Document:

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                                                                    EXHIBIT 10.2

                              MANAGEMENT AGREEMENT

      This MANAGEMENT AGREEMENT (the "Agreement") is dated as of this
_________day of ________, 2003, between the Tenants in Common whose signatures
appear at the end hereof (collectively, the "Tenants in Common"), and Triple Net
Properties Realty, Inc., a California corporation ("Property Manager").

      The Tenants in Common own certain real property and improvements in
_______________, commonly known as ______________________, as more particularly
described in Exhibit "A" attached hereto and incorporated herein (the
"Property"). The Tenants in Common have entered into a Tenants in Common
Agreement (the "Tenants in Common Agreement") concurrently herewith to provide
for the orderly ownership and operation of the Property. The Tenants in Common
desire to engage Property Manager to manage, lease, operate, and maintain the
Property. It is intended by the parties hereto that this Agreement comply in
all material respects with the requirements for an advance ruling set forth in
Revenue Procedure 2002-22,2002-14IRB (the "Revenue Procedure").

      NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties agree as follows:

      1. COMMENCEMENT AND TERMINATION DATES; AUTHORITY OF TENANTS IN COMMON.

            1.1 Commencement and Termination. Property Manager's duties and
responsibilities under this Agreement shall begin on the date of this Agreement
(the "Start Date") and shall terminate on the earlier of (a) the sale of the
Property or any portion thereof, as to such portion of the Property sold only
(other than any sale of an undivided interest held by a Tenant in Common to a
party that will acquire such interest subject to the Tenants in Common
Agreement), (b) termination as provided in Sections 10.1 and 10.2 or (c)
December 31,2013.

            1.2 Approval of the Tenants in Common. Whenever in this Agreement
the approval, consent or other action by the Tenants in Common is required or
otherwise appropriate, the unanimous approval, consent or other action of the
Tenants in Common shall be required to approve: (a) this Agreement and all
amendments and renewals hereof in accordance with Section 10.1; (b) all leases
and amendments thereof in accordance with Sections 2.5 and 2.6; (c) all
financing and refinancing of the Property; and (d) sale of the Property (other
than a sale pursuant to the Purchase Option described in Section 11 of the
Tenants in Common Agreement) All other actions in this Agreement requiring
approval of the Tenants in Common may be taken by the Tenants in Common holding
more than fifty percent (50%) of the undivided interests in the Property.
Whenever in this Agreement the consent or approval of the Tenants in Common is
required or otherwise requested, each Tenant in Common generally shall have
thirty (30) days after the date on which the request for consent or approval is
submitted to it by Property Manager in which to approve or disapprove of the
matter in writing (unless a longer or shorter period for response is expressly
provided for herein, for example, the seventy-two(72) hour period to review and
approve leasing matters). A Tenant in Common who does not disapprove of the
matter in writing within such thirty (30) day period (or such longer or shorter
period expressly provided for herein) shall be deemed to have approved the
matter. Property Manager shall have no obligation hereunder to comply with any
requests or direction made by less than all of the appropriate percentage of the
Tenants in Common pursuant to Section 1.2 of this Agreement.

      2. PROPERTY MANAGER'S RESPONSIBILITIES.

            2.1 Status of Property Manager. The Tenants in Common and Property
Manager do not intend to form a joint venture, partnership or similar
relationship. Instead, the parties intend that Property Manager shall act solely
in the capacity of an independent contractor for the Tenants in Common. Nothing
in this Agreement shall cause Property Manager and the Tenants in Common to be
joint venturers or partners of each other, and neither shall have the power to
bind or obligate the other party by virtue of this Agreement, except as
expressly provided in

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this Agreement, Nothing in this Agreement shall deprive or otherwise affect the
right of either party to own, invest in, manage, or operate, or to conduct
business activities which compete with, the Property.

            2.2 Management. Property Manager shall manage, operate and maintain
the Property in an efficient, economic, and satisfactory manner and shall manage
the performance of everything reasonably necessary for the proper operation of
the Property for the tenants thereof, subject to (a) applicable governmental
requirements, and (b) the terms and provisions of this Agreement. At the expense
of each of the Tenants in Common, based on their undivided interests in the
Property, Property Manager shall keep the Property clean and in good repair,
shall order and supervise the completion of such repairs as may be required and
shall generally do and perform, or cause to be done or performed, all things
necessary, required or desirable for the proper and efficient management,
operation, and maintenance of the Property, provided each of the Tenants in
Common, based on their undivided interests in the Property, in a manner
reasonably satisfactory to Property Manager, makes available to Property Manager
sufficient sums to pay the costs thereof. Property Manager shall perform all
services in a diligent and professional manner.

            2.3 Employees/Independent Contractors of Property Manager. Property
Manager shall employ, directly or through third party contractors (for example,
an employee leasing company or on-site property manager), at all times, a
sufficient number of capable employees and/or independent contractors to enable
Property Manager to properly, adequately, safely and economically manage,
operate and maintain the Property. All matters pertaining to the supervision of
such employees shall be the responsibility of Property Manager. All salaries and
benefits and positions of employees who perform work in connection with the
Property shall be consistent with the Budget (as defined in Section 2.5)

            2.4 Compliance with Laws, Mortgages and Other Matters

                  2.4.1 Property Manager shall use reasonable efforts to comply,
and cause the Property to be in compliance, with any deed of trust, mortgage or
other loan documents, and all applicable governmental requirements, including by
way of illustration, but not limitation, Board of Fire Underwriters or other
similar body, relative to the performance of its duties hereunder, ordinances,
rules, regulations, and requirements. Property Manager may implement such
procedures with respect to the Property as Property Manager may deem advisable
for the more efficient and economic management and operation thereof. Property
Manager shall pay from the Operating Account (defined in Section 6.2) expenses
incurred to remedy violations of laws. However, Property Manager shall not be
obligated to remedy violations of law if sufficient funds are not available in
the Operating Account or if the Tenants in Common do not provide sufficient
additional funds to do so.

                  2.4.2 Property Manager shall furnish to the Tenants in Common,
promptly after receipt, any notice of violation of any governmental requirement
or order issued by any governmental entity, any Board of Fire Underwriters or
other similar body against the Property, any notice of default from the holder
of any mortgage or deed of trust encumbering the Property, or any notice of
termination or cancellation of any insurance policy.

            2.5 Budgets and Operating Plan.

                  2.5.1 Property Manager has prepared and submitted to the
Tenants in Common herewith an initial capital and operating budget ("Budget")
for the promotion, operation, leasing (including leasing parameters for the
Property), repair, maintenance and improvement of the Property for the current
calendar year. The Budget is and shall be presented on a monthly, cash basis.
Property Manager shall deliver to the Tenants in Common for approval by a
majority thereof each subsequent Budget for each subsequent calendar year on or
about December 15th of the calendar year before the budget year. Each Tenant in
Common shall be deemed to have approved the Budget and the leasing parameters
contained therein unless a majority of the Tenants in Common provides written
notice to Property Manager and the other Tenants in Common indicating specific
objection to certain Budget items within thirty (30) days from receipt of the
Budget. In the event a majority of the Tenants in Common do not approve the
Budget, the disputing Tenants in Common shall negotiate in good faith with
Property Manager and the other Tenants in Common for fifteen (15) days to
resolve the issue. If the parties are unable to reach an agreement on any issue
other than leasing matters, the issue shall be resolved by binding arbitration
as set forth in Section 2.5.4 with (a) each of the disputing Tenant(s) in Common
paying his pro rata share of fifty percent

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(50%) of the cost of arbitration, and (b) all the other Tenants in Common paying
his pro rata share of fifty percent (50%) of the costs of the arbitration.
Property Manager shall provide the Tenants in Common with such information
regarding the Budget as may be, from time to time, reasonably requested by the
Tenants in Common. Property Manager may at any time submit a revised Budget to
the Tenants in Common.

                  2.5.2 The Property Manager shall charge all expenses to the
proper account as specified in the Budget, provided that the Property Manager
may reallocate savings from one line item to other line items, for the benefit
of the Tenants in Common.

                  2.5.3 Together with the submission of the Budget, Property
Manager shall submit each year to the Tenants in Common an operating plan for
the general operation of the Property, including a proposed list of improvements
to the Property, general insurance plan, marketing plan and plan for the general
operation and maintenance of the Property (the "Operating Plan"). Property
Manager may submit a revised Operating Plan to the Tenants in Common at any
time.

                  2.5.4 Any controversy arising out of or related to any dispute
regarding the Budget as set forth in Section 2.5.1 shall be settled by binding
arbitration as provided in Section 13.15.

