**Exhibit 10.3**

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RAND CAPITAL SBIC, L.P.

 

Dated as of January 16, 2002

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RAND CAPITAL SBIC, L.P.

Table of Contents

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| ARTICLE 1  GENERAL PROVISIONS | 1     Section 1.01Definitions
1     Section 1.02Name
6     Section 1.03Principal Office; Registered Office; and Qualification7     Section 1.04Commencement and Duration7     Section 1.05Admission of Partners7     Section 1.06Representations of Partners8     Section 1.07Notices with Respect to Representations by Private Limited    Partners10     Section 1.08Liability of Partners10ARTICLE 2  PURPOSE AND POWERS11     Section 2.01Purpose and Powers11     Section 2.02Restrictions on Powers11ARTICLE 3  MANAGEMENT        11     Section 3.01Authority of General Partner11     Section 3.02Authority of the Private Limited Partners12     Section 3.03No Investment Adviser/Manager12     Section 3.04Restrictions on Other Activities of the General Partner and    its Affiliates12     Section 3.05Management Compensation13     Section 3.06Payment of Management Compensation13     Section 3.07Partnership Expenses14     Section 3.08Valuation of Assets15     Section 3.09Standard of Care16     Section 3.10Indemnification16ARTICLE 4  SMALL BUSINESS INVESTMENT    COMPANY MATTERS19     Section 4.01SBIC Act19     Section 4.02Consent or Approval of, and Notice to, SBA19     Section 4.03Provisions Required by the SBIC Act for Issuers of    Debentures19     Section 4.04Effective Date of Incorporated SBIC Act Provisions20     Section 4.05SBA as Third Party Beneficiary20     Section 4.06Interest of the General Partner After Withdrawal20ARTICLE 5  PARTNERS' CAPITAL CONTRIBUTIONS21     Section 5.01Capital Commitments21     Section 5.02Capital Contributions by the Private Limited Partners21     Section 5.03Capital Contributions by the General Partner21     Section 5.04No Additional Private Limited Partners22     Section 5.05Conditions to the Commitments of the General Partner and the    Private Limited Partners22     Section 5.06Termination of the Obligation to Contribute Capital22     Section 5.07Notice and Opinion of Counsel23     Section 5.08Cure, Termination of Capital Contributions and Withdrawal23     Section 5.09Failure to Make Required Capital Contributions23     Section 5.10Notice and Consent of SBA with respect to Capital    Contribution Defaults24     Section 5.11Interest on Overdue Contributions25     Section 5.12Termination of a Private Limited Partner's Right to Make    Further Capital Contributions25     Section 5.13Forfeiture of a Private Limited Partner's Interest in the    Partnership25     Section 5.14Withholding and Application of a Private Limited Partner's    Distributions26     Section 5.15Required Sale of a Private Limited Partner's Interest in the    Partnership26ARTICLE 6  ADJUSTMENT OF CAPITAL ACCOUNTS28     Section 6.01Establishment of Capital Accounts28     Section 6.02Time of Adjustment of Capital Accounts28     Section 6.03Adjustments to Capital Accounts29     Section 6.04Tax Matters30ARTICLE 7  DISTRIBUTIONS31     Section 7.01Distributions to Partners31     Section 7.02Distributions of Noncash Assets in Kind32     Section 7.03Distributions Violative of the Act Prohibited32ARTICLE 8  DISSOLUTION, LIQUIDATION,    WINDING UP AND WITHDRAWAL32     Section 8.01Dissolution32     Section 8.02Winding Up33     Section 8.03Withdrawal of the General Partner34     Section 8.04Continuation of the Partnership After the Withdrawal of the    General Partner34     Section 8.05Withdrawals of Capital35     Section 8.06Withdrawal by ERISA Regulated Pension Plans35     Section 8.07Withdrawal by Government Plans complying with State and    Local Law35     Section 8.08Withdrawal by Government Plans Complying with ERISA35     Section 8.09Withdrawal by Tax Exempt Private Limited Partners36     Section 8.10Withdrawal by Registered Investment Companies36     Section 8.11Distributions on Withdrawal36ARTICLE 9  ACCOUNTS, REPORTS AND AUDITORS37     Section 9.01Books of Account37     Section 9.02Audit and Report37     Section 9.03Fiscal Year38ARTICLE 10  MISCELLANEOUS39     Section 10.01Assignability39     Section 10.02Binding Agreement40     Section 10.03Gender40     Section 10.04Notices40     Section 10.05Consents and Approvals41     Section 10.06Counterparts41     Section 10.07Amendments41     Section 10.08Power of Attorney42     Section 10.09Applicable Law43     Section 10.10Severability43     Section 10.11Entire Agreement43
 
**RAND CAPITAL SBIC, L.P.**
AGREEMENT OF LIMITED PARTNERSHIP dated and effective as of                January 16, 2002, among Rand Capital Management, LLC, a Delaware                limited liability company in its capacity as a general partner                of the Partnership) and the private limited partners, as amended                from time to time.

The parties, in consideration of their mutual agreements stated in        this Agreement, agree to become partners and to form a limited        partnership under the Act. The purpose of the Partnership is to operate        as a small business investment company under the SBIC Act, licensed by        SBA for the period and upon the terms and conditions stated in this        Agreement. The parties further agree as follows:
**ARTICLE 1General Provisions**
Section 1.01 Definitions.

For the purposes of this Agreement, the following terms have the followingmeanings:
**"Act" means the Delaware Revised Uniform Limited Partnership Act.

"Affiliate" has the meaning stated in the SBIC Act.

"Agreement" means this agreement of limited partnership, as amended          from time to time. References to this Agreement will be deemed to          include all provisions incorporated in this Agreement by reference.

"Assets" means common and preferred stock (including warrants,          rights and other options relating to such stock), notes, bonds,          debentures, trust receipts and other obligations, instruments or          evidences of indebtedness, and other properties or interests commonly          regarded as securities, and in addition, interests in real property,          whether improved or unimproved, and interests in personal property of          all kinds (tangible or intangible), choses in action, and cash, bank          deposits and so-called "money market instruments".

"Assets Under Management" means, as of any specified date, the          value of all Assets owned by the Partnership (the value to be          determined as provided in this Agreement), including contributions          requested and due from Partners and uncalled amounts of Commitments          that are included in the Partnership's regulatory capital (as such          term is used in the SBIC Act), less the amount of any liabilities of          the Partnership, determined in accordance with generally accepted          accounting principles, consistently applied.

"Associate" has the meaning stated in the SBIC Act.**
"Capital Account" means the account of each Partner that reflects          its interest in the Partnership determined in accordance with Section          6.03.
**"Capital Contribution" means a contribution of          capital to the Partnership by a Partner.
**"Certificate of Limited Partnership" means the certificate of          limited partnership with respect to the Partnership filed for record          in the office of the Secretary of State of the State of Delaware. **
"Closing Capital Account" means, with respect to any fiscal period,          the Opening Capital Account of each Partner for the fiscal period          after allocations have been made to the Capital Account in accordance          with Section 6.03.
**"Code" means the Internal Revenue Code of 1986, as amended, and the          regulations thereunder and interpretations thereof promulgated by the          Internal Revenue Service, as in effect from time to time.

"Commitments" means the capital contributions to the Partnership          that the Partners have made or are obligated to make to the          Partnership. The amounts and terms of the Commitments of the General          Partner and the Private Limited Partners will be as stated in this          Agreement.

"Control Person" has the meaning stated in the SBIC Act.

"Debentures" has the meaning stated in the SBIC Act.

"Designated Party" means any of the General Partner, any Investment          Adviser/ Manager, and any partner, member, manager, stockholder,          director, officer, employee or Affiliate of the General Partner and          any Investment Adviser/ Manager.

"ERISA" means the Employee Retirement Income Security Act of 1974,          as amended, and the regulations thereunder and interpretations thereof          promulgated by the Department of Labor, as in effect from time to          time.**
"Exchange Act" means the Securities Exchange Act of 1934, as          amended, and the regulations thereunder and interpretations thereof          promulgated by the Securities and Exchange Commission, as in effect          from time to time.
**"General Partner" means the general partner or general partners of          the Partnership, as set forth in this Agreement.

"Indemnifiable Costs" means all costs, expenses, damages, claims,          liabilities, fines and judgments (including the reasonable cost of the          defense, and any sums which may be paid with the consent of the          Partnership in settlement), incurred in connection with or arising          from a claim, action, suit, proceeding or investigation, by or before          any court or administrative or legislative body or authority.

"Investment" means the securities acquired by          the Partnership in any other corporation, partnership, limited          liability company, or any or business or concern in which the          Partnership becomes an investor in accordance with the provisions of          this Agreement, including capital stock, partnership interests, bonds,          notes, debentures, warrants, trust receipts, futures and other          obligations and instruments or evidences of indebtedness, as well as          rights and options to purchase, sell or invest in the foregoing.          Except where the context requires otherwise, any reference to an          "Investment" shall refer to all securities acquired by the Partnership          with respect to a portfolio company in a single or a series of related          transactions.

"Investment Advisers Act" means the Investment Advisers Act of          1940, as amended, and the regulations thereunder and interpretations          thereof promulgated by the Securities and Exchange Commission, as in          effect from time to time.
**"Investment Company Act" means the Investment Company Act of 1940,          as amended, and the regulations thereunder and interpretations thereof          promulgated by the Securities and Exchange Commission, as in effect          from time to time.

"Investment Adviser/Manager" has the meaning stated in the SBIC          Act.

"Leverage" has the meaning stated in the SBIC Act.**
"**Management Compensation" means the amounts payable by the          Partnership to the General Partner or Investment Adviser/Manager, as          provided in Section 3.05.**
"Net Losses" means, with respect to any fiscal period, the excess,          if any, of:

            (i) all expenses and losses incurred during the fiscal                  period by the Partnership from all sources over

            (ii) the aggregate revenue, income and gains realized                  during the fiscal period by the Partnership from all sources.

For purposes of determining Net Losses:

(A) items will be taken into account to the extent that                    (1) they are includable as items of income, credit, loss or                    deduction for Federal income tax purposes (including items                    described in Section 705(a)(2)(B) of the Code, or treated as                    so described in Treasury Regulation § 1.704-1(b)(2)(iv)(i))                    or, (2) in the case of items of income, they constitute                    income that is exempt from Federal income tax; and

(B) if any Noncash Asset is distributed in kind, it will                    be deemed sold at the value established at the most recent                    valuation of the Noncash Asset under this Agreement (or such                    other valuation date as is required under the SBIC Act) and                    any unrealized appreciation or depreciation with respect to                    the Noncash Asset will be deemed realized and included in                    the determination of Net Losses.

"Net Profits" means, with respect to any fiscal period, the            excess, if any, of:

(i) the aggregate revenue, income and gains realized during                  the fiscal period by the Partnership from all sources over

(ii) all expenses and losses incurred during the fiscal                  period by the Partnership from all sources.

For purposes of determining Net Profits:

(A) items will be taken into account to the extent that                    (1) they are includable as items of income, credit, loss or                    deduction for Federal income tax purposes (including items                    described in Section 705(a)(2)(B) of the Code, or treated as                    so described in Treasury Regulation § 1.704-1(b)(2)(iv)(i))                    or, (2) in the case of items of income, constitute income                    that is exempt from Federal income tax; and

(B) if any Noncash Asset is distributed in kind, it will                    be deemed sold at the value established at the most recent                    valuation of the Noncash Asset under this Agreement (or such                    other valuation date as is required under the SBIC Act) and                    any unrealized appreciation or depreciation with respect to                    the Noncash Asset will be deemed realized and included in                    the determination of Net Profits.

