Common use of Forfeiture of Interests Transfer Restrictions Clause in Contracts

Forfeiture of Interests Transfer Restrictions. 23 Section 8.1 Vesting of Unvested Units 23 Section 8.2 Forfeiture of Units 24 Section 8.3 Limited Partner Transfers 25 Section 8.4 Mandatory Exchanges 26 Section 8.5 Encumbrances 26 Section 8.6 Further Restrictions 26 Section 8.7 Rights of Assignees 27 Section 8.8 Admissions, Withdrawals and Removals 27 Section 8.9 Admission of Assignees as Substitute Limited Partners 28 Section 8.10 Withdrawal and Removal of Limited Partners 28 ARTICLE IX DISSOLUTION, LIQUIDATION AND TERMINATION 28 Section 9.1 No Dissolution 29 Section 9.2 Events Causing Dissolution 29 Section 9.3 Distribution upon Dissolution 30 Section 9.4 Time for Liquidation 30 Section 9.5 Termination 30 Section 9.6 Claims of the Partners 30 Section 9.7 Survival of Certain Provisions 30 ARTICLE X LIABILITY AND INDEMNIFICATION 31 Section 10.1 Duties; Liabilities; Exculpation 31 Section 10.2 Indemnification 33 ARTICLE XI MISCELLANEOUS 35 Section 11.1 Dispute Resolution 35 Section 11.2 Severability 36 Section 11.3 Binding Effect 36 Section 11.4 Further Assurances 36 Section 11.5 Expenses 36 Section 11.6 Amendments and Waivers 36 Section 11.7 No Third Party Beneficiaries 38 Section 11.8 Power of Attorney 38 Section 11.9 Letter Agreements; Schedules 39 Section 11.10 Governing Law; Separability 39 Section 11.11 Notices 39 Section 11.12 Counterparts 39 Section 11.13 Cumulative Remedies 39 Section 11.14 Entire Agreement 39 Section 11.15 Partnership Status 40 Section 11.16 Limited Partner Representations 40 ARTICLE XII TERMS, PREFERENCES, RIGHTS, POWERS AND DUTIES OF THE SERIES A PREFERRED MIRROR UNITS 41 Section 12.1 Designation 41 Section 12.2 Definitions 41 Section 12.3 Distributions 43 Section 12.4 Rank 45 Section 12.5 Redemption 45 Section 12.6 Distribution Rate 46 Section 12.7 Voting 46 Section 12.8 Liquidation Rights 46 Section 12.9 Amendments and Waivers 47 Section 12.10 No Conversion 48 Section 12.11 No Third Party Beneficiaries 48 SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF ARES INVESTMENTS L.P. SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Ares Investments L.P., entered into as of March 8, 2018 and effective as of March 1, 2018 (the “Effective Date”), among AI Holdco LLC, a Delaware limited liability company, as general partner, and the Limited Partners (as defined herein) of the Partnership.

Forfeiture of Interests Transfer Restrictions. 23 Section 8.1 Vesting of Unvested Units 23 Section 8.2 Forfeiture of Units 24 23 Section 8.3 Limited Partner Transfers 25 24 Section 8.4 Mandatory Exchanges 26 25 Section 8.5 Encumbrances 26 Section 8.6 Further Restrictions 26 Section 8.7 Rights of Assignees 27 Section 8.8 Admissions, Withdrawals and Removals 27 Section 8.9 Admission of Assignees as Substitute Limited Partners 28 Section 8.10 Withdrawal and Removal of Limited Partners 28 ARTICLE IX DISSOLUTION, LIQUIDATION AND TERMINATION 28 Section 9.1 No Dissolution 29 28 Section 9.2 Events Causing Dissolution 29 28 Section 9.3 Distribution upon Dissolution 30 29 Section 9.4 Time for Liquidation 30 Section 9.5 Termination 30 Section 9.6 Claims of the Partners 30 Section 9.7 Survival of Certain Provisions 30 ARTICLE X LIABILITY AND INDEMNIFICATION 31 30 Section 10.1 Duties; Liabilities; Exculpation 31 30 Section 10.2 Indemnification 33 32 ARTICLE XI MISCELLANEOUS 35 Section 11.1 Dispute Resolution 35 Section 11.2 Severability 36 Section 11.3 Binding Effect 36 Section 11.4 Further Assurances 36 Section 11.5 Expenses 36 Section 11.6 Amendments and Waivers 36 Page Section 11.7 No Third Party Beneficiaries 38 Section 11.8 Power of Attorney 38 Section 11.9 Letter Agreements; Schedules 39 38 Section 11.10 Governing Law; Separability 39 Section 11.11 Notices 39 Section 11.12 Counterparts 39 Section 11.13 Cumulative Remedies 39 Section 11.14 Entire Agreement 39 Section 11.15 Partnership Status 40 39 Section 11.16 Limited Partner Representations 40 39 ARTICLE XII TERMS, PREFERENCES, RIGHTS, POWERS AND DUTIES OF THE SERIES A PREFERRED MIRROR UNITS 41 Section 12.1 Designation 41 Section 12.2 Definitions 41 Section 12.3 Distributions 43 Section 12.4 Rank 45 Section 12.5 Redemption 45 Section 12.6 Distribution Rate 46 Section 12.7 Voting 46 Section 12.8 Liquidation Rights 46 Section 12.9 Amendments and Waivers 47 Section 12.10 No Conversion 48 47 Section 12.11 No Third Party Beneficiaries 48 SECOND THIRD AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF ARES INVESTMENTS HOLDINGS L.P. SECOND THIRD AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Ares Investments Holdings L.P., entered into dated as of March 8, 2018 and effective as of March 1November 26, 2018 (the “Effective Date”), among AI Ares Holdco LLC, a Delaware limited liability company, as general partner, and the Limited Partners (as defined herein) of the Partnership.