            2.6 Leasing.

                  2.6.1 Each Tenant in Common hereby approves all Leases (as
defined in Section 2.6.2) presently in effect on the date hereof and the
Property Manager's standard lease form. New leases, amendments and renewals
shall be subject to the procedure and voting process described in Section 2.6.2

                  2.6.2 Property Manager shall use its commercially reasonable
efforts to obtain tenants for all rental units in the Property and to renew
leases and rental agreements (collectively, "Leases") as provided herein. In
accordance with Section 6.5 of the Revenue Procedure, lease terms must be
approved by a unanimous consent of the Tenants in Common unless (a) a lease is
for one percent (1%) or less of the net rentable area of the Property, in which
case the Property Manager can approve such lease; or (b) a lease is for more
than one percent (1%) of the net rentable area of the Property but less than
three percent (3%) of the net rentable area of the Property, and such lease is
consistent with the most current approved Budget and/or Operating Plan is on a
standard form which has been unanimously approved in advance by the Tenants in
Common, in which case the Property Manager can approve such lease. Lease terms
will be deemed approved {"Approved Leases") unless a Tenant in Common gives
written notice of rejection to the Property Manager and the other Tenants in
Common within seventy-two (72) hours of receipt of such lease terms. In
addition, the Tenants in Common will grant to the Property Manager a special
power of attorney to execute Approved Leases. If any Tenant in Common objects to
any such leasing matters within seventy-two (72) hours as provided above, the
Property Manager will not have authority to execute the rejected leases on
behalf of the Tenants in Common in accordance with the Revenue Procedure.

                  2.6.3 Notwithstanding anything to the contrary contained
herein, Property Manager shall only provide ordinary and customary services to
tenants of the Property and others, and shall provide no unusual or
non-customary services to the tenants or any other parties on behalf of the
Tenants in Common.

                  2.6.4 Except as provided in the Operating Plan, Property
Manager shall not, without the prior written approval of the Tenants in Common,
give free rental or discounts or rental concessions to any employees, officers
or shareholders of Property Manager or anyone related to such employees,
officers or shareholders, unless such discounts or concessions are in lieu of
salaries or other benefits to which they would be contractually entitled,
Property Manager shall not lease any space in the Property to itself or to any
of its affiliates or subsidiaries, except as provided in the Operating Plan,
without the prior written consent of the Tenants in Common.

                  2.6.5 Property Manager shall reasonably investigate all
prospective tenants, and shall not rent to persons not meeting credit standards
reasonable for the market. Property Manager shall obtain a credit check for all
prospective tenants through Equifax or a similar service. Property Manager shall
retain such information for the duration of the tenancy, and shall make it
available to the Tenants in Common upon reasonable

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request. Property Manager does not guarantee the accuracy of any such
information or the financial condition of any tenant.

                  2.6.6 Property Manager and the Tenants in Common agree that
there shall be no discrimination against or segregation of any person or group
of persons on account of age, race, color, religion, creed, handicap, sex or
national origin in the leasing of the Property, nor shall the Tenants in Common
or Property Manager permit any such practice or practices of discrimination or
segregation with respect to the selection, location, number or occupancy of
tenants.

                  2.6.7 Property Manager shall engage contractors, engineers,
architects and other consultants on behalf of the Tenants in Common to design
and construct improvements to the Property other than those required to be
performed by tenants under their leases. For any contract requiring capital
expenditures in excess of $50,000, Property Manager shall follow the bidding
procedures specified in Section 2.9 below.

                  2.6.8 Notwithstanding anything to the contrary herein,
Property Manager shall be obligated to disburse to each of the Tenants in Common
their pro rata share of the net revenue from the Property within three (3)
months from the date of receipt of such revenues.

            2.7 Collection of Rents and Oilier Income. Property Manager shall
bill all tenants and shall use its commercially reasonable efforts to collect
all rent and other charges due and payable from any tenant or from others for
services provided in connection with the Property. Property Manager shall
deposit all monies so collected in the Operating Account unless otherwise
required by the loan documents affecting the Property. Each of the Tenants in
Common shall be entitled to the income and revenue from any Property based on
their undivided interests in the Property.

            2.8 Repairs and Maintenance. Property Manager shall maintain the
buildings, appurtenances and grounds of the Property, other than areas which are
the responsibility of tenants, including, without limitation, all repairs,
cleaning, painting, decorations and alterations, for example electrical,
plumbing, carpentry, masonry, elevators and such other routine repairs as are
necessary or reasonably appropriate in the course of maintenance of the Property
(subject to the limitations of this Agreement). Property Manager shall pay
actual and reasonable expenses for materials and labor for such purposes from
the Operating Account. Property Manager shall take reasonable precautions
against fire, vandalism, burglary and trespass to the Property. However,
Property Manager shall only provide ordinary and customary services to tenants
of the Property and shall provide no other services to the tenants or others on
behalf of the Tenants in Common.

            2.9 Capital Expenditures. Property Manager may make any capital
expenditure within any Budget approved by the Tenants in Common without any
further consent, provided that Property Manager follows the bid procedures
prescribed below. All other capital expenditures (other than for emergency
expenditures shall be subject to submittal of a revised Budget to the Tenants in
Common. Unless the Tenants in Common specifically waive such requirements, or
approve a particular contract, Property Manager shall award any contract for a
capital improvement exceeding $50,000 in cost on the basis of competitive
bidding, solicited from a minimum of two (2) written bids. Property Manager
shall accept the bid of the lowest bidder determined by Property Manager to be
responsible, qualified and capable of completing such improvements on a
reasonable schedule.

            2.10 Service Contracts, Supplies and Equipment.

                  2.10.1 Property Manager may enter into or renew any customary
contract for cleaning, maintenance, repairing or servicing the Property or any
of the constituent parts of the Property (including contracts for fuel oil,
security or other protection, extermination, landscaping, architects or
engineering services) contemplated by the Budget and/or the Operating Plan with
any unrelated third party without the consent of the Tenants in Common. Each
such service contract shall (a) be in the name of the Tenants in Common, (b) be
assignable to the transferee of the Tenants in Common, and (c) be for a term not
to exceed one (1) year.

                  2.10.2 If this Agreement terminates pursuant to Section 10,
Property Manager, at the option of the Tenants in Common, shall assign to the
nominee of the Tenants in Common all of Property Manager's interest in the
service agreements pertaining to the Property.

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                  2.10.3 At the expense of the Tenants in Common, Property
Manager shall purchase, provide, and pay for all needed janitorial and
maintenance supplies, tools and equipment, restroom and toilet supplies, light
bulbs, paints, and similar supplies necessary to the efficient and economical
operation and maintenance of the Property. Such supplies and equipment shall be
the property of the Tenants in Common based on their undivided interests in the
Property. All such supplies, tools, and equipment generally shall be delivered
to and stored in the Property and shall be used only in connection with the
management, operation, and maintenance of the Property.

                  2.10.4 Property Manager shall use reasonable efforts to
purchase all goods, supplies or services at the lowest cost reasonably available
from reputable sources in the metropolitan area where the Property is located.
In making any contract or purchase hereunder, Property Manager shall use
reasonable efforts to obtain favorable discounts for the Tenants in Common and
all discounts, rebates or commissions under any contract or purchase order made
hereunder shall inure to the benefit of the Tenants in Common based on their
undivided interests in such Property. Property Manager shall make payments under
any such contract or purchase order to enable the Tenants in Common to take
advantage of any such discount if the Tenants in Common provides sufficient
funds therefor.

            2.11 Taxes and Mortgages. Property Manager, unless otherwise
requested, shall obtain and verify bills for real estate and personal property
taxes, general and special real property assessments and other like charges
(collectively "Taxes") which are, or may become, liens against the Property.
Property Manager shall appeal such Taxes as Property Manager may decide, in its
reasonable judgment, to be prudent. Property Manager shall report any such Taxes
that materially exceed the amounts contemplated by the Budget to the Tenants in
Common prior to Property Manager's payment thereof. Property Manager, if
requested by the Tenants in Common, will cooperate to prepare an application for
correction of the assessed valuation to be filed with the appropriate
governmental agency. Property Manager shall pay, within the time required to
obtain discounts, from funds provided by the Tenants in Common or from the
Operating Account, all utilities, Taxes and payments due under each lease,
mortgage, deed of trust or other security instrument, if any, affecting the
Property. To the extent contemplated by the Budget and/or the Operating Plan (as
either may be revised from time to time), Property Manager may make any such
payments without the approval of the Tenants in Common.

            2.12 Tenant Relations; Compliance. Property Manager will use
reasonable efforts to develop and maintain good relations with the tenants in
the Property. At all times during the term hereof, Property Manager shall use
its reasonable efforts to retain existing tenants in the Property and, after
completion of the initial leasing activity for new tenants, to retain such
tenants. Property Manager shall use its reasonable efforts to secure compliance
by the tenants with the terms and conditions of their respective Leases.

