Common use of RIGHTS AND OBLIGATIONS OF Clause in Contracts

RIGHTS AND OBLIGATIONS OF. LIMITED PARTNERS 53 Section 8.1 Limitation of Liability 53 Section 8.2 Management of Business 53 Section 8.3 Outside Activities of Limited Partners 54 Section 8.4 Return of Capital 54 Section 8.5 Rights of Limited Partners Relating to the Partnership 54 Section 8.6 Partnership Right to Call Limited Partner Interests 55 ARTICLE 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS 56 Section 9.1 Records and Accounting 56 Section 9.2 Partnership Year 56 Section 9.3 Reports 56 ARTICLE 10 TAX MATTERS 57 Section 10.1 Preparation of Tax Returns 57 Section 10.2 Tax Elections 57 Section 10.3 Tax Matters Partner 57 Section 10.4 Withholding 59 Section 10.5 Organizational Expenses 59 ARTICLE 11 PARTNER TRANSFERS AND WITHDRAWALS 59 Section 11.1 General Limitation on Transfer 59 Section 11.2 Transfer of General Partner’s Partnership Interest 60 Section 11.3 Limited Partners’ Rights to Transfer 61 Section 11.4 Admission of Substituted Limited Partners 64 Section 11.5 Assignees 65 Section 11.6 General Provisions 65 ARTICLE 12 ADMISSION OF PARTNERS 67 Section 12.1 Admission of Successor General Partner 67 Section 12.2 Admission of Additional Limited Partners 67 Section 12.3 Amendment of Agreement and Certificate of Limited Partnership 68 Section 12.4 Limit on Number of Partners 68 Section 12.5 Admission 68 ARTICLE 13 DISSOLUTION, LIQUIDATION AND TERMINATION 69 Section 13.1 Dissolution 69 Section 13.2 Winding Up 69 Section 13.3 Deemed Contribution and Distribution 71 Section 13.4 Rights of Holders 71 Section 13.5 Notice of Dissolution 71 Section 13.6 Cancellation of Certificate of Limited Partnership 72 Section 13.7 Reasonable Time for Winding-Up 72

RIGHTS AND OBLIGATIONS OF. LIMITED PARTNERS 53 33 Section 8.1 Limitation of Liability 53 Section 8.2 Management of Business 53 Section 8.3 Outside Activities of Limited Partners 54 Section 8.4 7.1 Return of Capital 54 33 Section 8.5 7.2 Rights of Limited Partners Relating to the Partnership 54 33 ARTICLE VIII BOOKS AND RECORDS 33 Section 8.6 Partnership Right to Call Limited Partner Interests 55 8.1 Books and Records 33 Section 8.2 Inspection 33 ARTICLE 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS 56 IX TAX MATTERS 34 Section 9.1 Records and Accounting 56 Section 9.2 Partnership Year 56 Section 9.3 Reports 56 ARTICLE 10 TAX MATTERS 57 Section 10.1 Preparation of Tax Returns 57 34 Section 10.2 9.2 Tax Elections 57 34 Section 10.3 9.3 Partnership Representative. 34 Section 9.4 Withholding Tax Matters Partner 57 Section 10.4 Withholding 59 Section 10.5 Organizational Expenses 59 Indemnification 35 ARTICLE 11 X PARTNER TRANSFERS AND WITHDRAWALS 59 36 Section 11.1 General Limitation on 10.1 Transfer 59 36 Section 11.2 10.2 Transfer of General Partner’s Partnership Interest 60 36 Section 11.3 10.3 Limited Partners’ Rights to Transfer 61 36 Section 11.4 Admission of 10.4 Substituted Limited Partners 64 38 Section 11.5 10.5 Assignees 65 38 Section 11.6 10.6 General Provisions 65 39 ARTICLE 12 XI ADMISSION OF PARTNERS 67 40 Section 12.1 11.1 Admission of Successor General Partner 67 40 Section 12.2 11.2 Partners; Admission of Additional Limited Partners 67 40 Section 12.3 Amendment of Agreement and Certificate of Limited Partnership 68 Section 12.4 11.3 Limit on Number of Partners 68 41 Section 12.5 11.4 Admission 68 41 ARTICLE 13 XII DISSOLUTION, LIQUIDATION AND TERMINATION 69 41 Section 13.1 12.1 No Dissolution 69 41 Section 13.2 Winding Up 69 12.2 Events Causing Dissolution 41 Section 13.3 Deemed Contribution and 12.3 Distribution 71 upon Dissolution 42 Section 13.4 12.4 Rights of Holders 71 43 Section 13.5 Notice of Dissolution 71 12.5 Termination 43 Section 13.6 Cancellation of Certificate of Limited Partnership 72 Section 13.7 12.6 Reasonable Time for Winding-Up 7243

