Document:

EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
  

 
  

HIGHLY CONFIDENTIAL & TRADE SECRET 

BTOA II L.L.C. 
 AMENDED AND
RESTATED LIMITED LIABILITY COMPANY AGREEMENT 
 DATED AS OF DECEMBER 19, 2014 

THE LIMITED LIABILITY COMPANY INTERESTS (THE “INTERESTS”) OF BTOA II L.L.C. (THE “COMPANY”) HAVE NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), THE SECURITIES LAWS OF ANY STATE IN THE UNITED STATES OR ANY OTHER APPLICABLE SECURITIES LAWS IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND SUCH LAWS. SUCH INTERESTS MUST BE ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD, ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE STATE SECURITIES
LAWS, AND ANY OTHER APPLICABLE SECURITIES LAWS; AND (II) THE TERMS AND CONDITIONS OF THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT. THE INTERESTS MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH SUCH LAWS AND THIS AMENDED
AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT. THEREFORE, PURCHASERS OF SUCH INTERESTS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
	 Section 1.1.
	  	Definitions	  	 	1	  
	 Section 1.2.
	  	Terms Generally	  	 	21	  
		
	 ARTICLE II GENERAL PROVISIONS
	  	 	21	  
	 Section 2.1.
	  	Managing, Regular and Special Members	  	 	21	  
	 Section 2.2.
	  	Formation; Name; Foreign Jurisdictions	  	 	22	  
	 Section 2.3.
	  	Term	  	 	22	  
	 Section 2.4.
	  	Purposes; Powers	  	 	22	  
	 Section 2.5.
	  	Place of Business	  	 	25	  
		
	 ARTICLE III MANAGEMENT
	  	 	25	  
	 Section 3.1.
	  	Managing Member	  	 	25	  
	 Section 3.2.
	  	Member Voting, etc	  	 	25	  
	 Section 3.3.
	  	Management	  	 	25	  
	 Section 3.4.
	  	Responsibilities of Members	  	 	28	  
	 Section 3.5.
	  	Exculpation and Indemnification	  	 	28	  
	 Section 3.6.
	  	Representations of Members	  	 	30	  
	 Section 3.7.
	  	Tax Information	  	 	31	  
		
	 ARTICLE IV CAPITAL OF THE COMPANY
	  	 	32	  
	 Section 4.1.
	  	Capital Contributions by Members	  	 	32	  
	 Section 4.2.
	  	Interest	  	 	39	  
	 Section 4.3.
	  	Withdrawals of Capital	  	 	39	  
		
	 ARTICLE V PARTICIPATION IN PROFITS AND LOSSES
	  	 	40	  
	 Section 5.1.
	  	General Accounting Matters	  	 	40	  
	 Section 5.2.
	  	GP-Related Capital Accounts	  	 	41	  
	 Section 5.3.
	  	GP-Related Profit Sharing Percentages	  	 	42	  
	 Section 5.4.
	  	Allocations of GP-Related Net Income (Loss)	  	 	43	  
	 Section 5.5.
	  	Liability of Members	  	 	44	  
	 Section 5.6.
	  	[Intentionally omitted.]	  	 	44	  
	 Section 5.7.
	  	Repurchase Rights, etc	  	 	44	  
	 Section 5.8.
	  	Distributions	  	 	44	  
	 Section 5.9.
	  	Business Expenses	  	 	51	  
	 Section 5.10.
	  	Tax Capital Accounts; Tax Allocations	  	 	51	  
		
	 ARTICLE VI ADDITIONAL MEMBERS; WITHDRAWAL OF MEMBERS; SATISFACTION AND DISCHARGE OF
COMPANY INTERESTS; TERMINATION
	  	 	52	  
	 Section 6.1.
	  	Additional Members	  	 	52	  
	 Section 6.2.
	  	Withdrawal of Members	  	 	53	  
	 Section 6.3.
	  	GP-Related Member Interests Not Transferable	  	 	54	  

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 6.4.
	  	Consequences upon Withdrawal of a Member	  	 	55	  
	 Section 6.5.
	  	Satisfaction and Discharge of a Withdrawn Member’s GP-Related Member Interests	  	 	56	  
	 Section 6.6.
	  	Dissolution of the Company	  	 	61	  
	 Section 6.7.
	  	Certain Tax Matters	  	 	61	  
	 Section 6.8.
	  	Special Basis Adjustments	  	 	63	  
		
	 ARTICLE VII CAPITAL COMMITMENT INTERESTS; CAPITAL CONTRIBUTIONS; ALLOCATIONS;
DISTRIBUTIONS
	  	 	63	  
	 Section 7.1.
	  	Capital Commitment Interests, etc	  	 	63	  
	 Section 7.2.
	  	Capital Commitment Capital Accounts	  	 	64	  
	 Section 7.3.
	  	Allocations	  	 	65	  
	 Section 7.4.
	  	Distributions	  	 	65	  
	 Section 7.5.
	  	Valuations	  	 	70	  
	 Section 7.6.
	  	Disposition Election	  	 	70	  
	 Section 7.7.
	  	Capital Commitment Special Distribution Election	  	 	71	  
		
	 ARTICLE VIII WITHDRAWAL, ADMISSION OF NEW MEMBERS
	  	 	71	  
	 Section 8.1.
	  	Member Withdrawal; Repurchase of Capital Commitment Interests	  	 	71	  
	 Section 8.2.
	  	Transfer of Member’s Capital Commitment Interest	  	 	76	  
	 Section 8.3.
	  	Compliance with Law	  	 	76	  
		
	 ARTICLE IX DISSOLUTION
	  	 	77	  
	 Section 9.1.
	  	Dissolution	  	 	77	  
	 Section 9.2.
	  	Final Distribution	  	 	77	  
	 Section 9.3.
	  	Amounts Reserved Related to Capital Commitment Member Interests	  	 	77	  
		
	 ARTICLE X MISCELLANEOUS
	  	 	78	  
	 Section 10.1.
	  	Submission to Jurisdiction; Waiver of Jury Trial	  	 	78	  
	 Section 10.2.
	  	Ownership and Use of the Blackstone Name	  	 	79	  
	 Section 10.3.
	  	Written Consent	  	 	80	  
	 Section 10.4.
	  	Letter Agreements; Schedules	  	 	80	  
	 Section 10.5.
	  	Governing Law; Separability of Provisions	  	 	80	  
	 Section 10.6.
	  	Successors and Assigns; Third Party Beneficiaries	  	 	80	  
	 Section 10.7.
	  	Confidentiality	  	 	81	  
	 Section 10.8.
	  	Notices	  	 	81	  
	 Section 10.9.
	  	Counterparts	  	 	81	  
	 Section 10.10.
	  	Power of Attorney	  	 	81	  
	 Section 10.11.
	  	Member’s Will	  	 	82	  
	 Section 10.12.
	  	Cumulative Remedies	  	 	82	  
	 Section 10.13.
	  	Legal Fees	  	 	82	  
	 Section 10.14.
	  	Entire Agreement	  	 	82	  

  
 -ii- 

 BTOA II L.L.C. 

AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT of BTOA II L.L.C., a Delaware limited liability company (the
“Company”), dated as of December 19, 2014, by and among Blackstone Holdings III L.P., a Québec société en commandite (the “Managing Member” or “Holdings”), as managing member,
and the other members of the Company as set forth in the books and records of the Company, 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 as a Delaware limited liability company 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 August 20, 2014; 
 WHEREAS, the Managing Member entered
into a Limited Liability Company Agreement dated as of August 20, 2014 (the “Original Agreement”); and 
 WHEREAS,
the parties hereto now wish to amend and restate the Original Agreement in its entirety as hereinafter set forth. 
 NOW, THEREFORE, in
consideration of the mutual covenants and agreements herein made and intending to be legally bound, the parties hereto hereby agree that the Original Agreement shall be amended and restated in its entirety as follows: 

ARTICLE I 
 DEFINITIONS 

Section 1.1. Definitions. Unless the context otherwise requires, the following terms shall have the following meanings for
purposes of this Agreement: 
 “Adjustment Amount” has the meaning set forth in Section 8.1(b). 

“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, which may include, for greater certainty, endowment funds, charitable programs and other similar and/or related vehicles or
accounts associated with or established by Blackstone and/or its affiliates, partners and current and/or former employees. 

“Agreement” means this Amended and Restated Limited Liability Company Agreement, as it may be further amended,
supplemented, restated or otherwise modified from time to time. 

 “Alternative Vehicle” means any investment vehicle or structure
formed pursuant to Section 2.9 of the BTO II Partnership Agreement or any other “Alternative Vehicle” (as defined in any other BTO II Agreements). 

“Applicable Collateral Percentage,” with respect to any Firm Collateral or Special Firm Collateral, has the
meaning set forth in the books and records of the Company with respect thereto. 
 “Associates II” means
Blackstone Tactical Opportunities Associates II L.L.C., a Delaware limited liability company and the general partner of BTO II. 

“Associates II LLC Agreement” means the Limited Liability Company Agreement, dated as of the date set forth
therein, of Associates II, as it may be amended, supplemented, restated or otherwise modified from time to time. 

“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 or her 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 or her inability to pay his or her debts as they become due; (iii) the failure of such person to pay his or her 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 or her consenting to, or defaulting in answering, a
Bankruptcy petition filed against him or her 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 or her assets and the continuance of such order, judgment or decree unstayed and in effect
for a period of 60 consecutive days. 
 “BCE Agreement” means the limited partnership agreement, limited
liability company agreement or other governing document of any limited partnership, limited liability company or other entity named or referred to in the definition of any of “BFREP,” “BFIP,” “BFGSO,” “BFCOMP”
or “Other Blackstone Collateral Entity,” as such limited partnership agreement, limited liability company agreement or other governing document may be amended, supplemented, restated or otherwise modified to date, and as such limited
partnership agreement, limited liability company agreement or other governing document may be further amended, supplemented, restated or otherwise modified from time to time, and any Other Blackstone Collateral Entity limited partnership agreement,
limited liability company agreement or other governing document. 
 “BCE Investment” means any direct or
indirect investment by any Blackstone Collateral Entity. 

  
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 “BCOM” is the collective reference to (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 VI” is the collective reference to (i) Blackstone Capital Partners VI L.P., a Delaware limited
partnership and (ii) any Alternative Investment Vehicles or Parallel Funds (each as defined in the partnership agreement for the partnership referred to in clause (i) above). 

“BCP VII” is the collective reference to (i) Blackstone Capital Partners VII L.P. and Blackstone Capital
Partners VII.2 L.P., each a Delaware limited partnership and (ii) any other Alternative Investment Vehicles or Parallel Funds (each as defined in the partnership agreements for the partnerships referred to in clause (i) above). 

“BCTP” means (i) Blackstone Clean Technology Partners L.P., a Delaware limited partnership and (ii) any other
Alternative Investment Vehicles or Parallel Funds (each as defined in the partnership agreement for the partnership referred to in clause (i) above). 

“BEP” means (i) Blackstone Energy Partners L.P. and Blackstone Energy Partners Q L.P., each a Delaware limited
partnership, and (ii) any other Alternative Investment Vehicles or Parallel Funds (each as defined in the partnership agreement for the partnership referred to in clause (i) above). 

“BEP II” means (i) Blackstone Energy Partners II L.P. and Blackstone Energy Partners II.F L.P., each a
Delaware limited partnership and (ii) any other Alternative Investment Vehicles or Parallel Funds (each as defined in the partnership agreement for the partnership referred to in clause (i) above). 

“BFCOMP” means Blackstone Family Communications Partnership I L.P., Blackstone Family Communications
Partnership I-SMD L.P. and any other entity 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 Managing Member (which includes serving as general
partner of such funds). 
 “BFGSO” means any entity formed to invest side-by-side with any GSO Fund and any
other entity that is an Affiliate thereof and that has terms substantially similar to those of the foregoing partnerships or other entities and is formed in connection with the participation by one or more partners or other equity owners thereof
directly or indirectly in investments in securities also purchased by any GSO Fund or any other funds with substantially similar investment objectives to any GSO Fund and that are sponsored or managed by an Affiliate of the Managing Member (which
includes serving as general partner of such funds). 

  
 3 

 “BFIP” means Blackstone Capital Associates II L.P., Blackstone
Capital Associates III 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-A – SMD L.P.,
Blackstone Family Investment Partnership V L.P., Blackstone Family Investment Partnership V- SMD L.P., Blackstone Family Investment Partnership VI L.P., Blackstone Family Investment Partnership VI-SMD L.P., Blackstone Family Investment Partnership
VII – ESC L.P., Blackstone Family Cleantech Investment Partnership L.P., Blackstone Family Cleantech Investment Partnership – SMD L.P., Blackstone Energy Family Investment Partnership L.P., Blackstone Energy Family Investment Partnership
– SMD L.P., Blackstone Family Tactical Opportunities Investment Partnership L.P., Blackstone Family Tactical Opportunities Investment Partnership – SMD L.P., Blackstone Family Tactical Opportunities Investment Partnership (Cayman) L.P.,
Blackstone Family Tactical Opportunities Investment Partnership (Cayman) – SMD L.P., Blackstone Energy Family Investment Partnership II 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 VI, BCP VII, BCTP, BEP, BEP II, BTO, BTO II or any other fund with substantially similar
investment objectives to BCP VI, BCP VII, BCTP, BEP, BEP II, BTO or BTO II and that are sponsored or managed by an Affiliate of the Managing Member (which includes serving as general partner of such funds). 

“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 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-SMD L.P., Blackstone Family Real Estate Partnership IV-SMD L.P., Blackstone Family Real Estate Partnership International II-SMD L.P., Blackstone Family Real Estate Partnership V-SMD L.P., Blackstone Family Real Estate
Partnership VI-SMD L.P., Blackstone Family Real Estate Partnership VII-SMD L.P., Blackstone Family Real Estate Partnership VIII-SMD L.P., Blackstone Family Real Estate Partnership Europe III-SMD L.P., Blackstone Family Real Estate Special Situations
Partnership – SMD L.P., Blackstone Family Real Estate Special Situations Partnership Europe – SMD 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 IV L.P., Blackstone Real Estate Holdings International II L.P., Blackstone Real Estate Holdings V L.P., Blackstone Real Estate Holdings VI L.P., Blackstone Real Estate
Holdings VII L.P., Blackstone Real Estate Holdings Europe III L.P., Blackstone Real Estate Holdings Europe IV L.P., Blackstone Real Estate Special Situations Holdings II L.P., Blackstone Real Estate Special Situations Holdings Europe L.P.,
Blackstone Family Real Estate Partnership Europe IV SMD L.P., Blackstone Real Estate Holdings Europe IV ESC L.P., Blackstone Family Real Estate Partnership Asia – SMD L.P., Blackstone Real Estate Holdings Asia – ESC L.P., Blackstone Real
Estate Holdings VII-ESC L.P., Blackstone Real Estate Holdings VIII-ESC 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 

  
 4 

 
estate and real estate-related investments also purchased by BREP VII, BREP VIII, the BREDS Funds, BREP Europe IV or BREP Asia and any other funds with substantially similar investment objectives
to BREP VII, BREP VIII, the BREDS Funds, BREP Europe IV, BREP Asia or BPP and that are sponsored or managed by an Affiliate of the Managing Member (which includes serving as general partner of such funds). 

“Blackstone” means collectively, The Blackstone Group L.P., a Delaware limited partnership, and any Affiliate
thereof (excluding any natural persons and any portfolio companies of any Blackstone-sponsored fund). 
 “Blackstone
Commitment” has the meaning set forth in the BTO II Partnership Agreement. 
 “Blackstone Collateral
Entity” means any limited partnership, limited liability company or other entity named or referred to in the definition of any of “BFREP,” “BFIP,” “BFGSO,” “BFCOMP” or “Other Blackstone
Collateral Entity.” 
 “Blackstone Entity” means any partnership, limited liability company or other
entity (excluding any natural persons and any portfolio companies of any Blackstone-sponsored fund) that is an Affiliate of The Blackstone Group L.P. 

“BPP” is the collective reference to (i) Blackstone Property Partners L.P., a Delaware limited partnership,
(ii) any other Alternative Vehicles or Parallel Funds (each as defined in the partnership agreement for the partnership referred to in clause (i) above), or (iii) any other investment vehicle established pursuant to Article 2 of the partnership
agreement for the partnership referred to in clause (i) above. 
 “BREDS Funds” shall mean the investment
funds, vehicles and/or managed accounts managed on a day-to-day basis primarily by personnel in the Blackstone Real Estate Debt Strategies Group (including, without limitation, Blackstone Real Estate Special Situations Fund II L.P., Blackstone Real
Estate Special Situations Fund II.1 L.P., Blackstone Real Estate Special Situations Fund II.2 L.P., Blackstone Real Estate Debt Strategies II L.P., Blackstone Real Estate Debt Strategies II – AC L.P., Blackstone Real Estate Debt Strategies II
– Gaussian L.P., Blackstone Real Estate Debt Strategies III L.P., Blackstone Real Estate Debt Strategies II – A L.P., Blackstone Real Estate CMBS Fund L.P., Blackstone Real Estate Special Situations Europe L.P., Blackstone Real Estate
Special Situations Europe 1 L.P., Blackstone Real Estate Special Situations Europe 2 L.P., Blackstone Commercial Real Estate Debt Fund L.P., Blackstone Real Estate Special Situations Fund L.P. and, in each case, any alternative vehicles, feeder
vehicles or subsidiaries formed in connection therewith, any successor funds, any supplemental capital vehicles or other vehicles formed in connection therewith (or are otherwise related thereto) or in connection with any investments made thereby,
and, in each case, any vehicles formed in connection with Blackstone’s side-by-side or additional general partner investments relating thereto). 

