1、FORMOFAMENDEDANDRESTATEDLIMITEDPARTNERSHIPAGREEMENTOFBLACKSTONEHOLDINGSIL.P.Datedasof,2007THEPARTNERSHIPUNITSOFBLACKSTONEHOLDINGSIL.P.HAVENOTBEENREGISTEREDUNDERTHEU.S.SECURITIESACTOF1933,ASAMENDED,THESECURITIESLAWSOFANYSTATE,PROVINCEORANYOTHERAPPLICABLESECURITIESLAWSANDAREBEINGSOLDINRELIANCEUPONEXEM
2、PTIONSFROMTHEREGISTRATIONREQUIREMENTSOFTHESECURITIESACTANDSUCHLAWS.SUCHUNITSMUSTBEACQUIREDFORINVESTMENTONLYANDMAYNOTBEOFFEREDFORSALE,PLEDGED,HYPOTHECATED,SOLD,ASSIGNEDORTRANSFERREDATANYTIMEEXCEPTINCOMPLIANCEWITH(I)THESECURITIESACT,ANYAPPLICABLESECURITIESLAWSOFANYSTATEORPROVINCE,ANDANYOTHERAPPLICABLE
3、SECURITIESLAWS;AND(II)THETERMSANDCONDITIONSOFTHISAMENDEDANDRESTATEDLIMITEDPARTNERSHIPAGREEMENT.THEUNITSMAYNOTBETRANSFERREDOFRECORDEXCEPTINCOMPLIANCEWITHSUCHLAWSANDTHISLIMITEDPARTNERSHIPAGREEMENT.THEREFORE,PURCHASERSANDOTHERTRANSFEREESOFSUCHUNITSWILLBEREQUIREDTOBEARTHERISKOFTHEIRINVESTMENTORACQUISITI
4、ONFORANINDEFINITEPERIODOFTIME.TableofContentsPageARTICLE IDEFINITIONSSECTION1.01.Definitions1ARTICLE IIFORMATION,TERM,PURPOSEANDPOWERSSECTION2.01.Formation11SECTION2.02.Name11SECTION2.03.Term11SECTION2.04.Offices11SECTION2.05.AgentforServiceofProcess11SECTION2.06.BusinessPurpose11SECTION2.07.Powerso
5、fthePartnership12SECTION2.08.Partners;AdmissionofNewPartners12SECTION2.09.Withdrawal12ARTICLEIIIMANAGEMENTSECTION3.01.GeneralPartner12SECTION3.02.Compensation13SECTION3.03.Expenses13SECTION3.04.Officers13SECTION3.05.AuthorityofPartners13SECTION3.06.ActionbyWrittenConsentorRatification14ARTICLEIVDIST
6、RIBUTIONSSECTION4.01.Distributions14SECTION4.02.LiquidationDistribution15SECTION4.03.LimitationsonDistribution15SECTION4.04.OtherDistributions15ArticlevCAPITALCONTRIBUTIONS;CAPITALACCOUNTS;TAXALLOCATIONS;TAXMATTERSSECTION5.01.InitialCapitalContributions16SECTION5.02.NoAdditionalCapitalContributions1
7、6SECTION5.03.CapitalAccounts16SECTION5.04.AllocationsofProfitsandLosses16SECTION5.05.SpecialAllocations16SECTION5.06.TaxAllocations18SECTION5.07.TaxAdvances18SECTION5.08.TaxMatters18SECTION5.09.OtherAllocationProvisions19ARTICLEVIBOOKSANDRECORDS;REPORTSSECTION6.01.BooksandRecords19ARTICLEVHPARTNERSH
8、IPUNITSSECTION7.01.Units20SECTION7.02.Register20SECTION7.03.RegisteredPartners20ARTICLE VIIIVESTING;FORFEITUREOFINTERESTS;TRANSFERRESTRICTIONSSECTION 8.1 .VestingofInitialUnvestedUnits20SECTION 8.2 .ForfeitureofUnitsHeldbyInitialLimitedPartners21SECTION 8.3 .LimitedPartnerTransfers22SECTION 8.4 .Min
9、imumRetainedOwnershipRequirement24SECTION 8.5 .MandatoryExchanges24SECTION 8.6 .Encumbrances25SECTION 8.7 .FurtherRestrictions25SECTION 8.8 .RightsOfAssignees25SECTION 8.9 .Admissions,WithdrawalsandRemovals26SECTION 8.10 AdmissionofAssigneesasSubstituteLimitedPartners26SECTION 8.11 WithdrawalandRemo
10、valOfLimitedPartners26ARTICLE IXDISSOLUTION,LIQUIDATIONANDTERMINATIONSECTION 9.1 .NoDissolution27SECTION 9.2 .EventsCausingDissolution27SECTION 9.3 .DistributionuponDissolution27SECTION 9.4 .TimeforLiquidation28SECTION 9.5 .Termination28SECTION 9.6 .ClaimsofthePartners28SECTION 9.7 .SurvivalofCertai
