Document:

Exhibit 10.2

                    LIMITED LIABILITY COMPANY AGREEMENT

                                     OF

            GOLDMAN SACHS GLOBAL EQUITY LONG/SHORT PARTNERS, LLC

                         Dated as of August 1, 2001

                             TABLE OF CONTENTS

                                                                            Page
                                                                            ----

ARTICLE I   General Provisions................................................1

   Section 1.01   Company Name and Address....................................1
   Section 1.02   Fiscal Year.................................................1
   Section 1.03   Liability of Members........................................1
   Section 1.04   Purposes of the Company.....................................2
   Section 1.05   Assignability of Units; Assignment by Managing Member.......2
   Section 1.06   Registered Office and Agent for Service of Process..........3

ARTICLE II   Management of the Company........................................3

   Section 2.01   Management Generally........................................3
   Section 2.02   Delegation by Managing Member...............................3
   Section 2.03   Authority of the Managing Member............................3
   Section 2.04   Reliance by Third Parties...................................5
   Section 2.05   Activity of the Managing Member.............................5
   Section 2.06   Standard of Care; Indemnification...........................5
   Section 2.07   Management Fee; Payment of Costs and Expenses...............7
   Section 2.08   Principal Transactions and Other Related Party
                  Transactions................................................8
   Section 2.09   Termination of the Managing Member..........................9

ARTICLE III   Series of Units; Admission of New Members.......................9

   Section 3.01     Series of Units...........................................9
   Section 3.02   Conversion of Series.......................................10
   Section 3.03   New Members................................................10

ARTICLE IV   Capital Accounts of Members and Operation Thereof...............10

   Section 4.01   Definitions................................................10
   Section 4.02   Capital Contributions......................................11
   Section 4.03   Capital Accounts...........................................11
   Section 4.04   Membership Percentages.....................................12
   Section 4.05   Allocation of Net Capital Appreciation or Net Capital
                  Depreciation...............................................12
   Section 4.06   Amendment of Incentive Allocation..........................13
   Section 4.07   Determination of Net Assets................................13
   Section 4.08   Determination of Net Asset Value...........................15
   Section 4.09   Allocation for Tax Purposes................................15
   Section 4.10   Determination by Managing Member of Certain Matters;
                  Managing Member's Discretion...............................15
   Section 4.11   Adjustments to Take Account of Interim Year Events.........16
   Section 4.12   Tax Withholding............................................16

ARTICLE V   Redemptions and Distributions....................................16

   Section 5.01   Redemptions and Distributions in General...................16
   Section 5.02   Redemptions................................................17
   Section 5.03   Limitation on Redemptions..................................17
   Section 5.04   Distributions..............................................18

ARTICLE VI   Withdrawal, Death, Disability...................................19

   Section 6.01   Withdrawal, Death, etc. of Members.........................19
   Section 6.02   Required Withdrawals.......................................20
   Section 6.03   Effective Date of Withdrawal...............................20
   Section 6.04   Limitations on Withdrawals.................................20

ARTICLE VII   Duration and Dissolution of the Company........................20

   Section 7.01   Duration...................................................20
   Section 7.02   Dissolution................................................21

ARTICLE VIII   Tax Returns; Reports to Members...............................21

   Section 8.01   Independent Auditors.......................................21
   Section 8.02   Filing of Tax Returns......................................21
   Section 8.03   Tax Matters Partner........................................22
   Section 8.04   Financial Reports to Current Members.......................22
   Section 8.05   Tax Reports to Members and Former Members..................22

ARTICLE IX   Miscellaneous...................................................22

   Section 9.01   General....................................................22
   Section 9.02   Power of Attorney..........................................22
   Section 9.03   Amendments to Limited Liability Company Agreement..........23
   Section 9.04   Instruments................................................24
   Section 9.05   No Personal Liability For Return of Capital................24
   Section 9.06   Choice of Law..............................................24
   Section 9.07   Waiver of Trial by Jury....................................25
   Section 9.08   No Third Party Rights......................................25
   Section 9.09   Notices....................................................25
   Section 9.10   Counterparts...............................................25
   Section 9.11   Grantors of Revocable Trusts...............................25
   Section 9.12   Goodwill...................................................25
   Section 9.13   Headings...................................................25
   Section 9.14   Pronouns...................................................26
   Section 9.15   Confidentiality............................................26

<PAGE>

                   LIMITED LIABILITY COMPANY AGREEMENT OF

            GOLDMAN SACHS GLOBAL EQUITY LONG/SHORT PARTNERS, LLC

                         Dated as of August 1, 2001

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

                                 ARTICLE I

                             General Provisions

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

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

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

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

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

          As  used  in this  Section  1.03,  the  terms  "interests  in the
Company"  and  "interest  in the  Company"  shall mean with  respect to any
fiscal year (or relevant  portion  thereof) and with respect to each Member
(or former Member) for any given series of Units,  the Capital  Account (as
defined in Section  4.03) that such  Member (or former  Member)  would have
received (or in fact did receive)  pursuant to the terms and  provisions of
Article VI upon  withdrawal  from the  Company as of the end of such fiscal
year (or relevant portion thereof).

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

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

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

          Section  1.05  Assignability  of Units;  Assignment  by  Managing
Member.

          (a) Except as provided in paragraph (b) below,  without the prior
written consent of the Managing  Member,  which may be withheld in its sole
and  absolute  discretion,  with or  without  cause,  a Member  may not (i)
pledge,  transfer or assign its Units in the Company in whole or in part to
any person  except by  operation of law. Any  attempted  pledge,  transfer,
assignment or  substitution  not made in accordance  with this Section 1.05
shall be void.

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

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

                                 ARTICLE II

                         Management of the Company

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

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

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

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

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

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

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

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

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

          (g)  allocate  the  Company's  assets  to  Advisors  and  limited
liability  companies  or other  entities  managed  by the  Managing  Member
through  which  the  Company  accesses  Advisors  ("Portfolio  Companies"),
oversee such  allocations and, from time to time, in the sole discretion of
the Managing Member,  reallocate the Company's assets among existing or new
Advisors or Portfolio Companies;

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

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

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

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

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

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

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

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

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

          Section 2.06 Standard of Care; Indemnification.

          (a) None of the Managing Member (including,  without  limitation,
in  its  capacity  as  the   Administrator)  or  its  Affiliates  (each  an
"Indemnified  Person" and collectively the "Indemnified  Persons") shall be
liable  to the  Company  or to the  Members  for (i)  any  act or  omission
performed or failed to be performed by such person (other than any criminal
wrongdoing),  or for any losses,  claims,  costs,  damages,  or liabilities
arising  therefrom,  in the  absence of any  criminal  wrongdoing,  willful
misfeasance  or gross  negligence on the part of such person,  (ii) any tax
liability  imposed on the  Company or any Member or (iii) any losses due to
the actions or  omissions of the  Advisors,  any brokers or other agents of
the Company.

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

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

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

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

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

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

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

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

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

          Section 2.07 Management Fee;  Payment of Costs and Expenses.  The
Company  shall pay to the Managing  Member a fee,  payable in arrears,  for
investment  management and other management services (the "Management Fee")
calculated and paid on a monthly basis of approximately 0.10417% (1.25% per
annum)  of the Net  Assets  of the  Company  as of the  end of each  month,
appropriately  adjusted to reflect capital appreciation or depreciation and
any   subscriptions  or  redemptions.   For  purposes  of  determining  the
Management Fee, Net Assets shall be reduced for any  Administration Fee (as
defined in the Company's  Confidential  Private  Placement  Memorandum) for
such  month,  but shall not be  reduced to reflect  any  accrued  Incentive
Allocation (as defined in Section  4.05(b)) and any Management Fee for such
month.

          If a Member is admitted to, or withdraws  from, the Company as of
a date other than the first day of a month,  the portion of the  Management
Fee and Administration Fee determined with respect to such Member's Capital
Account shall be appropriately pro-rated to take into account the number of
days  in  such  month  during  which  such  Member  was a  Member.  Partial
withdrawals will result in similar pro-ration.

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

          The  Managing  Member  shall  bear  its own  overhead  costs  and
expenses and provide to the Company news,  quotation and computer equipment
and services  (except to the extent paid for through the  permitted  use of
soft dollars),  office space and utilities,  and  secretarial  and clerical
personnel.

