Document:

Exhibit 10.31

                                                                  CONFORMED COPY

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                          LIMITED PARTNERSHIP AGREEMENT

                                       OF

                   MMC C&I EMPLOYEES' SECURITIES COMPANY, L.P.

                        (a) Delaware Limited Partnership)

                            Dated as of July 21, 2000

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                                TABLE OF CONTENTS

                                                                            PAGE

SECTION 1 - ORGANIZATION, ETC..................................................1

         1.1     FORMATION....................................................1
         1.2     NAME AND OFFICES.............................................1
         1.3     PURPOSES.....................................................2
         1.4     TERM.........................................................2
         1.5     FISCAL YEAR..................................................2
         1.6     PARTNERSHIP POWERS...........................................3

SECTION 2 - THE GENERAL PARTNER................................................4

         2.1     MANAGEMENT...................................................4
         2.2     LIMITATIONS ON THE GENERAL PARTNER...........................4
         2.3     RELIANCE BY THIRD PARTIES....................................5
         2.4     EXPENSES.....................................................5
         2.5     OTHER ACTIVITIES OF THE PARTNERS AND MANAGER.................5
         2.6     LIABILITY OF THE GENERAL PARTNER AND THE MANAGER.............7
         2.7     CONFLICTS OF INTEREST........................................8

SECTION 3 - LIMITED PARTNERS...................................................9

         3.1     ELIGIBILITY..................................................9
         3.2     NO PARTICIPATION IN MANAGEMENT, ETC..........................9
         3.3     LIMITATION OF LIABILITY......................................9
         3.4     NO PRIORITY, ETC.............................................9
         3.5     FURTHER ACTIONS OF THE LIMITED PARTNERS......................9

SECTION 4 - INVESTMENTS.......................................................10

         4.1     INVESTMENTS IN PORTFOLIO COMPANIES...........................0
         4.2     SPECIAL INVESTMENT VEHICLE...................................0
         4.3     TEMPORARY INVESTMENTS........................................1

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SECTION 5 - CAPITAL CONTRIBUTIONS AND CAPITAL COMMITMENTS.....................11

         5.1     CAPITAL CONTRIBUTIONS AND CAPITAL COMMITMENTS
                 OF THE PARTNERS..............................................11
         5.2     LIMITED PARTNERS WITH ADVERSE EFFECTS........................11
         5.3     DEFAULTING PARTNER...........................................11
         5.4     FURTHER ACTIONS..............................................12
         5.5     EXCUSED INVESTMENTS..........................................12

SECTION 6 - CAPITAL ACCOUNTS; DISTRIBUTIONS...................................13

         6.1     CAPITAL ACCOUNTS.............................................13
         6.2     ADJUSTMENTS TO CAPITAL ACCOUNTS..............................13
         6.3     DISTRIBUTIONS................................................13
         6.4     OVERRIDING PROVISION.........................................13
         6.5     DISTRIBUTIONS IN KIND........................................13
         6.6     NEGATIVE CAPITAL ACCOUNTS....................................14
         6.7     NO WITHDRAWAL OF CAPITAL.....................................14
         6.8     ALLOCATIONS..................................................14
         6.9     TAX MATTERS..................................................14
         6.10    WITHHOLDING TAXES............................................15
         6.11    FINAL DISTRIBUTION...........................................16

SECTION 7 - THE MANAGER.......................................................16

SECTION 8 - BANKING, CUSTODY OF SECURITIES, ACCOUNTING,
            BOOKS AND RECORDS, ADMINISTRATIVE SERVICES........................17

         8.1     BANKING; CUSTODY OF SECURITIES...............................17
         8.2     MAINTENANCE OF BOOKS AND RECORDS; ACCESS.....................17
         8.3     PARTNERSHIP TAX RETURNS......................................18

SECTION 9 - REPORTS TO PARTNERS, ANNUAL MEETING, VALUATIONS...................18

         9.1     INDEPENDENT AUDITORS.........................................18
         9.2     PARTNERSHIP REPORTS TO LIMITED PARTNERS......................18
         9.3     UNITED STATES FEDERAL INCOME TAX INFORMATION.................18
         9.4     ANNUAL MEETING...............................................18
         9.5     VALUATION....................................................18

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SECTION 10 - INDEMNIFICATION OF PARTNERS......................................19

         10.1    INDEMNIFICATION OF GENERAL PARTNER, ETC......................19
         10.2    EXPENSES, ETC................................................20
         10.3    NOTICES OF CLAIMS, ETC.......................................21
         10.4    NO WAIVER....................................................21
         10.5    RETURN OF DISTRIBUTIONS......................................21
         10.6    INDEMNIFICATION OF COVERED PERSONS...........................21

SECTION 11 - TRANSFER OF LIMITED PARTNERSHIP INTERESTS;
             WITHDRAWAL OF LIMITED PARTNERS...................................22

         11.1    ADMISSION, SUBSTITUTION AND WITHDRAWAL OF LIMITED
                 PARTNERS; ASSIGNMENT IN THE EVENT OF DEATH OR
                 MENTAL INCOMPETENCE..........................................22
         11.2    ADDITIONAL LIMITED PARTNERS..................................25
         11.3    MULTI-FUND AND MULTI-VEHICLE ADJUSTMENTS.....................27
         11.4    TERMINATION OF EMPLOYMENT....................................28
         11.5    TRANSFER OR WITHDRAWAL BY THE GENERAL PARTNER................28

SECTION 12 - DEATH, INCOMPETENCY OR BANKRUPTCY
             OR DISSOLUTION OF PARTNERS.......................................29

         12.1    BANKRUPTCY OR DISSOLUTION OF THE GENERAL PARTNER.............29
         12.2    DEATH, INCOMPETENCY, BANKRUPTCY, DISSOLUTION OR
                 WITHDRAWAL OF A LIMITED PARTNER..............................29

SECTION 13 - DISSOLUTION AND TERMINATION OF PARTNERSHIP.......................30

         13.1    DISSOLUTION..................................................30
         13.2    DISTRIBUTION UPON DISSOLUTION................................31
         13.3    DISTRIBUTIONS IN CASH OR IN KIND.............................31
         13.4    TIME FOR LIQUIDATION, ETC. ..................................32
         13.5    GENERAL PARTNER AND MEMBERS OF MMC NOT PERSONALLY
                 LIABLE FOR RETURN OF CAPITAL CONTRIBUTIONS...................32
         13.6    REORGANIZATION OF THE PARTNERSHIP............................33

SECTION 14 - DEFINITIONS......................................................35

SECTION 15 - AMENDMENTS.......................................................42

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SECTION 16 - MISCELLANEOUS PROVISIONS.........................................42

         16.1    NOTICES......................................................42
         16.2    COUNTERPARTS.................................................43
         16.3    TABLE OF CONTENTS AND HEADINGS...............................43
         16.4    SUCCESSORS AND ASSIGNS.......................................43
         16.5    SEVERABILITY.................................................43
         16.6    NON-WAIVER...................................................44
         16.7    APPLICABLE LAW (SUBMISSION TO JURISDICTION)..................44
         16.8    CONFIDENTIALITY..............................................44
         16.9    SURVIVAL OF CERTAIN PROVISIONS...............................44
         16.10   WAIVER OF PARTITION..........................................45
         16.11   CURRENCY.....................................................45
         16.12   ENTIRE AGREEMENT.............................................45

SCHEDULE A - INVESTMENT OBJECTIVE, POLICIES AND PROCEDURES

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              This Communications and Information Limited Partnership Agreement
(this "AGREEMENT") of MMC C&I EMPLOYEES' SECURITIES COMPANY, L.P., a Delaware
limited partnership (the "PARTNERSHIP"), is made and entered into as of this
July 21, 2000. Certain capitalized terms used herein without definition have the
meanings specified in Section 14.

                                    SECTION 1

                               ORGANIZATION, ETC.

              1.1    FORMATION. The General Partner, the Initial Limited Partner
and the Persons from time to time listed as limited partners on the records of
the Partnership (in their capacities as limited partners of the Partnership, the
"LIMITED PARTNERS", and the General Partner and the Limited Partners being
herein referred to collectively as the "PARTNERS", both such terms to include
any Person hereafter admitted to the Partnership as a Limited Partner or a
General Partner, as the case may be, in accordance with the terms hereof, and to
exclude any Person that ceases to be a Partner in accordance with the terms
hereof), hereby agree to form the Partnership as a limited partnership under and
pursuant to the provisions of the Act and agree that the rights, duties and
liabilities of the Partners shall be as provided in the Act, except as otherwise
provided herein. Immediately following the admission of the first Limited
Partner, the Initial Limited Partner shall have his original capital
contribution returned to him, shall cease to be a partner of the Partnership and
shall have no further rights or claims against or obligations as a partner of,
the Partnership. A Person shall be admitted as a limited partner of the
Partnership at the time that (A) this Agreement and a Subscription Agreement
(together with a Power of Attorney, an Eligibility Questionnaire and an Election
and Information Form, in each case, in the form attached to the Subscription
Agreement) or counterparts thereof are executed by or on behalf of such Person
and are accepted by the General Partner and (B) such Person is listed by the
General Partner as a Limited Partner in the Partnership Register. The General
Partner shall cause to be maintained in the registered and principal office of
the Partnership a register of limited partnership interests of the Partnership
setting forth the name, mailing address, capital commitment and group (as set
forth in Section 3.1) of each Partner (the "Partnership Register"). The
Partnership Register shall from time to time be updated as necessary to maintain
the accuracy of the information contained therein. Except as may otherwise be
provided herein, any reference in this Agreement to the Partnership Register
shall be deemed to be a reference to the Partnership Register as in effect from
time to time subject to the terms of this Agreement, the General Partner may
authorize any action permitted hereunder in respect of the Partnership Register
without any need to obtain the consent of any other Partner.

              1.2    NAME AND OFFICES. The name of the Partnership is MMC C&I
Employees' Securities Company, L.P. The Partnership shall have its registered
office in the State of Delaware, MMC C&I Employees' Securities Company, L.P.
care of: Corporation Trust Center, 1209 Orange Street, Wilmington, County of New
Castle, Delaware 19801, at

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which shall be kept the records required to be maintained under the Act, at
which the service of process on the Partnership may be made and to which all
notices and communications may be addressed. The General Partner may change the
registered office of the Partnership in the State of Delaware or the registered
agent for service of process on the Partnership at anytime. The Partnership
shall have its initial principal office for its activities at 20 Horseneck Lane,
Greenwich, Connecticut 06830, United States of America. The General Partner may
designate from time to time another office within or without the United States
as the Partnership's principal office for its investment activities. The
Partnership may from time to time have such other office or offices within or
without the State of Delaware, as may be designated by the General Partner.

              1.3    PURPOSES. Subject to the other provisions of this
Agreement, the purposes and business of the Partnership are to co-invest with
MMC Capital Communications and Information Fund L.P., a Delaware limited
partnership (the "INSTITUTIONAL FUND" and, together with any other investment
funds organized by MMC or its Affiliates which are authorized to co-invest with
the Institutional Fund in Portfolio Companies (the "PARALLEL FUNDS")), and to
acquire, hold, sell or otherwise dispose of Securities in accordance with and
subject to the investment objectives, policies and procedures referred to in
Schedule A attached hereto (the "INVESTMENT GUIDELINES") and the other
provisions of this Agreement, and to engage in such other activities as the
General Partner deems necessary, advisable, convenient or incidental thereto, to
engage in any business which may lawfully be conducted by a limited partnership
formed pursuant to the Act and to carry on any business relating thereto or
arising therefrom, including anything incidental, ancillary or necessary to the
foregoing.

              1.4    TERM. The term of the Partnership commenced on the date set
forth in the Certificate of limited partnership (as it may be amended from time
to time, the "CERTIFICATE") which was filed in the Office of the Secretary of
State of the State of Delaware (the "SECRETARY OF STATE") and shall continue,
unless the Partnership is sooner dissolved, until the end of the term of the
Institutional Fund, including as such term is extended pursuant to the
Institutional Fund Agreement (such term of the Partnership, as so extended,
being referred to as the "TERM"), PROVIDED, that the General Partner in its sole
discretion may extend such Term and PROVIDED FURTHER that the Partnership shall
continue after the last calendar day of the Term solely for purposes of Section
10.1. Notwithstanding the expiration of the Term, the Partnership shall continue
as a separate legal entity until cancellation of the Certificate in accordance
Partnership is filed in accordance with Section 13.4 and in the manner provided
in the Act.

              1.5    FISCAL YEAR. The Fiscal Year of the Partnership shall end
on the 31st day of December in each year. The Partnership shall have the same
Fiscal Year for income tax and for financial and partnership accounting
purposes.

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              1.6    PARTNERSHIP POWERS. In furtherance of the purposes
specified in Section 1.3 and without limiting the generality of Section 2.1, the
Partnership and the General Partner, acting on behalf of the Partnership or on
its own behalf and in its own name, as appropriate, shall be empowered to do or
cause to be done any and all acts deemed by the General Partner, in its sole
judgment, to be necessary, advisable, appropriate, proper, convenient or
incidental to or for the furtherance of the purposes of the Partnership
including, without limitation, the power and authority:

              (a)    to acquire, hold, manage, own and Transfer the
       Partnership's interests in Securities or any other investments made or
       other property or assets held by the Partnership, in accordance with and
       subject to the Investment Guidelines;

              (b)    to establish, have, maintain or close one or more offices
       within or without the State of Delaware and in connection therewith to
       rent or acquire office space and to engage personnel;

              (c)    to open, maintain and close bank and brokerage (including,
       without limitation, margin) accounts, including, without limitation, to
       draw checks or other orders for the payment of moneys, to exchange U.S.
       dollars held by the Partnership into non-U.S. currencies and vice versa,
       to enter into currency forward and futures contracts, to hedge Portfolio
       Investments, and to invest such funds in Temporary Investments;

              (d)    to bring, defend, settle and dispose of actions,
       Proceedings at law or in equity or before any Governmental Authority;

              (e)    to retain and remove consultants, custodians, attorneys,
       placement agents, accountants, actuaries and such other agents and
       employees of the Partnership as it may deem necessary or advisable, and
       to authorize each such agent and employee to act for and on behalf of the
       Partnership;

              (f)    to retain the Manager, as contemplated by Section 7, to
       render investment advisory and managerial services to the Partnership,
       PROVIDED that such retention shall not relieve the General Partner of any
       of its obligations hereunder;

              (g)    to cause the Partnership to enter into and carry out the
       terms of the Subscription Agreements without any further act, approval or
       vote of any Partner (including, without limitation, any agreements to
       induce any Person to purchase a limited partnership interest);

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              (h)    to make all elections, investigations, evaluations and
       decisions, binding the Partnership thereby, that may, in the sole
       judgment of the General Partner, be necessary, appropriate, desirable or
       convenient for the acquisition, holding or disposition of Securities for
       the Partnership;

              (i)    to enter into, deliver, perform and carry out contracts and
       agreements of every kind necessary or incidental to the offer and sale of
       limited partner interests in the Partnership, to the acquisition, holding
       and Transfer of Securities, or otherwise, to the accomplishment of the
       Partnership's purposes, and to take or omit to take such other action in
       connection with such offer and sale, with such acquisition, holding or
       Transfer, or with the business of the Partnership as may be necessary,
       desirable or convenient to further the purposes of the Partnership;

              (j)    to borrow money and to issue guarantees; and

              (k)    to carry on any other activities necessary to, in
       connection with, or incidental to any of the foregoing or the
       Partnership's business.

                                    SECTION 2

                               THE GENERAL PARTNER

              2.1    MANAGEMENT. The management, control and operation of and
the determination of policy with respect to the Partnership and its affairs
shall be vested exclusively in the General Partner (acting directly or through
its duly appointed agents), which is hereby authorized and empowered on behalf
and in the name of the Partnership, subject to Section 2.2 and the other terms
of this Agreement, to carry out any and all of the objects and purposes of the
Partnership and to perform all acts and enter into and perform all contracts and
other undertakings that it may in its sole discretion deem necessary, advisable,
convenient or incidental thereto. The General Partner may exercise on behalf of
the Partnership, and may delegate to the Manager, all of the powers set forth in
Section 1.6, PROVIDED, that the management and the conduct of the activities of
the Partnership shall remain the sole responsibility of the General Partner and
all decisions relating to the selection and disposition of the Partnership's
investments shall be made exclusively by the General Partner in accordance with
this Agreement and subject to the Investment Guidelines. The General Partner is
hereby authorized to appoint a successor general partner.

              2.2    LIMITATIONS ON THE GENERAL PARTNER. The General Partner
shall not:

              (a)    do any act in contravention of any applicable law or
       regulation, or any provision of this Agreement or of the Certificate;

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              (b)    possess Partnership property for other than a Partnership
       purpose;

              (c)    admit any Person as a general partner of the Partnership
       except as permitted by this Agreement and the Act;

              (d)    admit any Person as a Limited Partner except as permitted
       by this Agreement and the Act;

              (e)    Transfer its interest in the Partnership except as
       permitted by this Agreement and the Act; or

              (f)    permit the registration or listing of interests in the
       Partnership on an "established securities market," as such term is used
       in Treasury Regulations section 1.7704-1.

              2.3    RELIANCE BY THIRD PARTIES. In dealing with the General
Partner and its duly appointed agents (including, without limitation, the
Manager), no Person shall be required to inquire as to the General Partner's or
any such agent's authority to bind the Partnership.

              2.4    EXPENSES. (a) All expenses relating to the organization of
the Partnership shall be paid on or shortly after the initial Closing Date by
the Partnership and shall be allocated to all Partners in proportion to their
Capital Commitments.

              (b)    The Partnership shall not pay a management fee to the
General Partner or the Manager, nor shall it pay a carried interest to the
General Partner, the Manager, the Institutional Fund or the Investment
Professionals.

              (c)    The Partnership shall pay its PRO RATA share of actual
out-of-pocket expenses of investigating potential investment opportunities and
monitoring portfolio companies, such as travel, legal, auditing, consulting,
accounting, actuarial and other professional fees or third-party expenses, in
all cases to the extent not reimbursed by others. The Partnership shall pay all
extraordinary expenses (such as litigation) and all costs and expenses relating
to the Partnership's activities, including, but not limited to, legal, auditing,
consulting, accounting, tax preparation, custodial fees and costs of reports to
and meetings of the Partners.

              2.5    OTHER ACTIVITIES OF THE PARTNERS AND MANAGER. (a) CERTAIN
OTHER RELATIONSHIPS. MMC, the General Partner, the Manager and any of their
respective Affiliates may organize or sponsor private investment funds,
including, without limitation, funds having primary investment objectives and
policies substantially the same as those of the Partnership.

              (b)    ALLOCATION OF INVESTMENT OPPORTUNITIES. Subject to the
terms of this Agreement, the opportunity to invest in companies shall be
allocated in the good faith judgment of the Manager in a manner that the Manager
determines, in its sole discretion, is appropriate

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under the circumstances. The Partnership shall invest in a company only if the
Manager and the General Partner shall have determined, in the exercise of their
respective good faith judgment, that the investment in any such company is
consistent with the Investment Guidelines. The Manager shall not be obligated to
allocate any particular investment opportunity to the Partnership.

              (c)    CERTAIN CONTRACTS. Subject to the other provisions of this
Agreement, the General Partner and the Manager may cause the Partnership to
enter into contracts and transactions with the General Partner, the Manager, MMC
or any of their respective Affiliates, PROVIDED that the General Partner and the
Manager shall have determined in the exercise of their respective good faith
judgment that the terms of any such contract or transaction are commercially
reasonable to the Partnership. Notwithstanding any provision of this Agreement
to the contrary, neither the General Partner, MMC, the Partnership nor their
Affiliates, as the case may be, may acquire, invest in, hold or sell securities
or enter into contracts or transactions otherwise prohibited by this Section 2.

              (d)    CERTAIN COINVESTMENTS. Notwithstanding any other provisions
of this Agreement, the Partnership shall coinvest with the Parallel Funds in the
securities of each portfolio company acquired by the Partnership and the
Parallel Funds, on the same terms and at the same time, in an amount determined,
to the extent practicable, subject to the last sentence of this Section 2.5(d),
on the basis of Capital Commitments of the Partnership and the committed capital
of the Parallel Funds, in each case as estimated in the good faith judgment of
the General Partner. The allocation of investment opportunities pursuant to this
Section 2.5(d) shall be made, and investments by the Partnership shall be made
and disposed of, in a manner determined in the discretion of the Manager to be
in accordance with Section 4.5 of the Institutional Fund Agreement.

              (e)    PRINCIPAL TRANSACTIONS. Except as permitted under the
Institutional Fund Agreement, none of Manager and the General Partner shall (I)
purchase any security from or sell any security to the Partnership or (II)
acquire, invest in or hold any securities of a Portfolio Company except to the
extent permitted under the Institutional Fund Agreement, PROVIDED THAT the
Partnership may purchase or dispose of a portion of an investment at the
acquisition cost of such investment plus an additional amount calculated at a
rate per annum equal to the Prime Rate plus 200 basis points from the date of
such acquisition, so that such investment shall be held, to the extent
practicable, by the Parallel Funds in proportion to their respective capital
commitments.

              (f)    OTHER RESTRICTIONS. Notwithstanding any other provision of
this Agreement, the Partnership's investment activities shall at all times be
conducted in accordance with the conditions of any order under Section 6(b) of
the Investment Company Act that is from time to time applicable to the
Partnership. Each proposed transaction involving the Partnership otherwise
prohibited by Section 17(a) or Section 17(d) of the Investment Company Act and

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Rule 17d-1 thereunder (the "SECTION 17 TRANSACTIONS") shall be effected only if
the General Partner makes such determinations as are required by any such order.

The General Partner shall record and preserve a description of such affiliated
transactions, its findings, the information or materials upon which its findings
are based and the basis therefor. All such records shall be maintained for the
life of the Partnership and at least two years thereafter. In connection with
Section 17 Transactions, the General Partner shall adopt, and periodically
review and update, procedures designed to ensure that reasonable inquiry is
made, prior to the consummation of any such transaction, with respect to the
possible involvement in the transaction of any affiliated person or promoter of
the Partnership, affiliated person of such a person, promoter, or principal
underwriter. In any case where purchases or sales in Section 17 Transactions are
made from or to an entity affiliated with the Partnership by reason of a 5% or
more investment in such entity by a director, officer or employee of MMC, such
individual shall not participate in the General Partner's determination of
whether or not to effect such purchase or sale.

The agreements governing the Parallel Funds may include restrictions on
activities of MMC that would otherwise be permitted without restriction under
this Section 2.5, or may subject such activities to conditions. The General
Partner shall afford the Partnership the benefits of any such restrictions or
conditions to the extent appropriate.

              2.6    LIABILITY OF THE GENERAL PARTNER AND THE MANAGER. (a)
Except as provided in the Act, the General Partner has the powers, duties,
responsibilities and liabilities of a partner in a partnership without limited
partners (I) to the Partnership and the other Partners and (II) to Persons other
than the Partnership and the other Partners. No Covered Person shall be liable
to the Partnership or any Partner for any act or omission taken or suffered by
any such Covered Person in good faith. No Partner shall be liable to the
Partnership or any Partner for any action taken by any other Partner. To the
extent that, at law or in equity, a Covered Person has duties and liabilities to
the Partnership or to the Partners, such Covered Person acting under this
Agreement or otherwise shall not be liable to the Partnership or any Partner for
its good faith reliance on the provisions of this Agreement. The provisions of
this Agreement, to the extent that they expressly restrict, replace or modify
the duties and liabilities of a Covered Person otherwise existing at law or in
equity, are agreed by the Partners to restrict, replace or modify such other
duties and liabilities of such Covered Person. Except as otherwise expressly
provided in this Agreement, the general partner shall not be liable for the
return of all or any portion of the Limited Partner's Capital Accounts or
Capital Contributions.