“BREP VII” means (i) Blackstone Real Estate Partners VII L.P., Blackstone Real Estate Partners VII.TE.1 L.P.,
Blackstone Real Estate Partners VII.TE.2 L.P., Blackstone 

  
 5 

 
Real Estate Partners VII.TE.3 L.P., Blackstone Real Estate Partners VII.TE.4 L.P., Blackstone Real Estate Partners VII.TE.5 L.P., Blackstone Real Estate Partners VII.TE.6 L.P., Blackstone Real
Estate Partners VII.TE.7 L.P., Blackstone Real Estate Partners VII.TE.8 L.P. and Blackstone Real Estate Partners VII.F L.P., each a Delaware limited partnership, (ii) any other Alternative Vehicles, Parallel Funds or other Supplemental Capital
Vehicles (each as defined in the respective partnership agreements for the partnerships referred to in clause (i) above), 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 VIII” means (i) Blackstone Real Estate Partners VIII
L.P., Blackstone Real Estate Partners VIII.TE.1 L.P., Blackstone Real Estate Partners VIII.TE.2 L.P. and Blackstone Real Estate Partners VIII.F L.P., each a Delaware limited partnership, (ii) any other Alternative Vehicles, Parallel Funds or other
Supplemental Capital Vehicles (each as defined in the respective partnership agreements for the partnerships referred to in clause (i) above), 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 Asia” is the collective
reference to (i) Blackstone Real Estate Partners Asia L.P., a Cayman Islands exempted limited partnership, and Blackstone Real Estate Partners Asia.F L.P., a Delaware limited partnership, (ii) any other Alternative Vehicles, Parallel Funds or other
Supplemental Capital Vehicles (each as defined in the partnership agreement for the partnership referred to in clause (i) above) or (iii) any other investment vehicle established pursuant to Article 2 of the partnership agreement for the partnership
referred to in clause (i) above. 
 “BREP Europe IV” is the collective reference to (i) Blackstone Real
Estate Partners Europe IV L.P. and Blackstone Real Estate Partners Europe IV.2 L.P., each a Cayman Islands exempted limited partnership, (ii) any other Alternative Investment Vehicles, Parallel Funds or other Supplemental Capital Vehicles (each as
defined in the partnership agreements for the partnerships referred to in clause (i) above), or (iii) any other investment vehicle established pursuant to Article 2 of the partnership agreements for the partnerships referred to in clause (a) above.

 “BTO” shall mean (i) the investment funds, vehicles and/or managed accounts managed on a day-to-day basis
primarily by personnel in the Blackstone Tactical Opportunities Program (including, without limitation, Blackstone Tactical Opportunities Fund L.P., a Delaware limited partnership), (ii) any alternative investment vehicles relating to, or formed in
connection with, any of the partnerships referred to in clause (i) of this definition, (iii) any parallel fund, managed account or other capital vehicle relating to, or formed in connection with, any of the partnerships referred to in clause (i) of
this definition, and (iv) any other limited partnership, limited liability company or other entity (in each case, whether now or hereafter established) of which Blackstone Tactical Opportunities Associates L.L.C. or BTOA L.L.C. serves, directly or
indirectly, as the manager or managing member or in a similar capacity. 

  
 6 

 “BTO II” means (i) Blackstone Tactical Opportunities Fund II
L.P., a Delaware limited partnership, and Blackstone Tactical Opportunities Fund II.F L.P., a Cayman Islands exempted limited partnership, (ii) any Alternative Vehicle relating thereto and any other Parallel Fund relating thereto, (iii) any managed
account or other capital vehicle relating to, or formed in connection with, any of the partnerships referred to in clause (i) of this definition and (iv) any other limited partnership, limited liability company or other entity (in each case, whether
now or hereafter established) of which Associates II or the Company serves, directly or indirectly, as the general partner or managing member or in a similar capacity. 

“BTO II Agreements” means the collective reference to (i) the BTO II Partnership Agreement and (ii) any other
BTO II partnership, limited liability company or other governing agreements, as each may be amended, supplemented, restated or otherwise modified from time to time. 

“BTO II Partnership Agreement” means the collective reference to the Amended and Restated Agreement of Limited
Partnership of each limited partnership named in clause (i) of the definition of “BTO II,” as each may be amended, supplemented, restated or otherwise modified from time to time. 

“Business Day” shall mean any day other than a Saturday, Sunday or other day on which banks are authorized or
required by law to be closed in New York, New York. 
 “Capital Commitment Associates II Member Interest”
means the interest of the Company, if any, as the sole member of Associates II with respect to any Capital Commitment BTO II Interest that may be held by Associates II. 

“Capital Commitment BTO II Commitment” means the Capital Commitment (as defined in the BTO II Partnership
Agreement), if any, of the Company or Associates II to BTO II that relates solely to the Capital Commitment BTO II Interest, if any. 

“Capital Commitment BTO II Interest” means the Interest (as defined in the BTO II Partnership Agreement), if
any, of the Company or Associates II as a capital partner in BTO II. 
 “Capital Commitment BTO II
Investment” means the Company’s interest in a specific investment of BTO II, which interest may be held by the Company (i) through the Company’s direct interest in BTO II through the Company’s Capital Commitment BTO II
Interest, if the Company holds the Capital Commitment BTO II Interest, or (ii) through the Company’s interest in Associates II and Associates II’s interest in BTO II through Associates II’s Capital Commitment BTO II Interest, if
Associates II holds the Capital Commitment BTO II Interest. 
 “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 Capital Commitment Investment and from which are 

  
 7 

 
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)(A). 

“Capital Commitment Deficiency Contribution” has the meaning specified in Section 7.4(g)(ii)(A). 

“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 BTO II Interest, if any, 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)(i). 
 “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 BTO II
Investment, but shall exclude any GP-Related 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) immediately prior to dissolution. 

  
 8 

 “Capital Commitment Member 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.” “Capital Commitment Member Carried
Interest” includes any amount initially received by an Affiliate of the Company from any fund (including BTO II, 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 in another 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”). 

“Capital Commitment Member Interest” means a Member’s interest in the Company which relates (i) to any
Capital Commitment BTO II Interest held by the Company or (ii) through the Company and Associates II, to any Capital Commitment BTO II Interest that may be held by Associates II. 

“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. 

“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)(i). 

“Capital Commitment-Related Capital Contributions” has the meaning set forth in Section 7.1(b). 

“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, including, without limitation, any such commitment that may be set forth in such Member’s Commitment Agreement
or SMD Agreement, if any. 
 “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. 

  
 9 

 “Carried Interest” means (i) “Carried Interest” as
defined in the BTO II Partnership Agreement, and (ii) any other carried interest distribution to a Fund GP pursuant to any BTO II 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 it determines in good faith is appropriate). 

“Carried Interest Give Back Percentage” means, 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 or 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 or any Other Fund GP or any of their Affiliates (in any capacity) in respect of Carried Interest. For purposes of determining any “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, partners or other equity owners of the Company or 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 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 any of its Affiliates, or (z) such Member’s committing to or engaging in any conduct or
behavior that is or may be harmful to the Company or any of its Affiliates 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 any of its Affiliates; (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-

  
 10 

 
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 business of the Company and its Affiliates or (B) the business of the Company and its Affiliates or (iv) becoming subject
to an event described in Rule 506(d)(1)(i)-(viii) of Regulation D under the Securities Act. 
 “Clawback Adjustment
Amount” has the meaning set forth in Section 5.8(e)(ii)(C). 
 “Clawback Amount” means the
“Clawback Amount” and (to the extent applicable to any limited partnership, limited liability company or other entity named or referred to in the definition of “BTO II”) the “Interim Clawback Amount,” each as defined in
the BTO II Partnership Agreement, and any other clawback amount payable to the limited partners of BTO II or to BTO II pursuant to any BTO II Agreement, as applicable. 

“Clawback Provisions” means Sections 3.5 and 9.4 of the BTO II Partnership Agreement and any other similar
provisions in any other BTO II Agreement existing heretofore or hereafter entered into. 
 “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 means, where appropriate, the corresponding provision in any successor statute. 

“Commitment Agreements” means the agreements between the Company or an Affiliate thereof and Members, pursuant
to which each Member undertakes certain obligations, including the obligation to make capital contributions pursuant to Section 4.1 and/or Section 7.1. Each Commitment Agreement is hereby incorporated by reference as between the Company and the
relevant Member. 
 “Company” has the meaning set forth in the preamble hereto. 

“Company Affiliate” has the meaning set forth in Section 3.3(b). 

“Company Affiliate Governing Agreement” has the meaning set forth in Section 3.3(b). 

“Covered Person” has the meaning set forth in Section 3.5(a). 

“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

  
 11 

 
persons by or through stock or other equity 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. 
 “Deceased Member” means 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” means the lower of (i) the sum of (a) the
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(a). 
 “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” means 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(c). 
 “Firm Collateral” means 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).

 “Fiscal Year” means a calendar year, or any other period chosen by the Managing Member. 

  
 12 

 “Fund GP” means the Company (only with respect to the GP-Related
BTO II Interest) and the Other Fund GPs. 
 “GAAP” means U.S. generally accepted accounting principles. 

“Giveback Amount(s)” means the amount(s) payable by partners of BTO II pursuant to the Giveback Provisions.

 “Giveback Provisions” means Section 5.2 of the BTO II Partnership Agreement and any other similar
provisions in any other BTO II Agreement existing heretofore or hereafter entered into. 
 “GP-Related Associates II
Interest” means the interest of the Company as the sole member of Associates II with respect to the GP-Related BTO II Interest, but does not include any interest of the Company in Associates II with respect to any Capital Commitment BTO II
Interest that may be held by Associates II. 
 “GP-Related BTO II Interest” means the interest of Associates
II in BTO II as general partner of BTO II, excluding any Capital Commitment BTO II Interest that may be held by Associates II. 

“GP-Related BTO II Investment” means the Company’s indirect interest in Associates II’s indirect
interest in an Investment (for purposes of this definition, as defined in the BTO II Partnership Agreement) in Associates II’s capacity as the general partner of BTO II, but does not include any Capital Commitment Investment. 

“GP-Related Capital Account” has the meaning set forth in Section 5.2(a). 

“GP-Related Capital Contributions” has the meaning set forth in Section 4.1(a). 

“GP-Related Class A Interest” has the meaning set forth in Section 5.8(a)(ii). 

“GP-Related Class B Interest” has the meaning set forth in Section 5.8(a)(ii). 

“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, without limitation, any such commitment that may be set forth in such Member’s Commitment Agreement or SMD Agreement, if
any. 
 “GP-Related Defaulting Party” has the meaning set forth in Section 5.8(d)(ii)(A). 

“GP-Related Deficiency Contribution” has the meaning set forth in Section 5.8(d)(ii)(A). 

“GP-Related Disposable Investment” has the meaning set forth in Section 5.8(a)(ii). 

  
 13 

 “GP-Related Giveback Amount” has the meaning set forth in
Section 5.8(d)(i)(A). 
 “GP-Related Investment” means any investment (direct or indirect) of the Company in
respect of the GP-Related BTO II Interest (including, without limitation, any GP-Related BTO II Investment, but excluding any Capital Commitment 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 GP-Related BTO II 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 (i) in connection with voting or voting rights or (ii) GP-Related Capital
Contributions with respect to GP-Related Investments (including Section 5.3(b)) means 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)(A). 
 “GP-Related Required Amounts” has the
meaning set forth in Section 4.1(a). 
 “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 BTO II
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 BTO II Investment if BTO II’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 BTO II to the Company (indirectly through the general partner of BTO II) pursuant to any BTO II Partnership Agreement with
respect to such GP-Related BTO II Investment were made on such date. “GP-Related Unrealized Net Income (Loss)” attributable to any other GP-Related Investment (other than 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)). 
 “GSO Fund” means (i) any of GSO Capital Opportunities Fund LP, GSO Capital Opportunities
Overseas Fund L.P., GSO Capital Opportunities Overseas Master Fund L.P., GSO Liquidity Partners LP, GSO Liquidity Overseas Partners LP, Blackstone / GSO Capital Solutions Fund LP, Blackstone / GSO Capital Solutions Overseas Fund

  
 14 

 
L.P., Blackstone / GSO Capital Solutions Overseas Master Fund L.P., GSO Capital Solutions Fund II LP, GSO Capital Solutions Overseas Feeder Fund II LP, GSO European Senior Debt Fund LP, GSO
European Senior Debt Feeder Fund LP, GSO Targeted Opportunity Partners LP, GSO Targeted Opportunity Overseas Partners L.P., GSO Targeted Opportunity Overseas Intermediate Partners L.P., GSO Targeted Opportunity Master Partners L.P., GSO SJ Partners
LP, GSO Capital Opportunities Fund II LP, GSO Capital Opportunities Cayman Overseas Fund II LP, GSO NMERB LP, GSO Energy Partners-A LP, GSO Palmetto Opportunistic Investment Partners LP, GSO Foreland Co-Invest Holdings LP, GSO Bakken Holdings I LP
or GSO Churchill Partners LP, or (ii) any alternative vehicle or parallel fund relating to any of the partnerships referred to in clause (i) above. 

“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 or her person or his or her property. 

“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 any interest that is 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 of such Member in Blackstone Collateral Entities; provided, that such promissory note may also evidence indebtedness relating to other interests of such Member in Blackstone Collateral Entities, 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 BCE Agreements and any documentation
relating to Other Sources; provided 

  
 15 

 
further, that references to “Investor Notes” herein refer to multiple loans made pursuant to such note, whether made with respect to Capital Commitment Investments or other BCE
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 or other interests in Blackstone Collateral Entities 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). 

“Lender or Guarantor” means Blackstone Holdings I L.P., 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 or other interests in Blackstone Collateral Entities. 

“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. 
 “Loss
Amount” has the meaning set forth in Section 5.8(e)(i)(A). 
 “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” means Blackstone Holdings III L.P. and any person admitted to the Company as an additional
or substitute managing member of the Company in accordance with the provisions of this Agreement (until such time as such person ceases to be a managing member of the Company as provided herein or in the LLC Act). 

“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 

  
 16 

 
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” means 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 Service, Inc., or any successor thereto. 
 “Net Carried Interest Distribution”
has the meaning set forth in Section 5.8(e)(i)(C). 
 “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(d)(i)(A). 
 “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). 

“Original Agreement” has the meaning set forth in the recitals. 

“Other Blackstone Collateral Entity” means any Blackstone Entity (other than any limited partnership, limited
liability company or other entity named or referred to in the definition of any of “BFREP,” “BFIP,” “BFGSO” or “BFCOMP”) in which any limited partner interest, limited liability company interest, unit or other
interest is pledged to secure any Investor Note. 
 “Other Fund GPs” means Associates II 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; provided, that this includes any other entity which has in its
organizational documents a provision which 

  
 17 

 
indicates that it is a “Fund GP” or an “Other Fund GP”; provided further, that notwithstanding any of the foregoing, neither Holdings nor any Estate Planning
Vehicle established for the benefit of family members of any Member or of any member or partner of any Other Fund GP shall be considered an “Other Fund GP” for purposes hereof. 

“Other Sources” means (i) distributions or payments of Capital Commitment Member Carried Interest (which shall
include amounts of Capital Commitment Member 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 Blackstone Collateral Entities (other than the Company) to such Member. 
 “Parallel
Fund” means any additional collective investment vehicle (or other similar arrangement) formed pursuant to Section 2.10 of the BTO II 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”. 
 “Regular Member” means any Member, excluding the Managing Member and any
Special Members. 
 “Repurchase Period” has the meaning set forth in Section 5.8(c). 

“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” means 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 

  
 18 

 
properties, short-term investments commonly regarded as money-market investments, bank deposits and interests in personal property of all kinds, whether tangible or intangible. 

“Securities Act” means the U.S. Securities Act of 1933, as amended from time to time, or any successor
statute. 
 “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 certain of
the Members, pursuant to which each such 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 obligation (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)(i). 
 “Subject Member” has the meaning set forth in Section 4.1(d)(iv)(A). 

“Successor in Interest” means any (i) shareholder of; (ii) trustee, custodian, receiver or other person acting
in any Bankruptcy or reorganization proceeding with respect to; (iii) assignee for the benefit of the creditors of; (iv) officer, director or partner of; (v) trustee or receiver, or former officer, director or partner, or other fiduciary acting for
or with respect to the dissolution, liquidation or termination of; or (vi) other executor, administrator, committee, legal representative or other successor or assign of, any Member, whether by operation of law or otherwise. 

“Tac Opps Program” is the collective reference to (i) BTO and BTO II, (ii) any Alternative Vehicles, Parallel
Funds or Comparable Funds (each as defined in the partnership agreements for the partnerships referred to in clause (i) above) or (iii) any other investment vehicle established pursuant to Article II of the partnership agreements for the
partnerships referred to in clause (i) above. 
 “Tax Matters Member” has the meaning in Section 6.7(b).

  
 19 

 “TM” has the meaning in Section 10.2. 

“Total Disability” means the inability of a Regular Member substantially to perform the services required of
such Regular Member (in its capacity as such or in any other capacity with respect to any Affiliate of the Company) 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. 
 “Transfer” has the meaning set forth in Section 8.2. 

“Trust Account” has the meaning set forth in the Trust Agreement. 

