Document:

EX-10.2

 

Execution
Copy

SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY

AGREEMENT

OF

GOLDMAN
SACHS GLOBAL EQUITY LONG/SHORT, LLC

Dated
as of January 1, 2008

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 	 	 
	 	 	 	 
	ARTICLE I General Provisions	 	 	1	 
	 	 	 
	 	 	 	 
	     Section 1.01	 	Company Name and Address
	 	 	1	 
	     Section 1.02	 	Fiscal Year
	 	 	1	 
	     Section 1.03	 	Liability of Members
	 	 	1	 
	     Section 1.04	 	Purposes of the Company
	 	 	2	 
	     Section 1.05	 	Assignability of Units; Assignment by Managing Member
	 	 	3	 
	     Section 1.06	 	Registered Office and Agent for Service of Process
	 	 	3	 
	 	 	 
	 	 	 	 
	ARTICLE II Management of the Company	 	 	3	 
	 	 	 
	 	 	 	 
	     Section 2.01	 	Management Generally
	 	 	3	 
	     Section 2.02	 	Delegation by Managing Member
	 	 	3	 
	     Section 2.03	 	Authority of the Managing Member
	 	 	3	 
	     Section 2.04	 	Reliance by Third Parties
	 	 	5	 
	     Section 2.05	 	Activity of the Managing Member
	 	 	5	 
	     Section 2.06	 	Standard of Care; Indemnification
	 	 	6	 
	     Section 2.07	 	Management Fee; Payment of Costs and Expenses
	 	 	8	 
	     Section 2.08	 	Principal Transactions and Other Related Party Transactions
	 	 	9	 
	 	 	 
	 	 	 	 
	ARTICLE III Series of Units; Admission of New Members	 	 	9	 
	 	 	 
	 	 	 	 
	     Section 3.01	 	Classes and Series of Units
	 	 	9	 
	     Section 3.02	 	Conversion of Series
	 	 	10	 
	     Section 3.03	 	New Members
	 	 	10	 
	     Section 3.04	 	Adjustment to Number of Units Issued
	 	 	10	 
	     Section 3.05	 	Additional Classes of Units
	 	 	10	 
	 	 	 
	 	 	 	 
	ARTICLE IV Capital Accounts of Members and Operation Thereof	 	 	11	 
	 	 	 
	 	 	 	 
	     Section 4.01	 	Definitions
	 	 	11	 
	     Section 4.02	 	Capital Contributions
	 	 	11	 
	     Section 4.03	 	Capital Accounts
	 	 	12	 
	     Section 4.04	 	Membership Percentages
	 	 	12	 
	     Section 4.05	 	Allocation of Net Capital Appreciation or Net Capital Depreciation
	 	 	13	 
	     Section 4.06	 	Amendment of Incentive Allocation
	 	 	14	 
	     Section 4.07	 	Determination of Net Assets
	 	 	14	 
	     Section 4.08	 	Determination of Net Asset Value
	 	 	15	 
	     Section 4.09	 	Allocation for Tax Purposes
	 	 	16	 
	     Section 4.10	 	Determination by
Managing Member of Certain Matters; Managing Member’s Discretion
	 	 	16	 
	     Section 4.11	 	Adjustments to Take Account of Interim Year Events
	 	 	17	 

i

 

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 	 	 
	 	 	 	 
	     Section 4.12	 	Tax Withholding
	 	 	17	 
	 	 	 
	 	 	 	 
	ARTICLE V Redemptions and Distributions	 	 	17	 
	 	 	 
	 	 	 	 
	     Section 5.01	 	Redemptions and Distributions in General
	 	 	17	 
	     Section 5.02	 	Redemptions
	 	 	17	 
	     Section 5.03	 	Limitation on Redemptions
	 	 	19	 
	     Section 5.04	 	Distributions
	 	 	20	 
	 	 	 
	 	 	 	 
	ARTICLE VI Withdrawal, Death, Disability	 	 	20	 
	 	 	 
	 	 	 	 
	     Section 6.01	 	Withdrawal, Death, etc. of Members
	 	 	20	 
	     Section 6.02	 	Required Withdrawals
	 	 	21	 
	     Section 6.03	 	Effective Date of Withdrawal
	 	 	21	 
	 	 	 
	 	 	 	 
	ARTICLE VII Duration and Dissolution of the Company	 	 	21	 
	 	 	 
	 	 	 	 
	     Section 7.01	 	Duration
	 	 	21	 
	     Section 7.02	 	Dissolution
	 	 	23	 
	 	 	 
	 	 	 	 
	ARTICLE VIII Tax Returns; Reports to Members	 	 	24	 
	 	 	 
	 	 	 	 
	     Section 8.01	 	Independent Auditors
	 	 	24	 
	     Section 8.02	 	Filing of Tax Returns
	 	 	24	 
	     Section 8.03	 	Tax Matters Partner
	 	 	24	 
	     Section 8.04	 	Financial Reports to Current Members
	 	 	24	 
	     Section 8.05	 	Tax Reports to Members and Former Members
	 	 	24	 
	 	 	 
	 	 	 	 
	ARTICLE IX Miscellaneous	 	 	24	 
	 	 	 
	 	 	 	 
	     Section 9.01	 	General
	 	 	24	 
	     Section 9.02	 	Power of Attorney
	 	 	25	 
	     Section 9.03	 	Amendments to Limited Liability Company Agreement
	 	 	25	 
	     Section 9.04	 	Instruments
	 	 	26	 
	     Section 9.05	 	No Personal Liability For Return of Capital
	 	 	26	 
	     Section 9.06	 	Choice of Law
	 	 	26	 
	     Section 9.07	 	Venue; Inconvenient Forum
	 	 	27	 
	     Section 9.08	 	No Third Party Rights
	 	 	27	 
	     Section 9.09	 	Notices
	 	 	27	 
	     Section 9.10	 	Grantors of Revocable Trusts
	 	 	27	 
	     Section 9.11	 	Goodwill
	 	 	27	 
	     Section 9.12	 	Headings
	 	 	27	 
	     Section 9.13	 	Pronouns
	 	 	27	 
	     Section 9.14	 	Confidentiality
	 	 	27	 

ii

 

 

SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT

OF

GOLDMAN SACHS GLOBAL EQUITY LONG/SHORT, LLC

Dated as of January 1, 2008

     The undersigned (herein called the “Members,” which term shall include any Persons (as defined
below) hereafter admitted to the Company (as defined below) pursuant to Article III of this
Agreement (as defined below) and shall exclude any Persons who cease to be Members pursuant to
Article V or Article VI of this Agreement) hereby agree to form and hereby form, as of the date and
year first above written, a limited liability company (herein called the “Company”), pursuant to
the provisions of the Limited Liability Company Act of the State of Delaware (6 Del. Code §
18-101, et seq.) (the “Act”), which shall be governed by, and operated pursuant
to, the terms and provisions of this Amended and Restated Limited Liability Company Agreement
(herein called this “Agreement”).

ARTICLE I

General Provisions

     Section 1.01 Company Name and Address. The name of the Company is Goldman Sachs
Global Equity Long/Short, LLC. Its principal office is located at 701 Mount Lucas Road, Princeton,
New Jersey 08540, or at such other location as the Managing Member (as defined in Section 1.03) in
the future may designate. The Managing Member shall promptly notify the Non-Managing Members (as
defined in Section 1.03) of any change in the Company’s address.

     Section 1.02 Fiscal Year. The fiscal year of the Company (herein called the “fiscal
year”) shall end on December 31 of each calendar year;
provided, however, that the
Managing Member may change the Company’s fiscal year-end, without the consent of the Non-Managing
Members, as deemed appropriate by the Managing Member, in its sole discretion.

     Section 1.03 Liability of Members. The names of all of the Members and the amounts of
their respective contributions to the Company (herein called the “Capital Contributions”) are set
forth in a schedule (herein called the “Schedule”), which shall be filed with the records of the
Company at the Company’s principal office (as set forth in Section 1.01) and is hereby
incorporated by reference and made a part of this Agreement.

     The Member designated in Part I of the Schedule as the Managing Member (herein called the
“Managing Member”) shall manage the operations of the Company. The Members designated in Part II
of the Schedule are referred to herein as the “Non-Managing Members.” The Managing Member, the
Non-Managing Members and the former Non-Managing Members shall be liable to the extent provided
herein for the repayment and discharge of all debts and obligations of the Company attributable to
any fiscal year (or relevant portion thereof) during which they are or were Members of the Company
to the extent of their respective

 

 

limited liability company interests (the “Units”) in the Company in the fiscal year (or relevant
portion thereof) to which any such debts and obligations are attributable.

     The Members and all former Members shall share all losses, liabilities or expenses suffered or
incurred by virtue of the operation of the preceding paragraph of this Section 1.03 in the
proportions of their respective Capital Accounts (determined as provided in Section 4.03) for the
fiscal year (or relevant portion thereof) to which any debts or obligations of the Company are
attributable. A Member’s or former Member’s share of all losses, liabilities or expenses shall not
be greater than its respective interest in the Company for such fiscal year (or relevant portion
thereof).

     As used in this Agreement, the terms “interests in the Company” and “interest in the Company”
shall mean with respect to any fiscal year (or relevant portion thereof) and with respect to each
Member (or former Member), the Capital Account (or, in the case of a Member with more than one
series of Units (as defined below), the Capital Accounts) that such Member (or former Member)
would have received (or in fact did receive) pursuant to the terms and provisions of Article VI
upon withdrawal from the Company as of the end of such fiscal year (or relevant portion thereof).

     Notwithstanding any other provision of this Agreement to the contrary, in no event shall any
Member (or former Member) be obligated to make any additional contribution or payment whatsoever
to the Company, or have any liability for the repayment and discharge of the debts and obligations
of the Company (apart from its interest in the Company), except that a Non-Managing Member (or
former Non-Managing Member) shall, in the discretion of the Managing Member, be required, for
purposes of meeting such Member’s (or former Member’s) obligations under this Section 1.03, to
make additional contributions or payments, respectively, up to, but in no event in excess of, the
aggregate amount of returns of capital and other amounts actually received by it from the Company
during or after the fiscal year to which any debt or obligation is attributable.

     As used in this Agreement, the terms “former Non-Managing Member” and “former Member” refer
to such Persons as hereafter from time to time cease to be a Non-Managing Member or Member,
respectively, pursuant to the terms and provisions of this Agreement.

     Section 1.04 Purposes of the Company. The Company is organized for the purposes of
allocating its assets directly or indirectly to a group of investment managers (the “Advisors”)
(that may or may not be Affiliates (as defined in Section 2.05) of the Managing Member) that
employ strategies primarily within the equity long/short hedge fund sector, engaging in any other
lawful act or activity for which limited liability companies may be organized under the Act, and
engaging in any and all activities and transactions as the Managing Member may deem necessary or
advisable in connection therewith.

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     Section 1.05 Assignability of Units; Assignment by Managing Member,

     (a) Except as provided in paragraph (b) below, without the prior written consent of the
Managing Member, which may be withheld in its sole and absolute discretion, with or without cause,
a Member may not pledge, transfer or assign its Units in the Company in whole or in part to any
Person except by operation of law pursuant to the death, adjudication of incompetency, insolvency
or bankruptcy of the Member, nor substitute any other Person as a Member. Any attempted pledge,
transfer, assignment or substitution not made in accordance with this Section 1.05 shall be void.

     (b) Without the consent of the Non-Managing Members, the Managing Member may assign or
otherwise transfer its Managing Member interest in the Company to any corporation, partnership,
limited liability company or other entity controlling, controlled by or under common control with
the Managing Member, as long as such transfer does not, as determined by the Managing Member in
its sole discretion, cause the Company to be taxable as a corporation.

     Section 1.06 Registered Office and Agent for Service of Process. The registered
office of the Company shall be: Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware
19801, and the registered agent for service of process at such office shall be The Corporation
Trust Company. The Company may from time to time have such other place or places of business
within or without the State of Delaware as may be designated by the Managing Member.

ARTICLE II

Management of the Company

     Section 2.01 Management Generally. The management of the Company shall be vested
exclusively in the Managing Member. Except as authorized by the Managing Member, or as expressly
set forth in this Agreement, the Non-Managing Members shall have no part in the management of the
Company, and shall have no authority or right to act on behalf of the Company in connection with
any matter. The Managing Member, and any Affiliate of the Managing Member, may engage in any other
business venture, whether or not such business is similar to the business of the Company, and
neither the Company nor any Non-Managing Member shall have any rights in or to such ventures or
the income or profits derived therefrom.

     Section 2.02 Delegation by Managing Member. The Managing Member shall have the power
and authority to delegate to one or more Persons (as defined in Section 2.03(d)), including,
without limitation, any officer, employee or agent of the Company or the Managing Member, the
Managing Member’s rights and powers to manage and control the business and affairs of the Company.
The Managing Member may, by written instrument, authorize any Person to enter into and perform
under any document on behalf of the Company.

     Section 2.03 Authority of the Managing Member. The Managing Member shall have the
power on behalf of and in the name of the Company to carry out any and all of the

3

 

objects and purposes of the Company set forth in Section 1.04 and Section 2.01, and to perform all
acts and enter into and perform all contracts and other undertakings, which it may deem necessary
or advisable or incidental thereto, including, without limitation, the power to:

     (a) open, maintain and close accounts, including custodial accounts, with banks, including
banks located inside and outside the United States, and draw checks or other orders for the
payment of monies;

     (b) lend, either with or without security, funds or other properties of the Company, borrow
or raise funds (including borrowing from the Managing Member or its Affiliates), and secure the
obligations of the Company by pledges or hypothecation of all or any part of the property of the
Company;

     (c) do any and all acts on behalf of the Company, and exercise all rights, powers, privileges
and other incidents of ownership or possession with respect to the Company’s assets (including any
interest therein) and other property and funds held or owned by the Company, including, without
limitation, participation in arrangements with creditors, the institution and settlement or
compromise of suits and administrative proceedings and all other like or similar matters;

     (d) engage any person, general partnership, limited partnership, limited liability company,
corporation, joint venture, trust, business trust, cooperative, association or other entity (each,
a “Person” and collectively, “Persons”) (including the Managing Member and any of its Affiliates)
pursuant to an administration agreement to provide certain administrative services (any such
Person providing such services being referred to herein as the “Administrator”), including,
without limitation, calculating the net asset value (the “NAV”) of each series of Units and
Members’ Capital Accounts, valuing the Company’s assets, assisting with the valuation of
securities which are not readily marketable, assisting in the preparation of the Company’s
financial statements, assisting in the preparation and distribution of reports to each Member,
maintaining a registry for the ownership of each series of Units and providing other
administrative services to the Company;

     (e) consent on behalf of the Company to any changes in the members, directors or officers of
the Managing Member, if such consent is required by applicable law;

     (f) engage any personnel, whether part time or full time, attorneys, financial advisers,
underwriters, accountants, consultants, appraisers, custodians of the assets of the Company or
other Persons as the Managing Member may deem necessary or desirable, whether or not any such
Person may be an Affiliate of the Managing Member or may also be employed by any Affiliate of the
Managing Member;

     (g) allocate the Company’s assets, directly or indirectly, to Advisors and limited liability
companies or other entities managed by the Managing Member through which the Company accesses
Advisors (“Portfolio Companies”) and investment funds in the manner set forth in the Company’s
Confidential Private Placement Memorandum (as amended or supplemented from time to time, the
“Memorandum”) oversee such allocations and, from time to

4

 

time, in the sole discretion of the Managing Member, reallocate the Company’s assets among
existing or new Advisors, Portfolio Companies or investment funds;

     (h) invest any of the Company’s cash balances which it determines at any time, in its sole
discretion, not to allocate to the Advisors, Portfolio Companies or investment funds, in any
instruments it deems appropriate in its sole discretion, including, without limitation, money
market funds sponsored by Goldman, Sachs & Co. or its Affiliates;

     (i) redeem the Company’s interests in any investment fund or Portfolio Company in order to
obtain cash necessary to meet the redemption requests of the Members, or for any other reason in
its sole discretion;

     (j) bring and defend actions and proceedings at law or equity and before any governmental,
administrative or other regulatory agency, body or commission;

     (k) make distributions to Members in cash or (to the extent permitted hereunder) otherwise;

     (l) prepare and file all necessary returns and statements, pay all taxes, assessments and
other impositions applicable to the assets of the Company and withhold amounts with respect
thereto from funds otherwise distributable to any Member;

     (m) determine the accounting methods and conventions to be used in the preparation of any
accounting or financial records of the Company;

     (n) make any and all tax elections permitted to be made under the Internal Revenue Code of
1986, as amended (the “Code”), and any applicable state, local or foreign tax law;

     (o) determine the tax treatment of any Company transaction or item for purposes of completing
the Company’s federal, state, local or foreign tax returns; and

     (p) take all actions, and authorize any member, employee, officer, director or other agent of
the Managing Member or agent or employee of the Company, to act for and on behalf of the Company,
in all matters necessary to, in connection with, or incidental to, any of the foregoing.

     Section 2.04 Reliance by Third Parties. Persons dealing with the Company are entitled
to rely conclusively upon the certification of the Managing Member, to the effect that it is then
acting as the Managing Member and upon the power and authority of the Managing Member as herein
set forth.

     Section 2.05 Activity of the Managing Member. The Managing Member and Persons
controlling, controlled by or under common control with the Managing Member and any of such
Person’s directors, members, stockholders, partners, officers, employees and controlling persons
(each, an “Affiliate” and collectively, “Affiliates”), shall devote so much of their time to the
affairs of the Company as in the judgment of the Managing Member the conduct of its

5

 

business shall reasonably require, and none of the Managing Member or its Affiliates shall be
obligated to do or perform any act or thing in connection with the business of the Company not
expressly set forth herein. Nothing contained in this Section 2.05 shall be deemed to preclude the
Managing Member or its Affiliates from exercising investment responsibility, from engaging directly
or indirectly in any other business or from directly or indirectly purchasing, selling or holding
securities, options, separate accounts, investment contracts, currency, currency units or any other
asset and any interest therein for the account of any such other business, for their own accounts,
for any of their family members or for other clients.

     Section 2.06 Standard of Care; Indemnification.

     (a) None of the Managing Member or its Affiliates (each, an “Indemnified Person” and
collectively the “Indemnified Persons”) shall be liable to the Company or to the Members for (i)
any act or omission performed or failed to be performed by such person (other than any criminal
wrongdoing), or for any losses, claims, costs, damages, or liabilities arising therefrom, in the
absence of any criminal wrongdoing, willful misfeasance or gross negligence on the part of such
person, (ii) any tax liability imposed on the Company or any Member or (iii) any losses due to the
actions or omissions of the Advisors, any brokers or other agents of the Company.

     In the event that any Indemnified Person becomes involved in any capacity in any action,
proceeding or investigation brought by or against any Person (including any Non-Managing Member)
in connection with any matter arising out of or in connection with the Company’s business or
affairs (including a breach of this Agreement by any Member), the Company will periodically
reimburse such Indemnified Person for its legal and other expenses (including the costs of any
investigation and preparation) incurred in connection therewith, provided that such Indemnified
Person shall promptly repay to the Company the amount of any such reimbursed expenses paid to it
if it shall ultimately be determined by a court having appropriate jurisdiction in a decision that
is not subject to appeal, that such Indemnified Person is not entitled to be indemnified by the
Company in connection with such action, proceeding or investigation as provided in the exception
contained in the next succeeding sentence.