            2.13 Miscellaneous Duties. Property Manager shall (a) maintain at
Property Manager's office address as set forth in Section 12.1 and readily
accessible to the Tenants in Common, orderly files containing rent records,
insurance policies, leases and subleases, correspondence, receipted bills and
vouchers, bank statements, canceled checks, deposit slips, debit and credit
memos, and all other documents and papers pertaining to the Property or the
operation thereof; (b) provide information about the Property necessary for the
preparation and filing by each of the Tenants in Common of their individual
income or other tax returns required by any governmental authority, including
annual statements, identifying each Tenant in Common's undivided percentage of
all expenses paid and income received by such Tenant in Common; (c) consider and
record tenant service requests in systematic fashion showing the action taken
with respect to each, and thoroughly investigate and report to die Tenants in
Common in a timely fashion with appropriate recommendations all complaints of a
nature which might have a material adverse effect on the Property or the Budget;
(d) supervise the moving in and out of tenants and subtenants; arrange, to the
extent possible, the dates thereof to minimize disturbance to the operation of
the Property and inconvenience to other tenants or subtenants; and render an
inspection report, an assessment for damages and a recommendation on the
disposition of any deposit held as security for the performance by the tenant
under its lease with respect to each premises vacated; (e) check all bills
received for the services, work and supplies ordered in connection with
maintaining and operating the Property and, except as otherwise provided in this
Agreement, pay such bills when due and payable; and (f) not knowingly permit the
use of the Property for any purpose that might void any policy of insurance held
by the Tenants in Common or which might render any loss thereunder

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uncollectible. All such records are the property of the Tenants in Common and
will be delivered to the Tenants in Common upon request.

            2.14 Right to Subcontract Property Management Functions. Property
Manager reserves the right, in its sole discretion, to subcontract some or all
of the property management functions described herein to local property managers
and certain other parties. However, except as expressly provided herein, the
fees to be paid to Property Manager under this Agreement are inclusive of fees
payable to such third parties.

      3. INSURANCE.

            3.1 Insurance.

                  3.1.1 Property Manager, at the Tenants in Common's expense,
based on their undivided interests in the Property, will obtain and keep in
force adequate insurance against physical damage (such as fire with extended
coverage endorsement, boiler and machinery) and against liability for loss,
damage or injury to property or persons which might arise out of the occupancy,
management, operation or maintenance of the Property, as contemplated by the
Operating Plan to the extent available at commercially reasonable rates. Such
insurance shall be obtained for each of the Tenants in Common and shall include
each of the Tenants in Common as a named insured. Property Manager shall not be
required to obtain earthquake or flood insurance unless expressly directed to do
so by a specific written notice from the Tenants in Common, but may do so in
Property Manager's reasonable discretion. Property Manager shall be a named
insured on all property damage insurance and an additional insured on all
liability insurance maintained with respect to the Property.

                  3.1.2 As part of the Operating Plan, Property Manager shall
advise the Tenants in Common in writing and make recommendations with respect to
the proper insurance coverage for the Property, taking into account the
insurance requirements set forth in any mortgage on the Property, shall furnish
such information as the Tenants in Common may reasonably request to obtain
insurance coverage and shall reasonably aid and cooperate with respect to such
insurance and any loss thereunder. The Tenants in Common acknowledge that
Property Manager is not a licensed insurance agent or insurance expert.
Accordingly, Property Manager shall be entitled to rely on the advice of a
reputable insurance broker or consultant regarding the proper insurance for the
Property.

                  3.1.3 Property Manager shall investigate and submit, as soon
as reasonably possible, a written report to the insurance carrier and the
Tenants in Common as to all accidents, claims for damage relating to the
ownership, operation and maintenance of the Property, any damage to or
destruction of the Property and the estimated costs of repair thereof, and
prepare and file with the insurance company in a timely manner required reports
in connection therewith. Notwithstanding the foregoing, Property Manager shall
not be required to give such notice to the Tenants in Common if the amount of
the claims, damage or destruction, as reasonably estimated by Property Manager,
does not exceed $10,000 for any one occurrence. Property Manager shall settle
all claims against insurance companies arising out of any policies, including
the execution of proofs of loss, the adjustment of losses, signing and
collection of receipts and collection of money, except that Property Manager
shall not settle claims in excess of $10,000 without submitting prior notice to
the Tenants in Common.

            3.2 Additional Insurance. Any insurance obtained bay Property
Manager for its own account, and not for the benefit of the Tenants in Common,
or the Property, shall be at Property Manager's own expense and any insurance
payments shall be for the Property Manager's sole benefit.

            3.3 Contractor's and Subcontractor's Insurance. Property Manager
shall require all contractors and subcontractors entering upon the Property to
perform services to have insurance coverage at the contractor's or
subcontractor's expense, in the following minimum amounts: (a) worker's
compensation - statutory amount; (b) employer's liability (if required) -
$500,000; and (c) comprehensive general liability insurance, including
comprehensive auto liability insurance covering the use of all owned, non-owned
and hired automobiles, with bodily injury and property damage limits of $750,000
per occurrence. Property Manager may waive such requirements in its reasonable
discretion. Property Manager shall obtain and keep on file a certificate of
insurance which shows that each contractor and subcontractor is so insured.

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            3.4 Waiver of Subrogation. To the extent available at commercially
reasonable rates, all property damage insurance policies required hereunder
shall contain language whereby the insurance carrier thereunder waives any right
of subrogation it may have with respect to the Tenants in Common or Property
Manager.

      4. FINANCIAL REPORTING AND RECORD KEEPING.

            4.1 Books of Accounts. Property Manager shall maintain adequate and
separate books and records for the Property with the entries supported by
sufficient documentation to ascertain their accuracy with respect to the
Property. Such books and records shall contain a separate accounting of all
items of income and all items of expenses for each Tenant in Common. The Tenants
in Common agree to provide to Property Manager any financial or other
information reasonably requested by Property Manager to carry out its services
hereunder. Property Manager shall maintain such books and records, including
separate accounting records for each Tenant in Common's income and expense of
the Property, at Property Manager's office set forth in Section 12.1. Property
Manager shall ensure such control over accounting and financial transactions as
is reasonably necessary to protect the Tenants in Common's assets from theft,
error or fraudulent activity by Property Manager's employees. Property Manager
shall bear losses arising from such instances, including, without limitation,
the following: (a) theft of assets by Property Manager's employees, principals,
or officers or those individuals associated or affiliated with Property Manager;
(b) overpayment or duplicate payment of invoices arising from either fraud or
gross negligence, unless credit is subsequently received by the Tenants in
Common; (c) overpayment of labor costs arising from either fraud or gross
negligence, unless credit is subsequently received by the Tenants in Common; (d)
overpayment resulting from payment from suppliers to Property Manager's
employees or associates arising from the purchase of goods or services for the
Property; and (e) unauthorized use of facilities by Property Manager or Property
Manager's employees or associates.

            4.2 Financial Reports. On or about the twentieth (20th) day after
the end of each calendar quarter, Property Manager shall furnish to the Tenants
in Common a report of all significant transactions occurring during such prior
quarter. These reports shall show all collections, delinquencies, uncollectible
items, vacancies and other matters pertaining to the management, operation, and
maintenance of the Property during the quarter. Property Manager also shall
deliver to the Tenants in Common within a reasonable time after (a) the close of
a calendar year and (b) the termination of this Agreement, a balance sheet for
the Property. The statement of income and expenses, the balance sheet, and all
other financial statements and reports shall be prepared on a cash basis and in
compliance with all reporting requirements relating to the operating of the
Property and required under any deed of trust or mortgage affecting the
Property.

            4.3 Supporting Documentation. At the expense of the Tenants in
Common, Property Manager shall maintain and make available at Property Manager's
office, as set forth in Section 12.1, copies of the following: (a) all bank
statements, bank deposit slips, bank debit and credit memos, canceled checks,
and bank reconciliations; (b) detailed cash receipts and disbursement records;
(c) detailed trial balance for receivables and payables and billed and unbilled
revenue items; (d) rent roll of tenants; (e) paid invoices (or copies thereof);
(f) summaries of adjusting journal entries as part of the annual accounting
process; (g) supporting documentation for payroll, payroll taxes and employee
benefits; (h) appropriate details of accrued expenses and property records; (i)
information regarding the operation of the Property necessary for preparation by
each Tenant in Common of such Tenant in Common's individual tax returns; and (j)
market study of competition (quarterly only). In addition, Property Manager
shall deliver to the Tenants in Common with the quarterly financial statement
copies of the documents described in (a) (statements and reconciliations only),
(b), (c), (d), and (h) above. Property Manager shall deliver a copy of the
document described in (j) to any Tenant in Common upon request. Property Manager
shall maintain separate income and expense accounts for each Tenant in Common.

      5. RIGHT TO AUDIT. Each of the Tenants in Common and their representatives
may examine all books, records and files maintained for the Tenants in Common by
Property Manager. The Tenants in Common may perform any audit or investigations
relating to Property Manager's activities at any office of Property Manager if
such audit or investigation relates to Property Manager's activities for the
Tenants in Common. Should any of the Tenants in Common discover defects in
internal control or errors in record keeping, Property Manager shall undertake
with all appropriate diligence to correct such discrepancies either upon
discovery or within a reasonable

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period of time. Property Manager shall inform the Tenants in Common in writing
of the action taken to correct any audit discrepancies.

      6. BANK ACCOUNTS.

            6.1 Bank Account. Property Manager shall establish and maintain, in
reputable banks or financial institutions designated by Property Manager,
separate bank accounts in trust for, or in the name of, the Tenants in Common
(the "Bank Accounts"). All moneys collected from, or in connection with, the
Property shall be deposited in the Bank Accounts. Any bank accounts maintained
by a third party property manager shall be designated as a real estate trust
account or shall be in trust for, or in the name of, the Tenants in Common.