“Trust Agreement” means the Trust Agreement, dated as of the date set forth therein, as amended, supplemented,
restated or otherwise modified from time to time, 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)(i)(B). 

“Unallocated Capital Commitment Interests” has the meaning set forth in Section 8.1(f). 

“U.S.” means the United States of America. 

“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 the Withdrawal from the Company of a Withdrawn Member. 

“Withdrawn Member” means a Regular Member whose GP-Related Member Interest or Capital Commitment Member
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. 

“W-8BEN” has the meaning set forth in Section 3.7. 

  
 20 

 “W-8BEN-E” has the meaning set forth in Section 3.7. 

“W-8IMY” has the meaning set forth in Section 3.7. 

“W-9” has the meaning set forth in Section 3.7. 

Section 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 
 Section
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, the Regular Members as of
the date hereof are those persons shown as Regular Members in the books and records of the Company, and the Special Members as of the date hereof are persons shown as Special Members in the books and records of the Company. The books and records of
the Company contain the GP-Related Profit Sharing Percentage and GP-Related Commitment of each Member (including, without limitation, the Managing 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 Member (including, without limitation, the Managing 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 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 (including, without limitation, the Managing Member), as modified from time to time, the Capital
Commitment Profit Sharing Percentages of the Members (including, without limitation, the Managing Member), as modified from time to time, the admission of additional Members, the 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/or a Capital Commitment Member Interest. 

  
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 Section 2.2. Formation; Name; Foreign Jurisdictions. The Company is
hereby continued as a limited liability company pursuant to the LLC Act and shall conduct its activities on and after the date hereof under the name of BTOA II 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. 
 Section
2.3. Term. The term of the Company shall continue until December 31, 2065, unless earlier dissolved and its affairs wound up in accordance with this Agreement and the LLC Act. 

Section 2.4. Purposes; Powers. (a) The purposes of the Company shall be, directly or indirectly through subsidiaries or
Affiliates: 
 (i) to serve as a member, the sole member and the managing member of Associates II and perform the
functions of a member, the sole member and the managing member of Associates II specified in the Associates II LLC Agreement and, if applicable, the BTO II Agreements; 

(ii) if applicable, to serve as, and hold the Capital Commitment BTO II Interest as, a capital partner (and, if
applicable, a limited partner and/or a general partner) of BTO II (including any Alternative Vehicle or Parallel Fund) and perform the functions of a capital partner (and, if applicable, a limited partner and/or a general partner) of BTO II
(including any Alternative Vehicle or Parallel Fund) specified in the BTO II Agreements; 
 (iii) to invest in Capital
Commitment Investments and/or GP-Related Investments and acquire and invest in Securities or other property directly or indirectly through Associates II and/or BTO II (including any Alternative Vehicle or Parallel Fund); 

(iv) to make the Blackstone Commitment or a portion thereof, either directly or indirectly through Associates II or
another entity; 
 (v) to serve as a general partner or limited partner of BTO II, certain other funds or vehicles that
are part of the Tac Opps Program and other partnerships and perform the functions of a general partner or limited partner specified in the respective partnership agreements, as amended, supplemented, restated or otherwise modified from time to time,
of any such partnership; 
 (vi) to serve as a member, shareholder or other equity interest owner of limited liability
companies, other companies, corporations or other entities and perform the functions of a member, shareholder or other equity interest owner specified in the respective limited liability company agreement, charter or other governing documents, as
amended, supplemented, restated or otherwise modified from time to time, of any such limited liability company, company, corporation or other entity; 

  
 22 

 (vii) 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 Associates II LLC Agreement, the BTO II Agreements, and any applicable partnership agreement, limited liability company agreement,
charter or other governing document referred to in clause (v) or (vi) above, in each case as the same may be amended, supplemented, restated or otherwise modified from time to time; 

(viii) any other lawful purpose; and 

(ix) 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: 
 (i) to be and become a general
partner 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 partner 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; 

  
 23 

 (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; 
 (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 

  
 24 

 (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 and other applicable law. 
 Section
2.5. Place of Business. The Company shall maintain a registered office at c/o Intertrust Corporate Services Delaware Ltd., 200 Bellevue Parkway, Suite 210, Bellevue Park Corporate Center, Wilmington, Delaware 19809. 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
Intertrust Corporate Services Delaware Ltd., 200 Bellevue Parkway, Suite 210, Bellevue Park Corporate Center, Wilmington, Delaware 19809. 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 
 Section
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 (i) it Withdraws from the Company for any reason,
(ii) it consents in its sole discretion to resign as the Managing Member, or (iii) a Final Event with respect to it occurs. 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. 

Section 3.2. Member Voting, etc. (a) Except as otherwise expressly provided herein and except as may be expressly
required by the LLC Act, Members (including Special Members), other than Managing 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 Members of the applicable class herein. 
 (b) 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. 
 (c) Meetings of the Members may be called only by the Managing Member. 

Section 3.3. Management. 

  
 25 

 (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) Notwithstanding any provision in this Agreement to the contrary, the Company is hereby authorized,
without the need for any further act, vote or consent of any person (directly or indirectly through one or more other entities, in the name and on behalf of the Company, on its own behalf or in its capacity as sole member and/or managing member of
Associates II on Associates II’s own behalf or in Associates II’s capacity as general partner, capital partner and/or limited partner of BTO II or as general partner or limited partner, member or other equity owner of any Company Affiliate
(as hereinafter defined) or, if applicable, in the Company’s capacity as a capital partner of BTO II or as general or limited partner, member or other equity owner of any Company Affiliate): (i) to execute and deliver, and to perform the
Company’s obligations under the Associates II LLC Agreement, including, without limitation, serving as a member, the sole member and the managing member of Associates II, (ii) to execute and deliver, and to cause Associates II to perform
Associates II’s obligations under, the BTO II Agreements, including, without limitation, serving as a general partner of BTO II and, if applicable, a capital partner of BTO II, (iii) if applicable, to execute and deliver, and to perform the
Company’s obligations under, the BTO II Agreements, including, without limitation, serving as a capital partner of BTO II, (iv) to execute and deliver, and to perform, or, if applicable, to cause Associates II to perform, the Company’s or
Associates II’s obligations under, the governing agreement, as amended, supplemented, restated or otherwise modified (each a “Company Affiliate Governing Agreement”), of any other partnership, limited liability company, other
company, corporation or other entity (each a “Company Affiliate”) of which the Company or Associates II is, or is to become, a general partner or limited partner, member, shareholder or other equity interest owner, including,
without limitation, serving as a general partner or limited partner, member, shareholder or other equity interest owner of each Company Affiliate, and (v) to take any action, in the applicable capacity, contemplated by or arising out of this
Agreement, the Associates II LLC Agreement, the BTO II Agreements or each Company Affiliate Governing Agreement (and any amendment, supplement, restatement and/or other modification of any of the foregoing). 

(c) 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, or as an authorized representative of the Managing Member (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, on its own behalf, or in its capacity as sole member and/or managing member of Associates II on Associates II’s own behalf, or in Associates II’s capacity as general partner, capital
partner and/or limited partner of BTO II or as general partner or limited 

  
 26 

 
partner, member, shareholder or other equity owner of any Company Affiliate (as hereinafter defined) or, if applicable, in the Company’s capacity as a capital partner of BTO II or as general
or limited partner, member or other equity owner of any Company Affiliate), any of the following: 
 (A) any agreement,
certificate, instrument or other document of the Company, Associates II, BTO II or any Company Affiliate (and any amendments, supplements, restatements and/or other modifications thereof), including, without limitation, the following: (I) the
Associates II LLC Agreement, the BTO II Agreements and each Company Affiliate Governing Agreement, (II) subscription agreements and documents on behalf of BTO II or Associates II, (III) side letters issued in connection with investments in BTO II,
and (IV) such other agreements, certificates, instruments and other documents as may be necessary or desirable in furtherance of the purposes of Company, Associates II, BTO II or any Company Affiliate (and any amendments, supplements,
restatements and/or other modifications of any of the foregoing referred to in (I) through (IV) above) and for the avoidance of doubt, this Agreement may be amended by the Managing Member in its sole discretion; 

(B) the certificates of formation, certificates of limited partnership and/or other organizational documents of the
Company, Associates II, BTO II and any Company Affiliate (and any amendments, supplements, restatements and/or other modifications of any of the foregoing); and 

(C) any other certificates, notices, applications and other documents (and any amendments, supplements, restatements
and/or other modifications 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, Associates II, BTO II or any Company Affiliate to qualify
to do business in a jurisdiction in which the Company, Associates II, BTO II or such Company Affiliate desires to do business; 

(ii) 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, on its own behalf or in its capacity as sole member and/or managing member of Associates II on Associates II’s own behalf or in Associates II’s
capacity as general partner, capital partner and/or limited partner of BTO II or as general or limited partner, member or other equity owner of any Company Affiliate (as hereinafter defined) or, if applicable, in the Company’s capacity as a
capital partner of BTO II or as general partner or limited partner, member, shareholder or other equity owner of any Company Affiliate): (A) any certificates, forms, notices, applications and other documents to be filed with any government or
governmental or regulatory body on behalf of the Company, Associates II, BTO II and/or any Company Affiliate, (B) any certificates, forms, notices, applications and other documents that may be necessary or advisable in connection with any bank
account of the Company, Associates II, BTO II or any Company Affiliate or any banking facilities or services that may be utilized by the Company, Associates II, BTO II or any Company Affiliate, and all checks, notes, drafts

  
 27 

 
and other documents of the Company, Associates II, BTO II or any Company Affiliate that may be required in connection with any such bank account or banking facilities or services and (C)
resolutions with respect to any of the foregoing matters (which resolutions, when executed by any person authorized as provided in this Section 3.3(c), each acting individually, shall be deemed to have been duly adopted by the Managing Member, the
Company, Associates II, BTO II or any Company Affiliate, as applicable, for all purposes). 
 (d) The authority granted to any person
(other than the Managing Member) in this Section 3.3(c) may be revoked at any time by the Managing Member by an instrument in writing signed by the Managing Member. 

Section 3.4. Responsibilities of Members. 

(a) Unless otherwise determined by the Managing Member in a particular case, each Regular Member (other than a Special Member) shall
devote substantially all his or her 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 (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. 
 Section 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 

  
 28 

 
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. (i) 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, for purposes of this Section 3.5, “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 3.5(b) 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 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 3.5(b), 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 

  
 29 

 
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 3.5(b). The Managing Member shall have the authority to enter into separate agreements with any Covered Person in order to give effect to
the obligations to indemnify pursuant to this Section 3.5(b). 
 (ii) (A) Notwithstanding anything to the contrary herein, for
greater certainty, it is understood and/or agreed that the Company’s obligations hereunder are not intended to render the Company as a primary indemnitor for purposes of the indemnification, advancement of expenses and related provisions under
applicable law governing BTO II and/or a particular portfolio entity through which an Investment is indirectly held. It is further understood and/or agreed that a Covered Person shall first seek to be so indemnified and have such expenses advanced
in the following order of priority: first, out of proceeds available in respect of applicable insurance policies maintained by the applicable portfolio entity and/or BTO II; second, by the applicable portfolio entity through which such
investment is indirectly held; third, by BTO II and fourth by Associates II (only to the extent the foregoing sources are exhausted). 

(B) The Company’s obligation, if any, to indemnify or advance expenses to any Covered Person shall be reduced by any amount that
such Covered Person may collect as indemnification or advancement from BTO II and/or the applicable portfolio entity (including by virtue of any applicable insurance policies maintained thereby), and to the extent the Company (or any Affiliate
thereof) pays or causes to be paid any amounts that should have been paid by Associates II, BTO II and/or the applicable portfolio entity (including by virtue of any applicable insurance policies maintained thereby), it is agreed among the Partners
that the Company shall have a subrogation claim against Associates II and/or BTO II and/or such portfolio entity in respect of such advancement or payments. The Managing Member and the Company shall be specifically empowered to structure any such
advancement or payment as a loan or other arrangement (except for a loan to an executive officer of The Blackstone Group L.P. or any of its Affiliates, which shall not be permitted) as the Managing Member may determine necessary or advisable to give
effect to or otherwise implement the foregoing. 
 Section 3.6. Representations of Members. 

(a) Each Regular or 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 or Special Member represents and warrants that such Member understands that the Interests have not been registered under the Securities
Act 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 or Special Member represents that such Member has 

  
 30 

 
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 or 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 or 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 or 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. 

(b) Each Regular or 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. 

Section 3.7. Tax Information. Each Regular or 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, 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 and Reporting (Individuals) (“W-8BEN”), IRS Form W-8BEN-E, Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities) (“W-8BEN-E”) or other
applicable form, including but not limited to IRS Form W-8IMY, Certificate of Foreign Intermediary, Foreign Flow-Through Entity, or Certain U.S. Branches for United States Tax Withholding and Reporting (“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, W-8BEN-E 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. 

  
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 ARTICLE IV 

CAPITAL OF THE COMPANY 
 Section
4.1. Capital Contributions by Members. (a) Each Regular Member shall be required to make capital contributions to the Company (“GP-Related Capital Contributions”) at such times and in such amounts (the
“GP-Related Required Amounts”) as are required to satisfy the Company’s obligation to make capital contributions to Associates II in respect of the GP-Related Associates II Interest to fund Associates II’s capital
contributions with respect to any GP-Related BTO II Investment and as are otherwise determined by the Managing Member from time to time or as may be set forth in such Regular Member’s Commitment Agreement or SMD Agreement, if any, or otherwise;
provided, that additional GP-Related Capital Contributions in excess of the GP-Related Required Amounts may be made pro rata among the Regular Members based upon each Regular Member’s Carried Interest Sharing Percentage.
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 in excess of the GP-Related Required Amounts, 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 Accounts at an aggregate 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 BTO II Interest. 

(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, subject to Section 5.10. 
 (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 but excluding any Members who are also executive officers of The Blackstone Group L.P. or any Affiliate thereof) 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 but excluding any Members who are also executive officers of The Blackstone Group L.P.
or any Affiliate thereof) 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 each distribution of Carried Interest that shall be withheld for any 

  
 32 

 
Managing Member (including, without limitation, Holdings) and each Member Category (such withheld percentage constituting the Managing Member’s and such Member Category’s
“Holdback Percentage”). The applicable Holdback Percentages initially shall be 0% for any Managing Member, 15% for Existing Members (other than the Managing Member), 21% for Retaining Withdrawn Members (other than the Managing
Member) and 24% for Deceased Members (the “Initial Holdback Percentages”). Any provision of this Agreement to the contrary notwithstanding, the Holdback Percentage for the Managing Member (including, without limitation, Holdings)
shall not be subject to change pursuant to clause (ii), (iii) or (iv) of this Section 4.1(d). 
 (ii) The Holdback
Percentage may not be reduced for any individual Member as compared to the other Members in his or her 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 or
her 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 21%. 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 Managing Member 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 any 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 

  
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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) 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 such Member’s good
faith judgment, that the facts and circumstances indicate that it is reasonably likely that such Subject Member, or any of such Subject Member’s successors or assigns (including such Subject Member’s estate or heirs) who at the time of
such vote holds the GP-Related Member Interest or otherwise has the right to receive distributions relating thereto, will not be capable of satisfying any GP-Related 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

  
 34 

 
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 or her Holdback obligation in respect of his or her 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 or she was a Member), to the extent his or her 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 Managing Member, on a first priority basis (except as provided below), all or any portion of his or her Firm Collateral in satisfaction of his or her 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 Managing Member 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 

  
 35 

 
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 as is 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 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 or her Excess Holdback requirement. If any such Member or Withdrawn Member
defaults upon his or her obligations under this clause (C), then Section 5.8(d)(ii) shall apply thereto; provided, that clause (A) 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.

  
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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 BTO II, 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 or her 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
or her 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 or her 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 the applicable category in the Company’s books and records; provided, that the initial contribution of such Special Firm Collateral shall initially equal 130% of

  
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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 or her Holdback (excluding any Excess Holdback), and such Member or a Withdrawn Member may, to the extent his or her Holdback (excluding any Excess Holdback) has been previously 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 or her 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 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 or her 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 

  
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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 or her 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)(A) 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. 

Section 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. 

Section 4.3. Withdrawals of Capital. No Member may withdraw capital related to such Member’s GP-Related Member Interests 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. 

  
 39 

 ARTICLE V 

PARTICIPATION IN PROFITS AND LOSSES 

Section 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
GP-Related BTO II 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). 
 (c) “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). 

(d) “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. 
 (e) 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 Treasury Regulations 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

  
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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 GAAP; provided, that the Managing Member shall not be required to make any such adjustment. 
 (f) 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. 

(g) 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. 
 (h) 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. 
 Section 5.2. GP-Related 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 of the Company related to the GP-Related BTO II Interest and the GP-Related Net Income (Loss) of
the Company (each a “GP-Related Capital Account”). 
 (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 with respect to such Member or Members’ GP-

  
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Related Member Interests or a distribution by the Company to one or more of the Members with respect to such Member or Members’ GP-Related Member Interests, 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 4.2; 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 (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. 
 Section 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; 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 as the Managing Member shall
determine. 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. 
 (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 a “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 

  
 42 

 
by the Managing Member within 90 days after the end of such accounting period shall be deemed to be allocated among all the 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. 
 Section 5.4. Allocations of GP-Related Net Income (Loss). 