          The Company shall bear its operating expenses,  including but not
limited  to  legal  expenses,   professional   fees   (including,   without
limitation,  expenses of consultants and experts)  relating to investments,
accounting,  auditing and tax  preparation  expenses,  custodial  expenses,
taxes,  printing and mailing expenses,  fees and out-of-pocket  expenses of
any service company retained to provide accounting and bookkeeping services
to  the  Company,  investment  expenses  (e.g.,  expenses  related  to  the
investment of the Company's assets, such as fees to the Advisors, brokerage
commissions,  expenses  relating to short sales,  clearing  and  settlement
charges,  custodial fees, bank service fees,  interest expenses,  borrowing
costs and  extraordinary  expenses) and other expenses  associated with the
operation of the Company. Expenses are allocated pro rata among each series
of Units based on the NAV of each  series,  prior to the  reduction  of any
year-to-date Incentive Allocation.

          In addition,  the Company will bear its  organizational  expenses
and the expenses  incurred in connection  with the offer and sale of Units,
including  printing  costs and legal fees and expenses of the Company,  the
Managing  Member and any placement agent and other expenses of the offering
of Units.  In  addition,  the  Company  will bear,  indirectly  through its
investment in each Portfolio Company, its pro rata portion of the offering,
organizational and operating expenses of each Portfolio Company,  including
the expenses of the type described in this and the prior paragraph.

          To the extent  that  expenses to be borne by the Company are paid
by the Managing  Member in excess of its ratable  share,  the Company shall
reimburse the Managing  Member for such expenses.  The Managing  Member may
elect,  from  time to  time,  to bear  certain  of the  Company's  expenses
described above.

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

          Section 2.09 Termination of the Managing Member. Upon the written
consent of the Members  having at least  66-2/3% of the voting power of the
outstanding  Units (other than the Units held by Goldman,  Sachs & Co., its
Affiliates,  employees or  officers),  based on the NAV of such Units,  the
Managing  Member will be required to  withdraw  from the  Company,  and the
Company will be wound-up and  terminated  in  accordance  with Article VII,
unless the  Members  having at least  66-2/3%  of the  voting  power of the
outstanding  Units (other than the Units held by Goldman,  Sachs & Co., its
Affiliates,  employees or officers),  based on the NAV of such Units, agree
in writing to continue the  business of the Company and to the  appointment
of one or more new  managing  members.  If the  withdrawal  of the Managing
Member  pursuant to this  Section  2.09 occurs prior to the end of a month,
the Managing  Member shall receive the amount of the Management Fee and any
applicable  Administration  Fee prorated  through the date of the effective
date of the withdrawal  pursuant to Section 6.03,  and the Managing  Member
shall  receive the  Incentive  Allocation  for the fiscal year in which the
withdrawal occurred calculated in accordance with Section 4.05(c) as if the
date of withdrawal were the last day of the fiscal year.

                                ARTICLE III

                 Series of Units; Admission of New Members

          Section  3.01  Series of Units.  An initial  series of Units (the
"Initial  Series") will be issued on the initial  closing date. The initial
purchase  price per Unit for the Initial Series of Units shall be $100. The
Managing  Member  may,  at any  time and  from  time to  time,  in its sole
discretion,  elect to raise additional capital for the Company from Members
and from new  subscribers on such terms and conditions as may be determined
by the Managing Member in its sole discretion.  Generally,  a new series of
Units will be issued on each date an existing  Member  makes an  additional
Capital Contribution in accordance with Section 4.02 and on each date a new
Member is admitted to the Company in accordance  with Section 3.03,  except
that the Managing Member may issue  additional  Units of an existing series
provided that such  issuance does not have an adverse  effect on the NAV or
Prior High NAV (as defined in Section  4.05(b)(i))  of Units of any Member.
Each Unit will carry equal  rights and  privileges  with each other Unit of
the same series.  Units issued at the  beginning of any fiscal year will be
offered  at the then  current  NAV per Unit of the  Initial  Series if such
Initial  Series is at or above its Prior High NAV per Unit.  If the Initial
Series is not at or above its Prior High NAV per Unit, Units will be issued
in the next  offered  series  that is at or above its Prior High NAV. If no
series  of Units is at or  above  its  Prior  High NAV at such  time,  such
additional  Units will be issued as a  separate  series at a price per Unit
determined by the Managing  Member,  in its sole  discretion.  Fractions of
Units may be issued to one ten-thousandth of a Unit.

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

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

                                 ARTICLE IV

                        Capital Accounts of Members
                           and Operation Thereof

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

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

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

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

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

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

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

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

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

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

          Section 4.03 Capital  Accounts.  (a) A separate  capital  account
(herein  called a "Capital  Account")  shall be established on the books of
the Company for each  series of Units.  The Capital  Account of each series
shall  initially  be an amount equal to the initial  Capital  Contributions
with respect to such series.  The Capital  Account of a series shall be (i)
increased  as of the  beginning  of each  Accounting  Period to reflect any
additional  Capital  Contributions  pursuant to Section  4.02 in respect of
such  series,  (ii)  increased as of the end of each  Accounting  Period to
reflect the Net Capital  Appreciation of such series, (iii) decreased as of
the beginning of each  Accounting  Period to reflect the  redemption of any
Units of such series,  pursuant to Section 5.02,  (iv)  decreased as of the
end of each  Accounting  Period to reflect the amount of any  distributions
pursuant to Section  5.04 in respect of such series  (including  any deemed
distributions  of taxes paid by the Company  pursuant to Section 5.04(c) in
respect  of  such  series);  (v)  decreased  for any  Incentive  Allocation
pursuant to Section  4.05(b) in respect of such series;  and (vi) decreased
as of the  end of  each  Accounting  Period  to  reflect  the  Net  Capital
Depreciation of such series.

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

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

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

          Section 4.04  Membership  Percentages.  A  Membership  Percentage
shall be determined  for each Member for any given series of Units for each
Accounting  Period of the Company by dividing  the number of Units owned by
such Member  within a given series by the aggregate  number of  outstanding
Units of such series as of the  beginning of such  Accounting  Period.  The
aggregate  Membership  Percentages for each series of Units shall equal 100
percent.

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

          (a) Any Net Capital Appreciation or Net Capital Depreciation,  as
the case may be, for an  Accounting  Period  shall be  allocated  among the
different  series of Units pro rata in accordance with the relative Capital
Accounts of each series at the beginning of such Accounting Period.

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

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

          (c) In the event that the Company is dissolved  other than at the
end of a fiscal year,  or the  effective  date of a Member's  redemption of
Units  is other  than a fiscal  year-end,  then  the  Incentive  Allocation
described  above shall be determined and made as if such date were a fiscal
year-end.

          (d)  Notwithstanding  anything  to the  contrary  herein,  to the
extent that the Company  invests in "Hot  Issues" (as defined  below),  and
there are Members who are restricted persons within the meaning of National
Association of Securities Dealers,  Inc. (the "NASD") Conduct Rule 2110 and
the interpretation set forth thereunder in IM-2110-1 entitled  "Free-Riding
and Withholding" (collectively, the "Interpretation")),  investments in Hot
Issues  will be made  through a special  account  and  profits  and  losses
attributable to Hot Issues will not be allocated to the Capital Accounts of
Members  who are  restricted  from  participating  in Hot Issues  under the
Interpretation.  Only those  Members who are not  restricted  persons shall
have any beneficial interest in such an account.  Notwithstanding  anything
in this  Agreement  to the  contrary,  the  Managing  Member shall have the
right,  without the consent of the Members, to make such amendments to this
Agreement,  and to take  such  other  actions,  as it deems  advisable  and
appropriate,  in its sole  discretion,  to  implement  the purposes of this
Section  4.05(d).  A "Hot  Issue"  is any of  the  securities  of a  public
offering  which trade at a premium in the  secondary  market  whenever such
secondary market begins,  or otherwise as such term may be interpreted from
time to time under the then current rules of the NASD.

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

          Section 4.07 Determination of Net Assets.