"Noncash Asset" means any Asset of the Partnership other than cash.

"Opening Capital Account," with respect to any fiscal period,          means:

(i) with respect to any Partner admitted during the fiscal                  period, the Partner's initial capital contribution (or in the                  case of any Partner admitted as a transferee of all or part of                  the interest in the Partnership of another Partner, with                  respect to such transferred interest in the Partnership, that                  portion of the transferor's initial capital contribution                  transferred to the transferee); and

(ii) with respect to any Partner admitted during any prior                  fiscal period (other than a Partner who has withdrawn as of                  the last day of the preceding fiscal period), the Partner's                  Closing Capital Account for the preceding fiscal period (or in                  the case of any Partner admitted as a transferee of all or                  part of the interest in the Partnership of another Partner,                  with respect to such transferred interest in the Partnership,                  that portion of the transferor's Closing Capital Account                  transferred to the transferee).

"Optionor" shall have the meaning set forth in Section 5.15.

"Optionees" shall have the meaning set forth in Section 5.15.

"Optioned Partnership Interest" shall have the meaning set forth in          Section 5.15.

"Option Price" shall have the meaning set forth in Section 5.15.
**"Organization Expenses" shall mean all organizational          and syndication costs, fees, and expenses incurred by or on behalf of          the General Partner in connection with the formation, organization,          marketing and licensing of the Partnership and the formation and          organization of the General Partner, which include, without          limitation, all interest expense, accounting and legal fees, any fees          associated with placing interests in the Partnership, all costs          incurred in connection with making, registering and selling          Partnership investments, including but not limited to, travel,          meeting, printing, telephone, office and support staff costs, and the          cost of meetings held in connection therewith (including reimbursement          of the General Partner and the members, officers and employees of the          General Partner for such expenses).

"Outstanding Leverage" means the total amount of outstanding          securities (including, but not limited to, Debentures) issued by the          Partnership that qualify as Leverage and have not been redeemed or          repaid as provided in the SBIC Act.

"Parent Fund" means Rand Capital Corporation, a New York          corporation and Business Development Company as defined under §          2(a)(48) of the Investment Company Act of 1940.
**"Partners" means the General Partner and the Private Limited          Partners.

"Partnership" means the limited partnership established by this          Agreement.

"Percentage Interest" means the percentage          determined for each Partner by dividing (i) the aggregate Capital          Contributions credited to such Partner's Capital Account as provided          in Section 6.03 below at the time of any relevant calculation,          by (ii) the aggregate Capital Contributions credited to the Capital          Accounts of all the Partners at such time. The sum of the respective          Percentage Interests shall at all times equal one hundred percent          (100%).
**"Private Limited Partners" means any limited partners of the          Partnership.

"Regulatory Capital" has the meaning stated in          the SBIC Act.

"Remaining Portion" shall have the meaning set forth in Section          5.15.
**"SBA" means the United States Small Business          Administration.
**"SBA Agreements" has the meaning stated in Section 10.11.

"SBIC" means a small business investment company licensed under the          SBIC Act.

"SBIC Act" means the Small Business Investment Act of 1958, as          amended, and the rules and regulations thereunder and interpretations          thereof promulgated by SBA, as in effect from time to time.**
"SEC" means the Securities and Exchange Commission.

"Securities Act" means the Securities Act of 1933, as amended, and          the regulations thereunder and interpretations thereof promulgated by          the SEC, as in effect from time to time.

"Special Private Limited Partner" has the meaning stated in Section          4.06 and Section 8.03(c).

Section 1.02 Name.

(a) The name of the Partnership will be "Rand Capital SBIC, L.P."

(b) Subject to the prior approval of SBA, the General Partner has          the power at any time to:

(i) change the name of the Partnership; and

(ii) qualify the Partnership to do business under any name when              the Partnership's name is unavailable for use, or may not be used,              in a particular jurisdiction.

(c) The General Partner will give prompt notice of any action taken          under this Section to each Partner and SBA.

Section 1.03 Principal Office; Registered Office;and Qualification. 

    (a) The principal office of the Partnership will be at 2200 Rand          Building, Buffalo, NY 14203, or such other place as may from time to          time be designated by the General Partner, subject to the approval of          SBA.

    (b) The registered office of the Partnership in the State of          Delaware will be located at 1209 Orange Street, Wilmington, Delaware,          19801. The name of the registered agent for the Partnership will be          the Corporation Trust Center. The General Partner may from time to          time change the registered agent and registered office of the          Partnership.

    (c) The General Partner will qualify the Partnership to do business          in each jurisdiction where the activities of the Partnership make such          qualification necessary.

    (d) The General Partner will give prompt notice of any action taken          under this Section to each Partner and SBA.

Section 1.04 Commencement and Duration.

    (a) The Partnership will commence upon the filing for record of the          Certificate of Limited Partnership in the office of the Secretary of          State of the State of Delaware.

    (b) The Partnership will be dissolved and wound up at the time and          in the manner provided for in Article 8.

Section 1.05         Admission of Partners.

    (a) No person may be admitted as a General Partner or a Private          Limited Partner without subscribing and delivering to the Partnership          a counterpart of this Agreement, or other written instrument, which          sets forth:

        (i) the name and address of the Partner,

        (ii) the Commitment of the Partner, and

        (iii) the agreement of the Partner to be bound by the terms of              this Agreement.

    (b) **Without the prior approval of SBA, no person may be admitted          as:**
        (i) **a General Partner, or**
        (ii) **a Private Limited Partner with an ownership interest of              ten percent (10%) or more of the Partnership's capital**. 

    (c) The General Partner will compile, and amend from time to time          as necessary,

    Schedule A attached to this Agreement, which will list:

        (i) the name and address of the General and each Private              Limited Partner, and

        (ii) the Commitment of the General Partner and each Private              Limited Partner to the Partnership*.*
    (d) The addition to the Partnership at any time of one or more          Partners will not be a cause for dissolution of the Partnership, and          all the Partners will continue to be subject to the provisions of this          Agreement in all respects.

Section 1.06 Representations of Partners.

    (a) This Agreement is made with the General Partner in reliance          upon the General Partner's representation to the Partnership and SBA,          that:

        (i) **it is duly organized, validly existing and in good              standing under the laws of the State of Delaware, and is qualified              to do business under the laws of each state where such              qualification is required to carry on the business of the              Partnership;**
        (ii) **it has full power and authority to execute and deliver              this Agreement and to act as General Partner under this Agreement;**
        (iii) **this Agreement has been authorized by all necessary              actions by it, has been duly executed and delivered by it, and is              a legal, valid and binding obligation of it, enforceable according              to its terms; and**
        (iv) **the execution and delivery of this Agreement and the              performance of its obligations under this Agreement will not              conflict with, or result in any violation of, or default under,              any provision of any governing instrument applicable to it, or any              agreement or other instrument to which it is a party or by which              it or any of its properties are bound, or any provision of law,              statute, rule or regulation, or any ruling, writ, order,              injunction or decree of any court, administrative agency or              governmental body applicable to it.**
    (b) **This Agreement is made with each Private Limited Partner in          reliance upon each Private Limited Partner's representation to the          General Partner, the Partnership and SBA, that:**
        (i) **it has full power and authority to execute and deliver              this Agreement and to act as a Private Limited Partner under this              Agreement; this Agreement has been authorized by all necessary              actions by it; this Agreement has been duly executed and delivered              by it; and this Agreement is a legal, valid and binding obligation              of it, enforceable against it according to its terms;**
        (ii) **the execution and delivery of this Agreement and the              performance of its obligations under this Agreement do not require              the consent of any third party not previously obtained, and will              not conflict with, or result in any violation of, or default              under, any provision of any governing instrument applicable to it,              or any agreement or other instrument to which it is a party or by              which it or any of its properties are bound, or any provision of              law, statute, rule or regulation, or any ruling, writ, order,              injunction or decree of any court, administrative agency or              governmental body applicable to it;**
        (iii) **if the Private Limited Partner is a bank (as the term              is used in the SBIC Act, at 15 U.S.C. § 682(b)), the total amount              of such Private Limited Partner's investments in SBICs, including              such Private Limited Partner's interest in the Partnership, does              not exceed five percent (5%) of such Private Limited Partner's              capital and surplus; **
        (iv) unless otherwise disclosed to the Partnership in writing,              the Partner is a citizen or resident of the United States, an              entity organized under the laws of the United States or a state              within the United States or an entity engaged in a trade or              business within the United States; and 

        (v) unless otherwise disclosed to the Partnership in writing,              the Partner is not subject to Title I of ERISA. 

    (c) Each Partner who has disclosed to the Partnership in writing          that it is not a person described in Section 1.06(b)(iv), agrees to          provide the Partnership with any information or documentation          necessary to permit the Partnership to fulfill any tax withholding or          other obligation relating to the Partner, including but not limited to          any documentation necessary to establish the Partner's eligibility for          benefits under any applicable tax treaty.

    (d) With respect to actions under this Agreement that require the          approval of the Private Limited Partners, the Parent Fund shall          exercise its rights in a manner that produces the same result that          would be produced if (i) the Parent Fund were not a Partner and          (ii) each limited partner of the Parent Fund were a Private Limited          Partner that had made aggregate Capital Contributions equal to the          product of (x) the aggregate Capital Contributions of the Parent Fund          and (y) a fraction, the numerator of which equals the aggregate          capital contributions made by such limited partner to the Parent Fund          and the denominator of which equals the aggregate capital          contributions made by all of the partners of the Parent Fund to the          Parent Fund.

Section 1.07 Notices With Respect to        Representations by Private Limited Partners.

    (a) **If any representation made by a Private Limited Partner in          Section 1.06(b)(i), (ii) or (iii) ceases to be true, then the Private          Limited Partner will promptly provide the Partnership with a correct          separate written representation as provided in each such Section.**
    (b) **The Partnership will give SBA prompt notice of any corrected          representation received from any Private Limited Partner under Section          1.07(a).**
Section 1.08 Liability of Partners

    (a) Losses, liabilities and expenses incurred by the Partnership          during any fiscal year will be allocated among the Partners in          accordance with the procedures for allocating Net Losses as provided          in Section 6.03.

    (b) The General Partner has the liability for the liabilities of          the Partnership provided for in the Act and the SBIC Act. The General          Partner will not:

        (i) be obligated to restore by way of capital contribution or              otherwise any deficits in the respective Capital Accounts of the              Private Limited Partners should such deficits occur, or

        (ii) have any greater obligation with respect to any              Outstanding Leverage than is required by the SBIC Act or by SBA.

    (c) Except as otherwise required under the Act and the SBIC Act, no          Private Limited Partner will be liable for any loss, liability or          expense whatsoever of the Partnership. Notwithstanding the preceding          sentence, a Private Limited Partner will remain liable for any portion          of such Private Limited Partner's Commitment not paid to the          Partnership.

    (d) If a Private Limited Partner is required to return to the          Partnership, for the benefit of creditors of the Partnership, amounts          previously distributed to the Private Limited Partner, the obligation          of the Private Limited Partner to return any such amount to the          Partnership will be the obligation of the Private Limited Partner and          not the obligation of the General Partner. No Private Limited Partner          will be liable under this Agreement for the obligations under this          Agreement of any other Partner.

    (e) **Nothing in this Agreement limits any liability of any          Partner under any agreement between the Partner and SBA.
ARTICLE 2 Purpose and Powers**
Section 2.01 Purpose and Powers.