Forfeiture of Interests Transfer Restrictions. 23 Section 8.1 Vesting of Unvested Units 23 Section 8.2 Forfeiture of Units 24 23 Section 8.3 Limited Partner Transfers 25 24 Section 8.4 Mandatory Exchanges 26 25 Section 8.5 Encumbrances 26 25 Section 8.6 Further Restrictions 26 25 Section 8.7 Rights of Assignees 27 26 Section 8.8 Admissions, Withdrawals and Removals 27 Section 8.9 Admission of Assignees as Substitute Limited Partners 28 27 Section 8.10 Withdrawal and Removal of Limited Partners 28 ARTICLE IX DISSOLUTION, LIQUIDATION AND TERMINATION 28 Section 9.1 No Dissolution 29 Commencement of Winding Up 28 Section 9.2 Events Causing Dissolution 29 Commencement of Winding Up 28 Section 9.3 Distribution upon Dissolution 30 29 Section 9.4 Time for Liquidation 30 29 Section 9.5 Termination 30 Dissolution 29 Section 9.6 Claims of the Partners 30 29 Section 9.7 Survival of Certain Provisions 30 ARTICLE X LIABILITY AND INDEMNIFICATION 31 30 Section 10.1 Duties; Liabilities; Exculpation 31 30 Section 10.2 Indemnification 33 32 ARTICLE XI MISCELLANEOUS 35 34 Section 11.1 Dispute Resolution 35 34 Section 11.2 Severability 36 35 Section 11.3 Binding Effect 36 Section 11.4 Further Assurances 36 Section 11.5 Expenses 36 Section 11.6 Amendments and Waivers 36 Page Section 11.7 No Third Party Beneficiaries 38 37 Section 11.8 Power of Attorney 38 Section 11.9 Letter Agreements; Schedules 39 38 Section 11.10 Governing Law; Separability 39 38 Section 11.11 Notices 39 Section 11.12 Counterparts 39 Section 11.13 Cumulative Remedies 39 Section 11.14 Entire Agreement 39 Section 11.15 Partnership Status 40 39 Section 11.16 Limited Partner Representations 40 39 ARTICLE XII TERMS, PREFERENCES, RIGHTS, POWERS AND DUTIES OF THE SERIES A PREFERRED MIRROR UNITS 41 40 Section 12.1 Designation 41 40 Section 12.2 Definitions 41 Section 12.3 Distributions 43 Section 12.4 Rank 45 Section 12.5 Redemption 45 Section 12.6 Distribution Rate 46 Section 12.7 Voting 46 Section 12.8 Liquidation Rights 46 Section 12.9 Amendments and Waivers 47 Section 12.10 No Conversion 48 47 Section 12.11 No Third Party Beneficiaries 48 SECOND 47 FOURTH AMENDED AND RESTATED AGREEMENT OF EXEMPTED LIMITED PARTNERSHIP AGREEMENT OF ARES INVESTMENTS OFFSHORE HOLDINGS L.P. SECOND FOURTH AMENDED AND RESTATED AGREEMENT OF EXEMPTED LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Ares Investments L.P.Offshore Holdings L.P. (the “Partnership”), entered into as of March 8on November 26, 2018 and effective as of March 1, 2018 (the “Effective Date”)2018, among AI AOF Holdco LLC, a Delaware limited liability company, as general partner, and the Limited Partners (as defined herein) of the Partnership.

Forfeiture of Interests Transfer Restrictions. 23 Section 8.1 Vesting of Unvested Units 23 Section 8.2 Forfeiture of Units 24 Section 8.3 Limited Partner Transfers 25 Section 8.4 Mandatory Exchanges 26 25 Section 8.5 Encumbrances 26 Section 8.6 Further Restrictions 26 Section 8.7 Rights of Assignees 27 Section 8.8 Admissions, Withdrawals and Removals 27 Section 8.9 Admission of Assignees as Substitute Limited Partners 28 Section 8.10 Withdrawal and Removal of Limited Partners 28 ARTICLE IX DISSOLUTION, LIQUIDATION AND TERMINATION 28 Section 9.1 No Dissolution 29 Commencement of Winding Up 28 Section 9.2 Events Causing Dissolution Commencement of Winding Up 29 Section 9.3 Distribution upon Dissolution 30 29 Section 9.4 Time for Liquidation 30 Section 9.5 Termination Dissolution 30 Section 9.6 Claims of the Partners 30 Section 9.7 Survival of Certain Provisions 30 ARTICLE X LIABILITY AND INDEMNIFICATION 31 30 Section 10.1 Duties; Liabilities; Exculpation 31 30 Section 10.2 Indemnification 33 32 ARTICLE XI MISCELLANEOUS 35 Section 11.1 Dispute Resolution 35 Section 11.2 Severability 36 Section 11.3 Binding Effect 36 Section 11.4 Further Assurances 36 Section 11.5 Expenses 36 Section 11.6 Amendments and Waivers 36 Section 11.7 No Third Party Beneficiaries 38 Section 11.8 Power of Attorney 38 Section 11.9 Letter Agreements; Schedules 39 Section 11.10 Governing Law; Separability 39 Section 11.11 Notices 39 Section 11.12 Counterparts 39 Section 11.13 Cumulative Remedies 39 Section 11.14 Entire Agreement 39 Section 11.15 Partnership Status 40 Section 11.16 Limited Partner Representations 40 ARTICLE XII TERMS, PREFERENCES, RIGHTS, POWERS AND DUTIES OF THE SERIES A PREFERRED MIRROR UNITS 41 Section 12.1 Designation 41 Section 12.2 Definitions 41 Section 12.3 Distributions 43 Section 12.4 Rank 45 Section 12.5 Redemption 45 Section 12.6 Distribution Rate 46 Section 12.7 Voting 46 Section 12.8 Liquidation Rights 46 Section 12.9 Amendments and Waivers 47 Section 12.10 No Conversion 48 47 Section 12.11 No Third Party Beneficiaries 48 SECOND 47 THIRD AMENDED AND RESTATED AGREEMENT OF EXEMPTED LIMITED PARTNERSHIP AGREEMENT OF ARES INVESTMENTS OFFSHORE HOLDINGS L.P. SECOND THIRD AMENDED AND RESTATED AGREEMENT OF EXEMPTED LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Ares Investments L.P.Offshore Holdings L.P. (the “Partnership”), entered into as of on March 8, 2018 and effective as of March 1, 2018 (the “Effective Date”)2018, among AI AOF Holdco LLC, a Delaware limited liability company, as general partner, and the Limited Partners (as defined herein) of the Partnership.

