黑石合伙协议

1、RM OFMEND AN RESATEDLMIEDPATNERSHIP AGREENTOLKONE HLDINGS I L.Daed as of , 2007THE PARTNRSHIPUNITSOF LCKSTONE HDNGS .P. HAVE NT BE EGISTERED UNE THEU.S. SECURIIESAT OF 133, ADE， HE ECURIIS AS F Y STA,OVINC O NY THER PLABLE ECURITIES LANREBEG SOLIN LIANCE UPON EETINS FRM TE REGISTRATION RUIREMNS OF H

2、ESCRITES ACT AND SUCH LWS. SUCH NIT MTB CUIRED FOR INVSTMENTOY AD AY NOT BFERED FOSALE, PLEDGED, HYOTHEED, OLD, ASIGE O RSFR AT ANYTI EXCEPT IN COMPLIACEWIT（I) TE SECUTIES AC, ANY APCABLE SERITIS LAS OFANY STTE OR PRNCE， D ANY OEPLBLE SCURITIE LAWS; ND (II） EER ANDCODIIOS O THIS MEDED AND EATED LMTE

3、D RERSHPAREN.THE UNITS AYN BTRNSFERRED OF ECORD EXCETI CMIANCE WITH SUH AWS AN TI LIMITE PARTERSHIPAGREEET. HEEFOE, PURCHAR AD OTHE TRANSFREES OF SUCH NS LL E REQUIREDTO BEAR HE ISKFTEIR INVESTMNT ORAUITIN RN NDFNITE PERIO O TIME.Tabl ofCotetsageARTILEDEFINITIOSECTI 11. Dfinitos1ARTICLE IOAON,TERM，

4、PPE AND POWERSECTION2.01.Frmatin1SETION .2.Name1EIN 2.0Ter1SETION 2.4. Offices1STIN 2.0 gent forService of Proces11CTI 2.06. sisurose11ECTION 0. owerso the Ptnrshp12SCTIN 2.08. artners; Assion of Newatnes12SECION 209 irawal1ARICLE IIIMANAGMENTSETION .01. neal arte12ECON 3.2. Compesaion3SECTION3 xpen

5、s1SECTION 3.04. Ofiers13SECTON 305. Authrit of rtners13ETN3. ctn y Wrte onsent or RatficatiTILE VDISTITIONSSCTIO 401.tibtions4SCON 40.qdati Ditibuti1SECTION .03. Limitatons on itribtion15SETIO4.04. Oher istrutons15RTICLEVCAITAL CONRIBTS； ATALCCONS；T CAOS; TXMATTRSECTIN 5.01.Initia aptaContributions1

6、SETIO5.02. No Addol apialntriution16SECTIN53. aial Acnts16SECTIO 5.04. Aloatos of rois and Lose6CTION5.05. peiloaion16CION5.06 Tax Alocatns1SETION .07 ax Adances18SECIN 5.08. Tx atters18SCIN 5.09. OherAllocaio Prion1ARICLE VBOOKS AND RECODS； REPORSSIN 6.01. ooks ad Record9ARTLE VIIPARTNERH UNTSECTIN

7、 701 Uis20SECTION 70. Rgstr20SECTIO7.3. egistered Partne20ARTICL IESNG; OFITUE OFINTRESTS; TRANSFR RESRICTIONSSCT8.01. Veting IiialUvsted nts0SEN 8.02. Frfeur ofUits Hed by niial Lmid Prtners21SETION 8.0. LimitedParner Tanses22SEION04. inimumRetaine Oersip Reuireen4SCTION 805. Madaor Exchange4SCTON8

8、.6. numbrances2CTON 8.0. Furher Reriction25SION 8.08ightsof Asinees2SECTN 09. Adisins,itdrwalsnmvas26SETIO .0. Admission ofAsges as SbstitueLied Ptners26SECTIO 8.11. Withdrwland Remov of imte Prners6RTICLE IXDISOLUTION, LIUIDATOAND TERMINATIONSECTON 90 No issoltion27STIN .02. Eets CauinDissoluon27ET