     To the fullest extent permitted by applicable law, the Company shall also indemnify any
Indemnified Person, jointly and severally, against any losses, claims, costs, damages or
liabilities to which such Indemnified Person may become subject in connection with any matter
arising out of or in connection with the Company’s business or affairs, except to the extent that
any such loss, claim, cost, damage, or liability results solely from the willful misfeasance, bad
faith or gross negligence of, or any criminal wrongdoing by, such Indemnified Person. If for any
reason (other than the willful misfeasance, bad faith or gross negligence of, or any criminal
wrongdoing by, such Indemnified Person) the foregoing indemnification is unavailable to such
Indemnified Person, or is insufficient to hold it harmless, then the Company shall contribute to
the amount paid or payable to the Indemnified Person as a result of such loss, claim, cost,
damage, or liability in such proportion as is appropriate to reflect not only the relative
benefits received by the Company on the one hand and such Indemnified Person on the other hand but
also the relative fault of the Company and such Indemnified Person, as well as any relevant
equitable considerations.

6

 

     The reimbursement, indemnity and contribution obligations of the Company under this Section
2.06 shall be in addition to any liability which the Company may otherwise have and shall be
binding upon and inure to the benefit of any successors, assigns, heirs, and personal
representatives of the Company, the Managing Member and any other Indemnified Person. The
foregoing provisions shall survive any termination of this Agreement.

     (b) The reimbursement, indemnification and contribution rights provided by this Section 2.06
shall not be deemed to be exclusive of any other rights to which the Indemnified Person may be
entitled under any agreement or as a matter of law, or otherwise, both as to action in an
Indemnified Person’s official capacity and to action in any other capacity, and shall continue as
to an Indemnified Person who has ceased to have an official capacity for acts or omissions during
such official capacity or otherwise when acting at the request of the Managing Member and shall
inure to the benefit of the successors, assigns, heirs and personal representatives of such
Indemnified Person.

     (c) Notwithstanding any of the foregoing to the contrary, the provisions of this Section 2.06
shall not be construed as to relieve (or attempt to relieve) from liability or to provide for the
indemnification of any Indemnified Person for any liability (including liability under federal
securities law which, under certain circumstances, impose liability even on persons that act in
good faith), to the extent (but only to the extent) that such liability may not be waived, modified
or limited under applicable law or such indemnification would be in violation of applicable law,
but shall be construed so as to effectuate the provisions of this Section 2.06 to the fullest
extent permitted by law.

     (d) The Managing Member shall have power to purchase and maintain insurance on behalf of the
Managing Member and the Indemnified Persons at the expense of the Company against any liability
asserted against or incurred by them in any such capacity or arising out of the Managing Member’s
status as such, whether or not the Company would have the power to indemnify the Indemnified
Persons against such liability under the provisions of this Agreement.

     (e) An Indemnified Person may rely upon and shall be protected in acting or refraining from
action upon any resolution, certificate, statement, instrument, opinion, report, notice, request,
consent, order, bond debenture, or other document believed by it to be genuine and to have been
signed or presented by the proper party or parties.

     (f) An Indemnified Person may consult with counsel, accountants and other experts reasonably
selected by it, and any opinion of an independent counsel, accountant or expert retained with
reasonable care shall be full and complete protection in respect of any action taken or suffered
or omitted by the Indemnified Person hereunder in good faith and in accordance with such opinion.

     (g) The Managing Member may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents or attorneys, and the Managing Member
shall not be responsible for any misconduct or negligence on the part of any agent or attorney
appointed with reasonable care by it hereunder.

7

 

     Section 2.07 Management Fee; Payment of Costs and Expenses. The Company shall pay to
the Managing Member a management fee (the “Management Fee”) in respect of each series of Units,
payable in arrears, for investment management and other management services accruing daily and
calculated and paid on a monthly basis of one-twelfth of 1.25% of the Net Assets (as defined in
Section 4.01(d)) of the Company in respect of each such series of Units as of the end of each
month, appropriately adjusted to reflect capital appreciation or depreciation and any
contributions, redemptions or distributions. For purposes of determining the Management Fee for any
month, Net Assets shall not be reduced to reflect any Management Fee for such month and any accrued
Incentive Allocation (as defined in Section 4.05(b)), including any Incentive Allocation that is
allocated to the Managing Member’s Incentive Allocation Account as of such date, provided that Net
Assets shall be reduced for any amounts which have been previously allocated to the Managing
Member’s Incentive Allocation Account. The Management Fee will reduce the Capital Account of the
series of Units to which it relates, as described in Section 4.03.

     If a Member is admitted to, withdraws from (including any partial withdrawal), or acquires
additional Units of, the Company as of a date other than the first day of a calendar month, the
portion of the Management Fee determined with respect to such Member’s Capital Account shall be
appropriately pro-rated to take into account the number of days in such month during which such
Member was a Member or during which such Units were outstanding, as applicable.

     The Managing Member has the right, in its sole discretion, to waive fees or impose different
fees on any Member, as may be agreed to by the Managing Member and the Member.

     The Company bears all of its operating expenses, including, but not limited to, legal
expenses; professional fees (including, without limitation, fees and expenses of consultants and
experts) relating to investments; costs and expenses relating to any amendment of this Agreement
or the Company’s other organizational documents or subscription agreement or any modification or
supplement to the Memorandum, and any distribution of such documentation to the Members;
accounting, auditing and tax preparation expenses; fees and expenses of other agents of the
Company (including, without limitation, fees which may be payable to and expenses of an
Administrator or sub-administrator of the Company); taxes and governmental fees; printing and
mailing expenses; expenses relating to transfers and redemptions of Units; fees and out-of-pocket
expenses of any service company retained to provide accounting and bookkeeping services to the
Company; quotation or valuation expenses; expenses relating to the acquisition, holding and
disposition of investments (e.g., expenses which the Managing Member determines to be related to
the investment of the assets of the Company, including, among others, research expenses, such as
fees to the Advisors, brokerage fees and commissions, expenses relating to short sales, clearing
and settlement charges, custodial fees and expenses, costs and charges for equipment or services
used in communicating information regarding the Company’s transactions between the Managing Member
and other agents, bank service fees, interest expenses, borrowing costs and extraordinary
expenses); insurance premiums; costs incurred in connection with any claim, litigation,
arbitration, mediation, government investigation or dispute in connection with the business of the
Company and the amount of any judgment or settlement paid in connection therewith, or the
enforcement of the Company’s rights against any Person; costs and expenses for

8

 

indemnification or contribution payable by the Company to any Person (including, without
limitation, pursuant to the indemnification obligations described herein under Section 2.06); and
all costs and expenses incurred as a result of dissolution, winding-up and termination of the
Company.

     In addition, the Company will bear the expenses incurred in connection with the offer and
sale of Units, including printing costs and legal fees and expenses of the Company, the Managing
Member and any placement agent and other expenses of the offering of Units. In addition, the
Company will bear, indirectly through its investment in each Portfolio Company or investment fund
in which it invests, its pro rata portion of the offering, organizational and operating expenses
of each Portfolio Company or investment fund, including, without limitation, the expenses of the
type described in this and the preceding paragraph.

     To the extent that expenses to be borne by the Company are paid by the Managing Member, the
Company shall reimburse the Managing Member for the payment of any such expenses. The Managing
Member may elect, from time to time, to bear certain of the Company’s expenses described above.
The Managing Member shall bear its own overhead costs and expenses.

     Section 2.08 Principal Transactions and Other Related Party Transactions. Each
Non-Managing Member hereby authorizes the Managing Member, on behalf of such Non-Managing Member,
to select one or more Persons, who shall not be affiliated with the Managing Member, to serve on
a committee, the purpose of which will be to consider and, on behalf of the Non-Managing Members,
approve or disapprove, to the extent required by applicable law, of principal transactions and
certain other related party transactions. In no event shall any such transaction be entered into
unless it complies with applicable law.

ARTICLE III

Series of Units; Admission of New Members

     Section 3.01 Classes and Series of Units.

     (a) Units may be divided into different classes of Units, and each class may be further
divided into different series of Units (each such series being referred to in this Agreement as a
“series,” provided always that in the case of a class which has not been divided into two or more
series, the expression “series” shall, where the context so requires, mean, for the purposes of
this Agreement, the Units of such class), in the discretion of the Managing Member. In this
Agreement, except when referred to under their separate classes or series or where the context
otherwise requires, the term “Units” shall mean all classes and all series of each class of
Units.

     (b) An initial series of Units of a class (the “Initial Series”) will be issued on the
initial closing date of each class. The initial purchase price per Unit for the Initial Series of
Units of a class shall be $100. The Managing Member may, at any time and from time to time, in
its sole discretion, elect to raise additional capital for the Company from Members and from new
subscribers on such terms and conditions as may be determined by the Managing Member

9

 

in its sole discretion. Generally, a new series of Units will be issued on each date an existing
Member makes an additional Capital Contribution in accordance with Section 4.02 and on each date a
new Member is admitted to the Company in accordance with Section 3.03, except that the Managing
Member may issue additional Units of an existing series provided that such issuance does not have
an adverse effect on the NAV or Prior High NAV (as defined in Section 4.05(b)(i)) of the Units of
any Member. Each Unit will carry equal rights and privileges with each other Unit of the same
series. Units of a class issued at the beginning of any fiscal year will be offered at the then
current NAV per Unit of the Initial Series of such class if such Initial Series is at or above its
Prior High NAV per Unit. If the Initial Series of such class is not at or above its Prior High NAV
per Unit, Units will be issued in the next offered series of such class that is at or above its
Prior High NAV. If no series of Units of such class is at or above its Prior High NAV at such time,
such additional Units will be issued as a separate series at a price per Unit determined by the
Managing Member, in its sole discretion. Fractions of Units may be issued to one ten-thousandth of
a Unit.

     Section 3.02 Conversion of Series. Following the end of each fiscal year, any issued
and outstanding series of Units of a class (other than the Initial Series of such class) that is
at or above its Prior High NAV shall be exchanged (after reduction for the Management Fee and any
Incentive Allocation) into Units of the Initial Series of such class (or if such Initial Series is
not at or above its Prior High NAV per Unit, the next offered series of such class that is at or
above its Prior High NAV) at the prevailing NAV per Unit of the Initial Series or such other
series of Units (as applicable).

     Section 3.03 New Members. Subject to the condition that each new Member shall execute
an appropriate counterpart to this Agreement pursuant to which it agrees to be bound by the terms
and provisions hereof, the Managing Member may admit one or more new Members on the first day of
each calendar quarter or at such other times as the Managing Member may determine in its sole
discretion. Admission of a new Member shall not be a cause for dissolution or termination of the
Company.

     Section 3.04 Adjustment to Number of Units Issued. If at any time the Managing Member
determines, in its sole discretion, that an incorrect number of Units was issued to a Member
because the NAV in effect on the date of issuance was materially incorrect, the Company will
adjust such Member’s Units by increasing or decreasing them (by means of issuances of additional
Units or compulsory redemptions of Units, in each case without additional consideration), as
appropriate, to such number of Units as would have been issued at the correct NAV.

     Section 3.05 Additional Classes of Units. The Company may issue additional classes of
Units, including, without limitation, classes of Units that are subject to different fee
arrangements or seek to maximize total returns in other currencies. The Managing Member may,
without the prior consent of or notice to the Members, make appropriate amendments to or
supplement this Agreement to the extent necessary or desirable to effect the issuance of Units of
any such class, including, without limitation, to account for different fee arrangements or the
separate currency-related transactions engaged in with respect to such a class.

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ARTICLE IV

Capital
Accounts of Members
 and Operation Thereof

     Section 4.01 Definitions. For the purposes of this Agreement, unless the context
otherwise requires:

     (a) The term “Accounting Period” shall mean the following periods: The initial Accounting
Period commenced upon the commencement of operations of the Company. Each subsequent Accounting
Period shall commence immediately after the close of the preceding Accounting Period. Each
Accounting Period hereunder shall close at the close of business on the first to occur of (i) the
last day of each calendar month, (ii) the last day of each fiscal year of the Company, (iii) the
date immediately prior to the effective date of the admission of a new Member pursuant to Section
3.03, (iv) the date immediately prior to the effective date of an additional Capital Contribution
pursuant to Section 4.02, or (v) the date immediately prior to the effective date of any redemption
or complete withdrawal pursuant to Article V or Article VI hereof. The final Accounting Period
shall end on the date the Company dissolves.

     (b) The term “Beginning Value” shall, with respect to any Accounting Period, mean the value
of the Company’s Net Assets (as defined below) at the beginning of such Accounting Period.

     (c) The term “Ending Value” shall, with respect to any Accounting Period, mean the value of
the Company’s Net Assets at the end of such Accounting Period (before giving effect to the
Incentive Allocation and the Management Fee for such Accounting Period, but after giving effect to
all other expenses for such Accounting Period).

     (d) The term “Net Assets” shall mean the excess of the Company’s total assets over its total
liabilities, determined in accordance with Section 4.07.

     (e) The term “Net Capital Appreciation,” with respect to any Accounting Period, shall mean
the excess, if any, of the Ending Value over the Beginning Value.

     (f) The term “Net Capital Depreciation,” with respect to any Accounting Period, shall mean
the excess, if any, of the Beginning Value over the Ending Value.

     Section 4.02 Capital Contributions. Each Member has paid or conveyed by way of
contribution to the Company in exchange for the issuance of Units cash and/or marketable
securities having an aggregate value equal to the amount set forth opposite such Member’s name in
Part I or II of the Schedule (herein called the “Initial Capital Contribution”). Additional
Capital Contributions may be made by Members only in accordance with the provisions of this
Section 4.02.

     Upon the approval of the Managing Member, any existing or prospective Member may purchase
additional or newly-issued Units by contributing cash and/or marketable securities to the Company
on the first day of any calendar quarter or at such other times as the Managing

11

 

Member may determine in its sole discretion. The Managing Member and any of its Affiliates may
make additional Capital Contributions to the Company in cash and/or marketable securities at any
time and in any amounts.

     Whether marketable securities shall be accepted as a contribution to the Company shall be
determined in the sole discretion of the Managing Member.

     Section 4.03 Capital Accounts.

     (a) A separate capital account (herein called a “Capital Account”) shall be established on
the books of the Company for each series of Units. The Capital Account of each series shall
initially be an amount equal to the Initial Capital Contributions with respect to such series. The
Capital Account of a series shall be (i) increased to reflect any additional Capital Contributions
pursuant to Section 4.02 in respect of such series; (ii) increased to reflect the Net Capital
Appreciation of such series for each Accounting Period; (iii) decreased to reflect the redemption
of any Units of such series, pursuant to Section 5.02; (iv) decreased to reflect the amount of any
distributions (other than in redemption of Units pursuant to Section 5.02) pursuant to Section
5.04 in respect of such series (including any deemed distributions of taxes paid by the Company
pursuant to Section 5.04(c) in respect of such series); (v) decreased for any Incentive Allocation
pursuant to Section 4.05(b) and any Management Fee in respect of such series; and (vi) decreased
to reflect the Net Capital Depreciation of such series for each Accounting Period.

     (b) At the time of the conversion of any series of Units into Units of the Initial Series or
any other series of Units pursuant to Section 3.02, the Capital Account of the converted series of
Units shall be reduced to zero, and the Capital Account of the series of Units into which such
Units were converted shall be increased by the balance of the Capital Account of the converted
series of Units immediately prior to the conversion.

     (c) A separate Capital Account shall also be established on the books of the Company for each
Member with respect to each series of Units held by such Member. Each Member’s Capital Account with
respect to a series of Units shall equal the Capital Account of such series times the Member’s
Membership Percentage (as defined in Section 4.04) with respect to such series of Units.

     (d) The Managing Member shall have a separate Capital Account (the “Incentive Allocation
Account”), which shall initially be equal to zero, and which shall be (i) increased by any
Incentive Allocation at the time such Incentive Allocation is made, and (ii) decreased to reflect
the amount of any distributions (including any deemed distributions in connection with the
withholding of taxes in respect of such Incentive Allocation pursuant to Section 5.04(c)) made to,
or withdrawals made by, the Managing Member in respect of such Incentive Allocation Account.

     Section 4.04 Membership Percentages. A membership percentage (a “Membership
Percentage”) shall be determined for each Member for any given series of Units for each
Accounting Period of the Company by dividing (i) the number of Units owned by such Member within
a given series by (ii) the aggregate number of outstanding Units of such series as of the
beginning of such Accounting Period, after taking into account, in the case of both clause

12

 

(i) and clause (ii), any Units issued or redeemed as of (or the day immediately after) the
beginning of such Accounting Period. The aggregate Membership Percentages for each series of Units
shall equal 100%.

     Section 4.05 Allocation of Net Capital Appreciation or Net Capital Depreciation.

     (a) Any Net Capital Appreciation or Net Capital Depreciation, as the case may be, for an
Accounting Period shall be allocated among the different series of Units pro rata in accordance
with the relative Capital Accounts (determined prior to any year-to-date accrued Incentive
Allocation) of each series at the beginning of such Accounting Period, after taking into account
any contributions, distributions or redemptions as of the beginning of such Accounting Period.

     (b) (i) At the end of each fiscal year of the Company, or at such other date during a fiscal
year as of which the following determination is required pursuant to this Section 4.05, five
percent (5%) of the amount by which the NAV of a series of Units (determined prior to any
applicable Incentive Allocation accrual with respect to such series of Units and appropriately
adjusted as determined by the Managing Member in its sole discretion for contributions,
distributions and redemptions, but after giving effect to the allocation, pursuant to Section
4.05(a), of Net Capital Appreciation and Net Capital Depreciation for the Accounting Period then
ending) exceeds such series’ Prior High NAV at such date shall be reallocated to the Incentive
Allocation Account (the “Incentive Allocation”). The “Prior High NAV” with respect to a series of
Units initially shall mean an amount equal to the NAV of such series as of the date of its initial
issue. The new Prior High NAV with respect to a series of Units immediately following the end of
any period for which an Incentive Allocation has been made with respect to such series shall be
reset to equal the NAV of such series, unless the series is exchanged pursuant to Section 3.02
into the Initial Series or another series, in which case the new Prior High NAV shall be reset to
equal the NAV of the Initial Series or such other series. If the NAV of such series at the end of
any fiscal year of the Company, and such other date during a fiscal year as of which the
determination of the Incentive Allocation is required pursuant to Section 4.05(c) is less than its
Prior High NAV, the Prior High NAV of that series shall not change. The Prior High NAV for each
series of Units shall be appropriately adjusted as determined by the Managing Member in its sole
discretion to account for contributions, distributions and redemptions made with respect to such
series of Units.

          (ii) The Incentive Allocation with respect to a series of Units accrues daily and the
Company shall credit the Incentive Allocation Account as of December 31 of each year for the
Incentive Allocation.