Forfeiture of Interests Transfer Restrictions. 23 Section 8.1 8.01. Vesting of Initial Unvested Units 23 21 Section 8.2 8.02. Forfeiture of Units 24 Held by Initial Limited Partners 22 Section 8.3 8.03. Limited Partner Transfers 23 Section 8.04. Minimum Retained Ownership Requirement 24 Section 8.05. Mandatory Exchanges 25 Section 8.4 Mandatory Exchanges 26 8.06. Encumbrances 25 Section 8.5 Encumbrances 26 Section 8.6 8.07. Further Restrictions 26 25 Section 8.7 8.08. Rights of Assignees 27 26 Section 8.8 8.09. Admissions, Withdrawals and Removals 27 26 Section 8.9 8.10. Admission of Assignees as Substitute Limited Partners 28 26 Section 8.10 8.11. Withdrawal and Removal of Limited Partners 28 27 ARTICLE IX DISSOLUTION, LIQUIDATION AND TERMINATION 28 Section 9.1 9.01. No Dissolution 29 27 Section 9.2 9.02. Events Causing Dissolution 29 27 Section 9.3 9.03. Distribution upon Dissolution 30 28 Section 9.4 9.04. Time for Liquidation 30 28 Section 9.5 9.05. Termination 30 28 Section 9.6 9.06. Claims of the Partners 30 29 Section 9.7 9.07. Survival of Certain Provisions 30 29 ARTICLE X LIABILITY AND INDEMNIFICATION 31 Section 10.1 Duties; Liabilities; Exculpation 31 10.01. Liability of Partners 29 Section 10.2 10.02. Indemnification 33 30 ARTICLE XI MISCELLANEOUS 35 Section 11.1 Dispute Resolution 35 11.01. Severability 32 Section 11.2 Severability 36 11.02. Notices 32 Section 11.3 11.03. Cumulative Remedies 33 Section 11.04. Binding Effect 36 33 Section 11.4 11.05. Interpretation 33 Section 11.06. Counterparts 33 Section 11.07. Further Assurances 36 33 Section 11.5 11.08. Entire Agreement 33 Section 11.09. Governing Law 33 Section 11.10. Submission to Jurisdiction; Waiver of Jury Trial 34 Section 11.11. Expenses 36 34 Section 11.6 11.12. Amendments and Waivers 36 35 Section 11.7 11.13. No Third Party Beneficiaries 38 36 Section 11.8 11.14. Headings 36 Section 11.15. Construction 36 Section 11.16. Power of Attorney 38 36 Section 11.9 11.17. Letter Agreements; Schedules 39 36 Section 11.10 Governing Law; Separability 39 Section 11.11 Notices 39 Section 11.12 Counterparts 39 Section 11.13 Cumulative Remedies 39 Section 11.14 Entire Agreement 39 Section 11.15 11.18. Partnership Status 40 Section 11.16 Limited Partner Representations 40 ARTICLE XII TERMS, PREFERENCES, RIGHTS, POWERS AND DUTIES OF THE SERIES A PREFERRED MIRROR UNITS 41 Section 12.1 Designation 41 Section 12.2 Definitions 41 Section 12.3 Distributions 43 Section 12.4 Rank 45 Section 12.5 Redemption 45 Section 12.6 Distribution Rate 46 Section 12.7 Voting 46 Section 12.8 Liquidation Rights 46 Section 12.9 Amendments and Waivers 47 Section 12.10 No Conversion 48 Section 12.11 No Third Party Beneficiaries 48 SECOND 37 FOURTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF ARES INVESTMENTS BLACKSTONE HOLDINGS IV L.P. SECOND This FOURTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Ares Investments L.P., entered into as of March 8, 2018 and effective as of March 1, 2018 Blackstone Holdings IV L.P. (the “Effective DatePartnership”)) is made as of the 10th day of August, 2020, by and among AI Holdco LLCBlackstone Holdings IV GP L.P., a Delaware limited liability companysociété en commandite formed under the laws of the Province of Québec, as general partner, and the Limited Partners (as defined herein) of the Partnership.