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

               (i) The value of the  Company's  investment  in a  Portfolio
          Company or other  investment fund shall be equal to the Company's
          proportionate  interest  in the NAV of the  Portfolio  Company or
          investment  fund,  determined  in  accordance  with the terms and
          conditions  of  the  respective   governing   agreement  of  each
          Portfolio  Company  or  investment  fund,  as it may be  amended,
          supplemented or otherwise modified from time to time.

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

               (iii) All other assets or  liabilities  of the Company shall
          be valued by the Administrator in its sole discretion.

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

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

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

               (vii) Distributions made pursuant to Section 5.04 (including
          deemed tax distributions  pursuant to Section 5.03(c)) other than
          as of the beginning of an  Accounting  Period shall be treated as
          an advance and as an asset of the Company, until the beginning of
          the Accounting Period following the date of distribution.

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

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

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

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

          Section 4.09  Allocation  for Tax  Purposes.  (a) For each fiscal
year, items of income,  deduction,  gain, loss or credit shall be allocated
for income tax  purposes  among the Members in such manner as to  equitably
reflect the amounts  credited or debited to each Member's  Capital  Account
for the current and prior  fiscal  years (or  relevant  portions  thereof).
Allocations under this Section 4.09 shall be made by the Managing Member in
accordance  with the  principles of Sections  704(b) and 704(c) of the Code
and  in  conformity  with  applicable  Regulations  promulgated  thereunder
(including,    without    limitation,    Treasury    Regulation    Sections
1.704-1(b)(2)(iv)(f)(4), 1.704-1(b)(4)(i) and 1.704-3(e)).

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

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

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

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

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

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

                                 ARTICLE V

                       Redemptions and Distributions

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

          Section 5.02 Redemptions.

          (a)  Subject  to  Sections  5.02(c)  and  5.03,  as of  the  time
immediately  prior to the opening of business on the first day of the first
calendar  quarter  beginning  on or  after  the  first  anniversary  of the
purchase  of such  Units  by the  Member  and,  thereafter,  as of the time
immediately  prior to the  opening  of  business  on the  first  day of any
calendar  quarter (each, a "Redemption  Date"),  each Member shall have the
right,  upon 45 days' prior written  notice to the Managing  Member (unless
such notice is waived by the Managing  Member in its sole  discretion),  to
redeem some or all of its Units. No partial  redemption  shall be permitted
if  thereafter  the  aggregate  NAV  of the  remaining  Units  held  by the
redeeming  Member would be less than  $500,000,  unless such  limitation is
waived by the Managing Member in its sole discretion. Units of a particular
series will be redeemed at a per Unit price (the "Redemption  Price") based
upon  the  NAV of  such  series  as of the  close  of  business  on the day
immediately  preceding the applicable  Redemption Date, after reduction for
any Management Fee,  Administration Fee and Incentive  Allocation and other
liabilities of the Company to the extent accrued or otherwise  attributable
to the Units  being  redeemed  on a pro rata  basis  (calculated  as if the
Redemption Date was the last day of the fiscal year). If a redeeming Member
owns Units of more than one  series,  unless  otherwise  specified  by such
Member in writing,  Units shall be redeemed on a "first in-first out" basis
for purposes of determining the Redemption Price. The Company will endeavor
to  pay  90%  of the  redemption  proceeds  (calculated  on  the  basis  of
estimated,  unaudited  data),  valued as the close of  business  on the day
immediately  preceding the  Redemption  Date,  within 10 days following the
applicable Redemption Date, without interest. The balance of the redemption
proceeds will be paid,  without interest,  within 30 days of the applicable
Redemption Date. The Managing Member may permit  redemptions at other times
and in other amounts,  subject to any conditions  that it may impose in its
sole discretion.

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

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

          Section 5.03 Limitation on Redemptions.

          (a) The right of any  Member  to redeem  some or all of its Units
pursuant to the  provisions  of Section 5.02 is subject to the provision by
the Managing Member for all Company liabilities in accordance with the Act,
and  for  reserves  for  estimated   accrued   expenses,   liabilities  and
contingencies in accordance with Section 4.08.

          (b) The  Managing  Member may  suspend  redemptions,  at any time
prior to the effective date of the redemption, and notwithstanding the fact
that a timely  redemption  request has previously been made, for the whole,
or any part, of any of the following periods: (i) during the closing of the
principal stock exchange or other markets on which any substantial  portion
of the  Company's  direct or  indirect  investments,  in the opinion of the
Managing Member, is quoted or dealt in other than for ordinary holidays, or
the  restriction  of  suspension  of  dealings  therein;  (ii)  during  the
existence  of any state of affairs  which,  in the opinion of the  Managing
Member,  constitutes an emergency as a result of which the determination of
the  price,  value or  disposition  of the  Company's  direct  or  indirect
investments  would be impractical  or prejudicial to Members;  (iii) during
which redemptions would, in the opinion of the Managing Member, result in a
violation  of  applicable  law;  (iv) during any  breakdown in the means of
communication or computation  normally employed in determining the price or
value of any of the  investments  of the  Company or the  current  price or
values on any stock  exchange  in  respect  of assets of the  Company;  (v)
during the  occurrence of any period when the Company is unable to withdraw
sufficient  funds from Portfolio  Companies or otherwise to meet redemption
requests  or in  circumstances  when  the  disposal  of  part or all of the
Company's  assets to meet such redemption  requests would be prejudicial to
Members;  and (vi)  during  which any  transfer  of funds  involved  in the
realization  or acquisition of investments or payments due on redemption of
Units  cannot,  in the  opinion of the  Managing  Member,  be  effected  at
advantageous rates of exchange.  Postponed redemptions shall be effected at
the month-end  following the termination of the  suspension.  Any part of a
redemption   request  that  is  postponed   shall  take   precedence   over
later-received  redemption requests until the postponed request or requests
have been  satisfied in full.  Members  shall be given notice in writing of
the suspension of redemptions and the  termination of any such  suspension.
Units  shall be held by the Member  during the  suspension  period as if no
redemption request had been made.

          Section 5.04 Distributions.

          (a)  The   Managing   Member   may,  in  its   discretion,   make
distributions  in cash or in-kind (i) in connection with  redemptions  from
the  Company  by a  Member  or  in  connection  with  a  Member's  complete
withdrawal from the Company pursuant to Article VI, (ii) in its discretion,
at any time to the  Managing  Member in an amount not in excess of the then
positive  balance in its Capital Account to which the Incentive  Allocation
is credited  pursuant to Section 4.03 and (iii) in its  discretion,  at any
time to all of the  Members  on a pro  rata  basis in  accordance  with the
Members' Capital Amounts.

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

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

                                 ARTICLE VI

                       Withdrawal, Death, Disability

          Section 6.01 Withdrawal, Death, etc. of Members.

          (a)  Subject to Section  6.04,  a Member  shall have the right on
each  Redemption  Date,  upon 45 days' prior written notice to the Managing
Member  (unless  such notice is waived by the  Managing  Member in its sole
discretion),  to  withdraw  as a Member at the NAV per Unit for the  series
being redeemed as of the close of business on the day immediately preceding
the  applicable  Redemption  Date.  The  Company  will  endeavor to pay the
withdrawing Member 90% of the redemption proceeds  (calculated on the basis
of estimated,  unaudited  data),  valued as of the close of business on the
day immediately preceding the Redemption Date, within 10 days following the
applicable Redemption Date, without interest. The balance of the redemption
proceeds will be paid,  without interest,  within 30 days of the applicable
Redemption  Date. A Member may withdraw  from the Company at any other time
with the  consent  of,  and upon such  terms as may be  determined  by, the
Managing Member in its discretion.

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

          (b)  In  the  event  of  the   death,   disability,   incapacity,
adjudication  of  incompetency,   termination,  bankruptcy,  insolvency  or
dissolution of a Member,  the interest of such Member shall continue at the
risk of the  Company's  business  until the last day of the calendar  month
following the calendar month in which the Managing Member received  written
notice of such event. At the end of such period, the Managing Member shall,
in its sole discretion,  either (i) substitute the legal representatives or
successors of the former  Members as Members of the Company,  provided that
the  Managing  Member  determines  in its sole  discretion  that such legal
representatives  or  successors  are  qualified  to become  Members  of the
Company,  or (ii) redeem such  former  Member's  interest in the Company in
accordance with the redemption provisions set forth above.