11、nProvisions28Articlex1.iabilityandindemnificationSECTION10.01.LiabilityofPartners29SECTION10.02.Indemnification29ARTICLEXIMISCELLANEOUSSECTION11.01.Severability31SECTION11.02.Notices31SECTION11.03.CumulativeRemedies32SECTION11.04.BindingEffect32SECTION11.05.Interpretation32SECTION11.06.Counterparts3
12、2SECTION11.07.FurtherAssurances33SECTION11.08.EntireAgreement33SECTION11.09.GoverningLaw33SECTION 11.10. SubmissiontoJurisdiction;WaiverofJuryTrial33SECTION 11.11. Expenses34SECTION 11.12. AmendmentsandWaivers34SECTION 11.13. NoThirdPartyBeneficiaries35SECTION 11.14. Headings35SECTION 11.15. Constru
13、ction35SECTION 11.16. PowerOfAttorney36SECTION 11.17. 1.etterAgreements;Schedules36SECTION 11.18. PartnershipStatus36FORMOFAMENDEDANDRESTATEDLIMITEDPARTNERSHIPAGREEMENTOFBLACKSTONEHOLDINGSIL.P.ThisAMENDEDANDRESTATEDLIMITEDPARTNERSHIPAGREEMENT(thisAgreement)ofBlackstoneHoldingsIL.P.(thePartnership)is
14、madeasofthedayof,2007,byandamongBlackstoneHoldingsI/IIGPIncvacorporationformedunderthelawsoftheStateofDelaware,asgeneralpartner,andtheLimitedPartners(asdefinedherein)ofthePartnership.WHEREAS,thePartnershipwasformedasalimitedpartnershippursuanttotheAct,bythefilingofaCertificateofLimitedPartnership(th
15、eCertificatewiththeOfficeoftheSecretaryofStateoftheStateofDelawareandtheexecutionoftheLimitedPartnershipAgreementofthePartnershipdatedasofMay18,2007(theOriginaIAgreement);andWHEREAS,thepartiesheretodesiretoenterintothisAmendedandRestatedLimitedPartnershipAgreementofthePartnershipandtopermittheadmiss
16、ionoftheLimitedPartnerstothePartnership.NOW,THEREFORE,inconsiderationofthemutualpromisesandagreementshereinmadeandintendingtobelegallyboundhereby,thepartiesheretoagreetoamendandrestatetheOriginalAgreement(asdefinedherein)initsentiretytoreadasfollows:ARTICLEIDEFINITIONSSECTlC)N1.01.DefinOions.Capital
17、izedtermsusedhereinwithoutdefinitionhavethefollowingmeanings(suchmeaningsbeingequallyapplicabletoboththesingularandpluralformofthetermsdefined):Aetmeans,theDelawareRevisedUniformLimitedPartnershipAct,6Del.C.Section17-101,etseq.,asitmaybeamendedfromtimetotime.AdditionaICreditAmoUnthasthemeaningsetfor
18、thinSection4.01(b)(ii).AdjUStedCaPitaIACCoUntBalance。means,withrespecttoeachPartner,thebalanceinsuchPartnerCapitalAccountadjusted(i)bytakingintoaccounttheadjustments,allocationsanddistributionsdescribedinU.S.TreasuryRegulationsSections1.704-1(b)(2)(ii)(c)(4),(5)and(6);and(ii)byaddingtosuchbalancesuc
19、hPartnershareofPartnershipMinimumGainandPartnerNonrecourseDebtMinimumGain,determinedpursuanttoRegulationsSections1.704-2(g)and1.704-2(i)(5),anyamountssuchPartnerisobligatedtorestorepursuanttoanyprovisionofthisAgreementorbyapplicableLaw.TheforegoingdefinitionofAdjustedCapitalAccountBalanceisintendedt
