Common use of Rights and Obligations of Limited Partners Clause in Contracts

Rights and Obligations of Limited Partners. 45 Section 8.1 Limitation of Liability 45 Section 8.2 Management of Business 45 Section 8.3 Outside Activities of Limited Partners 46 Section 8.4 Rights of Limited Partners Relating to the Partnership 46 Section 8.5 Redemption Right 47 ARTICLE 9 - BOOKS, RECORDS, ACCOUNTING AND REPORTS 50 Section 9.1 Records and Accounting 50 Section 9.2 Taxable Year and Fiscal Year 50 Section 9.3 Reports 50 ARTICLE 10 - TAX MATTERS 51 Section 10.1 Preparation of Tax Returns 51 Section 10.2 Tax Elections 51 Section 10.3 Partnership Representative 52 Section 10.4 Organizational Expenses 53 ARTICLE 11 - TRANSFERS AND WITHDRAWALS 53 Section 11.1 Transfer 53 Section 11.2 Transfer of the Company’s and General Partner’s Partnership Interest and Limited Partner Interest 54 Section 11.3 Limited Partners’ Rights to Transfer 55 Section 11.4 Substituted Limited Partners 56 Section 11.5 Assignees 57 Section 11.6 General Provisions 57 ARTICLE 12 - ADMISSION OF PARTNERS 59 Section 12.1 Admission of Successor General Partner 59 Section 12.2 Admission of Additional Limited Partners 59 Section 12.3 Amendment of Agreement and Certificate of Limited Partnership 60 ARTICLE 13 - DISSOLUTION, LIQUIDATION AND TERMINATION 60 Section 13.1 Dissolution 60 Section 13.2 Winding Up 61 Section 13.3 Deficit Capital Account Restoration Obligation 62

Rights and Obligations of Limited Partners. 45 36 Section 8.1 Limitation of Liability 45 36 Section 8.2 Management of Business 45 37 Section 8.3 Outside Activities of Limited Partners 46 37 Section 8.4 Rights of Limited Partners Relating to the Partnership 46 37 Section 8.5 Redemption Right 47 38 Section 8.6 Exchanges 39 ARTICLE 9 - 9—BOOKS, RECORDS, ACCOUNTING AND REPORTS 50 39 Section 9.1 Records and Accounting 50 39 Section 9.2 Taxable Year and Fiscal Year 50 40 Section 9.3 Reports 50 40 ARTICLE 10 - 10—TAX MATTERS 51 40 Section 10.1 Preparation of Tax Returns 51 40 Section 10.2 Tax Elections 51 41 Section 10.3 Partnership Representative 52 Tax Matters Partner 41 Section 10.4 Organizational Expenses 53 42 ARTICLE 11 - 11—TRANSFERS AND WITHDRAWALS 53 42 Section 11.1 Transfer 53 42 Section 11.2 Transfer of the Company’s and General Partner’s Partnership Interest and Limited Partner Interest 54 Interest; Extraordinary Transactions 43 Section 11.3 Limited Partners’ Rights to Transfer 55 44 Section 11.4 Substituted Limited Partners 56 45 Section 11.5 Assignees 57 46 Section 11.6 General Provisions 57 46 ARTICLE 12 - 12—ADMISSION OF PARTNERS 59 48 Section 12.1 Admission of Successor General Partner 59 48 Section 12.2 Admission of Additional Limited Partners 59 48 Section 12.3 Amendment of Agreement and Certificate of Limited Partnership 60 49 ARTICLE 13 - 13—DISSOLUTION, LIQUIDATION AND TERMINATION 60 49 Section 13.1 Dissolution 60 49 Section 13.2 Winding Up 61 50 Section 13.3 Deficit Capital Account Restoration Obligation 6251 Section 13.4 Compliance with Timing Requirements of Regulations 51 Section 13.5 Deemed Distribution and Recontribution 52 Section 13.6 Rights of Limited Partners 52 Section 13.7 Notice of Dissolution 52 Section 13.8 Cancellation of Certificate of Limited Partnership 52 Section 13.9 Reasonable Time for Winding-Up 52 Section 13.10 Waiver of Partition 53 Section 13.11 Liability of Liquidator 53 ARTICLE 14—AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS 53 Section 14.1 Amendments 53 Section 14.2 Meetings of the Partners 54 ARTICLE 15—GENERAL PROVISIONS 55 Section 15.1 Addresses and Notice 55 Section 15.2 Titles and Captions 56 Section 15.3 Pronouns and Plurals 56 Section 15.4 Further Action 56 Section 15.5 Binding Effect 56 Section 15.6 Creditors 56 Section 15.7 Waiver 56 Section 15.8 Counterparts 56 Section 15.9 Applicable Law 57 Section 15.10 Invalidity of Provisions 57 Section 15.11 No Rights as Stockholders 57 Section 15.12 Entire Agreement 57 EXHIBITS Exhibit A - Partners Contributions and Partnership Interests Exhibit B - Notice of Redemption SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF XXXX REAL ESTATE INCOME STRATEGY (DAILY NAV) OPERATING PARTNERSHIP, LP THIS SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP, dated as of August 26, 2013, is entered into by and among Xxxx Real Estate Income Strategy (Daily NAV), Inc., a Maryland corporation (the “Company”), as the General Partner and the Persons whose names are set forth on Exhibit A attached hereto, as the Limited Partners, together with any other Persons who become Partners in the Partnership as provided herein.