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

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

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

          Section  6.04  Limitations  on  Withdrawals.  The  right  of  any
withdrawing  Member or its legal  representatives  to have  distributed the
Capital  Account of such Member  pursuant to this  Article VI is subject to
the  provision  by the  Managing  Member  for all  Company  liabilities  in
accordance  with the Act and for reserves for  contingencies  and estimated
accrued  expenses and  liabilities  in accordance  with Section  4.08.  The
unused portion of any reserve shall be distributed to such withdrawn Member
or its legal  representatives,  with any interest  actually earned thereon,
after the Managing  Member  shall have  determined  that the need  therefor
shall have ceased.

                                ARTICLE VII

                  Duration and Dissolution of the Company

          Section  7.01  Duration.  The Company  shall  continue  until the
earlier of (i) a  determination  by the  Managing  Member  that the Company
should  be  dissolved  and  wound-up;  (ii)  the  termination,  bankruptcy,
insolvency,  dissolution or withdrawal by the Managing Member other than by
assignment of the Managing Member's interest as provided in Section 1.05(b)
hereof;  or (iii) upon 60 days' prior written notice to the Managing Member
of the  affirmative  vote of the holders of at least  66-2/3% of the voting
power of the outstanding  Units (other than Units held by Goldman,  Sachs &
Co., its  Affiliates,  employees  and  officers),  based on the NAV of such
Units, at a meeting duly called for the purpose of liquidating the Company.
Upon  a   determination   to  dissolve   the  Company,   redemptions,   and
distributions in respect thereof, may not be made.

          Section 7.02 Dissolution.

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

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

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

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

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

                                ARTICLE VIII

                      Tax Returns; Reports to Members

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

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

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

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

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

                                 ARTICLE X

                               Miscellaneous

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

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

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

          (b) any duly adopted amendment to this Agreement;

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

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

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

          Section 9.03 Amendments to Limited Liability  Company  Agreement.
The terms and  provisions  of this  Agreement may be modified or amended at
any time and from time to time with the written  consent of Members  having
in excess of 50% of the voting power of the outstanding  Units,  (or, if an
amendment  affects  only a  particular  series of Units,  with the  written
consent of Members having in excess of 50% of that series of Units),  based
on the NAV of such Units,  and the affirmative  vote of the Managing Member
insofar as is consistent with the laws governing this Agreement;  provided,
however, that without the consent of the Non-Managing Members, the Managing
Member  may amend  the  Agreement  or the  Schedule  hereto to (i)  reflect
changes  validly  made  in the  membership  of  the  Company,  the  Capital
Contributions,  Membership  Percentages  and changes in the number of Units
held by the Members;  (ii) change the provisions  relating to the Incentive
Allocation so that such provisions  conform to the applicable  requirements
of the Securities and Exchange Commission and other regulatory authorities,
so long as such  amendment  does not increase the  Incentive  Allocation to
more than the  amount  that  would  otherwise  be  determined  absent  such
amendment;  (iii) reflect a change in the name of the Company;  (iv) make a
change  that is  necessary  or,  in the  opinion  of the  Managing  Member,
advisable  to qualify the Company as a limited  liability  company or other
entity in which the Members  have limited  liability  under the laws of any
state, or ensure that the Company shall not be treated as an association or
a publicly traded  partnership  taxable as a corporation for federal income
tax  purposes;  (v) make any  change  that does not  adversely  affect  the
Members in any  material  respect;  (vi) make a change that is necessary or
desirable to satisfy any requirements,  conditions or guidelines  contained
in any opinion,  directive,  order,  ruling or  regulation  of any federal,
state or foreign statute,  so long as such change is made in a manner which
minimizes to the extent  practicable,  as determined by the Managing Member
in its sole  discretion,  any  adverse  effect  on the  Members  or that is
required  or  contemplated  by this  Agreement;  (vii) make a change in any
provision of the  Agreement  that  requires any action to be taken by or on
behalf of the Managing Member or the Company  pursuant to the  requirements
of applicable Delaware law if the provisions of applicable Delaware law are
amended, modified or revoked so that the taking of such action is no longer
required;  (viii)  prevent the Company or the  Managing  Member from in any
manner being deemed an  "investment  company"  subject to the provisions of
the Investment  Company Act of 1940, as amended;  (ix) correct  mistakes or
clarify ambiguities;  (x) in the event of adverse changes in the tax law or
interpretations  thereof applicable to the Company,  amend the Agreement as
determined  by the  Managing  Member if it deems  advisable or necessary to
address such changes; (xi) conform the Agreement to the disclosure provided
in the Company's  Confidential Private Placement Memorandum;  (xii) correct
or supplement  any  conflicting  provisions and delete or add provisions as
may be  required  by  applicable  law or  regulations,  in  each  case,  as
determined by the Managing Member in its sole  discretion;  (xiii) make any
other  amendment  provided such amendment does not become  effective  until
after such affected  Members have been given prior  written  notice of such
change and have had the right  following  receipt of such notice to request
the  redemption  of their  Units  and such  redemption  shall  have  become
effective;  or (xiv) make any other  amendments  similar to the  foregoing.
Each Member,  however,  must consent to any amendment that would (a) reduce
its Capital Account or rights of redemption or withdrawal; or (b) amend the
provisions of this Agreement relating to amendments.

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

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

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

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

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

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

          Section  9.10  Counterparts.  This  Agreement  may be executed in
counterparts  with the same force and effect as if each of the  signatories
had executed the same instrument.

          Section 9.11  Grantors of  Revocable  Trusts.  Each  Non-Managing
Member  that is a  revocable  trust  agrees  that,  if the  trustee of such
revocable  trust  and the  grantor  of such  revocable  trust  are the same
person,  the trustee's  execution of this Agreement and any other documents
executed in  connection  with the Company  shall bind such person in his or
her capacity both as trustee and as grantor of such revocable trust.

          Section  9.12  Goodwill.  No value shall be placed on the name or
goodwill of the  Company,  which shall belong  exclusively  to the Managing
Member.

          Section  9.13  Headings.  The  titles  of the  Articles  and  the
headings of the Sections of this Agreement are for convenience of reference
only,  and are not to be considered in construing  the terms and provisions
of this Agreement.

          Section 9.14  Pronouns.  All pronouns shall be deemed to refer to
the masculine, feminine, neuter, singular or plural, as the identity of the
person or persons, firm or corporation may require in the context thereof.

          Section 9.15 Confidentiality. The Managing Member and the Company
may,  in  their  discretion,  keep  confidential  and not  disclose  to the
Non-Managing  Members any proprietary  information  concerning the Company,
including,  without  limitation,   investments,   valuations,   information
regarding potential investments,  financial information,  trade secrets and
the like which is proprietary in nature and non-public,  or any information
about any investment, to the extent that such information is required to be
kept  confidential  or is  otherwise  subject  to  disclosure  restrictions
imposed by the issuer of the  investment  or the  Managing  Member,  in its
reasonable  discretion  (collectively,  "Confidential  Information").  Each
Non-Managing  Member  shall  not  disclose  or  cause to be  disclosed  any
Confidential  Information to any other Person, except as otherwise required
by any  regulatory  authority,  law or  regulation,  or by  legal  process,
without the prior written consent of the Managing Member.

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

MANAGING MEMBER:

GOLDMAN SACHS PRINCETON LLC

By:      /s/ Peter E. Finn
       ------------------------------
Name:  Peter E. Finn
Title: Vice President and Chief Financial Officer

MEMBERS:

Each person who shall sign a Member  Signature  Page in
the form  attached  hereto and who shall be accepted by
the Managing Member to the Company as a Member.

<PAGE>

             FORM OF MEMBER SIGNATURE PAGE

  GOLDMAN SACHS GLOBAL EQUITY LONG/SHORT PARTNERS, LLC

By its signature below, the undersigned  hereby agrees that effective as of
the  date of its  admission  to  Goldman  Sachs  Global  Equity  Long/Short
Partners,  LLC as a Member it shall (i) be bound by each and every term and
provision of the  Agreement of Limited  Liability  Company of Goldman Sachs
Global Equity Long/Short Partners, LLC as the same may be duly amended from
time to time in accordance with the provisions thereof, and (ii) become and
be a party to said Limited  Liability  Company  Agreement of Goldman  Sachs
Global Equity Long/Short Partners, LLC.

