Document:

Exhibit 10.12

Telesource International, Inc.

860 Parkview Boulevard

Lombard, Illinois 60148

United States of America

22
March 2005

Attention:
Nidal Zayed /Bud Curley

Dear Sirs,

US$7,500,000 Loan Facility

Arab Banking Corporation
(B.S.C.), acting for the purposes of this letter through its Head Office at ABC
Tower, Diplomatic Area, P.O. Box 5698, Manama, Kingdom of Bahrain (“ABC’), is
pleased to offer you the facility set out below (the “Facility”) on the terms
and conditions of this letter.

1              The Facility

1.1                                 Purpose: The purpose of the Facility is to provide you with a short-term
working capital loan.     In this letter:

(a)                                  “Acceptance Date” means the date upon which
you accept the terms and conditions of this letter.

(b)           “Availability Period” means the period of 1 (one) month
commencing on the

Acceptance Date (as this may be extended in
accordance with clause 1.3).

(c)           “Drawdown Date” means the
date described in clause 2.2.

(d)           “Drawdown Notice”
means the notice described in clause 2.4.

(e)           “Facility Documents” means the Relevant Documents, the
guarantee mentioned in

paragraph 2 of Part 1 of Appendix 1 and
any other documents securing your obligations under this letter.

(f)                                    “Loan” means the principal amount borrowed by you
on the Drawdown Date or, as the context requires, owing to ABC under this
letter.

(g)           “Relevant Documents”
means this letter and any other documents to which you are a

party securing your obligations under this letter.

(h)                                 “Repayment Date”
means the date falling twelve (12) months after the Drawdown Date or on such
later date as ABC may agree in writing before the Drawdown Date.

1.2           Amount: The maximum amount of the Loan is
US$7,500,000 (seven million five hundred

thousand United States
Dollars).

1.3                               Availability: The Facility will be available for your use
during the Availability Period. ABC may at its sole discretion extend the
Availability Period if you request its extension no later than 10 days prior to
expiry of the first Availability Period or of any extension thereof.

2                                         Drawdown

2.1           Amount: The full amount of the Loan shall be drawn
down in a single installment,

2.2                                 Drawdown Date: The Loan may only be drawn down on a
business day during the Availability Period. A “business day” means a day on which banks are open for
domestic and foreign exchange business in Bahrain and, if a payment is to be
made on such day, New York.

2.3                                 Conditions to Drawdown Notice: Prior to
giving the Drawdown Notice pursuant to clause 2.4, you shall deliver to ABC, in
form and substance satisfactory to it, all the documents referred to in Part 1
of Appendix 1.

2.4                                 Notice: You shall give to ABC at least 3
business days’ irrevocable notice substantially in the form set out in Appendix
2 that you want to draw down the Loan.

2.5                                 Conditions to drawdown: ABC shall not be obliged to advance the
Loan unless the conditions referred to in Part 2 of Appendix 1 have been delivered/fulfilled to its satisfaction.

3              Interest

3.1                                 Interest: You shall pay to ABC interest on the Loan at the rate per annum that
is the aggregate of (a) 1.25% (one and one quarter per cent) and (b) the US$
London Inter-Bank Offered Rate (as determined by ABC in accordance with clause
5.4) for the relevant period.

3.2           Payment: Interest shall be paid in full on the last
day of the relevant interest period.

3.3                                 Selection of Interest periods: You may, by notice received by ABC not
later than 10 a.m. on the third business day before the beginning of each
interest period or (as appropriate) in the

Drawdown Notice, select a
duration of 3 or 6 months for such interest period.

3.4                               Duration of periods: Each interest period shall be of the
duration determined in accordance with clause 3.3. The initial interest period
shall commence on the Drawdown Date and each subsequent interest period shall
commence on the expiry of the previous interest period. If the final interest
period would otherwise overrun the Repayment Date, it will end on that date. If
you fail to select the duration of an interest period in accordance with this
clause, such interest period shall, subject to the other provisions of this
clause, have a duration of 3 months.

3.5                               Late payment: Interest on sums not paid when due shall
accrue at the annual rate of one per cent (1%) per annum over the
above-mentioned rate from the due date through the date of actual payment. Such
interest on overdue sums shall be computed by reference to such periods of time
as ABC selects.

4              Repayment and Prepayment

4.1           Repayment: The Loan and all interest thereon shall
be repaid in full on the Repayment Date.

4.2                               Prepayment: You may prepay the Loan in whole or in part (being $1,000,000 or an
integral multiple thereof) on an interest payment date (together with accrued
interest and any other amounts then due and payable) provided you have given at
least ten (10) days’ irrevocable notice of prepayment. No prepayment may be
made except as expressly provided in this letter and no amount prepaid may be
re-borrowed.

5              Payments

5.1                              Timing currency and amount: You shall make each payment owing to ABC hereunder in full without set-off
or counter-claim:

(a) on its due date in immediately available funds of the currency in
which the payment is expressed to be due to such account or accounts as ABC
directs; and

(b) free and clear of any restrictions or conditions and without
deduction or withholding for any tax or any other matter whatsoever. If at any
time any applicable law requires you to make any such deduction or withholding,
then the sum due from you in respect of such payment shall be increased to the
extent necessary to ensure that after the making of such deduction or
withholding ABC shall receive a net sum equal to the sum which it would have
received had no such deduction or withholding been required to be made. You
shall, on request, provide ABC with evidence satisfactory to it of any amount
so deducted or withheld.

5.2                               Non-business days: Any sum falling due for payment on a day
which is not a business day shall be made on the next succeeding business day.
However, such payment shall be made on the preceding business day if the next
succeeding business day falls in the next succeeding calendar month.

5.3           Overdue amounts: Any sum which is not paid when due
shall constitute a principal sum due  hereunder.

5.4                                Calculation: ABC shall calculate interest, commission, fees and other sums due
hereunder in accordance with its customary practices. Interest, commission and
other sums due on an annualized basis shall be computed on the basis of a year
of 360 days and the actual number of days elapsed.

5.5                                Computations binding: ABC’s computations of interest, commission,
fees or other sums due hereunder and calculated in accordance with the terms
hereof and/or normal market practices shall (in the absence of manifest error)
be binding on you and conclusive for all purposes.

6              Representations and Warranties

You represent and warrant to ABC on a continuing basis until all your
liabilities to ABC  under the Relevant Documents have been fully
and finally satisfied, that:

(a)                                  you are a public company duly organized and
in good standing under the laws of the State of Delaware in the United States
of America, fully empowered under your constitutive documents, by all necessary
governmental approvals and by all other action that may be necessary or
desirable to accept the terms of this letter, to borrow hereunder and to
perform your obligations in connection with the Relevant Documents, which
obligations are legally and validly binding on and enforceable against you and
your successors in title according to their terms;

(b)                                 the performance of your obligations in
connection with the Relevant Documents will not contravene any applicable law,
the provisions of your constitutive documents, the term of any administrative
or court order or any other obligation binding on you and will not result in or
oblige you to provide security to any other person;

(c)                                  you are not in breach of any agreement or in
default of your obligations to any other person and there are no legal,
arbitration or administrative proceedings outstanding or threatened against you
or your assets (which in this letter means present and future properties,
revenues and rights of every description) before any court, tribunal or authority
which might materially adversely affect your ability

(d)                                 your most recent audited annual financial
statements have been prepared in accordance with generally accepted accounting
principles in the State of Delaware in the United States of America
consistently applied and there has been no material adverse change in your
business, asset values, financial condition or results of operations since the
date of such statements; and

(e)                                  your payment obligations under the Relevant
Documents rank at least pari passu with the claims of all your other unsecured
and unsubordinated creditors, except for obligations mandatorily preferred by
law applying to companies generally.

7              Indemnity 

7.1                                Scope: You shall, on demand, indemnify ABC against and/or reimburse ABC for
and hold it harmless from all losses, liabilities, costs, damages and expenses
(including, without limitation, legal fees and costs and losses arising from
ABC’s liquidation of deposits used to fund any part of the Loan) that ABC may
sustain, suffer or incur in connection with the Facility Documents including
any of the foregoing resulting from, without limitation:

(a)                                  any increase in ABC’s cost of providing you
with, or maintaining any part of, the Loan which is beyond ABC’s control and
results in a reduction of its anticipated yield;

(b)                                 ABC’s receipt of a payment due hereunder
either before or after its scheduled due date, whether made voluntarily, by
reason of default or for any other reason whatsoever; and

(c)                                  ABC’s receipt of any payment due to it
(whether by way of set-off, court order, judgment or otherwise) in a currency
other than the currency in which payment is due hereunder, which, when
converted by ABC (at its current exchange rate) into the currency in which
payment is due, yields less than the amount due with respect to such payment.

7.2                              Duration: This indemnity is separate from your other obligations in connection
herewith, is a continuing security to ABC, shall be in addition to, and shall
not prejudice or be prejudiced by, any other security, guarantee, indemnity,
lien or other right of ABC and shall survive the termination of the Facility.

8              Notices

All notices and demands between the parties shall be
written. Any notice, demand or other written communication between you and ABC
shall be made in English by letter (hand delivered or sent via the quickest
available postal service) or fax transmission, All such communications shall be
addressed to you at your above-mentioned address (fax: (+1 630) 620 4753),
attention: Nidal Zayed / Bud Curley) and to ABC at its address or fax
number on page 1 of this letter. Any such communication between you and ABC
shall only be deemed effective on receipt by the party to which the
communication is sent. Receipt of a fax transmission shall be deemed to occur
when the sender receives a confirmation from the sender’s fax machine that an
error-free transmission has been
completed. Any communication received on a non-business day for the addressee
shall be deemed to be received at its opening on its next succeeding business
day.