    (a) **The Partnership is organized solely for the purpose of          operating as a small business investment company under the SBIC Act          and conducting the activities described under Title III of the SBIC          Act. The Partnership has the powers and responsibilities, and is          subject to the limitations, provided in the SBIC Act. The operations          of the Partnership and the actions taken by the Partnership and the          Partners will be conducted and taken in compliance with the SBIC Act.**
    (b) **Subject to Section 2.01(a), the Partnership may make,          manage, own and supervise investments of every kind and character in          conducting its business as a small business investment company.
        (i)    Subject to the provisions of the SBIC Act, the              Partnership has all powers necessary, suitable or convenient for              the accomplishment of the purposes set forth in Section 2.01(a)              and Section 2.01(b), alone or with others, as principal or agent,              including without limitation, to engage in any lawful act or              activity for which limited partnerships may be organized under the              Act. 

Section 2.02 Restrictions on Powers. 

    Notwithstanding any provision of    Section 2.01(b), the Partnership will not (i) make investments precluded    under 13 C.F.R. § 107.720, including but not limited to foreign investments    described therein, (ii) without the prior approval of the SBA, make any    investment that exceeds the diversification limitation that is described in    13 C.F.R. § 107.740 or (iii) make investments precluded under 13 C.F.R.    § 107.530.
**ARTICLE 3Management**
Section 3.01 Authority of General Partner.

    (a) **The management and operation of the Partnership and the          formulation of investment policy is vested exclusively in the General          Partner.**
    (b) **The act of the General Partner in carrying on the business          of the Partnership will bind the Partnership.**
    (c) **In the case of any General Partner other than a natural          person, at any time that the Partnership is licensed as an SBIC, the          General Partner will not allow any person to serve as a general          partner, director, officer or manager of the General Partner, unless          such person has been approved by SBA**. 

    (d) **So long as the General Partner remains the general partner          of the Partnership:**
        (i) **it will comply with the requirements of the SBIC Act,              including, without limitation, 13 C.F.R. § 107.160(a) and (b)****as in effect from time to time; and**
        (ii) **in the case of any General Partner other than a natural              person, except as set forth in Section 3.01(d)(iii), it will              devote all of its activities to the conduct of the business of the              Partnership and will not engage actively in any other business,              unless its engagement is related to and in furtherance of the              affairs of the Partnership.**
        (iii) **The General Partner may, however:**
            (A) act as the general partner or Investment Adviser/Manager                for one or more other SBICs, and

            (B) receive, hold, manage and sell Assets received by it from                the Partnership (or other SBIC for which it acts as general                partner or Investment Adviser/Manager), or through the exercise                or exchange of Assets received by it from the Partnership (or                other SBIC for which it acts as general partner or Investment                Adviser/Manager).

Section 3.02 Authority of the Private        Limited Partners.

    The Private Limited Partners will take no part in the control of the    business of the Partnership, and the Private Limited Partners will not have    any authority to act for or on behalf of the Partnership except as is    specifically permitted by this Agreement.

Section 3.03 No Investment Adviser/Manager. 

    The General Partner may not delegate any part of its authority to an    Investment Adviser/Manager.

Section 3.04 Restrictions on Other        Activities of the General Partner and its Affiliates.

    Except as provided in the SBIC Act and as otherwise specifically provided    in this Agreement, no provision of this Agreement will be construed to    preclude any (i) Partner, or (ii) Affiliate, general partner, member,    manager or stockholder of any Partner, from engaging in any activity    whatsoever or from receiving compensation therefor or profit from any such    activity. Such activities may include, without limitation, (A) receiving    compensation from issuers of securities for investment banking services, (B)    managing investments, (C) participating in investments, brokerage or    consulting arrangements or (D) acting as an adviser to or participant in any    corporation, partnership, limited liability company, trust or other business    person.

Section 3.05 Management Compensation.

    (a)    During the five year period commencing on the date          hereof, Management Compensation with respect to each year during such          period commencing on the same day and month as the date hereof will be          7.5% of the Partnership's Regulatory Capital.

    (b)    During the period commencing on the first day          following the fifth anniversary hereof, Management Compensation with          respect to each year during such period commencing on the same day and          month as the date hereof will be****2.5%****of the          Partnership's Combined Capital. 

    (c)    The Management Compensation shall not be modified          in any respect except (i) upon the approval of the Parent Fund and          (ii) with the prior written approval of SBA.

    (d)    If the Partnership fails to pay any Management          Compensation provided herein, due to the SBIC Act or otherwise, the          unpaid amount shall continue to be due and payable or shall become due          and payable at the earliest date on which the payment of such amount          or any portion thereof could be made**without violation of the          SBIC Act. Until paid, the unpaid amount shall accrue interest that          shall be compounded on a monthly basis at the highest prime rate          reported in The Wall Street Journal, from time to time, during          the period of non-payment.

    (e)    Management Compensation otherwise payable for any          quarterly period will be reduced by 100% of all fees described in 13          C.F.R. §§ 107.860 and 107.900. 
**           (f)          **   The Partnership will not pay any Management Compensation with          respect to any fiscal year in excess of the amount of Management          Compensation approved by SBA. **

Section 3.06 Payment of Management        Compensation.

    (a) The Management Compensation will be paid by the        Partnership to the General Partner. 

    (b) Management Compensation will be paid in advance        in four quarterly installments on the first business day of each quarter        of each year commencing on the same day and month as the date hereof.        The amount to be paid in each such quarterly installment initially shall        be determined in accordance with Section 3.05, based upon (i) the        amounts of Regulatory Capital the Partnership reasonably expects to have        during such fiscal quarter and (ii) during the period starting on the        fifth anniversary hereof, the amounts of Leverage, if any, the        Partnership reasonably expects to have outstanding during such fiscal        quarter; provided, however, that such amount shall be        subject to adjustment in accordance with Section 3.06(c). With respect        to partial quarters (such as the final quarter of the Partnership),        Management Compensation shall be pro rated based on the number of days        in such quarters.

    (c) Within thirty (30) days after (i) the end of each        quarter of each year commencing on the same day and month as the date        hereof, and (ii) the date of the Partnership's dissolution, appropriate        adjustment (by way of payment or refund) will be made so that Management        Compensation paid with respect to such quarter then ended or the period        from the end of the last quarter to the date set forth in clause (ii) or        (iii) will be equal to Management Compensation that would have resulted        had it been calculated on a daily basis under Section 3.05(a) or        Section 3.05(b) for such period.

Section 3.07 Partnership Expenses. 

    (a) The General Partner will pay:

        (i) the compensation of all professional and other employees of              the Partnership or the General Partner who provide services to the              Partnership;

        (ii) except as provided in Section 3.07(b), the cost of              providing support and general services to the Partnership,              including, without limitation:

            (A) office expenses,

            (B) travel,

            (C) business development,

            (D) office and equipment rental,

            (E) bookkeeping, and

            (F) the development, investigation and monitoring of                  investments; and

        (iii) all other expenses of the Partnership not authorized to              be paid by the Partnership under Section 3.07(b).

    (b) The Partnership will pay the following Partnership expenses:

        (i) all interest and expenses payable by the Partnership on any              indebtedness incurred by the Partnership;

        (ii) all amounts payable to SBA under the SBIC Act, and all              amounts payable in connection with any Leverage commitment and any              Outstanding Leverage;

        (iii) taxes payable by the Partnership to Federal, state, local              and other governmental agencies;

        (iv) Management Compensation;

        (v) expenses incurred in the actual or proposed acquisition or              disposition of Assets, including without limitation, accounting              fees, brokerage fees, legal fees, transfer taxes and costs related              to the registration or qualification for sale of Assets;

        (vi) legal, insurance (including any insurance as contemplated              in Section 3.10(m)), accounting and auditing expenses;

        (vii) all expenses incurred by the Partnership in connection              with commitments for or issuance of Leverage;

        (viii) fees or dues in connection with the membership of the              Partnership in any trade association for small business investment              companies or related enterprises; and

        (ix) Organization Expenses up to but not              exceeding $300,000.

    (c) **All Partnership expenses paid by the Partnership will be          made against appropriate supporting documentation. The payment by the          Partnership of Partnership expenses will be due and payable as billed.**
Section 3.08 Valuation of Assets. 

    (a) **The Partnership will adopt written guidelines for          determining the value of its Assets. Assets held by the Partnership          will be valued by the General Partner in a manner consistent with the          Partnership's written guidelines and the SBIC Act. The Valuation          Guidelines attached to this Agreement as Exhibit I are the          Partnership's written guidelines for valuation. **
    (b) **To the extent that the SBIC Act requires any Asset held by          the Partnership to be valued other than as provided in this Agreement,          the General Partner will value the Asset in such manner as it          determines to be consistent with the SBIC Act.**
    (c) **Assets held by the Partnership will be valued at least          annually (or more often, as SBA may require), and will be valued at          least semi-annually (or more often, as SBA may require) at any time          that the Partnership has Outstanding Leverage. **
Section 3.09 Standard of Care.
**    (a) No Designated Party will be liable to the Partnership or any          Partner for any action taken or omitted to be taken by it or any other          Partner or other person in good faith and in a manner it reasonably          believed to be in or not opposed to the best interests of the          Partnership, and, with respect to any criminal action or proceeding,          had no reasonable cause to believe its conduct was unlawful.

    (b) Neither any Private Limited Partner, nor any member of any          Partnership committee or board who is not an Affiliate of the General          Partner, will be liable to the Partnership or any Partner as the          result of any decision made in good faith by the Private Limited          Partner or member, in its capacity as such.

    (c) Any Designated Party, any Private Limited Partner and any          member of a Partnership committee or board, may consult with          independent legal counsel selected by it and will be fully protected,          and will incur no liability to the Partnership or any Partner, in          acting or refraining to act in good faith in reliance upon the opinion          or advice of such counsel.

    (d) This Section does not constitute a modification, limitation or          waiver of Section 314(b) of the SBIC Act, or a waiver by SBA of any of          its rights under Section 314(b). 

    (e) In addition to the standards of care stated in this Section,          this Agreement may also provide for additional (but not alternative)          standards of care that must also be met.**
Section 3.10 Indemnification. 