9、I 9.03.istribuion upon Dissolut7SETION 9.04.ie for Liquidatin28ETO 9.0. Termiatin28EIO .06.Claims ofthe Parners28CTN 9.0. Sviv ofCertain Provisios28ARTICLLBLIYAND INEMNIFCATIONECTIN .0.Liability o Parners29SCTION 0.02 ndemnificton29ARE XIMCELNESSETION 11Seeabt31SETIO1102. oies31SECIO 110.Cmulative m

10、edies32SECTION 11.4.BiniEffect3SETON 1.05. Interrtatn3SCON 1.06. uterprt32SEIO . Fther Aances33ECTION 1108. Eire grent33ECTON 11.Gvernin Lw33SECT 11.10 Sbmssinto Jurisdicton； Waie of JurTral33SECTON 1.11. xpenses34ETION 11.12.Amndme nd Waives34SECTON11. No hid P Beneficiares35ECTION11.14. eadigs3SIO

11、N 1.15 Cnstrcto35SCION 11.16. owerf Attorne36ECION 11.7.Ler Agreeents; chduls6TION 118. Partnersip Stts3FORM OFANED ADESTATED IMITED PATNERSHIP AGEEMTOFACKTOE OLDING I .Ths AMENDED ND RESTAED LIMITEDPATESHI REEMENT(thi Aremn)ofBlcksn Hdings I L. (the Partrship） is made sof thedaof ， 07， by nd amn la

12、cstoneHoings /II Ic., a cpato ormed unethe lawsof theStaofDeware, as geeral atner, andthe Lited Patrs （a eie hre)of e Partrshi.WERAS, thePartrship wasformd as alimitd patnshppsuant to he Act， y th fln etifatfLmted Prtnership （e Crtiicate)with the ffic of theScetry o Stte ohe tat lwand theexut of the

13、imtd PartnersiAgeement o the Parners daedas oMay 18，207 (the Oiina Areemnt）; anWHERES， he partieshreto dese toerntothiAmendd an estatedLimted Partershp Agreeen of thartnesp and to erit the admission ofhe medPartr to te ParteshiOW， TEROE， n nieratin f he ulpromises and aement hei de ad itending to bl

14、gall oud hreby,the partis eetoagr t amen ad restae h Orgil Agreement ( efined heein) n itsntire t ead oo:AICLE IDEFNITIONSSEION 1.01. Defiitio Cpalize termed herein ihou diiton ave the foloing meains (sh meaingsbeing equalyapplicable t both t singlar d plur frm f the trms deid):Ac mea,teDewa RvisedU

15、n LimitedPatnershp, Del. . Setio01， tq., s my b aended rom tie o me.ddional redit Amount a e meaig setforth inetion .01(b)（ii).Adjusted pitalccount alancmens, wt resectto eh Parter, thebalnce in ucPrtner Cpta Acntadjst (i） y takng no aut theadjustmes, lloctions and ditriutionderibd i U.S. Treasury g

16、ultns ections 1.704-（b)(2)（ii)(c)()，（) and (6）; and (ii) b adding t such blan suc Partner sharef Partnershiinimm Gan ad Par Nnrcrse Debt Minimum ain，deterine ursuan to Reguatns Sections1.74-(g)an 1.74-（)(5)， an moun uch Parner olgat to retre pursunt to ay proisiono his Agrent or apliablLaw. The freg

17、oin fiition of Ajuste Cpitl Acut Blce i ntended comply it heprvisios oRgltiseion .7041(）（）(ii)(d) nd shalbe iterreted consitentl therh.ffiiemeans, wi respe tspecife Peon, ayoh erson hat directy, or indirectl hroghon r mor inrmediaries, Controls, isotrole by， or is under comoContro with， su spife Pon

