is an Affiliate thereof and that has terms substantially similar to
those of the foregoing partnerships and is formed in connection with the participation by one or more partners thereof in real estate and real estate-related investments also purchased by BREP VI and any other funds with substantially similar
investment objectives to BREP VI and that are sponsored or managed by an Affiliate of the Company (which includes serving as general partner of such funds). 
 “BFREP Agreement” means the Agreement of Limited Partnership, dated as of May 20, 1996, of Blackstone Real Estate Capital Associates L.P., the Agreements of Limited Partnership, dated as of
October 21, 1996, of Blackstone Family Real Estate Partnership II L.P., Blackstone Real Estate Holdings II L.P. and Blackstone Real Estate Capital Associates II L.P., the Agreements of Limited Partnership, dated as of October 21, 1998, of
Blackstone Family Real Estate Partnership III L.P., Blackstone Real Estate Holdings III L.P. and Blackstone Real Estate Capital Associates III L.P., the Amended and Restated Agreements of Limited Partnership, dated as of July 26, 2001, of
Blackstone Family Real Estate Partnership International - A L.P., Blackstone Family Real Estate Partnership International - B L.P., Blackstone Real Estate Capital Associates International L.P., Blackstone Real Estate Holdings International - A L.P.,
Blackstone Real Estate Holdings International - B L.P., BRE Holdings International - A L.P. and BRE Holdings International - B L.P., the Amended and Restated Agreements of Limited Partnership, dated as of September 9, 2002, of Blackstone Family
Real Estate Partnership IV L.P., Blackstone Real Estate Capital Associates IV L.P. and Blackstone Real Estate Holdings IV L.P., the Amended and Restated Agreements of Limited Partnership, dated as of August 5, 2005, of Blackstone Family Real
Estate Partnership International II L.P., Blackstone Real Estate Capital Associates International II L.P., Blackstone Real Estate Holdings International II L.P., Blackstone Real Estate Holdings International II-A L.P. and BRE Holdings International
II L.P., the Amended and Restated Agreements of Limited Partnership, dated as of December 14, 2005, of Blackstone Family Real Estate Partnership V L.P., Blackstone Real Estate Capital Associates V L.P. and Blackstone Real Estate Holdings V
L.P., and the Amended and Restated Agreements of Limited Partnership, dated as of February 8, 2007, of Blackstone Family Real Estate Partnership VI L.P., Blackstone Real Estate Capital Associates VI L.P. and Blackstone Real Estate Holdings VI
L.P., as each of such agreements may be amended, supplemented or otherwise modified from time to time, and any other BFREP limited partnership agreement. 
  

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 “BFREP Investment” means any direct or indirect investment by BFREP. 
 “BFREP VI” means Blackstone Family Real Estate Partnership VI L.P., a Delaware limited partnership, and any similar “Family”
side-by-side entity. 
 “BFREP VI Partnership Agreement” means, collectively, the Amended and Restated Agreement of Limited
Partnership of BFREP VI, dated as of the date hereof, as amended, supplemented or otherwise modified from time to time, and any other BFREP partnership agreement. 
 “Blackstone Capital Commitment” has the meaning set forth in the BREP VI Partnership Agreement. 
 “Blackstone Co-Investment Rights” has the meaning set forth in the BREP VI Partnership Agreement. 
 “Blackstone Partnership” has the meaning set forth in Section 3.4(c). 
 “Blackstone Partnership
Agreement” has the meaning set forth in Section 3.4(c). 
 “BMEZP I” means (i) Blackstone Mezzanine
Partners L.P., a Delaware limited partnership, and (ii) any other investment vehicle established pursuant to Article 2 of the partnership agreement for the partnership referred to in clause (i) above. 
 “BMEZP II” means (i) Blackstone Mezzanine Partners II L.P., a Delaware limited partnership, and (ii) any other investment
vehicle established pursuant to Article 2 of the partnership agreement for the partnership referred to in clause (i) above. 
 “BRE Holdings VI” means BRE Holdings VI L.P., a Delaware limited partnership. 
 “BRE Holdings VI
Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of BRE Holdings VI L.P., dated as of the date hereof, as amended, supplemented or otherwise modified from time to time. 
 “BREA VI” means Blackstone Real Estate Associates VI L.P., a Delaware limited partnership. 
 “BREA VI Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of Blackstone Real Estate Associates VI
L.P., dated as of the date hereof, as amended, supplemented or otherwise modified from time to time. 
 “BREA VI Sub” means
BREA VI Sub L.L.C., a Delaware limited liability company and the general partner of BREA VI. 
 “BREA VI Sub LLC Agreement”
means the Amended and Restated Limited Liability Company Agreement of BREA VI Sub, dated as of the date hereof, as amended, supplemented or otherwise modified from time to time. 
 “BRECA VI” means Blackstone Real Estate Capital Associates VI L.P., a Delaware limited partnership, and any other partnership or other
entity with terms substantially similar to the terms of that partnership and formed after the date hereof in connection with the indirect participation by one or more partners thereof who receive Carried Interest. 
  

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 “BRECA VI Partnership Agreement” means the Amended and Restated Agreement of Limited
Partnership of Blackstone Real Estate Capital Associates VI L.P., dated as of the date hereof, as amended, supplemented or otherwise modified from time to time, and any other BRECA VI partnership agreement. 
 “BREH VI” means Blackstone Real Estate Holdings VI L.P., a Delaware limited partnership. 
 “BREMA VI” means Blackstone Real Estate Management Associates VI L.P., a Delaware limited partnership, whose general partner is the
Company. 
 “BREMA VI Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of Blackstone
Real Estate Management Associates VI L.P., dated as of the date hereof, as it may be further amended, supplemented or otherwise modified from time to time. 
 “BREP VI” means (i) Blackstone Real Estate Partners VI L.P., Blackstone Real Estate Partners VI.TE.1 L.P., Blackstone Real Estate Partners VI.TE.2 L.P. and Blackstone Real Estate Partners VI.F
L.P., each a Delaware limited partnership, (ii) any other Parallel Funds or other Supplemental Capital Vehicles (each as defined in the BREP VI Partnership Agreement), or (iii) any other investment vehicle established pursuant to Article 2
of the respective partnership agreements for any of the partnerships referred to in clause (i) above. 
 “BREP VI
Agreements” means the BREP VI Partnership Agreement and any other BREP VI partnership agreements. 
 “BREP VI Partnership
Agreement” means the collective reference to the Amended and Restated Agreements of Limited Partnership of BREP VI, dated as of February 8, 2007, as may be amended, supplemented or otherwise modified from time to time 
 “Capital Commitment BRE Holdings VI Partner Interest” means BREMA VI’s interest in BRE Holdings VI with respect to the Capital
Commitment BREP VI Interest. 
 “Capital Commitment BREMA VI Partner Interest” means the Company’s interest in BRE MA
VI with respect to the Capital Commitment BRE Holdings VI Partner Interest. 
 “Capital Commitment BREP VI Commitment” means
BRE Holdings VI’s Capital Commitment (as defined in the BREP VI Partnership Agreement) to BREP VI that relates solely to the Capital Commitment BREP VI Interest. 
 “Capital Commitment BREP VI Investment” means the Company’s indirect interest in BREMA VI’s indirect interest in BRE Holdings VI’s indirect interest in a specific investment of BREP VI
pursuant to the BREP VI Partnership Agreement in BRE Holdings VI’s capacity as a capital partner of BREP VI. 
 “Capital
Commitment BREP VI Interest” means the Interest (as defined in the BREP VI Partnership Agreement) of BRE Holdings VI as a capital partner in BREP VI. 
 “Capital Commitment Capital Account” means, with respect to each Capital Commitment Investment for each Member, the account maintained for such Member to which are credited such Member’s
contributions to the Company with respect to such Capital Commitment Investment and any net income allocated to such Member pursuant to Section 7.3 with respect to such 
  

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 Capital Commitment Investment and from which are debited any distributions with respect to such Capital Commitment
Investment to such Member and any net losses allocated to such Member with respect to such Capital Commitment Investment pursuant to Section 7.3. In the case of any such distribution in kind, the Capital Commitment Capital Accounts for the
related Capital Commitment Investment shall be adjusted as if the asset distributed had been sold in a taxable transaction and the proceeds distributed in cash, and any resulting gain or loss on such sale shall be allocated to the Members
participating in such Capital Commitment Investment pursuant to Section 7.3. 
 “Capital Commitment Class A
Interest” has the meaning set forth in Section 7.4(f). 
 “Capital Commitment Class B Interest” has the
meaning set forth in Section 7.4(f). 
 “Capital Commitment Defaulting Party” has the meaning specified in
Section 7.4(g)(ii). 
 “Capital Commitment Deficiency Contribution” has the meaning specified in
Section 7.4(g)(ii). 
 “Capital Commitment Disposable Investment” has the meaning set forth in Section 7.4(f).

 “Capital Commitment Distributions” means, with respect to each Capital Commitment Investment, all amounts of
distributions, received by the Company with respect to such Capital Commitment Investment solely in respect of the Capital Commitment BREP VI Interest, less any costs, fees and expenses of the Company with respect thereto and less reasonable
reserves for payment of costs, fees and expenses of the Company that are anticipated with respect thereto, in each case which the Managing Member may allocate to all or any portion of such Capital Commitment Investment as it may determine in good
faith is appropriate. 
 “Capital Commitment Giveback Amount” has the meaning set forth in Section 7.4(g). 

“Capital Commitment Interest” means the interest of a Member in a specific Capital Commitment Investment as provided herein.

 “Capital Commitment Investment” means any Capital Commitment BREP VI Investment, but shall exclude any GP-Related
Investment. The Managing Member shall determine who may participate in such Capital Commitment Investment. 
 “Capital Commitment
Liquidating Share” with respect to each Capital Commitment Investment means, in the case of dissolution of the Company, the related Capital Commitment Capital Account of a Member (less amounts reserved in accordance with Section 9.3)
as of the close of business on the effective date of dissolution. 
 “Capital Commitment Member Interest” means a
Member’s interest in the Company with respect to the Company’s Capital Commitment BREMA VI Partner Interest. 
 “Capital
Commitment Net Income (Loss)” with respect to each Capital Commitment Investment means all amounts of income received by the Company with respect to such Capital Commitment Investment, including without limitation gain or loss in respect of
the disposition, in whole or in part, of such Capital Commitment Investment, less any costs, fees and expenses of the Company allocated thereto and less reasonable reserves for payment of costs, fees and expenses of the Company anticipated to be
allocated thereto. 
  

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 “Capital Commitment Profit Sharing Percentage” with respect to each Capital Commitment
Investment means the percentage interest of a Member in Capital Commitment Net Income (Loss) from such Capital Commitment Investment set forth in the books and records of the Company. 
 “Capital Commitment Recontribution Amount” has the meaning set forth in Section 7.4(g). 
 “Capital Commitment-Related Capital Contributions” has the meaning set forth in Section 7.1(a). 
 “Capital Commitment-Related Commitment”, with respect to any Member, means such Member’s commitment to the Company relating to such
Member’s Capital Commitment Member Interest, as set forth in the books and records of the Company. 
 “Capital Commitment
Special Distribution” has the meaning set forth in Section 7.7(a). 
 “Capital Commitment Value” has the
meaning set forth in Section 7.5. 
 “Carried Interest” shall mean (i) distributions to the general partner of
BREP VI (including BREA VI as long as it shall serve as such general partner) pursuant to paragraphs 4.2.1(c) and (d), paragraphs 4.2.2(c) and (d) and paragraph 4.2.8 of the Amended and Restated Agreement of Limited Partnership of Blackstone
Real Estate Partners VI L.P., paragraphs 4.2.1(c) and (d), paragraphs 4.2.2(c) and (d) and paragraph 4.2.8 of the Amended and Restated Agreement of Limited Partnership of Blackstone Real Estate Partners VI.F L.P., paragraphs 4.2.1(c) and
(d) and paragraphs 4.2.2(c) and (d) of the Amended and Restated Agreement of Limited Partnership of Blackstone Real Estate Partners VI.TE.1 L.P., paragraphs 4.2.1(c) and (d) and paragraphs 4.2.2(c) and (d) of the Amended and
Restated Agreement of Limited Partnership of Blackstone Real Estate Partners VI.TE.2 L.P. (or similar provisions of investment vehicles formed after the date hereof) and (ii) any other carried interest payable pursuant to the BREP VI
Partnership Agreement. In the case of each of (i) and (ii) above, except as determined by the Managing Member, the amount shall not be less any costs, fees and expenses of the Company with respect thereto and less reasonable reserves for
payment of costs, fees and expenses of the Company that are anticipated with respect thereto (in each case which the Managing Member may allocate among all or any portion of the GP-Related Investments as tit determines in good faith is appropriate).

 “Carried Interest Give Back Percentage” shall mean, for any Member or Withdrawn Member, subject to Section 5.8(e),
the percentage determined by dividing (A) the aggregate amount of distributions received by such Member or Withdrawn Member from the Company, any Other Fund GPs or their Affiliates, in respect of Carried Interest by (B) the aggregate
amount of distributions made to all Members, Withdrawn Members or any other person by the Company, any Other Fund GP or their Affiliates (in any capacity), in respect of Carried Interest. For purposes of determining “Carried Interest Give Back
Percentage” hereunder, all Trust Amounts contributed to the Trust by the Company, Other Fund GPs or their Affiliates on behalf of a Member or Withdrawn Member (but not the Trust Income thereon) shall be deemed to have been initially distributed
or paid to the Members and Withdrawn Members as members or partners of the Company, any of the Other Fund GPs or their Affiliates. 
 “Carried Interest Sharing Percentage” means, with respect to each GP-Related Investment, the percentage interest of a Member in Carried Interest from such GP-Related Investment set forth in the books and records of the
Company. 
 “Cause” means the occurrence or existence of any of the following with respect to any Member, as determined
fairly, reasonably, on an informed basis and in good faith by the Managing 
  

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 Member: (i) (w) any breach by any Member of any provision of any non-competition agreement, (x) any
material breach of this Agreement or any rules or regulations applicable to such Member that are established by the Managing Member, (y) such Member’s deliberate failure to perform his or her duties to the Company, or (z) such
Member’s committing to or engaging in any conduct or behavior that is or may be harmful to the Company in a material way as determined by the Managing Member; provided, that in the case of any of the foregoing clauses (w), (x),
(y) and (z), the Managing Member has given such Member written notice (a “Notice of Breach”) within fifteen days after the Managing Member becomes aware of such action and such Member fails to cure such breach, failure to
perform or conduct or behavior within fifteen days after receipt of such Notice of Breach from the Managing Member (or such longer period, not to exceed an additional fifteen days, as shall be reasonably required for such cure, provided that such
Member is diligently pursuing such cure); (ii) any act of fraud, misappropriation, dishonesty, embezzlement or similar conduct against the Company; or (iii) conviction (on the basis of a trial or by an accepted plea of guilty or nolo
contendere) of a felony or crime (including any misdemeanor charge involving moral turpitude, false statements or misleading omissions, forgery, wrongful taking, embezzlement, extortion or bribery), or a determination by a court of competent
jurisdiction, by a regulatory body or by a self-regulatory body having authority with respect to securities laws, rules or regulations of the applicable securities industry, that such Member individually has violated any applicable securities laws
or any rules or regulations thereunder, or any rules of any such self-regulatory body (including, without limitation, any licensing requirement), if such conviction or determination has a material adverse effect on (A) such Member’s
ability to function as a Member of the Company, taking into account the services required of such Member and the nature of the Company’s business or (B) the business of the Company. 
 “CC Carried Interest” means, with respect to any Member, the aggregate amount of distributions or payments received by such Member (in
any capacity) from Affiliates of the Company in respect of or relating to “carried interest”, including the amount of any bonuses received by a Member as an employee of an Affiliate of the Company that relate to the amount of “carried
interest” received by an Affiliate of the Company. “CC Carried Interest” includes any amount initially received by an Affiliate of the Company from any fund (including BCP V and BREP VI, any similar funds formed after the date hereof,
and any other private equity merchant banking, real estate or mezzanine funds, whether or not in existence as of the date hereof) to which such Affiliate serves as general partner (or other similar capacity) that exceeds such Affiliate’s pro
rata share of distributions from such fund based upon capital contributions thereto (or the capital contributions to make the investment of such fund giving rise to such “carried interest”). 
 “Charitable Organization” means an organization described in Section 170(c) of the Code (without regard to
Section 170(C)(2)(A) thereof. 
 “Clawback Adjustment Amount” has the meaning set forth in Section 5.8(e).

 “Clawback Amount” shall mean the “Clawback Amount” and the “Interim Clawback Amount”, both as set
forth in Article One of the BREP VI Partnership Agreement and any other clawback amount payable to the limited partners of BREP VI pursuant to any BREP VI Partnership Agreement, as applicable. 
 “Clawback Provisions” means paragraphs 4.2.9 and 9.2.8 of the Amended and Restated Agreement of Limited Partnership of Blackstone Real
Estate Partners VI L.P., paragraphs 4.2.9 and 9.2.8 of the Amended and Restated Agreement of Limited Partnership of Blackstone Real Estate Partners VI.F L.P., paragraphs 4.2.8 and 9.2.8 of the Amended and Restated Agreement of Limited Partnership of
Blackstone Real Estate Partners VI.TE.1 L.P., paragraphs 4.2.8 and 9.2.8 of the Amended and Restated Agreement of Limited Partnership of Blackstone Real Estate Partners VI.TE.2 L.P. and any other similar provisions in any other BREP VI Partnership
Agreement existing heretofore or hereafter entered into. 
  

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 “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any
successor statute. Any reference herein to a particular provision of the Code shall mean, where appropriate, the corresponding provision in any successor statute. 
 “Commitment Agreements” means the agreements between the Company and the Members, pursuant to which each Member undertakes certain obligations, including the obligation to make capital contributions
pursuant to Sections 4.1 and 7.1 hereof. The Commitment Agreements are hereby incorporated by reference as between the Company and the relevant Member. 
 “Company” has the meaning set forth in the preamble hereto. 
 “Contingent”
means subject to repurchase rights and/or other requirements. 
 The term “control” when used with reference to any person
means the power to direct the management and policies of such person, directly or indirectly, by or through stock or other equity ownership, agency or otherwise, or pursuant to or in connection with an agreement, arrangement or understanding
(written or oral) with one or more other persons by or through stock ownership, agency or otherwise; and the terms “controlling” and “controlled” shall have meanings correlative to the foregoing. 
 “Controlled Entity” when used with reference to another person means any person controlled by such other person. 
 “Covered Person” has the meaning set forth in Section 3.5(a). 
 “Deceased Member” shall mean any Member or Withdrawn Member who has died or who suffers from Incompetence. For purposes hereof,
references to a Deceased Member shall refer collectively to the Deceased Member and the estate and heirs or legal representative of such Deceased Member, as the case may be, that have received such Deceased Member’s interest in the Company.

 “Default Interest Rate” shall mean the lower of (i) the sum of (a) the rate of interest per annum publicly
announced from time to time by JPMorgan Chase Bank, N.A., as its prime rate and (b) 5%, or (ii) the highest rate of interest permitted under applicable law. 
 “Estate Planning Vehicle” has the meaning set forth in Section 6.3. 
 “Excess
Holdback” has the meaning set forth in Section 4.1(d)(v)(A). 
 “Excess Holdback Percentage” has the meaning
set forth in Section 4.1(d)(v)(A). 
 “Excess Tax-Related Amount” has the meaning set forth in Section 5.8(e).

 “Existing Member” shall mean any Member who is neither a Retaining Withdrawn Member nor a Deceased Member. 
 “Final Event” means the death, Total Disability, Incompetence, Bankruptcy, liquidation, dissolution or withdrawal from the Company of
any person who is a Member. 
 “Firm Advances” has the meaning set forth in Section 7.1(b). 
  

 13 

 “Firm Collateral” shall mean a Member’s or Withdrawn Member’s interest in one
or more partnerships or limited liability companies, in either case affiliated with the Company, and certain other assets of such Member or Withdrawn Member, in each case that has been pledged or made available to the Trustee(s) to satisfy all or
any portion of the Excess Holdback of such Member or Withdrawn Member as more fully described in the Company’s books and records; provided, that for all purposes hereof (and any other agreement (e.g., the Trust Agreement) that
incorporates the meaning of the term “Firm Collateral” by reference), references to “Firm Collateral” shall include “Special Firm Collateral”, excluding references to “Firm Collateral” in
Section 4.1(d)(v) and Section 4.1(d)(viii). 
 “Firm Collateral Realization” has the meaning set forth in
Section 4.1(d)(v)(B) with respect to Firm Collateral, and Section 4.1(d)(viii)(B) with respect to Special Firm Collateral. 
 “Fiscal Year” shall mean a calendar year, or any other period chosen by the Managing Member. 
 “Fund
GP” means the Company (only with respect to the Company’s GP-Related BMA V Member Interest) and the Other Fund GPs. 
 “GAAP” has the meaning specified in Section 5.1(b). 
 “Giveback” shall mean an
“Investment Specific Giveback”, as such term is defined in the BREP VI Partnership Agreement. 
 “Giveback Amount”
shall mean an “Investment Specific Giveback Amount”, as such term is defined in the BREP VI Partnership Agreement. 
 “Giveback Provisions” shall mean paragraph 3.4.3 of the BREP VI Partnership Agreement and any other similar provisions in any other BREP VI Agreement existing heretofore or hereafter entered into. 
 “GP-Related BFREP VI Partner Interest” means BREMA VI’s interest in BFREP VI. 
 “GP-Related BRE Holdings VI Partner Interest” means BREMA VI’s interest in BRE Holdings VI with respect to the GP-Related BREA VI
LP Interest. 
 “GP-Related BREA VI LP Interest” means the interest of BRE Holdings VI as a limited partner in BREA VI.

 “GP-Related BREMA VI Partner Interest” means the Company’s interest in BREMA VI with respect to the GP-Related BRE
Holdings VI Partner Interest and the GP-Related BFREP VI Partner Interest. 
 “GP-Related BREP VI Investment” means the
Company’s indirect interest in BREMA VI’s indirect interest in BRE Holdings VI’s indirect interest in BREA VI’s indirect interest in an Investment (for purposes of this definition, as defined in the BREP VI Partnership Agreement)
in BREA VI’s capacity as the general partner of BREP VI, but does not include any direct or indirect investment by the Company on a side-by-side basis in any investment, the Company’s indirect interest in any direct or indirect investment
by BREMA VI, BRE Holdings VI or BFREP VI on a side-by-side basis in any investment or any Capital Commitment Investment. 
 “GP-Related Capital Account” has the meaning set forth in Section 5.2. 
  

 14 

 “GP-Related Capital Contributions” means capital contributions to the Company as are
necessary to fund the amounts required to satisfy the Company’s obligations to make capital contributions to BREMA VI to satisfy BREMA VI’s obligations to make capital contributions to BRE Holdings VI to satisfy BRE Holdings VI’s
obligations to make capital contributions to BREA VI in respect of the GP-Related BREA VI LP Interest, as determined by the Managing Member from time to time. 
 “GP-Related Class A Interest” has the meaning set forth in Section 5.8(a). 
 “GP-Related Class B Interest” has the meaning set forth in Section 5.8(a). 
 “GP-Related
Commitment”, with respect to any Member, means such Member’s commitment to the Company relating to such Member’s GP-Related Member Interest, as set forth in the books and records of the Company, including any such commitment set
forth in such Member’s Commitment Agreement or SMD Agreement. 
 “GP-Related Defaulting Party” has the meaning set
forth in Section 5.8(d)(ii). 
 “GP-Related Deficiency Contribution” has the meaning set forth in
Section 5.8(d)(ii). 
 “GP-Related Disposable Investment” has the meaning set forth in Section 5.8(a). 

“GP-Related Giveback Amount” has the meaning set forth in Section 5.8(d)(i). 
 “GP-Related Investment” means any investment (direct or indirect) of the Company in respect of the Company’s GP-Related BREMA VI
Partner Interest (including, without limitation, any GP-Related BREP VI Investment). 
 “GP-Related Member Interest” of a
Member means all interests of such Member in the Company (other than such Member’s Capital Commitment Member Interest), including, without limitation, such Member’s interest in the Company with respect to the Company’s GP-Related
BREMA VI Partner Interest and BREMA VI’s GP-Related BFREP VI Partner Interest and with respect to all GP-Related Investments. 
 “GP-Related Net Income (Loss)” has the meaning set forth in Section 5.1(b). 
 “GP-Related Profit
Sharing Percentage” means the “Carried Interest Sharing Percentage” and “Non-Carried Interest Sharing Percentage” of each Member; provided that any references in this Agreement to GP-Related Profit Sharing
Percentages made (a) in connection with voting or voting rights or (b) GP-Related Capital Contributions with respect to GP-Related Investments (including Section 5.3(b)) shall mean the “Non-Carried Interest Sharing
Percentage” of each Member; provided further that, the term “GP-Related Profit Sharing Percentage” shall not include any Capital Commitment Profit Sharing Percentage. 
 “GP-Related Recontribution Amount” has the meaning set forth in Section 5.8(d)(i). 
 “GP-Related Required Amounts” has the meaning set forth in Section 4.1. 
 “GP-Related Unallocated Percentage” has the meaning set forth in Section 5.3(b). 
 “GP-Related Unrealized Net Income (Loss)” attributable to any GP-Related BREP VI Investment as of any date means the GP-Related Net
Income (Loss) that would be realized by the 
  

 15 

 Company with respect to such GP-Related BREP VI Investment if BREP VI’s entire portfolio of investments were sold on
such date for cash in an amount equal to their aggregate value on such date (determined in accordance with Section 5.1(e)) and all distributions payable by BREP VI to the Company (indirectly through the general partner of BREP VI, BRE Holdings
VI and BREMA VI) pursuant to the BREP VI Partnership Agreement with respect to such GP-Related BREP VI Investment were made on such date. “GP-Related Unrealized Net Income (Loss)” attributable to any other GP-Related Investment (excluding
any Capital Commitment Investment) as of any date means the GP-Related Net Income (Loss) that would be realized by the Company with respect to such GP-Related Investment if such GP-Related Investment were sold on such date for cash in an amount
equal to its value on such date (determined in accordance with Section 5.1(e)). 
 “Holdback” has the meaning set forth
in Section 4.1(d)(i). 
 “Holdback Percentage” has the meaning set forth in Section 4.1(d)(i). 
 “Holdback Vote” has the meaning set forth in Section 4.1(d)(iv)(A). 
 “Holdings” has the meaning set forth in the preamble hereto. 
 “Incompetence” means, with respect to any Member, the determination by the Managing Member in its sole discretion, after consultation
with a qualified medical doctor, that such Member is incompetent to manage his person or his property. 
 “Inflation Index”
means (i) the GNP deflator, which is the fixed-weighted price index representing the average change in the United States gross national product as published in the Survey of Current Business by the National Income and Wealth Division of the
Bureau of Economic Analysis of the U.S. Department of Commerce, or (ii) such other index measuring changes in economic prices in the United States as shall be selected by the Managing Member. 
 “Initial Holdback Percentages” has the meaning set forth in Section 4.1(d)(i). 
 “Interest” means a limited liability company interest (as defined in § 18-101(8) of the LLC Act) in the Company, including those
that are held by a Retaining Withdrawn Member and including any Member’s GP-Related Member Interest and Capital Commitment Member Interest. 
 “Investment” means any investment (direct or indirect) of the Company designated by the Managing Member from time to time as an investment in which the Members’ respective interests shall be established and accounted
for on a basis separate from the Company’s other businesses, activities and investments, including (a) GP-Related Investments, and (b) Capital Commitment Investments, . 
 “Investor Note” means a promissory note of a Member evidencing indebtedness incurred by such Member to purchase a Capital Commitment
Interest, the terms of which were or are approved by the Managing Member and which is secured by such Capital Commitment Interest, all other Capital Commitment Interests of such Member and all other interests in BFREP and interests in BFIP, BFMEZP
and BFCOMP; provided, that such promissory note may also evidence indebtedness relating to other interests in BFREP and interests in BFIP, BFMEZP and BFCOMP, and such indebtedness shall be prepayable with Capital Commitment Net Income
(whether or not such indebtedness relates to Capital Commitment Investments) as set forth in this Agreement, the Investor Note, the other BFREP Agreements and the BFIP Agreements, BFMEZP Agreements and BFCOMP Agreements and any documentation
relating to Other Sources; provided further, that references to “Investor Notes” herein refer to multiple loans made pursuant to such note, whether made with respect to Capital Commitment 
  

 16 

 Investments, other BFREP Investments, BFIP Investments, BFMEZP Investments or BFCOMP Investments, and references to an
“Investor Note” refer to one such loan as the context requires. In no way shall any indebtedness incurred to acquire Capital Commitment Interests, other interests in BFREP or interests in BFIP, BFMEZP or BFCOMP be considered part of the
Investor Notes for purposes hereof if the Lender or Guarantor is not the lender or guarantor with respect thereto. 
 “Investor
Special Member” means any Special Member so designated at the time of its admission by the Managing Member as a Member of the Company. 
 “Issuer” means the issuer of any Security comprising part of an Investment. 
 “L/C” has the
meaning set forth in Section 4.1(d)(vi). 
 “L/C Member” has the meaning set forth in Section 4.1(d)(vi).

 “LLC Act” means the Delaware Limited Liability Company Act, 6 Del.C. § 18-101, et seq., as
it may be amended from time to time, and any successor to such Act. 
 “Lender or Guarantor” means Holdings, in its capacity
as lender or guarantor under the Investor Notes, or any other Affiliate of the Company that makes or guarantees loans to enable a Member to acquire Capital Commitment Interests, other interests in BFREP or interests in BFIP, interests in BFMEZP or
interests in BFCOMP. 
 “Loss Amount” has the meaning set forth in Section 5.8(e). 
 “Loss Investment” has the meaning set forth in Section 5.8(e). 
 “Majority in Interest of the Members” on any date (a “vote date”) means one or more persons who are Members (including
the Managing Member but excluding Nonvoting Special Members) on the vote date and who, as of the last day of the most recent accounting period ending on or prior to the vote date (or as of such later date on or prior to the vote date selected by the
Managing Member as of which the Members’ capital account balances can be determined), have aggregate capital account balances representing at least a majority in amount of the total capital account balances of all the persons who are Members
(including the Managing Member but excluding Nonvoting Special Members) on the vote date. 
 “Managing Member” has the
meaning specified in the preamble hereto. 
 “Member” means any person who is a member of the Company, including the Regular
Members, the Managing Member and the Special Members. Except as otherwise specifically provided herein, no group of Members, including the Special Members and any group of Members in the same Member Category, shall have any right to vote as a class
on any matter relating to the Company, including, but not limited to, any merger, reorganization, dissolution or liquidation. 
 “Member Category” shall mean the Managing Member, the Existing Members, Retaining Withdrawn Members or Deceased Members, each referred to as a group for purposes hereof. 
 “Moody’s” means Moody’s Investors Services, Inc., or any successor thereto. 
 “Net Carried Interest Distribution” has the meaning set forth in Section 5.8(e). 
  

 17 

 “Net Carried Interest Distribution Recontribution Amount” has the meaning set forth in
Section 5.8(e). 
 “Net GP-Related Recontribution Amount” has the meaning set forth in Section 5.8(c)(i).

 “Non-Carried Interest” means, with respect to each GP-Related Investment, all amounts of distributions, other than
Carried Interest and other than Capital Commitment Distributions, received by the Company with respect to such GP-Related Investment, less any costs, fees and expenses of the Company with respect thereto and less reasonable reserves for payment of
costs, fees and expenses of the Company that are anticipated with respect thereto, in each case which the Managing Member may allocate to all or any portion of the GP-Related Investments as it may determine in good faith is appropriate. 

“Non-Carried Interest Sharing Percentage” means, with respect to each GP-Related Investment, the percentage interest of a Member in
Non-Carried Interest from such GP-Related Investment set forth in the books and records of the Company. 
 “Non-Contingent”
means generally not subject to repurchase rights or other requirements. 
 “Nonvoting Special Member” has the meaning set
forth in Section 6.1(a). 
 “Other Fund GPs” means BREMA VI, BRE Holdings VI, BREA VI, BRECA VI, and any other entity
(other than the Company) through which any Member, Withdrawn Member or any other person directly receives any amounts of Carried Interest, and any successor thereto (in each of the foregoing cases, solely with respect to their respective interests
related directly or indirectly to the GP-Related BREA VI LP Interest); provided, that this includes any other entity which has in its organizational documents a provision which indicates that it is a “Fund GP” or an “Other Fund
GP”; provided further, that notwithstanding any of the foregoing, none of Holdings, any estate planning vehicle established for the benefit of family members of any Member or any member or partner of any Other Fund GP shall be considered
an “Other Fund GP” for purposes hereof; provided further, that the foregoing exclusion of such estate planning vehicles shall in no way limit such Members’ obligations pursuant to Section 5.8(d). 
 “Other Sources” means (i) distributions or payments of CC Carried Interest (which shall include amounts of CC Carried Interest
which are not distributed or paid to a Member but are instead contributed to a trust (or similar arrangement) to satisfy any “holdback” obligation with respect thereto), and (ii) distributions from BFREP (other than from the Company),
BFIP, BFMEZP and BFCOMP to such Member. 
 “Parallel Fund” means any additional collective investment vehicles (or other
similar arrangements) formed pursuant to paragraph 2.8 of the BREP VI Partnership Agreement. 
 “Pledgable Blackstone
Interests” has the meaning set forth in Section 4.1(d)(v)(A) 
 “Prime Rate” means the rate of interest per
annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its prime rate. 
 “Qualifying Fund” means any
fund designated by the Managing Member as a “Qualifying Fund”. 
  

 18 

 “Regular Member” shall mean any Member, excluding the Managing Member and any Special
Members. 
 “Repurchase Period” has the meaning set forth in Section 5.8(b). 
 “Required Rating” has the meaning set forth in Section 4.1(d)(vi). 
 “Retained Portion” has the meaning set forth in Section 7.6. 
 “Retaining Withdrawn Member” shall mean a Withdrawn Member who has retained a GP-Related Member Interest, pursuant to
Section 6.5(f) or otherwise. A Retaining Withdrawn Member shall be considered a Nonvoting Special Member for all purposes hereof. 
 “Securities” means any debt or equity securities of an Issuer and its subsidiaries and other Controlled Entities constituting part of an Investment, including without limitation common and preferred stock, interests in
limited partnerships and interests in limited liability companies (including warrants, rights, put and call options and other options relating thereto or any combination thereof), notes, bonds, debentures, trust receipts and other obligations,
instruments or evidences of indebtedness, choses in action, other property or interests commonly regarded as securities, interests in real property, whether improved or unimproved, interests in oil and gas properties and mineral properties,
short-term investments commonly regarded as money-market investments, bank deposits and interests in personal property of all kinds, whether tangible or intangible. 
 “Settlement Date” has the meaning set forth in Section 6.5(a). 
 “SMD
Agreements” means the agreements between the Company and/or one or more of its affiliates and the Members, pursuant to which each Member undertakes certain obligations with respect to the Company and/or its affiliates. The SMD Agreements
are hereby incorporated by reference as between the Company and the relevant Member. 
 “Special Firm Collateral” means
interests in a Qualifying Fund or other assets that have been pledged to the Trustee(s) to satisfy all or any portion of a Member’s or Withdrawn Member’s Holdback (excluding any Excess Holdback) as more fully described in the
Company’s books and records. 
 “Special Firm Collateral Realization” has the meaning set forth in
Section 4.1(d)(viii)(B). 
 “Special Member” means any person shown on the books and records of the Company as a
Special Member of the Company, including any Nonvoting Special Member, and any Investor Special Member. 
 “S&P” means
Standard & Poor’s Ratings Group, and any successor thereto. 
 “Subject Investment” has the meaning set forth
in Section 5.8(e). 
 “Subject Member” has the meaning set forth in Section 4.1(d)(iv). 
 “Tax Matters Member” has the meaning set forth in Section 6.7(b). 
 “Total Disability” means the inability of a Member substantially to perform the services required of a Regular Member for a period of
six consecutive months by reason of physical or mental illness or incapacity and whether arising out of sickness, accident or otherwise. 
  

 19 

 “Trust Account” has the meaning set forth in the Trust Agreement. 
 “Trust Agreement” means the Trust Agreement, dated as of February 8, 2007, as amended to date, among the Members, the Trustee(s)
and certain other persons that may receive distributions in respect of or relating to Carried Interest from time to time. 
 “Trust
Amount” has the meaning set forth in the Trust Agreement. 
 “Trust Income” has the meaning set forth in the Trust
Agreement. 
 “Trustee(s)” has the meaning set forth in the Trust Agreement. 
 “Unadjusted Carried Interest Distribution” has the meaning set forth in Section 5.8(e). 
 “Unallocated Capital Commitment Interests” has the meaning set forth in Section 8.1(f). 
 “Withdraw” or “Withdrawal” with respect to a Member means a Member ceasing to be a member of the Company (except as a
Retaining Withdrawn Member) for any reason (including death, disability, removal, resignation or retirement, whether such is voluntary or involuntary), unless the context shall limit the type of withdrawal to a specific reason, and
“Withdrawn” with respect to a Member means, as aforesaid, a Member who has ceased to be a member of the Company. 
 “Withdrawal Date” means the date of Withdrawal from the Company of a Withdrawn Member. 
 “Withdrawn
Member” means a Member whose interest in the Company has been terminated for any reason, including the occurrence of an event specified in Section 6.2, and shall include, unless the context requires otherwise, the estate or legal
representatives of any such Member. 
 1.2. Terms Generally. The definitions in Section 1.1 shall apply equally to both the
singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The term “person” includes individuals, partnerships (including limited
liability partnerships), companies (including limited liability companies), joint ventures, corporations, trusts, governments (or agencies or political subdivisions thereof) and other associations and entities. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. 
 ARTICLE II

 GENERAL PROVISIONS 
 2.1.
Managing, Regular and Special Members. The Members may be Managing Members, Regular Members or Special Members (including Investor Special Members). The Managing Member as of the date hereof is Holdings and the Regular Members as of the date
hereof are those persons shown as Regular Members on the signature pages hereof, and the Special Members as of the date hereof are persons shown as Special Members on the signature pages hereof. The books and records of the Company contain the
GP-Related Profit Sharing Percentage and GP-Related Commitment of each such Member with respect to the GP-Related Investments of the Company as of the date hereof. The books and records of the Company contain the Capital Commitment Profit Sharing
Percentage and Capital Commitment-Related Commitment of each such Member with respect to the Capital Commitment Investments of the Company as of the date hereof. The books and records of the Company shall be 
  

 20 

 amended by the Managing Member from time to time to reflect additional GP-Related Investments, additional Capital
Commitment Investments, dispositions by the Company of GP-Related Investments, dispositions by the Company of Capital Commitment Investments, the GP-Related Profit Sharing Percentages of the Members, as modified from time to time, the Capital
Commitment Profit Sharing Percentages of the Members, as modified from time to time, the admission and withdrawal of Members and the transfer or assignment of interests in the Company pursuant to the terms of this Agreement. At the time of admission
of each additional Member, the Managing Member shall determine in its sole discretion the GP-Related Investments and Capital Commitment Investments in which such Member shall participate and such Member’s GP-Related Commitment, Capital
Commitment-Related Commitment, GP-Related Profit Sharing Percentage with respect to each such GP-Related Investment and Capital Commitment Profit Sharing Percentage with respect to each such Capital Commitment Investment. Each Member may have a
GP-Related Member Interest and a Capital Commitment Member Interest. 
 2.2. Formation; Name; Foreign Jurisdictions. The Company is
hereby continued as a limited liability company pursuant to the LLC Act and shall continue to conduct its activities under the name of BREA VI L.L.C. The certificate of formation of the Company may be amended and/or restated from time to time by the
Managing Member, as an “authorized person” (within the meaning of the LLC Act). The Managing Member is further authorized to execute and deliver and file any other certificates (and any amendments and/or restatements thereof) necessary for
the Company to qualify to do business in a jurisdiction in which the Company may wish to conduct business. 
 2.3. Term. The term of
the Company shall continue until December 31, 2057, unless earlier dissolved and its affairs wound up in accordance with this Agreement. 
 2.4. Purpose; Powers. (a) The purpose of the Company shall be, directly or indirectly through subsidiaries or affiliates, (i) to serve as sole member of BREA VI Sub and perform the functions of the sole member specified in
the BREA VI Sub LLC Agreement, (ii) to serve as a general partner of BREMA VI and BRECA VI and perform the functions of the general partner specified in the BREMA VI Partnership Agreement and a general partner specified in the BRECA VI
Partnership Agreement, (iii) to invest in Investments and to acquire and invest in Securities or other property (directly or indirectly) through BREP VI (including any Alternative Investment Vehicle and any Parallel Fund), (iv) to serve as
a general partner or limited partner of other partnerships and perform the functions of a general partner or limited partner specified in the respective partnership agreements, as amended, supplemented or otherwise modified from time to time, of any
such partnership, (v) to serve as a member of limited liability companies and perform the functions of a member specified in the respective limited liability company agreements, as amended, supplemented or otherwise modified from time to time,
of any such limited liability company, (vi) to carry on such other businesses, perform such other services and make such other investments as are deemed desirable by the Managing Member and as are permitted under the LLC Act, the BREA VI Sub
LLC Agreement, the BREMA VI Partnership Agreement, the BRECA VI Partnership Agreement, the BRE Holdings VI Partnership Agreement, the BFREP VI Partnership Agreement and the respective partnership agreements, as amended, supplemented or otherwise
modified from time to time, of any partnership referred to in clause (iv) above, and the respective limited liability company agreements, as amended, supplemented or otherwise modified from time to time, of any limited liability company
referred to in clause (v) above, and (vii) any other lawful purpose, and (viii) to do all things necessary, desirable, convenient or incidental thereto. 
 (b) In furtherance of its purposes, the Company shall have all powers necessary, suitable or convenient for the accomplishment of its purposes, alone or with others, as principal or agent, including the following:

  

 21 

 (i) to be and become a general or limited partner of partnerships, a member of limited
liability companies, a holder of common and preferred stock of corporations and/or an investor in the foregoing entities or other entities, in connection with the making of Investments or the acquisition, holding or disposition of Securities or
other property or as otherwise deemed appropriate by the Managing Member in the conduct of the Company’s business, and to take any action in connection therewith; 
 (ii) to acquire and invest in general or limited partner interests, in limited liability company interests, in common and preferred stock
of corporations and/or in other interests in or obligations of the foregoing entities or other entities and in Investments and Securities or other property or direct or indirect interests therein, whether such Investments and Securities or other
property are readily marketable or not, and to receive, hold, sell, dispose of or otherwise transfer any such partner interests, limited liability company interests, stock, interests, obligations, Investments or Securities or other property and any
dividends and distributions thereon and to purchase and sell, on margin, and be long or short, futures contracts and to purchase and sell, and be long or short, options on futures contracts; 
 (iii) to buy, sell and otherwise acquire investments, whether such investments are readily marketable or not; 
 (iv) to invest and reinvest the cash assets of the Company in money-market or other short-term investments; 
 (v) to hold, receive, mortgage, pledge, lease, transfer, exchange or otherwise dispose of, grant options with respect to, and otherwise
deal in and exercise all rights, powers, privileges and other incidents of ownership or possession with respect to, all property held or owned by the Company; 
 (vi) to borrow or raise money from time to time and to issue promissory notes, drafts, bills of exchange, warrants, bonds, debentures and
other negotiable and non-negotiable instruments and evidences of indebtedness, to secure payment of the principal of any such indebtedness and the interest thereon by mortgage, pledge, conveyance or assignment in trust of, or the granting of a
security interest in, the whole or any part of the property of the Company, whether at the time owned or thereafter acquired, to guarantee the obligations of others and to buy, sell, pledge or otherwise dispose of any such instrument or evidence of
indebtedness; 
 (vii) to lend any of its property or funds, either with or without security, at any legal rate of interest or
without interest; 
 (viii) to have and maintain one or more offices within or without the State of Delaware, and in
connection therewith, to rent or acquire office space, engage personnel and compensate them and do such other acts and things as may be advisable or necessary in connection with the maintenance of such office or offices; 
 (ix) to open, maintain and close accounts, including margin accounts, with brokers; 
 (x) to open, maintain and close bank accounts and draw checks and other orders for the payment of moneys; 
  

 22 

 (xi) to engage accountants, auditors, custodians, investment advisers, attorneys and any
and all other agents and assistants, both professional and nonprofessional, and to compensate any of them as may be necessary or advisable; 
 (xii) to form or cause to be formed and to own the stock of one or more corporations, whether foreign or domestic, to form or cause to be formed and to participate in partnerships and joint ventures, whether foreign
or domestic and to form or cause to be formed and be a member or manager or both of one or more limited liability companies; 
 (xiii) to enter into, make and perform all contracts, agreements and other undertakings as may be necessary, convenient, advisable or incident to carrying out its purposes; 
 (xiv) to sue and be sued, to prosecute, settle or compromise all claims against third parties, to compromise, settle or accept judgment to
claims against the Company, and to execute all documents and make all representations, admissions and waivers in connection therewith; 
 (xv) to distribute, subject to the terms of this Agreement, at any time and from time to time to the Members cash or investments or other property of the Company, or any combination thereof; and 
 (xvi) to take such other actions necessary, desirable, convenient or incidental thereto and to engage in such other businesses as may be
permitted under Delaware law. 
 2.5. Place of Business. The Company shall maintain a registered office at The Corporation Trust
Company, 1209 Orange Street, New Castle County, Wilmington, Delaware 19801. The Company shall maintain an office and principal place of business at such place or places as the Managing Member specifies from time to time and as set forth in the books
and records of the Company. The name and address of the Company’s registered agent is The Corporation Trust Company, 1209 Orange Street, New Castle County, Wilmington, Delaware 19801. The Managing Member may from time to time change the
registered agent or office by an amendment to the certificate of formation of the Company. 
 ARTICLE III 
 MANAGEMENT 
 3.1. Managing Member.
(a) Holdings shall be an original managing member (the “Managing Member”). The Managing Member shall cease to be the Managing Member only if it (i) Withdraws from the Company for any reason, (ii) consents in its sole
discretion to resign as the Managing Member, or (iii) becomes the subject of a Final Event. The Managing Member may not be removed without its consent. There may be one or more Managing Members. In the event that one or more other Managing
Members is admitted to the Company as such, all references herein to the “Managing Member” in the singular form shall be deemed to also refer to such other Managing Members as may be appropriate. The relative rights and responsibilities of
such Managing Members will be as agreed upon from time to time between them. 
 (b) Upon the Withdrawal from the Company or voluntary
resignation of the last remaining Managing Member, all of the powers formerly vested therein pursuant to this Agreement and the LLC Act shall be exercised by a Majority in Interest of the Members. 
 3.2. Member Voting, etc. . (a) Meetings of the Members may be called only by the Managing Member. 
  