INDIVIDUALS:                           MEMBER

                                       ----------------------------------------
                                       Signature

                                       ----------------------------------------
                                       Print name of Subscriber

                                       ----------------------------------------
                                       Signature of Joint Investor

                                       ----------------------------------------
                                       Print name of Joint Investor

ALL OTHER MEMBERS:                     MEMBER

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                                       on behalf of institution

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                                       TitleExhibit 10.3

                    LIMITED LIABILITY COMPANY AGREEMENT

                                     OF

                  GOLDMAN SACHS GLOBAL RELATIVE VALUE, LLC

                        DATED AS OF JANUARY 1, 2002

<PAGE>

                             TABLE OF CONTENTS

                                                                       Page
                                                                       ----

ARTICLE I   General Provisions............................................1

   Section 1.01   Company Name and Address................................1
   Section 1.02   Fiscal Year.............................................1
   Section 1.03   Liability of Members....................................1
   Section 1.04   Purposes of the Company.................................2
   Section 1.05   Assignability of Units; Assignment by Managing
                  Member..................................................2
   Section 1.06   Registered Office and Agent for Service of
                  Process.................................................3

ARTICLE II   Management of the Company....................................3

   Section 2.01   Management Generally....................................3
   Section 2.02   Delegation by Managing Member...........................3
   Section 2.03   Authority of the Managing Member........................3
   Section 2.04   Reliance by Third Parties...............................5
   Section 2.05   Activity of the Managing Member.........................5
   Section 2.06   Standard of Care; Indemnification.......................5
   Section 2.07   Management Fee; Payment of Costs and Expenses...........7
   Section 2.08   Principal Transactions and Other Related Party
                  Transactions............................................8
   Section 2.09   Termination of the Managing Member......................8

ARTICLE III   Series of Units; Admission of New Members...................9

   Section 3.01   Series of Units.........................................9
   Section 3.02   Conversion of Series....................................9
   Section 3.03   New Members.............................................9

ARTICLE IV   Capital Accounts of Members and Operation Thereof...........10

   Section 4.01   Definitions............................................10
   Section 4.02   Capital Contributions..................................10
   Section 4.03   Capital Accounts.......................................11
   Section 4.04   Membership Percentages.................................11
   Section 4.05   Allocation of Net Capital Appreciation or Net
                     Capital Depreciation................................12
   Section 4.06   Amendment of Incentive Allocation......................13
   Section 4.07   Determination of Net Assets............................13
   Section 4.08   Determination of Net Asset Value.......................14
   Section 4.09   Allocation for Tax Purposes............................15
   Section 4.10   Determination by Managing Member of Certain
                     Matters; Managing Member's Discretion...............15
   Section 4.11   Adjustments to Take Account of Interim Year Events.....16
   Section 4.12   Tax Withholding........................................16

ARTICLE V   Redemptions and Distributions................................16

   Section 5.01   Redemptions and Distributions in General...............16
   Section 5.02   Redemptions............................................16
   Section 5.03   Limitation on Redemptions..............................17
   Section 5.04   Distributions..........................................18

ARTICLE VI   Withdrawal, Death, Disability...............................18

   Section 6.01   Withdrawal, Death, etc. of Members.....................18
   Section 6.02   Required Withdrawals...................................19

ARTICLE VII   Duration and Dissolution of the Company....................19

   Section 7.01   Duration...............................................19
   Section 7.02   Dissolution............................................19

ARTICLE VIII   Tax Returns; Reports to Members...........................20

   Section 8.01   Independent Auditors...................................20
   Section 8.02   Filing of Tax Returns..................................20
   Section 8.03   Tax Matters Partner....................................20
   Section 8.04   Financial Reports to Current Members...................20
   Section 8.05   Tax Reports to Members and Former Members..............21

ARTICLE IX   Miscellaneous...............................................21

   Section 9.01   General................................................21
   Section 9.02   Power of Attorney......................................21
   Section 9.03   Amendments to Limited Liability Company Agreement......22
   Section 9.04   Instruments............................................23
   Section 9.05   No Personal Liability For Return of Capital............23
   Section 9.06   Choice of Law..........................................23
   Section 9.07   Waiver of Trial by Jury................................23
   Section 9.08   No Third Party Rights..................................23
   Section 9.09   Notices................................................23
   Section 9.10   Counterparts...........................................24
   Section 9.11   Grantors of Revocable Trusts...........................24
   Section 9.12   Goodwill...............................................24
   Section 9.13   Headings...............................................24
   Section 9.14   Pronouns...............................................24
   Section 9.15   Confidentiality........................................24

<PAGE>

                   LIMITED LIABILITY COMPANY AGREEMENT OF

                  GOLDMAN SACHS GLOBAL RELATIVE VALUE, LLC

                        Dated as of January 1, 2002

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

                                 ARTICLE I

                             General Provisions

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

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

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

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

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

          As  used  in this  Section  1.03,  the  terms  "interests  in the
Company"  and  "interest  in the  Company"  shall mean with  respect to any
fiscal year (or relevant  portion  thereof) and with respect to each Member
(or former Member) for any given series of Units,  the Capital  Account (as
defined in Section  4.03) that such  Member (or former  Member)  would have
received (or in fact did receive)  pursuant to the terms and  provisions of
Article VI upon  withdrawal  from the  Company as of the end of such fiscal
year (or relevant portion thereof).

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

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

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

          Section  1.05  Assignability  of Units;  Assignment  by  Managing
Member.

          (a) Except as provided in paragraph (b) below,  without the prior
written consent of the Managing  Member,  which may be withheld in its sole
and absolute  discretion,  with or without  cause, a Member may not pledge,
transfer  or  assign  its Units in the  Company  in whole or in part to any
person  except  by  operation  of  law.  Any  attempted  pledge,  transfer,
assignment or  substitution  not made in accordance  with this Section 1.05
shall be void.

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

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

                                 ARTICLE II

                         Management of the Company

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

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

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

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

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

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

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

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

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

          (g)  allocate  the  Company's  assets  to  Advisors  and  limited
liability  companies  or other  entities  managed  by the  Managing  Member
through  which  the  Company  accesses  Advisors  ("Portfolio  Companies"),
oversee such  allocations and, from time to time, in the sole discretion of
the Managing Member,  reallocate the Company's assets among existing or new
Advisors or Portfolio Companies;

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

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

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

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

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

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

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

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

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

          Section 2.06 Standard of Care; Indemnification.

          (a) None of the Managing Member (including,  without  limitation,
in  its  capacity  as  the   Administrator)  or  its  Affiliates  (each  an
"Indemnified  Person" and collectively the "Indemnified  Persons") shall be
liable  to the  Company  or to the  Members  for (i)  any  act or  omission
performed or failed to be performed by such person (other than any criminal
wrongdoing),  or for any losses,  claims,  costs,  damages,  or liabilities
arising  therefrom,  in the  absence of any  criminal  wrongdoing,  willful
misfeasance  or gross  negligence on the part of such person,  (ii) any tax
liability  imposed on the  Company or any Member or (iii) any losses due to
the actions or  omissions of the  Advisors,  any brokers or other agents of
the Company.

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

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

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

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

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

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

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

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

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

          Section 2.07 Management Fee;  Payment of Costs and Expenses.  The
Company  shall pay to the Managing  Member a fee,  payable in arrears,  for
investment  management and other management services (the "Management Fee")
calculated and paid on a monthly basis of one-twelfth of 1.25% per annum of
the Net Assets of the  Company as of the end of each  month,  appropriately
adjusted  to  reflect  capital   appreciation   or  depreciation   and  any
subscriptions  or  redemptions.  For purposes of determining the Management
Fee, Net Assets shall be reduced for any  Administration Fee (as defined in
the Company's  Confidential  Private Placement  Memorandum) for such month,
but shall not be reduced to reflect any accrued  Incentive  Allocation  (as
defined in Section 4.05(b)) and any Management Fee for such month.

