Document:

PCCW Limited: Exhibit 4(hh)- Prepared by TNT Filings Inc.

EXHIBIT 4(hh)

 

Translator’s Note:  

The text of the agreement is only in the Chinese language and this is an English translation only.

* The English names of the companies established in the PRC are translations of their Chinese names and are for identification purposes only and may not be their proper English names, if any.

 

 

SALE AND PURCHASE AGREEMENT IN RESPECT OF THE ACQUISITION OF 

EQUITY OF CHINA NETCOM BROADBAND CORPORATION LIMITED

BETWEEN

CHINA NETWORK COMMUNICATIONS GROUP CORPORATION

CHINA NETCOM (HOLDINGS) COMPANY LIMITED

 

CHINA NETCOM BROADBAND CORPORATION LIMITED

 

AND

 

PCCW IMS CHINA DEVELOPMENT LIMITED

 March 2, 2006

	 
	
    CONTENTS

	 	 	 
	Recitals	3
	1.	Acquisition of Equity	5
	2.	Conditions Precedent for Completion of the
    Acquisition	6
	3.	Representations and Warranties	11
	4.	Allocation of Liability after the Acquisition
    of Equity	12
	5.	Other Stipulations	13
	6.	Breach of Contract and Indemnity	15
	7.	Costs	15
	8.	Commencement of the Agreement	15
	9.	Confidentiality	15
	10.	Force Majeure	16
	11.	Non-waiver of Rights	16
	12.	Notices	17
	13.	Governing Law and Resolution of Disputes	17
	14.	Miscellaneous	18

 
 

2

 

SALE AND PURCHASE AGREEMENT IN RESPECT OF THE ACQUISITION 

OF EQUITY OF CHINA NETCOM BROADBAND CORPORATION LIMITED

THIS AGREEMENT is made this 2nd day of March 2006
 

BETWEEN

1.

*CHINA NETWORK COMMUNICATIONS GROUP CORPORATION, a company established and lawfully subsisted under the laws of the People’s Republic of China (“PRC”) with its registered address at No. 156, Fuxing Mennei Da Jie, Xicheng District, Beijing (“China Netcom”);
 

2.

*CHINA NETCOM (HOLDINGS) COMPANY LIMITED, a company established and lawfully subsisted under the laws of the PRC with its registered address at 3rd Floor, Zhongguancun Building, 27 Zhongguancun Da Jie, Haidian District, Beijing (“China Netcom Holding”);

3.

*CHINA NETCOM BROADBAND CORPORATION LIMITED, a  limited liability company established under the laws of the PRC with its registered address at  Room 306, 3rd Floor, Zhongguancun Building, 27 Zhongguancun Da Jie, Haidian District, Beijing (“CNCBB”);
 

and

4.

PCCW IMS CHINA DEVELOPMENT LIMITED, a company incorporated and lawfully subsisted under the laws of the British Virgin Islands with its registered address at P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands (“PCCW”).

WHEREAS

1.

According to the “Notice of Intention to develop Digital Interactive Broadband Television Channels” signed on 30 March 2005 between China Netcom and PCCW Limited, China Netcom is willing to assist PCCW to invest in the equity of CNCBB;
 

2.

CNCBB now has certain equity interests in the following limited liability companies in various places in the PRC: *Qingdao Netcom-QBTV Telecom Co., Ltd. (“CNCBB Qingdao”), *Hangzhou Netcom Information Port Corporation Limited (“CNCBB Hangzhou”), *Ningbo Netcom Information Port Development Corporation Limited (“CNCBB Ningbo”), *WenZhou Netcom Guomai Digital Information Port Corporation Limited (“CNCBB Wenzhou”), *Chengdu Netcom
West Source Science & Technology Co., Ltd. (“CNCBB Chengdu”), *Chongqing Netcom Information Port Broadband Networks Co., Ltd. (“CNCBB Chongqing”), *Yangzhou Netcom Broadband Networks Co., Ltd. (“CNCBB Yangzhou”);

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3.

The following reorganization of CNCBB is proposed according to the “Notice of Intention in respect of Reorganizing CNCBB” signed on 18 August 2005 between China Netcom and PCCW and the “Framework Agreement in respect of Reorganizing CNCBB” (“Framework Agreement”) signed on 25 August 2005 by both parties:

(1)

China Netcom is responsible for negotiating with the minority shareholders of CNCBB and in compliance with the laws and regulations of the State-owned Assets Supervision and Administration Commission of the PRC to obtain through a definite mode all the equity interests of CNCBB held by such minority shareholders. Upon completion, CNCBB will become a wholly-owned subsidiary jointly and beneficially owned by China Netcom and China Netcom Holding (unless otherwise defined under this Agreement, “China Netcom” and “China Netcom Holding” are collectively referred to the “Transferors”);

(2)

After the completion of the acquisition of all the equity interests of CNCBB by the Transferors as set out in paragraph (1) above, China Netcom will conduct a reorganization of CNCBB. China Netcom will through means permitted by law allocate a part of the relevant assets of the CNCBB entity (being CPN assets valued at approximately RMB71,000,000, intangible assets valued at approximately RMB129,000,000 and cash assets of RMB166,000,000 stated in the valuation report of CNCBB as at 30 June 2004 (issued by *Zhong Hua Accounting and Consulting Limited Company on 18 October 2004, *Zhong Hua Valuation Report Number (2004) No. 36) and the equity interests of the five joint venture companies: CNCBB Wenzhou, CNCBB Chengdu, CNCBB Chongqing, CNCBB Yangzhou and CNCBB Qingdao (“5 Joint Venture Companies”) to a subsidiary of China Netcom (“Transferred Assets of CNCBB”);

(3)

China Netcom, PCCW and CNCBB agree: (i) the remaining sum totalling RMB161,000,000 payable by CNCBB in respect of the equity interests in *Dongguan Netcom Information Port Corporation Limited  and *Zibo Netcom Broadband Information Port Corporation Limited  to be assumed by China Netcom; and (ii) the total sum of RMB4,800,000 owed to CNCBB by CNCBB Qingdao, CNCBB Wenzhou and CNCBB Chongqing are to be set-off against the cash assets of RMB166,000,000 allocated from CNCBB to China Netcom pursuant to paragraph (2) above.

        The reorganization mentioned in paragraphs (1) to (3) above is collectively described as “CNCBB Reorganization”.

(4)

After the completion of CNCBB Reorganization, (i) the Transferors will jointly and beneficially hold 100% equity of CNCBB, and (ii) the assets of CNCBB include but not limited to the remaining assets of the CNCBB entity; and the beneficially owned and held equity interests of 51% of CNCBB

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Hangzhou (its registered capital is RMB340,909,100) (“51% of CNCBB Hangzhou”) and 54.48% of CNCBB Ningbo (its registered capital is RMB156,900,000) (“54.48% of CNCBB Ningbo”).

(5)

The Transferors propose to transfer 50% equity of CNCBB (its registered capital is RMB921,481,617) beneficially owned and held by them  (“Equity of CNCBB”) to PCCW, and PCCW is willing to acquire the aforementioned Equity of CNCBB. In addition, the Transferors propose to transfer the remaining 50% equity of CNCBB held by them to other third parties acceptable to the Transferors and PCCW (“Other CNCBB Shareholders”). China Netcom and PCCW will negotiate and reach a consensus with the Other CNCBB Shareholders mentioned above in relation to the conditions for their acquisition of CNCBB’s equity interests prior to the Completion Date of Acquisition of Equity.

The agreement reached by all parties on a fair and mutually beneficial basis after friendly negotiation is as follows:

 

1.

Acquisition of Equity

1.1

Acquisition of Equity  

Based on the terms and conditions of this Agreement (including but not limited to Clause 2.1 Conditions Precedent and Clause 3 Representations and Warranties), the Transferors are willing to transfer to PCCW and PCCW is willing to acquire 50% equity of CNCBB prior to the Completion Date of Acquisition of Equity (“Acquisition of Equity”).

The Completion Date of Acquisition of Equity is within 5 Business Days from the fulfillment of all the conditions precedent under Clause 2.1 or such other date as may be agreed by the parties.
 

The Transferors shall entirely and beneficially own all the equity interests of CNCBB free from any security, lien and any other encumbrance prior to the Completion Date of Acquisition of Equity.

1.2

Purchase Price

PCCW shall pay the Transferors a total consideration of RMB318,000,000 (“Purchase Price”) for the Acquisition of Equity.

If the Purchase Price is required to be adjusted according to the
valuation results approved or confirmed by the state-owned assets authority, and
the relevant requirements of the state-owned assets administration, then the
parties agree to negotiate such other Purchase Price within one month from the
date the assets valuation report is approved or filed. If no agreement can be
reached on or before 

5

 

the time limit mentioned above, then this Agreement shall be
terminated automatically and the parties shall not have any legal or economic
claims against each other.

1.3

Payment Method

PCCW shall pay the Purchase Price in equivalent Hong Kong dollars according to the (average) standard exchange rate of Hong Kong dollar and RMB published by the People’s Bank of China.
 

1.4

Time Limit for Payment

(a)

PCCW shall pay HK$7,800,000 to the designated bank account of the Transferors within 10 Business Days from the date of this Agreement;

(b)

PCCW shall pay 40% of the Purchase Price to the designated bank account of the Transferors within 10 Business Days from the date of fulfillment (or any waiver thereof) of all the conditions precedent under Clause 2.1 of this Agreement;

(c)

PCCW shall pay the balance of the Purchase Price to the designated bank account of the Transferors within 10 Business Days from the date of issue of the Sino-foreign equity joint venture business licence of CNCBB.

2.

Conditions Precedent for Completion of the Acquisition

2.1    

The completion of the Acquisition of Equity under this Agreement is subject to the fulfillment of all the conditions precedent unless by express waiver in writing in accordance with the legal requirements.
 

(a)

For the period from the completion of acquisition of 18.4415% equity of CNCBB by China Netcom (based on the register of changes of the State Administration of Industry and Commerce) to the Completion Date of Acquisition of Equity (the “Relevant Period”), the Transferors have become the beneficial owners of 100% equity of CNCBB, and they have not taken any actions during the Relevant Period leading to the creation of any security, lien and any other encumbrance in relation to 51% of CNCBB Hangzhou and 54.48% of CNCBB Ningbo;

(b)

Other CNCBB Shareholders agree to acquire all the equity of CNCBB together with PCCW, and sign the equity transfer agreement with the Transferors, and such equity transfer agreement shall include the  joint venture agreement and articles of CNCBB;

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(c)

There is no substantive obstacle in relation to the Transferred Assets of CNCBB as set out in paragraph 3(1) of the Recitals;

(d)

With the assistance of CNCBB, PCCW and the respective local shareholders of CNCBB Hangzhou and CNCBB Ningbo reach unanimous resolution of all the problems of CNCBB, CNCBB Hangzhou and CNCBB Ningbo arising out of the CNCBB Reorganization and the Acquisition of Equity, including but not limited to: (i) solve the remaining problems of CNCBB Hangzhou and CNCBB Ningbo in relation to branding and trade competition; (ii) terminate the request of local shareholders of CNCBB Hangzhou for China Netcom Holding or CNCBB to pay up RMB180,000,000 of capital contribution, or terminate the request for CNCBB to give up 18% equity of CNCBB Hangzhou beneficially owned and held by it (i.e. the reduction of the beneficially owned and held equity interests of CNCBB Hangzhou by CNCBB from 51% to 33%);

(e)

After the completion of CNCBB Reorganization as set out in paragraph 3 of the Recitals, the Transferors and CNCBB shall appoint state-owned assets valuation authority with appropriate qualifications to value the assets of CNCBB as at 31 December 2005 after its reorganization (including but not limited to assets of the CNCBB entity, and the beneficially held equity interests of 51% of CNCBB Hangzhou and 54.48% of CNCBB Ningbo), and issue the relevant asset valuation report, and complete all the approval and filing procedures of the relevant state-owned assets administration authority according to the relevant state-owned assets valuation requirements;

(f)

The relevant state-owned assets administration authority has approved the Acquisition of Equity;

(g)

After the transformation of CNCBB into a Sino-foreign equity joint venture due to the Acquisition of Equity, CNCBB has obtained the foreign investment enterprise telecommunications business licence approved and issued by the telecommunications authority in relation to the telecommunications business scope approved before the Acquisition of Equity or there is no legal impediment to complete the aforementioned legal procedure;

(h)

After the transformation of CNCBB into a Sino-foreign equity joint venture due to the Acquisition of Equity, CNCBB Hangzhou and CNCBB Ningbo have completed the registration/filing procedure for change of existing telecommunications business licences or qualifications or there is no legal impediment to complete the aforementioned legal procedure;

(i)

The Ministry of Commerce or its subordinate departments agree the Acquisition of Equity and the CNCBB joint venture agreement and the

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articles of CNCBB, and has issued the foreign investment enterprise approval certificate to CNCBB;

(j)

Prior to the Completion Date of Acquisition of Equity, Commerce & Finance Law Offices has issued a legal opinion to China Netcom (copied to PCCW), such legal opinion confirming that: (i) CNCBB Reorganization being the reorganization plan specified in the Framework Agreement is in compliance with the relevant law and regulations  of the PRC; (ii) CNCBB Hangzhou and CNCBB Ningbo can carry out their businesses in accordance with the business scope specified in their already obtained business licences and the relevant value-added telecommunications business licences;

(k)

 The Acquisition of Equity and other relevant matters have been approved by the independent directors of PCCW, and all the following legal documents to fulfill the Acquisition of Equity under this Agreement have been signed, including: (1) this Agreement; and (2) the new joint venture agreements and articles of association of CNCBB, CNCBB Hangzhou and CNCBB Ningbo respectively;

(l)

CNCBB, CNCBB Hangzhou and CNCBB Ningbo maintain operational continuity in their ordinary course of business without any substantial changes in relation to the nature, scope or manner of their operations, and there are no material adverse effects on the operational condition;

(m)

The representations and warranties of the relevant parties under Clause 3 of this Agreement are true and valid prior to the Completion Date of Acquisition of Equity;

(n)

PCCW does not discover any material legal proceedings, arbitration procedures or administrative penalties subsisting in relation to CNCBB, CNCBB Ningbo and CNCBB Hangzhou, and that there are no circumstances of threats of such proceedings subsisting during the Relevant Period; the Transferors have informed PCCW of all the reports in writing from CNCBB to China Netcom subsisting during the Relevant Period in relation to any material legal proceedings, arbitration procedures or administrative penalties or documents of threats of such proceedings against CNCBB, CNCBB Ningbo and CNCBB Hangzhou;

(o)

CNCBB has obtained the written consents from the relevant lending banks in relation to the transfer of equity (applicable to the banks with such limitation provision in the loan agreements);

(p)

Prior to the Completion Date of Acquisition of Equity, CNCBB shall sign an agreement with Beijing Times Netstar Technology Co., Ltd. to terminate the performance of the agreement between *China Netcom (Group) Company Limited and *China Netcom Broadband Corporation Limited in relation to

8

 

the equity transfer in Beijing Times Netstar Technology Co., Ltd. (“Netstar Equity Transfer Agreement”); all the rights, obligations (including the potential rights and obligations) arising from the signing of the Netstar Equity Transfer Agreement by CNCBB should be borne by China Netcom or its designated wholly-owned subsidiary;

(q)

Prior to the Completion Date of Acquisition of Equity, *Lian Xun Securities Brokers Co., Ltd. (“Lian Xun”) has already paid back to CNCBB RMB190,000,000 entrusted for financing;

(r)

Prior to the Completion Date of Acquisition of Equity, China Netcom or its wholly-owned subsidiary shall enjoy or bear all the rights and obligations of CNCBB as stipulated in the transfer agreement signed on 26 June 2003 between CNCBB and *New Century Finance Leasing Co., Ltd.. As such, China Netcom or its wholly-owned subsidiary shall obtain the written consent from *New Century Finance Leasing Co., Ltd. (or any entity that has the authority to give such consent) for the transfer of the aforementioned rights and obligations.

If prior to the Completion Date of Acquisition of Equity, the parties discover that they need to obtain further approval/consent of other PRC government departments and supervisory authorities, then such approval/consent will automatically become part of the conditions precedent.

2.2

The relevant parties shall provide the following documents to PCCW prior to the Completion Date of Acquisition of Equity or such other date as may be agreed by the parties:

(a)

CNCBB shall provide a copy of the updated articles of association of CNCBB in respect of the CNCBB Reorganization, and a copy of the list of equity owners from the documents CNCBB filed with the State Administration of Industry and Commerce, or other documents that can prove that the Transferors legally hold 100% equity of CNCBB after the CNCBB Reorganization;

(b)

The Transferors shall provide a copy of resolution/document giving consent and approval of this Agreement by the internal authority of the Transferors and the Acquisition of Equity under this Agreement;

(c)

CNCBB shall provide a copy of the assets valuation report after the CNCBB Reorganization and the approval or filing document of the state-owned assets administration authority;

(d)

The Transferors shall provide the approval of Acquisition of Equity by the state-owned assets authority;

9

 

 

(e)

CNCBB shall provide a copy of the approval document for the consent of Acquisition of Equity by the telecommunications authority;

(f)

CNCBB shall provide a copy of the foreign investment enterprise approval certificate to CNCBB issued by the State Administration of Industry and Commerce or its subordinate departments;

(g)

The Transferors shall provide the original legal opinion issued by  Commerce & Finance Law Offices as set out in the aforementioned Clause 2.1(j);

(h)

CNCBB shall provide a copy of the new telecommunications business licence  or qualifications obtained after CNCBB has become a Sino-foreign equity joint venture, or other proof recognized by PCCW that there is no legal impediment to complete the aforementioned legal procedure;

(i)

After CNCBB has become a Sino-foreign equity joint venture, CNCBB shall provide the telecommunications business licences or qualifications of CNCBB Hangzhou and CNCBB Ningbo or any registered document for the relevant changes, or other proof recognized by PCCW that there is no legal impediment to complete the aforementioned legal procedure;

(j)

The Transferors shall provide a copy of the relevant agreement signed between CNCBB and *Beijing Times Netstar Technology Co., Ltd. in respect of the termination of the performance of the Netstar Equity Transfer Agreement;

(k)

The Transferors shall provide the bank deposit advice that Tianditong has paid back RMB190,000,000 to CNCBB entrusted for financing or other documentary proof;

(l)

The Transferors shall provide the written consent from *New Century Finance Leasing Co., Ltd. (or any entity that has the authority to give such consent) in respect of the aforementioned transfer of rights and obligations; and

(m)

Any other relevant documents required for the conditions precedent for the completion of the Acquisition of Equity as set out in Clause 2.1 of this Agreement.

2.3

Prior to the Completion Date of Acquisition of Equity or such other date as may be agreed by the parties, PCCW shall obtain the following documents from the relevant third parties mentioned below and deliver them to the Transferors:

According to Clause 2.1(d) of this Agreement: (1) the confirmation document from  CNCBB Hangzhou
and its shareholders and CNCBB Ningbo and its

10

 

shareholders for the unconditional waiver of their rights and assertions against China Netcom and its holding company in respect of the remaining problems of branding and trade competition ; (2) the confirmation document in which CNCBB Hangzhou and its shareholders terminate the request for China Netcom Holding or CNCBB to pay up an additional RMB180,000,000 as capital contribution to  CNCBB Hangzhou or terminate the request for CNCBB to give up its beneficially owned and held equity interests of 18% of CNCBB Hangzhou (i.e. the reduction of the beneficially owned and held equity interests of CNCBB Hangzhou by CNCBB from 51% to 33%); and (3) any other supporting documents from the relevant third parties which can prove that the conditions precedent of Clause 2.1 of this Agreement have been fulfilled.

2.4

The parties to this Agreement shall endeavour to ensure the fulfillment of all the conditions precedent as set out in Clause 2.1 of this Agreement.
 

2.5

In the event any of the conditions precedent for completion of Acquisition of Equity has not been satisfied on 20 April 2006, this Agreement shall be terminated unless the parties to this Agreement confirm the extension in writing or waive such condition precedent, the parties to this Agreement shall adopt all necessary and appropriate actions and to use all means to place all parties in the same position prior to the signing of this Agreement, such actions including but not limited to: (1) apply to the relevant government authorities of the PRC for cancellation of any approval or registration in relation to various transactions anticipated by this Agreement; (2) return any sum obtained from other parties (including but not limited to the Purchase Price or indemnity); (3) but each party shall bear its own costs paid to any approval or registration authority and shall not have any claim against the other parties. In addition, in such circumstances, PCCW does not have any obligation to pay any Purchase Price that is unpaid, all parties to this Agreement shall have no liability towards one another under Clause 6 of this Agreement.

3.

Representations and Warranties

3.1

Each party to this Agreement warrants that:

(a)

it is an independent legal person established and lawfully subsisted in accordance with the laws;

(b)

the person who signs this Agreement on its behalf has the authority to act in that capacity;

(c)

unless otherwise provided for under this Agreement, any external or internal authorization, approval and consent required for the signing and the performance of this Agreement has been obtained and cannot be revoked.

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3.2

On the date of signing of this Agreement and the Completion Date of Acquisition of Equity, China Netcom, China Netcom Holding and CNCBB (as the case may be) severally represents and warrants to PCCW the following:

(a)

The equity of CNCBB (after the CNCBB Reorganization) to be sold to PCCW is wholly and beneficially owned by the Transferors free from any other third party’s rights or encumbrances or any types of interests;

(b)

The photocopies of information provided by China Netcom and CNCBB before or after the signing of this Agreement (the signature of the designated China Netcom personnel is required) should be in conformity with the original documents provided whether at the time of provision, at the time this Agreement is signed or at the Completion Date of Acquisition of Equity. CNCBB ensure all the information provided as mentioned above is true and accurate whether at the time of provision, at the time this Agreement is signed or at the Completion Date of Acquisition of Equity, and there is no concealment of the material facts in relation to the assets, business and financial situation of CNCBB and its subsidiaries CNCBB Ningbo and CNCBB Hangzhou which have not been disclosed in writing to PCCW, and there is no omission in disclosing to PCCW and its professional advisors in relation to any other facts, events or situations (collectively, “Material Fact”) resulting in untrue, inaccurate, incomplete or misleading elements in such information;

(c)

In respect of the notification in writing to China Netcom received by China Netcom from CNCBB (“Such Information”), China Netcom has the obligation to provide this as due diligence information to PCCW. If China Netcom has not performed such obligation, then subject to the liabilities of the parties set out in Clause 4, if PCCW incurs actual loss to an accumulated sum in excess of RMB5,000,000, PCCW has the right to request China Netcom or CNCBB to bear the liability for breach as set out in Clause 6 of this Agreement in respect of the breach of the representations and warranties under this Clause. But if PCCW does not make any claims within two years after the Completion Date of Acquisition of Equity, then China Netcom shall no longer bear any liability for breach; and

(d)

China Netcom Holding is the wholly owned subsidiary of China Netcom.

4.

Allocation of Liability after the Acquisition of Equity

4.1    

After the Completion Date of Acquisition of Equity, the designated and beneficially owned subsidiary of China Netcom which holds the Transferred Assets of CNCBB shall manage and assume the responsibility for all relationship of rights and obligations or any claim for compensation or litigation arising from

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the Transferred Assets of CNCBB (including the potential risks subsisting prior to the Completion Date of Acquisition of Equity), and it shall have nothing to do with CNCBB after the Completion Date of Acquisition of Equity. After the Completion Date of Acquisition of Equity, CNCBB shall be responsible for and shall assume the responsibility for all relationship of rights and obligations or any claim for compensation or litigation arising from CNCBB Hangzhou, CNCBB Ningbo and the assets retained in the original CNCBB entity (including the potential risks subsisting prior to the Completion Date of Acquisition of Equity).

4.2    

If there is any claim for compensation or litigation raised by any third party against the Transferred Assets of CNCBB in respect of the events prior to the Completion Date of Acquisition of Equity, and resulting in any loss to CNCBB and/or PCCW, then CNCBB and/or PCCW shall: (1) issue a notice in writing to China Netcom and China Netcom Holding immediately upon the receipt of any rights and assertions by a third party, and any actions adopted in the relevant litigation or arbitration should be in accordance with the instructions of China Netcom and China Netcom Holding; and (2) have the right to request compensation from the Transferors. If there is any claim for compensation or litigation raised by any third party against the assets retained in the CNCBB entity after the CNCBB Reorganization and the assets of CNCBB Hangzhou, CNCBB Ningbo in respect of matters prior to the Acquisition of Equity of CNCBB, and resulting in any loss to the Transferors, then the Transferors shall: (a) issue a notice in writing to CNCBB and PCCW immediately upon the receipt of any rights and assertions by a third party, and any actions adopted in the relevant litigation or arbitration should be in accordance with the instructions of PCCW; and (b) have the right to request compensation from CNCBB.

4.3    

The aforementioned stipulations are only restricted to the allocation of liabilities inter se of China Netcom, China Netcom Holding and PCCW in relation to the assets involved in the CNCBB Reorganization, it should not be regarded as any express or implied warranty made by China Netcom, China Netcom Holding and PCCW to any third party.

5.

Other Stipulations  

5.1    

For the period from the completion of due diligence to the Completion Date of Acquisition of Equity, China Netcom shall immediately notify PCCW in writing in respect of matters reported in formal written notification received from CNCBB, if in relation to: (1) any material rights and obligations (including tax), litigation, dispute or any request or assertion of a third party subsisting in CNCBB, CNCBB Hangzhou or CNCBB Ningbo; and (2) relevant documents for transactions with an accumulated sum in excess of RMB1,000,000. For the period from the date of signing of this Agreement to the Completion Date of Acquisition of Equity, CNCBB shall immediately notify PCCW in writing, if it discovers: (1) any material rights and obligations (including tax), litigation, dispute or any

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request or assertion of a third party subsisting in CNCBB, CNCBB Hangzhou or CNCBB Ningbo; and (2) relevant documents for transactions with an accumulated sum in excess of RMB1,000,000.

5.2    

In respect of the liabilities allocated to be borne by the Transferors in accordance with Clause 4 of this Agreement, if China Netcom has not performed such obligation resulting in actual loss of PCCW to an accumulated sum in excess of RMB5,000,000, PCCW has the right to request China Netcom to bear the liability for breach as set out in Clause 6 of this Agreement for breach of the notification and provisioning obligations under this Clause. If within two years from the Completion Date of Acquisition of Equity, PCCW has not raised any claims for its rights, then China Netcom shall cease to incur any liability for such breach.

5.3

The Transferors and CNCBB agree that at any time after the signing of this Agreement, PCCW has the authority to assign a Chief Financial Officer or Chief Operating Officer to involve in the daily operations of CNCBB, CNCBB shall co-operate and provide all necessary support.

5.4

After the completion of Acquisition of Equity under this Agreement, China Netcom agrees:

(a)

subject to the relevant PRC laws and regulations, China Netcom shall appoint CNCBB Hangzhou and CNCBB Ningbo as exclusive agent of the local branches of China Netcom in Hangzhou and Ningbo respectively for all services of such local branches (excluding mobile services), such exclusive right does not prohibit any direct sale by such local branches, and shall fulfill the target for business accomplishment set by such local branches of China Netcom. Such exclusive licence is for a period of two years from the date PCCW formally becomes the equity holder of CNCBB;

(b)

subject to the relevant PRC laws and regulations, CNCBB can, as agent of China Netcom, use the 5 numbering sets under the 116 value-added services number of China Netcom on a national basis, China Netcom and CNCBB will reach  a detailed usage agreement for the details of the opening and usage of numbers and the allocation of liabilities among themselves;

(c)

to the extent within the control of China Netcom, and under the same commercial terms, China Netcom agrees to lease to CNCBB network resources, computer rooms, lease lines, IDC and connections to internet exchange and internet bandwidth etc. resources at  prices not higher than the most favourable terms of China Netcom having regard to the local prevailing rate.

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5.5

Each party agrees that the employment contracts between CNCBB and its existing employees shall continue in force after the Acquisition of Equity under this Agreement.

5.6

Each party to this Agreement agrees and confirms that, in the event of the fulfillment of the Acquisition of Equity under this Agreement, each party shall use its best endeavours to change the company name of CNCBB, CNCBB Hangzhou and CNCBB Ningbo on the Completion Date of Acquisition of Equity or within one year from the Completion Date of Acquisition of Equity to ensure that the word “Netcom” does not appear in the company name after the change.

6.