     (c) In the event that the Company is dissolved other than at the end of a fiscal
year, or the effective date of a Member’s redemption of Units is other than a fiscal
year-end, then
the Incentive Allocation described above shall be determined and made as if the date of such
dissolution or redemption was a fiscal year-end (but only in respect of the Units being
redeemed).

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     (d) Notwithstanding anything to the contrary herein, to the extent that the Company invests in
“New Issues” (as defined below), and there are Members who are restricted persons within the
meaning of the National Association of Securities Dealers, Inc. (the “NASD”) Conduct Rule 2790 (the
“NASD Rule”), investments in New Issues will be made through a special account and profits and
losses attributable to New Issues will not be allocated to the Capital Accounts of Members who are
restricted from participating in New Issues under the NASD Rule. One or more additional classes (or
sub-classes) of Units may be created and offered only to those Members who are not restricted
persons, and only those Members who are not restricted persons shall have any beneficial interest
in such classes (or sub-classes). Notwithstanding anything in this Agreement to the contrary, the
Managing Member shall have the right, without the consent of the Members, to make such amendments
to this Agreement, and to take such other actions, as it deems advisable and appropriate, in its
sole discretion, to implement the purposes of this Section 4.05(d). A “New Issue” is any equity
securities of an initial public offering as described in the NASD Rule, or otherwise as such term
may be interpreted from time to time under the then current rules of the NASD.

     Section 4.06 Amendment of Incentive Allocation. The Managing Member shall have the
right to amend, without the consent of the Non-Managing Members, Section 4.05 of this Agreement so
that the Incentive Allocation (or other performance-based allocation) therein provided conforms to
any applicable requirements of the Securities and Exchange Commission and other regulatory
authorities; provided, however, that no such amendment shall increase the Incentive
Allocation (or other performance-based allocation) as so amended to more than the amount payable
in accordance with Section 4.05 of this Agreement (or, in the case of any other performance-based
allocation arrangement, the specific arrangement set forth in a written agreement between the
affected Non-Managing Member and the Company), without the written consent of the affected
Non-Managing Member. The Managing Member reserves the right, in its sole discretion, to apply
different performance-based percentage allocations and performance-based compensation arrangements
to any Member, as may be agreed by the Managing Member and such Member.

     Section 4.07 Determination of Net Assets.

     (a) The Company’s Net Assets shall be determined in accordance with U.S. generally accepted
accounting principles (“U.S. GAAP”) consistently applied as a guideline and the following
principles:

          (i) The value of the Company’s investment in an investment fund shall be equal to the
Company’s proportionate interest in the NAV of the investment fund, determined in accordance with
the terms and conditions of the respective governing agreement of each investment fund as
reported by its respective Advisor or other designee to the Company, as it may be amended,
supplemented or otherwise modified from time to time (or based on such other information deemed
relevant by the Managing Member).

          (ii) The assets of the Company that are invested pursuant to investment management
agreements or in Portfolio Companies shall be valued at fair value in a commercially reasonable
manner.

14

 

          (iii) All other assets or liabilities of the Company shall be assigned such value as the
Managing Member may reasonably determine.

          (iv) The amount of the Company’s assets and liabilities (including, without limitation,
indebtedness for money borrowed and the Management Fee) shall be determined in accordance with
U.S. GAAP and guidelines, applied on a consistent basis, provided that the Managing Member in its
discretion may provide reserves for estimated accrued expenses, liabilities and contingencies,
even if such reserves are not required by U.S. GAAP.

          (v) The amount payable to a Member or former Member in redemption of part or all of such
Member’s or former Member’s Units pursuant to Section 5.02 shall be treated as a liability of the
Company, until paid, from (but not prior to) the beginning of the Accounting Period that begins
immediately after the close of business on the day immediately prior to the Redemption Date (as
defined in Section 5.02(a)) for such Units.

          (vi) The amount to be received by the Company on account of any Capital Contributions
pursuant to Section 4.02 shall be treated as an asset of the Company from (but not before) the
beginning of the Accounting Period that begins immediately after the close of business on the day
immediately prior to the effective date of such Capital Contributions.

          (vii) Distributions (other than in redemption of Units pursuant to Section 5.02) made
pursuant to Section 5.04 (including deemed tax distributions pursuant to Section 5.04(c)) other
than as of the beginning of an Accounting Period shall be treated as an advance and as an asset of
the Company, until the beginning of the Accounting Period following the date of distribution.

          (viii) The Incentive Allocation, if any, credited to the Incentive Allocation Account shall
be treated as a liability, until distributed, from the beginning of the Accounting Period
immediately following the Accounting Period in which the Incentive Allocation was credited to such
Incentive Allocation Account.

     (b) The Company may suspend the valuation of its assets and liabilities, and any
distributions or redemptions of any amounts from Capital Accounts, for any period during which a
Portfolio Company or other investment fund with which the Company has made an investment has
suspended the valuation of its assets and liabilities. The Managing Member shall promptly notify
Members of any such suspension, and the termination of any such suspension, by means of a written
notice.

     (c) All values assigned to securities and other assets by the Managing Member or the
Administrator pursuant to this Section 4.07 shall be final and conclusive as to all of the
Members. The Managing Member may consult with and rely upon valuations of the Company’s securities
and other assets provided by the Administrator.

     Section 4.08 Determination of Net Asset Value. The NAV of a series of Units shall be
equal to the balance of the Capital Account with respect to such series of Units. The NAV per Unit
of a series shall be equal to the NAV of such series divided by the number of outstanding Units of
such series.

15

 

     Section 4.09 Allocation for Tax Purposes. For each taxable year, items of income,
deduction, gain, loss or credit actually recognized by the Company for federal income tax purposes
shall be allocated for federal income tax purposes among the Members in such manner as to
equitably reflect the amounts credited or debited to each Member’s Capital Account for the current
and prior taxable years (or relevant portions thereof). Allocations under this Section 4.09 shall
be made by the Managing Member in accordance with the principles of Sections 704(b) and 704(c) of
the Code and in conformity with applicable Treasury Regulations promulgated thereunder (including,
without limitation, Treasury Regulations Sections 1.704-l(b)(2)(iv)(f)(4), 1.704-l(b)(4)(i) and
1.704-3(e)). Notwithstanding the foregoing, the Managing Member in its sole discretion may adjust
the allocation of items of Company taxable income, gain, loss and deduction among the Members as
it shall deem to be equitable, and necessary or desirable.

     If, during or immediately following the end of a taxable year, any Member redeems all of its
Units in the Company or the Managing Member withdraws any amount from its Incentive Allocation
Account, and the Member would (absent this sentence) recognize gain or loss under Section 731 of
the Code as a result of such redemption or withdrawal, the Managing Member may, in its sole
discretion, elect to specially allocate to such Member, for U.S. federal income tax purposes, any
income and gain or loss and deduction (including short-term capital gain or loss) recognized by the
Company during such taxable year, through and including the date of redemption or withdrawal, in an
amount up to that amount of income and gain or loss and deduction which if so allocated would avoid
the Member recognizing gain or loss on the redemption or withdrawal under Section 731 of the Code
(ignoring for this purpose, in the sole discretion of the Managing Member, any adjustments that
have been made to the tax basis of the redeeming Member’s Units resulting from any transfers or
assignment of the Units (other than the original issue of the Units), including by reason of
death). Any such election by the Managing Member shall, to the extent reasonably practicable as
determined by the Managing Member in its sole discretion, be applied on an equitable basis to all
Members that redeem all of their Units during or immediately following the end of such taxable
year.

     Section 4.10 Determination by Managing Member of Certain Matters; Managing Member’s
Discretion.

     (a) All matters concerning the valuation of securities and other assets and liabilities of
the Company, the allocation of profits, gains and losses among the Members (including for tax
purposes) and accounting procedures not expressly provided for by the terms of this Agreement
(including, without limitation, allocation and accounting procedures in the event a Member that
has an account managed by the Managing Member in a manner similar to the investment program
utilized by the Company which causes the assets and liabilities in such account to be transferred
to the Company) shall be determined by the Managing Member (or such Person as the Managing Member
may authorize to make such determination), whose determination shall be final, binding and
conclusive as to all of the Members.

     (b) Whenever in this Agreement the Managing Member is permitted or required to make a
decision (i) in its “sole discretion” or “discretion,” or under a similar grant of authority or
latitude, the Managing Member shall be entitled to consider only such interests and

16

 

factors as it desires and may consider its own interests and the interests of its Affiliates and
its determination shall be final, binding and conclusive as to all of the Members, or (ii) in its
“good faith” the Managing Member shall act under such express standards and shall not be subject
to any other or different standards imposed by this Agreement or by law or any other agreement
contemplated herein.

     Section 4.11 Adjustments to Take Account of Interim Year Events. If the Code or
regulations promulgated thereunder require an adjustment to the Capital Account of a Member or some
other interim year event occurs necessitating in the Managing Member’s judgment an equitable
adjustment, the Managing Member shall make such adjustments in the determination and allocation
among the Members of Net Capital Appreciation, Net Capital Depreciation, Capital Accounts,
Membership Percentages, Incentive Allocation, the Management Fee, Company expenses, items of
income, deduction, gain, loss, credit or withholding for tax purposes, accounting procedures or
such other financial or tax items as shall equitably take into account such interim year event and
applicable provisions of law, and the determination thereof by the Managing Member shall be final,
binding and conclusive as to all of the Members.

     Section 4.12 Tax Withholding. If the Company is required to withhold taxes on any
distribution to, or to pay or incur any tax with respect to any income allocable to or otherwise
on account of, any Member or series of Units, the Company may withhold such amounts and make such
payments to such taxing authorities as are necessary to ensure compliance with such tax laws.

ARTICLE V

Redemptions and Distributions

     Section 5.01 Redemptions and Distributions in General. No Member shall be entitled
(i) to receive distributions from the Company, except as provided in Section 5.04 and Section
7.02; or (ii) to redeem any of its Units (other than upon such Member’s withdrawal from the
Company), except as provided in Sections 5.02 and 6.01 or upon the consent of, or as may be
required by, and upon such terms as may be determined by, the Managing Member in its sole
discretion. In no event shall a Member be entitled to demand to receive property other than cash.

     Section 5.02 Redemptions.

     (a) Subject to this Section 5.02(a) and Sections 5.02(c) and 5.03, each Member shall have the
right to redeem some or all of its Units as of the time immediately prior to the opening of
business on each January 1, April 1, July 1 and October 1 (each, a “Redemption Date”), upon
written notice received by the Managing Member at least 61 days prior to the respective Redemption
Date (unless such notice is waived by the Managing Member in its sole discretion). No partial
redemption shall be permitted if thereafter the aggregate NAV of the remaining Units held by the
redeeming Member would be less than $500,000, unless such limitation is waived by the Managing
Member in its sole discretion.

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     If outstanding redemption requests from all Members with respect to any Redemption Date (an
“Initial Holdover Redemption Date”) (including, without limitation, any Held Over Units (as defined
below)) would result in redemption proceeds in excess of the Maximum Redemption Amount (as defined
below), the Managing Member shall be entitled in its sole discretion to refuse to redeem Units
requested for redemption that would have resulted in redemption proceeds in an amount equal to or
less than such excess. The “Maximum Redemption Amount,” with respect to any Redemption Date, means
25% of the aggregate NAV, determined as of the time immediately prior to such Redemption Date, of
all of the Units outstanding immediately prior to such Redemption Date. If the Managing Member
refuses to redeem Units as set forth above, the requests for redemption on such Initial Holdover
Redemption Date by Members shall be reduced ratably, and the requested Units not so redeemed (the
“Held Over Units”) shall be redeemed on subsequent Redemption Dates subject to the Maximum
Redemption Amount calculation for such subsequent Redemption Date and the Managing Member’s rights
to refuse redemptions in connection therewith, provided that Held Over Units shall be redeemed in
priority to any subsequently received redemption requests.

     Units of a particular series will be redeemed at a per Unit price (the “Redemption Price”)
based upon the NAV of such series as of the close of business on the day (a “Valuation Date”)
immediately preceding the applicable Redemption Date (taking into account the allocation of any Net
Capital Appreciation or Net Capital Depreciation under Section 4.05, and any distributions under
Section 5.04 for the Accounting Period then ending), after reduction for any Management Fee and
Incentive Allocation (calculated as if the applicable Valuation Date was the last day of the fiscal
year) and other liabilities of the Company to the extent accrued or otherwise attributable to the
Units being redeemed, and the amount of any such reduction for the Management Fee shall be paid to
the Managing Member, and the amount of any such reduction for any Incentive Allocation shall be
allocated to the Capital Account of the Managing Member. If a redeeming Member owns Units of more
than one series, unless otherwise specified by such Member in writing, Units shall be redeemed on a
“first in-first out” basis for purposes of determining the Redemption Price. The Company will
endeavor to pay 90% of the redemption proceeds (calculated on the basis of estimated, unaudited
data), valued as the close of business on the day immediately preceding the Redemption Date, within
10 days following the applicable Redemption Date, without interest. The balance of the redemption
proceeds will be paid, without interest, within 30 days of the applicable Redemption Date. The
Managing Member may permit redemptions at other times and in other amounts, subject to any
conditions that it may impose in its sole discretion.

     (b) The Managing Member shall have the right, in its sole discretion, as of any date that it
determines (including during a fiscal year) and for any reason (including, without limitation,
pursuant to Article VI, for regulatory or tax reasons, or for any other reason), to redeem any or
all of a Member’s Units. Any redemptions made pursuant to this Section 5.02(b) shall be paid out
in accordance with Section 5.02(a).

     (c) The Managing Member, and any Affiliate of the Managing Member, shall have the right at
any time (including during a fiscal year or other period) to redeem any and all of its interest
or withdraw all or a portion of the assets in its Capital Account without notice to the Members.

18

 

     (d) If at any time after a redemption of Units (including in connection with any withdrawal of
a Member from the Company pursuant to Article VI) the Managing Member determines, in its sole
discretion, that the amount paid to such Member or former Member pursuant to such redemption was
materially incorrect (including because the NAV at which the Member or former Member purchased such
Units was incorrect), the Company will pay to such Member or former Member any additional amount
that it determines such Member or former Member would have been entitled to receive had the
redemption been effected at the correct NAV, or, in its sole discretion, seek payment from such
Member or former Member of (and such Member or former Member shall be required to pay) the amount
of any excess payment that the Managing Member determines such Member or former Member received
(including, without limitation, by compulsorily redeeming without consideration a number of Units
held by such Member having a NAV equal to the amount of such excess payment), in each case without
interest.

     Section 5.03 Limitation on Redemptions.

     (a) The right of any Member to redeem some or all of its Units pursuant to the provisions of
Section 5.02 is subject to the provision by the Managing Member for all Company liabilities in
accordance with the Act, and for reserves for estimated accrued expenses, liabilities and
contingencies in accordance with Section 4.07.

     (b) The Managing Member may suspend redemptions, at any time prior to the effective date of
the redemption, and notwithstanding the fact that a timely redemption request has previously been
made, for the whole, or any part, of any of the following periods: (i) during the closure of the
principal stock exchanges or other markets on which any substantial portion of the Company’s
direct or indirect investments, in the opinion of the Managing Member, is quoted or dealt in other
than for ordinary holidays, or the restriction of suspension of dealings therein; (ii) during the
existence of any state of affairs which, in the opinion of the Managing Member, constitutes an
emergency as a result of which the determination of the price, value or disposition of the
Company’s direct or indirect investments would be impractical or prejudicial to Members; (iii)
during which redemptions would, in the opinion of the Managing Member, result in a violation of
applicable law; (iv) during any breakdown in the means of communication or computation normally
employed in determining the price or value of any of the investments of the Company or the current
price or values on any stock exchange in respect of assets of the Company; (v) during the
occurrence of any period when the Company is unable to withdraw sufficient funds from Portfolio
Companies or otherwise to meet redemption requests or in circumstances when the disposal of part
or all of the Company’s assets to meet such redemption requests would be prejudicial to Members;
(vi) during which any transfer of funds involved in the realization or acquisition of investments
or payments due on redemption of Units cannot, in the opinion of the Managing Member, be effected
at advantageous rates of exchange; and (vii) during any period in which any investment fund or
Portfolio Company in which the Company has invested has suspended redemptions or the calculation
of its net asset value. Postponed redemptions shall be effected on the first day of the month
immediately following the termination of the suspension. Any part of a redemption request that is
postponed shall take precedence over later-received redemption requests until the postponed
request or requests have been satisfied in full. Members shall be given notice in writing of the
suspension of redemptions

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and the termination of any such suspension. Units shall be held by the Member during the
suspension period as if no redemption request had been made.

     Section 5.04 Distributions.

     (a) The Managing Member may, in its discretion, make distributions in cash or in-kind (i) in
connection with redemptions from the Company by a Member or in connection with a Member’s complete
withdrawal from the Company pursuant to Article VI, (ii) at any time to the Managing Member in an
amount not in excess of the then positive balance in the Incentive Allocation Account and (iii) at
any time to all of the Members on a pro rata basis in accordance with the Members’ Capital
Accounts.

     (b) If a distribution is made in-kind, immediately prior to such distribution, the Managing
Member shall determine the fair market value of the property distributed and adjust the Capital
Accounts of all Members upwards or downwards to reflect the difference between the book value and
the fair market value thereof, as if such gain or loss had been recognized upon an actual sale of
such property and allocated pursuant to Section 4.05. Each such distribution shall reduce the
Capital Account of the Member to which the distribution was made by the fair market value thereof.

     (c) Any taxes paid over to a governmental authority by the Company pursuant to Section 4.12
with respect to any Member (other than on account of all Members equally) shall be deemed to be a
distribution to such Member. If a Member who receives a deemed distribution of taxes under this
Section owns more than one series of Units, the Managing Member in its sole discretion may
allocate such deemed distribution among such Member’s different series of Units. Notwithstanding
the foregoing, the Managing Member in its sole discretion may elect to treat any deemed
distribution to a Member under this Section 5.04(c), not as a distribution, but as an advance to
the Member and a partial redemption of such Member’s Units as of the next Redemption Date
following the deemed distribution, and such Member’s Units shall be reduced thereby as
appropriately determined by the Managing Member.

ARTICLE VI

Withdrawal, Death, Disability

     Section 6.01
Withdrawal, Death, etc. of Members.

     (a) The withdrawal, death, disability, incapacity, adjudication of incompetency, termination,
bankruptcy, insolvency or dissolution of a Member shall not dissolve the Company. Subject to the
restrictions set forth in Section 1.05(a), the legal representatives or successors of such Member
shall succeed as assignee to the Member’s interest in the Company upon the death, disability,
incapacity, adjudication of incompetency, termination, bankruptcy, insolvency or dissolution of
such Member, but shall not be admitted as a substituted member without the consent of the Managing
Member.