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 (b) Except as otherwise expressly provided herein and except as may be expressly required by the LLC Act,
Special Members as such shall have no right to, and shall not, take part in the management or control of the Company’s business or act for or bind the Company, and shall have only the rights and powers granted to Special Members herein.

 (c) To the extent a Member is entitled to vote with respect to any matter relating to the Company, such Member shall not be obligated to
abstain from voting on any matter (or vote in any particular manner) because of any interest (or conflict of interest) of such Member (or any affiliate thereof) in such matter. 
 3.3. Management. (a) The management, control and operation of the Company and the formulation and execution of business and investment policy
shall be vested in the Managing Member. The Managing Member shall, in its discretion, exercise all powers necessary and convenient for the purposes of the Company, including those enumerated in Section 2.4, on behalf and in the name of the
Company. All decisions and determinations (howsoever described herein) to be made by the Managing Member pursuant to this Agreement shall be made in its sole discretion, subject only to the express terms and conditions of this Agreement. 

(b) The Managing Member, and any other person designated by the Managing Member, each acting individually, is hereby authorized and empowered, as an
authorized person of the Company within the meaning of the LLC Act, or otherwise (the Managing Member hereby authorizing and ratifying any of the following actions): 
 (i) to execute and deliver and/or file (including any such action, directly or indirectly through one or more other entities, in the name
and on behalf of the Company and/or in the name and on behalf of the Company as general partner of each Partnership (as hereinafter defined)) any agreement of the Company (including, without limitation, any Partnership Agreement (as hereinafter
defined)) or of any Partnership (and any amendments, restatements and/or supplements thereof), the certificate of formation of the Company (and any amendments, restatements and/or supplements thereof), the certificate of limited partnership of each
Partnership (and any amendments, restatements and/or supplements thereof) and any other certificates, notices, applications and other documents (and any amendments, restatements and/or supplements thereof) to be filed with any government or
governmental or regulatory body, including, without limitation, any such document that may be necessary for the Company or any Partnership to qualify to do business in a jurisdiction in which the Company or such Partnership desires to do business;

 (ii) to execute and deliver and/or file (including any such action, directly or indirectly through one or more other
entities, in the name and on behalf of the Company and/or in the name and on behalf of Company as general partner of BREMA VI in its capacity as general partner of each Blackstone Partnership (as hereinafter defined)) any agreement of BREMA VI
(including, without limitation, each Blackstone Partnership Agreement (as hereinafter defined)) or of any Blackstone Partnership (including, without limitation, the BREP VI Partnership Agreement and any other BREP VI Agreements) (and any amendments,
restatements and/or supplements thereof), the certificate of limited partnership of each Blackstone Partnership (and any amendments, restatements and/or supplements thereof) and any other certificates, notices, applications and other documents (and
any amendments, restatements and/or supplements thereof) to be filed with any government or governmental or regulatory body, including, without limitation, any such document that may be necessary for any Blackstone Partnership to qualify to do
business in a jurisdiction in which such Blackstone Partnership desires to do business; 
  

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 (iii) to execute and deliver and/or file (including any such action, directly or
indirectly through one or more other entities, in the name and on behalf of the Company as sole member of BREA VI Sub, on its own behalf or in its capacity as general partner of BREA VI on its own behalf or in its capacity as general partner of BREP
VI), any of the following: 
  

	 	(A)	any agreement, certificate, instrument or other document of BREA VI Sub, BREA VI or BREP VI (and any amendments, restatements and/or supplements thereof), including, without
limitation, the following: (I) the BREP VI Partnership Agreement, any other BREP VI Agreements and the BREA VI Partnership Agreement, (II) Subscription Agreements on behalf of BREP VI and/or BREA VI as general partner of BREP VI, (III) side
letters issued in connection with investments in BREP VI, and (IV) such other agreements, instruments, certificates and other documents as may be necessary or desirable in furtherance of BREA VI Sub’s, BREA VI’s or BREP VI’s purposes
(and any amendments, restatements and/or supplements of any of the foregoing referred to in (I) through (IV) of this clause (A)); 

  

	 	(B)	the certificates of formation, certificate of limited partnership and/or other organizational documents of BREA VI Sub, BREA VI and BREP VI (and any amendments, restatements and/or
supplements thereof); and 

  

	 	(C)	any other certificates, notices, applications and other documents (and any amendments, restatements and/or supplements thereof) to be filed with any government or governmental or
regulatory body, including, without limitation, any such document that may be necessary for BREA VI Sub, BREA VI and BREP VI to qualify to do business in a jurisdiction in which BREA VI Sub, BREA VI or BREP VI desires to do business;

 (iv) to execute and deliver and/or file (including any such action, directly or indirectly through one or
more other entities, in the name and on behalf of the Company as sole member of BREA VI Sub in its capacity as general partner of BREA VI in its capacity as general partner of each Blackstone Entity) any agreement of BREA VI (including, without
limitation, each Blackstone Entity Agreement) or of any Blackstone Entity (and any amendments, restatements and/or supplements thereof), the certificate of limited partnership of each Blackstone Entity (and any amendments, restatements and/or
supplements thereof) and any other certificates, notices, applications and other documents (and any amendments, restatements and/or supplements thereof) to be filed with any government or governmental or regulatory body, including, without
limitation, any such document that may be necessary for any Blackstone Entity to qualify to do business in a jurisdiction in which such Blackstone Entity desires to do business; 
 (v) to prepare or cause to be prepared, and to sign, execute and deliver and/or file (including any such action in the name and on behalf
of the Company and/or in the name and on behalf of the Company as general partner of each Partnership) (A) such documents, instruments, certificates and agreements as may be necessary or desirable in furtherance of the Company’s or such
Partnership’s purposes, (B) any certificates, forms, notices, applications and other documents to be filed with any government or governmental or regulatory body on behalf of the Company and/or such Partnership, (C) any certificates,
forms, notices, applications and other documents that may be necessary or advisable in connection with any bank account of the Company or such Partnership or any banking facilities or services that may be utilized by the Company or such Partnership,
and all checks, notes, drafts and other documents of the Company 
  

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 or such Partnership that may be required in connection with any such bank account or any such banking
facilities or services, (D) resolutions with respect to any of the foregoing matters (which resolutions, when executed by any person authorized as provided in this Section 3.3(b), each acting individually, shall be deemed to have been
adopted by the Members and Managing Member, the Company and any Partnership, as applicable, for all purposes), and (E) any amendments, restatements and/or supplements of any of the foregoing; 
 (vi) to prepare or cause to be prepared, and to sign, execute and deliver and/or file (including any such action, directly or indirectly
through one or more other entities, in the name and on behalf of the Company and/or in the name and on behalf of the Company as general partner BREMA VI in its capacity as a general partner of each Blackstone Partnership) (A) such documents,
instruments, certificates and agreements as may be necessary or desirable in furtherance of BREMA VI’s or such Blackstone Partnership’s purposes (including, without limitation, the BREP VI Partnership Agreement and any other BREP VI
Agreements), (B) any certificates, forms, notices, applications and other documents to be filed with any government or governmental or regulatory body on behalf of BREMA VI and/or such Blackstone Partnership, (C) any certificates, forms,
notices, applications and other documents that may be necessary or advisable in connection with any bank account of BREMA VI or such Blackstone Partnership or any banking facilities or services that may be utilized by BREMA VI or such Blackstone
Partnership, and all checks, notes, drafts and other documents of BREMA VI or such Blackstone Partnership that may be required in connection with any such bank account or any such banking facilities or services, (D) resolutions with respect to
any of the foregoing matters (which resolutions, when executed by any person authorized as provided in this Section 3.3(b), each acting individually, shall be deemed to have been adopted by the Members and Managing Member, the Company, BREMA VI
or any Blackstone Partnership, as applicable, for all purposes), and (E) any amendments, restatements and/or supplements of any of the foregoing; 
 (vii) to prepare or cause to be prepared, and to sign, execute and deliver and/or file (including any such action, directly or indirectly through one or more other entities, in the name and on behalf of the Company as
sole member of BREA VI Sub, on its own behalf or in its capacity as general partner of BREA VI on its own behalf or in its capacity as general partner of BREP VI): (A) such documents, instruments, certificates and agreements as may be necessary
or desirable in furtherance of BREA VI Sub’s, BREA VI’s or BREP VI’s purposes, (B) any certificates, forms, notices, applications and other documents to be filed with any government or governmental or regulatory body on behalf of
BREA VI Sub, BREA VI and/or BREP VI, (C) any certificates, forms, notices, applications and other documents that may be necessary or advisable in connection with any bank account of BREA VI Sub, BREA VI and/or BREP VI or any banking facilities
or services that may be utilized by BREA VI Sub, BREA VI and/or BREP VI,, and all checks, notes, drafts and other documents of BREA VI Sub, BREA VI and/or BREP VI that may be required in connection with any such bank account or any such banking
facilities or service, (D) resolutions with respect to any of the foregoing matters (which resolutions, when executed by any person authorized as provided in this Section 3.3(b), each acting individually, shall be deemed to have been
adopted by the Members and Managing Member, the Company, BREA VI Sub, BREA VI or BREP VI, as applicable, for all purposes), and (E) any amendments, restatements and/or supplements of any of the foregoing; and 
 (viii) to prepare or cause to be prepared, and to sign, execute and deliver and/or file (including any such action, directly or indirectly
through one or more other entities, in the name and on behalf of the Company as sole member of BREA VI Sub in its capacity as general partner of BREA VI in its capacity as general partner of each Blackstone Entity) (A) such documents,
instruments, certificates and agreements as may be necessary or desirable in furtherance of any 
  

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 Blackstone Entity’s purposes, (B) any certificates, forms, notices, applications and other
documents to be filed with any government or governmental or regulatory body on behalf of any Blackstone Entity, (C) any certificates, forms, notices, applications and other documents that may be necessary or advisable in connection with any
bank account of any Blackstone Entity or any banking facilities or services that may be utilized by any Blackstone Entity, and all checks, notes, drafts and other documents of any Blackstone Entity that may be required in connection with any such
bank account or any such banking facilities or services, (D) resolutions with respect to any of the foregoing matters (which resolutions, when executed by any person authorized as provided in this Section 3.3(b), each acting individually,
shall be deemed to have been adopted by the Members and Managing Member, the Company, BREA VI Sub, BREA VI or any Blackstone Entity, as applicable, for all purposes, and (E) any amendments, restatements and/or supplements of any of the
foregoing. 
 The authority granted to any person (other than a Managing Member) in this Section 3.3(b) may be revoked at any time by
the Managing Member by an instrument in writing signed by the Managing Member. As used in this Section 3.3(b), the following terms have the following meanings: “Blackstone Entities” means, collectively, BREH VI and any other
limited partnership (other than BREP VI) of which BREA VI is the general partner. “Blackstone Entity Agreements” means, collectively, the limited partnership or other governing agreements, as amended, restated and/or supplemented,
of the Blackstone Entities. “Blackstone Partnerships” means, collectively, BRE Holdings VI, BFREP VI and any other limited partnership of which BREMA VI is the general partner, “Blackstone Partnership Agreements”
means, collectively, the limited partnership agreements, as amended, restated and/or supplemented, of the Blackstone Partnerships. “Partnerships” means, collectively, BREMA VI, BRECA VI and any other limited partnership of which the
Company is the general partner. “Partnership Agreements” means, collectively, the limited partnership agreements, as amended, restated and/or supplemented, of the Partnerships. 
 Notwithstanding any provision of this Agreement or any other agreement to the contrary, (x) each and every agreement, certificate, instrument,
notice, form, application or other document of the Company, BREA VI Sub, BREA VI, BREP VI, BREMA VI, any Blackstone Entity, any Blackstone Partnership or any Partnership referred to in this Section 3.3 (whether specifically or in general terms)
(and any amendments, restatements and/or supplements of any thereof) is hereby authorized, ratified, approved and confirmed in all respects, on behalf of the Company, BREA VI Sub, BREA VI, BREP VI, BREMA VI, any Blackstone Entity, any Blackstone
Partnership or any Partnership (each in all applicable capacities); (y) each of the Company, BREA VI Sub, BREA VI, BREP VI, BREMA VI, any Blackstone Entity, any Blackstone Partnership or any Partnership is hereby authorized, to execute and
deliver, and to perform the applicable entity’s obligations (including, without limitation, serving as general partner, sole member or in any other capacity) under, each such agreement, certificate, instrument, notice, form, application or
other document (and any amendment, restatement and/or supplement of any thereof); and (z) to take any action, in the applicable capacity, contemplated by or arising out of each such agreement, certificate, instrument, notice, form, application
or other document (and any amendment, restatement and/or supplement of any thereof), in each and every one of the foregoing cases (x), (y) and (z), without the need for any further act, vote or consent of any person. 
 3.4. Responsibilities of Members. (a) Unless otherwise determined by the Managing Member in a particular case, each Regular Member shall
devote substantially all his time and attention to the businesses of the Company and its affiliates, and each Special Member shall not be required to devote any time or attention to the businesses of the Company or its affiliates. 
  

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 (b) All outside business or investment activities of the Members, (including outside directorships or
trusteeships), shall be subject to such rules and regulations as are established by the Managing Member from time to time. 
 (c) The
Managing Member may from time to time establish such other rules and regulations applicable to Members or other employees as the Managing Member deems appropriate, including rules governing the authority of Members or other employees to bind the
Company to financial commitments or other obligations. 
 3.5. Exculpation and Indemnification. (a) Liability to Members.
Notwithstanding any other provision of this Agreement, whether express or implied, to the fullest extent permitted by law, no Member nor any of such Member’s representatives, agents or advisors nor any partner, member, officer, employee,
representative, agent or advisor of the Company or any of its Affiliates (individually, a “Covered Person” and collectively, the “Covered Persons”) shall be liable to the Company or any other Member for any act or
omission (in relation to the Company, this Agreement, any related document or any transaction or investment contemplated hereby or thereby) taken or omitted by a Covered Person (other than any act or omission constituting Cause), unless there is a
final and non-appealable judicial determination and/or determination of an arbitrator that such Covered Person did not act in good faith and in what such Covered Person reasonably believed to be in, or not opposed to, the best interests of the
Company and within the authority granted to such Covered Person by this Agreement, and, with respect to any criminal act or proceeding, had reasonable cause to believe that such Covered Person’s conduct was unlawful. Each Covered Person shall
be entitled to rely in good faith on the advice of legal counsel to the Company, accountants and other experts or professional advisors, and no action taken by any Covered Person in reliance on such advice shall in any event subject such person to
any liability to any Member or the Company. To the extent that, at law or in equity, a Member has duties (including fiduciary duties) and liabilities relating thereto to the Company or to another Member, to the fullest extent permitted by law, such
Member acting under this Agreement shall not be liable to the Company or to any such other Member for its good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they expand or restrict the
duties and liabilities of a Member otherwise existing at law or in equity, are agreed by the Members, to the fullest extent permitted by law, to modify to that extent such other duties and liabilities of such Member. 
 (b) Indemnification. To the fullest extent permitted by law, the Company shall indemnify and hold harmless (but only to the extent of the
Company’s assets (including, without limitation, the remaining capital commitments of the Members) each Covered Person from and against any and all claims, damages, losses, costs, expenses and liabilities (including, without limitation, amounts
paid in satisfaction of judgments, in compromises and settlements, as fines and penalties and legal or other costs and reasonable expenses of investigating or defending against any claim or alleged claim), joint and several, of any nature
whatsoever, known or unknown, liquidated or unliquidated (collectively, “Losses”), arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the Covered
Person may be involved, or threatened to be involved, as a party or otherwise, by reason of such Covered Person’s management of the affairs of the Company or which relate to or arise out of or in connection with the Company, its property, its
business or affairs (other than claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, arising out of any act or omission of such Covered Person constituting Cause); provided, that a Covered Person
shall not be entitled to indemnification under this Section with respect to any claim, issue or matter if there is a final and non-appealable judicial determination and/or determination of an arbitrator that such Covered Person did not act in good
faith and in what such Covered Person reasonably believed to be in, or not opposed to, the best interest of the Company and within the authority granted to such Covered Person by this Agreement, and, with respect to any criminal act or proceeding,
had reasonable cause to believe that such Covered Person’s conduct was unlawful; provided further, that if 
  

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 such Covered Person is a Member or a Withdrawn Member, such Covered Person shall bear its share of such Losses in
accordance with such Covered Person’s GP-Related Profit Sharing Percentage in the Company as of the time of the actions or omissions that gave rise to such Losses. To the fullest extent permitted by law, expenses (including legal fees) incurred
by a Covered Person (including, without limitation, the Managing Member) in defending any claim, demand, action, suit or proceeding may, with the approval of the Managing Member, from time to time, be advanced by the Company prior to the final
disposition of such claim, demand, action, suit or proceeding upon receipt by the Company of a written undertaking by or on behalf of the Covered Person to repay such amount to the extent that it shall be subsequently determined that the Covered
Person is not entitled to be indemnified as authorized in this Section, and the Company and its Affiliates shall have a continuing right of offset against such Covered Person’s interests/investments in the Company and such Affiliates and shall
have the right to withhold amounts otherwise distributable to such Covered Person to satisfy such repayment obligation. If a Member institutes litigation against a Covered Person which gives rise to an indemnity obligation hereunder, such Member
shall be responsible, up to the amount of such Member’s Interests and remaining capital commitment, for such Member’s pro rata share of the Company’s expenses related to such indemnity obligation, as determined by the Managing Member.
The Company may purchase insurance, to the extent available at reasonable cost, to cover losses, claims, damages or liabilities covered by the foregoing indemnification provisions. Members will not be personally obligated with respect to
indemnification pursuant to this Section. 
 3.6. Representations of Members. (a) Each Regular and Special Member by execution of
this Agreement (or by otherwise becoming bound by the terms and conditions hereof as provided herein or in the LLC Act) represents and warrants to every other Member and to the Company, except as may be waived by the Managing Member, that such
Member is acquiring each of such Member’s Interests for such Member’s own account for investment and not with a view to resell or distribute the same or any part hereof, and that no other person has any interest in any such Interest or in
the rights of such Member hereunder; provided, that a Member may choose to make transfers for estate and charitable planning purposes (in accordance with the terms hereof). Each Regular and Special Member represents and warrants that such
Member understands that the Interests have not been registered under the Securities Act of 1933 and therefore such Interests may not be resold without registration under such Act or exemption from such registration, and that accordingly such Member
must bear the economic risk of an investment in the Company for an indefinite period of time. Each Regular and Special Member represents that such Member has such knowledge and experience in financial and business matters, that such Member is
capable of evaluating the merits and risks of an investment in the Company, and that such Member is able to bear the economic risk of such investment. Each Regular and Special Member represents that such Member’s overall commitment to the
Company and other investments which are not readily marketable is not disproportionate to the Member’s net worth and the Member has no need for liquidity in the Member’s investment in Interests. Each Regular and Special Member represents
that to the full satisfaction of the Member, the Member has been furnished any materials that such Member has requested relating to the Company, any Investment and the offering of Interests and has been afforded the opportunity to ask questions of
representatives of the Company concerning the terms and conditions of the offering of Interests and any matters pertaining to each Investment and to obtain any other additional information relating thereto. Each Regular and Special Member represents
that the Member has consulted to the extent deemed appropriate by the Member with the Member’s own advisers as to the financial, tax, legal and related matters concerning an investment in Interests and on that basis believes that an investment
in the Interests is suitable and appropriate for the Member. Each Regular and Special Member represents that such Member is a “qualified purchaser” (as such term is used in the Investment Company Act of 1940, as amended (the “1940
Act”)), for purposes, among other things, of Section 3(c)(7) of the 1940 Act. 
  

 29 

 (b) Each Regular and Special Member agrees that the representations and warranties contained in paragraph
(a) above shall be true and correct as of any date that such Member (1) makes a capital contribution to the Company (whether as a result of Firm Advances made to such Member or otherwise) with respect to any Investment, and such Member
hereby agrees that such capital contribution shall serve as confirmation thereof and/or (2) repays any portion of the principal amount of a Firm Advance, and such Member hereby agrees that such repayment shall serve as confirmation thereof.

 3.7. Tax Information. Each Regular and Special Member certifies that (A) if the Member is a United States person (as defined
in the Code) (x) (i) the Member’s name, social security number (or, if applicable, employer identification number) and address provided to the Company and its affiliates pursuant to an IRS Form W-9, Payer’s Request for Taxpayer
Identification Number Certification (“W-9”) or otherwise are correct and (ii) the Member will complete and return a W-9, and (y) (i) the Member is a United States person (as defined in the Code) and (ii) the
Member will notify the Company within 60 days of a change to foreign (non-United States) status or (B) if the Member is not a United States person (as defined in the Code) (x) (i) the information on the completed IRS Form W-8BEN,
Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding (“W-8BEN”) or other applicable form, including but not limited to IRS Form W-8IMY, Certificate of Foreign Intermediary, Foreign Partnership, or
Certain U.S. Branches for United States Tax Withholding (“W-8IMY”), or otherwise is correct and (ii) the Member will complete and return the applicable IRS form, including but not limited to a W-8BEN or W-8IMY, and
(y) (i) the Member is not a United States person (as defined in the Code) and (ii) the Member will notify the Company within 60 days of any change of such status. The Member agrees to properly execute and provide to the Company in a
timely manner any tax documentation that may be reasonably required by the Company or the Managing Member. 
 ARTICLE IV 
 CAPITAL OF THE COMPANY 
 4.1. Capital
Contributions by Members. (a) Except as agreed by the Managing Member and a Regular Member, each Regular Member shall not be required to make capital contributions (“GP-Related Capital Contributions”) equal to such amounts
and at such times (the “GP-Related Required Amounts”) as determined by the Managing Member from time to time; provided, that (i) such additional GP-Related Capital Contributions may be made pro rata among the
Regular Members based upon the allocation of the Carried Interest in each GP-Related BREP VI Investment by the Managing Member and (ii) additional GP-Related Capital Contributions in excess of the GP-Related Required Amounts which are to be
used for ongoing business operations (as distinct from financing, legal or other specific liabilities of the Company (including those specifically set forth in Sections 4.1(d) and 5.8(d)) shall be determined by the Managing Member. Special Members
shall not be required to make additional GP-Related Capital Contributions to the Company except (i) as a condition of an increase in such Special Member’s GP-Related Profit Sharing Percentage or (ii) as specifically set forth in this
Agreement; provided, that the Managing Member and any Special Member may agree from time to time that such Special Member shall make an additional GP-Related Capital Contribution to the Company; provided further, that each
Investor Special Member shall maintain its GP-Related Capital Account at a level equal to the product of (i) its GP-Related Profit Sharing Percentage from time to time and (ii) the total capital of the Company related to the GP-Related
Member Interests. 
 (b) Each GP-Related Capital Contribution by a Member shall be credited to the appropriate GP-Related Capital Account of
such Member in accordance with Section 5.2. 
 (c) The Managing Member may elect on a case by case basis to (i) cause the Company
to loan any Member (including any additional Member admitted to the Company pursuant to Section 6.1 
  

 30 

 but excluding any Members that are also executive officers of The Blackstone Group L.P.) the amount of any GP-Related
Capital Contribution required to be made by such Member or (ii) permit any Member (including any additional Member admitted to the Company pursuant to Section 6.1) to make a required GP-Related Capital Contribution to the Company in
installments, in each case on terms determined by the Managing Member. 
 (d) (i) The Members and the Withdrawn Members have entered
into the Trust Agreement, pursuant to which certain amounts of Carried Interest will be paid to the Trustee(s) for deposit in the Trust Account (such amounts to be paid to the Trustee(s) for deposit in the Trust Account constituting a
“Holdback”). The Managing Member shall determine, as set forth below, the percentage of Carried Interest that shall be withheld for each Member Category (such withheld percentage constituting such Member Category’s
“Holdback Percentage”). The applicable Holdback Percentages initially shall be 0% for the Managing Member, 15% for Existing Members (other than the Managing Member), 21% for Retaining Withdrawn Members and 24% for Deceased Members
(the “Initial Holdback Percentages”). 
 (ii) The Holdback Percentage may not be reduced for any individual
Member as compared to the other Members in his Member Category (except as provided in clause (iv) below). The Managing Member may only reduce the Holdback Percentages among the Member Categories on a proportionate basis. For example, if the
Holdback Percentage for Existing Members is decreased to 12.5%, the Holdback Percentage for Retaining Withdrawn Members and Deceased Members shall be reduced to 17.5% and 20%, respectively. Any reduction in the Holdback Percentage for any Member
shall apply only to distributions relating to Carried Interest made after the date of such reduction. 
 (iii) The Holdback
Percentage may not be increased for any individual Member as compared to the other Members in his Member Category (except as provided in clause (iv) below). The Managing Member may not increase the Retaining Withdrawn Members’ Holdback
Percentage beyond 21% unless the Managing Member concurrently increases the Existing Members’ Holdback Percentage to the Holdback Percentage of the Retaining Withdrawn Members. The Managing Member may not increase the Deceased Members’
Holdback Percentage beyond 24% unless the Managing Member increases the Holdback Percentage for both Existing Members and Retaining Withdrawn Members to 24%. The Managing Member may not increase the Holdback Percentage of any Member Category beyond
24% unless such increase applies equally to all Member Categories. Any increase in the Holdback Percentage for any Member shall apply only to distributions relating to Carried Interest made after the date of such increase. The foregoing shall in no
way prevent the Managing Member from proportionately increasing the Holdback Percentage of any Member Category (following a reduction of the Holdback Percentages below the Initial Holdback Percentages), if the resulting Holdback Percentages are
consistent with the above. For example, if the Managing Member reduces the Holdback Percentages for Existing Members, Retaining Withdrawn Members and Deceased Members to 12.5%, 17.5% and 20%, respectively, the Managing Member shall have the right to
subsequently increase the Holdback Percentages to the Initial Holdback Percentages. 
 (iv) (A) Notwithstanding anything
contained herein to the contrary, the Company may increase or decrease the Holdback Percentage for any Member in any Member Category (in such capacity, the “Subject Member”) pursuant to a majority vote of the Regular Members (a
“Holdback Vote”); provided, that, notwithstanding anything to the contrary contained herein, the Holdback Percentage applicable to the Managing Member shall not be increased or decreased without its prior written consent;
provided further, that a Subject Member’s Holdback Percentage shall not be (I) increased prior to such time as such Subject Member (x) is notified by the Company of the decision to increase such Subject Member’s Holdback
Percentage and (y) has, if 
  

 31 

 requested by such Subject Member, been given 30 days to gather and provide information to the Company for
consideration before a second Holdback Vote (requested by the Subject Member) or (II) decreased unless such decrease occurs subsequent to an increase in a Subject Member’s Holdback Percentage pursuant to a Holdback Vote under this clause (iv);
provided further, that such decrease shall not exceed an amount such that such Subject Member’s Holdback Percentage is less than the prevailing Holdback Percentage for the Member Category of such Subject Member; provided
further, that a Member shall not vote to increase a Subject Member’s Holdback Percentage unless such voting Member determines, in his good faith judgment, that the facts and circumstances indicate that it is reasonably likely that such
Subject Member, or any of his successors or assigns (including his estate or heirs) who at the time of such vote holds the Interest or otherwise has the right to receive distributions relating thereto, will not be capable of satisfying any
Recontribution Amounts that may become due. 
  

	 	(B)	A Holdback Vote shall take place at a Company meeting. Each Regular Member shall be entitled to cast one vote with respect to the Holdback Vote regardless of such Regular
Member’s interest in the Company. Such vote may be cast by any Regular Member in person or by proxy. 

  

	 	(C)	If the result of the second Holdback Vote is an increase in a Subject Member’s Holdback Percentage, such Subject Member may submit the decision to an arbitrator, the identity
of which is mutually agreed upon by both the Subject Member and the Company; provided, that if the Company and the Subject Member cannot agree upon a mutually satisfactory arbitrator within 10 days of the second Holdback Vote, each of the
Company and the Subject Member shall request their candidate for arbitrator to select a third arbitrator satisfactory to such candidates; provided further, that if such candidates fail to agree upon a mutually satisfactory arbitrator within
30 days of such request, the then sitting President of the American Arbitration Association shall unilaterally select the arbitrator. Each Subject Member that submits the decision of the Company pursuant to the second Holdback Vote to arbitration
and the Company shall estimate their reasonably projected out-of-pocket expenses relating thereto, and each such party shall, to the satisfaction of the arbitrator and prior to any determination being made by the arbitrator, pay the total of such
estimated expenses (i.e., both the Subject Member’s and the Company’s expenses) into an escrow account to be controlled by Simpson Thacher & Bartlett LLP, as escrow agent (or such other comparable law firm as the Company and the
Subject Member shall agree). The arbitrator shall direct the escrow agent to pay out of such escrow account all expenses associated with such arbitration (including costs leading thereto) and to return to the “victorious” party the entire
amount of funds such party paid into such escrow account. If the amount contributed to the escrow account by the losing party is insufficient to cover the expenses of such arbitration, such “losing” party shall then provide any additional
funds necessary to cover such costs to such “victorious” party. For purposes hereof, the “victorious” party shall be the Company if the Holdback Percentage ultimately determined by the arbitrator is closer to the percentage
determined in the second Holdback Vote than it is to the prevailing Holdback Percentage for the Subject Member’s Member Category; otherwise, the Subject Member shall be the “victorious” party. The party that is not the
“victorious” party shall be the “losing” party. 

  

 32 

	 	(D)	In the event of a decrease in a Subject Member’s Holdback Percentage (1) pursuant to a Holdback Vote under this clause (iv) or (2) pursuant to a decision of an
arbitrator under paragraph (C) of this clause (iv), the Company shall release and distribute to such Subject Member any Trust Amounts (and the Trust Income thereon (except as expressly provided herein with respect to using Trust Income as Firm
Collateral)) which exceed the required Holdback of such Subject Member (in accordance with such Subject Member’s reduced Holdback Percentage) as though such reduced Holdback Percentage had applied since the increase of the Subject Member’s
Holdback Percentage pursuant to a previous Holdback Vote under this clause (iv). 

 (v) (A) If a
Member’s Holdback Percentage exceeds 15% (such percentage in excess of 15% constituting the “Excess Holdback Percentage”), such Member may satisfy the portion of his Holdback obligation in respect of his Excess Holdback
Percentage (such portion constituting such Member’s “Excess Holdback”), and such Member (or a Withdrawn Member with respect to amounts contributed to the Trust Account while he was a Member), to the extent his Excess Holdback
obligation has previously been satisfied in cash, may obtain the release of the Trust Amounts (but not the Trust Income thereon which shall remain in the Trust Account and allocated to such Member or Withdrawn Member) satisfying such Member’s
or Withdrawn Member’s Excess Holdback obligation, by pledging or otherwise making available to the Company, on a first priority basis (except as provided below), all or any portion of his Firm Collateral in satisfaction of his Excess Holdback
obligation. Any Member seeking to satisfy all or any portion of the Excess Holdback utilizing Firm Collateral shall sign such documents and otherwise take such other action as is necessary or appropriate (in the good faith judgment of the Managing
Member) to perfect a first priority security interest in, and otherwise assure the ability of the Company to realize on (if required), such Firm Collateral; provided, that, in the case of entities listed in the Company’s books and
records in which Members are permitted to pledge their interests therein to finance all or a portion of their capital contributions thereto (“Pledgable Blackstone Interests”), to the extent a first priority security interest is
unavailable because of an existing lien on such Firm Collateral, the Member or Withdrawn Member seeking to utilize such Firm Collateral shall grant the Company a second priority security interest therein in the manner provided above; provided
further, that (x) in the case of Pledgable Blackstone Interests, to the extent that neither a first priority nor a second priority security interest is available, or (y) if the Managing Member otherwise determines in its good faith
judgment that a security interest in Firm Collateral (and the corresponding documents and actions) are not necessary or appropriate, the Member or Withdrawn Member shall (in the case of either clause (x) or (y) above) irrevocably instruct
in writing the relevant partnership, limited liability company or other entity listed in the Company’s books and records to remit any and all net proceeds resulting from a Firm Collateral Realization on such Firm Collateral to the Trustee(s) as
more fully provided in clause (B) below. The Company shall, at the request of any Member or Withdrawn Member, assist such Member or Withdrawn Member in taking such action necessary to enable such Member or Withdrawn Member to use Firm
Collateral as provided hereunder. 
  

	 	(B)	If upon a sale or other realization of all or any portion of any Firm Collateral (a “Firm Collateral Realization”), the remaining Firm Collateral is insufficient to
cover any Member’s or Withdrawn Member’s Excess Holdback requirement, then up to 100% of the net proceeds 

  

 33 

 otherwise distributable to such Member or Withdrawn Member from such Firm Collateral Realization
(including distributions subject to the repayment of financing sources as in the case of Pledgable Blackstone Interests) shall be paid into the Trust Account to fully satisfy such Excess Holdback requirement (allocated to such Member or Withdrawn
Member) and shall be deemed to be Trust Amounts for purposes hereunder. Any net proceeds from such Firm Collateral Realization in excess of the amount necessary to satisfy such Excess Holdback requirement shall be distributed to such Member or
Withdrawn Member. 
  

	 	(C)	Upon any valuation or revaluation of Firm Collateral that results in a decreased valuation of such Firm Collateral so that such Firm Collateral is insufficient to cover any
Member’s or Withdrawn Member’s Excess Holdback requirement (including upon a Firm Collateral Realization, if net proceeds therefrom and the remaining Firm Collateral are insufficient to cover any Member’s or Withdrawn Member’s
Excess Holdback requirement), the Company shall provide notice of the foregoing to such Member or Withdrawn Member and such Member or Withdrawn Member shall, within 30 days of receiving such notice, contribute cash (or additional Firm Collateral) to
the Trust Account in an amount necessary to satisfy his Excess Holdback requirement. If any such Member or Withdrawn Member defaults upon his obligations under this clause (C), then Section 5.8(d)(ii) shall apply thereto; provided, that
clause (A) of the first sentence of Section 5.8(d)(ii) shall be deemed inapplicable to a default under this clause (C); provided further, that for purposes of applying Section 5.8(d)(ii) to a default under this clause
(C): (I) the term “GP-Related Defaulting Party” where such term appears in such Section 5.8(d)(ii) shall be construed as “defaulting party” for purposes hereof and (II) the terms “Net GP-Related Recontribution
Amount” and “GP-Related Recontribution Amount” where such terms appear in such Section 5.8(d)(ii) shall be construed as the amount due pursuant to this clause (C).

 (vi) Any Member or Withdrawn Member may (A) obtain the release of any Trust Amounts (but not the Trust Income thereon which shall
remain in the Trust Account and allocated to such Member or Withdrawn Member) or Firm Collateral, in each case, held in the Trust Account for the benefit of such Member or Withdrawn Member or (B) require the Company to distribute all or any
portion of amounts otherwise required to be placed in the Trust Account (whether cash or Firm Collateral), by obtaining a letter of credit (an “L/C”) for the benefit of the Trustee(s) in such amounts. Any Member or Withdrawn Member
choosing to furnish an L/C to the Trustee(s) (in such capacity, an “L/C Member”) shall deliver to the Trustee(s) an unconditional and irrevocable L/C from a commercial bank whose (x) short-term deposits are rated at least A-1
by S&P and P-1 by Moody’s (if the L/C is for a term of 1 year or less), or (y) long-term deposits are rated at least A+ by S&P or A1 by Moody’s (if the L/C is for a term of 1 year or more) (each a “Required
Rating”). If the relevant rating of the commercial bank issuing such L/C drops below the relevant Required Rating, the L/C Member shall supply to the Trustee(s), within 30 days of such occurrence, a new L/C from a commercial bank whose
relevant rating is at least equal to the relevant Required Rating, in lieu of the insufficient L/C. In addition, if the L/C has a term expiring on a date earlier than the latest possible termination date of BREP VI, the Trustee(s) shall be permitted
to drawdown on such L/C if the L/C Member fails to provide a new L/C from a commercial bank whose relevant rating is at least equal to the relevant 
  

 34 

 Required Rating, at least 30 days prior to the stated expiration date of such existing L/C. The
Trustee(s) shall notify an L/C Member 10 days prior to drawing on any L/C. The Trustee(s) may (as directed by the Company in the case of clause (I) below) draw down on an L/C only if (I) such a drawdown is necessary to satisfy an L/C
Member’s obligation relating to the Company’s obligations under the Clawback Provisions or (II) an L/C Member has not provided a new L/C from a commercial bank whose relevant rating is at least equal to the relevant Required Rating (or the
requisite amount of cash and/or Firm Collateral (to the extent permitted hereunder)), at least 30 days prior to the stated expiration of an existing L/C in accordance with this clause (vi). The Trustee(s), as directed by the Company, shall return to
any L/C Member his L/C upon (1) the termination of the Trust Account and satisfaction of the Company’s obligations, if any, in respect of the Clawback Provisions, (2) an L/C Member satisfying his entire Holdback obligation in cash and
Firm Collateral (to the extent permitted hereunder), or (3) the release, by the Trustee(s), as directed by the Company, of all amounts in the Trust Account to the Members or Withdrawn Members. If an L/C Member satisfies a portion of his
Holdback obligation in cash and/or Firm Collateral (to the extent permitted hereunder) or if the Trustee(s), as directed by the Company, release a portion of the amounts in the Trust Account to the Members or Withdrawn Members in the Member Category
of such L/C Member, the L/C of an L/C Member may be reduced by an amount corresponding to such portion satisfied in cash and/or Firm Collateral (to the extent permitted hereunder) or such portion released by the Trustee(s), as directed by the
Company; provided, that in no way shall the general release of any Trust Income cause an L/C Member to be permitted to reduce the amount of an L/C by any amount. 
 (vii) (A) Any in-kind distributions by the Company relating to Carried Interest shall be made in accordance herewith as though such
distributions consisted of cash. The Company may direct the Trustee(s) to dispose of any in-kind distributions held in the Trust Account at any time. The net proceeds therefrom shall be treated as though initially contributed to the Trust Account.