RIGHTS AND OBLIGATIONS OF. LIMITED PARTNERS 53 43 Section 8.1 Limitation of Liability 53 Section 8.2 Management of Business 53 Section 8.3 Outside Activities of Limited Partners 54 Section 8.4 7.1 Return of Capital 54 43 Section 8.5 7.2 Rights of Limited Partners Relating to the Partnership 54 43 ARTICLE VIII BOOKS AND RECORDS 44 Section 8.6 Partnership Right to Call Limited Partner Interests 55 8.1 Books and Records 44 Section 8.2 Inspection 44 ARTICLE 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS 56 IX TAX MATTERS 44 Section 9.1 Records and Accounting 56 Section 9.2 Partnership Year 56 Section 9.3 Reports 56 ARTICLE 10 TAX MATTERS 57 Section 10.1 Preparation of Tax Returns 57 44 Section 10.2 9.2 Tax Elections 57 45 Section 10.3 9.3 Partnership Representative 45 Section 9.4 Withholding Tax Matters Partner 57 Indemnification 47 Section 10.4 Withholding 59 9.5 Subject Liabilities 48 Section 10.5 Organizational Expenses 59 9.6 FIC Distribution 48 Section 9.7 Exchange Agreement 48 Section 9.8 Intended Tax Treatment 48 ARTICLE 11 X PARTNER TRANSFERS AND WITHDRAWALS 59 48 Section 11.1 General Limitation on 10.1 Transfer 59 48 Section 11.2 10.2 Transfer of General Partner’s Partnership Interest 60 49 Section 11.3 10.3 Limited Partners’ Rights to Transfer 61 49 Section 11.4 Admission of 10.4 Substituted Limited Partners 64 52 Section 11.5 10.5 Assignees 65 52 Section 11.6 10.6 General Provisions 65 53 ARTICLE 12 XI ADMISSION OF PARTNERS 67 54 Section 12.1 11.1 Admission of Successor General Partner 67 54 Section 12.2 11.2 Partners; Admission of Additional Limited Partners 67 55 Section 12.3 Amendment of Agreement and Certificate of Limited Partnership 68 Section 12.4 11.3 Limit on Number of Partners 68 55 Section 12.5 11.4 Admission 68 55 ARTICLE 13 XII DISSOLUTION, LIQUIDATION AND TERMINATION 69 56 Section 13.1 12.1 No Dissolution 69 56 Section 13.2 Winding Up 69 12.2 Events Causing Dissolution 56 Section 13.3 Deemed Contribution and 12.3 Distribution 71 upon Dissolution 56 Section 13.4 12.4 Rights of Holders 71 57 Section 13.5 Notice of Dissolution 71 12.5 Termination 57 Section 13.6 Cancellation of Certificate of Limited Partnership 72 Section 13.7 12.6 Reasonable Time for Winding-Up 7258 ARTICLE XIII AMENDMENTS; MEETINGS 58 Section 13.1 Amendments 58 Section 13.2 Procedures for Meetings and Actions of the Partners 59 ARTICLE XIV EXCHANGE RIGHTS 60 Section 14.1 Exchanges (Generally) 60 Section 14.2 Lock-Up Periods (Exchanges) 60 Section 14.3 Subject to Exchange Agreement 60 ARTICLE XV MISCELLANEOUS 60 Section 15.1 Partnership Counsel 61 Section 15.2 Appointment of General Partner as Attorney-in-Fact 61 Section 15.3 Governing Law; Waiver of Jury Trial; Jurisdiction 62 Section 15.4 Accounting and Fiscal Year 62 Section 15.5 Entire Agreement 63 Section 15.6 Further Assurances 63 Section 15.7 Notices 63 Section 15.8 Construction 63 Section 15.9 Binding Effect 63 Section 15.10 Severability 63 Section 15.11 Confidentiality 64 Section 15.12 Consent to Use of Name 67 Section 15.13 Consent by Spouse 67 Section 15.14 Counterparts 67 Section 15.15 Survival 67 Section 15.16 Anti-Money Laundering Representations and Undertakings 67 Section 15.17 Relationship to Blue Owl Holdings 67 Section 15.18 Distributions in Kind by NB Partners 67 Schedule I: Equity Ownership Schedule II: Protected Partners Exhibit A: Capital Contributions Exhibit B: Consent by Spouse Exhibit C: Anti-Money Laundering Representations and Undertakings AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF BLUE OWL CAPITAL CARRY LP This Amended and Restated Agreement of Limited Partnership of Blue Owl Capital Carry LP (the “Partnership”), dated as of May 19, 2021 (the “Effective Date”), is entered into by and among Blue Owl Capital Inc., a Delaware corporation (“PubCo”), and Blue Owl Capital GP LLC, a Delaware limited liability company and wholly owned subsidiary of PubCo (in its capacity as the General Partner, the “General Partner”), and the Limited Partners (as defined in this Agreement).