              (b)    RELIANCE. A Covered Person (I) shall incur no liability in
acting upon any signature or writing believed by such Covered Person to be
genuine, (II) may rely on a certificate signed by an officer of any Person in
order to ascertain any fact with respect to such Person or within such Person's
knowledge, and (iii) may rely on an opinion of counsel selected by such Covered
Person with respect to legal matters. Each Covered Person may act directly or
through its agents or attorneys. Each Covered Person may consult with counsel,
appraisers,

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engineers, accountants, actuaries, auditors and other skilled Persons of its
choosing, and shall not be liable for anything done, suffered or omitted in good
faith reliance upon the advice of any of such Persons. No Covered Person shall
be liable to the Partnership or any Partner for any error of judgment made in
good faith by a responsible officer or officers of such Covered Person. Except
as otherwise provided in this Section 2.6, no Covered Person shall be liable to
the Partnership or any Partner for any mistake of fact or judgment by such
Covered Person in conducting the affairs of the Partnership or otherwise acting
in respect of and within the scope of this Agreement. No Covered Person shall be
liable for the return to any Limited Partner of all or any portion of any
Limited Partner's Capital Account or Capital Contributions except as otherwise
provided herein.

              (c)    DISCRETION. Whenever in this Agreement the General Partner
or the Manager is permitted or required to make a decision (I) in its "sole
discretion" or "discretion" or under a grant of similar authority or latitude,
the General Partner or the Manager, as the case may be, shall be entitled to
consider only such interests and factors as it deems appropriate, including,
without limitation, its interests, or (II) in its "good faith" or under another
expressed standard, the General Partner or the Manager, as the case may be,
shall act under such express standard and shall not be subject to any other or
different standard imposed by this Agreement or any other agreement or by
relevant provisions of law or in equity or otherwise. If any questions should
arise with respect to the operation of the Partnership, which are not
specifically provided for in this Agreement or the Act, or with respect to the
interpretation of this Agreement, the General Partner is hereby authorized to
make a final determination with respect to any such question and to interpret
this Agreement in good faith, and its determination and interpretation so made
shall be final and binding on all parties.

              2.7    CONFLICTS OF INTEREST. (a) POTENTIAL CONFLICTS OF INTEREST.
While the Manager and the General Partner intend to avoid situations involving
conflicts of interest, each Limited Partner acknowledges that there may be
situations in which the interests of the Partnership, with respect to a
Portfolio Company or otherwise, may conflict with the interests of the General
Partner, the Investment Professionals, the Manager or their respective
Affiliates, including the conflicts of interest identified in the Memorandum.
Each Limited Partner agrees that the activities of the General Partner, the
Investment Professionals, the Manager and their respective Affiliates
specifically authorized by or described in this Agreement may be engaged in by
the General Partner, any Investment Professionals, the Manager or any such
Affiliate, as the case may be, and shall not, in any case or in the aggregate,
be deemed a breach of this Agreement or any duty owed by any such Person to the
Partnership or to any Partner.

              (b)    ACTUAL CONFLICTS OF INTEREST. On any issue involving actual
conflicts of interest not provided for elsewhere in this Agreement, the Manager
and the General Partner shall be guided by its good faith judgment as to the
best interests of the Partnership, and shall take such actions as are determined
by it to be necessary or appropriate to ameliorate the conflicts of interest.
Neither the General Partner nor the Manager nor any of their respective
Affiliates shall have any liability to the Partnership or any Limited Partner in
respect of actions in

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respect of such matter taken in good faith by them in the pursuit of their own
respective interests.

                                    SECTION 3

                                LIMITED PARTNERS

              3.1    ELIGIBILITY. Each Limited Partner must, as a condition of
partnership, qualify as an Eligible Employee (as determined by the General
Partner or Manager in its sole discretion).

              3.2    NO PARTICIPATION IN MANAGEMENT, ETC. No Limited Partner, in
its capacity as a limited partner of the Partnership, shall take part in the
management or control of the Partnership's affairs, transact any business in the
Partnership's name or have the power to sign documents for or otherwise bind the
Partnership. No Limited Partner shall have the right to vote for the election,
removal or replacement of the General Partner.

              3.3    LIMITATION OF LIABILITY. Except as may otherwise be
provided herein or by the Partnership Law, the liability of each Limited Partner
is limited to its Capital Commitment.

              3.4    NO PRIORITY, ETC. No Limited Partner shall have priority
over any other Limited Partner either as to the return of the amount of its
Capital Contribution to the Partnership, or as to any allocation of income,
gain, deduction or loss.

              3.5    FURTHER ACTIONS OF THE LIMITED PARTNERS. Each Limited
Partner shall execute and deliver such other certificates, agreements and
documents, and take such other actions, as may reasonably be requested by the
General Partner in connection with the formation of the Partnership and the
achievement of its purposes, including, without limitation, (A) any documents
that the General Partner deems necessary or appropriate to form, qualify or
continue the Partnership as a limited partnership in all jurisdictions in which
the Partnership has an office or conducts or plans to conduct business and (B)
all such agreements, certificates, tax statements and other documents as may be
required to be filed in respect of the Partnership.

                                       9
<PAGE>

                                    SECTION 4

                                   INVESTMENTS

              4.1    INVESTMENTS IN PORTFOLIO COMPANIES. (a) CO-INVESTMENT. The
Partnership shall co-invest with the Parallel Funds in a manner determined in
the sole discretion of the Manager to be in accordance with Section 4.5 of the
Institutional Fund Agreement.

              (b)    REINVESTMENT. Proceeds from the disposition of Portfolio
Investments may be reinvested by the General Partner to the same extent that the
general partner of the Institutional Fund is permitted by the Institutional Fund
Agreement to reinvest proceeds from the disposition of portfolio investments
Fund. In addition, proceeds from the disposition of a Portfolio Investment or
Temporary Investment that would otherwise be required to be distributed to the
Partners, other than amounts distributed in the discretion of the General
Partner to enable Partners to discharge their income tax liabilities with
respect to such Portfolio Investment or Temporary Investment, may be used by the
Partnership to make Portfolio Investments, PROVIDED that such amounts shall be
treated for all purposes under this Agreement as if they were distributed to the
Partners pursuant to Section 6.3, on the date such Portfolio Investment or
Temporary Investment was disposed of by the Partnership and thereafter drawn
down as Capital Contributions pursuant to Section 5.1.

              (c)    PARTICIPATION. The Partners shall participate in Portfolio
Investments in proportion to their Available Capital Commitments.

              4.2    SPECIAL INVESTMENT VEHICLE. If the General Partner
determines for legal, tax, regulatory or other reasons that it is appropriate
for any or all of the Partners to participate in one or more investments, each
of which would be a Portfolio Investment if it were made by the Partnership,
through an entity other than the Partnership, the General Partner may structure
the making of such investment or investments outside of the Partnership by
requiring each such Partner to contribute capital to an alternative entity
(each, a "SPECIAL INVESTMENT VEHICLE") that, in lieu of the Partnership, shall
invest in such investment or investments. In such event, (I) each such Partner
shall make a capital commitment directly to such Special Investment Vehicle and
such capital commitment shall reduce the Capital Commitments of such Partner to
the same extent, and (II) each Limited Partner shall participate in the Special
Investment Vehicle pursuant to the Power of Attorney executed by such Limited
Partner, and documentation with respect to such Special Investment Vehicle shall
be executed and delivered on behalf of each such Limited Partner by the General
Partner pursuant to such Power of Attorney. The economic terms of the
organizational documents of any Special Investment Vehicle shall be
substantially similar in all material respects to those of the Partnership.

              4.3    TEMPORARY INVESTMENTS. The General Partner may invest funds
held by the Partnership in Temporary Investments pending investment in Portfolio
Investments, pending distribution or for any other purpose.

                                       10
<PAGE>

                                    SECTION 5

                  CAPITAL CONTRIBUTIONS AND CAPITAL COMMITMENTS

              5.1    CAPITAL CONTRIBUTIONS AND CAPITAL COMMITMENTS OF THE
PARTNERS. (a) Subject to Sections 5.5 and 10.1(b), each Limited Partner shall
make Capital Contributions to the Partnership in the aggregate amount of their
respective Capital Commitments as set forth in the Election and Information Form
attached to such Limited Partner's Subscription Agreement and as reflected in
the records of the Partnership.

              (b)    Such Capital Contributions shall be drawn down in one
installment (100% of such Limited Partner's Capital Commitment) and shall be
paid in U.S. dollar amounts on the initial Closing Date. Subsequent capital
installments (to the extent amounts are returned and subject to draw down in
accordance with the terms hereof) shall be paid in separate Drawdowns in the
sole discretion of the General Partner, subject to the following terms and
conditions:

              (i)    The General Partner shall provide each Limited Partner with
              a notice (the "DRAWDOWN NOTICE") at least thirty days prior to the
              date of Drawdown.

              (ii)   Each Partner shall pay to the Partnership the Capital
              Contribution of such Partner as specified in the Drawdown Notice
              in cash or other immediately available funds, by the date
              specified in the Drawdown Notice.

              5.2    LIMITED PARTNERS WITH ADVERSE EFFECTS. If at any time the
General Partner determines (after consultation with counsel reasonably
satisfactory to the General Partner) that there is a reasonable likelihood that
the continuing participation in the Partnership by any Limited Partner might
have a Material Adverse Effect on the Partnership or any Portfolio Company, such
Limited Partner shall, upon the written request of the General Partner, use its
best efforts to dispose of its entire interest in the Partnership (or such
portion of its interest that, in the sole discretion of the General Partner, is
sufficient to prevent or remedy a Material Adverse Effect) to any Person
(including, without limitation, the General Partner) at a price reasonably
acceptable to such Limited Partner, in a transaction that complies with Section
11.1.

              5.3    DEFAULTING PARTNER. If any Limited Partner fails to
contribute, in a timely manner, any portion of the Capital Commitment required
to be contributed by such Limited Partner hereunder or pursuant to such limited
partner's Subscription Agreement and any such failure continues for ten Business
Days after receipt of written notice thereof from the General Partner (a
"DEFAULT"), then such Limited Partner (a) "DEFAULTING Partner") may be
designated by the General Partner as in default and shall thereafter be subject
to the provisions of this Section 5.3. The General Partner may choose not to
designate any Limited Partner as a Defaulting

                                       11
<PAGE>

Partner and may agree to waive or permit the cure of any Default by a Limited
Partner, subject to such conditions as the General Partner and the Defaulting
Partner may agree upon. In the event that a Limited Partner becomes a Defaulting
Partner, (I) such Defaulting Partner's Remaining Capital Commitment shall be
deemed to be zero (the "Defaulted commitments"), (II) such Defaulting Partner
shall have no interest in future Portfolio Investments and no right to
contribute capital to future Portfolio Investments, and (III) such defaulting
Limited Partner shall be entitled to receive only one-half of the total
distributions (including, without limitation, distributions previously made)
that it would have been entitled to receive had it not become a Defaulting
Partner, with the other one-half of such distributions to be applied when and as
amounts become distributable, FIRST to the Partnership in an amount equal to the
Partnership Expenses, and SECOND, to all Partners other than Defaulting Partners
in accordance with their respective Capital Commitments; PROVIDED, that the
General Partner, MMC, or any of their respective Affiliates shall have an option
to assume the Remaining Capital Commitments of the Defaulting Partner. The
General Partner shall make such adjustments, including, without limitation,
adjustments to the Capital Accounts of the Partners (including, without
limitation, the Defaulting Partners), as it determines to be appropriate to give
effect to the provisions of this Section 5.3. On any date following a Default by
a Defaulting Partner, such Defaulting Partner shall be required to pay to the
Partnership all amounts that such Defaulting Partner would be required to
contribute to the Partnership if the Partnership were dissolved as of such date
(and its assets liquidated at fair market value as of the most recent valuation
date). Notwithstanding any other provision of this Section 5.3, the obligations
of any Defaulting Partner to the Partnership hereunder shall not be extinguished
as a result of the transactions contemplated by this Section 5.3. Whenever the
vote, consent or decision of a Limited Partner or of the Limited Partners is
required or permitted pursuant to this Agreement or under the Act, a Defaulting
Partner shall not be entitled to participate in such vote or consent, or to make
such decision, and such vote, consent or decision shall be tabulated or made as
if such Defaulting Partner were not a Limited Partner.

              5.4    FURTHER ACTIONS. To the extent deemed necessary in the sole
discretion of the General Partner, the General Partner shall cause this
Agreement to be amended, without the need for any further act, vote or approval
of any other Partner or Persons, to reflect as appropriate the occurrence of any
of the transactions referred to in this Section 5 or in Section 11.

              5.5    EXCUSED INVESTMENTS. The General Partner may, in its sole
discretion, excuse any Limited Partner from participation in any investment of
the Company if the General Partner has determined, in its sole discretion, that
such investment may constitute a conflict of interest for such Limited Partner.

                                       12
<PAGE>

                                    SECTION 6

                         CAPITAL ACCOUNTS; DISTRIBUTIONS

              6.1    CAPITAL ACCOUNTS. There shall be established on the books
and records of the Partnership a capital account (a) "CAPITAL ACCOUNT") for each
Partner.

              6.2    ADJUSTMENTS TO CAPITAL ACCOUNTS. As of the last day of each
Period, the balance in each Partner's Capital Account shall be adjusted by (A)
increasing such balance by (I) such Partner's allocable share of each item of
the Partnership's income and gain for such Period (allocated in accordance with
Section 6.8) and (II) the Capital Contributions, if any, made by such Partner
during such Period and (b) decreasing such balance by (I) the amount of cash or
the Value of Securities or other property distributed or deemed distributed to
such Partner pursuant to Sections 6 or 13 and (II) such Partner's allocable
share of each item of the Partnership's deduction or loss for such Period
(allocated in accordance with Section 6.8). Each Partner's Capital Account shall
be further adjusted with respect to any special allocations or adjustments
pursuant to this Agreement.

              6.3    DISTRIBUTIONS. Distributable Cash attributable to any
Portfolio Investment shall initially be apportioned among the Partners in
proportion to their Sharing Percentages for such Portfolio Investment.
Distributable Cash not attributable to a Portfolio Investment shall be
apportioned among the Partners in proportion to their Capital Contributions to
the investment giving rise to the Distributable Cash. Except as otherwise
provided herein, Distributable Cash apportioned to a Partner shall be
distributed to such Partner.

              6.4    OVERRIDING PROVISION. Notwithstanding any other provision
of this Agreement, distributions shall be made only to the extent of Available
Assets and in compliance with the Act.

              6.5    DISTRIBUTIONS IN KIND. Prior to the dissolution of the
Partnership, distributions may be in cash or marketable Securities. In
connection with the liquidation and dissolution of the Partnership,
distributions may also include restricted Securities or other assets of the
Partnership. In the event a distribution of Securities or other assets is made,
such Securities or other assets shall be deemed to have been sold at their Value
and the proceeds of such sale shall be deemed to have been distributed to the
Partners for all purposes of this Agreement. Subject to Section 13.2, Securities
or other assets distributed in kind shall be distributed in proportion to the
aggregate amounts that would be distributed to each Partner pursuant to Section
6.3, such aggregate amounts to be estimated in the good faith judgment of the
General Partner. The General Partner may cause certificates evidencing any
Securities to be distributed to be imprinted with legends as to such
restrictions on Transfers that it may deem necessary or appropriate, including,
without limitation, legends as to applicable United States federal or state or
non-U.S. Securities laws or other legal or contractual restrictions, and may
require any Partner to whom Securities are to be distributed to agree in writing
(I) that such

                                       13
<PAGE>

Securities shall not be transferred except in compliance with such restrictions
and (II) to such other matters as the General Partner may deem necessary or
appropriate.

              6.6    NEGATIVE CAPITAL ACCOUNTS. No Limited Partner shall, and
except as otherwise required by law the General Partner shall not, be required
to make up a negative balance in its Capital Account.

              6.7    NO WITHDRAWAL OF CAPITAL. Except as otherwise expressly
provided herein, no Partner shall have the right to withdraw capital from the
Partnership or to receive any distribution of or return on such Partner's
Capital Contributions.

              6.8    ALLOCATIONS. Each item of income, gain, loss, credit and
deduction of the Partnership (determined in accordance with U.S. tax principles
as applied to the maintenance of capital accounts) shall be allocated among the
Capital Accounts of the Partners with respect to each Period as of the end of
such Period in a manner that as closely as possible gives economic effect to the
provisions of Sections 6 and 13 and the other relevant provisions of this
Agreement.

              6.9    TAX MATTERS. Except as otherwise provided herein, the
income, gains, losses, credits and deductions recognized by the Partnership
shall be allocated among the Partners, for United States federal, state and
local income tax purposes, to the extent permitted under the Code and the
Treasury Regulations, in the same manner that each such item is allocated to the
Partners' Capital Accounts. Notwithstanding the foregoing, the General Partner
shall have the power in its sole discretion to make such allocations for United
States federal, state and local income tax purposes as may be necessary to
maintain substantial economic effect, or to ensure that such allocations are in
accordance with the interests of the Partners in the Partnership, in each case
within the meaning of the Code and the Treasury Regulations. Tax credits shall
be allocated in good faith by the General Partner. All matters concerning
allocations for United States federal, state and local and non-U.S. income tax
purposes, including accounting procedures, not expressly provided for by the
terms of this Agreement shall be determined in good faith by the General
Partner. The General Partner may, in its sole discretion, cause the Partnership
to make the election under section 754 of the Code. The General Partner is
hereby designated as the "tax matters partner" of the Partnership, as provided
in the Treasury Regulations pursuant to section 6231 of the Code (and any
similar provisions under any other state or local or non-U.S. tax laws). Each
Partner hereby consents to such designation and agrees that upon the request of
the General Partner it shall execute, certify, acknowledge, deliver, swear to,
file and record at the appropriate public offices such documents as may be
necessary or appropriate to evidence such consent. The General Partner shall
take all steps necessary to have the Partnership treated as partnership for U.S.
federal income tax purposes, including, to the extent deemed necessary or
appropriate as determined by the General Partner in its sole discretion, by
executing and filing a U.S. Internal Revenue Service Form 8832 electing to
classify the Partnership as a partnership for U.S. federal income tax purposes
pursuant to section 301.7701-3 of the Treasury Regulations, and the General

                                       14
<PAGE>

Partner is hereby authorized to execute and file such Form for all of the
Partners. The General Partner shall not elect to change any such classification.
The General Partner is hereby authorized to execute and file any comparable form
or document required by any applicable United States state or local tax law in
order for the Partnership to be classified as a partnership under such tax law.

              6.10   WITHHOLDING TAXES. (a) AUTHORITY TO WITHHOLD; TREATMENT OF
WITHHELD TAX. Notwithstanding any other provision of this Agreement, each
Partner hereby authorizes the Partnership to withhold and to pay over, or
otherwise pay, any withholding or other taxes payable by the Partnership or any
of its Affiliates (pursuant to the Code or any provision of United States
federal, state, or local or foreign tax law) with respect to such Partner or as
a result of such Partner's participation in the Partnership (including as a
result of a distribution in kind). If and to the extent that the Partnership
shall be required to withhold or pay any such withholding or other taxes, such
Partner shall be deemed for all purposes of this Agreement to have received a
payment from the Partnership as of the time such withholding or other tax is
required to be paid, which payment shall be deemed to be a distribution of
Distributable Cash pursuant to the relevant clause of Section 6.3 with respect
to such Partner's interest in the Partnership to the extent that such Partner
(or any successor to such Partner's interest in the Partnership) would have
received a cash distribution but for such withholding. To the extent that such
deemed payment exceeds the cash distribution that such Partner would have
received at such time but for such withholding, the General Partner shall notify
such Partner as to the amount of such excess and such Partner shall make a
prompt payment to the Partnership of such amount by wire transfer. The
Partnership may hold back from any distribution in kind property having a Value
equal to the amount of the taxes withheld or otherwise paid until the
Partnership has received such payment.

              (b)    WITHHOLDING TAX RATE. Any withholdings referred to in this
Section 6.10 shall be made at the maximum applicable statutory rate under the
applicable tax law unless the General Partner shall have received an opinion of
counsel or other evidence, satisfactory to the General Partner, to the effect
that a lower rate is applicable, or that no withholding is applicable.

              (c)    WITHHOLDING FROM DISTRIBUTIONS TO THE PARTNERSHIP. In the
event that the Partnership receives a distribution from or in respect of which
tax has been withheld, the Partnership shall be deemed to have received cash in
an amount equal to the amount of such withheld tax, and each Partner shall be
treated as having received as a distribution of Distributable Cash pursuant to
the relevant clause of Section 6.3 the portion of such amount that is
attributable to such Partner's interest in the Partnership as equitably
determined by the General Partner.

              (d)    INDEMNIFICATION. Each Partner shall, to the fullest extent
permitted by applicable law, indemnify and hold harmless the Partnership and the
General Partner against all claims, liabilities and expenses of whatever nature
relating to the Partnership's or the General

                                       15
<PAGE>

Partner's obligation to withhold and to pay over, or otherwise pay, any
withholding or other taxes payable by the Partnership or the General Partner as
a result of such Partner's participation in the Partnership. In addition, the
Partnership shall, hereby or pursuant to a separate indemnification agreement
and to the fullest extent permitted by applicable law, indemnify and hold
harmless each Portfolio Company and any Covered Person who is or who is deemed
to be the responsible withholding agent for United States federal, state or
local or non-U.S. income tax purposes (other than any Covered Person that is
indemnified by each Partner pursuant to the previous sentence) against all
claims, liabilities and expenses of whatever nature relating to such Portfolio
Company's or Covered Person's obligation to withhold and to pay over, or
otherwise pay, any withholding or other taxes payable by such Portfolio Company
or Covered Person, as the case may be, as a result of the participation in the
Partnership of a Partner (other than such Covered Person). If, pursuant to a
separate indemnification agreement or otherwise, the Partnership shall indemnify
or be required to indemnify any Portfolio Company or Covered Person against any
claims, liabilities or expenses of whatever nature relating to such Portfolio
Company's or Covered Person's obligation to withhold and to pay over, or
otherwise pay, any withholding or other taxes payable by such Portfolio Company
or Covered Persons as a result of any Partner's participation in the
Partnership, such Partner shall pay to the Partnership the amount of the
indemnity paid or required to be paid.

              6.11   FINAL DISTRIBUTION. The final distributions following
dissolution shall be made in accordance with the provisions of Section 13.2.

                                    SECTION 7

                                   THE MANAGER

              The Partnership shall appoint the Manager to act as the investment
advisor to and the manager of the Partnership pursuant to a separate agreement,
which shall provide to the following effect:

              (a)    The Manager shall manage the operations of the Partnership,
shall have the right to execute and deliver documents on behalf of the
Partnership in lieu of the General Partner and shall have discretionary
authority with respect to investments of the Partnership, including, without
limitation, the authority to evaluate, monitor, exercise voting rights,
liquidate and take other appropriate action with respect to investments on
behalf of the Partnership, PROVIDED that the management and the conduct of the
activities of the Partnership shall remain the sole responsibility of the
General Partner and all decisions relating to the selection and disposition of
the Partnership's investments shall be made exclusively by the General Partner
in accordance with this Agreement and subject to the Investment Guidelines. The
Manager shall perform its duties hereunder or under the separate agreement in
accordance with the

                                       16
<PAGE>

Investment Guidelines. Appointment of the Manager by the Partnership shall not
relieve the General Partner from its obligations to the Partnership hereunder or
under the Act.

              (b)    The Manager shall act in conformity with this Agreement and
with the instructions and directions of the General Partner. The Manager shall
serve without fee.

The engagement by the Partnership of the Manager contemplated hereby may be set
forth in a separate management agreement specifying in further detail the rights
and duties of the Manager. Such engagement, whether or not set forth in such a
management agreement, shall terminate upon the filing of a Certificate of
Cancellation of the Partnership as described in Section 13.4(b).

                                    SECTION 8

                   BANKING, CUSTODY OF SECURITIES, ACCOUNTING,
                   BOOKS AND RECORDS, ADMINISTRATIVE SERVICES

              8.1    BANKING; CUSTODY OF SECURITIES. All funds of the
Partnership may be deposited in such bank, brokerage or money market accounts as
shall be established by the General Partner. Withdrawals from and checks drawn
on any such account shall be made upon such signature or signatures as the
General Partner may designate. All Securities held by the Partnership shall be
held at a bank or by a custodian selected by the General Partner.