  

	 	(B)	In lieu of the foregoing, any Existing Member may pledge with respect to any in-kind distribution the Special Firm Collateral referred to in asset category 5 on the Company’s
books and records; provided, that the initial contribution of such Special Firm Collateral shall initially equal 130% of the required Holdback Amount for a period of 90 days, and thereafter shall equal at least 115% of the required Holdback
Amount. Paragraphs 4.1(d)(viii)(C) and (D) shall apply to such Special Firm Collateral. To the extent such Special Firm Collateral exceeds the applicable minimum percentage of the required Holdback Amount specified in the first sentence of this
clause (vii)(B), the related Member may obtain a release of such excess amount from the Trust Account. 

 (viii)
(A) Any Regular Member or Withdrawn Member may satisfy all or any portion of his Holdback (excluding any Excess Holdback), and such Member or a Withdrawn Member may, to the extent his Holdback (excluding any Excess Holdback) has been previously
been satisfied in cash or by the use of an L/C as provided herein, obtain a release of Trust Amounts (but not the Trust Income thereon which shall remain in the Trust Account and allocated to such Member or Withdrawn Member) that satisfy such
Member’s or Withdrawn Member’s Holdback (excluding any Excess Holdback) by pledging to the Trustee(s) on a first priority basis all of his Special Firm Collateral in a particular Qualifying Fund, which at all times must equal or exceed the
amount of the Holdback distributed to the Member or Withdrawn Member (as more fully set forth below). Any Member seeking to satisfy such Member’s Holdback utilizing Special Firm Collateral shall sign such documents and otherwise take such other
action as is necessary or 
  

 35 

 appropriate (in the good faith judgment of the Managing Member) to perfect a first priority security interest in, and
otherwise assure the ability of the Trustee(s) to realize on (if required), such Special Firm Collateral. 
  

	 	(B)	If upon a distribution, withdrawal, sale, liquidation or other realization of all or any portion of any Special Firm Collateral (a “Special Firm Collateral
Realization”), the remaining Special Firm Collateral (which shall not include the amount of Firm Collateral that consists of a Qualifying Fund and is being used in connection with an Excess Holdback) is insufficient to cover any
Member’s or Withdrawn Member’s Holdback (when taken together with other means of satisfying the Holdback as provided herein (i.e., cash contributed to the Trust Account or an L/C in the Trust Account)), then up to 100% of the net proceeds
otherwise distributable to such Member or Withdrawn Member from such Special Firm Collateral Realization (which shall not include the amount of Firm Collateral that consists of a Qualifying Fund or other asset and is being used in connection with an
Excess Holdback) shall be paid into the Trust (and allocated to such Member or Withdrawn Member) to fully satisfy such Holdback and shall be deemed thereafter to be Trust Amounts for purposes hereunder. Any net proceeds from such Special Firm
Collateral Realization in excess of the amount necessary to satisfy such Holdback (excluding any Excess Holdback) shall be distributed to such Member or Withdrawn Member. To the extent a Qualifying Fund distributes Securities to a Member or
Withdrawn Member in connection with a Special Firm Collateral Realization, such Member or Withdrawn Member shall be required to promptly fund such Member’s or Withdrawn Member’s deficiency with respect to his Holdback in cash or an L/C.

  

	 	(C)	Upon any valuation or revaluation of the Special Firm Collateral and/or any adjustment in the Applicable Collateral Percentage applicable to a Qualifying Fund (as provided in the
Company’s books and records), if such Member’s or Withdrawn Member’s Special Firm Collateral is valued at less than such Member’s Holdback (excluding any Excess Holdback) as provided in the Company’s books and records,
taking into account other permitted means of satisfying the Holdback hereunder, the Company shall provide notice of the foregoing to such Member or Withdrawn Member and, within 10 business days of receiving such notice, such Member or Withdrawn
Member shall contribute cash or additional Special Firm Collateral to the Trust Account in an amount necessary to make up such deficiency. If any such Member or Withdrawn Member defaults upon his obligations under this clause (C), then
Section 5.8(d)(ii) shall apply thereto; provided, that the first sentence of Section 5.8(d)(ii) shall be deemed inapplicable to such default; provided further, that for purposes of applying Section 5.8(d)(ii) to a
default under this clause (C): (I) the term “GP-Related Defaulting Party” where such term appears in such Section 5.8(d)(ii) shall be construed as “defaulting party” for purposes hereof and (II) the terms “Net
GP-Related Recontribution Amount” and “GP-Related Recontribution Amount” where such terms appear in such Section 5.8(d)(ii) shall be construed as the amount due pursuant to this clause (C). 

  

	 	(D)	Upon a Member becoming a Withdrawn Member, at any time thereafter the Managing Member may revoke the ability of such Withdrawn Member to use Special Firm Collateral as set forth in
this Section 4.1(d)(viii), notwithstanding anything else in this Section 4.1(d)(viii). In that case the provisions of clause (C) above shall apply to the Withdrawn Member’s obligation to satisfy the Holdback (except that 30
days’ notice of such revocation shall be given), given that the Special Firm Collateral is no longer available to satisfy any portion of the Holdback (excluding any Excess Holdback). 

  

	 	(E)	Nothing in this Section 4.1(d)(viii) shall prevent any Member or Withdrawn Member from using any amount of such Member’s interest in a Qualifying Fund as Firm Collateral;
provided that at all times Section 4.1(d)(v) and this Section 4.1(d)(viii) are each satisfied. 

 4.2.
Interest. Interest on the balances of the Members’ capital related to the Members’ GP-Related Member Interests (excluding capital invested in GP-Related Investments and, if deemed appropriate by the Managing Member, capital invested
in any other investment of the Company) shall be credited to the Members’ GP-Related Capital Accounts at the end of each accounting period pursuant to Section 5.2, or at any other time as determined by the Managing Member, at rates
determined by the Managing Member from time to time, and shall be charged as an expense of the Company. 
 4.3. Withdrawals of
Capital. No Member may withdraw capital related to such Member’s GP-Related Member Interest from the Company except (i) for distributions of cash or other property pursuant to Section 5.8, (ii) as otherwise expressly provided
in this Agreement or (iii) as determined by the Managing Member. 
 ARTICLE V 
 PARTICIPATION IN PROFITS AND LOSSES 
 5.1. General Accounting Matters.
(a) GP-Related Net Income (Loss) shall be determined by the Managing Member at the end of each accounting period and shall be allocated as described in Section 5.4. 
 (b) “GP-Related Net Income (Loss)” from any activity of the Company related to the Company’s GP-Related BREMA VI Partner Interest
for any accounting period means (i) the gross income realized by the Company from such activity during such accounting period less (ii) all expenses of the Company, and all other items that are deductible from gross income, for such
accounting period that are allocable to such activity (determined as provided below). 
 “GP-Related Net Income (Loss)” from
any GP-Related Investment for any accounting period in which such GP-Related Investment has not been sold or otherwise disposed of means (i) the gross amount of dividends, interest or other income received by the Company from such GP-Related
Investment during such accounting period less (ii) all expenses of the Company for such accounting period that are allocable to such GP-Related Investment (determined as provided below). 
  

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 “GP-Related Net Income (Loss)” from any GP-Related Investment for the accounting period
in which such GP-Related Investment is sold or otherwise disposed of means (i) the sum of the gross proceeds from the sale or other disposition of such GP-Related Investment and the gross amount of dividends, interest or other income received
by the Company from such GP-Related Investment during such accounting period less (ii) the sum of the cost or other basis to the Company of such GP-Related Investment and all expenses of the Company for such accounting period that are allocable
to such GP-Related Investment. 
 GP-Related Net Income (Loss) shall be determined in accordance with the accounting method used by the
Company for U.S. federal income tax purposes with the following adjustments: (i) any income of the Company that is exempt from U.S. federal income taxation and not otherwise taken into account in computing GP-Related Net Income (Loss) shall be
added to such taxable income or loss; (ii) if any asset has a value on the books of the Company that differs from its adjusted tax basis for U.S. federal income tax purposes, any depreciation, amortization or gain resulting from a disposition
of such asset shall be calculated with reference to such value; (iii) upon an adjustment to the value of any asset on the books of the Company pursuant to Regulation Section 1.704-1(b)(2), the amount of the adjustment shall be included as
gain or loss in computing such taxable income or loss; (iv) any expenditures of the Company not deductible in computing taxable income or loss, not properly capitalizable and not otherwise taken into account in computing GP-Related Net Income
(Loss) pursuant to this definition shall be treated as deductible items; (v) any income from a GP-Related Investment that is payable to Company employees in respect of “phantom interests” in such GP-Related Investment awarded by the
Managing Member to employees shall be included as an expense in the calculation of GP-Related Net Income (Loss) from such GP-Related Investment, and (vi) items of income and expense (including interest income and overhead and other indirect
expenses) of the Company, Holdings and other affiliates of the Company shall be allocated among the Company, Holdings and such affiliates, among various Company activities and GP-Related Investments and between accounting periods, in each case as
determined by the Managing Member. Any adjustments to GP-Related Net Income (Loss) by the Managing Member, including adjustments for items of income accrued but not yet received, unrealized gains, items of expense accrued but not yet paid,
unrealized losses, reserves (including reserves for taxes, bad debts, actual or threatened litigation, or any other expenses, contingencies or obligations) and other appropriate items shall be made in accordance with U.S. generally accepted
accounting principles (“GAAP”); provided, that the Managing Member shall not be required to make any such adjustment. 
 (c) An accounting period shall be a Fiscal Year, except that, at the option of the Managing Member, an accounting period will terminate and a new accounting period will begin on the admission date of an additional Member or the Settlement
Date of a Withdrawn Member, if any such date is not the first day of a Fiscal Year. If any event referred to in the preceding sentence occurs and the Managing Member does not elect to terminate an accounting period and begin a new accounting period,
then the Managing Member may make such adjustments as it deems appropriate to the Members’ GP-Related Profit Sharing Percentages for the accounting period in which such event occurs (prior to any allocations of GP-Related Unallocated
Percentages or adjustments to GP-Related Profit Sharing Percentages pursuant to Section 5.3) to reflect the Members’ average GP-Related Profit Sharing Percentages during such accounting period; provided, that the GP-Related Profit
Sharing Percentages of Members in GP-Related Net Income (Loss) from GP-Related Investments acquired during such accounting period will be based on GP-Related Profit Sharing Percentages in effect when each such GP-Related Investment was acquired.

 (d) In establishing GP-Related Profit Sharing Percentages and allocating GP-Related Unallocated Percentages pursuant to Section 5.3,
the Managing Member may consider such factors as it deems appropriate. 
  

 38 

 (e) All determinations, valuations and other matters of judgment required to be made for accounting
purposes under this Agreement shall be made by the Managing Member and approved by the Company’s independent accountants. Such approved determinations, valuations and other accounting matters shall be conclusive and binding on all Members, all
Withdrawn Members, their successors, heirs, estates or legal representatives and any other person, and to the fullest extent permitted by law no such person shall have the right to an accounting or an appraisal of the assets of the Company or any
successor thereto. 
 5.2. GP-Related Capital Accounts; Tax Capital Accounts. (a) There shall be established for each Member on
the books of the Company, to the extent and at such times as may be appropriate, one or more GP-Related Capital Accounts as the Managing Member may deem to be appropriate for purposes of accounting for such Member’s interests in the capital of
the Company related to the Company’s GP-Related BREMA VI Partner Interest and the GP-Related Net Income (Loss) of the Company. 
 (b) As
of the end of each accounting period or, in the case of a contribution to the Company by one or more of the Members or a distribution by the Company to one or more of the Members, at the time of such contribution or distribution, (i) the
appropriate GP-Related Capital Accounts of each Member shall be credited with the following amounts: (A) the amount of cash and the value of any property contributed by such Member to the capital of the Company related to such Member’s
GP-Related Member Interest during such accounting period, (B) the GP-Related Net Income allocated to such Member for such accounting period and (C) the interest credited on the balance of such Member’s capital related to such
Member’s GP-Related Member Interest for such accounting period pursuant to Section 4.3; and (ii) the appropriate GP-Related Capital Accounts of each Member shall be debited with the following amounts: (x) the amount of cash, the
principal amount of any subordinated promissory note of the Company referred to in Section 6.5(k) (as such amount is paid) and the value of any property distributed to such Member during such accounting period with respect to such Member’s
GP-Related Member Interest and (y) the GP-Related Net Loss allocated to such Member for such accounting period. 
 5.3. GP-Related
Profit Sharing Percentages. (a) Prior to the beginning of each annual accounting period, the Managing Member shall establish the profit sharing percentage (the “GP-Related Profit Sharing Percentage”) of each Member in each
category of GP-Related Net Income (Loss) for such annual accounting period pursuant to Section 5.1(a) taking into account such factors as the Managing Member deems appropriate, including those referred to in Section 5.1(d);
provided, that (i) the Managing Member may elect to establish GP-Related Profit Sharing Percentages in GP-Related Net Income (Loss) from any GP-Related Investment acquired by the Company during such accounting period at the time such
GP-Related Investment is acquired in accordance with paragraph (d) below and (ii) GP-Related Net Income (Loss) for such accounting period from any GP-Related Investment shall be allocated in accordance with the GP-Related Profit Sharing
Percentages in such GP-Related Investment established in accordance with paragraph (d) below. The Managing Member may establish different GP-Related Profit Sharing Percentages for any Member in different categories of GP-Related Net Income
(Loss). In the case of the Withdrawal of a Member, such former Member’s GP-Related Profit Sharing Percentages shall be allocated by the Managing Member to one or more of the remaining Members. In the case of the admission of any Member to the
Company as an additional Member, the GP-Related Profit Sharing Percentages of the other Members shall be reduced by an amount equal to the GP-Related Profit Sharing Percentage allocated to such new Member pursuant to Section 6.1(b); such
reduction of each other Member’s GP-Related Profit Sharing Percentage shall be pro rata based upon such Member’s GP-Related Profit Sharing Percentage as in effect immediately prior to the admission of the new Member. Notwithstanding the
foregoing, the Managing Member may also adjust the GP-Related Profit Sharing Percentage of any Member for any annual accounting period at the end of such annual accounting period in its sole discretion. 
  

 39 

 (b) The Managing Member may elect to allocate to the Members less than 100% of the GP-Related Profit
Sharing Percentages of any category for any annual accounting period at the time specified in Section 5.3(a) for the annual fixing of GP-Related Profit Sharing Percentages (any remainder of such GP-Related Profit Sharing Percentages being
called an “GP-Related Unallocated Percentage”); provided, that any GP-Related Unallocated Percentage in any category of GP-Related Net Income (Loss) for any annual accounting period that is not allocated by the Managing
Member within 90 days after the end of such accounting period shall be deemed to be allocated among all Members (including the Managing Member) in the manner determined by the Managing Member in its sole discretion. 
 (c) Unless otherwise determined by the Managing Member in a particular case, (i) GP-Related Profit Sharing Percentages in GP-Related Net Income
(Loss) from any GP-Related Investment shall be allocated in proportion to the Members’ respective GP-Related Capital Contributions in respect of such GP-Related Investment and (ii) GP-Related Profit Sharing Percentages in GP-Related Net
Income (Loss) from each GP-Related Investment shall be fixed at the time such GP-Related Investment is acquired and shall not thereafter change, subject to any repurchase rights established by the Managing Member pursuant to Section 5.7.

 5.4. Allocations of GP-Related Net Income (Loss). (a) Except as provided in Sections 5.4(d) and 5.4(e), GP-Related Net Income
of the Company for each GP-Related Investment shall be allocated to the GP-Related Capital Accounts related to such GP-Related Investment of all the Members participating in such GP-Related Investment (including the Managing Member): first, in
proportion to and to the extent of the amount of Non-Carried Interest (other than amounts representing a return of GP-Related Capital Contributions) or Carried Interest distributed to the Members; second, to Members that received Non-Carried
Interest (other than amounts representing a return of GP-Related Capital Contributions) or Carried Interest in years prior to the years such GP-Related Net Income is being allocated to the extent such Non-Carried Interest (other than amounts
representing a return of GP-Related Capital Contributions) or Carried Interest exceeded GP-Related Net Income allocated to such Members in such earlier years; and third, to the Members in the same manner that such Non-Carried Interest (other than
amounts representing a return of GP-Related Capital Contributions) or Carried Interest would have been distributed if cash were available to distribute with respect thereto. 
 (b) GP-Related Net Loss of the Company shall be allocated as follows: (i) GP-Related Net Loss relating to realized losses suffered by BREP VI and
allocated to the Company with respect to its pro rata share thereof (based on capital contributions made by the Company indirectly to BREP VI with respect to the Company’s GP-Related BREMA VI Partner Interest) shall be allocated to the Members
in accordance with each Member’s Non-Carried Interest Sharing Percentage (subject to adjustment pursuant to Section 5.8(e)) with respect to the GP-Related Investment giving rise to such loss suffered by BREP VI and (ii) GP-Related Net
Loss relating to realized losses suffered by BREP VI and allocated indirectly to the Company with respect to the Carried Interest shall be allocated in accordance with a Member’s (including Withdrawn Member’s) Carried Interest Give Back
Percentage (as of the date of such loss) (subject to adjustment pursuant to Section 5.8(e)). 
 (c) Notwithstanding Section 5.4(a)
above, GP-Related Net Income relating to Carried Interest allocated after the allocation of a GP-Related Net Loss pursuant to clause (ii) of Section 5.4(b) shall be allocated in accordance with such Carried Interest Give Back Percentages
until such time as the Members have been allocated GP-Related Net Income relating to Carried Interest equal to the aggregate amount of GP-Related Net Loss previously allocated in accordance with clause (ii) of Section 5.4(b). Withdrawn
Members shall remain Members for purposes of allocating such GP-Related Net Loss with respect to Carried Interest. 
  

 40 

 (d) To the extent the Company has any GP-Related Net Income (Loss) for any accounting period unrelated to
BREP VI, such GP-Related Net Income (Loss) will be allocated in accordance with GP-Related Profit Sharing Percentages prevailing at the beginning of such accounting period, except as provided in Section 5.4(e). 
 (e) The Managing Member may authorize from time to time advances to Members against their allocable shares of GP-Related Net Income (Loss). 

5.5. Liability of Members. Except as otherwise provided in the LLC Act or as expressly provided in this Agreement, no Member shall be
personally obligated for any debt, obligation or liability of the Company or of any other Member solely by reason of being a Member. In no event shall any Member or Withdrawn Member (i) be obligated to make any capital contribution or payment
to or on behalf of the Company or (ii) have any liability to return distributions received by such Member from the Company, in each case except as specifically provided in Sections 4.1(d) or 5.8 or otherwise in this Agreement, as such Member
shall otherwise expressly agree in writing or as may be required by applicable law. 
 5.6. [Intentionally Omitted]. 
 5.7. Repurchase Rights, etc. The Managing Member may from time to time establish such repurchase rights and/or other requirements with respect to
the Members’ GP-Related Member Interests relating to GP-Related BREP VI Investments as the Managing Member may determine. The Managing Member shall have authority to (a) withhold any distribution otherwise payable to any Member until any
such repurchase rights have lapsed or any such requirements have been satisfied, (b) pay any distribution to any Member that is Contingent as of the distribution date and require the refund of any portion of such distribution that is Contingent
as of the Withdrawal Date of such Member, (c) amend any previously established repurchase rights or other requirements from time to time and (d) make such exceptions thereto as it may determine on a case by case basis. 
 5.8. Distributions. (a) The Company shall make distributions of available cash (subject to reserves and other adjustments as provided herein)
or other property to Members at such times and in such amounts as are determined by the Managing Member. The Managing Member shall, if it deems it appropriate, determine the availability for distribution of, and distribute, cash or other property
separately for each category of GP-Related Net Income (Loss) established pursuant to Section 5.1(a). Distributions of cash or other property with respect to Non-Carried Interest shall be made among the Members in accordance with their
respective Non-Carried Interest Sharing Percentages, and, subject to Sections 4.1(d) and 5.8(e), distributions of cash or other property with respect to Carried Interest shall be made among Members in accordance with their respective Carried
Interest Sharing Percentages. At any time that a sale, exchange, transfer or other disposition by BREP VI of a portion of a GP-Related Investment is being considered by the Company (a “GP-Related Disposable Investment”), at the
election of the Managing Member each Member’s GP-Related Interest with respect to such GP-Related Investment shall be vertically divided into two separate GP-Related Member Interests, a GP-Related Interest attributable to the GP-Related
Disposable Investment (a Member’s “GP-Related Class B Interest”), and a GP-Related Interest attributable to such GP-Related Investment excluding the GP-Related Disposable Investment (a Member’s “GP-Related
Class A Interest”). Distributions (including those resulting from a sale, transfer, exchange or other disposition by BREP VI) relating to a GP-Related Disposable Investment (with respect to both Carried Interest and Non-Carried

  

 41 

 Interest) shall be made only to holders of GP-Related Class B Interests with respect to such GP-Related Investment in
accordance with their GP-Related Profit Sharing Percentages relating to such GP-Related Class B Interests, and distributions (including those resulting from the sale, transfer, exchange or other disposition by BREP VI) relating to a GP-Related
Investment excluding such GP-Related Disposable Investment (with respect to both Carried Interest and Non-Carried Interest) shall be made only to holders of GP-Related Class A Interests with respect to such Investment in accordance with their
respective GP-Related Profit Sharing Percentages relating to such GP-Related Class A Interests. Except as provided above, distributions of cash or other property with respect to each category of GP-Related Net Income (Loss) shall be allocated
among the Members in the same proportions as the allocations of GP-Related Net Income (Loss) of each such category. 
 (b) Subject to the
Company’s having sufficient available cash in the reasonable judgment of the Managing Member, the Company shall make cash distributions to each Member with respect to each Fiscal Year of the Company in an aggregate amount at least equal to the
total Federal, New York State and New York City income and other taxes that would be payable by such Member with respect to all categories of GP-Related Net Income (Loss) allocated to such Member for such Fiscal Year, the amount of which shall be
calculated (i) on the assumption that each Member is an individual subject to the then prevailing maximum Federal, New York State and New York City income tax rates, (ii) taking into account the deductibility of state and local income and
other taxes for Federal income tax purposes and (iii) taking into account any differential in applicable rates due to the type and character of Net Income (Loss) allocated to such Member. Notwithstanding the provisions of the foregoing
sentence, the Managing Member may refrain from making any distribution if, in the reasonable judgment of the Managing Member, such distribution is prohibited by § 18-607 of the LLC Act. 
 (c) The Managing Member may provide that the GP-Related Member Interest of any Member or employee (including such Member’s or employee’s right
to distributions and investments of the Company related thereto) may be subject to repurchase by the Company during such period as the Managing Member shall determine (a “Repurchase Period”). Any Contingent distributions from
GP-Related Investments subject to repurchase rights will be withheld by the Company and will be distributed to the recipient thereof (together with interest thereon at rates determined by the Managing Member from time to time) as the
recipient’s rights to such distributions become Non-Contingent (by virtue of the expiration of the applicable Repurchase Period or otherwise). The Managing Member may elect in an individual case to have the Company distribute any Contingent
distribution to the applicable recipient thereof irrespective of whether the applicable Repurchase Period has lapsed. If a Member Withdraws from the Company for any reason other than his death, Total Disability or Incompetence, the undistributed
share of any GP-Related Investment that remains Contingent as of the applicable Withdrawal Date shall be repurchased by the Company at a purchase price determined at such time by the Managing Member. Unless determined otherwise by the Managing
Member, the repurchased portion thereof will be allocated among the remaining Members with interests in such GP-Related Investment in proportion to their respective percentage interests in such GP-Related Investment, or if no other Member has a
percentage interest in such specific GP-Related Investment, to the Managing Member; provided, that the Managing Member may allocate the Withdrawn Member’s share of unrealized investment income from a repurchased GP-Related Investment
attributable to the period after the Withdrawn Member’s Withdrawal Date on any basis it may determine, including to existing or new Members who did not previously have interests in such GP-Related Investment, except that, in any event, each
Investor Special Member shall be allocated a share of such unrealized investment income equal to its respective GP-Related Profit Sharing Percentage of such unrealized investment income. 
 (d) (i) (A) If BREA VI is obligated under the Clawback Provisions or Giveback Provisions to contribute a Clawback Amount or Giveback Amount to
BREP VI, and the Company is obligated to make a capital contribution (directly or indirectly) of all or a portion of such Clawback Amount or Giveback Amount (the amount of such obligation of the Company with respect to such a Giveback Amount being
herein called a “GP-Related Giveback Amount”), the Company shall call for such amounts as are necessary to satisfy such obligations as determined by the Managing Member, in which case each Member and Withdrawn Member shall
contribute to the Company, in cash, when and as called by the Company, such an amount of prior distributions by the Company (and the Other Fund GPs) 
  

 42 

 with respect to Carried Interest (and/or Non-Carried Interest in the case of GP-Related Giveback Amounts) (the
“GP-Related Recontribution Amount”) which equals (I) the product of (a) a Member’s or Withdrawn Member’s Carried Interest Give Back Percentage and (b) the aggregate Clawback Amount payable by the Company in
the case of Clawback Amounts and (II) with respect to a GP-Related Giveback Amount, such Member’s pro rata share of prior distributions of Carried Interest and/or Non-Carried Interest in connection with (a) the GP-Related BREP VI
Investment giving rise to the GP-Related Giveback Amount, (b) if the amounts contributed pursuant to clause (II)(a) above are insufficient to satisfy such GP-Related Giveback Amount, GP-Related BREP VI Investments other than the one giving rise
to such obligation, but only those amounts received by the Members with an interest in the GP-Related BREP VI Investment referred to in clause (II)(a) above and (c) if the GP-Related Giveback Amount is unrelated to a specific GP-Related BREP VI
Investment, all GP-Related BREP VI Investments. Each Member and Withdrawn Member shall promptly contribute to the Company, along with satisfying his comparable obligations to the Other Fund GPs, if any, upon such call such Member’s or Withdrawn
Member’s GP-Related Recontribution Amount, less the amount paid out of the Trust Account on behalf of such Member or Withdrawn Member by the Trustee(s) pursuant to written instructions from the Company, or if applicable, any of the Other Fund
GPs with respect to Carried Interest (and/or Non-Carried Interest in the case of GP-Related Giveback Amounts) (the “Net GP-Related Recontribution Amount”), irrespective of the fact that the amounts in the Trust Account may be
sufficient on an aggregate basis to satisfy the Company’s and the Other Fund GPs’ obligation under the Clawback Provisions and/or Giveback Provisions; provided, that to the extent a Member’s or Withdrawn Member’s share of
the amount paid with respect to the Clawback Amount or the GP-Related Giveback Amount exceeds his GP-Related Recontribution Amount, such excess shall be repaid to such Member or Withdrawn Member as promptly as reasonably practicable, subject to
clause (ii) below; provided further, that such written instructions from the Company shall specify each Member’s and Withdrawn Member’s GP-Related Recontribution Amount. Prior to such time, the Company may, in its
discretion (but shall be under no obligation to), provide notice that in the Company’s judgment, the potential obligations in respect of the Clawback Provisions or the Giveback Provisions will probably materialize (and an estimate of the
aggregate amount of such obligations); provided further, that any amount from a Member’s Trust Account used to pay any GP-Related Giveback Amount (or such lesser amount as may be required by the Managing Member) shall be
contributed by such Member to such Member’s Trust Account no later than 30 days after the Net GP-Related Recontribution Amount is paid with respect to such GP-Related Giveback Amount. 
  

	 	(B)	To the extent any Member or Withdrawn Member has satisfied any Holdback obligation with Firm Collateral, such Member or Withdrawn Member shall, within 10 days of the Company’s
call for GP-Related Recontribution Amounts, make a cash payment into the Trust Account in an amount equal to the amount of the Holdback obligation satisfied with such Firm Collateral, or such lesser amount such that the amount in the Trust Account
allocable to such Member or Withdrawn Member equals the sum of (I) such Member’s or Withdrawn Member’s GP-Related Recontribution Amount and (II) any similar amounts payable to any of the Other Fund GPs. Immediately upon receipt
of such cash, the Trustee(s) shall take such steps as are necessary to release such Firm Collateral of such Member or Withdrawn Member equal to the amount of such cash payment. If the amount of such cash payment is less than the amount of Firm
Collateral of such Member or Withdrawn Member, the balance of such Firm Collateral if any, shall be retained to secure the payment of GP-Related Deficiency Contributions, if any, and shall be fully released upon the satisfaction of the
Company’s and the Other Fund GPs’ obligation to pay the Clawback Amount. The failure of any 

  

 43 

 Member or Withdrawn Member to make a cash payment in accordance with this clause (B) (to the extent
applicable) shall constitute a default under Section 5.8(d)(ii) as if such cash payment hereunder constitutes a Net GP-Related Recontribution Amount under Section 5.8(d)(ii). 
 (ii) (A) In the event any Member or Withdrawn Member (a “GP-Related Defaulting Party”) fails to recontribute all or
any portion of such GP-Related Defaulting Party’s Net GP-Related Recontribution Amount for any reason, the Company shall require all other Members and Withdrawn Members to contribute, on a pro rata basis (based on each of their respective
Carried Interest Give Back Percentages in the case of Clawback Amounts, and GP-Related Profit Sharing Percentages in the case of GP-Related Giveback Amounts (as more fully described in clause (II) of Section 5.8(d)(i)(A) above)), such amounts
as are necessary to fulfill the GP-Related Defaulting Party’s obligation to pay such GP-Related Defaulting Party’s Net GP-Related Recontribution Amount (a “GP-Related Deficiency Contribution”) if the Managing Member
determines in its good faith judgment that the Company will be unable to collect such amount in cash from such GP-Related Defaulting Party for payment of the Clawback Amount or GP-Related Giveback Amount, as the case may be, at least 20 Business
Days prior to the latest date that the Company, and the Other Fund GPs, if applicable, are permitted to pay the Clawback Amount or GP-Related Giveback Amount, as the case may be; provided, that, subject to Section 5.8(e), no Member or
Withdrawn Member shall as a result of such GP-Related Deficiency Contribution be required to contribute an amount in excess of 150% of the amount of the Net GP-Related Recontribution Amount initially requested from such Member or Withdrawn Member in
respect of such default. Thereafter, the Managing Member shall determine in its good faith judgment that the Company should either (1) not attempt to collect such amount in light of the costs associated therewith, the likelihood of recovery and
any other factors considered relevant in the good faith judgment of the Managing Member or (2) pursue any and all remedies (at law or equity) available to the Company against the GP-Related Defaulting Party, the cost of which shall be a Company
expense to the extent not ultimately reimbursed by the GP-Related Defaulting Party. It is agreed that the Company shall have the right (effective upon such GP-Related Defaulting Party becoming a GP-Related Defaulting Party) to set-off as appropriate
and apply against such GP-Related Defaulting Party’s Net GP-Related Recontribution Amount any amounts otherwise payable to the GP-Related Defaulting Party by the Company or any affiliate thereof (including amounts unrelated to Carried Interest,
such as returns of capital and profit thereon). Each Member and Withdrawn Member hereby grants to the Company a security interest, effective upon such Member or Withdrawn Member becoming a GP-Related Defaulting Party, in all accounts receivable and
other rights to receive payment from any affiliate of the Company and agrees that, upon the effectiveness of such security interest, the Company may sell, collect or otherwise realize upon such collateral. In furtherance of the foregoing, each
Member and Withdrawn Member hereby appoints the Company as its true and lawful attorney-in-fact with full irrevocable power and authority, in the name of such Member or Withdrawn Member or in the name of the Company, to take any actions which may be
necessary to accomplish the intent of the immediately preceding sentence. The Company shall be entitled to collect interest on the Net GP-Related Recontribution Amount of a GP-Related Defaulting Party from the date such GP-Related Recontribution
Amount was required to be contributed to the Company at a rate equal to the Default Interest Rate. 
  

	 	(B)	Any Member’s or Withdrawn Member’s failure to make a GP-Related Deficiency Contribution shall cause such Member or Withdrawn Member to be a GP-Related Defaulting Party
with respect to such amount. The Company shall first seek any remaining Trust Amounts (and Trust Income thereon) allocated to such Member or Withdrawn 

  

 44 

 Member to satisfy such Member’s or Withdrawn Member’s obligation to make a GP-Related
Deficiency Contribution before seeking cash contributions from such Member or Withdrawn Member in satisfaction of such Member’s or Withdrawn Member’s obligation to make a GP-Related Deficiency Contribution. 
  
 (iii) A Member’s or Withdrawn Member’s obligation to make
contributions to the Company under this Section 5.8(d) shall survive the termination of the Company. 
 (e) The Members acknowledge that
the Managing Member will (and are hereby authorized to) take such steps as it deems appropriate, in its good faith, to further the objective of providing for the fair and equitable treatment of all Members, including by allocating Writedowns and
Losses (as defined in the BREP VI Partnership Agreement) on GP-Related BREP VI Investments that have been the subject of a Writedown and/or Losses (each, a “Loss Investment”) to those Members who participated in such Loss
Investments based on their Carried Interest Sharing Percentage therein to the extent that such Members receive or have received Carried Interest distributions from other GP-Related BREP VI Investments. Consequently and notwithstanding anything
herein to the contrary, adjustments to Carried Interest distributions shall be made as set forth in this Section 5.8(e). 
 (i) At the time the Company is making Carried Interest distributions in connection with a GP-Related BREP VI Investment (the “Subject Investment”) that have been reduced under the BREP VI Partnership Agreement as a result
of one or more Loss Investments, the Managing Member shall calculate amounts distributable to or due from each such Member as follows: 
  

	 	(A)	determine each Member’s share of each such Loss Investment based on his Carried Interest Sharing Percentage in each such Loss Investment (which may be zero) to the extent such
Loss Investment has reduced the Carried Interest distributions otherwise available for distribution to all Members (indirectly through the Company from BREP VI) from the Subject Investment (such reduction, the “Loss Amount”);

  

	 	(B)	determine the amount of Carried Interest distributions otherwise distributable to such Member with respect to the Subject Investment (indirectly through the Company from BREP VI)
before any reduction in respect of the amount determined in clause (A) above (the “Unadjusted Carried Interest Distributions”); and 

  

	 	(C)	subtract (I) the Loss Amounts relating to all Loss Investments from (II) the Unadjusted Carried Interest Distributions for such Member, to determine the amount of Carried
Interest distributions to actually be paid to such Member (“Net Carried Interest Distribution”). 

 To the extent that the Net Carried Interest Distribution for a Member as calculated in this clause (i) is a negative number, the Managing Member shall (I) notify such Member, at or prior to the time such Carried Interest
distributions are actually made to the Members, of his obligation to recontribute to the Company prior Carried Interest distributions (a “Net Carried Interest Distribution Recontribution Amount”), up to the amount of such negative
Net Carried Interest Distribution, and (II) to the extent amounts recontributed pursuant to clause (I) are insufficient to satisfy such negative Net Carried Interest Distribution amount, reduce future Carried Interest distributions otherwise
due such Member, up to the amount of such remaining negative Net Carried Interest Distribution. If a Member’s (x) Net Carried Interest Distribution Recontribution 
  

 45 

 Amount exceeds (y) the aggregate amount of prior Carried Interest distributions less
the amount of tax thereon, calculated based on the Assumed Tax Rate (as defined in the BREP VI Partnership Agreement) in effect in the Fiscal Years of such distributions (the “Excess Tax-Related Amount”), then such Member may, in
lieu of paying such Member’s Excess Tax-Related Amount, defer such amounts as set forth below. Such deferred amount shall accrue interest at the Prime Rate. Such deferred amounts shall be reduced and repaid by the amount of Carried Interest
otherwise distributable to such Member in connection with future Carried Interest distributions until such balance is reduced to zero. Any deferred amounts shall be payable in full upon the earlier of (i) such time as the Clawback is determined
(as provided herein) and (ii) such time as the Member becomes a Withdrawn Member. 
 To the extent there is an amount of
negative Net Carried Interest Distribution with respect to a Member remaining after the application of this clause (i), notwithstanding clause (II) of the preceding paragraph, such remaining amount of negative Net Carried Interest Distribution shall
be allocated to the other Members pro rata based on each of their Carried Interest Sharing Percentages in the Subject Investment. 
 A Member who fails to pay a Net Carried Interest Distribution Recontribution Amount promptly upon notice from the Managing Member (as provided above) shall be deemed a GP-Related Defaulting Party for all purposes hereof. 
 A Member may satisfy in part any Net Carried Interest Distribution Recontribution Amount from cash that is then subject to a Holdback, to
the extent that the amounts that remain subject to a Holdback satisfy the Holdback requirements hereof as they relate to the reduced amount of aggregate Carried Interest distributions received by such Member (taking into account any Net Carried
Interest Distribution Recontribution Amount contributed to the Company by such Member). 
 Any Net Carried Interest
Distribution Recontribution Amount contributed by a Member, including amounts of cash subject to a Holdback as provided above, shall increase the amount available for distribution to the other Members as Carried Interest distributions with respect
to the Subject Investment; provided, that any such amounts then subject to a Holdback may be so distributed to the other Members to the extent a Member receiving such distribution has satisfied the Holdback requirements with respect to such
distribution (taken together with the other Carried Interest distributions received by such Member to date). 
 (ii) In the
case of Clawback Amounts which are required to be contributed to the Company as otherwise provided herein, the obligation of the Members with respect to any Clawback Amount shall be adjusted by the Managing Member as follows: 
  

	 	(A)	determine each Member’s share of any Losses in any GP-Related BREP VI Investments which gave rise to the Clawback Amount (i.e., the Losses that followed the last
GP-Related BREP VI Investment with respect to which Carried Interest distributions were made), based on such Member’s Carried Interest Sharing Percentage in such GP-Related BREP VI Investments; 

  

	 	(B)	determine each Member’s obligation with respect to the Clawback Amount based on such Member’s Carried Interest Give Back Percentage as otherwise provided herein; and

  

 46 

	 	(C)	subtract the amount determined in clause (B) above from the amount determined in clause (A) above with respect to each Member to determine the amount of adjustment to each
Member’s share of the Clawback Amount (a Member’s “Clawback Adjustment Amount”). 

 A
Member’s share of the Clawback Amount shall for all purposes hereof be decreased by such Member’s Clawback Adjustment Amount, to the extent it is a negative number (except to the extent expressly provided below). A Member’s share of
the Clawback Amount shall for all purposes hereof be increased by such Member’s Clawback Adjustment Amount (to the extent it is a positive number); provided, that in no way shall a Member’s aggregate obligation to satisfy a Clawback
Amount as a result of this clause (ii) exceed the aggregate Carried Interest distributions received by such Member. To the extent a positive Clawback Adjustment Amount remains after the application of this clause (ii) with respect to a
Member, such remaining Clawback Adjustment Amount shall be allocated to the Members (including any Member whose Clawback Amount was increased pursuant to this clause (ii)) pro rata based on their Carried Interest Give Back Percentages (determined
without regard to this clause (ii)). 
 Any distribution or contribution adjustments pursuant to this Section 5.8(e) by the Managing
Member shall be based on its good faith judgment, and no Member shall have any claim against the Company, the Managing Member or any other Members as a result of any adjustment made as set forth above. This Section 5.8(e) applies to all
Members, including Withdrawn Members. 
 It is agreed and acknowledged that this Section 5.8(e) is an agreement among the Members and in
no way modifies the obligations of each Member regarding the Clawback as provided in the BREP VI Partnership Agreement. 
 5.9. Business
Expenses. The Company shall reimburse the Members for reasonable travel, entertainment and miscellaneous expenses incurred by them in the conduct of the Company’s business in accordance with rules and regulations established by the Managing
Member from time to time. 
 5.10. Tax Capital Accounts; Tax Allocations. (a) For U.S. federal income tax purposes, there shall
be established for each Member a single capital account combining such Member’s Capital Commitment Capital Account and GP-Related Capital Account, with such adjustments as the Managing Member determines is appropriate so that such single
capital account is maintained in compliance with the principles and requirements of Section 704(b) of the Code and the Regulations thereunder. 
 (b) For federal, state and local income tax purposes only, Company income, gain, loss, deduction or expense (or any item thereof) for each fiscal year shall be allocated to and among the Members in a manner corresponding to the manner in
which corresponding items are allocated among the Members pursuant to clause (a) above, provided the Managing Member may in its sole discretion make such allocations for tax purposes as it determines is appropriate so that allocations have
substantial economic effect or are in accordance with the interests of the Members, within the meaning of the Code and the Regulations. 
  