            6.2 Operating Account. Property Manager shall be permitted to
deposit and make withdrawals from a master Bank Account. Property Manager shall
maintain books and records of deposits and withdrawals credited and charged to
each Tenant in Common's subaccount (such master account together with and any
interest earned thereon, shall hereinafter be referred to as the "Operating
Account"). The Property Manager shall maintain the Operating Account so that an
amount at least as great as the budgeted expenses for such month is in the
Operating Account as of the first of each month. Property Manager shall pay from
the Operating Account, on behalf of each Tenant in Common with respect to their
share of Property operating expenses, based on their undivided interests in the
Property, the operating expenses of the Property and any other payments relating
to the Property as required by this Agreement. If more than one bank account is
necessary to operate the Property, each account shall have a unique name. Within
three (3) months after receipt by the Property Manager, all rents and other
funds collected in the Operating Account after payment of all operating
expenses, debt service and such amounts as may be determined by the Property
Manager to be retained for reserves or improvements, shall be paid to the
Tenants in Common in proportion to their respective Interests in tire Property.

            6.3 Security Deposit Account. If applicable law requires a
segregated account of security deposits, Property Manager will open, on behalf
of each Tenant in Common, a separate account at a reputable bank or other
financial institution Property Manager shall maintain such account in accordance
with applicable law. Property Manager shall use the account only to maintain
security deposits on behalf of the Tenants in Common. Property Manager shall
inform the bank or financial institution to hold the funds in trust for the
Tenants in Common. Property Manager shall maintain detailed records of all
security deposits deposited, and allow the Tenants in Common or their designees
access to such records. Property Manager may return such deposits to any tenant
in the ordinary course of business in accordance with the terms of the
applicable lease and applicable law.

            6.4 Access to Account. As authorized by signature cards,
representatives of Property Manager shall have access to and may draw upon all
funds in the accounts described in Sections 6.1, 6.2 and 6.3 without the
approval of the Tenants in Common. The Tenants in Common may not withdraw funds
from such accounts without Property Manager's prior written consent, except
following the Property Manager's default after expiration of any applicable
notice and cure periods or the termination of this Agreement.

      7. PAYMENTS OF EXPENSES.

            7.1 Costs Eligible for Payment from Operating Account. Property
Manager shall pay all expenses of the operation, maintenance and repair of the
Property contemplated by the Budget directly from the Operating Account or shall
be reimbursed by the Tenants in Common, subject to the conditions set forth in
Section 2.5, including the following: (a) costs of the gross salary and wages or
proportional shares thereof, payroll taxes, worker's compensation insurance, and
all other benefits of employees (for example, on-site personnel) required to
manage, operate and maintain the Property properly, adequately, safely and
economically, subject to this Agreement, provided that Property Manager shall
not pay such employees in advance; (b) cost to correct the violation of any
governmental requirement relating to the leasing, use, repair and maintenance of
the Property, or relating to the rules, regulations or orders of the local Board
of Fire Underwriters or other similar body, if such cost is not the result of
Property Manager's gross negligence or willful misconduct; (c) actual and
reasonable cost of making all repairs, decorations and alterations if such cost
is not the result of Property Manager's gross negligence or willful misconduct;
(d) cost incurred by Property Manager in connection with all service agreements;
(e) cost of collection of delinquent rents collected by a collection agency or
attorney; (f) legal fees of attorneys; (g) cost of capital expenditures subject
to the restrictions in Section 2.9 and in this Section; (h) cost of printed
checks for each

                                       8

<PAGE>

account required for the Property and the Tenants in Common; (i) cost of
utilities; (j) cost of advertising; (k) cost of printed forms and supplies
required for use at the Property; (l) management compensation set forth in
Section 9; (m) the cost of tenant improvements to the Property; (n) all hiring,
relocation and termination costs for any employee, including those individuals
whose salaries and benefits are paid by the Tenants in Common; (o) broker's
commissions; (p) debt service; (q) the cost of utilities, services, contractors
and insurance; (r) reimbursement of Property Manager's out-of-pocket costs and
expenses to the extent not prohibited by Section 8 below; (s) general accounting
and reporting services within the reasonable scope of the Property Manager's
responsibility to the Tenants in Common; (t) cost of forms, papers, ledgers, and
other supplies and equipment used in connection with the Property for the
preparation of reports, information and returns to be prepared by Property
Manager under the terms of this Agreement; (u) all expenses of Property
Manager's on-site office; (v) all other costs directly related to the Property,
including, but not limited to, communication costs (telephone, postage, etc.),
computer rentals or time, supplies (paper, envelopes, business forms, checks,
payroll forms and record cards, forms for governmental reports, etc.), printing,
insurance, fidelity bonds, taxes and license fees, and general office expenses
allocable to the Property; and (w) cost of routine travel by Property Manager's
employees or associates to and from Property. All other amounts not directly
related to the Property or the Tenants in Common shall be payable solely by
Property Manager, and shall not be paid out of the Operating Account or
reimbursed by the Tenants in Common.

            7.2 Operating Account Deficiency. If there are not sufficient funds
in the Operating Account to make any such payment, Property Manager shall notify
the Tenants in Common, if possible, at least ten (10) days prior to any
delinquency so that the Tenants in Common have an opportunity, based on their
interests in the Property, to deposit sufficient funds in the Operating Account
to allow for such payment prior to the imposition of any penalty or late charge.

            7.3 Interest on Funds Advanced or Loaned by Property Manager.
Property Manager, Cunningham Lending Group, LLC, an Affiliate of Anthony W.
Thompson, President of the Property Manager, may (but shall not be obligated to)
loan funds to the Tenants in Common in the future, with simple interest thereon
at its cost of funds not to exceed twelve percent (12%) per annum (or, if lower,
the highest rate permitted by law). Such loan, if any, shall be fully recourse
to each Tenant in Common and must be repaid within thirty one (31) days of
funding. If the Tenant in Common is a single member limited liability company,
the owner of the limited liability company will be personally liable to repay
this loan.

      8. PROPERTY MANAGER'S COSTS NOT TO BE REIMBURSED.

            8.1 Non-reimbursable Costs. The following expenses or costs incurred
by or on behalf of Property Manager in connection with the management and
leasing of the Property shall be at the sole cost and expense of Property
Manager and shall not be reimbursed by the Tenants in Common: (a) cost
attributable to losses arising from gross negligence or fraud on the part of
Property Manager, Property Manager's associates or employees; (b) cost of
insurance purchased by Property Manager for its own account; and (c) Property
Manager's cost of overhead, salaries and other items except as expressly
provided in Section 7.1.

            8.2 Litigation. Property Manager will be responsible for and hold
the Tenants in Common harmless from, all fees, costs, expenses, and damages
relating to disputes with employees for worker's compensation (to the extent not
covered by insurance), discrimination or wrongful termination, including legal
fees and other expenses.

      9. COMPENSATION. Each Tenant in Common shall pay the fees set forth below
based on their undivided interest in the Property.

            9.1 Property Management Fee. Property Manager, or an Affiliate,
shall receive, for its services in managing the Property in accordance with the
terms of this Agreement, a monthly management fee (the "Property Management
Fee"), of up to six percent (6%) of Gross Revenues (defined below), which
Property Management Fee shall be in addition to out-of-pocket and on-site
personnel costs that are reimbursable pursuant to Section 7, and the other fees
provided in this Agreement. "Gross Revenues" shall be all gross billings from
the operations of the Property, including rental receipts and reimbursements by
tenants for common area expenses, operating expenses and taxes and similar
pass-through, obligations paid by tenants, but excluding (a) security deposits
received from tenants and interest accrued thereon for the benefit of the tenant
until such deposits or

                                       9

<PAGE>

interest are included in the taxable income of the Tenants in Common, (b)
advance rents until the month in which payments are to apply as rental income,
(c) reimbursements by tenant's for work done for that particular tenant, (d)
insurance proceeds received by the Tenants in Common as a result of any insured
loss (except proceeds from rent insurance), (e) condemnation proceeds not
attributable to rent, (f) capital contributions made by the Tenants in Common,
(g) proceeds from capital, financing and any other transaction not in the
ordinary course of the operation of the Property, (h) income derived from
interest on investments or otherwise, (i) abatement of taxes, awards arising out
of takings by eminent domain, discounts and dividends on insurance policies, (j)
rental concessions not paid by third parties, and (k) proceeds from the sale or
other disposition of all or any part of the Property. The Property Management
Fee shall be payable monthly, following calculation thereof, upon submission of
a monthly statement from the Operating Account or from other funds timely
provided by the Tenants in Common Upon termination of this Agreement, the
parties will prorate the Property Management Fee on a daily basis to the
effective date of such cancellation or termination. If Property Manager engages
local property managers or other parties to provide property management services
in accordance with Section 2.14, Property Manager shall be obligated to pay such
third parties, it being intended that the Property Management Fee shall be
inclusive of such third party fees.