Breach of Contract and Indemnity  

6.1    

In the event any party (“Breaching Party”) breaches any representation, warranty or any other clauses of this Agreement, each of the other parties to this Agreement (“Complying Party”) has the right to claim for compensation against the Breaching Party.

6.2    

The Breaching Party shall indemnify the Complying Party from and against any actual loss, cost and liability resulting from its breach of representations and warranties made in this Agreement or any other clauses of this Agreement.

7.

Costs

Each party to this Agreement shall bear its own costs in compliance with the law for the relevant negotiation, signing of agreement, approval, registration, filing procedure in respect of the entering into of this acquisition of equity Agreement.

8.

Commencement of the Agreement  

This Agreement shall commence after it is signed and affixed with the respective seals by the legal representatives or authorized representatives of the parties to this Agreement.

9.

Confidentiality

Unless it is stipulated or required by law or the relevant
supervising authorities or for the purpose of disclosure of information to stock
exchanges, any party shall not provide or disclose the following without the
written consent of the other parties: (1) the subsistence of this Agreement, (2)
the arrangement under this Agreement and any information in relation to the
relevant arrangement. If any party breaches the stipulations under this
Agreement, the Breaching Party shall 

15

 

indemnify or be liable to the other parties of this Agreement for all
direct loss, cost and liability resulting from this.

10.

Force Majeure  

10.1    

The Force Majeure Event mentioned in this Agreement means any objective circumstances that are unforeseeable, unavoidable and cannot be overcome by any of the parties to this Agreement (“Force Majeure Event”). To avoid misinterpretation, the relevant law, statue or policy changes resulting in the non-realization of the objectives of this Agreement are regarded as Force Majeure Events. However, if such objective circumstances are caused by reasons on the part of a party to the Agreement, then it is not regarded as a Force Majeure Event under this Agreement.

10.2    

If any party is affected by a Force Majeure Event and cannot perform the relevant obligations under this Agreement, such party shall notify the other
parties of the relevant situation, and shall within 15 days, provide the relevant details and valid documents for the reasons it cannot perform or partly perform the relevant obligations under this Agreement and the relevant schedules.

10.3    

No party shall bear responsibility for its non-performance or delay in performance of this Agreement resulting in any damage, loss or additional costs due to any Force Majeure Event, or otherwise be deemed to be in breach of this Agreement because such non-performance or delay in performance is due to any Force Majeure Event. The party that is affected by Force Majeure Event shall adopt appropriate measures to remove or reduce the effects of the Force Mejeure Event, and shall endeavour to perform any failed or delayed obligation due to any Force Majeure Event.

10.4    

The parties can negotiate and decide whether to terminate, partly waive or extend the time for performing such obligation according to the extent of effects on the performance of such obligation due to the relevant Force Majeure Event.

11.

Non-waiver of Rights

Unless otherwise agreed by the parties or it is otherwise stipulated by law, any failure or delay by a party in exercising any right, authority or privilege in this Agreement shall not be construed as a waiver of such right, authority or privilege, and any right, authority or privilege that is partly exercised shall not preclude the exercising of such right, authority or privilege in the future.

 

16

12.

Notices

12.1    

Any notice in relation to this Agreement shall be in writing and shall be delivered by hand by a party to this Agreement to the other parties, or by facsimile or by post. If delivered by hand, such notice shall be deemed to have been served at the time of delivery; if dispatched by facsimile, such notice shall be deemed to have been served if it is shown in the sender’s facsimile machine that the facsimile has been dispatched; if delivered by post, such notice shall be deemed to have been served three Business Days after posting (with statutory holidays extended accordingly). Any notice takes effect from the time it is served.

12.2    

The correspondence addresses of the parties to this Agreement are as follows:

 

	
    
    *China Network
	
    
    *China Netcom (Holdings)
	
    
    *China Netcom Broadband
	
    
    PCCW IMS China

	
    
    Communications Group
	
    
    Company Limited
	
    
    Corporation Limited
	
    
    Development Limited

	
    
    Corporation
	
     
	
     
	
     

	
    
    Attention: Luo Gang
	
    
    Attention: Luo Gang
	
    
    Attention: Wan Dan
	
    
    Attention: Company

	
    
    Facsimile: 861066429950
	
    
    Facsimile: 861066429950
	
    
    Facsimile: 861064650068
	
    
    Secretary

	
    
    Address: Flat C, No. 156
	
    
    Address: Flat C, No. 156
	
    
    Address: 3/F, Flat B,
	
    
    Facsimile: (852)2962-5725

	
    
    Fuxing Mennei Da Jie,
	
    
    Fuxing Mennei Da Jie,
	
    
    Qiankun Plaza, No.6 West
	
    
    Address: c/o PCCW

	
    
    Xicheng District, Beijing
	
    
    Xicheng District, Beijing
	
    
    Street 6, Sanlitun, Chaoyang
	
    
    Secretaries Limited, 39th

	
     
	
     
	
    
    
    District, Beijing
	
    
    Floor, PCCW Tower, TaiKoo

	
     
	
     
	
     
	
    
    Place, 979 King’s Road,

	
     
	
     
	
     
	
    
    Quarry Bay, Hong Kong

	
     
	
     
	
     
	
     

	
     
	
     
	
     
	
     

	
     
	
     
	
     
	
     

	
     
	
     
	
     
	
     

	
    
    Postal Code: 100032
	
    
    Postal Code: 100032
	
    
    Postal Code: 100027
	
    
    Postal Code: -

 

13.            Governing Law and Resolution of Disputes

13.1    

This Agreement shall be governed by the laws of the PRC and shall be construed and enforced in accordance with the laws of the PRC.
 

13.2          Any dispute among the parties to
this Agreement arising in relation to the validity, interpretation or
performance of this Agreement shall firstly be resolved by friendly
consultation. If the dispute cannot be resolved by consultation within thirty
(30) days from the date the dispute arises, each party has the right to submit

 

17

 

this to Beijing China International Economic and Trade
Arbitration Commission for arbitration.

13.3          The arbitration tribunal is composed of three arbitrators: (i) if all the parties to this Agreement are involved in the arbitration dispute, China Netcom and China Netcom Holding shall jointly appoint one arbitrator within thirty (30) days after the proposal or receipt of arbitration request, the other parties to the Agreement shall each appoint one arbitrator within the aforementioned time limit; (ii) if any three parties of this Agreement are involved in the arbitration dispute, the parties shall each appoint one arbitrator within thirty (30) days after the proposal or receipt of arbitration request, where China Netcom and China Netcom Holding are jointly acting as applicants or respondents in the arbitration, they shall jointly appoint one arbitrator, the third arbitrator shall be appointed by Beijing China International Economic and Trade Arbitration Commission; (ii) if only two parties of this Agreement are involved in the arbitration dispute, then the two parties shall each appoint one arbitrator within thirty (30) days after the proposal or receipt of arbitration request, and the third arbitrator shall be appointed by Beijing China International Economic and Trade Arbitration Commission.

13.4   

The arbitration shall be conducted in accordance with the arbitration rules of China International Economic and Trade Arbitration Commission in force at that time. The parties agree the award of the arbitration shall be final and binding upon the parties, and to the maximum extent permitted by law, the parties agree to waive any right to claim in the courts or other similar recourse in any mode.

14.

Miscellaneous  

14.1    

This Agreement may be amended or varied upon unanimous consensus in writing by the parties to this Agreement.

14.2    

This Agreement is severable, i.e. if any provisions of this Agreement and the schedules are construed to be illegal or unenforceable, they shall not affect the legality and enforceability of the other provisions of this Agreement and the schedules. However, the parties shall in such an event stop performing such illegal or unenforceable provision, and amend such illegal or unenforceable provision which as nearly as possible gives effect to their original intentions so that such provision is amended to the extent valid, effective and enforceable under the specific facts and circumstances.

14.3    

This Agreement shall be executed in ten copies, each copy has the same legal effect. Each party holds a copy, the other copies are for obtaining approval or filing purposes. If there are insufficient signed original Agreements for use in the various approval and filing for the purposes of this Agreement, each party shall in addition sign further copies of this Agreement according to the actual requirements.

 

18

Definitions

In this Agreement unless the context requires otherwise, the following terms shall have the following meanings:
 

	 	
     

	
    "PRC"
	
    means the People’s Republic of China;

	
     
	
     

	
    "China Netcom"
	
    means *China Network Communications Group
    Corporation;

	
     
	
     

	
    "China Netcom Holding"
	
    means *China Netcom (Holdings) Company Limited;

	
     
	
     

	
    "CNCBB"
	
    means *China Netcom Broadband Corporation
    Limited;

	
     
	
     

	
    "PCCW"
	
    means PCCW IMS China Development Limited;

	
     
	
     

	
    "CNCBB Qingdao"
	
    means *Qingdao Netcom-QBTV Telecom Co., Ltd.;

	
     
	
     

	
    "CNCBB Hangzhou"
	
    means *Hangzhou Netcom Information Port
    Corporation Limited;

	
     
	
     

	
    "CNCBB Ningbo"
	
    means *Ningbo Netcom Information Port Development
    Corporation Limited;

	
     
	
     

	
    "CNCBB Wenzhou"
	
    means *WenZhou Netcom Guomai Digital Information
    Port Corporation Limited;

	
     
	
     

	
    "CNCBB Chengdu"
	
    means *Chengdu Netcom West Source Science & Technology Co.,
    Ltd.;

	
     
	
     

	
    "CNCBB Chongqing"
	
    means *Chongqing Netcom Information Port
    Broadband Networks Co., Ltd.;

	
     
	
     

	
    "CNCBB Yangzhou"
	
    means *Yangzhou Netcom Broadband Networks Co.,
    Ltd.;

	
     
	
     

	
    "Framework Agreement"
	
    means the Framework Agreement in respect of
    Reorganizing CNCBB entered into between China Netcom and PCCW on 25 August
    2005;

	
     
	
     

	
    "51% of CNCBB Hangzhou"
	
    means the 51% equity of CNCBB Hangzhou held by
    CNCBB (its registered capital is RMB340,909,100);

	
     
	
     

	
    "54.48% of CNCBB Ningbo"
	
    means the 54.48% equity of CNCBB Ningbo held by
    CNCBB (its registered capital is RMB156,900,000);

	
     
	
     

	
    "Equity of CNCBB"
	
    means the 50% equity of CNCBB (its registered
    capital is RMB921,481,617) that is beneficially owned and held by the
    Transferors and is proposed to be transferred by the Transferors to PCCW;

	
     
	
     

	
    "5 Joint Venture Companies"
	
    means the five joint venture companies which are
    subsidiaries of CNCBB: CNCBB Wenzhou, CNCBB Chengdu, CNCBB Chongqing, CNCBB
    Yangzhou and CNCBB Qingdao;

	
     
	
     

	
    "Transferred Assets of CNCBB"
	
    means the definition as set out in paragraph 3(3)
    of the Recitals;

19

 

 

	
     
	
     

	
    "CNCBB Reorganization"
	
    means the reorganization matters of CNCBB as set
    out in paragraph 3 of the Recitals;

	
     
	
     

	
    "Other CNCBB Shareholders"
	
    means the third parties that will acquire all the
    equity of CNCBB together with PCCW upon the completion of CNCBB
    Reorganization;

	
     
	
     

	
    "Acquisition of Equity"
	
    means the transfer by the Transferors of 50%
    equity of CNCBB to PCCW on the Completion Date of Acquisition of Equity in
    accordance with the terms and conditions of this Agreement;

	
     
	
     

	
    "Completion Date of Acquisition of Equity"
	
    means the fifth Business Day from the fulfillment
    of all the conditions precedent under Clause 2.1 of this Agreement or such
    other date as may be agreed by the parties to this Agreement;

	
     
	
     

	
    "Business Days"
	
    means Monday to Friday, excluding statutory
    holidays of the PRC;

	
     
	
     

	
    "Purchase Price"
	
    means the total amount of consideration to be
    paid by PCCW to the Transferors for the Acquisition of Equity being
    RMB318,000,000;

	
     
	
     

	
    "Netstar Equity Transfer Agreement"
	
    means the agreement between *China Netcom (Group)
    Company Limited and China Netcom Broadband Corporation Limited in relation
    to the equity transfer in *Beijing Times Netstar Technology Co., Ltd. to be
    signed between CNCBB and *Beijing Times Netstar Technology Co., Ltd;

	
     
	
     

	
    "Tianditong"
	
    means *Tianditong Investment Company Limited;

	
     
	
     

	
    "Material Fact"
	
    means the material facts in relation to the
    assets, business and financial situation of CNCBB and its subsidiaries CNCBB
    Ningbo and CNCBB Hangzhou;

	
     
	
     

	
    "Such Information"
	
    means the definition as set out in Clause 3.2(c)
    of this Agreement;

	
     
	
     

	
    "Force Majeure Event"
	
    means any objective circumstances that are
    unforeseeable, unavoidable and cannot be overcome by any of the parties to
    this Agreement;

	
     
	
     

	
    "Breaching Party"
	
    means the definition as set out in Clause 6 of
    this Agreement;

	
     
	
     

	
    "Complying Party"
	
    means the definition as set out in Clause 6.1 of
    this Agreement; and

	
     
	
     

	
    "Relevant Period"
	
    means the period from the completion of
    acquisition of 18.4415% equity of CNCBB by China Netcom (based on the
    register of changes of the State Administration of Industry and Commerce) to
    the Completion Date of Acquisition of Equity.

20

IN WITNESS WHEREOF the parties have signed this Agreement the
day and year first above written. 

[There is no main text following this page.] 

 

 

 

 

 

 

 

21

	
    [There is no main text on this page.]	
	 	 
	 	 
	
    Signing Party: *China Network Communications Group Corporation	
    Witness: (Signature)
	Legal
    or authorized representative: (Signature with company chop)	 
	 	 
	 	 
	
    Signing Party: *China Netcom (Holdings) Company Limited	
    Witness: (Signature)
	Legal
    or authorized representative: (Signature with company chop)	 
	 	 
	 	 
	
    Signing Party: *China Netcom Broadband Corporation Limited	
    Witness: (Signature)
	Legal
    or authorized representative: (Signature with company chop)	 
	 	 
	 	 
	
    Signing Party: PCCW IMS China Development Limited	
    Witness: (Signature)
	Legal
    or authorized representative: (Signature with company chop)	 

 

22PCCW Limited: Exhibit 4(ii)- Prepared By TNT Filings Inc.

EXHIBIT 4(ii)

 

CHINA BROADBAND CAPITAL PARTNERS, L.P.

AMENDED AND RESTATED

LIMITED PARTNERSHIP AGREEMENT

April 20, 2006

NEITHER THE UNITED STATES SECURITIES AND EXCHANGE
COMMISSION NOR ANY STATE REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THIS
LIMITED PARTNERSHIP AGREEMENT OR THE LIMITED PARTNERSHIP INTERESTS
(''INTERESTS'') PROVIDED FOR HEREIN.  ANY REPRESENTATION TO THE CONTRARY IS
UNLAWFUL.  

THE INTERESTS HAVE NOT BEEN REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE ''SECURITIES ACT''), AND
THE PARTNERSHIP IS UNDER NO OBLIGATION TO REGISTER THE INTERESTS UNDER THE
SECURITIES ACT IN THE FUTURE. 

AN INTEREST MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR
OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION UNDER THE
SECURITIES ACT OR A VALID EXEMPTION FROM REGISTRATION THEREUNDER.
 ADDITIONAL RESTRICTIONS ON THE TRANSFER OF INTERESTS ARE CONTAINED IN
ARTICLE VII OF THIS AGREEMENT.  BASED UPON THE FOREGOING, EACH ACQUIROR OF
AN INTEREST MUST BE PREPARED TO BEAR THE ECONOMIC RISK OF INVESTMENT THEREIN FOR
AN INDEFINITE PERIOD OF TIME.

CONFIDENTIAL

 

CONFIDENTIAL
 

TABLE OF CONTENTS 

	 	 	Page
	
    ARTICLE I  
     NAME,
      PURPOSE AND PRINCIPAL OFFICE OF PARTNERSHIP	
    1
	
    1.1	
    Partnership Name	
    1
	
    1.2	
    Partnership Purpose	
    1
	
    1.3	
    Registered Office	
    2
	
    
    ARTICLE II   TERM
      AND DISSOLUTION OF THE PARTNERSHIP	
    2
	
    2.1	
    Term of Partnership	
    2
	
    2.2	
    Dissolution	
    2
	
    2.3	
    Events Affecting a Partner of the General
      Partner	
    3
	
    2.4	
    Events Affecting a Limited Partner of the
      Partnership	
    3
	
    
    ARTICLE III  
      CAPITAL CONTRIBUTIONS	
    3
	
    3.1	
    Initial Capital Contribution of the Limited
      Partners and Withdrawal of	
	 	
    Initial Limited Partner	
    3
	
    3.2	
    Subsequent Capital Contributions by the
      Limited Partners	
    3
	
    3.3	
    Initial Capital Contributions of the General
      Partner	
    4
	
    3.4	
    Subsequent Capital Contributions by the
      General Partner	
    5
	
    3.5	
    Failure to Make Capital
    Contributions	
    5
	
    3.6	
    Benefit of Capital Contributions	
    11
	
    3.7	
    Alternative Investment Vehicles	
    11
	
    
    ARTICLE IV  
      CAPITAL ACCOUNTS AND ALLOCATIONS	
    14
	
    4.1	
    Capital Accounts	
    14
	
    4.2	
    Definitions	
    14
	
    4.3	
    Allocation of Capital Transaction Gain or
      Loss	
    19
	
    4.4	
    Allocation of Net Income or Loss	
    20
	
    4.5	
    Reallocation of Contingent Losses	
    20
	
    4.6	
    Special Allocation Among Late-Entering
      Limited Partners of	 
	 	
    Organization and Operating Expenses	
    21
	
    4.7	
    Special Allocation of Syndication
      Expenses	
    21
	
    ARTICLE V  
      ADVISORY FEE; EXPENSES	
    22
	
    5.1	
    Advisory Fee	
    22
	
    5.2	
    Expenses	
    23
	
    5.3	
    Fees	
    24
	
    
    ARTICLE VI  
      WITHDRAWALS BY AND DISTRIBUTIONS TO THE PARTNERS	
    25
	
    6.1	
    Interest	
    25
	
    6.2	
    Withdrawals by the Partners	
    25
	
    6.3	
    Tax Distributions	
    25
	
    6.4	
    Other Distributions	
    26
	
    
    ARTICLE VII  
      MANAGEMENT, DUTIES, AND RESTRICTIONS	
    30
	
      
      7.1
	
    Management	30

i 

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	7.2	Indebtedness; Restrictions; Reinvestments	30
	7.3	
    Investment
      Representation of the Limited Partners	31
	7.4	
    Accredited
      Investor and Investment Company Act Representations	33
	7.5	
    No Control
      by the Limited Partners	34
	7.6	
    Admission of
      Additional Partners	34
	7.7	
    Assignment
      or Transfer of Partnership Interests	35
	7.8	
    Investment
      Opportunities; Conflicts of Interest	38
	
    ARTICLE VIII   DISSOLUTION AND LIQUIDATION OF THE
      PARTNERSHIP	
    42
	8.1	
    Liquidation
      Procedures	42
	8.2	
    Final
      Allocations; Date of Dissolution	43
	8.3	
    Lookback
      Liability of General Partner to Return Excess Distributions	43
	
    ARTICLE IX   FINANCIAL ACCOUNTING AND
      REPORTS	
    45
	9.1	
    Financial
      and Tax Accounting and Reports	45
	9.2	
    Valuation of
      Securities and Other Assets Owned by the Partnership	46
	9.3	
    Books and
      Records	47
	9.4	
    Semiannual
      Report	47
	9.5	
    Annual
      Report; Financial Statements of the Partnership	47
	9.6	Confidentiality	47
	9.7	
    Information
      Meetings	50
	9.8	
    Advisory
      Board	50
	
    ARTICLE X    
    OTHER PROVISIONS	
    52
	
    10.1	
    Execution
      and Filing of Documents	
    52
	
    10.2	
    Other
      Instruments and Acts	
    52
	
    10.3	
    Binding
      Agreement	
    52
	
    10.4	
    Governing
      Law and Remedies for Breach	
    52
	
    10.5	
    Notices	
    52
	
    10.6	
    Power of
      Attorney	
    53
	
    10.7	
    Amendment	
    53
	
    10.8	
    Effective
      Date	
    54
	
    10.9	
    Entire
      Agreement; Counterparts	
    54
	
    10.10  	
    Board
      Activity	
    54
	
    10.11  	
    General
      Usage	
    54
	
    10.12  	
    Partnership
      Name	
    55
	
    10.13  	
    Exculpation	
    55
	
    10.14  	
    Indemnification	
    56
	
    10.15 	
    Limitation
      of Liability of the Limited Partners	
    57
	
    10.16  	
    Tax Matters
      Partner	
    58
	
    10.17  	
    Service
      Related Income	
    59
	
    10.18  	
    ERISA
      Partners	
    60
	
    10.19  	
    Avoidance of
      Trade or Business Status	
    62
	
    10.20  	
    Taxation as
      Partnership	
    63
	
    10.21  	
    Arbitration	
    64
	
    10.22  	
    Counsel to
      the Partnership	
    64
	
    10.23  	
    Public
      Pension Partners	
    65

ii 

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    10.24  	
    BHCA
      Partners	
    65
	
    10.25  	
    Anti-Money
      Laundering Compliance	
    67
	
    10.26  	
    Change in
      Status	
    68
	
    ARTICLE XI   DEFINITIONS	
    68
	
    ARTICLE XII   MISCELLANEOUS TAX AND REGULATORY
      COMPLIANCE	 
	 	
    PROVISIONS	
    76
	
    12.1	
    Substantial
      Economic Effect	
    76
	
    12.2	
    Other
      Allocations	
    77
	
    12.3	
    Income Tax
      Allocations	
    78
	
    12.4	
    Compliance
      with Timing Requirements of Regulations	
    79
	
    12.5	
    Recharacterizations of Transactions	
    80
	
    12.6	
    Sharing
      Arrangement; Interest in Partnership Items	
    80
	
    12.7	
    Withholding	
    81
	
    12.8	
    Apportionment of Amounts Withheld at the Source or Paid by
      the	 
	 	
    Partnership	
    81
	
    12.9	
    Qualified
      Small Business Stock	
    82
	 	 	 
	 	 	 
	
    
    Exhibit
      A	
    
    -- Optionee
      Note	 
	
    
    Exhibit
      B	
    
    -- Optionee
      Security Agreement	 
	Exhibit
      C	--
      Promissory Note	 

iii

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CONFIDENTIAL

 

CHINA BROADBAND CAPITAL PARTNERS, L.P.

AMENDED
AND RESTATED LIMITED PARTNERSHIP AGREEMENT

This Amended and Restated Limited Partnership
Agreement (this ''Agreement'') is made and entered into as of the
20th day of
April,
2006, by and among CBC Partners, L.P., a Cayman Islands exempted limited
partnership (the ''General Partner'') as general partner, and each of the
persons the names of which are set forth under the heading ''Limited Partners''
on the Schedule of Partners (as defined in Section 3.1), as maintained in the
books of the Partnership by the General Partner, as a limited partner (each a
''Limited Partner'' and collectively the ''Limited Partners'') and Info Expert
Services Limited having its registered office at PO Box 957, Offshore
Incorporations Centre, Road Town, Tortola, British Virgin Islands as the
withdrawing initial limited partner (the ''Initial Limited Partner''), which
parties hereby agree as follows with respect to China Broadband Capital
Partners, L.P., a Cayman Islands exempted limited partnership (the
''Partnership''), registered pursuant to the Exempted Limited Partnership Law
(2003 Revision) (the ''Law''):

WHEREAS, the Partnership was formed pursuant to the
Law in terms of a Limited Partnership Agreement dated February 13, 2006 between
the General Partner and the Initial Limited Partner (the ''Initial Limited
Partnership Agreement'').

WHEREAS, the General Partner, the Initial Limited
Partner and the Limited Partners wish to amend and restate the Initial Limited
Partnership Agreement to provide for the admission of the Limited Partners, the
withdrawal of the Initial Limited Partner and the variation of the terms
applicable to the operation and administration of the Partnership.

NOW THEREFORE, the parties do hereby agree to amend
and restate the Initial Limited Partnership Agreement as follows:

ARTICLE I

NAME,
PURPOSE AND PRINCIPAL OFFICE OF PARTNERSHIP

1.1

Partnership Name.

  Subject to Section 10.12, the name of the
Partnership is China Broadband Capital Partners, L.P.  The partners of the
Partnership are the General Partner and the Limited Partners (collectively, the
''Partners'').  The affairs of the Partnership shall be conducted under the
Partnership name or such other name as the General Partner may, in its sole
discretion, determine.

1.2

Partnership Purpose.

  The primary purpose of the Partnership is
to make venture capital investments, principally by investing in and holding
equity and equity-oriented securities of privately held companies in
telecommunications, media and technology (together, ''TMT'') related fields with
substantial markets and/or operations (planned or existing) in China.
 Additionally, the Partnership will seek to participate in global
investments made by Chinese TMT companies.  The Partnership may also
participate in, among other things, leveraged acquisitions of privately held and
publicly held TMT corporations (or divisions, subsidiaries or 

CONFIDENTIAL

CONFIDENTIAL

other business units thereof) and investments in
securities of publicly held TMT corporations.  The general purposes of the
Partnership are to buy, hold, sell and otherwise invest in Securities described
above, whether readily marketable or not; to exercise all rights, powers,
privileges and other incidents of ownership or possession with respect to
Securities held or owned by the Partnership; to enter into, make and perform all
contracts and other undertakings; and to engage in all activities and
transactions as may be necessary, advisable or desirable, as determined by the
General Partner, to carry out the foregoing.  Notwithstanding any of the
foregoing, the Partnership shall not undertake business with the public in the
Cayman Islands other than so far as may be necessary for the carrying on of the
business of the Partnership exterior to the Cayman Islands.

1.3

Registered Office.

  The registered office of the Partnership
shall be c/o Walkers SPV Limited, Walker House, PO Box 908GT, George Town, Grand
Cayman, Cayman Islands, or such other place within the Cayman Islands as
the General Partner may from time to time designate.

ARTICLE II

TERM AND
DISSOLUTION OF THE PARTNERSHIP

2.1

Term of Partnership.

(a)

The term of the Partnership commenced on February 13,
2006 (the ''Commencement Date'') and shall continue until the tenth anniversary
of the Initial Contribution Date unless the Partnership is sooner dissolved as
provided in Section 2.2 below or the Partnership term is extended as provided in
subsection (b) below (the ''Partnership Term'').

(b)

With the approval of the Advisory Board, the General
Partner may extend the Partnership Term beyond ten (10) years after the
Commencement Date by up to two (2) additional one (1) year
periods.

2.2

Dissolution.

  The Partnership Term shall end prior to
the tenth anniversary of the Initial Contribution Date:

(a)

Ninety (90) days after the affirmative vote of
Four-Fifths in Interest of Limited Partners.

(b)

Ninety (90) days after the affirmative vote of a
Majority in Interest of Limited Partners if, at any time after September 1,
2006, Dr. Edward Suning Tian (''Dr. Tian'') is not devoting substantially all of
his business time, other than business time Dr. Tian is devoting to his
Non-executive Outside Interests (as defined in Section 7.8(b)), to Partnership
Affairs (as defined in Section 7.8(c)). 

(c)

Upon the Bankruptcy or dissolution and winding up of
the affairs of the General Partner or its sole remaining general partner.
 

(d)

As otherwise required by the Law.

2

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On any dissolution of the Partnership, the General Partner shall file the
notice required by Section 15(2) of the Law.

 

2.3

Events Affecting a Partner of the General
Partner.

  The death, temporary or Permanent
Incapacity, Insanity, Incompetency, Bankruptcy, expulsion, retirement,
withdrawal, or removal of any of the limited partners of the General Partner or
equity holders of the Ultimate General Partner, or the admission of additional
partners to the General Partner or equity holders of the Ultimate General
Partner, shall not dissolve the Partnership.

2.4

Events Affecting a Limited Partner of the
Partnership.

  The death, temporary or Permanent
Incapacity, Insanity, Incompetency, Bankruptcy, expulsion, withdrawal,
liquidation, dissolution, reorganization, merger, sale of substantially all the
stock or assets of, or other change in the ownership or nature of a Limited
Partner shall not dissolve the Partnership.