              8.2    MAINTENANCE OF BOOKS AND RECORDS; ACCESS. (a) MAINTENANCE.
The General Partner shall keep or cause to be kept complete records and books of
account. Such books and records shall be maintained in accordance with the
provisions of the Institutional Fund Agreement applicable to the records and
books of account of the Institutional Fund as if such provisions were applicable
to the Partnership. The books and records required by law to be maintained at
the principal office of the Partnership shall be so maintained pursuant to the
provisions of the Act.

              (b)    ACCESS. Such books and records shall be available, upon
five Business Days' notice to the General Partner, for inspection and copying at
reasonable times during normal business hours by a Limited Partner or its duly
authorized agents or representatives for any purpose reasonably related to such
Limited Partner's interest as a limited partner in the Partnership. The General
Partner shall have the right to keep confidential from the Limited Partners for
such period of time as the General Partner deems reasonable, any information the
disclosure of which the General Partner deems in its sole discretion to be not
in the best interest of the Partnership or its business or which the Partnership
is required by law or by agreement with a third party to keep confidential,
PROVIDED, that nothing in this Section 8.2 shall prevent the Partnership from
distributing to Partners the financial reports referred to in Sections 9.2 and
9.3.

                                       17
<PAGE>

              8.3    PARTNERSHIP TAX RETURNS. The General Partner shall cause
the Partnership initially to elect the Fiscal Year as its taxable year and shall
cause to be prepared and timely filed all tax returns required to be filed for
the Partnership in the jurisdictions in which the Partnership conducts business
or derives income for all applicable tax years.

                                    SECTION 9

                 REPORTS TO PARTNERS, ANNUAL MEETING, VALUATIONS

              9.1    INDEPENDENT AUDITORS. The books of account and records of
the Partnership shall be audited as of the end of each Fiscal Year by such
recognized accounting firm as shall be selected by the General Partner. The
Partnership's independent public accountants shall be a recognized independent
public accounting firm selected from time to time by the General Partner in its
sole discretion.

              9.2    PARTNERSHIP REPORTS TO LIMITED PARTNERS. As soon as
practicable after the end of each Fiscal Year, the General Partner shall prepare
and mail or cause to be prepared and mailed to each Limited Partner audited
financial statements of the Partnership.

              9.3    UNITED STATES FEDERAL INCOME TAX INFORMATION. The General
Partner shall use its commercially reasonable best efforts to send, no later
than 90 days after the end of each Fiscal Year, to each Limited Partner (or its
legal representative) and to each other Person that was a Limited Partner (or
its legal representative) at any time during such Fiscal Year, a Schedule K-1,
"Partner's Share of Income, Credits, Deductions, Etc.," to United States
Internal Revenue Service Form 1065, "U.S. Partnership Return of Income," or any
successor schedule or form, filed by the Partnership for such Person.

              9.4    ANNUAL MEETING. The General Partner may, but shall not be
obligated to, cause the Partnership to have a meeting of the Limited Partners
each year (the "ANNUAL MEETING") and shall give 20 Business Days' advance
written notice to each Limited Partner of such meeting. At the Annual Meeting,
the Partners shall be permitted to meet with the senior management of the
Manager to consult on general economic and financial trends and on the
Partnership's existing Portfolio Investments. In order to help ensure each
Limited Partner's limitation of liability pursuant to Section 3.3, the
Partnership's potential investments shall not be submitted for discussion and
none of the Partners shall play any role in the Partnership's governance or
participate in the control of the business of the Partnership in his or her
capacity as Limited Partner.

              9.5    VALUATION. For all purposes of this Agreement, "VALUE"
shall mean, with respect to any assets or Securities, including, but not limited
to, any Portfolio Investment, owned (directly or indirectly) by the Partnership
at any time, the fair market value of such asset or security, as determined by
the General Partner in its sole discretion, and, if a Portfolio

                                       18
<PAGE>

Investment was made prior to the Partnership's last fiscal quarter end, fair
market value with respect to such Portfolio Investment generally shall be the
valuation set forth for such Portfolio Investment in the Partnership's financial
statements (as of such immediately preceding fiscal quarter end). The valuation
may, in the discretion of the General Partner, be made by independent third
parties appointed by the General Partner and deemed qualified by the General
Partner to render an opinion as to the value of Partnership assets as of any
date, using such methods and considering such information relating to the
investments, assets and liabilities of the Partnership as such persons may deem
appropriate.

                                   SECTION 10

                           INDEMNIFICATION OF PARTNERS

              10.1   INDEMNIFICATION OF GENERAL PARTNER, ETC. (a)
INDEMNIFICATION GENERALLY. The Partnership shall and hereby does, to the fullest
extent permitted by applicable law, indemnify, hold harmless and release each
Covered Person from and against all claims, demands, liabilities, costs,
expenses, damages, losses, suits, proceedings and actions, whether judicial,
administrative, investigative or otherwise, of whatever nature, known or
unknown, liquidated or unliquidated ("CLAIMS"), that may accrue to or be
incurred by any Covered Person, or in which any Covered Person may become
involved, as a party or otherwise, or with which any Covered Person may be
threatened, relating to or arising out of the business and affairs of, or
activities undertaken in connection with, the Partnership (including, but not
limited to, Claims arising out of the disposition of any Portfolio Company), or
otherwise relating to or arising out of this Agreement, including, but not
limited to, amounts paid in satisfaction of judgments, in compromise or as fines
or penalties, and counsel fees and expenses incurred in connection with the
preparation for or defense or disposition of any investigation, action, suit,
arbitration or other proceeding (a) "PROCEEDING"), whether civil or criminal
(all of such Claims and amounts covered by this Section 10.1 and all expenses
referred to in Section 10.2 are referred to as "DAMAGES"), except to the extent
that it shall have been determined ultimately by a court of competent
jurisdiction that such Damages arose primarily from the Disabling Conduct of
such Covered Person. The provisions of this Section 10 shall survive the
termination, dissolution, and winding-up of the partnership.

              (b)    CONTRIBUTION. Notwithstanding any other provision of this
Agreement, at any time and from time to time and prior to the third anniversary
of the last day of the Term, the General Partner may at any time (or from time
to time) require the Partners to contribute to the Partnership an amount
sufficient to satisfy all or any portion of the indemnification obligations of
the Partnership pursuant to Section 6.10(d) or Section 10.1(a), whether such
obligations arise before or after the last day of the Term or, with respect to
any Partner, before or after such Partner's withdrawal from the Partnership,
PROVIDED that each Partner shall make such contributions in respect of its share
of any such indemnification obligations made or required to be made as follows:

                                       19
<PAGE>

              (i)    if the Claims or Damages so indemnified against arise out
       of a Portfolio Investment, by each Partner to which Distributable Cash
       was distributed in connection with such Portfolio Investment, in such
       amounts as shall result in each Partner retaining from such Distributable
       Cash the amount that would have been distributed to such Partner had the
       amount of Distributable Cash been, at the time of such distribution,
       reduced by the amount of such indemnification obligations, as equitably
       determined by the General Partner; and, thereafter, by the Partners in
       proportion to their Capital Contributions to such Portfolio Investments;
       and

              (ii)   thereafter, or in any other circumstances, by the Partners
       in proportion to their Capital Commitments.

Any distributions returned pursuant to this Section 10.1(b) shall not be treated
as Capital Contributions, but shall be treated as returns of distributions and
reductions in Distributable Cash, in making subsequent distributions pursuant to
Sections 6.3 and 13.2 and in determining the amount that the General Partner is
required to contribute to the Partnership pursuant to Section 13.2.
Notwithstanding anything in this Section 10 to the contrary, a Partner's
liability under the first sentence of this Section 10.1(b) is limited to an
amount equal to the sum of all distributions received by such Partner from the
Partnership. Nothing in this Section 10.1(b), express or implied, is intended or
shall be construed to give any Person other than the Partnership or the Partners
any legal or equitable right, remedy or claim under or in respect of this
Section 10.1(b) or any provision contained herein.

              (c)    NO DIRECT LIMITED PARTNER INDEMNITY. Limited Partners shall
not be required to indemnify any covered person under this Section 10.1.

              10.2   EXPENSES, ETC. To the fullest extent permitted by
applicable law, expenses incurred by a Covered Person in defense or settlement
of any Claim that may be subject to a right of indemnification hereunder shall
be advanced by the Partnership prior to the final disposition thereof upon
receipt of an undertaking by or on behalf of the Covered Person to repay such
amount if it shall be determined ultimately by a court of competent jurisdiction
that the Covered Person is not entitled to be indemnified hereunder. The right
of any Covered Person to the indemnification provided herein shall be cumulative
with, and in addition to, any and all rights to which such Covered Person may
otherwise be entitled by contract or as a matter of law or equity and shall
extend to such Covered Person's successors, assigns and legal representatives.
All judgments against the Partnership, and all judgments against the Partnership
and either or both of the General Partner and/or the Manager in respect of which
the General Partner and/or the Manager is/are entitled to indemnification, shall
first be satisfied from Partnership assets (including, without limitation,
Capital Contributions and any payments under Section 10.1(b)), before the
General Partner or the Manager, as the case may be, is responsible therefor.

                                       20
<PAGE>

              10.3   NOTICES OF CLAIMS, ETC. Promptly after receipt by a Covered
Person of notice of the commencement of any Proceeding, such Covered Person
shall, if a claim for indemnification in respect thereof is to be made against
the Partnership, give written notice to the Partnership of the commencement of
such Proceeding, PROVIDED that the failure of any Covered Person to give notice
as provided herein shall not relieve the Partnership of its obligations under
this Section 10, except to the extent that the Partnership is actually
prejudiced by such failure to give notice. In case any such Proceeding is
brought against a Covered Person (other than a derivative suit in right of the
Partnership), the Partnership shall be entitled to participate in and to assume
the defense thereof to the extent that the Partnership may wish, with counsel
reasonably satisfactory to such Covered Person. After notice from the
Partnership to such Covered Person of the Partnership's election to assume the
defense of such Proceeding, the Partnership shall not be liable for expenses
subsequently incurred by such Covered Person in connection with the defense
thereof. The Partnership shall not consent to entry of any judgment or enter
into any settlement that does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such Covered Person of a release from all
liability in respect to such Claim.

              10.4   NO WAIVER. Nothing contained in this Section 10 shall
constitute a waiver by any Partner of any right that it may have against any
party under United States federal or state securities laws, the Act or other
applicable laws.

              10.5   RETURN OF DISTRIBUTIONS. At any time for a period of three
years after the last day of the Term, each person who was a Partner shall
severally indemnify and hold harmless each Covered Person for such Partner's
ratable share (based on the aggregate distributions received by all Partners) of
Damages, on the same terms and to the same extent and with the same limitations
as if such indemnity were given by the Partnership pursuant to Section 10.1(a)
but without regard to Section 10.1(b), 10.2 or 10.3. The aggregate amount of a
Partner's obligations under this Section 10.5 shall not exceed the amount of
distributions from the Partnership theretofore received by such Partner.

              10.6   INDEMNIFICATION OF COVERED PERSONS. The General Partner is
hereby instructed to cause the Partnership to indemnify, hold harmless and
release each Covered Person, and authorized to cause the Partnership to
indemnify, hold harmless and release any other Person, in each case pursuant to
a separate indemnification agreement and on such terms as it may in its absolute
discretion deem appropriate. It is the express intention of the parties hereto
that (A) the provisions of this Section 10 for the indemnification of Covered
Persons may be relied upon by such Covered Persons and may be enforced by such
Covered Persons (or by the General Partner on behalf of any such Covered Person,
PROVIDED that the General Partner shall not have any obligation to so act for or
on behalf of any such Covered Person) against the Partnership and the Partners
pursuant to this Agreement or to a separate indemnification agreement as if such
Covered Persons were parties hereto, and (B) notwithstanding the provisions of
Section 16.7, the term "gross negligence" shall have the meaning given such term
under the laws of the State of Delaware.

                                       21
<PAGE>

                                   SECTION 11

                   TRANSFER OF LIMITED PARTNERSHIP INTERESTS;
                         WITHDRAWAL OF LIMITED PARTNERS

              11.1   ADMISSION, SUBSTITUTION AND WITHDRAWAL OF LIMITED PARTNERS;
ASSIGNMENT IN THE EVENT OF DEATH OR MENTAL INCOMPETENCE. (a) GENERAL. Except as
set forth in this Section 11 or Section 5, no Additional Limited Partners may be
admitted to, and no Limited Partner may withdraw from, the Partnership prior to
the dissolution and winding-up of the Partnership. Except as set forth in this
Section 11, no Limited Partner shall sell, transfer, assign, convey, pledge,
mortgage, encumber, hypothecate or otherwise dispose of ("TRANSFER") all or any
part of its interest in the Partnership, PROVIDED that, in the event a Limited
Partner dies or is adjudicated mentally incompetent, the estate or general
representative of such Limited Partner may, with the prior written consent of
the General Partner (which consent may be withheld in the sole and absolute
discretion of the General Partner) and upon compliance with Sections 11.1(b) and
(c), Transfer all or a portion of such Limited Partner's interest in the
Partnership.

              (b)    CONDITIONS TO TRANSFER. Any purported transfer by a Limited
Partner pursuant to the terms of this Section 11 shall, in addition to requiring
the prior written consent referred to in Section 11.1(a), be subject to the
satisfaction of the following conditions:

              (i)    the estate or legal representative of the Limited Partner
       whose interest in the Partnership is proposed to be transferred (a
       "TRANSFEROR") or the Person to whom such transfer is made (a
       "TRANSFEREE") shall pay all expenses incurred by the Partnership or the
       General Partner on behalf of the Partnership in connection therewith;

              (ii)   the Partnership shall receive from the Transferee (and in
       the case of clause (c) below, from the Transferor to the extent specified
       by the General Partner) (A) such documents, instruments and certificates
       as may be requested by the General Partner, pursuant to which such
       Transferee shall become bound by this Agreement, including, without
       limitation, a counterpart of this Agreement executed by or on behalf of
       such Transferee, (B) a certificate to the effect that the representations
       set forth in the Subscription Agreement of such Transferee are (except as
       otherwise disclosed to the General Partner) true and correct with respect
       to such Transferee as of the date of such transfer and (C) such other
       documents, opinions, instruments and certificates as the General Partner
       shall request;

              (iii)  such transferor or Transferee shall, prior to making any
       such transfer, deliver to the Partnership the opinion of counsel
       described in Section 11.1(c);

                                       22
<PAGE>

              (iv)   the General Partner may, in its sole discretion, require
       any Limited Partner wishing to make a Transfer under this Section 11 or
       such Transferee to pay to the Partnership such amount in immediately
       available funds as is sufficient to cover all expenses incurred by or on
       behalf of the Partnership in connection with such substitution or
       Transfer, and in connection therewith, to execute and deliver such
       documents, instruments, certificates and opinions of counsel as the
       General Partner shall request;

              (v)    the General Partner shall be given at least 30 days' prior
       written notice of such desired transfer;

              (vi)   the Transferor and the Transferee shall each provide a
       certificate to the effect that (A) the proposed transfer shall not be
       effected on or through (1) a U.S. national, regional or local securities
       exchange, (2) a non-U.S. securities exchange or (3) an interdealer
       quotation system that regularly disseminates firm buy or sell quotations
       by identified brokers or dealers (including, without limitation, NASDAQ
       or a foreign equivalent thereto) and (B) it is not, and its proposed
       Transfer or acquisition (as the case may be) shall not be made by,
       through or on behalf of, (1) a Person, such as a broker or a dealer,
       making a market in interests in the Partnership or (2) a Person who makes
       available to the public bid or offer quotes with respect to interests in
       the Partnership;

              (vii)  such transfer shall not be effected on or through an
       "established securities market" or a "secondary market or the substantial
       equivalent thereof," as such terms are used in section 1.7704-1 of the
       Treasury Regulations;

              (viii) the Transferee is within the class of Persons referred to
       in section 2(a)(13) of the Investment Company Act; and

              (ix)   the Transferee is an Eligible Employee.

The General Partner may waive any or all of the conditions set forth in this
Section 11.1(b) (other than clause (vii) hereof) if in its sole discretion, it
deems it in the best interest or not opposed to the interest of the Partnership
to do so.

              (c)    OPINION OF COUNSEL. The opinion of counsel referred to in
Section 11.1(b)(iii) shall be in form and substance satisfactory to the General
Partner, shall be from counsel satisfactory to the General Partner and shall be
substantially to the effect that (unless specified otherwise by the General
Partner) consummating the transfer contemplated by the opinion:

              (i)    shall not require registration under, or violate any
       provisions of, the Securities Act or applicable state or non-U.S.
       securities laws or the conditions of any

                                       23
<PAGE>

       order applicable to the Partnership under section 6.6(b) of the
       Investment Company Act, and shall not otherwise prevent the Partnership
       from qualifying as an "employees' securities company" under such Act;

              (ii)   that such Transfer is of the Transferor's entire interest
       in the Partnership, and that the Transferee is (A) a Person that counts
       as one beneficial owner for purposes of section 3(c)(1) of the Investment
       Company Act and (B) an "accredited investor" as such term is used in the
       Securities Act;

              (iii)  shall not require the Manager, the General Partner or any
       Affiliate of the General Partner which is not registered under the
       Investment Advisers Act or the Partnership to register as an investment
       adviser under the Investment Advisers Act;

              (iv)   shall not require the General Partner or the Partnership to
       register as an Investment Company;

              (v)    shall not cause the Partnership to terminate for tax
       purposes, including by reason of being taxable as a corporation under the
       Code; and

              (vi)   shall not violate the laws, rules or regulations of any
       state or the rules and regulations of any governmental authority
       applicable to such Transfers.

In giving such opinion, counsel may, with the consent of the General Partner,
rely as to factual matters on certificates of the Transferor, the Transferee and
the General Partner.

              (d)    DEATH, ETC. Subject to Sections 11.1(a), (b) and (c), the
estate of a Limited Partner shall have the right to Transfer, upon the death or
incapacity of such Limited Partner, his or her interest in the Partnership.

              (e)    SUBSTITUTE LIMITED PARTNERS. Notwithstanding any other
provision of this Agreement, any Transferee of a Transferor's interest in the
Partnership pursuant to the terms of this Section 11 may be admitted to the
Partnership as a substitute limited partner of the Partnership (a) "SUBSTITUTE
LIMITED PARTNER") only with the consent of the General Partner, which consent
may be withheld in the sole and absolute discretion of the General Partner. Upon
the admission of such Transferee as a Substitute Limited Partner, all references
herein to such Transferor shall be deemed to apply to such Substitute Limited
Partner, and such Substitute Limited Partner shall succeed to all rights and
obligations of the Transferor hereunder. A Person shall be deemed admitted to
the Partnership as a Substitute Limited Partner at the time that the foregoing
conditions are satisfied and such Person is listed as a limited partner of the
Partnership on the register of partnership interests of the Partnership
maintained at the Partnership's principal office. Any Transferee of an economic
interest in the Partnership shall become a Substitute Limited Partner only upon
satisfaction of the requirements set forth in this Section 11.1.

                                       24
<PAGE>

              (f)    TRANSFER IN VIOLATION OF AGREEMENT NOT RECOGNIZED. No
attempted Transfer or substitution shall be recognized by the Partnership and
any purported Transfer or substitution shall be void unless effected in
accordance with and as permitted by this Agreement.

              11.2   ADDITIONAL LIMITED PARTNERS. (a) CONDITIONS TO ADMISSION.
In addition to the admission of Limited Partners at the Closing, the General
Partner, in its sole discretion, may schedule, from time to time, one or more
additional closings on any date for one or more Person or Persons seeking
admission to the Partnership as additional limited partners of the Partnership
(each such Person, an "ADDITIONAL LIMITED PARTNER", which term shall include any
Person that is a Partner immediately prior to such additional Closing and that
wishes to increase the amount of its Capital Commitment), subject to the
determination by the General Partner in the exercise of its good faith judgment
that in the case of each admission or increase the following conditions have
been satisfied:

              (i)    Each such Additional Limited Partner shall have executed
       and delivered such instruments and shall have taken such actions as the
       General Partner shall deem necessary, convenient or desirable to effect
       such admission or increase, including, without limitation, the execution
       of (A) a Subscription Agreement, (B) a counterpart of this Agreement
       pursuant to which such Additional Limited Partner agrees to be bound by
       the terms and provisions hereof or to increase the amount of such Limited
       Partner's Capital Commitment, as the case may be, and (C) a Power of
       Attorney.

              (ii)   Such admission or increase shall not result in a violation
       of any applicable law, including, without limitation, United States
       federal and state securities laws, or any term or condition of this
       Agreement and, as a result of such admission or such increase, the
       Partnership shall not be required to register as an Investment Company
       under the Investment Company Act; none of the General Partner, the
       Manager or any Affiliate of the General Partner or the Manager would be
       required to register as an investment adviser under the Investment
       Advisers Act and the Partnership shall not become taxable as a
       corporation or association.

              (iii)  On the date of its admission to the Partnership or the date
       of such increase, as the case may be, such Additional Limited Partner
       shall have paid or unconditionally agreed to pay to the Partnership, an
       amount equal to the sum of

                     (A)    in the case of each Portfolio Investment then held
              by the Partnership, the percentage of such Additional Limited
              Partner's Capital Commitment or (if the Additional Limited Partner
              is increasing its Capital Commitment) the percentage of the amount
              of the increase of such Additional Limited Partner's Capital
              Commitment that is equal to a fraction, (1) the numerator of which
              is the aggregate of the Capital Contributions of the previously
              admitted Partners used to fund the cost of such Portfolio
              Investment

                                       25
<PAGE>

              and (2) the denominator of which is the sum of the aggregate of
              (X) the Capital Commitments of the previously admitted Partners
              that made Capital Contributions used to fund the cost of such
              Portfolio Investment and (Y) (without duplication) the Capital
              Commitments of all Additional Limited Partners, and

                     (B)    the percentage of such Additional Limited Partner's
              Capital Commitment or (if such Additional Limited Partner is
              increasing its Capital Commitment) the percentage of the amount of
              the increase of such Additional Limited Partner's Capital
              Commitment that is equal to a fraction, (1) the numerator of which
              is the aggregate of the Capital Contributions of the previously
              admitted Limited Partners in respect of all Drawdowns which have
              theretofore been funded and not returned to the Partners, other
              than Drawdowns made and used to fund the cost of a Portfolio
              Investment and (2) the denominator of which is the sum of the
              aggregate of (X) the Capital Commitments of all previously
              admitted Partners and (Y) (without duplication) the Capital
              Commitments of all Additional Limited Partners,

       together with, in the case of clauses (A) and (B), an amount calculated
       as interest thereon at a rate per annum equal to the Prime Rate plus 200
       basis points from the dates that contribution of such amounts by such
       Additional Limited Partner would have been due if such Additional Limited
       Partner had been admitted to the Partnership or had increased its Capital
       Commitment, as the case may be, on the date of the Closing, to the date
       that the payment required to be made by such Additional Limited Partner
       pursuant to this Section 11.2(a)(iii) is made, which interest shall be
       treated as provided in Section 11.2(b), and less such amount as is
       necessary to take into account all distributions theretofore made.

A Person shall be deemed admitted to the Partnership as an Additional Limited
Partner at the time that the foregoing conditions are satisfied and when such
Person is listed as a limited partner of the Partnership on the register of
partnership interests of the Partnership maintained at the principal office of
the Partnership.