Rights and Obligations of Limited Partners. 45 46 Section 8.1 Limitation of Liability 45 46 Section 8.2 Management of Business 45 46 Section 8.3 Outside Activities of Limited Partners 46 Section 8.4 Rights of Limited Partners Relating to the Partnership 46 Section 8.5 Redemption Right 47 ARTICLE 9 - BOOKS, RECORDS, ACCOUNTING AND REPORTS 50 Section 9.1 Records and Accounting 50 Section 9.2 Taxable Year and Fiscal Year 50 Section 9.3 Reports 50 51 ARTICLE 10 - TAX MATTERS 51 Section 10.1 Preparation of Tax Returns 51 Section 10.2 Tax Elections 51 Section 10.3 Partnership Representative 52 Section 10.4 Organizational Expenses 53 ARTICLE 11 - TRANSFERS AND WITHDRAWALS 53 Section 11.1 Transfer 53 Section 11.2 Transfer of the Company’s and General Partner’s Partnership Interest and Limited Partner Interest 54 Interest; Extraordinary Transactions 53 Section 11.3 Limited Partners’ Rights to Transfer 55 Section 11.4 Substituted Limited Partners 56 Section 11.5 Assignees 57 Section 11.6 General Provisions 57 ARTICLE 12 - ADMISSION OF PARTNERS 59 60 Section 12.1 Admission of Successor General Partner 59 60 Section 12.2 Admission of Additional Limited Partners 59 61 Section 12.3 Amendment of Agreement and Certificate of Limited Partnership 60 61 ARTICLE 13 - DISSOLUTION, LIQUIDATION AND TERMINATION 60 61 Section 13.1 Dissolution 60 61 Section 13.2 Winding Up 61 62 Section 13.3 Deficit Capital Account Restoration Obligation 6263 Section 13.4 Compliance with Timing Requirements of Regulations 64 Section 13.5 Deemed Distribution and Recontribution 64 Section 13.6 Rights of Limited Partners 64

Rights and Obligations of Limited Partners. 45 55 Section 8.1 Limitation of Liability 45 55 Section 8.2 Management of Business 45 55 Section 8.3 Outside Activities of Limited Partners 46 55 Section 8.4 Return of Capital 55 Section 8.5 Rights of Limited Partners Relating to the Partnership 46 56 Section 8.5 8.6 Limited Partner Redemption Right 47 Rights 56 Section 8.7 Conversion of Profits Interest Units 64 Section 8.8 Voting Rights of Profits Interest Units 66 ARTICLE 9 - 9. BOOKS, RECORDS, ACCOUNTING AND REPORTS 50 67 Section 9.1 Records and Accounting 50 67 Section 9.2 Taxable Year and Fiscal Year 50 67 Section 9.3 Reports 50 67 Section 9.4 Nondisclosure of Certain Information 68 ARTICLE 10 - 10. TAX MATTERS 51 68 Section 10.1 Preparation of Tax Returns 51 68 Section 10.2 Tax Elections 51 68 Section 10.3 Partnership Representative 52 Tax Matters Partner 68 Section 10.4 Organizational Expenses 53 70 Section 10.5 Withholding 70 ARTICLE 11 - 11. TRANSFERS AND WITHDRAWALS 53 70 Section 11.1 Transfer 53 70 Section 11.2 Transfer of the Company’s and General Partner’s Partnership Interest and Limited Partner Interest 54 71 Section 11.3 Limited Partners’ Rights to Transfer 55 72 Section 11.4 Substituted Limited Partners 56 74 Section 11.5 Assignees 57 74 Section 11.6 General Provisions 57 75 ARTICLE 12 - 12. ADMISSION OF PARTNERS 59 77 Section 12.1 Admission of Successor General Partner 59 77 Section 12.2 Admission of Additional Limited Partners 59 77 Section 12.3 Amendment of Agreement and Certificate of Limited Partnership 60 78 Page ARTICLE 13 - DISSOLUTION, 13. DISSOLUTION AND LIQUIDATION AND TERMINATION 60 78 Section 13.1 Dissolution 60 78 Section 13.2 Winding Up 61 79 Section 13.3 Deficit Capital Account Restoration Contribution Obligation 6280 Section 13.4 Compliance with Timing Requirements of Regulations 80 Section 13.5 Deemed Distribution and Recontribution 80 Section 13.6 Rights of