     (b) In the event of the death, disability, incapacity, adjudication of incompetency,
termination, bankruptcy, insolvency or dissolution of a Member, the interest of

20

 

such Member shall continue at the risk of the Company’s business until the last day of the calendar
month following the calendar month in which the Managing Member received written notice of such
event, provided, however, that if the Managing Member determines, in its sole discretion, that the
termination or dissolution of a Member was not involuntary, the interest of such Member shall
continue at the risk of the Company’s business until the last day of the next calendar quarter that
is at least 61 days from the date on which the Managing Member received written notice of such
event. At the end of such period, the Managing Member may, in its sole discretion (i) take no
action, (ii) substitute the legal representatives or successors of such Member as Members of the
Company, provided that the Managing Member determines in its sole discretion that such legal
representatives or successors are qualified to become Members of the Company, or (iii) compulsorily
redeem such Member’s interest in the Company in accordance with the redemption provisions set forth
in this Article VI.

     (c) The interest of a Member that gives notice of a withdrawal pursuant to Section 6.01(a)
shall not be included in calculating the Membership Percentages required to take any action under
this Agreement.

     Section 6.02 Required Withdrawals. The Managing Member may at any time and for any
reason, in its discretion, terminate the interest of any Member in the Company or require a Member
to withdraw any part of its Capital Account. A Member required to withdraw under this Section 6.02
shall be treated for all purposes of distribution of redemption proceeds as a Member who has given
notice of withdrawal under Section 6.01(a).

     Section 6.03 Effective Date of Withdrawal. The Capital Account of a withdrawing
Member shall be determined as of the effective date of its withdrawal. For purposes of this
Section 6.03, the effective date of a Member’s withdrawal shall mean (as the case may be) (i) the
Redemption Date pursuant Section 6.01(a) or (ii) the date determined by the Managing Member if
such Member shall be required to withdraw from the Company pursuant to Section 6.02. In the event
the effective date of a Member’s withdrawal shall be a date other than the last day of a fiscal
year of the Company, the Capital Account of the withdrawing Member shall be adjusted pursuant to
Section 4.05(c).

ARTICLE VII

Duration and Dissolution of the Company

     Section 7.01 Duration.

     (a) The Company shall continue until the earlier of (i) a determination by the Managing
Member that the Company should be dissolved and wound-up; (ii) the termination, bankruptcy,
insolvency, dissolution or withdrawal by the Managing Member other than by assignment of the
Managing Member’s interest as provided in Section 1.05(b); or (iii) a vote of a majority of the
Members pursuant to Section 7.01(b). Upon a determination to dissolve the Company, redemptions,
and distributions in respect thereof, may not be made.

     (b) Dissolution of the Company by the Members:

21

 

          (i) For purposes of this Agreement:

               (A) The term “Meeting Request” shall mean a written request from Members holding (as of the
date of such request) at least 20% of the voting power, based on NAV, of the outstanding Units
(excluding for purposes of calculating such percentage any Units held by the Managing Member and
any affiliate or employee of the Managing Member or Goldman, Sachs & Co. (collectively, the
“Managing Member Units”)) to the Managing Member requesting that the Managing Member call a
meeting for the purpose of dissolving the Company.

               (B) The term “Dissolution Record Date” shall mean with respect to a meeting at which the
dissolution of the Company is to be considered, a date selected by the Managing Member, which is
no later than 15 days following the date on which the Managing Member receives a Meeting Request.

          (ii) Upon the written request of one or more Members holding at least 1% of the voting power,
based on NAV, of the outstanding Units (excluding for purposes of calculating such percentage the
Managing Member Units), solely for purposes of soliciting other Members in connection with making a
Meeting Request, the Managing Member shall use commercially reasonable efforts to send to all other
Members a solicitation to make a Meeting Request, subject to the Managing Member’s right to impose
reasonable conditions upon any such solicitation.

          (iii) Upon receipt by the Managing Member of a Meeting Request, the Managing Member shall set
a Dissolution Record Date and shall schedule a meeting of the Members for no later than 60 days
after the Dissolution Record Date for the purpose of voting on the dissolution of the Company
(such meeting, the “Dissolution Meeting”). The quorum for such meeting shall require attendance,
in person or by proxy, of Members holding at least a majority of the voting power, based on NAV,
of the outstanding Units (excluding for purposes of calculating such percentage the Managing
Member Units) as of the Dissolution Record Date. If a quorum is not achieved for the meeting, the
meeting shall be cancelled and no vote shall be held. The dissolution of the Company by the
Members may only be voted upon at a meeting properly called in accordance with this Section
7.01(b) and will be approved only upon the affirmative vote of Members holding at least a majority
of the voting power, based on NAV, of the outstanding Units (excluding for purposes of calculating
such percentage the Managing Member Units).

          (iv) In the event of an affirmative vote in favor of dissolution of the Company, (A) the
Managing Member shall seek to liquidate the Company as soon as reasonably practicable (including
by submitting redemption requests to Portfolio Funds and Portfolio Companies within 30 days of
such vote), and (B) the Company shall be dissolved and terminated in accordance with the
provisions of Section 7.02.

          (v) On or prior to August 25, 2006, the Managing Member may, in its sole discretion, amend,
delete or waive any of the provisions relating to the dissolution of the Company by the Members
described in this Section 7.01(b); provided that, if the Managing Member has received a written
request from one or more Members representing at least 1% of

22

 

the voting power, based on NAV, of the outstanding Units (excluding for purposes of calculating
such percentage the Managing Member Units) to facilitate the solicitation of other Members in
connection with making a Meeting Request or has received a Meeting Request in accordance with
paragraphs (ii) or (iii) above, any such amendment, deletion or waiver shall not become effective
until the earliest of the date on which (A) the solicitations to make such Meeting Request have
been terminated or have expired in accordance with such conditions as have been attached by the
Managing Member to the said solicitations pursuant to paragraph (ii) above, or (B) the Dissolution
Meeting referred to in such Meeting Request has been held and there were insufficient votes to
dissolve the Company or cancelled for lack of a quorum pursuant to paragraph (iii) above.
Notwithstanding anything in the foregoing to the contrary, the Managing Member may amend or waive
any of the provisions relating to the dissolution of the Company described in this Section 7.01(b)
at any time in its sole discretion, so long as such amendment or waiver does not adversely affect
the right of the Members to dissolve the Company. If the Managing Member makes any permitted
amendment, deletion or waiver, it will give written notice thereof to the Members following such
amendment, deletion or waiver.

     Section 7.02 Dissolution.

     (a) On dissolution of the Company, the Managing Member shall, within no
more than 30 days after completion of a final audit of the Company’s financial statements,
make
distributions out of Company assets, in the following manner and order:

          (i) to creditors, including Members who are creditors, to the extent otherwise permitted by
law, in satisfaction of liabilities of the Company (whether by payment or by establishment of
reserves); and

          (ii) to the Members in the proportion of their respective Capital Accounts.

     (b) The Managing Member, in its discretion, at any time and from time to time, may designate
one or more liquidators, including, without limitation, one or more partners, members or officers
of the Managing Member, who shall have full authority to wind up and liquidate the business of the
Company and to make final distributions as provided in this Section 7.02. The appointment of any
liquidator may be revoked or a successor or additional liquidator or liquidators may be appointed
at any time by an instrument in writing signed by the Managing Member. Any such liquidator may
receive compensation as shall be fixed, from time to time, by the Managing Member.

     (c) In the event that the Company is dissolved on a date other than the last day of a fiscal
year, the date of such dissolution shall be deemed to be the last day of a fiscal year for
purposes of adjusting the Capital Accounts of the Members pursuant to Section 4.03. For purposes
of distributing the assets of the Company upon dissolution, the Managing Member shall be entitled
to a return, on a pari passu basis with the Non-Managing Members, of the amount standing to its
credit in its Capital Account and, with respect to its share of profits, based upon its Membership
Percentage.

23

 

ARTICLE VIII

Tax Returns; Reports to Members

     Section 8.01 Independent Auditors. The financial statements of the Company shall be
audited by Ernst & Young LLP, or such other certified public accountants of similar standing
selected by the Managing Member, as of the end of each fiscal year of the Company.

     Section 8.02 Filing of Tax Returns. The Managing Member shall prepare and file, or
cause the accountants of the Company to prepare and file, a federal information tax return in
compliance with Section 6031 of the Code, and any required state and local income tax and
information returns for each tax year of the Company.

     Section 8.03 Tax Matters Partner. The Managing Member shall be designated on the
Company’s annual federal information tax return, and have full powers and responsibilities, as the
“Tax Matters Partner” of the Company for purposes of Section 6231(a)(7) of the Code. In the event
the Company shall be the subject of an income tax audit by any federal, state or local authority,
to the extent the Company is treated as an entity for purposes of such audit, including
administrative settlement and judicial review, the Tax Matters Partner shall be authorized to act
for, and its decision shall be final and binding upon, the Company and each Member thereof. All
expenses incurred in connection with any such audit, investigation, settlement or review shall be
borne by the Company.

     Section 8.04 Financial Reports to Current Members. The Company shall prepare and mail
to each Non-Managing Member (i) annual audited financial statements after the end of the Company’s
fiscal year and (ii) information necessary for such Member to complete its U.S. federal, state and
local income tax returns (including such information that such Member may reasonably require
annually to complete its tax filing obligations, provided that the Managing Member may provide the
same without undue effort or expense).

     Section 8.05 Tax Reports to Members and Former Members. The Company shall use its
best efforts to prepare and mail, or cause its accountants to prepare and mail, to each Member
and, to the extent necessary, to each former Member (or its legal representatives), not more than
90 days after the close of each taxable year of the Company, a report setting forth in sufficient
detail such information as shall enable such Member or former Member (or such Member’s legal
representatives) to prepare their respective federal income tax returns and/or extensions in
accordance with the laws, rules and regulations then prevailing.

ARTICLE IX

Miscellaneous

     Section 9.01 General. This Agreement (i) shall be binding on the permitted
transferees, assigns, executors, administrators, estates, heirs, and legal successors and
representatives of the Members and (ii) may be executed, through the use of separate signature
pages or supplemental agreements in any number of counterparts with the same effect as if the
parties executing such counterparts had all executed one counterpart; provided,
however, that

24

 

each such counterpart shall have been executed by the Managing Member and that the counterparts, in
the aggregate, shall have been signed by, or on behalf of, all of the Members.

     Section 9.02 Power of Attorney. Each of the Members hereby appoints the Managing
Member as its true and lawful representative and attorney-in-fact, in its name, place and stead to
make, execute, sign, acknowledge, swear to and file:

     (a) a Certificate of Formation of the Company and any amendments thereto as may be required
under the Act;

     (b) any duly adopted amendment to this Agreement;

     (c) any and all instruments, certificates, and other documents that may be deemed necessary
or desirable to effect the dissolution and winding-up of the Company (including, but not limited
to, a Certificate of Cancellation of the Certificate of Formation); and

     (d) any business certificate, fictitious name certificate, amendment thereto, or other
instrument or document of any kind whatsoever necessary, desirable or convenient to accomplish the
business, purpose and objectives of the Company, or required by any applicable federal, state,
local or foreign law.

     The power of attorney hereby granted by each of the Non-Managing Members is coupled with an
interest, is irrevocable, and shall survive, and shall not be affected by, the subsequent death,
disability, incapacity, incompetency, termination, bankruptcy, insolvency or dissolution of such
Non-Managing Member; provided, however, that such power of attorney shall
terminate upon the substitution of another non-managing member for all of such Non-Managing
Member’s interest in the Company or upon the complete withdrawal of such Non-Managing Member from
participation in the Company.

     Section 9.03 Amendments to Limited Liability Company Agreement. The terms and
provisions of this Agreement may be modified or amended at any time and from time to time with the
written consent of Members having in excess of 50% of the voting power of the outstanding Units,
(or, if an amendment affects only a particular series of Units, with the written consent of
Members having in excess of 50% of that series of Units), based on the NAV of such Units, and the
affirmative vote of the Managing Member insofar as is consistent with the laws governing this
Agreement; provided, however, that without the consent of the Non-Managing
Members, the Managing Member may amend this Agreement or the Schedule hereto to (i) reflect
changes validly made in the membership of the Company, the Capital Contributions, Membership
Percentages and changes in the number of Units held by the Members; (ii) change the provisions
relating to the Incentive Allocation so that such provisions conform to the applicable
requirements of the Securities and Exchange Commission and other regulatory authorities, so long
as such amendment does not increase the Incentive Allocation to more than the amount that would
otherwise be determined absent such amendment; (iii) reflect a change in the name of the Company;
(iv) make a change that is necessary or, in the opinion of the Managing Member, advisable to
qualify the Company as a limited liability company or other entity in which the Members have
limited liability under the laws of any state, or ensure that the Company shall not be treated as
an association or a publicly traded partnership taxable as a

25

 

corporation for federal income tax purposes; (v) make any change that does not adversely affect the
Members in any material respect; (vi) make a change that is necessary or desirable to satisfy any
requirements, conditions or guidelines contained in any opinion, directive, order, ruling or
regulation of any federal, state or foreign statute, so long as such change is made in a manner
which minimizes to the extent practicable, as determined by the Managing Member in its sole
discretion, any adverse effect on the Members or that is required or contemplated by this
Agreement; (vii) make a change in any provision of this Agreement that requires any action to be
taken by or on behalf of the Managing Member or the Company pursuant to the requirements of
applicable Delaware law if the provisions of applicable Delaware law are amended, modified or
revoked so that the taking of such action is no longer required; (viii) prevent the Company or the
Managing Member from in any manner being deemed an “investment company” subject to the provisions
of the Investment Company Act of 1940, as amended; (ix) correct mistakes or clarify ambiguities;
(x) in the event of adverse changes in the tax law or interpretations thereof applicable to the
Company, amend this Agreement as determined by the Managing Member if it deems it advisable or
necessary to address such changes; (xi) conform this Agreement to the disclosure provided in the
Memorandum; (xii) correct or supplement any conflicting provisions and delete or add provisions as
may be required by applicable law or regulations, in each case, as determined by the Managing
Member in its sole discretion; (xiii) make any other amendment provided such amendment does not
become effective until after such affected Members have been given prior written notice of such
change and have had the right following receipt of such notice to request the redemption of their
Units and such redemption shall have become effective; (xiv) amend, delete or waive the provisions
of Section 7.01(b) in accordance with Section 7.01 (b)(v); or (xv) make any other amendments
similar to the foregoing. Each Member, however, must consent to any amendment that would (a) reduce
its Capital Account or rights of redemption or withdrawal; or (b) amend the provisions of this
Agreement relating to amendments.

     Section 9.04 Instruments. The parties agree to execute and deliver any further
instruments or perform any acts which are or may become necessary to carry on the Company created
by this Agreement or to effectuate its purposes.

     Section 9.05 No Personal Liability For Return of Capital. The Managing Member shall
not be personally liable for the return or repayment of all or any portion of Capital Contribution
or profits of any Member, it being expressly agreed that any such return of Capital Contribution
or profits made pursuant to this Agreement shall be made solely from the assets (which shall not
include any right of contribution from the Managing Member) of the Company.

     Section 9.06 Choice of Law. Notwithstanding the place where this Agreement may be
executed by any of the parties hereto, the parties expressly agree that all the terms and
provisions hereof shall be construed under the laws of the State of Delaware and, without
limitation thereof, that the Act as now adopted or as may be hereafter amended shall govern the
limited liability company aspects of this Agreement. The parties also expressly agree that all
actions and proceedings brought by a party against a Member or the Company, in connection with the
Company’s business or affairs (including a breach of this Agreement by a party hereto) shall be
brought in and be subject to the jurisdiction of a court of the State of New York or any federal
district court in the State of New York.

26

 

     Section 9.07 Venue; Inconvenient Forum. The parties hereto irrevocably waive to the
fullest extent permitted by law any objection that they may now or hereafter have to the laying of
venue of any such action or proceeding in the courts of the State of New York located in the City
of New York or of the United States District Court for the Southern District of New York and any
claim that any such action or proceeding brought in any such court has been brought in an
inconvenient forum.

     Section 9.08 No Third Party Rights. The provisions of this Agreement, including,
without limitation, the provisions of Section 1.03, are not intended to be for the benefit of any
creditor or other Person (other than the Members in their capacities as such) to whom any debts,
liabilities or obligations are owed by (or who otherwise have a claim against or dealings with)
the Company or any Member, and no such creditor or other Person shall obtain any rights under any
of such provisions (whether as a third party beneficiary or otherwise) or shall obtain any rights
under any of such provisions (whether as a third party beneficiary or otherwise) or shall by
reason of any such provisions make any claim in respect to any debt, liability or obligation (or
otherwise) including any debt, liability or obligation pursuant to Section 1.03, against the
Company or any Member.

     Section 9.09 Notices. Each notice relating to this Agreement shall be in writing and
delivered in person or by registered or certified mail. All notices to the Company shall be
addressed to its principal office and place of business. All notices addressed to a Member shall
be addressed to such Member at the address set forth in the Schedule. Any Member may designate a
new address by notice to that effect given to the Company. Unless otherwise specifically provided
in this Agreement, a notice shall be deemed to have been effectively given when mailed by
registered or certified mail to the proper address or delivered in person.

     Section 9.10 Grantors of Revocable Trusts. Each Non-Managing Member that is a
revocable trust agrees that, if the trustee of such revocable trust and the grantor of such
revocable trust are the same person, the trustee’s execution of this Agreement and any other
documents executed in connection with the Company shall bind such Person in his or her capacity
both as trustee and as grantor of such revocable trust.

     Section 9.11 Goodwill. No value shall be placed on the name or goodwill of the
Company, which shall belong exclusively to the Managing Member.

     Section 9.12 Headings. The titles of the Articles and the headings of the Sections of
this Agreement are for convenience of reference only, and are not to be considered in construing
the terms and provisions of this Agreement.

     Section 9.13 Pronouns. All pronouns shall be deemed to refer to the masculine,
feminine, neuter, singular or plural, as the identity of the Person or Persons may require in the
context thereof.

     Section 9.14 Confidentiality. The Managing Member and the Company may, in their
discretion, keep confidential and not disclose to the Non-Managing Members any proprietary
information concerning the Company, including, without limitation, investments, valuations,
information regarding potential investments, financial information, trade secrets and

27

 

the like which is proprietary in nature and non-public, or any information about any investment, to
the extent that such information is required to be kept confidential or is otherwise subject to
disclosure restrictions imposed by the issuer of the investment or the Managing Member, in its
reasonable discretion (collectively, “Confidential Information”). Each Non-Managing Member shall
not disclose or cause to be disclosed any Confidential Information to any other Person, except as
otherwise required by any regulatory authority, law or regulation, or by legal process, without the
prior written consent of the Managing Member. Notwithstanding anything in the foregoing or anything
else contained in this Agreement to the contrary, except as reasonably necessary to comply with
applicable securities laws, each Member (and any employee, representative or other agent thereof)
may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax
structure of the offering and ownership of Units and any transaction described in this Section 9.14
or elsewhere in this Agreement and all materials of any kind (including opinions and other tax
analyses) that are provided to such Member relating to such tax treatment and tax structure. For
this purpose, “tax structure” means any facts relevant to the federal income tax treatment of the
offering and ownership of Units and any transaction described in this Section 9.14 or elsewhere in
this Agreement, and does not include information relating to the identity of the Company or its
Affiliates.

28

 

     IN WITNESS WHEREOF, the undersigned have hereunto set their hands as of the date first set
forth above.