 47 

 ARTICLE VI 
 ADDITIONAL MEMBERS; WITHDRAWAL OF MEMBERS; 
 SATISFACTION AND DISCHARGE OF 
 COMPANY INTERESTS; TERMINATION 
 6.1.
Additional Members. (a) Effective on the first day of any month (or on such other date as shall be determined by the Managing Member in its sole discretion), the Managing Member shall have the right to admit one or more additional
persons into the Company as Regular Members or Special Members. Each such person shall make the representations with respect to itself set forth in Section 3.6. The Managing Member shall determine and negotiate with the additional Member all
terms of such additional Member’s participation in the Company, including the additional Member’s initial GP-Related Capital Contribution, Capital Commitment-Related Capital Contribution, GP-Related Profit Sharing Percentage and Capital
Commitment Profit Sharing Percentage. Each additional Member shall have such voting rights as may be determined by the Managing Member from time to time unless, upon the admission to the Company of any Special Member, the Managing Member shall
designate that such Special Member shall not have such voting rights (any such Special Member being called a “Nonvoting Special Member”). Any additional Member shall, as a condition to becoming a Member, agree to become a party to,
and be bound by the terms and conditions of, the Trust Agreement. 
 (b) The GP-Related Profit Sharing Percentages to be allocated to an
additional Member as of the date such Member is admitted to the Company, together with the pro rata reduction in all other Members’ GP-Related Profit Sharing Percentages as of such date, shall be established by the Managing Member pursuant to
Section 5.3. The Capital Commitment Profit Sharing Percentages to be allocated to an additional Partner as of the date such Partner is admitted to the Partnership, together with the pro rata reduction in all other Partners’ Capital
Commitment Profit Sharing Percentages as of such date, shall be established by the General Partner. 
 (c) An additional Member shall be
required to contribute to the Company his pro rata share of the Company’s total capital, excluding capital in respect of GP-Related Investments and Capital Commitment Investments in which such Member does not acquire any interests, at such
times and in such amounts as shall be determined by the Managing Member in accordance with Sections 4.1 and 7.1. 
 (d) The admission of an
additional Member will be evidenced by (i) the execution of a counterpart copy of this Agreement by such additional Member or (ii) the execution of an amendment to this Agreement by all the Members (including the additional Member), as
determined by the Managing Member. In addition, each additional Member shall sign a counterpart copy of the Trust Agreement or any other writing evidencing the intent of such person to become a party to the Trust Agreement that is accepted by the
Managing Member on behalf of the Company. 
 6.2. Withdrawal of Members. (a) Any Member may Withdraw voluntarily from the Company
on the last day of any calendar month (or on such other date as shall be determined by the Managing Member in its sole discretion), on not less than 15 days’ prior written notice by such Member to the Managing Member (or on such shorter notice
period as may be mutually agreed upon between such Member and the Managing Member); provided, that a Member may not voluntarily Withdraw without the consent of the Managing Member if such Withdrawal would (i) cause the Company to be in
default under any of its contractual obligations or (ii) in the reasonable judgment of the Managing Member, have a material adverse effect on the Company or its business; provided further, that a Partner may Withdraw from the
Company with respect to such Partner’s GP-Related Member Interest without Withdrawing from the Company with respect to such Member’s Capital Commitment Member Interest, and a Member may Withdraw from the Company with respect to such
Member’s Capital Commitment Member Interest without Withdrawing from the Company with respect to such Member’s GP-Related Member Interest. 
  

 48 

 (b) Upon the Withdrawal of any Member, including by the occurrence of any withdrawal event under the LLC
Act with respect to any Member, such Member shall thereupon cease to be a Member, except as expressly provided herein. 
 (c) Upon the Total
Disability of a Regular Member, such Member shall thereupon cease to be a Regular Member with respect to such person’s GP-Related Member Interest; provided, that the Managing Member may elect to admit such Withdrawn Member to the Company
as a Nonvoting Special Member with respect to such person’s GP-Related Member Interest, with such GP-Related Member Interest as the Managing Member may determine. The determination of whether any Member has suffered a Total Disability shall be
made by the Managing Member in its sole discretion after consultation with a qualified medical doctor. In the absence of agreement between the Managing Member and such Member, each party shall nominate a qualified medical doctor and the two doctors
shall select a third doctor, who shall make the determination as to Total Disability. 
 (d) If the Managing Member determines or with a
Majority in Interest of the Members that it shall be in the best interests of the Company for any Member (including any Member who has given notice of voluntary Withdrawal pursuant to paragraph (a) above) to Withdraw from the Company (whether
or not Cause exists) with respect to such person’s GP-Related Member Interest and/or with respect to such person’s Capital Commitment Member Interest, such Member, upon written notice by the Managing Member to such Member, shall be
required to Withdraw with respect to such person’s GP-Related Member Interest and/or with respect to such person’s Capital Commitment Member Interest, as of a date specified in such notice, which date shall be on or after the date of such
notice. If the Managing Member requires any Member to Withdraw for Cause with respect to such person’s GP-Related Member Interest and/or with respect to such person’s Capital Commitment Member Interest, such notice shall state that it has
been given for Cause and shall describe the particulars thereof in reasonable detail. 
 (e) The withdrawal from the Company of any Member
shall not, in and of itself, affect the obligations of the other Members to continue the Company during the remainder of its term. 
 6.3.
GP-Related Member Interests Not Transferable. No Member may sell, assign, pledge or otherwise transfer or encumber all or any portion of such Member’s GP-Related Member Interest other than as permitted by written agreement between such
Member and the Company; provided, that this Section 6.3 shall not impair transfers by operation of law, transfers by will or by other testamentary instrument occurring by virtue of the death or dissolution of a Member, or transfers
required by trust agreements; provided further, that a Regular Member may transfer, for estate planning purposes, up to 25% of his GP-Related Profit Sharing Percentage to any estate planning trust, limited partnership, or limited
liability company with respect to which a Regular Member controls investments related to any interest in the Company held therein (an “Estate Planning Vehicle”). Each Estate Planning Vehicle will be a Nonvoting Special Member. Such
Regular Member and the Nonvoting Special Member shall be jointly and severally liable for all obligations of both such Regular Member and such Nonvoting Special Member with respect to the Company (including the obligation to make additional
GP-Related Capital Contributions), as the case may be. The Managing Member may at its sole option exercisable at any time require any Estate Planning Vehicle to withdraw from the Company on the terms of this Article VI. Except as provided in the
second proviso to the first sentence of this Section 6.3, no assignee, legatee, distributee, heir or transferee (by conveyance, operation of law or otherwise) of the whole or any portion of any Member’s GP-Related Member Interest shall
have any right to be a Member without the prior written consent of the Managing Member (which consent may be withheld without giving reason therefor). Notwithstanding the granting of a security interest in the entire Interest of any Member, such
Member shall continue to be a Member of the Company. 
  

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 6.4. Consequences upon Withdrawal of a Member. (a) The Withdrawal of a Regular Member shall
not dissolve the Company if at the time of such Withdrawal there are one or more remaining Regular Members and any one or more of such remaining Regular Members continue the business of the Company (any and all such remaining Regular Members being
hereby authorized to continue the business of the Company without dissolution and hereby agreeing to do so). Notwithstanding Section 6.4(b), if upon the Withdrawal of a Regular Member there shall be no remaining Regular Member, the Company
shall be dissolved and shall be wound up unless, within 90 days after the occurrence of such Withdrawal, all remaining Special Members agree in writing to continue the business of the Company and to the appointment, effective as of the date of such
Withdrawal, of one or more Regular Members. 
 (b) The Company shall not be dissolved, in and of itself, by the Withdrawal of any Member, but
shall continue with the surviving or remaining Members as members thereof in accordance with and subject to the terms and provisions of this Agreement. 
 6.5. Satisfaction and Discharge of a Withdrawn Member’s GP-Related Interest. (a) The terms of this Section 6.5 and of Section 6.6 shall apply to the GP-Related Member Interest of a Withdrawn
Member, but, except as otherwise expressly provided in this Section 6.5, shall not apply to the Capital Commitment Member Interest of a Withdrawn Member. The term “Settlement Date” shall mean the date as of which a Withdrawn
Member’s GP-Related Member Interest is settled as determined under paragraph (b) below. Notwithstanding the foregoing, any Regular Member who Withdraws from the Company, and all or any portion of whose GP-Related Member Interest is
retained as a Special Member, shall be considered a Withdrawn Member for all purposes hereof. 
 (b) Except where a later date for the
settlement of a Withdrawn Member’s interest in the Company may be agreed to by the Managing Member and a Withdrawn Member, a Withdrawn Member’s Settlement Date shall be his Withdrawal Date; provided, that if a Withdrawn Member’s
Withdrawal is not the last day of a month, then the Managing Member may elect for such Withdrawn Member’s Settlement Date to be the last day of the month in which his Withdrawal Date occurs. During the interval, if any, between a Withdrawn
Member’s Withdrawal Date and Settlement Date, such Withdrawn Member shall have the same rights and obligations with respect to capital contributions, interest on capital, allocations of Net Income (Loss) and distributions as would have applied
had such Withdrawn Member remained a Member of the Company during such period. 
 (c) In the event of the Withdrawal of a Member, the
Managing Member shall promptly after such Withdrawn Member’s Settlement Date (i) determine and allocate to the Withdrawn Member’s GP-Related Capital Account such Withdrawn Member’s allocable share of the GP-Related Net Income
(Loss) of the Company for the period ending on such Settlement Date in accordance with Article V and (ii) credit the Withdrawn Member’s GP-Related Capital Accounts with interest in accordance with Section 5.2. In making the foregoing
calculations, the Managing Member shall be entitled to establish such reserves (including reserves for taxes, bad debts, unrealized losses, actual or threatened litigation or any other expenses, contingencies or obligations) as it deems appropriate.
Unless otherwise determined by the Managing Member in a particular case, a Withdrawn Member shall not be entitled to receive any GP-Related Unallocated Percentage in respect of the accounting period during which such Member Withdraws from the
Company (whether or not previously awarded or allocated) or any GP-Related Unallocated Percentage in respect of prior accounting periods that have not been paid or allocated (whether or not previously awarded) as of such Withdrawn Member’s
Withdrawal Date. 
  

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 (d) From and after the Settlement Date of the Withdrawn Member, the Withdrawn Member’s GP-Related
Profit Sharing Percentages shall, unless otherwise allocated by the Managing Member pursuant to Section 5.3(a), be deemed to be GP-Related Unallocated Percentages (except for GP-Related Profit Sharing Percentages with respect to GP-Related
Investments as provided in paragraph (f) below). 
 (e) (i) Upon the Withdrawal from the Company of a Member with respect to such
Member’s GP-Related Member Interest, such Withdrawn Member thereafter shall not, except as expressly provided in this Section 6.5, have any rights of a Member (including voting rights) with respect to such Member’s GP-Related Member
Interest, and, except as expressly provided in this Section 6.5, such Withdrawn Member shall not have any interest in the Company’s GP-Related Net Income (Loss), or in distributions, GP-Related Investments or other assets related to such
Member’s GP-Related Member Interest. If a Member Withdraws from the Company with respect to such Member’s GP-Related Member Interest for any reason other than for Cause pursuant to Section 6.2, then the Withdrawn Member shall be
entitled to receive, at the time or times specified in Section 6.5(i) below, in satisfaction and discharge in full of the Withdrawn Member’s GP-Related Member Interest, (x) payment equal to the aggregate credit balance, if any, as of
the Settlement Date of the Withdrawn Member’s GP-Related Capital Accounts, (excluding any GP-Related Capital Account or portion thereof attributable to any GP-Related Investment) and (y) the Withdrawn Member’s percentage interest
attributable to each GP-Related Investment in which the Withdrawn Member has an interest as of the Settlement Date as provided in paragraph (f) below (which shall be settled in accordance with paragraph (f) below), subject to all the terms
and conditions of paragraphs (a)-(r) of this Section 6.5. If the amount determined pursuant to clause (x) above is an aggregate negative balance, the Withdrawn Member shall pay the amount thereof to the Company upon demand by the
Managing Member on or after the date of the statement referred to in paragraph (i) below; provided, that if the Withdrawn Member was solely a Special Member on his Withdrawal Date, such payment shall be required only to the extent of any
amounts payable to such Withdrawn Member pursuant to this Section 6.5. Any aggregate negative balance in the GP-Related Capital Accounts of a Withdrawn Member who was solely a Special Member, upon the settlement of such Withdrawn Member’s
GP-Related Member Interest pursuant to this Section 6.5, shall be allocated among the other Members’ GP-Related Capital Accounts in accordance with their respective GP-Related Profit Sharing Percentages in the categories of GP-Related Net
Income (Loss) giving rise to such negative balance as determined by the Managing Member as of such Withdrawn Member’s Settlement Date. In the settlement of any Withdrawn Member’s GP-Related Member Interest in the Company, no value shall be
ascribed to goodwill, the Company name or the anticipation of any value the Company or any successor thereto might have in the event the Company or any interest therein were to be sold in whole or in part. 
 (ii) Notwithstanding clause (i) of this Section 6.5(e), in the case of a Member whose Withdrawal with respect to such
Member’s GP-Related Member Interest resulted from such Member’s death or Incompetence, such Member’s estate or legal representative, as the case may be, may elect, at the time described below, to receive a Nonvoting Special Member
GP-Related Member Interest and retain such Member’s GP-Related Profit Sharing Percentage in all (but not less than all) illiquid investments of the Company in lieu of a cash payment (or Note) in settlement of that portion of the Withdrawn
Member’s GP-Related Member Interest. The election referred to above shall be made within 60 days after the Withdrawn Member’s Settlement Date, based on a statement of the settlement of such Withdrawn Member’s GP-Related Member
Interest in the Company pursuant to this Section 6.5. 
 (f) For purposes of clause (y) of paragraph (e)(i) above, a Withdrawn
Member’s “percentage interest” means his GP-Related Profit Sharing Percentage as of the Settlement Date in the relevant GP-Related Investment. The Withdrawn Member shall retain his percentage interest in such GP-Related Investment and
shall retain his GP-Related Capital Account or portion thereof attributable to such 
  

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 GP-Related Investment, in which case such Withdrawn Member (a “Retaining Withdrawn Member”) shall become
and remain a Special Member for such purpose (and, if the Managing Member so designates, such Special Member shall be a Nonvoting Special Member). The GP-Related Member Interest of a Retaining Withdrawn Member pursuant to this paragraph
(f) shall be subject to the terms and conditions applicable to GP-Related Member Interests of any kind hereunder and such other terms and conditions as are established by the Managing Member. At the option of the Managing Member in its sole
discretion, the Managing Member and the Retaining Withdrawn Member may agree to have the Company acquire such GP-Related Member Interest without the approval of the other Members; provided, that the Managing Member shall reflect in the books
and records of the Company the terms of any acquisition pursuant to this sentence. 
 (g) The Managing Member may elect, in lieu of payment
in cash of any amount payable to a Withdrawn Member pursuant to paragraph (e) above, to (i) have the Company issue to the Withdrawn Member a subordinated promissory note as provided in paragraph (k) below and/or to
(ii) distribute in kind to the Withdrawn Member such Withdrawn Member’s pro rata share (as determined by the Managing Member) of any securities or other investments of the Company. If any securities or other investments are distributed in
kind to a Withdrawn Member under this paragraph (g), the amount described in clause (x) of paragraph (e)(i) shall be reduced by the value of such distribution as valued on the latest balance sheet of the Company in accordance with generally
accepted accounting principles or, if not appearing on such balance sheet, as reasonably determined by the Managing Member. 
 (h)
[Intentionally omitted] 
 (i) Within 120 days after each Settlement Date, the Managing Member shall submit to the Withdrawn Member a
statement of the settlement of such Withdrawn Member’s GP-Related Member Interest in the Company pursuant to this Section 6.5 together with any cash payment, subordinated promissory note (as referred to in paragraph (k) below) and in
kind distributions to be made to such Member as shall be determined by the Managing Member. The Managing Member shall submit to the Withdrawn Member supplemental statements with respect to additional amounts payable to or by the Withdrawn Member in
respect of the settlement of his GP-Related Member Interest in the Company (e.g., payments in respect of GP-Related Investments pursuant to paragraph (f) above or adjustments to reserves pursuant to paragraph (j) below) promptly
after such amounts are determined by the Managing Member. To the fullest extent permitted by law, such statements and the valuations on which they are based shall be accepted by the Withdrawn Member without examination of the accounting books and
records of the Company or other inquiry. Any amounts payable by the Company to a Withdrawn Member pursuant to this Section 6.5 shall be subordinate in right of payment and subject to the prior payment or provision for payment in full of claims
of all present or future creditors of the Company or any successor thereto arising out of matters occurring prior to the applicable date of payment or distribution; provided, that such Withdrawn Member shall otherwise rank pari passu
in right of payment (x) with all persons who become Withdrawn Members and whose Withdrawal Date is within one year before the Withdrawal Date of the Withdrawn Member in question and (y) with all persons who become Withdrawn Members and
whose Withdrawal Date is within one year after the Withdrawal Date of the Withdrawn Member in question. 
 (j) If the aggregate reserves
established by the Managing Member as of the Settlement Date in making the foregoing calculations should prove, in the determination of the Managing Member, to be excessive or inadequate, the Managing Member may elect, but shall not be obligated, to
pay the Withdrawn Member or his estate such excess, or to charge the Withdrawn Member or his estate such deficiency, as the case may be. 
 (k) Any amounts owed by the Withdrawn Member to the Company at any time on or after the Settlement Date (e.g., outstanding Company loans or advances to such Withdrawn Member) 
  

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 shall be offset against any amounts payable or distributable by the Company to the Withdrawn Member at any time on or
after the Settlement Date or shall be paid by the Withdrawn Member to the Company, in each case as determined by the Managing Member. All cash amounts payable by a Withdrawn Member to the Company under this Section 6.5 shall bear interest from
the due date to the date of payment at a floating rate equal to the lesser of (x) the rate of interest publicly announced from time to time by JPMorgan Chase Bank, N.A. in New York City as its prime rate and (y) the maximum rate of
interest permitted by applicable law. The “due date” of amounts payable by a Withdrawn Member pursuant to Section 6.5(i) above shall be 120 days after a Withdrawn Member’s Settlement Date. The “due date” of amounts
payable to or by a Withdrawn Member in respect of GP-Related Investments for which the Withdrawn Member has retained a percentage interest in accordance with paragraph (f) above shall be 120 days after realization with respect to such
GP-Related Investment. The “due date” of any other amounts payable by a Withdrawn Member shall be 60 days after the date such amounts are determined to be payable. 
 (l) At the time of the settlement of any Withdrawn Member’s GP-Related Member Interest in the Company pursuant to this Section 6.5, the
Managing Member may, to the fullest extent permitted by applicable law, impose any restrictions it deems appropriate on the assignment, pledge, encumbrance or other transfer by such Withdrawn Member of any interest in any GP-Related Investment
retained by such Withdrawn Member, any securities or other investments distributed in kind to such Withdrawn Member or such Withdrawn Member’s right to any payment from the Company. 
 (m) If a Member is required to Withdraw from the Company with respect to such Member’s GP-Related Member Interest for Cause pursuant to
Section 6.2(d), then his GP-Related Member Interest shall be settled in accordance with paragraphs (a)-(s) of this Section 6.5; provided, that the Managing Member may elect (but shall not be required) to apply any or all the
following terms and conditions to such settlement: 
 (i) In settling the Withdrawn Member’s interest in any GP-Related
Investment in which he has an interest as of his Settlement Date, the Managing Member may elect to (A) determine the GP-Related Unrealized Net Income (Loss) attributable to each such GP-Related Investment as of the Settlement Date and allocate
to the appropriate GP-Related Capital Account of the Withdrawn Member his allocable share of such GP-Related Unrealized Net Income (Loss) for purposes of calculating the aggregate balance of such Withdrawn Member’s GP-Related Capital Account
pursuant to clause (x) of paragraph (e)(i) above, (B) credit or debit, as applicable, the Withdrawn Member with the balance of his GP-Related Capital Account or portion thereof attributable to each such GP-Related Investment as of his
Settlement Date without giving effect to the GP-Related Unrealized Net Income (Loss) from such GP-Related Investment as of his Settlement Date, which shall be forfeited by the Withdrawn Member or (C) apply the provisions of paragraph
(f) above, provided, that the maximum amount of GP-Related Net Income (Loss) allocable to such Withdrawn Member with respect to any GP-Related Investment shall equal such Member’s percentage interest of the GP-Related Unrealized Net
Income, if any, attributable to such GP-Related Investment as of the Settlement Date (the balance of such GP-Related Net Income (Loss), if any, shall be allocated as determined by the Managing Member). The Withdrawn Member shall not have any
continuing interest in any GP-Related Investment to the extent an election is made pursuant to (A) or (B) above. 
 (ii) Any amounts payable by the Company to the Withdrawn Member pursuant to this Section 6.5 shall be subordinate in right of payment and subject to the prior payment in full of claims of all present or future creditors of the Company
or any successor thereto arising out of matters occurring prior to or on or after the applicable date of payment or distribution. 
  

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 (n) The payments to a Withdrawn Member pursuant to this Section 6.5 may be conditioned on the
compliance by such Withdrawn Member with any lawful and reasonable (under the circumstances) restrictions against engaging or investing in a business competitive with that of the Company or any of its subsidiaries and affiliates for a period not
exceeding two years determined by the Managing Member. Upon written notice to the Managing Member, any Withdrawn Member who is subject to noncompetition restrictions established by the Managing Member pursuant to this paragraph (o) may elect to
forfeit the principal amount payable in the final installment of his subordinated promissory note under paragraph (k) above, together with interest to be accrued on such installment after the date of forfeiture, in lieu of being bound by such
restrictions. 
 (o) In addition to the foregoing, the Managing Member shall have the right to pay a Withdrawn Member (other than the
Managing Member) a discretionary additional payment in an amount and based upon such circumstances and conditions as it determines to be relevant. 
 (p) The provisions of this Section 6.5 shall apply to any Investor Special Member relating to a Regular Member or Special Member and to any transferee of any GP-Related Member Interest of such Member pursuant to Section 6.3 if
such Member Withdraws from the Company. 
 (q) (i) The Company will assist a Withdrawn Member or his estate or guardian, as the case may
be, in the settlement of the Withdrawn Member’s GP-Related Member Interest in the Company. Third party costs incurred by the Company in providing this assistance will be borne by the Withdrawn Member or his estate. 
 (ii) The Company may reasonably determine in good faith to retain outside professionals to provide the assistance to Withdrawn Members or their estates
or guardians, as referred to above. In such instances, the Company will obtain the prior approval of a Withdrawn Member or his estate or guardian, as the case may be, prior to engaging such professionals. If the Withdrawn Member (or his estate or
guardian) declines to incur such costs, the Company will provide such reasonable assistance as and when it can so as not to interfere with the Company’s day-to-day operating, financial, tax and other related responsibilities to the Company and
the Members. 
 (r) Each Member (other than the Managing Member) hereby irrevocably appoints the Managing Member as such Member’s true
and lawful agent, representative and attorney-in-fact, each acting alone, in such Member’s name, place and stead, to make, execute, sign and file, on behalf of such Member, any and all agreements, instruments, documents and certificates which
the Managing Member deems necessary or advisable in connection with any transaction or matter contemplated by or provided for in this Section 6.5, including, without limitation, the performance of any obligation of such Member or the Company or
the exercise of any right of such Member or the Company. Such power of attorney is coupled with an interest and shall survive and continue in full force and effect notwithstanding the Withdrawal from the Company of any Member for any reason and
shall not be affected by the death, disability or incapacity of such Member. 
 6.6. Dissolution of the Company. The Managing Member
may dissolve the Company prior to the expiration of its term at any time on not less than 60 days’ notice of the dissolution date given to the other Members. 
 6.7. Certain Tax Matters. (a) All items of income, gain, loss, deduction and credit of the Company shall be allocated among the Members for Federal, state and local income tax purposes in the same manner
as such items of income, gain, loss, deduction and credit shall be allocated among the Members pursuant to this Agreement, except as may otherwise be provided herein or by the Code or other 
  

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 applicable law. To the extent Treasury Regulations promulgated pursuant to Subchapter K of the Code (including under
Sections 704(b) and (c) of the Code) or other applicable law require allocations for tax purposes that differ from the foregoing allocations, the Managing Member may determine the manner in which such tax allocations shall be made so as to
comply more fully with such Treasury Regulations or other applicable law and, at the same time, preserve the economic relationships among the Members as set forth in this Agreement. In the event there is a net decrease in partnership minimum gain or
partner nonrecourse debt minimum gain (determined in accordance with the principles of Regulations Sections 1.704-2(d) and 1.704-2(i)) during any taxable year of the Company, each Member shall be specially allocated items of Company income and gain
for such year (and, if necessary, subsequent years) in an amount equal to its respective share of such net decrease during such year, determined pursuant to Regulations Sections 1.704-2(g) and 1.704-2(i)(5). The items to be so allocated shall be
determined in accordance with Regulations Section 1.704-2(f). In addition, this Agreement shall be considered to contain a “qualified income offset” as provided in Regulations Section 1.704-1(b)(2)(ii)(d). 
 (b) The Managing Member shall cause to be prepared all Federal, state and local tax returns of the Company for each year for which such returns are
required to be filed and, after approval of such returns by the Managing Member, shall cause such returns to be timely filed. The Managing Member shall determine the appropriate treatment of each item of income, gain, loss, deduction and credit of
the Company and the accounting methods and conventions under the tax laws of the United States, the several states and other relevant jurisdictions as to the treatment of any such item or any other method or procedure related to the preparation of
such tax returns. The Managing Member may cause the Company to make or refrain from making any and all elections permitted by such tax laws. Each Member agrees that he shall not, unless he provides prior notice of such action to the Company,
(i) treat, on his individual income tax returns, any item of income, gain, loss, deduction or credit relating to his interest in the Company in a manner inconsistent with the treatment of such item by the Company as reflected on the Form K-1 or
other information statement furnished by the Company to such Member for use in preparing his income tax returns or (ii) file any claim for refund relating to any such item based on, or which would result in, such inconsistent treatment. In
respect of an income tax audit of any tax return of the Company, the filing of any amended return or claim for refund in connection with any item of income, gain, loss, deduction or credit reflected on any tax return of the Company, or any
administrative or judicial proceedings arising out of or in connection with any such audit, amended return, claim for refund or denial of such claim, (A) the Tax Matters Member (as defined below) shall be authorized to act for, and his decision
shall be final and binding upon, the Company and all Members except to the extent a Member shall properly elect to be excluded from such proceeding pursuant to the Code, (B) all expenses incurred by the Tax Matters Member in connection
therewith (including, without limitation, attorneys’, accountants’ and other experts’ fees and disbursements) shall be expenses of the Company and (C) no Member shall have the right to (1) participate in the audit of any
Company tax return, (2) file any amended return or claim for refund in connection with any item of income, gain, loss, deduction or credit reflected on any tax return of the Company (unless he provides prior notice of such action to the Company
as provided above), (3) participate in any administrative or judicial proceedings conducted by the Company or the Tax Matters Member arising out of or in connection with any such audit, amended return, claim for refund or denial of such claim,
or (4) appeal, challenge or otherwise protest any adverse findings in any such audit conducted by the Company or the Tax Matters Member or with respect to any such amended return or claim for refund filed by the Company or the Tax Matters
Member or in any such administrative or judicial proceedings conducted by the Company or the Tax Matters Member. The Company and each Member hereby designate any Member selected by the Managing Member as the “tax matters partner” for
purposes of Section 6231(a)(7) of the Code (the “Tax Matters Member”). To the fullest extent permitted by applicable law, each Member agrees to indemnify and hold harmless the Company and all other Members from and against any
and all liabilities, obligations, damages, deficiencies and expenses resulting from any breach or violation by such Member of the provisions of this Section 6.7 and from all actions, suits, proceedings, demands, assessments, judgments, costs
and expenses, including reasonable attorneys’ fees and disbursements, incident to any such breach or violation. 
  

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 (c) Each individual Member shall provide to the Company copies of each Federal, state and local income
tax return of such Member (including any amendment thereof) within 30 days after filing such return. 
 6.8. Special Basis
Adjustments. In connection with any assignment or transfer of a Company interest permitted by the terms of this Agreement, the Managing Member may cause the Company, on behalf of the Members and at the time and in the manner provided in Code
Regulations Section 1.754-1(b), to make an election to adjust the basis of the Company’s property in the manner provided in Sections 734(b) and 743(b) of the Code. 
 ARTICLE VII 
 CAPITAL COMMITMENT INTERESTS; CAPITAL CONTRIBUTIONS; 
 ALLOCATIONS; DISTRIBUTIONS 
 7.1. Capital
Commitment Interests, etc. 
 (a) (i) This Article VII and Article VIII hereof set forth certain terms and conditions with respect to
the Capital Commitment Member Interests, the Company’s Capital Commitment BREMA VI Partner Interest and the Capital Commitment BREP VI Interest and matters related to the Capital Commitment Member Interests, the Company’s Capital
Commitment BREMA VI Partner Interest and the Capital Commitment BREP VI Interest. Except as otherwise expressly provided in this Article VII or in Article VIII, the terms and provisions of this Article VII and Article VIII shall not apply to the
GP-Related Member Interests, the Company’s GP-Related BREMA VI Partner Interest or the GP-Related BREA VI LP Interest. 
 (ii) Each
Member, severally, agrees to make contributions of capital to the Company (“Capital Commitment-Related Capital Contributions”) as required to fund the Company’s capital contribution to BREMA VI in respect of the Company’s
Capital Commitment BREMA VI Partner Interest (representing a portion of BREMA VI’s capital contribution in respect of BREMA VI’s BRE Holdings VI Partner Interest and the related Capital Commitment BREP VI Commitment, which includes,
without limitation, funding all or a portion of the Blackstone Capital Commitment). No Member shall be obligated to make contributions of capital to the Company in an amount in excess of such Member’s Capital Commitment-Related Commitment. The
Commitment Agreements and the SMD Agreements of the Members may include provisions with respect to the foregoing matters. It is understood that a Member will not necessarily participate in each Capital Commitment Investment (which may include
additional amounts invested in an existing Capital Commitment Investment) nor will a Member necessarily have the same Capital Commitment Profit Sharing Percentage with respect to (i) the Company’s portion of the Blackstone Capital
Commitment or (ii) the making of each Capital Commitment Investment in which such Member participates; provided, that this in no way limits the terms of any Commitment Agreement or SMD Agreement. In addition, nothing contained herein
shall be construed to give any Member the right to obtain financing with respect to the purchase of any Capital Commitment Interest, and nothing contained herein shall limit or dictate the terms upon which the Company and its Affiliates may provide
such financing. The acquisition of a Capital Commitment Interest by a Member shall be evidenced by receipt by the Company of funds equal to such Member’s Capital Commitment- Related Commitment then due with respect to such Capital Commitment
Interest and such appropriate documentation as the Managing Member may submit to the Members from time to time. 
  

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 (b) The Company or one of its Affiliates (in such capacity, the “Advancing Party”) may
in its sole discretion advance all or any portion of the Capital Commitment Capital Contributions due to the Company from any Member with respect to any Capital Commitment Investment (“Firm Advances”). Each such Member shall pay
interest on each Firm Advance from the date of each such Firm Advance until the repayment thereof by such Member. Each Firm Advance shall be repayable in full, including accrued interest to the date of such repayment, upon prior written notice by
the Advancing Party. The making and repayment of each Firm Advance shall be recorded in the books and records of the Company, and such recording shall be conclusive evidence of each such Firm Advance, binding on the Member and the Advancing Party
absent manifest error. Except as provided below, the interest rate applicable to a Firm Advance shall equal the cost of funds of the Advancing Party at the time of the making of such Firm Advance. The Advancing Party shall inform any Member of such
rate upon such Member’s request. Amounts that are otherwise payable to such Member pursuant to Section 7.4(a) shall be used to repay such Firm Advance (including interest thereon). The Advancing Party may, in its sole discretion, change
the terms of Firm Advances (including the terms contained herein) and/or discontinue the making of Firm Advances; provided, that (i) the Advancing Party shall notify the relevant Members of any material changes to such terms and
(ii) the interest rate applicable to such Firm Advances and overdue amounts thereon shall not exceed the maximum interest rate allowable by applicable law. 
 7.2. Capital Commitment Capital Accounts. (a) There shall be established for each Member on the books of the Company as of the date of formation of the Company, or such later date on which such Member is
admitted to the Company, and on each such other date as such Member first acquires a Capital Commitment Interest in a particular Capital Commitment Investment, a Capital Commitment Capital Account for each Capital Commitment Investment in which such
Member acquires a Capital Commitment Interest on such date. Each Capital Commitment Capital Contribution of a Member shall be credited to the appropriate Capital Commitment Capital Account of such Member on the date such Capital Commitment Capital
Contribution is paid to the Company. Capital Commitment Capital Accounts shall be adjusted to reflect any transfer of a Member’s interest in the Company related to his Capital Commitment Member Interest as provided in this Agreement.

 (b) A Member shall not have any obligation to the Company or to any other Member to restore any negative balance in the Capital Commitment
Capital Account of such Member. Until distribution of any such Member’s interest in the Company with respect to a Capital Commitment Interest as a result of the disposition by the Company of the related Capital Commitment Investment and in
whole upon the dissolution of the Company, neither such member’s Capital Commitment Capital Accounts nor any part thereof shall be subject to withdrawal or redemption except with the consent of the Managing Member. 
 7.3. Allocations. (a) Capital Commitment Net Income (Loss) of the Company for each Capital Commitment Investment shall be allocated to the
related Capital Commitment Capital Accounts of all the Members (including the Managing Member) participating in such Capital Commitment Investment in proportion to their respective Capital Commitment Profit Sharing Percentages for such Capital
Commitment Investment. Capital Commitment Net Income (Loss) on any Unallocated Capital Commitment Interest shall be allocated to each Member in the proportion which such Member’s aggregate Capital Commitment Capital Accounts bear to the
aggregate Capital Commitment Capital Accounts of all Members; provided, that if any Member makes the election provided for in Section 7.6, Capital Commitment Net Income (Loss) of the Company for each Capital Commitment Investment shall
be allocated to the related Capital Commitment Capital Accounts of all the Members participating in such Capital Commitment Investment who do not make such election in proportion to their respective Capital Commitment Profit Sharing Percentages for
such Capital Commitment Investment. 
  

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 (b) Any special costs relating to distributions pursuant to Section 7.6 or 7.7 shall be specially
allocated to the electing Member. 
 7.4. Distributions. (a) Each Member’s allocable portion of Capital Commitment Net
Income received from his Capital Commitment Investments, distributions to such Member that constitute returns of capital, and other Capital Commitment Net Income of the Company (including, without limitation, Capital Commitment Net Income
attributable to Unallocated Capital Commitment Interests) during a fiscal year of the Company will be credited to payment of the Investor Notes to the extent required below as of the last day of such fiscal year (or on such earlier date as related
distributions are made in the sole discretion of the Managing Member ) with any cash amount distributable to such Member pursuant to clauses (ii) and (vii) below to be distributed within 45 days after the end of each fiscal year of the
Company (or in each case on such earlier date as selected by the Managing Member in their sole discretion) as follows (subject to Section 7.4(c) below): 
 (i) First, to the payment of interest then due on all Investor Notes (relating to Capital Commitment Investments or otherwise) of such
Member (to the extent Capital Commitment Net Income and distributions or payments from Other Sources do not equal or exceed all interest payments due, the selection of those of such Member’s Investor Notes upon which interest is to be paid and
the division of payments among such Investor Notes to be determined by the Lender or Guarantor); 
 (ii) Second, to
distribution to the Member of an amount equal to the Federal, state and local income taxes on income of the Company allocated to such Member for such year in respect of such Member’s Capital Commitment Member Interest (the aggregate amount of
any such distribution shall be determined by the Managing Member, subject to the limitation that the minimum aggregate amount of such distribution be the tax that would be payable if the taxable income of the Company related to all Members’
Capital Commitment Member Interests were all allocated to an individual subject to the then-prevailing maximum Federal, New York State and New York City tax rates (taking into account the extent to which such taxable income allocated by the Company
was composed of long-term capital gains and the deductibility of state and local income taxes for Federal income tax purposes)); provided, that additional amounts shall be paid to the Member pursuant to this clause (ii) to the extent
that such amount reduces the amount otherwise distributable to the Member pursuant to a comparable provision in any BFREP Agreement or in any BFIP Agreement, BFMEZP Agreement or BFCOMP Agreement and there are not sufficient amounts to fully satisfy
such provision from the relevant partnership; provided further, that amounts paid pursuant to the provisions in such BFREP Agreements, BFIP Agreements, BFMEZP Agreements or BFCOMP Agreements comparable to the immediately preceding
proviso shall reduce those amounts otherwise distributable to the Member pursuant to provisions in such BFREP Agreements, BFIP Agreements, BFMEZP Agreements or BFCOMP Agreements that are comparable to this clause (ii); 
 (iii) Third, to the payment in full of the principal amount of the Investor Note financing (A) any Capital Commitment Investment
disposed of during or prior to such fiscal year or (B) any BFREP Investments (other than Capital Commitment Investments), BFIP Investments, BFMEZP Investments or BFCOMP Investments disposed of during or prior to such fiscal year, to the extent
not repaid from Other Sources; 
  

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 (iv) Fourth, to the return to such Member of (A) all Capital Commitment Capital
Contributions made in respect of the Capital Commitment Interest to which any Capital Commitment Investment disposed of during or prior to such fiscal year relates or (B) all capital contributions made to BFREP (other than the Company), BFIP,
BFMEZP or BFCOMP in respect of interests therein relating to BFREP Investments (other than Capital Commitment Investments), BFIP Investments, BFMEZP Investments or BFCOMP Investments disposed of during or prior to such fiscal year (including all
principal paid on the related Investor Notes), to the extent not repaid from amounts of Other Sources (other than amounts of CC Carried Interest); 
 (v) Fifth, to the payment of principal (including any previously deferred amounts) then owing under all other Investor Notes of such Member (including those unrelated to the Company), the selection of those of such
Member’s Investor Notes to be repaid and the division of payments among such Investor Notes to be determined by the Lender or Guarantor; 
 (vi) Sixth, up to 50% of any Capital Commitment Net Income remaining after application pursuant to clauses (i) through (v) above shall be applied pro rata to prepayment of principal of all remaining Investor
Notes of such Member (including those unrelated to the Company), the selection of those of such Member’s Investor Notes to be repaid, the division of payments among such Investor Notes and the percentage of remaining Capital Commitment Net
Income to be applied thereto to be determined by the Lender or Guarantor; and 
 (vii) Seventh, to such Member to the extent
of any amount of Capital Commitment Net Income remaining after making the distributions in clauses (i) through (vi) above, and such amount is not otherwise required to be applied to Investor Notes pursuant to the terms thereof. 