              (b)    CERTAIN PAYMENTS AND TRANSFERS. Any amount paid by an
Additional Limited Partner pursuant to Section 11.2(a)(iii)(A) with respect to
the acquisition of Portfolio Investment (and any interest paid thereon) shall be
remitted promptly to the previously admitted Partners, PRO RATA in accordance
with their Capital Contributions used to fund the acquisition of such Portfolio
Investment (before giving effect to the adjustments referred to in the following
clause), and the Partners' Sharing Percentages for such Portfolio Investment
shall be appropriately adjusted. Any amount paid by an Additional Limited
Partner pursuant to Section 11.2(a)(iii)(B) (and any interest paid thereon)
shall be remitted promptly to the previously admitted Partners, PRO RATA in
accordance with their Capital Commitments. Such payments and remittances shall,
in accordance with section 707(a) of the Code, be treated for all purposes of

                                       26
<PAGE>

this Agreement and for all accounting and tax reporting purposes as payments
made directly from the Additional Limited Partner to the previously admitted
Partners and not as items of Partnership income, gain, loss, deduction,
contribution or distribution. Such Additional Limited Partner shall succeed to
the Capital Contributions of the previously admitted Partners attributable to
the portion of the amount remitted to such previously admitted Partners pursuant
to Section 11.2(a)(iii) (not including any amount calculated as interest
thereon), as appropriate, and the Capital Contributions of the previously
admitted Partners shall be decreased accordingly. In addition, the Remaining
Capital Commitments of the previously admitted Limited Partners shall be
increased by such amount remitted (not including any amount calculated as
interest thereon), and the amount of such increase in Remaining Capital
Commitments may be called again by the Partnership. The Remaining Capital
Commitment of the Additional Limited Partner shall be appropriately determined
by the General Partner. The register of partnership interests maintained at the
Partnership's principal office shall be amended by the General Partner as
appropriate to show the name and business address of each Additional Limited
Partner and the amount of its Capital Commitment. Neither the admission of an
Additional Limited Partner nor an increase in the amount of an Additional
Limited Partner's Capital Commitment shall be a cause for dissolution of the
Partnership. The transactions contemplated by this Section 11.2 shall not
require the consent of any of the Limited Partners.

              (c)    NO CONSENT. The transactions contemplated by this Section
11.2 shall not require the consent of any of the Limited Partners.

              11.3   MULTI-FUND AND MULTI-VEHICLE ADJUSTMENTS. The payments to
be made by, and distributions to be made to, certain Partners pursuant to
Section 11.2 (a) and (b), and the adjustments to be made pursuant to Section
13.2 of the Institutional Fund Agreement, shall be adjusted by the General
Partner if it determines in its discretion that such adjustment is necessary or
appropriate to take into account (I) that investments held by the Partnership
may, as of any Closing Date, be held by one or more Parallel Funds, (II) that a
portion of each Limited Partner's Capital Commitment originally made to the
Partnership may become a capital commitment to one or more Special Investment
Vehicles, and (III) closings of a Parallel Fund. Investments held by the
Partnership, Parallel Funds, and/or Special Investment Vehicles may be
transferred among such entities to effectuate the purposes of this Section and
Section 13.2 of the Institutional Fund Agreement. After the payments,
distributions and adjustments described in this Section 11.3 and in Section 13.2
of the Institutional Fund Agreement are taken into account, each investment in a
Portfolio Company shall be held by the Partnership and any Parallel Fund in
proportion to their respective capital commitments, including, without
limitation, all capital committed to the Partnership or any such Parallel Fund,
as the case may be, after the date on which such investment was made, but only
to the extent such capital commitments shall be applied to be invested in such
Portfolio Company.

              11.4   TERMINATION OF EMPLOYMENT. (a) Upon death, Total Disability
or Retirement (as such terms are defined in the Marsh & McLennan Companies
Benefits Program) of a Limited Partner who is a natural person, such Limited
Partner (or his or her

                                       27
<PAGE>

estate) shall retain his or her interest in the Company; PROVIDED, HOWEVER, that
such Limited Partner or his or her representative may request that such Limited
Partner's interest in the Company be purchased for cash in an amount equal to
the Value of such Limited Partner's interest in the Company. Such Limited
Partner may request that the General Partner terminate such Limited Partner's
obligation to contribute capital in respect of any unfunded portion of such
Limited Partner's Capital Commitment to fund future Portfolio Investments. The
General Partner may grant such requests, in whole or in part, in its sole
discretion, but shall have no obligation to do so. All amounts that such Limited
Partner would be required to contribute to the Partnership if it were dissolved
(and its assets liquidated at fair market value as of the most recent valuation
date) shall be payable upon such termination.

              (b)    Upon the termination of the employment of a Limited
Partner, who is a natural person, with MMC for reason other than death, Total
Disability or Retirement (as such terms are defined in the Marsh & McLennan
Companies Benefits Program), such Limited Partner shall retain his or her
interest in the Company; PROVIDED, HOWEVER, that the General Partner shall have
the right, exercisable in its sole discretion, but shall have no obligation, to
purchase or designate a purchaser for such Limited Partner's interest in the
Company for cash in an amount equal to the Value of such Limited Partner's
interest in the Company. Unless the General Partner in its sole discretion
determines otherwise, the obligation of such Limited Partner to contribute
capital in respect of any unfunded portion of such Limited Partner's Capital
Commitment to fund future Portfolio Investments shall continue. All amounts that
such Limited Partner would be required to contribute to the Partnership if it
were dissolved (and its assets liquidated at fair market value as of the most
recent valuation date) shall be payable upon such termination.

              (c)    The General Partner may enter into a separate agreement
with any Limited Partner that is not a natural person to apply the provisions of
this Section 11.4 to the partners, members or beneficial owners of such Limited
Partner, and may, in the sole discretion of the General Partner, (I) reduce the
Remaining Capital Commitment of such Limited Partner, (II) purchase (or
designate a purchaser for) a portion of such Limited Partner's interest in the
Partnership or (III) take such other action determined by the General Partner,
in its sole discretion, to be advisable or appropriate in the circumstances.

              11.5   TRANSFER OR WITHDRAWAL BY THE GENERAL PARTNER. The General
Partner shall not Transfer all or any part of its interest as the general
partner of the Partnership, and the General Partner shall not withdraw as the
general partner of the Partnership. Notwithstanding the foregoing, and to the
extent permitted by law,

              (a)    the General Partner may at its election convert to a
       limited partnership, limited liability company or other entity formed
       under the laws of the State of Delaware or any other jurisdiction, or

                                       28
<PAGE>

              (b)    the General Partner may Transfer its interest as the
       general partner of the Partnership to, or be merged with and into, a
       limited partnership, limited liability company or other entity formed
       under the laws of the State of Delaware or any other jurisdiction for the
       purpose of serving as the general partner of the Partnership,

but only if in any such case the partners of such limited partnership, the
members of such limited liability company or the equity holders of such other
entity, as the case may be, include the Persons that are the general partners or
controlling equity holders of the General Partner.

Upon any such conversion to such a limited partnership, limited liability
company or other entity, or any such Transfer by or merger of the General
Partner to or with such a limited partnership, limited liability company or
other entity, such limited partnership, limited liability company or other
entity shall be deemed to be the same Person as the General Partner for all
purposes of this Agreement. All Subscription Agreements applicable to the
Partnership that are in effect at the time of any such conversion, Transfer, or
merger shall thereafter continue in full force and effect.

                                   SECTION 12

                        DEATH, INCOMPETENCY OR BANKRUPTCY
                           OR DISSOLUTION OF PARTNERS

              12.1   BANKRUPTCY OR DISSOLUTION OF THE GENERAL PARTNER. In the
event of the bankruptcy or dissolution and commencement of winding-up of the
General Partner, or the occurrence of any other event that causes the General
Partner to cease to be a general partner of the Partnership under the Act, the
Partnership shall be dissolved and its affairs shall be wound up as provided in
Section 13, unless the business of the Partnership is continued pursuant to
Section 13.1(a).

              12.2   DEATH, INCOMPETENCY, BANKRUPTCY, DISSOLUTION OR WITHDRAWAL
OF A LIMITED PARTNER. The death, incompetency, insanity, or other legal
incapacity, bankruptcy, dissolution, retirement, resignation, or withdrawal of a
Limited Partner or the occurrence of any other event that causes a Limited
Partner to cease to be a Partner of the Partnership shall not in and of itself
dissolve or terminate the Partnership; and the Partnership, notwithstanding such
event, shall continue without dissolution upon the terms and conditions provided
in this Agreement, and each Limited Partner, by executing this Agreement, agrees
to such continuation of the Partnership without dissolution.

                                       29
<PAGE>

                                   SECTION 13

                   DISSOLUTION AND TERMINATION OF PARTNERSHIP

              13.1   DISSOLUTION. (a) There shall be a dissolution of the
Partnership and its affairs shall be wound up upon the first to occur of any of
the following events:

              (i)    the day after the date that is one year after the
       dissolution of the Institutional Fund;

              (ii)   the last Business Day of the Fiscal Year in which all
       assets acquired, or agreed to be acquired, by the Partnership have been
       sold or otherwise disposed of; or

              (iii)  a decision, made by the General Partner in its sole
       discretion, to dissolve the Partnership because it has determined, in its
       sole discretion, in each case, that there is a substantial likelihood
       that due to a change in the text, application or interpretation of the
       provisions of laws, the Partnership cannot operate effectively in the
       manner contemplated herein and the General Partner shall have taken all
       commercially reasonable actions to mitigate the adverse consequences of
       such change, it being understood that any actions permitted to be taken
       by this Agreement shall be deemed commercially reasonable; or

              (iv)   a decision, made by the General Partner in its sole
       discretion, to dissolve the Partnership because it has determined that,
       due to a change in the application or interpretation of any applicable
       statute, regulation, case law, administrative ruling or other similar
       authority (including, without limitation, changes that result in the
       Partnership being taxable as a corporation under United States federal
       income tax law), the Partnership cannot carry out its investment program;
       or

              (v)    the withdrawal, bankruptcy or dissolution and commencement
       of winding-up of the General Partner, or the assignment by the General
       Partner of its entire interest in the Partnership, or the occurrence of
       any other event that causes the General Partner to cease to be a general
       partner of the Partnership under the Act, UNLESS (A) at the time of the
       occurrence of such event there is at least one remaining general partner
       of the Partnership that is hereby authorized to and does (unanimously in
       the case of more than one general partner) elect to continue the business
       of the Partnership without dissolution or (B) the business of the
       Partnership is otherwise continued without dissolution pursuant to the
       provisions of the Act, and PROVIDED, that for the purposes of this
       Section 13.1, the General Partner shall not be deemed to have been
       dissolved or to have commenced a winding-up as a result of the fact that
       any general partner of the General Partner ceases to be a general partner
       of the General Partner if and as long as the General Partner shall have
       at least one remaining general partner who shall have the right and shall
       elect to carry on the business of the General

                                       30
<PAGE>

       Partner; and PROVIDED, FURTHER, that the conversion of the General
       Partner to a limited partnership, limited liability company or other
       entity, or the Transfer of the General Partner's interest as the general
       partner of the Partnership to, or the merger of the General Partner with
       and into, a limited partnership, limited liability company or other
       entity as provided for in Section 11.5 shall not, for the purposes of
       this Section 13.1 be deemed a dissolution or winding-up or commencement
       of winding-up of the General Partner.

              (b)    As contemplated by Sections 1.4 and 10.1, the term of the
Partnership shall continue until the second anniversary of the expiration of the
Term. After the expiration of the Term, the Partnership shall engage in no
activities other than those contemplated by Sections 13 and 10.1, and those
reasonably necessary, convenient or incidental thereto.

              13.2   DISTRIBUTION UPON DISSOLUTION. LIQUIDATION OF ASSETS. Upon
the dissolution of the Partnership, the General Partner (or, if dissolution of
the Partnership should occur by reason of Section 13.1(a)(v), a duly elected
liquidating trustee of the Partnership or other representative who may be
designated by a Majority in Interest) shall proceed, subject to the provisions
of this Section 13, to liquidate the Partnership and apply the proceeds of such
liquidation, or in its sole discretion to distribute Partnership assets, in the
following order of priority:

              FIRST, to creditors in satisfaction of debts and liabilities of
       the Partnership, whether by payment or the making of reasonable provision
       for payment (other than any loans or advances that may have been made by
       any of the Partners to the Partnership), and the expenses of liquidation
       whether by payment or the making of reasonable provision for payment, any
       such reasonable reserves (which may be funded by a liquidating trust) to
       be established by the General Partner (or any liquidating trustee
       selected by the General Partner, or if the General Partner has dissolved
       or withdraws from the Partnership, or other representative duly
       designated by the Manager or by MMC) in amounts deemed by it to be
       reasonably necessary for the payment of the Partnership's expenses,
       liabilities and other obligations (whether fixed or contingent,
       conditional or unmatured);

              SECOND, to the Partners in satisfaction of any loans or advances
       that may have been made by any of the Partners to the Partnership,
       whether by payment or the making of reasonable provision for payment;

              THIRD, to the Partners in accordance with Section 6.

              13.3   DISTRIBUTIONS IN CASH OR IN KIND. Upon the dissolution of
the Partnership, the General Partner (or liquidating trustee selected by the
General Partner or, if the General Partner has dissolved or withdraws from the
Partnership, a representative duly designated by the Manager or by MMC) or its
successor or other representative shall use its

                                       31
<PAGE>

commercially reasonable efforts to liquidate all of the Partnership assets in an
orderly manner and apply the proceeds of such liquidation as set forth in
Section 13.2, PROVIDED THAT if in the good faith business judgment of the
General Partner (or such liquidating trustee or other representative), a
Partnership asset should not be liquidated, the General Partner (or such other
representative) shall allocate, on the basis of the Value of any Partnership
assets not sold or otherwise disposed of, any unrealized gain or loss based on
such Value to the Partner's Capital Accounts as though the assets in question
had been sold on the date of distribution and, after giving effect to any such
adjustment, distribute said assets in accordance with Section 13.2, subject to
the priorities set forth in Section 13.2, PROVIDED FURTHER that the General
Partner (such other representative) shall in good faith attempt to liquidate
sufficient Partnership assets to satisfy in cash (or make reasonable provision
for) the debts and liabilities referred to in paragraphs First and Second of
Section 13.2. The General Partner may cause certificates evidencing any
Securities to be distributed to be imprinted with legends as to such
restrictions on transfers that it may deem necessary or appropriate, including,
without limitation, legends as to applicable federal or state or non-U.S.
securities laws or other legal or contractual restrictions, and may require any
Partner to which Securities are to be distributed to agree in writing (A) that
such Securities shall not be transferred except in compliance with such
restrictions and (B) to such other matters as the General Partner may deem
necessary, appropriate convenient or incidental to the foregoing.

              13.4   (a) TIME FOR LIQUIDATION, ETC. At the end of the term of
the Partnership as provided for in Section 1.4, the Partnership shall be
liquidated and any remaining assets shall be distributed in accordance with
Section 13.2. A reasonable time period shall be allowed for the orderly
winding-up and liquidation of the assets of the Partnership and the discharge of
liabilities to creditors so as to enable the General Partner to seek to minimize
potential losses upon such liquidation. Subject to Section 13.1, the provisions
of this Agreement shall remain in full force and effect during the period of
winding-up and until the filing of a Certificate of Cancellation of the
Partnership with the Secretary of State as provided in 13.4(b).

              (b)    FILING OF CERTIFICATE OF CANCELLATION. Upon completion of
the foregoing, the General Partner (or any liquidating trustee selected by the
General Partner, or if the General Partner has dissolved or withdraws from the
Partnership, a representative duly designated by the Manager or MMC) shall
execute, acknowledge and cause to be filed a Certificate of Cancellation of the
Partnership with the Secretary of State, PROVIDED that the winding up of the
Partnership shall not be deemed complete and such Certificate of Cancellation
shall not be filed by the General Partner (or such liquidating trustee or other
representative) prior to the third anniversary of the last day of the Term
unless otherwise required by applicable law.

              13.5   GENERAL PARTNER AND MEMBERS OF MMC NOT PERSONALLY LIABLE
FOR RETURN OF CAPITAL CONTRIBUTIONS. None of the General Partner, the Manager,
or any member of MMC or any of its or their respective Affiliates shall be
personally liable for the return of all or any portion of the Capital Accounts
or the Capital Contributions of any Partner, and such return shall be made
solely from available Partnership assets, if any, and each Limited Partner

                                       32
<PAGE>

hereby waives any and all claims it may have against the General Partner, the
Manager and the members of MMC or any of its or their respective Affiliates
thereof in the regard.

              13.6   REORGANIZATION OF THE PARTNERSHIP. To the extent permitted
by law, in order to effect a reorganization of the Partnership:

              (a)    the General Partner may cause the conversion of the
       Partnership to a limited partnership, limited liability company or other
       entity formed under the laws of the State of Delaware or any other
       jurisdiction, or

              (b)    the General Partner may cause the exchange of the interests
       of the Partners in the Partnership for interests in, or cause the
       Partnership to be merged with and into, a limited partnership, limited
       liability company or other entity formed under the laws of the State of
       Delaware or any other jurisdiction,

but only if in any such case the Partners (including, without limitation, their
successors) shall become, and no other Persons (other than Persons necessary for
the qualification of such limited partnership, limited liability company or
other entity under such laws) shall be, the partners of such limited
partnership, the members of such limited liability company or the equity holders
of such other entity, as the case may be, PROVIDED that no such conversion,
exchange or merger shall be permitted unless

                     (i)    the General Partner shall first have delivered to
              the Partnership

                     (A)    a written opinion from counsel of recognized
              standing experienced in United States federal income tax matters,
              to the effect that such limited partnership, limited liability
              company or other entity shall be classified as a partnership, and
              shall not be treated as a corporation, for United States federal
              income tax purposes, and

                     (B)    a written opinion (the conclusions of which may be
              based in part on the opinion specified in the immediately
              preceding clause (A)) of each of

                            (1)    experienced counsel admitted to practice in
                     each jurisdiction in which such limited partnership,
                     limited liability company or other entity is formed or has
                     an office and

                            (2)    experienced counsel admitted to practice in
                     each jurisdiction (X) in which such limited partnership,
                     limited liability company or other entity shall have an
                     office, be doing business or otherwise be subject to the
                     income tax laws of such jurisdiction immediately after such
                     conversion, exchange or merger and (Y) under

                                       33
<PAGE>

                     the income tax laws of which the Partnership was not taxed
                     directly on its income before such conversion, exchange or
                     merger,

       to the effect that such conversion, exchange or merger would not cause
       such limited partnership, limited liability company or other entity to be
       taxed directly on its income under the income tax laws of such
       jurisdiction,

                     (ii)   the General Partner shall have first delivered to
the Partnership a written opinion of experienced counsel admitted to practice in
the jurisdiction under the laws of which such limited partnership, limited
liability company or other entity is formed, to the effect that such conversion,
exchange or merger would not adversely affect the limited liability of the
Limited Partners,

                     (iii)  such conversion, exchange or merger would not result
in the violation of any applicable securities laws,

                     (iv)   such conversion, exchange or merger would not result
in such limited partnership, limited liability company or other entity being
required to register as an investment company under the Investment Company Act
or any law of similar import of the jurisdiction under the laws of which such
limited partnership, limited liability company or other entity is formed, and
would not result in the General Partner or any Affiliate of the General Partner
being required to register as an investment adviser under the Investment
Advisers Act or any law of similar import of such jurisdiction, and

                     (v)    the General Partner shall have made a good faith
determination that such conversion, exchange or merger would not adversely
affect the rights or increase the liabilities of the Limited Partners.

Upon any such conversion, exchange or merger, such limited partnership, limited
liability company or other entity shall be treated as the successor to the
Partnership for all purposes of this Agreement and of the corresponding
agreement pursuant to which the rights and obligations of the partners of such
limited partnership, the members of such limited liability company or the equity
holders of such other entity, as the case may be, are determined. All
Subscription Agreements applicable to the Partnership that are in effect at the
time of any such conversion, exchange or merger shall thereafter continue in
full force and effect, and shall apply to the limited partnership, limited
liability company or other entity that becomes the successor to the Partnership
pursuant to such conversion, exchange or merger. In conjunction with any such
conversion, exchange or merger, the General Partner may execute, on behalf of
the Partnership and each of the Limited Partners, all documents that in its
reasonable judgment are necessary or appropriate to consummate such conversion,
exchange or merger, including, but not limited to, the agreement pursuant to
which the rights and obligations of the partners of such limited partnership,
the members of such limited liability company or the equity holders of such
other entity, as the case may be, are determined (in the case of such a
conversion to, exchange for

                                       34
<PAGE>

interests in or merger into a limited partnership, including the limited
partnership agreement thereof), all without any further consent or approval of
any other Partner, PROVIDED that no such agreement may directly or indirectly
effectuate a modification or amendment of the rights and obligations of the
Partners which, if such modification or amendment were made to this Agreement,
would require the consent of the Partners, any group thereof or any individual
Partner as provided in Section 15, unless the consent to such modification or
amendment required under Section 15 is obtained. A reorganization of the
Partnership pursuant to this Section 13.6 shall not be deemed to be or result in
a dissolution, winding-up or commencement of winding-up of the Partnership.

                                   SECTION 14

                                   DEFINITIONS

              As used herein the following terms have the meaning set forth
below:

              "ACT " shall mean the Delaware Revised Uniform Limited Partnership
Act, 6 Del C. Section 17-701 et seq., as amended, and any successor to such
statute.

              "ADDITIONAL LIMITED PARTNER" shall have the meaning set forth in
Section 11.2(a).

              "ADJUSTMENT DATE" shall mean the last day of each Fiscal Year or
any other date determined by the General Partner, in its sole discretion, as
appropriate for an interim closing of the Partnership's books.

              "AFFILIATE" shall mean, with respect to any specified Person, a
Person that directly or indirectly, through one or more intermediaries,
controls, is controlled by, or is under common control with, the Person
specified, PROVIDED that Portfolio Companies and any Person controlled by a
Portfolio Company shall not be an "Affiliate" of the Partnership, the General
Partner, the Manager, the Investment Professionals, or MMC and PROVIDED FURTHER
that an "Affiliate" of the General Partner shall include any principal officer
or director of either the General Partner or the Manager.

              "AGREEMENT" shall mean this Limited Partnership Agreement, as from
time to time amended, supplemented or restated.

              "ANNUAL MEETING" shall have the meaning set forth in Section 9.4.

              "AVAILABLE ASSETS" shall mean as of any date, the excess of the
cash, cash equivalent items and Temporary Investments held by the Partnership
over the sum of the amount of such items determined by the General Partner to be
reasonably necessary for the payment of the Partnership's expenses, liabilities
and other obligations (whether fixed, con-

                                       35
<PAGE>

tingent, conditional or unmatured), including but not limited to the
Partnership's indemnification obligations, and for the establishment of
appropriate reserves for such expenses, liabilities and obligations as may
arise, including, without limitation, the maintenance of adequate working
capital for the continued conduct of the Partnership's business, and for
Follow-on Investments.

              "AVAILABLE CAPITAL COMMITMENT" shall mean, in respect of any
Partner, the amount of such Partner's Capital Commitment that has not been used
to fund Portfolio Investments.

              "BUSINESS DAY" shall mean any day on which banks located in New
York City are not required or authorized by law to remain closed.

              "CAPITAL ACCOUNT" shall have the meaning set forth in Section 6.1.

              "CAPITAL COMMITMENT" shall mean the commitments of the Partners to
contribute capital pursuant to Section 5.1.

              "CAPITAL CONTRIBUTION" shall mean, with respect to any Partner,
the amount of capital contributed, or to be contributed, as the case may be, and
pursuant to a single Drawdown or in the aggregate, as the context may require,
by such Partner to the Partnership pursuant to Section 5.1 and the other
provisions of this Agreement.

              "CLAIMS" shall have the meaning set forth in Section 10.1.

              "CLOSING" shall have the meaning set forth in the Subscription
Agreements.

              "CLOSING DATE" shall mean any date upon which the Partnership
allows subscriptions to the Partnership to be made.

              "CODE" shall mean the United States Internal Revenue Code of 1986,
as amended.

              "COVERED PERSON" shall mean (I) the General Partner, the Manager
and the Investment Professionals, (II) each of the respective Affiliates of each
Person identified in clause (i) of this definition, and (III) each Person who is
or at any time becomes a shareholder, officer, director, employee, partner,
member, manager, consultant or agent of any of the Persons identified in clause
(i) or clause (ii) of this definition.