9           Successors, Assignees and Participation

You shall not assign any of your rights or transfer any of your
obligations in connection with the Relevant Documents without ABC’s prior
written consent. Subject to your prior consent (such consent not to be
unreasonably withheld, conditioned or delayed) ABC may assign its rights,
powers and remedies under the Facility Documents without consent from or notice
to you. Any such assignee will assume all ABC’s rights, powers and remedies
thereunder as fully as if that person were a party thereto. ABC may also grant
participations in its rights against you without consent from or notice to you.

10           Law and Jurisdiction

10.1                           Law: This letter and
all matters arising out of the Facility shall be governed by and construed in
accordance with English law.

10.2                           Submission to jurisdiction: You agree for the benefit of ABC that any legal action or proceedings
arising out of or in connection with the Facility against you or any of your
assets may be brought in the English courts and you irrevocably and
unconditionally submit to the jurisdiction of such courts and irrevocably designate,
appoint and empower Law Debenture Corporate Services Limited at present of
Fifth Floor, 100 Wood Street, London EC2V 7EX, England to receive for you and
on your behalf, service of process issued out o f the English courts in
any such legal action or proceedings. The submission to such jurisdiction shall
not (and shall not be construed so as to) limit the right of ABC to take
proceedings against you in the courts of any other competent jurisdiction, nor
shall the taking of proceedings in any one jurisdiction or more preclude the
taking of proceedings in any other jurisdiction, whether concurrently or not.
You further agree that only the courts of England and not those of any other
state shall have jurisdiction to determine any claim which you may have against
ABC arising out of or in connection with the Facility.

The offer in this letter is
valid until the date 10 days from the date of this letter when it shall expire,
Please acknowledge your acceptance of the terms and conditions of this letter
and the attached Appendices by signing the enclosed copy of this letter where
indicated and returning the signed copy of this letter to the undersigned to
evidence your agreement with ABC.

Yours faithfully,

for and on behalf of

ARAB BANKING CORPORATION (B.S.C.)

 

 

 

 

 

	
  

  	
   

  	
   

  	
   

  	
   

  
	
  Mohammed El Qaq

  	
   

  	
   

  	
   

  	
  Rashed Al Khilifa

  
	
  Vice President

  	
   

  	
   

  	
   

  	
  First Vice President

  

 

 

 

ABC is a
Bahraini Joint Stock Company duly established in the Kingdom of Bahrain
pursuant to Amiri Decree Law No. 2 of 17 January, 1980 and registered in the Commercial Register
under C.R. No. 10299, with an authorized share capital of one thousand Five
hundred million United States dollars (US$1,500,000,000) and a fully subscribed
and paid up share capital of one billion United States dollars
(US$l,000,000,000) and with its Head Office at ABC Tower, Diplomatic Area, P.
0. Box 5698, Manama, Bahrain.

Accepted
and agreed

for
and on behalf of

TELESOURCE INTERNATIONAL, INC.

 

 

 

 

Date:                                       

APPENDIX 1

1.             A certificate in the form of Part 3 of Appendix 1. Note the following:

(a)                                  The “certified” specimen signatures mentioned
in paragraph 4 of the
certificate below must be certified as true copies of the originals by (1) an
independent (i.e. not in-house) lawyer (specifying his/her name and the name
and address of his/her firm) or (2)
an embassy, consulate or high commission of the Company’s country an official
professional registration body (e.g. Commercial Registration Office, Chamber of
Commerce).

(b)                                 All documents provided must be either in
English or, if not in English, accompanied 
by an English translation by an approved translator (and in this case
the English translation will prevail unless the document is a constitutional,
statutory or other official document).

2.                                       A guarantee duly executed by A1 Ahli Bank of
Kuwait in favor of ABC with respect to your obligations under this letter.

3.             Your most recent audited financial statements.

4.                                       The acceptance by Law Debenture Corporate
Services of its appointment as your process agent pursuant to clause 10.2 and
the above guarantor’s process agent pursuant to the corresponding provision of
the guarantee.

Part
2: Conditions precedent to drawdown

1.                                       Your representations and warranties in this
letter shall have been/be true and correct on the date that you presented the
Drawdown Notice and on the Drawdown Date as though made on each such date with
reference to the circumstances then existing.

2.                                       Your covenants in this letter shall
have been performed to the extent required on and as of each such date.

3.                                       There shall not have existed or exist on any
such date an event of default in connection with the Facility or an event
which, but for notice, lapse of time or both, would constitute an event of
default.

Part 3

TELESOURCE
INTERNATIONAL, INC.

(the
“Company”)

OFFICER’S
CERTIFICATE

I, Nidal Z. Zayed, the
Corporate Secretary, EVP and Chef Operating Officer of the Company, hereby
certify as follows:

1              Verification of identity information

1.1                               Structure of the Company: The Company is a public company
incorporated on 10 May 1995 under the laws of the State of Delaware in the
United States of America and listed on the National Association of Securities
Dealers Over The Counter Bulleting Board.

1.2           Registration (CR) number: 2506153.

1.3           Names:

(a)           Registered corporate name: Telesource International, Inc.

(b)           Trading name (if different): N/A.

1.4           Addresses:

(a)                                Registered address: 2711 Centerville Road, Suite 400, Wilmington,
Delaware 19808, United States of America.

(b)                                 Street and postal address of principal
trading office (if different): 860 Parkview Boulevard, Lombard, Illinois 60148,
United States of America.

2              Documents

2.1                                 Constitution: Attached as Appendix “A” are true and
complete certified copies of the following:

(a)                                  The Certificate of Incorporation and By-Laws
of the Company (and all amendments to date). They have not subsequently been
amended or rescinded and remain in full force, and effect as at the date
hereof.

(b)           The Company’s certificates of merger.

2.2                               Board resolutions: Attached as Appendix “B” is a true and
complete copy of the resolutions passed at a meeting of the board of directors
of the Company (duly called and held on 18 March 2005 at which a quorum of the
board was present in person throughout) approving the facility and authorizing
named persons or specified officers to sign all required documents. The
resolutions adopted at the meeting have not been amended or rescinded and
remain in full force and effect as at the date hereof.

3                                         Confirmation

The execution and delivery by the Company of the documents referred to
in 2.2 above, and the performance by the Company of the transactions
contemplated thereby, will not cause any limit or restriction on the Company or
its directors (imposed by the constitutional documents of the Company or any
agreement or instrument which is binding on the Company or its assets) to be
exceeded or contravened.

4              Specimen signatures

Finally, certified specimen signatures of those with authority to act
on behalf of the company are enclosed.

 

 

 

	
   

  	
  

  	
   

  
	
   

  	
  Nidal Z. Zayed

  	
   

  
	
   

  	
  Corporate
  Secretary, EVP and Chief Operating Officer

  	
   

  
	
  Dated [                 ]

  	
   

  	
   

  

 

*              Complete as appropriate

APPENDIX 2

Drawdown
Notice

Arab Banking Corporation (B.S.C.)

P.0. Box 5698

Manama

Bahrain

For the
attention of Khalid Hijris /Abdul Aziz Mohamed, Loans & Agency Department

Dear Sirs,

US$7,500,000 Loan Facility
Letter (the “Agreement”)
dated 22 March, 2005

We refer to the Agreement,
terms defined in which are used with the same meanings in this notice, unless
the context otherwise requires.

We hereby give you
irrevocable notice that we wish to draw down the Loan as follows:

	
  1.

  	
  Principal amount of the Loan:

  	
  US$7,500,000

  	
   

  
	
  2.

  	
  Desired Drawdown Date:

  	
  [   ]

  	
   

  

 

Please credit the Loan to
our account no. [       ]  with A1  Ahli Bank of Kuwait, Kuwait through A1 Ahli Bank’s USD account no.
8033213108 with The Bank of New York, One Wall Street, New York, USA, SWIFT ID:
IRVTUS3N, reference “Arab Banking Corporation (B.S.C.): US$7,500,000 loan”.

We hereby confirm that our
representations and warranties in clause 6 of the Agreement are true and correct as
though made today with reference to the circumstances now existing, that our
covenants in the Agreement have been performed to the extent required on and as
of today and that there does not exist an event of default in connection with
the Facility or an event which, but for notice, lapse of time or both, would
constitute an event of default.

Yours faithfully,

for and on behalf of

TELESOURCE
INTERNATIONAL,
INC.

 

APPENDIX 2

DRAWDOWN NOTICE

Arab Banking Corporation (B.S.C.)

P.O. Box 5698

Manama

Bahrain

March 26, 2005

For the
attention of Khalid Hijris /Abdul Aziz Mohamed, Loans & Agency
Department

Dear Sirs,

US$7,500,000/- Loan Facility Letter
(the “Agreement”) dated 22 March, 2005

We refer to the Agreement,
terms defined in which are used with the same meanings in this notice, unless
the context otherwise requires.

We hereby give you
irrevocable notice that we wish to draw down the Loan as follows:

	
  1.

  	
  Principal amount of the Loan:

  	
  US$7,500,000/-

  	
   

  
	
  2.

  	
  Desired Drawdown Date:

  	
  31’’ March 2005

  	
   

  
	
  3.

  	
  Interest Period

  	
  6 months

  	
   

  

 

Please
credit the Loan to our account no. 0603-65388201 with Al Ahli Bank of Kuwait,
Kuwait through Al Ahli Bank’s
USD account no. 803 3213 108 with The Bank of New York, One Wall Street, New
York, USA, SWIFT ID: IRVTUS3N, reference “Arab Banking Corporation (B.S.C.):
US$7,500,000 loan”.

We hereby confirm that our
representations and warranties in clause 6 of the Agreement are true and

correct as though made today
with reference to the circumstances now existing, that our covenants in the
Agreement have been performed to the extent required on and as of today and
that there does not exist an event of default in connection with the Facility
or an event which, but for notice, lapse of time or both, would constitute an
event of default.

Yours faithfully,

for and on behalf of

TELESOURCE
INTERNATIONAL,
INC.