RIGHTS AND OBLIGATIONS OF. LIMITED PARTNERS 53 Section 46 8.1 Limitation of Liability 53 Section 46 8.2 Management of Business 53 Section 46 8.3 Outside Activities of Limited Partners 54 Section 47 8.4 Return of Capital 54 Section 47 8.5 Rights of Limited Partners Relating to the Partnership 54 Section 47 8.6 Partnership Right to Call Exchange of OP Units 48 8.7 Conversion and Exchange of Special Limited Partner Interests 55 ARTICLE 9 Interest. 50 Article 9. BOOKS, RECORDS, ACCOUNTING AND REPORTS 56 Section 51 9.1 Records and Accounting 56 Section 51 9.2 Partnership Fiscal Year 56 Section 51 9.3 Reports 56 ARTICLE 10 52 Article 10. TAX MATTERS 57 Section 52 10.1 Preparation of Tax Returns 57 Section 52 10.2 Tax Elections 57 Section 52 10.3 Tax Matters Partner 57 Section 53 10.4 Withholding 59 Section 10.5 Organizational Expenses 59 ARTICLE 11 PARTNER 55 10.5 Withholding 55 Article 11. TRANSFERS AND WITHDRAWALS 59 Section 56 11.1 General Limitation on Transfer 59 Section 56 11.2 Transfer of the General Partner’s Partnership General Partner Interest 60 Section 57 11.3 Limited Partners’ Rights to Transfer 61 Section 58 11.4 Admission of Substituted Limited Partners 64 Section 60 11.5 Assignees 65 Section 61 11.6 General Provisions 65 ARTICLE 12 61 Article 12. ADMISSION OF PARTNERS 67 Section 63 12.1 Admission of Successor General Partner 67 Section 63 12.2 Admission of Additional Limited Partners 67 Section 64 12.3 Amendment of Agreement and Certificate of Limited Partnership 68 Section 12.4 Limit on Number of Partners 68 Section 12.5 Admission 68 ARTICLE 13 65 Article 13. DISSOLUTION, LIQUIDATION AND TERMINATION 69 Section 65 13.1 Dissolution 69 Section 65 13.2 Winding Up 69 Section 66 13.3 Deemed Contribution and Distribution 71 Section Obligation to Contribute Deficit 68 13.4 Rights of Holders 71 Section Limited Partners 68 13.5 Notice of Dissolution 71 Section 69 13.6 Termination of Partnership and Cancellation of Certificate of Limited Partnership 72 Section 69 13.7 Reasonable Time for Winding-Up 7269 13.8 Waiver of Partition 69

RIGHTS AND OBLIGATIONS OF. LIMITED PARTNERS 53 44 Section 8.1 Limitation of Liability 53 Section 8.2 Management of Business 53 Section 8.3 Outside Activities of Limited Partners 54 Section 8.4 7.1 Return of Capital 54 44 Section 8.5 7.2 Rights of Limited Partners Relating to the Partnership 54 44 ARTICLE VIII BOOKS AND RECORDS 45 Section 8.6 Partnership Right to Call Limited Partner Interests 55 8.1 Books and Records 45 Section 8.2 Inspection 45 ARTICLE 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS 56 IX TAX MATTERS 45 Section 9.1 Records and Accounting 56 Section 9.2 Partnership Year 56 Section 9.3 Reports 56 ARTICLE 10 TAX MATTERS 57 Section 10.1 Preparation of Tax Returns 57 45 Section 10.2 9.2 Tax Elections 57 45 Section 10.3 9.3 Partnership Representative 46 Section 9.4 Withholding Tax Matters Partner 57 Indemnification 48 Section 10.4 Withholding 59 9.5 Subject Liabilities 48 Section 10.5 Organizational Expenses 59 9.6 FIC Distribution 49 Section 9.7 Exchange Agreement 49 Section 9.8 Intended Tax Treatment 49 ARTICLE 11 X PARTNER TRANSFERS AND WITHDRAWALS 59 49 Section 11.1 General Limitation on 10.1 Transfer 59 49 Section 11.2 10.2 Transfer of General Partner’s Partnership Interest 60 49 Section 11.3 10.3 Limited Partners’ Rights to Transfer 61 50 Section 11.4 Admission of 10.4 Substituted Limited Partners 64 52 Section 11.5 10.5 Assignees 65 53 Section 11.6 10.6 General Provisions 65 53 ARTICLE 12 