To the extent there is a partial disposition of a Capital Commitment Investment, any other BFREP Investment or any BFIP Investment, BFMEZP Investment
or BFCOMP Investment, as applicable, the payments in clauses (iii) and (iv) above shall be based on that portion of the Capital Commitment Investment, other BFREP Investment, BFIP Investment, BFMEZP Investment or BFCOMP Investment, as
applicable, disposed of and the principal amount and related interest payments of such Investor Note shall be adjusted to reflect such partial payment so that there are equal payments over the remaining term of the related Investor Note. For a
Member who is no longer an employee or officer of Holdings or its Affiliates, distributions shall be made pursuant to clauses (i) through (iii) above, and then, unless the Company or its Affiliate has exercised its rights pursuant to
Section 8.1 hereof, any remaining income or other distribution in respect of such Member’s Capital Commitment Member Interest shall be applied to the prepayment of the outstanding Investor Notes of such Member, until all such Member’s
Investor Notes have been repaid in full, with any such income or other distribution remaining thereafter distributed to such Member. 
 Distributions of Capital Commitment Net Income may be made at any other time at the discretion of the Managing Member. At the Managing Member’s discretion, any amounts distributed to a Member in respect of such Member’s Capital
Commitment Member Interest will be net of any interest and principal payable on his Investor Notes for the full period in respect of which the distribution is made. 
 (b) [Intentionally omitted] 
 (c) To the extent that the foregoing Company distributions and distributions
and payments from Other Sources are insufficient to satisfy any principal and/or interest due on Investor Notes, and to the extent that the Managing Member in their sole discretion elect to apply this paragraph (c) to any individual payments
due, such unpaid interest will be added to the remaining principal amount of such Investor Notes and shall be payable on the next scheduled principal payment date (along with any 
  

 59 

 deferred principal and any principal and interest due on such date); provided, that such deferral shall not apply
to a Member that is no longer an employee or officer of Holdings or an Affiliate thereof. All unpaid interest on such Investor Notes shall accrue interest at the interest rate then in effect for such Investor Notes. 
 (d) [Intentionally omitted] 
 (e) The
Capital Commitment Capital Account of each Member shall be reduced by the amount of any distribution to such Member pursuant to paragraph (a) of this Section 7.4. 
 (f) At any time that a sale, exchange, transfer or other disposition of a portion of a Capital Commitment Investment is being considered by the Company
or BREP VI (a “Capital Commitment Disposable Investment”), at the election of the Managing Member each Member’s Capital Commitment Interest with respect to such Capital Commitment Investment shall be vertically divided into two
separate Capital Commitment Interests, a Capital Commitment Interest attributable to the Capital Commitment Disposable Investment (a Member’s “Capital Commitment Class B Interest”), and a Capital Commitment Interest
attributable to such Capital Commitment Investment excluding the Capital Commitment Disposable Investment (a Member’s “Capital Commitment Class A Interest”). Distributions (including those resulting from a direct or
indirect sale, transfer, exchange or other disposition by the Company) relating to a Capital Commitment Disposable Investment shall be made only to holders of Capital Commitment Class B Interests with respect to such Capital Commitment Investment in
accordance with their respective Capital Commitment Profit Sharing Percentages relating to such Capital Commitment Class B Interests, and distributions (including those resulting from the direct or indirect sale, transfer, exchange or other
disposition by the Company) relating to a Capital Commitment Investment excluding such Capital Commitment Disposable Investment shall be made only to holders of Capital Commitment Class A Interests with respect to such Capital Commitment
Investment in accordance with their respective Capital Commitment Profit Sharing Percentages relating to such Capital Commitment Class A Interests. 
 (g) (i) If BRE Holdings VI is obligated under the Giveback Provisions to contribute a Giveback Amount to BREP VI as a partner of BREP VI, and the Company is obligated to make a capital contribution (directly or
indirectly) of all or a portion of such Giveback Amount (the amount of such obligation of the Company with respect to such Giveback Amount being herein called a “Capital Commitment Giveback Amount”), the Company shall call for such
amounts as are necessary to satisfy such obligation as determined by the Managing Member, in which case each Member shall contribute to the Company, in cash, when and as called by the Company, such an amount of prior distributions by the Company
with respect to the Capital Commitment BREP VI Interest (the “Capital Commitment Recontribution Amount”) which equals such Member’s pro rata share of prior distributions in connection with (a) the Capital Commitment BREP
VI Investment giving rise to the Capital Commitment Giveback Amount, or (b) if the amounts contributed pursuant to clause (a) above are insufficient to satisfy such Capital Commitment Giveback Amount, Capital Commitment BREP VI Investments
other than the one giving rise to such obligation. Each Member shall promptly contribute to the Company upon notice thereof such Member’s Capital Commitment Recontribution Amount. Prior to such time, the Company may, at the Managing
Member’s discretion (but shall be under no obligation to), provide notice that in the Managing Member’s judgment, the potential obligations in respect of the Capital Commitment Giveback Amount will probably materialize (and an estimate of
the aggregate amount of such obligations). 
 (ii) (A) In the event any Member (a “Capital Commitment Defaulting
Party”) fails to recontribute all or any portion of such Capital Commitment Defaulting Party’s Capital Commitment Recontribution Amount for any reason, the Company shall require all other Members and Withdrawn Members to contribute, on
a pro rata basis (based on each of their 
  

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 respective Capital Commitment Profit Sharing Percentages), such amounts as are necessary to fulfill the
Capital Commitment Defaulting Party’s obligation to pay such Capital Commitment Defaulting Party’s Capital Commitment Recontribution Amount (a “Capital Commitment Deficiency Contribution”) if the Managing Member determines
in their good faith judgment that the Company will be unable to collect such amount in cash from such Capital Commitment Defaulting Party for payment of the Capital Commitment Giveback Amount at least 20 Business Days prior to the latest date that
the Company is permitted to pay the Capital Commitment Giveback Amount; provided, that no Member shall as a result of such Capital Commitment Deficiency Contribution be required to contribute an amount in excess of 150% of the amount of the
Capital Commitment Recontribution Amount initially requested from such Member in respect of such default. Thereafter, the Managing Member shall determine in its good faith judgment that the Company should either (1) not attempt to collect such
amount in light of the costs associated therewith, the likelihood of recovery and any other factors considered relevant in the good faith judgment of the Managing Member or (2) pursue any and all remedies (at law or equity) available to the
Company against the Capital Commitment Defaulting Party, the cost of which shall be a Company expense to the extent not ultimately reimbursed by the Capital Commitment Defaulting Party. It is agreed that the Company shall have the right (effective
upon such Capital Commitment Defaulting Party becoming a Capital Commitment Defaulting Party) to set-off as appropriate and apply against such Capital Commitment Defaulting Party’s Capital Commitment Recontribution Amount any amounts otherwise
payable to the Capital Commitment Defaulting Party by the Company or any Affiliate thereof. Each Member hereby grants to the Company a security interest, effective upon such Member becoming a Capital Commitment Defaulting Party, in all accounts
receivable and other rights to receive payment from the Company or any Affiliate of the Company and agrees that, upon the effectiveness of such security interest, the Company may sell, collect or otherwise realize upon such collateral. In
furtherance of the foregoing, each Member hereby appoints the Company as its true and lawful attorney-in-fact with full irrevocable power and authority, in the name of such Member or in the name of the Company, to take any actions which may be
necessary to accomplish the intent of the immediately preceding sentence. The Company shall be entitled to collect interest on the Capital Commitment Recontribution Amount of a Capital Commitment Defaulting Party from the date such Capital
Commitment Recontribution Amount was required to be contributed to the Company at a rate equal to the Default Interest Rate. 
  

	 	(B)	Any Member’s failure to make a Capital Commitment Deficiency Contribution shall cause such Member to be a Capital Commitment Defaulting Party with respect to such amount.

 (iii) A Member’s obligation to make contributions to the Company under this Section 7.4(i) shall
survive the termination of the Company. 
 7.5. Valuations. 
 Capital Commitment Investments shall be valued annually as of the end of each year (and at such other times as deemed appropriate by the Managing Member)
in accordance with the principles utilized by BREA VI (or any other Affiliate that is a general partner of BREP VI) in valuing investments of BREP VI or, in the case of investments not held by BREP VI, in the good faith judgment of the Managing
Member, subject in each case to the second proviso of the immediately succeeding sentence. The value of any Capital Commitment Interest as of any date (the “Capital Commitment Value”) shall be based on the value of the underlying
Capital Commitment Investment as set forth above; provided, that the Capital Commitment Value may be determined as of an earlier date if determined appropriate by the Managing Member in good faith; provided further, that such
value may be adjusted by 
  

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 the Managing Member to take into account factors relating solely to the value of a Capital Commitment Interest (as
compared to the value of the underlying Capital Commitment Investment), such as restrictions on transferability, the lack of a market for such Capital Commitment Interest and lack of control of the underlying Capital Commitment Investment. To the
full extent permitted by applicable law such valuations shall be final and binding on all Members; provided further, that the immediately preceding proviso shall not apply to any Capital Commitment Interests held by a person who is or was at
any time a direct Member of the Company. 
 7.6. Disposition Election. (a) At any time prior to the date of the Company’s
execution of a definitive agreement to dispose of a Capital Commitment Investment, the Managing Member may in their sole discretion permit a Member to retain all or any portion of its pro rata share of such Capital Commitment Investment (as measured
by such Member’s Capital Commitment Profit Sharing Percentage in such Capital Commitment Investment). If the Managing Member so permits, such Member shall instruct the Managing Member in writing prior to such date (i) not to dispose of all
or any portion of such Member’s pro rata share of such Capital Commitment Investment (the “Retained Portion”) and (ii) either to (A) distribute such Retained Portion to such Member on the closing date of such
disposition or (B) retain such Retained Portion in the Company on behalf of such Member until such time as such Member shall instruct the Managing Member upon 5 days notice to distribute such Retained Portion to such Member. Such Member’s
Capital Commitment Capital Account shall not be adjusted in any way to reflect the retention in the Company of such Retained Portion or the Company’s disposition of other Members’ pro rata shares of such Capital Commitment Investment;
provided, that such Member’s Capital Commitment Capital Account shall be adjusted upon distribution of such Retained Portion to such Member or upon distribution of proceeds with respect to a subsequent disposition thereof by the Company.

 (b) No distribution of such Retained Portion shall occur unless any Investor Notes relating thereto shall have been paid in full prior to
or simultaneously with such distribution. 
 7.7. Capital Commitment Special Distribution Election. (a) From time to time during
the term of this Agreement, the Managing Member may in its sole discretion, upon receipt of a written request from a Member, distribute to such Member any portion of its pro rata share of a Capital Commitment Investment (as measured by such
Member’s Capital Commitment Profit Sharing Percentage in such Capital Commitment Investment) (a “Capital Commitment Special Distribution”). Such Member’s Capital Commitment Capital Account shall be adjusted upon
distribution of such Capital Commitment Special Distribution. 
 (b) No Capital Commitment Special Distributions shall occur unless any
Investor Notes relating thereto shall have been paid in full prior to or simultaneously with such Capital Commitment Special Distribution. 
 ARTICLE VIII 
 WITHDRAWAL, ADMISSION OF NEW MEMBERS 
 8.1. Member Withdrawal; Vesting; Repurchase of Capital Commitment Interests. (a) Capital Commitment Interests (or a portion thereof) that were financed by Investor Notes will be treated as not subject to
repurchase for purposes hereof based upon the proportion of (a) the sum of Capital Commitment Capital Contributions not financed by an Investor Note with respect to each Capital Commitment Interest and principal payments on the related Investor
Note to (b) the sum of the Capital Commitment Capital Contributions not financed by an Investor Note with respect to such Capital Commitment Interest, the original principal amount of such Investor Note and all deferred amounts of 

 

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 interest which from time to time comprise part of the principal amount of the Investor Note. A Member may prepay a
portion of any outstanding principal on the Investor Notes; provided, that in the event that a Member prepays all or any portion of the principal amount of the Investor Notes within nine months prior to the date on which such Member is no longer an
employee or officer of Holdings or an Affiliate thereof, the Company (or its designee) shall have the right, in its sole discretion, to purchase the Capital Commitment Interest that became Non-Contingent as a result of such prepayment; provided
further, that the purchase price for such Capital Commitment Interest shall be determined in accordance with the determination of the purchase price of a Member’s Contingent Capital Commitment Interests as set forth in paragraph (b) below.
Prepayments made by a Member shall apply pro rata against all of such Member’s Investor Notes; provided, that such Member may request that such prepayments be applied only (w) to Investor Notes relating to BFREP Investments or (x) to
Investor Notes relating to BFIP Investments or (y) to Investor Notes relating to BFMEZP Investments or (z) to Investor Notes relating to BFCOMP Investments. Except as expressly provided herein, Capital Commitment Interests that were not
financed in any respect with Investor Notes shall be treated as Non-Contingent Capital Commitment Interests. 
 (b) Upon a Member ceasing to
be an officer or employee of the Company or any of its Affiliates, other than as a result of such Member dying or suffering a Total Disability, such Member (the “Withdrawn Member”) and the Company or any other person designated by
the Managing Member shall each have the right (exercisable by the Withdrawn Member within 30 days and by the Company or its designee(s) within 45 days of such Member’s ceasing to be such an officer or employee) or any time thereafter, upon 30
days notice, but not the obligation, to require the Company, subject to the LLC Act, to buy (in the case of exercise of such right by such Withdrawn Member) or the Withdrawn Member to sell (in the case of exercise of such right by the Company or its
designee(s)) all (but not less than all) such Withdrawn Member’s Contingent Capital Commitment Interests. The purchase price for each such Contingent Capital Commitment Interest will be an amount equal to (i) the outstanding principal
amount of the related Investor Note plus accrued interest thereon to the date of purchase (such portion of the purchase price to be made in cash) and (ii) an additional amount (the “Adjustment Amount”) equal to (x) all
interest paid by the Member on the portion of the principal amount of the Investor Note relating to the portion of the related Capital Commitment Interest remaining Contingent plus (y) all Capital Commitment Net Losses allocated to the
Withdrawn Member on the Contingent portion of such Capital Commitment Interest minus (z) all Capital Commitment Net Income allocated to the Withdrawn Member on the Contingent portion of such Capital Commitment Interest; provided, that,
if the Withdrawn Member was terminated from employment or his position as an officer for Cause, the amounts referred to in clause (x) or (y) of the Adjustment Amount, in the Managing Member’s sole discretion, may be deemed to equal
zero. The Adjustment Amount shall, if positive, be payable by the holders of the purchased Capital Commitment Interests to the Withdrawn Member from the next Capital Commitment Net Income received by such holders on the Contingent portion of such
Withdrawn Member’s Capital Commitment Interests at the time such Capital Commitment Net Income is received. If the Adjustment Amount resulting from an exchange is negative, it shall be payable to the holders of the purchased Capital Commitment
Interest by the Withdrawn Member at the time such Capital Commitment Net Income is received by the Withdrawn Member from the next Capital Commitment Net Income on the Non-Contingent portion of the Withdrawn Member’s Capital Commitment Interests
or, if the Company or its designee(s) elect to purchase such Withdrawn Member’s Non-Contingent Capital Commitment Interests, in cash by the Withdrawn Member at the time of such purchase; provided, that the Company and its Affiliates may
offset any amounts otherwise owing to a Withdrawn Member against any Adjustment Amount owed by such Withdrawn Member. Until so paid, such remaining Adjustment Amount will not itself bear interest. At the time of such purchase of the Withdrawn
Member’s Contingent Capital Commitment Interests, his related Investor Note shall be payable in full. If neither the Withdrawn Member nor the Company nor its designee(s) exercise the right to require repurchase of such Contingent Capital
Commitment Interests, then the Withdrawn Member shall retain the Contingent portion of his 
  

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 Capital Commitment Interests and the Investor Notes shall remain outstanding, shall become fully recourse to the
Withdrawn Member in his individual capacity, shall be payable in accordance with their remaining original maturity schedules and shall be prepayable at any time by the Withdrawn Member at his option, and the Company shall apply such prepayments
against outstanding Investor Notes on a pro rata basis. To the extent that another Member purchases a portion of a Capital Commitment Interest of a Withdrawn Member, the purchasing Member’s Capital Commitment Capital Account and Capital
Commitment Profit Sharing Percentage for such Capital Commitment Investment shall be correspondingly increased. 
 (c) Upon the occurrence of
a Final Event with respect to any Member, such Member shall thereupon cease to be a Member with respect to such Member’s Capital Commitment Member Interest. If such a Final Event shall occur, no Successor in Interest to any such Member shall
for any purpose hereof become or be deemed to become a Member. The sole right, as against the Company and the remaining Members, acquired hereunder by, or resulting hereunder to, a Successor in Interest to any Member shall be to receive any
distributions and allocations with respect to such Member’s Capital Commitment Member Interest pursuant to Article VII and this Article VIII, subject to the right of the Company to purchase the Capital Commitment Interests of such former Member
pursuant to Section 8.1(b) or Section 8.1(d)) to the extent, at the time, in the manner and in the amount otherwise payable to such Member had such a Final Event not occurred, and no other right shall be acquired hereunder by, or shall
result hereunder to, a Successor in Interest to such Member, whether by operation of law or otherwise. Until distribution of any such Member’s interest in the Company upon the dissolution of the Company as provided in Section 9.2, neither
his Capital Commitment Capital Accounts nor any part thereof shall be subject to withdrawal or redemption without the consent of the Managing Member. The Company shall be entitled to treat any Successor in Interest to such Member as the only person
entitled to receive distributions and allocations hereunder with respect to such Member’s Capital Commitment Member Interest. 
 (d) If
a Member dies or suffers a Total Disability, all Contingent Capital Commitment Interests of such Member shall be purchased by the Company or its designee (within 30 days of the first date on which the Company knows or has reason to know of such
Member’s death or Total Disability) as provided in Section 8.1(b) (except that any Adjustment Amount shall be payable by or to the estate or personal representative in cash) and any Investor Notes financing such Contingent Capital
Commitment Interests shall thereupon be prepaid as provided in Section 8.1(b). In addition, in the case of the death or Total Disability of a Member, if the estate or personal representative of such Member so requests in writing within 180 days
of the Member’s death or ceasing to be an employee or member (directly or indirectly) of the Company or any of its Affiliates by reason of Total Disability (such requests shall not exceed one per calendar year), the Company or its designee may
but is not obligated to purchase for cash all (but not less than all) Non-Contingent Capital Commitment Interests of such Member as of the last day of the Company’s then current fiscal year at a price equal to the Capital Commitment Value
thereof. Each Member shall be required to include appropriate provisions in his will to reflect such provisions of this Agreement. In addition, the Company may, in the sole discretion of the Managing Member, upon notice to the estate or personal
representative of such Member within 30 days of the first date on which the Company knows or has reason to know of such Member’s death or Total Disability, determine either (i) to distribute Securities or other property to the estate or
personal representative in exchange for such Non-Contingent Capital Commitment Interests as provided in Section 8.1(e) or (ii) to require sale of such Non-Contingent Capital Commitment Interests to the Company or its designee as of the
last day of any fiscal year of the Company (or earlier period, as determined by the Managing Member in its sole discretion) for an amount in cash equal to the Capital Commitment Value thereof. 
 (e) In lieu of retaining a Withdrawn Member as a Member with respect to any Non-Contingent Capital Commitment Interests, the Managing Member may, in its
sole discretion, by notice to 
  

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 such Withdrawn Member within 45 days of his ceasing to be an employee or officer of the Company or any of its Affiliates,
or at any time thereafter, upon 30 days written notice, determine (1) to distribute to such Withdrawn Member the pro rata portion of the Securities or other property underlying such Withdrawn Member’s Non-Contingent Capital Commitment
Interests, subject to any restrictions on distributions associated with the Securities or other property, in satisfaction of his Non-Contingent Capital Commitment Interests in the Company or (2) to cause, as of the last day of any fiscal year
of the Company (or earlier period, as determined by the Managing Member in its sole discretion), the Company or another person designated by the Managing Member (who may be itself another Member or another Affiliate of the Company) to purchase all
(but not less than all) of such Withdrawn Member’s Non-Contingent Capital Commitment Interests for a price equal to the Capital Commitment Value thereof. The Managing Member shall condition any distribution or purchase of voting Securities
pursuant to paragraph (d) above or this paragraph (e) upon the Withdrawn Member’s execution and delivery to the Company of an appropriate irrevocable proxy, in favor of the Company or its nominee, relating to such Securities.

 (f) The Company may subsequently transfer any Unallocated Capital Commitment Interest or portion thereof which is purchased by it as
described above to any other person approved by the Managing Member. In connection with such purchase or transfer or the purchase of a Capital Commitment Interest or portion thereof by the Company’s designee(s), Holdings may loan all or a
portion of the purchase price of the transferred or purchased Capital Commitment Interest to the Company, the transferee or the designee-purchaser(s), as applicable. To the extent that a Withdrawn Member’s Capital Commitment Interests (or
portions thereof) are repurchased by the Company and not transferred to or purchased by another person, all or any portion of such repurchased Capital Commitment Interests may, in the sole discretion of the Managing Member, (i) be allocated to
each Member already participating in the Capital Commitment Investment to which the repurchased Capital Commitment Interest relates, (ii) be allocated to each Member in the Company, whether or not already participating in such Capital
Commitment Investment, and/or (iii) continue to be held by the Company itself as an unallocated Capital Commitment Investment (such Capital Commitment Interests being herein called “Unallocated Capital Commitment Interests”).
To the extent that a Capital Commitment Interest is allocated to Members as provided in clause (i) and/or (ii) above, any indebtedness incurred by the Company to finance such repurchase shall also be allocated to such Members. All such
Capital Commitment Interests allocated to Members shall be deemed to be Contingent and shall become Non-Contingent as and to the extent that the principal amount of such related indebtedness is repaid. The Members receiving such allocations shall be
responsible for such related indebtedness only on a nonrecourse basis to the extent appropriate as provided in this Agreement, except as such Members and the Managing Member shall otherwise agree. If the indebtedness financing such repurchased
interests is not so limited, the Company may require an assumption by the Members of such indebtedness on the terms thereof as a precondition to allocation of the related Capital Commitment Interests to such Members; provided, that a Member
shall not, except as set forth in his Investor Note, be obligated to accept any personally recourse obligation unless his prior consent is obtained. So long as the Company itself retains the Unallocated Capital Commitment Interests pursuant to
clause (iii) above, such Unallocated Capital Commitment Interests shall belong to the Company and any indebtedness financing the Unallocated Capital Commitment Interests shall be an obligation of the Company to which all income of the Company
is subject except as otherwise agreed by the lender of such indebtedness. Any Capital Commitment Net Income (Loss) on an Unallocated Capital Commitment Interest shall be allocated to each Member in the proportion his aggregate Capital Commitment
Capital Accounts bear to the aggregate Capital Commitment Capital Accounts of all Members; debt service on such related financing will be an expense of the Company allocable to all Members in such proportions. 
 (g) If a Member is required to Withdraw from the Company with respect to such Member’s Capital Commitment Member Interest for Cause, then his
Capital Commitment Interest shall 
  

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 be settled in accordance with paragraphs (a)-(f) and (j) of this Section 8.1; provided, that if such
Member was not at any time a direct Regular Member of the Company, the Managing Member may elect (but shall not be required) to apply any or all the following terms and conditions to such settlement: 
 (i) purchase for cash all of such Withdrawn Member’s Non-Contingent Capital Commitment Interests. The purchase price for each such
Non-Contingent Capital Commitment Interest shall be the lower of (A) the original cost of such Non-Contingent Capital Commitment Interest or (B) an amount equal to the Capital Commitment Value thereof; 
 (ii) allow the Withdrawn Member to retain such Non-Contingent Capital Commitment Interests; provided, that the maximum amount of
Capital Commitment Net Income allocable to such Withdrawn Member with respect to any Capital Commitment Investment shall equal the amount of Capital Commitment Net Income that would have been allocated to such Withdrawn Member if such Capital
Commitment Investment had been sold as of the Settlement Date at the then prevailing Capital Commitment Value thereof; or 
 (iii) in lieu of cash, purchase such Non-Contingent Capital Commitment Interests by providing the Withdrawn Member with a promissory note in the amount determined in (i) above. Such promissory note shall have a maximum term of ten
(10) years with interest at the Federal Funds Rate. 
 (h) The Company will assist a Withdrawn Member or his estate or guardian, as the
case may be, in the settlement of the Withdrawn Member’s Capital Commitment Member Interest in the Company. Third party costs incurred by the Company in providing this assistance will be borne by the Withdrawn Member or his estate. 

(i) The Company may reasonably determine in good faith to retain outside professionals to provide the assistance to Withdrawn Members or their estates
or guardians, as referred to above. In such instances, the Company will obtain the prior approval of a Withdrawn Member or his estate or guardian, as the case may be, prior to engaging such professionals. If the Withdrawn Member (or his estate or
guardian) declines to incur such costs, the Company will provide such reasonable assistance as and when it can so as not to interfere with the Company’s day-to-day operating, financial, tax and other related responsibilities to the Company and
the Members. 
 (j) Each Member hereby irrevocably appoints the Managing Member as such Member’s true and lawful agent, representative
and attorney-in-fact, each acting alone, in such Member’s name, place and stead, to make, execute, sign and file, on behalf of such Member, any and all agreements, instruments, documents and certificates which the Managing Member deems
necessary or advisable in connection with any transaction or matter contemplated by or provided for in this Section 8.1, including, without limitation, the performance of any obligation of such Member or the Company or the exercise of any right
of such Member or the Company. Such power of attorney is coupled with an interest and shall survive and continue in full force and effect notwithstanding the Withdrawal from the Company of any Member for any reason and shall not be affected by the
death, disability or incapacity of such Member. 
 8.2. Transfer of Member’s Capital Commitment Interest. Except as otherwise
agreed by the Managing Member, no Member or former Member shall have the right to sell, assign, mortgage, pledge or otherwise dispose of or transfer (“Transfer”) all or part of any such Member’s Capital Commitment Member
Interest in the Company; provided, that this Section 8.2 shall in no way impair Transfers (i) as permitted in Section 8.1 above, in the case of the purchase of a Withdrawn Member’s or deceased or Totally Disabled
Member’s Capital Commitment Interests, (ii) Transfers by a Member to another Member of Non- Contingent Capital Commitment Interests, (iii) Transfers of up to 25% of a Regular 
  

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 Member’s Capital Commitment Member Interest to an Estate Planning Vehicle and (iv) with the prior written
consent of the Managing Member (which consent may be withheld without giving any reason therefor). No person acquiring an interest in the Company pursuant to this Section 8.2 shall become a Member of the Company, or acquire such Member’s
right to participate in the affairs of the Company, unless such person shall be admitted as a Member pursuant to Section 6.1. A Member shall not cease to be a Member of the Company upon the collateral assignment of, or the pledging or granting
of a security interest in, its entire Interest in the Company in accordance with the provisions of this Agreement. 
 8.3. Compliance with
Law. Notwithstanding any provision hereof to the contrary, no sale or Transfer of a Capital Commitment Interest in the Company may be made except in compliance with all Federal, state and other applicable laws, including Federal and state
securities laws. 
 ARTICLE IX 
 DISSOLUTION 
 9.1. Dissolution. 
 (a) The Company shall be dissolved and subsequently terminated: 
 (i) pursuant to Section 6.6; or

 (ii) upon the expiration of the Term. 
 9.2. Final Distribution. Upon the dissolution of the Company, and following the payment of creditors of the Company and the making of provisions for the payment of any contingent, conditional or unmatured
claims known to the Company as required under the LLC Act: 
 (i) With respect to the GP-Related Member Interests of the
Members, the Members’ respective interests in the Company shall be valued and settled in accordance with the procedures set forth in Section 6.5 which provide for allocations to the GP-Related Capital Accounts of the Members and
distributions in accordance with the GP-Related Capital Account balances of the Members; and 
 (ii) With respect to each
Member’s Capital Commitment Member Interest, an amount shall be paid to such Member in cash or Securities in an amount equal to such Member’s respective Capital Commitment Liquidating Share for each Capital Commitment Investment;
provided, that if the remaining assets relating to any Capital Commitment Investment shall not be equal to or exceed the aggregate Capital Commitment Liquidating Shares for such Capital Commitment Investment, to each Member in proportion to
its Capital Commitment Liquidating Share for such Capital Commitment Investment; and the remaining assets of the Company related to the Members’ Capital Commitment Member Interests shall be paid to the Members in cash or Securities in
proportion to their respective Capital Commitment Profit Sharing Percentages for each Capital Commitment Investment from which such cash or Securities are derived. 
 The Managing Member shall be the liquidator. In the event that the Managing Member is unable to serve as liquidator, a liquidating trustee shall be chosen by the affirmative vote of a Majority in Interest of the
Members voting at a meeting of Members (excluding Nonvoting Special Members). 
 9.3. Amounts Reserved Related to Capital Commitment
Member Interests. (a) If there are any Securities or other property or other investments or securities related to the Members’ Capital 
  

 67 

 Commitment Member Interests which, in the judgment of the liquidator, cannot be sold, or properly distributed in kind in
the case of dissolution, without sacrificing a significant portion of the value thereof, the value of a Member’s interest in each such Security or other investment or security may be excluded from the amount distributed to the Members
participating in the related Capital Commitment Investment pursuant to clause (ii) of Section 9.2. Any interest of a Member, including his pro rata interest in any gains, losses or distributions, in Securities or other property or other
investments or securities so excluded shall not be paid or distributed until such time as the liquidator shall determine. 
 (b) If there is
any pending transaction, contingent liability or claim by or against the Company related to the Members’ Capital Commitment Member Interests as to which the interest or obligation of any Member therein cannot, in the judgment of the liquidator,
be then ascertained, the value thereof or probable loss therefrom may be deducted from the amount distributable to such Member pursuant to clause (ii) of Section 9.2. No amount shall be paid or charged to any such Member on account of any
such transaction or claim until its final settlement or such earlier time as the liquidator shall determine. The Company may meanwhile retain from other sums due such Member in respect of such Member’s Capital Commitment Member Interest an
amount which the liquidator estimates to be sufficient to cover the share of such Member in any probable loss or liability on account of such transaction or claim. 
 (c) Upon determination by the liquidator that circumstances no longer require the exclusion of any Securities or other property or retention of sums as provided in paragraphs (a) and (b) of this
Section 9.3, the liquidator shall, at the earliest practicable time, distribute as provided in clause (ii) of Section 9.2 such sums or such Securities or other property or the proceeds realized from the sale of such Securities or
other property to each Member from whom such sums or Securities or other property were withheld. 
 ARTICLE X 
 MISCELLANEOUS 
 10.1. Submission to
Jurisdiction; Waiver of Jury Trial. 
 (a) Any and all disputes which cannot be settled amicably, including any ancillary claims of any
party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability of this arbitration provision) shall be
finally settled by arbitration conducted by a single arbitrator in New York in accordance with the then-existing Rules of Arbitration of the International Chamber of Commerce. If the parties to the dispute fail to agree on the selection of an
arbitrator within thirty (30) days of the receipt of the request for arbitration, the International Chamber of Commerce shall make the appointment. The arbitrator shall be a lawyer and shall conduct the proceedings in the English language.
Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings. 
 (b) Notwithstanding the
provisions of paragraph (a), the Managing Member may bring, or may cause the Company to bring, on behalf of the Managing Member or the Company or on behalf of one or more Members, an action or special proceeding in any court of competent
jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this paragraph (b), each Member
(i) expressly consents to the application of paragraph (c) of this Section 10.1 to any such action or proceeding, (ii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement
would be difficult to calculate and that remedies at law would be inadequate, and (iii)
  

 68 

 irrevocably appoints the Managing Member as such Member’s agent for service of process in connection with any such
action or proceeding and agrees that service of process upon any such agent, who shall promptly advise such Member of any such service of process, shall be deemed in every respect effective service of process upon the Member in any such action or
proceeding. 
 (c) (i) EACH MEMBER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF COURTS LOCATED IN NEW YORK, NEW YORK FOR THE
PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 10.1, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such
ancillary judicial proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration award. The parties acknowledge that the forum(s)
designated by this paragraph (c) have a reasonable relation to this Agreement, and to the parties’ relationship with one another. 
 (ii) The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have to personal jurisdiction or to the laying of venue of any such ancillary suit,
action or proceeding brought in any court referred to in the preceding paragraph of this Section 10.1 and such parties agree not to plead or claim the same. 
 (d) Notwithstanding any provision of this Agreement to the contrary, this Section 10.1 shall be construed to the maximum extent possible to comply with the laws of the State of Delaware, including the Delaware
Uniform Arbitration Act (10 Del. C. § 5701 et seq.) (the “Delaware Arbitration Act”). If, nevertheless, it shall be determined by a court of competent jurisdiction that any provision or wording of this
Section 10.1, including any rules of the International Chamber of Commerce, shall be invalid or unenforceable under the Delaware Arbitration Act, or other applicable law, such invalidity shall not invalidate all of this Section 10.1. In
that case, this Section 10.1 shall be construed so as to limit any term or provision so as to make it valid or enforceable within the requirements of the Delaware Arbitration Act or other applicable law, and, in the event such term or provision
cannot be so limited, this Section 10.1 shall be construed to omit such invalid or unenforceable provision. 
 10.2. Ownership and
Use of the Company Name. The Company acknowledges that Blackstone Financial Services Inc. (“BFS”), a Delaware corporation with a principal place of business at 345 Park Avenue, New York, New York 10154, (or its successors or
assigns) is the sole and exclusive owner of the mark and name BLACKSTONE and that the ownership of, and the right to use, sell or otherwise dispose of, the firm name or any abbreviation or modification thereof which consists of or includes
BLACKSTONE, shall belong exclusively to BFS, which company (or its predecessors, successors or assigns) has licensed the Company to use BLACKSTONE in its name. The Company acknowledges that BFS owns the service mark BLACKSTONE for various services
and that the Company is using the BLACKSTONE mark and name on a non-exclusive, non-sublicensable and non-assignable basis in connection with its business and authorized activities with the permission of BFS. All services rendered by the Company
under the BLACKSTONE mark and name will be rendered in a manner and with quality levels that are consistent with the high reputation heretofore developed for the BLACKSTONE mark by BFS and its affiliates and licensees. The Company understands that
BFS may terminate its right to use BLACKSTONE at any time in BFS sole discretion by giving the Company written notice of termination. Promptly following any such termination, the Company will take all steps necessary to change its company name to
one which does not include BLACKSTONE or any confusingly similar term and cease all use of BLACKSTONE or any term confusingly similar thereto as a service mark or otherwise. 
  

 69 

 10.3. Written Consent. Any action required or permitted to be taken by a vote of Members at a
meeting may be taken without a meeting if a Majority in Interest of the Members consent thereto in writing. 
 10.4. Letter Agreements;
Schedules. The Managing Member may, or may cause the Company to, enter into separate letter agreements with individual Members, officers or employees with respect to GP-Related Profit Sharing Percentages, Capital Commitment Profit Sharing
Percentages, benefits or any other matter, in each case on terms and conditions not inconsistent with this Agreement. The Managing Member may from time to time execute and deliver to the Members schedules which set forth the then current capital
balances, GP-Related Profit Sharing Percentages and Capital Commitment Profit Sharing Percentages of the Members and any other matters deemed appropriate by the Managing Member. Such schedules shall be for information purposes only and shall not be
deemed to be part of this Agreement for any purpose whatsoever; provided, that this in no way limits the effectiveness of any Commitment Agreement. 
 10.5. Governing Law; Separability of Provisions. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to principles of conflict of laws. In
particular, the Company has been formed pursuant to the LLC Act, and the rights and liabilities of the Members shall be as provided therein, except as herein otherwise expressly provided. If any provision of this Agreement shall be held to be
invalid, such provision shall be given its meaning to the maximum extent permitted by law and the remainder of this Agreement shall not be affected thereby. 
 10.6. Successors and Assigns. This Agreement shall be binding upon and shall, subject to the penultimate sentence of Section 6.3(a), inure to the benefit of the parties hereto, their respective heirs and
personal representatives, and any successor to a trustee of a trust which is or becomes a party hereto; provided, that no person claiming by, through or under a Member (whether such Member’s heir, personal representative or otherwise),
as distinct from such Member itself, shall have any rights as, or in respect to, a Member (including the right to approve or vote on any matter or to notice thereof) except the right to receive only those distributions expressly payable to such
person pursuant to Articles VI and VIII. Any Member or Withdrawn Member shall remain liable for the obligations under this Agreement (including any Net GP-Related Recontribution Amounts and any Capital Commitment Recontribution Amount) of any
transferee of all or any portion of such Member’s or Withdrawn Member’s interest in the Company, unless waived by the Managing Member. The Company shall, if the Managing Member determine, in its good faith judgment, based on the standards
set forth in Sections 5.8(d)(ii)(A) and 7.4(g)(ii)(A), to pursue such transferee, pursue payment (including any Net GP-Related Recontribution Amounts and/or Capital Commitment Recontribution Amounts) from the transferee with respect to any such
obligations. Nothing in this Agreement is intended, nor shall anything herein be construed, to confer any rights, legal or equitable, on any person other than the Members and their respective legal representatives, heirs, successors and permitted
assigns. Notwithstanding the foregoing, the provisions of Sections 5.8(d)(i) and (iii) shall inure to the benefit of the limited partners or other investors in BREP VI, and such limited partners or investors shall have the right to enforce the
provisions thereof to the extent the Company does not otherwise do so. 
 10.7. Confidentiality. By executing this Agreement, each
Member expressly agrees, at all times during the term of the Company and thereafter and whether or not at the time a Member of the Company, to maintain the confidentiality of, and not to disclose to any person other than the Company, another Member
or a person designated by the Company, any information relating to the business, financial structure, financial position or financial results, clients or affairs of the Company that shall not be generally known to the public or the securities
industry, except as otherwise required by law or by any regulatory or self-regulatory organization having jurisdiction; provided, that any corporate Member may disclose any such information it is required by law, rule, regulation or custom to
disclose. 
  

 70 

 Notwithstanding anything in this Agreement to the contrary, to comply with Treasury Regulation
Section 1.6011-4(b)(3)(i), each Member (and any employee, representative or other agent of such Member) may disclose to any and all persons, without limitation of any kind, the U.S. federal income tax treatment and tax structure of the Company,
it being understood and agreed, for this purpose, (1) the name of, or any other identifying information regarding (a) the Members or any existing or future investor (or any affiliate thereof) in any of the Members, or (b) any
investment or transaction entered into by the Members; (2) any performance information relating to any of the Members or their investments; and (3) any performance or other information relating to previous funds or investments sponsored by
any of the Members, does not constitute such tax treatment or tax structure information. 
 10.8. Notices. Whenever notice is required
or permitted by this Agreement to be given, such notice shall be in writing (including telecopy or similar writing) and shall be given to any Member at its address or telecopy number shown in the Company’s books and records or, if given to the
Managing Member, at the address of the Company provided herein. Each such notice shall be effective (i) if given by telecopy, upon dispatch, and (ii) if given by hand delivery, when delivered to the address of such Member or Managing
Member specified as aforesaid. 
 10.9. Counterparts. This Agreement may be executed in any number of counterparts, each of which
shall be an original and all of which together shall constitute a single instrument. 
 10.10. Power of Attorney. Each Member hereby
irrevocably appoints the Managing Member as such Member’s true and lawful representative and attorney-in-fact, each acting alone, in such Member’s name, place and stead, to make, execute, sign and file all instruments, documents and
certificates which, from time to time, may be required to set forth any amendment to this Agreement or may be required by this Agreement or by the laws of the United States of America, the State of Delaware or any other state in which the Company
shall determine to do business, or any political subdivision or agency thereof, to execute, implement and continue the valid and subsisting existence of the Company. Such power of attorney is coupled with an interest and shall survive and continue
in full force and effect notwithstanding the subsequent Withdrawal from the Company of any Member for any reason and shall not be affected by the subsequent disability or incapacity of such Member. 
 10.11. Member’s Will. Each Member and Withdrawn Member shall include in his or her will a provision that addresses certain matters in respect
of his or her obligations relating to the Company that is satisfactory to the Managing Member and each such Member and Withdrawn Member shall confirm annually to the Company, in writing, that such provision remains in his current will. Where
applicable, any estate planning trust of such Member or Withdrawn Member to which a portion of such Member’s or Withdrawn Member’s Interest is transferred shall include a provision substantially similar to such provision and the trustee of
such trust shall confirm annually to the Company, in writing, that such provision or its substantial equivalent remains in such trust. In the event any Member or Withdrawn Member fails to comply with the provisions of this Section 10.11 after
the Company has notified such Member or Withdrawn Member of his failure to so comply and such failure to so comply is not cured within 30 days of such notice, the Company may withhold any and all distributions to such Member until the time at which
such party complies with the requirements of this Section 10.11. 
 10.12. Cumulative Remedies. Rights and remedies under this
Agreement are cumulative and do not preclude use of other rights and remedies available under applicable law. 
 10.13. Legal Fees.
Except as more specifically provided herein, in the event of a legal dispute (including litigation, arbitration or mediation) between any Member or Withdrawn Member and the Company, arising in connection with any party seeking to enforce
Section 4.1(d) or any other provision of this Agreement relating to the Holdback, the Clawback Amount, the GP-Related Giveback Amount, the 
  

 71 

 Capital Commitment Giveback Amount, the Net GP-Related Recontribution Amount or the Capital Commitment Recontribution
Amount, the “losing” party to such dispute shall promptly reimburse the “victorious party” for all reasonable legal fees and expenses incurred in connection with such dispute (such determination to be made by the relevant
adjudicator). Any amounts due under this Section 10.13 shall be paid within 30 days of the date upon which such amounts are due to be paid and such amounts remaining unpaid after such date shall accrue interest at the Default Interest Rate.

 10.14. Entire Agreement.. This Agreement embodies the entire agreement and understanding of the parties hereto in respect of the
subject matter contained herein. There are no restrictions, promises, representations, warranties, covenants or undertakings, other than those expressly set forth or referred to herein. Subject to Section 10.4, this Agreement supersedes all
prior agreements and understandings between the parties with respect to such subject matter. 
  

 72 

 IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the day and year first above
written. In the event that it is impracticable to obtain the signature of any of the Members to this Agreement, this Agreement shall be binding among the other Members executing the same. 
  

			
	MANAGING MEMBER:
	
	BLACKSTONE HOLDINGS III L.P.
		