18、greeme a temeaning e orthin the preamble ofthiAgreement.Aended axAmouthas th meanig et forh in ectio 01（）(i).Assneeas the meaning se forth inSion .Aumed Ta Rae ean te iget efetive mainal cmbnd U.S. fedral， sttan locl ncomtx at for aFiscal ar rscrie for a idividuaor coporae resdenti ew Yok， ew ork (t

19、akinito acunt (a) te neduciblity ofxpenes sct tothe mittion dei in Section 67(a） ofheCde an (b) hechaactr (e.g, long-t or short-term catal gainor rdinaryo exmpt income) of he pliableicme, but not taking it accutth dedtibyof sate and loca incm taxe for U.S. deralcom tax puross). or tavone of oubt, th

20、e AsmdTax Ratewl e thesae o ll Partner.Available Cash mean,wihrspct to any fica ro, te amountofcash n had h he Geeral rr，its easonabledsretin, msaaille fo distributonto thePartners, taki no accountal deb, liablites and bliatn of the Partrship henue ad amon hih thGenal rtner, in ts resonale isreto,de

21、ems ncessart exen or rai o worin apial or to pa intorservs for customy and a claims wih epc tthPrteshipoperations.ston oldigs Partnershis an each of the artrshi, lacstone Holding I .P.， a Delaware lmid prtneship, Blckston HolingII L.P, a Dlawaremitedpartnep,Baktone Hldings .P., a Qecsci n coandit,ad

22、 ackstne Hodigs V L., aQuesci en comandte.CapitalAcn eans he separaecapital acount aiain or each Partnrin ccodae w Setion .03 hereofpia onribtio mes,with rep to a Partnr, the agrgate mount fony ntrbt the atnhind he ryin Value o ny rert (othethan mony), etoy labiliesassumdb hePartsip upn onriutio oto

23、 which suchprperty s bjt， cnbedtothe Partship pusuant to Article VCarry Vau eans,wirpectto Partnerhpast, teat djusted bai for U.S. fedeal incomtx purposes,excpt that tenial arrying vlof asets contribute o te Patnerhp shall be therrsecve ross i mat valu nth dae of contriin as detemiedby te Geeral Par

24、ter, and t Carrying Vues f llParnerhi assts sha be adused o equal teirespectve far akt ales,in accrdance wihhe rue seforth in Uitd Saes Treasy eglationSection.704-1(b)()(iv)(）， excp as othwe proided er,as of： (a) the datef thecqusitnof any adtinalPatnership nterst by anynew o xstin Patnr exchangefom

25、ore tn e inimi Capia ontribuin; （b)he dae o the istribution o re taade mnims amount f Partnep sets to a Partn; (c)tedate aatershiIneres ireliquisheo the tnehip;or（) ther dat specfid inheUed Staes Traury elatn； pvid, hwever， that adjustmens prunt to clauses (a)，(b) (c)and （)abovesall be mad oly if su

26、ch adstmts are deemd ecesay appropriat by te enerl Parner to reflet theelie economic inetsof the Patnes.The Carrin Ve of any rtnerhip asst diribued t aPatnershall be adjus immdatelybefre suchditriuti oequalits fai are lue. In he ae an aset tha s Carrying Valu thtdifs fromits adutxbasis, Caryin lue s

27、ha be djted by te munt of eprection clcula for puposeso the defiitiono fs (Lss） ather than the aountof dprciationtermindf U. fderalice tx purpses, nd depeiatoshal b cacltd by referne to Caryin Value rathe than t assonce Crringlue dierfomx basCatgory1 Liite Patr means ech oteited Parer intifid inthe

28、oksnd ecods ofthe rership as Categry 1 Lmit Pater.Catery 2 Liitedartnr mns eachof he Lmited Parnes dnied in h books arcord of te Parnersip s a ateor 2 LimitPareCategory Liid Patn as eah of e Limed Prtneridntied n t bs and ecord o the artnersi aategory 3 Limd Per.Cteory 4 imitPartnr meansech f the Li

