Document:

EX-10(b)(11)(k)

 Exhibit 10(b)(11)(k) 
 EXECUTION COPY 
 THIRD AMENDMENT TO AMENDED AND RESTATED NOTE AGREEMENT

 This THIRD AMENDMENT TO AMENDED AND RESTATED NOTE AGREEMENT dated as of December 4, 2012 (this
“Amendment”), among NEWSTAR FINANCIAL, INC. (the “Company”), THE HOLDERS PARTY HERETO (the “Holders”) and FORTRESS CREDIT CORP., as contractual representative of the Holders under the Note Agreement
described below (in such capacity, together with its successors and assigns, the “Administrative Agent”). 
 WHEREAS, the Company has entered into a Note Agreement dated as of January 5, 2010 with the Holders and the Administrative Agent, as amended by that certain Amendment to Note Agreement dated as of
April 6, 2010 (as so amended, the “Original Note Agreement”), pursuant to which the Holders agreed, subject to the terms and conditions set forth therein, to make revolving loans to the Company; 

WHEREAS, the Company has entered into an Amended and Restated Note Agreement dated as of August 31, 2010 with the
Holders and the Administrative Agent, as amended by the First Amendment to Amended and Restated Note Agreement dated as of January 27, 2012 among the Company, the Holders and the Administrative Agent and by the Consent and Second Amendment to
Amended and Restated Note Agreement dated as of November 5, 2012 among the Company, the Holders and the Administrative Agent (as so amended and as it may be further amended, modified, extended, supplemented or restated from time to time, the
“Note Agreement”), which Note Agreement amended and restated the Original Note Agreement in its entirety and pursuant to which Note Agreement the Holders agreed, subject to the terms and conditions set forth therein, to make term
loans and revolving loans to the Company; 
 WHEREAS, the Company has requested that the Administrative Agent
and the Holders amend the Note Agreement as provided in this Amendment, and the Administrative Agent and the Holders have agreed to do the foregoing, subject to the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the promises and the mutual agreements contained in this Amendment, the Company, the
Holders party hereto and the Administrative Agent hereby agree as follows: 

1.        Capitalized Terms. Capitalized terms used but not defined herein
shall have the meanings set forth in the Note Agreement. 

2.        Amendments to Note Agreement. Subject to the satisfaction of the
conditions precedent set forth in Section 7 below and in reliance on the representations and warranties set forth in Section 5, the Note Agreement is hereby amended as follows: 

(a) Amendment to Section 1.01 of the Note Agreement. Section 1.01 of the Note Agreement is hereby
amended as follows: 
 (i)      The definition of “Adjusted
Loan Amount” is hereby amended by deleting such definition in its entirety and by substituting the following therefor: 
 “‘Adjusted Loan Amount” means, at any time of determination: 
 (i)      with respect to any Obligor Loan other than an Impaired Loan or REO Loan, the product of (a) the Outstanding Obligor Loan Balance of such Obligor Loan at such
time multiplied by (b) the Adjustment Percentage (expressed as a fraction) applicable to such Obligor Loan at such time; 

 (ii)      with respect to any
REO Loan at any time, the lesser of (a) the product of (1) the Outstanding Obligor Loan Balance of such REO Loan (calculated in accordance with clause (c) of the definition of “Outstanding Obligor Loan Balance”) multiplied
by (2) the Adjustment Percentage (expressed as a fraction) applicable to such REO Loan at such time and (b) the book value of such REO Loan, or if such REO Loan is no longer outstanding, the related REO Property minus any reserves held by
the REO Subsidiary or the Company reasonably determined and reflected on such Person’s books at such time; and 
 (iii)      with respect to any Impaired Loan at any time, the lesser of (a) the product of (1) the Outstanding Obligor Loan Balance of such Impaired Loan at such
time multiplied by (2) the Adjustment Percentage (expressed as a fraction) applicable to such Impaired Loan at such time and (b) the book value of such Impaired Loan at such time.” 

(ii)      The definition of “Borrowing Base” is hereby amended by
deleting such definition in its entirety and by substituting the following therefor: 

“‘Borrowing Base” means, as of date of determination, an amount equal to the sum
of (a) the Unencumbered Asset Amount as of such date plus (b) the Aggregate Investment Vehicle Equity Amount as of such date plus (c) the CLO Note Amount as of such date plus (d) the CLO Manager Amount as of such date;
provided, however, that in no event shall the portion of the Borrowing Base allocable to Real Estate Loans exceed an amount equal to 15% of the Borrowing Base.” 

(iii)      The definition of “CLO Note Amount” is hereby amended
by deleting such definition in its entirety and by substituting the following therefor: 

“‘CLO Note Amount’ means, as of any date of determination, the aggregate of the
Adjusted CLO Note Amounts of all Eligible CLO Notes as of the Measurement Date ending on or most recently ended prior to such date.” 
 (iv)      The definition of “Investment Vehicle Equity Amount” is hereby amended by deleting such definition in its entirety and by substituting the following
therefor: 
 “‘Investment Vehicle Equity Amount’ means, as at any date of
determination, with respect to each Eligible Investment Vehicle, the product of (i) 0.35 multiplied by (ii) the difference between (A) the Adjusted Loan Amount of all Obligor Loans held by such Eligible Investment Vehicle as of the
Measurement Date ending on or most recently ended prior to such date and (B) the difference between (1) the Investment Vehicle Debt of such Eligible Investment Vehicle as of the Measurement Date ending on or most recently ended prior to
such date and (2) the Principal Cash of each Eligible Investment Vehicle as of such date, provided that (a) so long as no party has any recourse to the Company in respect of any Indebtedness of an Eligible Investment Vehicle, the
Investment Vehicle Equity Amount with respect to such Eligible Investment Vehicle shall not be an amount less than zero, and (b) with respect to any Investment Vehicle Debt as to which a third party has total or partial recourse to the Company,
the Investment Vehicle Equity Amount with respect to such Eligible Investment Vehicle may be less than zero, but the amount by which such Investment Vehicle Equity Amount may be less than zero shall not exceed the Liquidated Recourse Amount in
respect of such Investment Vehicle Debt.” 

  
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 (v)      The definition of
“REO Subsidiary” is hereby amended by deleting such definition in its entirety and by substituting the following therefor: 
 “‘REO Subsidiary’ means any REO Affiliate that is a direct wholly-owned subsidiary of the Company or a Subsidiary Guarantor. As of the Third Amendment Effective Date, the term
“REO Subsidiary” shall include, without limitation, Alameda NS Four Holding, LLC, a Delaware limited liability company, FQ NS SIX HOLDING, LLC, a Delaware limited liability company, and I-295 NS Eight Holding, LLC, a Delaware limited
liability company.” 
 (vi)      The definition of
“Wachovia Facility” is hereby amended by deleting such definition in its entirety and by substituting the following therefor: 
 “‘Wachovia Facility’ means the Fifth Amended and Restated Loan and Servicing Agreement amended and restated as of November 5, 2012, by and among NewStar CP Funding LLC, as the
Borrower, the Company, as the Originator and Servicer, each of the conduit lenders and institutional lenders from time to time party thereto, each of the lender agents from time to time party thereto, Wells Fargo Securities, LLC, as the
Administrative Agent, and U.S. Bank National Association, as the Trustee, together with any documents executed in connection therewith, as the same may be amended, restated, supplemented or otherwise modified from time to time.” 