 

Nidal Z. Zayed

COO
& EVP

 

Telesource International,
Inc ~ 860 Parkview Boulevard ~ Lombard, IL 60148

PHONE:
630.620.4787 ~ FAX: 630.620.4753 ~ www.tscintl.comExhibit 10.17

AGREEMENT
OF LIMITED PARTNERSHIP

OF

TELESOURCE
INTERNATIONAL, INC./

SAYED HAMID BEHBEHANI & SONS CO., JOINT
VENTURE, L.P.

This Agreement of Limited Partnership (“Partnership
Agreement”) of Telesource International, Inc./Sayed Hamid
Behbehani & Sons, Co., Joint Venture, L.P., an Illinois limited
partnership (the “Partnership”), is made and entered into by and among Telesource International, Inc., as general partner, on
behalf of itself and its wholly-owned subsidiaries Telesource CNMI, Inc. and
Telesource, Fiji, Ltd. (the “General Partner”), and Sayed Hamid
Behbehani & Sons, Co., as the limited partner (the “Limited
Partner”).

ARTICLE 1

FORMATION OF THE PARTNERSHIP

The parties agree and do hereby enter into a limited
part­nership under and pursuant to the provisions of the Uniform Limited
Partnership Act of the State of Illinois (the “Act”), as amended, and the
rights and liabilities of the Partners shall be as provided there­in except as
otherwise expressly provided in this Partnership Agreement.

ARTICLE 2

NAME AND PRINCIPAL OFFICE

2.1.          Name.  The Partnership shall be conducted under the
name of Telesource International, Inc./Sayed Hamid Behbehani & Sons, Co.,
Joint Venture, L.P. or such other name as may from time to time be determined
by the General Partner.

2.2.          Principal Office.  The principal office and place of business of
the Partnership shall be located at 860 Parkview Boulevard, Lombard, Illinois
60148 or such other place as the General Partner(s) may from time to time
designate.

2.3.          Registered Agent and Address.  The registered agent and registered address
of the Partnership shall be Nidal Zayed, 860 Parkview Boulevard, Lombard,
Illinois 60148.

ARTICLE 3

PURPOSE

The Partnership is organized for the purposes of
purchasing, maintaining, operating, managing, leasing, selling and developing
real property, as well as performing design/build construction projects for the
U.S. Government, and engaging in other lawful acts or activities consistent
with the foregoing for which limited partnerships may be organized under the
Act. The purposes of the Partnership may be carried out through activities
conducted by the Partnership or through investments in any other Person. “Person”
means any individual, partnership (whether general or limited and whether
domestic or foreign, limited liability company, corporation, trust, estate,
association, custodian, nominee, and other entity.

  
 

ARTICLE 4

TERM AND FISCAL YEAR

4.1.          Term.  The Partnership shall be effective the 15th day of March, 2006 and shall continue in
existence until terminated pursuant to the provisions of Article 12 of this
Partnership Agreement.

4.2.          Fiscal Year.  The fiscal year of the Partnership shall be
the calendar year.

ARTICLE 5

CAPITAL

5.1.          Original Capital Contributions.  The Partners have or shall contribute to the
Partnership as capital that cash or other property listed on Exhibit A
hereto.  The initial value of each
Partner’s initial capital contribution shall be as set forth opposite such
Partner’s name on Exhibit A hereto.

5.2.          Return of Capital Contributions.  Except as specifically provided in this
Partnership Agreement, a Partner shall not be entitled to the return of his
capital contribution to the Partnership.

5.3.          Capital Accounts.

5.3.1        A separate Capital Account will be maintained
for each Partner in accordance with Treasury Regulations Sections
1.704-1(b)(2)(iv) and 1.704-2, as amended. 
Each Partner’s Capital Account will be increased by (1) the amount of
money contributed by such Partner to the Partnership; (2) the fair market value
of property contributed by such Partner to the Partnership (net of liabilities
secured by such property that the Partnership 
assumes or takes subject to for purposes of Code Section 752); and (3) allocations
to such Partner of Partnership profits and other allocations to such Partner of
items of Partnership  income or
gain.  Each Partner’s Capital Account
will be decreased by (1) the amount of money distributed to such Partner by the
Partnership; (2) the fair market value of property distributed to such Partner
by the Partnership (net of liabilities secured by such distributed property
that such Partner is considered to assume or take subject to under Code Section
752); and (3) allocations to such Partner of Partnership losses and other allocations
to such Partner of items of Partnership loss or deduction.  The Partnership may, upon the occurrence of
the events specified in Treasury Regulations Section 1.704-1(b)(2)(iv)(f),
increase or decrease the Capital Accounts in accordance with the rules of
Treasury Regulations Sections 1.704-1(b)(2)(iv)(f) and 1.704-1(b)(2)(iv)(g) to
reflect a revaluation of Partnership property.

5.3.2        For purposes of computing the amount of
any item of Partnership income, gain, loss or deduction to be reflected in the
Partners’ Capital Accounts and to be allocated pursuant to Article 6 of this
Agreement, the determination, recognition and classification of any such item
shall be the same as its determination, recognition and classification for
federal income tax purposes (including any method of depreciation, cost
recovery or amortization used for this purpose), provided that:

 2
 

5.3.2.1         The computation of all items of income,
gain, loss and deduction shall include income and expense of the Partnership
that is exempt from federal income tax and also those items described in Code
Section 705(a)(1)(B) or Treasury Regulations Section 1.704-1(b)(2)(iv)(i),
without regard to the fact that such items are not includible in gross income
or deductible for federal income tax purposes;

5.3.2.2         If the book value of any Partnership
property is adjusted pursuant to Treasury Regulations Section
1.704-1(b)(2)(iv)(e) or (f), the amount of such adjustment shall be taken into
account as gain or loss from a disposition of such property;

5.3.2.3         Items of income, gain, loss or
deduction attributable to the disposition of Partnership property having a book
value that differs from its adjusted basis for federal income tax purposes
shall be computed by reference to the book value of such property;

5.3.2.4         Items of depreciation, amortization and
other cost recovery deductions with respect to Partnership property having a
book value that differs from its adjusted basis for federal income tax purposes
shall be computed by reference to the book value of such property in accordance
with Treasury Regulations Section 1.704-1(b)(2)(iv)(g);

5.3.2.5         To the extent an adjustment pursuant to
Code Section 732(d), 734(b) or 743(b) to the adjusted tax basis of any Company
property is required, pursuant to Treasury Regulations Section
1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts,
the amount of such adjustment to the Capital Accounts shall be treated as an
item of gain (if the adjustment increases the tax basis) or loss (if the
adjustment decreases the tax basis); and

5.3.2.6         Items of Company income, gain, loss or
deduction which are specially allocated pursuant to Section 6.2 shall be
determined in the same manner as Company Profits and Company Losses, but such
specially allocated items shall not be taken into account in computing Company
Profits and Company Losses.

5.3.3        The rules set forth in this Article 5
are intended to comply with the requirements of the Code and Treasury
Regulations.  If, in the opinion of the
General Partner, the rules set forth in this Section 5.3 must be
modified in order for the Partnership to comply with the requirements of the
Code or the Treasury Regulations, then the method in which Capital Accounts are
maintained shall be so modified.

5.4.          Additional Capital Contributions or Limited
Partners.  The Partners
shall not be required to make additional capital contributions.  No capital contribution may be made by 

 3
 

any Partner without the
consent of the General Partner(s).  The
General Partner(s) may, but are not required, to admit additional Limited
Partners provided such person is a Permitted Transferee as provided in Section
10.2 and enters into this Partnership Agreement. The value of the capital
contribution and the Capital Accounts shall be determined by the General
Partner(s) in accordance with Section 5.3.

5.5.          Interest on Capital Contributions.  The Partnership shall not pay interest on
capital contributions.

5.6.          Liability of Members.  Except as required under the Act or any other
provision of this Agreement, no Partner shall have any obligation to restore
any portion of any Capital Account deficit or to contribute to the capital of
the Partnership.

ARTICLE 6

ALLOCATION OF PROFITS AND LOSSES

6.1.          Allocation of Profits and Losses.  Except as otherwise provided in Section
6.2, the profits and losses of the Partnership and each item of income,
gain loss, deduction or credit of the Partnership for any fiscal year shall be
allocated among the Partners such that, as of the end of such fiscal year, the
Capital Account of each Partner shall equal (a) the amount which would be
distributed to him or it or for which they would be liable to the Partnership
under the Act, determined as if the Partnership were to (i) liquidate the
assets of the Partnership for an amount equal to their book value and (ii)
distribute the proceeds of such liquidation to the Partners in accordance with Section
12.4  minus (b) the sum of (i)
such Partner’s share of Partnership Minimum Gain (as determined according to
Treasury Regulation Sections 1.704-2(d) and (g)(3)) and such Partner’s partner
minimum gain (as determined according to Treasury Regulation Section
1.704-2(i)) and (ii) the amount, if any, which such Partner is obligated to
contribute to the capital of the Partnership as of the last day of such fiscal
year.

6.2.          Special Allocations.  The following special allocations will be
made in the following order:

6.2.1        Partnership Minimum Gain
Chargeback.  Except as
otherwise provided in Section 1.704-2(f) of the Treasury Regulations,
notwithstanding any other provision of this Article 6, if there is a net
decrease in Partnership Minimum Gain during any fiscal year, each Partners
shall be specially allocated items of Partnership income and gain for such
fiscal year (and, if necessary, subsequent fiscal years) in an amount equal to
such Partner’s share of the net decrease in Partnership Minimum Gain,
determined in accordance with Treasury Regulations Section 1.704-2(g).  For purposes of this agreement, the term “Partnership
Minimum Gain” shall have the same meaning ascribed to that tern in Section
1.704-2(d) of the Treasury Regulations. 
Allocations pursuant to this Section 6.2.1 shall be made in
proportion to the respective amounts required to be allocated to each Partner
pursuant thereto.  The items to be so
allocated shall be 

 4
 

determined in
accordance with Sections 1.704-2(f)(6) and 1.704-2(j)(2) of the
Treasury Regulations.  This Section
6.2.1 is intended to comply with the minimum gain chargeback requirement in
Section 1.704-2(f) of the Treasury Regulations and shall be interpreted
consistently therewith.