Forfeiture of Interests Transfer Restrictions. 23 Section 8.1 8.01 Vesting of Initial Unvested Units 23 21 Section 8.2 8.02 Forfeiture of Units 24 Held by Initial Limited Partners 22 Section 8.3 8.03 Limited Partner Transfers 23 Section 8.04 Minimum Retained Ownership Requirement 24 Section 8.05 Mandatory Exchanges 25 Section 8.4 Mandatory Exchanges 26 8.06 Encumbrances 25 Section 8.5 Encumbrances 26 Section 8.6 8.07 Further Restrictions 26 25 Section 8.7 8.08 Rights of Assignees 27 26 Section 8.8 8.09 Admissions, Withdrawals and Removals 27 26 Section 8.9 8.10 Admission of Assignees as Substitute Limited Partners 28 26 Section 8.10 8.11 Withdrawal and Removal of Limited Partners 28 27 ARTICLE IX DISSOLUTION, LIQUIDATION AND TERMINATION 28 Section 9.1 9.01 No Dissolution 29 27 Section 9.2 9.02 Events Causing Dissolution 29 27 Section 9.3 9.03 Distribution upon Dissolution 30 28 Section 9.4 9.04 Time for Liquidation 30 28 Section 9.5 9.05 Termination 30 28 Section 9.6 9.06 Claims of the Partners 30 29 Section 9.7 9.07 Survival of Certain Provisions 30 29 ARTICLE X LIABILITY AND INDEMNIFICATION 31 Section 10.1 Duties; Liabilities; Exculpation 31 10.01 Liability of Partners 29 Section 10.2 10.02 Indemnification 33 30 ARTICLE XI MISCELLANEOUS Section 11.01 Severability 32 Section 11.02 Notices 32 Section 11.03 Cumulative Remedies 33 Section 11.04 Binding Effect 33 Section 11.05 Interpretation 33 Section 11.06 Counterparts 33 Section 11.07 Further Assurances 33 Section 11.08 Entire Agreement 33 Section 11.09 Governing Law 33 Section 11.10 Submission to Jurisdiction; Waiver of Jury Trial 33 Section 11.11 Expenses 35 Section 11.1 Dispute Resolution 35 Section 11.2 Severability 36 Section 11.3 Binding Effect 36 Section 11.4 Further Assurances 36 Section 11.5 Expenses 36 Section 11.6 11.12 Amendments and Waivers 36 35 Section 11.7 11.13 No Third Party Beneficiaries 38 36 Section 11.8 11.14 Headings 36 Section 11.15 Construction 36 Section 11.16 Power of Attorney 38 36 Section 11.9 11.17 Letter Agreements; Schedules 39 37 Section 11.10 Governing Law; Separability 39 Section 11.11 Notices 39 Section 11.12 Counterparts 39 Section 11.13 Cumulative Remedies 39 Section 11.14 Entire Agreement 39 Section 11.15 11.18 Partnership Status 40 Section 11.16 Limited Partner Representations 40 ARTICLE XII TERMS, PREFERENCES, RIGHTS, POWERS AND DUTIES OF THE SERIES A PREFERRED MIRROR UNITS 41 Section 12.1 Designation 41 Section 12.2 Definitions 41 Section 12.3 Distributions 43 Section 12.4 Rank 45 Section 12.5 Redemption 45 Section 12.6 Distribution Rate 46 Section 12.7 Voting 46 Section 12.8 Liquidation Rights 46 Section 12.9 Amendments and Waivers 47 Section 12.10 No Conversion 48 Section 12.11 No Third Party Beneficiaries 48 SECOND 37 FOURTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF ARES INVESTMENTS BLACKSTONE HOLDINGS AI L.P. SECOND This FOURTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Ares Investments L.P., entered into as of March 8, 2018 and effective as of March 1, 2018 Blackstone Holdings AI L.P. (the “Effective DatePartnership”)) is made as of the 7th day of May, 2021, by and among AI Holdco LLCBlackstone Holdings I/II GP L.L.C., a Delaware limited liability companycompany formed under the laws of the State of Delaware, as general partner, and the Limited Partners (as defined herein) of the Partnership.

Forfeiture of Interests Transfer Restrictions. 23 Section 8.1 8.01. Vesting of Initial Unvested Units 23 21 Section 8.2 8.02. Forfeiture of Units 24 Held by Initial Limited Partners 22 Section 8.3 8.03. Limited Partner Transfers 23 Section 8.04. Minimum Retained Ownership Requirement 24 Section 8.05. Mandatory Exchanges 25 Section 8.4 Mandatory Exchanges 26 8.06. Encumbrances 25 Section 8.5 Encumbrances 26 Section 8.6 8.07. Further Restrictions 26 25 Section 8.7 8.08. Rights of Assignees 27 26 Section 8.8 8.09. Admissions, Withdrawals and Removals 27 26 Section 8.9 8.10. Admission of Assignees as Substitute Limited Partners 28 26 Section 8.10 8.11. Withdrawal and Removal of Limited Partners 28 27 ARTICLE IX DISSOLUTION, LIQUIDATION AND TERMINATION 28 Section 9.1 9.01. No Dissolution 29 27 Section 9.2 9.02. Events Causing Dissolution 29 27 Section 9.3 9.03. Distribution upon Dissolution 30 28 Section 9.4 9.04. Time for Liquidation 30 28 Section 9.5 9.05. Termination 30 28 Section 9.6 9.06. Claims of the Partners 30 28 Section 9.7 9.07. Survival of Certain Provisions 30 29 ARTICLE X LIABILITY AND INDEMNIFICATION 31 Section 10.1 Duties; Liabilities; Exculpation 31 10.01. Liability of Partners 29 Section 10.2 10.02. Indemnification 33 30 ARTICLE XI MISCELLANEOUS 35 Section 11.1 Dispute Resolution 35 11.01. Severability 32 Section 11.2 Severability 36 11.02. Notices 32 Section 11.3 11.03. Cumulative Remedies 33 Section 11.04. Binding Effect 36 33 Section 11.4 11.05. Interpretation 33 Section 11.06. Counterparts 33 Section 11.07. Further Assurances 36 33 Section 11.5 11.08. Entire Agreement 33 Section 11.09. Governing Law 33 Section 11.10. Submission to Jurisdiction; Waiver of Jury Trial 33 Section 11.11. Expenses 36 34 Section 11.6 11.12. Amendments and Waivers 36 34 Section 11.7 11.13. No Third Party Beneficiaries 38 35 Section 11.8 11.14. Headings 36 Section 11.15. Construction 36 Section 11.16. Power of Attorney 38 36 Section 11.9 11.17. Letter Agreements; Schedules 39 36 Section 11.10 Governing Law; Separability 39 Section 11.11 Notices 39 Section 11.12 Counterparts 39 Section 11.13 Cumulative Remedies 39 Section 11.14 Entire Agreement 39 Section 11.15 11.18. Partnership Status 40 Section 11.16 Limited Partner Representations 40 ARTICLE XII TERMS, PREFERENCES, RIGHTS, POWERS AND DUTIES OF THE SERIES A PREFERRED MIRROR UNITS 41 Section 12.1 Designation 41 Section 12.2 Definitions 41 Section 12.3 Distributions 43 Section 12.4 Rank 45 Section 12.5 Redemption 45 Section 12.6 Distribution Rate 46 Section 12.7 Voting 46 Section 12.8 Liquidation Rights 46 Section 12.9 Amendments and Waivers 47 Section 12.10 No Conversion 48 Section 12.11 No Third Party Beneficiaries 48 SECOND 36 FOURTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF ARES INVESTMENTS BLACKSTONE HOLDINGS III L.P. SECOND This FOURTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Ares Investments L.P., entered into as of March 8, 2018 and effective as of March 1, 2018 Blackstone Holdings III L.P. (the “Effective DatePartnership”)) is made as of the 10th day of August, 2020, by and among AI Holdco LLCBlackstone Holdings III GP L.P., a Delaware limited liability companypartnership formed under the laws of the State of Delaware, as general partner, and the Limited Partners (as defined herein) of the Partnership.