          If a Member is admitted to, or withdraws  from, the Company as of
a date other than the first day of a month,  the portion of the  Management
Fee and Administration Fee determined with respect to such Member's Capital
Account shall be appropriately pro-rated to take into account the number of
days  in  such  month  during  which  such  Member  was a  Member.  Partial
withdrawals will result in similar pro-ration.

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

          The  Managing  Member  shall  bear  its own  overhead  costs  and
expenses and provide to the Company news,  quotation and computer equipment
and services  (except to the extent paid for through the  permitted  use of
soft dollars),  office space and utilities,  and  secretarial  and clerical
personnel.

          The Company shall bear its operating expenses,  including but not
limited  to  legal  expenses,   professional   fees   (including,   without
limitation,  expenses of consultants and experts)  relating to investments,
accounting,  auditing and tax  preparation  expenses,  custodial  expenses,
taxes,  printing and mailing expenses,  fees and out-of-pocket  expenses of
any service company retained to provide accounting and bookkeeping services
to  the  Company,  investment  expenses  (e.g.,  expenses  related  to  the
investment of the Company's assets, such as fees to the Advisors, brokerage
commissions,  expenses  relating to short sales,  clearing  and  settlement
charges,  custodial fees, bank service fees,  interest expenses,  borrowing
costs and  extraordinary  expenses) and other expenses  associated with the
operation of the Company.

          In addition,  the Company will bear its  organizational  expenses
and the expenses  incurred in connection  with the offer and sale of Units,
including  printing  costs and legal fees and expenses of the Company,  the
Managing  Member and any placement agent and other expenses of the offering
of Units.  In  addition,  the  Company  will bear,  indirectly  through its
investment in each Portfolio Company, its pro rata portion of the offering,
organizational and operating expenses of each Portfolio Company,  including
the expenses of the type described in this and the prior paragraph.

          To the extent  that  expenses to be borne by the Company are paid
by the Managing Member, the Company shall reimburse the Managing Member for
such expenses.  The Managing  Member may elect,  from time to time, to bear
certain of the Company's expenses described above.

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

          Section 2.09 Termination of the Managing Member. Upon the written
consent of the Members  having at least  66-2/3% of the voting power of the
outstanding  Units (other than the Units held by Goldman,  Sachs & Co., its
Affiliates,  employees or  officers),  based on the NAV of such Units,  the
Managing  Member will be required to  withdraw  from the  Company,  and the
Company will be wound-up and  terminated  in  accordance  with Article VII,
unless the  Members  having at least  66-2/3%  of the  voting  power of the
outstanding  Units (other than the Units held by Goldman,  Sachs & Co., its
Affiliates,  employees or officers),  based on the NAV of such Units, agree
in writing to continue the  business of the Company and to the  appointment
of one or more new  managing  members.  If the  withdrawal  of the Managing
Member  pursuant to this  Section  2.09 occurs prior to the end of a month,
the Managing  Member shall receive the amount of the Management Fee and any
applicable  Administration  Fee prorated  through the date of the effective
date  of the  withdrawal  , and  the  Managing  Member  shall  receive  the
Incentive  Allocation for the fiscal year in which the withdrawal  occurred
calculated in accordance  with Section 4.05(c) as if the date of withdrawal
were the last day of the fiscal year.

                                ARTICLE III

                 Series of Units; Admission of New Members

          Section  3.01  Series of Units.  An initial  series of Units (the
"Initial  Series") will be issued on the initial  closing date. The initial
purchase  price per Unit for the Initial Series of Units shall be $100. The
Managing  Member  may,  at any  time and  from  time to  time,  in its sole
discretion,  elect to raise additional capital for the Company from Members
and from new  subscribers on such terms and conditions as may be determined
by the Managing Member in its sole discretion.  Generally,  a new series of
Units will be issued on each date an existing  Member  makes an  additional
Capital Contribution in accordance with Section 4.02 and on each date a new
Member is admitted to the Company in accordance  with Section 3.03,  except
that the Managing Member may issue  additional  Units of an existing series
provided that such  issuance does not have an adverse  effect on the NAV or
Prior  High NAV (as  defined  in  Section  4.05(b)(i))  of the Units of any
Member.  Each Unit will carry equal rights and  privileges  with each other
Unit of the same series.  Units issued at the  beginning of any fiscal year
will be offered at the then  current NAV per Unit of the Initial  Series if
such  Initial  Series is at or above its  Prior  High NAV per Unit.  If the
Initial  Series is not at or above its Prior High NAV per Unit,  Units will
be issued in the next  offered  series  that is at or above its Prior  High
NAV.  If no series of Units is at or above its Prior High NAV at such time,
such  additional  Units will be issued as a separate  series at a price per
Unit determined by the Managing Member,  in its sole discretion.  Fractions
of Units may be issued to one ten-thousandth of a Unit.

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

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

                                 ARTICLE IV

                        Capital Accounts of Members

                           and Operation Thereof

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

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

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

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

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

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

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

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

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

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

          Section 4.03 Capital  Accounts.  (a) A separate  capital  account
(herein  called a "Capital  Account")  shall be established on the books of
the Company for each  series of Units.  The Capital  Account of each series
shall  initially  be an amount equal to the initial  Capital  Contributions
with respect to such series.  The Capital  Account of a series shall be (i)
increased  as of the  beginning  of each  Accounting  Period to reflect any
additional  Capital  Contributions  pursuant to Section  4.02 in respect of
such  series,  (ii)  increased as of the end of each  Accounting  Period to
reflect the Net Capital  Appreciation of such series, (iii) decreased as of
the beginning of each  Accounting  Period to reflect the  redemption of any
Units of such series,  pursuant to Section 5.02,  (iv)  decreased as of the
end of each  Accounting  Period to reflect the amount of any  distributions
pursuant to Section  5.04 in respect of such series  (including  any deemed
distributions  of taxes paid by the Company  pursuant to Section 5.04(c) in
respect  of  such  series);  (v)  decreased  for any  Incentive  Allocation
pursuant to Section  4.05(b) in respect of such series;  and (vi) decreased
as of the  end of  each  Accounting  Period  to  reflect  the  Net  Capital
Depreciation of such series.

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

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

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

          Section 4.04  Membership  Percentages.  A  Membership  Percentage
shall be determined  for each Member for any given series of Units for each
Accounting  Period of the Company by dividing  the number of Units owned by
such Member  within a given series by the aggregate  number of  outstanding
Units of such series as of the  beginning of such  Accounting  Period.  The
aggregate  Membership  Percentages for each series of Units shall equal 100
percent.

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

          (a) Any Net Capital Appreciation or Net Capital Depreciation,  as
the case may be, for an  Accounting  Period  shall be  allocated  among the
different  series of Units pro rata in accordance with the relative Capital
Accounts of each series at the beginning of such Accounting Period.

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

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

          (c) In the event that the Company is dissolved  other than at the
end of a fiscal year,  or the  effective  date of a Member's  redemption of
Units  is other  than a fiscal  year-end,  then  the  Incentive  Allocation
described  above shall be determined and made as if such date were a fiscal
year-end.

          (d)  Notwithstanding  anything  to the  contrary  herein,  to the
extent that the Company  invests in "Hot  Issues" (as defined  below),  and
there are Members who are restricted persons within the meaning of National
Association of Securities Dealers,  Inc. (the "NASD") Conduct Rule 2110 and
the interpretation set forth thereunder in IM-2110-1 entitled  "Free-Riding
and Withholding" (collectively,  the "Interpretation"),  investments in Hot
Issues  will be made  through a special  account  and  profits  and  losses
attributable to Hot Issues will not be allocated to the Capital Accounts of
Members  who are  restricted  from  participating  in Hot Issues  under the
Interpretation.  Only those  Members who are not  restricted  persons shall
have any beneficial interest in such an account.  Notwithstanding  anything
in this  Agreement  to the  contrary,  the  Managing  Member shall have the
right,  without the consent of the Members, to make such amendments to this
Agreement,  and to take  such  other  actions,  as it deems  advisable  and
appropriate,  in its sole  discretion,  to  implement  the purposes of this
Section  4.05(d).  A "Hot  Issue"  is any of  the  securities  of a  public
offering  which trade at a premium in the  secondary  market  whenever such
secondary market begins,  or otherwise as such term may be interpreted from
time to time under the then current rules of the NASD.