    (a) **The Partnership will indemnify and hold harmless, but only          to the extent of Assets Under Management (less any Outstanding          Leverage not included as a liability in the computation of Assets          Under Management), any Designated Party, from any and all          Indemnifiable Costs which may be incurred by or asserted against such          person or entity, by reason of any action taken or omitted to be taken          on behalf of the Partnership and in furtherance of its interests.**
    (b) **The Partnership will indemnify and hold harmless, but only          to the extent of Assets Under Management (less any Outstanding          Leverage not included as a liability in the computation of Assets          Under Management), the Private Limited Partners, and members of any          Partnership committee or board who are not Affiliates of the General          Partner or any Investment Adviser/Manager from any and all          Indemnifiable Costs which may be incurred by or asserted against such          person or entity, by any third party on account of any matter or          transaction of the Partnership, which matter or transaction occurred          during the time that such person has been a Private Limited Partner or          member of any Partnership committee or board.**
    (c) **The Partnership has power, in the discretion of the General          Partner, to agree to indemnify on the same terms and conditions          applicable to persons indemnified under Section 3.10(b), any person          who is or was serving, under a prior written request from the          Partnership, as a consultant to, agent for or representative of the          Partnership as a director, manager, officer, employee, agent of or          consultant to another corporation, partnership, limited liability          company, joint venture, trust or other enterprise, against any          liability asserted against such person and incurred by the person in          any such capacity, or arising out of the person's status as such.**
    (d) **No person may be entitled to claim any indemnity or          reimbursement under Section 3.10(a), (b) or (c) in respect of any          Indemnifiable Cost that may be incurred by such person which results          from the failure of such person to act in accordance with the          provisions of this Agreement and the applicable standard of care          stated in Section 3.09. The termination of any action, suit or          proceeding by judgment, order, settlement, conviction, or upon a plea          of nolo contendere or its equivalent, will not, of itself, preclude a          determination that such person acted in accordance with the applicable          standard of care stated in Section 3.09.**
    (e) **To the extent that a person claiming indemnification under          Section 3.10(a), (b) or (c) has been successful on the merits in          defense of any action, suit or proceeding referred to in Section          3.10(a), (b) or (c) or in defense of any claim, issue or matter in any          such action, suit or proceeding, such person must be indemnified with          respect to such matter as provided in such Section. Except as provided          in the foregoing sentence and as provided in Section 3.10(h) with          respect to advance payments, any indemnification under this Section          3.10 will be paid only upon determination that the person to be          indemnified has met the applicable standard of conduct stated in          Section 3.09(a) or Section 3.09(b), as applicable.**
    (f) **A determination that a person to be indemnified under this          Section has met the applicable standard stated in Section 3.09(a) or          Section 3.09(b) may be made by (i) the General Partner, with respect          to the indemnification of any person other than a person claiming          indemnification under Section 3.10(a), (ii) a committee of the          Partnership whose members are not affiliated with the General Partner          or any Investment Adviser/Manager with respect to indemnification of          any person indemnified under Section 3.10(a) or (iii) at the election          of the General Partner, independent legal counsel selected by the          General Partner, with respect to the indemnification of any person          indemnified under this Section, in a written opinion.**
    (g) **In making any determination with respect to indemnification          under subsection (f) above, the General Partner, a committee of the          Partnership whose members are not affiliated with the General Partner          or any Investment Adviser/Manager or independent legal counsel, as the          case may be, is authorized to make the determination on the basis of          its evaluation of the records of the General Partner, the Partnership          or any Investment Adviser/Manager to the Partnership and of the          statements of the party seeking indemnification with respect to the          matter in question and is not required to perform any independent          investigation in connection with any determination. Any party making          any such determination is authorized, however, in its sole discretion,          to take such other actions (including engaging counsel) as it deems          advisable in making the determination.**
    (h) **Expenses incurred by any person in respect of any          Indemnifiable Cost may be paid by the Partnership before the final          disposition of any such claim or action upon receipt of an undertaking          by or on behalf of such person to repay such amount unless it is          ultimately determined as provided in Section 3.10(e) or (f) that the          person is entitled to be indemnified by the Partnership as authorized          in this Section 3.10.**

    (i) **The rights provided by this Section 3.10 will inure to the          benefit of the heirs, executors, administrators, successors, and          assigns of each person eligible for indemnification under this          Agreement.**
    (j) **The rights to indemnification provided in this Section 3.10          are the exclusive rights of all Partners to indemnification by the          Partnership. No Partner may have any other rights to indemnification          from the Partnership or enter into, or make any claim under, any other          agreement with the Partnership (whether direct or indirect) providing          for indemnification.**
    (k) **The Partnership may not enter into any agreement with any          person (including, without limitation, any Investment Adviser/Manager,          Partner or any person that is an employee, officer, director, partner          or shareholder, or an Affiliate, Associate or Control Person of any          Partner) providing for indemnification of any such person (i) except          as provided for under this Section 3.10, and (ii) unless such          agreement provides for a determination with respect to the          indemnification as provided under Section 3.10(f).**
    (1) **The provisions of this Section 3.10 do not apply to          indemnification of any person that is not at the expense (whether in          whole or in part) of the Partnership.**
    (m) The Partnership may purchase and maintain insurance on its own          behalf, or on behalf of any person or entity, with respect to          liabilities of the types described in this Section 3.10. The          Partnership may purchase such insurance regardless of whether the          person is acting in a capacity described in this Section 3.10 or          whether the Partnership would have the power to indemnify the person          against such liability under the provisions of this Section.
**ARTICLE 4

Small Business Investment Company Matters**
 

Section 4.01 SBIC Act.
**           (a)**    The provisions of this Agreement must be interpreted to the fullest    extent possible in a manner consistent with the SBIC Act. If any provision    of this Agreement conflicts with any provision of the SBIC Act (including,    without limitation, any conflict with respect to the rights of SBA or the    respective Partners under this Agreement), the provisions of the SBIC Act    will control.**
Section 4.02 Consent or Approval of, and        Notice to, SBA.

    (a) **The requirements of the prior consent or approval of, and          notice to, SBA in this Agreement will be in effect at any time that          the Partnership is licensed as an SBIC or has Outstanding Leverage.          These requirements will not be in effect if the Partnership is not          licensed as an SBIC and does not have any Outstanding Leverage. **

**   **(b) **Except as provided in the SBIC Act, a consent or approval          required to be given by SBA under this Agreement will be deemed given          and effective for purposes of this Agreement only if the consent or          approval is:**
        (i) **given by SBA in writing, and**
        (ii) **delivered by SBA to the party requesting the consent or              approval in the manner provided for notices to such party under              Section 10.04.**
Section 4.03 Provisions Required by the        SBIC Act for Issuers of Debentures. 

    (a) **The provisions of 13 C.F.R. § 107.1810(i) are incorporated          by reference in this Agreement as if fully stated in this Agreement.**
    (b) **The Partnership and the Partners consent to the exercise by          SBA of all of the rights of SBA under 13 C.F.R. § 107.1810(i), and          agree to take all actions that SBA may require in accordance with 13 C.F.R.          § 107.1810(i).**
    (c) **This Section will be in effect at any time that the          Partnership has outstanding Debentures, and will not be in effect at          any time that the Partnership does not have outstanding Debentures.**
    (d) **Nothing in this Section may be construed to limit the          ability or authority of SBA to exercise its regulatory authority over          the Partnership as a licensed small business investment company under          the SBIC Act.**
Section 4.04 Effective Date of        Incorporated SBIC Act Provisions. 
**    (a)    Any section of this Agreement which relates to Debentures          issued by the Partnership and incorporates or refers to the SBIC Act          or any provision of the SBIC Act (including, without limitation, 13          C.F.R. §§ 107.1810(i), 107.1820, and 107.1830 - 107.1850)) will, with          respect to each Debenture, be deemed to refer to the SBIC Act or such          SBIC Act provision as in effect on the date on which the Debenture was          purchased from the Partnership.

    (b)    Section 4.04(a) will not be construed to apply to:**
        (i) **the provisions of the SBIC Act which relate to the              regulatory authority of SBA under the SBIC Act over the              Partnership as a licensed small business investment company; or**
        (ii) **the rights of SBA under any other agreement between the              Partnership and SBA.
    (c) The parties acknowledge that references in this Agreement to          the provisions of the SBIC Act relating to SBA's regulatory authority          refer to the provisions as in effect from time to time.**
Section 4.05 SBA as Third Party        Beneficiary.
**    SBA will be deemed an express third party beneficiary of the provisions    of this Agreement to the extent of the rights of SBA under this Agreement    and under the Act. SBA will be entitled to enforce the provisions    (including, without limitation, the obligations of each Partner to make    capital contributions to the Partnership) for its benefit, as if SBA were a    party to this Agreement.**
Section 4.06 Interest of the General        Partner After Withdrawal.

    If the General Partner withdraws as a general partner of the Partnership    by notice from SBA as provided in the SBIC Act or otherwise, then the entire    interest of the General Partner in the Partnership will be converted into an    interest as a Special Private Limited Partner on the terms provided in    Section 8.03(c).
**ARTICLE 5Partners' Capital Contributions**
Section 5.01 Capital Commitments. 

    The Private Limited Partners and the General Partner commit to make    capital contributions to the Partnership in the amounts set forth by their    respective names on the signature pages of this Agreement (and its    counterparts) executed by each such Partner*.*
Section 5.02 Capital Contributions by the        Private Limited Partners. 

    (a) **All capital contributions to the Partnership by Private          Limited Partners must be in cash, except as provided in this Agreement          and approved by SBA.**

**   **(b) The Private Limited Partners will contribute to the capital of          the Partnership in cash the aggregate amount that is set forth          opposite their respective names on Schedule A payable in such          installments, as specified by the General Partner in its sole          discretion, from time to time, upon not less than ten (10) business          days' prior notice; provided that the time requirement for such notice          may be waived by a Limited Partner.

Section 5.03 Capital Contributions by the        General Partner.
**    (a) All capital contributions to the Partnership by the General          Partner must be in cash, except as provided in this Agreement and          approved by SBA.**
    (b) The General Partner must pay its Commitment in installments at          the same times and in the same percentage amounts as the Private          Limited Partners.

    (c) If the Commitment of the General Partner is increased as a          result of an increase in the Commitment of the Private Limited          Partners or the admission of any Additional Private Limited Partner,          the amount of the increased Commitment will be payable by the General          Partner in installments, the first of which will be due upon the          effectiveness of the increased Commitment and each subsequent          installment will be due at the same times and in the same percentage          amounts as the Private Limited Partners. 

    (d) When the partnership is liquidated, the General Partner will          contribute to the Partnership within the time period provided in          Treasury Regulation § 1.704-(1)(b)(2)(ii)(b)(3) an amount equal to any          deficit balance in its Capital Account after giving effect to its          contribution of its Commitment as provided in Section 5.03(a) and          (b). 

Section 5.04     No Additional Private Limited        Partners.

    No Private Limited Partners other than the Parent Fund may be admitted to    the Partnership. 

Section 5.05 Conditions to the Commitments        of the General Partner and the Private Limited Partners.

    (a) **Notwithstanding any provision in this Agreement to the          contrary, on the earlier of (i) the completion of the liquidation of          the Partnership or (ii) one year from the commencement of the          liquidation, the General Partner and the Private Limited Partners will          be obligated to contribute any amount of their respective Commitments          not previously contributed to the Partnership, if and to the extent          that the other Assets of the Partnership have not been sufficient to          permit at that time the redemption of all Outstanding Leverage, the          payment of all amounts due with respect to the Outstanding Leverage as          provided in the SBIC Act, and the payment of all other amounts owed by          the Partnership to SBA.**
    (b) **The provisions of this Section do not apply to the          Commitment of any Private Limited Partner whose obligation to make          capital contributions has been terminated or who has withdrawn from          the Partnership, with the consent of SBA, under a provision of this          Article 5 or Article 8 or any agreement, release, settlement or action          under any provision of this Agreement. No Private Limited Partner or          General Partner has any right to delay, reduce or offset any          obligation to contribute capital to the Partnership called under this          Section by reason of any counterclaim or right to offset by the          Partner or the Partnership against SBA.**
Section 5.06 Termination of the Obligation        to Contribute Capital.

    (a) **Any Private Limited Partner may elect to terminate its          obligation in whole or in part to make a capital contribution required          under this Agreement, or upon demand by the General Partner, will no          longer be entitled to make such capital contribution, if the Private          Limited Partner or the General Partner obtains an opinion of counsel          as provided under Section 5.07 to the effect that making such          contribution would require the Private Limited Partner to withdraw          from the Partnership under Section 8.06 through Section 8.10.**
    (b) **Upon receipt by the General Partner of a notice and opinion          as provided under Section 5.07, unless cured within the period          provided under Section 5.08, the Commitment of the Private Limited          Partner delivering the opinion will be deemed to be reduced by the          amount of such unfunded capital contribution and this Agreement will          be deemed amended to reflect a corresponding reduction of aggregate          Commitments to the Partnership.**
Section 5.07 Notice and Opinion of Counsel.