	 	 	 	 	 
	MANAGING MEMBER:

GOLDMAN SACHS HEDGE FUND STRATEGIES LLC

 	 	 
	By:  	/s/ KENT A. CLARK
 	 	 
	 	Name:  	KENT A. CLARK 	 	 
	 	Title:  	MANAGING DIRECTOR 	 	 
	 

	 	 	 	 	 
	NON-MANAGING MEMBERS:

 	 	 
	By:  	GOLDMAN SACHS HEDGE FUND STRATEGIES LLC,
on behalf of each Member as attorney-in-fact 	 	 
	 	 	 	 
	By:  	/s/ KENT A. CLARK
 	 	 
	 	Name:  	KENT A. CLARK 	 	 
	 	Title:  	MANAGING DIRECTOR 	 	 
	 

29EX-10.5

 

 

FORM
OF

SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY

AGREEMENT

OF

GOLDMAN SACHS GLOBAL FUNDAMENTAL STRATEGIES, LLC

Dated
as of April 1, 2008

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	ARTICLE I General Provisions	 	 	1	 
	 
	 	 	 	 	 	 
	Section 1.01
	 	Company Name and Address	 	 	1	 
	Section 1.02
	 	Fiscal Year	 	 	1	 
	Section 1.03
	 	Liability of Members	 	 	1	 
	Section 1.04
	 	Purposes of the Company	 	 	2	 
	Section 1.05
	 	Assignability of Units; Assignment by Managing Member	 	 	3	 
	Section 1.06
	 	Registered Office and Agent for
Service of Process.	 	 	3	 
	 
	 	 	 	 	 	 
	ARTICLE II Management of the Company	 	 	3	 
	 
	 	 	 	 	 	 
	Section 2.01
	 	Management Generally	 	 	3	 
	Section 2.02
	 	Delegation by Managing Member	 	 	3	 
	Section 2.03
	 	Authority of the Managing Member	 	 	4	 
	Section 2.04
	 	Reliance by Third Parties	 	 	5	 
	Section 2.05
	 	Activity of the Managing Member	 	 	6	 
	Section 2.06
	 	Standard of Care; Indemnification	 	 	6	 
	Section 2.07
	 	Management Fee; Payment of Costs and Expenses	 	 	8	 
	Section 2.08
	 	Principal Transactions and Other Related Party Transactions	 	 	9	 
	 
	 	 	 	 	 	 
	ARTICLE III Series of Units; Admission of New Members	 	 	9	 
	 
	 	 	 	 	 	 
	Section 3.01
	 	Classes and Series of Units	 	 	9	 
	Section 3.02
	 	Conversion of Series	 	 	10	 
	Section 3.03
	 	New Members	 	 	10	 
	Section 3.04
	 	Adjustment to Number of Units Issued	 	 	10	 
	Section 3.05
	 	Additional Classes of Units	 	 	10	 
	 
	 	 	 	 	 	 
	ARTICLE IV Capital Accounts of Members and Operation Thereof	 	 	11	 
	 
	 	 	 	 	 	 
	Section 4.01
	 	Definitions	 	 	11	 
	Section 4.02
	 	Capital Contributions	 	 	11	 
	Section 4.03
	 	Capital Accounts	 	 	12	 
	Section 4.04
	 	Membership Percentages	 	 	13	 
	Section 4.05
	 	Allocation of Net Capital Appreciation or Net Capital Depreciation	 	 	13	 
	Section 4.06
	 	Amendment of Incentive Allocation	 	 	14	 
	Section 4.07
	 	Determination of Net Assets	 	 	14	 
	Section 4.08
	 	Determination of Net Asset Value	 	 	15	 
	Section 4.09
	 	Allocation for Tax Purposes	 	 	16	 
	Section 4.10
	 	Determination by Managing Member of
Certain Matters; Managing Member’ Discretion	 	 	16	 

i

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	Section 4.11
	 	Adjustments to Take Account of Interim Year Events	 	 	17	 
	Section 4.12
	 	Tax Withholding	 	 	17	 
	 
	 	 	 	 	 	 
	ARTICLE V Redemptions and Distributions	 	 	17	 
	 
	 	 	 	 	 	 
	Section 5.01
	 	Redemptions and Distributions in General	 	 	17	 
	Section 5.02
	 	Redemptions	 	 	18	 
	Section 5.03
	 	Limitation on Redemptions	 	 	19	 
	Section 5.04
	 	Distributions	 	 	20	 
	 
	 	 	 	 	 	 
	ARTICLE VI Withdrawal, Death, Disability	 	 	21	 
	 
	 	 	 	 	 	 
	Section 6.01
	 	Withdrawal, Death, etc. of Members	 	 	21	 
	Section 6.02
	 	Required Withdrawals	 	 	21	 
	 
	 	 	 	 	 	 
	ARTICLE VII Duration and Dissolution of the Company	 	 	21	 
	 
	 	 	 	 	 	 
	Section 7.01
	 	Duration	 	 	21	 
	Section 7.02
	 	Dissolution	 	 	23	 
	 
	 	 	 	 	 	 
	ARTICLE VIII Tax Returns; Reports to Members	 	 	24	 
	 
	 	 	 	 	 	 
	Section 8.01
	 	Independent Auditors	 	 	24	 
	Section 8.02
	 	Filing of Tax Returns	 	 	24	 
	Section 8.03
	 	Tax Matters Partner	 	 	24	 
	Section 8.04
	 	Financial Reports to Current Members	 	 	24	 
	Section 8.05
	 	Tax Reports to Members and Former Members	 	 	24	 
	 
	 	 	 	 	 	 
	ARTICLE IX Miscellaneous	 	 	25	 
	 
	 	 	 	 	 	 
	Section 9.01
	 	General	 	 	25	 
	Section 9.02
	 	Power of Attorney	 	 	25	 
	Section 9.03
	 	Amendments to Limited Liability Company Agreement	 	 	25	 
	Section 9.04
	 	Instruments	 	 	26	 
	Section 9.05
	 	No Personal Liability For Return of Capital	 	 	26	 
	Section 9.06
	 	Choice of Law	 	 	27	 
	Section 9.07
	 	Venue; Inconvenient Forum	 	 	27	 
	Section 9.08
	 	No Third Party Rights	 	 	27	 
	Section 9.09
	 	Notices	 	 	27	 
	Section 9.10
	 	Grantors of Revocable Trusts	 	 	27	 
	Section 9.11
	 	Goodwill	 	 	28	 
	Section 9.12
	 	Headings	 	 	28	 
	Section 9.13
	 	Pronouns	 	 	28	 
	Section 9.14
	 	Confidentiality	 	 	28	 

ii

 

SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT

OF

GOLDMAN SACHS FUNDAMENTAL STRATEGIES, LLC

Dated as of April 1,2008

          The undersigned (herein called the “Members,” which term shall include any Persons (as
defined below) hereafter admitted to the Company (as defined below) pursuant to Article III of
this Agreement (as defined below) and shall exclude any Persons who cease to be Members pursuant
to Article V or Article VI of this Agreement) hereby agree to form and hereby form, as of the date
and year first above written, a limited liability company (herein called the “Company”), pursuant
to the provisions of the Limited Liability Company Act of the State of Delaware (6 Del.
Code § 18-101, et seq.) (the “Act”), which shall be governed by, and
operated pursuant to, the terms and provisions of this Second Amended and Restated Limited
Liability Company Agreement (herein called this “Agreement”).

ARTICLE I

General Provisions

          Section 1.01 Company Name and Address. The name of the Company is Goldman Sachs
Global Fundamental Strategies, LLC. Its principal office is located at 701 Mount Lucas Road,
Princeton, New Jersey 08540, or at such other location as the Managing Member (as defined in
Section 1.03) in the future may designate. The Managing Member shall promptly notify the
Non-Managing Members (as defined in Section 1.03) of any change in the Company’s address.

          Section 1.02 Fiscal Year. The fiscal year of the Company (herein called the “fiscal
year”) shall end on December 31 of each calendar year; provided, however, that the
Managing Member may change the Company’s fiscal year-end, without the consent of the Non-Managing
Members, as deemed appropriate by the Managing Member, in its sole discretion.

          Section 1.03 Liability of Members. The names of all of the Members and the amounts of
their respective contributions to the Company (herein called the “Capital Contributions”) are set
forth in a schedule (herein called the “Schedule”), which shall be filed with the records of the
Company at the Company’s principal office (as set forth in Section 1.01) and is hereby
incorporated by reference and made a part of this Agreement.

          The Member designated in Part I of the Schedule as the Managing Member (herein called the
“Managing Member”) shall manage the operations of the Company. The Members designated in Part II of
the Schedule are referred to herein as the “Non-Managing Members.” The Managing Member, the
Non-Managing Members and the former Non-Managing Members shall be liable to the extent provided
herein for the repayment and discharge of all debts and obligations of the Company attributable to
any fiscal year (or relevant portion thereof)

 

 

during which they are or were Members of the Company to the extent of their respective limited
liability company interests (the “Units”) in the Company in the fiscal year (or relevant portion
thereof) to which any such debts and obligations are attributable.

          The Members and all former Members shall share all losses, liabilities or expenses suffered
or incurred by virtue of the operation of the preceding paragraph of this Section 1.03 in the
proportions of their respective Capital Accounts (determined as provided in Section 4.03) for the
fiscal year (or relevant portion thereof) to which any debts or obligations of the Company are
attributable. A Member’s or former Member’s share of all losses, liabilities or expenses shall not
be greater than its respective interest in the Company for such fiscal year (or relevant portion
thereof).

          As used in this Agreement, the terms “interests in the Company” and “interest in the Company”
shall mean with respect to any fiscal year (or relevant portion thereof) and with respect to each
Member (or former Member), the Capital Account (or, in the case of a Member with more than one
series of Units (as defined below), the Capital Accounts) that such Member (or former Member)
would have received (or in fact did receive) pursuant to the terms and provisions of Article VI
upon withdrawal from the Company as of the end of such fiscal year (or relevant portion thereof).

          Notwithstanding any other provision of this Agreement to the contrary, in no event shall any
Member (or former Member) be obligated to make any additional contribution or payment whatsoever
to the Company, or have any liability for the repayment and discharge of the debts and obligations
of the Company (apart from its interest in the Company), except that a Non-Managing Member (or
former Non-Managing Member) shall, in the discretion of the Managing Member, be required, for
purposes of meeting such Member’s (or former Member’s) obligations under this Section 1.03, to
make additional contributions or payments, respectively, up to, but in no event in excess of, the
aggregate amount of returns of capital and other amounts actually received by it from the Company
during or after the fiscal year to which any debt or obligation is attributable.

          As used in this Agreement, the terms “former Non-Managing Member” and “former Member” refer
to such Persons as hereafter from time to time cease to be a Non-Managing Member or Member,
respectively, pursuant to the terms and provisions of this Agreement.

          Section 1.04 Purposes of the Company. The Company is organized for the purposes of
allocating its assets directly or indirectly to a group of investment managers (the “Advisors”)
(that may or may not be Affiliates (as defined in Section 2.05) of the Managing Member) that employ
strategies within the event driven hedge fund sector, engaging in any other lawful act or activity
for which limited liability companies may be organized under the Act, and engaging in any and all
activities and transactions as the Managing Member may deem necessary or advisable in connection
therewith.

2

 

          Section 1.05 Assignability of Units; Assignment by Managing Member.

          (a) Except as provided in paragraph (b) below, without the prior written consent of the
Managing Member, which may be withheld in its sole and absolute discretion, with or without cause,
a Member may not pledge, transfer or assign its Units in the Company in whole or in part to any
Person except by operation of law pursuant to the death, adjudication of incompetency, insolvency
or bankruptcy of the Member, nor substitute any other Person as a Member. Any attempted pledge,
transfer, assignment or substitution not made in accordance with this Section 1.05 shall be void.

          (b) Without the consent of the Non-Managing Members, the Managing Member may assign or
otherwise transfer its Managing Member interest in the Company to any corporation, partnership,
limited liability company or other entity controlling, controlled by or under common control with
the Managing Member, as long as such transfer does not, as determined by the Managing Member in
its sole discretion, cause the Company to be taxable as a corporation.

          Section 1.06 Registered Office and Agent for Service of Process. The registered
office of the Company shall be: Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware
19801, and the registered agent for service of process at such office shall be The Corporation
Trust Company. The Company may from time to time have such other place or places of business
within or without the State of Delaware as may be designated by the Managing Member.

ARTICLE II

Management of the Company

          Section 2.01 Management Generally. The management of the Company shall be vested
exclusively in the Managing Member. Except as authorized by the Managing Member, or as expressly
set forth in this Agreement, the Non-Managing Members shall have no part in the management of the
Company, and shall have no authority or right to act on behalf of the Company in connection with
any matter. The Managing Member, and any Affiliate of the Managing Member, may engage in any other
business venture, whether or not such business is similar to the business of the Company, and
neither the Company nor any Non-Managing Member shall have any rights in or to such ventures or
the income or profits derived therefrom.

          Section 2.02 Delegation by Managing Member. The Managing Member shall have the power
and authority to delegate to one or more Persons (as defined in Section 2.03(d)), including,
without limitation, any officer, employee or agent of the Company or the Managing Member, the
Managing Member’s rights and powers to manage and control the business and affairs of the Company.
The Managing Member may, by written instrument, authorize any Person to enter into and perform
under any document on behalf of the Company.

3

 

          Section 2.03 Authority of the Managing Member. The Managing Member shall have the
power on behalf of and in the name of the Company to carry out any and all of the objects and
purposes of the Company set forth in Section 1.04 and Section 2.01, and to perform all acts and
enter into and perform all contracts and other undertakings, other than any actions to be taken in
connection with investment of the Company’s investable assets, which it may deem necessary or
advisable or incidental thereto, including, without limitation, the power to:

          (a) open, maintain and close accounts, including custodial accounts, with banks, including
banks located inside and outside the United States, and draw checks or other orders for the
payment of monies;

          (b) lend, either with or without security, funds or other properties of the Company, borrow
or raise funds (including borrowing from the Managing Member or its Affiliates), and secure the
obligations of the Company by pledges or hypothecation of all or any part of the property of the
Company;

          (c) do any and all acts on behalf of the Company, and exercise all rights, powers, privileges
and other incidents of ownership or possession with respect to the Company’s assets (including any
interest therein) and other property and funds held or owned by the Company, including, without
limitation, participation in arrangements with creditors, the institution and settlement or
compromise of suits and administrative proceedings and all other like or similar matters;

          (d) engage any person, general partnership, limited partnership, limited liability company,
corporation, joint venture, trust, business trust, cooperative, association or other entity (each,
a “Person” and collectively, “Persons”) (including the Managing Member and any of its Affiliates)
pursuant to an administration agreement to provide certain administrative services (any such
Person providing such services being referred to herein as the “Administrator”), including,
without limitation, calculating the net asset value (the “NAV”) of each series of Units and
Members’ Capital Accounts, valuing the Company’s assets, assisting with the valuation of
securities which are not readily marketable, assisting in the preparation of the Company’s
financial statements, assisting in the preparation and distribution of reports to each Member,
maintaining a registry for the ownership of each series of Units and providing other
administrative services to the Company;

          (e) consent on behalf of the Company to any changes in the members, directors or officers of
the Managing Member, if such consent is required by applicable law;

          (f) engage any personnel, whether part time or full time, attorneys, financial advisers,
underwriters, accountants, consultants, appraisers, custodians of the assets of the Company or
other Persons as the Managing Member may deem necessary or desirable, whether or not any such
Person may be an Affiliate of the Managing Member or may also be employed by any Affiliate of the
Managing Member;

          (g) allocate the Company’s assets, directly or indirectly, to Advisors and limited liability
companies or other entities managed by the Managing Member through which

4

 

the Company accesses Advisors (“Portfolio Companies”) and investment funds in the manner set forth
in the Company’s Confidential Private Placement Memorandum (as amended or supplemented from time
to time, the “Memorandum”) oversee such allocations and, from time to time, in the sole discretion
of the Managing Member, reallocate the Company’s assets among existing or new Advisors, Portfolio
Companies or investment funds;

          (h) invest any of the Company’s cash balances which it determines at any time, in its sole
discretion, not to allocate to the Advisors, Portfolio Companies or investment funds, in any
instruments it deems appropriate in its sole discretion, including, without limitation, money
market funds sponsored by Goldman, Sachs & Co. or its Affiliates;

          (i) redeem the Company’s interests in any investment fund or Portfolio Company in order to
obtain cash necessary to meet the redemption requests of the Members, or for any other reason in
its sole discretion;

          (j) bring and defend actions and proceedings at law or equity and before any governmental,
administrative or other regulatory agency, body or commission;

          (k) make distributions to Members in cash or (to the extent permitted hereunder) otherwise;

          (l) prepare and file all necessary returns and statements, pay all taxes, assessments and
other impositions applicable to the assets of the Company and withhold amounts with respect
thereto from funds otherwise distributable to any Member;

          (m) determine the accounting methods and conventions to be used in the preparation of any
accounting or financial records of the Company;

          (n) make any and all tax elections permitted to be made under the Internal Revenue Code of
1986, as amended (the “Code”), and any applicable state, local or foreign tax law;

          (o) determine the tax treatment of any Company transaction or item for purposes of completing
the Company’s federal, state, local or foreign tax returns; and

          (p) take all actions, and authorize any member, employee, officer, director or other agent of
the Managing Member or agent or employee of the Company, to act for and on behalf of the Company,
in all matters necessary to, in connection with, or incidental to, any of the foregoing.

          Section 2.04 Reliance by Third Parties. Persons dealing with the Company are entitled
to rely conclusively upon the certification of the Managing Member, to the effect that it is then
acting as the Managing Member and upon the power and authority of the Managing Member as herein set
forth.

5

 

          Section 2.05 Activity of the Managing Member. The Managing Member and Persons
controlling, controlled by or under common control with the Managing Member and any of such
Person’s directors, members, stockholders, partners, officers, employees and controlling persons
(each, an “Affiliate” and collectively, “Affiliates”), shall devote so much of their time to the
affairs of the Company as in the judgment of the Managing Member the conduct of its business shall
reasonably require, and none of the Managing Member or its Affiliates shall be obligated to do or
perform any act or thing in connection with the business of the Company not expressly set forth
herein. Nothing contained in this Section 2.05 shall be deemed to preclude the Managing Member or
its Affiliates from exercising investment responsibility, from engaging directly or indirectly in
any other business or from directly or indirectly purchasing, selling or holding securities,
options, separate accounts, investment contracts, currency, currency units or any other asset and
any interest therein for the account of any such other business, for their own accounts, for any
of their family members or for other clients.

          Section 2.06 Standard of Care; Indemnification.

          (a) None of the Managing Member or its Affiliates (each, an “Indemnified Person” and
collectively the “Indemnified Persons”) shall be liable to the Company or to the Members for (i)
any act or omission performed or failed to be performed by such person (other than any criminal
wrongdoing), or for any losses, claims, costs, damages, or liabilities arising therefrom, in the
absence of any criminal wrongdoing, willful misfeasance or gross negligence on the part of such
person, (ii) any tax liability imposed on the Company or any Member or (iii) any losses due to the
actions or omissions of the Advisors, any brokers or other agents of the Company.