            9.2 Leasing Commissions. Property Manager or an Affiliate shall
receive, for its services in leasing the Property in accordance with the terms
of this Agreement, a leasing commission (the "Leasing Commission") equal to six
percent (6%) of the value of any lease entered into during the term of this
Agreement and three percent (3%) with respect to any renewals or renegotiation
entered into during the term of this Agreement. Any leasing fees due outside
leasing agents or brokers, except for any who are on site will be paid by the
Property Manager from these commissions. The value of the lease shall be
calculated by totaling the minimum monthly rent (or similar rent) for the term
of the lease. The term of the lease shall not exceed five (5) years for purposes
of the foregoing computation and shall be exclusive of option periods. If
another broker represents the tenant, then Property Manager may cooperate with
that broker on terms and conditions acceptable to Property Manager, in its sole
discretion, with commissions to the other broker to be paid by the Property
Manager.

            9.3 Construction Management Fee. Property Manager, or an Affiliate,
shall receive, for its services in supervising any construction or repair
project in or about the Property, a construction management fee (the
"Construction Management Fee") equal to five percent (5%) of any amount
(including related professional services) up to Twenty-Five Thousand Dollars
($25,000.00), four percent (4%) of any amount over Twenty-Five Thousand Dollars
($25,000.00) but less than Fifty Thousand Dollars ($50,000 00), and three
percent (3%) of any amount over Fifty Thousand Dollars ($50,000.00) which is
expended in any calendar year for construction, tenant improvement or repair
projects.

            9.4 Selling Commission. The Tenants in Common hereby grant
Property Manager, or an Affiliate, the exclusive right to sell the Property on
terms acceptable to the Tenants in Common as described herein. Property Manager
shall be entitled to receive a sales commission (the "Selling Commission") from
the Tenants in Common equal to up to five percent (5%) maximum of the gross
sales price of the Property if the Property Manager obtains a buyer for the
Property (or portion thereof) on terms approved by the Tenants in Common or if
Property Manager or an Affiliate purchases the Property pursuant to the Purchase
Option set forth in Section 11 of the Tenants in Common Agreement. The Property
Manager or an Affiliate will be entitled to a maximum of four percent (4%) of
the Selling Commission; any third party real estate agents and brokers who
assist in the sale will also be paid a portion of the Selling Commission up to a
maximum of five percent (5%) including the Selling Commission paid to the
Property Manager. Notwithstanding anything to the contrary contained herein, if
the Property Manager is terminated "for cause" pursuant to Section 10.2 of this
Agreement, the Property Manager shall not thereafter have the right to sell the
Property and shall not receive the Selling Commission.

            9.5 Loan Fee. Property Manager or an Affiliate shall receive a loan
fee (the "Loan Fee") in the amount of one percent (1%) of the principal amount
of all loans obtained for the Property by the Property Manager during the term
of this Agreement. Property Manager or an Affiliate shall pay out of the Loan
Fee any loan brokers or other parties (other than the lender) who assist in such
financings. The Loan Fee does not include any origination fees or points paid to
the lender in connection with such loans. The Loan Fee will be pro rated among
the Tenants in Common according to their respective Interests.

            9.6 Payment of Fees. The Property Management Fee shall be paid
monthly in an arrears. The Leasing Commission, Construction Management Fee and
Loan Fee shall each be paid when the Lease is signed, the

                                       10

<PAGE>

construction is substantially completed and the new financing has closed escrow.
The Selling Commission shall be paid upon closing escrow, after the Tenants in
Common have received a return of their unrecovered investment in the Property
but before any net profits are distributed to the Tenants in Common.

      10. TERMINATION. Each of the Tenants in Common shall have the right to
terminate this Agreement as provided below in accordance with Section 6,12 of
the Revenue Procedure.

            10.1 Termination by Tenants in Common not "far cause". Each of the
Tenants in Common shall have the right to terminate this Agreement without cause
within thirty (30) days of the end of each calendar year (and by their execution
hereof hereby approve this Agreement for the calendar year in which it is
executed). At the end of each calendar year subsequent to the year in which this
Agreement is executed, this Agreement shall be subject to renewal or termination
by the Tenants in Common as provided by Section 6.12 of the Revenue Procedure.
Property Manager shall inform each of the Tenants in Common no later than thirty
(30) days before the end of each calendar year of their right to terminate this
Agreement. Each of the Tenants in Common shall have the right to terminate this
Agreement by giving written notice to the Property Manager and to each of the
other Tenants in Common within seventy two (72) hours of receipt. Absent receipt
by the Property Manager of a written demand to terminate from any Tenant in
Common within such seventy two (72) hour period, this Agreement shall be deemed
renewed until the end of the next calendar year. Termination of this Agreement
without a prompt replacement of an acceptable property manager approved by the
lender is likely to be deemed a default under the loan documents. If the
Property Manager receives a written notice to terminate from a Tenant in Common
as provided above, (x) the Management Agreement shall be deemed terminated
effective ninety (90) days following the end of the calendar year in which the
termination notice is received by the Property Manager, (y) the Tenant(s) in
Common exercising their right of termination shall be subject to the Purchase
Option contained in Section 11 of the Tenants in Common Agreement, and (z) each
of the Tenants in Common who exercise their right to terminate this Agreement
without cause as provided in this Section 10.1 shall be obligated to pay their
pro rata share of a set up fee computed in the same manner as the Special
Allocation (as defined in the Memorandum) as if the Property was sold based on a
value equal to the greater of (i) the appraised value or (ii) the acquisition
capitalization rate for the Property, times the net operating income of the
Property for the 12 month period prior to the termination. The parties
acknowledge that the set up fee is due on termination without cause in
recognition of the substantial costs that Property Manager has incurred in set
up and other expenses to be prepared to manage, and to manage, the Property.

            10.2 Termination by Tenants in Common "for Cause". Each of the
Tenants in Common shall have the right to terminate this Agreement "for cause"
upon thirty (30) days prior written notice. For purposes of this Agreement,
termination "for cause" shall mean termination due to the (a) gross negligence
or fraud of Property Manager, (b) willful misconduct or willful breach of this
Agreement by Property Manager, (c) bankruptcy, insolvency or inability of the
Property Manager to meet its obligation as the same come due, or (d) a
conviction of a felony by Anthony W Thompson, President of Property Manager.
Property Manager or an affiliate of Property Manager that owns a tenant in
common interest in the Property or a membership interest in NNN 2003 Value Fund,
LLC hereby agrees not to participate in any vote to terminate this Agreement.

            10.3 Termination by Property Manager. Property Manager shall have
the right to terminate this Agreement, provided that the Tenants in Common are
in default in the performance of any of its obligations hereunder, and such
default remains uncured for thirty (30) days following Property Manager's giving
of written notice of such default to the Tenants in Common.

            10.4 Termination On Sale. This Agreement shall automatically
terminate upon the sale of the entire Property without payment of any set up
fee.

            10.5 Final Accounting. Within thirty (30) days after termination of
this Agreement for any reason, Property Manager shall deliver to each Tenant in
Common based on their undivided interest in the Property, the following: (a) a
final accounting, setting forth the balance of income and expenses on the
Property as of the date of termination; (b) any balance or monies of the Tenants
in Common or tenant security deposits held by Property Manager with respect to
the Property; and (c) all materials and supplies, keys, books and records,
contracts, leases, receipts for deposits, unpaid bills and other papers or
documents which pertain to the Property. For a period of thirty (30) days after
such expiration or cancellation for any reason other than the Tenants in
Common's default, Property Manager shall be available, through its senior
executives familiar with the Property, to consult with and

                                       11

<PAGE>

advise the Tenants in Common or any person or entity succeeding to the Tenants
in Common as owner of the Property or such other person or persons selected by
the Tenants in Common regarding the operation and maintenance of the Property.
In addition, Property Manager shall cooperate with the Tenants in Common in
notifying all tenants of the Property of the expiration and termination of this
Agreement, and shall use reasonable efforts to cooperate with the Tenants in
Common to accomplish an orderly transfer of the operation and management of the
Property to a party designated by the Tenants in Common. Property Manager shall
receive its monthly Property Management Fee for such services. Property Manager
shall, at its cost and expense, promptly remove all signs wherever located
indicating that it is the Property Manager and replace and repair any damage
resulting therefrom. Termination of this Agreement shall not release either
party from liability for failure to perform any of the duties or obligations as
expressed herein and required to be performed by such party for the period prior
to the termination

      11. CONFLICTS. Property Manager shall not deal with or engage, or purchase
goods or services from, any subsidiary or affiliated company of Property Manager
in connection with the management of the Property for amounts above market
rates.