ARTICLE III

CAPITAL
CONTRIBUTIONS

3.1

Initial Capital Contribution of the Limited
Partners and Withdrawal of Initial Limited Partner.

  Each Limited Partner's ''Capital
Commitment'' set forth opposite such Limited Partner's name on the register of
limited partnership interests, as maintained in the books of the Partnership by
the General Partner (the ''Schedule of Partners''), represents the aggregate
amount of capital that such Limited Partner has agreed to contribute to the
Partnership in accordance with the terms hereof except as provided in Section
3.2(b) and Section 3.2(c).  The General Partner shall give the Limited
Partners fifteen (15) days' notice (which may be by electronic mail or
facsimile) of the date on which each Limited Partner shall be required to
contribute capital, in cash to the Partnership payable by wire transfer or check
in the amount as shall be specified by the General Partner in such notice (such
Partner's ''Initial Capital Contribution''), which amount shall be proportional
to each Limited Partner's respective Capital Commitment to the Partnership and
shall not exceed 100% of such Partner's Capital Commitment.  On the Initial
Contribution Date (as defined below), the Initial Limited Partner shall cease to
be a partner in the Partnership and shall be repaid its capital contribution of
US$1.00.

3.2

Subsequent Capital Contributions by the Limited
Partners.

(a)

No Limited Partner shall be obligated to contribute
capital to the Partnership in an amount in excess of its Capital Commitment
pursuant to Sections 3.1 and 3.2, except as provided in Section 3.2(b), Section
3.2(c) and Section 10.15(b).  Subject to the foregoing limitation,
subsequent to the date of the Initial Capital Contribution (the ''Initial
Contribution Date'') each Limited Partner shall make additional capital
contributions, in cash to the Partnership, payable by wire transfer or check,
upon at least fifteen (15) days' prior notice (which may be by facsimile or
electronic mail) from the General Partner (the ''Drawdown Notice'') at such time
(the ''Drawdown Date''), in such amount (the ''Drawdown Amount'') as shall be
specified in the Drawdown Notice.  Except to the extent needed to maintain
confidentiality, each Drawdown Notice shall describe the proposed use of the
funds requested, 

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including, where applicable, the name and industry
sector of the portfolio company in which funds will be invested by the
Partnership.  Any such description shall be maintained as confidential by
the Limited Partners.  Unless otherwise approved by the General
Partner, all Limited Partner capital contributions made pursuant to this
Agreement must be made in the name of the Limited Partner through or from a United
States bank, or through a banking institution organized within a jurisdiction,
territory or region approved by the Financial Action Task Force and a Schedule 3
jurisdiction under the Cayman Islands Money Laundering Regulations (2005
Revision).  The Drawdown Amounts of the Limited Partners specified in any
Drawdown Notice shall be proportional to their respective Capital Commitments to
the Partnership.

(b)

Notwithstanding the provisions of subsection (a)
above, if, within sixty (60) days after any capital contribution is due pursuant
to Section 3.1 or this Section 3.2, the General Partner determines that some or
all of the funds received pursuant to such contribution are not needed by the
Partnership, the General Partner may return such excess funds to the Partners
who have made such contributions in such amounts as are required to cause the
cumulative contributions (net of amounts returned hereunder) of the Partners
(other than Defaulting Partners) to be proportional to their respective
Partnership Percentages.  For all purposes of this Agreement, amounts
returned pursuant to the preceding sentence shall not constitute Partnership
distributions, and the earlier contribution of such amounts by the Partners
shall not constitute contributions to capital of the Partnership and,
accordingly, shall remain uncalled Capital Commitments of the Partners, fully
available to be drawn down by the General Partner from time to time pursuant to
the provisions of this Agreement.

(c)

Notwithstanding the provisions of subsection (a)
above, to the extent the Partnership sells, redeems or otherwise liquidates any
Bridge Securities within twelve (12) months of the date that such Bridge
Securities were acquired by the Partnership, and distributes the Net Proceeds
from any such sale, redemption or liquidation to the Partners in proportion to
their Partnership Percentages, then for all purposes of this Agreement (i) the
distribution of the amount of such Net Proceeds up to the cost basis of the
Bridge Securities giving rise thereto (the ''Re-Commitment Amount'') shall not
constitute a distribution, (ii) the aggregate amount of capital contributions
made by the Partners shall be reduced by the Re-Commitment Amount (and such
reduction shall be borne by the Partners pro rata in proportion to their
aggregate Partnership Percentages as of the date such Net Proceeds are returned
to the Partners), and (iii) the amount of the uncalled Capital Commitments of
the Partners shall be increased by the Re-Commitment Amount, and such
Re-Commitment Amount may be drawn down by the General Partner from time to time
pursuant to the provisions of this Agreement.

(d)

Notwithstanding the provisions of subsection (a)
above, the Limited Partners shall not be required to contribute capital to the
Partnership after the sixth (6th) anniversary of the Initial
Contribution Date for purposes of funding investments in Securities of any
issuer in which the Partnership has not previously made an
investment.

3.3

Initial Capital Contributions of the General
Partner.

  On the Initial Contribution Date, the
General Partner shall contribute to the capital of the Partnership (in the form
of cash) an amount equal to one and one-ninety-ninth percent (1-1/99%) of the
amount of capital contributed by the Limited Partners on the Initial
Contribution Date. 

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3.4

Subsequent Capital Contributions by the General
Partner.

  The General Partner shall, on any other
date on which a Limited Partner makes a contribution to the capital of the Partnership pursuant to Section 3.2, make an
additional contribution to the capital of the Partnership (in the form of cash)
in an amount equal to one and one-ninety-ninth percent (1-1/99%) of the amount
contributed by such Limited Partner or Limited Partners on such date.  The
aggregate amount of capital that the General Partner is obligated to contribute
to the Partnership pursuant to Section 3.3 above and this Section 3.4 is
sometimes referred to in this Agreement as the General Partner's Capital
Commitment to the Partnership.

3.5

Failure to Make Capital
Contributions.

(a)

The Partnership shall be entitled to enforce the
obligations of each Partner to make the contributions to capital specified in
this Article III, and the Partnership shall have all remedies available at law
or in equity in the event any such contribution is not so made.  The
remedies provided for in this Section 3.5 are in addition to and not in
limitation of any other right or remedy of the Partnership provided by law or
equity, this Agreement, or any other agreement entered into by or among any one
or more of the Partners and/or the Partnership (including, without limitation,
any subscription agreement relating to the Partnership).  In the event of
any legal proceedings relating to a default by a Limited Partner, such Limited
Partner shall pay all reasonable costs and expenses incurred by the Partnership,
including reasonable attorneys' fees.  Each Limited Partner hereby (i)
agrees that the remedy at law for damages resulting from its default under this
Article III is inadequate because the funding of Partnership investments
requires the timely availability of required capital contributions and (ii)
consents to the institution of an action for specific performance of its
obligations in the event of such a default.  Each Limited Partner further
agrees and acknowledges that any actions taken or not taken by the General
Partner under this Section 3.5 with respect to a Defaulting Limited Partner (as
defined in Section 3.5(b) below) shall not constitute a breach of this
Agreement or of any duty stated or implied in law or equity to any Limited
Partner, regardless of whether the same or different remedies are applied to
each Defaulting Limited Partner.

(b)

In the event a Limited Partner fails to make a
capital contribution when due, and the General Partner determines in its sole
and absolute discretion that such Limited Partner has not taken adequate
measures to make such capital contribution, the General Partner shall notify
such Limited Partner that it is a defaulting Limited Partner (such a Limited
Partner is hereinafter referred to as an ''Optionor'' or a ''Defaulting Limited
Partner,'' and the date of such notice is hereinafter referred to as the
''Declaration Date'').  If within 10 days of the date of such notice the
Defaulting Limited Partner has not made the required capital contribution, then
(x) the Defaulting Limited Partner shall no longer have the right to vote on any
matter presented to Limited Partners for a vote, and (y) the General Partner may
elect in its sole and absolute discretion to impose any one or more of the
following remedies in addition, or as an alternative, to any remedies provided
by law or equity, this Agreement, or any other agreement entered into by or
among any one or more of the Partners and/or the Partnership.

(c)

The General Partner may cause the Partnership to
commence legal proceedings against the Optionor to collect the due and unpaid
capital contribution plus interest at a rate equal to twelve percent (12%) per
annum, compounded daily, as well as the reasonable expenses of collection
including, without limitation, reasonable attorneys' fees.  Amounts

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collected in excess of the Optionor's due and unpaid capital contribution shall
be deemed for purposes of this Agreement to be income of, or a
reimbursement to, the Partnership, as appropriate, and shall not be treated as a
capital contribution by the Optionor.

(d)

Subject to the restrictions set forth in Section 7.7,
upon notice to the Optionor, the General Partner may designate one or more
persons (with the prior consent of such person or persons) to assume
responsibility for the entire unpaid balance of the Optionor's Capital
Commitment and to assume and succeed to all of the rights of the Optionor's
interest in the Partnership attributable to such portion of the Optionor's
Capital Commitment.

(e)

The General Partner may determine that such
Optionor's share of the future Capital Transaction Gain and Net Income (but not
Capital Transaction Loss and Net Loss) of the Partnership shall be reduced by up
to one hundred percent (100%) of that to which such Optionor would have been
entitled based upon its Partnership Percentage as measured immediately prior to
the date upon which the defaulted capital contribution was originally due.
 The share of future Capital Transaction Gain and Net Income that is
thereby not allocated to the Optionor shall be apportioned among the other
non-defaulting Partners in proportion to their respective Partnership
Percentages.  In addition, as of the first day of each Fiscal Quarter of
the Partnership commencing after any reduction in the Capital Commitments of the
Optionor, there shall be deducted from the Capital Account of the Optionor (by
means of a special allocation of items of deduction attributable to the payment
of the advisory fee provided for in Section 5.1 and the remainder of this
sentence) an amount equal to the excess of the quarterly advisory fee that would
have been payable pursuant to Section 5.1 for such Fiscal Quarter had the
Optionor not defaulted over the quarterly advisory fee actually payable pursuant
to Section 5.1 for such Fiscal Quarter, and the amount so deducted shall be
paid to the General Partner or its designee in lieu of the advisory fee which
would otherwise have been due on such unpaid Capital Commitment, so that the
aggregate amount payable to the General Partner or its designee pursuant to this
subsection 3.5(e) and pursuant to Section 5.1 shall not be less than the amount
that would have been paid had there been no default by the Optionor.

(f)

Subject to the provisions of Section 7.7, the General
Partner may determine that such Optionor's Capital Account balance shall be
reduced by up to one hundred percent (100%) of the amount contained therein
(calculated as of the close of business on the date upon which the defaulted
capital contribution was originally due and as if the Partnership had closed its
books and allocated Capital Transaction Gain or Loss and Net Income and Net Loss
pursuant to Article IV immediately prior thereto).  The portion of the
Optionor's Capital Account balance so reduced shall be apportioned among the
other Partners in proportion to their respective Partnership Percentages.
 In addition, to the extent that the Optionor retains any portion of its
Capital Account, then as of the first day of each Fiscal Quarter of the
Partnership commencing after any reduction in the Capital Commitments of the
Optionor, there shall be deducted from the Capital Account of the Optionor (by
means of a special allocation of items of deduction attributable to the payment
of the advisory fee provided for in Section 5.1 and the remainder of this
sentence) an amount equal to the excess of the quarterly advisory fee that would
have been payable pursuant to Section 5.1 for such Fiscal Quarter had the
Optionor not defaulted over the quarterly advisory fee actually payable pursuant
to Section 5.1 for such Fiscal Quarter, and the amount so deducted shall be paid
to the General Partner or its designee in lieu of the advisory fee which would
otherwise have been due on such unpaid Capital Commitment, so

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that the aggregate amount payable to the General
Partner or its designee pursuant to this subsection 3.5(f) and pursuant to Section 5.1 shall
not be less than the amount that would have been paid had there been no default
by the Optionor.  To the extent that the reduction provided for in the
preceding sentence would otherwise reduce the retained Capital Account of the
Optionor below zero, such reduction shall instead be applied to the Capital
Accounts of the Partners whose Capital Accounts had previously been increased
pursuant to the second sentence of this subsection 3.5(f) with respect to such
Optionor (with such reduction being apportioned among such Partners pro rata to
the amount of such previous increase); provided, however, that in
no event shall the aggregate reduction so applied to the Capital Account of any
Partner for all periods with respect to any Optionor exceed the amount by which
such Partner's Capital Account had previously been increased pursuant to the
second sentence of this subsection 3.5(f) with respect to such
Optionor.

(g)

The General Partner may require that the Optionor
withdraw from the Partnership for no consideration in which case the withdrawing
Optionor shall not be entitled to receive any further distributions or
allocations from the Partnership and shall have no further interest in the
Partnership whatsoever.  Upon such withdrawal, the Optionor's entire
Capital Account balance shall be apportioned among the other Partners in
proportion to their respective Partnership Percentages.  As of the first
day of each Fiscal Quarter of the Partnership commencing after any reduction in
the Capital Commitments of the Optionor and prior to the transfer of the
Optionor's Capital Account as provided in the preceding sentence, there shall be
deducted from the Capital Account of the Optionor (by means of a special
allocation of items of deduction attributable to the payment of the advisory fee
provided for in Section 5.1 and the remainder of this sentence) an amount equal
to the excess of the quarterly advisory fee that would have been payable
pursuant to Section 5.1 for such Fiscal Quarter had the Optionor not defaulted
over the quarterly advisory fee actually payable pursuant to Section 5.1 for
such Fiscal Quarter, and the amount so deducted shall be paid to the General
Partner or its designee in lieu of the advisory fee which would otherwise have
been due on such unpaid Capital Commitment, so that the aggregate amount payable
to the General Partner or its designee pursuant to this subsection 3.5(g) and
pursuant to Section 5.1 shall not be less than the amount that would have been
paid had there been no default by the Optionor.  With respect to any Fiscal
Quarter of the Partnership that commences after the transfer of the Capital
Account of the Optionor provided for in this subsection 3.5(g), the reduction to
the Capital Account of the Optionor provided for in the preceding sentence shall
instead be applied to the Capital Account of any Partner whose Capital Account
had previously been increased pursuant to the second sentence of this subsection
3.5(g) with respect to such Optionor (with such reduction being apportioned pro
rata to the amount of such previous increase); provided, however,
that in no event shall the aggregate reduction so applied to the Capital Account
of any Limited Partner for all periods with respect to any Optionor exceed the
amount by which such Limited Partner's Capital Account had previously been
increased pursuant to the second sentence of this subsection 3.5(g) with respect
to such Optionor.

(h)

The General Partner may elect that any one or more
Limited Partners, which such Limited Partners may not include a Defaulting
Limited Partner (collectively, the ''Optionees''), and the General Partner shall
have the right and option to acquire the Partnership interest of any Optionor,
as follows:

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(i)

If such default continues for ten (10) or more days
after the Declaration Date, the General Partner shall notify the Optionees of
the default.  Such notice shall advise each Optionee of the portion and the
price of the Optionor's interest available to it.  The aggregate price for
the Optionor's interest shall be the lesser of (A) an amount equal to
(1) twenty-five percent (25%) of the lesser of (x) the balance that would
have been in the Optionor's Capital Account as of the due date of the additional
contribution if the Partnership had dissolved on such date and all allocations
necessary to determine the closing Capital Accounts of the Partners under
Section 8.2 had been effected, or (y) the balance that would have been in the
Optionor's Capital Account as of the Declaration Date if the Partnership had
dissolved on such date and all allocations necessary to determine the closing
Capital Accounts of the Partners under Section 8.2 had been effected less, in
either case, (2) the aggregate amount of any distributions made to the Optionor
(with such distributions being valued at fair market value pursuant to Section
9.2 as of the date of the distribution) under this Agreement that are effected
from and after such due date or Declaration Date, as applicable, to the date of
purchase (which shall be the date of delivery of payment to Optionor in
accordance with Section 3.5(h)(iv) below) of Optionor's interest hereunder, but
in no event less than zero or (B) an amount equal to (1) the aggregate amount of
the Optionor's capital contributions less (2) the aggregate amount of any
distributions made to the Optionor (with such distributions being valued at fair
market value pursuant to Section 9.2 as of the date of the distribution) from
inception of the Partnership through the date of purchase of Optionor's interest
hereunder, but in no event less than zero.  The price for each Optionee
shall be prorated according to the portion of the Optionor's interest purchased
by each such Optionee.  The option granted hereunder shall be exercisable
by an Optionee at any time within forty-five (45) days after the date of the
notice from the General Partner to such Optionee by delivery to the Optionor in
care of the General Partner of a notice of exercise of option together with
payment therefor and, if applicable, a security agreement in accordance with
Section 3.5(h)(iv) below, which notice and documents the General Partner shall
promptly forward to the Optionor. 

(ii)

Should any Optionee not exercise its option within
said forty-five (45) day period provided in Section 3.5(h)(i) above, the portion
of the Optionor's interest not so acquired (the ''Remaining Portion'') may be
acquired by the General Partner within five (5) days after the expiration of the
forty-five (45) day period specified in Section 3.5(h)(i) on the same terms as
set forth in Section 3.5(h)(i) above; provided, however, that the
General Partner may, but shall not be obligated to (absent an express election),
make the additional capital contributions otherwise due then or later from the
Optionor with respect to the Remaining Portion so acquired (in which event the
Capital Commitment with respect to such interest shall be reduced accordingly).

(iii)

The amount of the Remaining Portion not acquired by
the Optionees and the General Partner may, if the General Partner deems it in
the best interests of the Partnership, be sold to any other individuals or
entities (including, without limitation, other Limited Partners or the General
Partner) on terms not more favorable to such parties than those applicable to
the Optionees' option.  Any consideration received by the Partnership for
such amount of the Optionor's interest in excess of the price payable to the
Optionor therefor shall be retained by the Partnership.  In lieu of the
foregoing, the General Partner may, if the General Partner deems it in the best
interests of the Partnership, cause the Partnership to (A) repurchase on the
same terms applicable to the Optionees' options some or all of the amount of the

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Remaining Portion not acquired by the Optionees and
the General Partner (the ''Unpurchased Remaining Portion'') and (B) issue to any
other individuals or entities (on terms not more favorable to such parties than
those applicable to the Optionee's option) a Limited Partner interest in the
Partnership substantially identical in all respects to the Unpurchased Remaining
Portion repurchased pursuant to clause (A) hereof; provided,
however, that, notwithstanding Article IV the Capital Account balance of
such newly admitted Limited Partner shall be determined without reference to the
Capital Account balance of the Optionor.  Such newly admitted Limited
Partner shall be deemed, solely for purposes of computing such Limited Partner's
Partnership Percentage pursuant to Section 4.2(i) hereof, to have contributed to
the capital of the Partnership the sum of the amount the Optionor had previously
contributed to the Partnership with respect to the Unpurchased Remaining Portion
that such Limited Partner's interest replaced plus any amounts actually
contributed to the capital of the Partnership pursuant to Section 3.5(h)(v) (or
any corresponding provision applicable to such Limited Partner).  In the
event that not all of the Remaining Portion is sold as provided herein, then:
 (x) the Optionor shall be entitled only to receive an amount equal to the
portion of its Capital Account balance representing the unsold Remaining Portion
(with such balance being determined either at the time of its failure to make
one of the capital contributions required of it hereunder or at the Declaration
Date (if the Declaration Date results in a lower Capital Account balance being
associated with the unsold Remaining Portion), without adjustment for any
unrecognized gains but adjusted for any unrecognized losses as of such date and
further adjusted from time to time as set forth in clause (z) hereof) such
amount to be payable upon termination of the Partnership, without interest, as
provided in Article VIII; (y) notwithstanding the provisions of Article IV,
items of Capital Transaction Gain and Loss and Net Income and Loss shall be
allocated to the Capital Account of the Optionor so as to cause its positive
Capital Account balance to equal at all times the amount it is entitled to
receive pursuant to clause (x) hereof; and (z) as of the first day of each
Fiscal Quarter of the Partnership commencing after any such default, there shall
be deducted from the Capital Account of the Optionor an amount equal to the
excess of the quarterly advisory fee that would have been payable pursuant to
Section 5.1 for such Fiscal Quarter had the Optionor not defaulted over the
quarterly advisory fee actually payable pursuant to Section 5.1 for such Fiscal
Quarter, and the amount so deducted shall be paid to the General Partner or its
designee in lieu of the advisory fee which would otherwise have been due on such
unpaid Capital Commitment, so that the aggregate amount payable to the General
Partner or its designee pursuant to this clause (z) and pursuant to Section 5.1
shall not be less than the amount that would have been paid had there been no
default by the Optionor.  

(iv)

The price due from each of the General Partner and
the Optionees shall, at the separate elections of the General Partner and each
Optionee, be payable to the Optionor either in cash (or cash equivalent) or by a
noninterest bearing, nonrecourse promissory note in substantially the form
attached hereto as Exhibit A, due six (6) months after the Date of Dissolution.
 Each such note shall be secured by the portion of the Optionor's
Partnership interest purchased by its maker pursuant to a security agreement in
substantially the form attached hereto as Exhibit B and shall be enforceable by
the Optionor only against such security.

(v)

Upon exercise of any option or any other purchase
hereunder, each Optionee (other than the General Partner) or purchaser of an
Optionor's interest shall be obligated (A) to contribute to the Partnership that
portion of the additional capital then 

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due from the Optionor equal to the percentage of the
Optionor's interest purchased by such Optionee and (B) to pay the same
percentage of any further contributions otherwise due from such Optionor and
such Optionee's or other purchaser's Capital Commitment shall be appropriately
adjusted to reflect such obligation plus any capital previously contributed with
respect to the purchased interest.

(vi)

Upon the General Partner's purchase of an Optionor's
interest pursuant to Section 3.5(h)(ii) above, the General Partner shall be
treated to that extent as a Limited Partner, and the Optionor's Capital Account
shall be transferred to the General Partner to the extent of its
purchase.

(i)

The General Partner may cancel all or any portion of
the Defaulting Limited Partner's unpaid Capital Commitment and adjust the
Capital Account balances of the Partners to cause the Capital Account balance of
each Partner to reflect, as closely as possible, the Capital Transaction Gain
and Loss and Net Income and Loss allocations that would have been made pursuant
to Article IV if the Defaulting Limited Partner's Capital Commitment had at no
time included the canceled portion thereof.

(j)

The General Partner is hereby authorized by each
Limited Partner, with respect to any distribution to which such Limited Partner
might otherwise be entitled, to defer making such distribution to such Limited
Partner if at the time such distribution would otherwise be effected such
Limited Partner has not satisfied its obligation to make all contributions to
capital that are then due pursuant to this Article III.  The General
Partner may further apply the amount of any such distribution to satisfy all or
any part of such Limited Partner's obligation to make the contributions to
capital specified in this Article III that are then due (in which case such
amounts shall be deemed to have been distributed to such Limited Partner and
then contributed by such Limited Partner pursuant to Section 3.2).  In the
event that any such distribution consists of Securities or other non-cash
assets, the General Partner may, on behalf of such Limited Partner, cause the
Partnership to sell or otherwise liquidate such in-kind distribution upon such
terms and conditions, and at such times, as the General Partner in its sole
discretion deems appropriate, and apply the proceeds of such sale or other
liquidation, net of transactions fees and other reasonable expenses, to satisfy
all or any part of such Limited Partner's obligation to make the contributions
to capital specified in this Article III that are then due (in which case such
net amounts shall be deemed to have been distributed to such Limited Partner and
then contributed by such Limited Partner pursuant to Section 3.2).  All
items of Capital Transaction Gain or Loss or Net Income or Loss generated from
the holding or disposition of any such deferred distribution shall be allocated
solely to the Capital Account of the Limited Partner on whose behalf such
amounts are held, and the corresponding items of taxable income, gain, loss and
deduction shall, to the maximum extent permissible, also be allocated solely to
such Limited Partner.  The foregoing provisions of this Section 3.5(j)
shall apply to a Limited Partner that has not satisfied its obligation to make
all contributions to capital that are then due pursuant to this Article III
whether or not the General Partner has declared such Limited Partner to be a
''Defaulting Limited Partner'' pursuant to Section 3.5(b) above.

(k)

By way of securing its obligations hereunder, each
Partner hereby constitutes and appoints the General Partner his, her or its
agent and attorney-in-fact, in the event such Partner becomes a Defaulting
Limited Partner hereunder, for the purposes of executing and 

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delivering any and all documents necessary to convey
his, her or its interest in the Partnership, in whole or in part, to the
purchaser thereof, in accordance with this Section 3.5.  This power of
attorney is irrevocable and shall survive the death, dissolution, disability or
incapacitation of any Partner.

(l)

If, pursuant to Section 10.23 or Section 10.24, a
Limited Partner is released from its obligation to make an additional capital
contribution (the ''Released Amount''), the other Limited Partners shall, at the
election of the General Partner, have the right to agree to contribute the
Released Amount pro rata in accordance with their then existing Partnership
Percentages and their Capital Commitments shall be adjusted as appropriate to
reflect such agreement.  Should any of the other Limited Partners elect not
to agree to contribute its pro rata portion of the Released Amount or elect to
agree to contribute less than its pro rata share, then the other Limited
Partners agreeing to contribute under this Section 3.5(l) shall have the right
to contribute such amount ratably in accordance with their then existing
Partnership Percentages and their Capital Commitments shall be adjusted as
appropriate to reflect such agreement.  Thereafter, any portion of the
Released Amount not agreed to be contributed by the Limited Partners may be
agreed to be contributed by the General Partner (in its capacity as a Limited
Partner of the Partnership).  Any portion of the Released Amount not agreed
to be contributed by the Limited Partners or the General Partner may, if the
General Partner deems it in the best interest of the Partnership, be made
available to any other entities, corporations, partnerships or individuals.
 Partners contributing capital under this Section 3.5(l), absent an express
election, shall not be obligated to make additional capital contributions
otherwise due then or later from the Limited Partner being released from its
obligation to make an additional capital contribution.  This Section 3.5(l)
shall apply separately to continuing and successive applications of
Section 10.23 and Section 10.24. 

3.6

Benefit of Capital Contributions.

  The provisions of this Agreement,
including this Article III, are intended to benefit the Partners and, to the
fullest extent permitted by law, shall not be construed as conferring any
benefit upon any creditor of the Partnership (and no such creditor of the
Partnership shall be a third-party beneficiary of this Agreement) and neither
the Limited Partners nor the General Partner shall have any duty or obligation
to any creditor of the Partnership to make any contribution to the Partnership
or to issue any call for capital pursuant to this Agreement.

3.7

Alternative Investment Vehicles.