          In the event that any Indemnified Person becomes involved in any capacity in any action,
proceeding or investigation brought by or against any Person (including any Non-Managing Member)
in connection with any matter arising out of or in connection with the Company’s business or
affairs (including a breach of this Agreement by any Member), the Company will periodically
reimburse such Indemnified Person for its legal and other expenses (including the costs of any
investigation and preparation) incurred in connection therewith, provided that such Indemnified
Person shall promptly repay to the Company the amount of any such reimbursed expenses paid to it
if it shall ultimately be determined by a court having appropriate jurisdiction in a decision that
is not subject to appeal, that such Indemnified Person is not entitled to be indemnified by the
Company in connection with such action, proceeding or investigation as provided in the exception
contained in the next succeeding sentence.

          To the fullest extent permitted by applicable law, the Company shall also indemnify any
Indemnified Person, jointly and severally, against any losses, claims, costs, damages or
liabilities to which such Indemnified Person may become subject in connection with any matter
arising out of or in connection with the Company’s business or affairs, except to the extent that
any such loss, claim, cost, damage, or liability results solely from the willful misfeasance, bad
faith or gross negligence of, or any criminal wrongdoing by, such Indemnified Person. If for any
reason (other than the willful misfeasance, bad faith or gross negligence of, or any criminal
wrongdoing by, such Indemnified Person) the foregoing indemnification is

6

 

unavailable to such Indemnified Person, or is insufficient to hold it harmless, then the Company
shall contribute to the amount paid or payable to the Indemnified Person as a result of such
loss, claim, cost, damage, or liability in such proportion as is appropriate to reflect not only
the relative benefits received by the Company on the one hand and such Indemnified Person on the
other hand but also the relative fault of the Company and such Indemnified Person, as well as any
relevant equitable considerations.

          The reimbursement, indemnity and contribution obligations of the Company under this Section
2.06 shall be in addition to any liability which the Company may otherwise have and shall be
binding upon and inure to the benefit of any successors, assigns, heirs, and personal
representatives of the Company, the Managing Member and any other Indemnified Person. The
foregoing provisions shall survive any termination of this Agreement.

          (b) The reimbursement, indemnification and contribution rights provided by this Section 2.06
shall not be deemed to be exclusive of any other rights to which the Indemnified Person may be
entitled under any agreement or as a matter of law, or otherwise, both as to action in an
Indemnified Person’s official capacity and to action in any other capacity, and shall continue as
to an Indemnified Person who has ceased to have an official capacity for acts or omissions during
such official capacity or otherwise when acting at the request of the Managing Member and shall
inure to the benefit of the successors, assigns, heirs and personal representatives of such
Indemnified Person.

          (c) Notwithstanding any of the foregoing to the contrary, the provisions of this Section 2.06
shall not be construed as to relieve (or attempt to relieve) from liability or to provide for the
indemnification of any Indemnified Person for any liability (including liability under federal
securities law which, under certain circumstances, impose liability even on persons that act in
good faith), to the extent (but only to the extent) that such liability may not be waived,
modified or limited under applicable law or such indemnification would be in violation of
applicable law, but shall be construed so as to effectuate the provisions of this Section 2.06 to
the fullest extent permitted by law.

          (d) The Managing Member shall have power to purchase and maintain insurance on behalf of the
Managing Member and the Indemnified Persons at the expense of the Company against any liability
asserted against or incurred by them in any such capacity or arising out of the Managing Member’s
status as such, whether or not the Company would have the power to indemnify the Indemnified
Persons against such liability under the provisions of this Agreement.

          (e) An Indemnified Person may rely upon and shall be protected in acting or refraining from
action upon any resolution, certificate, statement, instrument, opinion, report, notice, request,
consent, order, bond debenture, or other document believed by it to be genuine and to have been
signed or presented by the proper party or parties.

          (f) An Indemnified Person may consult with counsel, accountants and other
experts reasonably selected by it, and any opinion of an independent counsel, accountant or
expert retained with reasonable care shall be full and complete protection in respect of any
action

7

 

taken or suffered or omitted by the Indemnified Person hereunder in good faith and in accordance
with such opinion.

          (g) The Managing Member may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents or attorneys, and the Managing Member
shall not be responsible for any misconduct or negligence on the part of any agent or attorney
appointed with reasonable care by it hereunder.

          Section 2.07 Management Fee: Payment of Costs and Expenses. The Company shall pay to
the Managing Member a management fee (the “Management Fee”) in respect of each series of Units,
payable in arrears, for investment management and other management services accruing daily and
calculated and paid on a monthly basis of one-twelfth of 1.25% of the Net Assets (as defined in
Section 4.01(d)) of the Company in respect of each such series of Units as of the end of each
month, appropriately adjusted to reflect capital appreciation or depreciation and any
contributions, redemptions or distributions. For purposes of determining the Management Fee for
any month, Net Assets shall not be reduced to reflect any Management Fee for such month and any
accrued Incentive Allocation (as defined in Section 4.05(b)), including any Incentive Allocation
that is allocated to the Managing Member’s Incentive Allocation Account as of such date, provided
that Net Assets shall be reduced for any amounts which have been previously allocated to the
Managing Member’s Incentive Allocation Account. The Management Fee will reduce the Capital Account
of the series of Units to which it relates, as described in Section 4.03.

          If a Member is admitted to, withdraws from (including any partial withdrawal), or acquires
additional Units of, the Company as of a date other than the first day of a calendar month, the
portion of the Management Fee determined with respect to such Member’s Capital Account shall be
appropriately pro-rated to take into account the number of days in such month during which such
Member was a Member or during which such Units were outstanding, as applicable.

          The Managing Member has the right, in its sole discretion, to waive fees or impose different
fees on any Member, as may be agreed to by the Managing Member and the Member.

          The Company bears all of its operating expenses, including, but not limited to, legal
expenses; professional fees (including, without limitation, fees and expenses of consultants and
experts) relating to investments; costs and expenses relating to any amendment of this Agreement
or the Company’s other organizational documents or subscription agreement or any modification or
supplement to the Memorandum, and any distribution of such documentation to the Members;
accounting, auditing and tax preparation expenses; fees and expenses of other agents of the
Company (including, without limitation, fees which may be payable to and expenses of an
Administrator or sub-administrator of the Company); taxes and governmental fees; printing and
mailing expenses; expenses relating to transfers and redemptions of Units; fees and out-of-pocket
expenses of any service company retained to provide accounting and bookkeeping services to the
Company; quotation or valuation expenses; expenses relating to the acquisition, holding and
disposition of investments (e.g., expenses which the Managing Member determines to be related to
the investment of the assets of the Company, including, among others, research expenses, such as
fees to the Advisors, brokerage fees and commissions, expenses relating to short sales, clearing
and settlement charges, custodial fees and expenses, costs and charges for

8

 

equipment or services used in communicating information regarding the Company’s transactions
between the Managing Member and other agents, bank service fees, interest expenses, borrowing
costs and extraordinary expenses); insurance premiums; costs incurred in connection with any
claim, litigation, arbitration, mediation, government investigation or dispute in connection with
the business of the Company and the amount of any judgment or settlement paid in connection
therewith, or the enforcement of the Company’s rights against any Person; costs and expenses for
indemnification or contribution payable by the Company to any Person (including, without
limitation, pursuant to the indemnification obligations described herein under Section 2.06); and
all costs and expenses incurred as a result of dissolution, winding-up and termination of the
Company.

          In addition, the Company will bear the expenses incurred in connection with the offer and
sale of Units, including printing costs and legal fees and expenses of the Company, the Managing
Member and any placement agent and other expenses of the offering of Units. In addition, the
Company will bear, indirectly through its investment in each Portfolio Company or investment fund
in which it invests, its pro rata portion of the offering, organizational and operating expenses
of each Portfolio Company or investment fund, including, without limitation, the expenses of the
type described in this and the preceding paragraph.

          To the extent that expenses to be borne by the Company are paid by the Managing Member, the
Company shall reimburse the Managing Member for the payment of any such expenses. The Managing
Member may elect, from time to time, to bear certain of the Company’s expenses described above.
The Managing Member shall bear its own overhead costs and expenes.

          Section 2.08 Principal Transactions and Other Related Party Transactions. Each
Non-Managing Member hereby authorizes the Managing Member, on behalf of such Non-Managing Member,
to select one or more Persons, who shall not be affiliated with the Managing Member, to serve on a
committee, the purpose of which will be to consider and, on behalf of the Non-Managing Members,
approve or disapprove, to the extent required by applicable law, of principal transactions and
certain other related party transactions. In no event shall any such transaction be entered into
unless it complies with applicable law.

ARTICLE III

Series of Units; Admission of New Members

          Section
3.01 Classes and Series of Units.

          (a) Units may be divided into different classes of Units, and each class may be further
divided into different series of Units (each such series being referred to in this Agreement as a
“series,” provided always that in the case of a class which has not been divided into two or more
series’, the expression “series” shall, where the context so requires, mean, for the purposes of
this Agreement, the Units of such class), in the discretion of the Managing Member. In this
Agreement, except when referred to under their separate classes or series or where the context
otherwise requires, the term “Units” shall mean all classes and all series of each class of Units.

9

 

          (b) An initial series of Units of a class (the “Initial Series”) will be issued on the
initial closing date of each class. The initial purchase price per Unit for the Initial Series of
Units of a class shall be $100. The Managing Member may, at any time and from time to time, in its
sole discretion, elect to raise additional capital for the Company from Members and from new
subscribers on such terms and conditions as may be determined by the Managing Member in its sole
discretion. Generally, a new series of Units will be issued on each date an existing Member makes
an additional Capital Contribution in accordance with Section 4.02 and on each date a new Member
is admitted to the Company in accordance with Section 3.03, except that the Managing Member may
issue additional Units of an existing series provided that such issuance does not have an adverse
effect on the NAV or Prior High NAV (as defined in Section 4.05(b)(i)) of the Units of any Member.
Each Unit will carry equal rights and privileges with each other Unit of the same series. Units of
a class issued at the beginning of any fiscal year will be offered at the then current NAV per
Unit of the Initial Series of such class if such Initial Series is at or above its Prior High NAV
per Unit. If the Initial Series of such class is not at or above its Prior High NAV per Unit,
Units will be issued in the next offered series of such class that is at or above its Prior High
NAV. If no series of Units of such class is at or above its Prior High NAV at such time, such
additional Units will be issued as a separate series at a price per Unit determined by the
Managing Member, in its sole discretion. Fractions of Units may be issued to one ten-thousandth of
a Unit.

          Section 3.02 Conversion of Series. Following the end of each fiscal year, any issued
and outstanding series of Units of a class (other than the Initial Series of such class) that is
at or above its Prior High NAV shall be exchanged (after reduction for the Management Fee and any
Incentive Allocation) into Units of the Initial Series of such class (or if such Initial Series is
not at or above its Prior High NAV per Unit, the next offered series of such class that is at or
above its Prior High NAV) at the prevailing NAV per Unit of the Initial Series or such other
series of Units (as applicable).

          Section 3.03 New Members. Subject to the condition that each new Member shall execute
an appropriate counterpart to this Agreement pursuant to which it agrees to be bound by the terms
and provisions hereof, the Managing Member may admit one or more new Members on the first day of
each calendar quarter or at such other times as the Managing Member may determine in its sole
discretion. Admission of a new Member shall not be a cause for dissolution or termination of the
Company.

          Section 3.04 Adjustment to Number of Units Issued. If at any time the Managing
Member determines, in its sole discretion, that an incorrect number of Units was issued to a
Member because the NAV in effect on the date of issuance was materially incorrect, the Company
will adjust such Member’s Units by increasing or decreasing them (by means of issuances of
additional Units or compulsory redemptions of Units, in each case without additional
consideration), as appropriate, to such number of Units as would have been issued at the correct
NAV.

          Section 3.05 Additional Classes of Units. The Company may issue additional classes of
Units, including, without limitation, classes of Units that are subject to different fee

10

 

arrangements or seek to maximize total returns in other currencies. The Managing Member may,
without the prior consent of or notice to the Members, make appropriate amendments to or
supplement this Agreement to the extent necessary or desirable to effect the issuance of Units of
any such class, including, without limitation, to account for the different fee arrangements or
the separate currency-related transactions engaged in with respect to such a class.

ARTICLE IV

Capital Accounts of Members

and Operation Thereof

          Section 4.01 Definitions. For the purposes of this Agreement, unless the context
otherwise requires:

          (a) The term “Accounting Period” shall mean the following periods: The initial Accounting
Period commenced upon the commencement of operations of the Company. Each subsequent Accounting
Period shall commence immediately after the close of the preceding Accounting Period. Each
Accounting Period hereunder shall close at the close of business on the first to occur of (i) the
last day of each calendar month, (ii) the last day of each fiscal year of the Company, (iii) the
date immediately prior to the effective date of the admission of a new Member pursuant to Section
3.03, (iv) the date immediately prior to the effective date of an additional Capital Contribution
pursuant to Section 4.02, or (v) the date immediately prior to the effective date of any
redemption or complete withdrawal pursuant to Article V or Article VI hereof. The final Accounting
Period shall end on the date the Company dissolves.

          (b) The term “Beginning Value” shall, with respect to any Accounting Period, mean the value
of the Company’s Net Assets (as defined below) at the beginning of such Accounting Period.

          (c) The term “Ending Value” shall, with respect to any Accounting Period, mean the value of
the Company’s Net Assets at the end of such Accounting Period (before giving effect to the
Incentive Allocation and the Management Fee for such Accounting Period, but after giving effect to
all other expenses for such Accounting Period).

          (d) The term “Net Assets” shall mean the excess of the Company’s total assets over its total
liabilities, determined in accordance with Section 4.07.

          (e) The term “Net Capital Appreciation,” with respect to any Accounting Period, shall mean
the excess, if any, of the Ending Value over the Beginning Value.

          (f) The term “Net Capital Depreciation,” with respect to any Accounting Period, shall mean
the excess, if any, of the Beginning Value over the Ending Value.

          Section 4.02 Capital Contributions. Each Member has paid or conveyed by way of
contribution to the Company in exchange for the issuance of Units cash and/or marketable securities
having an aggregate value equal to the amount set forth opposite such Member’s name

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in Part I or II of the Schedule (herein called the “Initial Capital Contribution”). Additional
Capital Contributions may be made by Members only in accordance with the provisions of this
Section 4.02.

          Upon the approval of the Managing Member, any existing or prospective Member may purchase
additional or newly-issued Units by contributing cash and/or marketable securities to the Company
on the first day of any calendar quarter or at such other times as the Managing Member may
determine in its sole discretion. The Managing Member and any of its Affiliates may make
additional Capital Contributions to the Company in cash and/or marketable securities at any time
and in any amounts.

          Whether marketable securities shall be accepted as a contribution to the Company shall be
determined in the sole discretion of the Managing Member.

          Section 4.03 Capital Accounts.

          (a) A separate capital account (herein called a “Capital Account”) shall be established on
the books of the Company for each series of Units. The Capital Account of each series shall
initially be an amount equal to the Initial Capital Contributions with respect to such series. The
Capital Account of a series shall be (i) increased to reflect any additional Capital Contributions
pursuant to Section 4.02 in respect of such series; (ii) increased to reflect the Net Capital
Appreciation of such series for each Accounting Period; (iii) decreased to reflect the redemption
of any Units of such series, pursuant to Section 5.02; (iv) decreased to reflect the amount of any
distributions (other than in redemption of Units pursuant to Section 5.02) pursuant to Section
5.04 in respect of such series (including any deemed distributions of taxes paid by the Company
pursuant to Section 5.04(c) in respect of such series); (v) decreased for any Incentive Allocation
pursuant to Section 4.05(b) and any Management Fee in respect of such series; and (vi) decreased
to reflect the Net Capital Depreciation of such series for each Accounting Period.

          (b) At the time of the conversion of any series of Units into Units of the Initial Series or
any other series of Units pursuant to Section 3.02, the Capital Account of the converted series of
Units shall be reduced to zero, and the Capital Account of the series of Units into which such
Units were converted shall be increased by the balance of the Capital Account of the converted
series of Units immediately prior to the conversion.

          (c) A separate Capital Account shall also be established on the books of the Company for each
Member with respect to each series of Units held by such Member. Each Member’s Capital Account with
respect to a series of Units shall equal the Capital Account of such series times the Member’s
Membership Percentage (as defined in Section 4.04) with respect to such series of Units.

          (d) The Managing Member shall have a separate Capital Account (the “Incentive Allocation
Account”), which shall initially be equal to zero, and which shall be (i) increased by any
Incentive Allocation at the time such Incentive Allocation is made, and (ii) decreased to reflect
the amount of any distributions (including any deemed distributions in connection with the
withholding of taxes in respect of such Incentive Allocation pursuant to

12

 

Section 5.04(c)) made to, or withdrawals made by, the Managing Member in respect of such Incentive
Allocation Account.

          Section 4.04 Membership Percentages. A membership percentage (a “Membership
Percentage”) shall be determined for each Member for any given series of Units for each
Accounting Period of the Company by dividing (i) the number of Units owned by such Member within
a given series by (ii) the aggregate number of outstanding Units of such series as of the
beginning of such Accounting Period, after taking into account, in the case of both clause (i)
and clause (ii), any Units issued or redeemed as of (or the day immediately after) the beginning
of such Accounting Period. The aggregate Membership Percentages for each series of Units shall
equal 100%.

          Section 4.05 Allocation of Net Capital Appreciation or Net Capital
Depreciation.

          (a) Any Net Capital Appreciation or Net Capital Depreciation, as the case may be, for an
Accounting Period shall be allocated among the different series of Units pro rata in accordance
with the relative Capital Accounts (determined prior to any year-to-date accrued Incentive
Allocation) of each series at the beginning of such Accounting Period, after taking into account
any contributions, distributions or redemptions as of the beginning of such Accounting Period.

          (b) (i) At the end of each fiscal year of the Company, or at such other date during a fiscal
year as of which the following determination is required pursuant to this Section 4.05, five
percent (5%) of the amount by which the NAV of a series of Units (determined prior to any
applicable Incentive Allocation accrual with respect to such series of Units and appropriately
adjusted as determined by the Managing Member in its sole discretion for contributions,
distributions and redemptions, but after giving effect to the allocation, pursuant to Section
4.05(a), of Net Capital Appreciation and Net Capital Depreciation for the Accounting Period then
ending) exceeds such series’ Prior High NAV at such date shall be reallocated to the Incentive
Allocation Account (the “Incentive Allocation”). The “Prior High NAV” with respect to a series of
Units initially shall mean an amount equal to the NAV of such series as of the date of its initial
issue. The new Prior High NAV with respect to a series of Units immediately following the end of
any period for which an Incentive Allocation has been made with respect to such series shall be
reset to equal the NAV of such series, unless the series is exchanged pursuant to Section 3.02
into the Initial Series or another series, in which case the new Prior High NAV shall be reset to
equal the NAV of the Initial Series or such other series. If the NAV of such series at the end of
any fiscal year of the Company, and such other date during a fiscal year as of which the
determination of the Incentive Allocation is required pursuant to Section 4.05(c) is less than its
Prior High NAV, the Prior High NAV of that series shall not change. The Prior High NAV for each
series of Units shall be appropriately adjusted as determined by the Managing Member in its sole
discretion to account for contributions, distributions and redemptions made with respect to such
series of Units.