20、ocomplywiththeprovisionsofRegulationsSection1.704-l(b)(2)(ii)(d)andshallbeinterpretedconsistentlytherewith.0Affiliatedmeans,withrespecttoaspecifiedPerson,anyotherPersonthatdirectly,orindirectlythroughoneormoreintermediaries,Controls,isControlledby,orisundercommonControlwith,suchspecifiedPerson.Agree
21、menthasthemeaningsetforthinthepreambleofthisAgreement.AmendedTaXAmoUnthasthemeaningsetforthinSection4.01(b)(ii).AssigneehasthemeaningsetforthinSection8.08.ASSUmedTaXRateemeansthehighesteffectivemarginalcombinedU.S.federal,stateandlocalincometaxrateforaFiscalYearprescribedforanindividualorcorporatere
22、sidentinNewYork,NewYork(takingintoaccount(a)thenondeductiblityofexpensessubjecttothelimitationdescribedinSection67(a)oftheCodeand(b)thecharacter(e.g.,long-termorshort-termcapitalgainorordinaryorexemptincome)oftheapplicableincome,butnottakingintoaccountthedeductibilityofstateandlocalincometaxesforU.S
23、federalincometaxpurposes).Fortheavoidanceofdoubt,theAssumedTaxRatewillbethesameforallPartners.AVailableCaShmeans,withrespecttoanyfiscalperiod,theamountofcashonhandwhichtheGeneralPartner,initsreasonablediscretion,deemsavailablefordistributiontothePartners,takingintoaccountalldebts,liabilitiesandobli
24、gationsofthePartnershipthendueandamountswhichtheGeneralPartner,initsreasonablediscretion,deemsnecessarytoexpendorretainforworkingcapitalortoplaceintoreservesforcustomaryandusualclaimswithrespecttothePartnershipoperations.BlaCkStOneHOIdingSPartnerShiPSmeanseachofthePartnership,BlackstoneHoldingsIIL.P
25、aDelawarelimitedpartnership,BlackstoneHoldingsIIIL.P.,aDelawarelimitedpartnership,BlackstoneHoldingsIVLP.,aQuecSoCieencommandite,andBlackstoneHoldingsVLP.,aQuecSOCiencommandite.CaPitaIAeCoUntmeanstheseparatecapitalaccountmaintainedforeachPartnerinaccordancewithSection5.03hereof.CaPitaIContribution
26、means,withrespecttoanyPartner,theaggregateamountofmoneycontributedtothePartnershipandtheCarryingValueofanyproperty(otherthanmoney),netofanyliabilitiesassumedbythePartnershipuponcontributionortowhichsuchpropertyissubject,contributedtothePartnershippursuanttoArticleV.CarryingValue。means,withrespectto
27、anyPartnershipasset,theassetadjustedbasisforU.S.federalincometaxpurposes,exceptthattheinitialcarryingvalueofassetscontributedtothePartnershipshallbetheirrespectivegrossfairmarketvaluesonthedateOfcontributionasdeterminedbytheGeneralPartner,andtheCarryingValuesofallPartnershipassetsshallbeadjustedtoeq
28、ualtheirrespectivefairmarketvalues,inaccordancewiththerulessetforthinUnitedStatesTreasuryRegulationSection1.704-1(b)(2)(iv)(f),exceptasotherwiseprovidedherein,asof:(a)thedateoftheacquisitionofanyadditionalPartnershipInterestbyanyneworexistingPartnerinexchangeformorethanademinimisCapitalContribution;
29、b)thedateofthedistributionofmorethanademinimisamountofPartnershipassetstoaPartner;(c)thedateaPartnershipInterestisrelinquishedtothePartnership;or(d)anyotherdatespecifiedintheUnitedStatesTreasuryRegulations;provided,however,thatadjustmentspursuanttoclauses(a),(b)(c)and(d)aboveshallbemadeonlyifsuchad