Forfeiture of Interests Transfer Restrictions. 23 Section 8.1 8.01 Vesting of Initial Unvested Units 23 20 Section 8.2 8.02 Forfeiture of Units 24 Held by Initial Limited Partners 21 Section 8.3 8.03 Limited Partner Transfers 22 Section 8.04 Minimum Retained Ownership Requirement 23 Section 8.05 Mandatory Exchanges 24 Section 8.06 Encumbrances 24 Section 8.07 Further Restrictions 25 Section 8.4 Mandatory Exchanges 26 Section 8.5 Encumbrances 26 Section 8.6 Further Restrictions 26 Section 8.7 8.08 Rights of Assignees 27 25 Section 8.8 8.09 Admissions, Withdrawals and Removals 27 25 Section 8.9 8.10 Admission of Assignees as Substitute Limited Partners 28 26 Section 8.10 8.11 Withdrawal and Removal of Limited Partners 28 26 ARTICLE IX DISSOLUTION, LIQUIDATION AND TERMINATION 28 Section 9.1 9.01 No Dissolution 29 26 Section 9.2 9.02 Events Causing Dissolution 29 26 Section 9.3 9.03 Distribution upon Dissolution 30 27 Section 9.4 9.04 Time for Liquidation 30 28 Section 9.5 9.05 Termination 30 28 Section 9.6 9.06 Claims of the Partners 30 28 Section 9.7 9.07 Survival of Certain Provisions 30 28 ARTICLE X LIABILITY AND INDEMNIFICATION 31 Section 10.1 Duties; Liabilities; Exculpation 31 10.01 Liability of Partners 28 Section 10.2 10.02 Indemnification 33 29 ARTICLE XI MISCELLANEOUS 35 Section 11.1 Dispute Resolution 35 11.01 Severability 31 Section 11.2 Severability 36 11.02 Notices 31 Section 11.3 11.03 Cumulative Remedies 32 Section 11.04 Binding Effect 36 32 Section 11.4 11.05 Interpretation 32 Section 11.06 Counterparts 32 Section 11.07 Further Assurances 36 33 Section 11.5 11.08 Entire Agreement 33 Section 11.09 Governing Law 33 Section 11.10 Submission to Jurisdiction; Waiver of Jury Trial 33 Section 11.11 Expenses 36 34 Section 11.6 11.12 Amendments and Waivers 36 34 Section 11.7 11.13 No Third Party Beneficiaries 38 35 Section 11.8 11.14 Headings 35 Section 11.15 Construction 35 Section 11.16 Power of Attorney 38 35 Section 11.9 11.17 Letter Agreements; Schedules 39 36 Section 11.10 Governing Law; Separability 39 Section 11.11 Notices 39 Section 11.12 Counterparts 39 Section 11.13 Cumulative Remedies 39 Section 11.14 Entire Agreement 39 Section 11.15 11.18 Partnership Status 40 Section 11.16 Limited Partner Representations 40 ARTICLE XII TERMS, PREFERENCES, RIGHTS, POWERS AND DUTIES OF THE SERIES A PREFERRED MIRROR UNITS 41 Section 12.1 Designation 41 Section 12.2 Definitions 41 Section 12.3 Distributions 43 Section 12.4 Rank 45 Section 12.5 Redemption 45 Section 12.6 Distribution Rate 46 Section 12.7 Voting 46 Section 12.8 Liquidation Rights 46 Section 12.9 Amendments and Waivers 47 Section 12.10 No Conversion 48 Section 12.11 No Third Party Beneficiaries 48 36 SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF ARES INVESTMENTS BLACKSTONE HOLDINGS AI L.P. This SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Ares Investments L.P., entered into as of March 8, 2018 and effective as of March 1, 2018 Blackstone Holdings AI L.P. (the “Effective DatePartnership”)) is made as of the 1st day of July, 2019, by and among AI Holdco LLCBlackstone Holdings I/II GP L.L.C., a Delaware limited liability companycompany formed under the laws of the State of Delaware, as general partner, and the Limited Partners (as defined herein) of the Partnership.