6.2.2        Partner Minimum Gain
Chargeback.  Except as
otherwise provided in Section 1.704-2(i)(4) of the Treasury Regulations,
notwithstanding any other provision of this Article 6, if there is a net
decrease in Partner Minimum Gain attributable to a Partner Non-Recourse Debt
during any fiscal year, each Partner who has a share of the Partner Minimum
Gain attributable to such Partner Non-Recourse Debt, determined in accordance
with Section 1.704-2(i)(5) of the Treasury Regulations, shall be
specially allocated items of Partnership income and gain for such fiscal year
(and, if necessary, subsequent fiscal years) in an amount equal to such Partner’s
share of the net decrease in Partner Minimum Gain attributable to such Partner
Non-Recourse Debt, determined in accordance with Treasury Regulation Section 1.704-2(i)(4).
For purposes of this agreement, the term “Partner Minimum Gain” shall have the
same meaning ascribed to that tern in Section 1.704-2 of the Treasury
Regulations and the term “Partner Non-Recourse Debt” shall have the same
meaning ascribed to that tern in Section 1.704-2(b)(4) of the Treasury
Regulations.   Allocations pursuant to
this Section 6.2.2 shall be made in proportion to the respective amounts
required to be allocated to each Partner pursuant thereto.  The items to be so allocated shall be
determined in accordance with Sections 1.704-2(i)(4) and 1.704-2(j)(2)
of the Treasury Regulations.  This Section
6.2.2 is intended to comply with the minimum gain chargeback requirement in
Section 1.704-2(i)(4) of the Treasury Regulations and shall be
interpreted consistently therewith.

6.2.3        Qualified Income Offset.  In the event any Partner unexpectedly
receives any adjustments, allocations or distributions described in Section
1.704-1(b)(2)(ii)(d)(4), Section 1.704-1(b)(2)(ii)(d)(5) or Section
1.704-1(b)(2)(ii)(d)(6) of the Treasury Regulations, items of Partnership
income and gain shall be specially allocated to each such Partner in an amount
and manner sufficient to eliminate, to the extent required by the Treasury
Regulations, such Partner’s Deficit Capital Account.   For purposes of this Agreement, the term “Deficit
Capital Account” shall mean with respect to any Partner, the deficit balance
(if any) in such Partner’s Capital Account as of the end of the fiscal year,
after giving effect to the following adjustments: (i) credit to such Capital
Account any amount which such Partner is treated as being obligated to restore
under Treasury Regulations Section 1.704-1(b)(2)(ii)(c), as well as any
addition thereto pursuant to the penultimate sentence of Treasury Regulations
Section 1.704-2(g)(1) and (i)(5), after taking into account any changes during
the period in Partnership Minimum Gain and in the Partner Minimum Gain; and
(ii) debit to such Capital Account the items described in Treasury Regulations
Sections 1.704-1(b)(ii)(d)(4), (5) and (6).  
This definition of “Deficit Capital Account” is intended to comply with
Treasury Regulations Sections 1.704-1(b)(2)(ii)(d) and 1.704-2, and shall be
construed in a manner consistent with those provisions.

 5
 

6.2.4        Gross Income Allocation.  In the event any Partner has a Deficit
Capital Account at the end of any fiscal year, each such Partner shall be
specially allocated items of Partnership income and gain in the amount of such
Deficit Capital Account as quickly as possible, provided that an allocation
pursuant to this Section 6.2.4 shall be made only if and to the extent
that such Partner would have a Deficit Capital Account after all other
allocations provided for in this Article 6 (other than Section 6.2.3)
have been made.

6.2.5        Partner Non-recourse
Deductions.  Partner
Non-recourse Deductions for any fiscal year shall be specially allocated to the
Partner who bears the economic risk of loss with respect to the Partner
Non-recourse Debt to which such Partner Non-recourse Deductions are
attributable in accordance with Treasury Regulations Section 1.704-2(i)(1).

6.2.6        Curative Allocations.

6.2.6.1         The special allocations required under
this Section 6.2 are intended to comply with the Treasury
Regulations.  It is the intent of the
Partnership and each of the Partners that all special allocations made pursuant
to Section 6.2.1 through Section 6.2.6 shall be offset either
with other special allocations made pursuant to Section 6.2.1 through Section
6.2.6 or with special allocations of other items of Partnership income,
gain, loss or deduction pursuant to this Section 6.2.6.  Therefore, the General Partner may, in its
sole discretion, make, pursuant to this Section 6.2.6, such offsetting
special allocations of Partnership income, gain, loss or deduction in any
manner the General Partner determines to be appropriate, consistent with the
goal that each Partner’s Capital Account balance be, to the extent possible,
equal to the Capital Account balance such Partner would have had in the absence
of any allocations pursuant to Section 6.2.1 through Section 6.2.6.

6.2.6.2         The Partners expect and intend that
upon the liquidation of the Partnership, after giving effect to all
contributions and all allocations for all periods, each Partner’s Capital
Account will have a positive balance equal to the amount of proceeds
distributable to such Partner.  If in the
opinion of the General Partner this intended result would not be achieved
without modification of the allocations required under this Article 6, then the
allocations required under this Article 6 shall be modified in a manner
consistent with Treasury Regulations Section 1.704-1(b) and 1.704-2 to the
extent necessary to cause each Partner’s Capital Account to have a balance
equal to the amount of proceeds distributable to such Partner upon the
liquidation of the Partnership.

6.2.6.3         If the General Partner determines that
the allocation of any item of Partnership income, gain, loss, deduction or
credit is not specified in this Article 6 (an “unallocated item”), or that the
allocation of any item of Partnership income, gain, loss, deduction or credit
under this Article 6 is clearly inconsistent 

 6
 

with the Partners’
economic interests in the Partnership (determined by reference to the general
principles of Treasury Regulations Section 1.704-1(b) and the factors set forth
in Treasury Regulations Section 1.704-1(b)(3)(ii) (a “misallocated item”), then
the General Partner may allocate such unallocated item, or reallocate such
misallocated item, to reflect the Partners’ economic interests in the
Partnership.

6.2.7        Allocations Relating to
Taxable Issuance of Interests. 
Any income, gain, loss or deduction realized as a direct or indirect
result of the issuance of partnership interests by the Partnership to a Partner
shall be allocated among the Partners so that, to the extent possible, the net
amount of such items, together with all other allocations under this Agreement
to each Partner, shall be equal to the net amount that would have been
allocated to each Partner if such items had not been realized.

6.3           Other Allocation Rules.

6.3.1        Profits and losses of the Partnership,
and all other items of Partnership income, gain, loss, deduction and credit
shall be determined by the General Partner on a daily, monthly or other basis,
using any method permitted under Code Section 706 and the Treasury Regulations.

6.3.2        The Partners are aware of the tax
consequences of the allocations required under this Article 6 and each Partner
hereby agrees to be bound by the provisions of this Article 6 in reporting such
Partner’s share of Partnership income, gain, loss and deduction for federal
income tax purposes.

6.3.3        As between a Partner and any permitted
(under this Agreement) transferee of all or any portion of such Partner’s
Units, profits and losses of the Partnership shall be allocated by the General
Partner in a manner intended to comply with Section 706 of the Code and the
Treasury Regulations promulgated thereunder. In order to make such an
allocation, the General Partner may, in its discretion, close the Partnership’s
books on the date of such permitted transfer.

6.4           Allocations Solely For Tax Purposes.

6.4.1        Allocations required under this Section
6.4 are solely for tax purposes and shall not affect any Partner’s Capital
Account or any Partner’s share of any distribution from the Partnership.

6.4.2        Allocations of tax credits, tax credit
recapture, tax benefit recapture, and any items related thereto shall be
allocated to the Partners according to their interests in such items as
determined by the General Partner taking into account the principles of
Treasury Regulations Section 1.704-1(b)(4)(ii).

 7
 

6.4.3        Items of Partnership income, gain, loss
and deduction with respect to any property contributed to the capital of the
Partnership shall be allocated among the Partners in accordance with Code
Section 704(c) so as to take account of any variance between the tax basis of
such property to the Partnership and its book value.

6.4.4        If the book value of any Partnership
property is adjusted pursuant to Section 5.3.2, subsequent allocations
of items of taxable income, gain, loss and deduction with respect to such Partnership
property shall take account of any variation between the tax basis of such
Partnership property and its book value in the same manner as required under
Code Section 704(c).

ARTICLE 7

DISTRIBUTIONS

7.1           Distributions in General.  The General Partner(s), in its sole
discretion, shall determine the total amount of distributions to be made to the
Partners and the time for making such distributions.  The Limited Partners hereby waive,
relinquish, cancel and disclaim any and all rights, if any, which they may have
to request or compel a distribution. 
Distributions may be in cash or in kind, or both, and the portion of
such shares that is received in cash may vary from Partner to Partner, as the
General Partner(s) may determine. 
Consistent with the General Partner’s duty of care and loyalty to the
Partnership, the General Partner(s), in determining the amount of
distributions, shall take into account:

·                                          current
needs for operating capital;

·                                          prudent
reserves for future operating capital;

·                                          current
investment opportunities;

·                                          prudent
reserves for future investment opportunities;

·                                          the
Partnership’s needs in its business and sums necessary to operate its business
until the income from further operations is available

·                                          the
amounts of its debts;

·                                          the
necessary or advisability of paying its debts, or at least reducing them within
the limits of the Partnership’s credit;

·                                          preserving
its capital as represented in the Partnership’s property as a fund to protect
its creditors; and

·                                          the
character of its surplus Property.