XI ADMISSION OF PARTNERS 67 55 Section 12.1 11.1 Admission of Successor General Partner 67 55 Section 12.2 11.2 Partners; Admission of Additional Limited Partners 67 55 Section 12.3 Amendment of Agreement and Certificate of Limited Partnership 68 Section 12.4 11.3 Limit on Number of Partners 68 56 Section 12.5 11.4 Admission 68 56 ARTICLE 13 XII DISSOLUTION, LIQUIDATION AND TERMINATION 69 56 Section 13.1 12.1 No Dissolution 69 56 Section 13.2 Winding Up 69 12.2 Events Causing Dissolution 57 Section 13.3 Deemed Contribution and 12.3 Distribution 71 upon Dissolution 57 Section 13.4 12.4 Rights of Holders 71 58 Section 13.5 Notice of Dissolution 71 12.5 Termination 58 Section 13.6 Cancellation of Certificate of Limited Partnership 72 Section 13.7 12.6 Reasonable Time for Winding-Up 7258

RIGHTS AND OBLIGATIONS OF. LIMITED PARTNERS 53 Section 46 8.1 Limitation of Liability 53 Section 46 8.2 Management of Business 53 Section 46 8.3 Outside Activities of Limited Partners 54 Section 47 8.4 Return of Capital 54 Section 47 8.5 Rights of Limited Partners Relating to the Partnership 54 Section 47 8.6 Partnership Right to Call Limited Partner Interests 55 ARTICLE 9 Exchange Rights Agreements 48 Article 9. BOOKS, RECORDS, ACCOUNTING AND REPORTS 56 Section 50 9.1 Records and Accounting 56 Section 50 9.2 Partnership Fiscal Year 56 Section 50 9.3 Reports 56 ARTICLE 10 50 Article 10. TAX MATTERS 57 Section 51 10.1 Preparation of Tax Returns 57 Section 51 10.2 Tax Elections 57 Section 51 10.3 Tax Matters Partner 57 Section 52 10.4 Withholding 59 Section 10.5 Organizational Expenses 59 ARTICLE 11 PARTNER 54 10.5 Withholding 54 Article 11. TRANSFERS AND WITHDRAWALS 59 Section 55 11.1 General Limitation on Transfer 59 Section 55 11.2 Transfer of the General Partner’s Partnership General Partner Interest 60 Section 55 11.3 Limited Partners’ Rights to Transfer 61 Section 57 11.4 Admission of Substituted Limited Partners 64 Section 59 11.5 Assignees 65 Section 59 11.6 General Provisions 65 ARTICLE 12 60 Article 12. ADMISSION OF PARTNERS 67 Section 62 12.1 Admission of Successor General Partner 67 Section 62 12.2 Admission of Additional Limited Partners 67 Section 63 12.3 Amendment of Agreement and Certificate of Limited Partnership 68 Section 12.4 Limit on Number of Partners 68 Section 12.5 Admission 68 ARTICLE 13 64 Article 13. DISSOLUTION, LIQUIDATION AND TERMINATION 69 Section 64 13.1 Dissolution 69 Section 64 13.2 Winding Up 69 Section 65 13.3 Deemed Contribution and Distribution 71 Section No Obligation to Contribute Deficit 67 13.4 Rights of Holders 71 Section Limited Partners 67 13.5 Notice of Dissolution 71 Section 67 13.6 Termination of Partnership and Cancellation of Certificate of Limited Partnership 72 Section 67 13.7 Reasonable Time for Winding-Up 7268 13.8 Waiver of Partition 68

RIGHTS AND OBLIGATIONS OF. LIMITED PARTNERS 53 45 Section 8.1 Limitation of Liability 53 45 Section 8.2 Management of Business 53 45 Section 8.3 Outside Activities of Limited Partners 54 45 Section 8.4 Return of Capital 54 Section 8.5 Rights of Limited Partners Relating to the Partnership 54 46 Section 8.6 Partnership 8.5 Redemption Right to Call Limited Partner Interests 55 47 ARTICLE 9 - BOOKS, RECORDS, ACCOUNTING AND REPORTS 56 50 Section 9.1 Records and Accounting 56 50 Section 9.2 Partnership Taxable Year 56 and Fiscal Year 50 Section 9.3 Reports 56 50 ARTICLE 10 - TAX MATTERS 57 51 Section 10.1 Preparation of Tax Returns 57 51 Section 10.2 Tax Elections 57 51 Section 