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               (ii) The Incentive Allocation with respect to a series of Units accrues daily and the
Company shall credit the Incentive Allocation Account as of December 31 of each year for the
Incentive Allocation.

          (c) In the event that the Company is dissolved other than at the end of a fiscal year, or
the effective date of a Member’s redemption of Units is other than a fiscal year-end, then the
Incentive Allocation described above shall be determined and made as if the date of such
dissolution or redemption was a fiscal year-end (but only in respect of the Units being
redeemed).

          (d) Notwithstanding anything to the contrary herein, to the extent that the Company invests in
“New Issues” (as defined below), and there are Members who are restricted persons within the
meaning of the National Association of Securities Dealers, Inc. (the “NASD”) Conduct Rule 2790 (the
“NASD Rule”), investments in New Issues will be made through a special account and profits and
losses attributable to New Issues will not be allocated to the Capital Accounts of Members who are
restricted from participating in New Issues under the NASD Rule. One or more additional classes (or
sub-classes) of Units may be created and offered only to those Members who are not restricted
persons, and only those Members who are not restricted persons shall have any beneficial interest
in such classes (or sub-classes). Notwithstanding anything in this Agreement to the contrary, the
Managing Member shall have the right, without the consent of the Members, to make such amendments
to this Agreement, and to take such other actions, as it deems advisable and appropriate, in its
sole discretion, to implement the purposes of this Section 4.05(d). A “New Issue” is any equity
securities of an initial public offering as described in the NASD Rule, or otherwise as such term
may be interpreted from time to time under the then current rules of the NASD.

          Section 4.06 Amendment of Incentive Allocation. The Managing Member shall have the
right to amend, without the consent of the Non-Managing Members, Section 4.05 of this Agreement so
that the Incentive Allocation (or other performance-based allocation) therein provided conforms to
any applicable requirements of the Securities and Exchange Commission and other regulatory
authorities; provided, however, that no such amendment shall increase the
Incentive Allocation (or other performance-based allocation) as so amended to more than the amount
payable in accordance with Section 4.05 of this Agreement (or, in the case of any other
performance-based allocation arrangement, the specific arrangement set forth in a written
agreement between the affected Non-Managing Member and the Company), without the written consent
of the affected Non-Managing Member. The Managing Member reserves the right, in its sole
discretion, to apply different performance-based percentage allocations and performance-based
compensation arrangements to any Member, as may be agreed by the Managing Member and such Member.

          Section 4.07 Determination of Net Assets.

          (a) The Company’s Net Assets shall be determined in accordance with U.S. generally accepted
accounting principles (“U.S. GAAP”) consistently applied as a guideline and the following
principles:

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               (i) The value of the Company’s investment in an investment fund shall be equal to the
Company’s proportionate interest in the NAV of the investment fund, determined in accordance with
the terms and conditions of the respective governing agreement of each investment fund as reported
by its respective Advisor or other designee to the Company, as it may be amended, supplemented or
otherwise modified from time to time (or based on such other information deemed relevant by the
Managing Member).

               (ii) The assets of the Company that are invested pursuant to investment management agreements
shall be valued at fair value in a commercially reasonable manner.

               (iii) All other assets or liabilities of the Company shall be assigned such value as the
Managing Member may reasonably determine.

               (iv) The amount of the Company’s assets and liabilities (including, without limitation,
indebtedness for money borrowed and the Management Fee) shall be determined in accordance with
U.S. GAAP and guidelines, applied on a consistent basis, provided that the Managing Member in its
discretion may provide reserves for estimated accrued expenses, liabilities and contingencies,
even if such reserves are not required by U.S. GAAP.

               (v) The amount payable to a Member or former Member in redemption of part or all of such
Member’s or former Member’s Units pursuant to Section 5.02 shall be treated as a liability of the
Company, until paid, from (but not prior to) the beginning of the Accounting Period that begins
immediately after the close of business on the day immediately prior to the Redemption Date (as
defined in Section 5.02(a)) for such Units.

               (vi) The amount to be received by the Company on account of any Capital Contributions
pursuant to Section 4.02 shall be treated as an asset of the Company from (but not before) the
beginning of the Accounting Period that begins immediately after the close of business on the day
immediately prior to the effective date of such Capital Contributions.

               (vii) Distributions made pursuant to Section 5.04 (including deemed tax distributions
pursuant to Section 5.04(c)) other than as of the beginning of an Accounting Period shall be
treated as an advance and as an asset of the Company, until the beginning of the Accounting Period
following the date of distribution.

               (viii) The Incentive Allocation, if any, credited to the Incentive Allocation Account shall
be treated as a liability, until distributed, from the beginning of the Accounting Period
immediately following the Accounting Period in which the Incentive Allocation was credited to such
Incentive Allocation Account.

          (b) The Company may suspend the valuation of its assets and liabilities, and any distributions
or redemptions of any amounts from Capital Accounts, for any period during which a Portfolio
Company or other investment fund with which the Company has made an investment has suspended the
valuation of its assets and liabilities. The Managing Member shall promptly notify Members of any
such suspension, and the termination of any such suspension, by means of a written notice.

15

 

          (c) All values assigned to securities and other assets by the Managing Member or the
Administrator pursuant to this Section 4.07 shall be final and conclusive as to all of the
Members. The Managing Member may consult with and rely upon valuations of the Company’s
securities and other assets provided by the Administrator.

          Section 4.08 Determination of Net Asset Value. The NAV of a series of Units shall be
equal to the balance of the Capital Account with respect to such series of Units. The NAV per
Unit of a series shall be equal to the NAV of such series divided by the number of outstanding
Units of such series.

          Section 4.09 Allocation for Tax Purposes. For each taxable year, items of income,
deduction, gain, loss or credit actually recognized by the Company for federal income tax
purposes shall be allocated for federal income tax purposes among the Members in such manner as
to equitably reflect the amounts credited or debited to each Member’s Capital Account for the
current and prior taxable years (or relevant portions thereof). Allocations under this Section
4.09 shall be made by the Managing Member in accordance with the principles of Sections 704(b)
and 704(c) of the Code and in conformity with applicable Treasury Regulations promulgated
thereunder (including, without limitation, Treasury Regulations Sections 1.704-l(b)(2)(iv)(f)(4),
1.704-l(b)(4)(i) and 1.704-3(e)). Notwithstanding the foregoing, the Managing Member in its sole
discretion may adjust the allocation of items of Company taxable income, gain, loss and deduction
among the Members as it shall deem to be equitable, and necessary or desirable.

          If, during or immediately following the end of a taxable year, any Member redeems all of its
Units in the Company or the Managing Member withdraws any amount from its Incentive Allocation
Account, and the Member would (absent this sentence) recognize gain or loss under Section 731 of
the Code as a result of such redemption or withdrawal, the Managing Member may, in its sole
discretion, elect to specially allocate to such Member, for U.S. federal income tax purposes, any
income and gain or loss and deduction (including short-term capital gain or loss) recognized by the
Company during such taxable year, through and including the date of redemption or withdrawal, in an
amount up to that amount of income and gain or loss and deduction which if so allocated would avoid
the Member recognizing gain or loss on the redemption or withdrawal under Section 731 of the Code
(ignoring for this purpose, in the sole discretion of the Managing Member, any adjustments that
have been made to the tax basis of the redeeming Member’s Units resulting from any transfers or
assignment of the Units (other than the original issue of the Units), including by reason of
death). Any such election by the Managing Member shall, to the extent reasonably practicable as
determined by the Managing Member in its sole discretion, be applied on an equitable basis to all
Members that redeem all of their Units during or immediately following the end of such taxable
year.

          Section 4.10
Determination by Managing Member of Certain Matters; Managing Member’s Discretion.

          (a) All matters concerning the valuation of securities and other assets and liabilities of
the Company, the allocation of profits, gains and losses among the Members (including for tax
purposes) and accounting procedures not expressly provided for by the terms

16

 

of this Agreement (including, without limitation, allocation and accounting procedures in the
event a Member that has an account managed by the Managing Member in a manner similar to the
investment program utilized by the Company which causes the assets and liabilities in such account
to be transferred to the Company) shall be determined by the Managing Member (or such Person as
the Managing Member may authorize to make such determination), whose determination shall be final,
binding and conclusive as to all of the Members.

          (b) Whenever in this Agreement the Managing Member is permitted or required to make a
decision (i) in its “sole discretion” or “discretion,” or under a similar grant of authority or
latitude, the Managing Member shall be entitled to consider only such interests and factors as it
desires and may consider its own interests and the interests of its Affiliates and its
determination shall be final, binding and conclusive as to all of the Members, or (ii) in its
“good faith” the Managing Member shall act under such express standards and shall not be subject
to any other or different standards imposed by this Agreement or by law or any other agreement
contemplated herein.

          Section 4.11 Adjustments to Take Account of Interim Year Events. If the Code or
regulations promulgated thereunder require an adjustment to the Capital Account of a Member or
some other interim year event occurs necessitating in the Managing Member’s judgment an equitable
adjustment, the Managing Member shall make such adjustments in the determination and allocation
among the Members of Net Capital Appreciation, Net Capital Depreciation, Capital Accounts,
Membership Percentages, Incentive Allocation, the Management Fee, Company expenses, items of
income, deduction, gain, loss, credit or withholding for tax purposes, accounting procedures or
such other financial or tax items as shall equitably take into account such interim year event and
applicable provisions of law, and the determination thereof by the Managing Member shall be final,
binding and conclusive as to all of the Members.

          Section 4.12 Tax Withholding. If the Company is required to withhold taxes on any
distribution to, or to pay or incur any tax with respect to any income allocable to or otherwise
on account of, any Member or series of Units, the Company may withhold such amounts and make such
payments to such taxing authorities as are necessary to ensure compliance with such tax laws.

ARTICLE V

Redemptions and Distributions

          Section 5.01 Redemptions and Distributions in General. No Member shall be entitled (i)
to receive distributions from the Company, except as provided in Section 5.04 and Section 7.02; or
(ii) to redeem any of its Units (other than upon such Member’s withdrawal from the Company), except
as provided in Sections 5.02 and 6.01 or upon the consent of, or as may be required by, and upon
such terms as may be determined by, the Managing Member in its sole discretion. In no event shall a
Member be entitled to demand to receive property other than cash.

17

 

          Section 5.02 Redemptions.

          (a) Subject to this Section 5.02(a) and Sections 5.02(c) and 5.03, each Member shall have
the right to redeem some or all of its Units as of the time immediately prior to the opening of
business on each January 1, April 1, July 1 and October 1 (each, a “Redemption Date”), upon
written notice received by the Managing Member at least 91 days prior to the Valuation Date (as
defined below) in respect of the redemption (unless such notice is waived by the Managing Member
in its sole discretion); provided, however, that Units purchased on or after January 1, 2008 may
only be redeemed on or after the first anniversary of the purchase of such Units by the Member.
No partial redemption shall be permitted if thereafter the aggregate NAV of the remaining Units
held by the redeeming Member would be less than $500,000, unless such limitation is waived by the
Managing Member in its sole discretion.

          If outstanding redemption requests from all Members with respect to any Redemption Date (an
“Initial Holdover Redemption Date”) (including, without limitation, any Held Over Units (as
defined below)) would result in redemption proceeds in excess of the Maximum Redemption Amount (as
defined below), the Managing Member shall be entitled in its sole discretion to refuse to redeem
Units requested for redemption that would have resulted in redemption proceeds in an amount equal
to or less than such excess. The “Maximum Redemption Amount,” with respect to any Redemption Date,
means 25% of the aggregate NAV, determined as of time immediately prior to such Redemption Date,
of all of the Units outstanding immediately prior to such Redemption Date. If the Managing Member
refuses to redeem Units as set forth above, the requests for redemption on such Initial Holdover
Redemption Date by Members shall be reduced ratably, and the requested Units not so redeemed (the
“Held Over Units”) shall be redeemed on subsequent Redemption Dates subject to the Maximum
Redemption Amount calculation for such subsequent Redemption Date and the Managing Member’s rights
to refuse redemptions in connection therewith, provided that Held Over Units shall be redeemed in
priority to any subsequently received redemption requests.

          Units of a particular series will be redeemed at a per Unit price (the “Redemption Price”)
based upon the NAV of such series as of the close of business on the day (a “Valuation Date”)
immediately preceding the applicable Redemption Date (taking into account the allocation of any Net
Capital Appreciation or Net Capital Depreciation under Section 4.05, and any distributions under
Section 5.04 for the Accounting Period then ending), after reduction for any Management Fee and
Incentive Allocation (calculated as if the applicable Valuation Date was the last day of the fiscal
year) and other liabilities of the Company to the extent accrued or otherwise attributable to the
Units being redeemed, and the amount of any such reduction for the Management Fee shall be paid to
the Managing Member, and the amount of any such reduction for any Incentive Allocation shall be
allocated to the Capital Account of the Managing Member. If a redeeming Member owns Units of more
than one series, unless otherwise specified by such Member in writing, Units shall be redeemed on a
“first in-first out” basis for purposes of determining the Redemption Price. The Company will
endeavor to pay the redemption proceeds within 45 days following the applicable Redemption Date,
without interest. The Managing Member may permit redemptions at other times and in other amounts,
subject to any conditions that it may impose in its sole discretion.

18

 

          (b) The Managing Member shall have the right, in its sole discretion, as of any date that it
determines (including during a fiscal year) and for any reason (including, without limitation,
pursuant to Article VI, for regulatory or tax reasons, or for any other reason), to redeem any or
all of a Member’s Units. Any redemptions made pursuant to this Section 5.02(b) shall be paid out
in accordance with Section 5.02(a).

          (c) The Managing Member, and any Affiliate of the Managing Member, shall have the right at
any time (including during a fiscal year or other period) to redeem any and all of its interest or
withdraw all or a portion of the assets in its Capital Account without notice to the Members.

          (d) If at any time after a redemption of Units (including in connection with any withdrawal
of a Member from the Company pursuant to Article VI) the Managing Member determines, in its sole
discretion, that the amount paid to such Member or former Member pursuant to such redemption was
materially incorrect (including because the NAV at which the Member or former Member purchased
such Units was incorrect), the Company will pay to such Member or former Member any additional
amount that it determines such Member or former Member would have been entitled to receive had the
redemption been effected at the correct NAV, or, in its sole discretion, seek payment from such
Member or former Member of (and such Member or former Member shall be required to pay) the amount
of any excess payment that the Managing Member determines such Member or former Member received
(including, without limitation, by compulsorily redeeming without consideration a number of Units
held by such Member having a NAV equal to the amount of such excess payment), in each case without
interest.

          Section 5.03 Limitation on Redemptions.

          (a) The right of any Member to redeem some or all of its Units pursuant to the provisions of
Section 5.02 is subject to the provision by the Managing Member for all Company liabilities in
accordance with the Act, and for reserves for estimated accrued expenses, liabilities and
contingencies in accordance with Section 4.07.

          (b) The Managing Member may suspend redemptions, at any time prior to the effective date of
the redemption, and notwithstanding the fact that a timely redemption request has previously been
made, for the whole, or any part, of any of the following periods: (i) during the closure of the
principal stock exchanges or other markets on which any substantial portion of the Company’s direct
or indirect investments, in the opinion of the Managing Member, is quoted or dealt in other than
for ordinary holidays, or the restriction of suspension of dealings therein; (ii) during the
existence of any state of affairs which, in the opinion of the Managing Member, constitutes an
emergency as a result of which the determination of the price, value or disposition of the
Company’s direct or indirect investments would be impractical or prejudicial to Members; (iii)
during which redemptions would, in the opinion of the Managing Member, result in a violation of
applicable law; (iv) during any breakdown in the means of communication or computation normally
employed in determining the price or value of any of the investments of the Company or the current
price or values on any stock exchange in respect of assets of the Company; (v) during the
occurrence of any period when the Company is unable to withdraw

19

 

sufficient funds from Portfolio Companies or otherwise to meet redemption requests or in
circumstances when the disposal of part or all of the Company’s assets to meet such redemption
requests would be prejudicial to Members; (vi) during which any transfer of funds involved in the
realization or acquisition of investments or payments due on redemption of Units cannot, in the
opinion of the Managing Member, be effected at advantageous rates of exchange; and (vii) during
any period in which any investment fund or Portfolio Company in which the Company has invested has
suspended redemptions or the calculation of its net asset value. Postponed redemptions shall be
effected on the first day of the month immediately following the termination of the suspension.
Any part of a redemption request that is postponed shall take precedence over later-received
redemption requests until the postponed request or requests have been satisfied in full. Members
shall be given notice in writing of the suspension of redemptions and the termination of any such
suspension. Units shall be held by the Member during the suspension period as if no redemption
request had been made.

          Section 5.04 Distributions.

          (a) The Managing Member may, in its discretion, make distributions in cash or in-kind (i) in
connection with redemptions from the Company by a Member or in connection with a Member’s complete
withdrawal from the Company pursuant to Article VI, (ii) at any time to the Managing Member in an
amount not in excess of the then positive balance in the Incentive Allocation Account and (iii) at
any time to all of the Members on a pro rata basis in accordance with the Members’ Capital
Accounts.

          (b) If a distribution is made in-kind, immediately prior to such distribution, the Managing
Member shall determine the fair market value of the property distributed and adjust the Capital
Accounts of all Members upwards or downwards to reflect the difference between the book value and
the fair market value thereof, as if such gain or loss had been recognized upon an actual sale of
such property and allocated pursuant to Section 4.05. Each such distribution shall reduce the
Capital Account of the Member to which the distribution was made by the fair market value thereof.

          (c) Any taxes paid over to a governmental authority by the Company pursuant to Section 4.12
with respect to any Member (other than on account of all Members equally) shall be deemed to be a
distribution to such Member. If a Member who receives a deemed distribution of taxes under this
Section owns more than one series of Units, the Managing Member in its sole discretion may allocate
such deemed distribution among such Member’s different series of Units. Notwithstanding the
foregoing, the Managing Member in its sole discretion may elect to treat any deemed distribution to
a Member under this Section 5.04(c), not as a distribution, but as an advance to the Member and a
partial redemption of such Member’s Units as of the next Redemption Date following the deemed
distribution, and such Member’s Units shall be reduced thereby as appropriately determined by the
Managing Member.

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ARTICLE VI

Withdrawal, Death, Disability

          Section
6.01 Withdrawal, Death, etc. of Members.

          (a) The withdrawal, death, disability, incapacity, adjudication of incompetency, termination,
bankruptcy, insolvency or dissolution of a Member shall not dissolve the Company. Subject to the
restrictions set forth in Section 1.05(a), the legal representatives or successors of such Member
shall succeed as assignee to the Member’s interest in the Company upon the death, disability,
incapacity, adjudication of incompetency, termination, bankruptcy, insolvency or dissolution of
such Member, but shall not be admitted as a substituted member without the consent of the Managing
Member.