    (a) **A copy of any opinion of counsel issued as described in          Section 5.06 or Section 8.06 through Section 8.10 must be sent by the          General Partner to SBA, together with (i) the written notice of the          election of the Private Limited Partner or (ii) the written demand of          the General Partner, to which the opinion relates.**
    (b) **An opinion rendered to the Partnership as provided in          Section 5.06 or Section 8.06 through Section 8.10 will be deemed          sufficient for the purposes of those Sections only if the General          Partner and SBA each approve (i) the counsel rendering the opinion,          and (ii) the form and substance of the opinion.**
Section 5.08 Cure, Termination of Capital        Contributions and Withdrawal.

    (a) **Unless within ninety (90) days after the giving of written          notice and opinion of counsel, as provided in Section 5.07, the          Private Limited Partner or the Partnership eliminates the necessity          for termination of the obligation of the Private Limited Partner to          make further capital contributions or for the withdrawal of the          Private Limited Partner from the Partnership in whole or in part to          the reasonable satisfaction of the Private Limited Partner and the          General Partner, the Private Limited Partner will withdraw from the          Partnership in whole or in part to the extent required, effective as          of the end of the ninety (90) day period.**
    (b) **Subject to the provisions of Section 5.10, in its discretion          the General Partner may waive all or any part of the ninety (90) day          cure period and cause such termination of capital contributions or          withdrawal to be effective at an earlier date as stated in the          waiver. **
    (c) **Any distributions made to a Private Limited Partner with          respect to such Partner's withdrawal under this Section will be          subject to and made as provided in Section 8.11.**
Section 5.09 Failure to Make Required        Capital Contributions. 
**    The Partnership is entitled to enforce the obligations of each Partner to    make the contributions to capital specified in this Agreement. The    Partnership has all rights and remedies available at law or equity if any    such contribution is not so made. **
   Section 5.10 Notice and Consent of SBA        with respect to Capital Contribution Defaults.

    (a) **The Partnership must give SBA prompt written notice of any          failure by a Private Limited Partner to make any capital contribution          to the Partnership required under this Agreement when due, which          failure continues beyond any applicable grace period specified in this          Agreement.**
    (b) **Unless SBA has given its prior consent or the provisions of          subsection (c) of this Section have become applicable, the Partnership          will not (i) take any action (including entering into any agreement          (whether oral or written), release or settlement with any Partner)          which defers, reduces, or terminates the obligations of the Partner to          make contributions to the capital of the Partnership, or (ii) commence          any legal proceeding or arbitration, which seeks any such deferral,          reduction or termination of such obligation. Without the consent of          SBA (including SBA's deemed consent under subsection (c) of this          Section) no such agreement, release, settlement or action taken will          be effective with respect to the Partnership or any Partner.**
    (c) **If the Partnership has given SBA thirty (30) days prior          written notice of any proposed legal proceeding, arbitration or other          action described under subsection (b) of this Section with respect to          any default by a Private Limited Partner in making any capital          contribution to the Partnership, and the Partnership has not received          written notice from SBA that it objects to the proposed action within          the thirty (30) day period, then SBA will be deemed to have consented          to the proposed Partnership action.**
    (d) **Any notice given by the Partnership to SBA under this          Section must:**
        (i) **be given by separate copies directed to each of the              Investment Division and the Office of the General Counsel of SBA;**
        (ii) **explicitly state in its caption or first sentence that              the notice is being given with respect to a specified default by a              Private Limited Partner in making a capital contribution to the              Partnership and a proposed legal proceeding, arbitration,              agreement, release, settlement or other action with respect to              that default; and**
        (iii) **state the nature of the default, the identity of the              defaulting Private Limited Partner, and the nature and terms of              the proposed legal proceeding, arbitration, agreement, release,              settlement or other action with respect to that default.**
Section 5.11 Interest on Overdue        Contributions.

    In the event that any Private Limited Partner fails to make a    contribution required under this Agreement within ten (10) days after the    date such contribution is due, then the General Partner may, in its sole    discretion, elect to charge such Private Limited Partner interest at an    annual rate equal to the then current prime rate published in The Wall    Street Journal dated the business day preceding the tenth day after such    contribution is due, plus two percent (2%) per annum on the amount due from    the date such amount became due until the earlier of (i) the date on which    such payment is received by the Partnership from such Private Limited    Partner or (ii) the date of any notice given to such Private Limited Partner    by the General Partner pursuant to Section 5.12 or Section 5.13 or (iii) the    date on which such payment is received by the Partnership under Section 5.14    or Section 5.15. Any distributions to which such Private Limited Partner is    entitled shall be reduced by the amount of such interest, and such interest    shall be deemed to be income to the Partnership.

Section 5.12 Termination of a Private        Limited Partner's Right to Make Further Capital Contributions.

    In the event that any Private Limited Partner (other than the Parent    Fund) fails to make a contribution required under this Agreement within ten    (10) days after the date such contribution is due, the General Partner may,    in its sole discretion (but only with the consent of SBA given as provided    in Section 5. 10), elect to declare, by notice to such Private Limited    Partner, that:

    (a) Such Private Limited Partner's Commitment shall be deemed to be          reduced to the amount of any contributions of capital timely made          pursuant to this Agreement; and

    (b) Upon such notice (i) such Private Limited Partner shall have no          right to make any capital contribution thereafter (including the          contribution as to which the default occurred and any contribution          otherwise required to be made thereafter pursuant to the terms of this          Agreement) and (ii) this Agreement shall be deemed amended to reflect          such reduced Commitment.

Section 5.13 Forfeiture of a Private        Limited Partner's Interest in the Partnership. 

    In the event that any Private Limited Partner (other than the Parent    Fund) fails to make a contribution required under this Agreement within ten    (10) days after notice by the General Partner to such Private Limited    Partner that it has failed to make its contribution on the date such    contribution was due, the General Partner may in its sole discretion (but    only with the consent of SBA given as provided in Section 5. 10) elect to    declare, by notice of forfeiture to such Private Limited Partner, that one    hundred percent (100%) of the interest of such Private Limited Partner in    the Partnership (including amounts in its Capital Account as well as any    interest in future profits, losses or distributions of the Partnership) is    forfeited, effective as of the date of such Private Limited Partner's    failure to make such required contribution. As of the date such notice of    forfeiture is given (i) the Private Limited Partner shall cease to be a    Partner with respect to such forfeited interest; provided, however,    that such forfeited Private Limited Partner shall cease to have any    liability for the payment of the forfeited percentage of any capital    contributions due at such time or in the future and (ii) the forfeited    percentage of such Private Limited Partner's Capital Account shall be held    by the Partnership and reallocated among the Capital Accounts of the    Partners pro rata in proportion to their respective Percentage Interests    (other than such forfeited Private Limited Partner) to be apportioned among    such Private Limited Partners in accordance with their respective aggregate    capital contributions.

Section 5.14 Withholding and Application        of a Private Limited Partner's Distributions.

    No part of any distribution shall be paid to any Private Limited Partner    (other than the Parent Fund) from which there is then due and owing to the    Partnership, at the time of such distribution, any amount required to be    paid to the Partnership. At the election of the General Partner, which it    may make in its sole discretion, the Partnership may either (i) apply all or    part of any such withheld distribution in satisfaction of the amount then    due to the Partnership from such Private Limited Partner or (ii) withhold    such distribution until all amounts then due are paid to the Partnership by    such Private Limited Partner. Upon payment of all amounts due to the    Partnership (by application of withheld distributions or otherwise), the    General Partner shall distribute any unapplied balance of any such withheld    distribution to such Private Limited Partner. No interest shall be payable    on the amount of any distribution withheld by the Partnership pursuant to    this Section.

Section 5.15 Required Sale of a Private        Limited Partner's Interest in the Partnership. 

    In the event that any Private Limited Partner (other than the Parent    Fund) fails to make a contribution required under the Agreement within    ten(10) days after notice by the General Partner to such Private Limited    Partner that it has failed to make its contribution on the date such    contribution was due, unless the General Partner has acted pursuant to    Section 5.12 or Section 5.13, the General Partner may, in its sole    discretion, (but only with the consent of SBA given as provided in Section    5.10) elect to declare by notice of default to such Private Limited Partner    that such Private Limited Partner is in default. If the General Partner so    elects to declare such Private Limited Partner in default (such Private    Limited Partner being hereinafter referred to as the "Optionor"), then the    other Private Limited Partners of the Partnership which are not in default    (the "Optionees") and the General Partner shall have the right and option to    acquire one hundred percent (100%) of the Partnership interest, which shall    include one hundred percent (100%) of the Capital Account (the "Optioned    Partnership Interest") of the Optionor on the following terms:

        (a) The General Partner shall give the Partners notice promptly          after declaration of any such default. Such notice shall advise each          Optionee of the portion of the Optioned Partnership Interest available          to it and the price therefor. The portion available to each Optionee          shall be that portion of the Optioned Partnership Interest that bears          the same ratio to the Optioned Partnership Interest as each Optionee's          capital contributions to the Partnership bears to the aggregate          capital contributions to the Partnership, exclusive of the capital          contributions to the Partnership of the Optionor. The aggregate price          for the Optioned Partnership Interest shall be the assumption of the          unpaid Commitment obligation (both that portion then due and amounts          due in the future) of the Optionor (the "Option Price"). The Option          Price for each Optionee shall be prorated according to the portion of          the Optioned Partnership Interest purchased by each such Optionee so          that the percentage of the unpaid Commitment assumed by each Optionee          is the same as the percentage of the Optioned Partnership Interest          purchased by such Optionee. The option granted hereunder shall be          exercisable by each Optionee in whole only at any time within ten (10)          days of the date of the notice from the General Partner by the          delivery to the General Partner of (i) a notice of exercise of option,          and (ii) the capital contribution due in accordance with Section 5.15          (e)(i). The General Partner shall forward the above notices of          exercise of option received to the Optionor.

        (b) Should any Optionee not exercise its option within the period          provided in subsection (a), the General Partner, within ten (10) days          of the end of such period, shall notify the other Optionees who have          previously exercised their options in full, which Optionees shall have          the right and option ratably among them to acquire the portion of the          Optioned Partnership Interest not so acquired (the "Remaining          Portion") within ten (10) days of the date of the notice specified in          this subsection on the same terms as provided in Section 5.15(a).

        (c) The amount of the Remaining Portion not acquired by the          Optionees pursuant to Section 5.15(b) may be acquired by the General          Partner within ten (10) days of the expiration of the period specified          in subsection (b) on the same terms as set forth in Section 5.15(a).

        (d) The amount of the Remaining Portion not acquired by the          Optionees and the General Partner pursuant to Section 5.15(c) may, if          the General Partner deems it in the best interest of the Partnership,          be sold to any other persons on terms not more favorable to such          purchaser than the Optionees' option (and the General Partner may          admit any such third party purchaser as a Private Limited Partner,          subject to the approval of SBA, if required under the SBIC Act). Any          consideration received by the Partnership for such amount of the          Optionor's interest in the Partnership in excess of the Option Price          therefor shall be retained by the Partnership and allocated among the          Partners' Capital Accounts in proportion to the respective Partners'          capital contributions.

        (e) Upon exercise of any option hereunder, such Optionee (or the          General Partner, if it has exercised its rights pursuant to Section          5.15(c)) shall be deemed to have assumed the portion of the Optionor's          unpaid Commitment that constitutes the Option Price for the portion of          the Optioned Partnership Interest purchased by such Optionee, and          shall be obligated (i) to contribute to the Partnership the portion of          the capital contribution then due from the Optionor equal to the          percentage of the Optioned Partnership Interest purchased by such          Optionee and (ii) to pay the same percentage of any further          contributions which would have otherwise been due from such Optionor.

        (f) Upon the purchase by the General Partner of any portion of the          Optioned Partnership Interest in the Partnership pursuant to Section          5.15(c), the General Partner shall also become a Private Limited          Partner to the extent of such interest.