10.3 Tax Matters Partner 57 and Partnership Representative 52 Section 10.4 Withholding 59 Section 10.5 Organizational Expenses 59 54 ARTICLE 11 PARTNER - TRANSFERS AND WITHDRAWALS 59 54 Section 11.1 General Limitation on Transfer 59 54 Section 11.2 Transfer of the Company’s and General Partner’s Partnership Interest 60 and Limited Partner Interest 54 Section 11.3 Limited Partners’ Rights to Transfer 61 55 Section 11.4 Admission of Substituted Limited Partners 64 57 Section 11.5 Assignees 65 57 Section 11.6 General Provisions 65 58 ARTICLE 12 - ADMISSION OF PARTNERS 67 60 Section 12.1 Admission of Successor General Partner 67 60 Section 12.2 Admission of Additional Limited Partners 67 60 Section 12.3 Amendment of Agreement and Certificate of Limited Partnership 68 Section 12.4 Limit on Number of Partners 68 Section 12.5 Admission 68 61 ARTICLE 13 - DISSOLUTION, LIQUIDATION AND TERMINATION 69 61 Section 13.1 Dissolution 69 61 Section 13.2 Winding Up 69 62 Section 13.3 Deemed Contribution and Distribution 71 Deficit Capital Account Restoration Obligation 63 Section 13.4 Compliance with Timing Requirements of Regulations 63 Section 13.5 Deemed Distribution and Recontribution 64 Section 13.6 Rights of Holders 71 Limited Partners 64 Section 13.5 13.7 Notice of Dissolution 71 Section 13.6 Cancellation of Certificate of Limited Partnership 72 Section 13.7 Reasonable Time for Winding-Up 7264

RIGHTS AND OBLIGATIONS OF. LIMITED PARTNERS 53 Section 47 8.1 Limitation of Liability 53 Section 47 8.2 Management of Business 53 Section 47 8.3 Outside Activities of Limited Partners 54 Section 47 8.4 Return of Capital 54 Section 48 8.5 Rights of Limited Partners Relating to the Partnership 54 Section 48 8.6 Partnership Right to Call Exchange Rights Agreements 48 8.7 Conversion and Exchange of Special Limited Partner Interests 55 ARTICLE Interests. 49 Article 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS 56 Section 50 9.1 Records and Accounting 56 Section 50 9.2 Partnership Fiscal Year 56 Section 51 9.3 Reports 56 ARTICLE 51 Article 10 TAX MATTERS 57 Section 51 10.1 Preparation of Tax Returns 57 Section 51 10.2 Tax Elections 57 Section 52 10.3 Tax Matters Partner 57 Section 53 10.4 Withholding 59 Section 10.5 Organizational Expenses 59 ARTICLE 54 10.5 Withholding 54 Article 11 PARTNER TRANSFERS AND WITHDRAWALS 59 Section 56 11.1 General Limitation on Transfer 59 Section 56 11.2 Transfer of the General Partner’s Partnership General Partner Interest 60 Section 56 11.3 Limited Partners’ Rights to Transfer 61 Section 58 11.4 Admission of Substituted Limited Partners 64 Section 60 11.5 Assignees 65 Section 60 11.6 General Provisions 65 ARTICLE 61 Article 12 ADMISSION OF PARTNERS 67 Section 63 12.1 Admission of Successor General Partner 67 Section 63 12.2 Admission of Additional Limited Partners 67 Section 64 12.3 Amendment of Agreement and Certificate of Limited Partnership 68 Section 12.4 Limit on Number of Partners 68 Section 12.5 Admission 68 ARTICLE 64 Article 13 DISSOLUTION, LIQUIDATION AND TERMINATION 69 Section 65 13.1 Dissolution 69 Section 65 13.2 Winding Up 69 Section 66 13.3 Deemed Contribution and Distribution 71 Section Obligation to Contribute Deficit 67 13.4 Rights of Holders 71 Section Limited Partners 68 13.5 Notice of Dissolution 71 Section 68 13.6 Termination of Partnership and Cancellation of Certificate of Limited Partnership 72 Section 68 13.7 Reasonable Time for Winding-Up 7268 13.8 Waiver of Partition 68