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

          Section 4.07 Determination of Net Assets.

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

               (i) The value of the  Company's  investment  in a  Portfolio
Company  or  other   investment  fund  shall  be  equal  to  the  Company's
proportionate  interest in the NAV of the  Portfolio  Company or investment
fund,  determined  in  accordance  with the  terms  and  conditions  of the
respective  governing  agreement of each  Portfolio  Company or  investment
fund, as it may be amended, supplemented or otherwise modified from time to
time.

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

               (iii) All other assets or  liabilities  of the Company shall
be valued by the Administrator in its sole discretion.

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

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

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

               (vii) Distributions made pursuant to Section 5.04 (including
deemed tax distributions  pursuant to Section 5.03(c)) other than as of the
beginning of an Accounting  Period shall be treated as an advance and as an
asset  of  the  Company,  until  the  beginning  of the  Accounting  Period
following the date of distribution.

               (viii) The  Incentive  Allocation,  if any,  credited to the
Capital Account of the Managing Member pursuant to Section 4.05(d) shall be
treated  as a  liability,  until  distributed,  from the  beginning  of the
Accounting  Period  following the Accounting  Period in which the Incentive
Allocation was credited to such Capital Account.

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

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

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

          Section 4.09  Allocation  for Tax  Purposes.  (a) For each fiscal
year, items of income,  deduction,  gain, loss or credit shall be allocated
for income tax  purposes  among the Members in such manner as to  equitably
reflect the amounts  credited or debited to each Member's  Capital  Account
for the current and prior  fiscal  years (or  relevant  portions  thereof).
Allocations under this Section 4.09 shall be made by the Managing Member in
accordance  with the  principles of Sections  704(b) and 704(c) of the Code
and  in  conformity  with  applicable  Regulations  promulgated  thereunder
(including,    without    limitation,    Treasury    Regulation    Sections
1.704-1(b)(2)(iv)(f)(4), 1.704-1(b)(4)(i) and 1.704-3(e)).

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

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

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

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

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

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

                                 ARTICLE V

                       Redemptions and Distributions

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

          Section 5.02 Redemptions.

          (a)  Subject  to  Sections  5.02(c)  and  5.03,  as of  the  time
immediately  prior to the  opening of  business  on the January 1 or July 1
occurring on or after the first  anniversary  of the purchase of such Units
by the Member  and,  thereafter,  as of the time  immediately  prior to the
opening  of  business  on each  January  1 or July 1 (each,  a  "Redemption
Date"),  each  Member  shall have the right,  upon 45 days'  prior  written
notice to the Managing Member (unless such notice is waived by the Managing
Member in its sole  discretion),  to redeem  some or all of its  Units.  No
partial  redemption  shall be permitted if thereafter  the aggregate NAV of
the  remaining  Units  held by the  redeeming  Member  would  be less  than
$500,000,  unless such  limitation is waived by the Managing  Member in its
sole  discretion.  Units of a  particular  series will be redeemed at a per
Unit price (the "Redemption Price") based upon the NAV of such series as of
the close of  business  on the day  immediately  preceding  the  applicable
Redemption  Date  (taking into  account the  allocation  of any Net Capital
Appreciation or Depreciation  under Section 4.05, any  distributions  under
Section  5.04,  and any  Incentive  Allocation  under  Section 4.05 for the
Accounting  Period then ending),  after  reduction for any Management  Fee,
Administration  Fee and Incentive  Allocation and other  liabilities of the
Company to the extent accrued or otherwise  attributable to the Units being
redeemed  (calculated  as if the  Redemption  Date  was the last day of the
fiscal year),  and the amount of any such  reduction for the Management Fee
and the  Administration  Fee shall be paid to the Managing Member,  and the
amount  of any  such  reduction  for  any  Incentive  Allocation  shall  be
allocated  to the capital  account of the Managing  Member.  If a redeeming
Member owns Units of more than one series,  unless  otherwise  specified by
such Member in writing,  Units shall be redeemed on a "first  in-first out"
basis for purposes of determining  the Redemption  Price.  The Company will
endeavor  to pay the  redemption  proceeds,  within 45 days  following  the
applicable  Redemption  Date,  without  interest.  The Managing  Member may
permit  redemptions  at other  times and in other  amounts,  subject to any
conditions that it may impose in its sole discretion.

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

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

          Section 5.03 Limitation on Redemptions.

          (a) The right of any  Member  to redeem  some or all of its Units
pursuant to the  provisions  of Section 5.02 is subject to the provision by
the Managing Member for all Company liabilities in accordance with the Act,
and  for  reserves  for  estimated   accrued   expenses,   liabilities  and
contingencies in accordance with Section 4.08.

          (b) The  Managing  Member may  suspend  redemptions,  at any time
prior to the effective date of the redemption, and notwithstanding the fact
that a timely  redemption  request has previously been made, for the whole,
or any part, of any of the following periods: (i) during the closing of the
principal stock exchange or other markets on which any substantial  portion
of the  Company's  direct or  indirect  investments,  in the opinion of the
Managing Member, is quoted or dealt in other than for ordinary holidays, or
the  restriction  of  suspension  of  dealings  therein;  (ii)  during  the
existence  of any state of affairs  which,  in the opinion of the  Managing
Member,  constitutes an emergency as a result of which the determination of
the  price,  value or  disposition  of the  Company's  direct  or  indirect
investments  would be impractical  or prejudicial to Members;  (iii) during
which redemptions would, in the opinion of the Managing Member, result in a
violation  of  applicable  law;  (iv) during any  breakdown in the means of
communication or computation  normally employed in determining the price or
value of any of the  investments  of the  Company or the  current  price or
values on any stock  exchange  in  respect  of assets of the  Company;  (v)
during the  occurrence of any period when the Company is unable to withdraw
sufficient  funds from Portfolio  Companies or otherwise to meet redemption
requests  or in  circumstances  when  the  disposal  of  part or all of the
Company's  assets to meet such redemption  requests would be prejudicial to
Members;  and (vi)  during  which any  transfer  of funds  involved  in the
realization  or acquisition of investments or payments due on redemption of
Units  cannot,  in the  opinion of the  Managing  Member,  be  effected  at
advantageous rates of exchange.  Postponed redemptions shall be effected at
the month-end  following the termination of the  suspension.  Any part of a
redemption   request  that  is  postponed   shall  take   precedence   over
later-received  redemption requests until the postponed request or requests
have been  satisfied in full.  Members  shall be given notice in writing of
the suspension of redemptions and the  termination of any such  suspension.
Units  shall be held by the Member  during the  suspension  period as if no
redemption request had been made.

          Section 5.04 Distributions.

          (a)  The   Managing   Member   may,  in  its   discretion,   make
distributions  in cash or in-kind (i) in connection with  redemptions  from
the  Company  by a  Member  or  in  connection  with  a  Member's  complete
withdrawal from the Company pursuant to Article VI, (ii) in its discretion,
at any time to the  Managing  Member in an amount not in excess of the then
positive  balance in its Capital Account to which the Incentive  Allocation
is credited  pursuant to Section 4.03 and (iii) in its  discretion,  at any
time to all of the  Members  on a pro  rata  basis in  accordance  with the
Members' Capital Accounts.

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

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

                                 ARTICLE VI

                       Withdrawal, Death, Disability

          Section 6.01 Withdrawal, Death, etc. of Members.

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

          (b)  In  the  event  of  the   death,   disability,   incapacity,
adjudication  of  incompetency,   termination,  bankruptcy,  insolvency  or
dissolution of a Member,  the interest of such Member shall continue at the
risk of the  Company's  business  until the last day of the calendar  month
following the calendar month in which the Managing Member received  written
notice of such event. At the end of such period, the Managing Member shall,
in its sole discretion,  either (i) substitute the legal representatives or
successors of the former  Members as Members of the Company,  provided that
the  Managing  Member  determines  in its sole  discretion  that such legal
representatives  or  successors  are  qualified  to become  Members  of the
Company,  or (ii) redeem such  former  Member's  interest in the Company in
accordance with the redemption provisions set forth in this Article VI.