 

 8

7.2           Allocation of  Distributions. 
The Partnership shall make distributions to the Partners at times and in
such aggregate amounts as provided in Section 7.1; provided that such
distributions shall be made in the following order and priority:

(a)           First, to the Limited Partners (in the proportion
that each Limited Partner’s share of Unpaid Preferred Yield bears to the
aggregate Unpaid Preferred Yield with respect to all Limited Partners
immediately prior to such Distribution) until the aggregate Unpaid Preferred
Yield with respect to all Limited Partners has been reduced to zero; and

(b)           Second, 99% to the General Partner and 1% to the Limited
Partners (in proportion to the number of Limited Partners at the time of such
distribution).

7.3           Definitions for Distributions.  For purposes of this Article 7, the following definitions shall apply:

“Preferred Yield”
means, with respect to each Limited Partner’s interest, the amount accruing on
such interest on a daily basis, at 6.5% per annum, compounded on the last day
of each calendar quarter, on (a) the Unreturned Capital of such Limited Partner’s
interest plus (b) the Unpaid Preferred Yield thereon at the close of the
preceding quarter.

“Unpaid Preferred Yield” of any Limited Partner
means, as of any date of determination, an amount equal to the excess, if any,
of (a) the aggregate Preferred Yield accrued on such Limited Partner’s interest
for all periods and partial periods prior to such date, over (b) the aggregate
amount of prior distributions made by the Partnership with respect to such
Limited Partner’s interest pursuant to Section 7.2(a).

7.4           Withholding.  Notwithstanding any other provision of this
Agreement, the Partnership shall comply with all federal withholding
requirements with respect to allocations or distributions to Partners that are
applicable under the Code or any other federal, state or local law.  In the event that the Partnership is required
to withhold and pay over to any taxing authority any amount resulting from the
allocation or distribution of income to a Partner (including by reason of
Section 1446 of the Code) (the “Withheld Amount”), (i) to the extent that the
amount of cash that would otherwise be distributed to the Partner at the time
of such withholding (the “Distributable Amount”) equals or exceeds the Withheld
Amount, the Withheld Amount shall be treated as a distribution of cash to such
Partner, (ii) to the extent that the Distributable Amount is less than the
Withheld Amount (a “Withholding Shortfall”), such Partner shall be required to
pay the amount of such Withholding Shortfall to the Partnership within 15 days
after demand therefor, and (iii) to the extent that a Partner is unable to make
any required payment of a Withholding Shortfall on a timely basis, such
Withholding Shortfall shall be treated as a loan (a “Partnership Loan”) from
the Partnership to the Partner on the day the 

 9
 

Partnership pays over the
Withholding Shortfall to the taxing authority and shall bear interest
calculated at the Applicable Rate.  A
Partnership Loan shall be repaid through setoff by the Partnership with respect
to subsequent distributions to the applicable Partner.  In the event that the Partnership withholds
any amount from allocations or distributions to any Partner pursuant to this Section
7.2, the Partnership shall indicate the amount withheld to such Partner.

ARTICLE 8

RIGHTS, POWERS AND DUTIES OF THE GENERAL PARTNER(S)

8.1.          Management of Partnership Affairs.  The General Partner(s) shall have full,
exclusive and complete discretion in the management and control of the business
and affairs of the Partner­ship and shall make all decisions affecting the
Partnership’s business and affairs.  The
General Partner(s) shall have all the rights, powers and obligations of a
General Partner(s) as provided in the Act and otherwise as provided by
law.  If there is more than one General
Partner, any action taken by a majority of General Partners (or both General
Partners, if there are only two) shall constitute the act of and serve to bind
the Partnership; provided, however, that persons dealing with the Partnership
are entitled to rely conclusively upon any instrument or direction executed by
any one General Partner, and further provided that if the General Partners
unanimously select from among themselves a Managing General Partner, that
Partner shall have full, exclusive and complete discretion in the management
and control of the business and affairs of the Partner­ship on behalf of the
General Partners and shall make all decisions affecting the Partnership’s business
and affairs.

8.2.          Powers and Authorities of General Partner(s).  The General Partner(s) is hereby granted the
right, power and authority to do on behalf of the Partnership all things which,
in its judgment, are necessary, proper or desirable to carry out its duties and
responsibilities, including but not limited to the right, power and authority
to:

8.2.1.       Incur all reasonable expenditures and pay
all obligations of the Partnership;

8.2.2.       To invest and reinvest the partnership
property in real estate, bonds, stocks, mortgages, notes, debentures, preferred
stocks, voting trust certificates, beneficial interests in land trusts,
interests or shares in common trust funds, mutual funds, “open-end” or “closed-end”
investment funds or trusts, real estate investment trusts or savings and loan
or building and loan associations, oil, gas or other mineral interests or
natural resources, commodities, foreign exchange, or other property of any
kind, real or personal, suitable for investment;

8.2.3.       To vote in person or by general or
limited proxy, or refrain from voting, any corporate securities for any
purpose; to exercise or sell any subscription or conversion rights; to consent
to and join in or oppose any voting trusts, reorganizations, consolidations,
mergers, foreclosures and liquidations and in connection therewith to deposit
securities and accept and hold other property received therefor;

 10
 

8.2.4.       To retain or acquire any business
interest, as shareholder(s), security holder, creditor, partner, proprietor or otherwise,
even though it may constitute all or a large portion of the partnership
property and to participate in the conduct of any business with respect to its
management and affairs which an individual could do as owner of the business,
including, but not limited to (i) the voting of stock and the determination of
all questions of policy; (ii) the execution of partnership agreements and
amendments thereto; (iii) the participation in any incorporation,
reorganization, merger, consolidation, recapitalization, liquidation, sale or
dissolution of any business or any assets of such business or any change in its
nature; (iv) the investment of additional capital in, subscription to or
purchase of additional stock or securities of, or the making of secured, unsecured
or subordinated loans to any business; (v) the election or the employment with
compensation of any party (including a Partner or a director or an agent of a
Partner) as director, officer, employee or agent of any business.

8.2.5.       Execute any and all documents or instru­ments
of any kind which a General Partner may deem necessary or appropriate for
carrying out the purposes of the Partnership, including, without limitation,
bids, proposals, contracts with U.S. Federal, State and/or local governments,
leases, subleases, easements, deeds, mortgages, and other agreements, documents
or instruments of any kind or character or amendments thereto;

8.2.6.       Purchase or lease equipment for
Partnership purposes;

8.2.7.       To let or lease all or any portion of any
Partnership Property for any purpose and without limit as to the term thereof,
whether or not such term (or any renewals thereof) may extend beyond the date
of the termination of the Partnership and whether or not the portion so leased
is to be occupied by the lessee or, in turn subleased in whole or in part to
others;

8.2.8.       Borrow money from individuals, banks and
other lending institutions for any Partnership pur­pose, and pledge any or all
of the Partnership Property, and the income therefrom to secure or provide for
the repayment of such loans; to obtain replace­ments of any mortgage or
mortgages in whole or in part, refinance, recast, modify, extend or consolidate
any mortgage affecting Partnership Property.

8.2.9.       Procure and maintain at the expense of
the Partnership with responsible companies such insurance as may be available
in such amounts and covering such risks as are appropriate in the judgment of
the General Partner(s), including insurance policies in­suring the General
Partner(s) against liability arising as a result of any action it may take or
fail to take in its capacity as general partner of the Partnership;

8.2.10.     To acquire insurance upon the life of any
person, including any partner, exercise all rights, powers and privileges
accruing to the owner of such insurance policies and use all assets of the
Partnership to pay premiums on such life insurance policies.

 11
 

8.2.11.     Hold title to partnership property in the
name of a trustee or nominee chosen by the General Partner(s) if it shall deem
such appropriate;

8.2.12.     Receive and disburse proceeds from the sale
of Partnership properties; sell or acquire partnership prop­erties for and on
behalf of the Partnership on such terms and conditions deemed satisfactory to
the General Partner(s); and pay all obligations of the Part­nership;

8.2.13.     Employ and dismiss from employment any and
all Partnership employees, agents, independent con­tractors, attorneys and
accountants or to enter into any agreement with respect to the management of
partnership property. In addition, the General Partner(s) may designate one or
more of their affiliates to carry out its duties and respons­ibilities to the
Partnership or to render to the Part­nership such services as the General
Partner(s) deem necessary to carry out the purposes of the Partnership,
including but not limited to, the appointment of any partner or an affiliate as
investment managers;

8.2.14.     Supervise the preparation and filing of all
Partnership tax returns and make on behalf of the Partnership, such tax elections
and determinations as appear to them appropriate; and

8.2.15.     Perform any and all other acts or activi­ties
customary or incident to the acquisition, development, improvement, operation
and sale of the Partnership Property.

8.3.          Devotion of Time by
General Partner(s).  The
General Partner(s) shall devote such time to the Partnership business as it, in
its discretion, shall deem to be necessary to manage and supervise the
Partnership business and affairs in an efficient manner; but nothing in this Partnership
Agreement shall preclude the retention, at the expense of the Partnership, of
any agent or third party (whether or not such agent or third party is an
affiliate of any Partner) to manage or provide other services in respect of the
Partnership Property, subject to the control of the General Partner(s).

8.4.          Other Activities.  The General Partner(s) and its affiliates may
engage in or possess any interests in other busi­ness ventures of any kind,
independently or with others, including but not limited to engaging in other
ventures having a purpose similar to that of the Partnership.  The fact that a General Partner or any
affiliate may encounter and take advantage of opportunities to do any of the
foregoing them­selves or on behalf of others in whom they may or may not have
an interest shall not subject the General Partner or any affiliate to any
liability to the Partnership or any of the Partners on account of any lost
opportunity.  Neither the Partnership, any
Partner, nor the holder of any interest in the Partnership shall have any right
by virtue of this Partnership Agreement or the partnership relationship created
hereby in or to such ventures or activities or to the income or profits derived
therefrom, and the pursuit of such ventures, even if competitive with the
business of the Partnership, shall not be deemed wrongful or improper.