        (g) Upon the purchase of any portion of any Optioned Partnership          Interest by an Optionee, the General Partner or other person pursuant          to this Section, the Optionor shall have no further rights or          obligations under this Agreement with respect to such portion.

        (h) Upon the purchase of any portion of the Optioned Partnership          Interest, for purposes of computing such purchaser's aggregate capital          contributions, such purchaser shall be deemed to have aggregate          capital contributions (or the aggregate capital contributions of any          Optionee, shall be increased by an amount) equal to the percentage of          the defaulting Private Limited Partner's aggregate capital          contribution which the purchased portion of the Optioned Partnership          Interest represents of the defaulting Private Limited Partner's entire          Partnership interest, and the aggregate capital contributions of such          defaulting Private Limited Partner shall be reduced by a corresponding          amount.
**ARTICLE 6Adjustment of Capital Accounts**
Section 6.01 Establishment of Capital        Accounts.
**    There will be established on the books of the Partnership an Opening    Capital Account for each Partner in accordance with the definitions and    methods of allocation prescribed in this Agreement.**
Section 6.02 Time of Adjustment of Capital        Accounts.
**    Allocations will be made to the Opening Capital Account of each Partner    in accordance with Section 6.03, as of the following dates:

        (i) the close of each fiscal year of the Partnership;

        (ii) the day before the date of the admission of an Additional              Private Limited Partner or increase in any Private Limited              Partner's Commitment;

        (iii) the day before the dissolution of the Partnership;

        (iv) the date of a distribution; and

        (v) such other dates as this Agreement may provide.**
Section 6.03 Adjustments to Capital        Accounts. 

    (a) **As of the times stated in Section 6.02, allocations will be          made to the Opening Capital Accounts of the Partners to arrive at each          Partner's Closing Capital Account for the period in the following          order and amounts:**
        (i) **The amount of any capital contributions paid by each              Partner during such period will be credited to the Partner's              Opening Capital Account (other than capital contributions referred              to in clause (i) of the definition of "Opening Capital Account" in****Article 1); provided, however, that any such capital              contribution will be credited to the Partner's Opening Capital              Account on the later of the date the capital contribution was due              or the date on which the capital contribution was actually              received by the Partnership;**
        (ii) **The amount of any distributions made to each Partner              during the period will be debited against the Partner's Opening              Capital Account;**
        (iii) **Net Profits will be credited and Net Losses will be              debited to the Opening Capital Accounts of the Partners in              proportion to their respective Percentage Interests.**
    (b) **Notwithstanding the provisions of Section 6.03(a)(iii):**
        (i) **at such time as the Capital Account of the General              Partner or any Private Limited Partner is reduced to an amount              equal to the aggregate capital contributions of such Partner (less              all distributions to such Partner), the balance of all Net Losses              will be allocated:**
            (A) **first, to the remaining Capital Accounts of the                  General Partner and Private Limited Partners which have not                  been reduced to zero (to be apportioned among them in                  accordance with their respective positive Capital Accounts);                  and**
            (B) **second, after the Capital Accounts of all Private                  Limited Partners have been reduced to zero, then the balance                  to the General Partner.**

**   **(ii) **If Net Losses are allocated in accordance with the              foregoing clause (i), any Net Profits that are required to be              allocated after such special allocation of Net Losses as provided              in the foregoing clause will be allocated:**
           (A) **first, to the General Partner until the effect of                  the special allocation of Net Losses under clause (i)(B) is                  reversed and eliminated; and**
          (B) **second, to the General Partner and Private Limited                  Partners to whom the allocation of such Net Losses has been                  made under clause (i)(A) until the effect of such special                  allocation of Net Losses has been reversed and eliminated.**

**   **(c) **To the extent not otherwise accomplished by the provisions          of Section 6.03(a) and Section 6.03(b), the Opening Capital Accounts          of the Partners will be adjusted to effect any allocation of any item          of income, gain, loss, deduction or credit to a Partner required by          the Code.**

Section 6.04 Tax Matters.

    (a) If at the end of a fiscal year of the Partnership, a Private          Limited Partner unexpectedly receives an adjustment, allocation, or          distribution described in clauses (4), (5) and (6) of Treasury          Regulation § 1.704-1(b)(2)(ii) and that adjustment, allocation, or          distribution reduces that Private Limited Partner's Opening Capital          Account below zero (0), then the Private Limited Partner will be          allocated all items of income and gain of the Partnership for that          year and for all subsequent fiscal years until the deficit balance has          been eliminated as provided in Treasury Regulation § 1.704-1(b)(2)(ii)(d),          as quickly as possible. If any such unexpected adjustment, allocation          or distribution creates a deficit balance in the Opening Capital          Accounts of more than one Private Limited Partner in any fiscal year,          all items of income and gain of the Partnership for the fiscal year          and all subsequent fiscal years will be allocated among all such          Private Limited Partners in proportion to their respective deficit          balances until such balances have been eliminated. If any allocation          is made pursuant to this paragraph, subsequent allocations shall be          made (in a manner consistent with this paragraph) to offset the          effects of such prior allocation. This provision is intended to          qualify as a "qualified income offset" within the meaning of Treasury          Regulation § 1.704-1(b)(2)(ii)(d). 

    (b) For Federal, state and local income tax purposes, each item of          Partnership income, credit, gain or loss will be allocated among the          Partners as provided in Section 6.03.

    (c) The General Partner has the power to make such allocations and          to take such actions necessary under the Code or other applicable law          to effect and to maintain the substantial economic effect of          allocations made to the Partners under Section 704(b) of the Code. All          allocations made and other actions taken by the General Partner under          this paragraph will be consistent to the maximum extent possible with          the provisions of this Agreement.

    (d) The General Partner is the "tax matters partner," as the term          is used in the Code.

    (e) The General Partner is expressly authorized to (i) elect that          the Partnership be classified as a partnership for federal tax          purposes, and (ii) to make any election or other action on behalf of          the Partnership permitted under the Code with respect to the election          of that tax classification.

    (f) The General Partner must keep the Partners informed of all          administrative and judicial proceedings with respect to Partnership          tax returns or the adjustment of Partnership items. Any Partner who          enters into a settlement agreement with respect to Partnership items          must promptly give the General Partner notice of the settlement          agreement and terms that relate to Partnership items.

    (g) Anything contained in this Agreement to the contrary          notwithstanding, if the Partnership is deemed liquidated within the          meaning of Treasury Regulation § 1.704-1(b)(2)(ii)(g) but has not          dissolved under Section 8.01(a), then the assets of the Partnership          will, after provision for payment to creditors, be deemed distributed          to the Partners in accordance with Treasury Regulation          § 1.704-1(b)(2)(ii)(b)(2) and immediately recontributed to the          Partnership and the General Partner must make the contributions          contemplated by Section 5.03(d).
**ARTICLE 7Distributions**
Section 7.01 Distributions to Partners. 

    (a) **The Partnership may make distributions of cash and/or          property, if any, at such times as the SBIC Act permits and as are          determined under this Agreement. **
    (b) **All distributions must be made to the Partners in proportion          to their respective Percentage Interests.**
Section 7.02 Distributions of Noncash        Assets in Kind. 

    (a) **Subject to the provisions of the SBIC Act and the provisions          of this Section, the Partnership at any time may distribute Noncash          Assets in kind. **
    (b) **Any distribution of Noncash Assets will be made prorata among the Partners (based upon the respective amounts          which each Partner would be entitled to receive if the distribution          were made in cash) with respect to the distribution of each Noncash          Asset.**
    (c) **Distributions of Noncash Assets in kind before the          dissolution of the Partnership will be made only (i) if the Noncash          Assets are Distributable Securities or (ii) with the prior approval of          the Parent Fund.**
    (d) Subject to the SBIC Act, Noncash Assets distributed in kind          under this Section 7.02 will be subject to such conditions and          restrictions as are legally required, including, without limitation,          such conditions and restrictions required to assure compliance by the          Partners and/or the Partnership with the aggregation rules and volume          limitations under Rule 144 promulgated under the Securities Act.

Section 7.03 Distributions Violative of        the Act Prohibited. 

    Notwithstanding anything contained in this Agreement to the contrary, no    distribution may be made by the Partnership if and to the extent that such    distribution would violate Section 17-607 of the Act.
**ARTICLE 8Dissolution, Liquidation, Winding Up and Withdrawal**
Section 8.01 Dissolution. 

    (a) **The Partnership will be dissolved upon the first to occur of          the following:**
        (i) subject to Section 8.04 of this Agreement, an event of              withdrawal (as defined in Sections 17-101(3) and 17-402 of the              Act) of the General Partner;

        (ii) **the later of:**
            (A) **ten (10) years from the formation of the                    Partnership; or**
            (B) **two years after all Outstanding Leverage has                    matured; or **
        (iii) the determination of the Partners to dissolve and              terminate the Partnership as provided in Section 8.01(c).

    (b) **The Partnership will not dissolve upon the withdrawal,          dissolution, bankruptcy, death or adjudication of incompetence or          insanity of any Private Limited Partner.**
    (c) The Parent Fund**may elect to dissolve the Partnership by          giving notice to each Partner and SBA of the election. Any notice of          an election to dissolve the Partnership may only be given:**
        (i) **on or after the tenth (10th) anniversary of              the date hereof;**
        (ii) **if all Outstanding Leverage has been repaid or              redeemed; and**
        (iii) **if all amounts due the SBA, its agent or trustee have              been paid. 
    Any election to dissolve the Partnership given under this Section 8.01(c)    will not be effective until the later of: (A) thirty (30) days from the date    the notice is given to all parties or (B) the effective date of dissolution    stated in the notice.**
    (d) The Parent Fund and the General Partner may elect to extend the          date set forth in Section 8.01(a)(ii)(A) and Section 8.01(c)(i) at any          time within ninety (90) days prior to such date. Such date can be          extended by any such election for up to three (3) additional          successive periods of one (1) year each.

 

Section 8.02 Winding Up.

    (a) Subject to the SBIC Act and Section 8.03, when the Partnership          is dissolved, the property and business of the Partnership will be          liquidated by the General Partner or if there is no General Partner or          the General Partner is unable to act, a person designated by the          Parent Fund.

    (b) Within a reasonable period (and subject to the requirements of          Treasury Regulation §§ 1.704-1(b)(ii)(g) and 1.704-1(b)(2)(ii)(b)(2))          after the effective date of dissolution of the Partnership, the          affairs of the Partnership will be wound up and the Partnership's          assets will be distributed as follows:

        (i)    First, to the payment of the debts and            liabilities of the Partnership and the expenses of liquidation;

       (ii)    Second, to the setting up of any reserves that            the General Partner may deem reasonably necessary for any contingent            or unforeseen liabilities or obligations of the Partnership or of            the Partners arising out of or in connection with the Partnership;            

        (iii)    Third, to the distribution to each of the            Partners of the amounts in their respective Capital Accounts or, if            the amount available is less than the aggregate amount of such            Capital Accounts, then pro rata to the Partners in proportion to the            amounts in their respective Capital Accounts; and

      (iv)    Any balance remaining shall be distributed among            the Partners, pro rata in proportion their respective Percentage            Interests.

Section 8.03 Withdrawal of the General        Partner. 

    (a) Except as provided in Section 4.03, the General Partner may not          withdraw as the general partner of the Partnership without the          approval of the Parent Fund.