Limited Partners 81 Section 13.7 Notice of Dissolution 81 Section 13.8 Cancellation of Certificate of Limited Partnership 81 Section 13.9 Reasonable Time for Winding-Up 81 Section 13.10 Waiver of Partition 81 ARTICLE 14. AMENDMENT OF PARTNERSHIP AGREEMENT; CONSENTS 81 Section 14.1 Amendments 81 Section 14.2 Action by the Partners 82 ARTICLE 15. GENERAL PROVISIONS 83 Section 15.1 Addresses and Notice 83 Section 15.2 Titles and Captions 83 Section 15.3 Pronouns and Plurals 83 Section 15.4 Further Action 83 Section 15.5 Binding Effect 83 Section 15.6 Creditors 83 Section 15.7 Waiver 83 Section 15.8 Counterparts 84 Section 15.9 Applicable Law 84 Section 15.10 Invalidity of Provisions 84 Section 15.11 Entire Agreement 84 Section 15.12 No Rights as Stockholders 84 ARTICLE 16. SERIES A PREFERRED XXXXX 00 Xxxxxxx 00.0 Designation and Number 84 Section 16.2 Distributions 85 Section 16.3 Liquidation Proceeds 86 Section 16.4 Redemption 86 Section 16.5 Ranking 88 Section 16.6 Voting Rights 88 Section 16.7 Transfer Restrictions 88 Section 16.8 No Conversion Rights 88 Section 16.9 No Sinking Fund 88 ARTICLE 17. SERIES B PREFERRED XXXXX 00 Xxxxxxx 00.0 Designation and Number 88 Section 17.2 Distributions 88 Section 17.3 Liquidation Proceeds 90 Section 17.4 Redemption 90 Section 17.5 Ranking 91 Page Section 17.6 Voting Rights 92 Section 17.7 Transfer Restrictions 92 Section 17.8 No Conversion Rights 92 Section 17.9 No Sinking Fund 92 ARTICLE 18. CLASS C PROFITS INTEREST XXXXX 00 Xxxxxxx 00.0 Designation and Number 92 Section 18.2 Terms of Class C Units 92 ARTICLE 19. SERIES C PREFERRED XXXXX 00 Xxxxxxx 00.0 Designation and Number 94 Section 19.2 Distributions 94 Section 19.3 Liquidation Proceeds 95 Section 19.4 Redemption 96 Section 19.5 Ranking 97 Section 19.6 Voting Rights 97 Section 19.7 Transfer Restrictions 97 Section 19.8 Conversion 97 Section 19.9 No Sinking Fund 97 ARTICLE 20. SERIES D PREFERRED XXXXX 00 Xxxxxxx 00.0 Designation and Number 97 Section 20.2 Distributions 98 Section 20.3 Liquidation Proceeds 99 Section 20.4 Redemption 100 Section 20.5 Ranking 100 Section 20.6 Voting Rights 101 Section 20.7 Transfer Restrictions 101 Section 20.8 Conversion 101 Section 20.9 No Sinking Fund 101

Rights and Obligations of Limited Partners. 45 33 Section 8.1 Limitation of Liability 45 33 Section 8.2 Management of Business 45 33 Section 8.3 Outside Activities of Limited Partners 46 33 Section 8.4 Return of Capital 33 Section 8.5 Rights of Limited Partners Relating to the Partnership 46 34 Section 8.5 8.6 Redemption Right 47 34 ARTICLE 9 - BOOKS, RECORDS, ACCOUNTING AND REPORTS 50 36 Section 9.1 Records and Accounting 50 36 Section 9.2 Taxable Year and Fiscal Year 50 37 Section 9.3 Reports 50 37 ARTICLE 10 - TAX MATTERS 51 37 Section 10.1 Preparation of Tax Returns 51 37 Section 10.2 Tax Elections 51 37 Section 10.3 Partnership Representative 52 Tax Matters Partner 37 Section 10.4 Organizational Expenses 53 39 Section 10.5 Withholding 39 ARTICLE 11 - TRANSFERS AND WITHDRAWALS 53 40 Section 11.1 Transfer 53 40 Section 11.2 Transfer of the Company’s and General Partner’s Partnership Partner Interest and Limited Partner Interest 54 Interest; Extraordinary Transactions 40 Section 11.3 Limited Partners’ Rights to Transfer 55 41 Section 11.4 Substituted Limited Partners 56 43 Section 11.5 Assignees 57 43 Section 11.6 General Provisions 57 43 ARTICLE 12 - ADMISSION OF PARTNERS 59 44 Section 12.1 Admission of Successor General Partner 59 44 Section 12.2 Admission of Additional Limited Partners 59 