 12

8.5.          Tax Matters Partner.  Telesource International, Inc. shall be the
Tax Matters Partner and as such shall have all powers and authorities granted
tax matters partners under the applicable provisions of the Internal Revenue
Code and any regulations pro­mulgated thereunder.  The Tax Matters Partner may be removed and
appointed by the General Partner(s).  All
costs and expenses incurred by the Tax Matters Partner in connection with an
audit of a Partner­ship income tax return shall be borne by the Partnership.

8.6.          Liability of General Partner(s).  A General Partner shall not be responsible or
accountable in damages or otherwise to the Partnership, to any Limited Partner,
or to the holder of any interest in the Partnership for any action taken or the
failure to act on behalf of the Partnership or any of its Partners within the
scope of the authority conferred on such General Partner by this Partnership
Agreement or by law, including the authority conferred upon the Tax Matters
Partner, unless such action or omission was performed or omitted fraudulently
or in bad faith or constitutes wanton or willful misconduct or gross
negligence.  Nor shall the General
Partner(s) be liable for any loss or damage to Partnership property caused by
strikes, labor troubles, riots, fires, torna­does, floods, acts of a public
enemy, insurrections, acts of God, failure to carry out the provisions hereof
due to provisions of law or rules or regulations promulgated by any
governmental agency or any demand or requisition of any government, or from any
other cause beyond the control of the General Partner.

8.7.          Indemnification of General Partner(s).  Each General Partner shall each be
indemnified by the Partnership, but solely out of the assets of the Partnership
and not from the assets of the Limited Partners, and only under the following
circumstances and in the manner and to the extent indicated:

8.7.1.       In any threatened, pending or completed
action, suit or proceeding to which the General Partner(s) was or is a party or
is threatened to be made a party by reason of the fact that he is or was a Gen­eral
Partner or Tax Matters Partner of the Partnership (other than an action by or
in behalf of the Partnership), involving an alleged cause of action for dam­ages
arising from any activities of the Partnership, including the operation of the
Partnership or other activities relative to management and disposition of the
properties or income from such properties or acts and decisions of the Tax
Matters Partner, the Partner­ship shall indemnify the General Partner(s)
against expenses, including attorneys’ fees, judgments and amounts paid in
settlement actually and reasonably incurred by the General Partner(s) in
connection with such action, suit or proceeding if the General Partner(s) acted
in good faith and in a manner the General Partner(s) reasonably believed to be
in or not opposed to the best interests of the Partnership; and provided, that
the conduct of the General Partner(s) does not constitute gross negligence,
willful or wanton misconduct, or a breach of the fiduciary obligations of the
General Partner(s) to the Limited Partners. 
The termination of any action, suit or proceeding by judgment, order or
settlement shall not, of itself, create a presumption that the General
Partner(s) did not act in good faith and in a manner which the General
Partner(s) reasonably believed to be in or not opposed to the best interests of
the Partnership.

 13
 

8.7.2.       In any threatened, pending or completed
action or suit by or in behalf of the Partnership, to which a General
Partner(s) was or is a party or is threatened to be made a party, involving an
alleged cause of action by a Limited Partner, Limited Part­ners, or any holder
or holders of interests in the Partnership for damages arising from the
activities of the General Partner(s) in the performance of the General Partner’s
management of the internal affairs of the Partnership as prescribed by this
Partnership Agree­ment or by law, or both, or arising from activities as the
Tax Matters Partner in connection with the per­formance of duties as the Tax
Matters Partner; the Partnership shall indemnify the General Partner(s) against
expenses, including attorneys’ fees, actually and reasonably incurred by the
General Partner(s) in connection with the defense or settlement of such action
or suit if the General Partner(s) acted in good faith and in a manner
reasonably believed by such General Partner(s) to be in or not opposed to the
best interests of the Partnership as specified in this subsection, except that
no indemnification shall be made in respect of any claim, issue or matter as to
which the General Partner(s) shall have been adjudged to be liable for gross
negligence, misconduct, or breach of fiduciary obligation in the performance of
the General Partner(s)’s duty to the Partnership as specified in this
subsection, unless and only to the extent that the court in which such action
or suit was brought shall determine upon application, that, despite the
adjudication of liability but in view of all circumstances of the case, the
General Partner(s) is fairly and reasonably entitled to indemnity for such
expenses which such court shall deem proper.

8.7.3.       To the extent that a General Partner(s)
has been successful on the merits or otherwise in defense of any action, suit
or proceeding referred to above, or in defense of any claim, issue or matter
therein, the Partnership shall indem­nify the General Partner(s) against the
expenses, in­cluding attorneys’ fees, actually and reasonably in­curred by the
General Partner(s) in connection therewith.

8.7.4.       Officers and directors of a General Part­ner
(if the General Partner is a corporation), part­ners of a General Partner (if
the General Partner is a partnership), and employees and agents of a General
Partner, shall be indemnified upon the same terms and conditions, and under the
same standards and pro­cedures, as are set forth in this section.

8.7.5.       Any indemnification pursuant to this sec­tion
shall not be deemed exclusive of any other rights to which those indemnified
shall be entitled by applicable law, and shall inure to the benefit of the
successors, heirs, executors, guardians and personal and legal representatives
of those indemnified.

8.8.          Election to Adjust Basis.  The General Partner(s), in its discretion,
may make or revoke the election referred to in IRC Section 754 of the Internal
Revenue Code of 1986 permitting adjustments to basis as provided in IRC
Sections 734 and 743.

 14
 

ARTICLE 9

STATUS OF LIMITED PARTNERS

9.1.          No Participation in Management of Partnership.  The Limited Partners, as such, shall take no
part in, or interfere in any manner with the conduct or control of the
Partnership’s busi­ness and shall have no right or authority to act for or bind
the Partnership, said powers being vested solely and exclusively in the General
Partner(s).  Notwithstanding anything in
this Partner­ship Agreement to the contrary, the Limited Partners shall not
have any right or power to take any action which would be deemed to give them
control of the Partnership such that their limited liability would be
removed.  A Limited Partner may not
withdraw as a limited partner prior to the dissolution of the Partnership
without the consent of the General Partner(s) and Limited Partners holding a two-thirds
(2/3’s) majority in interest and shall have no right of distribution upon
withdrawal under Section 17-604 of the Act.

9.2.          Liability of Limited Partners.  The Limited Part­ners, as such, shall not be
personally liable to the Partnership, to any of the Partners, to the holders of
any interests in the Partnership, or the creditors of the Partnership for the
expense, liabilities or obligations of the Partnership beyond the amount of
their respective interest in the Partnership.

ARTICLE 10

TRANSFER OF PARTNERSHIP INTERESTS

10.1.        Restriction on Transfer.  A Partner’s interest in the Partnership may
only be transferred, assigned, bequeathed, pledged or hypothecated, voluntarily
or involuntarily, in accordance with this Agreement.  Any such transfer, assignment or pledge not
in accordance herewith shall be null and void.

10.2.        Permitted Transfers.

10.2.1      Subject to the conditions and restrictions
set forth in Section 10.2.2, a Partner may at any time transfer all or
any portion of its partnership interest to (a) to any member of the transferor’s
family, or to a custodian, trustee, family limited partnership or other
fiduciary for the account of such Partner or member of his family or to trusts
for the benefit of the family of such Partner, as the case may be; provided,
that in each case such transfer is made pursuant to a bona fide estate planning
transaction, (b) any affiliate of a Partner (including of the transferor), or
(c) the transferor’s executor, administrator, trustee, or personal
representative to whom such partnership interest are transferred at death or
involuntarily by operation of law.  For
purposes of this Article 10, a Partner’s “family” shall include only such
Partner’s spouse, natural or adoptive lineal ancestors or descendants, brothers
or sisters.  For purposes of the Article
10, an “affiliate” means, in respect of a Partner, any other Person, directly
or indirectly, controlling, controlled by or under common control with that
Person.

10.2.2      A transfer shall not be treated as a
Permitted Transfer under Section 10.2.1 unless and until the following
conditions are satisfied:

 15
 

10.2.2.1   Except in the case of a transfer of a
partnership interest at death or involuntarily by operation of law, the
transferor and transferee shall execute and deliver to the Partnership such
documents and instruments of conveyance as may be necessary or appropriate in
the opinion of counsel to the Partnership to effect such transfer and to
confirm the agreement of the transferee to be bound by the provisions of this
Article 10.  In the case of a
transfer of a partnership interest at death or involuntarily by operation of
law, the transfer shall be confirmed by presentation to the Partnership of
legal evidence of such transfer, in form and substance satisfactory to counsel
to the Partnership.  In all cases, the
Partnership shall be reimbursed by the transferor or transferee for all costs
and expenses that it reasonably incurs in connection with such transfer.

10.2.2.2   The transferor and transferee shall furnish
the Partnership with the transferee’s taxpayer identification number,
sufficient information to determine the transferee’s initial tax basis in the
partnership interest transferred, and any other information reasonably
necessary to permit the Partnership to file all required federal and state tax
returns and other legally required information statements or returns.  Without limiting the generality of the
foregoing, the Partnership shall not be required to make any distribution
otherwise provided for in this Agreement with respect to any transferred
partnership interest until it has received such information.

10.3.        Assignment and Substitution of Limited Partners.  An assignee who is a Permitted Transferee of
a Limited Partner’s interest in the Partnership may become a substituted
Limited Partner with the prior written consent of the General Partner(s), which
consent may be given or withheld in the General Partner’s discretion; provided,
that the General Partner(s) may consent to such substitution only if (i) the
assignee (or the assignee’s parent or guardian, if a minor) agrees in writing
in form and substance satisfactory to the General Partner(s) to become a
Limited Partner and to be bound by the terms of this Partnership Agreement and
(ii) the transaction does not violate or cause the General Partner(s) or Partnership
to violate any applicable law.  An
assignee who is not approved as a Partner pursuant to this Section 10.3,
may not become a Partner, but shall only hold an economic interest in the
profits, losses and distributions of that Partnership interest as provided in
Section 17-702(a)(3) of the Act (an “Economic Interest”).

