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  • HIGHLY CONFIDENTIAL & TRADE SECRET

    BLACKSTONE CAPITAL PARTNERS VI L.P.

    AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP

    DATED AS OF JULY 31, 2008

    Execution Version

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

    010395-1006- l l 2 l 5-NY03 .2632927

    CONFIDENTIAL KRS0002512

  • BLACKSTONE CAPITAL PARTNERS VI L.P.

    AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP

    TABLE OF CONTENTS

    ARTICLE ONE Definitions .......................................................................................... : ............................... 1

    ARTICLE TWO Organization .................................................................................................................... 17

    2.1 Fonnation ................................................................................................................................. 17 2.2 Name ........................................................................................................................................ 17 2.3 Place of Business and Office; Registered Agent.. .................................................................... 17 2.4 Purpose ..................................................................................................................................... 18 2.5 Term ......................................................................................................................................... 18 2.6 Qualification in Other Jurisdictions .......................................................................................... 18 2.7 Alternative Investment Structure ................ : ............................................................................... 19 2.8 Parallel Funds ........................................................................................................................... 22 2.9 Co-Invest1nent .......................................................................................................................... 23 2.10 Withdrawal oflnitial Limited Partner ............................................................................... 24

    ARTICLE THREE Partners and Capital ..................................................................................................... 24

    3.1 General Partner ......................................................................................................................... 24 3.2 Limited Pa1tners ....................................................................................................................... 25 3.3 Partnership Capital ................................................................. : ................................................. 27 3.4 Liability ofLirpited Pa1tners .................................................................................................... 36 J.5 Default in Payment ................................................................................................................... 39 3.6 Withdrawal ofERISA Partners; BRISA Undertakings ............................................................ 43

    3.7 UBTI Investments .................. ................................................................................................... 45 3.8 ECI Investments ....................................................................................................................... 47 3.9 Required Withdrawals .............................................................................................................. 48

    ARTICLE FOUR Distributions; Allocation of Profits and Losses ............................................................. 50

    4.1 Distributions -- General Principles and Definitions .................................................................. 50 4.2 Amounts and Priority of Distributions ..................................................................................... 53 4.3 Definitions and Rules Relating to Rates of Return ................................................................... 56 4.4 Capital Accounts ............................................................................................................ ; ......... 59 4.5 Tax Advances ..................................................................................................................... .' ..... 63

    ARTICLE FIVE Rights and Duties of the General Pmtner ........................................................................ 64

    5.1 Management .............................................................................................................................. 64 5.2 Duties and Obligations of the General Partner ......................................................................... 69 5 .3 Other Businesses of Pa1tners; Blackstone Co-Investment Rights ............................................ 71 5 .4 Investment Advisory Agreement ................................ ~ ............................................................. 7 4 5.5 Expenses, Reimbursement and Indemnification ...................................................................... 74

    0 J 0395- l006-112 l 5-NY03.2632927

    CONFIDENTIAL KRS0002513

  • ARTICLE SIX The L.P. Advisory Committee ............................................................................................ 80

    6.1 Selection of the L.P. Advisory Committee ............................................................................... 80 6.2 Functions of the L.P. Advisory Committee .............................................................................. 81 6.3 Additional Advisory Committees ..................................................................... ; ....................... 85

    ARTICLE SEVEN Transferability of General Partner's Interest ............................................................... 85

    7.1 Assignment of the General Partner's Interest.. ......................................................................... 85 7.2 Ren1oval of the General Partner ............................................................................................... 85 7.3 Liability of Withdrawn General Partner ................................................................................... 85 7.4 Transfer of General Partner's Interest ...................................................................................... 86

    ARTICLE.EIGHT Transferability of a Limited Pminer'.s Interest ................................ : ... ~ ........................ 86

    8 .1 Restrictions on Transfers of Interests ....................................................................................... 8 6 8.2 Assignees .................................................................................................................................. 90 8.3 Substituted Limited Partners .................................................................................................... 90 8.4 Incapacity of a Li1nited Partner ................................................................................................ 91 8.5 Transfers During a Fiscal Year ............................................................................. , ................... 91 8.6 Elections Under the Internal Revenue Code ............................................................................. 91

    ARTICLE NINE Dissolution, Liquidation and Termination of the Partnership ......................................... 91

    9 .1 Dissolution and Continuation ................................................................................................... 91 9.2 Liquidation ............................................................................................................................... 93 9 .3 Key Person Event ..................................................................................................................... 96

    ARTICLE TEN Amendments ............................................................................ : ........................................ 97

    10.1 Adoption of Amendments; Limitations Thereon .................................................................... 97 10 .2 Amend1nent of Certificate .................................................................................................... 100

    AR TI CLE ELEVEN Consents, Voting and Meetings .............................................................................. 100

    11.1 Method of Giving Consent ................................................................................................... 100 11.2 Meetings ....................................................................................................................... : ....... 100 11.3 Record Dates ........................................................................................................................ 101 11.4 Submissi