    (b) **To the extent required by the SBIC Act, no transfer of the          interest of the General Partner, or any portion of such interest, will          be effective without the consent of SBA.**
    (c) Subject to the limitations set forth in Section 8.03(b),          Section 10.01(b), Section 10.01(d), or Section 10.01(f), any person          who acquires the interest of the General Partner, or any portion of          such interest, in the Partnership, will not be a General Partner but          will become a special private limited partner (a "Special Private          Limited Partner") upon his written acceptance and adoption of all the          terms and provisions of this Agreement. Such person will acquire no          more than the interest of the General Partner in the Partnership as it          existed on the date of the transfer, but will not be entitled to any          priority given to the Private Limited Partners, their successors and          assigns, in respect of the interest. No such person will have any          right to participate in the management of the affairs of the          Partnership or to vote with the Private Limited Partners, and the          interest acquired by such person will be disregarded in determining          whether any action has been taken by any percentage of the limited          partnership interests. 

    (d) Upon an event of withdrawal of the General Partner without          continuation of the Partnership as provided in Section 8.04, the          affairs of the Partnership will be wound up in accordance with the          provisions of Section 8.02.

Section 8.04 Continuation of the        Partnership After the Withdrawal of the General Partner.

    Upon the occurrence of an event of withdrawal (as defined in the Act) of    the General Partner, the Partnership will not be dissolved, if, within    ninety (90) days after the event of withdrawal,**the Parent Fund    agrees in writing to continue the business of the Partnership and to the    appointment of one or more additional general partners (subject to the    approval of SBA), effective as of the date of withdrawal of the General    Partner.

Section 8.05 Withdrawals of Capital.

    Except as specifically provided in this Agreement, withdrawals by a    Partner of any amount of its Capital Account are not permitted. 

Section 8.06 Withdrawal by ERISA Regulated        Pension Plans. 

    **Notwithstanding any other provision of this Agreement, any Private    Limited Partner that is**(x) an "employee benefit plan" within the    meaning of, and subject to the provisions of, ERISA, or (y) any other    Person, any of the assets of which constitute "plan assets" of **an    "employee benefit plan" within the meaning of, and subject to the provisions    of, ERISA, may elect to withdraw from the Partnership in whole or in part,    or upon demand by the General Partner must withdraw from the Partnership in    whole or in part, if either such Private Limited Partner or the General    Partner obtains an opinion of counsel to the effect that, as a result of    ERISA, (i) the withdrawal of the Private Limited Partner from the    Partnership to such extent is required to enable the Private Limited Partner    to avoid a violation of, or breach of the fiduciary duties of any person    under ERISA (other than a breach of the fiduciary duties of any such person    based upon the investment strategy or performance of the Partnership) or any    provision of the Code related to ERISA or (ii) all or any portion of the    assets of the Partnership (as opposed to the Private Limited Partner's    partnership interest) constitute assets of the Private Limited Partner for    purposes of ERISA and are subject to the provisions of ERISA to    substantially the same extent as if owned directly by the Private Limited    Partner.**
Section 8.07 Withdrawal by Government        Plans Complying with State and Local Law. 
**    Notwithstanding any other provision of this Agreement, any Private    Limited Partner that is a "government plan" within the meaning of ERISA may    elect to withdraw from the Partnership in whole or in part, or upon demand    by the General Partner must withdraw from the Partnership in whole or in    part, if either such Private Limited Partner or the General Partner obtains    an opinion of counsel to the effect that as a result of state statutes,    regulations, case law, administrative interpretations or similar authority    applicable to the "government plan", the withdrawal of such Private Limited    Partner from the Partnership to such extent is required to enable the    Private Limited Partner or the Partnership to avoid a violation (other than    a violation based upon the investment performance of the Partnership) of the    applicable state law.**
Section 8.08 Withdrawal by Government        Plans Complying with ERISA. 
**    Notwithstanding any other provision of this Agreement, any Private    Limited Partner that is a "government plan" within the meaning of ERISA may    elect to withdraw from the Partnership in whole or in part, if the    "government plan" obtains an opinion of counsel to the effect that, as a    result of ERISA, (i) the withdrawal of the "government plan" from the    Partnership to such extent would be required if it were an "employee benefit    plan" within the meaning of, and subject to the provisions of, ERISA, to    enable the "government plan" to avoid a violation of, or breach of the    fiduciary duties of any person under ERISA (other than a breach of the    fiduciary duties of any such person based upon the investment strategy or    performance of the Partnership) or any provision of the Code related to    ERISA or (ii) all or any portion of the assets of the Partnership would    constitute assets of the "government plan" for the purposes of ERISA, if the    "government plan" were an "employee benefit plan" within the meaning of, and    subject to the provisions of, ERISA and would be subject to the provisions    of ERISA to substantially the same extent as if owned directly by the    "government plan."**
Section 8.09 Withdrawal by Tax Exempt        Private Limited Partners. 
**    Notwithstanding any other provision of this Agreement, any Private    Limited Partner that is exempt from taxation under Section 501(a) or    501(c)(3) of the Code may elect to withdraw from the Partnership in whole or    in part, if the Private Limited Partner obtains an opinion of counsel to the    effect that as a result of applicable statutes, regulations, case law,    administrative interpretations or similar authority, the withdrawal of the    Private Limited Partner from the Partnership to such extent is required to    enable the tax exempt Private Limited Partner to avoid loss of its tax    exempt status under Section 501(a) or 501(c)(3) of the Code.**
Section 8.10 Withdrawal by Registered        Investment Companies. 
**    Notwithstanding any other provision of this Agreement, any Private    Limited Partner that is an "investment company" subject to registration    under the Investment Company Act, may elect to withdraw from the Partnership    in whole or in part, or upon demand by the General Partner must withdraw    from the Partnership in whole or in part, if either such Private Limited    Partner or the General Partner obtains an opinion of counsel to the effect    that, as a result of the Investment Company Act, the withdrawal of the    Private Limited Partner from the Partnership to such extent is required to    enable such Private Limited Partner or the Partnership to avoid a violation    of applicable provisions of the Investment Company Act or the requirement    that the Partnership register as an investment company under the Investment    Company Act.**
Section 8.11 Distributions on Withdrawal. 

    (a) **Subject to the provisions of this Section, upon withdrawal          under any provision of this Agreement, a Private Limited Partner will          have the rights to distributions provided in the Act with respect to          distributions to be made to limited partners upon withdrawal from a          limited partnership.**
    (b) **The Partnership will not make any distribution to any          Partner in connection with its withdrawal under any provision of this          Agreement or the Act, unless the distribution is permitted by the SBIC          Act and SBA has given its consent to such distribution before the          distribution is made.**
    (c) **Except in the case of distributions made as permitted under          subsection (b), the right of any Partner to receive any distribution          from the Partnership as a result of such Partner's withdrawal,          including any right any Partner may have as a creditor of the          Partnership with respect to the amount of any such distribution, is          subordinate to any amount due to SBA by the Partnership.**
**ARTICLE 9Accounts, Reports and Auditors

Section 9.01 Books of Account.

    (a) **The Partnership must maintain books and records in          accordance with the provisions of the SBIC Act****regarding          financial accounts and reporting and, except as otherwise provided in          this Agreement, generally accepted accounting principles.**
    (b) The books and records of the Partnership must be kept at the          principal place of business of the Partnership. Each Partner will have          access, upon reasonable notice and during regular business hours, to          all books and records of the Partnership for all proper purposes as a          Partner of the Partnership. Each Partner will have the right to          receive copies of such books and records, subject to payment of the          reasonable costs of such copies. 

    (c) The Partnership will not be required to disclose, however, any          confidential or proprietary information received by the Partnership in          connection with its investment operations, except for any disclosure          to SBA required by the SBIC Act. 

Section 9.02 Audit and Report.

    (a) **The financial statements of the Partnership must be audited          and certified as of the end of each fiscal year by a firm of          independent certified public accountants selected by the Partnership.**
    (b) Within ninety (90) days of the end of each fiscal year, the          Partnership must prepare and mail to each Partner a report prepared in          accordance with the provisions of the SBIC Act regarding financial          reporting, setting forth as at the end of the fiscal year: 

        (i) a balance sheet of the Partnership;

        (ii) a statement of operations for the year;

        (iii) a statement of cash flows;

        (iv) a statement of changes in partners' capital, and such              Partner's Closing Capital Account;

        (v) a statement of the Assets, valued as provided under this              Agreement;

        (vi) the amount of such Partner's share in the Partnership's              taxable income or loss for the year, in sufficient detail to              enable it to prepare its Federal, state and other tax returns;

        (vii) any other information the General Partner, after              consultation with any Private Limited Partner requesting the same,              deems necessary or appropriate;

        (viii) upon request by any Partner, such other information as              is needed by such Partner in order to enable it to file any of its              tax returns; and

        (ix) such other information as any Partner may reasonably              request for the purpose of enabling it to comply with any              reporting or filing requirements imposed by any statute, rule,              regulation or otherwise by any governmental agency or authority.

    The items set forth in clauses (i), (ii), (iii), (iv), (v) and (vi) of    this Section 9.02(b) will be certified by the firm of independent certified    public accountants selected by the Partnership

    (c) Within forty-five (45) days of the end of each of the fiscal          quarters, the Partnership will prepare and mail to each Partner a          report of the General Partner prepared in accordance with the          provisions of the SBIC Act regarding financial reporting setting forth          the information described in Section 9.02(b)(i) - (iv), identifying          the securities held by the Partnership and stating the amount of each          security held and the cost and value thereof as determined under          Section 3.08.

Section 9.03 Fiscal Year.
**    The fiscal year of the Partnership will be a twelve-month year (except    for the first and last partial years, if any) ending on December 31. 

 
**ARTICLE 10Miscellaneous**
Section 10.01 Assignability. 

    (a) No Private Limited Partner may assign, pledge or otherwise          grant a security interest in its or his interest in the Partnership or          in this Agreement, except with the prior written consent of the          General Partner (which consent may be withheld in the absolute          discretion of the General Partner). 

     (b) **No General Partner or Private Limited Partner may transfer          any interest of ten percent (10%) or more in the capital of the          Partnership without the prior approval of SBA. **
    (c) **The General Partner may not assign, pledge or otherwise          grant a security interest in its interest in the Partnership or in          this Agreement, except with the prior consent of SBA and the prior          approval of the Parent Fund.**
    (d) **No transfer of any interest in the Partnership will be          allowed if such transfer or the actions to be taken in connection with          that transfer would:**
        (i) **result in any violation of the SBIC Act**;

        (ii) **result in a violation of any law, rule or regulation by              the Partnership**;

        (iii) **cause the termination or dissolution of the              Partnership;**
        (iv) **cause the Partnership to be classified other than as a              partnership for Federal income tax purposes;**
        (v) result in the transfer of a limited partnership interest              with a cost of less than $20,000 or cause the Partnership to be              classified as a "publicly traded partnership" within the meaning              of Section 469(k)(2) of the Code or for the purposes of Section              512(c)(2) of the Code;

        (vi) result in a violation of the Securities Act;

        (vii) require the Partnership to register as an investment              company under the Investment Company Act;

        (viii) require the Partnership, the General Partner or the              Investment Adviser/Manager to register as an investment adviser              under the Investment Advisers Act; or

        (ix) result in a termination of the Partnership for Federal or              state income tax purposes.

    (e) If a natural person Private Limited Partner dies or become          incapacitated, his or her legal representative will, upon execution of          a counterpart of this Agreement, be substituted as a Private Limited          Partner, subject to all the terms and conditions of this Agreement. 

    (f) Any transferee of any interest in the Partnership by a transfer          in compliance with this Section will become a substituted Partner          under this Agreement upon delivery and execution of a counterpart of          this Agreement, will have the same rights and responsibilities under          this Agreement as its assignor and will succeed to the Capital Account          and balances thereof. 