10.4.        Transfer of Interest of General Partner(s).  The assignee of any General Partnership
interest in the Partnership shall only be admitted as a Partner pursuant to Section
10.3 hereof.  Such assignees, if
admitted as a Partner, shall only be admitted as a General Partner pursuant to
Article  11 hereof.  The transfer by
a General Partner of all of its interest in the Partnership shall be deemed the
resignation of such General Partner, and may not result in the transfer of any
of the rights and powers of a General Partner in the management and operation
of the Partnership.

10.5.        Acquisition of an Interest Conveyed to Other
Persons.  The Partnership
shall have a continuing unilateral option to acquire all or any part of those
Economic Interests or 

 16
 

Partnership interests in
the Partnership that (i) have been assigned or beneficially transferred to a
person who is not a Permitted Transferee, (ii) are held by any Partner who is
Bankrupt, as defined in this Agreement, or (iii) is otherwise subject to a
creditors “charging order,” upon the following terms and conditions:

10.5.1.     The Partnership will have the option to
acquire the interest by giving written notice to the transferee or assignee
that it intends to purchase the interest within ninety (90) days from the date
it is finally determined that the Partnership is required to recognize the
transfer or assignment.

10.5.2.     The valuation date for determining the
purchase price of the interest will be the first day of the month following the
month in which notice is delivered.

10.5.3.     Unless the Partnership and the transferee
or assignee agree otherwise, the purchase price for the interest, or any
fraction to be acquired by the Partnership, will be its fair market value as
determined by an appraiser appointed by the Partnership, taking into account
all appropriate discounts for illiquidity and lack of control, if applicable.

10.5.4.     The sale’s closing will occur at such time
and place as the Partnership shall determine.

10.5.5.     In order to reduce the burden upon the
resources of the Partnership, the Partnership will have the option to pay its
purchase money obligation by the execution and delivery of a promissory
note.  The promissory note will be
unsecured and will be for a period of 15 years. 
The Company will pay (a) interest, at least annually, which will accrue
at the minimum Applicable Federal Rate determined under IRC Section 1274; and
(2) the principal upon maturity.  The
Company may prepay all or any part of the purchase money obligation at any time
without penalty.

10.5.6.     With the written consent of those Limited
Partners holding a majority in interest and not in number of the limited
partnership interests then outstanding, other than the Partner whose interest
is to be acquired, the General Partner(s) may assign the Partnership’s option
to purchase to one or more of the remaining Partners.  When done so, any rights or obligations
imposed upon the Partnership will instead become, by substitution, the rights
and obligations of the Partners who are assigned the option.

ARTICLE 11

SUBSTITUTION OF GENERAL PARTNER

11.1.        Additional General Partner.  The General Partner(s) may appoint another
General Partner who is a Limited Partner or entity controlled by Partners. In
the same manner an existing or new General Partner may be appointed Managing
General Partner by all the General Partners, which Managing General Partner
shall have exclusive control and management among the General Partners of the
Partnership Property.

 17
 

Upon the Withdrawal of a General Partner, the
remaining General Partner(s) shall continue as the General Partner(s) of the
Partnership.  The interest of a
terminated General Partner shall be converted to a Limited Partner interest, subject
to Article 10 hereof.

Upon the appointment of a new additional General
Partner, some or all of such Partner’s limited partnership interest shall be
converted into his or her General Partnership interest, as determined by the
General Partner(s).  In the event that a
corporation or other entity other than an individual Limited Partner who is not
already a Partner is appointed as a General Partner, such entity shall be
assigned all or part of the partnership interest of those Partners nominating
it, and that partnership interest shall then be converted into such entity’s
General Partnership interest in the Partnership.

11.2.        Withdrawal of General Partner.  For the purposes of this Partnership
Agreement, the “Withdrawal” of a General Partner shall mean the voluntary
withdrawal of General Partner, such General Partner’s death, incapacity, or
Bankruptcy, or any other event which causes a person to cease to be a general
partner under Section 17-402 of the Act.

11.3.        Removal of a General Partner.  Limited Partners shall not have the right to
remove a General Partner.

11.4.        No Voluntary Withdrawal of General Partner(s).  The General Partner(s) hereby covenant and
agree not to voluntarily withdraw as General Partner without the consent of the
other General Partner(s), or in the absence of another General Partner, the
consent of two-thirds in interest of the Limited Partners.

11.5.        Continuation of Business of Partnership.  In the event of the Withdrawal of any General
Partner, the business of the Partnership shall continue if there is another
General Partner or if the Limited Partners holding a majority interest elect to
continue the Partnership and appoint a successor General Partner within 90 days
of such Withdrawal.

11.6.        Incapacity of General Partner.  An individual General Partner shall be deemed
incompetent or incapacitated hereunder (i) if adjudicated as legally
incompetent or insane or (ii) if a licensed physician (such Partner’s attending
physician, if any) and all the remaining General Partner(s) (or if none, a
majority in interest of the other Limited Partners) determine that such Partner
is unable to give prompt and intelligent consideration to the financial affairs
of the Partnership due to illness or mental or physical disability.

11.7.        Liability of Former General Partner.  In the event of the death, Withdrawal of a
General Partner, it (a) shall be and remain liable for all obligations and
liabilities incurred by it as General Partner during the period it was a
General Partner; and (b) shall be free of any obligation or liability incurred
on account of the activities of the Partner­ship from and after the time as of
which it ceased to be a General Partner of the Partnership.

 18

ARTICLE 12

DISSOLUTION AND LIQUIDATION OF PARTNERSHIP

12.1.        Dissolution of the Partnership.  The Partnership shall be dissolved upon the
happening of any of the following events:

12.1.1.     The Withdrawal from the Partnership of all
General Partners, unless a new General Partner is appointed pursuant to Section
11.5;

12.1.2.     The written consent of all of the General
Partners, together with those Limited Partners holding a two-thirds (2/3’s)
majority interest, not in number, of the outstanding Limited Partnership
interests then outstanding;

12.1.3.     Any event which makes it unlawful for the
Partnership business to be continued;

12.2.        Winding Up of Affairs.  In the event of the dissolution and
liquidation of the Partnership for any reason, the General Partner(s) (or in
the event of the Withdrawal from the Partnership of the last remaining General
Partner, a liquidator or liquidating committee selected by Limited Partners
holding a majority in interest and not in number of the limited partnership
interests then outstanding) shall commence to wind up the affairs of the
Partnership and to liquidate its investments. 
If Partnership assets are to be distributed to the Partners in kind,
then the profit or loss that would have resulted from a sale of such assets at
their fair market value shall be calculated and allocated among the Partners’
Capital Accounts in the manner provided in Article 5.

12.3.        Accounting.  In the case of the dissolution and
termination of the Partnership, a proper accounting shall be made of the capital
accounts of the Partners and of each item of income, gain, loss, deduction and
credit of the Partnership from the date of the last previous accounting to the
date of dissolution.

12.4.        Final Distribution of Partnership Property.  Following the allocation of all items of
income, gain, loss, deduction and credit (including profit and loss
attributable to the deemed sale of assets arising during the period of
liquidation), the General Partner(s) shall distribute the remaining Partnership
properties, together with the proceeds of any sales of same, as follows:

12.4.1.     First, all Partnership debts and lia­bilities
to persons other than Partners shall be paid and discharged;

12.4.2.     Second, to the setting up of any reserve
which the General Partner(s) (or liquidator or liquidating committee) in its
discretion may deem reasonably necessary for any contingent or unforeseen
liabilities or obligations of the Partnership arising out of or 

 19
 

in connection with
the Partnership.  Such funds shall be
placed in escrow by the General Partner(s) (or liquidator or liquidation
committee) for the purposes of disbursing such funds in payment of any of the
contin­gencies, liabilities, or obligations, and, at the expiration of such
period as the General Partner(s) (or liquidator or liquidating committee) in
its discretion shall deem advisable, the balance thereafter remaining shall be
distributed in the manner provided in the following subsections hereof;

12.4.3.     Third, to the repayment of any loans or
advances that may have been made by any of the Partners to the Partnership; and

12.4.4.     Fourth, any remaining assets shall be
distributed among those Partners in the following order and priority:

(a)           First, to the Limited Partners (in
the proportion that each Limited Partner’s share of Unreturned Capital, as
defined below, bears to the aggregate amount of Unreturned Capital with respect
to all Limited Partners outstanding immediately prior to such distribution)
until the aggregate amount of Unreturned Capital with respect to all Limited
Partners has been reduced to zero;

(b)           Second, to the General Partner until the aggregate amount
of Unreturned Capital with respect to the General Partner has been reduced to
zero;

(c)           Third, to the Limited Partners (in the proportion that
each Limited Partner’s share of Unpaid Preferred Yield bears to the aggregate
Unpaid Preferred Yield with respect to all Limited Partners immediately prior
to such Distribution) until the aggregate Unpaid Preferred Yield with respect
to all Limited Partners has been reduced to zero; and

(d)           Fourth,
99% to the General Partner and 1% to the Limited Partners (in proportion to the
number of Limited Partners at the time of such distribution).

For this Section 12.4.4.,
the following definitions apply:

“Preferred Yield” means,
with respect to each Limited Partner’s interest, the amount accruing on such
interest on a daily basis, at 6.5% per annum, compounded on the last day of
each calendar quarter, on (a) the Unreturned Capital of such Limited Partner’s
interest plus (b) the Unpaid Preferred Yield thereon at the close of the
preceding quarter.