              "DAMAGES" shall have the meaning set forth in Section 10.1.

              "DEFAULT" shall have the meaning set forth in Section 5.3.

              "DEFAULTING PARTNER" shall have the meaning set forth in Section
5.3.

                                       36
<PAGE>

              "DISABLING CONDUCT" shall mean conduct that constitutes gross
negligence or willful misfeasance of the duties involved in the conduct of the
office of the Person referred to.

              "DISTRIBUTABLE CASH" shall mean shall mean the excess of (A) cash
received by the Partnership from the sale or other disposition of, or dividends
or interest income from, a Portfolio Investment or Temporary Investment, or
otherwise received by the Partnership, other than Capital Contributions, over
(B) cash disbursements for expenses of the Partnership (or amounts reserved
against liabilities, contingent or otherwise, or other obligations of the
Partnership, including to pay organizational or ongoing expenses of the
Partnership).

              "DRAWDOWN NOTICE" shall have the meaning set forth in Section
5.1(b).

              "DRAWDOWNS" shall mean the Capital Contributions made to the
Partnership pursuant to Section 5.1 from time to time by the Partners pursuant
to the Drawdown Notice.

              "ELIGIBLE EMPLOYEE" shall have the meaning set forth in the
Subscription Agreements and, in addition, shall include any entity of which the
partners, members or beneficial owners are Eligible Employees.

              "FISCAL YEAR" shall mean the fiscal year of the Partnership, as
determined pursuant to Section 1.5.

              "FOLLOW-ON INVESTMENT" shall mean a Portfolio Investment in
Securities that the Partnership shall have had an existing commitment to make an
investment in on the date of termination of the Investment Period pursuant to
clause (a) of the definition of Investment Period, or Securities of a Portfolio
Company or a company whose business is complementary to that of (and under
common management with) a Portfolio Company in which, in the sole judgment of
the General Partner, it is appropriate or necessary for the Partnership to
invest, for the purpose of preserving, protecting or enhancing the Partnership's
prior investment in such Portfolio Company.

              "GENERAL PARTNER" shall mean Marsh & McLennan C&I GP, Inc., a
Delaware corporation, or its assignee and any additional or successor General
Partner of the Partnership in its capacity as the General Partner of the
Partnership as such entity may be affected by the provisions of Section 11.5.

              "GOVERNMENTAL AUTHORITY" shall mean any United States federal,
state, local, or non-U.S. court, arbitrator or governmental agency, authority,
commission, instrumentality or regulatory or administrative body.

              "INITIAL LIMITED PARTNER" shall mean David J. Wermuth, in such
capacity as the initial limited partner of the Partnership.

                                       37
<PAGE>

              "INSTITUTIONAL FUND " shall have the meaning set forth in Section
1.3.

              "INSTITUTIONAL FUND AGREEMENT " shall mean the Limited Partnership
Agreement of the Institutional Fund, dated as of April 7, 2000, as amended
and/or restated from time to time.

              "INVESTMENT ADVISERS ACT" shall mean the United States Investment
Advisers Act of 1940, as amended.

              "INVESTMENT COMPANY ACT" shall mean the United States Investment
Company Act of 1940, as amended.

              "INVESTMENT GUIDELINES" shall have the meaning set forth in
Section 1.3.

              "INVESTMENT PERIOD" shall mean the period commencing on the date
hereof and ending on the earlier to occur of (A) six years from the initial
closing of the Institutional Fund and (B) the first date on which all Remaining
Capital Commitments (net of amounts reserved by the General Partner for payment
of Partnership Expenses throughout the Term, funding of Follow-on Investments
and funding of any written commitments of the Partnership) available for
investment in Portfolio Companies are zero.

              "INVESTMENT PROFESSIONALS" shall mean Charles A. Davis and Stephen
Friedman and the other investment professionals employed by or having a
consulting contract with the Manager.

              "LIMITED PARTNER" shall mean any Person listed as a limited
partner of the Partnership and any Person admitted to the Partnership as an
additional or substitute partner of the Partnership in accordance with this
Agreement, and who is shown as a partner of the Partnership on the register of
partnership interests maintained in the principal office of the Partnership (but
excluding, without limitation, all Persons that cease to be Partners in
accordance with the terms hereof).

              "MAJORITY IN INTEREST" shall mean Limited Partners who, at the
time in question, have Capital Contributions aggregating more than 50% of all
Capital Contributions of all Partners.

              "MANAGER" shall mean MMC Capital, Inc. (formerly known as Marsh &
McLennan Capital, Inc.), a Delaware corporation, or any successor thereto.

              "MMC" shall mean Marsh & McLennan Companies, Inc., and, as the
context requires, its subsidiaries and Affiliates, including without limitation
Marsh Inc., Guy Carpenter & Company, Inc., Seabury & Smith, Inc., Putnam
Investments, Inc. and Mercer Consulting Group, Inc.

                                       38
<PAGE>

              "MATERIAL ADVERSE EFFECT" shall mean (A) a violation of a statute,
rule, regulation or governmental administrative policy applicable to a Partner
of a United States federal, state or non-U.S. Governmental Authority which could
have a material adverse effect on a Portfolio Company or any Affiliate thereof
or on the Partnership or the General Partner, or any of their respective
Affiliates, (B) an occurrence which could subject a Portfolio Company or
Affiliate thereof or the Partnership, the General Partner or the Manager, or any
of their respective Affiliates to any material regulatory requirement to which
it would not otherwise be subject, or which could materially increase any such
regulatory requirement beyond what it would otherwise have been, or (C) an
occurrence which could subject any Partner or any Affiliate of any such Partner
to any tax under Section 897 of the Code.

              "MEMORANDUM" shall mean the Confidential Private Placement
Memorandum of the Partnership, dated May 2000 and any further written
supplements thereto.

              "NASDAQ" shall mean The Nasdaq Stock Market, Inc.

              "PARALLEL FUNDS" shall have the meaning set forth in Section 1.3.

              "PARTNERS" shall have the meaning set forth in Section 1.1.

              "PARTNERSHIP" shall have the meaning set forth in the initial
paragraph of this Agreement.

              "PARTNERSHIP REGISTER" shall have the meaning set forth in Section
1.1(b).

              "PERIOD" shall mean, for the first period, the period commencing
on the date of this Agreement and ending on the next Adjustment Date, and
thereafter the period commencing on the day after an Adjustment Date and ending
on the next Adjustment Date.

              "PERSON" shall mean any individual, entity, corporation,
partnership, association, limited liability company, limited liability
partnership, joint-stock company, trust or unincorporated organization.

              "PORTFOLIO COMPANY" shall mean an entity in which a Portfolio
Investment is made by the Partnership directly or through one or more
intermediate entities of the Partnership.

              "PORTFOLIO INVESTMENT" shall mean any debt or equity (or debt with
equity) investment (including, without limitation, any Temporary Investments)
made by the Partnership, which, in the sole judgment of the General Partner at
the time it is made, is consistent with the Investment Guidelines of the
Partnership and is an appropriate investment for the Partnership, PROVIDED that
acquisitions or disposition of determinations with respect to the Portfolio

                                       39
<PAGE>

Investments other than Temporary Investments shall generally be made by MMC
Capital C&I GP, L.P.

              "POWER OF ATTORNEY" shall mean, with respect to any Limited
Partner, the Power of Attorney executed by such Limited Partner substantially in
the form attached to the Subscription Agreements.

              "PRIME RATE" shall mean the rate of interest publicly announced by
Citibank, N.A. from time to time in New York, New York as its prime rate.

              "PROCEEDING" shall have the meaning set forth in Section 10.1.

              "REMAINING CAPITAL COMMITMENT" shall mean, in respect of any
Partner, the amount of such Partner's Capital Commitment, determined at any
date, which has not been contributed as a Capital Contribution, as adjusted as
contemplated hereby.

              "SECRETARY OF STATE " shall have the meaning set forth in Section
1.4.

              "SECTION 17 TRANSACTIONS" shall have the meaning specified in
Section 2.5(f).

              "SECURITIES" shall mean shares of capital stock, limited
partnership interests, limited liability company interests, warrants, options,
bonds, notes, debentures and other equity and debt securities and interests of
whatever kind of any Person, whether readily marketable or not.

              "SECURITIES ACT" shall mean the Securities Act of 1933, as
amended, and the rules and regulations of the United States Securities and
Exchange Commission promulgated thereunder.

              "SHARING PERCENTAGE" shall mean with respect to any Partner and
any Portfolio Investment, a fraction, expressed as a percentage, the numerator
of which is the aggregate amount of the Capital Contributions of such Partner
used to fund the cost of such Portfolio Investment and the denominator of which
is the aggregate amount of the Capital Contributions of all of the Partners used
to fund the cost of such Portfolio Investment.

              "SPECIAL INVESTMENT VEHICLE" shall have the meaning set forth in
Section 4.2.

              "STATEMENT" shall have the meaning set forth in Section 1.4.

              "SUBSCRIPTION AGREEMENTS" shall mean the several Subscription
Agreements entered into by the respective Limited Partners in connection with
their purchase of limited partner interests in the Partnership.

                                       40
<PAGE>

              "SUBSTITUTE LIMITED PARTNER" shall have the meaning set forth in
Section 11.1(e).

              "TERM" shall have the meaning set forth in Section 1.4.

              "TEMPORARY INVESTMENTS" shall mean investments in (A) cash
equivalents, (B) marketable direct obligations issued or unconditionally
guaranteed by the United States of America, or issued by any agency thereof,
maturing within one year from the date of acquisition thereof, (C) money market
instruments, commercial paper or other short-term debt obligations having at the
date of purchase by the Partnership the highest or second highest rating
obtainable from either Standard & Poor's Corporation or Moody's Investors
Service, Inc. or their successors, (D) money market mutual funds managed by
Putnam Investments, Inc. or a subsidiary thereof, (E) interest-bearing accounts
and/or certificates of deposit maturing within one year from the date of
acquisition thereof issued by commercial banks incorporated under the laws of
the United States of America or any state thereof or the District of Columbia,
each having at the date of acquisition by the Partnership undivided capital and
surplus of not less than $100,000,000, (F) overnight repurchase agreements with
primary Fed dealers collateralized by direct U.S. Government obligations or (G)
pooled investment vehicles or accounts which invest only in Securities or
instruments of the type described in (a) through (d). If there exists any
uncertainty as to whether any investment by the Partnership constitutes a
Temporary Investment or Portfolio Investment, such investment shall be deemed a
Temporary Investment unless the General Partner determines in the exercise of
its good faith judgment that such investment is a Portfolio Investment.

              "TRANSFER" shall have the meaning set forth in Section 11.1(a).

              "TRANSFEREE" shall have the meaning set forth in Section 11.1(b).

              "TRANSFEROR" shall have the meaning set forth in Section 11.1(b).

              "TREASURY REGULATIONS" shall mean the Regulations of the Treasury
Department of the United States issued pursuant to the Code.

              "VALUE" shall have the meaning set forth in Section 9.5.

                                   SECTION 15

                                   AMENDMENTS

              Any modifications or amendments duly adopted in accordance with
the terms of this Agreement may be executed in accordance with the Powers of
Attorney. In addition, 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 (A) the General Partner and (B) a Majority in Interest of

                                       41
<PAGE>

Limited Partners, PROVIDED that, without the consent of any of the Partners, the
General Partner may (I) amend this Agreement or take any other action as
permitted or contemplated by the Powers of Attorney, (II) reflect on the records
of the Partnership changes validly made, pursuant to the terms of this
Agreement, in the amount of (and the obligation to fund the full amount of) the
Capital Commitment of any Partner or in the membership of the Partnership, (III)
enter into agreements with Persons who are Transferees of the interests in the
Partnership of Partners, pursuant to the terms of this Agreement, providing in
substance that such Persons shall be bound by this Agreement, and that such
transferees shall become Substitute Limited Partners in the Partnership, (IV)
amend this Agreement as may be required to implement (A) Transfers of interests
of Limited Partners, (B) the admission of any Substitute Limited Partner or an
Additional Limited Partner, (C) any admission of Limited Partners or changes in
Capital Commitments contemplated by Section 11.2, (D) any changes due to a
Defaulting Partner, (E) the conversion, Transfer or merger of all or any part of
its interest as general partner of the Partnership as contemplated by Section
11.5 or (F) a reorganization of the Partnership as contemplated by Section 13.6;
and (V) may amend this Agreement (A) to satisfy any requirements, conditions,
guidelines or opinions contained in any opinion, directive, order, ruling or
regulation of the United States Securities and Exchange Commission, the United
States Internal Revenue Service or any other federal or state agency, or in any
federal or state statute, compliance with which the General Partner deems to be
in the best interests of the Partnership, (B) to change the name of the
Partnership and (C) to cure any ambiguity or correct or supplement any provision
of this Agreement that may be incomplete or inconsistent with any other
provision contained herein, so long as such amendment under clause (C) of this
clause (v) does not adversely affect the interests of the Limited Partners
hereunder, and PROVIDED FURTHER that no amendment of this Agreement shall (x)
increase any financial obligation or liability of a Limited Partner or reduce
the economic rights of a Limited Partner beyond that set forth herein or
permitted hereby without such Limited Partner's consent.

                                   SECTION 16

                            MISCELLANEOUS PROVISIONS

              16.1   NOTICES. All notices and other communications required or
permitted to be given under this Agreement shall be in writing and shall be
transmitted by (A) registered or certified mail, return receipt requested,
postage prepaid, (B) hand delivery service prepaid, (C) next day or overnight
mail or delivery, in each case postage or service prepaid, or (D) telecopy or
facsimile or email transmission and followed by a written or verbal confirmation
of receipt as follows:

                                       42
<PAGE>

              (a)    if to the General Partner or to the Partnership, to it at:

                     MMC Capital, Inc.
                     20 Horseneck Lane
                     Greenwich, CT 06830

                     Telephone No.: (203) 862-2950
                     Fax No.: (203) 625-8369

                     ATTENTION:  Richard A. Goldman

              (b)    if to a Limited Partner, to such Limited Partner at either
the home or office of such Limited Partner, as determined by the General
Partner.

All such notices, requests, demands, waivers and other communications shall be
deemed to have been received (W) if by personal delivery, on the day after such
delivery, (X) if by certified or registered mail, on the fifth business day
after the mailing thereof, (Y) if by next-day or overnight mail or delivery, one
day after the mailing thereof, or (Z) if by telecopy, facsimile or e-mail, on
the next day following the day on which such telecopy, facsimile or e-mail was
sent, PROVIDED that confirmation is obtained as required.

              16.2   COUNTERPARTS. This Agreement may be executed in any number
of counterparts, each of which shall be considered an original and all of which
taken together shall constitute a single agreement.

              16.3   TABLE OF CONTENTS AND HEADINGS. The table of contents and
the headings of the sections of this Agreement are inserted for convenience of
reference only and shall not be deemed to alter or affect the meaning or
interpretation of any provision hereof.

              16.4   SUCCESSORS AND ASSIGNS. Except as otherwise specifically
provided herein, this Agreement shall inure to the benefit of and be binding
upon the parties and to their respective heirs, executors, administrators,
successors and permitted assigns.

              16.5   SEVERABILITY. Every term and provision of this Agreement is
intended to be severable. If any term or provision hereof is illegal or invalid
for any reason whatsoever, such term or provision shall be enforced to the
maximum extent permitted by applicable law and, in any event, such illegality or
invalidity shall not affect the validity of the remainder of the Agreement. Any
default hereunder by a Limited Partner shall not excuse a default by any other
Limited Partner.

              16.6   NON-WAIVER. No provision of this Agreement shall be deemed
to have been waived except if the giving of such waiver is contained in a
written notice given to the

                                       43
<PAGE>

party claiming such waiver and no such waiver shall be deemed to be a waiver of
any other or further obligation or liability of the party or parties in whose
favor the waiver was given.

              16.7   APPLICABLE LAW (SUBMISSION TO JURISDICTION). EXCEPT AS
PROVIDED IN SECTION 10.6, THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HERETO SHALL BE INTERPRETED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED
BY THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO AGREEMENTS MADE AND TO BE
PERFORMED WHOLLY WITHIN THAT JURISDICTION WITHOUT GIVING EFFECT TO ITS
PRINCIPLES OF RULES OF CONFLICTS OF LAWS TO THE EXTENT SUCH PRINCIPLES OR RULES
WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. The
General Partner hereby submits to the nonexclusive jurisdiction of the courts of
the State of Delaware and to the courts of the jurisdiction in which the
principal office of the Partnership is located (and, if the principal office is
located in the United States, of the federal district court having jurisdiction
over the location of the principal office) for the resolution of all matters
pertaining to the enforcement and interpretation of this Agreement.

              16.8   CONFIDENTIALITY. Each Limited Partner agrees that it shall
not disclose without the prior consent of the General Partner (other than to
such Limited Partner's employees, auditors or counsel; PROVIDED, that such
Limited Partner obtain the agreement of such Person to be bound by the
obligations of this Section 16.8) any information with respect to the
Partnership or any Portfolio Company that is designated by the General Partner
to such Limited Partner in writing as confidential, PROVIDED that a Limited
Partner may disclose any such information (A) as has become generally available
to the public, (B) as may be required or appropriate in any report, statement or
testimony submitted to any Governmental Authority having jurisdiction over such
Limited Partner, (C) as may be required or appropriate in response to any
summons or subpoena or in connection with any litigation, (D) to the extent
necessary in order to comply with any law, order, regulation, ruling or other
governmental request applicable to such Limited Partner and (E) to its
professional advisors. Subject to the provisions of this Agreement, the General
Partner may in its sole discretion keep confidential any information known by
the General Partner as to Portfolio Companies, Portfolio Investments or other
aspects of the Partnership's investment activities if and to the extent that the
General Partner determines that keeping such information confidential is in the
best interests of the Partnership or that the Partnership is required by law or
agreement with a third party to keep confidential.

              16.9   SURVIVAL OF CERTAIN PROVISIONS. The obligations of each
Partner pursuant to Section 6.11 and Section 10 shall survive the termination or
expiration of this Agreement and the dissolution, winding-up and termination of
the Partnership.

              16.10  WAIVER OF PARTITION. Except as may otherwise be provided by
law in connection with the winding-up, liquidation and dissolution of the
Partnership, each Partner

                                       44
<PAGE>

hereby irrevocably waives any and all rights that it may have to maintain an
action for partition of any of the Partnership's property.

              16.11  CURRENCY. The term "dollar" and the symbol "$", wherever
used in this Agreement, shall mean the United States dollar.

              16.12  ENTIRE AGREEMENT. This Agreement (including, without
limitation, all schedules attached hereto), together with the related
Subscription Agreements, the related Powers of Attorney and any other written
agreement between the General Partner or the Partnership and any Limited Partner
with respect to the subject matter hereof, constitutes the entire agreement
among the Partners and between the Partners and the Initial Limited Partner with
respect to the subject matter hereof, and supersede any prior agreement or
understanding among them with respect to such subject matter, PROVIDED that the
representations and warranties of the General Partner and the Limited Partners
in, and the other provisions of, the Subscription Agreements shall survive the
execution and delivery of this Agreement.

                                       45
<PAGE>

              IN WITNESS WHEREOF, the undersigned have duly executed this
Limited Partnership Agreement of the MMC C&I Employees' Securities Company, L.P.
as of the day and year first above written.

                             THE GENERAL PARTNER:
                             -------------------

                             MARSH & McLENNAN C&I GP, INC.

                             By:
                                -------------------------------------------
                             Name:
                             Title:

                             LIMITED PARTNERS:
                             ----------------

                             Each of the Limited Partners listed on the register
                             of Partnership interests maintained at the
                             principal office of the Partnership, pursuant to
                             the power of attorney and authorization granted by
                             each such Limited Partner to the General Partner as
                             attorney-in-fact and agent under the separate
                             Powers of Attorney, dated various dates:

                             By:  MARSH & McLENNAN C&I GP, INC.

                                  By:
                                     --------------------------------------
                                  Name:
                                  Title:

                             INITIAL LIMITED PARTNER:
                             -----------------------

                             ----------------------------------------------
                             By:  ,
                                  in his capacity as the Initial Limited Partner

<PAGE>

                                                                      SCHEDULE A

                  INVESTMENT OBJECTIVE, POLICIES AND PROCEDURES

              This Schedule A describes the investment objective, policies,
procedures, guidelines and restrictions of MMC C&I Employees' Securities
Company, L.P. (the "PARTNERSHIP"). MMC Capital, Inc. (the "Manager") is the
manager of the Partnership and Marsh & McLennan C&I GP, Inc. (the "GENERAL
PARTNER") is the general partner of the Partnership. Certain capitalized terms
used without definition have the meanings specified in the Limited Partnership
Agreement of the Partnership (as amended, the "AGREEMENT").

              INVESTMENT OBJECTIVE. The Partnership shall co-invest with MMC
Capital Communications and Information Fund, L.P. (the "INSTITUTIONAL FUND"),
along with their co-investment, parallel funds and special investment vehicles
(together with the Partnership and the Institutional Fund, "THE FUND"). The Fund
will make private equity and equity-related investments in the early stage
communications and information companies in North America and Western Europe and
will focus on ventures offering components, software, hardware, applications,
services and content that, when integrated, enable the next generation of
communications and information businesses. The Fund will target companies with
established business models seeking additional capital to fund growth. The
Fund's portfolio investments are expected to range between approximately $5
million and $10 million in size, but in no event will any such investment exceed
$15 million.

              INVESTMENT POLICIES AND PROCEDURES. The General Partner is
responsible for the investment decisions of the Partnership, based on the advice
of the Manager and subject to the co-investment agreement with the Institutional
Fund. The Partnership's routine activities shall be managed by the Manager.

              Among the Manager's management responsibilities for the
Partnership shall be the following: (a) to search for, analyze and develop
investment opportunities; (B) to screen and evaluate promising investment
proposals; (C) to structure and arrange the consummation of Portfolio
Investments; (D) to monitor the operations of Portfolio Companies; and (E) to
develop and arrange the implementation of strategies for the realization of gain
from investments.LIMITED LIABILITY COMPANY AGREEMENT

                                   Dated as of
                                 October 3, 2000

          The undersigned (the "MEMBERS," which term shall include any Persons
hereafter admitted to the Company pursuant to Article V of this Agreement and
shall exclude any Persons who cease to be Members pursuant to 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 organized in series (the "COMPANY"),
pursuant to the provisions of the Delaware Limited Liability Company Act which
shall be governed by, and operated pursuant to, the terms and provisions of this
Limited Liability Company Agreement (the "AGREEMENT").

                                   ARTICLE I

                               General Provisions

          Section 1.1  DEFINITIONS. For the purposes of this Agreement:

                    (a) "Adjusted Capital Account Deficit" shall mean, with
respect to any Member, the deficit balance, if any, in such Member's Capital
Account with respect to any class or series as of the end of the relevant Fiscal
Year, after giving effect to the following adjustments:

               (i) Credit to such Capital Account any amounts which such Member
     is obligated to restore or is deemed to be obligated to restore pursuant to
     Treasury Regulations under Section 704 of the Code; and

               (ii) Debit to such Capital Account the items described in
     Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6).

The foregoing definition of Adjusted Capital Account Deficit is intended to
comply with the provisions of Treasury Regulations Section 1.704-l(b)(2)(ii)(d)
and shall be interpreted consistently therewith.

                    (b) "Advisers Act" shall mean the Investment Advisers Act of
1940, as amended.

                    (c) "Affiliate" shall have the meaning as set forth in the
Investment Company Act.

                    (d) "Business Day" shall mean any day other than (i)
Saturday or Sunday and (ii) any other day on which banks located in New York
City are required or authorized by law to remain closed.

<PAGE>

                    (e) "Agreement" shall have the meaning set forth in the
preamble.

                    (f) "Capital Call" shall have the meaning set forth in
Section 3.1(b).

                    (g) "Capital Call Date" shall have the meaning set forth in
Section 3.1(b).

                    (h) "Capital Call Notice" shall have the meaning set forth
in Section 3.1(b).

                    (i) "Capital Commitment" shall have the meaning set forth in
Section 3.1(a).