(a) Except as provided in Section 5.4(d), 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 BTO II and allocated to the Company with respect to its pro rata share thereof (based on capital contributions made by the Company to
BTO II with respect to the GP-Related BTO II Interest) shall be allocated to the Members in accordance with each Member’s Non-Carried Interest Sharing Percentage with respect to the GP-Related Investment giving rise to such loss suffered by BTO
II and (ii) GP-Related Net Loss relating to realized losses suffered by BTO II and allocated to the Company with respect to the Carried Interest shall be allocated in accordance with a Member’s (including a 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. 

  
 43 

 (d) To the extent the Company has any GP-Related Net Income (Loss) for any accounting period
unrelated to BTO II, 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. 

(e) The Managing Member may authorize from time to time advances to Members (including any additional Member admitted to the Company
pursuant to Section 6.1 but excluding any Members who are also executive officers of The Blackstone Group L.P. or any Affiliate thereof) against their allocable shares of GP-Related Net Income (Loss). 

(f) Notwithstanding the foregoing, the Managing Member may make such allocations as it deems reasonably necessary to give economic effect
to the provisions of this Agreement, taking into account facts and circumstances as the Managing Member deems reasonably necessary for this purpose. 

Section 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 Section 4.1(d) or Section 5.8 or otherwise in this
Agreement, as such Member shall otherwise expressly agree in writing or as may be required by applicable law. 
 Section
5.6. [Intentionally omitted.] 
 Section 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 BTO II 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. 
 Section 5.8. Distributions. 

(a) (i) The Company shall make distributions of available cash (subject to reserves and other adjustments as provided herein) or
other property to Members with respect to such Members’ GP-Related Member Interests 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 Section 4.1(d) and Section 5.8(e), distributions of cash or other 

  
 44 

 
property with respect to Carried Interest shall be made among Members in accordance with their respective Carried Interest Sharing Percentages. 

(ii) At any time that a sale, exchange, transfer or other disposition by BTO II 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 Member Interest with respect to such GP-Related Investment shall be vertically divided into two
separate GP-Related Member Interests, a GP-Related Member Interest attributable to the GP-Related Disposable Investment (a Member’s “GP-Related Class B Interest”), and a GP-Related Member 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 BTO II) relating
to a GP-Related Disposable Investment (with respect to both Carried Interest and Non-Carried 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 BTO II) 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 GP-Related 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 rate of federal, New York State and New York City and other income taxes (including, without limitation, taxes under Section 1411 of the Code), (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 character of GP-Related 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 

  
 45 

 
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 or her 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 Associates II is obligated under the Clawback Provisions or Giveback Provisions to contribute to BTO II a Clawback
Amount or a Giveback Amount (other than a Capital Commitment Giveback Amount) and the Company is obligated to contribute any such amount to Associates II in respect of the Company’s GP-Related Associates II Interest (the amount of any such
obligation of the Company with respect to such a Giveback Amount being herein called a “GP-Related Giveback Amount”), the Managing Member shall call for such amounts as are necessary to satisfy such obligations of the Company 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 Managing Member, 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 a GP-Related Giveback Amount) (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 BTO II 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 BTO II 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 BTO II Investment referred to in clause (II)(a) above, and
(c) if the GP-Related Giveback Amount pursuant to an applicable BTO II Agreement is unrelated to a specific GP-Related BTO II Investment, all GP-Related BTO II Investments. Each Member and Withdrawn Member shall promptly contribute to the Company,
along with satisfying his or her 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 

  
 46 

 
“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 or her 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 Managing Member shall specify each Member’s and Withdrawn Member’s GP-Related Recontribution Amount. Prior to such time, the Managing Member may, in its discretion (but shall be under no obligation to),
provide notice that in the Managing Member’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 Managing Member’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 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 Managing Member 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 

  
 47 

 
(or an Other Fund GP) 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 Managing Member 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 Managing Member may sell, collect or otherwise realize upon such collateral. In
furtherance of the foregoing, each Member and Withdrawn Member hereby appoints the Managing Member 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 Managing Member, to take any actions which may be necessary to accomplish the intent of the immediately preceding sentence. The Managing Member shall be entitled to collect interest on the Net GP-Related Recontribution Amount of a GP-Related
Defaulting Party from the date such Net 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 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) In the event any Member or Withdrawn Member initially fails to recontribute all or any portion of
such Member or Withdrawn Member’s pro rata share of any Clawback Amount pursuant to Section 5.8(d)(i)(A), the Company shall use its reasonable efforts to collect the amount which such Member or Withdrawn Member so fails to recontribute.

  
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 (iv) 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 is hereby authorized to) take such steps as it deems appropriate, in its good faith judgment, to further the objective of providing for the fair and equitable treatment of all Members, including by allocating Aggregate Net Losses
from Writedowns (as defined in the BTO II Agreements) and Losses (as defined in the BTO II Agreements) on GP-Related BTO II Investments that have been the subject of a writedown and/or Net Realized Loss (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 BTO II
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 BTO II Investment
(the “Subject Investment”) that have been reduced under any BTO II 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 or her 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 BTO II) 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 BTO II) 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 or her 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 

  
 49 

 
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 Income Tax Rate (as defined in the BTO II 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 Amount 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 Net Realized Losses in any GP-Related BTO II Investments which gave rise to
the Clawback Amount (i.e., the Losses that followed the last GP-Related BTO II Investment with respect 

  
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to which Carried Interest distributions were made), based on such Member’s Carried Interest Sharing Percentage in such GP-Related BTO II 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 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 Amount as provided in the BTO II Agreements. 
 Section 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. 

Section 5.10. Tax Capital Accounts; Tax Allocations. 

(a) For 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 are 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 Treasury Regulations thereunder. 

  
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 (b) 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 applicable law. 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 Treasury 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 Treasury Regulations Sections 1.704-2(g) and 1.704-2(i)(5). The items to be so allocated shall be determined in accordance with Treasury Regulations Section
1.704-2(f). In addition, this Agreement shall be considered to contain a “qualified income offset” as provided in Treasury Regulations Section 1.704-1(b)(2)(ii)(d). Notwithstanding the foregoing, the Managing Member in its sole discretion
shall make allocations for tax purposes as may be needed to ensure that allocations are in accordance with the interests of the Members within the meaning of the Code and the Treasury Regulations. 

(c) 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 the other provisions of this Section 5.10; provided, that the
Managing Member may in its sole discretion make such allocations for tax purposes as it determines are 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 Treasury Regulations thereunder. 
 ARTICLE VI 

ADDITIONAL MEMBERS; WITHDRAWAL OF MEMBERS; 

SATISFACTION AND DISCHARGE OF 

COMPANY INTERESTS; TERMINATION 

Section 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 or substitute persons into the Company as Regular Members or Special Members. Each such person shall make the representations and certifications with respect to itself set
forth in Section 3.6 and Section 3.7. The Managing Member shall determine and negotiate with the additional Member (which term shall include, without limitation, any substitute 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 

  
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“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. If Blackstone or another or subsequent holder of an Investor Note approved by the Managing Member for purposes of this Section 6.1(a) shall foreclose upon a Regular Member’s Investor Note issued to finance such Regular Member’s
purchase of his or her Capital Commitment Interests, Blackstone or such other or subsequent holder shall succeed to such Regular Member’s Capital Commitment Interests and shall be deemed to have become a Regular Member to such extent. Any
Additional Member may have a GP-Related Member Interest or a Capital Commitment Member Interest, without having the other such interest. 

(b) The GP-Related Profit Sharing Percentages, if any, 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, if any, 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’ Capital Commitment Profit Sharing Percentages as of such date, shall
be established by the Managing Member. Notwithstanding any provision in this Agreement to the contrary, the Managing Member is authorized, without the need for any further act, vote or consent of any person, to make adjustments to the GP-Related
Profit Sharing Percentages as it determines necessary in its sole discretion in connection with any additional Members admitted to the Company, adjustments with respect to other Members of the Company and to give effect to other matters set forth
herein, as applicable. 
 (c) An additional Member shall be required to contribute to the Company his or her 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 Section 4.1 and Section 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 the Managing Member and the additional Member, as determined by the Managing Member, or (iii) the execution by
such additional Member of any other writing evidencing the intent of such person to become an additional Member and to be bound by the terms of this Agreement and such writing being acceptable to the Managing Member on behalf of the Company. 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 acceptable to the Managing Member on behalf of the
Company. 
 Section 6.2. Withdrawal of Members. 

(a) Any Member may Withdraw voluntarily from the Company subject to the prior written consent of the Managing Member. The Managing Member
generally intends to permit voluntary Withdrawals 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’

  
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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 Member may Withdraw from the Company with respect to such Member’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. 
 (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
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. 
 Section 6.3. GP-Related Member
Interests Not Transferable. (a) 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

  
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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, subject to the prior written consent of the Managing Member, which shall not be unreasonably withheld, a Regular Member may transfer,
for estate planning purposes, up to 25% of his or her 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
given or withheld in its sole discretion without giving any 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. 

(b) Notwithstanding any provision hereof to the contrary, no sale or transfer of any GP-Related Member Interest in the Company may be
made except in compliance with all federal, state and other applicable laws, including federal and state securities laws. 
 Section
6.4. Consequences upon Withdrawal of a Member. 
 (a) Subject to the LLC Act, the Managing Member may not transfer or assign
its interest as a Managing Member in the Company or its right to manage the affairs of the Company, except that the Managing Member may, subject to the LLC Act, with the prior written approval of a majority in Interest of the Members, admit another
person as an additional or substitute Managing Member who makes such representations with respect to itself as the Managing Member deems necessary or appropriate (with regard to compliance with applicable law or otherwise); provided
however, that the Managing Member may, in its sole discretion, transfer all or part of its interest in the Company to a person who makes such representations with respect to itself as the Managing Member deems necessary or appropriate (with
regard to compliance with applicable law or otherwise) and who owns, directly or indirectly, the principal part of the business then conducted by the Managing Member in connection with any liquidation, dissolution or reorganization of the Managing
Member, and, upon the assumption by such person of liability for all the obligations of the Managing Member under this Agreement, such person shall be admitted as the Managing Member. A person who is so admitted as an additional or substitute
Managing Member shall thereby become a Managing Member and shall have the right to manage the affairs of the Company and to vote as a Member to the extent of the interest in the Company so acquired. The Managing Member shall not cease to be the
managing 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. 

  
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 (b) Except as contemplated by Section 6.4(a) above, Withdrawal by a Managing Member is not
permitted. The Withdrawal of a Member shall not dissolve the Company if at the time of such Withdrawal there are one or more remaining Members and any one or more of such remaining Members continue the business of the Company (any and all such
remaining Members being hereby authorized to continue the business of the Company without dissolution and hereby agreeing to do so). Notwithstanding Section 6.4(c), if upon the Withdrawal of a Member there shall be no remaining Regular Members,
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. 
 (c) 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. 

Section 6.5. Satisfaction and Discharge of a Withdrawn Member’s GP-Related Member Interests. 

(a) The terms of this Section 6.5 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. For purposes of this Section 6.5, the term “Settlement Date” means the date as of which a Withdrawn Member’s
GP-Related Member Interest in the Company 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 GP-Related Member 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 or her Withdrawal Date; provided, that if a
Withdrawn Member’s Withdrawal Date 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 or her 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 GP-Related Capital Contributions, interest on capital, allocations of
GP-Related 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, with respect to such Withdrawn Member’s GP-Related Member Interest, the Managing
Member shall promptly after such Withdrawn Member’s Settlement Date (i) determine and allocate to the Withdrawn Member’s GP-Related Capital Accounts 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 

  
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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. 

(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 related to such Member’s GP-Related Member Interest, 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 in the Company, (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 Section 6.5(i) below; provided, that if the Withdrawn Member was solely a Special Member on his or her 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 in the Company 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 

  
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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 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 or her GP-Related Profit Sharing Percentage as of the Settlement Date in the relevant GP-Related Investment. The Withdrawn Member shall retain his or her percentage interest in such GP-Related Investment and shall retain his
or her GP-Related Capital Account or portion thereof attributable to such 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 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 in relation to such Member’s GP-Related Member Interest. 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 and in kind distributions to be made to such Member as

  
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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 or her 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 or her estate such excess, or to charge the Withdrawn Member or his or her 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 Prime
Rate or (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. 

  
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 (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 or her GP-Related Member Interest shall be settled in accordance with paragraphs (a)-(r) 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 or she has an interest as of his or her 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 or her 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 or her GP-Related Capital Account or portion
thereof attributable to each such GP-Related Investment as of his or her Settlement Date without giving effect to the GP-Related Unrealized Net Income (Loss) from such GP-Related Investment as of his or her 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. 

(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 (n) may elect to forfeit the principal amount payable
in the final installment of his or her subordinated promissory note, 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. 

  
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 (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 or her 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 or her estate. 

(ii) The Managing Member 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 Managing Member will obtain the prior approval of a Withdrawn Member or his or her estate or guardian, as the case may be, prior to engaging such professionals. If
the Withdrawn Member (or his or her estate or guardian) declines to incur such costs, the Managing Member 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, consents, ratifications, 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. 

Section 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, the Members’ respective interests in the Company shall be valued and settled in accordance with the procedures
set forth in Section 6.5, which provides for allocations to the GP-Related Capital Accounts of the Members and distributions in accordance with the capital account balances of the Members. 

Section 6.7. Certain Tax Matters. (a) The Managing Member shall determine all matters concerning allocations for tax
purposes not expressly provided for herein in its sole discretion. 
 (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 

  
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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 or she shall not, unless he or she provides prior notice of such action to the Company, (i) treat, on his or her individual income tax returns, any item of income, gain, loss, deduction or credit relating
to his or her 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 or her 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 or her 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 or she 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” or “partnership representative” (each as defined under the Code), as applicable (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. 

(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. 
 (d) To the extent the Managing Member reasonably
determines that the Company (or any entity in which the Company holds an interest) is or may be required by law to withhold or to make tax payments on behalf of or with respect to any Member (“Tax

  
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Advances”), the Managing Member may withhold or escrow such amounts or make such tax payments as so required. All Tax Advances made on behalf of a Member shall, at the option of the
Managing Member, (i) be promptly paid to the Company by the Member on whose behalf such Tax Advances were made or (ii) be repaid by reducing the amount of the current or next succeeding distribution or distributions which would otherwise have been
made to such Member or, if such distributions are not sufficient for that purpose, by so reducing the proceeds upon dissolution of the Company otherwise payable to such Member. Whenever the Managing Member selects option (ii) pursuant to the
preceding sentence for repayment of a Tax Advance by a Member, for all other purposes of this Agreement such Member shall be treated as having received all distributions (whether before or upon dissolution of the Partnership) unreduced by the amount
of such Tax Advance. To the fullest extent permitted by law, each Member hereby agrees to indemnify and hold harmless the Company and the other Members from and against any liability (including, without limitation, any liability for taxes,
penalties, additions to tax or interest) with respect to income attributable to or distributions or other payments to such Member. The obligations of a Member set forth in this Section 6.7(d) shall survive the withdrawal of any Member from the
Company or any Transfer of a Member’s interest. 
 Section 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 Treasury 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 

Section 7.1. Capital Commitment Interests, etc. 

(a) This Article VII and Article VIII hereof set forth certain terms and conditions with respect to the Capital Commitment Member
Interests and the Capital Commitment BTO II Interest and matters related to the Capital Commitment Member Interests and the Capital Commitment BTO II 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 or the GP-Related BTO II Interest. 

(b) 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 contributions to BTO II or Associates II in respect of the Capital Commitment BTO II Interest, if any, and the related Capital Commitment BTO II Commitment, if any (including,
without limitation, funding all or a portion of the Blackstone Commitment). No Member shall be obligated to make Capital Commitment-Related Capital Contributions to the Company in an amount in excess of such Member’s Capital Commitment-Related
Commitment. The Commitment Agreements and SMD Agreements, if any, 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 

  
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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 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. 

(c) The Company or one of its Affiliates (in such capacity, the “Advancing Party”) may in its sole discretion advance to
any Member (including any additional Member admitted to the Company pursuant to Section 6.1 but excluding any Members that are also executive officers of Blackstone) all or any portion of the Capital Commitment-Related Capital Contributions due to
the Company from such Member with respect to any Capital Commitment Investment (“Firm Advances”). Each such Member shall pay interest to the Advancing Party on each Firm Advance from the date of 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; provided, that such interest rate shall not
exceed the maximum interest rate allowable by applicable law; provided further, that 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. 

Section 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-Related Capital Contribution of a Member shall be credited to the appropriate Capital Commitment Capital Account of such Member on the
date such Capital Commitment-Related Capital Contribution is 

  
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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 or her 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. 
 Section 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. 
 (b) Any special costs relating to distributions pursuant to Section 7.6 or Section 7.7 shall be specially
allocated to the electing Member. 
 (c) Notwithstanding the foregoing, the Managing Member may make such allocations as it deems
reasonably necessary to give economic effect to the provisions of this Agreement, taking into account facts and circumstances as the Managing Member deems reasonably necessary for this purpose. 

Section 7.4. Distributions. 