29、mitedartnes identiied in the booand recods o the artnershipas Cator4 imid PartnerCaegory 5 imi artemeas eachfth Lmiedartners intifed ite books and eord o he Partrship as a ategor 5 imied PrneCaey Lmtd Partn ans the imit Parer dentifi in the ooks n recor f Partership asaCategy LimitePatner.Cuse mens

30、h ccurencoretee of anyof the foowing as etermiefairly, easnaly, on an inormebasis andngdfitby the GenelPartnr： (）(w） an each by an pled Limied Prtnerof anyvisof this Agreement or he -Competiton Areeentache heeto, (x) aymteia breach o nyrls orreglatns applicable o nio an drectors or employee, aapplic

31、able， ofhelakon Hoding Partnrsips, their sbsidiares ad thei filated entities, (y) an Empoyedimteartner delieate failure to perform his or heduties t theBakstoneHodings atnerips,th subsidiries ad theiraflitd tities,or (z） an Emplyed Lmied Partnermmtting to ngggin any conct r ehavio that i o may harmf

32、u to the Batoelins artnershps， therubsdiaiesnd ei fflie itiesamaterial way (proid tha, ith cas of a of the forgoig lases (),(x)， （y)nd （z),the Genral Partner a gie moyed imitdPartr writte oie ( oiceofBreach) wihin fifteen day tr theGenerParebecoms ar oshactonadsuhEmpyed imitedPartner fail tre uchrec

33、h, flre topeforor ondc or behavr ihin fen dayfterecept ye EpoedLimed Ptnr of sc Noice of each from the enrlarter (or suchlogerpeod，ottoexee an addonal fifteeds,ashal be reasonably requred schcure，pride,that suh mploye Lmited Paneridilientl pring suc cure), (iii) anct of fud, misappprain，dishonesty，

34、ebezzeenorsimilaronduct ains the Blacksone Holdings artnersp, thr subsidiesand ti afilited entitis， r (v） oicn （o the is ofa rl orby n aceptdplea fguilty ornlo conendere） o a elon orc(icluig anymsmeaor chargenvolving morl turpde, falsesaements or misleadig misis， forge, wrngu tang, embezzement, eot

35、or ribery), oa detemntin y curt of ompeent jridctio,ba US. fderal te oomparbl no-.S. rlatory body y a self-regulator bodyhaing authrt wih epec tU.S ealorsta or cprabl non-U. scities laws,ruer reulations f th securtiesindr, thath mloyedLimitedParner iniiullyhas vioted ny .S federalor ae r compb nn-U.

36、S. curitie laws or ayulesregultns thereunder，o ay ulso an such sl-regulatory ody(incldng, witoutliai, aylicen requirement), ifsuc onvictio eermination hs amteria adverseefct n (A) suchEmployed imd Parer biiy o functio as aseniormangindirctor or eplyee, asappable, ofthacstn HldigsPreshis， tei ssiiais

37、 and th affilatd etii, aking intoccout the srices equired of Emyed med Pate ad h ue o te usiessof he BlackneHoldins artrhip， thir subsdiarieatheir fiiatd enitisor (B） te usnes of thBlacstone Holigs Partnrships, thir subsidiaries and thir ffiiaed entitiesertifiatehas thmeanngset fot inthramble f tire

38、ement.Chnge o ntrol meas the curece of anPerson, ther than Persnapproved bythe curret ssuerGnera Prter, coming the nral partner of th Issur.Charity means ay rgazation that isorgazd nd operated for prpoe dsribedin Sco70（c) theode （detmined wihu refereeto ode ecio170(c）(2）(A）) and dscribed de Sctons 2

39、0（a) an 2522Camansthe clase of ts it hich intressi thePrtehima b clasifie or dide frm tme to tme puruat o the prio of is Agrement.Cls A Units ens theUts partnerspnterest n t Partership designte as th ls Uitshinan havgthe rigt pertinng thetas reset forth in this Ageeen.Ce me te Inerna Reven Coe of 19