                    (j) "Capital Account" shall have the meaning set forth in
Section 3.2(a).

                    (k) "Capital Contributions" shall have the meaning set forth
in Section 1.5(a).

                    (l) "Closing" shall mean the Initial Closing and any date as
of which the Managing Member shall admit one or more additional members to a
class or series of the Company.

                    (m) "Code" shall have the meaning set forth in Section
2.2(i).

                    (n) "Company" shall have the meaning set forth in the
Preamble, provided, however, that references to the Company shall also be
references to the series of the Company as the context may require.

                    (o) "Failed Capital Call" shall have the meaning set forth
in Section 3.1(f).

                    (p) "Fiscal Period" shall have the meaning set forth in
Section 1.3.

                    (q) "Fiscal Quarter" shall have the meaning set forth in
Section 1.3.

                    (r) "Fiscal Year" shall have the meaning set forth in
Section 1.3.

                    (s) "Former Member" shall have the meaning set forth in
Section 1.5(e).

                                       2
<PAGE>

                    (t) "Gross Asset Value" means, with respect to any asset,
such asset's adjusted basis for Federal income tax purposes, except as adjusted
by the Managing Member as provided in this Agreement.

                    (u) "Hot Issue" shall have the meaning set forth in Section
3.3(a).

                    (v) "Hot Issue Nonparticipant Interests" shall mean the
percentage obtained by dividing the Capital Account balance of a Member
ineligible to participate in a Hot Issue as of the date of determination by the
sum of the Capital Account balances of all Members in such class or series
ineligible to participate in such Hot Issue as of the date of determination.

                    (w) "Hot Issue Participant Interest" shall mean the
percentage obtained by dividing the Capital Account balance of a Member eligible
to participate in a Hot Issue as of the date of determination divided by the sum
of the Capital Account balances of all Members in such class or series eligible
to participate in such Hot Issue as of the date of determination.

                    (x) "Immediate Family Member" shall mean with respect to a
natural person any parent, step-parent, spouse or former spouse, lineal
descendant of such person or of any parent, step-parent, spouse or former spouse
of such person and shall include adoptive relationships.

                    (y) "Indemnified Persons" shall have the meaning set forth
in Section 2.7(a).

                    (z) "Initial Closing" means the first date as of which the
class or series of the Company receives the initial Capital Contributions from
or on behalf of Members.

                    (aa) "Interests" shall have the meaning set forth in Section
1.5(e).

                    (ab) "Investment Company Act" shall mean the Investment
Company Act of 1940, as amended.

                    (ac) "Managing Member" shall have the meaning set forth in
Section 1.5(b).

                    (ad) "Marketable Securities" shall mean securities that are
(a) traded on an established U.S. national or non-U.S. securities exchange or
(b) reported through NASDAQ or a comparable established non-U.S.
over-the-counter trading system or (c) otherwise traded over-the-counter or
purchased and sold in transactions effected pursuant to Rule 144A under the
Securities Act of 1933, as amended ("SECURITIES ACT"), in each case that the
Managing Member believes are marketable at a price approximating their value as
determined in Section 3.5 within a reasonable period of time and are not subject
to restrictions on transfer under the Securities Act or other applicable
securities laws or subject to contractual restrictions on transfer.

                                       3
<PAGE>

                    (ae) "Members" shall have the meaning set forth in Section
1.5(c).

                    (af) "Net Income" means the net income generated by the
class or series of the Company with respect to a Fiscal Year, as determined for
Federal income tax purposes, PROVIDED that such income shall be increased by the
amount of all income earned by such class or series during such period that is
exempt from Federal income tax and decreased by the amount of all expenditures
made by the class or series of the Company during such period that are not
deductible for Federal income tax purposes and that do not constitute capital
expenditures.

                    (ag) "Net Loss" means the net loss generated by the class or
series of the Company with respect to a Fiscal Year, as determined for Federal
income tax purposes, PROVIDED that such loss shall be decreased by the amount of
all income earned by such class or series during such period which is exempt
from Federal income tax and increased by the amount of all expenditures made by
the class or series of the Company during such period that are not deductible
for Federal income tax purposes and that do not constitute capital expenditures.

                    (ah) "Nonfunding Member" shall have the meaning set forth in
Section 3.1(f).

                    (ai) "Nonparticipant Capital Utilization" shall mean the
product obtained by multiplying the amount of capital of a class or series
invested in a Hot Issue by the sum of the percentage of Interests of the Members
in such class or series who are not participating in the Net Income or Net Loss
realized by the class or series from such Hot Issue in accordance with the
requirements of Section 3.3(a).

                    (aj) "Nonrecourse Deductions" shall have the meaning set
forth in Treasury Regulations Section 1.704-2(b)(1).

                    (ak) "Nonrecourse Liability" shall have the meaning set
forth in Treasury Regulations Section 1.752-1(a)(2).

                    (al) "Organizational Expenses" shall have the meaning set
forth in Section 2.8(a).

                    (am) "Partner Nonrecourse Debt" shall have the meaning set
forth in Treasury Regulations Section 1.704-2(b)(4).

                    (an) "Partner Nonrecourse Debt Minimum Gain" shall have the
meaning set forth in Treasury Regulations Section 1.704-2(i)(2).

                    (ao) "Partner Nonrecourse Deductions" shall have the meaning
set forth in Treasury Regulations Section 1.704-2(i)(1).

                                       4
<PAGE>

                    (ap) "Partnership Minimum Gain" shall have the meaning set
forth in Treasury Regulations Section 1.704-2(b)(2).

                    (aq) "Pass-Thru Member" shall have the meaning set forth in
Section 8.3.

                    (ar) "Person" shall mean any natural person, corporation,
partnership, trust, limited liability company or other entity.

                    (as) "Prime Rate" shall mean the rate of interest published
from time to time in The Wall Street Journal, Eastern Edition, designated
therein as the prime rate.

                    (at) "Regulatory Allocations" shall have the meaning set
forth in Section 3.3(c).

                    (au) "Related Person" shall mean the Managing Member, an
officer, director or employee of the Managing Member or an Immediate Family
Member of any of the foregoing, a member, shareholder, member or other equity
owner of the Managing Member or any Person substantially all of the beneficial
interests in which are owned by or for the benefit of one or more of the
foregoing.

                    (av) "Tax Matters Member" shall have the meaning set forth
in Section 8.3.

                    (aw) "Temporary Investment" shall mean investments in (a)
cash or cash equivalents, (b) marketable direct obligations issued or
unconditionally guaranteed by the United States, or issued by any agency
thereof, maturing within one year from the date of acquisition thereof, (c)
money market instruments, commercial paper or other short-term debt obligations
having at the date of purchase by the Fund the highest or second highest rating
obtainable from either Standard & Poor's Ratings Services or Moody's Investors
Services, or their respective successors, (d) interest bearing accounts at a
registered broker-dealer, (e) money market mutual funds, (f) certificates of
deposit maturing within one year from the date of acquisition thereof issued by
commercial banks incorporated under the laws of the United States or any state
thereof or the District of Columbia, each having at the date of acquisition by
the Fund combined capital and surplus of not less than $100 million, (g)
overnight repurchase agreements with primary Federal Reserve Bank dealers
collateralized by direct U.S. Government obligations, (h) short- and medium-term
fixed income investments paying interest exempt, in the opinion of counsel to
the issuer thereof, from federal income tax, (i) pooled investment funds or
accounts that invest only in securities or instruments of the type described in
(a) through (h).

                    (ax) "T-Bill Rate" shall mean the 90 day U.S. Treasury Bill
rate in effect from time to time as determined by the Managing Member in its
sole and absolute discretion.

                                       5
<PAGE>

                    (ay) "THL Fund V" shall mean the Thomas H. Lee Equity Fund
V, L.P.

                    (az) "Treasury Regulations" shall mean the income tax
regulations promulgated under the Code, as amended, reformed or otherwise
modified from time to time.

                    (aba) "Unaffiliated Interests" shall have the meaning set
forth in Section 1.7(b).

          Section 1.2 COMPANY NAME. The Company shall do business under the name
of Putnam Investments Employees' Securities Company I LLC or such other name as
the Manager may select from time to time. Each series shall do business under
any name deemed advisable by the Managing Member.

          Section 1.3 FISCAL PERIODS. The fiscal year of each class or series of
the Company ("FISCAL YEAR") shall end on December 31 of each year (or such other
day as determined in the sole and absolute discretion of the Managing Member),
unless the designation of such class or series establishes a different date.

          Section 1.4  PRINCIPAL OFFICE. The principal office of the Company
shall be at One Post Office Square, Boston, Massachusetts 02109, or such other
place as may from time to time be designated by the Managing Member. The
Managing Member shall give prompt notice of any change to each Member.

          Section 1.5  LIABILITY OF MEMBERS.

                    (a) The names of all of the Members and the amounts of their
respective contributions to each class or series of the Company (the "CAPITAL
CONTRIBUTIONS") for each of their Capital Accounts from time to time will be set
forth in the books and records of the Company.

                    (b) Subject to the obligations of the Members and former
Members pursuant to Section 1.5(c), that Member who is designated in Part I of
the Schedule as the Managing Member (the "MANAGING MEMBER") shall be liable only
to the extent of its Capital Account.

                    (c) The Managing Member and those Members who are designated
in Part II of the Schedule as Members of one or more series or class as to which
they have been admitted as Members (the "MEMBERS") shall be liable for the
repayment and discharge of all debts and obligations of the Company incurred
during any period during which they are or were Members of the Company only to
the extent of their respective interests in any class or series in the Company
during such period with respect to liabilities attributable to such class or
series and shall not otherwise have any liability in respect of the debts and
obligations of the Company. Notwithstanding the previous sentence, in no event
shall any Member be obligated to make any additional contribution whatsoever to
the

                                       6

<PAGE>

Company, and in no event shall any Member or former Member have any liability
for the repayment and discharge of the debts and obligations of the Company
(apart from such Member's interest in the Company as aforesaid and in reserves
or other amounts not yet distributed in respect of such former Member's interest
in the Company) except to the extent provided by Sections 18-607(b) and (c) of
the Delaware Limited Liability Company Act.

                    (d) Up to the limit of their respective interests in any
class or series of the Company for a particular Fiscal Period, the Members and
all former Members shall share all losses, liabilities or expenses suffered or
incurred by virtue of the operation of the preceding paragraphs of this Section
1.5 in the proportions of their respective interests in the Company for the sets
of Capital Accounts and relevant Fiscal Period to which any debts or obligations
of such class or series are attributable. No series shall be liable for the
obligations of any other series. Series may be created in classes, with each set
of classes forming one series. The Managing Member may be the same or different
with respect to one or more classes or series. Each series shall be a separate
partnership for tax purposes and shall maintain separate books and records.
General liabilities of the Company shall be prorated across the series based on
net asset value, and all direct expenses of each series shall be charged
separately to such series.

                    (e) As used in this Agreement (except as otherwise
specified), the terms "INTERESTS IN THE COMPANY," "INTEREST IN THE COMPANY" and
"INTERESTS" shall mean with respect to each Member (or former Member) the
aggregate amount in all of such Member's (or former Member's) Capital Accounts
pursuant to the terms and provisions of this Agreement as of the end of a Fiscal
Period. As used in this Agreement, the term "FORMER MEMBER" refers to such
Persons as hereafter from time to time cease to be Members pursuant to the terms
and provisions of this Agreement.

          Section 1.6  PURPOSES OF COMPANY.

                    (a) The Company is organized for the purpose of (i) making
direct, side-by-side co-investments, to the extent practicable, with the THL
Fund V ("PORTFOLIO INVESTMENTS") and (ii) engaging in all activities and
transactions as the Managing Member may deem reasonably necessary, advisable or
incidental in connection therewith, including, without limitation:

                         (A) to place record title to, or the right to use,
     Company assets in, the name or names of one or more nominees (corporate or
     otherwise) or trustees for any purpose convenient or beneficial to the
     Company;

                         (B) to have its business and affairs managed by the
     Managing Member, subject to and in accordance with Article II;

                         (C) to engage third parties to provide administrative
     services to the Company or for any other permissible activity; and

                                       7
<PAGE>

                         (D) to engage personnel and employees of the Company,
     the Managing Member or its affiliates, whether part-time or full-time, to
     engage attorneys, independent auditors or such other persons as the
     Managing Member may deem necessary or advisable, and to do all such other
     acts as the Managing Member, or such personnel or employees acting within
     the scope of authority granted to them by the Managing Member or this
     Agreement, may deem necessary or advisable in connection with carrying out
     the business of the Company including, without limitation, subject to the
     supervision of the Company, to offer and sell interests in the Company to
     prospective investors in accordance with the Securities Act, as amended or
     any exemption thereunder and all applicable state securities or blue sky
     laws with such sales charges payable by the Managing Member and to do all
     things necessary or appropriate in connection with making such offers and
     sales.

          Section 1.7  ASSIGNABILITY OF INTEREST.

                    (a) Except with the express written consent of the Managing
Member, which may be withheld in its sole and absolute discretion, a Member may
not assign, sell, transfer, pledge, hypothecate or otherwise dispose of any of
the attributes of its interest in the Company in whole or in part to any Person.
Any assignment, sale, transfer, pledge, hypothecation or other disposition made
in violation of this Section 1.7 shall be void and of no effect. Furthermore, no
transferee of an Interest shall become a Member except upon admission pursuant
to Section 5.1 upon the consent of the Managing Member which may be withheld in
its sole and absolute discretion.

                    (b) Without the consent of Members holding a majority of the
Unaffiliated Interests ("UNAFFILIATED INTERESTS" being all Company interests
other than those held by the Managing Member and its Affiliates and Related
Persons), the Managing Member may not assign, sell, transfer, pledge,
hypothecate or otherwise dispose of any of the attributes of its interest in the
Company, as Managing Member, as a whole or in part, to any Person, (i) unless,
immediately prior to and after such assignment, sale, transfer, pledge,
hypothecation or other disposal, such Person was controlled by the Managing
Member or by the Person or Persons who controlled the Managing Member
immediately prior to such transaction or (ii) except upon written notice given
to all Members 60 days in advance of the proposed assignment, sale, transfer,
pledge, hypothecation or other disposal.

          Section 1.8 MINIMUM INITIAL INVESTMENT. The minimum initial investment
in any class or series of the Company by any Member shall be $25,000 or such
greater or lesser amount as the Managing Member shall determine from time to
time in its sole and absolute discretion.

          Section 1.9 REGISTERED OFFICE AND AGENT IN DELAWARE. The address of
the Company's registered office in the State of Delaware is 1209 Orange Street,
Wilmington, Delaware, which may be changed by the Managing Member from time to
time in its sole and absolute discretion. The name of its registered agent at
that address is The Corporation Trust

                                       8

<PAGE>

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 Company

          Section 2.1 MANAGEMENT GENERALLY. The management of the Company and
each class or series thereof shall be vested exclusively in the Managing Member.
The Members shall have no part in the management of the Company, and shall have
no authority or right in their capacity as Members to act on behalf of the
Company in connection with any matter. Employees of the Company shall have
authority to act on behalf and in the name of the Company to the extent
authorized by the Managing Member acting as the equivalent of the board of
directors of a corporation or as expressly authorized by this Agreement.

          Section 2.2 AUTHORITY OF MANAGING MEMBER. The Managing Member shall
have the power by itself on behalf and in the name of the Company and/or its
series to carry out any and all of the objects and purposes of the Company
and/or its series set forth in Section 1.6 or in an appendix hereto designating
the obligations, limitations and purposes of any series, and to perform all acts
and enter into and perform all contracts and other undertakings necessary or
advisable or incidental thereto, including, without limitation, the power to:

                    (a) exercise with full discretion to purchase, sell and
exercise voting or consent rights with respect to all instruments, investments
and other property in which the Company assets may be invested and otherwise on
such terms and conditions as the Managing Member shall determine;

                    (b) open, maintain and close accounts with brokers, dealers,
banks, currency dealers and others, including the Managing Member and its
affiliates, and issue all instructions and authorizations to entities regarding
the purchase and sale or entering into, as the case may be, of securities,
certificates of deposit, bankers acceptances, agreements for the borrowing and
lending of portfolio securities and other assets, instruments and investments
for the purpose of seeking to achieve the Company purposes as well as to
facilitate capital contributions, distributions, withdrawals, the payment of
Company expenses and the business and affairs of the Partnership in general;

                    (c) open, maintain and close bank accounts and draw checks
or other orders for the payment of monies;

                    (d) acquire, lease, sell, hold or dispose of any assets,
liabilities or investments in the name or for the account of the Company or
enter into any contract or endorsement in the name or for the account of the
Company with respect to any such assets or investments or in any other manner
bind the Company to acquire, lease, sell, hold or dispose of any such assets or
investments whatsoever on such terms as the Managing

                                       9

<PAGE>

Member shall determine and to otherwise deal in any manner with the assets of
the Partnership in accordance with the purposes of the Managing Member;

                    (e) borrow money from any source or with any party, upon
such terms and conditions as the Managing Member may deem advisable and proper,
to execute promissory notes, drafts, bills of exchange and other instruments and
evidences of indebtedness and to secure the payment thereof by mortgage, pledge
or assignment of or security interest in all or any part of property then owned
or thereafter acquired by the Company, and refinance, recast, modify or extend
any of the obligations of the Company and the instruments securing those
obligations;

                    (f) borrow money or otherwise incur indebtedness on behalf
of a Member from any source upon the terms described in Section 3.1(f) in the
event that such Member fails to fund a Capital Call on a specified date;

                    (g) employ, retain, or otherwise secure or enter into
contracts, agreements and other undertakings with persons in connection with the
management and operation of the Company's business, including, without
limitation, any attorneys and accountants, and including, without limitation,
contracts, agreements or other undertakings and transactions with the Managing
Member, any other Member or any person controlling, under common control with or
controlled by the Managing Member or any other Member, all on such terms and for
such consideration as the Managing Member deems advisable; PROVIDED, HOWEVER,
that any such contracts, agreements or other undertakings and transactions with
the Managing Member or any other Member or any person controlling, under common
control with or controlled by the Managing Member or any other Member shall be
on terms and for consideration which are arm's-length and fair to the parties
consistent with the fiduciary standards applicable to the Managing Member and
shall also be subject to the terms of Section 2.5 to the extent applicable;

                    (h) take any and all action which is permitted under the
Delaware Limited Liability Company Act and which is customary or reasonably
related to the business of the Company;

                    (i) make such elections under the Internal Revenue Code of
1986, as amended (the "CODE"), and other relevant tax laws as to the treatment
of items of Company income, gain, loss, deduction and expense, and as to all
other relevant matters, as the Managing Member deems necessary or appropriate,
including, without limitation, elections referred to in Section 754 of the Code,
determination of which items of cash outlay are to be capitalized or treated as
current expenses, and selection of the method of accounting and bookkeeping
procedures to be used by the Company;

                    (j) bring or defend, pay, collect, compromise, arbitrate,
resort to legal action, or otherwise adjust claims or demands of or against the
Company;

                    (k) deposit, withdraw, invest, pay, retain and distribute
the Company's funds in a manner consistent with the provisions of this
Agreement;

                                       10
<PAGE>

                    (l) cause the Company to carry such indemnification
insurance as the Managing Member deems necessary to protect it and any other
individual or entity entitled to indemnification by the Company pursuant to
Section 2.7;

                    (m) do any and all acts on behalf of the Company, and
exercise all rights and perform all obligations of the Company, with respect to
its interest in any property or any Person, including, without limitation, the
voting of securities, the filing of reports and other documents with
governmental authorities and self-regulatory organizations, participation in
arrangements with creditors, the institution and settlement or compromise of
suits and administrative proceedings and other like or similar matters;

                    (n) authorize any officer, director, employee or other agent
of the Managing Member or any employee or agent of the Company to act for and on
behalf of the Company in any or all of the foregoing matters and all matters
incidental thereto as fully as if such person were the Managing Member;

                    (o) create any classes or series of Members having such
relative rights, powers and duties as may from time to time be established by
the Managing Member, so long as such relative rights, powers and duties do not
adversely affect any of the rights, powers and duties of any Members who are
Members at the time of the creation of such classes or series, and to amend,
without the consent of any of the Members, the terms and provisions of this
Agreement to reflect such relative rights, powers and duties as are applicable
to such classes or series which have been created pursuant to this Section
2.2(o).

                    (p) Appoint persons to act as officers of the Company as
desirable, necessary or appropriate.

                    (q) make any determinations required hereunder including but
not limited to determinations of amounts attributable to Portfolio Investments;
amounts not attributable to Portfolio Investments; whether a disposition had
been complete or partial; and amounts credited or debited to each Capital
Account with respect to each Portfolio Investment.

          Section 2.3 MEETINGS. There shall be no meetings of the Members unless
called by the Managing Member.

          Section 2.4 RELIANCE BY THIRD PARTIES. Persons dealing with the
Company are entitled to rely conclusively upon the certificate of the Managing
Member or any officer to which it delegates authority to the effect that it is
then acting as the Managing Member of one or more classes or series or such
agent with respect to one or more classes or series and upon the power and
authority of the Managing Member and any employee or agent of the Managing
Member or the Company as herein set forth.

                                       11
<PAGE>

          Section 2.5 ACTIVITIES OF MANAGING MEMBER AND AFFILIATES; CONFLICTS OF
INTEREST.

                    (a) The Managing Member, its officers, directors, managers,
employees or other agents and agents and employees of the Company shall devote
so much of their time to the affairs of the Company as in their judgment the
conduct of the Company business shall reasonably require and the Managing
Member, its officers, directors, managers, employees or agents and agents and
employees of the Company shall not be obligated to do or perform any act or
thing in connection with the business of the Company not expressly set forth
herein. Notwithstanding anything to the contrary in this Agreement, the
officers, directors, managers and employees of the Managing Member and any
Person controlling, under common control with or controlled by the Managing
Member and any employees of the Company will be permitted to perform similar
duties for any entity.

                    (b) Nothing herein contained shall be deemed to preclude the
Managing Member or its Affiliates, its officers, directors, managers, employees
or other agents or agents of any of them or employees of the Company, from
engaging directly or indirectly in any other business or from directly or
indirectly purchasing, selling or holding securities, options, separate
accounts, investment contracts, commodities, futures, currency, currency units
and forward currency or currency unit contracts or any other asset and any
interests therein for their own accounts or for the account of any other Person,
whether as investment manager, dealer, broker or otherwise. No Member shall, by
reason of being a Member in the Company, have any right to participate in any
manner in any profits or income earned or derived by or accruing to the Managing
Member or its Affiliates, or its officers, directors, managers, employees or
other agents, from the conduct of any business other than the business of the
Company or from the conduct of any activities for any account other than that of
the Company.

                    (c) The Managing Member will allocate investment
opportunities that are appropriate for more than one entity or account sponsored
or managed by the Managing Member or its Affiliates in a manner determined to be
fair to such entities by the Managing Member acting in good faith in accordance
with applicable fiduciary standards. The Managing Member shall have the right to
cause the Company or other entities which the Company controls or invests in to
do business with any other investment partnership of which the Managing Member
is the General Partner or entities which such other partnership controls or
invests in, in each case on terms which are fair to the parties consistent with
the fiduciary standards applicable to the Managing Member. The Managing Member
shall have the right to cause the Company to execute trades in securities and
other instruments with or through the Managing Member or any of its affiliates
so long as such transactions substantially comply with all applicable regulatory
requirements and represent "best execution" in the good faith judgment of the
Managing Member, taking into account all factors pertinent to the transaction.

                    (d) Except as discussed in the offering documents provided
to investors prior to subscribing (as to which consent shall be deemed to have
been given), the Managing Member and its Affiliates may not, acting as
principal, purchase from or sell to

                                       12

<PAGE>

the Company any securities unless the Managing Member shall have disclosed to
the Members, prior to completion of such transaction, the pertinent details
thereof and its interest therein and received the consent of Members holding a
majority of the Unaffiliated Limited Company Interests. The Managing Member and
its Affiliates may engage in agency cross transactions (as defined for purposes
of the Advisers Act) with the Company if the Managing Member and its Affiliates
comply with all pertinent provisions of such Act and the rules and regulations
thereunder and all other pertinent laws and regulations; provided, that the
Company shall have authority to revoke the foregoing authority by a resolution
adopted by Members holding a majority of the Unaffiliated Limited Liability
Company Interests.