(a) Each Member’s allocable portion of Capital Commitment Net Income received from his or her 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 

  
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each case on such earlier date as selected by the Managing Member in its 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 rate of federal, New York State and New York City taxes (including, without limitation, taxes imposed under Section 1411 of the Code), taking into account the character of such taxable income allocated by the Company 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 other BCE Agreement and there are not sufficient amounts to fully satisfy such provision from the relevant partnership or other entity; provided further, that amounts paid pursuant to the provisions in such
other BCE Agreements comparable to the immediately preceding proviso shall reduce those amounts otherwise distributable to the Member pursuant to provisions in such other BCE 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 BCE Investments (other than Capital Commitment Investments) disposed of during or prior to such Fiscal Year, to the extent not repaid from Other Sources; 

(iv) Fourth, to the return to such Member of (A) all Capital Commitment-Related 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 any Blackstone Collateral Entity (other than the Company) in respect of
interests therein relating to BCE Investments (other than Capital Commitment 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 Capital Commitment Member Carried Interest); 

  
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 (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 or any other BCE Investment, as applicable, the payments in
clauses (iii) and (iv) above shall be based on that portion of the Capital Commitment Investment or other BCE 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 or her 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 its sole discretion elects 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 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 

  
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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
Section 7.4(a). 
 (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 BTO II (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 (x) the Company is obligated under the Giveback Provisions to contribute a Giveback Amount to BTO II in respect of any
Capital Commitment BTO II Interest that may be held by the Company or (y) Associates II is obligated under the Giveback Provisions to contribute to BTO II a Giveback Amount with respect to any Capital Commitment BTO II Interest that may be held by
Associates II and the Company is obligated to contribute any such amount to Associates II in respect of the Company’s Capital Commitment Associates II Member Interest (the amount of any such obligation of the Company with respect to such a
Giveback Amount in the case of either (x) or (y) being herein called a “Capital Commitment Giveback Amount”), the Managing Member shall call for such amounts as are necessary to satisfy such obligation of the Company 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 Managing Member, such an amount of prior distributions by the Company with respect to the Capital Commitment
BTO II Interest (the “Capital Commitment Recontribution Amount”) which equals such Member’s pro rata share of prior distributions in connection with (a) the Capital Commitment BTO II Investment giving rise to the Capital
Commitment Giveback Amount, (b) if the amounts contributed pursuant to clause (a) above are insufficient to satisfy such Capital Commitment Giveback Amount, Capital Commitment BTO II Investments other than the one giving rise to such obligation, and
(c) if the Capital Commitment Giveback Amount pursuant to an applicable BTO II Agreement is unrelated to a specific Capital Commitment BTO 

  
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II Investment, all Capital Commitment BTO II Investments. Each Member shall promptly contribute to the Company upon notice thereof such Member’s Capital Commitment Recontribution Amount.
Prior to such time, the Managing Member 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 Managing Member shall
require all other Members and Withdrawn Members to contribute, on a pro rata basis (based on each of their 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 its 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 Managing Member 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 Managing Member may sell, collect or otherwise realize upon such collateral. In furtherance of
the foregoing, each Member hereby appoints the Managing Member 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 Managing Member 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. 

  
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 (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(g) shall survive the termination of the Company. 
 Section 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 Associates II (or any other Affiliate of the
Company that is a general partner of BTO II) in valuing investments of BTO II or, in the case of investments not held by BTO II, 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 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 partner of a Managing Member of the Company. 

Section 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 its 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. 

  
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 (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. 
 Section 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 

Section 8.1. Member Withdrawal; Repurchase of Capital Commitment Interests. 

(a) Capital Commitment Interests (or a portion thereof) that were financed by Investor Notes will be treated as Non-Contingent for
purposes hereof based upon the proportion of (a) the sum of Capital Commitment-Related 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-Related 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 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 to Investor Notes related to BCE Investments that are related to one or more Blackstone Collateral Entities specified by such Member. 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. 

  
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 (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 shall 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 paid 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 or her
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 or
her related Investor Note shall be payable in full. If neither the Withdrawn Member nor the Company nor its designee(s) exercises the right to require repurchase of such Contingent Capital Commitment Interests, then the Withdrawn Member shall retain
the Contingent portion of his or her Capital Commitment Interests and the Investor Notes shall remain outstanding, shall become fully recourse to the Withdrawn Member in his or her 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 or her 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 

  
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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 or her Capital Commitment Capital Accounts nor any part thereof shall be subject to withdrawal or redemption
without the consent of the Managing Member. The Managing Member 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, personal representative or other Successor in Interest, 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, personal representative or other Successor in Interest 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 or her 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, personal representative or other Successor in Interest of
such Member, within 30 days of the first date on which the Managing Member 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, personal
representative or other Successor in Interest 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. 

  
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 (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 such Withdrawn Member within 45 days of his or her 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 or her 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 Managing Member 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 Managing Member’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 (excluding any of the foregoing who is an executive officer of The Blackstone
Group L.P. or any Affiliate thereof). 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 or her Investor Note, be obligated to accept any personally recourse obligation unless his or her 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 

  
 74 

 
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 or her 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 or her Capital Commitment Interest shall 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 partner of a Managing 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 or her 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 or her estate. 

(i) The Managing Member 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 Managing Member will obtain the prior approval of a Withdrawn Member or his or her estate or guardian, as the case may be, prior to engaging such professionals. If
the Withdrawn Member (or his or her estate or guardian) declines to incur such costs, the Managing Member will provide such reasonable assistance as 

  
 75 

 
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, consents, ratifications, documents and certificates which such 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. 
 Section 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 (i) Transfers 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) with the prior written consent of the Managing Member, which shall not be unreasonably withheld, Transfers by a Member to another Member of Non-Contingent Capital Commitment
Interests, (iii) with the prior written consent of the Managing Member, which shall not be unreasonably withheld, Transfers of up to 25% of a Regular Member’s Capital Commitment Member Interest to an Estate Planning Vehicle (it being understood
that it shall not be unreasonable for the Managing Member to condition any Transfer of an Interest pursuant to this clause (iii) on the satisfaction of certain conditions and/or requirements imposed by the Managing Member in connection with any such
Transfer, including, for example, a requirement that any transferee of an Interest hold such Interest as a passive, non-voting interest in the Company) 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. 
 Section 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. 

  
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 ARTICLE IX 

DISSOLUTION 
 Section
9.1. Dissolution. The Company shall be dissolved and subsequently terminated: 
 (a) pursuant to Section 6.6; or 

(b) upon the expiration of the term of the Company. 

Section 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: 

(a) 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 

(b) 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). 

Section 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 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 Section 9.2(b). Any interest of a Member, including his or her pro rata

  
 77 

 
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 Section 9.2(b). 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 Section 9.2(b) 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 

Section 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, NY, 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 

  
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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 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 PARAGRAPH (B) 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 paragraph (c)(i) 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. 

Section 10.2. Ownership and Use of the Blackstone Name. The Company acknowledges that Blackstone TM L.L.C.
(“TM”), a Delaware limited liability company with a principal place of business at 345 Park Avenue, New York, New York 10154 U.S.A., (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 TM, which company (or its predecessors,
successors or assigns) has licensed the Company to use BLACKSTONE in its name. The Company acknowledges that TM 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 

  
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in connection with its business and authorized activities with the permission of TM. 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 TM and its Affiliates and licensees. The Company understands that TM may terminate its right to use BLACKSTONE at any time in TM’s 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. 
 Section 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. 

Section 10.4. Letter Agreements; Schedules. The Managing Member may, or may cause the Company to, enter or has previously
entered 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. 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. 
 Section 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 conflicts of law. 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. 
 Section 10.6. Successors and Assigns; Third Party Beneficiaries. 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 Article VI and Article 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 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 standards set forth in Section 5.8(d)(ii)(A) and Section 7.4(g)(ii)(A), to pursue such transferee,

  
 80 

 
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. 

Section 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. Notwithstanding anything in this Agreement to
the contrary, to comply with Treasury Regulations 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. 
 Section
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 by hand delivery (including any courier service) or
telecopy 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 or telecopy number of the Company in New York City. 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, the Managing Member or the Company specified as aforesaid. 

Section 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. 
 Section 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 

  
 81 

 
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. 
 Section 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. 

Section 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. 
 Section 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 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. 

Section 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. 

  
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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 one or more 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.P., its
		 	General Partner
		
	By:	 	Blackstone Holdings III GP
		 	Management L.L.C., its General Partner
			
		 	By: 	 	 /s/ John G. Finley

		 	Name:	 	 John G. Finley
		 	Title:	 	 Chief Legal Officer

 [BTOA II L.L.C. – Amended and Restated LLC Agreement]agr-ex101_76.htm

 

Exhibit 10.1

COMMERCIAL PAPER/CERTIFICATES OF DEPOSIT

ISSUING AND PAYING AGENT AGREEMENT

(Book‐Entry Obligations Using DTC)

THIS AGREEMENT (this “Agreement”) dated as of May 13, 2016 (the “Effective Date”) is entered into by and between Avangrid, Inc. (the “Issuer”) with offices at 70 Farm View Drive, New Gloucester, ME 04260 and Bank of America, National Association (the “Bank”) with offices at 135 South LaSalle Street, IL4-135-05-07, Chicago, IL 60603.

Section 1.        Appointment

The Issuer requests and hereby appoints the Bank to act on a non-exclusive basis as agent for the Issuer in connection with the issuance and payment of unsecured book‐entry obligations (each, a “Book-entry Obligation”) as evidenced by Master Note (the “Note Certificate(s)” and, together with the Book-entry Obligations, the “Obligations”) in the form appended hereto in Exhibit A.  The Bank hereby agrees to act as agent for the Issuer, subject to the provisions of this Agreement, beginning on the Effective Date. The Book-entry Obligations may be placed by dealers (the “Dealers”) pursuant to Section 5 hereof.  The Issuer will promptly notify the Bank of the appointment or resignation of any Dealer.

Section 2.        Certificate Agreement

The Issuer acknowledges that the Bank has entered into with The Depository Trust Company (“DTC”) the commercial paper certificate agreement attached hereto as Exhibit B (the “Certificate Agreement”). The Certificate Agreement is hereby incorporated by reference herein and made a part hereof. The Issuer acknowledges and agrees that the continued effectiveness of the Certificate Agreement is a condition precedent to the Bank acting as agent hereunder and providing services related to the Obligations.

Section 3.         Letter of Representations; Certificate of Authorized Persons

a. The Bank and the Issuer agree to comply with the relevant portions of DTC’s Commercial Paper Issuing and Paying Agent Manual, and the DTC Same Day Settlement System Rules (collectively the “DTC Rules”).  The Issuer understands that as one of the conditions of its participation in the DTC, it shall be necessary for the Issuer and the Bank to enter into a Letter of Representations, attached hereto as Exhibit C, and for DTC to receive and accept such Letter of Representations.

b. The Issuer has delivered to the Bank a certificate (as may be amended from time to time, the “Certificate of Authorized Persons”), a copy of which is appended hereto as Exhibit D, containing the name, title, contact details, and true signature of each officer of the Issuer or other person duly authorized to take action on behalf of the Issuer with respect to the Obligations (each an “Authorized Person” and, collectively, the “Authorized Persons”).  The Issuer agrees to promptly provide a revised Certificate of Authorized Persons to the Bank in the event that the Authorized Persons of the Issuer change.

1

 

c. The Issuer agrees that the Bank shall not be liable for the Bank’s action or inaction in reliance on the Certificate of Authorized Persons at any time, including any inaccurate Certificate of Authorized Persons for which a copy of an accurate replacement Certificate of Authorized Persons has not been provided by the Issuer to the Bank.

Section 4.        Master Note

a. The Issuer will, prior to the Effective Date, deliver to the Bank a Note Certificate registered in the name of Cede & Co., a nominee of DTC, evidencing the Obligations.  The Note Certificate shall bear the manual or facsimile signatures of one or more Authorized Persons and specify the date of issuance (the “Issue Date”), the full legal name of the Issuer, and the name of the bank acting as paying agent for the Issuer.

b. Any Obligation (as evidenced by the Note Certificate) shall, upon the Bank’s issuance of such Obligation in compliance with the terms of this Agreement on behalf of the Issuer, bind the Issuer notwithstanding that one or both of such Authorized Persons providing the Instructions for issuance of the Obligation are no longer Authorized Persons on the date such Obligation is issued by the Bank.  Furthermore, the Issuer agrees that the Bank shall have no duty or responsibility to determine the genuineness of the facsimile and/or manual signatures appearing on any document, including but not limited to any Instructions or the Note Certificate, if such facsimile or manual signature reasonably resembles the corresponding specimen signature of an Authorized Person listed on the most recent Certificate of Authorized Persons provided by the Issuer to the Bank.

Section 5.        Instructions

a. The term “Instructions” shall mean a communication, purporting to be from an Authorized Person, in the form of:

	
 
	
(i)
	
a transmission through an instruction and reporting communication service (“IPASS”) offered by the Bank pursuant to Section 10 hereof;

	
 
	
(ii)
	
any direction from the Issuer or their Dealers delivered electronically in accordance with standard practices in the financial services industry, including Instructions delivered via Depository Trust & Clearing Corporation Pre-Issuance Messaging (DTC PIM) system; or

	
 
	
(iii)
	
a written notice, including a written notice transmitted by facsimile or e-mail, which bears or purports to bear the signature of an Authorized Person

b. Instructions transmitted over IPASS or DTC PIM system, including Instructions from Dealers,  shall be deemed conclusive evidence that such Instructions are correct and complete and that the issuance specified in such Instructions has been duly authorized by an Authorized Person.  The Bank shall not be liable for rejecting Instructions as a result of inaccurate IDs or Passwords indicated thereon.

c. Instructions may be given at any time prior to 1:00 PM New York Time on the day on which the Instructions are to be operative; provided that any Instructions received on a day on which the Bank is not open for business, will be operative, as appropriate, on the next succeeding day on which the Bank is open for business.  If the Bank, in its sole discretion, acts upon Instructions transmitted after 1:00 PM New York Time on the day on which the Instructions are to be operative, the Issuer understands and agrees that (i) such Instructions shall be acted upon, on a reasonable efforts basis, by the Bank pursuant to the custom and practice of the commercial paper market, and (ii) the Bank makes no representations or warranties that the issuance and delivery of 

2

 

any Note or Obligation pursuant to Section 6 shall be completed prior to the close of business on the Issue Date specified in the applicable Instructions.

Section 6.        Issuance

a. The Bank’s sole duties in connection with the issuance of the Book-entry Obligations represented by the Note Certificate shall be as follows:

(i) to maintain a record of the outstanding Note Certificate on IPASS;

(ii) following receipt of applicable Instructions, to assign a CUSIP number to each Obligation to be issued;

(iii) following receipt of applicable Instructions that set forth the face or principal amount, net dollar amount, Issue Date, maturity date, interest rate (if any), and amount of interest due at maturity date, and the applicable discount amount (if any), for an Obligation, to cause delivery of such Obligation on behalf of the Issuer by way of data entry or data transfer to the DTC Same Day Funds Settlement System (“SDFS”), and to receive from SDFS a confirmation receipt that delivery of such Obligation was effected; and

(iv) prior to the close of business on each Issue Date, to credit in immediately available funds the net proceeds of all delivered Obligations to the Issuer’s account with the Bank (full instructions to be provided).

prior to the close of business on each Issue Date, to credit in immediately available funds the net proceeds of all delivered Obligations according to the Issuer’s standing instruction signed by an Authorized Person, attached hereto as Exhibit F.

	
 
	
b.
	
(i) The Issuer acknowledges that (A) the delivery of an Obligation against payment (i.e., the principal amount of the Obligation less the discount specified in the Instructions or the principal amount of an interest bearing Obligation) and the actual receipt of payment thereof are not simultaneous transactions and (B) the purchaser of an Obligation is obligated to settle its purchase of such Obligation in immediately available funds on the Issue Date for such Obligation.  The Issuer, and not the Bank, shall bear the risk of such purchaser’s failure to remit the net amount of the Obligation.

(ii) The Bank shall have no duty or responsibility to transfer to the Issuer any amounts from the sale of an Obligation, or to advance to the Issuer any monies or otherwise provide any credit to the Issuer with respect to such proceeds or transfers, unless and until (A) the Bank actually receives the proceeds of the sale of such Obligation and (B) the Bank’s receipt of such proceeds is not subject to reversal or cancellation.

Section 7.        Payment

a. The Issuer shall provide or cause to be provided Instructions to the Bank regarding payment of Obligations at maturity.  The Bank’s sole duty in connection with payment of the Obligations at maturity shall be to pay the principal amount of the Obligation or principal plus interest of an interest-at-maturity Obligation, in each case as specified in the applicable Instructions.

3

 

b. The Bank shall not make a payment with respect to any maturing Obligation of the amount referred to in this Section 7 unless immediately available funds in the amount to be paid in respect of such Obligation have been received by the Bank prior to 2:00 PM New York Time on the applicable maturity date, unless otherwise agreed in writing with the Bank, in accordance with the following instructions: ABA routing number: _________. GL Account Number: __________, FFC _________ and Beneficiary Customer information and such funds are not subject to reversal or cancellation.  No liability shall attach to the Bank if there are insufficient funds to make a payment in whole or in part.

c. The Issuer shall provide or cause to be provided Instructions to the Bank regarding any specified interim interest payment.  The Bank shall update IPASS with base rate information from the Issuer or publications of London interbank offered rate (‘‘LIBOR’’) or federal funds rate, and the Bank shall not be liable for any error resulting from reliance on base rate information. The Bank’s sole duty in connection with the interim interest payments shall be to pay the applicable interest payment as specified in the applicable Instructions, to the account specified in such Instructions.

d. The Bank shall not make an interim interest payment unless Instructions are received prior to 10:30 AM New York Time on the payment date and immediately available funds are received by the Bank to the account detailed in Section 7b prior to 2:00 PM New York Time.  Should available funds not be received by the Bank prior to 2:00 PM New York Time the afore mentioned interest payment shall be cancelled at DTC. If the Bank acts upon Instructions transmitted after 10:30 AM New York Time, the Issuer understands and agrees (i) such Instructions shall be acted upon, on a reasonable efforts basis, by the Bank pursuant to the custom and practice of the commercial paper market, and (ii) the Bank makes no representations or warranties that the interim interest payment pursuant to Section 7 shall be completed prior to the close of business on the date specified in the applicable Instructions.