Forfeiture of Interests Transfer Restrictions. 23 Section 8.1 Vesting of Unvested Units 23 Section 8.2 Forfeiture of Units 24 Section 8.3 Limited Partner Transfers 25 Section 8.4 Mandatory Exchanges 26 Section 8.5 Encumbrances 26 Section 8.6 Further Restrictions 26 Section 8.7 Rights of Assignees 27 28 Section 8.8 Admissions, Withdrawals and Removals 27 28 Section 8.9 Admission of Assignees as Substitute Limited Partners 28 Section 8.10 Withdrawal and Removal of Limited Partners 28 29 ARTICLE IX DISSOLUTION, LIQUIDATION AND TERMINATION 28 29 Section 9.1 No Dissolution 29 Section 9.2 Events Causing Dissolution 29 Section 9.3 Distribution upon Dissolution 30 Section 9.4 Time for Liquidation 30 Section 9.5 Termination 30 Section 9.6 Claims of the Partners 30 31 Section 9.7 Survival of Certain Provisions 30 31 ARTICLE X LIABILITY AND INDEMNIFICATION 31 Section 10.1 Duties; Liabilities; Exculpation 31 Section 10.2 Indemnification 33 ARTICLE XI MISCELLANEOUS 35 Section 11.1 Dispute Resolution 35 Section 11.2 Severability 36 Section 11.3 Binding Effect 36 Section 11.4 Further Assurances 36 Section 11.5 Expenses 36 37 Section 11.6 Amendments and Waivers 36 37 Section 11.7 No Third Party Beneficiaries 38 Section 11.8 Power of Attorney 38 39 Section 11.9 Letter Agreements; Schedules 39 Section 11.10 Governing Law; Separability 39 Section 11.11 Notices 39 Section 11.12 Counterparts 39 40 Section 11.13 Cumulative Remedies 39 40 Section 11.14 Entire Agreement 39 40 Section 11.15 Partnership Status 40 Section 11.16 Limited Partner Representations 40 ARTICLE XII TERMS, PREFERENCES, RIGHTS, POWERS AND DUTIES OF THE SERIES A PREFERRED MIRROR UNITS 41 Section 12.1 Designation 41 Section 12.2 Definitions 41 Section 12.3 Distributions 43 44 Section 12.4 Rank 45 Section 12.5 Redemption 45 46 Section 12.6 Distribution Rate 46 Section 12.7 Voting 46 Section 12.8 Liquidation Rights 46 47 Section 12.9 Amendments and Waivers 47 48 Section 12.10 No Conversion 48 Section 12.11 No Third Party Beneficiaries 48 SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF ARES INVESTMENTS HOLDINGS L.P. SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Ares Investments Holdings L.P., entered into as of March 8, 2018 and effective as of March 1, 2018 (the “Effective Date”), among AI Ares Holdco LLC, a Delaware limited liability company, as general partner, and the Limited Partners (as defined herein) of the Partnership.

Forfeiture of Interests Transfer Restrictions. 23 Section 8.1 8.01. Vesting of Initial Unvested Units 23 21 Section 8.2 8.02. Forfeiture of Units 24 Held by Initial Limited Partners 22 Section 8.3 8.03. Limited Partner Transfers 22 Section 8.04. Minimum Retained Ownership Requirement 23 Section 8.05. Mandatory Exchanges 24 Section 8.06. Encumbrances 24 Section 8.07. Further Restrictions 25 Section 8.4 Mandatory Exchanges 26 Section 8.5 Encumbrances 26 Section 8.6 Further Restrictions 26 Section 8.7 8.08. Rights of Assignees 27 25 Section 8.8 8.09. Admissions, Withdrawals and Removals 27 25 Section 8.9 8.10. Admission of Assignees as Substitute Limited Partners 28 26 Section 8.10 8.11. Withdrawal and Removal of Limited Partners 28 26 ARTICLE IX DISSOLUTION, LIQUIDATION AND TERMINATION 28 Section 9.1 9.01. No Dissolution 29 26 Section 9.2 9.02. Events Causing Dissolution 29 27 Section 9.3 9.03. Distribution upon Dissolution 30 27 Section 9.4 9.04. Time for Liquidation 30 28 Section 9.5 9.05. Termination 30 28 Section 9.6 9.06. Claims of the Partners 30 28 Section 9.7 9.07. Survival of Certain Provisions 30 28 ARTICLE X LIABILITY AND INDEMNIFICATION 31 Section 10.1 Duties; Liabilities; Exculpation 31 10.01. Liability of Partners 28 Section 10.2 10.02. Indemnification 33 29 ARTICLE XI MISCELLANEOUS 35 Section 11.1 Dispute Resolution 35 11.01. Severability 31 Section 11.2 Severability 36 11.02. Notices 32 Section 11.3 11.03. Cumulative Remedies 32 Section 11.04. Binding Effect 36 32 Section 11.4 11.05. Interpretation 32 Section 11.06. Counterparts 33 Section 11.07. Further Assurances 36 33 Section 11.5 11.08. Entire Agreement 33 Section 11.09. Governing Law 33 Section 11.10. Submission to Jurisdiction; Waiver of Jury Trial 33 Section 11.11. Expenses 36 34 Section 11.6 11.12. Amendments and Waivers 36 34 Section 11.7 11.13. No Third Party Beneficiaries 38 35 Section 11.8 11.14. Headings 35 Section 11.15. Construction 35 Section 11.16. Power of Attorney 38 35 Section 11.9 11.17. Letter Agreements; Schedules 39 36 Section 11.10 Governing Law; Separability 39 Section 11.11 Notices 39 Section 11.12 Counterparts 39 Section 11.13 Cumulative Remedies 39 Section 11.14 Entire Agreement 39 Section 11.15 11.18. Partnership Status 40 Section 11.16 Limited Partner Representations 40 ARTICLE XII TERMS, PREFERENCES, RIGHTS, POWERS AND DUTIES OF THE SERIES A PREFERRED MIRROR UNITS 41 Section 12.1 Designation 41 Section 12.2 Definitions 41 Section 12.3 Distributions 43 Section 12.4 Rank 45 Section 12.5 Redemption 45 Section 12.6 Distribution Rate 46 Section 12.7 Voting 46 Section 12.8 Liquidation Rights 46 Section 12.9 Amendments and Waivers 47 Section 12.10 No Conversion 48 Section 12.11 No Third Party Beneficiaries 48 SECOND 36 THIRD AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF ARES INVESTMENTS BLACKSTONE HOLDINGS III L.P. SECOND This THIRD AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Ares Investments L.P., entered into as of March 8, 2018 and effective as of March 1, 2018 Blackstone Holdings III L.P. (the “Effective DatePartnership”)) is made as of the 1st day of July, 2019, by and among AI Holdco LLCBlackstone Holdings III GP L.P., a Delaware limited liability companypartnership formed under the laws of the State of Delaware, as general partner, and the Limited Partners (as defined herein) of the Partnership.