(vii)      Section 1.01 of the Note Agreement is hereby further
amended by inserting the following new definitions of “Adjusted CLO Note Amount”, “Applicable Current Public Credit Rating”, “Applicable Original Public Credit Rating”, “CLO Note Adjustment Percentage”,
“CLO Note Category I”, “CLO Note Category II”, “CLO Note Category III”, “CLO Note Category IV”, “Impaired Loan” and “Third Amendment Effective Date” therein in appropriate alphabetical
order: 
 “‘Adjusted CLO Note Amount’ means, as of any date of
determination with respect to any Eligible CLO Note, the product of (a) the aggregate outstanding principal balance of such Eligible CLO Note as of such date multiplied by (b) the CLO Note Adjustment Percentage with respect to such
Eligible CLO Note as of such date. 
 “‘Applicable Current Public Credit
Rating’ means, at any time of determination with respect to any Eligible CLO Note that has a public credit rating from either or both of S&P and Moody’s at such time, the following public credit rating: (a) if such Eligible
CLO Note is rated by both S&P and Moody’s at such time and the public credit ratings from S&P and Moody’s are at different levels, the higher of such public credit ratings, (b) if such Eligible CLO Note is rated by both
S&P and Moody’s at such time and such public credit ratings are at the same level, the public credit rating from S&P or (c) if such Eligible CLO Note is rated by only one of S&P or Moody’s at such time, the public credit
rating issued by such rating agency.” 
 “‘Applicable Original Public Credit
Rating’ means, with respect to any Eligible CLO Note that had a public credit rating from either or both of S&P and Moody’s at the time such Eligible CLO Note was issued, the following public credit rating: (a) if such
Eligible CLO Note was rated by both S&P and Moody’s at such time and the public credit ratings from S&P and Moody’s were at different levels, the higher of such public credit ratings, (b) if such Eligible CLO Note was rated by
both S&P and Moody’s at such time and such public credit ratings were at the same level, the public credit rating from S&P or (c) if such Eligible CLO Note was rated by only one of S&P or Moody’s at such time, the public
credit rating issued by such rating agency.” 

  
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 “‘CLO Note Adjustment Percentage’
means, at any time of determination, with respect to any Eligible CLO Note, the percentage set forth below opposite the “CLO Note Category” which corresponds to such Eligible CLO Note as of the then most recent Measurement Date:

  

			
	 CLO Note Category

 
	  	Percentage
	
CLO Note Category I
  
	  	70%
	 CLO Note Category II

 
	  	70%
	
CLO Note Category III

 
	  	60%
	 CLO Note Category IV

 
	  	50%

 “‘CLO Note Category I’ shall be deemed to apply to
any Eligible CLO Note at any time of determination if such Eligible CLO Note meets each of the following criteria: (a) such Eligible CLO Note has a public credit rating from either S&P or Moody’s at such time, (b) at the time such
Eligible CLO Note was issued, such Eligible CLO Note was rated (i) BBB- or higher by S&P, if such Eligible CLO Note was rated by S&P and such rating from S&P is the Applicable Original Public Credit Rating or (ii) Baa3 or
higher by Moody’s, if such Eligible CLO Note was rated by Moody’s and such rating from Moody’s is the Applicable Original Public Credit Rating and (c) at such time of determination, such Eligible CLO Note is rated (i) BBB-
or higher by S&P, if such Eligible CLO Note is rated by S&P and such rating from S&P is the Applicable Current Public Credit Rating with respect thereto or (ii) Baa3 or higher by Moody’s if such Eligible CLO Note is rated by
Moody’s and such rating from Moody’s is the Applicable Current Public Credit Rating with respect thereto.” 
 “‘CLO Note Category II’ shall be deemed to apply to any Eligible CLO Note at any time of determination if such Eligible CLO Note meets each of the following criteria: (a) such
Eligible CLO Note has a public credit rating from either S&P or Moody’s at such time, (b) at the time such Eligible CLO Note was issued, such Eligible CLO Note was rated (i) at least BB but not higher than BB+ by S&P, if such
Eligible CLO Note was rated by S&P and such rating from S&P is the Applicable Original Public Credit Rating or (ii) at least Ba2 but not higher than Ba1 by Moody’s, if such Eligible CLO Note was rated by Moody’s and such
rating from Moody’s is the Applicable Original Public Credit Rating and (c) at such time of determination, such Eligible CLO Note is rated (i) A or higher by S&P, if such Eligible CLO Note is rated by S&P and such rating from
S&P is the Applicable Current Public Credit Rating with respect thereto or (ii) A2 or higher by Moody’s, if such Eligible CLO Note is rated by Moody’s and such rating from Moody’s is the Applicable Public Credit Rating with
respect thereto.” 
 “‘CLO Note Category III’ shall be deemed to
apply to any Eligible CLO Note at any time of determination if such Eligible CLO Note meets each of the following criteria: (a) such Eligible CLO Note has a public credit rating from either S&P or Moody’s at such time, (b) at the
time such Eligible CLO Note was issued, such Eligible CLO Note was rated (i) at least BB but not higher than BB+ by S&P, if such Eligible CLO Note was rated by S&P and such rating from S&P is the Applicable Original Public Credit
Rating or (ii) at least Ba2 but not higher than Ba1 by Moody’s, if such Eligible CLO Note was rated by Moody’s and such rating from Moody’s is the Applicable Original Public Credit Rating and (c) at such time of
determination, such Eligible CLO Note is rated (i) lower 

  
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than A but higher than or equal to BBB- by S&P, if such Eligible CLO Note is rated by S&P and such rating from S&P is the Applicable Current Public Credit Rating with respect thereto
or (ii) lower than A2 but higher than or equal to Baa3 by Moody’s, if such Eligible CLO Note is rated by Moody’s and such rating from Moody’s is the Applicable Public Credit Rating with respect thereto.” 

“‘CLO Note Category IV’ shall be deemed to apply to any Eligible CLO Note to which
none of CLO Note Category I, CLO Note Category II or CLO Category III applies. For avoidance of doubt, any Eligible CLO Note that does not have a public credit rating from S&P or Moody’s shall be classified in CLO Note Category IV.”