Section 8.        United States Dollars

The Issuer agrees that the Obligations issued or presented hereunder shall be denominated solely in United States Dollars.  The Issuer further agrees that payment of any and all amounts due pursuant to the provisions of this Agreement shall be made solely in United States Dollars.

Section 9.        No Agency or Trust and No Implied Duties

a. The Bank shall have no obligations under this Agreement towards, or any relationship of agency or trust with, any Purchaser and shall only be obligated to perform the duties of the Bank set out specifically in this Agreement.  The Bank shall have no implied duties or obligations under this Agreement.

b. The Bank shall not be under any obligation to take any action hereunder through which the Bank may incur any expense or liability, the prompt payment of or indemnification for which is not, in its opinion, assured.

Section 10.        Issuing and Paying Agent Servicing System (IPASS)

a. Upon receipt of a completed IPASS Enrollment Form in the form of Exhibit E attached hereto, the Bank hereby grants the Issuer and each Authorized Person access to IPASS for the limited purposes set forth herein until the termination of this Agreement in accordance with Section 14.  

4

 

The Issuer and each Authorized Person will be permitted to access IPASS for the purposes of transmitting Instructions to the Bank or obtaining a record of the Note Certificate with respect to the Obligations.

b. The Issuer acknowledges that under IPASS, each Obligation (and the Note Certificate, if any, related thereto) shall remain subject to applicable laws, regulations, rules and the provisions hereof.  The Bank shall be entitled to limit or restrict the Issuer’s or any Authorized Person’s use of IPASS as the Bank deems necessary or desirable in its sole discretion.  The Issuer acknowledges and agrees that it and each Authorized Person shall be permitted to access information through IPASS only for those Obligations that it is authorized to access and no other Obligation.  Each Authorized Person shall be limited in its access rights to IPASS to the same extent of the Issuer, and no Authorized Person shall be permitted to access a broader scope of information about an Obligation than the Issuer may access at such time.

c. Except as set forth in this Section 10, with respect to any agreement between the Issuer and its Authorized Persons, the Issuer shall acquire no title, ownership or sublicensing rights whatsoever in IPASS or in any trade secret, trademark, copyright or patent of the Bank now or to become applicable to IPASS.  The Issuer may not transfer, sublicense, assign, rent, lease, convey, modify, translate, convert to a programming language, decompile, disassemble, recirculate, republish or redistribute IPASS for any purpose.

d. The Issuer shall ensure the security and confidentiality of all identification numbers (“IDs”) and passwords (“Passwords”) to access IPASS, whether issued to the Issuer or any Authorized Person by the Bank, and whether chosen by the Issuer, any Authorized Person or the Bank.  The Issuer agrees not to share, transfer, disclose, make available or otherwise provide access to the Issuer’s IDs and Passwords to any person who is not an Authorized Person.  The Issuer is responsible for all access and activity conducted, including the sending of Instructions, using all IDs and Passwords permitting access to IPASS.  The Issuer shall immediately notify the Bank in writing, (i) if the Issuer discovers or has received notice that an ID or Password has been compromised by actual or suspected unauthorized use, loss, disclosure, access or acquisition, (ii) if the Issuer suspects or discovers unauthorized access to or use of IPASS for any reason, or (iii) when an Authorized Person, with a unique ID and Password, is no longer permitted access to IPASS.  The Issuer shall take all necessary and advisable corrective actions, and shall cooperate fully with the Bank to prevent, mitigate or rectify any unauthorized activity involving an ID or Password or IPASS.

The Issuer agrees to indemnify the Bank in accordance with Section 13 against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever, including reasonable attorney’s fees, that may be imposed on, incurred by, or asserted against it in any way relating to or arising out of resulting from the failure of the Issuer or any of its Authorized Persons to maintain security and confidentiality of the applicable IDs and Passwords.

e. The Issuer agrees that use of IPASS is subject to the terms of this Agreement (the “Terms”), as they may be amended, and applicable laws and regulations.  The Terms are binding on the Issuer (including the Issuer’s employees, agents and successors) and each Authorized Person.  The Bank may add, remove or modify the information available on IPASS at any time without prior notice.  The Issuer acknowledges that IPASS may be unavailable to the Issuer from time to time, as necessary.

5

 

f. IPASS may be used to access copies of the Note Certificate.  The Issuer acknowledges that any printed version of the Note Certificate is merely a copy and is not, and shall not be considered by the Issuer or any Authorized Person to be, the official Note Certificate.  The Bank shall not be liable for the completeness, correctness, accuracy, adequacy, usefulness, timeliness, reliability or otherwise of the Note Certificate or any information accessed through IPASS regarding an Obligation.

g. IPASS AND ALL INFORMATION, SERVICES, SOFTWARE AND OTHER MATERIALS PROVIDED THROUGH IPASS ARE PROVIDED “AS IS” AND “AS AVAILABLE” WITHOUT ANY EXPRESS OR IMPLIED WARRANTY OF ANY KIND.  THE BANK AND ITS SUPPLIERS SPECIFICALLY DISCLAIM ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT OF INTELLECTUAL PROPERTY, QUALITY OR FITNESS FOR ANY PARTICULAR PURPOSE.  THE ISSUER’S USE OF IPASS AND ALL INFORMATION, SERVICES, SOFTWARE AND OTHER MATERIALS PROVIDED THROUGH IPASS IS AT ITS OWN DISCRETION AND RISK.

THE BANK DOES NOT GUARANTEE SECURITY OF IPASS OR PREVENTION FROM LOSS OF, ALTERATION OF, OR IMPROPER ACCESS TO THE ACCOUNT INFORMATION OR DATA.  THE BANK MAKES NO REPRESENTATION OR WARRANTY WHATSOEVER, EXPRESS OR IMPLIED, RELATING TO OR RESULTING FROM THE USE OF OR INABILITY TO USE IPASS, MISTAKES, OMISSIONS, SERVICE INTERRUPTIONS, DELETION OF FILES, LOSS OR MODIFICATION OF CONTENT OR DATA, ERRORS, DEFECTS, MISDELIVERIES, DELAYS IN OPERATION OR TRANSMISSION OR ANY FAILURE OF PERFORMANCE, WHETHER OR NOT LIMITED TO CIRCUMSTANCES BEYOND ITS CONTROL, COMMUNICATION FAILURE, THEFT, DESTRUCTION OR UNAUTHORIZED USE, ACCESS TO OR ACQUISITION OF ANY SERVER, RECORDS, PROGRAMS OR SERVICES.

THE ISSUER UNDERSTANDS THAT THE BANK MAKES NO REPRESENTATION OR WARRANTY REGARDING THE USE OF THE INFORMATION AVAILABLE THROUGH IPASS IN TERMS OF ITS COMPLETENESS, CORRECTNESS, ACCURACY, ADEQUACY, USEFULNESS, TIMELINESS, RELIABILITY OR OTHERWISE.  THE ISSUER FURTHER UNDERSTANDS THAT INFORMATION OBTAINED BY THE ISSUER THROUGH IPASS MAY (I) INCLUDE TECHNICAL INACCURACIES OR TYPOGRAPHICAL ERRORS OR (II) BE PREPARED WITH, OR BASED ON, INFORMATION RECEIVED FROM ONE OR MORE THIRD PARTIES.  THE ISSUER AGREES THAT IT WILL INDEPENDENTLY VERIFY ALL INFORMATION IT OR ANY AUTHORIZED PERSON OBTAINS THROUGH IPASS BEFORE RELYING ON IT AND THAT THE BANK SHALL NOT BE LIABLE FOR, OR FOR THE RESULT OF, ANY DECISIONS MADE BY THE ISSUER BASED ON SUCH INFORMATION.

Section 11.        Representations and Warranties

The Issuer and/or the Bank, as indicated below, (each a “Party” and together the “Parties”) represent and warrant as to itself only and not as to the other Party as follows:

a. This Agreement and the Obligations have been duly authorized and this Agreement when executed and the Obligations when issued in accordance with Instructions, will be valid, legal and binding obligations of the Issuer, enforceable against the Issuer in accordance with their terms, 

6

 

subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to general equity principles.  This Agreement has been duly authorized and when executed will be a valid, legal and binding obligation of the Bank, enforceable against the Bank in accordance with its terms;

b. The Issuer represents and warrants that this Agreement and the consummation of the transactions herein contemplated will not (i) conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument for money borrowed to which the Issuer is a party or by which the Issuer is bound or to which any of the property or assets of the Issuer is subject, or (ii) result in any violation of the provisions of the articles of incorporation or the by-laws of the Issuer (or equivalent corporate formation and governance documentation).

c. Each of the Issuer and the Bank, respectively, represents and warrants that this Agreement and the consummation of the transactions herein contemplated will not result in any violation of any statute or any order, rule or regulation of any court or government agency, regulatory authority or body of any country having jurisdiction over the Issuer or the Bank, as applicable, or any of their respective properties;

d. The Issuer represents and warrants that no consent, approval, authorization, order, registration or qualification of or with any court, or governmental agency, regulatory authority or body of any country having jurisdiction over the Issuer or any of its properties is required for the issuance or sale of the Obligations, except such as have been, or will have been obtained prior to the issuance or sale of the Obligations, and such consents, approvals, authorizations, registrations or qualifications as may be required under “blue sky” or state securities laws, or insurance laws or by any regulatory authority in connection with the issuance and/or sale of the Obligations by the Issuer; and

e. The Issuer represents and warrants that each Obligation will be exempt from registration under the Securities Act of 1933, as amended.  Each Instruction provided by the Issuer or related Authorized Persons to issue Obligations under this Agreement shall be deemed a representation and warranty by the Issuer as of the date thereof that the representations and warranties herein are true and correct as if made on and as of such date.

Section 12.        Compensation

The Issuer agrees to pay such compensation for the Bank’s issuing and paying agent services pursuant to this Agreement in accordance with the Bank’s schedule of fees, as amended from time to time (subject to prior written notification delivered to the Issuer not less than thirty (30) days prior to the effective date of any amendment) dated May 13, 2016 and executed by the Issuer with respect to such fees. All payments to the Bank under this Agreement shall be made gross of any tax (with appropriate gross-up for withholding taxes). Notwithstanding anything herein to the contrary, the Bank shall only debit fees that remain unpaid for sixty (60) days or more to the extent the Issuer has excess cash flow from operations or has received funds with respect to such obligation which may be used to make such payment and which funds or excess cash flow are not required to pay when due any outstanding Obligations with respect to the Notes of the Issuer.  Any amount which the Issuer does not pay pursuant to the operation of the preceding sentence shall not constitute a claim under the Bankruptcy Code against the Issuer for any such insufficiency unless and until the Issuer does have such excess cash flow or excess funds. The provisions of this Section 12 shall survive (i) the Bank’s resignation or removal as the issuing and paying agent hereunder and (ii) the termination of this Agreement.

7

 

Section 13.        Indemnification

a. The Issuer agrees that, except in the case of gross negligence or willful misconduct by the Bank, the Bank shall not be liable for any losses, damages, liabilities or costs suffered or incurred by the Issuer in relation to this Agreement.   The Issuer agrees that in any case in which the Bank may be liable as a result of the Bank’s gross negligence or willful misconduct, the Bank will only be liable up to an amount equal to the aggregate of the fees paid by the Issuer to the Bank in respect hereof plus any amount of indemnification previously received by the Bank from the Issuer in accordance with the provisions hereof.  The Issuer, in the absence of gross negligence or willful misconduct by the Bank, agrees to indemnify the Bank and hold it harmless from and against (x) any and all actions, claims (groundless or otherwise), suits, losses, fines and penalties arising out of the Bank’s having executed this Agreement or otherwise having performed any of its obligations hereunder and (y) any damages, costs, expenses (including reasonable legal fees and disbursements), losses or liabilities relating to any such actions, claims, suits, losses, fines or penalties or to any breach of this Agreement by the Issuer.

b. Notwithstanding any contrary provision herein, neither the Bank nor its affiliates, suppliers, contractors, service providers, directors, officers, employees and agents will be liable for any damages, including without limitation, direct or indirect, incidental, special, consequential, exemplary or punitive damages arising out of or in any way related to this Agreement or IPASS, including the delivery of, or the implementation of Instructions as delivered, through IPASS, whether based on contract, tort, strict liability or otherwise.  This provision applies without limitation to any damages or injury arising from any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, line system failure, file corruption, network or system outage, or loss, use or modification of content or data, even if advised of the possibility of such damages.  No third party, including but not limited to any Authorized Person, shall have any right to or claim for indemnification from the Bank under this Agreement.

c. This Section 13 shall survive any termination of this Agreement and the issuance and payment of the Obligations.

Section 14.        Termination

a. This Agreement shall terminate on the date that is the earlier of (i) the date on which the Certificate Agreement is no longer in place for whatever reason and (ii) the date on which the Bank or the Issuer has terminated this Agreement in accordance with this Section 14.

b. The Bank may terminate this Agreement at any time with not less than thirty (30) day’s prior written notice to the Issuer.  The Issuer may terminate this Agreement at any time by not less than thirty (30) days’ prior written notice to the Bank.  In the event this Agreement is terminated by the Issuer, the Issuer shall bear any reasonable costs related to the transfer or completion of the Bank’s responsibilities hereunder.

c. No termination of this Agreement shall affect the rights and obligations of the Issuer and the Bank which have accrued under this Agreement prior to such termination.  In the event of termination of this Agreement, for any reason, the Bank agrees that it shall cooperate with the Issuer or its designee for the orderly transition of services hereunder; provided, however, that nothing herein shall be construed as requiring the Bank to continue meeting its obligations hereunder until 

8

 

such time as a replacement for the Bank is appointed by the Issuer.  This Section 14 shall survive any termination of this Agreement and the issuance and payment of the Obligations.

Section 15.        Addresses

a. Instructions hereunder shall be mailed, faxed, emailed, or transmitted via IPASS or DTC PIM to the Bank at the address, facsimile number, or email address specified below, as applicable, and shall be deemed delivered upon actual receipt by the Bank’s Commercial Paper Issuance Operations at the address, facsimile number or e-mail address specified below:

Bank of America, National Association

135 South LaSalle Street

IL4-135-18-11

Chicago, Illinois 60603

Attn:  IPA Services

Telephone: (312) 992-7990

Facsimile: (866) 940-0414

Email:  IPA.US@baml.com

b. All notices, requests, demands and other communications hereunder (excluding Instructions) shall be in writing and shall be deemed to have been duly given (i) upon delivery by hand (against receipt), or (ii) by United States Post Office registered mail (against receipt) or by regular mail (when mailed) to the Party, in each case at the address set forth below or at such other address as either party may designate by written notice:

(A)        The Issuer:

Avangrid, Inc.

70 Farm View Drive

New Gloucester, ME 04260

Attn:  Kathleen G. Powers

Telephone: 207-688-4338

Facsimile: 207-688-6118

Email: kathleen.powers@iberdrolausa.com

(B)        The Bank:

Bank of America, National Association

135 South LaSalle Street

IL4-135-05-07

Chicago, Illinois  60603

Attn:  IPA Services

Telephone: 980-388-7051

Email: ipa.us@baml.com

Facsimile: 

9

 

Section 16.        Funds Held on Account; No Interest Earned

Funds received by the Bank in accordance with the issuance of Obligations or payments on the Obligations shall be held pursuant to this Agreement until such time as it is transferred in accordance with relevant Instructions or this Agreement.  The Bank shall not be liable for interest on any funds received, or held by, it hereunder.

Section 17.        Miscellaneous

a. This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York and, as applicable, operating circulars of the Federal Reserve Bank, federal laws and regulations as amended, New York Clearing House rules, the DTC Rules, and general commercial bank practices applicable to commercial paper issuance and payment, funds transfer and related activities.

b. The Issuer and the Bank irrevocably agree that the courts of the United States federal courts or the courts of the State of New York sitting in the Borough of Manhattan are to have jurisdiction to settle any disputes or determine any proceedings (respectively, “Disputes” and “Proceedings”) which may arise out of or in connection with this Agreement, any Instructions or any Obligations and that accordingly any Proceeding or Dispute so arising may be brought in such courts.  Each of the Issuer and the Bank irrevocably and unconditionally waive and agrees not to raise any objection which it may have now or subsequently to the laying of the venue of any Disputes or Proceedings in the courts of New York and any claim that any Disputes or Proceedings have been brought in an inconvenient forum and further irrevocably and unconditionally agrees that a judgment in any Disputes or Proceedings brought in the courts of New York shall be conclusive and binding upon the Issuer and the Bank and may be enforced in the courts of any other jurisdiction.  Nothing in this clause shall limit any right to take Disputes or Proceedings against the Issuer in any other court of competent jurisdiction, nor shall the taking of Disputes or Proceedings in one or more jurisdictions preclude the taking of Disputes or Proceedings against the Issuer in any other jurisdiction, whether concurrently or not.

c. This Agreement may not be assigned by the Issuer and may not be modified, or amended or supplemented except by a writing or writings duly executed by the duly authorized representatives of the Issuer and the Bank.

d. Neither Party will use the other’s name or refer to the other Party, directly or indirectly, in any solicitation, marketing material, advertisement, news release or other release to any publication without receiving the other Party’s specific prior written approval for each such use or release.

e. No failure or delay on the part of any Party in exercising any power of right under this Agreement shall operate as a waiver, nor does any single or partial exercise of any power or right preclude any other or further exercise of any other power or right. Any such waiver shall be effective only in the specific instance and for the purpose for which it is given.

f. This Agreement, together with the exhibits attached hereto, contains the entire understanding and agreement between the Bank and the Issuer with respect to the Obligations.  All prior agreements, understandings, representations, statements, promises, inducements, negotiations, and undertakings and all existing contracts previously executed between the Bank and the Issuer with respect to the Obligations are superseded in whole hereby.