          Section 2.6 EXCULPATION. No Indemnified Person shall be liable to any
Member or the Company for any act or failure to act on behalf of the Company,
unless such act or failure to act resulted from the willful misfeasance, bad
faith or gross negligence of the Indemnified Person. Each Indemnified Person may
consult with counsel and accountants in respect of Company affairs and shall be
fully protected and justified in any action or inaction which is taken in
accordance with the advice or opinion of such counsel or accountants reasonably
selected. Notwithstanding any of the foregoing to the contrary, the provisions
of this Section 2.6 shall not be construed so as to relieve (or attempt to
relieve) any Indemnified Person of any liability, to the extent (but only to the
extent) that such liability may not be waived, modified or limited under
applicable law, but shall be construed so as to effectuate the provisions of
this Section 2.6 to the fullest extent permitted by law.

          Section 2.7 INDEMNIFICATION OF MANAGING MEMBER AND OTHERS.

                    (a) The Company, out of its own assets and not out of the
assets of any Member (except as provided in Section 2.7(b) below), shall
indemnify and hold harmless the Managing Member and any of its officers,
directors, managers, members, shareholders, members, employees or agents, and/or
the legal representatives or Affiliates of Managing Member and any officer,
employee or agent of the Company and any member of any advisory board to the
Managing Member or the Company (herein collectively called the "INDEMNIFIED
PERSONS"), to the fullest extent permitted by law from and against any loss,
expense, judgment, settlement cost, fee and related expenses (including
attorneys' fees and expenses), costs or damages suffered or sustained by reason
of being or having been the Managing Member, an officer, director, member,
employee or agent (or a legal representative or controlling person of) of the
Managing Member, or any officer, employee or agent of the Company or any member
of any advisory board to the Managing Member or the Company, or arising out of
or in connection with action or failure to act on the part of such Indemnified
Person unless such act or failure to act was the result of the willful
misfeasance, bad faith or gross negligence of such Indemnified Person. To the
extent that such costs and expenses are directly attributable to a particular
class or series, such costs and expenses shall be borne entirely by such class
or series; such costs and expenses not attributable to any one class or series
will be allocated pro rata. The Company shall, upon advice of counsel that such
Indemnified Person is not likely not to be entitled to such indemnification,
advance to any Indemnified Person reasonable attorneys' fees and other costs and
expenses incurred in connection with the defense of any action or proceeding
which arises out of conduct

                                       13

<PAGE>

including any costs and expenses incurred in enforcing the indemnification under
this Section 2.7. The Managing Member hereby agrees and each other Indemnified
Person shall agree in the event that such an advance is made by the Company, it
will be subject to repayment to the extent that it is finally judicially
determined that the Indemnified Person was not entitled to indemnification under
this Section 2.7.

                    (b) Notwithstanding any other provision of this Agreement,
the Managing Member is authorized to take any action that it determines to be
necessary or appropriate to cause the Company or any class or series of the
Company to comply with any Federal, state, local and foreign withholding
requirement with respect to any payment, allocation, or distribution by the
Company to any Member or other Person. All amounts so withheld, and, in the
manner determined by the Managing Member in its sole discretion, amounts
withheld with respect to any payment, allocation or distribution by any Person
to the Company, shall be treated as distributions under this Agreement to the
Members to which such amounts would have been distributed (under this Agreement)
but for the withholding. If any such withholding requirement with respect to any
Member exceeds the amount distributable to such Member under this Agreement, or
if any such withholding requirement was not satisfied with respect to any item
previously withheld, paid or distributed to such Member, such Member or any
successor or assignee with respect to such Member's interest hereby indemnifies
and agrees to hold harmless the other Members and the Company for such excess
amount or such withholding requirement as the case may be (including any
interest, additions and penalties).

                    (c) Notwithstanding any of the foregoing to the contrary,
the provisions of this Section 2.7 shall not be construed so as to provide for
the indemnification of any Indemnified Person for any liability to the extent
(but only to the extent) that such indemnification would be in violation of
applicable law or such liability may not be waived, modified or limited under
applicable law, but shall be construed so as to effectuate the provisions of
this Section 2.7 to the fullest extent permitted by law.

          Section 2.8 PAYMENT OF COSTS AND EXPENSES.

                    (a) The Company will be responsible for all legal,
accounting, filing and other out-of-pocket expenses of organizing and raising
capital for the Company ("ORGANIZATIONAL EXPENSES").

                    (b) The Company or the classes and series thereof,
respectively, shall pay all taxes imposed on and payable by the Company
attributable to such classes or series, all investment expenses (i.e., expenses
which the Managing Member reasonably determines to be directly related to the
investment of the Company's assets, such as brokerage and commission expenses,
fees and expenses of open and closed-end funds, margin, premium and interest
expenses, fees and disbursements of transfer agents, registrars, custodians,
sub-custodians, administrator, investment advisors, and escrow agents and all
other investment related expenses of any type), legal expenses and external
accounting expenses related to the Company and its investments, any
extraordinary expenses (such as litigation and indemnification of the Managing
Member) and due diligence expenses. The

                                       14

<PAGE>

Managing Member shall pay all other operating expenses of the Company; including
all general overhead expenses of the Company, which includes the rent of the
offices which the Managing Member and Company will occupy, compensation and
benefits of the administrative staff and investment professionals of the Company
and the Managing Member, any costs or expenses of an advisory board to the
Company or the Managing Member, telephones and general purpose office equipment
of the Company and the Managing Member.

                                  ARTICLE III

            Capital Contributions; Capital Accounts; and Allocations

          Section 3.1 CAPITAL CONTRIBUTIONS AND COMMITMENTS AND CAPITAL CALLS.

                    (a) CAPITAL CONTRIBUTIONS AND COMMITMENTS. Each Member
hereby agrees to make Capital Contributions in the amount set forth opposite its
name in the Schedule (such amount, a "CAPITAL COMMITMENT") pursuant to Capital
Calls (as defined herein) (such capital contributions agreed to be made being
referred to herein in the aggregate for one or more Members, as the context may
require, as the "Capital Contributions").

                    (b) CAPITAL CALLS. The Managing Member shall provide each
Member with a notice of each Capital Call (a "CAPITAL CALL NOTICE") at least 5
Business Days prior to the date on which such Capital Call is due and payable to
the Company (the "CAPITAL CALL DATE"). Each Capital Call shall be applied to
Portfolio Investments or to provide for Organizational Expenses or other Company
expenses, or shall be held in Temporary Investments pending Portfolio
Investments or application to provide for Organizational Expenses or other
Company expenses. It is anticipated that 25% of each Member's Capital Commitment
(the "INITIAL CAPITAL CONTRIBUTION") will be due at the Initial Closing at which
such Member is admitted to the Company or class or series thereof, and the
remaining 75% will be called by the Managing Member in three equal installments
on the first, second and third anniversaries of the Initial Closing, PROVIDED
that the Managing Member may accelerate or defer this anticipated schedule of
Capital Calls in its sole discretion through the issuance of Capital Call
Notices in accordance with this Section 3.1(b). If any Member fails to fund a
Capital Call, the Managing Member in its sole discretion may allocate the amount
called but not received on a pro rata basis among the other Members, and may
impose penalties it deems appropriate and reasonable to protect the interests of
the other Members pursuant to Section 3.1(f) of this Agreement.

                    (c) REVISED CAPITAL CALL NOTICES. Notwithstanding Section
3.1(b), if the actual Capital Contribution to be paid by a Member changes after
delivery of a Capital Call Notice (due, for example, to a default by another
Member), the Managing Member shall issue a revised Capital Call Notice to the
Members. Such Members shall pay any additional Capital Contribution thereby
required no later than the Capital Call Date specified in such revised Capital
Call Notice, PROVIDED that in no event shall any Member be obligated to
contribute any amount in excess of such Member's Capital Commitment.

                                       15
<PAGE>

                    (d) PAYMENT OF THE CAPITAL CALL. Each Member shall pay to
the Company the Capital Contributions specified in the relevant Capital Call
Notice, as the same may be revised pursuant to Section 3.1(c), by wire transfer
immediately available funds to the account specified therein. Except as
otherwise provided herein, the required Capital Contribution of each Member
shall be made no later than the Capital Call Date specified in such Capital Call
Notice and shall equal the amount, not to exceed such Member's remaining Capital
Commitment, specified in the Capital Call Notice.

                    (e) NO THIRD PARTY BENEFICIARIES. The provisions of this
Section 3.1 are intended solely to benefit the Company and the Members and, to
the fullest extent permitted by applicable law, shall not be construed as
conferring any benefit upon any creditor of the Company (and no such creditor
shall be a third party beneficiary of this Agreement), and no Member shall have
any duty or obligation to any creditor of the Company to make any contributions
to the Company pursuant to this Section 3.1 or to cause the Managing Member to
deliver to any Member a Capital Call Notice.

                    (f) FAILURE TO FUND CAPITAL CALL. If a Member fails to fund
a Capital Call (a "FAILED CAPITAL CALL") on the specified date (such Member, a
"NONFUNDING MEMBER"), the Managing Member may at its discretion impose any
penalties it deems appropriate and reasonable to protect the interests of the
other Members, including, but not limited to, (i) reduce amounts otherwise
distributable to such Nonfunding Member by 50% as of the date of such Nonfunding
and withhold the remaining 50% of any future distributions that otherwise would
be payable to such Nonfunding Member pursuant to Article IV until the
dissolution of the class or series of the Company, (ii) cease to allocate any
income and gain to such Nonfunding Member with respect to its remaining interest
in the class or series of the Company, but continue to allocate his, her or its
PRO RATA share of losses and deductions, (iii) require such Nonfunding Member to
remain fully liable for payment of up to his or her or its PRO RATA share of
Organizational Expenses and other expenses of the class or series of the Company
as if the Failed Capital Call had not occurred and (iv) if the Company borrows
money to fund the Failed Capital Call, require such Nonfunding Member to be
fully liable for any interest paid or due in connection with such borrowing. The
Managing Member may apply amounts otherwise distributable to such Nonfunding
Member in satisfaction of all amounts payable by such Nonfunding Member. In
addition, such Nonfunding Member shall have no further right to make Capital
Contributions to participate in any Portfolio Investment. The Managing Member
may charge such Nonfunding Member interest on the Failed Capital Call amount and
any other amounts not timely paid at a rate per annum equal to the Prime Rate
plus 4% from the date such amounts were due and payable through the date that
full payment of such amounts is actually made or, if such amounts are not paid,
through the end of the term, and to the extent not paid such interest charge may
be deducted from amounts otherwise distributable to such Nonfunding Member. The
Managing Member shall have the right to pursue all remedies at law or in equity
available to it with respect to the Failed Capital Call of a Nonfunding Member.
Notwithstanding any other provision of this Agreement, each Member agrees to pay
on demand all costs and expenses (including attorneys' fees) incurred by or on
behalf of the Company in connection with the enforcement of this Agreement
against such Member sustained as a result of a Failed Capital

                                       16

<PAGE>

Call by such Member and that any such payment shall not constitute a Capital
Contribution to the Company.

                    (g) FUNDING OF FAILED CAPITAL CALL. With respect to any
Failed Capital Call, the Managing Member may (i) increase the Capital
Contributions of the Members that have funded their PRO RATA share of such
Capital Call Notice in proportion to, but not in excess of, their remaining
Capital Commitments to the extent necessary to fund the Failed Capital Call, as
contemplated by Section 3.1(c), or (ii) cause the Company to borrow such amounts
as are necessary to fund the Failed Capital Call. In the event that the Company
borrows money from the Managing Member or any of its Affiliates pursuant to
clause (ii) of this Section 3.1(g), the Managing Member or any such Affiliate
shall receive interest on such amounts at the Prime Rate plus 4%.

                    (h) REMAINING CAPITAL COMMITMENT. With respect to the
remaining Capital Commitment of any Nonfunding Member (the "REMAINING CAPITAL
COMMITMENT"), the Managing Member, any Affiliate of the Managing Member, and/or
any other Person designated by the Managing Member may purchase such Remaining
Capital Commitment at a purchase price equal to 75% of the Nonfunding Member's
PRO RATA share of all Portfolio Investments then held by the Company, valued at
cost. The Managing Member shall make such revisions to the books and records of
the Company as may be necessary to reflect the change in Members and Capital
Commitments contemplated by this Section 3.1(h).

                    (i) CONSENTS. Whenever the vote, consent or decision of a
Member is required or permitted pursuant to this Agreement or under the Act, a
Nonfunding Member shall not be entitled to participate in such vote or consent,
or to make such decision, and such vote, consent or decision shall be tabulated
or made as if such Nonfunding Member were not a Member.

                    (j) Notwithstanding anything herein to the contrary, upon
the liquidation of the Company, no Member shall be required to make any Capital
Contribution to the Company in respect of any deficit in such Member's Capital
Account.

          Section 3.2 CAPITAL ACCOUNTS.

                    (a) ESTABLISHMENT AND MAINTENANCE OF CAPITAL ACCOUNTS. The
Company shall establish and maintain a separate account for each Member with
respect to each class or series in which it has invested (each, a "CAPITAL
ACCOUNT"). The initial balance of the Capital Account shall be such Member's
Initial Capital Contribution to the Company. The Capital Account of each Member
shall be increased by (i) the dollar amount of any additional Capital
Contributions made by such Member in cash, (ii) the fair market value of any
property (other than cash) contributed to the Company by such Member (net of
liabilities to which such property is subject for purposes of Section 752 of the
Code), and (iii) allocations to such Member of Net Income (and items thereof).
The Capital Account of each Member shall be decreased by (i) the dollar amount
of any distributions made to such Member in cash, (ii) the fair market value of
any property (other than cash) distributed to

                                       17

<PAGE>

such Member (net of any liabilities to which such property is subject for
purposes of Section 752 of the Code) and (iii) allocations to such Member of Net
Loss (and items thereof).

                    (b) COMPLIANCE WITH REGULATIONS. Notwithstanding any other
provision of this Agreement to the contrary, the foregoing provisions of Section
3.2(a) regarding the maintenance of Capital Accounts shall be construed so as to
comply with the provisions of the Treasury Regulations promulgated pursuant to
Section 704 of the Code. The Managing Member is hereby authorized to modify the
foregoing provisions to the minimum extent necessary to comply with such law or
any changes thereto in the event unanticipated events occur that might otherwise
cause this Agreement not to comply with applicable law.

          Section 3.3 ALLOCATIONS TO CAPITAL ACCOUNTS.

                    (a) GENERAL RULE. Except as provided in this Agreement or as
otherwise designated in any supplement hereto creating any class or series, Net
Income (and items thereof) and Net Loss (and items thereof) for any Fiscal Year
shall be allocated among the Members in a manner such that the Capital Account
of each Member, immediately after giving effect to such allocation, is, as
nearly as possible, equal (proportionately) to the amount of the distributions
that would be made to such Member during such Fiscal Year pursuant to Article
IV, if (i) the class or series of the Company were dissolved and terminated;
(ii) its affairs were wound up and each asset of such class or series was sold
for cash equal to its book value to the Company (except that any Company asset
that is sold in such Fiscal Year shall be treated as if sold for an amount of
cash equal to the sum of (x) the amount of any net cash proceeds actually
received by the Company in connection with such disposition and (y) the fair
market value of any property actually received by the Company in connection with
such disposition); (iii) liabilities of the class or series were satisfied
(limited with respect to each Nonrecourse Liability to the book value of the
assets securing such liability); and (iv) the net assets of the class or series
were distributed in accordance with Article VII to the Members immediately after
giving effect to such allocation; PROVIDED, HOWEVER, that the Net Income or Net
Loss associated, in the judgment of the Managing Member in its sole and absolute
discretion, with any investment by the class or series that the Managing Member
determines in its sole and absolute discretion to be a "hot issue" for purposes
of the Conduct Rules of the National Association of Securities Dealers, Inc. (a
"HOT ISSUE") for the period such investment is treated as a Hot Issue, shall be
provisionally allocated solely among the Members in such class or series to whom
a member of the National Association of Securities Dealers, Inc. would not be
prohibited from selling such investment in accordance with such Members'
respective Hot Issue Participation Interests and an interest charge at the
T-Bill Rate of the Nonparticipant Capital Utilization may in the sole and
absolute discretion of the Managing Member be provisionally allocated from the
Capital Accounts of the Members in such class or series participating in such
Hot Issues to the Capital Accounts of the Members in such class or series not
participating in such Hot Issue in accordance with their respective Hot Issue
Nonparticipant Interests. The Managing Member may, in its sole and absolute
discretion, make such other assumptions (whether or not consistent with the
above assumptions) as it deems necessary or appropriate in order to effectuate
the intended economic arrangement of the Members as reflected in Article IV.

                                       18
<PAGE>

                    (b) REGULATORY AND RELATED ALLOCATIONS. Notwithstanding any
other provision in this Article III to the contrary, the following special
allocations shall be made to the Capital Accounts of the Members in the
following order:

               (i) MINIMUM GAIN CHARGEBACK. Notwithstanding any other provision
     of this Article III, if there is a net decrease in Partnership Minimum Gain
     during any Fiscal Year, each Member shall be specially allocated items of
     Company income and gain, with respect to any series or class, for such
     Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal
     to such Member's share of the net decrease in such series' or class'
     Minimum Gain, determined in accordance with Treasury Regulations Section
     1.704-2(g). Allocations pursuant to the previous sentence shall be made in
     proportion to the respective amounts required to be allocated to the
     Members pursuant thereto. The items to be so allocated shall be determined
     in accordance with Treasury Regulations Section 1.704-2. This Section
     3.3(b)(i) is intended to comply with the minimum gain charge back
     requirement in such section of the Treasury Regulations and shall be
     interpreted consistently therewith. To the extent permitted by such section
     of the Treasury Regulations and for purposes of this Section 3.3(b)(i)
     only, each Member's Adjusted Capital Account Deficit shall be determined
     prior to any other allocations pursuant to this Article III with respect to
     such Fiscal Year.

               (ii) PARTNER MINIMUM GAIN CHARGEBACK. Except as otherwise
     provided in Treasury Regulations Section 1.704-2(i)(4), notwithstanding any
     other provision of this Article III, if there is a net decrease in Partner
     Nonrecourse Debt Minimum Gain attributable to a Partner Nonrecourse Debt
     during any Fiscal Year, each Member who has a share of the Partner
     Nonrecourse Debt Minimum Gain attributable to such Partner Nonrecourse
     Debt, determined in accordance with Treasury Regulations Section
     1.704-2(i)(5), shall be specially allocated items of Partnership income and
     gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in
     an amount equal to such Member's share of the net decrease in Partner
     Nonrecourse Debt Minimum Gain attributable to such Partner Nonrecourse
     Debt, determined in accordance with Treasury Regulations Section
     1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made
     in proportion to the respective amounts required to be allocated to each
     Member pursuant thereto. The items to be so allocated shall be determined
     in accordance with Treasury Regulations Sections 1.704-2(i)(4) and
     1.704(j)(2). This Section 3.3(b)(ii) is intended to comply with the minimum
     gain chargeback requirement in Treasury Regulations Section 1.704-2(i)(4)
     and shall be interpreted consistently therewith.

               (iii) QUALIFIED INCOME OFFSET. In the event any Member
     unexpectedly receives any adjustments, allocations, or distributions
     described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) or
     (6) with respect

                                       19

<PAGE>

     to such Member's Capital Accounts, items of Company income and gain shall
     be specially allocated to each such Member in an amount and manner
     sufficient to eliminate, to the extent required by the Treasury
     Regulations, the Adjusted Capital Account Deficit of such Member as quickly
     as possible; PROVIDED that an allocation pursuant to this Section
     3.3(b)(iii) shall be made only if and to the extent that such Member would
     have an Adjusted Capital Account Deficit after all other allocations
     provided for in this Article III have been tentatively made as if this
     Section 3.3(b)(ii) were not in this Agreement. This Section 3.3(b)(ii) is
     intended to constitute a "qualified income offset" within the meaning of
     Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and should be interpreted
     consistently therewith.

               (iv) NONRECOURSE DEDUCTIONS. Any Nonrecourse Deductions for any
     Fiscal Year or other period shall be allocated to the Members in accordance
     with their respective Capital Accounts.

               (v) PARTNER NONRECOURSE DEDUCTIONS. Any Partner Nonrecourse
     Deductions for any Fiscal Year shall be specially allocated to the Member
     who bears the economic risk of loss with respect to the Partner Nonrecourse
     Debt to which such Partner Nonrecourse Deductions are attributable in
     accordance with Treasury Regulations Section 1.704-2(i)(1).

               (vi) GROSS INCOME ALLOCATION. In the event any Member has an
     Adjusted Capital Account Deficit, items of Company income and gain, with
     respect to series or classes, shall be specially allocated to such Member
     in an amount and manner sufficient to eliminate such Member's Adjusted
     Capital Account Deficit as quickly as possible; PROVIDED that an allocation
     pursuant to this Section 3.3(b)(vi) shall be made only if and to the extent
     that such Member would have an Adjusted Capital Account Deficit after all
     other allocations provided for in this Article III (other than Section
     3.3(b)(iii)) have been tentatively made as if this Section 3.3(b)(iv) were
     not in this Agreement.

               (vii) LOSS ALLOCATION LIMITATION. No allocation of Net Loss (or
     items thereof) shall be made to any Member to the extent that such
     allocation would create or increase an Adjusted Capital Account Deficit
     with respect to such Member.

                    (c) CURATIVE ALLOCATIONS. The allocations set forth in
Section 3.3(b) (the "REGULATORY ALLOCATIONS") are intended to comply with
certain requirements of Treasury Regulations under Section 704 of the Code.
Notwithstanding any other provision of this Article III (other than the
Regulatory Allocations), the Regulatory Allocations shall be taken into account
in allocating other Company items of income, gain, loss, deduction and expense
among the Members with respect to each series or class so that, to the extent
possible, the net amount of such allocations of other Company items and the
Regulatory

                                       20

<PAGE>

Allocations shall be equal to the net amount that would have been allocated to
the Members pursuant to this Article III if the Regulatory Allocations had not
been made.

                    (d) SECTION 754 ADJUSTMENTS. Pursuant to Treasury
Regulations Section 1.704-1(b)(2)(iv)(m), to the extent an adjustment to the
adjusted tax basis of any Company asset under Code Section 734(b) or 743(b) is
required to be taken into account in determining Capital Accounts, the amount of
such adjustment to the Capital Accounts shall be treated as an item of gain (if
the adjustment increases the basis of the asset) or loss (if the adjustment
decreases such basis) and such gain or loss shall be specially allocated to the
Members in a manner consistent with the manner in which their Capital Accounts
are required to be adjusted pursuant to such Treasury Regulations.

                    (e) TRANSFER OF OR CHANGE IN INTERESTS. The Managing Member
is authorized to adopt any convention or combination of conventions likely to be
upheld for federal income tax purposes regarding the allocation and/or special
allocation of items of Company income, gain, loss, deduction and expense with
respect to a newly issued interest in the Company, a transferred interest in the
Company and a redeemed interest in the Company. A transferee of an interest in
the Company shall succeed to the Capital Account of the transferor Member to the
extent it relates to the transferred interest.

                    (f) SYNDICATION AND ORGANIZATION EXPENSES. Syndication and
organization expenses as defined in Section 709 of the Code (and to the extent
necessary, as determined in the sole discretion of the Managing Member, any
other items) shall be allocated to the Capital Accounts of the Members so that,
as nearly as possible, the amount of such syndication and organization expenses
(and other items, if relevant) allocated with respect to each dollar of Capital
Commitment for each Member is the same amount.