	By:	 	Blackstone Holdings III GP L.L.C.,
	its General Partner
		
	By:	 	 /s/ Stephen A. Schwarzman

	Name:	 	Stephen A. Schwarzman
	Title:	 	Authorized Person

 Signature Pages to Second A&R LLC Agreement for BREA VI LLC 
  

 732nd Am. & Re. Ltd Liability Co. Agr't (Blackstone Comm. Mgmt. Assc. I)

 Exhibit 10.21 
  

 BLACKSTONE COMMUNICATIONS MANAGEMENT ASSOCIATES I L.L.C. 
 SECOND AMENDED & RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 DATED AS OF MAY 31, 2007 
  

 Table of Contents 
  

					
	  	 	 	  	Page
	ARTICLE I	  	
		
	DEFINITIONS	  	
	 1.1.
	 	Definitions	  	1
	 1.2.
	 	Terms Generally	  	9
		
	ARTICLE II	  	
		
	GENERAL PROVISIONS	  	
			
	 2.1.
	 	Managing, Regular and Special Members	  	9
	 2.2.
	 	Formation; Name; Foreign Jurisdictions	  	9
	 2.3.
	 	Term	  	9
	 2.4.
	 	Purpose; Powers	  	9
	 2.5.
	 	Place of Business	  	10
		
	ARTICLE III	  	
	  
 MANAGEMENT
	  	
			
	 3.1.
	 	Managing Member	  	11
	 3.2.
	 	Member Voting, etc.	  	11
	 3.3.
	 	Management	  	11
	 3.4.
	 	Responsibilities of Members	  	11
	 3.5.
	 	Exculpation and Indemnification	  	12
		
	ARTICLE IV	  	
	  
 CAPITAL OF THE COMPANY
	  	
			
	 4.1.
	 	Capital Contributions by Members	  	13
	 4.2.
	 	Interest	  	19
	 4.3.
	 	Withdrawals of Capital	  	19
		
	ARTICLE V	  	
	  
 PARTICIPATION IN PROFITS AND LOSSES
	  	
			
	 5.1.
	 	General Accounting Matters	  	19
	 5.2.
	 	Capital Accounts	  	21
	 5.3.
	 	Profit Sharing Percentages	  	21
	 5.4.
	 	Allocations of Net Income (Loss)	  	22
	 5.5.
	 	Liability of Members	  	23
	 5.6.
	 	Repurchase Rights, etc.	  	23
	 5.7.
	 	Distributions	  	23
	 5.8.
	 	Business Expenses	  	29

  

 i 

					
	ARTICLE VI	  	
	  
 ADDITIONAL MEMBERS; WITHDRAWAL OF
MEMBERS;
	  	
	 SATISFACTION AND DISCHARGE OF
 COMPANY INTERESTS; TERMINATION
  
	  	
	 6.1.
	 	Additional Members	  	29
	 6.2.
	 	Withdrawal of Members	  	30
	 6.3.
	 	Company Interests Not Transferable	  	31
	 6.4.
	 	Consequences upon Withdrawal of a Member	  	31
	 6.5.
	 	Satisfaction and Discharge of a Withdrawn Member’s Interest	  	31
	 6.6.
	 	Dissolution of the Company	  	35
	 6.7.
	 	Certain Tax Matters	  	35
	 6.8.
	 	Special Basis Adjustments	  	37
		
	ARTICLE VII	  	
	  
 MISCELLANEOUS
	  	
			
	 7.1.
	 	Submission to Jurisdiction; Waiver of Jury Trial	  	37
	 7.2.
	 	Ownership and Use of the Company Name	  	38
	 7.3.
	 	Written Consent	  	38
	 7.4.
	 	Letter Agreements; Schedules	  	38
	 7.5.
	 	Governing Law; Separability of Provisions	  	39
	 7.6.
	 	Successors and Assigns	  	39
	 7.7.
	 	Confidentiality	  	39
	 7.8.
	 	Notices	  	39
	 7.9.
	 	Counterparts	  	39
	 7.10.
	 	Power of Attorney	  	39
	 7.11.
	 	Member’s Will	  	40
	 7.12.
	 	Cumulative Remedies	  	40
	 7.13.
	 	Legal Fees	  	40
	 7.14.
	 	Entire Agreement	  	40

  

 ii 

 BLACKSTONE COMMUNICATIONS MANAGEMENT ASSOCIATES I L.L.C. 
 SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT of Blackstone Communications Management Associates I L.L.C. (the
“Company”), dated as of May 31, 2007, by and among Blackstone Holdings III L.P., a Delaware limited partnership (the “Managing Member” or “Holdings”), the other members of the Company as
provided on the signature pages hereto, and such other persons that are admitted to the Company as members after the date hereof in accordance herewith. 
 W I T N E S S E T H 
 WHEREAS, the Company was formed under the LLC Act (defined below) pursuant to a
certificate of formation filed in the office of the Secretary of State of the State of Delaware on April 27, 2000; 
 WHEREAS, the
original limited liability company agreement of the Company was executed as of April 11, 2000 (the “Original Operating Agreement”); 
 WHEREAS, the Original Operating Agreement was amended and restated in its entirety by the Amended and Restated Limited Liability Company Agreement, dated as of June 27, 2000, of the Company (as amended to date,
the “First Amended and Restated Operating Agreement”); and 
 WHEREAS, the parties hereto now wish to amend and restate the
First Amended and Restated Operating Agreement in its entirety as of the date hereof and more fully set forth below. 
 NOW, THEREFORE, the
parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.1. Definitions. Unless the context otherwise requires, the following terms shall have
the following meanings for purposes of this Agreement: 
 “Agreement” means this Second Amended and Restated Limited
Liability Company Agreement, as further amended and restated from time to time. 
 “Alternative Vehicle” means any
investment vehicle or structure formed pursuant to paragraph 2.7 of the BCOM Partnership Agreement or any other “Alternative Vehicle” (as defined in any other BCOM Agreements). 
 “Applicable Collateral Percentage” shall have the meaning with respect to any Firm Collateral and any Special Firm Collateral, in each
case, as set forth on the books and records of the Company with respect thereto. 
 “BCOM” is the collective reference to
Blackstone Communications Partners I L.P., a Delaware limited partnership, and any Alternative Vehicle relating thereto. 
 “BCOMCA” means Blackstone Communications Capital Associates I L.P., a Delaware limited partnership and any other partnership or other entity with terms substantially similar to the terms of that partnership and formed after
the date hereof in connection with the indirect participation by one or more partners thereof who receive Carried Interest. 
  

 1 

 “BCOM Agreements” is the collective reference to the BCOM Partnership Agreement and the
similar agreements of any Alternative Vehicles. 
 “BCOMCA Partnership Agreement” means the Amended and Restated Agreement
of Limited Partnership of BCOMCA, dated as of June 27, 2000, as it may be amended from time to time. 
 “BCOMCCP” means
Blackstone Communications Capital Commitment Partners I L.P., a Delaware limited partnership and a limited partner in BCOM. 
 “BCOM
Investment” means the Company’s interest in a specific BCOM investment pursuant to the BCOM Partnership Agreement in its capacity as the general partner of BCOM, but does not include any direct investment by the Company on a
side-by-side basis in any BCOM investment. 
 “BCOM Investments” is the collective reference to the BCOM Investments.

 “BCOM Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of Blackstone Communications
Partners I L.P., dated as of June 27, 2000, as it may be amended from time to time. 
 “BCP” means Blackstone Capital
Partners L.P., a Delaware limited partnership, and any investment vehicle established in accordance with the terms of Blackstone Capital Partners L.P.’s partnership agreement to invest in lieu of Blackstone Capital Partners L.P. on behalf of
one or more of the partners thereof. 
 “BCP II” means Blackstone Capital Partners II Merchant Banking Fund L.P., a Delaware
limited partnership formerly known as Blackstone Domestic Capital Partners II L.P., Blackstone Offshore Capital Partners II L.P., a Cayman Islands exempted limited partnership, and any investment vehicle established pursuant to paragraph 2.7 of the
respective partnership agreements of either of such partnerships. 
 “BCP III” is the collective reference to BDCP III, BOCP
III and any other Parallel Fund. 
 “BDCP III” means Blackstone Capital Partners III Merchant Banking Fund L.P., a Delaware
limited partnership, and any Alternative Vehicle (as defined in paragraph 2.7 of the BDCP III Partnership Agreement) relating thereto. 
 “BDCP III Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of Blackstone Capital Partners III Merchant Banking Fund, L.P., dated as of June 27, 1997, as it may be amended from time
to time. 
 “BFCOMP” means Blackstone Family Communications Partnership I L.P., a Delaware limited partnership. 

“Blackstone Capital Commitment” has the meaning set forth in the BCOM Partnership Agreement. 
 “Blackstone Co-Investment Rights” has the meaning set forth in the BCOM Partnership Agreement. 
  

 2 

 “BOCP III” means Blackstone Offshore Capital Partners III L.P., a Cayman Islands
exempted limited partnership, and any Alternative Vehicle (as defined in the BOCP III Partnership Agreement or the BDCP III Partnership Agreement) related thereto. 
 “BOCP III Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of BOCP III, dated June 27, 1997, as it may be amended from time to time. 
 “Carried Interest” shall mean “Carried Interest Distributions” as defined in (i) the BCOM Partnership Agreement, and
(ii) any other carried interest distribution to a Fund GP pursuant to any BCOM Agreement. In each case of (i) and (ii) above, except as determined by the Managing Member, the amount shall not be less any costs, fees and expenses of
the Partnership with respect thereto and less reasonable reserves for payment of costs, fees and expenses of the Partnership that are anticipated with respect thereto (in each case which the Managing Member may allocate amongst all or any portion of
the Investments as it determines in good faith is appropriate). 
 “Carried Interest Give Back Percentage” shall mean, for
any Member or Withdrawn Member, subject to Section 5.7(e), the percentage determined by dividing (A) the aggregate amount of distributions received by such Member or Withdrawn Member from the Company or any Other Fund GPs in respect of
Carried Interest by (B) the aggregate amount of distributions made to all Members, Withdrawn Members or any other person by the Company or any Other Fund GP in respect of Carried Interest. For purposes of determining “Carried Interest Give
Back Percentage” hereunder, all Trust Amounts contributed to the Trust by the Company or any Other Fund GPs on behalf of a Member or Withdrawn Member (but not the Trust Income thereon) shall be deemed to have been initially distributed or paid
to the Members and Withdrawn Members as members of the Company or any of the Other Fund GPs. 
 “Carried Interest Sharing
Percentage” means, with respect to each Investment, the percentage interest of a Member in Carried Interest from such Investment set forth in the books and records of the Company. 
 “Cause” means the occurrence or existence of any of the following with respect to any Member, as determined fairly, reasonably, on an
informed basis and in good faith by the Managing Member: (i) (w) any breach by any Member of any provision of any non-competition agreement, (x) any material breach of this Agreement or any rules or regulations applicable to such
Member that are established by the Managing Member, (y) such Member’s deliberate failure to perform his or her duties to the Company, or (z) such Member’s committing to or engaging in any conduct or behavior that is or may be
harmful to the Company in a material way as determined by the Managing Member; provided, that in the case of any of the foregoing clauses (w), (x), (y) and (z), the Managing Member has given such Member written notice (a “Notice of
Breach”) within fifteen days after the Managing Member becomes aware of such action and such Member fails to cure such breach, failure to perform or conduct or behavior within fifteen days after receipt of such Notice of Breach from the
Managing Member (or such longer period, not to exceed an additional fifteen days, as shall be reasonably required for such cure, provided that such Member is diligently pursuing such cure); (ii) any act of fraud, misappropriation, dishonesty,
embezzlement or similar conduct against the Company; or (iii) conviction (on the basis of a trial or by an accepted plea of guilty or nolo contendere) of a felony or crime (including any misdemeanor charge involving moral turpitude,
false statements or misleading omissions, forgery, wrongful taking, embezzlement, extortion or bribery), or a determination by a court of competent jurisdiction, by a regulatory body or by a self-regulatory body having authority with respect to
securities laws, rules or regulations of the applicable securities industry, that such Member individually has violated any applicable securities laws or any rules or regulations thereunder, or any rules of any such self-regulatory body (including,
without limitation, any licensing requirement), if such conviction or determination has a 

  

 3 

 
material adverse effect on (A) such Member’s ability to function as a Member of the Company, taking into account the services required of such
Member and the nature of the Company’s business, or (B) the business of the Company. 
 “Charitable Organization”
means an organization described in Section 170(c) of the Code (without regard to Section 170(c)(2)(A) thereof). 
 “Class A
Interest” has the meaning set forth in Section 5.7(a). 
 “Class B Interest” has the meaning set forth in
Section 5.7(a). 
 “Clawback Amount” shall mean the “Clawback Amount” as set forth in Article One of the BCOM
Partnership Agreement and any other clawback amount payable to the limited partners of BCOM pursuant to any BCOM Agreement, as applicable. 
 “Clawback Provisions” shall mean paragraph 9.2.8 of the BCOM Partnership Agreement and any other similar provisions in any other BCOM Agreement existing heretofore or hereafter formed. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute. Any reference herein to a
particular provision of the Code shall mean, where appropriate, the corresponding provision in any successor statute. 
 “Commitment
Agreements” means the agreements between the Company and the Members pursuant to which each Member undertakes certain obligations, including the obligation to make capital commitments pursuant to Section 4.1 hereof. The Commitment
Agreements are hereby incorporated by reference as between the Company and the relevant Member. 
 “Company” has the meaning
set forth in the preamble hereto. 
 “Contingent” means subject to repurchase rights and/or other requirements. 

“Deceased Member” shall mean any Member or Withdrawn Member who has died or who suffers from Incompetence. For purposes hereof,
references to a Deceased Member shall refer collectively to the Deceased Member and the estate and heirs or legal representative of such Deceased Member, as the case may be, that have received such Deceased Member’s interest in the Company.

 “Defaulting Party” has the meaning set forth in Section 5.7(d)(ii)(A). 
 “Default Interest Rate” shall mean the lower of (i) the sum of (a) the rate of interest per annum publicly announced from time
to time by The Chase Manhattan Bank, a New York banking corporation, as its prime rate and (b) 5%, and (ii) the highest rate of interest permitted under applicable law. 
 “Deficiency Contribution” has the meaning set forth in Section 5.7(d)(ii)(A). 
 “Disposable Investment” has the meaning set forth in Section 5.7(a). 
 “Estate Planning Vehicle” has the meaning set forth in Section 6.3. 
 “Excess Holdback” has the meaning set forth in Section 4.1(d)(v)(A). 
 “Excess Holdback Percentage” has the meaning set forth in Section 4.1(d)(v)(A). 
  

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 “Existing Member” shall mean any Member who is neither a Retaining Withdrawn Member nor
a Deceased Member. 
 “Firm Collateral” shall mean a Member’s or Withdrawn Member’s interest in one or more
partnerships or limited liability companies, in either case affiliated with the Company, and certain other assets of such Member or Withdrawn Member, in each case that has been pledged or made available to the Trustee(s) to satisfy all or any
portion of the Excess Holdback of such Member or Withdrawn Member as more fully described on the books and records of the Company hereto; provided, that for all purposes hereof (and any other agreement (i.e., the Trust Agreement) that incorporates
the meaning of the term “Firm Collateral” by reference), references to “Firm Collateral” shall include “Special Firm Collateral”, excluding references to “Firm Collateral” in Section 4.1(d)(v) and
Section 4.1(d)(viii) hereto. 
 “Firm Collateral Realization” has the meaning set forth in Section 4.1(d)(v)(B)
with respect to Firm Collateral, and Section 4.1(d)(viii)(B) with respect to Special Firm Collateral. 
 “Fiscal Year”
shall mean a calendar year, or any other period chosen by the Managing Member. 
 “GAAP” has the meaning specified in
Section 5.1(b). 
 “Giveback Amount” shall mean the aggregate of the “Investment Related Giveback Amount” and
“Other Giveback Amount” as such terms are defined in the BCOM Agreements. 
 “Giveback Provisions” shall mean
paragraph 3.4.3 of the BCOM Partnership Agreement and any other similar provisions in any other BCOM Agreement existing heretofore or hereafter formed. 
 “Holdback” has the meaning set forth in Section 4.1(d)(i). 
 “Holdback
Percentage” has the meaning set forth in Section 4.1(d)(i). 
 “Holdback Vote” has the meaning set forth in
Section 4.1(d)(iv)(A). 
 “Holdings” has the meaning set for in the preamble hereto. 
 “Incompetence” means, with respect to any Member, the determination by the Managing Member in its sole discretion, after consultation
with a qualified medical doctor, that such Member is incompetent to manage his person or his property. 
 “Inflation Index”
means (i) the GNP deflator, which is the fixed-weighted price index representing the average change in the United States gross national product as published in the Survey of Current Business by the National Income and Wealth Division of the
Bureau of Economic Analysis of the U.S. Department of Commerce, or (ii) such other index measuring changes in economic prices in the United States as shall be selected by the Managing Member. 
 “Initial Holdback Percentages” has the meaning set forth in Section 4.1(d)(i). 
 “Interest” means a limited liability company interest (as defined in § 18-101(8) of the LLC Act) in the Company, including those
that are held by a Retaining Withdrawn Member. 
 “Investment” means any investment (direct or indirect) of the Company
designated by the Managing Member from time to time as an investment in which the Members’ respective interests shall be established and accounted for on a basis separate from the Company’s other businesses, activities and investments, any
BCOM Investments. 
  

 5 

 “Investor Special Member” means and any Special Member so designated at the time of its
admission by the Managing Member as a Member of the Company. 
 “L/C” has the meaning set forth in Section 4.1(d)(vi).

 “L/C Member” has the meaning set forth in Section 4.1(d)(vi). 
 “LLC Act” means the Delaware Limited Liability Company Act, 6 Del.C. § 18-101, et seq., as it may be amended from time to time, and
any successor to such statute. 
 “Losses” has the meaning set forth in Section 3.5(b). 
 “Majority in Interest of the Members” on any date (a “vote date”) means one or more persons who are Members (including the
Managing Member but excluding Nonvoting Special Members) on the vote date and who, as of the last day of the most recent accounting period ending on or prior to the vote date (or as of such later date on or prior to the vote date selected by the
Managing Member as of which the Members’ capital account balances can be determined), have aggregate capital account balances representing at least a majority in amount of the total capital account balances of all the persons who are Members
(including the Managing Member but excluding Nonvoting Special Members) on the vote date. 
 “Member” means any person who
is a member of the Company, including the Managing Member, the Regular Members and the Special Members. Except as otherwise specifically provided herein, no group of Members, including the Special Members and any group of Members in the same Member
Category, shall have any right to vote as a class on any matter relating to the Company, including, but not limited to, any merger, reorganization, dissolution or liquidation. 
 “Member Category” shall mean the Managing Member, Existing Members, Retaining Withdrawn Members or Deceased Members, each referred to as
a group for purposes hereof. 
 “Moody’s” means Moody’s Investors Services, Inc., or any successor thereto.

 “Net Income (Loss)” has the meaning set forth in Section 5.1(b). 
 “Net Recontribution Amount” has the meaning set forth in Section 5.7(d)(i)(A) . 
 “Non-Carried Interest” means, with respect to each Investment, all amounts of distributions, other than Carried Interest, received by
the Company with respect to such Investment, less any costs, fees and expenses of the Company with respect thereto and less reasonable reserves for payment of costs, fees and expenses of the Company that are anticipated with respect thereto, in each
case which the Managing Member may allocate to all or any portion of the Investments as it may determine in good faith is appropriate. 
 “Non-Carried Interest Sharing Percentage” means, with respect to each Investment, the percentage interest of a Member in Non-Carried Interest from such Investment set forth in the books and records of the Company.

  

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 “Non-Contingent” means generally not subject to repurchase rights or other requirements.

 “Nonvoting Special Member” has the meaning set forth in Section 6.1(a). 
 “Other Fund GPs” means any entity through which any Member or Withdrawn Member directly receives any amounts of Carried Interest and any
successor thereto; provided, that this includes BCOMCA and any other entity which has in its organizational documents a provision which indicates that it is a “Fund GP” or an “Other Fund GP”; provided further, that
notwithstanding any of the foregoing, none of the general partners of BCOMCA, any estate planning vehicle established for the benefit of family members of any Member nor any partner of BCOMCA shall be considered a “Fund GP” for purposes
hereof. 
 “Parallel Fund” means any additional collective investment vehicles (or other similar arrangements) formed
pursuant to paragraph 2.8 of the BDCP III Partnership Agreement or paragraph 2.8 of the BOCP III Partnership Agreement. 
 “Profit
Sharing Percentage” means the “Carried Interest Sharing Percentage” and “Non-Carried Interest Sharing Percentage” of each Member; provided, that any references in this Agreement to Profit Sharing Percentages made
(a) in connection with voting or voting rights or (b) capital contributions with respect to Investments (including Section 5.3(d)) shall mean the “Non-Carried Interest Sharing Percentage” of each Member; provided further,
that any reference in this Agreement to Profit Sharing Percentages that specifically refers to Net Income unrelated to BCOM shall continue to refer to the amount of each Member’s percentage interest in a category of Net Income (Loss)
established by the Managing Member from time to time pursuant to Section 5.3. 
 “Qualifying Fund” means any fund
designated by the Managing Member as a “Qualifying Fund”. 
 “Recontribution Amount” has the meaning set forth in
Section 5.7(d)(i)(A). 
 “Regular Member” shall mean any Member, excluding the Managing Member and any Special Member.

 “Required Amount” has the meaning set forth in Section 4.1(a). 
 “Required Rating” has the meaning set forth in Section 4.1(d)(vi). 
 “Retaining Withdrawn Member” shall mean a Withdrawn Member who has retained an Interest, pursuant to Section 6.5(f) or otherwise. A
Retaining Withdrawn Member shall be considered a Special Nonvoting Member for all purposes hereof. 
 “Settlement Date” has
the meaning set forth in Section 6.5(a). 
 “SMD Agreements” means the agreements between the Company and/or one or
more of its affiliates and the Members, pursuant to which each Member undertakes certain obligations with respect to the Company and/or its affiliates. The SMD Agreements are hereby incorporated by reference as between the Company and the relevant
Member. 
 “Special Firm Collateral” means interests in a Qualifying Fund or other assets that have been pledged to the
Trustee(s) to satisfy all or any portion of a Member’s or Withdrawn Member’s Holdback (excluding any Excess Holdback) as more fully described on the books and records of the Company hereto. 
  

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 “Special Firm Collateral Realization” has the meaning set forth in
Section 4.1(d)(viii)(B). 
 “Special Member” means any person shown on the books and records of the Company as a
Special Member of the Company, including any Nonvoting Special Member, and any Investor Special Member. 
 “S&P” means
Standard & Poor’s Ratings Group, and any successor thereto. 
 “Subject Member” has the meaning set forth in
Section 4.1(d)(iv)(A) of this Agreement. 
 “Total Disability” means the inability of a Member substantially to perform
the services required of a Regular Member for a period of six consecutive months by reason of physical or mental illness or incapacity and whether arising out of sickness, accident or otherwise. 
 “Trust Account” has the meaning set forth in the Trust Agreement. 
 “Trust Agreement” means the Trust Agreement, dated as June 27, 2000, as amended to date, among the Members, the Trustee(s) and
certain other persons that may receive distributions in respect of Carried Interest from time to time, as amended from time to time. 
 “Trust Amount” has the meaning set forth in the Trust Agreement. 
 “Trust Income” has the meaning
set forth in the Trust Agreement. 
 “Trustee(s)” has the meaning set forth in the Trust Agreement. 
 “Unallocated Percentage” has the meaning set forth in Section 5.3(b). 
 “Unrealized Net Income (Loss)” attributable to any BCOM Investment as of any date means the Net Income (Loss) that would be realized by
the Company with respect to such BCOM Investment if BCOM’s entire portfolio of investments were sold on such date for cash in an amount equal to their aggregate value on such date (determined in accordance with Section 5.1(e)) and all
distributions payable by BCOM to the Company pursuant to the BCOM Agreements with respect to such BCOM Investment were made on such date. “Unrealized Net Income (Loss)” attributable to any other Investment as of any date means the Net
Income (Loss) that would be realized by the Company with respect to such Investment if such Investment were sold on such date for cash in an amount equal to its value on such date (determined in accordance with Section 5.1(e)). 
 “Withdraw” or “Withdrawal” with respect to a Member means a Member ceasing to be a member of the Company for any reason
(including death, disability, removal, resignation or retirement, whether such is voluntary or involuntary), unless the context shall limit the type of withdrawal to a specific reason, and “Withdrawn” with respect to a Member means, as
aforesaid, a Member who has ceased to be a member of the Company. 
 “Withdrawal Date” has the meaning set forth in
Section 6.5(a). 
 “Withdrawn Member” has the meaning set forth in Section 6.5(a). 
  

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 1.2. Terms Generally. The definitions in Section 1.1 shall apply equally to both the singular
and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The term “person” includes individuals, partnerships (including limited liability
partnerships), companies (including limited liability companies), joint ventures, corporations, trusts, governments (or agencies or political subdivisions thereof) and other associations and entities. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. 
 ARTICLE II

 GENERAL PROVISIONS 
 2.1.
Managing, Regular and Special Members. (a) The Members may be Managing Members, Regular Members or Special Members (including Investor Special Members). 
 2.2. Formation; Name; Foreign Jurisdictions. The Company is hereby continued as a limited liability company pursuant to the LLC Act and shall continue to conduct its activities under the name of Blackstone
Communications Management Associates I L.L.C. The certificate of formation of the Company may be amended and/or restated from time to time by the Managing Member, as an “authorized person” (within the meaning of the LLC Act). Each Member
is further authorized to deliver and file any other certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in a jurisdiction in which the Company may wish to conduct business. 
 2.3. Term. The term of the Company shall continue June 27, 2050, unless earlier dissolved and its affairs wound up in accordance with this
Agreement. 
 2.4. Purpose; Powers. (a) The purpose of the Company shall be, directly or indirectly through subsidiaries or
affiliates, to (i) serve as a general partner of BCOM and perform the functions of general partner specified in the BCOM Agreements, (ii) serve as a general partner or limited partner of other partnerships, including Alternative Vehicles,
(iii) serve as the general partner of BFCOMP and perform the functions of the general partner specified in BFCOMP’s partnership agreement, and serve as the general partner of BCOMCCP and perform the functions of the general partner
specified in BCOMCCP’s partnership agreement, (iv) carry on such other businesses, perform such other services and make such other investments as are deemed desirable by the Managing Member and as are permitted under the LLC Act and the
BCOM Partnership Agreement, and (v) do all things necessary, desirable, convenient or incidental thereto. 
 (b) In furtherance of its
purpose, the Company shall have all powers necessary, suitable or convenient for the accomplishment of its purposes, alone or with others, as principal or agent, including the following: 
 (i) to buy, sell and otherwise acquire investments, whether such investments are readily marketable or not; 
 (ii) to invest and reinvest the cash assets of the Company in money-market or other short-term investments; 
 (iii) to hold, receive, mortgage, pledge, lease, transfer, exchange or otherwise dispose of, grant options with respect to, and otherwise
deal in and exercise all rights, powers, privileges and other incidents of ownership or possession with respect to, all property held or owned by the Company; 
  

 9 

 (iv) to borrow or raise money from time to time and to issue promissory notes, drafts,
bills of exchange, warrants, bonds, debentures and other negotiable and non-negotiable instruments and evidences of indebtedness, to secure payment of the principal of any such indebtedness and the interest thereon by mortgage, pledge, conveyance or
assignment in trust of, or the granting of a security interest in, the whole or any part of the property of the Company, whether at the time owned or thereafter acquired, to guarantee the obligations of others and to buy, sell, pledge or otherwise
dispose of any such instrument or evidence of indebtedness; 
 (v) to lend any of its property or funds, either with or
without security, at any legal rate of interest or without interest; 
 (vi) to have and maintain one or more offices within
or without the State of Delaware, and in connection therewith, to rent or acquire office space, engage personnel and compensate them and do such other acts and things as may be advisable or necessary in connection with the maintenance of such office
or offices; 
 (vii) to open, maintain and close accounts, including margin accounts, with brokers; 
 (viii) to open, maintain and close bank accounts and draw checks and other orders for the payment of moneys; 
 (ix) to engage accountants, auditors, custodians, investment advisers, attorneys and any and all other agents and assistants, both
professional and nonprofessional, and to compensate any of them as may be necessary or advisable; 
 (x) to form or cause to
be formed and to own the stock of one or more corporations, whether foreign or domestic, to form or cause to be formed and to participate in partnerships and joint ventures, whether foreign or domestic and to form or cause to be formed and be a
member or manager or both of one or more limited liability companies; 
 (xi) to enter into, make and perform all contracts,
agreements and other undertakings as may be necessary, convenient, advisable or incident to carrying out its purposes; 
 (xii) to sue and be sued, to prosecute, settle or compromise all claims against third parties, to compromise, settle or accept judgment to claims against the Company, and to execute all documents and make all representations, admissions and
waivers in connection therewith; 
 (xiii) to distribute, subject to the terms of this Agreement, at any time and from time to
time to the Members cash or investments or other property of the Company, or any combination thereof; and 
 (xiv) to take
such other actions necessary, desirable, convenient or incidental thereto and to engage in such other businesses as may be permitted under Delaware law. 
 2.5. Place of Business. The Company shall maintain a registered office at The Corporation Trust Company, 1209 Orange Street, New Castle County, Wilmington, Delaware 19801. The Company shall maintain an office
and principal place of business at such place or places as the Managing Member specifies from time to time and as set forth in the books and records of the Company. The name and address of the Company’s registered agent is The Corporation Trust
Company, 1209 Orange Street, New Castle County, Wilmington, Delaware 19801. 
  

 10 

 ARTICLE III 
 MANAGEMENT 
 3.1. Managing Member. (a) Holdings shall be an original managing member (the
“Managing Member”). The Managing Member shall cease to be the Managing Member only if it (i) Withdraws from the Company for any reason, (ii) consents in its sole discretion to resign as the Managing Member, or
(iii) becomes the subject of a Final Event. The Managing Member may not be removed without its consent. There may be one or more Managing Members. In the event that one or more other Managing Members is admitted to the Company as such, all
references herein to the “Managing Member” in the singular form shall be deemed to also refer to such other Managing Members as may be appropriate. The relative rights and responsibilities of such Managing Members will be as agreed upon
from time to time between them. 
 (b) Upon the Withdrawal from the Company or voluntary resignation of the remaining Managing Member, all of
the powers formerly vested therein pursuant to this Agreement and the LLC Act shall be exercised by a Majority in Interest of the Members. 
 3.2. Member Voting, etc.(a) Meetings of the Members shall be held only when called by the Managing Member. 
 (b) Except for
the voting rights of Special Members (other than Nonvoting Special Members) pursuant to paragraph (a) above or as otherwise expressly provided herein and except as may be expressly required by the LLC Act, Special Members as such shall have no
right to, and shall not, take part in the management or control of the Company’s business or act for or bind the Company, and shall have only the rights and powers granted to Special Members herein. 
 (c) To the extent any Member is entitled to vote with respect to any matter relating to the company, such Member shall not be obligated to abstain from
voting on any such matter (or vote in any particular manner) because of any interest (or conflict of interest) of such Member (or any affiliate thereof) in such matter. 
 3.3. Management. The Company and the formulation and execution of business and investment policy shall be vested in the Managing Member. The Managing Member shall, in its discretion, exercise all powers
necessary and convenient for the purposes of the Company, including those enumerated in Section 2.4, on behalf and in the name of the Company. All decisions and determinations (howsoever described herein) to be made by the Managing Member
pursuant to this Agreement shall be made in its sole discretion, subject only to the express terms and conditions of this Agreement. 
  

	3.4.	Responsibilities of Members. 

 (a) Unless otherwise
determined by the Managing Member in a particular case, each Regular Member shall devote substantially all his time and attention to the businesses of the Company and its affiliates, and each Special Member shall not be required to devote any time
or attention to the businesses of the Company or its affiliates. 
 (b) All outside business or investment activities of the Members shall be
subject to such rules and regulations as are established by the Managing Member from time to time. 
  

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 (c) The Managing Member may from time to time establish such other rules and regulations applicable to
Members or other employees as the Managing Member deems appropriate, including rules governing the authority of Members or other employees to bind the Company to financial commitments or other obligations. 
 3.5. Exculpation and Indemnification. (a) Liability to Members. Notwithstanding any other provision of this Agreement, whether express
or implied, to the fullest extent permitted by law, no Member nor any of such Member’s representatives, agents or advisors nor any partner, member, officer, employee, representative, agent or advisor of the Company or any of its Affiliates
(individually, a “Covered Person” and collectively, the “Covered Persons”) shall be liable to the Company or any other Member for any act or omission (in relation to the Company, this Agreement, any related document or any
transaction or investment contemplated hereby or thereby) taken or omitted by a Covered Person unless there is a final and non-appealable judicial determination and/or determination of an arbitrator that such Covered Person did not act in good faith
and in what such Covered Person reasonably believed to be in, or not opposed to, the best interests of the Company and within the authority granted to such Covered Person by this Agreement, and, with respect to any criminal act or proceeding, had
reasonable cause to believe that such Covered Person’s conduct was unlawful. Each Covered Person shall be entitled to rely in good faith on the advice of legal counsel to the Company, accountants and other experts or professional advisors, and
no action taken by any Covered Person in reliance on such advice shall in any event subject such person to any liability to any Member or the Company. To the extent that, at law or in equity, a Member has duties (including fiduciary duties) and
liabilities relating thereto to the Company or to another Member, to the fullest extent permitted by law, such Member acting under this Agreement shall not be liable to the Company or to any such other Member for its good faith reliance on the
provisions of this Agreement. The provisions of this Agreement, to the extent that they expand or restrict the duties and liabilities of a Member otherwise existing at law or in equity, are agreed by the Members, to the fullest extent permitted by
law, to modify to that extent such other duties and liabilities of such Member. 
 (b) Indemnification. To the fullest extent
permitted by law, the Company shall indemnify and hold harmless (but only to the extent of the Company’s assets (including, without limitation, the remaining Commitments of the Members) each Covered Person from and against any and all claims,
damages, losses, costs, expenses and liabilities (including, without limitation, amounts paid in satisfaction of judgments, in compromises and settlements, as fines and penalties and legal or other costs and reasonable expenses of investigating or
defending against any claim or alleged claim), joint and several, of any nature whatsoever, known or unknown, liquidated or unliquidated (collectively, “Losses”), arising from any and all claims, demands, actions, suits or
proceedings, civil, criminal, administrative or investigative, in which the Covered Person may be involved, or threatened to be involved, as a party or otherwise, by reason of such Covered Person’s management of the affairs of the Company or
which relate to or arise out of or in connection with the Company, its property, its business or affairs; provided, that a Covered Person shall not be entitled to indemnification under this Section with respect to any claim, issue or matter if there
is a final and non-appealable judicial determination and/or determination of an arbitrator that such Covered Person did not act in good faith and in what such Covered Person reasonably believed to be in, or not opposed to, the best interest of the
Company and within the authority granted to such Covered Person by this Agreement, and, with respect to any criminal act or proceeding, had reasonable cause to believe that such Covered Person’s conduct was unlawful; provided further, that if
such Covered Person is a Member or a Withdrawn Member, such Covered Person shall bear its share of such Losses in accordance with such Covered Person’s Profit Sharing Percentage in the Company as of the time of the actions or omissions that
gave rise to such Losses. To the fullest extent permitted by law, expenses (including legal fees) incurred by a Covered Person (including, without limitation, the Managing Member) in defending any claim, demand, action, suit or proceeding may, with
the approval of the Managing Member, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the Company of a written 

  

 12 

 
undertaking by or on behalf of the Covered Person to repay such amount to the extent that it shall be subsequently determined that the Covered Person is not
entitled to be indemnified as authorized in this Section, and the Company and its Affiliates shall have a continuing right of offset against such Covered Person’s interests/investments in the Company and such Affiliates and shall have the right
to withhold amounts otherwise distributable to such Covered Person to satisfy such repayment obligation. If a Member institutes litigation against a Covered Person which gives rise to an indemnity obligation hereunder, such Member shall be
responsible, up to the amount of such Member’s Interests and remaining Commitment, for such Member’s pro rata share of the Company’s expenses related to such indemnity obligation, as determined by the Managing Member. The Company may
purchase insurance, to the extent available at reasonable cost, to cover losses, claims, damages or liabilities covered by the foregoing indemnification provisions. Members will not be personally obligated with respect to indemnification pursuant to
this Section. 
 ARTICLE IV 
 CAPITAL OF THE COMPANY 
 4.1. Capital Contributions by Members. (a) Except as agreed by the Managing Member and a
Regular Member, such Regular Member shall not be required to make capital contributions to the Company at such times and in such amounts as are required to fund the Company’s capital contribution in respect of any BCOM Investment (the
“Required Amount”) and as are otherwise determined by the Managing Member from time to time; provided, that additional capital contributions in excess of the Required Amounts may be made pro rata among the Regular Members based upon
each Regular Member’s Carried Interest Sharing Percentage. Capital Contributions which are to be used for ongoing business operations (as distinct from financing, legal or other specific liabilities of the Company (including those specifically
set forth in Sections 4.1(d) and 5.7(d)) shall be determined by the Managing Member. Special Members shall not be required to make additional capital contributions to the Company in excess of the Required Amounts, except (i) as a condition of
an increase in such Special Member’s Profit Sharing Percentage or (ii) as specifically set forth in this Agreement; provided, that the Managing Member and any Special Member may agree from time to time that such Special Member may make an
additional capital contribution to the Company; provided further, that each Investor Special Member shall maintain its capital account at a level equal to the product of (i) its Profit Sharing Percentage from time to time and (ii) the
total capital of the Company. 
 (b) Each capital contribution by a Member shall be credited to the appropriate capital account of such
Member in accordance with Section 5.2. 
 (c) The Managing Member may elect on a case by case basis to (i) cause the Company to
loan any Member (including any additional Member admitted to the Company pursuant to Section 6.1 other than those who are executive officers of The Blackstone Group L.P.) the amount of any capital contribution required to be made by such Member
or (ii) permit any Member (including any additional Member admitted to the Company pursuant to Section 6.1) to make a required capital contribution to the Company in installments, in each case on terms determined by the Managing Member.

 (d)(i) The Members and the Withdrawn Members have entered into the Trust Agreement, pursuant to which certain amounts of Carried Interest
will be paid to the Trustee(s) for deposit in the Trust Account (such amounts to be paid to the Trustee(s) for deposit in the Trust Account constituting a “Holdback”). The Managing Member shall determine, as set forth below, the
percentage of Carried Interest that shall be withheld for each Member Category (such withheld percentage constituting such Member Category’s “Holdback Percentage”). The applicable Holdback Percentages initially shall be 0% for
the Managing Member, 15% for Existing Members (other than the Managing Member), 21% for Retaining Withdrawn Members and 24% for Deceased Members (the “Initial Holdback Percentages”). 
  

 13 

 (ii) The Holdback Percentage may not be reduced for any individual Member as compared to
the other Members in his Member Category (except as provided in clause (iv) below). The Managing Member may only reduce the Holdback Percentages among the Member Categories on a proportionate basis. For example, if the Holdback Percentage for
Existing Members is decreased to 12.5%, the Holdback Percentage for Retaining Withdrawn Members and Deceased Members shall be reduced to 17.5% and 20%, respectively. Any reduction in the Holdback Percentage for any Member shall apply only to
distributions relating to Carried Interest made after the date of such reduction. 
 (iii) The Holdback Percentage may not be
increased for any individual Member as compared to the other Members in his Member Category (except as provided in clause (iv) below). The Managing Member may not increase the Retaining Withdrawn Members’ Holdback Percentage beyond 21%
unless the Managing Member concurrently increases the Existing Members’ Holdback Percentage to the Holdback Percentage of the Retaining Withdrawn Members. The Managing Member may not increase the Deceased Members’ Holdback Percentage
beyond 24% unless the Managing Member increases the Holdback Percentage for both Existing Members and Retaining Withdrawn Members to 24%. The Managing Member may not increase the Holdback Percentage of any Member Category beyond 24% unless such
increase applies equally to all Member Categories. Any increase in the Holdback Percentage for any Member shall apply only to distributions relating to Carried Interest made after the date of such increase. The foregoing shall in no way prevent the
Managing Member from proportionately increasing the Holdback Percentage of any Member Category (following a reduction of the Holdback Percentages below the Initial Holdback Percentages), if the resulting Holdback Percentages are consistent with the
above. For example, if the Managing Member reduces the Holdback Percentages for Existing Members, Retaining Withdrawn Members and Deceased Members to 12.5%, 17.5% and 20%, respectively, the Managing Member shall have the right to subsequently
increase the Holdback Percentages to the Initial Holdback Percentages. 
 (iv)(A) Notwithstanding anything contained herein to
the contrary, the Company may increase or decrease the Holdback Percentage for any Member in any Member Category (in such capacity, the “Subject Member”) pursuant to a majority vote of the Regular Members (a “Holdback
Vote”); provided, that, notwithstanding anything to the contrary contained herein, the Holdback Percentage applicable to the Managing Member shall not be increased or decreased without its prior written consent; provided further, that a
Subject Member’s Holdback Percentage shall not be (I) increased prior to such time as such Subject Member (x) is notified by the Company of the decision to increase such Subject Member’s Holdback Percentage and (y) has, if
requested by such Subject Member, been given 30 days to gather and provide information to the Company for consideration before a second Holdback Vote (requested by the Subject Member) and (II) decreased unless such decrease occurs subsequent to an
increase in a Subject Member’s Holdback Percentage pursuant to a Holdback Vote under this clause (iv); provided further, that such decrease shall not exceed an amount such that such Subject Member’s Holdback Percentage is less than the
prevailing Holdback Percentage for the Member Category of such Subject Member; provided further, that a Member shall not vote to increase a Subject Member’s Holdback Percentage unless such voting Member determines, in his good faith judgment,
that the facts and circumstances indicate that it is reasonably likely that such Subject Member, or any of his successors or assigns (including his estate or heirs) who at the time of such vote holds the Interest or otherwise has the right to
receive distributions relating thereto, will not be capable of satisfying any Recontribution Amounts that may become due. 
  

 14 

 (B) A Holdback Vote shall take place at a Company meeting. Each Regular Member shall be
entitled to cast one vote with respect to the Holdback Vote regardless of such Regular Member’s interest in the Company. Such vote may be cast by any Regular Member in person or by proxy. 
 (C) If the result of the second Holdback Vote is an increase in a Subject Member’s Holdback Percentage, such Subject Member may
submit the decision to an arbitrator, the identity of which is mutually agreed upon by both the Subject Member and the Company; provided, that if the Company and the Subject Member cannot agree upon a mutually satisfactory arbitrator within 10 days
of the second Holdback Vote, each of the Company and the Subject Member shall request their candidate for arbitrator to select a third arbitrator satisfactory to such candidates; provided further, that if such candidates fail to agree upon a
mutually satisfactory arbitrator within 30 days of such request, the then sitting President of the American Arbitration Association shall unilaterally select the arbitrator. Each Subject Member that submits the decision of the Company pursuant to
the second Holdback Vote to arbitration and the Company shall estimate their reasonably projected out-of-pocket expenses relating thereto, and each such party shall, to the satisfaction of the arbitrator and prior to any determination being made by
the arbitrator, pay the total of such estimated expenses (i.e., both the Subject Member’s and the Company’s expenses) into an escrow account to be controlled by Simpson Thacher & Bartlett LLP, as escrow agent (or such other
comparable law firm as the Company and Subject Member may agree). The arbitrator shall direct the escrow agent to pay out of such escrow account all expenses associated with such arbitration (including costs leading thereto) and to return to the
“victorious” party the entire amount of funds such party paid into such escrow account. If the amount contributed to the escrow account by the losing party is insufficient to cover the expenses of such arbitration, such “losing”
party shall then provide any additional funds necessary to cover such costs to such “victorious” party. For purposes hereof, the “victorious” party shall be the Company if the Holdback Percentage ultimately determined by the
arbitrator is closer to the percentage determined in the second Holdback Vote than it is to the prevailing Holdback Percentage for the Subject Member’s Member Category; otherwise, the Subject Member shall be the “victorious” party.
The party that is not the “victorious” party shall be the “losing” party. 
 (D) In the event of a
decrease in a Subject Member’s Holdback Percentage (1) pursuant to a Holdback Vote under this clause (iv) or (2) pursuant to a decision of an arbitrator under paragraph (C) of this clause (iv), the Company shall release and
distribute to such Subject Member any Trust Amounts (and the Trust Income thereon (except as expressly provided herein with respect to using Trust Income as Firm Collateral)) which exceed the required Holdback of such Subject Member (in accordance
with such Subject Member’s reduced Holdback Percentage) as though such reduced Holdback Percentage had applied since the increase of the Subject Member’s Holdback Percentage pursuant to a previous Holdback Vote under this clause (iv).