          (b) In the event of the death, disability, incapacity, adjudication of incompetency,
termination, bankruptcy, insolvency or dissolution of a Member, the interest of such Member shall
continue at the risk of the Company’s business until the last day of the calendar month following
the calendar month in which the Managing Member received written notice of such event, provided,
however, that if the Managing Member determines, in its sole discretion, that the termination or
dissolution of a Member was not involuntary, the interest of such Member shall continue at the
risk of the Company’s business until the last day of the next calendar quarter that it at least 91
days from the date on which the Managing Member received written notice of such event. At the end
of such period, the Managing Member may, in its sole discretion (i) take no action, (ii)
substitute the legal representatives or successors of such Member as Members of the Company,
provided that the Managing Member determines in its sole discretion that such legal
representatives or successors are qualified to become Members of the Company, or (iii)
compulsorily redeem such Member’s interest in the Company in accordance with the redemption
provisions set forth in this Article VI.

          Section 6.02 Required Withdrawals. The Managing Member may at any time and for any
reason, in its discretion, terminate the interest of any Member in the Company or require a Member
to withdraw any part of its Capital Account. A Member required to withdraw under this Section 6.02
shall be treated for all purposes of distribution of redemption proceeds as a Member who has given
notice of redemption of all its capital under Article V.

ARTICLE VII

Duration and Dissolution of the Company

          Section
7.01 Duration.

          (a) The Company shall continue until the earlier of (i) a determination by the Managing Member
that the Company should be dissolved and wound-up; (ii) the termination, bankruptcy, insolvency,
dissolution or withdrawal by the Managing Member other than by assignment of the Managing Member’s
interest as provided in Section 1.05(b); or (iii) a vote of a

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majority of the Members pursuant to Section 7.01(b). Upon a determination to dissolve the
Company, redemptions, and distributions in respect thereof, may not be made.

		 	          (b) Dissolution of the Company
by the Members:

               (i) For purposes of this Agreement:

                    (A) The term “Meeting Request” shall mean a written request from Members holding (as of the
date of such request) at least 20% of the voting power, based on NAV, of the outstanding Units
(excluding for purposes of calculating such percentage any Units held by the Managing Member and
any affiliate or employee of the Managing Member or Goldman, Sachs & Co. (collectively, the
“Managing Member Units”)) to the Managing Member requesting that the Managing Member call a
meeting for the purpose of dissolving the Company.

                    (B) The term “Dissolution Record Date” shall mean with respect to a meeting at which the
dissolution of the Company is to be considered, a date selected by the Managing Member, which is
no later than 15 days following the date on which the Managing Member receives a Meeting Request.

               (ii) Upon the written request of one or more Members holding at least 1% of the voting power,
based on NAV, of the outstanding Units (excluding for purposes of calculating such percentage the
Managing Member Units), solely for purposes of soliciting other Members in connection with making
a Meeting Request, the Managing Member shall use commercially reasonable efforts to send to all
other Members a solicitation to make a Meeting Request, subject to the Managing Member’s right to
impose reasonable conditions upon any such solicitation.

               (iii) Upon receipt by the Managing Member of a Meeting Request, the Managing Member shall set
a Dissolution Record Date and shall schedule a meeting of the Members for no later than 60 days
after the Dissolution Record Date for the purpose of voting on the dissolution of the Company
(such meeting, the “Dissolution Meeting”). The quorum for such meeting shall require attendance,
in person or by proxy, of Members holding at least a majority of the voting power, based on NAV,
of the outstanding Units (excluding for purposes of calculating such percentage the Managing
Member Units) as of the Dissolution Record Date. If a quorum is not achieved for the meeting, the
meeting shall be cancelled and no vote shall be held. The dissolution of the Company by the
Members may only be voted upon at a meeting properly called in accordance with this Section
7.01(b) and will be approved only upon the affirmative vote of Members holding at least a majority
of the voting power, based on NAV, of the outstanding Units (excluding for purposes of calculating
such percentage the Managing Member Units).

               (iv) In the event of an affirmative vote in favor of dissolution of the Company, (A) the
Managing Member shall seek to liquidate the Company as soon as reasonably practicable (including by
submitting redemption requests to Portfolio Funds and Portfolio

22

 

Companies within 30 days of such vote), and (B) the Company shall be dissolved and terminated in
accordance with the provisions of Section 7.02.

               (v) On or prior to August 25, 2006, the Managing Member may, in its sole discretion, amend,
delete or waive any of the provisions relating to the dissolution of the Company by the Members
described in this Section 7.01(b); provided that, if the Managing Member has received a written
request from one or more Members representing at least 1% of the voting power, based on NAV, of
the outstanding Units (excluding for purposes of calculating such percentage the Managing Member
Units) to facilitate the solicitation of other Members in connection with making a Meeting Request
or has received a Meeting Request in accordance with paragraphs (ii) or (iii) above, any such
amendment, deletion or waiver shall not become effective until the earliest of the date on which
(A) the solicitations to make such Meeting Request have been terminated or have expired in
accordance with such conditions as have been attached by the Managing Member to the said
solicitations pursuant to paragraph (ii) above, or (B) the Dissolution Meeting referred to in such
Meeting Request has been held and there were insufficient votes to dissolve the Company or
cancelled for lack of a quorum pursuant to paragraph (iii) above. Notwithstanding anything in the
foregoing to the contrary, the Managing Member may amend or waive any of the provisions relating
to the dissolution of the Company described in this Section 7.01(b) at any time in its sole
discretion, so long as such amendment or waiver does not adversely affect the right of the Members
to dissolve the Company. If the Managing Member makes any permitted amendment, deletion or waiver,
it will give written notice thereof to the Members following such amendment, deletion or waiver.

          Section 7.02 Dissolution.

          (a) On dissolution of the Company, the Managing Member shall, within no
more than 30 days after completion of a final audit of the Company’s financial statements,
make distributions out of Company assets, in the following manner and order:

               (i) to creditors, including Members who are creditors, to the extent otherwise permitted by
law, in satisfaction of liabilities of the Company (whether by payment or by establishment of
reserves); and

               (ii) to the Members in the proportion of their respective Capital Accounts.

          (b) The Managing Member, in its discretion, at any time and from time to
time, may designate one or more liquidators, including, without limitation, one or more
partners,
members or officers of the Managing Member, who shall have full authority to wind up and
liquidate the business of the Company and to make final distributions as provided in this
Section 7.02. The appointment of any liquidator may be revoked or a successor or additional liquidator
or liquidators may be appointed at any time by an instrument in writing signed by the Managing
Member. Any such liquidator may receive compensation as shall be fixed, from time to time, by
the Managing Member.

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          (c) In the event that the Company is dissolved on a date other than the last day of a fiscal
year, the date of such dissolution shall be deemed to be the last day of a fiscal year for
purposes of adjusting the Capital Accounts of the Members pursuant to Section 4.03. For purposes
of distributing the assets of the Company upon dissolution, the Managing Member shall be entitled
to a return, on a pari passu basis with the Non-Managing Members, of the amount standing to its
credit in its Capital Account and, with respect to its share of profits, based upon its Membership
Percentage.

ARTICLE VIII

Tax Returns; Reports to Members

          Section 8.01 Independent Auditors. The financial statements of the Company shall be
audited by Ernst & Young LLP, or such other certified public accountants of similar standing
selected by the Managing Member, as of the end of each fiscal year of the Company.

          Section 8.02 Filing of Tax Returns. The Managing Member shall prepare and file, or
cause the accountants of the Company to prepare and file, a federal information tax return in
compliance with Section 6031 of the Code, and any required state and local income tax and
information returns for each tax year of the Company.

          Section 8.03 Tax Matters Partner. The Managing Member shall be designated on the
Company’s annual federal information tax return, and have full powers and responsibilities, as the
“Tax Matters Partner” of the Company for purposes of Section 6231(a)(7) of the Code. In the event
the Company shall be the subject of an income tax audit by any federal, state or local authority,
to the extent the Company is treated as an entity for purposes of such audit, including
administrative settlement and judicial review, the Tax Matters Partner shall be authorized to act
for, and its decision shall be final and binding upon, the Company and each Member thereof. All
expenses incurred in connection with any such audit, investigation, settlement or review shall be
borne by the Company.

          Section 8.04 Financial Reports to Current Members. The Company shall prepare and mail
to each Non-Managing Member (i) annual audited financial statements after the end of the Company’s
fiscal year and (ii) information necessary for such Member to complete its U.S. federal, state and
local income tax returns (including such information that such Member may reasonably require
annually to complete its tax filing obligations, provided that the Managing Member may provide the
same without undue effort or expense).

          Section 8.05 Tax Reports to Members and Former Members. The Company shall use
reasonable efforts to prepare and mail, or cause its accountants to prepare and mail, to each
Member and, to the extent necessary, to each former Member (or its legal representatives), as soon
as possible after the close of each taxable year of the Company, a report setting forth in
sufficient detail such information as shall enable such Member or former Member (or such Member’s
legal representatives) to prepare their respective federal income tax returns and/or extensions in
accordance with the laws, rules and regulations then prevailing.

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ARTICLE
IX

Miscellaneous

          Section 9.01 General. This Agreement (i) shall be binding on the permitted
transferees, assigns, executors, administrators, estates, heirs, and legal successors and
representatives of the Members and (ii) may be executed, through the use of separate signature
pages or supplemental agreements in any number of counterparts with the same effect as if the
parties executing such counterparts had all executed one counterpart;
provided, however, that
each such counterpart shall have been executed by the Managing Member and that the counterparts,
in the aggregate, shall have been signed by, or on behalf of, all of the Members.

          Section 9.02 Power of Attorney. Each of the Members hereby appoints the Managing
Member as its true and lawful representative and attorney-in-fact, in its name, place and stead to
make, execute, sign, acknowledge, swear to and file:

          (a) a Certificate of Formation of the Company and any amendments thereto as may be required
under the Act;

          (b) any duly adopted amendment to this Agreement;

          (c) any and all instruments, certificates, and other documents that may be deemed necessary
or desirable to effect the dissolution and winding-up of the Company (including, but not limited
to, a Certificate of Cancellation of the Certificate of Formation); and

          (d) any business certificate, fictitious name certificate, amendment thereto, or other
instrument or document of any kind whatsoever necessary, desirable or convenient to accomplish the
business, purpose and objectives of the Company, or required by any applicable federal, state,
local or foreign law.

          The power of attorney hereby granted by each of the Non-Managing Members is coupled with an
interest, is irrevocable, and shall survive, and shall not be affected by, the subsequent death,
disability, incapacity, incompetency, termination, bankruptcy, insolvency or dissolution of such
Non-Managing Member; provided, however, that such power of attorney shall
terminate upon the substitution of another non-managing member for all of such Non-Managing
Member’s interest in the Company or upon the complete withdrawal of such Non-Managing Member from
participation in the Company.

          Section 9.03 Amendments to Limited Liability Company Agreement. The terms and
provisions of this Agreement may be modified or amended at any time and from time to time with the
written consent of Members having in excess of 50% of the voting power of the outstanding Units,
(or, if an amendment affects only a particular series of Units, with the written consent of
Members having in excess of 50% of that series of Units), based on the NAV of such Units, and the
affirmative vote of the Managing Member insofar as is consistent with the laws governing this
Agreement; provided, however, that without the consent of the Non-Managing
Members, the Managing Member may amend this Agreement or the Schedule hereto to (i) reflect

25

 

changes validly made in the membership of the Company, the Capital Contributions,
Membership Percentages and changes in the number of Units held by the Members; (ii) change the
provisions relating to the Incentive Allocation so that such provisions conform to the applicable
requirements of the Securities and Exchange Commission and other regulatory authorities, so long as
such amendment does not increase the Incentive Allocation to more than the amount that would
otherwise be determined absent such amendment; (iii) reflect a change in the name of the Company;
(iv) make a change that is necessary or, in the opinion of the Managing Member, advisable to
qualify the Company as a limited liability company or other entity in which the Members have
limited liability under the laws of any state, or ensure that the Company shall not be treated as
an association or a publicly traded partnership taxable as a corporation for federal income tax
purposes; (v) make any change that does not adversely affect the Members in any material respect;
(vi) make a change that is necessary or desirable to satisfy any requirements, conditions or
guidelines contained in any opinion, directive, order, ruling or regulation of any federal, state
or foreign statute, so long as such change is made in a manner which minimizes to the extent
practicable, as determined by the Managing Member in its sole discretion, any adverse effect on the
Members or that is required or contemplated by this Agreement; (vii) make a change in any provision
of this Agreement that requires any action to be taken by or on behalf of the Managing Member or
the Company pursuant to the requirements of applicable Delaware law if the provisions of applicable
Delaware law are amended, modified or revoked so that the taking of such action is no longer
required; (viii) prevent the Company or the Managing Member from in any manner being deemed an
“investment company” subject to the provisions of the Investment Company Act of 1940, as amended;
(ix) correct mistakes or clarify ambiguities; (x) in the event of adverse changes in the tax law or
interpretations thereof applicable to the Company, amend this Agreement as determined by the
Managing Member if it deems it advisable or necessary to address such changes; (xi) conform this
Agreement to the disclosure provided in the Memorandum; (xii) correct or supplement any conflicting
provisions and delete or add provisions as may be required by applicable law or regulations, in
each case, as determined by the Managing Member in its sole discretion; (xiii) make any other
amendment provided such amendment does not become effective until after the affected Members have
been given prior written notice of such change and have had the right following receipt of such
notice to request the redemption of their Units and any requested redemption shall have become
effective; (xiv) amend, delete or waive the provisions of Section 7.01(b) in accordance with
Section 7.01(b)(v); or (xv) make any other amendments similar to the foregoing. Each Member,
however, must consent to any amendment that would (a) reduce its Capital Account or rights of
redemption or withdrawal; or (b) amend the provisions of this Agreement relating to
amendments.

          Section 9.04 Instruments. The parties agree to execute and deliver any further
instruments or perform any acts which are or may become necessary to carry on the Company created
by this Agreement or to effectuate its purposes.

          Section 9.05 No Personal Liability For Return of Capital. The Managing Member shall
not be personally liable for the return or repayment of all or any portion of Capital Contribution
or profits of any Member, it being expressly agreed that any such return of Capital

26

 

Contribution or profits made pursuant to this Agreement shall be made solely from the assets
(which shall not include any right of contribution from the Managing Member) of the Company.

          Section 9.06 Choice of Law. Notwithstanding the place where this Agreement may be
executed by any of the parties hereto, the parties expressly agree that all the terms and
provisions hereof shall be construed under the laws of the State of Delaware and, without
limitation thereof, that the Act as now adopted or as may be hereafter amended shall govern the
limited liability company aspects of this Agreement. The parties also expressly agree that all
actions and proceedings brought by a party against a Member or the Company, in connection with the
Company’s business or affairs (including a breach of this Agreement by a party hereto) shall be
brought in and be subject to the jurisdiction of a court of the State of New York or any federal
district court in the State of New York.

          Section 9.07 Venue: Inconvenient Forum. The parties hereto irrevocably waive to the
fullest extent permitted by law any objection that they may now or hereafter have to the laying of
venue of any such action or proceeding in the courts of the State of New York located in the City
of New York or of the United States District Court for the Southern District of New York and any
claim that any such action or proceeding brought in any such court has been brought in an
inconvenient forum.

          Section 9.08 No Third Party Rights. The provisions of this Agreement, including,
without limitation, the provisions of Section 1.03, are not intended to be for the benefit of any
creditor or other Person (other than the Members in their capacities as such) to whom any debts,
liabilities or obligations are owed by (or who otherwise have a claim against or dealings with)
the Company or any Member, and no such creditor or other Person shall obtain any rights under any
of such provisions (whether as a third party beneficiary or otherwise) or shall obtain any rights
under any of such provisions (whether as a third party beneficiary or otherwise) or shall by
reason of any such provisions make any claim in respect to any debt, liability or obligation (or
otherwise) including any debt, liability or obligation pursuant to Section 1.03, against the
Company or any Member.

          Section 9.09 Notices. Each notice relating to this Agreement shall be in writing and
delivered in person or by registered or certified mail. All notices to the Company shall be
addressed to its principal office and place of business. All notices addressed to a Member shall
be addressed to such Member at the address set forth in the Schedule. Any Member may designate a
new address by notice to that effect given to the Company. Unless otherwise specifically provided
in this Agreement, a notice shall be deemed to have been effectively given when mailed by
registered or certified mail to the proper address or delivered in person.

          Section 9.10 Grantors of Revocable Trusts. Each Non-Managing Member that is a
revocable trust agrees that, if the trustee of such revocable trust and the grantor of such
revocable trust are the same person, the trustee’s execution of this Agreement and any other
documents executed in connection with the Company shall bind such Person in his or her capacity
both as trustee and as grantor of such revocable trust.

27

 

          Section 9.11 Goodwill. No value shall be placed on the name or goodwill of the
Company, which shall belong exclusively to the Managing Member.

          Section 9.12 Headings. The titles of the Articles and the headings of the Sections of
this Agreement are for convenience of reference only, and are not to be considered in construing
the terms and provisions of this Agreement.

          Section 9.13 Pronouns. All pronouns shall be deemed to refer to the masculine,
feminine, neuter, singular or plural, as the identity of the Person or Persons may require in the
context thereof.

          Section 9.14 Confidentiality. The Managing Member and the Company may, in their
discretion, keep confidential and not disclose to the Non-Managing Members any proprietary
information concerning the Company, including, without limitation, investments, valuations,
information regarding potential investments, financial information, trade secrets and the like
which is proprietary in nature and non-public, or any information about any investment, to the
extent that such information is required to be kept confidential or is otherwise subject to
disclosure restrictions imposed by the issuer of the investment or the Managing Member, in its
reasonable discretion (collectively, “Confidential Information”). Each Non-Managing Member shall
not disclose or cause to be disclosed any Confidential Information to any other Person, except as
otherwise required by any regulatory authority, law or regulation, or by legal process, without the
prior written consent of the Managing Member. Notwithstanding anything in the foregoing or anything
else contained in this Agreement to the contrary, except as reasonably necessary to comply with
applicable securities laws, each Member (and any employee, representative or other agent thereof)
may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax
structure of the offering and ownership of Units and any transaction described in this Section 9.14
or elsewhere in this Agreement and all materials of any kind (including opinions and other tax
analyses) that are provided to such Member relating to such tax treatment and tax structure. For
this purpose, “tax structure” means any facts relevant to the federal income tax treatment of the
offering and ownership of Units and any transaction described in this Section 9.14 or elsewhere in
this Agreement, and does not include information relating to the identity of the Company or its
Affiliates.

28

 

          IN WITNESS WHEREOF, the undersigned have hereunto set their hands as of the date first set
forth above.

	 	 	 	 	 
	MANAGING MEMBER:

GOLDMAN SACHS HEDGE FUND STRATEGIES LLC

 	 
	By:  	
 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 
	NON-MANAGING MEMBERS:

	By:  	GOLDMAN SACHS HEDGE FUND STRATEGIES LLC,

on behalf of each Member as attorney-in-fact
	 
	 
	By:  	
 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

29

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