10

 

g. With respect to all references herein to nouns, insofar as the context requires, the singular form shall be deemed to include the plural, and the plural form shall be deemed to include the singular.  Titles to Sections of this Agreement are included for convenience of reference only and shall be disregarded in construing the language contained in this Agreement.

h. In no event shall the Bank be liable for any failure or delay in the performance of its obligations hereunder because circumstances beyond the Bank’s control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws, ordinances, regulations or the like which restrict or prohibit the providing of the services contemplated by this Agreement. The Bank has no responsibility if DTC fails to perform in any respect.

i. Following its receipt of written request of the Issuer, the Bank shall provide the Issuer with information the Bank has with respect to any Obligations issued and paid hereunder.  In addition, the Bank agrees to cooperate with the Issuer with respect to any matter directly or indirectly related to examinations, audits, inspections, and other regulatory proceedings performed by internal or external auditors of the Issuer or by any regulatory agency with jurisdiction over the Issuer.  All costs and expenses (including reasonable legal expenses) incurred by the Bank in conjunction with this clause (i) of Section 17 shall be promptly reimbursed by the Issuer upon written demand to the Issuer by the Bank.

j. This Agreement may be executed in several counterparts, each of which shall be an original, but all of which together shall constitute one and the same Agreement. This Agreement, signed and transmitted by facsimile or Portable Document Format (PDF), is to be treated as an original document and the signature of any party hereon, if so transmitted, is to be considered as an original signature, and the document so transmitted is to be considered to have the same binding effect as a manually executed original.

k. The Issuer shall deliver to the Bank a duly executed Corporate Resolution or such other documentation of such officer’s authorization to open accounts and execute agreements and/or act on behalf of the Issuer as the Bank may reasonably require.

l. The Bank is authorized to withhold and remit any taxes in accordance with applicable law and will not be required to pay any additional amounts in respect of such withholding. 

m. Clauses (a), (b), (d), (g), (h) and (i) of this Section 17 shall survive any termination of this Agreement and the issuance and payment of the Obligations.

[Signature page follows]

11

 

In witness whereof, the Bank and the Issuer have caused this Agreement to be executed on their behalf by their respective officers thereto duly authorized as of the day and year first above written.

 

	
Bank of America, National Association
	
 
	
Avangrid, Inc.

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Signature:
	
 
	
/s/ Maria C. Muneton
	
 
	
Signature:
	
 
	
/s/ Howard A. Coon

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Name:
	
 
	
Maria C. Muneton
	
 
	
Name:
	
 
	
Howard A. Coon

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Title:
	
 
	
Vice President
	
 
	
Title:
	
 
	
Treasurer – Avangrid Service Company

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Date:
	
 
	
May 12, 2016
	
 
	
Date:
	
 
	
May 13, 2016

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
Signature:
	
 
	
/s/ Fausto Gentile

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
Name:
	
 
	
Fausto Gentile

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
Title:
	
 
	
Asst. Controller – Avangrid Service Company

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
Date:
	
 
	
May 13, 2016

 

12

 

Table of Contents

 

	
Exhibit A - “DTC Master Note”

	
 

	
Exhibit B - “DTC Certificate Agreement”

	
 

	
Exhibit C - “DTC Letter of Representations”

	
 

	
Exhibit D - “Certificate of Authorized Persons”

	
 

	
Exhibit E - “IPASS Enrollment Form”

	
 

	
Exhibit F - “Standing Instruction Form”

Other required documents

Federal law requires all financial institutions to obtain, verify and record information that identifies each Issuer for which an account is opened.  This information may include, but not be limited to, the Issuer’s legal entity name, business address and tax or employer identification number.

W-9

Signed Fee Schedule

Executed Secretary’s Certificate or Corporate Resolution or such other evidence of such authorization to open accounts and execute agreements

If you employ a Dealer, for this Book Entry Obligation, please supply a document, e.g., signed Dealer Agreement, or a letter on your letterhead indicating the Dealer has authority to provide Instructions for this Book Entry Obligation.

 

 

 

13

 

Exhibit A:  DTC Master Note

The Depository Trust Company

A subsidiary of The DepositoryTrust & Clearing Corporation

CORPORATE COMMERCIAL PAPER-MASTER NOTE

 

	
	
May 13, 2016

	
(date of Issuance)

 

Avangrid, Inc. (“Issuer”), for value received, hereby promises to pay to Cede & Co., as nominee of The Depository Trust Company, or to registered assigns: (I) the principal amount, together with unpaid accrued interest thereon, if any, on the maturity date of each obligation identified on the records of Issuer (the “Underlying Records”) as being evidenced by this Master Note, which Underlying Records are maintained by Bank of America, N.A. (“Paying Agent”); (ii) interest on the principal amount of each such obligation that is payable in installments, if any, on the due date of each installment, as specified on the Underlying Records; and (iii) the principal amount of each such obligation that is payable in installments, if any, on the due date of each installment, as specified on the Underlying Records. Interest shall be calculated at the rate and according to the calculation convention specified on the Underlying Records. Payments shall be made by wire transfer to the registered Owner from Paying Agent without the necessity of presentation and surrender of this Master Note.

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS MASTER NOTE SET FORTH ON THE REVERSE HEREOF.

This Master Note is a valid and binding obligation of Issuer.

Not Valid Unless Countersigned for Authentication by Paying Agent.

 

	
Bank of America, National Association
	
 
	
Avangrid, Inc.

	
(Paying Agent)
	
 
	
(Issuer)

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
By:
	
 
	
/s/ Maria C. Muneton
	
 
	
By:
	
 
	
/s/ Howard A. Coon

	
 
	
 
	
(Authorized Countersignature)
	
 
	
 
	
 
	
(Authorized Countersignature)

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
By
	
 
	
/s/ Fausto Gentile

	
 
	
 
	
 
	
 
	
 
	
 
	
(Authorized Countersignature)

 

14

 

(Reverse Side of Note)

At the request of the registered owner, Issuer shall promptly issue and deliver one or more separate note certificates evidencing each obligation evidenced by this Master Note. As of the date any such note certificate or certificates are Issued, the obligations which are evidenced thereby shall no longer be evidenced by this Master Note,

 

 

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto

 

 

(Name, Address, and Taxpayer Identification Number of Assignee)

the Master Note and all rights thereunder, hereby irrevocably constituting and appointing__________________________, attorney to transfer said Master Note on the books of Issuer with full power of substitution in the premises.

 

	
Date:
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
(Signature)

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Signature(s) Guaranteed:
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
Notice: The signature on this assignment must correspond with the name as written upon the face of this Master Note, in every particular, without alteration or enlargement or any change whatsoever.

 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co, or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede .& Co, or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

15

 

Exhibit B:  DTC Certificate Agreement

BOOK-ENTRY-ONLY MONEY MARKET INSTRUMENT 

(MASTER NOTE AND/OR GLOBAL CERTIFICATE) PROGRAM

Certificate Agreement

This Agreement is dated as of June 17, 2003, by and between The Depository Trust Company (“DTC”) and LaSalle Bank National Association (“Custodian”).

Whereas, Custodian performs, as agent of the issuers, certain paying agency functions with respect to one or more issues of money market instrument notes issued under the programs listed on Exhibit A, as it may be amended in writing with the addition or deletion of a program from time to time by the parties (the “Securities”); and

Whereas, in order to enhance the efficiency of the processes for issuing and redeeming such Securities, Custodian has agreed to act as custodian of master note certificates and/or global certificates registered in the name of DTC’s nominee, Cede & Co., evidencing the Securities (the “Certificates”) and has established procedures to perform the services hereinafter set forth.

Now, therefore, in consideration of the representations, warranties, and covenants herein contained the parties agree as follows:

1. Custodian shall assure that each Certificate held pursuant to this Agreement shall be in registered form, registered in the name of Cede & Co., and shall bear the following legend:

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

Custodian agrees that the foregoing provisions of this Paragraph constitute as to Custodian a timely written notice of an adverse claim by DTC as to each such Certificate regardless of whether the legend actually appears thereon.

2. Subsequent to the issuance of Certificates, Custodian shall hold the Certificates awaiting DTC’s instructions. On receipt of instructions from DTC, and except as hereinafter provided, Custodian shall deliver to DTC or as directed by DTC any or all Securities or Certificates held for DTC in accordance with such instructions.

3. Custodian shall confirm to DTC the amount of Securities evidenced by each Certificate on a daily or other periodic basis, as DTC may reasonably request.

16

 

4. As between DTC and Custodian (including, without limitation, its creditors, lien holders, and pledgees), the Securities evidenced by a Certificate and such Certificate shall be deemed to be the sole property of DTC. Custodian shall not by reason of any provision of this Agreement or the delivery to it of Securities in connection with their issuance obtain any legal or equitable right, title, or interest in or to Securities evidenced by such Certificate.

5. Custodian shall itself at all times hold all Certificates in one of its secured areas.

6. (a) Notwithstanding any event whatsoever, other than an event described in subparagraph (b) of this Paragraph or in the proviso to Paragraph 8, Custodian shall, upon the request of DTC, deliver or make available to DTC any or all Securities or Certificates within 24 hours after receipt of such request, except that Custodian shall not be required hereby to deliver or make available Securities or Certificates to DTC on a day that Custodian is not open for business.

(b) Custodian shall notify DTC immediately after it determines that any Securities or Certificates received by it from the issuer, deliverable by it to DTC, or held by it pursuant to the provisions of this Agreement has apparently been lost, destroyed, wrongfully taken, or is unaccounted for by Custodian (each, a “Missing Security”). Custodian shall promptly replace any Missing Security without cost to DTC.

7. Custodian represents and warrants that it is insured under an insurance policy in the form of Financial Institution Bond Standard Form 24, or similar coverage, in the amount of $ 500,000,000.00 with a deductible of $ 2,500,000.00, which Custodian reasonably believes to be adequate to cover all losses under all programs that Custodian has and shall have with DTC. Custodian will deliver promptly to DTC, if DTC so requests, a writing signed by its insurance broker or agent which evidences the existence of such insurance coverage in such amount and with such deductible, and Custodian covenants and agrees to maintain at its expense such insurance (or a comparable plan of insurance) in no less amount, no greater deductible, and with like coverage during the term of this Agreement, subject to its right to cancel, decrease, or limit the same. Custodian shall notify DTC promptly in writing of any material changes in such insurance coverage. Custodian shall, prior to the first anniversary of the date of this Agreement and prior to each succeeding anniversary of this Agreement during its term, deliver promptly to DTC, if DTC so requests, a writing signed by its insurance broker or agent which shall evidence the amount, deductible, and coverage of Custodian’s insurance and shall state whether or not such insurance is equivalent to financial Institution Bond Standard Form 24. Custodian agrees that whenever Custodian ships Securities or Certificates to DTC, Custodian shall either provide adequate insurance coverage or require such coverage from the carrier of the Securities or Certificates; such coverage to cover losses of Securities or Certificates while in transit and until received. Custodian shall, if DTC so requests, promptly furnish DTC with documentation evidencing the amount, deductible, and coverage of the insurance provided by Custodian for any such shipment of Securities and Certificates.

8. Custodian agrees that it shall not for any reason, including the assertion of any claim, right, or lien of any kind, refuse or refrain from delivering any Securities or Certificates to or as directed by DTC in accordance with the terms of this Agreement; provided, however, that if Custodian shall be served with a notice of levy, seizure, or similar notice, order, or judgment, issued or directed by a governmental agency or court, or an officer thereof, having jurisdiction over Custodian, which on its face affects Securities evidenced by Certificate in the possession of Custodian pursuant to the provisions hereof, Custodian may, pending further direction of such governmental agency or court, refuse or refrain from delivery or making available to DTC in contravention of such notice or levy, seizure, or similar notice, order, or judgment, Securities not greater in amount than the Securities which are affected by such notice of levy, seizure, or similar notice, order, or judgment on the face thereof.

17

 

9. Custodian may act relative to this Agreement in reliance upon advice of counsel in reference to any matters connected with its duties under this Agreement, and shall not be liable for any mistake of fact or error of judgment, or for any acts or omissions to act of any kind, unless caused by its own negligence.

10. Custodian may at any time, without any resulting liability to itself, act under this Agreement in reliance upon the signature of any person who it reasonably believes has authority to act for DTC with respect to this Agreement, but Custodian shall not be required so to act, and may in its discretion at any time require such evidence of the authenticity of such signature and of the authority of the person acting for DTC as may be satisfactory to Custodian.

11. So long as this Agreement remains in effect as to any issue of Securities, Custodian shall furnish to DTC as soon as available a copy of any report on the adequacy of Custodian’s internal accounting control procedures relating to the safeguarding of securities in its custody prepared for any regulatory agency by Custodian’s independent outside auditor.

12. This Agreement may be terminated by either party upon ten business days’ prior written notice to the other party. In the event of the termination of this Agreement or the termination hereunder of this Agreement as to issues of Securities evidenced by specific Certificates, it shall be deemed that Custodian has received as of the time of such termination a request by DTC within the meaning of Paragraph 6(a) with regard to: (i) all Securities or Certificates subject hereto if this Agreement is terminated; or (ii) the specific Securities or Certificates in respect of which this Agreement shall terminate.

13. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to principles of conflicts of law.

14. All notices, instructions, requests, and other communications required or contemplated by this Agreement shall be in writing, shall be delivered by hand or sent, postage prepaid, by certified or registered mail, return receipt requested, and shall be addressed to Custodian at 135 S. LaSalle St., Suite 1625, Chicago, IL 60603, Attn: CDO Trust Services Department, and to DTC at 49th Floor; 55 Water Street; New York, NY 10041-0099, Attn: General Counsel. Notice given as aforesaid shall be deemed given upon the receipt thereof. Either party may change the address to which notices shall be sent upon notice to the other in the manner hereinabove provided.

15. (a) Custodian agrees to indemnify and hold harmless DTC from and against any and all losses, liabilities, claims, penalties, charges, and expenses (including reasonable counsel fees and expenses) suffered or incurred by or asserted or assessed against DTC by reason of Custodian’s negligent action or negligent failure to act; provided, however, that should Custodian be held to be negligent hereunder and should DTC be held to have been contributorily negligent in connection therewith, then the aforementioned liability shall be shared between Custodian and DTC in such proportion as may be set forth in any decision of a court or other tribunal having jurisdiction, unless Custodian and DTC shall agree in writing to share such liability in a different proportion.

18

 

(b) DTC agrees to indemnify and hold harmless Custodian from and against any and all losses, liabilities, claims, taxes, assessments, penalties, charges, and expenses (including reasonable counsel fees and expenses) suffered or incurred by or asserted or assessed against Custodian by reason of any action pursuant to this Agreement or following the instructions of DTC in connection with the performance of its duties under this Agreement where Custodian has acted in good faith and without negligence; provided, however, that should Custodian be held to be negligent hereunder and should DTC be held to have been contributorily negligent in connection therewith, then the aforementioned liability shall be shared between Custodian and DTC in such proportion as may be set forth in any decision of a court or other tribunal having jurisdiction, unless Custodian and DTC shall agree in writing to share such liability in a different proportion.

19

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

 

	
LaSalle Bank National Association
	
 
	
THE DEPOSITORY TRUST COMPANY

	
(Custodian)
	
 
	
(DTC)

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
By:
	
 
	
/s/ Doug Hart
	
 
	
By:
	
 
	
/s/ Denise Russo

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Title:
	
 
	
Senior Vice President
	
 
	
 
	
 
	
 

 

20

 

Exhibit C:  DTC Letter of Representations

The Depository Trust Company

A subsidiary of The Depository Trust & Clearing Corporation

Book-Entry-Only Corporate Commercial

Paper(Master Note) Program

Letter of Representation

[To be Completed by Issuer, Issuing Agent, and Paying Agent]

Avangrid, Inc.

[Name of Issuer]

Bank of America, N.A. Participant No. 1581

[Name and DTC Participant Number of Issuing Agent and Paying Agent]

 

	
	
May 13, 2016

	
(date of Issuance)

Attention: ‘Underwriting Department

The Depository Trust Company 57.0

Washington Blvd, 4th FL

Jersey City, NI: 073 1 0

Re: Private Placement of up to $1,000,000,000 of unsecured notes outstanding at any time pursuant to the exemption from registration provided by sect 4(a)(2) of the Securities Act of 1933 as amended

[Description of program, including reference to the provision of the Securities Act of 1933, as amended, pursuant to which Program is exempt from registration.]

Ladies and Gentlemen:

This letter sets forth our understanding with respect to certain matters relating to the issuance by Issuer from time to time of notes under its Commercial Paper program described above (the “Securities”). Issuing Agent shall act as issuing agent with respect to the Securities. Paying Agent shall act as paying agent or other such agent of Issuer with respect to the Securities, Issuance of the Securities has been authorized pursuant to a prospectus supplement, offering circular, or other such document authorizing the issuance of the Securities dated May 13, 2016.