 “‘Impaired Loan’ means, at any time of determination, any Obligor Loan
which is classified as an impaired loan by the Company and included in the category of impaired loans reflected in the financial statements of the Company for the fiscal quarter then most recently ended.” 

“‘Third Amendment Effective Date’ means December 4, 2012.” 

(b)        Amendment to Section 6.10 of the Note Agreement.
Section 6.10 of the Note Agreement is hereby amended by deleting the penultimate sentence thereof and replacing it with the following: 
 “Notwithstanding anything in this Section 6.10 to the contrary, the Company and the Subsidiary Guarantors shall be permitted to maintain the following accounts not subject to the Administrative
Agent’s control: (i) accounts of the Company or any Subsidiary Guarantor established and maintained for the purpose of holding funds in escrow for the benefit of third parties, (ii) accounts of the Company established and maintained
for the purpose of clearing amounts (A) held in the Company’s capacity as the administrative or collateral agent for a syndicate of lenders (but excluding for the avoidance of doubt any syndicate of lenders composed entirely of Note
Parties), and/or (B) owed to Investment Vehicles that are not Note Parties in connection with their ordinary course financing transactions, (iii) that certain account of the Company held at Bank of America, N.A. the last four digits of
which are 6695 or any replacement or successor account used solely for payroll, employee bonuses, taxes, accounts payable and other miscellaneous finance-related payments, (iv) that certain account of the Company held at Wells Fargo Bank, N.A.
the last four digits of which are 6272 or any replacement or successor account generally used for making disbursements, (v) provided that no Default or Event of Default shall have occurred and be continuing, that certain account of I-295 NS
Eight Holding, LLC held at Wells Fargo Bank, N.A., the last four digits of which are 0831, provided that, until such time as such REO Subsidiary has delivered to the Administrative Agent a Deposit Account Control Agreement executed by such REO
Subsidiary and Wells Fargo Bank, N.A. with respect to such account, (A) such account shall be used solely in connection with the operation and maintenance of the real property owned by such REO Subsidiary or to hold proceeds from the sale or
lease of units at such real property and (B) the aggregate amount of funds in such account shall not exceed $100,000 for more than three (3) consecutive Business Days (it being understood for avoidance of doubt that upon the Administrative
Agent’s receipt of a Deposit Account Control Agreement with respect to such account executed by such REO Subsidiary and Wells Fargo Bank, N.A., the foregoing clauses (A) and (B) shall cease to be in effect) and (vi) provided that
no Default or Event of Default shall have occurred and be continuing, those other accounts of the Company or any Subsidiary Guarantor expressly designated on Schedule 6.10 attached hereto so long as the total amount of funds on deposit in
such designated accounts (excluding Unapplied Cash) does not exceed $500,000 in the aggregate at any given time.” 

  
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 (c)        Amendment to Article
VI of the Note Agreement. Article VI of the Note Agreement is hereby amended by inserting the following therein as new Section 6.16 thereof: 
 “6.16 I-295 NS Eight Holding, LLC Collateral Account.  On or before the 60th day after the Third Amendment Effective Date, the Company shall cause I-295 NS Eight Holding, LLC to use
commercially reasonable efforts to enter into a Deposit Account Control Agreement with respect to that certain account of I-295 NS Eight Holding, LLC held at Wells Fargo, N.A., the last four digits of which are 0831.” 

(d)        Amendment to Schedules to Note Agreement.   The
Schedules to the Note Agreement are hereby amended by deleting Schedule 6.10 thereto and replacing it with updated Schedule 6.10 attached hereto. 
 (e)        Amendment to Exhibits to Note Agreement.  The Exhibits to the Note Agreement are hereby amended by deleting Exhibit G thereof and
replacing it with updated Exhibit G attached hereto. 

3.        Consent to Joinder of New REO
Subsidiaries.    Subject to the satisfaction of the conditions precedent set forth in Section 7 below and in reliance on the representations and warranties set forth in Section 5, pursuant to Section 8.16.1 of
the Amended and Restated Pledge and Security Agreement dated as of August 31, 2010 among the Company, the Subsidiary Guarantors party thereto and the Administrative Agent (as amended from time to time, the “Security
Agreement”), the Administrative Agent hereby consents to each of FQ NS SIX HOLDING, LLC, a Delaware limited liability company, and I-295 NS Eight Holding, LLC, a Delaware limited liability company (each a “New REO
Subsidiary” and, collectively, the “New REO Subsidiaries”), (a) joining the Subsidiary Guaranty dated as of January 5, 2010 by the Subsidiary Guarantors party thereto in favor of the Administrative Agent for the
benefit of the Holders (as amended from time to time, the “Subsidiary Guaranty”) as an additional Subsidiary Guarantor thereunder and (b) joining the Security Agreement as an additional Grantor thereunder. 

4.        Confirmation Regarding New Investment
Vehicle.    Subject to the satisfaction of the conditions precedent set forth in Section 7 below and in reliance on the representations and warranties set forth in Section 5, the Administrative Agent and the Holders
hereby acknowledge, confirm and agree that NewStar Commercial Loan Funding 2012-1 LLC, a Delaware limited liability company, satisfies the criteria set forth in clause (ii) of the definition of “Eligible Investment Vehicle” set forth
in Section 1.01 of the Note Agreement 
 5.        Default;
Representations and Warranties, Etc. The Company hereby represents, warrants, confirms and covenants that the execution, delivery and performance by the Company of this Amendment and the consummation of the transactions contemplated hereby
(a) have been duly authorized by all necessary action on the part of the Company, (b) have not violated, conflicted with or resulted in a default under and will not violate or conflict with or result in a default under (i) any
applicable law or regulation, (ii) any term or provision of the organizational documents of the Company or (iii) any term or provision of any indenture, agreement or other instrument binding on the Company or any of its assets, except, in
the case of the foregoing clauses (i) and (iii), to the extent that such violation, conflict or default could not reasonably be expected to result in a Material Adverse Effect, and (c) do not require any consent, waiver or approval of or
by any Person which has not been obtained. 
 6.        Ratification
and Confirmation. The Company hereby agrees and confirms that: 
 (a) the Note Agreement and each of the
other Note Documents, as amended and otherwise modified by the amendments specifically provided herein, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed; and 

  
 6 

 (b) the liens and security interests granted in favor of the Administrative
Agent for the benefit of itself and the Holders under the terms of the Note Documents are perfected, effective, enforceable and valid and that such liens and security interests are, in each case, a first priority lien and security interest except to
the extent otherwise expressly permitted by the Note Documents and that such liens and security interests are hereby in all respects ratified and confirmed. 
 7.        Conditions to this Amendment. The effectiveness of this Amendment shall be subject to the satisfaction of the following conditions precedent:

 (a) The Administrative Agent shall have received the following, each of which shall be originals or
facsimiles or other electronic format (followed promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Person, each dated the date hereof (or, in the case of certificates of governmental
officials, a recent date before the date hereof) and each in form and substance satisfactory to the Administrative Agent and its legal counsel: 
  

	 	i)	 executed counterparts of this Amendment, sufficient in number for distribution to the Administrative Agent, each Holder and the Company;

  

	 	ii)	 Annexes to the Subsidiary Guaranty executed by each New REO Subsidiary pursuant to which each such New REO Subsidiary shall become a party to the
Subsidiary Guaranty as an additional Subsidiary Guarantor thereunder; 

  

	 	iii)	 Supplements to the Security Agreement executed by each New REO Subsidiary pursuant to which each such New REO Subsidiary shall become a party to the
Security Agreement as an additional Grantor thereunder; 

  

	 	iv)	 the First Amendment to Amended and Restated Pledge and Security Agreement executed by the Grantors party to the Security Agreement, such amendment
to be in form and substance reasonably satisfactory to the Administrative Agent; 

  

	 	v)	 each such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each New REO
Subsidiary as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with the Note Documents to which such New REO
Subsidiary is or is to become a party; and 

  

	 	vi)	 such documents and certifications as the Administrative Agent may reasonably require to evidence that each New REO Subsidiary is duly organized or
formed, and that each New REO Subsidiary is validly existing, in good standing and qualified to engage in business in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification,
except to the extent that the failure to be so qualified in any such jurisdiction other than the jurisdiction of such New REO Subsidiary’s organization or formation could not reasonably be expected to result in a Material Adverse Effect.

 (b) The Administrative Agent shall have received (i) the results of a Uniform
Commercial Code (“UCC”) lien search with respect to each New REO Subsidiary in the appropriate office in the jurisdiction where each such New REO Subsidiary is organized and (ii) UCC financing statements duly authorized by each
New REO Subsidiary naming such New REO Subsidiary as debtor and in appropriate form for filing in the appropriate office in the jurisdiction where each such New REO Subsidiary is organized. 

(c) The Administrative Agent shall have received such other assurances, certificates, documents, consents or opinions as
the Administrative Agent may reasonably require. 

  
 7 

 8.        Miscellaneous.

 (a) Except as otherwise expressly set forth herein, nothing herein shall be deemed to constitute an
amendment, modification or waiver of any of the provisions of the Note Agreement or the other Note Documents, all of which remain in full force and effect as of the date hereof and are hereby ratified and confirmed. The Company acknowledges and
agrees that nothing contained herein shall be deemed to entitle such party to a consent to, or a waiver, amendment or modification of, any of the terms, conditions, obligations, covenants or agreements contained in the Note Documents in similar or
different circumstances or shall prejudice any right or rights which the Administrative Agent or any Holder now has or may have under, or in connection with, the Note Agreement, as amended hereby, the Note Documents, or any other documents referred
to herein or therein. Without limiting the generality of the foregoing, the Company acknowledges and agrees that (i) the acknowledgment and consent of the Administrative Agent set forth in Section 4 above with respect to NewStar Commercial
Loan Funding 2012-1 LLC in no way obligates the Administrative Agent to give a similar acknowledgement and consent in the future with respect to any other Investment Vehicle hereafter formed by the Company and (ii) while the Administrative
Agent and the Holders have not requested or required a legal opinion in connection with this Amendment or the addition of the New REO Subsidiaries as Subsidiary Guarantors pursuant hereto, the Administrative Agent has reserved its right to request
such a legal opinion in the future with respect to the addition of any other Subsidiary of the Company as a Subsidiary Guarantor after the date hereof. 
 (b) Upon the effectiveness of this Amendment, each reference in the Note Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” “hereby” or words
of like import shall mean and be a reference to the Note Agreement as amended hereby, and each reference to the Note Agreement in any other document, instrument or agreement executed and/or delivered in connection with the Note Agreement shall mean
and be a reference to the Note Agreement as amended hereby. 
 (c) This Amendment may be executed in any number
of counterparts, each of which, when executed and delivered, shall be an original, but all counterparts shall together constitute one instrument. Whenever the terms or sections amended hereby shall be referred to in the Note Agreement, Note
Documents or such other documents (whether directly or by incorporation into other defined terms), such defined terms shall be deemed to refer to those terms or sections as amended by this Amendment. A signature page sent to the Administrative Agent
or its counsel by facsimile or other electronic means (including in portable document format (.pdf)) shall be effective as an original counterpart signature. 
 (d) THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, PROVIDED THAT THE
ADMINISTRATIVE AGENT AND EACH HOLDER SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective permitted successors and assigns. 

(e) The Company agrees to pay all reasonable expenses, including legal fees and disbursements incurred by the
Administrative Agent in connection with this Amendment and the transactions contemplated hereby. 
 [Signature Pages Follow]

  
 8 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment which
shall be deemed to be a sealed instrument as of the date first above written. 
  

							
		 	COMPANY	  	
			
		 	NEWSTAR FINANCIAL, INC.	  	
				
		 	By:	 	/s/ JOHN J. FRISHKOPF	  	
		 		 	John J. Frishkopf	  	
		 		 	Treasurer	  	
			
		 	ADMINISTRATIVE AGENT	  	
			
		 	FORTRESS CREDIT CORP.,	  	
		 	as Administrative Agent	  	
				
		 	By:	 	 /s/ CONSTANTINE M. DAKOLIAS	  	
		 		 	Name: Constantine M. Dakolias	  	
		 		 	Title: President	  	
			
		 	HOLDERS	  	
			
		 	FORTRESS CREDIT OPPORTUNITIES I LP,	  	
		 	as a Holder	  	
				
		 	By:	 	Fortress Credit Opportunities I GP LLC,	  	
		 	its general partner
				
		 	By:	 	 /s/ CONSTANTINE M. DAKOLIAS	  	
		 		 	Name: Constantine M. Dakolias	  	
		 		 	Title: President	  	
			
		 	FORTRESS CREDIT FUNDING III LP,	  	
		 	as a Holder	  	
				
		 	By:	 	 Fortress Credit Funding III GP LLC,
 its general partner
	  	
				
		 	By:	 	 /s/ CONSTANTINE M. DAKOLIAS	  	
		 		 	Name: Constantine M. Dakolias	  	
		 		 	Title: President	  	

  
 Signature Page to Third Amendment to
A&R Note Agreement 

							
		 	FORTRESS CREDIT FUNDING IV LP,	  	
		 	as a Holder	  	
				
		 	By:	 	Fortress Credit Funding IV GP LLC,	  	
		 	its general partner	  	
				
		 	By:	 	 /s/ CONSTANTINE M. DAKOLIAS	  	
		 		 	Name: Constantine M. Dakolias	  	
		 		 	Title: President	  	

  
  
  