(a)

Notwithstanding any provision of this Agreement to
the contrary, the General Partner may form one or more partnerships (or legal
entities that are treated as partnerships under United States federal income tax
laws and regulations) in jurisdictions outside the Cayman Islands for purposes
of making portfolio investments in portfolio companies (each such partnership or
entity, an ''Offshore Fund,'' and, for clarity, the Partnership may hereinafter
in this Section 3.7 be referred to as the ''Cayman Fund'').  The General
Partner and each Limited Partner agree that: 

(i)

each Partner (except to the extent agreed otherwise
between such Partner and the General Partner) shall become a partner (or
comparable constituent equity holder) of one or more Offshore Funds, as
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General Partner, and each Partner of an Offshore Fund
shall receive a copy of the applicable governing document in substantially final
form ten (10) business days prior to being admitted to such Offshore Fund;
provided, however, that in lieu of becoming the general partner of such Offshore
Fund the General Partner may cause an entity that is owned by substantially the
same individuals or entities in substantially the same proportions as the
General Partner to become the general partner of such Offshore Fund;

(ii)

the General Partner shall obtain a legal opinion,
from reputable counsel located in the jurisdiction in which an Offshore Fund is
formed, that provides for substantially similar opinions concerning formation
and limited liability status as those rendered in connection with the formation
of the Cayman Fund;  

(iii)

the aggregate capital contribution obligation of each
Partner to the Cayman Fund and all Offshore Funds shall not exceed such
Partner's Capital Commitment to the Cayman Fund; and 

(iv)

subject to clause (ii) above, and subsections 3.7(b)
and (d) below, the specific terms of each Offshore Fund partnership agreement
(or other corresponding governing document) shall be substantially similar to
those contained in this Agreement in all material respects, mutatis
mutandis; provided, however, that, 

1.

when applying the conditions set forth in the proviso
of Section 6.4(a) of this Agreement (relating to the making of discretionary
distributions) or the corresponding provision of the partnership agreement (or
other corresponding governing document) of any Offshore Fund, the General
Partner shall (A) aggregate the Portfolio Securities of the Cayman Fund with the
portfolio securities of all Offshore Funds for purposes of determining the cost
basis and fair market value of the Partnership's Portfolio Securities (or
corresponding cost basis and fair value under an Offshore Fund's partnership
agreement), and (B) aggregate the Capital Account balance of the General Partner
in the Cayman Fund with the capital account balance of the General Partner in
the Offshore Fund(s) and reduce such aggregate amount by the total Contingent
Loss in the Cayman Fund or Offshore Fund(s), respectively;

2.

the aggregate amount that the General Partner or its
Affiliates may be required to contribute to the Cayman Fund under Section 8.3
and to all Offshore Funds under the corresponding provisions of the respective
Offshore Funds' partnership agreements (or other corresponding governing
documents) shall equal no more and no less than the amount that the General
Partner would be required to contribute to the Cayman Fund pursuant to Section
8.3 if all of each respective Partner's contributions to, distributions from,
and capital account balances in, all Offshore Funds were aggregated with each
such respective Partner's contributions to, distributions from, and Capital
Account balances in, the Cayman Fund; and 

3.

in the event that a Partner defaults on its capital
contribution obligation to the Cayman Fund or to any Offshore Fund, the General
Partner shall, in its discretion, be entitled to apply the provisions of Section
3.5 (relating to Optionors and Defaulting Limited Partners) or the corresponding
provisions of any Offshore Fund's partnership agreement (or other corresponding
governing document) to such Partner and to such Partner's 

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interests in any or all of the Cayman Fund and the
Offshore Funds regardless of whether such Partner's default occurred in respect
of its capital contribution obligations to the Cayman Fund, to any of the
Offshore Funds, or to any combination thereof.

(b)

The Limited Partners hereby authorize the General
Partner to, and the General Partner shall, interpret and implement this
Agreement and the partnership agreement (or other corresponding governing
document) of any Offshore Fund as the General Partner, in good faith, deems
appropriate to give proper effect to intention of the Partners evidenced hereby
with the goal of causing the relative economic result to each Partner (as
determined without giving effect to the individual tax treatment of any of the
Partners) after implementation of the provisions of this Section 3.7 and the
transactions contemplated hereby to equal, to the maximum extent possible, the
relative economic result that would have been realized by each such Partner had
the provisions of this Section 3.7 not been implemented and had all investment
activities of the Cayman Fund and all Offshore Funds been undertaken solely by
the Cayman Fund.  By way of example, but without limiting the
foregoing:

(i)

any advisory fee paid by an Offshore Fund in any
period shall reduce, on a dollar-for-dollar basis, the advisory fee payable by
the Cayman Fund for such period; and

(ii)

in the event that a Limited Partner, pursuant to
prior agreement with the General Partner, does not become a partner in an
Offshore Fund formed to invest in one or more portfolio companies, the General
Partner shall, if necessary, adjust the Cayman Fund allocations and/or
distributions to such Limited Partner with respect to the Cayman Fund's holdings
of such portfolio company(s) so that such Limited Partner is in the same
relative economic position with respect to such portfolio company(s) as it would
have been had the Offshore Fund not been formed and the aggregate investment of
the Cayman Fund and the Offshore Fund all been effected through the Cayman
Fund.

(c)

In no event shall the Cayman Fund and the Offshore
Funds be treated for any purpose as a single partnership or joint venture, nor
shall there be deemed to exist any partnership or joint venture between or among
the Cayman Fund (or any of its constituent partners) and one or more of the
Offshore Funds (or any constituent partner(s) (or other corresponding equity
holder(s)) thereof).  Accordingly, except as otherwise provided in
paragraph (a), above, the General Partner and the Limited Partners acknowledge
and agree that (i) each portfolio investment of an Offshore Fund shall be
made for the sole benefit of the partners of such Offshore Fund (and not made
for the benefit of the Cayman Fund); (ii) no portfolio securities or other
property of an Offshore Fund shall constitute or be deemed to be an asset of the
Cayman Fund for any purpose; and (iii) no creditor of the Cayman Fund shall
have any recourse or claim against any Offshore Fund or be entitled reasonably
to rely on the existence of any assets of an Offshore Fund for purposes of
satisfying any claim against, or extending any credit to, the Cayman Fund.
 Without limiting the generality of the foregoing, (x) no portfolio
investment of the Offshore Fund shall be set forth on the books and records of
the Cayman Fund or, except as otherwise required by law, listed on the tax
returns to be filed by the Cayman Fund, and (y) the Cayman Fund shall not use
any of its funds to acquire or otherwise make any portfolio investment of the
Offshore Fund.

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(d)

Attorney-in-Fact.  By
way of securing its obligations hereunder, each Limited Partner does hereby
constitute and appoint the General Partner and its partners as its true and
lawful representative and attorney-in-fact, in its name, place and stead to
make, execute and sign any agreement or instrument (including without limitation
the partnership agreement of any Offshore Fund and any amendment to this
Agreement) that the General Partner in good faith determines is necessary or
desirable in connection with establishing the Offshore Fund or the structuring
of any investment made by the Offshore Fund in accordance with this Agreement,
provided that in no event shall such agreement or instrument (i) adversely
modify or affect the limited liability of such Limited Partner, or (ii) change
the aggregate amount of capital that such Limited Partner may be required to
contribute to the capital of the Cayman Fund and all Offshore Funds.  The
power of attorney granted hereby is coupled with an interest and shall (x)
survive and not be affected by the subsequent death, incapacity, disability,
dissolution, termination or bankruptcy of the Limited Partner granting the same
or the transfer of all or any portion of such Limited Partner's interest in the
Partnership, and (y) extend to such Limited Partner's successors, assigns and
legal representatives.

ARTICLE IV

CAPITAL
ACCOUNTS AND ALLOCATIONS

4.1

Capital Accounts.

  A Capital Account shall be maintained on
the Partnership's books for each Partner.  In the event any interest in the
Partnership is transferred in accordance with the terms of this Agreement, the
transferee shall succeed to the Capital Account of the transferor to the extent
it relates to the transferred interest, except as otherwise provided in Section
3.5.

4.2

Definitions.

  Unless the context requires otherwise,
the following terms have the meanings specified in this Agreement:

(a)

Book Value.  The Book
Value with respect to any asset shall be the asset's adjusted basis for United
States federal income tax purposes, except as follows:

(i)

The initial Book Value of any asset contributed by a
Partner to the Partnership shall be the fair market value of such asset at the
time of contribution, as determined by the contributing Partner and the
Partnership. 

(ii)

In the discretion of the General Partner, the Book
Values of all Partnership assets may be adjusted to equal their respective fair
market values, as determined by the General Partner, and the resulting
unrecognized gain or loss allocated to the Capital Accounts of the Partners as
Capital Transaction Gain or Loss or Net Income or Loss, as the case may be,
pursuant to the provisions of this Article IV as though each such asset had been
sold for an amount of consideration equal to its respective fair market value,
as of the following times:  (A) the acquisition of an additional interest
in the Partnership by any new or existing Partner (other than pursuant to
Section 7.6(b)) in exchange for more than a de minimis
capital contribution; and (B) the distribution by the Partnership to a Partner
of more than a de minimis amount of Partnership assets, unless all
Partners receive simultaneous distributions of either 

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undivided interests in the distributed property or
identical Partnership assets in proportion to their interests in the
Partnership.

(iii)

The Book Values of all Partnership assets shall be
adjusted to equal their respective fair market values, as determined by the
General Partner, and the resulting unrecognized gain or loss allocated to the
Capital Accounts of the Partners as Capital Transaction Gain or Loss or Net
Income or Loss, as the case may be, pursuant to the provisions of this Article
IV, as though each such asset had been sold for an amount of consideration equal
to its respective fair market value, as of the following times:
 (A) the date the Partnership is liquidated within the meaning of
Treasury Regulation Section 1.704-1(b)(2)(ii)(g); and (B) the dissolution
of the Partnership pursuant to the provisions of this Agreement.

(iv)

The Book Values of Partnership assets shall be
increased or decreased to the extent required under Treasury Regulation Section
1.704-1(b)(2)(iv)(m) in the event that the adjusted tax basis of
Partnership assets are adjusted pursuant to Code Sections 732, 734 or
743.

(v)

The Book Value of a Partnership asset shall be
adjusted by the depreciation, amortization or other cost recovery deductions, if
any, taken into account by the Partnership with respect to such asset in
computing Capital Transaction Gain or Loss or Net Income or Loss.

(b)

Capital Account:  An
account maintained by the Partnership with respect to each Partner in accordance
with the following provisions:

The Capital Account of each Partner shall be
increased by:

(i)

the amount of money and the fair market value of any
property contributed to the Partnership by such Partner (net of liabilities
secured by such contributed property that the Partnership is considered to
assume or take subject to for the purpose of Section 752 of the
Code),

(ii)

such Partner's share of Capital Transaction Gain or
Net Income (or items thereof) allocated to its Capital Account pursuant to this
Agreement, and

(iii)

any other amounts required by Treasury Regulation
Section 1.704-1(b), provided that the General Partner determines that such
increase is consistent with the economic arrangement among the Partners as
expressed in this Agreement,

and shall be decreased by:

(iv)

the amount of money and the fair market value of any
property distributed by the Partnership (determined as of the date of
distribution) to such Partner pursuant to the provisions of this Agreement (net
of any liabilities secured by such property that such Partner is considered to
assume or hold subject to for purposes of Section 752 of the
Code),

(v)

such Partner's share of Capital Transaction Loss or
Net Loss (or items thereof) allocated to its Capital Account pursuant to this
Agreement, and

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(vi)

any other amounts required by Treasury Regulation
Section 1.704-1(b), provided that the General Partner determines that such
decrease is consistent with the economic arrangement among the Partners
expressed in this Agreement.

One Capital Account shall be maintained for the
General Partner in its capacity as a general partner of the Partnership, and
another wholly separate Capital Account shall be maintained for the General
Partner in its capacity as a Limited Partner of the Partnership, if any.
 Any reference in this Agreement to the ''General Partner's Capital
Account,'' the ''Capital Account of the General Partner'' or the like shall
refer to the Capital Account maintained for the General Partner in its capacity
as general partner of the Partnership.  In addition, for purposes of this
Agreement, allocations and distributions made to the General Partner in its
capacity as a Limited Partner of the Partnership shall be treated as having been
made to a Limited Partner and, accordingly, shall not be treated as having been
made to or received by the ''General Partner.''  

(c)

Capital Transaction Gain or Loss:  An amount computed for any relevant period, as of the last day
thereof, that is equal to the total of (i) the aggregate amount recognized
on the Sale or Exchange of Securities or other assets held by the Partnership
during such period less the sum of (A) the Book Value of such Securities or
other assets as of the date of such Sale or Exchange, plus (B) the
Partnership's expenses associated with the Sale or Exchange of such Securities
or other assets; (ii) the Partnership's distributive share of income, gain,
loss, deduction or credit (or item thereof) derived from its interest in
partnerships, provided such amount would have been Capital Transaction Gain or
Loss if realized directly by the Partnership; (iii) dividend, interest and
royalty income of the Partnership, whether derived from actual or constructive
distributions or payments of cash or property or the right to receive the same
but excluding amounts derived from government securities, banker's acceptances,
certificates and accounts of savings and loan associations, commercial paper,
certificates of deposit, treasury bills, other money market investments with
maturities of less than twelve months and other similarly liquid securities
providing for appropriate safety of principal (''Money Market Investments'');
(iv) the aggregate adjustment to the Book Value of Partnership assets
(other than Money Market Investments) computed under Sections 4.2(a)(iv) to the
extent that an adjustment to the common basis of Partnership property is
required as a result thereof or such adjustment is otherwise required to be
shared among all of the Partners, provided that a sale of such assets by the
Partnership would have produced Capital Transaction Gain or Loss; and (v) any
other amount specifically designated as Capital Transaction Gain or Loss
hereunder including, without limitation, amounts so designated pursuant to
Sections 6.4(d) and 8.2(b).

(d)

Contingent Loss:  As
further defined in Section 4.5, that part of the General Partner's share of
Partnership Capital Transaction Loss or Net Loss that is allocated to the
Limited Partners' Capital Accounts pursuant to Section 4.5 below or that is
otherwise treated under this Agreement as a Contingent Loss.

(e)

Fiscal Quarter:  The
Partnership's first Fiscal Quarter shall begin on the Commencement Date and end
on the last day of such Fiscal Quarter, and the Partnership's last Fiscal
Quarter shall end on the date the Partnership terminates pursuant to the
provisions of this Agreement.  Otherwise, the Fiscal Quarters of the
Partnership shall begin on January l, April 1, July 1, and
October 1, and end on March 31, June 30, September 30, and
December 31, respectively.

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(f)

Fiscal Year:  The
Partnership's first Fiscal Year shall begin on the Commencement Date and end on
December 31, 2006.  Thereafter, the Partnership's Fiscal Year shall
commence on January 1 of each year and end on December 31 of such year
or, if earlier, the date the Partnership terminates during such year pursuant to
the provisions of this Agreement.  The General Partner at any time may
elect a different Fiscal Year if permitted by the Code and the applicable
Treasury Regulations.

(g)

Interim Period:  If a
Partnership interest is transferred, the Partnership Percentage of any Partner
changes, or a Partner withdraws or a new Partner is admitted to the Partnership
other than on the first day of any Fiscal Quarter during the Partnership Term,
or if the General Partner shall otherwise so elect, then at the discretion of
the General Partner the date of such event or election shall commence an Interim
Period.  An Interim Period shall end on the last day of the Fiscal Quarter
in which the Interim Period began or on the day immediately preceding the
beginning of a new Interim Period, whichever is earlier.

(h)

Net Capital Transaction Gain and Net Capital
Transaction Loss:  Net Capital Transaction Gain
with respect to a Partner for any period shall be the excess, if any, of the
aggregate amount of Capital Transaction Gain allocated to such Partner's Capital
Account during such period over the aggregate amount of Capital Transaction Loss
allocated to such Partner's Capital Account during such period.  Net
Capital Transaction Loss with respect to a Partner for any period shall be the
excess, if any, of the aggregate amount of Capital Transaction Loss allocated to
such Partner's Capital Account during such period over the aggregate amount of
Capital Transaction Gain allocated to such Partner's Capital Account during such
period.

(i)

Net Income or Loss:
 The net book income or loss of the Partnership for any relevant period,
computed without taking into account items comprising Capital Transaction Gain
or Loss.  The net book income or loss of the Partnership shall be computed
in accordance with United States federal income tax principles as applied
without regard to any recharacterization of transactions or relationships that
might otherwise be required under such tax principles and as adjusted pursuant
to the following provisions, under the method of accounting elected by the
Partnership for United States federal income tax purposes.  The net book
income or loss of the Partnership shall be computed, inter alia,
by:

(i)

including as income or deductions, as appropriate,
any tax-exempt income and related expenses that are neither properly included in
the computation of taxable income nor capitalized for United States federal
income tax purposes;

(ii)

including as a deduction when paid or incurred
(depending on the Partnership's method of accounting) any amounts utilized to
organize the Partnership or to promote the sale of (or to sell) an interest in
the Partnership, except that amounts for which an election is properly made by
the Partnership under Section 709(b) of the Code shall be accounted for as
provided therein;

(iii)

including as a deduction any losses incurred by the
Partnership in connection with the sale or exchange of property notwithstanding
that such losses may be disallowed to the Partnership for United States federal
income tax purposes under the related party rules of the Code (including Code
Sections 267(a)(1) or 707(b)) or otherwise; and

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(iv)

calculating the gain or loss on disposition of
Partnership assets and the depreciation, amortization or other cost recovery
deductions, if any, with respect to Partnership assets by reference to their
Book Value rather than their adjusted tax basis.

(j)

Partnership Percentage:
 The Partnership Percentage for a Partner shall be determined by dividing
(x) the sum of (i) the sum of the amount of such Partner's aggregate
capital contributions (including the capital contributions of any predecessor
Partner, but excluding (A) capital contributions attributable to any portion of
such Partner's interest that such Partner has transferred and (B) the amount of
any contributions effected by the General Partner pursuant to Section 6.4(c))
plus (ii) the unpaid portion of such Partner's Capital Commitment by (y)
the sum of (i) the aggregate capital contributions of all of the Partners
(including the capital contributions of any predecessor Partners and capital
contributions attributable to interests (or portions thereof) that have been
transferred but excluding the amount of any contributions effected by the
General Partner pursuant to Section 6.4(c)) plus (ii) the sum of the unpaid
amount of each Partner's Capital Commitment.  The sum of the Partners'
Partnership Percentages shall be one hundred percent (100%).  The aggregate
Partnership Percentage of the Limited Partners as a group shall be the sum of
the Partnership Percentages of each of the Limited Partners.  For purposes
of computing any Partner's Partnership Percentage, any capital contribution or
Capital Commitment made by an Optionor with respect to any Unpurchased Remaining
Portion described in Section 3.5(h)(iii) shall be disregarded.

(k)

Quarterly Preference Amount: The Quarterly Preference Amount for each Partner shall be determined
with respect to each Fiscal Quarter as of the close of such Fiscal Quarter and
shall equal the product of (i) one and ninety-four hundredths percent (1.94%)
multiplied by (ii) the sum of (1) the daily weighted average of the Unreturned
Capital Amount for such Partner for such Fiscal Quarter and (2) the daily
weighted average of the Unreturned Total Preference Amount for such Partner for
such Fiscal Quarter (for the avoidance of doubt, excluding, for the purposes of
such calculation, the Quarterly Preference Amount for such Fiscal Quarter);
provided, however, that for the first and last Fiscal Quarters of the
Partnership the Quarterly Preference Amount shall be reduced based upon the
ratio that the number of days in each such Fiscal Quarter bears to ninety
(90).

(l)

Sale or Exchange:  A
sale, exchange, liquidation or similar transaction, event, or condition with
respect to any assets (except realizations of purchase discounts on commercial
paper, certificates of deposit, or other money market instruments) of the
Partnership of the type that would cause any realized gain or loss to be
recognized for income tax purposes under the Code (as determined without giving
effect to (a) the provisions of Code Section 1045 or (b) the related party rules
of Code Sections 267(a)(1), 707(b) and any other provision that defers or
eliminates recognition of gain or loss based solely upon the relationship
between the transferor and transferee).

(m)

Total Net Capital Transaction Gain; Total Net
Capital Transaction Loss:  Total Net Capital
Transaction Gain with respect to any Fiscal Quarter or Interim Period shall be
the excess, if any, of the aggregate amount of the Partnership's Capital
Transaction Gain for such Fiscal Quarter or Interim Period and for all prior
periods over the aggregate amount of the Partnership's Capital Transaction Loss
for such Fiscal Quarter or Interim Period and for all prior periods.  Total
Net Capital Transaction Loss with respect to any Fiscal Quarter or Interim

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Period shall be the excess, if any, of the aggregate
amount of the Partnership's Capital Transaction Loss for such Fiscal Quarter or
Interim Period and for all prior periods over the aggregate amount of the
Partnership's Capital Transaction Gain for such Fiscal Quarter or Interim Period
and for all prior periods.

(n)

Total Preference Amount:
 With respect to each Partner the Total Preference Amount as of the time of
any determination shall equal the sum of the Quarterly Preference Amounts of
such Partner for all Fiscal Quarters that have closed on or prior to such
time.

(o)

Unreturned Capital Amount:
 With respect to each Partner, the Unreturned Capital Amount as of the time
of any determination shall equal the excess, if any, of the aggregate amount of
cash contributed to the capital of the Partnership pursuant to Article III by
such Partner (and any predecessor Partners) during all periods up to and
including such time over the aggregate amount of distributions received by such
Limited Partner (and any predecessor Partners) pursuant to any provision of this
Agreement during all such periods, other than any distributions that were
treated as reducing the Unreturned Total Preference Amount.

(p)

Unreturned Total Preference Amount:   With respect to each Partner, the Unreturned Total
Preference Amount as of the time of any determination shall equal the excess, if
any, of such Partner's Total Preference Amount as of such time over the
aggregate amount of distributions received by such Partner (and any predecessor
Partners) that were, pursuant to the following sentence, treated as reducing
such Unreturned Total Preference Amount.  At any time that a Partner has an
Unreturned Total Preference Amount, all distributions received by such Partner
pursuant to any provision of this Agreement shall be treated as reducing such
Unreturned Total Preference Amount, provided that in no event shall the
Unreturned Total Preference Amount be reduced below zero.

4.3

Allocation of Capital Transaction Gain or
Loss

(a)

Allocation With Respect to Periods for Which Total
Net Capital Transaction Gain Exists.  Capital
Transaction Gain or Loss of the Partnership for each Fiscal Quarter or Interim
Period with respect to which Total Net Capital Transaction Gain exists shall be
allocated in the following manner and order of priority:

(i)

First, such allocations shall to the extent possible
be effected so that with respect to such Fiscal Quarter or Interim Period and
all prior periods, each Partner shall have received aggregate Net Capital
Transaction Gain in amounts up to and in proportion to their respective Total
Preference Amounts as determined as of the end of such Fiscal Quarter or Interim
Period; and

(ii)

Next, such allocations shall to the extent possible
be effected so that with respect to such Fiscal Quarter or Interim Period and
all prior periods the General Partner shall have received pursuant to this
clause (ii) aggregate Net Capital Transaction Gain equal to twenty percent (20%)
of the aggregate amount of Total Net Capital Transaction Gain and the Partners
as a group shall have received pursuant to this clause (ii) and pursuant to
clause (i) above aggregate Net Capital Transaction Gain equal to eighty percent
(80%) of the 

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aggregate amount of Total Net Capital Transaction
Gain (with all amounts allocated to the Partners pursuant to this clause (ii) to
be allocated among the Partners in proportion to their respective Partnership
Percentages as of the end of such Fiscal Quarter or Interim Period);
provided, however, that in no event shall allocations pursuant to
this clause (ii) cause any Partner to receive Net Capital Transaction Gain
of less than the amount provided for in clause (i) above.

(iii)

Allocation With Respect to Periods for Which Total
Net Capital Transaction Loss Exists.  Capital
Transaction Gain or Loss of the Partnership for each Fiscal Quarter or Interim
Period with respect to which Total Net Capital Transaction Loss exists shall be
allocated so that (i) the General Partner shall have received with respect to
such Fiscal Quarter or Interim Period and all prior periods aggregate Net
Capital Transaction Loss in an amount which causes the sum of the aggregate
amount of Net Capital Transaction Loss received by the General Partner with
respect to such Fiscal Quarter or Interim Period and all prior periods to equal
one percent (1%) of the amount of Total Net Capital Transaction Loss and (ii)
the Limited Partners shall have received with respect to such Fiscal Quarter or
Interim Period and all prior periods aggregate Net Capital Transaction Loss in
an amount which causes the sum of the aggregate amount of Net Capital
Transaction Loss received by the Limited Partners with respect to such Fiscal
Quarter or Interim Period and all prior periods to equal ninety-nine percent
(99%) of the amount of Total Net Capital Transaction Loss (with all amounts
allocated to the Limited Partners pursuant to this subparagraph (b) to be
allocated among the Limited Partners in proportion to their respective
Partnership Percentages as of the date that each such allocation
occurs).

4.4

Allocation of Net Income or Loss.

  Net Income or Loss of the Partnership for
each Fiscal Quarter or Interim Period shall be allocated to the General Partner
and each of the Limited Partners in proportion to their respective Partnership
Percentages as of the end of such Fiscal Quarter or Interim Period.
 

4.5

Reallocation of Contingent Losses.

  If for any Fiscal Quarter or Interim
Period after the Partnership's Capital Transaction Gain or Loss and Net Income
or Loss has been allocated pursuant to Sections 4.3 and 4.4 the closing Adjusted
Capital Account Balance of the General Partner (as defined in Section 6.4(k))
for such Fiscal Quarter or Interim Period has been reduced to less than the
Target Amount (as defined below) by more than the amount of the General
Partner's obligation to recontribute amounts to the Partnership pursuant to
Section 8.3 upon dissolution of the Partnership (with such obligation determined
for this purpose by disregarding any limitations on such contribution
obligations that are based on the Capital Account balances of the Limited
Partners), then an amount of Capital Transaction Loss and, to the extent
necessary, Net Loss (collectively, the ''Contingent Loss'') for such Fiscal
Quarter or Interim Period shall be reallocated from the General Partner's
Capital Account to the Capital Accounts of the Limited Partners as a group so
that the General Partner's closing Adjusted Capital Account Balance is not
reduced below the Target Amount by more than the amount of the General Partner's
obligation to recontribute amounts to the Partnership pursuant to Section 8.3
upon dissolution of the Partnership (with such obligation determined for this
purpose by disregarding any limitations on such contribution obligations that
are based on the Capital Account balances of the Limited Partners).  A
Contingent Loss may be restored only from future Capital Transaction Gain
(including all amounts treated under Sections 6.4(d) and 8.2(b) and any other
provisions of this Agreement as Capital Transaction Gain).  As used herein,
the ''Target 

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Amount'' shall equal the product obtained by
multiplying (a) one and one-ninety-ninth percent (1-1/99%) by (b) the aggregate
Capital Account balances of the Limited Partners.

4.6

Special Allocation Among Late-Entering Limited
Partners of Organization and Operating Expenses.

  The following items of Loss are
collectively referred to herein as ''Operating Expenses'':

(a)

Payments of the advisory fee set forth in
Section 5.1;

(b)

All expenditures of the Partnership classified for
United States federal income tax purposes as syndication or organization
expenses; and

(c)

All expenditures specified in
Section 5.2(b).

Notwithstanding Section 4.4, all Operating Expenses
allocated for any period to the Capital Accounts of the Limited Partners under
Section 4.4 (as a component of the Net Income or Loss so allocated) shall
be specially allocated among the Capital Accounts of the Limited Partners so
that, after giving effect to the allocations provided for in Section 4.7
for such period, such Operating Expenses are allocated among the Capital
Accounts of the Limited Partners in proportion to their respective Partnership
Percentages as of the end of such period; provided, however, that
if additional Limited Partners are admitted to the Partnership pursuant to
Section 7.6(b), such Operating Expenses shall be allocated among the
Capital Accounts of the Original Limited Partners and the Limited Partners
admitted pursuant to Section 7.6(b) from time to time so that, to the
extent possible, after giving effect to the allocations provided for in
Section 4.7 through such period, the cumulative Operating Expenses
allocated with respect to such Limited Partners at any time is proportionate to
their respective Partnership Percentages.

After giving effect to the allocations provided for
in this Section 4.6, any remaining items comprising the Net Income or Loss
allocated to the Capital Accounts of the Limited Partners pursuant to Section
4.4 shall be allocated among the Limited Partners as provided in such
Section 4.4.  In no event shall this Section 4.6 be interpreted
so as to authorize the reallocation of any items subject to allocation under
Section 4.7.

4.7

Special Allocation of Syndication
Expenses.

  Notwithstanding Section 4.4, all
expenditures classified as syndication expenses under Treasury Regulations
Section 1.709-2(b) allocated for any period to the Capital Accounts of the
Limited Partners under such Section 4.4 (as a component of the Net Income
or Loss so allocated) shall be specially allocated among the Capital Accounts of
the Limited Partners in proportion to their respective Partnership Percentages
as of the end of such period; provided, however, that
notwithstanding Section 4.3, if additional Limited Partners are admitted to the
Partnership pursuant to Section 7.6(b), all such syndication expenses shall
be allocated among the Capital Accounts of the Original Limited Partners and the
Limited Partners admitted pursuant to Section 7.6(b) from time to time so
that, to the extent possible, the cumulative syndication expenses allocated with
respect to such Limited Partners at any time is proportionate to their
respective Partnership Percentages.  In the event the General Partner shall
determine that such result is not likely to be achieved through future
allocations of such syndication expenses, the General Partner may 

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allocate a portion of Net Income or Loss (or items
thereof) so as to achieve the same effect on the Capital Accounts of such
Limited Partners. 

ARTICLE V

ADVISORY
FEE; EXPENSES

5.1

Advisory Fee.