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

                                ARTICLE VII

                Duration and Dissolution of the Company

          Section  7.01  Duration.  The Company  shall  continue  until the
earlier of (i) a  determination  by the  Managing  Member  that the Company
should  be  dissolved  and  wound-up;  (ii)  the  termination,  bankruptcy,
insolvency,  dissolution or withdrawal by the Managing Member other than by
assignment of the Managing Member's interest as provided in Section 1.05(b)
hereof;  or (iii) upon 60 days' prior written notice to the Managing Member
of the  affirmative  vote of the holders of at least  66-2/3% of the voting
power of the outstanding  Units (other than Units held by Goldman,  Sachs &
Co., its  Affiliates,  employees  and  officers),  based on the NAV of such
Units, at a meeting duly called for the purpose of liquidating the Company.
Upon  a   determination   to  dissolve   the  Company,   redemptions,   and
distributions in respect thereof, may not be made.

          Section 7.02 Dissolution.

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

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

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

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

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

                                ARTICLE VIII

                      Tax Returns; Reports to Members

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

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

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

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

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

                                 ARTICLE X

                               Miscellaneous

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

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

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

          (b) any duly adopted amendment to this Agreement;

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

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

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

          Section 9.03 Amendments to Limited Liability  Company  Agreement.
The terms and  provisions  of this  Agreement may be modified or amended at
any time and from time to time with the written  consent of Members  having
in excess of 50% of the voting power of the outstanding  Units,  (or, if an
amendment  affects  only a  particular  series of Units,  with the  written
consent of Members having in excess of 50% of that series of Units),  based
on the NAV of such Units,  and the affirmative  vote of the Managing Member
insofar as is consistent with the laws governing this Agreement;  provided,
however, that without the consent of the Non-Managing Members, the Managing
Member  may amend  the  Agreement  or the  Schedule  hereto to (i)  reflect
changes  validly  made  in the  membership  of  the  Company,  the  Capital
Contributions,  Membership  Percentages  and changes in the number of Units
held by the Members;  (ii) change the provisions  relating to the Incentive
Allocation so that such provisions  conform to the applicable  requirements
of the Securities and Exchange Commission and other regulatory authorities,
so long as such  amendment  does not increase the  Incentive  Allocation to
more than the  amount  that  would  otherwise  be  determined  absent  such
amendment;  (iii) reflect a change in the name of the Company;  (iv) make a
change  that is  necessary  or,  in the  opinion  of the  Managing  Member,
advisable  to qualify the Company as a limited  liability  company or other
entity in which the Members  have limited  liability  under the laws of any
state, or ensure that the Company shall not be treated as an association or
a publicly traded  partnership  taxable as a corporation for federal income
tax  purposes;  (v) make any  change  that does not  adversely  affect  the
Members in any  material  respect;  (vi) make a change that is necessary or
desirable to satisfy any requirements,  conditions or guidelines  contained
in any opinion,  directive,  order,  ruling or  regulation  of any federal,
state or foreign statute,  so long as such change is made in a manner which
minimizes to the extent  practicable,  as determined by the Managing Member
in its sole  discretion,  any  adverse  effect  on the  Members  or that is
required  or  contemplated  by this  Agreement;  (vii) make a change in any
provision of the  Agreement  that  requires any action to be taken by or on
behalf of the Managing Member or the Company  pursuant to the  requirements
of applicable Delaware law if the provisions of applicable Delaware law are
amended, modified or revoked so that the taking of such action is no longer
required;  (viii)  prevent the Company or the  Managing  Member from in any
manner being deemed an  "investment  company"  subject to the provisions of
the Investment  Company Act of 1940, as amended;  (ix) correct  mistakes or
clarify ambiguities;  (x) in the event of adverse changes in the tax law or
interpretations  thereof applicable to the Company,  amend the Agreement as
determined  by the  Managing  Member if it deems  advisable or necessary to
address such changes; (xi) conform the Agreement to the disclosure provided
in the Company's  Confidential Private Placement Memorandum;  (xii) correct
or supplement  any  conflicting  provisions and delete or add provisions as
may be  required  by  applicable  law or  regulations,  in  each  case,  as
determined by the Managing Member in its sole  discretion;  (xiii) make any
other  amendment  provided such amendment does not become  effective  until
after such affected  Members have been given prior  written  notice of such
change and have had the right  following  receipt of such notice to request
the  redemption  of their  Units  and such  redemption  shall  have  become
effective;  or (xiv) make any other  amendments  similar to the  foregoing.
Each Member,  however,  must consent to any amendment that would (a) reduce
its Capital Account or rights of redemption or withdrawal; or (b) amend the
provisions of this Agreement relating to amendments.

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

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

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

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

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

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

          Section  9.10  Counterparts.  This  Agreement  may be executed in
counterparts  with the same force and effect as if each of the  signatories
had executed the same instrument.

          Section 9.11  Grantors of  Revocable  Trusts.  Each  Non-Managing
Member  that is a  revocable  trust  agrees  that,  if the  trustee of such
revocable  trust  and the  grantor  of such  revocable  trust  are the same
person,  the trustee's  execution of this Agreement and any other documents
executed in  connection  with the Company  shall bind such person in his or
her capacity both as trustee and as grantor of such revocable trust.

          Section  9.12  Goodwill.  No value shall be placed on the name or
goodwill of the  Company,  which shall belong  exclusively  to the Managing
Member.

          Section  9.13  Headings.  The  titles  of the  Articles  and  the
headings of the Sections of this Agreement are for convenience of reference
only,  and are not to be considered in construing  the terms and provisions
of this Agreement.

          Section 9.14  Pronouns.  All pronouns shall be deemed to refer to
the masculine, feminine, neuter, singular or plural, as the identity of the
person or persons, firm or corporation may require in the context thereof.

          Section 9.15 Confidentiality. The Managing Member and the Company
may,  in  their  discretion,  keep  confidential  and not  disclose  to the
Non-Managing  Members any proprietary  information  concerning the Company,
including,  without  limitation,   investments,   valuations,   information
regarding potential investments,  financial information,  trade secrets and
the like which is proprietary in nature and non-public,  or any information
about any investment, to the extent that such information is required to be
kept  confidential  or is  otherwise  subject  to  disclosure  restrictions
imposed by the issuer of the  investment  or the  Managing  Member,  in its
reasonable  discretion  (collectively,  "Confidential  Information").  Each
Non-Managing  Member  shall  not  disclose  or  cause to be  disclosed  any
Confidential  Information to any other Person, except as otherwise required
by any  regulatory  authority,  law or  regulation,  or by  legal  process,
without the prior written consent of the Managing Member.

<PAGE>

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

MANAGING MEMBER:

GOLDMAN SACHS PRINCETON LLC

By:       /s/ M. Roch Hillenbrand
          -----------------------
Name:     M. Roch Hillenbrand
Title:    Director and President

MEMBERS:

Each  person who shall sign a Member  Signature  Page in the form  attached
hereto and who shall be accepted by the Managing Member to the Company as a
Member.

<PAGE>

                       FORM OF MEMBER SIGNATURE PAGE

                  GOLDMAN SACHS GLOBAL RELATIVE VALUE, LLC

By its signature below, the undersigned  hereby agrees that effective as of
the date of its admission to Goldman Sachs Global Relative Value,  LLC as a
Member it shall (i) be bound by each and every  term and  provision  of the
Agreement of Limited  Liability  Company of Goldman  Sachs Global  Relative
Value,  LLC as the same may be duly amended from time to time in accordance
with the provisions thereof, and (ii) become and be a party to said Limited
Liability Company Agreement of Goldman Sachs Global Relative Value, LLC.

INDIVIDUALS:                              MEMBER

                                          -------------------------------
                                          Signature

                                          -------------------------------
                                          Print name of Subscriber

                                          -------------------------------
                                          Signature of Joint Investor

                                          -------------------------------
                                          Print name of Joint Investor

ALL OTHER MEMBERS:                        MEMBER

                                          -------------------------------
                                          Print name of Member

                                          -------------------------------
                                          Signature of individual
                                          signing on behalf of institution

                                          -------------------------------
                                          Name of individual signing on
                                          behalf of institution
                                          (please type or print)

                                          -------------------------------
                                          Title

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