 
 Signature Page to Third Amendment to A&R Note AgreementEX-10.6

 Exhibit 10.6 
 SECOND AMENDED AND RESTATED EXCHANGE AGREEMENT 
 SECOND AMENDED AND
RESTATED EXCHANGE AGREEMENT (the “Agreement”), dated as of February 28, 2013, among The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P.,
and the Blackstone Holdings Limited Partners from time to time party hereto. 
 WHEREAS, the parties hereto desire to provide
for the exchange of certain Blackstone Holdings Partnership Units for Common Units, on the terms and subject to the conditions set forth herein; 
 WHEREAS, the right to exchange Blackstone Holdings Partnership Units set forth in Section 2.1(a) below, once exercised, represents a several, and not a joint and several, obligation of the Blackstone
Holdings Partnerships (on a pro rata basis), and no Blackstone Holdings Partnership shall have any obligation or right to acquire Blackstone Holdings Partnership Units issued by another Blackstone Holdings Partnership; 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.1. Definitions 
 The following definitions shall be for all
purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement. 
 “A
Exchange” has the meaning set forth in Section 2.1(a)(i) of this Agreement. 
 “Agreement” has
the meaning set forth in the preamble of this Agreement. 
 “B Exchange” has the meaning set forth in
Section 2.1(a)(i)(ii) of this Agreement. 
 “Blackstone Holdings I” means Blackstone Holdings I L.P., a
limited partnership formed under the laws of the State of Delaware, and any successor thereto. 
 “Blackstone Holdings
II” means Blackstone Holdings II L.P., a limited partnership formed under the laws of the State of Delaware, and any successor thereto. 
 “Blackstone Holdings I/II General Partner” means Blackstone Holdings I/II GP Inc., a corporation formed under the laws of the State of Delaware and the general partner of Blackstone
Holdings I and Blackstone Holdings II, and any successor general partner thereof. 
 “Blackstone Holdings III”
means Blackstone Holdings III L.P., a société en commandite formed under the laws of the Province of Québec, and any successor thereto. 
 “Blackstone Holdings III General Partner” means Blackstone Holdings III GP L.P., a limited partnership formed under the laws of the State of Delaware, and the general partner of
Blackstone Holdings III, and any successor general partner thereof. 
 “Blackstone Holdings IV” means
Blackstone Holdings IV L.P., a société en commandite formed under the laws of the Province of Québec, and any successor thereto. 
 “Blackstone Holdings IV General Partner” means Blackstone Holdings IV GP L.P., a société en commandite formed under the laws of the Province of Québec and the general
partner of Blackstone Holdings IV, and any successor general partner thereof. 

 “Blackstone Holdings General Partners” means, collectively, Blackstone
Holdings I/II General Partner, Blackstone Holdings III General Partner and Blackstone Holdings IV General Partner. 

“Blackstone Holdings Limited Partner” means each Person that is as of the date of this Agreement or becomes from time to
time a limited partner of each of the Blackstone Holdings Partnerships pursuant to the terms of the Blackstone Holdings Partnership Agreements. 
 “Blackstone Holdings Partnership Agreements” means, collectively, the Amended and Restated Limited Partnership Agreement of Blackstone Holdings I, the Amended and Restated Limited
Partnership Agreement of Blackstone Holdings II, the Second Amended and Restated Limited Partnership Agreement of Blackstone Holdings III and the Second Amended and Restated Limited Partnership Agreement of Blackstone Holdings IV, as they may each
be amended, supplemented or restated from time to time. 
 “Blackstone Holdings Partnership Unit” means,
collectively, one unit of partnership interest in each of Blackstone Holdings I, Blackstone Holdings II, Blackstone Holdings III and Blackstone Holdings IV, issued pursuant to their respective Blackstone Holdings Partnership Agreements. 

“Blackstone Holdings Partnerships” means, collectively, Blackstone Holdings I, Blackstone Holdings II, Blackstone
Holdings III and Blackstone Holdings IV. 
 “Business Day” means each day that is not a Saturday, Sunday or
other day on which banking institutions in New York, New York are authorized or required by law to close. 

“Charity” means any organization that is organized and operated for a purpose described in Section 170(c) of the
Code (determined without reference to Section 170(c)(2)(A) of the Code) and described in Sections 2055(a) and 2522 of the Code. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Common Unit” means a partnership interest in the Issuer representing a fractional part of the partnership interests in
the Issuer of all limited partners of the Issuer having the rights and obligations specified with respect to Common Units in the Issuer Partnership Agreement. 
 “Exchange Rate” means the number of Common Units for which a Blackstone Holdings Partnership Unit is entitled to be exchanged. On the date of this Agreement, the Exchange Rate shall be 1
for 1, which Exchange Rate shall be subject to modification as provided in Section 2.4. 
 “Issuer” means
The Blackstone Group L.P., a limited partnership formed under the laws of the State of Delaware, and any successor thereto. 

“Insider Trading Policy” means the Insider Trading Policy of the Issuer applicable to the directors and executive
officers of its general partner, as such insider trading policy may be amended from time to time. 
 “Issuer Partnership
Agreement” means the Amended and Restated Agreement of Limited Partnership of the Issuer dated as of June 27, 2007, as amended by Amendment No. 1, dated as of November 3, 2009, and as such agreement of limited partnership may
be further amended, supplemented or restated from time to time. 
 “Person” means an individual or a
corporation, limited liability company, partnership, joint venture, trust, estate, unincorporated organization, association (including any group, organization, co-tenanacy, plan, board, council or committee), government (including a country, state,
county, or any other governmental or political subdivision, agency or instrumentality thereof) or other entity (or series thereof). 
 “Quarter” means, unless the context requires otherwise, a fiscal quarter of the Issuer. 
 “Quarterly Exchange Date” means, unless the Issuer cancels such Quarterly Exchange Date pursuant to Section 2.9 hereof, the date that is the later to occur of either: (1) the
second Business Day after the date on which the Issuer makes a public news release of its quarterly earnings for the prior Quarter, (2) the first day each Quarter that directors and executive officers of the Issuer’s general partner are
permitted to trade under the Insider Trading 