Section 10.02 Binding Agreement.
**    Subject to the provisions of Section 10.01, this Agreement is binding    upon, and inures to the benefit of, the heir, successor, assign, executor,    administrator, committee, guardian, conservator or trustee of any Partner.

Section 10.03 Gender.

    As used in this Agreement, masculine, feminine and neuter pronouns    include the masculine, feminine and neuter; and the singular includes the    plural.

Section 10.04 Notices.

    (a) **All notices under this Agreement must be in writing and may          be given by personal delivery, telex, telegram, private courier          service or registered or certified mail.**
    (b) **A notice is deemed to have been given:**
        (i) **by personal delivery, telex, telegram, or private              courier service, as of the day of delivery of the notice to the              addressee; and**
        (ii) **by mail, as of the fifth (5th) day after the notice is              mailed.**
    (c) **Notices must be sent to:**
        (i) **the Partnership, at the address of the General Partner              in the Certificate of Limited Partnership, or such other address              or addresses as to which the Partners have been given notice;**
        (ii) **the Private Limited Partners, at the addresses in              Schedule A attached to this Agreement (as Schedule A may be              amended from time to time) or such other addresses as to which the              Partnership has been given notice; and**
        (iii) **SBA, at the address of the Investment Division of SBA              and, if so required under any Section of this Agreement, in              duplicate at the address of the Office of the General Counsel of              SBA.**
Section 10.05 Consents and Approvals.
**    A consent or approval required to be given by any party under this    Agreement will be deemed given and effective for purposes of this Agreement    only if the consent or approval is:**
        (i) **given by such party in writing, and**
        (ii) **delivered by such party to the party requesting the              consent or approval in the manner provided for notices to such              party under Section 10.04.**
Section 10.06 Counterparts.

    This Agreement and any amendment to this Agreement may be executed in    more than one counterpart with the same effect as if the parties executed    one counterpart as of the day and year first above written on this Agreement    or any such amendment. To be effective, each separate counterpart must be    executed by the General Partner.

Section 10.07 Amendments.

    (a) **This Agreement may not be amended except by an instrument in          writing executed by the Parent Fund and the General Partner, and          approved by SBA. **
    (b) In addition to the requirements in Section 10.06 and Section          10.07(a), any amendment that:

        (i) increases the amount of a Private Limited Partner's              Commitment requires that Partner's consent;

        (ii) may cause a Private Limited Partner to become liable as a              general partner of the Partnership requires the written consent of              all Partners;

        (iii) amends this Section requires the consent of all Partners;              or

        (iv) dilutes the relative interest of any Private Limited              Partner in the profits or capital of the Partnership or in              allocations or distributions attributable to the ownership of such              interest requires that Partner's consent;

    (c) Each Private Limited Partner consents to:

        (i) any amendment of this Agreement or the Certificate of              Limited Partnership to comply with or conform to any amendments of              applicable laws governing the Partnership; and

        (ii) any amendment to this Agreement that the General Partner              reasonably determines is necessary or advisable in connection with              Partnership's efforts to receive a license to operate as an SBIC;              provided, however, that such consent with respect to any such              amendment is contingent on the General Partner having reasonably              determined that such amendment will not subject any Private              Limited Partner (or any limited partner of any Private Limited              Partner) to any material adverse economic consequences, alter or              waive the right to receive allocations and distributions that              otherwise would be made to any Private Limited Partner (or any              limited partner of any Private Limited Partner), or alter or waive              in any material respect the duties and obligations of the General              Partner to the Partnership or any Private Limited Partner (or any              limited partner of any Private Limited Partner).

    (d) **The General Partner must distribute to each Private Limited          Partner and SBA a copy of:**
        (i) **any Certificate of Amendment to the Certificate of              Limited Partnership, and**
        (ii) **any amendment to this Agreement.**
    (e) **Copies of any Certificate of Amendment to the Certificate of          Limited Partnership, and any amendment to this Agreement must be          distributed in the same manner as provided for notices in Section          10.04.**
Section 10.08 Power of Attorney.

    (a) Each Private Limited Partner appoints the General Partner, and          each general partner of the General Partner, as its true and lawful          representative and attorney-in-fact, in its name, place and stead, to          make, execute, sign and file:

        (i) any amendments of this Agreement necessary to reflect an              amendment of this Agreement adopted by the Partners under Section              10.07; and

        (ii) all instruments, documents and certificates which, from              time to time, may be required by the law of the United States of              America, the State of Delaware or any other state in which the              Partnership determines to do business, or any political              subdivision or agency thereof, to execute, implement and continue              the valid and subsisting existence of the Partnership and in              conformance to the provisions of this Agreement.

    (b) The General Partner and its partners, as representatives and          attorneys-in-fact, do not have any rights, powers or authority to          amend or modify this Agreement when acting in such capacity, except as          expressly provided in this Agreement. This power of attorney is          coupled with an interest and will continue in full force and effect          notwithstanding the subsequent death or incapacity of such party.

Section 10.09 Applicable Law.

    **This Agreement is governed by, and construed in accordance with,    applicable Federal laws and the laws of the State of Delaware.**
Section 10.10 Severability.
**    If any one or more of the provisions contained in this Agreement, or any    application of any such provision, is invalid, illegal, or unenforceable in    any respect, the validity, legality and enforceability of the remaining    provisions contained in this Agreement and all other applications of any    such provision will not in any way be affected or impaired.**
Section 10.11 Entire Agreement.
**    This Agreement, and all other written agreements executed by or on behalf    of the General Partner and/or the Private Limited Partners and executed or    approved by SBA, up to and including the date of this Agreement (such other    written agreements, collectively, the "SBA Agreements"), state the entire    understanding among the parties relating to the subject matter of this    Agreement and the SBA Agreements. Any and all prior conversations,    correspondence, memoranda or other writings are merged in, and replaced by    this Agreement and the SBA Agreements, and are without further effect on    this Agreement and the SBA Agreements. No promises, covenants,    representations or warranties of any character or nature other than those    expressly stated in this Agreement and the SBA Agreements have been made to    induce any party to enter into this Agreement or any SBA Agreement.**
    IN WITNESS WHEREOF, the parties to this Agreement have executed this    Agreement as of the date first written above.
**General Partner:**
Rand Capital Management, LLC

 

By:   /s/ Allen F. Grum, Jr.                              Name:  Allen F.                        Grum, Jr.      Title:     President

Commitment Amount:

$50,000

 
**Private Limited Partner:**
Rand Capital Corporation

 

By:  /s/ Allen F. Grum, Jr.                             Name:  Allen F. Grum, Jr.     Title:     President

Commitment Amount:

$5,000,000

Address of Private Limited Partner:

2200 Rand Building                        Buffalo, NY 14203

 

Federal Tax I.D. Number:                                                                                   

SCHEDULE A

Partners and Commitments
**Partners:****Commitments** 
  Private Limited Partner: Rand Capital Corporation    2200 Rand Building    Buffalo, NY 14203$5,000,000  *** 
  General Partner: Rand Capital Management, LLC    2200 Rand    Building    Buffalo, NY 14203$50,000  TOTAL$5,050,000   
 

EXHIBIT I

Valuation Guidelines 
**General**
The General Partner has sole responsibility for determiningthe Asset Value of each of the Loans and Investments and of the portfolio in theaggregate.

Loans and Investments shall be valued individually and in theaggregate at least semi-annually - as of the end of the second quarter of thefiscal year-end and as of the end of the fiscal year. Fiscal year-end valuationsare audited as set forth in SBA's Accounting Standards and Financial ReportingRequirements for Small Business Investment Companies.

This Valuation Policy is intended to provide a consistent,conservative basis for establishing the Asset Value of the portfolio. The Policypresumes that Loans and Investments are acquired with the intent that they areto be held until maturity or disposed of in the ordinary course of business.
**Interest-Bearing Securities**
Loans shall be valued in an amount not greater than cost withUnrealized Depreciation being recognized when value is impaired. The valuationof loans and associated interest receivables on interest-bearing securitiesshould reflect the portfolio concern's current and projected financial conditionand operating results, its payment history and its ability to generatesufficient cash flow to make payments when due.

When a valuation relies more heavily on asset versus earningsapproaches, additional criteria should include the seniority of the debt, thenature of any pledged collateral, the extent to which the security interest isperfected, the net liquidation value of tangible business assets, and thepersonal integrity and overall financial standing of the owners of the business.In those instances where a loan valuation is based on an analysis of certaincollateralized assets of a business or assets outside the business, thevaluation should, at a minimum, consider the net liquidation value of thecollateral after reasonable selling expenses. Under no circumstances, however,shall a valuation based on the underlying collateral be considered asjustification for any type of loan appreciation.

Appropriate unrealized depreciation on past due interestwhich is converted into a security (or added to an existing security) should berecognized when collection is doubtful. Collection is presumed to be in doubtwhen one or both of the following conditions occur: (i) interest payments aremore than 120 days past due; or (ii) the small concern is in bankruptcy,insolvent, or there is substantial doubt about its ability to continue as agoing concern.

The carrying value of interest bearing securities shall notbe adjusted for changes in interest rates.

Valuation of convertible debt may be adjusted to reflect thevalue of the underlying equity security net of the conversion price.

**Equity Securities - Private Companies**
Investment cost is presumed to represent value except asindicated elsewhere in these guidelines.

Valuation should be reduced if a company's performance andpotential have significantly deteriorated. If the factors which led to thereduction in valuation are overcome, the valuation may be restored.

The anticipated pricing of a Small Concern's future equityfinancing should be considered as a basis for recognizing UnrealizedDepreciation, but not for Unrealized Appreciation. If it appears likely thatequity will be sold in the foreseeable future at a price below the Licensee'scurrent valuation, then that prospective offering price should be weighed in thevaluation process.

Valuation should be adjusted to a subsequent significantequity financing that includes a meaningful portion of the financing by asophisticated, unrelated new investor. A subsequent significant equity financingthat includes substantially the same group of investors as the prior financingshould generally not be the basis for an adjustment in valuation. A financing ata lower price by a sophisticated new investor should cause a reduction in valueof the prior securities.

If substantially all of a significant equity financing isinvested by an investor whose objectives are in large part strategic, or if thefinancing is led by such an investor, it is generally presumed that no more than50% of the increase in investment price compared to the prior significant equityfinancing is attributable to an increased valuation of the company.

Where a company has been self-financing and has had positivecash flow from operations for at least the past two fiscal years, Asset Valuemay be increased based on a very conservative financial measure regarding P/Eratios or cash flow multiples, or other appropriate financial measures ofsimilar publicly-traded companies, discounted for illiquidity. Should the chosenvaluation cease to be meaningful, the valuation may be restored to a cost basis,or if of significant deterioration in performance or potential, to a valuationbelow cost to reflect impairment.

With respect to portfolio companies that are likely to facebankruptcy or discontinue operations for some other reason, liquidating valuemay be employed. This value may be determined by estimating the realizable value(often through professional appraisals or firm offers to purchase) of all assetsand then subtracting all liabilities and all associated liquidation costs.

Warrants should be valued at the excess of the value of theunderlying security over the exercise price.

**Equity Securities - Public Companies**
Public securities should be valued as follows: (a) Forover-the-counter stocks, take the average of the bid price at the close for thevaluation date and the preceding two days, and (b) for listed stocks, take theaverage of the close for the valuation date and the preceding two days.

The valuation of public securities that are restricted shouldbe discounted appropriately until the securities may be freely traded. Suchdiscounts typically range from 10% to 40%, but the discounts can be more orless, depending upon the resale restrictions under securities laws orcontractual agreements.

When the number of shares held is substantial in relation tothe average daily trading volume, the valuation should be discounted by at least10%, and generally by more.*************************** |