44 Section 12.3 Amendment of Agreement and Certificate of Limited Partnership 60 45 ARTICLE 13 - DISSOLUTION, LIQUIDATION AND TERMINATION 60 45 Section 13.1 Dissolution 60 45 Section 13.2 Winding Up 61 46 Section 13.3 Deficit Compliance with Timing Requirements of Regulations 48 Section 13.4 Rights of Limited Partners 48 Section 13.5 Notice of Dissolution 48 Section 13.6 Termination of Partnership and Cancellation of Certificate of Limited Partnership 49 Section 13.7 Reasonable Time for Winding-Up 49 Section 13.8 Waiver of Partition 49 Section 13.9 Liability of Liquidator 49 ARTICLE 14 - AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS 49 Section 14.1 Amendments 49 Section 14.2 Meetings of the Partners 51 ARTICLE 15 - ARBITRATION OF DISPUTES 51 ARTICLE 16 - GENERAL PROVISIONS 52 Section 16.1 Addresses and Notice 52 Section 16.2 Titles and Captions 52 Section 16.3 Pronouns and Plurals 53 Section 16.4 Further Action 53 Section 16.5 Binding Effect 53 Section 16.6 Creditors 53 Section 16.7 Waiver 53 Section 16.8 Counterparts 53 Section 16.9 Applicable Law 53 Section 16.10 Invalidity of Provisions 53 Section 16.11 No Rights as Shareholders 54 Section 16.12 Entire Agreement 54 EXHIBITS Exhibit A - Partners Contributions and Partnership Interests Exhibit B - Capital Account Restoration Obligation 62Maintenance Exhibit C - Special Allocation Rules Exhibit D - Notice of Redemption AGREEMENT OF LIMITED PARTNERSHIP OF DIAMONDROCK HOSPITALITY LIMITED PARTNERSHIP THIS AGREEMENT OF LIMITED PARTNERSHIP, dated as of June 4, 2004 (this “Agreement”), is entered into by and between DiamondRock Hospitality Company (the “Company”), a Maryland corporation, as the General Partner of DiamondRock Hospitality Limited Partnership, a Delaware limited partnership (the “Partnership”), and DiamondRock Hospitality, LLC, a Delaware limited liability company, as the initial Limited Partner of the Partnership (the “Initial Limited Partner”), together with any other Persons who become Partners of the Partnership as provided herein.

Rights and Obligations of Limited Partners. 45 Section 42 8.1 Limitation of Liability 45 Section 42 8.2 Management of Business 45 Section 42 8.3 Outside Activities of Limited Partners 46 Section 42 8.4 Return of Capital 43 8.5 Rights of Limited Partners Relating to the Partnership 46 Section 8.5 Redemption Right 47 ARTICLE 43 8.6 Exchange Rights Agreements 43 Article 9 - BOOKS, RECORDS, ACCOUNTING AND REPORTS 50 Section 44 9.1 Records and Accounting 50 Section 44 9.2 Taxable Year and Fiscal Year 50 Section 44 9.3 Reports 50 ARTICLE 44 Article 10 - TAX MATTERS 51 Section 45 10.1 Preparation of Tax Returns 51 Section 45 10.2 Tax Elections 51 Section 45 10.3 Partnership Representative 52 Section Tax Matters Partner 46 10.4 Organizational Expenses 53 ARTICLE 47 10.5 Withholding 47 Article 11 - TRANSFERS AND WITHDRAWALS 53 Section 49 11.1 Transfer 53 Section 49 11.2 Transfer of the Company’s and General Partner’s Partnership Interest and Limited General Partner Interest 54 Section 49 11.3 Limited Partners’ Rights to Transfer 55 Section 51 11.4 Substituted Limited Partners 56 Section 52 11.5 Assignees 57 Section 53 11.6 General Provisions 57 ARTICLE 54 Article 12 - ADMISSION OF PARTNERS 59 Section 56 12.1 Admission of Successor General Partner 59 Section 56 12.2 Admission of Additional Limited Partners 59 Section 57 12.3 Amendment of Agreement and Certificate of Limited Partnership 60 ARTICLE 58 Article 13 - DISSOLUTION, LIQUIDATION AND TERMINATION 60 Section 58 13.1 Dissolution 60 Section 58 13.2 Winding Up 59 13.3 No Obligation to Contribute Deficit 60 13.4 Rights of Limited Partners 61 Section 13.3 Deficit Capital Account Restoration Obligation 6213.5 Notice of Dissolution 61 13.6 Termination of Partnership and Cancellation of Certificate of Limited Partnership 61 13.7 Reasonable Time for Winding-Up 61 13.8 Waiver of Partition 61