 Policy, or (3) such other date as the Issuer shall determine in its sole discretion, provided
with respect to clause (3) that the Issuer shall provide the Blackstone Holdings Limited Partners with reasonable notice of such date. 
 “Sale Transaction” has the meaning set forth in Section 2.9 of this Agreement. 
 “Transfer Agent” means such bank, trust company or other Person as shall be appointed from time to time by the Issuer pursuant to the Issuer Partnership Agreement to act as registrar and
transfer agent for the Common Units. 
 ARTICLE II 
 EXCHANGE OF BLACKSTONE HOLDINGS PARTNERSHIP UNITS 
 SECTION
2.1. Exchange of Blackstone Holdings Partnership Units. 
 (a) Subject to adjustment as provided in this Article II,
to the provisions of the Blackstone Holdings Partnership Agreements and the Issuer Partnership Agreement and to the provisions of Section 2.2 hereof, each Blackstone Holdings Limited Partner shall be entitled to exchange Blackstone Holdings
Partnership Units held by such Blackstone Holdings Limited Partner on any Quarterly Exchange Date as follows; provided that any such exchange is for a minimum of the lesser of 1,000 Blackstone Holdings Partnership Units or all of the vested
Blackstone Holdings Partnership Units held by such Blackstone Holdings Limited Partner: 
 (i) For the purpose of
making a gratuitous transfer to any Charity, a Blackstone Holdings Limited Partner may surrender Blackstone Holdings Partnership Units to the Issuer in exchange for the delivery by the Issuer of a number of Common Units equal to the product of the
number of Blackstone Holdings Partnership Units surrendered multiplied by the Exchange Rate (such exchange, an “A Exchange”); or 

(ii) A Blackstone Holdings Limited Partner may surrender Blackstone Holdings Partnership Units to the Blackstone Holdings
Partnerships in exchange for the delivery by the Blackstone Holdings Partnerships of a number of Common Units equal to the product of such number of Blackstone Holdings Partnership Units surrendered multiplied by the Exchange Rate
(such exchange, a “B Exchange”). 
 (b) On the date Blackstone Holdings Partnership Units are surrendered for
exchange, all rights of the exchanging Blackstone Holdings Limited Partner as holder of such Blackstone Holdings Partnership Units shall cease, and such exchanging Blackstone Holdings Limited Partner shall be treated for all purposes as having
become the Record Holder (as defined in the Issuer Partnership Agreement) of such Common Units and shall be admitted as a Limited Partner (as defined in the Issuer Partnership Agreement) of the Issuer in accordance and upon compliance with
Section 10.2 of the Issuer Partnership Agreement. 
 (c) For the avoidance of doubt, any exchange of Blackstone Holdings
Partnership Units shall be subject to the provisions of the Blackstone Holdings Partnership Agreements, including without limitation the provisions of Sections 8.01, 8.03 and 8.04. 

SECTION 2.2. Exchange Procedures. (a) A Blackstone Holdings Limited Partner may exercise the right to
exchange Blackstone Holdings Partnership Units set forth in Section 2.1(a) above by providing a written notice of exchange at least sixty (60) days prior to the applicable Quarterly Exchange Date to: (i) in the case of an A Exchange,
the Issuer substantially in the form of Exhibit A hereto, and (ii) in the case of a B Exchange, each of the Blackstone Holdings General Partners substantially in the form of Exhibit B hereto, duly executed by
such holder or such holder’s duly authorized attorney in respect of the Blackstone Holdings Partnership Units to be exchanged, in each case delivered during normal business hours at the principal executive offices of the Issuer or the
Blackstone Holdings General Partners, as applicable. 
 (b) As promptly as practicable following the surrender for exchange of
Blackstone Holdings Partnership Units in the manner provided in this Article II, the Issuer, in the case of an A Exchange, or the Blackstone Holdings Partnerships, in the case of a B Exchange, shall deliver or cause to be delivered at the principal
executive offices of the Issuer or at the office of the Transfer Agent the number of Common Units issuable upon such exchange, issued in the name of such exchanging Blackstone Holdings Limited Partner. 

 (c) The Issuer, in the case of an A Exchange, or the Blackstone Holdings Partnerships, in
the case of a B Exchange, may adopt reasonable procedures for the implementation of the exchange provisions set forth in this Article II, including, without limitation, procedures for the giving of notice of an election for exchange. 

SECTION 2.3. Blackout Periods and Ownership Restrictions. 

(a) Notwithstanding anything to the contrary, a Blackstone Holdings Limited Partner shall not be entitled to exchange Blackstone Holdings
Partnership Units, and the Issuer and the Blackstone Holdings Partnerships shall have the right to refuse to honor any request for exchange of Blackstone Holdings Partnership Units, (i) at any time or during any period if the Issuer or the
Blackstone Holdings Partnerships shall determine, based on the advice of counsel (which may be inside counsel), that there may be material non-public information that may affect the trading price per Common Unit at such time or during such period,
(ii) if such exchange would be prohibited under applicable law or regulation, or (iii) unless the general partner of the Issuer provides its prior written consent, in the case of a Category 1 Limited Partner, Category 2 Limited Partner,
Category 3 Limited Partner, Category 4 Limited Partner, or Category 5 Limited Partner (in each case as defined in the Blackstone Holdings Partnership Agreements), if such Blackstone Holdings Limited Partner, at the time of such request for exchange,
is, for U.S. federal income tax purposes, a partner of the Issuer. 
 SECTION 2.4. Splits, Distributions and
Reclassifications. 
 (a) The Exchange Rate shall be adjusted accordingly if there is: (1) any subdivision (by split,
distribution, reclassification, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of the Blackstone Holdings Partnership Units that is not accompanied by an identical subdivision or
combination of the Common Units; or (2) any subdivision (by split, distribution, reclassification, recapitalization or otherwise) or combination (by reverse split, reclassification, recapitalization or otherwise) of the Common Units that is not
accompanied by an identical subdivision or combination of the Blackstone Holdings Partnership Units. In the event of a reclassification or other similar transaction as a result of which the Common Units are converted into another security, then a
Blackstone Holdings Limited Partner shall be entitled to receive upon exchange the amount of such security that such Blackstone Holdings Limited Partner would have received if such exchange had occurred immediately prior to the effective date of
such reclassification or other similar transaction. Except as may be required in the immediately preceding sentence, no adjustments in respect of distributions shall be made upon the exchange of any Blackstone Holdings Partnership Unit. 

SECTION 2.5. Common Units to be Issued. 
 (a) The Issuer covenants that if any Common Units require registration with or approval of any governmental authority under any U.S. federal or state law before such Common Units may be issued upon
exchange pursuant to this Article II, the Issuer shall use commercially reasonable efforts to cause such Common Units to be duly registered or approved, as the case may be. The Issuer shall use commercially reasonable efforts to list the Common
Units required to be delivered upon exchange prior to such delivery upon each national securities exchange or inter-dealer quotation system upon which the outstanding Common Units may be listed or traded at the time of such delivery. Nothing
contained herein shall be construed to preclude the Issuer or the Blackstone Holdings Partnership from satisfying their obligations in respect of the exchange of the Blackstone Holdings Partnership Units by delivery of Common Units which are held in
the treasury of the Issuer or the Blackstone Holdings Partnership or any of their subsidiaries. 
 SECTION
2.6. Taxes. 
 (a) The delivery of Common Units upon exchange of Blackstone Holdings Partnership Units shall be made
without charge to the Blackstone Holdings Limited Partners for any stamp or other similar tax in respect of such issuance. 