40、86, a mendd from time otime.ommo Uits meas coon uits epesenting imited artne interestso heIsse.Contigencesha thmeaiget orh n ection9.3(b).Cntro (incluihe ter Controledb andundercommon otrl ith) mens the pssesson, diecly r indirectly, of the ower to drctr cutheirtio f the mngeent ad polics of a Peron

41、,whher throh the ownership o votng srites, astruste exeuor, by nract r others, icud, thoutlmtaion, t onershi, dirctly orindrectl, f erities hig heowr to e a marity of the boad o directors or siiar bdgoverningte affai ofsucPersnCredt Amoun the meanig st fortSein 4.0（b)(i)f this Agremet.CreditbleNon-U

42、. ax mean a n-U.S. a aid ced for United Statederal inoe tax puposesb the Prtnrshi,in thr cae toe extent that such ax i liible f cret une Sction 901(a) f th Cde. AnonU.S. tax a Creditabe NonU.S. Tax fothese puroseswithtead to whethe a partnerrecevin llctio of such n-S. tax letto clim acredit for suh

43、out This fiiinis ntendd to be cnsite it te efiition ofreitable Non-U.S.Ta i Tep TreasuRglatonsSctin 1.74-1(）()(xi)(b),and shall e intepetedconsisetlhrewith.Delaware Abitrtio Act hase meaing st foth iSectin1.0(d） f hisAgreement.isailityeans,as to an Person,ch Person ibilty o prform in all matral resp

44、cs s or her uties and rnsibitie o te ener Patner， r any fitsfilts, y rason ofa physialor enta disabity or firmity hic inabiity is easoabyxpetd to bepermannt andhas connue(i) fr perio of six csecutive mnh or (） sch orer erio as te Genel Partner ma rasonaly temine i ood fah.Disabg Evn mans th Genral P

45、rer ceasin t b th gneal parner o heParterhip puut o Sction1-402f h Act.Disstio Event hasthe meanin set orth in Section 9.2 of thisAemenEmployedLmitdPrtne means a Limied ateth iseplye by or prvidig eves to th Issuer Genr artner，he Issue,the Gea Parner, thPartneship oy its subsdaris t hetie question,

46、ad any Persnal Plan Vehie such Limiarter.Enubrance means any mortgage, caim, ien, cmrane, ndtionl sasr ohetitle rteio agremet, igh of fist refsal，peemptve rih,pleg, ption, chage, serity iterest or ohersimilar interest, easement，jud r imprfetion of titleof y natre wtsoever.ERA mean Th EmplyeeReiremn

47、Inom Security Atf 1974， asande.Ee Act ean theU.S. Secriies ExchaneAc f 134, s ameded, andt ruls ndrulion prlgae theeder. Excage Agremnt mans h xcane areen daed sof o about the ae eref ang the ssuer,he Bla ckstone Hlds Patnersis a the limite partnes f the Blackstneoldigs artnrsps rom timeo time， a am

48、ended rom ie time.EchangeTranctionmesaxchange f Uitsor Common Unt pursnto, andinacordnce ih, the xchange Areement or,if the Issuer andth exhaig LimtedPter shallmutallyagr,Traferof Units t theIsuer, the Partnershpor nyf their subsiiars for othr condri.Final Txounha e mning set forinSeton 4.01(b)()isc

49、al Ya mas （i) tepeiodomencnupon he fomation otheartnespand eding n Db 1, 2007or(i) any subseqent telve-month pid commening on Januar 1 d ndin n cember 31.GP mancconting pricples enerall accet inthe United SatesofAmerica s effec from imto time.Genrl artermeas lackstoe olding I/I GP c, acorporation fo