30、justmentsaredeemednecessaryorappropriatebytheGeneralPartnertoreflecttherelativeeconomicinterestsofthePartners.TheCarryingValueofanyPartnershipassetdistributedtoanyPartnershallbeadjustedimmediatelybeforesuchdistributiontoequalitsfairmarketvalue.InthecaseofanyassetthathasaCarryingValuethatdiffersfromi
31、tsadjustedtaxbasis,CarryingValueshallbeadjustedbytheamountofdepreciationcalculatedforpurposesofthedefinitionofrofits(Losses)。ratherthantheamountofdepreciationdeterminedforU.S.federalincometaxpurposes,anddepreciationshallbecalculatedbyreferencetoCarryingValueratherthantaxbasisonceCarryingValuediffers
32、fromtaxbasis.Category1LimitedPartnermeanseachoftheLimitedPartnersidentifiedinthebooksandrecordsofthePartnershipasaCategory1LimitedPartner.CategOry2LimitedPartnermeanseachoftheLimitedPartnersidentifiedinthebooksandrecordsofthePartnershipasaCategory2LimitedPartner.OCategory3LimitedPartneremeanseachoft
33、heLimitedPartnersidentifiedinthebooksandrecordsofthePartnershipasaCategory3LimitedPartner.CategOry4LimitedPaltnermeanseachoftheLimitedPartnersidentifiedinthebooksandrecordsofthePartnershipasaCategory4LimitedPartner.CategOry5LimitedParmermeanseachoftheLimitedPartnersidentifiedinthebooksandrecordsofth
34、ePartnershipasaCategory5LimitedPartner.CategOry6LimitedPartner。meanstheLimitedPartneridentifiedinthebooksandrecordsofthePartnershipasaCategory6LimitedPartner.CaUSeemeanstheoccurrenceorexistenceofanyofthefollowingasdeterminedfairly,reasonably,onaninformedbasisandingoodfaithbytheGeneralPartner:(i)(w)a
35、nybreachbyanEmployedLimitedPartnerofanyprovisionofthisAgreementortheNon-CompetitionAgreementattachedhereto,(x)anymaterialbreachofanyrulesorregulationsapplicabletoseniormanagingdirectorsoremployees,asapplicable,oftheBlackstoneHoldingsPartnerships,theirsubsidiariesandtheiraffiliatedentities,(y)anEmplo
36、yedLimitedPartnerdeliberatefailuretoperformhisorherdutiestotheBlackstoneHoldingsPartnerships,theirsubsidiariesandtheiraffiliatedentities,or(z)anEmployedLimitedPartnercommittingtoorengaginginanyconductorbehaviorthatisormaybeharmfultotheBlackstoneHoldingsPartnerships,theirsubsidiariesandtheiraffiliate
37、dentitiesinanymaterialway(providedthat,inthecaseofanyoftheforegoingclauses(W),(x),(y)and(z),theGeneralPartnerhasgiventheEmployedLimitedPartnerwrittennotice(aNOtiCeOfBreaChe)withinfifteendaysaftertheGeneralPartnerbecomesawareofsuchactionandsuchEmployedLimitedPartnerfailstocuresuchbreach,failuretoperf
38、ormorconductorbehaviorwithinfifteendaysafterreceiptbytheEmployedLimitedPartnerofsuchNoticeofBreachfromtheGeneralPartner(orsuchlongerperiod,nottoexceedanadditionalfifteendays,asshallbereasonablyrequiredforsuchcure,provided,thatsuchEmployedLimitedPartnerisdiligentlypursuingsuchcure),(iii)anyactoffraud
39、misappropriation,dishonesty,embezzlementorsimilarconductagainsttheBlackstoneHoldingsPartnerships,theirsubsidiariesandtheiraffiliatedentities,or(iv)conviction(onthebasisofatrialorbyanacceptedpleaofguiltyornolocontendere)ofafelonyorcrime(includinganymisdemeanorchargeinvolvingmoralturpitude,falsestate