SECTION 2.7. Restrictions. 
 (a) The provisions of Sections 8.02, 8.03 (other than paragraphs (a), (b) and (d)), 8.04 and 8.06 of the Blackstone Holdings Partnership Agreements shall apply, mutatis mutandis, to any
Common Units issued upon exchange of Blackstone Holdings Partnership Units; and the provisions of paragraphs (b) and (d) of Section 8.03 of the Blackstone Holdings Partnership Agreements shall permit Transfers of Common Units issued
upon exchange of 

 Blackstone Holdings Partnership Units to the same extent as Exchange Transactions (as defined in the
Blackstone Holdings Partnership Agreements) with respect to Blackstone Holdings Partnership Units may be permitted under such provisions. In each case, the provisions of Sections 8.03 and 8.04 of the Blackstone Holdings Partnership Agreements shall
apply in the aggregate to Blackstone Holdings Partnership Units and Common Units received in exchange for Blackstone Holdings Partnership Units held by each Blackstone Holdings Limited Partner or Limited Partner (as defined in the Issuer Partnership
Agreement) of the Issuer. 
 SECTION 2.8. Disposition of Common Units Issued. 

(a) A Blackstone Holdings Limited Partner requesting an exchange under this Agreement covenants to use reasonable best efforts to sell or
otherwise dispose of any Common Units received in such an exchange within ten (10) days of the receipt thereof or any other specified period as the general partner of the Issuer determines to be in the best interests of the Issuer, and that no
other Common Units will be acquired or held by such Blackstone Holdings Limited Partner during such period. Any Blackstone Holdings Limited Partner holding any Common Units on the last day of such period shall cause all such Common Units to be
transferred immediately to a partnership, trust or other entity (other than an entity disregarded as an entity separate from its parent for United States federal income tax purposes). 

SECTION 2.9. Subsequent Offerings. 
 (a) The Issuer may from time to time provide the opportunity for Blackstone Holdings Limited Partners to sell their Blackstone Holdings Partnership Units to the Issuer, the Blackstone Holdings
Partnerships or any of their subsidiaries (a “Sale Transaction”); provided that no Sale Transaction shall occur unless the Issuer cancels the nearest Quarterly Exchange Date scheduled to occur in the same fiscal year of the Issuer
as such Sale Transaction. A Blackstone Limited Partner selling Blackstone Holdings Partnership Units in connection with a Sale Transaction must provide notice to Issuer at least thirty (30) days prior to the cash settlement of such Sale
Transaction in respect of the Blackstone Holdings Partnership Units to be sold, in each case delivered during normal business hours at the principal executive offices of the Issuer. For the avoidance of doubt, the total aggregate number of Quarterly
Exchange Dates and Sale Transactions occurring during any fiscal year of the Issuer shall not exceed four (4). 
 ARTICLE III

 GENERAL PROVISIONS 
 SECTION 3.1. Amendment. (a) The provisions of this Agreement may be amended by the affirmative vote or written consent of: (i) in the case of matters relating solely to A Exchanges,
the Issuer and each of the Blackstone Holdings Partnerships and, after a Change of Control (as such term as defined in the Blackstone Holdings Partnership Agreements), the holders of at least a majority of the Vested Percentage Interests (as such
term as defined in the Blackstone Holdings Partnership Agreements) of the holders of Blackstone Holdings Partnership Units (excluding Blackstone Holdings Partnership Units held by the Issuer and the Blackstone Holdings General Partners), and
(ii) for all other matters, each of the Blackstone Holdings Partnerships and, after a Change of Control (as such term as defined in the Blackstone Holdings Partnership Agreements), the holders of at least a majority of the Vested Percentage
Interests (as such term as defined in the Blackstone Holdings Partnership Agreements) of the Blackstone Holdings Partnership Units (excluding Blackstone Holdings Partnership Units held by the Issuer and the Blackstone Holdings General Partners).

 (b) Each Blackstone Holdings Limited Partner hereby expressly consents and agrees that, whenever in this Agreement it is
specified that an action may be taken upon the affirmative vote or written consent of less than all of the Blackstone Holdings Limited Partners, such action may be so taken upon the concurrence of less than all of the Blackstone Holdings Limited
Partners and each Blackstone Holdings Limited Partner shall be bound by the results of such action. 
 SECTION
3.2. Addresses and Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by courier
service, by fax, by electronic mail (delivery receipt requested) or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following 

 addresses (or at such other address for a party as shall be as specified in a notice given in accordance
with this Section 3.2): 
 (a) If to the Issuer, to: 

345 Park Avenue 
 New York, New York 10154 
 Attention: Chief Legal Officer

 Fax: (212) 583-5660 

Electronic Mail: john.finley@blackstone.com 
 (b) If to Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P. or Blackstone Holdings IV L.P., to: 

345 Park Avenue 
 New York, New York, 10154 
 Attention: Chief Legal Officer

 Fax: (212) 583-5660 

Electronic Mail: john.finley@blackstone.com 
 (c) If to any Blackstone Holdings Limited Partner, to: 
 c/o The
Blackstone Group L.P. 
 345 Park Avenue New York, 

New York 10154 
 Attention: Chief Legal Officer 
 Fax: (212) 583-5660

 Electronic Mail: john.finley@blackstone.com 

SECTION 3.3. Further Action. The parties shall execute and deliver all documents, provide all information and take or refrain
from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 
 SECTION 3.4. Binding
Effect. This Agreement shall be binding upon and inure to the benefit of all of the parties and, to the extent permitted by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. 

SECTION 3.5. Severability. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of
being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any
manner materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

SECTION 3.6. Integration. This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject
matter hereof and supersedes all prior agreements and understandings pertaining thereto. 
 SECTION 3.7. Waiver. No
failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other
covenant, duty, agreement or condition. 
 SECTION 3.8. Submission to Jurisdiction; Waiver of Jury Trial.