 (v)(A) If a Member’s Holdback Percentage exceeds 15% (such percentage in excess of 15% constituting the
“Excess Holdback Percentage”), such Member may satisfy the portion of his Holdback obligation in respect of his Excess Holdback Percentage (such portion constituting such Member’s “Excess Holdback”), and such
Member (or a Withdrawn Member with respect to amounts contributed to the Trust Account while he was a Member), to the extent his Excess Holdback obligation has previously been satisfied in cash, may obtain the release of the Trust Amounts (but not
the Trust Income thereon which may remain in the Trust Account and 

  

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allocated to such Member or Withdrawn Member) satisfying such Member’s or Withdrawn Member’s Excess Holdback obligation, by pledging or otherwise
making available to the Company, on a first priority basis (except as provided below), all or any portion of his Firm Collateral in satisfaction of his Excess Holdback obligation. Any Member seeking to satisfy all or any portion of the Excess
Holdback utilizing Firm Collateral may sign such documents and otherwise take such other action as is necessary or appropriate (in the good faith judgment of the Managing Member) to perfect a first priority security interest in, and otherwise assure
the ability of the Company to realize on (if required), such Firm Collateral; provided, that in the case of asset categories (3), (5) and (6) on the books and records of the Company hereto, to the extent a first priority security interest
is unavailable because of an existing lien on such Firm Collateral, the Member or Withdrawn Member seeking to utilize such Firm Collateral shall grant the Company a second priority security interest therein in the manner provided above; provided
further, that (x) in the case of asset categories (3), (5) and (6) on the books and records of the Company hereto, to the extent that neither a first priority nor a second priority security interest is available, or (y) if the
Managing Member otherwise determines in its good faith judgment that a security interest in Firm Collateral (and the corresponding documents and actions) are not necessary or appropriate, the Member or Withdrawn Member shall (in the case of either
clause (x) or (y) above) irrevocably instruct in writing the relevant partnership, limited liability company or other entity listed on Company’s books and records to remit any and all net proceeds resulting from a Firm Collateral
Realization on such Firm Collateral to the Trustee(s) as more fully provided in clause (B) below. The Company shall, at the request of any Member or Withdrawn Member, assist such Member or Withdrawn Member in taking such action necessary to
enable such Member or Withdrawn Member to use Firm Collateral as provided hereunder. 
 (B) If upon a sale or other
realization of all or any portion of any Firm Collateral (a “Firm Collateral Realization”), the remaining Firm Collateral is insufficient to cover any Member’s or Withdrawn Member’s Excess Holdback requirement, then up to
100% of the net proceeds otherwise distributable to such Member or Withdrawn Member from such Firm Collateral Realization (including distributions subject to the repayment of financing sources like in the case of asset categories (3), (5) and
(6) on the books and records of the Company hereto) shall be paid into the Trust Account to fully satisfy such Excess Holdback requirement (allocated to such Member or Withdrawn Member) and shall be deemed to be Trust Amounts for purposes
hereunder. Any net proceeds from such Firm Collateral Realization in excess of the amount necessary to satisfy such Excess Holdback requirement shall be distributed to such Member or Withdrawn Member. 
 (C) Upon any valuation or revaluation of Firm Collateral that results in a decreased valuation of such Firm Collateral so that such Firm
Collateral is insufficient to cover any Member’s or Withdrawn Member’s Excess Holdback requirement (including upon a Firm Collateral Realization, if net proceeds therefrom and the remaining Firm Collateral are insufficient to cover any
Member’s or Withdrawn Member’s Excess Holdback requirement), the Company shall provide notice of the foregoing to such Member or Withdrawn Member and such Member or Withdrawn Member shall, within 30 days of receiving such notice,
contribute cash (or additional Firm Collateral) to the Trust Account in an amount necessary to satisfy his Excess Holdback requirement. If any such Member or Withdrawn Member defaults upon his obligations under this clause (C), then
Section 5.7(d)(ii) shall apply thereto; provided, that clause (A) of the first sentence of Section 5.7(d)(ii) shall be deemed inapplicable to a default under this clause (C); provided further, that for purposes of applying
Section 5.7(d)(ii) to a default under this clause (C): (I) the term “Defaulting Party” where such term appears in such Section 

  

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5.7(d)(ii) shall be construed as “defaulting party” for purposes hereof and (II) the terms “Net Recontribution Amount” and
“Recontribution Amount” where such terms appear in such Section 5.7(d)(ii) shall be construed as the amount due pursuant to this clause (C). 
 (vi) Any Member or Withdrawn Member may (A) obtain the release of any Trust Amounts (but not the Trust Income thereon which shall remain in the Trust Account and allocated to such Member or Withdrawn Member) or
Firm Collateral, in each case, held in the Trust Account for the benefit of such Member or Withdrawn Member or (B) require the Company to distribute all or any portion of amounts otherwise required to be placed in the Trust Account (whether
cash or Firm Collateral), by obtaining a letter of credit (an “L/C”) for the benefit of the Trustee(s) in such amounts. Any Member or Withdrawn Member choosing to furnish an L/C to the Trustee(s) (in such capacity, an “L/C
Member”) may deliver to the Trustee(s) an unconditional and irrevocable L/C from a commercial bank whose (x) short-term deposits are rated at least A-1 by S&P and P-1 by Moody’s (if the L/C is for a term of 1 year or less), or
(y) long-term deposits are rated at least A+ by S&P or A1 by Moody’s (if the L/C is for a term of 1 year or more) (each a “Required Rating”). If the relevant rating of the commercial bank issuing such L/C drops below
the relevant Required Rating, the L/C Member shall supply to the Trustee(s), within 30 days of such occurrence, a new L/C from a commercial bank whose relevant rating is at least equal to the relevant Required Rating, in lieu of the insufficient
L/C. In addition, if the L/C has a term expiring on a date earlier than the latest possible termination date of BCOM, the Trustee(s) shall be permitted to drawdown on such L/C if the L/C Member fails to provide a new L/C from a commercial bank whose
relevant rating is at least equal to the relevant Required Rating, at least 30 days prior to the stated expiration date of such existing L/C. The Trustee(s) shall notify an L/C Member 10 days prior to drawing on any L/C. The Trustee(s) may (as
directed by the Company in the case of clause (I) below) draw down on an L/C only if (I) such a drawdown is necessary to satisfy an L/C Member’s obligation relating to the Company’s obligations under the Clawback Provisions or
(II) an L/C Member has not provided a new L/C from a commercial bank whose relevant rating is at least equal to the relevant Required Rating (or the requisite amount of cash and/or Firm Collateral (to the extent permitted hereunder)), at least 30
days prior to the stated expiration of an existing L/C in accordance with this clause (vi). The Trustee(s), as directed by the Company, shall return to any L/C Member his L/C upon (1) the termination of the Trust Account and satisfaction of the
Company’s obligations, if any, in respect of the Clawback Provisions, (2) an L/C Member satisfying his entire Holdback obligation in cash and Firm Collateral (to the extent permitted hereunder), or (3) the release, by the Trustee(s),
as directed by the Company, of all amounts in the Trust Account to the Members or Withdrawn Members. If an L/C Member satisfies a portion of his Holdback obligation in cash and/or Firm Collateral (to the extent permitted hereunder) or if the
Trustee(s), as directed by the Company, release a portion of the amounts in the Trust Account to the Members or Withdrawn Members in the Member Category of such L/C Member, the L/C of an L/C Member may be reduced by an amount corresponding to such
portion satisfied in cash and/or Firm Collateral (to the extent permitted hereunder) or such portion released by the Trustee(s), as directed by the Company; provided, that in no way shall the general release of any Trust Income cause an L/C Member
to be permitted to reduce the amount of an L/C by any amount. 
 (vii)(A) Any in-kind distributions by the Company relating to
Carried Interest shall be made in accordance herewith as though such distributions consisted of cash. The Company may direct the Trustee(s) to dispose of any in-kind distributions held in the Trust Account at any time. The net proceeds therefrom
shall be treated as though initially contributed to the Trust Account. 
  

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 (B) In lieu of the foregoing, any Existing Member may pledge with respect to any in-kind
distribution the Special Firm Collateral referred to in asset category 5 in he Company’s books and records; provided, that the initial contribution of such Special Firm Collateral shall initially equal 113% of the required Holdback Amount.
Paragraphs 4.1(d)(viii)(C) and (D) shall apply to such Special Firm Collateral. To the extent such Special Firm Collateral exceeds 113% of the required Holdback Amount, the related Member may obtain a release of such excess amount from the
Trust Account. 
 (viii)(A) Any Regular Member or Withdrawn Member may satisfy all or any portion of his Holdback (excluding
any Excess Holdback), and such Member or a Withdrawn Member may, to the extent his Holdback (excluding any Excess Holdback) has been previously been satisfied in cash or by the use of an L/C as provided herein, obtain a release of Trust Amounts (but
not the Trust Income thereon which shall remain in the Trust Account and allocated to such Member or Withdrawn Member) that satisfy such Member’s or Withdrawn Member’s Holdback (excluding any Excess Holdback) by pledging to the Trustee(s)
on a first priority basis all of his Special Firm Collateral, which at all times must equal or exceed the amount of the Holdback distributed to the Member or Withdrawn Member (as more fully set forth below). Any Member seeking to satisfy such
Member’s Holdback utilizing Special Firm Collateral shall sign such documents and otherwise take such other action as is necessary or appropriate (in the good faith judgment of the Managing Member) to perfect a first priority security interest
in, and otherwise assure the ability of the Trustee(s) to realize on (if required), such Special Firm Collateral. 
 (B) If
upon a distribution, withdrawal, sale, liquidation or other realization of all or any portion of any Special Firm Collateral (a “Special Firm Collateral Realization”), the remaining Special Firm Collateral (which shall not include
the amount of Firm Collateral that consists of a Qualifying Fund and is being used in connection with an Excess Holdback) is insufficient to cover any Member’s or Withdrawn Member’s Holdback (when taken together with other means of
satisfying the Holdback as provided herein (i.e., cash contributed to the Trust Account or an L/C in the Trust Account)), then up to 100% of the net proceeds otherwise distributable to such Member or Withdrawn Member from such Special Firm
Collateral Realization (which shall not include the amount of Firm Collateral that consists of a Qualifying Fund or other asset and is being used in connection with an Excess Holdback) shall be paid into the Trust (and allocated to such Member or
Withdrawn Member) to fully satisfy such Holdback and shall be deemed thereafter to be Trust Amounts for purposes hereunder. Any net proceeds from such Special Firm Collateral Realization in excess of the amount necessary to satisfy such Holdback
(excluding any Excess Holdback) shall be distributed to such Member or Withdrawn Member. To the extent a Qualifying Fund distributes Securities to a Member or Withdrawn Member in connection with a Special Firm Collateral Realization, such Member or
Withdrawn Member shall be required to promptly fund such Member’s or Withdrawn Member’s deficiency with respect to his Holdback in cash or an L/C. 
 (C) Upon any valuation or revaluation of the Special Firm Collateral and/or any adjustment in the Applicable Collateral Percentage
applicable to a Qualifying Fund (as provided in the Company’s books and records), if such Member’s or Withdrawn Member’s Special Firm Collateral is valued at less than such Member’s Holdback (excluding any Excess Holdback) as
provided in the Company’s books and records, taking into account other permitted means of satisfying the Holdback hereunder, the Company shall provide notice of the foregoing to such Member or Withdrawn Member and, within at least 10 business
days of receiving such notice, such Member or Withdrawn Member shall contribute cash or additional Special Firm Collateral to the 

  

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Trust Account in an amount necessary to make up such deficiency. If any such Member or Withdrawn Member defaults upon his obligations under this clause (C),
then Section 5.7(d)(ii) shall apply thereto; provided, that the first sentence of Section 5.7(d)(ii) shall be deemed inapplicable to such default; provided further, that for purposes of applying Section 5.7(d)(ii) to a default under
this clause (C): (I) the term “Defaulting Party” where such term appears in such Section 5.7(d)(ii) shall be construed as “defaulting party” for purposes hereof and (II) the terms “Net Recontribution
Amount” and “Recontribution Amount” where such terms appear in such Section 5.7(d)(ii) shall be construed as the amount due pursuant to this clause (C). 
 (D) Upon a Member becoming a Withdrawn Member, at any time thereafter the Managing Member shall revoke the ability of such Withdrawn
Member to use Special Firm Collateral as set forth in this Section 4.1(d)(viii), notwithstanding anything else in this Section 4.1(d)(viii). In that case the provisions of clause (C) above shall apply to the Withdrawn Member’s
obligation to satisfy the Holdback (except that 30 day’s notice of such revocation shall be given), given that the Special Firm Collateral is no longer available to satisfy any portion of the Holdback (excluding any Excess Holdback).

 (E) Nothing in this Section 4.1(d)(viii) shall prevent any Member or Withdrawn Member from using any amount of such
Member’s interest in a Qualifying Fund as Firm Collateral; provided that at all times Section 4.1(d)(v) and this Section 4.1(d)(viii) are each satisfied. 
 4.2. Interest. Interest on the balances of the Members’ capital (excluding capital invested in Investments and, if deemed appropriate by the Managing Member, capital invested in any other investment of the
Company) shall be credited to the Members’ capital accounts at the end of each accounting period pursuant to Section 5.2, or at any other time as determined by the Managing Member, at rates determined by the Managing Member from time to
time, and shall be charged as an expense of the Company. 
 4.3. Withdrawals of Capital. The Members may not withdraw capital from the
Company except (i) for distributions of cash or other property pursuant to Section 5.7, (ii) as otherwise expressly provided in this Agreement or (iii) as determined by the Managing Member. 
 ARTICLE V 
 PARTICIPATION IN PROFITS AND LOSSES

 5.1. General Accounting Matters. (a) Net Income (Loss) shall be determined by the Managing Member at the end of each
accounting period and shall be allocated as described in Section 5.4. 
 (b) “Net Income (Loss)” from any activity of the
Company for any accounting period means (i) the gross income realized by the Company from such activity during such accounting period less (ii) all expenses of the Company, and all other items that are deductible from gross income, for
such accounting period that are allocable to such activity (determined as provided below). “Net Income (Loss)” from any Investment for any accounting period in which such Investment has not been sold or otherwise disposed of means
(i) the gross amount of dividends, interest or other income received by the Company from such Investment during such accounting period less (ii) all expenses of the Company for such accounting period that are allocable to such Investment
(determined as provided below). “Net Income (Loss)” from any Investment for the accounting period in which such Investment is sold or otherwise disposed of means (i) the sum of the gross proceeds from the sale or other disposition of
such 

  

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Investment and the gross amount of dividends, interest or other income received by the Company from such Investment during such accounting period less
(ii) the sum of the cost or other basis to the Company of such Investment and all expenses of the Company for such accounting period that are allocable to such Investment. Net Income (Loss) shall be determined in accordance with the accounting
method used by the Company for U.S. federal income tax purposes with the following adjustments: (i) any income of the Company that is exempt from U.S. federal income taxation and not otherwise taken into account in computing Net Income (Loss)
shall be added to such taxable income or loss; (ii) if any asset has a value on the books of the Company that differs from its adjusted tax basis for U.S. federal income tax purposes, any depreciation, amortization or gain resulting from a
disposition of such asset shall be calculated with reference to such value; (iii) upon an adjustment to the value of any asset on the books of the Company pursuant to Regulation Section 1.704-1(b)(2), the amount of the adjustment shall be
included as gain or loss in computing such taxable income or loss; (iv) any expenditures of the Company not deductible in computing taxable income or loss, not properly capitalizable and not otherwise taken into account in computing Net Income
(Loss) pursuant to this definition shall be treated as deductible items; (v) any income from an Investment that is payable to Company employees in respect of “phantom interests” in such Investment awarded by the Managing Member to
employees shall be included as an expense in the calculation of Net Income (Loss) from such Investment, and (vi) items of income and expense (including interest income and overhead and other indirect expenses) of the Company, Holdings and other
affiliates of the Company shall be allocated among the Company, Holdings and such affiliates, among various Company activities and Investments and between accounting periods, in each case as determined by the Managing Member. The Managing Member may
adjust Net Income (Loss) as it deems appropriate from time to time, including adjustments for items of income accrued but not yet received, unrealized gains, items of expense accrued but not yet paid, unrealized losses, reserves (including reserves
for bad debts, actual or threatened litigation, or any other expenses, contingencies or obligations) and other appropriate items shall be made in accordance with U.S. generally accepted accounting principles (“GAAP”); provided, that
the Managing Member shall not be required to make any such adjustment. 
 (c) An accounting period shall be a Fiscal Year, except that, at
the option of the Managing Member, an accounting period will terminate and a new accounting period will begin on the admission date of an additional Member or the Settlement Date of a Withdrawn Member, if any such date is not the first day of a
Fiscal Year. If any event referred to in the preceding sentence occurs and the Managing Member does not elect to terminate an accounting period and begin a new accounting period, then the Managing Member may make such adjustments as it deems
appropriate to the Members’ Profit Sharing Percentages for the accounting period in which such event occurs (prior to any allocations of Unallocated Percentages or adjustments to Profit Sharing Percentages pursuant to Section 5.3) to
reflect the Members’ average Profit Sharing Percentages during such accounting period; provided, that the Profit Sharing Percentages of Members in Net Income (Loss) from Investments acquired during such accounting period will be based on Profit
Sharing Percentages in effect when each such Investment was acquired. 
 (d) In establishing Profit Sharing Percentages and allocating
Unallocated Percentages pursuant to Section 5.3, the Managing Member may consider such factors as it deems appropriate, including the Members’ respective capital account balances, and Profit Sharing Percentages to be paid or allocated to
Members by Holdings or other affiliates of the Company (in whatever capacity) and the performance and contribution to the Company of such Member. 
 (e) All determinations, valuations and other matters of judgment required to be made for accounting purposes under this Agreement shall be made by the Managing Member and approved by the Company’s independent accountants. Such approved
determinations, valuations and other accounting matters shall be conclusive and binding on all Members, all Withdrawn Members, their successors, heirs, estates or legal representatives and any other person, and to the fullest extent permitted by law
no such person shall have the right to an accounting or an appraisal of the assets of the Company or any successor thereto. 
  

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 5.2. Capital Accounts. (a) There shall be established for each Member on the books of the
Company, to the extent and at such times as may be appropriate, one or more capital accounts as the Managing Member may deem to be appropriate for purposes of accounting for such Member’s interests in the capital and Net Income (Loss) of the
Company. 
 (b) As of the end of each accounting period or, in the case of a contribution to the Company by one or more of the Members or a
distribution by the Company to one or more of the Members, at the time of such contribution or distribution, (i) the appropriate capital accounts of each Member shall be credited with the following amounts: (A) the amount of cash and the
value of any property contributed by such Member to the capital of the Company during such accounting period, (B) the Net Income allocated to such Member for such accounting period and (C) the interest credited on the balance of such
Member’s capital for such accounting period pursuant to Section 4.3; and (ii) the appropriate capital accounts of each Member shall be debited with the following amounts: (x) the amount of cash, the principal amount of any
subordinated promissory note of the Company referred to in Section 6.5(k) and the value of any property distributed to such Member during such accounting period and (y) the Net Loss allocated to such Member for such accounting period.

 5.3. Profit Sharing Percentages. (a) Prior to the beginning of each annual accounting period, the Managing Member shall
establish the profit sharing percentage (the “Profit Sharing Percentage”) of each Member in each category of Net Income (Loss) for such annual accounting period pursuant to Section 5.1(a) taking into account such factors as the
Managing Member deems appropriate, including those referred to in Section 5.1(d); provided, that (i) the Managing Member may elect to establish Profit Sharing Percentages in Net Income (Loss) from any Investment acquired by the Company
during such accounting period at the time such Investment is acquired in accordance with paragraph (d) below and (ii) Net Income (Loss) for such accounting period from any Investment shall be allocated in accordance with the Profit Sharing
Percentages in such Investment established in accordance with paragraph (d) below. The Managing Member may establish different Profit Sharing Percentages for any Member in different categories of Net Income (Loss). In the case of the Withdrawal
of a Member, such former Member’s Profit Sharing Percentages shall be allocated by the Managing Member to one or more of the remaining Members (who may be comprised of or include the Managing Member) as the Managing Member shall determine.
Unless and until allocated by the Managing Member, such former Member’s Profit Sharing Percentages shall be deemed to be Unallocated Percentages. In the case of the admission of any Member to the Company as an additional Member, the Profit
Sharing Percentages of the other Members shall be reduced by an amount equal to the Profit Sharing Percentage allocated to such new Member pursuant to Section 6.1(b); such reduction of each other Member’s Profit Sharing Percentage shall be
pro rata based upon such Member’s Profit Sharing Percentage as in effect immediately prior to the admission of the new Member. Notwithstanding the foregoing, the Managing Member may also adjust the Profit Sharing Percentage of any Member for
any annual accounting period at the end of such annual accounting period in its discretion. 
 (b) The Managing Member may elect to allocate
to the Members less than 100% of the Profit Sharing Percentages of any category for any annual accounting period at the time specified in Section 5.3(a) for the annual fixing of Profit Sharing Percentages (any remainder of such Profit Sharing
Percentages being called an “Unallocated Percentage”). Any Unallocated Percentage for any annual accounting period may be allocated by the Managing Member at such later times and to such Members as the Managing Member shall
determine; provided, that any Unallocated Percentage in any category of Net Income (Loss) for any annual accounting period that is not allocated by the Managing Member within 90 days after the end of such accounting period shall be deemed to be
allocated among all Members 

  

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(including the Managing Member) with previously allocated Profit Sharing Percentages in such category of Net Income (Loss) proportionately in accordance with
such previously allocated Profit Sharing Percentages. 
 (c) Notwithstanding the foregoing provisions hereof, (i) the Profit Sharing
Percentage of any other Investor Special Member shall be as established at the time of its admission to the Company, in each case except as may be adjusted on a basis consistent with the adjustment of other Members’ Profit Sharing Percentages
by reason of the admission or Withdrawal of a Member or by reason of the election by the Managing Member pursuant to Section 5.3(b) to allocate to the Members less than 100% of the Profit Sharing Percentages and (ii) the allocation of any
item of Net Income (Loss) to an Investor Special Member expressed as a percentage of its share of total capital at such time shall never exceed the allocation of such items of Net Income (Loss) to the related Regular Member at such time expressed as
a percentage of his total capital at such time. 
 (d) Unless otherwise determined by the Managing Member in a particular case,
(i) Profit Sharing Percentages in Net Income (Loss) from any Investment shall be allocated in proportion to the Members’ respective capital contributions in respect of such Investment and (ii) Profit Sharing Percentages in Net Income
(Loss) from each Investment shall be fixed at the time such Investment is acquired and shall not thereafter change, subject to any repurchase or other requirements established by the Managing Member pursuant to Section 5.7. 
 5.4. Allocations of Net Income (Loss). (a) Except as provided in Sections 5.4(d) and 5.4(e), Net Income of the Company for each Investment
shall be allocated to the Capital Accounts related to such Investment of all the Members participating in such Investment (including the Managing Member): first, in proportion to and to the extent of the amount of Non-Carried Interest (other than
amounts representing a return of capital contributions) or Carried Interest distributed to the Members; second, to Members that received Non-Carried Interest (other than amounts representing a return of capital contributions) or Carried Interest in
years prior to the years such Net Income are being allocated to the extent such Non-Carried Interest (other than amounts representing a return of capital contributions) or Carried Interest exceeded Net Income allocated to such Members in such
earlier years; and third, to the Members in the same manner that such Non-Carried Interest (other than amounts representing a return of capital contributions) or Carried Interest would have been distributed if cash were available to distribute with
respect thereto. 
 (b) Net Loss of the Company shall be allocated as follows: (i) Net Loss relating to realized losses suffered by BCOM
and allocated to the Company with respect to its pro rata share thereof (based on capital contributions made to BCOM) shall be allocated to the Members in accordance with each Member’s Non-Carried Interest Sharing Percentage (subject to
adjustment pursuant to Section 5.7(e)) with respect to the Investment giving rise to such loss suffered by BCOM and (ii) Net Loss relating to realized losses suffered by BCOM and allocated to the Company with respect to the Carried
Interest shall be allocated in accordance with a Member’s (including Withdrawn Member’s) Carried Interest Give Back Percentage (as of the date of such loss); 
 (c) Notwithstanding Section 5.4(a) above, Net Income relating to Carried Interest allocated after the allocation of a Net Loss pursuant to clause (ii) of Section 5.4(b) shall be allocated in accordance
with such Carried Interest Give Back Percentages until such time as the Members have been allocated Net Income relating to Carried Interest equal to the aggregate amount of Net Loss previously allocated in accordance with clause (ii) of
Section 5.4(b). Withdrawn Members shall remain Members for purposes of allocating such Net Loss with respect to Carried Interest. 
  

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 (d) To the extent the Company has any Net Income (Loss) for any accounting period unrelated to BCOM, such
Net Income (Loss) will be allocated in accordance with Profit Sharing Percentages prevailing at the beginning of such accounting period, except as provided in Section 5.4(e). 
 (e) Notwithstanding any other provision of this Agreement, the Managing Member may from time to time determine that Net Income (Loss) attributable to any
Excluded Item will not be allocated among the Members in accordance with their respective Profit Sharing Percentages of the appropriate category at the time such Net Income (Loss) attributable to such Excluded Item is realized, but will be allocated
among the Members in accordance with their respective Profit Sharing Percentages of the appropriate category at such other time as the Managing Member deems appropriate (for example, at the time the asset giving rise to the Excluded Item was
acquired, the liability giving rise to the Excluded Item was incurred or arose, the transaction giving rise to the Excluded Item occurred or the Excluded Item accrued). The Managing Member may authorize from time to time advances to Members against
their allocable shares of Net Income (Loss). 
 5.5. Liability of Members. Except as otherwise provided in the LLC Act or as expressly
provided in this Agreement, no Member shall be personally obligated for any debt, obligation or liability of the Company or of any other Member solely by reason of being a Member. In no event shall any member or Withdrawn Member (i) be
obligated to make any capital contribution or payment to or on behalf of the Company or (ii) have any liability to return distributions received by such Member from the Company, in each case except as specifically provided in Sections 4.1(d) or
otherwise in this Agreement, as such Member shall otherwise expressly agree in writing or as may be required by applicable law. 
 5.6.
Repurchase Rights, etc. The Managing Member may from time to time establish such repurchase rights and/or other requirements with respect to the Members’ Interests relating to BCOM Investments as the Managing Member may determine. The
Managing Member shall have authority to (a) withhold any distribution otherwise payable to any Member until any such repurchase rights have lapsed or any such requirements have been satisfied, (b) pay any distribution to any Member that is
Contingent as of the distribution date and require the refund of any portion of such distribution that Contingent as of the Withdrawal Date of such Member, (c) amend any previously established repurchase rights or other requirements from time
to time and (d) make such exceptions thereto as it may determine on a case by case basis. 
 5.7. Distributions. (a) The
Company shall make distributions of available cash (subject to reserves and other adjustments as provided herein) or other property to Members at such times and in such amounts as are determined by the Managing Member. Subject to
Section 5.7(e), distributions of cash or other property with respect to Non-Carried Interest shall be made among the Members in accordance with their respective Non-Carried Interest Sharing Percentages, and, subject to Section 4.1(d),
distributions of cash or other property with respect to Carried Interest shall be made among Members in accordance with their respective Carried Interest Sharing Percentages. At any time that a sale, exchange, transfer or other disposition by BCOM
of a portion of an Investment is being considered by the Company (a “Disposable Investment”), at the election of the Managing Member each Member’s Interest with respect to such Investment shall be vertically divided into two
separate Interests, an Interest attributable to the Disposable Investment (a Member’s “Class B Interest”), and an Interest attributable to such Investment excluding the Disposable Investment (a Member’s “Class A
Interest”). Distributions (including those resulting from a sale, transfer, exchange or other disposition by BCOM) relating to a Disposable Investment (with respect to both Carried Interest and Non-Carried Interest) shall be made only to
holders of Class B Interests with respect to such Investment in accordance with their Profit Sharing Percentages relating to such Class B Interests, and distributions (including those resulting from the sale, transfer, exchange or the disposition by
BCOM) relating to an Investment excluding such Disposable 
  

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Investment (with respect to both Carried Interest and Non-Carried Interests) shall be made only to holders of Class A Interests with respect to such
Investment in accordance with their respective Profit Sharing Percentages relating to such Class A Interests. Distributions of cash or other property with respect to each category of Net Income (Loss) shall be allocated among the Members in the
same proportions as the allocations of Net Income (Loss) of each such category. The Managing Member may distribute to the Members (including the Managing Member and any other Investor Special Member) at any time interests in investments of the
Company as it shall determine. 
 (b) The Company shall make cash distributions to each Member with respect to each Fiscal Year in an
aggregate amount at least equal to the total Federal, New York State and New York City income and other taxes that would be payable by such Member with respect to all categories of Net Income (Loss) allocated to such Member for such Fiscal Year, the
amount of which shall be calculated (i) on the assumption that each Member is an individual subject to the then prevailing maximum Federal, New York State and New York City income tax rates, (ii) taking into account the deductibility of
state and local income and other taxes for Federal income tax purposes and (iii) taking into account any differential in applicable rates due to the type and character of Net Income (Loss) allocated to such Member. Notwithstanding the
provisions of the foregoing sentence, the Managing Member may refrain from making any distribution if such distribution is prohibited by § 18-607 of the LLC Act. 
 (c) The Managing Member may provide that a Member or employee (including such Member’s or employee’s right to distributions and investments of the Company related thereto) may be subject to repurchase by the
Company during such period as the Managing Member shall determine (a “Repurchase Period”). Any Contingent distributions from investments subject to repurchase rights requirements will be withheld by the Company and will be distributed to
the recipient thereof (together with interest thereon at rates determined by the Managing Member from time to time) as the recipient’s rights to such distributions become Non-Contingent (by virtue of the expiration of the applicable Repurchase
Period or otherwise). The Managing Member may elect in an individual case to have the Company distribute any Contingent distribution to the applicable recipient thereof irrespective of whether the applicable Repurchase Period has lapsed. If a Member
Withdraws from the Company for any reason other than his death, Total Disability or Incompetence, the undistributed share of any investment that remains Contingent as of the applicable Withdrawal Date shall be repurchased by the Company at a
purchase price to be determined at such time by the Managing Member. Unless determined otherwise by the Managing Member, the repurchased portion thereof will be allocated among the remaining Members with interests in such investment in proportion to
their respective percentage interests in such investment, or if no other Member has a percentage interest in such specific investment, to the Managing Member; provided, that the Managing Member may allocate the Withdrawn Member’s share
of unrealized investment income from a repurchased investment attributable to the period after the Withdrawn Member’s Withdrawal Date on any basis it may determine, including to existing or new Members who did not previously have interests in
such investment, except that, in any event, each Investor Special Member shall be allocated a share of such unrealized investment income equal to its respective Profit Sharing Percentage of such unrealized investment income. 
 (d)(i) (A) If the Company is obligated under the Clawback Provisions or Giveback Provisions to contribute a Clawback Amount or Giveback Amount to
BCOM, the Company shall call for such amounts as are necessary to satisfy such obligations as determined by the Managing Member, in which case each Member and Withdrawn Member shall contribute to the Company, in cash, when and as called by the
Company, such an amount of prior distributions by the Company (and the Other Fund GPs) with respect to Carried Interest (and/or Non-Carried Interest in the case of Giveback Amounts) (the “Recontribution Amount”) which equals
(I) the product of (a) a Member’s or Withdrawn Member’s Carried Interest Give Back Percentage and (b) the aggregate Clawback Amount payable by the Company in the case of Clawback Amounts and (II) with respect to a Giveback,
such Member’s pro rata share of 

  

 24 

 
prior distributions of Carried Interest and/or Non-Carried Interest in connection with (a) the BCOM Investment giving rise to the Giveback Amount,
(b) if the amounts contributed pursuant to clause (II)(a) above are insufficient to satisfy such Giveback Amount, BCOM Investments other than the one giving rise to such obligation, but only those amounts received by the Members with an
interest in the BCOM Investment referred to in clause (II)(a) above and (c) if the Giveback Amount is unrelated to a specific BCOM Investment, all BCOM Investments. Each Member and Withdrawn Member shall promptly contribute to the Company,
along with satisfying his comparable obligations to the Other Fund GPs, if any, upon such call such Member’s or Withdrawn Member’s Recontribution Amount, less the amount paid out of the Trust Account on behalf of such Member or Withdrawn
Member by the Trustee(s) pursuant to written instructions from the Company, or if applicable, any of the Other Fund GPs with respect to Carried Interest (and/or Non-Carried Interest in the case of Giveback Amounts) (the “Net Recontribution
Amount”), irrespective of the fact that the amounts in the Trust Account may be sufficient on an aggregate basis to satisfy the Company’s and the Other Fund GPs’ obligation under the Clawback Provisions and/or Giveback Provisions;
provided, that to the extent a Member’s or Withdrawn Member’s share of the amount paid with respect to the Clawback Amount or the Giveback Provisions exceeds his Recontribution Amount, such excess shall be repaid to such Member or
Withdrawn Member as promptly as reasonably practicable, subject to clause (ii) below; provided further, that such written instructions from the Company shall specify each Member’s and Withdrawn Member’s Recontribution Amount. Prior to
such time, the Company may, in its discretion (but shall be under no obligation to), provide notice that in the Company’s judgment, the potential obligations in respect of the Clawback Provisions or the Giveback Provisions will probably
materialize (and an estimate of the aggregate amount of such obligations); provided further, that any amount from a Member’s Trust Account used to pay any Giveback Amount (or such lesser amount as may be required by the Managing Member) shall
be contributed by such Member to such Member’s Trust Account no later than 30 days after the Net Recontribution Amount is paid with respect to such Giveback. 
 (B) To the extent any Member or Withdrawn Member has satisfied any Holdback obligation with Firm Collateral, such Member or Withdrawn
Member shall, within 10 days of the Company’s call for Recontribution Amounts, make a cash payment into the Trust Account in an amount equal to the amount of the Holdback obligation satisfied with such Firm Collateral, or such lesser amount
such that the amount in the Trust Account allocable to such Member or Withdrawn Member equals the sum of (I) such Member’s or Withdrawn Member’s Recontribution Amount and (II) any similar amounts payable to any of the Other Fund GPs.
Immediately upon receipt of such cash, the Trustee(s) shall take such steps necessary to release such Firm Collateral of such Member or Withdrawn Member equal to the amount of such cash payment. If the amount of such cash payment is less than the
amount of Firm Collateral of such Member or Withdrawn Member, the balance of such Firm Collateral if any, shall be retained to secure the payment of Deficiency Contributions, if any, and shall be fully released upon the satisfaction of the
Company’s and the Other Fund GPs’ obligation to pay the Clawback Amount. The failure of any Member or Withdrawn Member to make a cash payment in accordance with this clause (B) (to the extent applicable) shall constitute a default
under Section 5.7(d)(ii) as if such cash payment hereunder constitutes a Net Recontribution Amount under Section 5.7(d)(ii). 
 (ii)(A) In the event any Member or Withdrawn Member (a “Defaulting Party”) fails to recontribute all or any portion of such Defaulting Party’s Net Recontribution Amount for any reason, the
Company shall require all other Members and Withdrawn Members to contribute, on a pro rata basis (based on each of their respective Carried Interest Give Back Percentages in the case of Clawback Amounts, and Profit Sharing Percentages in the case of
Giveback Amounts (as more fully described in clause (II) of Section 5.7(d)(i)(A) above)), such amounts necessary to 

  

 25 

 
fulfill the Defaulting Party’s obligation to pay such Defaulting Party’s Net Recontribution Amount (a “Deficiency Contribution”)
if the Managing Member determines in its good faith judgment that the Company will be unable to collect such amount in cash from such Defaulting Party for payment of the Clawback Amount or Giveback Amount, as the case may be, at least 20 Business
Days prior to the latest date that the Company, and the Other Fund GPs, if applicable, are permitted to pay the Clawback Amount or Giveback Amount, as the case may be; provided, that, subject to Section 5.7(e), no Member shall as a result of
such Deficiency Contribution be required to contribute an amount in excess of 150% of the amount of the Net Recontribution Amount initially requested from such Member in respect of such default. Thereafter, the Managing Member shall determine in its
good faith judgment that the Company should either (1) not attempt to collect such amount in light of the costs associated therewith, the likelihood of recovery and any other factors considered relevant in the good faith judgment of the
Managing Member or (2) pursue any and all remedies (at law or equity) available to the Company against the Defaulting Party, the cost of which shall be a Company expense to the extent not ultimately reimbursed by the Defaulting Member. It is
agreed that the Company shall have the right (effective upon such Defaulting Party becoming a Defaulting Party) to set-off as appropriate and apply against such Defaulting Party’s Net Recontribution Amount any amounts otherwise payable to the
Defaulting Party by the Company or any other affiliate thereof (including amounts unrelated to Carried Interest, such as returns of capital and profit thereon). Each Member and Withdrawn Member hereby grants to the Company a security interest,
effective upon such Member or Withdrawn Member becoming a Defaulting Party, in all accounts receivable and other rights to receive payment from any affiliate of the Company and agrees that, upon the effectiveness of such security interest, the
Company may sell, collect or otherwise realize upon such collateral. In furtherance of the foregoing, each Member and Withdrawn Member hereby appoints the Company as its true and lawful attorney-in-fact with full irrevocable power and authority, in
the name of such Member or Withdrawn Member or in the name of the Company, to take any actions which may be necessary to accomplish the intent of the immediately preceding sentence. The Company shall be entitled to collect interest on the Net
Recontribution Amount of a Defaulting Party from the date such Recontribution Amount was required to be contributed to the Company at a rate equal to the Default Interest Rate. 
 (B) Any Member’s or Withdrawn Member’s failure to make a Deficiency Contribution shall cause such Member or Withdrawn Member to
be a Defaulting Party with respect to such amount. The Company shall first seek any remaining Trust Amounts (and Trust Income thereon) allocated to such Member or Withdrawn Member to satisfy such Member’s or Withdrawn Member’s obligation
to make a Deficiency Contribution before seeking cash contributions from such Member or Withdrawn Member in satisfaction of such Member’s or Withdrawn Member’s obligation to make a Deficiency Contribution. 
 (iii) A Member or Withdrawn Member’s obligation to make contributions to the Company under this Section 5.7(d) shall survive the
termination of the Company. 
 (e) The Members acknowledge that the Managing Member will (and are hereby authorized to) take
such steps as it deems appropriate, in its good faith, to further the objective of providing for the fair and equitable treatment of all Members, including by allocating Writedowns and Losses (as defined in the BCOM Agreements) on BCOM Investments
that have been the subject of a Writedown and/or Losses (each, a “Loss Investment”) to those Members who participated in such Loss Investments based on their Carried Interest Sharing Percentage therein to the extent that such Members
receive or have received Carried Interest Distributions from other BCOM Investments. Consequently and notwithstanding anything herein to the contrary, adjustments to Carried Interest Distributions shall be made as set forth in this
Section 5.7(e). 
  

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 (i) At the time the Company is making Carried Interest Distributions in connection with a
BCOM Investment (the “Subject Investment”) that have been reduced under the BCOM Agreements as a result of one or more Loss Investments, the Managing Member shall calculate amounts distributable to or due from each such Member as follows:

 (A) determine each Member’s share of each such Loss Investment based on his Carried Interest Sharing Percentage in
each such Loss Investment (which may be zero) to the extent such Loss Investment has reduced the Carried Interest Distributions otherwise available for distribution to all Members (indirectly through the Company from BCOM) from the Subject
Investment (such reduction, the “Loss Amount”); 
 (B) determine the amount of Carried Interest Distributions
otherwise distributable to such Member with respect to the Subject Investment (indirectly through the Company from BCOM) before any reduction in respect of the amount determined in clause (A) above (the “Unadjusted Carried Interest
Distributions”); and 
 (C) subtract (I) the Loss Amounts relating to all Loss Investments from (II) the Unadjusted
Carried Interests Distributions for such Member, to determine the amount of Carried Interest Distributions to actually be paid to such Member (“Net Carried Interest Distribution”). 
 To the extent that the Net Carried Interest Distribution for a Member as calculated in this clause (i) is a negative number, the
Managing Member shall (I) notify such Member, at or prior to the time such Carried Interest Distributions are actually made to the Members, of his obligation to recontribute to the Company prior Carried Interest Distributions (a “Net
Carried Interest Distribution Recontribution Amount”), up to the amount of such negative Net Carried Interest Distribution, and (II) to the extent amounts recontributed pursuant to clause (I) are insufficient to satisfy such negative Net
Carried Interest Distribution Amount, reduce future Carried Interest Distributions otherwise due such Member, up to the amount of such remaining negative Net Carried Interest Distribution. If a Member’s (x) Net Carried Interest
Distribution Recontribution Amount exceeds (y) the aggregate amount of prior Carried Interest Distributions less the amount of tax thereon, calculated based on the Assumed Tax Rate (as defined in the BCOM Agreements) in effect in the Fiscal
Years of such distributions (the “Excess Tax-Related Amount”), then such Member may, in lieu of paying such Member’s Excess Tax-Related Amount, defer such amounts as set forth below. Such deferred amount shall accrue interest at the
Prime Rate. Such deferred amounts shall be reduced and repaid by the amount of Carried Interest otherwise distributable to such Member in connection with future Carried Interest Distributions until such balance is reduced to zero. Any deferred
amounts shall be payable in full upon the earlier of (i) such time as the Clawback is determined (as provided herein) and (ii) such time as the Member becomes a Withdrawn Member. 
 To the extent there is an amount of negative Net Carried Interest Distribution with respect to a Member remaining after the application of
this clause (i), notwithstanding clause (II) of the preceding paragraph, such remaining amount of negative Net Carried Interest Distribution shall be allocated to the other Members pro rata based on each of their Carried Interest Sharing Percentages
in the Subject Investment. 
  