(a)

An advisory company designated by the General Partner
(the ''Advisory Company'') shall be compensated for services rendered to the
Partnership, from the Commencement Date until the Date of Dissolution, for each
Fiscal Quarter (or portion thereof) by the payment by the Partnership in cash to
the Advisory Company on the first day of such Fiscal Quarter (or portion
thereof) of an advisory fee; provided, however, that the portion
of the advisory fee with respect to the period beginning on the Commencement
Date and ending on the last day of the Fiscal Quarter in which the Initial
Contribution Date occurs shall be payable on the Initial Contribution Date;
provided, further, that an ERISA Partner's pro rata portion of
such initial advisory fee shall be payable immediately following the First
Investment.  For the purposes of this Agreement, the calculation of the sum
of the Capital Commitments of all of the Partners on any date shall use the
actual Capital Commitments of all of the Partners on such date (i.e., the
aggregate amount of Capital Commitments of all Partners on the date of this
Agreement as adjusted for any increase or decrease in the amount of aggregate
Capital Commitments of all Partners on or prior to such calculation
date).

(b)

Subject to subsection (c) below, (i) the advisory fee
for each of the Partnership's Fiscal Quarters (or portions thereof) commencing
on the Commencement Date to and including the Fiscal Quarter in which the third
anniversary date of the Commencement Date occurs shall be an amount equal to
0.625% of the sum of the Capital Commitments of all of the Partners of the
Partnership as of the first day of each such Fiscal Quarter (or portion
thereof); provided, however, that the advisory fee payable with
respect to the Partnership's first Fiscal Quarter shall be based upon the ratio
that the number of days in the period beginning on the Commencement Date and
ending on the last day of such Fiscal Quarter bears to ninety (90) and (ii)
beginning with the first full Fiscal Quarter following the third anniversary of
the Commencement Date, the advisory fee for each of the Partnership's Fiscal
Quarters (or portions thereof) shall be an amount equal to 0.5625% of the sum of
the Capital Commitments of all of the Partners of the Partnership as of the
first day of each such Fiscal Quarter (or portion thereof).

(c)

Beginning with the first full Fiscal Quarter
following the fifth anniversary of the Commencement Date (the commencement of
such Fiscal Quarter is hereinafter referred to as the ''Five Year Date''), the
advisory fee for each of the Partnership's Fiscal Quarters (or portions thereof)
shall be an amount equal to 0.5625% of the aggregate Cost Basis of the Portfolio
Securities as of the beginning of such Fiscal Quarter.  On each annual
anniversary of the Five Year Date, the annual advisory fee shall be reduced by
12% (i.e., the annual advisory fee percentage shall decrease from 2.25% of the
aggregate Cost Basis of the Portfolio Securities as of the beginning of such
Fiscal Quarter to 1.98%, to 1.74%, and so on).

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(d)

The advisory fee shall be payable in equal quarterly
installments in cash in advance, with the advisory fee for any partial quarter
prorated based on the number of days in such fiscal quarter; provided,
however that the advisory fee with respect to any quarter commencing
prior to or on the Initial Drawdown Date that is attributable to Partners other
than ERISA Partners (excluding from the definition of ERISA Partner for this
purpose, Deemed ERISA Partners) shall be payable on the Initial Drawdown Date,
and the portion of the advisory fee with respect to any such quarter that is
attributable to ERISA Partners (excluding from the definition of ERISA Partner
for this purpose, Deemed ERISA Partners) shall be payable immediately following
the date of the First Investment.  Upon the admission of any additional
Limited Partner pursuant to Section 7.6, the advisory fee attributable to the
Capital Commitment of such additional Limited Partner for the period commencing
on the Commencement Date and terminating on the last day in the Fiscal Quarter
in which such Partner is admitted shall be payable on the date of
admission.

5.2

Expenses.

(a)

From the advisory fee, the Advisory Company shall
bear the normal overhead and administrative expenses incurred by the Advisory
Company or its Affiliates in connection with advising the Partnership, including
but not limited to the following:  (i) salaries and wages of the
Partnership's employees, if any, and of the Advisory Company's employees; (ii)
rentals payable for space used by the Advisory Company or the Partnership; and
(iii) expenditures for equipment used by the Advisory Company or the
Partnership.

(b)

The Partnership shall bear all reasonable costs and
expenses incurred by the Partnership, the General Partner, the Advisory Company
and their Affiliates on behalf of the Partnership (except for those expenses
borne by the Advisory Company to the extent set forth in Section 5.2(a)),
including, without limitation, all reasonable costs and expenses incurred in
respect of the purchase, holding or Sale or Exchange or other disposition of
Securities, including, but not by way of limitation, reasonable private
placement and finder's fees in contemplation of an investment by the Partnership
paid to persons other than the General Partner or partners of the General
Partner or any of their Affiliates; real property or personal property taxes on
investments; brokerage fees; taxes applicable to the Partnership on account of
its operations; fees incurred in connection with the maintenance of bank or
custodian accounts; legal, audit, and other reasonable expenses incurred in
connection with the registration of the Partnership's Portfolio Securities under
the Securities Act; reasonable legal and accounting fees and reasonable expenses
incurred in connection with the purchase or Sale or Exchange or other
disposition of Securities (whether or not such purchase, Sale or Exchange or
other disposition is ultimately consummated); and reasonable fees and expenses
of investment advisers and independent consultants incurred in investigating and
evaluating investment opportunities; provided, however, in the
case of independent consultants, the Partnership shall only bear such costs if
such independent consultants provide expert advice not commonly provided from
General Partners in funds making venture capital and later-stage investments.
 The Partnership shall also bear the reasonable fees of the independent
certified public accountant referred to in Section 9.1 incurred in
connection with the annual audit of the Partnership's books and the preparation
of the Partnership's annual tax return, reasonable costs of independent
appraisers, legal expenses of the Partnership, premiums associated with
insurance, if any, to insure against any claims that could be made directly
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Company or any Indemnified Persons or that could give
rise to a Partnership liability pursuant to Section 10.14 (the purchase of such
insurance, if any, shall be in the sole discretion of the General Partner),
preparation and other reasonable expenses associated with annual and other
reports to the Partners, reasonable costs associated with any Partnership
information meetings, reasonable expenses of the Advisory Board meetings and
reimbursement of reasonable out-of-pocket costs for the Advisory Board members
and the General Partner to attend such meetings, and all expenses that are not
normal administrative and overhead expenses provided for under Section 5.2(a),
including all reasonable legal fees and expenses incurred in prosecuting or
defending administrative or legal proceedings relating to the Partnership
brought by or against the Partnership, the Advisory Company or the General
Partner, or the members, partners, employees or agents or former members,
partners, employees or agents of any of the foregoing by any third party,
including all reasonable costs and expenses arising out of or resulting from the
Partnership's indemnification pursuant to Section 10.14 and subject to the
limitations imposed therein.

(c)

The Partnership and the Parallel Funds, if any, shall
each bear its pro rata share (based on total Capital Commitments) of all of the
organization costs, fees and expenses incurred by or on behalf of the
Partnership or the General Partner in connection with the formation and
organization of the Partnership, the General Partner, the Ultimate General
Partner, the Advisory Company and their Affiliates and the Parallel Funds, if
any, including without limitation, reasonable legal and accounting fees and
expenses incident thereto; provided, however, the Partnership shall not
bear such organization costs, fees and expenses in excess of $1,000,000.  No part of the amount so paid pursuant to this
Section 5.2(c) shall be deemed part of the advisory fee payable under Section
5.1. 

(d)

The Partnership shall bear all reasonable liquidation
costs, fees and expenses incurred by the General Partner, the Ultimate General
Partner, the Advisory Company or partners of the General Partner in connection
with the liquidation of the Partnership's assets pursuant to Article VIII,
specifically including but not limited to reasonable legal and accounting fees
and expenses.

5.3

Fees.

To reflect the reduced time and effort the General
Partner or its Affiliates will devote to the Partnership by reason of performing
services as a director or consultant to Partnership portfolio companies, the
amount of any directors' fees or consulting fees, break-up fees or equivalent
compensation, whether in cash or in kind, received by the General Partner, the Advisory
Company or a limited partner of the General Partner (so long as he is a limited
partner thereof) from any company in which the Partnership then holds an
interest (other than direct reimbursement of out-of-pocket expenses), shall be
offset against and reduce the amount of the advisory fee payment next due the
Advisory Company pursuant to Section 5.1; provided, however, that
to the extent the General Partner or the Advisory Company or an equity holder
thereof has an interest in, or hereafter forms or acquires a direct or indirect
interest in, another entity that provides for a different arrangement with
respect to directors' fees or consulting fees or a similar offset against
advisory fees, then the amount to be so offset or otherwise dealt with shall be
equitably allocated between this Partnership and such other entities based on
the relative size of the investment made by each such entity (it being
understood that in no event shall the 

 

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amount of the advisory fee offset or amount subject
to such other arrangement among all entities in the aggregate exceed the amount of directors fees
or consulting fees so received and subject to the advisory fee offset).
 Stock options granted to the General Partner, the Advisory Company or an
Affiliate thereof shall be fees subject to offset against the advisory fee if
the Partnership has an interest in the grantor company on the grant date. 
Such stock options shall be deemed to be received and valued upon the sale of
the stock underlying the option and shall have a value equal to the sale
proceeds less the purchase price and/or exercise price thereof.

ARTICLE VI

WITHDRAWALS BY AND DISTRIBUTIONS TO THE PARTNERS

6.1

Interest.

  No interest shall be paid to any Partner
on account of its interest in the capital of, or on account of its investment
in, the Partnership.

6.2

Withdrawals by the Partners.

(a)

No Partner may withdraw any amount from its Capital
Account unless such withdrawal is made pursuant to this Agreement.

(b)

A Limited Partner may be required to withdraw as
provided in Sections 3.5(g) or 10.18.  The General Partner may also require
the complete or partial withdrawal of a Limited Partner if the General Partner
determines in its reasonable discretion (based upon an opinion of counsel
reasonably satisfactory to the Limited Partner) that continued undiminished
membership of the Limited Partner in the Partnership would (i) constitute or
give rise to a violation of applicable law or (ii) otherwise subject the
Partnership or the General Partner to material onerous legal, tax or other
regulatory requirements that cannot reasonably be avoided without material
adverse consequences to any other Partner or the Partnership.  Except as
otherwise provided in this Section 6.2(b) or as otherwise specifically set forth
in this Agreement, a Limited Partner shall not be removed from the Partnership
without its consent.  Any withdrawal by a Limited Partner pursuant to this
Section 6.2(b), and the disposition of such withdrawing Limited Partner's
interest in the Partnership, shall be governed by Section 10.18 hereto as if
such withdrawing Limited Partner were an ERISA Partner.  

6.3

Tax Distributions.

(a)

Within ninety (90) days of the end of each calendar
year during the Partnership Term, the General Partner may cause the Partnership
to distribute to each Partner cash out of any available cash of the Partnership
an amount equal to the sum of (i) the product of (x) the amount of net income
and gain taxable at ordinary tax rates allocated to such Partner (or its
predecessor in interest) with respect to its interest in the Partnership (as
shown on such Partners' Schedule K-1 to the Partnership's IRS Form 1065) for
such calendar year and (y) the maximum marginal rate of national, state and
local income tax applicable to an individual residing in the Designated
Jurisdiction (as defined below) with respect to such income, (ii) the product of
(x) the amount of net income and gain taxable at long-term capital gains rates
allocated to such Partner (or its predecessor in interest) with respect to its
interest in the Partnership (as shown on such Partners' Schedule K-1 to the
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such calendar year and (y) the maximum marginal rate
of national, state and local income tax applicable to an individual residing in
the Designated Jurisdiction with respect to such income or gain, and, (iii) in
the event of allocation by the Partnership of net income or gain taxable at a
rate other than the ordinary or long-term capital gains rates contemplated in
clauses (i) and (ii) above, the product of (x) the amount
of such net income or gain taxable at such other rate allocated to such Partner (or its predecessor in interest) with
respect to its interest in the Partnership (as shown on such Partners' Schedule
K-1 to the Partnership's IRS Form 1065) for such calendar year and (y) the
maximum marginal rate of national, state and local income tax applicable to an
individual residing in the Designated Jurisdiction with respect to such income
or gain.  The determination of the tax rates to be used for purposes of the
preceding sentence shall be made by the General Partner in its good faith
discretion after consulting with the Partnership's tax advisors, taking into
account the deductibility of state and local taxes and any limitations on the
ability of an individual to deduct any items of expense or loss under the tax
principles of the relevant jurisdiction.  As used herein, the Designated
Jurisdiction means, at any time, that jurisdiction in which the General Partner
or any limited partner of the General Partner resides or is domiciled at such
time and that, at such time, imposes the highest marginal rate of national,
state and local income tax on its residents or domiciliaries who are
individuals, as determined by the General Partner after consultation with the
Partnership's accountants and other advisors.  

(b)

Tax distributions made to a Partner under subsection
(a) of this Section 6.3 shall be treated as advances of cash distributions
effected pursuant to Section 6.4 below during any Fiscal Year and shall
accordingly reduce on a dollar-for-dollar basis subsequent distributions that
would otherwise be made to such Person pursuant to Section 6.4, and cash
distributions effected pursuant to Section 6.4 below during any Fiscal Year
shall reduce the distribution otherwise required by subsection (a) of this
Section 6.3 with respect to such Fiscal Year. .  To the extent that
distributions to a Partner pursuant to any provision of Section 6.4 have been
reduced by operation of the preceding sentence, such distributions shall
nevertheless be deemed to have been made pursuant to such provision of Section
6.4 for purposes of computing such Partner's entitlement to future distribution
pursuant to Section 6.4.

6.4

Other Distributions.

(a)

Prior to the Date of Dissolution, the General Partner
may in its discretion cause the Partnership to make additional distributions
pursuant to this Section 6.4(a) of  Marketable Securities or cash that
constitutes proceeds realized from the sale, holding or disposition of
Securities in the Partnership's venture capital portfolio (''Proceeds'');
provided that such distributions shall be subject to the following conditions:
 either (i)(A) immediately after the proposed distribution the Adjusted
Capital Account Balance of the General Partner (as determined after adjusting
such balance for the amount of such distribution and any Capital Transaction
Gain or Loss or Net Income or Loss deemed recognized by the Partnership pursuant
to Section 6.4(d) below as a result thereof) will not be negative and (B) after
giving effect to the proposed distribution, the fair market value of the
Partnership's Portfolio Securities will be greater than or equal to one hundred
and twenty percent (120%) of the excess of (x) the aggregate Cost Basis of such
Portfolio Securities over (y) any surplus distribution amount (as defined
below); or (ii) the General Partner and Two-Thirds in Interest of Limited
Partners have consented to the distribution.  ''Portfolio Securities'' shall
mean all Securities then held by the Partnership other than Money Market
Investments.  For the purposes of this Section 6.4, the 

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surplus distribution amount shall be equal to the
excess of the aggregate fair market value of all distributions made to the
Limited Partners pursuant to this Article VI (the ''Disproportionate
Distributions'') over the aggregate fair market value of the distributions that
would have been made to the Limited Partners had all such Disproportionate
Distributions instead been effected solely pursuant to this Section 6.4(a).
 Distributions pursuant to this Section 6.4(a) shall be effected in the
following manner and order of priority:

(i)

First, to all Partners in amounts up to and in
proportion to their respective Unreturned Total Preference Amounts (as defined
in Section 4.2(p)), if any;

(ii)

Next, to all Partners in proportion to their
respective Partnership Percentages until all Limited Partners (other than a
Defaulting Limited Partner) have, in the aggregate, received an aggregate amount
for all periods pursuant to this clause (ii) equal to the aggregate amount of
capital contributions made by such Partners to the Partnership as of the
determination date;

(iii)

Next, to the General Partner until the General
Partner has received an aggregate amount for all periods pursuant to this clause
(iii) equal to twenty percent (20%) of the aggregate amount distributed pursuant
to this clause (iii) and pursuant to clause (i) above to all Partners for all
periods; and

(iv)

Finally, twenty percent (20%) to the General Partner
and eighty percent (80%) to all Partners in proportion to their respective
Partnership Percentages.

(b)

Whenever more than one type of Securities is being
distributed in kind in a single distribution, or whenever more than one class of
Securities of a portfolio company (or a portion of a class of such Securities
having a tax basis per share or unit different from other portions of such
class) are distributed in kind by the Partnership or when cash and Securities
are being distributed in a single distribution, each Partner receiving a portion
of such distribution shall receive its ratable portion of each type, class or
portion of such class of Securities distributed in kind (except to the extent
that a disproportionate distribution is necessary to avoid distributing
fractional shares) and its ratable portion of cash.  As used herein, ''Net
Proceeds'' shall mean cash representing or deemed to represent cash proceeds
received by the Partnership on the Sale or Exchange of Securities.

(c)

In the event of a distribution of Marketable
Securities pursuant to subsection (a) above, the General Partner may elect not
to distribute any such Securities pursuant to clause (i) of such subsection and
instead distribute all such Securities pursuant to clause (ii) of such
subsection in which event concurrent with any such distribution, the General
Partner, at its election, shall contribute to the capital of the Partnership in
cash an amount equal to nineteen and eight-tenths percent (19.8%) of the
Partnership's Cost Basis in the Securities distributed to all Partners in such
distribution, which cash shall be distributed to the Limited Partners pro-rata
in proportion to their Partnership Percentages.  The Partnership's ''Cost
Basis'' in a Security shall equal the aggregate amount of cash and the aggregate
principal amount of any promissory note paid by the Partnership in exchange for
(A) such Security and (B) any assets which the Partnership directly or
indirectly exchanged for such Security.  Notwithstanding the foregoing, the
Cost Basis in a Security (the ''New Security'') that was acquired by the
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or in part, with funds generated from the sale of
another Security (the ''Old Security'') shall be the Cost Basis as defined in
the preceding sentence (i) reduced by the amount of proceeds from the sale of
the Old Security used to purchase the New Security and (ii) increased by
the product of the Cost Basis of the Old Security and the
percentage of the total proceeds obtained from the sale of the Old Security
which were used to purchase the New Security.

(d)

Immediately prior to any distribution in kind of
Securities (or other Partnership assets) pursuant to any provision of this
Agreement, the difference between the fair market value and the Book Value of
any Securities (or other Partnership assets) distributed shall be allocated to
the Capital Accounts of the Partners as Capital Transaction Gain or Loss or Net
Income or Loss, as the case may be, pursuant to Article IV to the same
extent as if such assets had been sold at their fair market values.

(e)

Securities distributed in kind pursuant to this
Section 6.4 shall be subject to such conditions and restrictions as the
General Partner determines are legally required.  Such restrictions shall
apply equally to the Securities distributed to all Partners.  In no event
shall any Partner be entitled to receive a distribution hereunder to the extent
that such distribution would cause such Partner to have a negative Capital
Account Balance or Fair Market Value Capital Account Balance or increase the
amount by which such balance is negative.  As used herein the ''Fair Market
Value Capital Account Balance'' for a Partner is the Capital Account balance
that would exist in a Partner's Capital Account if (i) the Book Value of all
Partnership assets were adjusted to equal their fair market values and the
resultant unrecognized gain or loss allocated to the Capital Accounts of the
Partners as Capital Transaction Gain or Loss or Net Income or Loss pursuant to
the provisions of Article IV and (ii) all promissory notes contributed by a
Partner to the capital of the Partnership, if any, were paid in full.

(f)

Notwithstanding any provision in this Agreement to
the contrary, at any time, the General Partner may cause the Partnership to
distribute Proceeds or Marketable Securities to all Partners in proportion to
their Partnership Percentages, provided that, immediately after the proposed
distribution the Adjusted Capital Account Balance of the General Partner (as
determined after adjusting such balance for the amount of such distribution and
any Capital Transaction Gain or Loss or Net Income or Loss deemed recognized by
the Partnership pursuant to Section 6.4(d) as a result thereof) will not be
negative.  In the event that distributions have been effected pursuant to
the preceding sentence, then prior to the Date of Dissolution the General
Partner in its discretion may make additional distributions of Proceeds or
Marketable Securities to all Partners pursuant to this Section 6.4(f) in such
ratio as shall be required to cause the aggregate fair market value of all
distributions made to all Partners for all periods pursuant to this subsection
(h) to be in the same ratio as such distributions would have been made had all
such distributions been effected pursuant to Section 6.4(a) rather than this
subsection (f); provided, however, that no distributions shall be
made pursuant to this sentence unless the conditions set forth in clauses
6.4(a)(i)(A) and 6.4(a)(i)(B) above would be satisfied immediately after such
distribution.

(g)

Notwithstanding any provision in this Agreement to
the contrary, at any time, the General Partner may, in its sole discretion,
cause the Partnership to distribute Proceeds or Marketable Securities to all
Limited Partners in proportion to their Partnership Percentages.  In the event
that distributions have been effected pursuant to the preceding 

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sentence, then prior to the Date of Dissolution the
General Partner in its discretion may make additional distributions of Proceeds
or Marketable Securities to all Partners pursuant to this Section 6.4(g) in such
ratio as shall be required to cause the aggregate fair market value of all distributions made to all Partners for all periods
pursuant to this subsection (g) to be in the same ratio as such distributions
would have been made had all such distributions been effected pursuant to
Paragraph 6.4(a) rather than this subsection (g); provided,
however, that no distributions shall be made pursuant to this sentence
unless the conditions set forth in clauses 6.4(a)(i)(A) and 6.4(a)(i)(B)
above would be satisfied immediately after such distribution.

(h)

Notwithstanding anything herein to the contrary, all
distributions to a Partner otherwise permitted under this Article VI shall
constitute an advance or draw against such Partner's distributive share of
Partnership income within the meaning of Treasury Regulation Section 1.731-1
provided that any such distribution shall, for purposes of determining the
applicability of the limitations on distributions set forth in this Article VI,
be deemed to result in a decrease in such Partner's Capital Account in
accordance with Article IV.  The General Partner may cause the Partnership
to defer effecting any distribution of cash, cash equivalents or Marketable
Securities to the General Partner that it would otherwise have been entitled to
receive pursuant to the provisions of this Article VI, which assets shall be
distributed to the General Partner at such later time as the General Partner
shall determine.  In the event of a deferred distribution of assets
pursuant to the preceding sentence, the General Partner shall be entitled to all
amounts received by the Partnership with respect to the holding of such assets
during the deferral period and, notwithstanding the provisions of Article IV,
allocations of items of Capital Transaction Gain or Loss or Net Income or Loss
shall be effected so that, upon distribution of such assets (and amounts
received by the Partnership with respect to the holding of such assets during
the deferral period) the Capital Account balances of all Partners are equal to
the balances that would have existed had the distribution of such assets not
been deferred.  In no event shall such deferral be taken into account in
determining the Partnership Percentage of the General Partner.  The General
Partner shall cause the Partnership to invest any funds available with respect
to the deferral of a distribution as provided above only in Money Market
Investments.

(i)

At any time, the General Partner may distribute
Proceeds or Marketable Securities to the General Partner provided that,
immediately after the proposed distribution the Adjusted Capital Account Balance
of the General Partner (as computed without regard to any such balance created
as a result of any interest as a Limited Partner held by such General Partner
and as determined after adjusting such balance for the amount of such
distribution and any Capital Transaction Gain or Loss or Net Income or Loss
deemed recognized by the Partnership pursuant to Section 6.4(d) above as a
result thereof) will not be less than twenty and eight-tenths percent (20.8%) of
the aggregate Capital Account balances of all of the Partners.

(j)

For purposes of Section 6.4(a), the aggregate
amount of all distributions made to a Partner shall be determined by taking the
sum of all cash distributions made to such Partner and adding to it the fair
market value of each distribution in kind of Partnership assets, the fair market
value determined in each case pursuant to Section 9.2 below as of the date
of distribution of each respective distribution in kind.

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(k)

For purposes of this Agreement, the ''Adjusted
Capital Account Balance of the General Partner'' shall be the balance in the
Capital Account balance of the General Partner as computed without regard to any
such balance created as a result of any interest as a Limited Partner held by the General
Partner and, when determined in connection with a distribution, as computed
after adjusting such balance for the amount of such distribution and any Capital
Transaction Gain or Loss or Net Income or Loss deemed recognized by the
Partnership pursuant to Section 6.4(d) above as a result thereof.

(l)

Each of the Partners shall be obliged to return any
distributions received from the Partnership to the extent the Partnership was
not solvent at the time of making such distribution in accordance with Section
14(2) of the Law.

ARTICLE VII

MANAGEMENT, DUTIES, AND RESTRICTIONS

7.1

Management.

  The General Partner shall have the sole
and exclusive right to manage, control, and conduct the affairs of the
Partnership and to do any and all acts on behalf of the Partnership that are
necessary, advisable or convenient to the discharge of its duties under this
Agreement and to the management of the affairs of the Partnership pursuant to
the terms of this Agreement.

7.2

Indebtedness; Restrictions;
Reinvestments.

(a)

The General Partner shall not cause the Partnership
to borrow money or otherwise incur indebtedness other than on a temporary or
short-term basis (not to exceed ninety (90) days) for the sole purpose of making
investments in Portfolio Securities pending satisfaction of capital calls issued
or to be issued in the future pursuant to Section 3.2.  In no event shall
the sum of such outstanding borrowings and Partnership guarantees of
indebtedness of companies of which the Partnership holds Securities exceed, in
the aggregate at any point in time, twenty percent (20%) of the Partners'
Capital Commitments to the Partnership. 

(b)

Without the prior approval of the Advisory Board, the
Partnership shall not:  (i) invest more than twenty percent (20%) of
the aggregate amount of the Partners' Capital Commitments in the Securities of
any one issuer; provided, however, that the Advisory Board shall
only be permitted to approve investments by the Partnership of up to thirty
percent (30%) of the aggregate amount of the Partners' Capital Commitments in
the Securities of any one issuer; (ii) invest in any entity if such
investment is actively opposed by such entity's board of directors or other
governing body at the time of such proposed investment; (iii) invest in any
investment partnership that charges advisory fees, management fees or the like,
or a carried interest with respect to such investment; (iv) invest in any
company or other entity the business of which is not a TMT related field; (v)
invest, in the aggregate at any point in time, more than thirty percent (30%) of
the Partners' Capital Commitments in Bridge Securities; or (vi) invest in any
options or futures contracts, or any other Security, the value of which is based
upon, or derived from, any underlying index, reference rate (e.g., interest
rate), other Security, commodity or other asset; provided, however, that this
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Partner from making investments in any Security the
value of which is based upon, or derived from, any Security already held by the
Partnership solely for the intended purpose of hedging the value of Securities
already held by the Partnership if any such investment does not obligate the Partnership to acquire or sell Securities not
owned or acquired by the Partnership at the time of such investment.
 Notwithstanding the foregoing, the Partnership may engage in hedging
transactions with respect to currency rate fluctuations applicable to the
Partnership's holdings of Portfolio Securities.

(c)

The Partnership may reinvest  Proceeds provided
that the Partnership's cumulative investment in Securities other than Money
Market Investments, Bridge Securities and other passive investments over the
term of the Partnership shall not exceed one hundred twenty percent (120%) of
the Partnership's aggregate Capital Commitments.  In connection therewith,
the General Partner may withhold from distributions of Net Proceeds to the
Partners made in accordance with the provisions of Section 6.4 amounts in the
aggregate sufficient to effect such investments in Securities.  Such
amounts shall be withheld from distributions in proportion to the Capital
Commitments of the Partners.

7.3

Investment Representation of the Limited
Partners.

(a)

This Agreement is made with each Limited Partner in
reliance upon such Limited Partner's representation to the Partnership, which by
executing this Agreement such Limited Partner hereby confirms, except as
otherwise disclosed in writing to the General Partner (which such writing shall
constitute a representation by such Limited Partner hereunder), that such
Partner's interest in the Partnership is to be acquired for investment purposes
only for its own account and not as nominee, trustee or agent of any other
person, and not with a view to the sale or distribution of any part thereof, and
that such Partner has no present intention of selling, granting participation
in, or otherwise distributing the same.  Each Limited Partner further
represents that such Partner does not have any contract, undertaking, agreement,
or arrangement with any person to sell or transfer to any third person such
Partner's interest in the Partnership.