      12. NOTICES.

            12.1 Notices. All notices, demands, consents, approvals, reports and
other communications provided for in this Agreement shall be in writing and
shall be given to the Tenants in Common or Property Manager at the address set
forth below or at such other address as they may specify hereafter in writing:

      Tenants in Common: At the addresses specified in the Tenants in
                         Common Agreement

      Property Manager:  Triple Net Properties Realty, Inc., Property Manager
                         1551 N. Tustin Avenue, Suite 200
                         Santa Ana, California 92705
                         Attn: Anthony W. Thompson, President

      With a copy to:    Hirschler Fleischer
                         Mailing Address:    P.O. Box 500
                                             Richmond, VA 23218-0500
                                             Attn: Louis J. Rogers, Esquire
                         Overnight Address:  701 East Byrd Street
                                             Richmond, VA 23219
                                             Attn: Louis J. Rogers, Esquire

Such notice or other communication may be delivered by a recognized overnight
delivery service providing a receipt, facsimile transmission or mailed by United
States registered or certified mail, return receipt requested, postage prepaid
if deposited in a United States Post Office or depository for the receipt of
mail regularly maintained by the post office. Notices sent by overnight courier
shall be deemed given one (1) business day after mailing; notices sent by
registered or certified mail shall be deemed given two (2) business days after
mailing; and notices sent by facsimile transmission shall be deemed given as of
the date sent (if sent prior to 5:00 p.m. PST and if receipt has been
acknowledged by the operator of the receiving machine).

      13. MISCELLANEOUS.

            13.1 Assignment. Property Manager may not assign this Agreement
without the prior written consent of each of the Tenants in Common, which
consent may be withheld in each of the Tenants in Common's sole and absolute
discretion. Subject to the Tenants in Common Agreement, a Tenant in Common may
assign its rights to a party acquiring its undivided interest ("Successor Tenant
in Common") and upon assignment and the assumption of this Agreement by the
Successor Tenant in Common pursuant to an agreement whereby (a) the assigning
Tenant in Common assigns to the Successor Tenant in Common all of its right,
title and interest in and to this Agreement and (b) the Successor Tenant in
Common assumes and agrees to perform faithfully and to be bound by all of the
terms, covenants, conditions, provisions and agreements of this Agreement with
respect to the

                                       12

<PAGE>

undivided interest to be transferred, the assigning Tenant in Common shall be
relieved of all liability accruing after the effective date of the assignment
and, without further action by Property Manager or the other Tenants in Common,
the Successor Tenant in Common shall become a party to this Agreement.

            13.2 Gender. Each gender shall include each other gender. The
singular shall include the plural and vice-versa.

            13.3 Amendments. Except as otherwise provided, each amendment,
addition or deletion to this Agreement shall not be effective unless approved by
the parties in writing.

            13.4 Attorneys' Fees. In any action or proceeding between Property
Manager and the Tenants in Common arising from or relating to this Agreement or
the enforcement or interpretation hereof, the party prevailing in such action or
proceeding shall be entitled to recover from the other party all of its
reasonable attorneys' fees and other costs and expenses of the action or
proceeding.

            13.5 Governing Law; Venue. This Agreement shall be governed by and
construed in accordance with the internal laws of the State where the Property
is located without regard to any choice of law rules. Any action relating to or
arising out of this Agreement shall be subject to binding arbitration in Orange
County, California, as provided in Section 13.15.

            13.6 Headings. All headings are only for convenience and ease of
reference and are irrelevant to the construction or interpretation of any
provision of this Agreement.

            13.7 Representations. Property Manager represents and warrants that
it is or shall be prior to entering into any transaction fully qualified and
licensed, to the extent required by law, to manage and lease real estate and
perform all obligations assumed by Property Manager hereunder. Property Manager
shall use reasonable efforts to comply with all such laws now or hereafter in
effect.

            13.8 Indemnification by Property Manager. Property Manager shall
indemnify, defend and hold the Tenants in Common and their shareholders,
officers, directors, and employees harmless from any and all claims, demands,
causes of action, losses, damages, fines, penalties, liabilities, costs and
expenses, including reasonable attorneys' fees and court costs, sustained or
incurred by or asserted against the Tenants in Common by reason of the acts of
Property Manager which arise out of its gross negligence or fraud of Property
Manager, its agents or employees or Property Manager's breach of this Agreement.
If any person or entity makes a claim or institutes a suit against the Tenants
in Common on a matter for which the Tenants in Common claim the benefit of the
foregoing indemnification, then (a) the Tenants in Common shall give Property
Manager prompt notice thereof in writing; (b) Property Manager may defend such
claim or action by counsel of its own choosing provided such counsel is
reasonably satisfactory to the Tenants in Common; and (c) neither the Tenants in
Common nor Property Manager shall settle any claim without the other's written
consent.

            13.9 Indemnification by the Tenants in Common. The Tenants in
Common shall indemnify, defend and hold Property Manager and its shareholders,
officers, directors and employees harmless from any and all claims, demands,
causes of action, losses, damages, fines, penalties, liabilities, costs and
expenses, including reasonable attorney's fees and court costs, sustained or
incurred by or asserted against Property Manager by reason of the operation,
management, and maintenance of the Property and the performance by Property
Manager of Property Manager's obligations under this Agreement but only to the
extent of each Tenants in Common's interest in the Property, except those which
arise from Property Manager's gross negligence or fraud. If any person or entity
makes a claim or institutes a suit against Property Manager on any matter for
which Property Manager claims the benefit of the foregoing indemnification, then
(a) Property Manager shall give the Tenants in Common prompt notice thereof in
writing; (b) the Tenants in Common may defend such claim or action by counsel of
its own choosing provided such counsel is reasonably satisfactory to Property
Manager; (c) neither Property Manager nor the Tenants in Common shall settle any
claim without the other's written consent; and (d) this subsection shall not be
so construed as to release the Tenants in Common or the Property Manager from
any liability to the other for a breach of any of the covenants agreed to be
performed under the terms of this Agreement.

                                       13

<PAGE>

            13.10 Complete Agreement. This Agreement shall supersede and take
the place of any and all previous agreements entered into between the parties
with respect to the management of the Property.

            13.11 Severability. If any provisions of this Agreement or
application to any party or circumstances shall be determined by any court of
competent jurisdiction to be invalid and unenforceable to any extent, the
remainder of this Agreement, where the application of such provisions or
circumstances other than those as to which it is determined to be invalid or
unenforceable shall not be affected thereby, and each provision hereof shall be
valid and shall be enforced to the fullest extent permitted by law.

            13.12 No Waiver. The failure by any party to insist upon the strict
performance of, or to seek remedy of, any one of the terms or conditions of this
Agreement or to exercise any right, remedy, or election set forth herein or
permitted by law shall not constitute or be construed as a waiver or
relinquishment for the future of such term, condition, light, remedy or
election, but such item shall continue and remain in full force and effect. All
lights or remedies of the parties specified in this Agreement and all other
rights or remedies that they may have at law, in equity or otherwise shall be
distinct, separate and cumulative rights or remedies, and no one of them,
whether exercised or not, shall be deemed to be in exclusion of any other right
or remedy of the parties.

            13.13 Binding Effect. This Agreement shall be binding and inure to
the benefit of the parties and their respective successors and assigns.

            13.14 Enforcement of Property Manager's Rights. In the enforcement
of its rights under this Agreement, Property Manager shall not seek or obtain a
money judgment or any other right or remedy against any shareholders or
disclosed or undisclosed principals of the Tenants in Common. Property Manager
shall enforce its rights and remedies solely against the estate of the Tenants
in Common in the Property or the proceeds of any sale of all or any portion of
the Tenants in Common's interest therein.

            13.15 Binding Arbitration. Any dispute, claim or controversy arising
out of or related to this Agreement, the breach hereof, the termination,
enforcement, interpretation or validity hereof, or an investment in the
Interests shall be settled by arbitration in Orange County, California, in
accordance with the rules of The American Arbitration Association, and judgment
entered upon the award rendered may be enforced by appropriate judicial action
pursuant to the California Code of Civil Procedures. The arbitration panel shall
consist of one (1) member, which shall be the mediator if mediation has occurred
or shall be a person agreed to by each party to the dispute within thirty (30)
days following notice by one party that he desires that a matter be arbitrated.
If there was no mediation and the parties are unable within such thirty (30) day
period to agree upon an arbitrator, then the panel shall be one (1) arbitrator
selected by the Orange County office of the American Arbitration Association
which arbitrator shall be experienced in the area of real estate and who shall
be knowledgeable with respect to the subject matter area of the dispute. The
losing party shall bear any fees and expenses of the arbitrator, other tribunal
fees and expenses, reasonable attorney's fees of both parties, any costs of
producing witnesses and any other reasonable costs or expenses incurred by him
or the prevailing party or such costs shall be allocated by the arbitrator. The
arbitration panel shall render a decision within thirty (30) days following the
close of presentation by the parties of their cases and any rebuttal. The
parties shall agree within thirty (30) days following selection of the
arbitrator to any prehearing procedures or further procedures necessary for the
arbitration to proceed, including interrogatories or other discovery.

      BY EXECUTING THIS AGREEMENT YOU ARE AGREEING TO HAVE CERTAIN DISPUTES
DECIDED BY NEUTRAL ARBITRATION AND YOU ARE GIVING UP ANY RIGHTS YOU MIGHT
POSSESS TO HAVE SUCH DISPUTES LITIGATED IN A COURT OR JURY TRIAL BY EXECUTING
THIS AGREEMENT YOU ARE GIVING UP YOUR JUDICIAL RIGHTS TO DISCOVERY AND APPEAL.
IF YOU REFUSE TO SUBMIT TO ARBITRATION AFTER AGREEING TO THIS PROVISION, YOU MAY
BE COMPELLED TO ARBITRATE. YOUR AGREEMENT TO THIS ARBITRATION PROVISION IS
VOLUNTARY.