 27 

 A Member who fails to pay a Net Carried Interest Distribution Recontribution Amount
promptly upon notice from the Managing Member (as provided above) shall be deemed a Defaulting Party for all purposes hereof. 
 A Member may satisfy in part any Net Carried Interest Distribution Recontribution Amount from cash that is then subject to a Holdback, to the extent that the amounts that remain subject to a Holdback satisfy the Holdback requirements hereof
as they relate to the reduced amount of aggregate Carried Interest Distributions received by such Member (taking into account any Net Carried Interest Distribution Recontribution Amount contributed to the Company by such Member). 
 Any Net Carried Interest Distribution Recontribution Amount contributed by a Member, including amounts of cash subject to a Holdback as
provided above, shall increase the amount available for distribution to the other Members as Carried Interest Distributions with respect to the Subject Investment; provided, that any such amounts then subject to a Holdback may be so distributed to
the other Members to the extent a Member receiving such distribution has satisfied the Holdback requirements with respect to such distribution (taken together with the other Carried Interest Distributions received by such Member to date).

 (ii) In the case of Clawback Amounts which are required to be contributed to the Company as otherwise provided herein, the
obligation of the Members with respect to any Clawback Amount shall be adjusted by the Managing Member as follows: 
 (A)
determine each Member’s share of any Losses in any BCOM Investments which gave rise to the Clawback Amount (i.e., the Losses that followed the last BCOM Investment with respect to which Carried Interest Distributions were made), based on such
Member’s Carried Interest Sharing Percentage in such BCOM Investments; 
 (B) determine each Member’s obligation
with respect to the Clawback Amount based on such Member’s Carried Interest Give Back Percentage as otherwise provided herein; and 
 (C) subtract the amount determined in clause (B) above from the amount determined in clause (A) above with respect to each Member to determine the amount of adjustment to each Member’s share of the
Clawback Amount (a Member’s “Clawback Adjustment Amount”). 
 A Member’s share of the Clawback Amount
shall for all purposes hereof be decreased by such Member’s Clawback Adjustment Amount, to the extent it is a negative number (except to the extent expressly provided below). A Member’s share of the Clawback Amount shall for all purposes
hereof be increased by such Member’s Clawback Adjustment Amount (to the extent it is a positive number); provided, that in no way shall a Member’s aggregate obligation to satisfy a Clawback Amount as a result of this clause
(ii) exceed the aggregate Carried Interest Distributions received by such Member. To the extent a positive Clawback Adjustment Amount remains after the application of this clause (ii) with respect to a Member, such remaining Clawback
Adjustment Amount shall be allocated to the Members (including any Member whose Clawback Amount was increased pursuant to this clause (ii)) pro rata based on their Carried Interest Give Back Percentage (determined without regard to this clause
(ii)). 
  

 28 

 Any distribution or contribution adjustments pursuant to this Section 5.7(e) by the
Managing Member shall be based on its good faith judgment, and no Member shall have any claim against the Company, the Managing Member or any other Members as a result of any adjustment made as set forth above. This Section 5.7(e) applies to
all Members, including Withdrawn Members. 
 It is agreed and acknowledged that this Section 5.7(e) is an agreement among
the Members and in no way modifies the obligations of each Member regarding the Clawback as provided in the BCOM Agreements. 
 5.8.
Business Expenses. The Company shall reimburse the Members for reasonable travel, entertainment and miscellaneous expenses incurred by them in the conduct of the Company’s business in accordance with rules and regulations established by
the Managing Member from time to time. 
 ARTICLE VI 
 ADDITIONAL MEMBERS; WITHDRAWAL OF MEMBERS; 
 SATISFACTION AND DISCHARGE OF 
 COMPANY INTERESTS; TERMINATION 
 6.1.
Additional Members. (a) Effective on the first day of any month, the Managing Member shall have the right to admit one or more additional persons into the Company as Regular Members or Special Members. The Managing Member shall determine
and negotiate with the additional Member all terms of such additional Member’s participation in the Company, including the additional Member’s initial capital contribution and Profit Sharing Percentage. Each additional Member shall have
such voting rights as may be determined by the Managing Member from time to time unless, upon the admission to the Company of any Special Member (including any Special Member), the Managing Member shall designate that such Special Member shall not
have such voting rights (any such Special Member being called a “Nonvoting Special Member”). Any additional Member shall, as a condition to becoming a Member, agree to become a party to, and be bound by the terms and conditions of,
the Trust Agreement. 
 (b) The Profit Sharing Percentages to be allocated to an additional Member as of the date such Member is admitted to
the Company, together with the pro rata reduction in all other Members’ Profit Sharing Percentages as of such date, shall be established by the Managing Member pursuant to Section 5.3. 
 (c) An additional Member shall be required to contribute to the Company his pro rata share of the Company’s total capital, excluding capital in
respect of Investments in which such Member does not acquire any interests, at such times and in such amounts as shall be determined by the Managing Member in accordance with Section 4.1. 
 (d) The admission of an additional Member will be evidenced by (i) the execution of a counterpart copy of this Agreement by such additional Member
or (ii) the execution of an amendment to this Agreement by all the Members (including the additional Member), as determined by the Managing Member. In addition, such additional Member shall sign a counterpart copy of the Trust Agreement.

 (e)(i) It is hereby agreed and acknowledged that BCOMCA has been admitted to the Company as a Special Member. 
  

 29 

 (ii) To the extent that a partner of BCOMCA satisfies the repurchase or other
requirements set forth in the BCOMCA Partnership Agreement with respect to an Investment, the corresponding portion of BCOMCA’s Interest in such Investment shall also become vested (but only on those circumstances). 
 (iii) If a partner of BCOMCA “Withdraws” (as defined in the BCOMCA Partnership Agreement), the corresponding portion of
BCOMCA’s Interest in the Company shall be treated as though BCOMCA had Withdrawn from the Company with respect to such Interest. If a partner of BCOMCA “Withdraws” for “Cause” (each as defined in the BCOMCA Partnership
Agreement), the corresponding portion of BCOMCA’s Interest in the Company shall be treated as though BCOMCA had Withdrawn from the Company for Cause with respect to such Interest; 
 (iv) If a partner of BCOMCA becomes a “Defaulting Party” (as defined in the BCOMCA Partnership Agreement), the corresponding
portion of BCOMCA’s Interest in the Company shall be treated as though BCOMCA had become a Defaulting Party with respect to such Interest. 
 (v) Notwithstanding Section 4.1(d) of the Agreement, the Company shall not contribute any amount of distributions to BCOMCA to the Trust; provided, that BCOMCA makes the contributions to the Trust on behalf of
its partners in accordance with the BCOMCA Partnership Agreement; 
 6.2. Withdrawal of Members. (a) Any Member may Withdraw
voluntarily from the Company on the last day of any calendar month, on not less than 15 days’ prior written notice by such Member to the Managing Member (or on such shorter notice period as may be mutually agreed upon between such Member and
the Managing Member); provided, that a Member may not voluntarily Withdraw without the consent of the Managing Member if such Withdrawal would (i) cause the Company to be in default under any of its contractual obligations or (ii) in the
reasonable judgment of the Managing Member, have a material adverse effect on the Company or its business. 
 (b) Upon the Withdrawal of any
Member, including by the occurrence of any withdrawal event under the LLC Act with respect to any Member, such Member shall thereupon cease to be a Member, except as expressly provided herein. 
 (c) Upon the Total Disability of a Regular Member, such Member shall thereupon cease to be a Regular Member; provided, that the Managing Member may elect
to admit such Withdrawn Member to the Company as a Non-Voting Special Member with such Interest as the Managing Member may determine. The determination of whether any Member has suffered a Total Disability shall be made by the Managing Member in its
sole discretion after consultation with a qualified medical doctor. In the absence of agreement between the Managing Member and such Member, each party shall nominate a qualified medical doctor and the two doctors shall select a third doctor, who
shall make the determination as to Total Disability. 
 (d) If the Managing Member determines or with a Majority in Interest of the Members
that it shall be in the best interests of the Company for any Member (including any Member who has given notice of voluntary Withdrawal pursuant to paragraph (a) above) to Withdraw from the Company (whether or not Cause exists), such Member,
upon written notice by the Managing Member to such Member, shall be required to Withdraw as of a date specified in such notice, which date shall be on or after the date of such notice. If the Managing Member requires any Member to Withdraw for
Cause, such notice shall state that it has been given for Cause and shall describe the particulars thereof in reasonable detail. 
  

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 (e) The withdrawal from the Company of any Member shall not, in and of itself, affect the obligations of
the other Members to continue the Company during the remainder of its term. 
 6.3. Company Interests Not Transferable. (a) No
Member may sell, assign, pledge or otherwise transfer or encumber all or any portion of such Member’s Interest other than as permitted by written agreement between such Member and the Company; provided, that this Section 6.3 shall
not impair transfers by operation of law, transfers by will or by other testamentary instrument occurring by virtue of the death or dissolution of a Member, or transfers required by trust agreements; provided further, that a Regular
Member may transfer, for estate planning purposes, up to 25% of his Profit Sharing Percentage to any estate planning trust, limited partnership, or limited liability company with respect to which a Regular Member controls investments related to any
interest in the Company held therein (an “Estate Planning Vehicle”). Each Estate Planning Vehicle will be a Nonvoting Special Member. Such Regular Member and the Nonvoting Special Member shall be jointly and severally liable for all
obligations of both such Regular Member and such Nonvoting Special Member with respect to the Company (including the obligation to make additional capital contributions), as the case may be. The Managing Member may at its sole option exercisable at
any time require any Estate Planning Vehicle to withdraw from the Company on the terms of this Article VI. Except as provided in the second proviso to the first sentence of this Section 6.3, no assignee, legatee, distributee, heir or transferee
(by conveyance, operation of law or otherwise) of the whole or any portion of any Member’s Interest shall have any right to be a Member without the prior written consent of the Managing Member (which consent may be withheld without giving
reason therefor). Notwithstanding the granting of a security interest in the entire Interest of any Member, such Member shall continue to be a Member of the Company. 
 6.4. Consequences upon Withdrawal of a Member. (a) The Withdrawal of a Regular Member shall not dissolve the Company if at the time of such Withdrawal there are one or more remaining Regular Members and
any one or more of such remaining Regular Members continue the business of the Company (any and all such remaining Regular Members being hereby authorized to continue the business of the Company without dissolution and hereby agreeing to do so).
Notwithstanding Section 6.4(b), if upon the Withdrawal of a Regular Member there shall be no remaining Regular Member, the Company shall be dissolved and shall be wound up unless, within 90 days after the occurrence of such Withdrawal, all
remaining Special Members agree in writing to continue the business of the Company and to the appointment, effective as of the date of such Withdrawal, of one or more Regular Members. 
 (b) The Company shall not be dissolved, in and of itself, by the Withdrawal of any Member, but shall continue with the surviving or remaining Members as
members thereof in accordance with and subject to the terms and provisions of this Agreement. 
 6.5. Satisfaction and Discharge of a
Withdrawn Member’s Intereust. (a) As used in this Agreement, (i) the term “Withdrawn Member” shall mean a Member whose interest in the Company has been terminated for any reason, including the occurrence of an event
specified in Section 6.2, and shall include, unless the context requires otherwise, the estate or legal representatives of any such Member, (ii) the term “Withdrawal Date” shall mean the date of the Withdrawal from the Company of
a Withdrawn Member and (iii) the term “Settlement Date” shall mean the date as of which a Withdrawn Member’s Interest is settled as determined under paragraph (b) below. Notwithstanding the foregoing, any Regular
Member who Withdraws from the Company, and all or any portion of his Interest is retained as a Special Member, shall be considered a Withdrawn Member for all purposes hereof. 
 (b) Except where a later date for the settlement of a Withdrawn Member’s interest in the Company may be agreed to by the Managing Member and a
Withdrawn Member, a Withdrawn Member’s Settlement Date shall be his Withdrawal Date; provided, that if a Withdrawn Member’s 

  

 31 

 
Withdrawal is not the last day of a month, then the Managing Member may elect for such Withdrawn Member’s Settlement Date to be the last day of the
month in which his Withdrawal Date occurs. During the interval, if any, between a Withdrawn Member’s Withdrawal Date and Settlement Date, such Withdrawn Member shall have the same rights and obligations with respect to capital contributions,
interest on capital, allocations of Net Income (Loss) and distributions as would have applied had such Withdrawn Member remained a Member of the Company during such period. 
 (c) In the event of the Withdrawal of a Member, the Managing Member shall promptly after such Withdrawn Member’s Settlement Date (i) determine
and allocate to the Withdrawn Member’s capital account such Withdrawn Member’s allocable share of the Net Income (Loss) of the Company for the period ending on such Settlement Date in accordance with Article V and (ii) credit the
Withdrawn Member’s capital account with interest in accordance with Section 5.2. In making the foregoing calculations, the Managing Member shall be entitled to establish such reserves (including reserves for taxes, bad debts, unrealized
losses, actual or threatened litigation or any other expenses, contingencies or obligations) as it deems appropriate. Unless otherwise determined by the Managing Member in a particular case, a Withdrawn Member shall not be entitled to receive any
Unallocated Percentage in respect of the accounting period during which such Member Withdraws from the Company (whether or not previously awarded or allocated) or Unallocated Percentage in respect of prior accounting periods that have not been paid
or allocated (whether or not previously awarded) as of such Withdrawn Member’s Withdrawal Date. 
 (d) From and after the Settlement
Date of the Withdrawn Member, the Withdrawn Member’s Profit Sharing Percentages shall, unless otherwise allocated by the Managing Member pursuant to Section 5.3(a), be deemed to be Unallocated Percentages (except for Profit Sharing
Percentages with respect to Investments as provided in paragraph (f) below). 
 (e)(i) Upon the Withdrawal from the Company of a Member,
such Withdrawn Member thereafter shall not, except as expressly provided in this Section 6.5, have any rights of a Member (including voting rights), and such Withdrawn Member shall not have any interest in the Company’s Net Income (Loss),
distributions, Investments or other assets. If a Member Withdraws from the Company for any reason other than for Cause pursuant to Section 6.2, then the Withdrawn Member shall be entitled to receive, at the time or times specified in paragraph
(i) below, in satisfaction and discharge in full of the Withdrawn Member’s Interest, (x) payment equal to the aggregate credit balance, if any, as of the Settlement Date of the Withdrawn Member’s capital accounts, (excluding any
capital account or portion thereof attributable to any Investment) and (y) the Withdrawn Member’s percentage interest attributable to each Investment in which the Withdrawn Member has an interest as of the Settlement Date as provided in
paragraph (f) below (which shall be settled in accordance with paragraph (f) below), subject to all the terms and conditions of paragraphs (a)-(r) of this Section 6.5. If the amount determined pursuant to clause (x) above is
an aggregate negative balance, the Withdrawn Member shall pay the amount thereof to the Company upon demand by the Managing Member on or after the date of the statement referred to in paragraph (i) below; provided, that if the Withdrawn Member
was solely a Special Member on his Withdrawal Date, such payment shall be required only to the extent of any amounts payable to such Withdrawn Member pursuant to this Section 6.5. Any aggregate negative balance in the capital accounts of a
Withdrawn Member who was solely a Special Member, upon the settlement of such Withdrawn Member’s Interest pursuant to this Section 6.5, shall be allocated among the other Members’ capital accounts in accordance with their respective
Profit Sharing Percentages in the categories of Net Income (Loss) giving rise to such negative balance as determined by the Managing Member as of such Withdrawn Member’s Settlement Date. In the settlement of any Withdrawn Member’s interest
in the Company, no value shall be ascribed to goodwill, the Company name or the anticipation of any value the Company or any successor thereto might have in the event the Company or any interest therein were to be sold in whole or in part.

  

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 (ii) Notwithstanding clause (i) of this Section 6.5(e), in the case of a Member
whose Withdrawal resulted from such Member’s death or Incompetence, such Member’s estate or legal representative, as the case may be, may elect, at the time described below, to receive a Nonvoting Special Member Interest and retain such
Member’s Profit Sharing Percentage in all (but not less than all) illiquid investments of the Company in lieu of a cash payment (or Note) in settlement of that portion of the Withdrawn Member’s interest. The election referred to above
shall be made within 60 days after the Withdrawn Member’s Settlement Date, based on a statement of the settlement of such Withdrawn Member’s interest in the Company pursuant to Section 6.5. 
 (f) For purposes of clause (y) of paragraph (e)(i) above, a Withdrawn Member’s “percentage interest” means his Profit Sharing
Percentage as of the Settlement Date in the relevant Investment. The Withdrawn Member shall retain his percentage interest in such Investment and shall retain his capital account or portion thereof attributable to such Investment, in which case such
Withdrawn Member shall become and remain a Special Member for such purpose (and, if the Managing Member so designates, such Special Member shall be a Nonvoting Special Member). The Interests of a Withdrawn Member pursuant to this paragraph
(f) shall be subject to the terms and conditions applicable to Interests of any kind hereunder and such other terms and conditions as are established by the Managing Member. At the option of the Managing Member in its sole discretion, the
Managing Member and the Withdrawn Member may agree to have the Company acquire such interests without the approval of the other Members; provided, that the Managing Member shall reflect in the books and records of the Company the terms of any
acquisition pursuant to this sentence. 
 (g) The Managing Member may elect, in lieu of payment in cash of any amount payable to a Withdrawn
Member pursuant to paragraph (e) above, to have the Company issue the Withdrawn Member a subordinated promissory note as provided in paragraph (k) below and/or to distribute in kind to the Withdrawn Member such Withdrawn Member’s pro
rata share (as determined by the Managing Member) of any securities or other investments of the Company. If any securities or other investments are distributed in kind to a Withdrawn Member under this paragraph (g), the amount described in clause
(x) of paragraph (e) shall be reduced by the value of such distribution as valued on the latest balance sheet of the Company in accordance with generally accepted accounting principles or, if not appearing on such balance sheet, as
reasonably determined by the Managing Member. 
 (h) [Intentionally Omitted]. 
 (i) Within 120 days after each Settlement Date, the Managing Member shall submit to the Withdrawn Member a statement of the settlement of such Withdrawn
Member’s interest in the Company pursuant to this Section 6.5 together with any cash payment, subordinated promissory note (as referred to in paragraph (k) (below) and in kind distributions to be made to such Member as shall be
determined by the Managing Member. The Managing Member shall submit to the Withdrawn Member supplemental statements with respect to additional amounts payable to or by the Withdrawn Member in respect of the settlement of his interest in the Company
(e.g., payments in respect of Investments pursuant to paragraph (f) above or adjustments to reserves pursuant to paragraph (j) below) promptly after such amounts are determined by the Managing Member. To the fullest extent permitted by
law, such statements and the valuations on which they are based shall be accepted by the Withdrawn Member without examination of the accounting books and records of the Company or other inquiry. Any amounts payable by the Company to a Withdrawn
Member pursuant to this Section 6.5 shall be subordinate in right of payment and subject to the prior payment or provision for payment in full of claims of all present or future creditors of the Company or any successor thereto arising out of
matters occurring prior to the applicable date of payment or distribution; provided, that such Withdrawn Member shall otherwise rank pari passu in right of payment (x) with all persons who become Withdrawn Members and whose Withdrawal Date is
within one year before the Withdrawal Date of the Withdrawn Member in question and (y) with all persons who become Withdrawn Members and whose Withdrawal Date is within one year after the Withdrawal Date of the Withdrawn Member in question.

  

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 (j) If the aggregate reserves established by the Managing Member as of the Settlement Date in making the
foregoing calculations should prove, in the determination of the Managing Member, to be excessive or inadequate, the Managing Member may elect, but shall not be obligated, to pay the Withdrawn Member or his estate such excess, or to charge the
Withdrawn Member or his estate such deficiency, as the case may be. 
 (k) Any amounts owed by the Withdrawn Member to the Company at any
time on or after the Settlement Date (e.g., outstanding Company loans or advances to such Withdrawn Member) shall be offset against any amounts payable or distributable by the Company to the Withdrawn Member at any time on or after the Settlement
Date or shall be paid by the Withdrawn Member to the Company, in each case as determined by the Managing Member. All cash amounts payable by a Withdrawn Member to the Company under this Section 6.5 shall bear interest from the due date to the
date of payment at a floating rate equal to the lesser of (x) the rate of interest publicly announced from time to time by Morgan Guaranty Trust Company of New York in New York City as its prime rate and (y) the maximum rate of interest
permitted by applicable law. The “due date” of amounts payable by a Withdrawn Member pursuant to paragraph (i) above shall be 120 days after a Withdrawn Member’s Settlement Date. The “due date” of amounts payable to or
by a Withdrawn Member in respect of Investments for which the Withdrawn Member has retained a percentage interest in accordance with paragraph (f) above shall be 120 days after realization with respect to such Investment. The “due
date” of any other amounts payable by a Withdrawn Member shall be 60 days after the date such amounts are determined to be payable. 
 (l) At the time of the settlement of any Withdrawn Member’s interest in the Company pursuant to this Section 6.5, the Managing Member may, to the fullest extent permitted by applicable law, impose any restrictions it deems
appropriate on the assignment, pledge, encumbrance or other transfer by such Withdrawn Member of any interest in any Investment retained by such Withdrawn Member, any securities or other investments distributed in kind to such Withdrawn Member or
such Withdrawn Member’s right to any payment from the Company. 
 (m) If a Member is required to Withdraw from the Company for Cause
pursuant to Section 6.2(d), then his Interest shall be settled in accordance with paragraphs (a)-(n) of this Section 6.5; provided, that the Managing Member may elect (but shall not be required) to apply any or all the following terms
and conditions to such settlement: 
 (i) In settling the Withdrawn Member’s interest in any Investment in which he has
an interest as of his Settlement Date, the Managing Member may elect to (A) determine the Unrealized Net Income (Loss) attributable to each such Investment as of the Settlement Date and allocate to the appropriate capital account of the
Withdrawn Member his allocable share of such Unrealized Net Income (Loss) for purposes of calculating the aggregate balance of such Withdrawn Member’s capital account pursuant to clause (x) of paragraph (e) above, (B) credit or
debit, as applicable, the Withdrawn Member with the balance of his capital account or portion thereof attributable to each such Investment as of his Settlement Date without giving effect to the Unrealized Net Income (Loss) from such Investment as of
his Settlement Date, which shall be forfeited by the Withdrawn Member or (C) apply the provisions of paragraph (f) above, provided, that the maximum amount of Net Income (Loss) allocable to such Withdrawn Member with respect to any
Investment shall equal such Member’s percentage interest of the Unrealized Net Income, if any, attributable to such Investment as of the Settlement Date (the balance of such Net Income (Loss), if any, shall be allocated as determined by the
Managing Member). The Withdrawn Member shall not have any continuing interest in any Investment to the extent an election is made pursuant to (A) or (B) above. 
  

 34 

 (ii) Any amounts payable by the Company to the Withdrawn Member pursuant to this
Section 6.5 shall be subordinate in right of payment and subject to the prior payment in full of claims of all present or future creditors of the Company or any successor thereto arising out of matters occurring prior to or on or after the
applicable date of payment or distribution. 
 (n) The payments to a Withdrawn Member pursuant to this Section 6.5 may be conditioned on
the compliance by such Withdrawn Member with any lawful and reasonable (under the circumstances) restrictions against engaging or investing in a business competitive with that of the Company or any of its subsidiaries and affiliates for a period not
exceeding two years determined by the Managing Member. Upon written notice to the Managing Member, any Withdrawn Member who is subject to noncompetition restrictions established by the Managing Member pursuant to this paragraph (o) may elect to
forfeit the principal amount payable in the final installment of his subordinated promissory note under paragraph (k) above, together with interest to be accrued on such installment after the date of forfeiture, in lieu of being bound by such
restrictions. 
 (o) In addition to the foregoing, the Managing Member shall have the right to pay a Withdrawn Member (other than the
Managing Member) a discretionary additional payment in an amount and based upon such circumstances and conditions as it determines to be relevant. 
 (p)(i) The Company will assist a Withdrawn Member or his estate or guardian, as the case may be, in the settlement of the Withdrawn Member’s Interest in the Company. Third party costs incurred by the Company in providing this
assistance will be borne by the Withdrawn Member or his estate. 
 (ii) The Company may reasonably determine in good faith to
retain outside professionals to provide the assistance to Withdrawn Members or their estates or guardians, as referred to above. In such instances, the Company will obtain the prior approval of a Withdrawn Member or his estate or guardian, as the
case may be, prior to engaging such professionals. If the Withdrawn Member (or his estate or guardian) declines to incur such costs, the Company will provide such reasonable assistance as and when it can so as not to interfere with the
Company’s day-to-day operating, financial, tax and other related responsibilities to the Company and the Members. 
 6.6. Dissolution
of the Company. The Managing Member may dissolve the Company prior to the expiration of its term at any time on not less than 60 days’ notice of the dissolution date given to the other Members. Upon the dissolution of the Company, and
following the payment of creditors of the Company and the making of provisions for the payment of any contingent, conditional or unmatured claims known to the Company as required under the LLC Act, the Members’ respective interests in the
Company shall be valued and settled in accordance with the procedures set forth in Sections 5.9 and 6.5 which provide for allocations to the capital accounts of the Members and distributions in accordance with the capital account balances of the
Members. The Managing Member shall be the liquidators. In the event that the Managing Member are unable to serve as liquidators, a liquidating trustee shall be chosen by affirmative vote of a Majority in Interest of the Members voting at a meeting
of Members (excluding Nonvoting Special Members). 
 6.7. Certain Tax Matters. (a) All items of income, gain, loss, deduction and
credit of the Company shall be allocated among the Members for Federal, state and local income tax purposes in the same manner as such items of income, gain, loss, deduction and credit shall be allocated among the 
  

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Members pursuant to this Agreement, except as may otherwise be provided herein or by the Code or other applicable law. To the extent Treasury Regulations
promulgated pursuant to Subchapter K of the Code (including under Sections 704(b) and (c) of the Code) or other applicable law require allocations for tax purposes that differ from the foregoing allocations, the Managing Member may determine
the manner in which such tax allocations shall be made so as to comply more fully with such Treasury Regulations or other applicable law and, at the same time, preserve the economic relationships among the Members as set forth in this Agreement. In
the event there is a net decrease in partnership minimum gain or partner nonrecourse debt minimum gain (determined in accordance with the principles of Regulation Sections 1.704-2(d) and 1.704-2(i)) during any taxable year of the Company, each
Member shall be specially allocated items of Company income and gain for such year (and, if necessary, subsequent years) in an amount equal to its respective share of such net decrease during such year, determined pursuant to Regulations Sections
1.704-2(g) and 1.704-2(i)(5). The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(f). 
 (b)
The Managing Member shall cause to be prepared all Federal, state and local tax returns of the Company for each year for which such returns are required to be filed and, after approval of such returns by the Managing Member, shall cause such returns
to be timely filed. The Managing Member shall determine the appropriate treatment of each item of income, gain, loss, deduction and credit of the Company and the accounting methods and conventions under the tax laws of the United States, the several
states and other relevant jurisdictions as to the treatment of any such item or any other method or procedure related to the preparation of such tax returns. The Managing Member may cause the Company to make or refrain from making any and all
elections permitted by such tax laws. Each Member agrees that he shall not, unless he provides prior notice of such action to the Company, (i) treat, on his individual income tax returns, any item of income, gain, loss, deduction or credit
relating to his interest in the Company in a manner inconsistent with the treatment of such item by the Company as reflected on the Form K-1 or other information statement furnished by the Company to such Member for use in preparing his income tax
returns or (ii) file any claim for refund relating to any such item based on, or which would result in, such inconsistent treatment. In respect of an income tax audit of any tax return of the Company, the filing of any amended return or claim
for refund in connection with any item of income, gain, loss, deduction or credit reflected on any tax return of the Company, or any administrative or judicial proceedings arising out of or in connection with any such audit, amended return, claim
for refund or denial of such claim, (A) the Tax Matters Member (as defined below) shall be authorized to act for, and his decision shall be final and binding upon, the Company and all Members except to the extent a Member shall properly elect
to be excluded from such proceeding pursuant to the Code, (B) all expenses incurred by the Tax Matters Member in connection therewith (including, without limitation, attorneys’, accountants’ and other experts’ fees and
disbursements) shall be expenses of the Company and (C) no Member shall have the right to (1) participate in the audit of any Company tax return, (2) file any amended return or claim for refund in connection with any item of income,
gain, loss, deduction or credit reflected on any tax return of the Company (unless he provides prior notice of such action to the Company as provided above), (3) participate in any administrative or judicial proceedings conducted by the Company
or the Tax Matters Member arising out of or in connection with any such audit, amended return, claim for refund or denial of such claim, or (4) appeal, challenge or otherwise protest any adverse findings in any such audit conducted by the
Company or the Tax Matters Member or with respect to any such amended return or claim for refund filed by the Company or the Tax Matters Member or in any such administrative or judicial proceedings conducted by the Company or the Tax Matters Member.
The Company and each Member hereby designate any Member selected by the Managing Member as the “tax matters partner” for purposes of Section 6231(a)(7) of the Code (the “Tax Matters Member”). To the fullest extent
permitted by applicable law, each Member agrees to indemnify and hold harmless the Company and all other Members from and against any and all liabilities, obligations, damages, deficiencies and expenses resulting from any breach or violation by such
Member of the provisions of this Section 6.7 and from all actions, suits, proceedings, demands, assessments, judgments, costs and expenses, including reasonable attorneys’ fees and disbursements, incident to any such breach or violation.

  

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 (c) Each individual Member shall provide to the Company copies of each Federal, state and local income
tax return of such Member (including any amendment thereof) within 30 days after filing such return. 
 6.8. Special Basis
Adjustments. In connection with any assignment or transfer of a Company interest permitted by the terms of this Agreement, the Managing Member may cause the Company, on behalf of the Members and at the time and in the manner provided in Code
regulation Section 1.754-1(b), to make an election to adjust the basis of the Company’s property in the manner provided in Sections 734(b) and 743(b) of the Code. 
 ARTICLE VII 
 MISCELLANEOUS 
 7.1. Submission to Jurisdiction; Waiver of Jury Trial. (a) Any and all disputes which cannot be settled amicably, including any ancillary
claims of any party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability of this arbitration
provision) shall be finally settled by arbitration conducted by a single arbitrator in New York in accordance with the then-existing Rules of Arbitration of the International Chamber of Commerce. If the parties to the dispute fail to agree on the
selection of an arbitrator within thirty (30) days of the receipt of the request for arbitration, the International Chamber of Commerce shall make the appointment. The arbitrator shall be a lawyer and shall conduct the proceedings in the
English language. Performance under this Agreement shall continue if reasonably possible during any arbitration proceedings. 
 (b)
Notwithstanding the provisions of paragraph (a), the Managing Member may bring, or may cause the Company to bring, on behalf of the Managing Member or the Company or on behalf of one or more Members, an action or special proceeding in any court of
competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this paragraph (b), each Member
(i) expressly consents to the application of paragraph (c) of this Section 7.1 to any such action or proceeding, (ii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement
would be difficult to calculate and that remedies at law would be inadequate, and (iii) irrevocably appoints the Managing Member as such Member’s agents for service of process in connection with any such action or proceeding and agrees
that service of process upon any such agent, who shall promptly advise such Member of any such service of process, shall be deemed in every respect effective service of process upon the Member in any such action or proceeding. 
 (c)(i) EACH MEMBER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF COURTS LOCATED IN NEW YORK, NEW YORK FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING
BROUGHT IN ACCORDANCE WITH THE PROVISIONS-OF THIS SECTION 7.1, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include
any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration award. The parties acknowledge that the fora designated by this paragraph (c) have a
reasonable relation to this Agreement, and to the parties’ relationship with one another. 
  

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 (ii) The parties hereby waive, to the fullest extent permitted by applicable law, any
objection which they now or hereafter may have to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in the preceding paragraph of this Section 7.1 and such parties
agree not to plead or claim the same. 
 (d) Notwithstanding any provision of this Agreement to the contrary, this Section 7.1 shall be
construed to the maximum extent possible to comply with the laws of the State of Delaware, including the Delaware Uniform Arbitration Act (10 Del. C. § 5701 et seq.) (the “Delaware Arbitration Act”). If, nevertheless, it shall
be determined by a court of competent jurisdiction that any provision or wording of this Section 7.1, including any rules of the International Chamber of Commerce, shall be invalid or unenforceable under the Delaware Arbitration Act, or other
applicable law, such invalidity shall not invalidate all of this Section 7.1. In that case, this Section 7.1 shall be construed so as to limit any term or provision so as to make it valid or enforceable within the requirements of the
Delaware Arbitration Act or other applicable law, and, in the event such term or provision cannot be so limited, this Section 7.1 shall be construed to omit such invalid or unenforceable provision. 
 7.2. Ownership and Use of the Company Name. The Company acknowledges that Blackstone Financial Services Inc. (“BFS”), a Delaware
corporation with a principal place of business at 345 Park Avenue, New York, New York 10154, (or its successors or assigns) is the sole and exclusive owner of the mark and name BLACKSTONE and that the ownership of, and the right to use, sell or
otherwise dispose of, the firm name or any abbreviation or modification thereof which consists of or includes BLACKSTONE, shall belong exclusively to BFS, which company (or its predecessors, successors or assigns) has licensed the Company to use
BLACKSTONE in its name. The Company acknowledges that BFS owns the service mark BLACKSTONE for various services and that the Company is using the BLACKSTONE mark and name on a non-exclusive, non-sublicensable and non-assignable basis in connection
with its business and authorized activities with the permission of BFS. All services rendered by the Company under the BLACKSTONE mark and name will be rendered in a manner and with quality levels that are consistent with the high reputation
heretofore developed for the BLACKSTONE mark by BFS and its affiliates and licensees. The Company understands that BFS may terminate its right to use BLACKSTONE at any time in BFS sole discretion by giving the Company written notice of termination.
Promptly following any such termination, the Company will take all steps necessary to change its company name to one which does not include BLACKSTONE or any confusingly similar term and cease all use of BLACKSTONE or any term confusingly similar
thereto as a service mark or otherwise. Written Consent. Any action required or permitted to be taken by a vote of Members at a meeting may be taken without a meeting if a Majority in Interest of the Members consent thereto in writing. 

7.3. Written Consent. Any action required or permitted to be taken by a vote of Members at a meeting may be taken without a meeting if a
Majority in Interest of the Members consent thereto in writing. 
 7.4. Letter Agreements; Schedules. The Managing Member may, or may
cause the Company to, enter into separate letter agreements with individual Members, officers or employees with respect to Profit Sharing Percentages, benefits or any other matter, in each case on terms and conditions not inconsistent with this
Agreement. The Managing Member may from time to time execute and deliver to the Members schedules which set forth the then current capital balances and Profit Sharing Percentages of the Members and any other matters deemed appropriate by the
Managing Member. Such schedules shall be for information purposes only and shall not be deemed to be part of this Agreement for any purpose whatsoever; provided, that this in no way limits the effectiveness of any Commitment Agreement. 

 

 38 

 7.5. Governing Law; Separability of Provisions. This Agreement shall be governed by and construed
in accordance with the laws of the State of Delaware without regard to principles of conflict of laws. In particular, the Company has been formed pursuant to the LLC Act, and the rights and liabilities of the Members shall be as provided therein,
except as herein otherwise expressly provided. If any provision of this Agreement shall be held to be invalid, such provision shall be given its meaning to the maximum extent permitted by law and the remainder of this Agreement shall not be affected
thereby. 
 7.6. Successors and Assigns. This Agreement shall be binding upon and shall, subject to the penultimate sentence of
Section 6.3(b), inure to the benefit of the parties hereto, their respective heirs and personal representatives, and any successor to a trustee of a trust which is or becomes a party hereto; provided, that no person claiming by, through or
under a Member (whether such Member’s heir, personal representative or otherwise), as distinct from such Member itself, shall have any rights as, or in respect to, a Member (including the right to approve or vote on any matter or to notice
thereof) except the right to receive only those distributions expressly payable to such person pursuant to Article VI. Any Member or Withdrawn Member shall remain liable for the obligations under this Agreement (including any Net Recontribution
Amounts) of any transferee of all or any portion of such Member’s or Withdrawn Member’s interest in the Company, unless waived by the Managing Member. The Company shall, if the Managing Member determines, in its good faith judgment, based
on the standard set forth in Section 5.7(d)(ii)(A), to pursue such transferee, pursue payment (including any Net Recontribution Amounts) from the transferee with respect to any such obligations. Nothing in this Agreement is intended, nor shall
anything herein be construed, to confer any rights, legal or equitable, on any person other than the Members and their respective legal representatives, heirs, successors and permitted assigns. Notwithstanding the foregoing, the provisions of
Section 5.7(d) (and the definitions relating thereto) shall inure to the benefit of the limited partners in BCOM, such limited partners are intended third party beneficiaries of Section 5.7(d) (and the definitions relating thereto) and
such limited partners shall have the right to enforce the provisions thereof to the extent Other Fund GPs do not satisfy the Clawback Provisions and/or the Giveback Provisions. The amendment of the provisions of Section 5.7(d) (and the
definitions relating thereto) shall be effective against such limited partners only with the consent of the limited partners of BCOM as set forth in the BCOM Agreement. 
 7.7. Confidentiality. By executing this Agreement, each Member expressly agrees, at all times during the term of the Company and thereafter and whether or not at the time a Member of the Company, to maintain
the confidentiality of, and not to disclose to any person other than the Company, another Member or a person designated by the Company, any information relating to the business, financial structure, financial position or financial results, clients
or affairs of the Company that shall not be generally known to the public or the securities industry, except as otherwise required by law or by any regulatory or self-regulatory organization having jurisdiction; provided, that any corporate Member
may disclose any such information it is required by law, rule, regulation or custom to disclose. 
 7.8. Notices. Whenever notice is
required or permitted by this Agreement to be given, such notice shall be in writing (including telecopy or similar writing) and shall be given to any Member at its address or telecopy number shown in the Company’s books and records or, if
given to the Managing Member, at the address of the Company provided herein. Each such notice shall be effective (i) if given by telecopy, upon dispatch, (ii) if given by mail, when deposited in the mails (first class or airmail postage
prepaid) addressed as aforesaid and (iii) if given by any other means, when delivered to the address of such Member or the Managing Member specified as aforesaid. 
 7.9. Counterparts. This Agreement may be executed in any number of counterparts, all of which together shall constitute a single instrument. 
 7.10. Power of Attorney. Each Member hereby irrevocably appoints the Managing Member as such Member’s true and lawful representative and
attorney-in-fact, each acting alone, in such Member’s name, place and stead, to make, execute, sign and file all instruments, documents and certificates which, from time to time, may be required to set forth any amendment to this Agreement or
may be required by this Agreement or by the laws of the United States of America, the State of Delaware or any other state in which the Company shall determine to do business, or any political subdivision or agency thereof, to execute, implement and
continue the valid and subsisting existence of the Company. Such power of attorney is coupled with an interest and shall survive and continue in full force and effect notwithstanding the subsequent Withdrawal from the Company of any Member for any
reason and shall not be affected by the subsequent disability or incapacity of such Member. 
  

 39 

 7.11. Member’s Will. Each Member and Withdrawn Member shall include in his or her will a
provision substantially identical to the books and records of the Company that addresses certain matters in respect of his or her obligations relating to the Company that is satisfactory to the Managing Member and each such Member and Withdrawn
Member shall confirm annually to the Company, in writing, that such provision remains in his current will. Where applicable, any estate planning trust of such Member or Withdrawn Member to which a portion of such Member’s or Withdrawn
Member’s Interest is transferred shall include a provision substantially similar to such provision and the trustee of such trust shall confirm annually to the Company, in writing, that such provision or its substantial equivalent remains in
such trust. In the event any Member or Withdrawn Member fails to comply with the provisions of this Section 7.10 after the Company has notified such Member or Withdrawn Member of his failure to so comply and such failure to so comply is not
cured within 30 days of such notice, the Company may withhold any and all distributions to such Member until the time at which such party complies with the requirements of this Section 7.10. 
 7.12. Cumulative Remedies. Rights and remedies under this Agreement are cumulative and do not preclude use of other rights and remedies available
under applicable law. 
 7.13. Legal Fees. Except as more specifically provided herein, in the event of a legal dispute (including
litigation, arbitration or mediation) between any Member or Withdrawn Member and the Company, arising in connection with any party seeking to enforce Section 4.1(d) or any other provision of this Agreement relating to the Holdback, the Clawback
Amount, the Giveback Amount or the Recontribution Amount, the “losing” party to such dispute shall promptly reimburse the “victorious party” for all reasonable legal fees and expenses incurred in connection with such dispute
(such determination to be made by the relevant adjudicator). Any amounts due under this Section 7.12 shall be paid within 30 days of the date upon which such amounts are due to be paid and such amounts remaining unpaid after such date shall
accrue interest at the Default Interest Rate. 
 7.14. Entire Agreement. This Agreement embodies the entire agreement and
understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, representations, warranties, covenants or undertakings, other than those expressly set forth or referred to herein. Subject
to Section 7.4, this Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 
  

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 IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the day and year first above
written. In the event that it is impracticable to obtain the signature of any of the Members to this Agreement, this Agreement shall be binding among the other Members executing the same. 
  

			
	 MANAGING MEMBER:

	
	BLACKSTONE HOLDINGS III L.P.
		
	 By:
	 	Blackstone Holdings III GP L.L.C.,
		 	its General Partner
		
	 By:
	 	 /s/ Stephen A. Schwarzman

	 Name:
	 	Stephen A. Schwarzman
	 Title:
	 	Authorized Person

  

 41

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