                    (g) ALLOCATION PERIODS AND UNREALIZED ITEMS. Subject to
applicable Treasury Regulations and notwithstanding anything expressed or
implied to the contrary in this Agreement, the Managing Member may, in its sole
discretion, determine allocations to Capital Accounts based on an annual,
quarterly or other period and/or on realized and unrealized net increases or net
decreases (as the case may be) in the fair market value of Company property.

          Section 3.4 TAX ALLOCATIONS.

                    (a) Items of Company income, gain, loss, deduction and
expense shall be allocated, for federal, state and local income tax purposes,
among the Members in the same manner as the Net Income (and items thereof) and
Net Loss (and items thereof) of which such items are components were allocated
pursuant to Section 3.3; PROVIDED, HOWEVER, that solely for federal, state and
local income tax purposes, allocations shall be made in accordance with Section
704(c) of the Code and the Treasury Regulations promulgated thereunder, to the
extent so required thereby. Such allocations shall be made in such manner and
utilizing such permissible tax elections as determined in the sole discretion of
the Managing Member.

                                       21
<PAGE>

                    (b) Allocations pursuant to this Section 3.4 are solely for
federal, state and local tax purposes and shall not affect, or in any way be
taken into account in computing, any Member's Capital Account or share of Net
Income (and items thereof) or Net Loss (and items thereof).

                    (c) The Members are aware of the tax consequences of the
allocations made by this Section 3.4 and hereby agree to be bound by the
provisions of this Section 3.4 in reporting their shares of items of Company
income, gain, loss, deduction and expense.

          Section 3.5 VALUATION. For Capital Account and tax purposes, subject
to the discretion of the Managing Member, Company assets will be valued at their
respective cost bases until sale, disposition or other taxable event. Whenever
valuation of Company assets or net assets is required by this Agreement, the
Managing Member shall determine the fair market value thereof in good faith in
accordance with the following description:

                    (a) Valuation shall be determined with respect to Marketable
Securities (i) that are primarily traded on a securities exchange, at the
average of their closing sale prices on the principal securities exchange for
which they are traded for the five Business Days immediately preceding and
including the date of determination and the five Business Days after the date of
the determination or, if no sales occurred on any such day, the mean between the
closing "bid" and "asked" prices on such day; and (ii) the principal market for
which is or is deemed to be the over-the-counter market, at the average of their
closing sales prices on each Business Day during such period, as published by
NASDAQ or any similar organization, or if such price is not so published on any
such day, the mean between their closing "bid" and "asked" prices, if available,
on such day, which prices may be obtained from any reputable pricing service,
broker or dealer, and

                    (b) Valuation shall be determined with respect to all other
securities or other assets or interests in the Fund, other than cash and
securities, at the value determined by the Managing Member in good faith
considering all factors, information and data determined to be pertinent.

          Section 3.6 DETERMINATION BY MANAGING MEMBER OF CERTAIN MATTERS. All
matters concerning the computation of Capital Accounts and tax basis accounts,
the allocation of Gross Asset Values of Company assets, the allocation of items
of Company income, gain, loss, deduction and expense for tax purposes and the
adoption of any accounting procedures not expressly provided for by the terms of
this Agreement shall be determined by the Managing Member in its sole and
absolute discretion. Such determination shall be final and conclusive as to all
Members. Notwithstanding anything expressed or implied to the contrary in this
Agreement, in the event the Managing Member shall determine, in its sole and
absolute discretion, that it is prudent to modify the manner in which the
Capital Accounts and tax basis accounts, or any debits or credits thereto, are
computed in order to effectuate the intended economic sharing arrangement of the
Members as reflected in Article IV, the Managing Member may make such
modification.

                                       22
<PAGE>

                                   ARTICLE IV

                    Withdrawals and Distributions of Capital

          Section 4.1 WITHDRAWALS AND DISTRIBUTIONS IN GENERAL. (a) No Member
shall have the right to withdraw or demand distributions of any amount in its
Capital Account, except as expressly provided in this Article IV and in Article
VII.

                    (b) The Managing Member may withdraw any amount from its
Capital Account at any time.

          Section 4.2 CURRENT DISTRIBUTIONS OR PLAN.

                    (a) CASH DISTRIBUTIONS. The Company may make distributions
of cash revenues, reduced, in the sole and absolute discretion of the Managing
Member, by reserves, expenses, fees and taxes, if any, of the Company.

                    (b) GENERAL DISTRIBUTIONS. Subject to Section 4.3, net
proceeds attributable to the disposition of a Portfolio Investment, together
with any dividends or interest income earned with respect to such Portfolio
Investment, shall be distributed to all Members participating in such investment
PRO RATA in accordance with each Member's Capital Account after giving effect to
Organizational Expenses and any necessary reserves. Any return of capital
received by any class or series of the Company on or prior to the second
anniversary of the final closing date of THL Fund V may, in the discretion of
the Managing Partner, not be distributed, but may be treated, for all purposes,
as though such amounts had been distributed to, then recontributed by, the
Members.

                    (c) DISTRIBUTIONS IN KIND. The Managing Member intends
generally to avoid making in kind distributions of non-marketable securities. In
the event that at any time or from time to time the Managing Member makes a
distribution of property other than cash, such property shall be deemed to be
sold for its fair market value on the date of such distribution, and any gain or
loss attributable to such deemed sale shall be included in determining Net
Income or Net Loss for the applicable Fiscal Year for purposes of Article III.
Any in kind distribution shall be made pursuant to Section 4.2(b) after giving
effect to the allocation of Net Income or Net Loss pursuant to Article III.

          Section 4.3 RESTRICTIONS ON DISTRIBUTIONS. The foregoing provisions of
this Article IV to the contrary notwithstanding, no distribution shall be made:
(a) if such distribution would violate any contract or agreement to which the
Company is then a party or any law, rule, regulation, order or directive of any
governmental authority then applicable to the Company; (b) to the extent that
the Managing Member, in its sole and absolute discretion, determines that any
amount otherwise distributable should be retained by the Company to pay, or to
establish a reserve for the payment of, any liability or obligation of the
Company, whether liquidated, fixed, contingent or otherwise; (c) to hedge an
existing investment; or (d) to the extent that the Managing Member, in its sole
and absolute discre-

                                       23

<PAGE>

tion, determines that the cash available to the Company is insufficient to
permit such distribution.

                                   ARTICLE V

                            Admission of New Members

          Section 5.1 ADMISSION OF MEMBERS.

                    (a) Members will be admitted to the Company (i) as of the
Initial Closing and (ii) at any time after the Initial Closing at the sole and
absolute discretion of the Managing Member, subject only to the condition that
each new Member agrees to be bound by the terms and provisions hereof, including
the requirement that such new Member pay its allocable portion of Organizational
Expenses and, in the discretion of the Managing Member, an implied interest
charge at a rate of 10% per annum assessed on the amount of such Capital
Commitment which will be for the benefit of the other Members. Such agreement to
be bound shall be deemed to occur upon admission of such Member, which shall
occur as of the date such person is named in the books and records of the
Company. Such new Members will have the same rights and obligations of all the
Members admitted at the Initial Closing except that such new Members will not
participate in Portfolio Investments made prior to their investment in the
Company. The Managing Member, in its sole and absolute discretion, may at any
time admit or refuse to admit a transferee of an interest as a Member or a
substitute Member, or it may replace a terminated Member pursuant to Section
6.1(b) with a substitute Member. Such agreement to be bound shall be deemed to
occur upon admission of such Member, which shall occur as of the date such
person is named in the books and records of the Company. Such new Members will
have the same rights and obligations of all the Members admitted at the Initial
Closing except that such new Members will not participate in Portfolio
Investments made prior to their investment in the Company. The Managing Member,
in its sole and absolute discretion, may at any time admit or refuse to admit a
transferee of an interest as a Member or a substitute Member, or it may replace
a terminated Member pursuant to Section 6.1(b) with a substitute Member.

                    (b) The Managing Member may appoint and admit a new Managing
Member immediately prior to its transfer of its interest if such new Managing
Member satisfies the requirements set forth in Section 1.7(b).

24
<PAGE>

                                   ARTICLE VI

                         Withdrawal, Death, Incompetency

          Section 6.1 WITHDRAWAL OF MEMBERS.

                    (a) A Member shall not have the right to withdraw from the
Company except with the prior written consent of the Managing Member, which
consent may be granted or withheld in its sole and absolute discretion.

                    (b) The Managing Member may terminate all or any portion of
the interest of any Member in the Company or any class or series thereof, upon
at least 30 days' prior written notice, at the end of any Fiscal Quarter in
which such notice is given. In such an instance the terminated Member shall not
contribute additional capital and will retain only a PRO RATA economic interest
in invested capital less fees and expenses with respect to such capital. In the
event of the termination of a Member by the Managing Member, in accordance with
this Section 6.1, 90% of such Member's Capital Account balance on the date of
termination of such Member shall be paid within 90 days thereof or as soon
thereafter as the Company has funds available therefor. The remaining 10% of the
balance of such Member's Capital Account shall be paid upon completion of the
next year-end audit. Notwithstanding the foregoing, a Nonfunding Member shall be
treated as set forth in Section 3.1(f). The Manager may, in the alternative,
sell the terminated Member's interest to a non-Member or offer to sell it to one
or more existing Members in its sole discretion.

          Section 6.2 EFFECT OF DEATH, ETC.

                    (a) The death, disability, incapacity, incompetency,
bankruptcy, insolvency or dissolution of a Member shall not dissolve the Company
or series or class thereof. The legal representatives, if any, of a Member shall
succeed as assignee to the Member's interest in the Company upon the death,
incapacity, incompetency, bankruptcy, insolvency or dissolution of a Member, but
shall not be admitted as a substituted member without the consent of the
Managing Member in its sole and absolute discretion.

                    (b) From and after the effective date of withdrawal of a
Member the interest of a such Member, including without limitation, any interest
held by the legal representative of such Member, shall not be included in
calculating the Company interests of the Members required to take any action
under this Agreement.

          Section 6.3 LIMITATIONS ON WITHDRAWAL OF CAPITAL ACCOUNTS. The right
of any Member or the legal representatives of such Member to have distributed
any of such Member's Capital Accounts pursuant to this Article VI is subject to
the provision by the Managing Member for all Company liabilities in accordance
the Delaware Limited Liability Company Act, and for reserves for contingencies
established by the Managing Member in good faith.

                                       25
<PAGE>

          Section 6.4 WITHDRAWAL, REMOVAL OR REPLACEMENT OF MANAGING MEMBER. The
Managing Member may resign or withdraw effective at any time upon 30 days' prior
written notice to the Members. The Members shall have no right to remove or
replace the Managing Member or to continue the Company upon the resignation,
withdrawal, bankruptcy or insolvency of the Managing Member.

                                  ARTICLE VII

                       Duration and Termination of Company

          Section 7.1 DURATION. The term of the Fund will be unlimited unless
terminated in accordance with the Delaware Limited Liability Company Act. There
shall be a dissolution of a class or a series of the Company and its affairs
shall be wound up upon the first to occur of any of the following events:

               (i) The termination or liquidation of the THL Fund V; or

               (ii) The withdrawal or dissolution and commencement of winding up
     of the Managing Member, or the assignment by the Managing Member of its
     entire interest in the class or series Company in contravention of this
     Agreement, or the occurrence of any other event that causes the Managing
     Member to cease to be a managing member of the class or series under the
     Act UNLESS, within 90 calendar days after the occurrence of such event, a
     substitute managing member is appointed by the Managing Member effective as
     of such event; or

               (iii) A decision, made by the Managing Member in its sole
     discretion, to dissolve the class or series; or

               (iv) The entry of a decree of judicial dissolution.

          Section 7.2 TERMINATION. On termination of the business of the Company
(or any class or series thereof), the Managing Member shall, within no more than
30 days after completion of a final audit of the Company's books and records
(which shall be performed within 90 days of such termination), make
distributions, out of Company assets, with respect to each class or series, in
the following manner and order:

                    (a) to payment and discharge of the claims of all creditors
of the class or series of the Company who are not Members;

                    (b) to payment and discharge of the claims of all creditors
of the class or series of the Company who are Members;

                                       26
<PAGE>

                    (c) to the Members of such class or series or their legal
representatives in accordance with the positive balances in their respective
Capital Accounts as determined after taking into account all adjustments to
Capital Accounts for all periods.

          In the event that the Company is terminated on a date other than the
last day of a Fiscal Year, the date of such termination shall be deemed to be
the last day of a Fiscal Year for purposes of adjusting the Capital Accounts of
the Members pursuant to Article III of this Agreement.

          Section 7.3 LIQUIDATING DISTRIBUTIONS IN KIND. Any property other than
cash distributed pursuant to Section 7.2 shall be deemed to be sold for its fair
market value on the date of such distribution, and any gain or loss attributable
to such deemed sale shall be included in determining Net Income or Net Loss for
the Fiscal Year of termination for purposes of Article III. Any in kind
distribution shall be made pursuant to Section 7.2 after giving effect to the
allocation of Net Income or Net Loss pursuant to Article III.

                                  ARTICLE VIII

                         Tax Returns; Reports to Members

          Section 8.1 INDEPENDENT ACCOUNTANTS. The books and records of the
Company shall be audited by independent certified accountants selected by the
Managing Member, as of the end of each Fiscal Year.

          Section 8.2 FILING OF TAX RETURNS. The Managing Member shall prepare
and file, or cause the accountants of each class or series of the Company to
prepare and file, all information tax returns required by federal, state, local
and foreign income tax law for each taxable year of the Company.

          Section 8.3 TAX MATTERS MEMBER. The Managing Member shall be
designated as the tax matters member for each class or series of the Company
(the "TAX MATTERS MEMBER") as provided in Section 6231(a)(7) of the Code. Each
Person (for purposes of this Section 8.3, called a "PASS-THRU MEMBER") that
holds or controls an Interest on behalf of, or for the benefit of another Person
or Persons, or which Pass-Thru Member is beneficially owned (directly or
indirectly) by another Person or Persons shall, within 30 days following receipt
from the Tax Matters Member of a notice or document, convey such notice or other
document in writing to all holders of beneficial interests in any class or
series of the Company holding such interest through such Pass-Thru Member. In
the event that a class or series of the Company shall be the subject of an
income tax audit by any federal, state or local authority, to the extent such
class or series of the Company is treated as an entity for purposes of such
audit, including administrative settlement and judicial review, the Tax Matters
Member 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.

                                       27
<PAGE>

          Section 8.4 ANNUAL REPORTS TO MEMBERS. Within 90 days after the end of
each Fiscal Year (which period may be extended to 180 days), the Company shall
prepare and mail to each Person who was a Member during such Fiscal Year, or
shall cause others to do so, a financial report setting forth the following:

                    (a) a balance sheet of the Company as of the close of such
Fiscal Year; and

                    (b) a statement showing the Net Income or Net Loss for such
Fiscal Year in reasonable detail.

          The financial report for the Company for each Fiscal Year shall be
accompanied by the report thereon of the independent accountants selected by the
Managing Member and a statement, addressed separately to each Member, of the
amount of each of the Capital Accounts of such Member as of the close of such
Fiscal Year. The Company shall not be required to provide to any Member in
writing any listing of its assets or liabilities or any portion thereof.

          Section 8.5 TAX REPORTS AND MONTHLY LETTERS TO MEMBERS. Within 90 days
after the end of each Fiscal Year (which period may be extended to 120 days) the
Company shall prepare and mail, or cause its accountants to prepare and mail, to
each Person who was a Member during such Fiscal Year (or such Member's legal
representatives), a report setting forth in sufficient detail such information
as shall enable such Member (or such Member's legal representatives) to prepare
their respective federal, state and local income tax returns in accordance with
the laws, rules and regulations then prevailing.

                                   ARTICLE IX

                                  Miscellaneous

          Section 9.1 GENERAL. This Agreement: (i) shall be binding on the
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 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 all of the Members.

          Section 9.2 POWER OF ATTORNEY. Each of the Members hereby appoints the
Managing Member, or any of its officers, if any, (and any substitute or
successor managing member or any officer thereof or of the Company) each acting
individually, as the true and lawful representative of such Member and
attorney-in-fact, in such Member's name, place and stead:

                                       28
<PAGE>

                    (a) to receive and pay over to the Company on behalf of such
Member, to the extent set forth in this Agreement, all funds received hereunder,

                    (b) to complete or correct, on behalf of such Member and in
accordance with such Member's instructions, all documents to be executed by such
Member in connection with such Member's subscription for an interest in the
Company, including, without limitation, filling in or amending amounts, dates,
and other pertinent information,

                    (c) to make, execute, sign, acknowledge, swear to and file:
(i) a Certificate of Limited Company of the Company and all amendments thereto
as may be required under the Delaware Limited Liability Company Act including,
without limitation, any such filing for the purpose of admitting the undersigned
and others as Members and describing their initial or any increased Capital
Contributions; (ii) any and all instruments, certificates, and other documents
which may be deemed necessary or desirable to effect the winding-up and
termination of the Company (including, but not limited to, a Certificate of
Cancellation of the Certificate of Limited Liability Company); (iii) any
business certificate, fictitious name certificate, amendment thereto, or other
instrument, agreement or document of any kind necessary or desirable to
accomplish the business, purpose and objectives of the Company, or required by
any applicable federal, state or local law; (iv) any counterparts of this
Agreement and any amendments to which such Member is a signatory which have been
adopted as provided in this Agreement, (v) any amendments to any such amendments
(as provided in the Company Agreement); and (vi) all other filings with agencies
of the federal government, of any state or local government, or of any other
jurisdiction, which the Managing Member considers necessary or desirable to
carry out the purposes of this Agreement, and the business of the Company, and

                    (d) to borrow money on behalf of a Nonfunding Member
pursuant to Section 3.1(f).

          The power of attorney hereby granted by each of the Members is coupled
with an interest, is irrevocable, shall survive the transfer of the Member's
interest in the Company and shall survive, and shall not be affected by, the
subsequent death, disability, incapacity, incompetency, termination, bankruptcy,
insolvency or dissolution of such Member.

          Such representative and attorney-in-fact shall not have any right,
power or authority to amend or modify this Agreement when acting in such
capacity.

          Section 9.3 AMENDMENTS TO AGREEMENT. The terms and provisions of this
Agreement may be modified or amended at any time and from time to time (i)(A)
with the written consent of Members holding a majority of the Unaffiliated
Limited Liability Company Interests or (B) by notice mailed to the address of
record of each Member which is not objected to in writing within 30 days of
mailing by Members holding a majority of the Unaffiliated Limited Liability
Company Interests and (ii) with the written consent of the Managing Member;
PROVIDED, HOWEVER, that without the consent of the Members the Managing Member
may amend the Agreement or the Schedule hereto to (i) reflect changes

                                       29

<PAGE>

validly made in the membership of the Company and the Capital Contributions of
the Members; (ii) reflect a change in the name of the Company; (iii) make a
change that is necessary or, in the opinion of the Managing Member, advisable to
qualify the Company as a limited liability company in which the Members have
limited liability under the laws of any state, or ensure that the Company will
not be treated as an association taxable as a corporation for federal income tax
purposes; (iv) make a change that does not adversely affect the Members in any
material respect; (v) make a change that is necessary or desirable to cure any
ambiguity or mistake, or to correct or supplement any provision in this
Agreement that would be inconsistent with any other provision in this Agreement
or that is necessary or desirable to satisfy any requirements, conditions or
guidelines contained in any opinion, directive, order, ruling or regulation of
any federal or state statute, so long as such change is made in a manner which
minimizes any adverse effect on the Members; or that is required or contemplated
by this Agreement; (vi) 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; (vii) prevent the Company or
the Managing Member from in any manner being (A) deemed an "investment company"
subject to registration and regulation under the provisions of the Investment
Company Act, (B) treated as a "publicly traded partnership" for purposes of
Section 7704 of the Code, or (C) subject to federal income tax as an association
taxable as a corporation; or (viii) make any other amendments similar to the
foregoing. To the extent an amendment relates to particular classes or series
only those classes or series affected shall vote thereon, with such
determination to be made by the Managing Member in its sole discretion. The same
voting procedures shall apply to class specific amendments as above. Each
affected Member, however, must consent to any amendment which would (a) reduce
such Member's Capital Account or rights of contribution or withdrawal; (b)
reduce the protections provided by this sentence and the following sentence to
such Member; (c) result in the Company being treated as an association taxable
as a corporation for federal income tax purposes; (d) reduce the right of such
Member to share in the profits of the Company; or (e) increase such Member's
liability with respect to losses and expenses of the Company. Notwithstanding
any provision in this Agreement to the contrary, no amendment to this Agreement
shall increase the liability of a Member without such Member's consent.

          Section 9.4 CHOICE OF LAW. Notwithstanding the place where this
Agreement may be executed by any of the parties thereto, 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 Delaware
Limited Liability Company Act as now adopted or as may be hereafter amended
shall govern the limited liability company aspects of the Agreement.

          Section 9.5 SURVIVAL. All indemnities and reimbursement obligations
made pursuant to this Agreement shall survive dissolution and liquidation of the
Company until expiration of the longest applicable statute of limitations
(including extensions and waivers) with respect to the matter for which a party
would be entitled to be indemnified or reimbursed, as the case may be.

                                       30
<PAGE>

          Section 9.6 NOTICES. Each notice relating to this Agreement shall be
in writing and delivered in person, by facsimile, by courier, Federal Express or
similar delivery service or by registered or certified mail. The receipt of any
notice transmitted by facsimile must be confirmed by any means acceptable in the
preceding sentence to be effective, PROVIDED, HOWEVER, that such a confirmation
does not, in turn, have to be confirmed. 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 provided to the
Company by such Member and set forth in the books and records of the Company.
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 faxed or mailed by
registered or certified mail to the proper address, the Business Day after
deposit with an overnight courier or when delivered in person.

          Section 9.7 GOODWILL. No value shall be placed on the name or goodwill
of the Company, which shall belong exclusively to the Managing Member.

          Section 9.8 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 constructing the terms and provisions of this Agreement.

          Section 9.9 CONSTRUCTION AND INTERPRETATION. If any question should
arise with respect to the operation of the Company, which is not otherwise
specifically provided for in this Agreement, or with respect to the
interpretation of this Agreement, the Managing Member is hereby authorized to
make a final determination with respect to any such question and to interpret
this agreement in such a manner as it shall deem fair and equitable, and its
determination and interpretations so made shall be final and binding on all
parties. Whenever possible, the provisions of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Agreement shall be unenforceable or invalid under
said applicable law, such provision shall be ineffective only to the extent of
such unenforceability or invalidity, and the remaining provisions of this
Agreement shall continue to be binding and in full force and effect.

          Section 9.10 CONFIDENTIALITY. No Member shall have the right in
inspect the books and records of the Company with respect to another Member's
Capital Account. Nothing in this Section 9.10 shall prevent a Member from
inspecting the books and records with respect to the Member's own Capital
Account.

          Section 9.11 CONSENT OF JURISDICTION. All Members expressly agree that
all disputes hereunder with respect to the Company's interpretation of this
Agreement or any other matters related to the Company or this Agreement shall be
brought in the Court of Chancery, New Castle County, Delaware.

                                       31
<PAGE>

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

MANAGING MEMBER:                           MEMBER:

Putnam Investment Holdings, LLC
                                           -------------------------------------
                                           Print Name of Member

By:                                        By:
   -------------------------------         -------------------------------------
   Name:  William H. Woolverton               Signature of Member
   Title: Vice President                     or Authorized signatory

                                           -------------------------------------
                                           Print Name of Authorized Signatory

                                           -------------------------------------
                                           Title of Authorized Signatory

<PAGE>

             Putnam Investments Employees' Securities Company I LLC

                        SCHEDULE OF CAPITAL CONTRIBUTIONS

                                          Dated ______________, _______

                                     Part I

                                 MANAGING MEMBER

                                          Amount of                   Total
                                           Capital                   Capital
Name and Address                          Commitment              Contributions
----------------                          ----------              -------------

Putnam Investment Holdings, LLC
One Post Office Square
Boston, Massachusetts 02109

                                       PART II

                                       MEMBERS

                                          Amount of                   Total
                                           Capital                   Capital
Name and Address                          Commitment              Contributions
----------------                          ----------              -------------

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