Forfeiture of Interests Transfer Restrictions. 23 Section 8.1 8.01. Vesting of Initial Unvested Units 23 21 Section 8.2 8.02. Forfeiture of Units 24 Held by Initial Limited Partners 22 Section 8.3 8.03. Limited Partner Transfers 23 Section 8.04. Minimum Retained Ownership Requirement 24 Section 8.05. Mandatory Exchanges 25 Section 8.4 Mandatory Exchanges 26 8.06. Encumbrances 25 Section 8.5 Encumbrances 26 Section 8.6 8.07. Further Restrictions 26 25 Section 8.7 8.08. Rights of Assignees 27 26 Section 8.8 8.09. Admissions, Withdrawals and Removals 27 26 Section 8.9 8.10. Admission of Assignees as Substitute Limited Partners 28 26 Section 8.10 8.11. Withdrawal and Removal of Limited Partners 28 27 ARTICLE IX DISSOLUTION, LIQUIDATION AND TERMINATION 28 Section 9.1 9.01. No Dissolution 29 27 Section 9.2 9.02. Events Causing Dissolution 29 27 Section 9.3 9.03. Distribution upon Dissolution 30 28 Section 9.4 9.04. Time for Liquidation 30 28 Section 9.5 9.05. Termination 30 28 Section 9.6 9.06. Claims of the Partners 30 29 Section 9.7 9.07. Survival of Certain Provisions 30 29 ARTICLE X LIABILITY AND INDEMNIFICATION 31 Section 10.1 Duties; Liabilities; Exculpation 31 10.01. Liability of Partners 29 Section 10.2 10.02. Indemnification 33 30 ARTICLE XI MISCELLANEOUS 35 Section 11.1 Dispute Resolution 35 11.01. Severability 32 Section 11.2 Severability 36 11.02. Notices 32 Section 11.3 11.03. Cumulative Remedies 33 Section 11.04. Binding Effect 36 33 Section 11.4 11.05. Interpretation 33 Section 11.06. Counterparts 33 Section 11.07. Further Assurances 36 33 Section 11.5 11.08. Entire Agreement 33 Section 11.09. Governing Law 33 Section 11.10. Submission to Jurisdiction; Waiver of Jury Trial 34 Section 11.11. Expenses 36 34 Section 11.6 11.12. Amendments and Waivers 36 35 Section 11.7 11.13. No Third Party Beneficiaries 38 36 Section 11.8 11.14. Headings 36 Section 11.15. Construction 36 Section 11.16. Power of Attorney 38 36 Section 11.9 11.17. Letter Agreements; Schedules 39 37 Section 11.10 Governing Law; Separability 39 Section 11.11 Notices 39 Section 11.12 Counterparts 39 Section 11.13 Cumulative Remedies 39 Section 11.14 Entire Agreement 39 Section 11.15 11.18. Partnership Status 40 Section 11.16 Limited Partner Representations 40 ARTICLE XII TERMS, PREFERENCES, RIGHTS, POWERS AND DUTIES OF THE SERIES A PREFERRED MIRROR UNITS 41 Section 12.1 Designation 41 Section 12.2 Definitions 41 Section 12.3 Distributions 43 Section 12.4 Rank 45 Section 12.5 Redemption 45 Section 12.6 Distribution Rate 46 Section 12.7 Voting 46 Section 12.8 Liquidation Rights 46 Section 12.9 Amendments and Waivers 47 Section 12.10 No Conversion 48 Section 12.11 No Third Party Beneficiaries 48 SECOND 37 FIFTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF ARES INVESTMENTS BLACKSTONE HOLDINGS IV L.P. SECOND This FIFTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Ares Investments L.P., entered into as of March 8, 2018 and effective as of March 1, 2018 Blackstone Holdings IV L.P. (the “Effective DatePartnership”)) is made as of the 7th day of May, 2021, by and among AI Holdco LLCBlackstone Holdings IV GP L.P., a Delaware limited liability companysociété en commandite formed under the laws of the Province of Québec, as general partner, and the Limited Partners (as defined herein) of the Partnership.

Forfeiture of Interests Transfer Restrictions. 23 Section 8.1 8.01. Vesting of Initial Unvested Units 23 21 Section 8.2 8.02. Forfeiture of Units 24 Held by Initial Limited Partners 22 Section 8.3 8.03. Limited Partner Transfers 22 Section 8.04. Minimum Retained Ownership Requirement 23 Section 8.05. Mandatory Exchanges 24 Section 8.06. Encumbrances 24 Section 8.07. Further Restrictions 25 Section 8.4 Mandatory Exchanges 26 Section 8.5 Encumbrances 26 Section 8.6 Further Restrictions 26 Section 8.7 8.08. Rights of Assignees 27 25 Section 8.8 8.09. Admissions, Withdrawals and Removals 27 25 Section 8.9 8.10. Admission of Assignees as Substitute Limited Partners 28 26 Section 8.10 8.11. Withdrawal and Removal of Limited Partners 28 26 ARTICLE IX DISSOLUTION, LIQUIDATION AND TERMINATION 28 Section 9.1 9.01. No Dissolution 29 26 Section 9.2 9.02. Events Causing Dissolution 29 27 Section 9.3 9.03. Distribution upon Dissolution 30 27 Section 9.4 9.04. Time for Liquidation 30 28 Section 9.5 9.05. Termination 30 28 Section 9.6 9.06. Claims of the Partners 30 28 Section 9.7 9.07. Survival of Certain Provisions 30 28 ARTICLE X LIABILITY AND INDEMNIFICATION 31 Section 10.1 Duties; Liabilities; Exculpation 31 10.01. Liability of Partners 28 Section 10.2 10.02. Indemnification 33 29 ARTICLE XI MISCELLANEOUS 35 Section 11.1 Dispute Resolution 35 11.01. Severability 31 Section 11.2 Severability 36 11.02. Notices 32 Section 11.3 11.03. Cumulative Remedies 32 Section 11.04. Binding Effect 36 32 Section 11.4 11.05. Interpretation 32 Section 11.06. Counterparts 33 Section 11.07. Further Assurances 36 33 Section 11.5 11.08. Entire Agreement 33 Section 11.09. Governing Law 33 Section 