Rights and Obligations of Limited Partners. 45 36 Section 8.1 Limitation of Liability 45 36 Section 8.2 Management of Business 45 37 Section 8.3 Outside Activities of Limited Partners 46 37 Section 8.4 Rights of Limited Partners Relating to the Partnership 46 37 Section 8.5 Redemption Right 47 38 Section 8.6 Exchanges 39 ARTICLE 9 - 9—BOOKS, RECORDS, ACCOUNTING AND REPORTS 50 39 Section 9.1 Records and Accounting 50 39 Section 9.2 Taxable Year and Fiscal Year 50 40 Section 9.3 Reports 50 40 ARTICLE 10 - 10—TAX MATTERS 51 40 Section 10.1 Preparation of Tax Returns 51 40 Section 10.2 Tax Elections 51 41 Section 10.3 Partnership Representative 52 Tax Matters Partner 41 Section 10.4 Organizational Expenses 53 42 ARTICLE 11 - 11—TRANSFERS AND WITHDRAWALS 53 42 Section 11.1 Transfer 53 42 Section 11.2 Transfer of the Company’s and General Partner’s Partnership Interest and Limited Partner Interest 54 Interest; Extraordinary Transactions 43 Section 11.3 Limited Partners’ Rights to Transfer 55 44 Section 11.4 Substituted Limited Partners 56 45 Section 11.5 Assignees 57 46 Section 11.6 General Provisions 57 46 ARTICLE 12 - 12—ADMISSION OF PARTNERS 59 48 Section 12.1 Admission of Successor General Partner 59 48 Section 12.2 Admission of Additional Limited Partners 59 48 Section 12.3 Amendment of Agreement and Certificate of Limited Partnership 60 49 ARTICLE 13 - 13—DISSOLUTION, LIQUIDATION AND TERMINATION 60 49 Section 13.1 Dissolution 60 49 Section 13.2 Winding Up 61 50 Section 13.3 Deficit Capital Account Restoration Obligation 6251 Section 13.4 Compliance with Timing Requirements of Regulations 51 Section 13.5 Deemed Distribution and Recontribution 52 Section 13.6 Rights of Limited Partners 52 Section 13.7 Notice of Dissolution 52 Section 13.8 Cancellation of Certificate of Limited Partnership 52 Section 13.9 Reasonable Time for Winding-Up 52 Section 13.10 Waiver of Partition 53 Section 13.11 Liability of Liquidator 53 ARTICLE 14—AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS 53 Section 14.1 Amendments 53 Section 14.2 Meetings of the Partners 54 ARTICLE 15—GENERAL PROVISIONS 55 Section 15.1 Addresses and Notice 55 Section 15.2 Titles and Captions 56 Section 15.3 Pronouns and Plurals 56 Section 15.4 Further Action 56 Section 15.5 Binding Effect 56 Section 15.6 Creditors 56 Section 15.7 Waiver 56 Section 15.8 Counterparts 56 Section 15.9 Applicable Law 57 Section 15.10 Invalidity of Provisions 57 Section 15.11 No Rights as Stockholders 57 Section 15.12 Entire Agreement 57 EXHIBITS Exhibit A - Partners Contributions and Partnership Interests Exhibit B - Notice of Redemption SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF XXXX REAL ESTATE INCOME STRATEGY (DAILY NAV) OPERATING PARTNERSHIP, LP THIS SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP, dated as of [ ], 2013, is entered into by and among Xxxx Real Estate Income Strategy (Daily NAV), Inc., a Maryland corporation (the “Company”), as the General Partner and the Persons whose names are set forth on Exhibit A attached hereto, as the Limited Partners, together with any other Persons who become Partners in the Partnership as provided herein.