            13.16 Interpretation. Whenever any provision set forth in this
Agreement is open to interpretation, this Agreement shall be interpreted, to the
maximum extent possible, to comply with all of the requirements for an advance
ruling set forth in the Revenue Procedure.

                                       14

<PAGE>

            13.17 Counterparts. This Agreement may be executed in counterparts,
each of which, when taken together, shall be deemed one folly executed original.

      IN WITNESS WHEREOF, die parties hereto have executed this Agreement the
date and year first above written.

                                       PROPERTY MANAGER:

                                       TRIPLE NET PROPERTIES REALTY, INC.,
                                       a California corporation

                                       By: /s/ Anthony W. Thompson
                                           --------------------------------
                                           Anthony W. Thompson, President

                                       TENANTS IN COMMON:

                                       NNN 2003 VALUE FUND, LLC,
                                       a Delaware limited liability company

                                       By: TRIPLE NET PROPERTIES, LLC,
                                           a Virginia limited liability company
                                           Its: Manager

                                       By: /s/ Anthony W. Thompson
                                           --------------------------------
                                           Anthony W. Thompson, President

                                       ____________________________________

                                       ____________________________________

                                       ____________________________________

                                       15

<PAGE>

                                    EXHIBIT A

                                LEGAL DESCRIPTION

                                       16EXHIBIT 10.1

                    LIMITED LIABILITY COMPANY AGREEMENT

                                     OF

               GOLDMAN SACHS GLOBAL TACTICAL TRADING II, LLC

                          DATED AS OF JUNE 2, 2003

<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.........................4
    Section 2.04      Reliance by Third Parties................................5
    Section 2.05      Activity of the Managing Member..........................5
    Section 2.06      Standard of Care; Indemnification........................6
    Section 2.07      Management Fee; Payment of Costs and Expenses............7
    Section 2.08      Principal Transactions and Other Related Party
                      Transactions.............................................9
    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
    Section 3.04      Adjustment to Number of Units Issued....................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.............................14
    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............................16
    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...............................18
    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

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

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

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.....................................21
    Section 8.04      Financial Reports to Current Members....................21
    Section 8.05      Tax Reports to Members and Former Members...............21
    Section 8.06      Partnership Status of Company...........................21

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.......22
    Section 9.04      Instruments.............................................23
    Section 9.05      No Personal Liability For Return of Capital.............23
    Section 9.06      Choice of Law...........................................24
    Section 9.07      Waiver of Trial By Jury.................................24
    Section 9.08      No Third Party Rights...................................24
    Section 9.09      Notices.................................................24
    Section 9.10      Counterparts............................................24
    Section 9.11      Grantors of Revocable Trusts............................24
    Section 9.12      Each Interest in the Company is a Security..............24
    Section 9.13      Goodwill................................................25
    Section 9.14      Headings................................................25
    Section 9.15      Pronouns................................................25
    Section 9.16      Confidentiality.........................................25

<PAGE>

                   LIMITED LIABILITY COMPANY AGREEMENT OF

               GOLDMAN SACHS GLOBAL TACTICAL TRADING II, LLC

                          Dated as of June 2, 2003

     The undersigned (herein called the "Members", which term shall include
any persons  hereafter  admitted to the Company (as defined below) pursuant
to Article III of this  Agreement (as defined  below) and shall exclude any
persons  who  cease  to be  Members  pursuant  to  Article  V or 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 this
"Agreement").

                                 ARTICLE I

                             General Provisions

     Section  1.01  Company  Name and  Address.  The name of the Company is
Goldman  Sachs Global  Tactical  Trading II, 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.

     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),  the Capital  Account  (or, in the case of a Member with more than
one series of Units (as defined  below),  the Capital  Accounts)  that such
Member (or former  Member)  would have  received  (or in fact did  receive)
pursuant to the terms and provisions of Article VI upon withdrawal from the
Company as of the end of such fiscal year (or relevant portion thereof).

     Notwithstanding any other provision 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 (or former Member's)  obligations under this Section 1.03, to
make additional contributions or payments,  respectively,  up to, but in no
event in excess of, the  aggregate  amount of returns of capital  and other
amounts actually received by it from the Company during or after the fiscal
year to which any debt or obligation is attributable.

     As used in this Agreement,  the terms "former Non-Managing Member" and
"former Member" refer to such persons 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 (i) 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), including through limited
liability companies or other entities managed by the Managing Member or one
of its Affiliates  through which the Company accesses Advisors  ("Portfolio
Companies"),  that employ  strategies  within the tactical  trading sector,
(ii)  engaging  in any other  lawful  act or  activity  for  which  limited
liability  companies may be organized  under the Act, and (iii) 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 of limited  liability company interests in the
Company  ("Units") in whole or in part to any person except by operation of
law (i) pursuant to the death, adjudication of incompetency,  insolvency or
bankruptcy of the Member or (ii)  pursuant to the corporate  reorganization
or merger of the Member,  nor substitute any other person as a Member.  Any
attempted  pledge,  transfer,   assignment  or  substitution  not  made  in
accordance with this Section 1.05 shall be void.

     (b) Without  the consent of the  Non-Managing  Members,  the  Managing
Member may assign or otherwise transfer its Managing Member interest in the
Company to any corporation, partnership, limited liability company or other
entity controlling, controlled by or under common control with the Managing
Member,  and may  substitute  any such  corporation,  partnership,  limited
liability  company or other entity as 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. The Managing
Member's  limited  liability  company interest in the Company in respect of
its Incentive Allocation (as defined in Section 4.05(b)(i)) and the Capital
Account maintained in respect thereof will not be represented by Units.

     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,  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 the
Managing  Member or its  Affiliates)  and  secure  the  obligations  of the
Company by pledges or  hypothecation  of all or any part of the property of
the Company;

     (c) do any and all acts on behalf of the  Company,  and  exercise  all
rights,  powers,  privileges and other incidents of ownership or possession
with respect to the Company's 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, Portfolio Companies and
investment  funds,  oversee such allocations and, from time to time, in the
sole  discretion of the Managing  Member,  reallocate the Company's  assets
among existing or new Advisors, Portfolio Companies or investment funds;

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

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

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

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

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

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

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

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

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

     Section  2.04  Reliance by Third  Parties.  Persons  dealing  with the
Company  are  entitled to rely  conclusively  upon the  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 such Indemnified Person for its legal and other
expenses  (including  the  costs  of  any  investigation  and  preparation)
incurred in connection  therewith,  provided that such  Indemnified  Person
shall  promptly  repay to the  Company  the  amount of any such  reimbursed
expenses paid to it if it shall  ultimately be determined by a court having
appropriate  jurisdiction in a decision that is not subject to appeal, that
such Indemnified Person is not entitled to be indemnified by the Company in
connection with such action, proceeding or investigation as provided in the
exception contained in the next succeeding sentence.

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

     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  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 applicable 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  management  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% of the Net Assets (as  defined in Section  4.01(d)) of the Company in
respect of each series of Units as of the end of each month,  appropriately
adjusted  to  reflect  capital   appreciation   or  depreciation   and  any
subscriptions,  redemptions or  distributions.  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 has the right, in its sole  discretion,  to waive
fees or impose  different  fees on any  Member,  as may be agreed to by the
Managing Member and the Member,  and to make the appropriate  amendments to
this Agreement in order to reflect such fee arrangements.

     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 or investment fund in which it invests, its pro rata
portion of the  offering,  organizational  and  operating  expenses of each
Portfolio Company or investment fund,  including,  without limitation,  the
expenses of the type described in this and the 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,  or Units
of a new series at an initial purchase price other than $100, provided that
any such  issuance  does not have a material  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 may, in the sole  discretion
of the Managing  Member,  be exchanged  (after reduction for the Management
Fee,  Administration  Fee and any Incentive  Allocation)  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  prevailing  NAV per Unit of the  Initial  Series or such other
series of Units (as applicable).

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

     Section 3.04 Adjustment to Number of Units Issued.  If at any time the
Managing  Member  determines,  in its sole  discretion,  that an  incorrect
number of Units was  issued  to a Member  because  the NAV in effect on the
date of issuance was incorrect, the Company will adjust such Member's Units
by increasing or decreasing  them, as appropriate,  to such number of Units
as would have been issued at the correct NAV.

                                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,  the
Management Fee and the  Administration  Fee for such Accounting Period, but
after giving effect to all other expenses for such Accounting Period).