50、rmed ud he as of the tte ofDelawar any suessorenea parter ditte othe rtnehip i accorance h he ters ofths greemen.oerntOfcialmeans apeson whoolds a hih-lvel, fu-time positon with ational, suranational, U. feeral, U.S. stateor Ciy ofNew Yrk goenmet.Incapcity mean, with rsettoay Pero,the bauptcy, dssol

51、uin,terminaion,entrofn oer o incompenc,or the sity， prnentiability or d of such esoiial imidPartner measeahLiit Prter asof the daeof th gremn.Itial Uns s, wih spe to anniti Limid Parter,th aggreateumber f Class Anits owne by schItal Liitd Pat as o thedeo his Agement.Inil vested Uits eans, with rspct

52、 t antialLitdPartner， the aggregte uber ofUnet Un wne by sc Initial Lied Partersof thedt of his Agremt.InitalVese Untsmens， wt res o ay Inial imited rtr,theggegat umbr Ves Untslistin the boksnd recordsf theParnespas o te daef this Agreeent,ad any adiinalInitialUnits that haevested from tieo tmeacord

53、ane ith Secion 8.0 f hiAgreeet.Itagbl ssets es he ssetsof t atnrsip that reescridin Stin 97（) of the ode.ntangie Asse Gin meanst net gain recnized b he Ptneshipwith respect o e Prtnrship InangibleAstsnconnecin with tctual hypthical sae fa sstantiallyall of the asss f the Partehip, inudingbut notliit

54、e n apitalgi realized in conecion w n adjuento he CarryingVaurtnership ase; ovie,howev，th n suchga ha cnttut tangibleAsetGain nlto th extent haany such gaixceeds loes reviul recgnied an actal or hptetial saleofItangible ssesIPmanhe iii pbic oerin and sl Comon Uits, s otemplate by th ssuer Regsratin

55、Statmt n rm S (FleNo 333-141504).Isse meas The Blackston roup .P， a liartnerip formd undert las of the Sta of lawre, o nysccssor trto.Issue eeral Parter mns Backtn Grup Mnaent L.L., a limtedlibilcopany fomdude th lawsth Stateo Delawae and the eneral paner oftheser,oany uccesor generlrte th Issue.ue

56、arnerhip Agrement mean he Amnded destated Agreemet oimit Partnrship ofthe Isue to e atd bstlcocurenly wth theconsumton f heP,as such areemet of limied partnesh a be aended,suplemented o resed fom t o tm.Law means n sttue, a, oinace， regulaton, rule,code, exeteor, iuncio， judgmet, cr or otheorder isu

57、ed or oulgateb ny natioal，supranatinal， stat, federl,princia, lco muncip govermtor an administrativeor guary body with aoty thrrom wthjurisictin over the atnersp or any Prtner， s the case may b.Limt Pnr meanschof the Pron fom tim to time listed a a liited atnen the book ndrcord o tParterip,a, for ur

58、pses of Sectons 8.0， 802, 803, 8.0, nd 8.06， ny ersonal Pang Vehicleof u mied Partneiqidin Agenasthemeanng st forthinSton 9.3 ofthis Agremen.Last ReoredSal Pre f the Como Units on anydte means:（a） the closinal rc punit the New York tock Exchangeo tat dat (or, ino losingsal pri is epote, the last rpo

59、rted aepice)；(b）if theCommonUnts ae notlitedo taing n the ew orktckExchange，theosin salice （or, if oclosi sale pice s rpored,the las rpoted al pice) as eporte n that datein tetansctions he icipal natialsuritis ecane risteed usuant oSction 6（g) f he Exche Ac on wichthe Common Uitsre iste;(c) if theCo

60、mmonUnis re no olised on a ntional securiies xchane， e astquotd bid prie forhe Commo Unis n h date iheoverthe-ounter market as eporte byPink heets LLC or a simiar oganiztion; or (d)f te mon Unis are ot s uted byPik heetLC o a similaroganzation， te aveage ofte mi-ont of the lst bid and kprics fo the