Paying Agent has entered into a Money Market Instrument or Commercial Paper Certificate Agreement with The Depository Trust Company (“DTC”) dated as of June 17, 2003, pursuant to which Paying Agent shall act as custodian of a Master Note Certificate evidencing the Securities, when issued. Paying Agent shall amend Exhibit A to such Certificate Agreement to include the program described above, prior to issuance of the Securities.

To induce DTC to accept the Securities as eligible for deposit at DTC and to apt in accordance with its Rules with respect to the Securities, Issuer, Issuing Agent, and Paying Agent make the following representations to DTC:

1. The Securities shall be evidenced by a Master Note Certificate in registered form registered in the name of DTC’s nominee, Cede & Co., and such Master Note Certificate shall represent 100% of the principal amount of the Securities. The Master Note Certificate shall include the substance of all material provisions set forth in the DTC model Commercial Paper Master Note, a copy of which previously has 

21

 

been furnished to Issuing Agent and Paying Agent, and may include additional provisions as long as they do not conflict with the material provisions set forth in the DTC model.

2. Issuer: (a) understands that DTC has no obligation to, and will not, communicate to its participants (“Participants”) or to any person having an interest in the Securities any information contained in the Master Note Certificate; and (b) acknowledges that neither DTC’s. Participants nor any person having an interest in the Securities shall be deemed to have notice of the provisions of the Master Note Certificate by virtue of submission of such Certificate to DTC.

3. For Securities to be issued at a discount from the face value to be paid at maturity (“Discount Securities”), Issuer or Issuing Agent has obtained from the CUSIP Service Bureau a written list of two basic six-character CUSIP numbers (each of which uniquely identifies Issuer and two years of maturity dates for the Discount Securities to be issued under its Commercial Paper program described above). The CUSIP numbers on such list have been reserved for future assignment to issues of the Discount Securities based on the Maturity year of the Discount Securities and will be perpetually reassignable in accordance with DTC’s Procedures, including Operational Arrangements and the Issuing/Paying Agent General Operating Procedures (the “NM Procedures”), a copy of which previously has been furnished to Issuing Agent and Paying Agent.

For Securities to be issued at face value with interest to be paid at maturity only or periodically (“Interest Bearing Securities”), Issuer or Issuing Agent has obtained from the CUSIP Service Bureau a Written list of approximately 900 nine-character numbers (the basic first six characters of which are the same and uniquely identify Issuer and the Interest Bearing Securities to be issued under its Commercial Paper program described above). The CUSIP numbers on such list have been reserved for future assignment to issues of the Interest Bearing Securities. At any time when fewer than 100 of the CUSIP numbers on such list remain unassigned, Issuer or Issuing Agent shall promptly obtain from the CUSIP Service Bureau an additional written list of approximately 900 such numbers.

4. When Securities are to be issued through DTC, Issuing Agent shall notify Paying Agent and shall give issuance instructions to DTC in accordance with the MMI Procedures. The giving of such issuance instructions, which include delivery instructions, to DTC shall constitute: (a) a representation that the. Securities are issued in accordance with applicable law; and (b) a confirmation that the Master Note Certificate evidencing such Securities, in the form described in paragraph 1, has been issued and authenticated.

5. All notices and payment advises sent to DTC shall contain the CUSIP number of the Securities.

6. Issuer recognizes that DTC does not in any way undertake to, and shall not have any responsibility to, monitor or ascertain the compliance of any transactions in the Securities with the following, as amended from time to time: (a) any exemptions from registration under the Securities Act of 1933; (b) the Investment Company Act of 1940; (c) the Employee Retirement Income Security Act of 1974; (d) the Internal Revenue Code of 1986; (e) any rules of any Self-regulatory  organizations (as defined under the Securities Exchange Act of 1934); or (f) any other local, state, federal, or foreign laws or regulations thereunder.

7. Notwithstanding anything set forth in any document relating to a letter of credit facility, neither DTC nor Cede &.Co. shall have any obligations or responsibilities relating to the letter of credit facility, if any, unless such obligations or responsibilities-are expressly set forth herein.

22

 

8. If issuance of Securities through DTC is-scheduled to take place one or more days after Issuing Agent has given issuance instructions to DTC, Issuing Agent may cancel such issuance by giving cancellation instruction to DTC in accordance with the MMI Procedures.

9. At any time that Paying Agent has Securities in its DTC accounts, it may request withdrawal, of such Securities from DTC by giving a withdrawal instruction to DTC in accordance with the MMI Procedures. Upon DTC’s acceptance of such withdrawal instruction, Paying Agent shall reduce the principal amount of the Securities evidenced by the Master Note Certificate accordingly.

10. In the event of any solicitation of consents from or voting by holders of the Securities, Issuer, Issuing Agent, or Paying Agent shall establish a record date for such purposes (with no provision for revocation of consents or votes by subsequent holders) and shall send notice of such record date to DTC’s Reorganization Department, Proxy Unit no fewer than 15 calendar days in advance of such record date. If sent by telecopy, such notice shall be directed to (212).855-5181 or (212) 855-5182. If the party sending the notice does not receive a telecopy receipt from DTC such party shall confirm DTC’s receipt of such telecopy by telephoning (212) 855-5187. For information regarding such notices, telephone The Depository Trust and Clearing Corporation’s Proxy hotline at (212)855-5191.

11. Paying Agent may .override DTC’s determination of interest and principal payment dates, in. accordance with the MMI Procedures.

12. Notice regarding the amount of variable interest and principal payments on the Securities shall be given to DTC by Paying Agent in accordance with the MMI Procedures.

13. All notices sent to DTC shall contain the CUSIP number of the Securities.

14. Paying Agent shall confirm with DTC daily, by CUSIP number, the face-value of the Securities outstanding, and Paying Agent’s corresponding interest and principal payment obligation, in accordance with the MMI Procedures.

15. DTC may direct Issuer, Issuing Agent, or Paying Agent to use any other number or address as the number or address to which notices or payments may be sent.

16. Payments on the Securities, including payments in currencies other than the U.S. Dollar, shall be made by Paying Agent in accordance with the MMI Procedures.

17. In the event that Issuer determines that beneficial owners of the Securities shall be able to obtain certificated Securities, Issuer, Issuing Agent, or Paying Agent shall notify DTC of the availability of certificates. In such event, Issuer, Issuing Agent, or Paying Agent shall issue, transfer, and exchange certificates in appropriate amounts, as required by DTC and others.

18. Issuer authorizes DTC to provide to Issuing Agent and/or Paying Agent listings of DTC Participants’ holdings, known as Security Position Reports (“SPRs”) with respect to the Assets from time to time at the request of Issuing Agent or Paying Agent. DTC charges a fee for such SPRs. This authorization, unless revoked by Issuer, shall continue with respect to the Assets while any Assets are on deposit at DTC, until and unless Issuing Agent and/or Paying Agent shall no longer be acting as Issuing and/or Paying Agent for Issuer. In such event, Issuer shall provide. DTC with similar evidence, satisfactory to DTC, of the authorization of any successor thereto so to act. Proxy Web Services are available at www.dtcc.com. To register for or inquire about Proxy Web Services, telephone The Depository Trust and Clearing Corporation’s Proxy Hotline at (212) 855-5191.

23

 

19. DTC may discontinue providing its services as securities depository with respect to the Securities at any time by giving reasonable notice to Issuer, Issuing Agent, or Paying Agent (at which time DTC will confirm with Issuer, Issuing Agent, or Paying Agent the aggregate amount of Securities outstanding by CUSIP number). Under such circumstances, at DTC’s request Issuer, Issuing Agent, and Paying Agent shall cooperate fully with DTC by taking appropriate action to make available one or more separate certificates evidencing Securities to any Participant having Securities credited to its DTC accounts.

20. Nothing herein shall be deemed to require Issuing Agent or Paying Agent to advance funds on behalf of Issuer.

21. This Letter of Representations may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all such counterparts together shall constitute but one and the same instrument.

22. his Letter of Representations shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to principles of conflicts of law.

23. The sender of each notice delivered to DTC pursuant to this Letter of Representations is responsible for confirming that such notice was properly received by DTC.

24. Issuing and/or Paying Agent represent to DTC that the Issuing and/or Paying Agent screened the name of the party in whose name a deposited Security certificate is registered against the U.S. Department of the Treasury’s Office of the Office of Foreign Asset Control’s (“OFAC”) Specially Designated Nationals Blocked Persons List (“SDN List) and against OFAC’s regulations and that there were no matches identified by such comparison. Issuer is prohibited from submitting Securities for DTC eligibility if the issuer of the securities is listed on the OFAC’s SDN List, or is incorporated or formed in a country that is subject to OFAC sanctions or embargoes, or otherwise subject to sanctions administered by OFAC.

25. Issuer, Issuing Agent and Paying Agent shall comply with the applicable requirements stated in DTC’s MMI Procedures, as they may be amended from time to time.

26. The following riders, attached hereto, are hereby incorporated into this Letter of Representations:

 

 

 

 

[The remainder of this page was intentionally left blank.]

24

 

 

	
Schedule A contains statements that DTC believes accurately describe DTC, the method of effecting book-ently transfer of securities distributed through DTC, and certain related matters.
	
 
	
 

	
 
	
 
	
 
	
 
	
Very truly yours,

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
Avangrid, Inc.

	
 
	
 
	
 
	
 
	
 
	
 
	
[Issuer]

	
 
	
 
	
 
	
 
	
By:
	
 
	
/s/ Howard A. Coon

	
 
	
 
	
 
	
 
	
 
	
 
	
[Authorized Officer’s Signature]

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
By:
	
 
	
/s/ Fausto Gentile

	
 
	
 
	
 
	
 
	
 
	
 
	
[Authorized Officer’s Signature]

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
Bank of America, N.A.

	
 
	
 
	
 
	
 
	
 
	
 
	
[Issuing Agent]

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
By:
	
 
	
/s/ Maria C. Muneton

	
 
	
 
	
 
	
 
	
 
	
 
	
[Authorized Officer’s Signature]

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
Bank of America, N.A.

	
 
	
 
	
 
	
 
	
 
	
 
	
[Paying Agent]

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
By:
	
 
	
/s/ Maria C. Muneton

	
 
	
 
	
 
	
 
	
 
	
 
	
[Authorized Officer’s Signature]

 

25

 

SCHEDULE A

SAMPLE OFFERING DOCUMENT LANGUAGE

DESCRIBING BOOK-ENTRY-ONLY ISSUANCE

(Prepared by DTC-bracketed material may be applicable only to certain issues)

1. The Depository Trust Company (“DTC”), New York, NY, will act as securities depository for the securities (the “Securities”), The Securities will be issued as fully-registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Security certificate will be issued for [each issue of] the Securities, [each] in the aggregate principal amount of such issue, and will be deposited with DTC, [If, however, the aggregate principal amount of [any] issue exceeds $500 million, one certificate will be issued with respect to each $500 million of principal amount, and an additional certificate will be issued with respect to any remaining principal amount of such issue.]

2. DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC has a Standard & Poor’s rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com.

3. Purchases of Securities under the DTC system must be made by or through Direct Participants, which will receive a credit for the Securities on DTC’s records, The ownership interest of each actual purchaser of each Security (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Securities, except in the event that use of the book-entry system for the Securities is discontinued.

4. To facilitate subsequent transfers, all Securities deposited by Direct Participants with DTC are registered in the name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Securities with DTC and their 

26

 

registration in the name of Cede & Co, or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Securities; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.

5. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. [Beneficial Owners of Securities may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Securities, such as redemptions, tenders, defaults, and proposed amendments to the Security documents. For example, Beneficial Owners of Securities may wish to ascertain that the nominee holding the Securities for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be provided directly to them.]

[6. Redemption notices shall be sent to DTC. If less than all of the Securities within an issue are being redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.]

7. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Securities unless authorized by a Direct Participant in accordance with DTC’s MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to Issuer as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting rights to those Direct Participants to whose accounts Securities are credited on the record date (identified in a listing attached to the Omnibus Proxy).

8. Redemption proceeds, distributions, and dividend payments on the Securities will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from Issuer or Agent, on payable date in accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in “street name,” and will be the responsibility of such Participant and not of DTC, Agent, or Issuer, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of Issuer or Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.

 [9. A Beneficial Owner shall give notice to elect to have its Securities purchased or tendered, through its Participant, to [Tender/Remarketing] Agent, and shall effect delivery of such Securities by causing the Direct Participant to transfer the Participant’s interest in the Securities, on DTC’s records, to [Tender/Remarketing] Agent. The requirement for physical delivery of Securities in connection with an optional tender or a mandatory purchase will be deemed satisfied when the ownership rights in the Securities are transferred by Direct Participants on DTC’s records and followed by a book-entry credit of tendered Securities to [Tender/Remarketing] Agent’s DTC account.]

10. DTC may discontinue providing its services as depository with respect to the Securities at any time by giving reasonable notice to Issuer or Agent. Under such circumstances, in the event that a successor depository is not obtained, Security certificates are required to be printed and delivered.

27

 

11. Issuer may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event, Security certificates will be printed and delivered to DTC.

12. The information in this section concerning DTC and DTC’s book-entry system has been obtained from sources that Issuer believes to be reliable, but Issuer takes no responsibility for the accuracy thereof.

 

 

 

28

 

Exhibit D

Certificate of Authorized Persons

 

	
Name:
	
 
	
 
	
 
	
Name:
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Title:
	
 
	
 
	
 
	
Title:
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Phone:
	
 
	
 
	
 
	
Phone:
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Facsimile:
	
 
	
 
	
 
	
Facsimile:
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
E-mail:
	
 
	
 
	
 
	
E-mail:
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Signature:
	
 
	
 
	
 
	
Signature:
	
 
	
 

 

	
Authority Level:
	
 
	
Authority Level:

	
o    Enter Instructions
	
 
	
o    Enter Instructions

	
o    Validate Instructions
	
 
	
o    Validate Instructions

	
o    Add DTC Participant Information
	
 
	
o    Add DTC Participant Information

 

	
Name:
	
 
	
 
	
 
	
Name:
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Title:
	
 
	
 
	
 
	
Title:
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Phone:
	
 
	
 
	
 
	
Phone:
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Facsimile:
	
 
	
 
	
 
	
Facsimile:
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
E-mail:
	
 
	
 
	
 
	
E-mail:
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Signature:
	
 
	
 
	
 
	
Signature:
	
 
	
 

 

	
Authority Level:
	
 
	
Authority Level:

	
o    Enter Instructions
	
 
	
o    Enter Instructions

	
o    Validate Instructions
	
 
	
o    Validate Instructions

	
o    Add DTC Participant Information
	
 
	
o    Add DTC Participant Information

 

The Bank is authorized to comply with and rely upon any instructions or other communications believed by it to have been sent or given by the person or persons identified. The Issuer wants to perform:

 

	
	
o    One validation step

	
o    Two validation steps

	
o    No validation steps

 

	
Approved By:
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Name:
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
Date:
	
 
	
 
	
 
	
 
	
 
	
 

 

 

 

29

 

Exhibit E: IPASS Enrollment Form

 

 

 

30

 

Exhibit F: Standing Instruction Form

Date: __, 2016

Bank of America Merrill Lynch

Global Custody and Agency Services

Attn:  IPA Services

135 South LaSalle Street

IL4-135-05-07

Chicago, IL 60603

Ladies and Gentlemen:

We refer you to the Issuing and Paying Agent Agreement (the “Agreement”), dated as of ___, 2016, among Avangrid, Inc. [“Issuer”], and Bank of America, National Association.  Capitalized terms used but not defined in this letter shall have the meanings given them in the Agreement.

We hereby request that you, in accordance with the terms and provisions of Section 6a(iv) of the Agreement, ,  prior to the close of business on each Issue Date, credit in immediately available funds the net proceeds of all delivered Obligations according to the following standing instruction:

 

						
	
Funds to be transferred from [“Issuer”] IPA Account 
	
FOR BANK USE ONLY:

	
Account Name:
	
 
	
Abbreviation:
	
 

	
Destination Bank Name:
	
 
	
ABA#:
	
 
	
Desc Code:
	
 

	
City / State / Zip:
	
 
	
Payment Document:
	
 

	
Payee Account Number:
	
 
	
Payee Name:
	
 
	
Client #:
	
 

 

THIS STANDING INSTRUCTION WILL REVOKE ANY PRIOR STANDING INSTRUCTION PREVIOUSLY SUBMITTED FOR THE ACCOUNT IDENTIFIED ABOVE.  In the event standing funds transfer instructions are given to the Bank pursuant to the terms of the Agreement, regardless of the method used to transmit such instructions, such instructions must be given by an Authorized Person designated on Exhibit D.  Further, the Bank is authorized to obtain confirmation of such instructions by telephone call-back to an Authorized Person.  The Bank may rely upon the confirmation of anyone purporting to be the Authorized Person.  The Issuer agrees that the Bank may delay the initiation of the fund transfer until all security measures it deems to be necessary and appropriate have been completed for establishing the standing instruction and shall incur no liability for such delay.

 

	
Very truly yours,
	
 
	
 

	
Authorized Person Signature  
	
 
	
 

	
Authorized Person Name
	
 
	
 

 

	
Authorized Person Signature
	
 
	
 

	
Authorized Person Name
	
 
	
 

 

31

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