40、mentsormisleadingomissions,forgery,wrongfultaking,embezzlement,extortionorbribery),oradeterminationbyacourtofcompetentjurisdiction,byaU.S.federalorstateorcomparablenon-U.S.regulatorybodyorbyaself-regulatorybodyhavingauthoritywithrespecttoU.S.federalorstateorcomparablenon-U.S.securitieslaws,rulesorre
41、gulationsofthesecuritiesindustry,thatsuchEmployedLimitedPartnerindividuallyhasviolatedanyU.S.federalorstateorcomparablenon-U.S.securitieslawsoranyrulesorregulationsthereunder,oranyrulesofanysuchself-regulatorybody(including,withoutlimitation,anylicensingrequirement),ifsuchconvictionordeterminationha
42、samaterialadverseeffecton（八）suchEmployedLimitedPartnerabilitytofunctionasaseniormanagingdirectororemployee,asapplicable,oftheBlackstoneHoldingsPartnerships,theirsubsidiariesandtheiraffiliatedentities,takingintoaccounttheservicesrequiredofEmployedLimitedPartnerandthenatureofthebusinessoftheBlackstone
43、HoldingsPartnerships,theirsubsidiariesandtheiraffiliatedentitiesor(B)thebusinessoftheBlackstoneHoldingsPartnerships,theirsubsidiariesandtheiraffiliatedentities.CertifiCatehasthemeaningsetforthinthepreambleofthisAgreement.ChangeOfCOntOOImeanstheoccurrenceofanyPerson,otherthanaPersonapprovedbythecurre
44、ntIssuerGeneralPartner,becomingthegeneralpartneroftheIssuer.CharityemeansanyorganizationthatisorganizedandoperatedforapurposedescribedinSection170(c)oftheCode(determinedwithoutreferencetoCodeSection170(c)(2)（八）)anddescribedinCodeSections2055(a)and2522.ClaSSmeanstheclassesofUnitsintowhichtheinterests
45、inthePartnershipmaybeclassifiedordividedfromtimetotimepursuanttotheprovisionsofthisAgreement.ClaSSAUnitSmeanstheUnitsofpartnershipinterestinthePartnershipdesignatedasthelassAUnitShereinandhavingtherightspertainingtheretoasaresetforthinthisAgreement.COdeemeanstheInternalRevenueCodeof1986,asamendedfro
46、mtimetotime.CommonUnitSemeanscommonunitsrepresentinglimitedpartnerinterestsoftheIssuer.OContingenciesOhasthemeaningsetforthinSection9.03(b).ContrOIe(includingthetermsControlledbyandOundeiCOmmOnCOntTOIWithmeansthepossession,directlyorindirectly,ofthepowertodirectorcausethedirectionofthemanagementandp
47、oliciesofaPerson,whetherthroughtheownershipofvotingsecurities,astrusteeorexecutor,bycontractorotherwise,including,withoutlimitation,theownership,directlyorindirectly,ofsecuritieshavingthepowertoelectamajorityoftheboardofdirectorsorsimilarbodygoverningtheaffairsofsuchPerson.CreditAmount。hasthemeaning
48、setforthinSection4.01(b)(ii)ofthisAgreement.CreditabIeNOn-U.S.Tax。meansanon-U.S.taxpaidoraccruedforUnitedStatesfederalincometaxpurposesbythePartnership,ineithercasetotheextentthatsuchtaxiseligibleforcreditunderSection901(a)oftheCode.Anon-U.S.taxisaCreditableNon-U.S.Taxforthesepurposeswithoutregardtowhetherapartnerreceiv
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