 (a) Any and all disputes which cannot be settled amicably, including any ancillary claims of any party, arising out of,
relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability of this arbitration provision) shall be finally settled by
arbitration conducted by a single arbitrator in New York in accordance with the then-existing Rules of Arbitration of the International Chamber of Commerce. If the parties to the dispute fail to agree on

 the selection of an arbitrator within thirty (30) days of the receipt of the request for arbitration,
the International Chamber of Commerce shall make the appointment. The arbitrator shall be a lawyer and shall conduct the proceedings in the English language. Performance under this Agreement shall continue if reasonably possible during any
arbitration proceedings. 
 (b) Notwithstanding the provisions of paragraph (a), in the case of matters relating to an A
Exchange, the Issuer may bring, and in the case of matters relating to a B Exchange, the Blackstone Holdings Partnerships may cause any Blackstone Holdings Partnership to bring, on behalf of the Issuer or such Blackstone Holdings Partnership or on
behalf of one or more Blackstone Holdings Limited Partners, 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 Blackstone Holdings Limited Partner (i) expressly consents to the application of paragraph (c) of this Section 3.8 to any such action
or proceeding, (ii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate, and (iii) irrevocably appoints
the Issuer, in the case of matters relating to an A Exchange, or the Blackstone Holdings Partnerships, in the case of matters relating to a B Exchange, as such Blackstone Holdings Limited Partner’s agents for service of process in connection
with any such action or proceeding and agrees that service of process upon such agent, who shall promptly advise such Blackstone Holdings Limited Partner of any such service of process, shall be deemed in every respect effective service of process
upon the Blackstone Holdings Limited Partner in any such action or proceeding. 
 (c) (i) EACH BLACKSTONE HOLDINGS LIMITED
PARTNER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF COURTS LOCATED IN NEW YORK, NEW YORK FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 3.8, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN
ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief
in aid of arbitration, or to confirm an arbitration award. The parties acknowledge that the fora designated by this paragraph (c) have a reasonable relation to this Agreement, and to the parties’ relationship with one another. 

(ii) The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or
hereafter may have to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in the preceding paragraph of this Section 3.8 and such parties agree not to plead or claim
the same. 
 (d) Notwithstanding any provision of this Agreement to the contrary, this Section 3.8 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 3.8, 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 3.8. In that case, this Section 3.8 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 3.8 shall be construed to omit such invalid or unenforceable provision. 

SECTION 3.9. Counterparts. This Agreement may be executed and delivered (including by facsimile transmission) in one or more
counterparts, and by the different parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Copies of executed
counterparts transmitted by telecopy or other electronic transmission service shall be considered original executed counterparts for purposes of this Section 3.9. 
 SECTION 3.10. Tax Treatment. To the extent this Agreement imposes obligations upon a particular Blackstone Holdings Partnership or a Blackstone Holdings General Partner, this Agreement shall
be treated as part of the relevant Blackstone Holdings Partnership Agreement as described in Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations. As required by the Code and the Treasury
Regulations, the parties shall report any B Exchange consummated hereunder as a taxable sale of Blackstone Holdings Partnership Units by a Blackstone Holdings Limited Partner to Blackstone Holdings I/II General Partner,

 Blackstone Holdings III General Partner or Blackstone Holdings IV General Partner, as the case may be, and
no party shall take a contrary position on any income tax return, amendment thereof or communication with a taxing authority. 

SECTION 3.11. Applicable Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of
Delaware. 
 [Remainder of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and
delivered, all as of the date first set forth above. 
  

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

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

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

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

		 	Name: John G. Finley
		 	Title: Chief Legal Officer

 [Amended and Restated Exchange Agreement] 

 EXHIBIT A 
 [FORM OF] 
 NOTICE OF A EXCHANGE 

The Blackstone Group L.P. 
 345 Park Avenue

 New York, New York 10154 
 Attention:
Chief Legal Officer 
 Fax: (212) 583-5660 
 Electronic Mail: john.finley@blackstone.com 
 Reference is hereby made to the
Amended and Restated Exchange Agreement, dated as of November 2, 2010 (the “Exchange Agreement”), among The Blackstone Group L.P., Blackstone Holdings I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P.,
Blackstone Holdings IV L.P., and the Blackstone Holdings Limited Partners from time to time party thereto, as amended from time to time. Capitalized terms used but not defined herein shall have the meanings given to them in the Exchange Agreement.

 The undersigned Blackstone Holdings Limited Partner desires to exchange the number of Blackstone Holdings Partnership Units
set forth below in the form of exchange selected below to be issued in its name as set forth below. 
 Legal Name of Blackstone Holdings Limited
Partner:                                      
                                         
                                         
          

Address:                      
                                         
                                         
                                         
                                         
                
 Number of Blackstone Holdings Partnership Units
to be
exchanged:                                      
                                        
                            
 The undersigned (1) hereby represents that the Blackstone Holdings Partnership Units set forth above are owned by the undersigned, (2) hereby exchanges such Blackstone Holdings Partnership Units
for Common Units as set forth in the Exchange Agreement, (3) hereby irrevocably constitutes and appoints any officer of the Blackstone Holdings Partnerships, the Blackstone Holdings General Partners, the Issuer or Blackstone Group Management
L.L.C. as its attorney, with full power of substitution, to exchange said Blackstone Holdings Partnership Units on the books of the Blackstone Holdings Partnerships for Common Units on the books of the Issuer, with full power of substitution in the
premises. 
 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice of Exchange to be executed and
delivered by the undersigned or by its duly authorized attorney. 
  

					
	 	 	  
 Name:
	 	 

  

			
	Dated:	 	  

 EXHIBIT B 
 [FORM OF] 
 NOTICE OF B EXCHANGE 

Blackstone Holdings I L.P. 
 Blackstone Holdings
II L.P. 
 Blackstone Holdings III L.P. 

Blackstone Holdings IV L.P. 
 345 Park Avenue

 New York, New York, 10154 

Attention: Chief Legal Officer 
 Fax:
(212) 583-5660 
 Electronic Mail: john.finley@blackstone.com 
 Reference is hereby made to the Amended and Restated Exchange Agreement, dated as of November 2, 2010 (the “Exchange Agreement”), among The Blackstone Group L.P., Blackstone Holdings
I L.P., Blackstone Holdings II L.P., Blackstone Holdings III L.P., Blackstone Holdings IV L.P., and the Blackstone Holdings Limited Partners from time to time party thereto, as amended from time to time. Capitalized terms used but not defined herein
shall have the meanings given to them in the Exchange Agreement. 
 The undersigned Blackstone Holdings Limited Partner desires
to exchange the number of Blackstone Holdings Partnership Units set forth below in the form of exchange selected below to be issued in its name as set forth below. 
 Legal Name of Blackstone Holdings Limited
Partner:                                      
                                         
                                         
          

Address:                      
                                         
                                         
                                         
                                         
                
 Number of Blackstone Holdings Partnership Units
to be exchanged:
                                        
                                         
                        

The undersigned (1) hereby represents that the Blackstone Holdings Partnership Units set forth above are owned by the undersigned, (2) hereby
exchanges such Blackstone Holdings Partnership Units for Common Units as set forth in the Exchange Agreement, (3) hereby irrevocably constitutes and appoints any officer of the Blackstone Holdings Partnerships, the Blackstone Holdings General
Partners, the Issuer or Blackstone Group Management L.L.C. as its attorney, with full power of substitution, to exchange said Blackstone Holdings Partnership Units on the books of the Blackstone Holdings Partnerships for Common Units on the books of
the Issuer, with full power of substitution in the premises. 
 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this
Notice of Exchange to be executed and delivered by the undersigned or by its duly authorized attorney. 
  

					
	 	 	  
 Name:
	 	 

  

			
	Dated:

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