“Unreturned Capital”
means, with respect to a Partner, the excess, if any, of any capital
contribution made over all Distributions made by the Partnership to with
respect to such Partner pursuant to Section 12.4.4(a) (in the case of
Limited Partners) or Section 12.4.4(b) (in the case of General
Partners).

 20
 

“Unpaid Preferred Yield” of any Limited Partner
means, as of any date of determination, an amount equal to the excess, if any,
of (a) the aggregate Preferred Yield accrued on such Limited Partner’s interest
for all periods and partial periods prior to such date, over (b) the aggregate
amount of prior distributions made by the Partnership with respect to such
Limited Partner’s interest pursuant to Section 12.4.4(c).

12.5.        Sales Upon Liquidation and Distributions in Kind.  In connection with the termination and
liquidation of the Partnership, the General Partner(s) (or liquidator or
liquidating committee) may, but shall not be required to, sell all or any
portion of the Partnership Property.  The
Partners, including the General Partner(s), shall receive their respective
shares of the Partnership Properties in cash or in kind, or both, and the portion
of such shares that is received in cash may vary from Partner to Partner, as
the General Partner(s) (or liquidator or liquidating committee) may
determine.  Any property distributed in
kind upon liquidation of the Partnership shall be valued as though the property
were sold for its fair market value and the cash proceeds distributed.

12.6.        No Recourse Against General Partner(s).  A Limited Partner shall look solely to the
assets of the Partnership for the return of his investment, and if the
Partnership Property remaining after the payment or discharge of the debts and
liabilities of the Partnership is insufficient to return such investment, he
shall have no recourse against any General Partner, any affiliate of any of the
General Partner, or any other Limited Partner.

12.7.        Purchase by the Partner.  A Partner or any affiliate of a Partner may,
if he so desires, purchase an item of Partnership Property upon liquidation
provided the purchase price is equal to the fair market value thereof.

12.8.        Certificate of Cancellation.  Upon the completion of the liquidation of the
Partnership and the distribution of all Partnership Property, the Partnership
shall terminate and the General Partner shall have the authority to execute and
record one or more Certificates of Cancellation of the Partnership as well as
any and all other documents required to effectuate the dissolution and
termination of the Partnership.

ARTICLE 13

POWER OF ATTORNEY

13.1.        Power of Attorney.  Each Limited Partner, by his execution
hereof, does irrevocably constitute and appoint the General Partner(s), and
each person that becomes a successor General Partner(s) pursuant to the
provisions of this Partnership Agreement, with full power of substitution, as
such Limited Part­ner’s true and lawful attorney-in-fact, in his name, place
and stead to make, execute, sign, acknowledge, certify, deliver, file and
record on his behalf and on behalf of the Partnership, the following:

13.1.1.     All Certificates of Limited Partnership,
including a short form version of this Certificate of Limited Partnership,
Certificates of Doing Business under an 

 21
 

Assumed Name, and
any other certificates or instruments which may be required to be filed by the
Partnership or the Partners under the laws of the State of Delaware, Illinois,
or any other jurisdiction;

13.1.2.     One or more Certificates of Cancellation of
the Partnership and such other instruments or docu­ments as may be deemed
necessary or desirable by the General Partners upon termination of the
Partnership business;

13.1.3.     Any and all amendments of the instruments
described in subsections (a) and (b) above, provided such amendments are either
required by law or are consistent with this Partnership Agreement or have been
authorized by the particular Limited Partner(s) (an Amendment to the
Certificate of Limited Part­nership to reflect the substitution of a Limited
Part­ner pursuant to this Partnership Agreement being here­by authorized);

13.1.4.     Any and all other instruments as may be
deemed necessary or desirable by the General Partners to carry out fully the
provisions of this Partnership Agreement in accordance with its terms.

13.2.        Grant of Authority Irrevocable.  The foregoing grant of authority (a) is a
special power of attorney coupled with an interest, is irrevocable and shall
survive the death or incapacity of the Limited Partner who is a natural person
or, in the case of a Limited Partner that is not a natural person, the merger,
disso­lution or other termination of its existence of the Limited Part­ner, (b)
may be exercised by a General Partner on behalf of each Limited Partner, by a
facsimile signature or by listing all of the Limited Partners executing any
instrument with a single signature as attorney-in-fact for all of them, and (c)
shall sur­vive the assignment by the Limited Partner of the whole or any
portion of his interest in the Partnership.

ARTICLE 14 

AMENDMENT OF PARTNERSHIP AGREEMENT

14.1.        Amendment by General Partners.  The General Partner(s) is authorized to amend
this Partnership Agreement without the prior approval of the Limited Partners
if required to satisfy or comply with requirements, conditions or guidelines
contained in any opinion, directive, order, ruling, or regulation of any
Federal or state agency or in any Federal or state statute, com­pliance with
which the General Partner(s) deems to be in the best interests of the
Partnership or for any other purpose the General Partner(s) deems to be in the
best interests of the Partnership; provided, however, no such amendment shall
change the Partnership to a General Partnership, materially affect the
potential lia­bilities of the Limited Partners, materially change the
allocation of profits and losses between the Partners or otherwise materially
adversely affect the rights or status of the Limited Partners.

14.2.        Amendment by Partners.  All of the General Partners, together with
those Limited Partners holding a two-thirds (2/3’s) majority in interest, not
in number, of the outstanding Limited Partnership interests then outstanding,
shall have the right to amend this 

 22
 

Partnership Agreement;
provided, however, if the consent of a greater number of Partners is required
under applicable laws, then by the consent of such greater number of Partners
as may be so required.

ARTICLE 15

ARBITRATION

Any controversy or claim by or among the Partners
arising out of or relating to this Partnership Agreement, or the management and
administration of Partnership Property, shall be settled by arbitration in
accordance with the Commercial Arbitration Rules of the American Arbitration
Association, and judgment upon the award rendered by the arbitrator(s) may be
entered in any court having jurisdiction thereof; provided, however, any party
hereto may seek injunctive relief to enjoin and restrain the alleged breach of
any covenant under this Agreement before any court having jurisdiction
thereof.  In no event shall a demand for
arbitration be made after the date when the institution of legal proceedings
would be barred by the applicable statute of limitations.  The location of any arbitration proceeding shall
be Chicago, Illinois, unless otherwise agreed by the parties.

ARTICLE 16

MISCELLANEOUS PROVISIONS

16.1.        Bankruptcy of Partner.  For the purposes of this Partnership
Agreement, the “bankruptcy” of a Part­ner shall be deemed to have occurred upon
the happening of any of the following: 
(a) the filing by the Partner of a voluntary peti­tion in bankruptcy or
the filing of a pleading in any court of record admitting in writing his
inability to pay his debts as they come due, (b) the making by the Partner of a
general assignment for the benefit of creditors, (c) the filing by the Partner
of an answer admitting the material allegations of, or his consenting to, or
defaulting in answering, a bankruptcy petition filed against him in any
bankruptcy proceeding, (d) the entry of an order, judgment, decree by any court
of competent jurisdiction adjudicating the Partner a bankrupt or appointing a
trustee of his assets, or (e) any levy of execution being made upon the
interest of the Part­ner in the Partnership.

16.2.        Entire Agreement.  This Partnership Agreement embodies the
entire understanding and agreement between the Part­ners concerning the
Partnership and their relationship as Part­ners, and supersedes any and all
prior negotiations, understand­ings or agreements in regard thereto.

16.3.        Notices.  All notices and demands required or per­mitted
under this Partnership Agreement shall be in writing and may be delivered
personally to the Person to whom it is authorized to be given, or sent by
registered, certified or first class mail, postage prepaid, to the address as
shown from time to time on the records of the Partnership.  Any notice or demand mailed as afore­said
shall be deemed to have been given on the date that such notice or demand is
deposited in the mails.  Any Limited
Partner, or other holder of an interest in the Partnership may 

 23
 

specify a different
address, which change shall become effective upon receipt of such notice by a
General Partners.

16.4.        Severability.  If any provision of this Partnership Agreement
or the application of such provision to any Person or circumstance shall be
held invalid, the remainder of this Partner­ship Agreement, or the application
of such provision to persons or circumstances, other than those as to which it
is held invalid, shall not be affected thereby.

16.5.        Parties Bound.  This Partnership Agreement shall be binding
upon the parties hereto, their successors, heirs, devisees, assigns, legal
representatives, executors and adminis­trators.

16.6.        Applicable Law.  This Partnership Agreement shall be governed
by the internal laws of the State of Illinois without regard to its conflict of
laws principals.

16.7.        Partition.  Each party hereto irrevocably waives during
the term of the Partnership any right that he may have to maintain any action
for partition with respect to Partnership Properties.

16.8.        Headings.  The headings in this Partnership Agree­ment
are inserted for convenience and identification only and are in no way intended
to describe, interpret, define or limit the scope, extent or intent of this
Partnership Agreement or any pro­vision hereof.

16.9.        Counterparts.  This Partnership Agreement may be executed
simultaneously in multiple counterparts with separate signature pages, each
such counterpart shall be considered an original, but all of which together
shall constitute one and the same instrument.

 24
 

The parties have caused this Agreement of Limited Partnership
to be executed this         day of December,
2006.

	
  

  	
   

  	
  GENERAL PARTNER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telesource International, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: Nidal Zayed

  
	
   

  	
   

  	
  Its: President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  LIMITED PARTNER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Sayed Hamid Behbehani & Sons, Co.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  
	
   

  	
   

  	
  Its:

  

 25
 

EXHIBIT A

	
  Partner

  	
   

  	
  Value of
  Initial Capital Contribution

  
	
  Telesource
  International, Inc.

  	
   

  	
  $1,145,000.00 USD

  
	
   

  	
   

  	
   

  
	
  Sayed Hamid
  Behbehani & Sons Co.

  	
   

  	
  $1,100,000.00 USD

  

 

 26

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