11.10. Submission to Jurisdiction; Waiver of Jury Trial 33 Section 11.11. Expenses 36 34 Section 11.6 11.12. Amendments and Waivers 36 34 Section 11.7 11.13. No Third Party Beneficiaries 38 35 Section 11.8 11.14. Headings 35 Section 11.15. Construction 35 Section 11.16. Power of Attorney 38 35 Section 11.9 11.17. Letter Agreements; Schedules 39 36 Section 11.10 Governing Law; Separability 39 Section 11.11 Notices 39 Section 11.12 Counterparts 39 Section 11.13 Cumulative Remedies 39 Section 11.14 Entire Agreement 39 Section 11.15 11.18. Partnership Status 40 Section 11.16 Limited Partner Representations 40 ARTICLE XII TERMS, PREFERENCES, RIGHTS, POWERS AND DUTIES OF THE SERIES A PREFERRED MIRROR UNITS 41 Section 12.1 Designation 41 Section 12.2 Definitions 41 Section 12.3 Distributions 43 Section 12.4 Rank 45 Section 12.5 Redemption 45 Section 12.6 Distribution Rate 46 Section 12.7 Voting 46 Section 12.8 Liquidation Rights 46 Section 12.9 Amendments and Waivers 47 Section 12.10 No Conversion 48 Section 12.11 No Third Party Beneficiaries 48 SECOND 36 THIRD AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF ARES INVESTMENTS BLACKSTONE HOLDINGS IV L.P. SECOND This THIRD AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Ares Investments L.P., entered into as of March 8, 2018 and effective as of March 1, 2018 Blackstone Holdings IV L.P. (the “Effective DatePartnership”)) is made as of the 1st day of July, 2019, by and among AI Holdco LLCBlackstone Holdings IV GP L.P., a Delaware limited liability companysociété en commandite formed under the laws of the Province of Québec, as general partner, and the Limited Partners (as defined herein) of the Partnership.

Forfeiture of Interests Transfer Restrictions. 23 Section 8.1 8.01. Vesting of Initial Unvested Units 23 21 Section 8.2 8.02. Forfeiture of Units 24 Held by Initial Limited Partners 22 Section 8.3 8.03. Limited Partner Transfers 23 Section 8.04. Minimum Retained Ownership Requirement 24 Section 8.05. Mandatory Exchanges 25 Section 8.4 Mandatory Exchanges 26 8.06. Encumbrances 25 Section 8.5 Encumbrances 26 Section 8.6 8.07. Further Restrictions 26 25 Section 8.7 8.08. Rights of Assignees 27 26 Section 8.8 8.09. Admissions, Withdrawals and Removals 27 26 Section 8.9 8.10. Admission of Assignees as Substitute Limited Partners 28 26 Section 8.10 8.11. Withdrawal and Removal of Limited Partners 28 27 ARTICLE IX DISSOLUTION, LIQUIDATION AND TERMINATION 28 Section 9.1 9.01. No Dissolution 29 27 Section 9.2 9.02. Events Causing Dissolution 29 27 Section 9.3 9.03. Distribution upon Dissolution 30 28 Section 9.4 9.04. Time for Liquidation 30 28 Section 9.5 9.05. Termination 30 28 Section 9.6 9.06. Claims of the Partners 30 28 Section 9.7 9.07. Survival of Certain Provisions 30 29 ARTICLE X LIABILITY AND INDEMNIFICATION 31 Section 10.1 Duties; Liabilities; Exculpation 31 10.01. Liability of Partners 29 Section 10.2 10.02. Indemnification 33 30 ARTICLE XI MISCELLANEOUS 35 Section 11.1 Dispute Resolution 35 11.01. Severability 32 Section 11.2 Severability 36 11.02. Notices 32 Section 11.3 11.03. Cumulative Remedies 33 Section 11.04. Binding Effect 36 33 Section 11.4 11.05. Interpretation 33 Section 11.06. Counterparts 33 Section 11.07. Further Assurances 36 33 Section 11.5 11.08. Entire Agreement 33 Section 11.09. Governing Law 33 Section 11.10. Submission to Jurisdiction; Waiver of Jury Trial 33 Section 11.11. Expenses 36 34 Section 11.6 11.12. Amendments and Waivers 36 34 Section 11.7 11.13. No Third Party Beneficiaries 38 35 Section 11.8 11.14. Headings 36 Section 11.15. Construction 36 Section 11.16. Power of Attorney 38 36 Section 11.9 11.17. Letter Agreements; Schedules 39 36 Section 11.10 Governing Law; Separability 39 Section 11.11 Notices 39 Section 11.12 Counterparts 39 Section 11.13 Cumulative Remedies 39 Section 11.14 Entire Agreement 39 Section 11.15 11.18. Partnership Status 40 Section 11.16 Limited Partner Representations 40 ARTICLE XII TERMS, PREFERENCES, RIGHTS, POWERS AND DUTIES OF THE SERIES A PREFERRED MIRROR UNITS 41 Section 12.1 Designation 41 Section 12.2 Definitions 41 Section 12.3 Distributions 43 Section 12.4 Rank 45 Section 12.5 Redemption 45 Section 12.6 Distribution Rate 46 Section 12.7 Voting 46 Section 12.8 Liquidation Rights 46 Section 12.9 Amendments and Waivers 47 Section 12.10 No Conversion 48 Section 12.11 No Third Party Beneficiaries 48 SECOND 36 FIFTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF ARES INVESTMENTS BLACKSTONE HOLDINGS III L.P. SECOND This FIFTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT (this “Agreement”) of Ares Investments L.P., entered into as of March 8, 2018 and effective as of March 1, 2018 Blackstone Holdings III L.P. (the “Effective DatePartnership”)) is made as of the 7th day of October, 2021, by and among AI Holdco LLCBlackstone Holdings III GP L.P., a Delaware limited liability companypartnership formed under the laws of the State of Delaware, as general partner, and the Limited Partners (as defined herein) of the Partnership.