(b)

Each Limited Partner understands that its interest in
the Partnership has not been registered under the Securities Act and that any
transfer or other disposition of such interest in the Partnership may not be
made without registration under the Securities Act or pursuant to an applicable
exemption therefrom.  Furthermore, each Limited Partner understands and
acknowledges that such Partner's interest in the Partnership is an illiquid
investment and no public market now exists, or will hereafter exist, for any of
the Partnership's interests.  Each Limited Partner understands that it will
have no right to cause any registration of its interest in the Partnership under
the Securities Act. 

(c)

Each ERISA Partner (i) acknowledges that
it has been informed of and understands the investment objectives and policies
of, and the investment strategies that may be pursued by, the Partnership;
(ii) acknowledges that it is aware of the provisions of
Section 404 of ERISA relating to the requirement for investment and
diversification of the assets of an employee benefit plan subject to ERISA;
(iii) represents that it has given appropriate consideration to the
facts and circumstances relevant to the investment by such ERISA Partner in the
Partnership and has determined that such investment is reasonably designed, as
part of such 

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ERISA Partner's portfolio of investments, to further the purposes
of such plan; (iv) represents that, taking into account the other
investments made with the assets of such plan, and the diversification thereof,
such plan's investment in the Partnership is consistent with the requirements of Section 404 of ERISA;
(v) acknowledges that it understands that current income will not be
a primary objective of the Partnership; and (vi) represents that its
investment in the Partnership is not a ''prohibited transaction'' within the
meaning of Section 406 of ERISA or Section 4975 of the
Code.

(d)

Each Limited Partner that is a partnership, grantor
trust, S corporation, or other flow-through entity for United States
federal income tax purposes hereby represents that it has not been formed or
utilized for the purpose of permitting the Partnership to satisfy the
100-partner limitation set forth in Treasury Regulation Section
1.7704-1(h)(1)(ii). 

(e)

Each Limited Partner hereby confirms that it is not a
member of the public in the Cayman Islands.

(f)

Except to the extent set forth in a written notice
provided to the General Partner (which such writing shall constitute a
representation by such Limited Partner hereunder), each Limited Partner hereby
represents that allocations, distributions and other payments to such Limited
Partner by the Partnership are not subject to tax withholding under the Code.
 Each Limited Partner hereby agrees to promptly notify the General Partner
in the event that any allocation, distribution or other payment previously
exempt from such withholding becomes or is anticipated to become subject
thereto.

(g)

Except to the extent otherwise disclosed to the
General Partner and acknowledged by the General Partner in writing prior to its
admission, each Limited Partner represents that such Limited Partner is not a
FOIA Person (as hereinafter defined), and agrees that such Limited Partner will
immediately notify the General Partner in the event it is or otherwise becomes a
FOIA Person at any time during the Partnership Term.  For purposes of this
Agreement a ''FOIA Person'' shall mean any Person that is (A)
directly or indirectly subject to either section 552(a) of Title 5, United
States Code (commonly known as the ''Freedom of Information Act'') or any
similar national, state, county or municipal public disclosure law, whether
foreign or domestic; (B) subject, by regulation, contract or otherwise,
to disclose Partnership information to a trading exchange or other market where
interests in such Person are sold or traded, whether foreign or domestic;
(C) required to or will likely be required to disclose Partnership
information to a governmental body, agency or committee (including, without
limitation, any disclosures required in accordance with the Ethics in Government
Act of 1978, as amended, and any rules and regulations of any executive,
legislative or judiciary organization), whether foreign or domestic, by virtue
of such Person's (or any of its affiliate's) current or proposed involvement in
government office; (D) an agent, nominee, fiduciary, custodian or trustee
for any Person described in the preceding clauses (A) through (C)
of this subsection (f) where Partnership information provided or disclosed
to such Limited Partner by the Partnership, the General Partner or the Advisory
Company is provided or could at any time become available to such person
described by the preceding clauses (A) through (C) of this
subsection (f); or (E) an investment fund or other entity that
has any person described in the preceding clauses (A) through (C)
of this subsection (f) as a partner, member or other beneficial owner where
Partnership information provided or disclosed to such Limited Partner by or on

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behalf of the Partnership, the General Partner or the
Advisory Company is disclosed to or could at any time become available to such
person described by the preceding clauses (A) through (C) of this subsection (f).

7.4

Accredited Investor and Investment Company Act
Representations.

(a)

Each Limited Partner represents that such Partner has
such knowledge and experience in financial and business matters as to be capable
of evaluating the merits and risks of an investment in the Partnership and is
able to bear the economic risk of that investment.  Each Limited Partner
represents that such Partner has had an opportunity to ask questions of and
receive answers from the General Partner in order to obtain such additional
information as such Partner has deemed necessary to make an informed investment
decision with respect to a purchase of an interest in the Partnership and,
unless otherwise disclosed in writing to the General Partner (which such writing
shall constitute a representation by such Limited Partner hereunder), that such
Partner is an accredited investor, as that term is defined in Regulation D
promulgated by the Securities and Exchange Commission.

(b)

Except as otherwise disclosed in writing to the
General Partner (which such writing shall constitute a representation by such
Limited Partner hereunder), each Limited Partner represents that (i) such
Limited Partner is a ''qualified purchaser'' within the meaning of Section
2(a)(51)(A) of the Investment Company Act of 1940 of the United States, as then
in effect and as thereafter amended from time to time, or any successor statute
(the ''1940 Act'') and the rules promulgated thereunder; (ii) such Limited
Partner, if such Limited Partner relies on either Section 3(c)(1) or Section
3(c)(7) of the 1940 Act for such Limited Partner's exclusion from being deemed
an ''investment company,'' as defined in the 1940 Act, has obtained the consent
to its treatment as a qualified purchaser from the appropriate beneficial owners
of its securities in accordance with, and to the extent so required by, the
requirements of Section 2(a)(51)(C) of and Rule 2a51-2 under the 1940 Act; and
(iii) such Limited Partner hereby consents to the treatment of the Partnership
as a qualified purchaser, and further represents and warrants that such Limited
Partner has obtained the consent for such treatment from the appropriate
beneficial owners of its securities in accordance with, and to the extent so
required by, the requirements of Section 2(a)(51)(C) and Rule 2a51-2 under the
1940 Act.

(c)

Except as otherwise disclosed in writing to the
General Partner (which such writing shall constitute a representation by such
Limited Partner hereunder), each Limited Partner represents that (i) such
Limited Partner (a) is not an 'investment company,' as defined in the 1940 Act,
(b) does not rely on the exception provided in either Section 3(c)(1) or Section
3(c)(7) of the 1940 Act to be excepted from the definition of  an ‘investment
company,’ as defined in the 1940 Act, and (c) has not elected to be a business
development company pursuant to Section 54 of the 1940 Act; (ii) such Partner's
Capital Commitment does not exceed 40% of such Partner's assets; (iii) such
Partner's shareholders, partners, members or other holders of equity or
beneficial interests in such Partner are not able to decide individually whether
to participate, or the extent of their participation, in such Partner's
investment in the Partnership or in particular investments made by the
Partnership; (iv) to the best of such Partner's knowledge, such Partner does not
control, nor is controlled by or under common control with, any other Partner;
(v) such Partner was not formed for the specific purpose of investing in the
Partnership; (vi) such Partner would be considered, and the interest in the   

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Partnership held by such Partner would be considered to be beneficially owned
by, ''one person'' for purposes of Section 3(c)(1) of the 1940 Act; and (vii) no
other person or persons will have a beneficial interest in such Partner's
interest in the Partnership other than as a shareholder, partner,
member or other beneficial owner of equity interests in such Partner.

7.5

No Control by the Limited Partners.

  The Limited Partners shall take no part
in the control or management of the affairs of the Partnership nor shall a
Limited Partner have any authority to act for or on behalf of the Partnership
except as is specifically permitted by this Agreement. 

7.6

Admission of Additional Partners.

(a)

Subject to Section 7.7 and subsection (b)
below, no additional person may be admitted to the Partnership, either as a
limited or general partner, without the prior written consent of the General
Partner and the consent of a Majority in Interest of the Limited
Partners.

(b)

On or before twelve (12) months after the Initial
Contribution Date, the General Partner may admit additional persons as
additional Limited Partners or accept additional capital commitments from
existing Limited Partners without the consent of any of the then Limited
Partners, provided that the Limited Partners' Capital Commitments (including the
Capital Commitments from any such additional persons and Capital Commitments in
respect of any Parallel Fund (as defined below)) shall not exceed in the
aggregate $400,000,000. Such subsequently admitted Limited Partners or increased
capital commitments from existing Limited Partners shall be deemed, except for
purposes of determining such Limited Partners' Capital Account balance or
otherwise to the extent expressly set forth herein to the contrary, to have been
admitted as of the Commencement Date.  Upon the admission of any additional
Limited Partners to the Partnership or the increase of capital commitment of any
existing Limited Partner pursuant to this Section 7.6, the assets of the
Partnership shall not be revalued.

(c)

A Limited Partner admitted to the Partnership after
the date that is three (3) months after the Initial Contribution Date shall, at
the time of its admission to the Partnership, pay to the Partnership as a late
admission charge (and not as a capital contribution) an amount equal to the
interest that would have been earned on the capital that such Limited Partner
would have contributed to the Partnership had the Limited Partner been admitted
to the Partnership on the Initial Contribution Date, with such notional interest
calculated at the prime rate of interest (as quoted/published in the Wall Street
Journal for the date of such Limited Partner's admission to the Partnership)
plus 2%, compounded daily, for the period commencing from the date(s) that such
Limited Partner would have contributed the component portions of such capital if
it had been admitted at the Initial Contribution Date and ending on the date
that such Limited Partner makes its initial capital contribution;
provided, however, a Limited Partner shall not be required to pay
such late admission charge if such Limited Partner or an Affiliate thereof has
made an Initial Capital Contribution prior to the three (3) month anniversary of
the Initial Contribution Date.  Such late admission charge shall be treated
as an item of Net Income of the Partnership and shall not be credited to the
Capital Account of any Limited Partner that is subject to any such late
admission charge.

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7.7

Assignment or Transfer of Partnership
Interests.

(a)

The General Partner shall not sell, assign, pledge,
mortgage, or otherwise dispose of or transfer (in each case, a ''Transfer'') its
interest in the Partnership or in its capital assets or property without the
prior written consent of Two-Thirds in Interest of Limited Partners; provided, however, that the
admission of a new partner or assignee to the General Partner or the transfer of
interests in the General Partner shall not be deemed a Transfer of the General
Partner's interest in the Partnership or its capital assets or property if
immediately thereafter Dr. Tian directly or indirectly controls greater than
fifty percent (50%) of the general partner (or other voting) interests in the
General Partner.

(b)

No Limited Partner shall Transfer its interest in the
Partnership or its interest in the Partnership's capital assets or property
without the prior written consent of the General Partner (which consent shall be
subject to the sole discretion of the General Partner and shall not be subject
to challenge by any prospective transferor or transferee) nor, except as
expressly provided in this Agreement, shall a Limited Partner be required to
withdraw from the Partnership.  For purposes of this Section 7.7, all
restrictions and obligations applicable to a Limited Partner concerning a
Transfer of its interest in the Partnership shall apply, mutatis
mutandis, to any Transfer by an assignee of an interest in the Partnership.
 Notwithstanding the foregoing, a Limited Partner may, subject to meeting
all requirements of Sections 7.7(c) and (d) below and upon prior written
notice to the General Partner, Transfer its interest in the Partnership without
such consent (i) to any corporation or other entity directly or indirectly
holding eighty percent (80%) or more of the equity interests of the Limited
Partner or any corporation or other entity of which eighty percent (80%) or more
of the equity interests are held directly or indirectly by such corporation or
entity, including any corporation or entity of which the Limited Partner holds,
directly or indirectly, eighty percent (80%) or more of the equity interests; or
(ii) pursuant to a merger, plan of reorganization, sale or other transfer,
or pledge of, or other general encumbrance on substantially all of the Limited
Partner's stock or assets; or (iii) as may be required by any law or
regulation; or (iv) to a successor trustee (or trustees) of any Limited
Partner that is an employee benefit plan.  Notwithstanding the preceding
sentence, no transferee of a Partnership interest may be admitted to the
Partnership as a substitute limited partner without (x) the consent of the
General Partner which consent shall be subject to the sole discretion of the
General Partner and shall not be subject to challenge by any transferor or
transferee and (y) such transferee making all representations and warranties
previously made by the Limited Partner under this Agreement including, without
limitation, such representations and warranties in Sections 7.3 and 7.4 above.
 All costs incurred by the Partnership in connection with any Transfer of a
Limited Partner's interest in the Partnership, including without limitation
reasonable fees and disbursements for counsel to the Partnership or the General
Partner, shall be borne by the Limited Partner proposing such
Transfer.

(c)

Notwithstanding any other provision of this
Agreement, no Transfer of the interest of a Limited Partner shall be permitted
until the General Partner shall have received, or waived receipt of (in whole or
in part), an opinion of counsel (which counsel may be retained or employed by
the Limited Partner so long as such counsel shall be reasonably acceptable to
the General Partner) satisfactory to it that the effect of such Transfer would
not:

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(i)

result in a violation of the Securities Act or the
Securities Exchange Act;

(ii)

require the Partnership to register as an investment
company under the 1940 Act;

(iii)

require the Partnership, the Advisory Company, the
General Partner, the Ultimate General Partner or any member, partner, equity
holder or employee of the foregoing to register as an investment adviser under
the Advisers Act;

(iv)

result in a termination of the Partnership for United
States federal income tax purposes;

(v)

result in a violation of any law, rule, or regulation
by the Limited Partner, the Partnership, the Advisory Company, the General
Partner or any member, partner or employee of the foregoing; 

(vi)

increase the number of Limited Partners;

(vii)

result in the assets of the Partnership being deemed
''plan assets'' (within the meaning of 29 C.F.R. § 2510.3-101, as in effect and
as hereafter amended from time to time, or any successor regulation, as amended
from time to time (the ''DOL Regulation'')) (for purposes of such opinion, the
transferee shall be entitled to assume that the Partnership otherwise qualifies
as a ''venture capital operating company'' within the meaning of ERISA, until
otherwise notified by the General Partner); 

(viii)

result in the Partnership being characterized as a
''publicly traded partnership'' as set forth in Section 7704(b) and 469(k) of
the Code; or

(ix)

result in a FOIA Person holding an interest in the
Partnership. 

Such legal opinion shall be provided to the General
Partner by the transferring Limited Partner or the proposed transferee (except
that the opinion in Paragraphs (ii), (iii), (iv), (v), and (vii) regarding
the Partnership, the General Partner, the Ultimate General Partner, the Advisory
Company and the partners and equity holders of the General Partner and Ultimate
General Partner shall be rendered by counsel to the Partnership, the Advisory
Company, the General Partner or the Ultimate General Partner), and all
reasonable costs associated with such opinions shall be borne by the
transferring Limited Partner or the proposed transferee.

(d)

Notwithstanding any other provision of this Agreement
to the contrary, without the consent of the General Partner (A) no Transfer of
all or a portion of the interest of a Limited Partner shall be permitted if
(i) such interest (or portion thereof) would have been issued by the Partnership
for an initial offering price of less than twenty thousand dollars ($20,000), or
(ii) the General Partner determines in its sole discretion that such transaction
will either cause the Partnership to be characterized as a ''publicly traded
partnership'' or will materially increase the risk that the Partnership will be
so characterized or (iii) such Transfer would occur in a transaction registered
under the Securities Act and (B) in the case of any 

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Transfer the transferee may not be admitted to the
Partnership as a substitute limited partner without the consent of the General
Partner which consent shall be subject to the sole discretion of such General
Partner and shall not be subject to challenge by any transferor or transferee.
 For purposes of this Section 7.7(d) the phrase ''publicly traded partnership''
shall have the meanings set forth in Section 7704(b) and 469(k) of the Code.  In
particular and without limiting the foregoing, no Transfer shall be permitted,
given effect or otherwise recognized, and such Transfer (or purported Transfer) shall be void
ab initio, if at the time of such Transfer interests in the
Partnership are (or, by reason of such Transfer, would become) traded on an
''established securities market'' (within the meaning of Treasury Regulation
Section 1.7704-1(b)) or are (or would become) ''readily tradable on a secondary
market or the equivalent thereof'' (within the meaning of Treasury Regulation
Section 1.7704-1(c)).

(e)

In the event of any Transfer which results in
multiple ownership of a Limited Partner's interest in the Partnership, the
General Partner may require that one or more trustees or nominees be designated
to represent all or a portion of the interest transferred for the purpose of
receiving all notices which may be given and all payments which may be made
under this Agreement and for the purpose of exercising all rights of the
transferees under this Agreement.

(f)

In the event a Limited Partner Transfers (or proposes
to Transfer) all or any portion of its interest in the Partnership, the General
Partner, in its sole and absolute discretion, may require that all reasonable
legal and other out-of-pocket expenses incurred by the Partnership on account of
the Transfer (or proposed Transfer) be paid by such Limited Partner.  As of
the effective date (or the proposed effective date) of any Transfer, the
transferor and transferee shall be jointly and severally liable for all such
expenses, whether or not such Transfer is consummated; provided,
however, that if a transferee is admitted as a substitute Limited
Partner, such transferee shall be solely responsible for payment of such
expenses incurred by the Partnership.  At the General Partner's election,
the Partnership may seek reimbursement of such expenses through (i) a direct
reimbursement by the transferee or transferor either following the Transfer (or
proposed effective date of the Transfer) or as of the Transfer as a condition
precedent to the General Partner providing such required consent, or (ii)
withholding of distributions that otherwise would be made to the transferee or
the transferor.

(g)

Except as otherwise specifically provided in this
Agreement or with the consent of the General Partner, all economic attributes of
a transferor of a Limited Partner's interest in the Partnership (such as the
Limited Partner's Capital Commitment, Capital Contribution, Capital Account
balance, and obligation to return distributions or make other payments to the
Partnership) shall carry over to a transferee in proportion to the percentage of
the interest so transferred.

(h)

Notwithstanding any other provision of this Agreement
to the contrary, without the consent of the General Partner a Transfer effected
pursuant to this Section 7.7 shall be recorded on the books of the
Partnership and deemed to occur immediately following the last day of the Fiscal
Quarter in which the General Partner received all appropriate executed
documentation required or requested hereunder from both the transferor and
transferee.

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(i)

Each Limited Partner hereby agrees and covenants
that, with respect to such Partner's interest in the Partnership, it shall not
make an election under Section 732(d) of the Code without the prior written
consent of the General Partner.  Each Limited Partner hereby acknowledges
and agrees that the Partnership may, but shall not be obligated to, elect to be
treated as an electing investment partnership under Section 743(e) of the Code
in the event the Partnership qualifies to do so.  In such event, each
transferring Limited Partner hereby agrees to provide the Partnership and its
transferee with the timely notice required under Section 833 of the American Jobs Creation Act
of 2004, and as more specifically described in IRS Notice 2005-32, or any
successor guidance or interpretation(s), including such information as is
necessary to enable such transferee to compute the amount of losses disallowed
under Section 743(e) of the Code.  Alternatively, in the event that the
Partnership elects or is required to adjust the basis of the Partnership
property under Section 743 of the Code, each Limited Partner hereby agrees to
promptly provide to the General Partner any information reasonably requested by
the General Partner in connection with such adjustment to the basis of
Partnership property.  In addition, to the extent that the Transfer to a
Limited Partner (or the Transfer of interests in a Limited Partner) results in
the Partnership adjusting the basis of Partnership property, each Limited
Partner that received an interest in the Partnership by reason of such Transfer
(or, in the case of the Transfer of interests in a Limited Partner, such Limited
Partner) hereby agrees to reimburse the Partnership and/or the General Partner
within 10 business days for any expenses (including without limitation
accounting fees) reasonably incurred by the Partnership and/or the General
Partner (and their respective Affiliates) in connection with effecting such
adjustments to the basis of Partnership property as it relates to such transfer.
 The General Partner is hereby authorized by each Limited Partner, with
respect to any distribution to which such Limited Partner might otherwise be
entitled, to defer making such distribution to such Limited Partner if, at the
time such distribution would otherwise be effected, such Limited Partner has not
satisfied its obligation to make the reimbursements provided for in the
preceding sentence within the period specified therein.  The General
Partner may further apply the amount of any such distribution to satisfy all or
any part of such Limited Partner's obligation (in which case such amounts shall
be deemed to have been distributed to such Limited Partner and then paid by such
Limited Partner in full or partial satisfaction of such obligations).  In
the event that any such distribution consists of Securities or other non-cash
assets, the General Partner may, on behalf of such Limited Partner, cause the
Partnership to sell or otherwise liquidate such in-kind distribution upon such
terms and conditions, and at such times, as the General Partner in its sole
discretion deems appropriate, and apply the proceeds of such sale or other
liquidation, net of transaction fees and other reasonable expenses, to satisfy
all or any part of such Limited Partner's obligation that are then due.
 All items of Net Income or Net Loss and Capital Transaction Gain and Loss
generated from the holding or disposition of any such deferred distribution
shall be allocated solely to the Capital Account of the Limited Partner on whose
behalf such amounts are held, and the corresponding items of net taxable income,
gain, loss and deduction shall, to the maximum extent possible, also be
allocated solely to such Limited Partner.

7.8

Investment Opportunities; Conflicts of
Interest.

(a)

Each of the Limited Partners recognizes and
understands that the equity holders of the Ultimate General Partner and the
General Partner make venture capital and later-stage investments on behalf of
and manage the investment portfolio of CNC Broadband 

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Capital Partners L.P., a Cayman Islands Exempted
Limited Partnership (the ''Prior Fund'').  The Limited Partners hereby consent
and agree to such activities and further consent and agree that neither the
Partnership nor any of its Partners shall have, pursuant to this Agreement, any
rights in or to such activities, or any profits derived therefrom. Each of the Limited Partners recognizes and understands that
the General Partner may select one or more entities associated with the General
Partner to provide services to the Partnership, including, without limitation,
the Advisory Company and an entity to provide outsourced accounting services.
 The Limited Partners hereby consent and agree that such selection
of service providers by the General Partner, even if any such entity is an
Affiliate of the General Partner, shall not constitute a conflict of interest by
the General Partner or any partner thereof or the Ultimate General Partner or
any equity holder thereof; provided, however, any contracts
between the Partnership and service providers which are Affiliates of the
General Partner not provided for in this Agreement shall be subject to Advisory
Board approval and such service providers can only charge service fees as
provided for in this Agreement or otherwise at rates that are available to the
Partnership from independent third parties.  

(b)

The Limited Partners hereby agree that the General
Partner may offer the right to participate, directly or indirectly, in
investment opportunities of the Partnership to one or more Limited Partners or
other private investors, groups, partnerships, or corporations including,
without limitation, the Prior Fund whenever the General Partner, in its
discretion, so determines; provided, however, neither the General
Partner, the Ultimate General Partner nor any direct or indirect equity holder
of the General Partner (for so long as he is active in the affairs of the
Partnership), nor any Affiliate of the foregoing (other than a direct or
indirect equity holder of the General Partner that is no longer active in the
affairs of the Partnership), shall participate in investment opportunities of
the Partnership in which the Partnership participates other than pursuant to the
interest of such General Partner, or any equity holder thereof in the
Partnership, the Prior Fund, a pooled investment vehicle managed by persons
other than the General Partner or a managing member of the General Partner or
any entities permitted to be formed pursuant to this Agreement, including
without limitation, the Parallel Funds; provided, further, that
the General Partner, the Ultimate General Partner, any direct or indirect equity
holder of the General Partner, or any Affiliate of the foregoing shall be
permitted to repurchase any interest in the Prior Fund held by any limited
partner in the Prior Fund.  Except with the prior approval of the Advisory
Board, neither the General Partner, the Ultimate General Partner, nor any direct
or indirect equity holder of the General Partner (for so long as he is active in
the affairs of the Partnership), nor any Affiliate of the foregoing (other than
a direct or indirect equity holder of the General Partner that is no longer
active in the affairs of the Partnership), for its or his own account, shall
enter into any transaction with respect to any Security that might reasonably be
viewed as an investment opportunity of the Partnership, but in which the
Partnership has determined not to participate.  For purposes of this
Section 7.8, in those cases where the Partnership is not afforded the
opportunity to invest at least $1,000,000, such opportunity shall not be
considered to be an investment opportunity of the Partnership.  Except with
the prior approval of the Advisory Board, the General Partner will not invest
the Partnership's funds for the first time in private companies the Securities
of which are then held by the Prior Fund, the General Partner, the Ultimate
General Partner or any direct or indirect equity holder of the General Partner
(for so long as he is active in the affairs of the Partnership).  Without
the consent of the Advisory Board, neither the General Partner, the Ultimate
General Partner, nor any direct or indirect equity holder of the General Partner
(for so long as he is active 

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in the affairs of the Partnership), nor any Affiliate
thereof may buy from or sell to the Partnership any Securities.  Investment
opportunities that are made available to the General Partner in portfolio
companies or prospective portfolio companies in TMT related fields
with substantial markets and/or operations (planned or existing) in the People's
Republic of China which are not then held by the Partnership or the Prior Fund
shall first be made available to the Partnership and/or the Prior Fund;
provided, the Partnership shall have the opportunity to invest on a pro
rata basis with the Prior Fund in accordance with available committed capital,
at the same price and on substantially the same terms in each venture
capital portfolio company investment made by the Prior Fund after the Initial
Contribution Date.  Notwithstanding this Section 7.8(b) or any other
provision of this Agreement to the contrary, each of the Limited Partners
recognizes and understands that (i) prior to September 1, 2006, Dr. Tian is and
may be affiliated with other persons, firms, partnerships, entities and
corporations and may have business interests and engage in business activities
in addition to those connected with the Partnership, which interests and
activities may be similar to or different from those of the Partnership
(collectively the ''Initial Outside Interests'') and (ii) on and after September
1, 2006, Dr. Tian shall only serve as a director on the board of directors of
corporations (or in a position having similar oversight authority for entities
other than corporations) in a non-executive capacity, which corporations or
other entities may have business interests and engage in business activities
that may be similar to or different from those of the Partnership (collectively
the ''Non-executive Outside Interests'' and together with the Initial Outside
Interests, the ''Outside Interests'').  Without exception, Dr. Tian shall
make available to the Partnership all investment opportunities presented to him
or the General Partner by virtue of any Outside Interests that Dr. Tian engages
in following the date of this Agreement; provided, however, that
neither the Partnership nor any Partner shall by virtue of this Agreement have
any right, title or interest in any investment opportunities connected to or
stemming from Outside Interests if Dr. Tian is already engaged in such Outside
Interests prior to the date of this Agreement.  

(c)

Except to the extent otherwise permitted under this
Agreement, until at least the sixth anniversary of the Initial Contribution
Date, other than Dr. Tian, the limited partners of the General Partner, for so
long as they remain designated as such, shall devote substantially all of their
business time to the conduct of the affairs of the Prior Funds, the General
Partner in its capacity as general partner of the Partnership, the Partnership
and its portfolio companies (collectively, ''Partnership Affairs'').  After
September 1, 2006, but prior to the sixth anniversary of the Initial
Contribution Date, Dr. Tian shall devote substantially all of his business time,
other than business time he devotes to his Non-executive Outside Interests, to
Partnership Affairs.  Following the sixth anniversary of the Initial
Contribution Date, all of the limited partners of the General Partner (for so
long as they remain designated as such) shall devote so much of their time to
Partnership Affairs as shall be necessary to manage the Partnership's affairs
effectively.  Neither the General Partner nor any direct or indirect equity
holder thereof shall call down capital of any other entity with operations and
objectives similar to those of the Partnership until the earlier of (i) funds
equal to at least sixty-six and two-thirds percent (66 2/3%) of the Partner's
Capital Commitments have been invested, expended, committed or reserved for
follow-on investment in portfolio companies, or (ii) the sixth anniversary of
the Initial Contribution Date.  Notwithstanding the immediately preceding
sentence, nothing in this Agreement shall be interpreted as restricting the
ability of the General Partner, the Ultimate General Partner, any direct or
indirect equity holder of the General Partner, or any Affiliate of the foregoing
to participate in the organization, operation or management of   

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either the Prior Fund or any investment vehicle
denominated in renminbi, the lawful currency of the People's Republic of China.