RIGHTS AND OBLIGATIONS OF. LIMITED PARTNERS 53 Section 48 8.1 Limitation of Liability 53 Section 48 8.2 Management of Business 53 Section 49 8.3 Outside Activities of Limited Partners 54 Section 49 8.4 Return of Capital 54 Section 49 8.5 Rights of Limited Partners Relating to the Partnership 54 Section 50 8.6 Partnership Right to Call Exchange Rights Agreements 50 8.7 Conversion and Exchange of Special Limited Partner Interests 55 ARTICLE Interests. 51 Article 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS 56 Section 52 9.1 Records and Accounting 56 Section 52 9.2 Partnership Fiscal Year 56 Section 53 9.3 Reports 56 ARTICLE 53 Article 10 TAX MATTERS 57 Section 53 10.1 Preparation of Tax Returns 57 Section 53 10.2 Tax Elections 57 Section 54 10.3 Tax Matters Partner 57 Section 54 10.4 Withholding 59 Section 10.5 Organizational Expenses 59 ARTICLE 56 10.5 Withholding 56 Article 11 PARTNER TRANSFERS AND WITHDRAWALS 59 Section 58 11.1 General Limitation on Transfer 59 Section 58 11.2 Transfer of the General Partner’s Partnership General Partner Interest 60 Section 58 11.3 Limited Partners’ Rights to Transfer 61 Section 60 11.4 Admission of Substituted Limited Partners 64 Section 62 11.5 Assignees 65 Section 62 11.6 General Provisions 65 ARTICLE 63 Article 12 ADMISSION OF PARTNERS 67 Section 65 12.1 Admission of Successor General Partner 67 Section 65 12.2 Admission of Additional Limited Partners 67 Section 66 12.3 Amendment of Agreement and Certificate of Limited Partnership 68 Section 12.4 Limit on Number of Partners 68 Section 12.5 Admission 68 ARTICLE 67 Article 13 DISSOLUTION, LIQUIDATION AND TERMINATION 69 Section 67 13.1 Dissolution 69 Section 67 13.2 Winding Up 69 Section 68 13.3 Deemed Contribution and Distribution 71 Section Obligation to Contribute Deficit 70 13.4 Rights of Holders 71 Section Limited Partners 70 13.5 Notice of Dissolution 71 Section 70 13.6 Termination of Partnership and Cancellation of Certificate of Limited Partnership 72 Section 71 13.7 Reasonable Time for Winding-Up 7271 13.8 Waiver of Partition 71 Article 14 AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS 71 14.1 Amendments 71 14.2 Meetings of the Partners 72 Article 15 GENERAL PROVISIONS 73 15.1 Addresses and Notice 74 15.2 Titles and Captions 74 15.3 Pronouns and Plurals 74 15.4 Further Action 74 15.5 Binding Effect 74 15.6 Creditors 74 15.7 Waiver 74 15.8 Counterparts 75 15.9 Applicable Law 75 15.10 Invalidity of Provisions 75 15.11 Entire Agreement 75 15.12 Merger 75 15.13 No Rights as Stockholders 75 Article 16 CLASS B UNITS 75 16.1 Designation and Number 76 16.2 Special Provisions 77 16.3 Voting 78 16.4 Conversion of Class B Units 79 16.5 Profits Interests 81 Exhibit A – Partners’ Contributions and Partnership Interests Exhibit B – Allocations Exhibit C – Certificate of Limited Partnership AGREEMENT OF LIMITED PARTNERSHIP OF XXXXXXXX XXXXXX – ARC GROCERY CENTER OPERATING PARTNERSHIP II, L.P. THIS AGREEMENT OF LIMITED PARTNERSHIP OF XXXXXXXX XXXXXX – ARC GROCERY CENTER OPERATING PARTNERSHIP II, L.P. (this “Agreement”) dated as of November 25, 2013, is entered into among PE-ARC GROCERY CENTER OP XX XX LLC, a Delaware limited liability company, as general partner (the “General Partner”), XXXXXXXX XXXXXX – ARC GROCERY CENTER REIT II, INC., a Maryland corporation, as Limited Partner (the “Initial Limited Partner”), PE – ARC SPECIAL LIMITED PARTNER II LLC, a Delaware limited liability company (the “Special Limited Partner”), and the Limited Partners party hereto from time to time.