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

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

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

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

     Upon the approval of the Managing Member,  any existing or prospective
Member may purchase  additional or newly-issued  Units by contributing cash
and/or  marketable  securities  to  the  Company  on the  first  day of any
calendar  quarter  or at  such  other  times  as the  Managing  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
(other than in  redemption of Units  pursuant to Section 5.02)  pursuant to
Section 5.04 in respect of such series (including any deemed  distributions
of taxes paid by the Company pursuant to Section 5.04(c) in respect of such
series);  (v) decreased for any  Incentive  Allocation  pursuant to Section
4.05(b),  any  Administration Fee and any Management Fee 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  (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   (determined   prior  to  any  year-to-date   accrued   Incentive
Allocation) 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
such other series.  If the NAV of such series at the end of any fiscal year
of the  Company,  and such other date  during a fiscal year as of which the
determination of the Incentive  Allocation is required  pursuant to Section
4.05(c) is less than its Prior High NAV,  the Prior High NAV of that series
shall not  change.  The Prior  High NAV for each  series of Units  shall be
appropriately  adjusted as  determined  by the Managing  Member in its sole
discretion to account for contributions, distributions and redemptions made
with respect to such series of Units.

          (ii) The Incentive  Allocation  with respect to a series of Units
accrues  daily and the  Company  shall  credit the  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 the  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-based
compensation  arrangements to any Member,  as may be agreed by the Managing
Member and such Member.

     Section 4.07 Determination of Net Assets.

     (a) The Company's  Net Assets shall be  determined in accordance  with
U.S. generally accepted  accounting  principles  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
     assigned such value as the Administrator may reasonably determine.

          (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 (as defined in Section 5.02(a)) for such Units.

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

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

          (viii) The Incentive Allocation,  if any, credited to the 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.  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  Treasury  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 income
and 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 income and 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 Section  5.03,  each  Member  shall have the right to
redeem  some or all of its  Units as of the time  immediately  prior to the
opening of business on each  January 1 or July 1 occurring  on or after the
first  anniversary  of the  purchase of such Units by the Member  (each,  a
"Redemption  Date"),  upon prior  written  notice  received by the Managing
Member at least 61 calendar days prior to the  Redemption  Date. 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 Net  Capital  Depreciation  under  Section  4.05,  and any
distributions  under Section 5.04 for the  Accounting  Period then ending),
after  reduction for any Management Fee,  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 were 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)  Subject  to the  redemption  provisions  of this  Agreement,  the
Managing Member,  and any Affiliate of the Managing Member,  shall have the
right 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  Non-Managing
Members.

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

     Section 5.03 Limitation on Redemptions.

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

     (b) The Managing Member may suspend redemptions,  at any time prior to
the effective date of the redemption,  and  notwithstanding the fact that a
timely  redemption  request has previously been made, for the whole, or any
part,  of any of the  following  periods:  (i)  during  the  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 investment funds or 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 5.04(c) 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, adjudication of incompetency, insolvency or
bankruptcy  of a Member  shall not  dissolve  the  Company.  Subject to the
restrictions  set  forth  in  Section  1.05(a),  upon the  assignment  of a
Member's Units by operation of law (i) pursuant to the death,  adjudication
of  incompetency,  insolvency or bankruptcy of such Member or (ii) pursuant
to the  corporate  reorganization  or  merger  of such  Member,  the  legal
representatives  or  successors of such Member shall succeed as assignee to
the  Member's  interest  in the  Company,  but shall not be  admitted  as a
substituted member without the consent of the Managing Member.

     (b) In the event of the assignment of a Member's Units by operation of
law (i) pursuant to the death, adjudication of incompetency,  insolvency or
bankruptcy of such Member or (ii) pursuant to the corporate  reorganization
or merger of such 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 Article V.

     Section 6.02 Required Withdrawals. The Managing Member may at any time
and for any reason,  in its sole 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 a 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);  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.

                               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.

     Section  8.06  Partnership  Status of  Company.  The  Managing  Member
intends for the  Company to be treated as a  partnership  for U.S.  federal
income  tax  purposes.  Notwithstanding  anything  herein to the  contrary,
neither the Company nor the Managing  Member shall make an election  (i.e.,
check-the-box) under Treasury Regulation Section 301.7701-3 for the Company
to be classified for federal income tax purposes as an association  taxable
as a corporation.

                                ARTICLE IX

                               Miscellaneous

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

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

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

     (b) any duly adopted amendment to this Agreement;

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

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

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

     Section 9.03 Amendments to Limited  Liability Company  Agreement.  The
terms and  provisions  of this  Agreement may be modified or amended at any
time and from time to time with the  written  consent of Members  having in
excess of 50% of the voting  power of the  outstanding  Units,  (or,  if an
amendment  affects  only a  particular  series of Units,  with the  written
consent of Members having in excess of 50% of that series of Units),  based
on the NAV of such Units,  and the affirmative  vote of the Managing Member
insofar as is consistent with the laws governing this Agreement;  provided,
however, that without the consent of the Non-Managing Members, the Managing
Member may amend  this  Agreement  or the  Schedule  hereto to (i)  reflect
changes  validly  made  in the  membership  of  the  Company,  the  Capital
Contributions,  Membership  Percentages  and changes in the number of Units
held by the Members;  (ii) change the provisions  relating to the Incentive
Allocation so that such provisions  conform to the applicable  requirements
of the Securities and Exchange Commission and other regulatory authorities,
so long as such  amendment  does not increase the  Incentive  Allocation to
more than the  amount  that  would  otherwise  be  determined  absent  such
amendment;  (iii) reflect a change in the name of the Company;  (iv) make a
change  that is  necessary  or,  in the  opinion  of the  Managing  Member,
advisable  to qualify the Company as a limited  liability  company or other
entity in which the Members  have limited  liability  under the laws of any
state, or ensure that the Company shall not be treated as an association or
a publicly traded  partnership  taxable as a corporation for federal income
tax  purposes;  (v) make any  change  that does not  adversely  affect  the
Members in any  material  respect;  (vi) make a change that is necessary or
desirable to satisfy any requirements,  conditions or guidelines  contained
in any opinion,  directive,  order,  ruling or  regulation  of any federal,
state or foreign statute,  so long as such change is made in a manner which
minimizes to the extent  practicable,  as determined by the Managing Member
in its sole  discretion,  any  adverse  effect  on the  Members  or that is
required  or  contemplated  by this  Agreement;  (vii) make a change in any
provision of this  Agreement  that requires any action to be taken by or on
behalf of the Managing Member or the Company  pursuant to the  requirements
of applicable Delaware law if the provisions of applicable Delaware law are
amended, modified or revoked so that the taking of such action is no longer
required;  (viii)  prevent the Company or the  Managing  Member from in any
manner being deemed an  "investment  company"  subject to the provisions of
the Investment  Company Act of 1940, as amended;  (ix) correct  mistakes or
clarify ambiguities;  (x) in the event of adverse changes in the tax law or
interpretations  thereof applicable to the Company, amend this Agreement as
determined  by the  Managing  Member if it deems  advisable or necessary to
address  such  changes;  (xi)  conform  this  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 Each  Interest in the Company is a Security.  The parties
expressly  agree  that each  interest  in the  Company,  including  without
limitation  the  Units  and the  interests  of the  Managing  Member in the
Company, is a security governed by Article 8 of the Uniform Commercial Code
of the State of Delaware,  and the Company, each Member and any other party
hereto  expressly  agrees  that  (i)  this  establishes  the  terms  of the
interests in the Company,  and (ii)  interests in the Company  shall not be
represented or evidenced by certificates.

     Section  9.13  Goodwill.  No  value  shall  be  placed  on the name or
goodwill of the  Company,  which shall belong  exclusively  to the Managing
Member.

     Section 9.14 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 9.15  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 9.16 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,  any  information  regarding
the Non-Managing Members of the Company (including, without limitation, the
identities of, or the amount of capital  contributed by, such  Non-Managing
Member) or any information  about any  investment,  to the extent that such
information is required to be kept  confidential or is otherwise subject to
disclosure  restrictions  imposed  by the issuer of the  investment  or the
Managing Member, in its reasonable discretion (collectively,  "Confidential
Information").  Each Non-Managing  Member shall not disclose or cause to be
disclosed  any  Confidential  Information  to any other  Person,  except as
otherwise required by any regulatory  authority,  law or regulation,  or by
legal process,  without the prior written  consent of the Managing  Member.
Notwithstanding  anything in the  foregoing or anything  else  contained in
this  Agreement to the contrary,  except as reasonably  necessary to comply
with   applicable   securities   laws,   each  Member  (and  any  employee,
representative or other agent thereof) may disclose to any and all persons,
without  limitation of any kind, the tax treatment and tax structure of the
offering  and  ownership  of Units and any  transaction  described  in this
Section 9.16 or elsewhere in this  Agreement  and all materials of any kind
(including  opinions  and other tax  analyses)  that are  provided  to such
Member relating to such tax treatment and tax structure.  For this purpose,
"tax  structure"  means  any  facts  relevant  to the  federal  income  tax
treatment  of the  offering  and  ownership  of Units  and any  transaction
described in this Section 9.16 or elsewhere in this Agreement, and does not
include  information  relating  to  the  identity  of  the  Company  or its
Affiliates.

<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/ Tobin V. Levy
     -------------------------------------
     Name:  Tobin V. Levy
     Title: Director

NON-MANAGING MEMBERS:

By:  GOLDMAN SACHS PRINCETON LLC
     on behalf of each Member as attorney-in-fact

By:     /s/ Tobin V. Levy
     -------------------------------------
     Name:  Tobin V. Levy
     Title: Director

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