(d)

Notwithstanding Section 7.8(b), the General Partner
is hereby given express authority at any time to form within twelve (12) months
following the Initial Contribution Date and act as general partner of one or
more partnerships formed to invest in parallel with the Partnership (the
''Parallel Funds''); provided, however, that the Parallel Funds shall simultaneously invest on a pro rata basis with
the Partnership in accordance with available committed capital, at the same
price and on substantially the same terms in each venture capital portfolio
company investment made by the Partnership after formation of such Parallel
Funds.  Notwithstanding the foregoing, no Parallel Fund shall be required
to make any such investment in a Security if it receives from the issuer thereof
notice to the effect that the issuer will not permit such Parallel Fund to
invest on the same terms as the Partnership's investment.  Notwithstanding
anything herein to the contrary, the General Partner and its partners may
participate as general or limited partners in the Parallel Funds.  With
respect to each purchase of Securities by the Parallel Funds, in lieu of
investing through the Parallel Funds an individual or entity may, to the extent
permitted by the Parallel Funds, invest in such individual's or entity's
individual capacity and solely for the purpose of calculating the amount
invested in such investment by the Parallel Funds, the Parallel Funds shall be
deemed to have made such investment.  However, for all purposes the
individual, and not the Parallel Funds, shall be treated as the owner of such
investment.  The General Partner agrees that (i) none of the Parallel Funds
shall distribute or otherwise dispose of Securities of a Portfolio Company prior
to the distribution or other disposition of a pro rata portion of such
Securities by the Partnership, and (ii) the Parallel Funds shall distribute or
dispose of Securities of a Portfolio Company simultaneously with the
distribution or disposition of such Securities by the Partnership.
 Notwithstanding any provision in this Agreement to the contrary, the
General Partner may cause the Partnership to buy or sell a portion of each of
the Partnership's portfolio company securities to or from such Parallel Funds
(at a price equal to cost) such that after such sales the Partnership and the
Parallel Funds shall each own such portfolio company securities in the same
proportions that they would have owned had the Partnership and the Parallel
Funds been formed on the same date with the same amount of committed capital as
each such entity had on the date the General Partner accepted the final capital
commitments for the Parallel Funds.

(e)

The Limited Partners hereby acknowledge that the
General Partner may be prohibited from taking action for the benefit of the
Partnership:  (i) due to confidential information acquired or obligations
incurred in connection with an outside activity permitted to the General
Partner, its Affiliates, equity holders or other related Persons; (ii) in
consequence of an equity holder, Affiliate or other related Person of the
General Partner serving as an officer or director of a Portfolio Company; or
(iii) in connection with activities undertaken by an equity holder, Affiliate or
other related Person of the General Partner prior to the date first above
written.  To the extent permitted by applicable law, no Person shall be
liable to the Partnership or any Partner for any failure to act for the benefit
of the Partnership in consequence of a prohibition described in the preceding
sentence.

(f)

The Partners recognize that the differing financial,
regulatory, income tax and other status and circumstances of the Partners may
give rise to conflicts of interest among the Partners with regard to the timing
of capital calls, selection of investments,

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disposition of assets, making of tax
elections, or other Partnership matters.  Except as otherwise specifically
provided in this Agreement, the General Partner, when making decisions or taking
action with respect to the Partnership or its business, shall not be required to
take into consideration the separate status or circumstances of any Partner or
group of Partners.

ARTICLE VIII

DISSOLUTION AND LIQUIDATION OF THE PARTNERSHIP

8.1

Liquidation Procedures.

  Upon expiration of the Partnership Term
or upon the occurrence of an event of dissolution described in
Section 2.2:

(a)

The affairs of the Partnership shall be wound
up.

(b)

Distributions in dissolution may be made in cash or
in kind or partly in cash and partly in kind.  To the extent not
inconsistent with Section 12.4, each Security (and each class of
Securities, or portion of a class of Securities having a tax basis per share or
unit different from other portions of such class) distributed in kind shall be
distributed ratably in accordance with the General Partner's and the Limited
Partners' Capital Account balances unless such distribution would result
(i) in a violation of a law or regulation applicable to a Partner or a tax
penalty to a Partner, in which event, upon receipt by the General Partner of
notice to such effect, such Partner may designate a different entity to receive
the distribution, or designate, subject to the approval of the General Partner,
an alternative distribution procedure at the expense of such Partner or
(ii) in a distribution of fractional shares.  Each such Security shall
be valued at fair market value as of the date of distribution and shall be
subject to reasonable conditions and restrictions necessary or advisable in
order to preserve the value of the assets distributed, or for legal
reasons.

(c)

The General Partner shall use its best judgment as to
the most advantageous time for the Partnership to sell investments or to make
distributions in kind. 

(d)

The proceeds of dissolution shall be applied to the
satisfaction of liabilities of the Partnership (whether by payment or reasonable
provision for payment thereof) in the following order, except as otherwise
required by law:

(i)

to the creditors of the Partnership, including
Partners who are creditors, to the extent otherwise permitted by law;

(ii)

to any reserves which the General Partner reasonably
deems necessary for contingent or unforeseen liabilities or obligations of the
Partnership (which reserves, when they become unnecessary, shall be distributed
as set forth in clause (iii) below); and

(iii)

to the Partners, in respect of the positive balances
in their Capital Accounts.

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8.2

Final Allocations; Date of
Dissolution.

(a)

The ''Date of Dissolution'' shall mean the date on
which the Partnership Term ends pursuant to this Agreement.

(b)

The closing Capital Accounts of all the Partners
shall be computed as of the Date of Dissolution as if the Date of Dissolution
were the last day of an Interim Period, and then adjusted in the following
manner:

(i)

All assets and liabilities (including contingent
liabilities) of the Partnership shall be valued as of the Date of
Dissolution.

(ii)

The resulting net amount of the unrecognized gain or
loss on the Partnership's assets and liabilities as of the Date of Dissolution
shall be deemed to have been recognized (pursuant to a deemed sale of the
Partnership's assets and deemed payment of the Partnership's liabilities) and
shall be allocated to the Capital Accounts of the Partners as Capital
Transaction Gain or Loss or Net Income or Loss in accordance with the provisions
of Article IV (and corresponding adjustments shall be made to the Book Values of
such assets).  In addition, allocations of Capital Transaction Gain or Loss
or Net Income or Loss shall be adjusted (and corresponding adjustments made to
the Capital Accounts of the Partners) to the extent necessary, if any, so that
over the life of the Partnership (through and including the period of
dissolution and liquidation) aggregate allocations of items of Capital
Transaction Gain or Loss or Net Income or Loss shall have been effected in the
manner specified in this Agreement.  The result for each Partner shall be
its closing Capital Account.

(c)

All allocations to the Partners of Capital
Transaction Gain or Loss or Net Income or Loss or items thereof for all periods
after the Date of Dissolution shall be made as provided in this Agreement for
periods prior to the Date of Dissolution.

8.3

Lookback Liability of General Partner to Return
Excess Distributions

(a)

If after effecting the distributions provided for in
this Article VIII, the sum of the Capital Accounts of the Limited Partners is
positive, then the General Partner shall forthwith contribute to the capital of
the Partnership cash or Securities previously distributed by the Partnership
having an aggregate value (with Securities valued as of the date of contribution
in accordance with Section 9.2) equal to the lesser of (i) the Excess
Distribution Amount, (ii) the After-Tax Distribution Amount, or (iii) the
amount, if any, by which the sum of the Capital Account balances of all of the
Limited Partners is positive.

For purposes of this Section 8.3:

(i)

The ''After-Tax Distribution Amount'' shall be equal
to the General Partner Distributions (as defined below) less:  all
national, state and local tax liabilities that the General Partner would have
incurred by reason of (A) having been a general partner of the Partnership
(including, without limitation, by reason of receiving an allocable share of the
Partnership's taxable income, and by reason of receiving cash distributions from
the Partnership but excluding any tax liability attributable to the receipt of
advisory fees) and (B) having sold for cash all assets received from the
Partnership, if (C) at all relevant times the General Partner had 

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been an individual subject to tax at the combined
maximum marginal rate of national, state and local tax applicable to an
individual residing in the applicable Designated Jurisdiction (as such
jurisdiction and such rate may have changed from time to time) and (D) the
General Partner had immediately sold for cash in a fully taxable transaction all
assets received from the Partnership as a General Partner Distribution; provided,
however, that in determining the After-Tax Distribution Amount, the tax
liabilities that the General Partner would have incurred (as computed pursuant
to the preceding provisions of this sentence) shall be calculated by:  (i)
excluding the amount of any national, state and local tax liabilities, as
applicable, (as determined by applying the operating rules and assumptions set
forth in clauses (B), (C) and (D) above) that would have been incurred by a
Limited Partner (by reason of having been a limited partner of the Partnership)
who contributed to the Partnership pursuant to Article III the same amount
of capital that the General Partner contributed pursuant to Article III; and
(ii) taking into account any reductions to such tax liabilities that would be
available by reason of the General Partner having made the contributions
described in Section 8.3(a). 

(ii)

The ''Excess Distribution Amount'' shall equal the
amount by which the General Partner Distributions (as defined below) exceed the
Total General Partner Net Gain, if any.

(iii)

''Total General Partner Net Gain'' shall equal (A) if
Total Net Capital Transaction Gain exists, the lesser of (i) Total Net Capital
Transaction Gain multiplied by twenty percent (20%), or (ii) the excess, if any,
of the amount of such Total Net Capital Transaction Gain over the sum of the
Total Preference Amounts for each of the Limited Partners; or (B) if Total Net
Capital Transaction Loss exists, zero (0).  The amount of Total General
Partner Net Gain shall be appropriately adjusted to reflect any special
allocations of items of Capital Transaction Gain or Loss made to the General
Partner pursuant to Section 6.4(h).

(iv)

''General Partner Distributions'' shall equal the sum
of all distributions received by the General Partner pursuant to Article VI (net
of any contributions made by the General Partner pursuant to
Section 6.4(c)) and Article VIII, less the amount of distributions that
would have been received by a Limited Partner pursuant to Article VI and Article
VIII who had contributed to the Partnership pursuant to Article III the same
amount of capital that the General Partner contributed pursuant to Article III.

(v)

All in-kind distributions shall be valued as provided
in Section 9.2 as of the date of the distribution; 

(vi)

Only distributions made to the General Partner in its
capacity as general partner of the Partnership shall be considered for purposes
of the foregoing computations and determinations (such distributions shall,
however, in no way be construed so as to include amounts paid or otherwise
received by the General Partner pursuant to Article V);

(vii)

In the event that the foregoing calculations are
based on or refer to the excess of one number over another and no such excess
exists, the amount to be used for purposes of such calculation shall be zero (0)
(e.g., for purposes of the foregoing calculations the excess of twenty (20) over
fifty (50) shall be deemed to be zero (0)); and

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(viii)

In the event that the percentage interest of the
General Partner (in its capacity as general partner of the Partnership) in
Capital Transaction Gain or Loss or Net Income or Loss changes, appropriate
adjustments shall be made to the computation of Total General Partner Net Gain
pursuant to clause (iii) above.

(b)

Notwithstanding the provisions of subsection (a) of
this Section 8.3, if the assets of the General Partner are insufficient to
satisfy the contribution obligation of the General Partner required by such
subsection (a) (hereinafter the ''Lookback Liability''), then each partner and
assignee of the General Partner and former partner and assignee of the General
Partner shall be obligated to recontribute to the General Partner for
contribution to the Partnership such partner's or assignee's or former partner's
or assignee's (collectively, an ''Interest Holder's'') pro rata share (whether
or not they would otherwise be liable (e.g., by reason of being partners of the
General Partner) for more than their pro rata share) of the unpaid Lookback
Liability (as so limited, an ''Interest Holder's Individual Lookback
Liability'').  For purposes of the preceding sentence, an Interest Holder's
Individual Lookback Liability shall be determined based on the amount of
distributions received by such Interest Holder from the General Partner (other
than any distribution of advisory fees received by the General Partner) and
shall be calculated such that the sum of all of the Interest Holder's Individual
Lookback Liability equals the amount of the unpaid Lookback Liability; provided,
however, that if an Interest Holder transfers or assigns all or a portion of his
interest in the General Partner to a family member or an entity controlled by
such Interest Holder or his family members, or otherwise transfers or assigns,
with a donative or charitable intent, a portion of his interest in the General
Partner then such Interest Holder will be jointly and severally liable with the
recipient of such interest for the recipient's pro rata share of the unpaid
Lookback Liability.  The General Partner shall keep such records as are
necessary to determine each Interest Holder's Individual Lookback Liability.
 In no event shall an Interest Holder be obligated to recontribute to the
Partnership or any other person an amount in excess of such Interest Holder's
Individual Lookback Liability.  Notwithstanding the foregoing, in lieu of
requiring any recontribution to the General Partner pursuant to this Section
8.3(b), the General Partner may instead arrange to cause each Interest Holder to
directly pay to the Limited Partners the amount that the Limited Partners would
have otherwise received with respect to such Interest Holder had the Interest
Holders effected the recontribution to the General Partner.  The foregoing
is intended to be solely for the benefit of Limited Partners, and in no way
shall be construed for the benefit of any other person or entity, including
without limitation, creditors of any of the Partnership, the General Partner, or
other persons or entities.  The General Partner shall ensure that the
Limited Partnership Agreement of the General Partner contains provisions
requiring each Interest Holder to contribute the amounts set forth in this
Section 8.3(b).

ARTICLE IX

FINANCIAL
ACCOUNTING AND REPORTS

9.1

Financial and Tax Accounting and
Reports.

  The General Partner shall use its reasonable best
efforts to cause an IRS Form 1065, Schedule K-1, to be prepared and delivered to
each of the Limited Partners within seventy-five (75) days after the close of
each of the Partnerships Fiscal Years (but in no event shall the IRS Form 1065,
Schedule K-1 be

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delivered later than ninety (90) days after the close
of each of the Partnership's Fiscal Years).  The books and records of the
Partnership and the General Partner shall be kept by the General Partner at the principal office of the Partnership in
accordance with the provisions of this Agreement and otherwise in accordance
with United States generally accepted accounting principles consistently
applied.  The Partnership's financial statements for each Fiscal Year shall
be prepared in accordance with United States generally accepted accounting
principles consistently applied and beginning with the Fiscal Year ending
December 31, 2006 shall be audited at the end of each Fiscal Year by an
independent certified public accountant of recognized national standing selected
by the General Partner.  Notwithstanding the foregoing, it is agreed and
understood that the Partnership shall not be required to consolidate (or
otherwise combine) its financial results with those of its portfolio companies
whether or not generally accepted accounting principles would require such
consolidation (or other form of combination).

9.2

Valuation of Securities and Other Assets Owned by
the Partnership.

(a)

Subject to the specific standards set forth below,
the valuation of Securities and other assets and liabilities under this
Agreement shall be at fair market value.  In determining the value of the
interest of any Partner or in any accounting between the Partners, no value
shall be placed on the goodwill or the name of the Partnership.

(b)

Subject to review by the Advisory Board pursuant to
Section 9.8, the following criteria shall be used for determining the fair
market value of Securities.

(i)

Securities not subject to investment letter or other
similar restrictions on free Marketability:

1.

If traded on one (1) or more national securities
exchanges or listed on the Nasdaq National Market or comparable foreign national
market, the value of each Security shall be deemed to be the Security's closing
price on the most recent trading day as reported in The Wall Street
Journal or another nationally recognized publication or service that reports
such data.

2.

If actively traded over-the-counter but not on the
Nasdaq National Market or comparable foreign national market, the value shall be
deemed to be the mean between the last bid and asked price of such Security on
the most recent day.

3.

If there is no active public market, the General
Partner shall make a determination of the fair market value on the valuation
date, taking into consideration the tax basis of the Securities, developments
concerning the issuing company subsequent to the acquisition of the Securities,
the pricing of other private placements of Securities by the issuer to third
parties, the price of the Securities of other companies comparable to the
issuer, any financial data and projections of the issuing company provided to
the General Partner and such other factor or factors as the General Partner may
deem relevant.

(ii)

Securities subject to investment letter or other
restrictions on free Marketability:

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1.

The usual method of valuation shall be to make an
appropriate adjustment from the value determined under
Sections 9.2(b)(i)(1), (2), or (3) above to reflect the effect of the
restrictions on transfer.

2.

If the General Partner in good faith determines that,
because of special circumstances, the valuation methods set forth in this
Section 9.2 do not fairly determine the value of a Security, the General
Partner shall make such adjustments or use such alternative valuation method as
it deems appropriate.

9.3

Books and Records.

  Proper and complete books of account of
the affairs of the Partnership shall be kept under the supervision of the
General Partner at the registered office of the Partnership.  For purposes
of this Agreement, proper and complete books of account of the affairs of the
Partnership shall mean solely (i) the limited partnership agreement of
the Partnership and all amendments thereto; (ii) any statements filed
with the Registrar of Exempted Limited Partnerships of the Cayman Islands, and
all amendments thereto; (iii) register of limited partnership interests
setting forth the name and address of each Partner, the amount and date of each
contribution by a Partner and the amount and date of any payment representing a
return of any part of the contribution of any Partner; and (iv) register
of mortgages over limited partnership interests.

9.4

Semiannual Report.

  Within 45 days after the close of the
second Fiscal Quarter of each Fiscal Year, the General Partner shall transmit to
each Limited Partner the balance sheet and income statement of the Partnership
prepared in accordance with generally accepted accounting principles from its
books without audit and subject to year-end adjustments.

9.5

Annual Report; Financial Statements of the
Partnership.

  The General Partner shall transmit to
each Limited Partner within ninety (90) days after the close of each of the
Partnership's Fiscal Years, beginning with the Fiscal Year ending December 31,
2007, audited financial statements of the Partnership prepared in accordance
with generally accepted accounting principles.  Such financial statements
shall be audited by an independent public accounting firm of recognized national
standing.  The financial statements shall be accompanied by a report from
the General Partner to the Limited Partners, which shall include a summary
report from the General Partner on the affairs of the Partnership during the
Fiscal Year then ended. 

9.6

Confidentiality.

(a)

The Limited Partners hereby acknowledge that the
Partnership creates and will be in possession of confidential information the
improper use or disclosure of which could have a material adverse effect upon
the Partnership or upon one or more Partners or portfolio companies of the
Partnership.  The Partners hereby acknowledge that the rights of a Limited
Partner to obtain information from the Partnership shall be limited to only
those rights provided for in this Agreement, and that any other rights provided
under the Law shall not be available to the Limited Partners or applicable to
the Partnership.  Notwithstanding anything in this Agreement to the
contrary, including without limitation any requirement to deliver audited or
unaudited financial statements or to allow the inspection of the Partnership's
books, any information provided or disclosed to a Limited Partner may be
adjusted, at the General Partner's 

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sole discretion, such that the actual names and other
identifying data that relate to the Partnership's current, past or prospective
portfolio companies need not be disclosed to the Limited Partners.

(b)

The Limited Partners acknowledge and agree that all
non-public information provided to them by or on behalf of the Partnership or
the General Partner concerning the business or assets of the Partnership, a
Partner or a Portfolio Company (including, without limitation, this Agreement
and any amendments hereto as well as the Schedule of Partners if provided) shall
be deemed strictly confidential and shall be used by Limited Partners only in
furtherance of their interests as Limited Partners and, subject to disclosures
required by applicable law, each Limited Partner hereby agrees to maintain the
strict confidentiality of such financial statements and other information
provided to such Partner by the Partnership.  The General Partner hereby
consents to the disclosure by each Limited Partner of Partnership information to
such Limited Partner's accountants and attorneys as well as any other advisor or
agent so long as such advisor or agent is notified of the confidential nature of
such information and is bound by a substantially similar duty not to disclose
such information.  Notwithstanding the foregoing, to the extent required to
do so by its partnership or organizational  agreement, each Limited Partner
that is a partnership or limited liability company that has an obligation to
share any such financial statements or other confidential information relating
to the Partnership's performance and the valuation of the Partnership interest
of such Limited Partner with its equity holders for their use in furtherance of
their interests as equity holders of such Limited Partner, may share such
information with its partners or members; provided, however, that
such Limited Partner receive prior written approval from the General Partner as
to the type of such information to be provided by such Limited Partner to its
partners or members; provided, further, that the recipients of
such information are advised in writing of the confidentiality obligations of
the Limited Partner and such recipients agree to preserve the confidentiality of
such information consistent with the provisions hereof as if they were the
Limited Partner.  Each Limited Partner shall promptly notify the General
Partner of any unauthorized release or use of any confidential Partnership
information; moreover, each Limited Partner acknowledges and agrees that it
shall promptly notify the General Partner upon receipt of any notice from a
governmental or quasi-governmental agency (or any other agency, institution or
entity) or a court or administrative decision demanding that such Limited
Partner release any Partnership information, and such Limited Partner
acknowledges and agrees that it shall not release such confidential Partnership
information thereto for at least ten calendar days following such notification
to the General Partner unless otherwise required by law to release it prior to
the expiration of such ten-day period.  For purposes of this Section 9.6,
Partnership information (including information relating to a portfolio company
or another Partner) provided by one Limited Partner to another shall be deemed
to have been provided on behalf of the Partnership.

(c)

Notwithstanding any provision of this Agreement to
the contrary, in order to preserve the confidentiality of information
disseminated by the General Partner or the Partnership under this Agreement,
including, but not limited to, quarterly and annual reports (other than the IRS
Forms 1065, Schedule K-1s), information provided to the Advisory Board (or any
Advisory Board observers), and information provided at the Partnership's
informational meetings, and assuming that a Limited Partner is entitled to
receive such information pursuant to this Agreement, the General Partner may (i)
provide to such Limited Partner access to such information only on the
Partnership's website in password protected, non-downloadable, non-

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printable format for a reasonably limited period of
time (e.g., until such information is no longer current), and (ii) require such
Limited Partner to return any copies of information provided to it by the
General Partner or the Partnership, and such Limited Partner hereby agrees that,
upon reasonable request by the General Partner, it shall (and shall cause its
Affiliates and representatives to) promptly return (or certify in
writing to the Partnership the destruction thereof) all copies (whether paper or
electronic) of all materials containing such requested information.

(d)

The Limited Partners:  (i) acknowledge that the
General Partner is expected to acquire confidential third party information
(e.g., through directorships held by partners of the General Partner on the
Partnership's portfolio companies) that, pursuant to related fiduciary,
contractual, legal or similar obligations, cannot be disclosed to the
Partnership or the Limited Partners; and (ii) agree that neither the General
Partner nor its partners shall be in breach of any duty under this Agreement or
at law in consequence of acquiring, holding or failing to disclose such
information to the Partnership or the Limited Partners so long as such
obligations were undertaken in good faith.

(e)

Each Partner agrees to cooperate with such procedures
and restrictions as may be developed by the General Partner from time to time in
connection with the disclosure of non-public information concerning the General
Partner and the Partnership, including without limitation information concerning
the Partnership's portfolio companies, as determined by the General Partner to
be reasonably necessary and advisable to maintain and promote compliance with
legal and other regulatory matters applicable to the General Partner, the
Partnership, the Limited Partners and the Partnership's portfolio companies,
including securities law and regulation.  The obligations and undertakings
of each Limited Partner under this Section 9.6 shall be continuing and shall
survive termination of the Partnership.

(f)

The Partnership shall be entitled to enforce the
obligations of each Limited Partner under this Section 9.6 to maintain the
confidentiality of the financial statements of the Partnership and other
information provided by the Partnership or the General Partner to such Limited
Partner.  The remedies provided for in this Section 9.6 are in addition to
and not in limitation of any other right or remedy of the Partnership provided
by law or equity, this Agreement, or any other agreement entered into by or
among any one or more of the Partners and the Partnership.  In the event of
any legal proceedings relating to a breach of this Section 9.6 by a Limited
Partner, such Limited Partner shall pay all reasonable costs and expenses
incurred by the Partnership, including attorneys' fees.  Each Limited
Partner hereby (i) agrees that the remedy at law for damages resulting from its
default under this Section 9.6 is inadequate because the substantial value that
the Partnership derives from information concerning the Partnership and its
portfolio company investments requires that such information be kept
confidential, and (ii) consents to the institution of an action for
specific performance of its obligations keep confidential the Partnership
information in the event of such a breach of this Section 9.6.  Each
Limited Partner further agrees that any actions taken by the General Partner
under this Section 9.6 shall expressly supersede any duties the General
Partner may otherwise have to such breaching Limited Partner under this
Agreement, at law or otherwise.

(g)

To the extent permitted by applicable law, and
notwithstanding anything in this Agreement to the contrary, the General Partner
may, in its sole and absolute 

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discretion, keep confidential from any Limited
Partner information to the extent the General Partner reasonably determines
that:  (i) disclosure of such information to such Limited Partner likely
would have a material adverse effect upon the Partnership, a Partner or a
Portfolio Company due to an actual or likely conflict of business interests
between such Limited Partner and one or more other parties or an actual or likely
imposition of additional statutory or regulatory constraints upon the
Partnership, a Partner or a Portfolio Company; or (ii) in the case of a Limited
Partner that the General Partner reasonably determines cannot or will not
adequately protect against the disclosure of confidential information, the
disclosure of such information to a non-Partner likely would have a material
adverse effect upon the Partnership, a Partner, or a Portfolio Company.
 The foregoing provisions of this Section 9.6(g) shall not apply to permit
the General Partner to keep confidential from a Limited Partner any information
that such Limited Partner requires to comply with applicable law.  So long
as the General Partner acts pursuant to this Section 9.6(g), such action by the
General Partner shall not constitute a breach of this Agreement or of any duty
stated or implied in law or equity.

(h)

Each Limited Partner acknowledges and agrees that the
General Partner may consider the different circumstances of Limited Partners
with respect to the restrictions and obligations imposed on Limited Partners in
this Section 9.6 and the provision of information under this Agreement, and the
General Partner in its sole and absolute discretion may agree to waive or modify
any of such restrictions and/or obligations with respect to a Limited Partner
with the consent of such Limited Partner.  Each Limited Partner further
acknowledges and agrees that any such agreement by the General Partner with a
Limited Partner to waive or modify any of the restrictions and/or obligations
imposed by this Section 9.6 shall not constitute a breach of this Agreement or
of any duty stated or implied in law or in equity to any Limited Partner,
regardless of whether different agreements are reached with different Limited
Partners. 

9.7

Information Meetings.

  An annual information meeting of the
Partners shall be held at least once during each of the Partnership's Fiscal
Years beginning with the Fiscal Year ending December 31, 2006, at such time and
place as the General Partner may designate in a notice to the Limited Partners
delivered at least thirty (30) days in advance of the scheduled date of such
meeting.  The purpose of such meetings shall be to discuss the
Partnership's affairs and shall be purely informational in nature.  No
Limited Partner shall have any right to take part in or control any aspect of
the management of the Partnership or its affairs.

9.8

Advisory Board.

  The Partnership shall have an advisory
board responsible for reviewing the General Partner's determination of the fair
market value of the Partnership's assets and liabilities and for this purpose
may request such information concerning the Partnership's assets and liabilities
as is reasonable and taking such other actions as provided for in this Agreement
(the ''Advisory Board'').  The Advisory Board shall also provide the
Partnership and the General Partner with such counsel and advice as the General
Partner shall reasonably request, including (i) advice to the General Partner
with respect to any potential conflicts of interest between the General Partner
and the Partnership; (ii) approval of changes to the Partnership's investment
guidelines; and (iii) approval of any investments by the Partnership outside the
Partnership guidelines.

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(a)

The Advisory Board shall be comprised of the General
Partner, as a non-voting member and the chairman, and seven (7) to nine (9)
representatives of the Limited Partners of the Partnership designated by the
General Partner in its sole discretion, none of whom shall be an Affiliate of
the General Partner.  The Advisory Board representatives and members shall
be selected or changed by the General Partner from time to time (such selection
or change shall be in the sole discretion of the General
Partner and need not be based on the size of a Limited Partner's interest in the
Partnership).  The size of the Advisory Board may be increased at any time
to add additional members with the consent of the General Partner and all of the
members then comprising the Advisory Board.

(b)

The Advisory Board shall conduct its affairs in such
manner, and by such procedures as a majority of its members (the ''Board
Majority'') deems appropriate.  Special meetings of the Advisory Board may
be called at any time by the General Partner upon three (3) business days'
notice by the General Partner or by any two (2) members of the Advisory Board.
 All actions taken by the Advisory Board shall be taken by the Board
Majority.  Meetings and voting may be conducted in person, by telephone
conference or by written consent.  Attendance at any meeting may be by
proxy or delegate.  Notices to Advisory Board members shall be made
pursuant to the procedures set forth in Section 10.5.

(c)

Subject to the provisions of this Agreement, the
General Partner shall have the power at any time to determine, for all purposes
of this Agreement, the fair market value of any assets and liabilities of the
Partnership.  For each such determination, a statement setting forth in
writing in reasonable detail the fair market value of the Partnership's
portfolio, with necessary explanations thereof, shall be sent to each member of
the Advisory Board, who shall have fifteen (15) business days after the
transmittal of such notice to make known any objections to the valuation of
specific assets and liabilities.  If within thirty (30) business days of
the transmittal of such statement a Board Majority fails to notify the General
Partner of any objection of such determination, such determination shall be
final and conclusive.  If within the fifteen (15) business day period a
Board Majority notifies the General Partner of their specific objections to such
determination, the General Partner shall either submit a new determination in
place of the one disapproved or request a meeting with the Advisory Board to
discuss a mutually satisfactory valuation.  Any such objection shall be
made in writing and shall indicate briefly the reasons for such objection.
 If within thirty (30) business days thereafter values satisfactory to the
General Partner and the Advisory Board shall not have been determined, the
General Partner shall submit the dispute to arbitration in accordance with
Section 10.21.  In such arbitration, the General Partner and the Advisory
Board shall each select one arbitrator and the two arbitrators so selected shall
choose a third arbitrator to resolve the dispute.  The reasonable fees and
expenses of any arbitrator retained in accordance with the provisions hereof
shall be borne by the Partnership.

(d)

The Advisory Board shall take no part in the control
or management of the Partnership's affairs, nor shall the Advisory Board have
any power or authority to act for or on behalf of the Partnership.  No
member of the Advisory Board shall be liable to any Partner for any action taken
or omitted to be taken in good faith by it in connection with his participation
on the Advisory Board.

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ARTICLE X

OTHER
PROVISIONS

10.1

Execution and Filing of Documents.

  Concurrently with the execution of this
Agreement, the General Partner shall execute and file a statement in terms of
Section 10 of the Law with the Registrar of Exempted Limited Partnerships
of the Cayman Islands.

10.2

Other Instruments and Acts.

  The Partners agree to execute any other
instruments or perform any other acts that are or may be necessary to effectuate
and carry on the Partnership created by this Agreement. 

10.3

Binding Agreement.

  This Agreement shall be binding upon the
transferees, successors, assigns and legal representatives of the Partners.

10.4

Governing Law and Remedies for
Breach.

(a)

This Agreement shall be governed by and construed
under the laws of the Cayman Islands.

(b)

Except as otherwise specifically provided in this
Agreement, the remedies set forth in this Agreement are cumulative and shall not
exclude any other remedies to which a party may be lawfully entitled.

(c)

In determining what action, if any, shall be taken
against a Limited Partner in connection with such Limited Partner's breach of
this Agreement, the General Partner shall seek to obtain the best result (as
determined by the General Partner in its sole and absolute discretion) for the
Partnership and the other Partners.  Each Limited Partner hereby
specifically agrees that, in the event such Limited Partner violates the terms
of this Agreement, such Limited Partner shall not be entitled to claim that the
Partnership or any of the other Partners are precluded, on the basis of any
fiduciary or other duty arising in respect of such Limited Partner's status as
such, from seeking any of the penalties or other remedies permitted under this
Agreement or applicable law.

(d)

This Agreement shall not be construed for or against
any party by reason of the authorship or alleged authorship of any provisions
hereof or by reason of the status of the respective parties.

10.5

Notices.

  Any notice or other communication that a
Partner desires or is required to give to another Partner (to include financial
statements) shall be in writing, and shall (except as otherwise provided in this
Agreement) be deemed effectively given upon personal delivery or delivery by
nationally-recognized overnight courier or upon dispatch by registered or
certified mail, postage prepaid, or upon transmission by facsimile, electronic
mail or other similar means of electronic communication (with a successful
transmission record or without any returned message of delivery failure),
addressed to the other Partner at the address shown on the Schedule of Partners
maintained in the books of the Partnership by the General Partner or at such
other address as a Partner may designate by fifteen (15) days' advance written
notice to the General Partner or the other Partners. 

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10.6

Power of Attorney.

  By signing this Agreement and by way of
securing its obligations hereunder, each Limited Partner designates and appoints
the General Partner its true and lawful attorney, in its name, place and stead
to make, execute, sign and file such instruments, documents or certificates that
may from time to time be required of the Partnership by the laws of the United
States of America, the Cayman Islands or any other state or other jurisdiction;
provided, however, that in no event shall the General Partner be
deemed to have the authority under this Section 10.6 to take any action
that would result in any Limited Partner losing the limitation on liability
afforded by the Law.  Such attorney is not hereby granted any authority on
behalf of a Limited Partner to amend this Agreement except that as attorney for
each Limited Partner, the General Partner shall have the authority as attorney
in fact for each Limited Partner to amend this Agreement as may be required to
effect admission of additional partners or transfers of Partnership interests
pursuant to this Agreement.  The power of attorney granted pursuant to this
Section 10.6 is irrevocable and shall not be revoked by the Bankruptcy,
Incompetency, death or disability or other event of legal incapacity of the
granting Limited Partner.  If specifically requested by a Limited Partner,
the General Partner may vote such Limited Partner's interest in its sole and
absolute discretion in respect of any proposed amendments to this Agreement.
 Promptly after the entering into of instruments, documents or certificates
by the General Partner, the General Partner shall provide copies of such
instruments, documents or certificates to the Limited Partners.

10.7

Amendment.

(a)

Procedure.  Subject
to Section 10.6 and subparagraph (c) below, this Agreement may be amended
only with the prior written consent of the General Partner and Two-Thirds in
Interest of Limited Partners; provided, however, that (i) Section
10.12 may not be amended without the further prior written consent of the
Advisory Company, (ii) Section 10.18 may not be amended without the further
prior written consent of Two-Thirds in Interest of ERISA Partners, (iv) Section
10.19 may not be amended without the further prior written consent of Two-Thirds
in Interest of Non-U.S. Limited Partners, (v) an amendment to any provision of
this Agreement that calls for a higher level of approval of the Partners or the
approval of certain specified Partners shall, in addition to the required
percentage set forth in this Section 10.7, require the same form of approval as
is set forth in such provision, and (vi) an amendment to any provision of this
Agreement that increases the Capital Commitment of a Partner shall require the
prior written consent of such Partner.  No material term or condition
contained in the exhibits to this Agreement may be waived, discharged,
terminated, or modified without the prior written consent of the General Partner
and Two-Thirds in Interest of Limited Partners.  Any amendment of this
Agreement pursuant to this Section 10.7(a) shall be binding upon and inure to
the benefit of all of the Partners.

(b)

Waiver.
 Notwithstanding the above, the Partnership's, the General Partner's, the
Ultimate General Partner's or the Advisory Company's (or any of their members',
partners', shareholders' or employees') noncompliance with any provision hereof
in any single transaction or event may be waived in writing by Three-Fourths in
Interest of Limited Partners.  No waiver shall be deemed a waiver of any
subsequent event of noncompliance.

(c)

Amendment without Consent.
 Notwithstanding the foregoing provisions, the General Partner may amend
this Agreement, without the consent of the Limited 

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Partners, (i) to make a change that is necessary or
desirable to cure any ambiguity or inconsistency and to make changes to satisfy
any requirements, conditions or guidelines contained in any opinion, directive,
order, ruling, regulation or statute of any governmental body which will not be
inconsistent with this Agreement, in both cases, subject to the requirement that
each Limited Partner not be materially and adversely affected; or (ii) to make
changes to prevent the Partnership or the General Partner from in any manner
being deemed an ''investment company'' subject to the provisions of the 1940
Act; or (iii) to prevent any material and adverse effect to the Partnership or
any Limited Partner arising from the application of legal restrictions to any
Limited Partner, subject to the requirement that no Limited Partner be
materially adversely affected without its prior written consent; or (iv) to
reflect changes made in the composition of the Limited Partners and their
respective Capital Commitments in accordance with the provisions of this
Agreement.  Promptly after entering into any amendment pursuant to this
subsection (c), the General Partner shall provide the Limited Partners a copy of
such amendment.  

10.8

Effective Date.

  This Agreement shall be effective on the
date that this Agreement is executed. 

10.9

Entire Agreement; Counterparts.

  Except for any additional letter
agreements from the General Partner to certain Limited Partners, investor
questionnaires or subscription agreements, this Agreement constitutes the entire
agreement of the Partners and supersedes all prior agreements between the
Partners with respect to the Partnership.  This Agreement may be executed
in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument.

10.10

Board Activity.

  The amount, if any, of any compensation
for services paid to the General Partner or partners or Affiliates of the
General Partner from any company or entity in which the Partnership may have an
interest shall not be included in Partnership income or otherwise be payable to
the Partnership.  In no event shall any provision of this Agreement be
interpreted as preventing (or limiting in any respect) the General Partner or
any partner of the General Partner or any of their Affiliates or agents from
taking an active role in or receiving compensation for founding or serving on
the boards of directors of companies, provided that the General Partner or any
partner of the General Partner or any of their Affiliates or agents (and not the
Partnership) is the contracting party to any such compensation agreements.
 Notwithstanding the foregoing, (i) the General Partner shall be under no
obligation to avoid the recognition of unrelated business taxable income by any
Tax-Exempt Limited Partner to the extent that such recognition is attributable
to the operation of a advisory fee offset hereunder; and (ii) the General
Partner may cause the Partnership to borrow for the purpose of funding a
purchase of Portfolio Securities pending the satisfaction of capital calls
issued under Article III in respect thereof. 

10.11

General Usage.

  The titles and subtitles used in this
Agreement are for convenience only and shall not be considered in the meaning or
interpretation of this Agreement.  Except where the context clearly
requires to the contrary or is otherwise stated:  (i) all references in
this Agreement to designated ''Sections'' are to the designated Sections and
other subdivisions of this Agreement, and all references in this Agreement to
designated ''Articles'' are to the designated Articles and other subdivisions of
this Agreement; (ii) all pronouns contained in this Agreement, and any
variations thereof, shall be deemed to refer to the masculine, feminine or

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neutral, singular or plural, as applicable, as to the
identity of any party may require; (iii) the word ''or'' shall not be applied in
its exclusive sense; (iv) ''including'' shall mean ''including, without
limitation''; (v) references to laws, regulations and other governmental rules,
as well as to contracts, agreements and other instruments, shall mean such rules
and instruments as in effect at the time of determination (taking into account
any amendments thereto effective at such time without regard to whether such
amendments were enacted or adopted after the effective date of this Agreement)
and shall include all successor rules and instruments thereto; (vi) references
to ''cash,'' ''$'' or ''dollars'' shall mean the lawful currency of the United
States; (vii) references to ''Federal'' or ''federal'' shall be to laws,
agencies or other attributes of the United States or other relevant national
government (and not to any State or locality thereof); (viii) the meaning of the
terms ''domestic'' and ''foreign'' shall be determined by reference to the
United States unless the context requires otherwise, (ix) references to ''days''
shall mean calendar days; references to ''business days'' shall mean all days
other than Saturdays, Sundays and days that are legal holidays in Hong Kong; (x)
days, business days and times of day shall be determined by reference to local
time in Hong Kong; and (xi) for purposes of the Law, the Limited Partners shall
constitute a single class or group of limited partners.

10.12

Partnership Name.

  Subject to the terms of this Agreement,
for the duration of the Partnership Term, the Advisory Company hereby grants to
the Partnership under any rights owned or controlled by the Advisory Company a
non-exclusive, non-transferable, non-sublicensable royalty-free license to use
the marks ''China Broadband Capital Partners'', ''CBC'' and ''CBCP''
(collectively, the ''Marks'') as part of the Partnership's name and in
connection with the general operation of the Partnership using that name.
 The Limited Partners and the General Partner acknowledge that the Advisory
Company shall have the right to terminate the foregoing license at any time upon
written notice, and that the Partnership shall cease all use of the Marks upon
receipt of such notice of termination whether or not the Advisory Company has
any rights in the Marks.  The Advisory Company retains all rights, title
and interest in the Marks.  All goodwill from the Partnership's use of the
Marks shall accrue to the Advisory Company, and at no time during the
continuation or upon dissolution of the Partnership shall any value be placed on
the Partnership name, or the right to its use, or the goodwill, if any, attached
thereto for any purposes, nor shall such name or the right to its use be
considered an asset of the Partnership.  The Limited Partners and the
General Partner agree not to challenge the Advisory Company's rights in any of
the Marks.  The Partnership shall comply with all standards and conditions
maintained by the Advisory Company in connection with all use of the Marks by
the Partnership.  All usage of the Marks by the Partnership shall include
the appropriate trademark or service mark symbol as directed by the Advisory
Company from time to time.  The Advisory Company shall have the sole right,
but not the obligation, to file in the appropriate government or other
applicable offices of each country in the world, at its own expense, trademark
and service mark and domain name applications for the Marks or any marks
confusingly similar to the Marks.  No Partner shall, by virtue of its
ownership of an interest in the Partnership, hold any right, title or interest
in or to the Marks.  Upon termination of the Partnership or the foregoing
license for any reason, the Partnership shall have no right to use any of the
Marks in any manner and shall immediately cease all use of the Marks.

10.13

Exculpation.

  Notwithstanding any other terms of this
Agreement, whether express or implied, or obligation at law or in equity,
neither the Ultimate General Partner, the General Partner nor the Advisory
Company nor their members, partners, former members, 

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assignees, employees, agents or Affiliates, nor
Advisory Board members in their capacities as Advisory Board members,
(individually, an ''Exculpated Party'' and collectively, the ''Exculpated
Parties'') shall be liable to a Limited Partner or the Partnership for honest
mistakes of judgment, or for action or inaction, taken reasonably and in good
faith for a purpose that was reasonably believed to be in the best interests of
the Partnership, or for losses due to such mistakes, action or inaction, or to
the negligence, dishonesty, or bad faith of any employee, broker, or other agent
of the Partnership, provided that such employee, broker, or agent was selected,
engaged or retained and supervised with reasonable care.  The General
Partner may consult with counsel and accountants in respect of Partnership
affairs and be fully protected and justified in any action or inaction that is
taken in accordance with the advice or opinion of such counsel or accountants,
provided that (i) such advice or opinion is based on all material facts known by
the General Partner and such counsel or accountant at the time such advice or
opinion is rendered (and excluding any such material facts as are discovered
after such advice or opinion is given), and (ii) such counsel and/or accountants
shall have been selected with reasonable care.  Notwithstanding any of the
foregoing to the contrary, the provisions of this Section 10.13 and of
Section 10.14 shall not be construed so as to relieve (or attempt to
relieve) any Exculpated Party of any liability by reason of recklessness, fraud,
intentional wrongdoing or gross negligence or to the extent (but only to the
extent) that such liability may not be waived, modified or limited under
applicable law, but shall be construed so as to effectuate the provisions of
this Section 10.13 and of Section 10.14 to the fullest extent
permitted by law.  The terms ''recklessness'', ''fraud'', intentional
wrongdoing'' and ''gross negligence'' when used in this Agreement shall have the
meaning attributed to such term by the laws of the State of Delaware.

10.14

Indemnification.

  The Partnership agrees to indemnify, out
of the assets of the Partnership only, the Ultimate General Partner, the General
Partner and the Advisory Company and their respective partners, members,
employees, and agents and former partners, members, employees and agents, and
Advisory Board members in their capacities as Advisory Board members (the
''Indemnified Persons'') to the fullest extent permitted by law and to save and
hold them harmless from and in respect of all (a) reasonable fees, costs,
and expenses (including reasonable attorneys' fees) paid in connection with or
resulting from any claim, action, or demand, whether judicial, administrative,
investigative or otherwise and of any nature whatsoever, against or involving an
Indemnified Person or the Partnership, that arise out of or in any way relate to
or are incidental to the Partnership, its properties, business, or affairs
(including acting as a director of a company any securities of which the
Partnership owns or has owned) and (b) such claims, actions and demands and
any losses, fines or damages resulting from such claims, actions and demands,
including amounts paid in settlement or compromise (if recommended by attorneys
for the Partnership) of any such claim, action or demand (collectively (a) and
(b) are referred to herein as ''Indemnifiable Amounts''); provided,
however, that this indemnity shall not extend to conduct not undertaken
in good faith nor to any recklessness, fraud, intentional wrongdoing, or gross
negligence.  The Partnership may, in the sole discretion of the General
Partner, advance to any Indemnified Person reasonable attorney's fees and other
costs and expenses incurred in connection with the defense of any such action or
proceeding; provided, however, the Partnership shall not advance
such attorney's fees and other costs and expenses in respect of actions
initiated against an Indemnified Person by a Majority in Interest of the Limited
Partners.  In connection with the advancement of any expenses hereunder,
the Indemnified Person shall execute an undertaking to repay the advancement to
the Partnership if it shall be determined by a court of competent jurisdiction
or by an arbitration proceeding in 

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accordance with Section 10.21 that such party was not
entitled to indemnification under this Section 10.14.  If it shall be
determined by a court of competent jurisdiction or by an arbitration proceeding
in accordance with Section 10.21 that such party was not entitled to
indemnification under this Section 10.14 with respect to such judgment,
costs or expenses, then such party shall not be indemnified with respect to such
judgment, costs or expenses and any advancement shall be returned to the
Partnership by the Indemnified Person.  The General Partner on its own
behalf and on behalf of other persons for whose benefit indemnity hereunder is
provided shall seek indemnification with respect to liability arising from
service as a director or officer (or the equivalent) of a portfolio company from
such portfolio company (or prior portfolio company, if applicable), or insurance
of the portfolio company (if any), prior to invoking the provisions of this
Section.  It is agreed and understood that the foregoing obligations to
seek indemnification from other sources shall only reduce the Partnership's
obligation of indemnification hereunder to the extent indemnification is
received by the Indemnified Person from such other sources.
 Notwithstanding the foregoing, the Partnership shall not be obligated to
provide the indemnification set forth in this Section 10.14 in connection with
or resulting from any claim, action or demand between two Indemnified
Persons.

10.15

Limitation of Liability of the Limited
Partners.

(a)

Except as otherwise required by law, no Limited
Partner, in its capacity as such, shall be bound by, nor be personally liable
for, the expenses, liabilities or obligations of the Partnership in excess of
such Partners' Capital Commitment to the Partnership; provided,
however, that the foregoing shall not limit any obligation or liability
of any Limited Partner to the Partnership set forth in this Agreement or to the
extent such obligation or liability is required by law and cannot be determined
by agreement of the parties hereto.  Each Limited Partner shall be
obligated and liable to the Partnership as expressly provided in this Agreement,
including without limitation, the obligation to make capital contributions
pursuant to Article III and for any obligation or liability of such Limited
Partner to the Partnership pursuant to Section 12.7.  Notwithstanding the
foregoing, a Limited Partner that receives a distribution (i) in violation of
this Agreement or (ii) that is required to be returned to the Partnership under
applicable law shall return such distribution immediately upon demand therefor
by the General Partner.  An Optionor shall return within 30 days after
demand therefor by the General Partner any distribution the return of which is
necessary or convenient to give effect to the provisions of Section 3.5.
 The General Partner may, in its sole and absolute discretion, cause the
Partnership to elect to withhold or offset from any distributions otherwise
payable to a Partner amounts due to the Partnership from such
Partner.

(b)

If (i) the Partnership incurs a liability or
obligation under Section 10.14, (ii) the Partnership does not have sufficient
available funds or other resources to satisfy such liability or obligation and,
(iii) each Partner (other than an Optionor) has already made aggregate
contributions equal to such Partner's Capital Commitment, then the General
Partner may require that each Partner make additional contributions to the
capital of the Partnership, upon not less than fifteen (15) days' prior written
notice from the General Partner, of its pro-rata share, based on the amount of
distributions received by it (including any predecessor in interest) from the
Partnership, of the amount necessary to satisfy such liability or obligation;
provided, however, that no Partner shall be required to contribute
an aggregate amount pursuant to this Section  greater than the lesser of
(x) 50% of the aggregate amount of distributions made 

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to such Partner (and such Partner's predecessors in
interest), and (y) 20% of such Partner's Capital Commitment (provided, however,
that the limitation provided in this clause (y) shall not apply with respect to
the General Partner) and (z) the aggregate amount of distributions received by
the Partner (and such Partner's predecessors in interest) from the Partnership
during the period beginning on the Recallable Distribution Date (as defined
below) and ending on the date of the capital call issued by the General Partner
pursuant to this Section 10.15(b) ; For purposes of the foregoing, the ''Recallable
Distribution Date'' shall mean the earlier of:  the date that is two years
prior to date of the capital call issued by the General Partner pursuant to this
Section 10.15(b)  and the date on which the General Partner has provided written
notice to the Limited Partners of circumstances the General Partner reasonably
believes could give rise to a claim against the Partnership requiring additional
contributions to the capital of the Partnership under this Section 10.15(b).  A
Partner's obligation to make contributions to the Partnership under this Section
10.15(b) shall survive the liquidation of the Partnership, and the Partnership may
pursue and enforce all rights and remedies it may have against each Partner
under this Section 10.15(b), including instituting a lawsuit to collect contribution
with interest from due date at the prime rate of The Hong Kong and Shanghai
Banking Corporation Limited, Hong Kong Branch as at the due date, plus 2% per
annum.  This Section 10.15(b) shall be read together with, and shall be
applied in a manner consistent with, the General Partner's obligation to return
certain distributions set forth in Section 8.3.  The provisions of this
Section 10.15(b) shall not be construed or interpreted as inuring to the benefit of
any creditor of any of the Partnership, a Limited Partner, the General Partner
or an Indemnified Person.

10.16

Tax Matters Partner.

  The General Partner shall be the
Partnership's Tax Matters Partner (''TMP'') within the meaning of Section
6231(a)(7) of the Code.  The TMP shall have the right to resign by giving
thirty (30) days' written notice to the Limited Partners.  Upon the
resignation, dissolution or Bankruptcy of the TMP, a successor TMP shall be
elected by a Majority in Interest of the Limited Partners.  The TMP shall
employ experienced tax counsel to represent the Partnership in connection with
any audit or investigation of the Partnership by the United States Internal
Revenue Service (''IRS'') and in connection with all subsequent administrative
and judicial proceedings arising out of such audit.  The fees and expenses
of such, and all expenses incurred by the TMP in serving as the TMP, shall be
Partnership expenses pursuant to Section 5.2 and shall be paid by the
Partnership.  Notwithstanding the foregoing, it shall be the responsibility
of the General Partner and of each Limited Partner, at their expense, to employ
tax counsel to represent their respective separate interests.  No Partner
shall file a notice with the IRS under Section 6222(b) of the Code in connection
with such Partner's intention to treat an item on such Partner's Federal income
tax return in a manner which is inconsistent with the treatment of such item on
the Partnership's Federal income tax return unless such Partner has, not less
than 30 days prior to the filing of such notice, provided the TMP with a
copy of the notice and thereafter in a timely manner provides such other
information related thereto as the TMP shall reasonably request.  If the
TMP is required by law or regulation to incur fees and expenses in connection
with tax matters not affecting each of the Partners, then the TMP may, in its
reasonable discretion, seek reimbursement from or charge such reasonable fees
and expenses to the Capital Accounts of those Partners on whose behalf such fees
and expenses were incurred.  The TMP shall keep the Limited Partners
informed of all administrative and judicial proceedings, as required by Section
6223(g) of the Code, and shall furnish a copy of each notice or other
communication received by the TMP from the IRS to each Limited Partner, except
such 

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notices or communications as are sent directly to
such Partner by the IRS.  The relationship of the TMP to the Limited
Partners is that of a fiduciary, and the TMP has a fiduciary obligation to
perform its duties as TMP in such manner as will serve the best interests of the
Partnership and all of the Partnership's partners.  To the fullest extent
permitted by law, the Partnership agrees to indemnify the TMP and its agents and
save and hold them harmless, from and in respect to all (i) reasonable
fees, costs and expenses in connection with or resulting from any claim, action,
or demand against the TMP, the General Partner or the Partnership that arise out
of or in any way relate to the TMP's status as TMP for the Partnership, and
(ii) all such claims, actions, and demands and any losses or damages
therefrom, including amounts paid in settlement or compromise of any such claim,
action, or demand; provided that this indemnity shall not extend to conduct by
the TMP adjudged (i) not to have been undertaken in good faith to promote
the best interests of the Partnership or (ii) to have constituted
recklessness or intentional wrongdoing by the TMP.

10.17

Service Related Income.

  The Partnership shall use its reasonable
best efforts to conduct its affairs so that all of its net income is from
dividends, interest, and capital gains and losses from the disposition of
property, and rents and royalties, but only such rents and royalties as are
excluded, pursuant to Section 512(b)(2) and (3) of the Code in calculating
unrelated business taxable income to ensure that (a) the Partnership will
not constitute a ''business enterprise'' for purposes of the excess business
holdings provisions of Section 4943 of the Code, and (b) no Tax-Exempt
Partner shall be deemed to have unrelated business taxable income.  As used
herein, a ''Tax-Exempt Partner'' shall mean a Limited Partner that is exempt
from United States federal income tax or a limited partnership that has one or
more limited partners that are exempt from United States federal income tax, and
that in each case so indicates on its Investor Questionnaire.  The General
Partner shall use its reasonable best efforts to ensure that the Partnership
shall not enter into any transaction, not otherwise exempt, that would
constitute participation by the Partnership or any Limited Partner in a
''prohibited transaction'' as defined in Section 4975 of the Code.  With
respect to any investments in, or acquisition of the Securities of or other
interests in a Portfolio Company that is a partnership or other unincorporated
entity, the General Partner shall be deemed to have complied with this
Section 10.17 if the partnership agreement or other applicable documents of
the Portfolio Company contain provisions regarding unrelated business taxable
income offering the limited partners substantially the same protection as
offered by this Section 10.17.  Notwithstanding the foregoing, the General
Partner shall be under no obligation to avoid the recognition of unrelated
taxable business income by any Tax-Exempt Partner to the extent that such
recognition is attributable to the operation of an advisory fee offset
hereunder.  Notwithstanding the foregoing provisions of this Section 10.17
or of Section 7.2(a), the Partnership may engage in temporary borrowing
activities for the purpose of making investments in portfolio Securities pending
the satisfaction of capital calls issued pursuant to Section 3.2, provided that
the General Partner determines that the portfolio Securities so acquired are
unlikely to be sold or otherwise disposed of in a taxable transaction within one
year of the date that such borrowings are paid off.  In no event shall the
General Partner (or any other person or entity) be liable for monetary damages
resulting from or arising out of its breach of this
Section 10.17.

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10.18

ERISA Partners.

(a)

The General Partner, on behalf of the Partnership,
shall use its reasonable best efforts to ensure that at all times (i) there will
be no Limited Partner of the Partnership that is (X) an ''employee benefit
plan'' subject to Part 4 of Subtitle B of Title I of ERISA, or (Y) an entity
whose underlying assets are considered ''plan assets'' of an employee benefit
plan which is subject to Part 4 of Subtitle B of Title 1 of ERISA and which
invested in such entity (and in either case so indicates such status on its
Investor Questionnaire) (either, an ''ERISA Partner''), (ii) the Capital
Commitments of the ERISA Partners, if any, will not be ''significant'' (within
the meaning of the DOL Regulation), or (iii) the Partnership will qualify as a
''venture capital operating company'' and that none of the assets of the
Partnership shall be deemed to be ''plan assets'' of any Limited Partner that is
an ERISA Partner.  In the event that the Partnership becomes a venture
capital operating company, the Partnership shall cause reputable U.S. legal
counsel to issue an opinion to the ERISA Partners that the Partnership qualifies
as a venture capital operating company, and thereafter, the General Partner
shall certify in writing on an annual basis that the Partnership continues to so
qualify.  As used in the remainder of this Section 10.18, all terms in
quotation marks have the meanings assigned to them in the DOL Regulation.

(b)

In the event that either (i) the General Partner
shall determine that it has become necessary for any ERISA Partner to withdraw
from the Partnership or (ii) any ERISA Partner shall determine that it is
necessary for it to withdraw from the Partnership, in either case (a) in
order to avoid a material violation of, or breach of the fiduciary duties of any
person (other than a breach of the fiduciary duties of any such person based
upon the investment strategy of the Partnership or performance of the
Partnership) under ERISA or the related provisions of the Code if such ERISA
Partner continues as a Limited Partner of the Partnership, or (b) because
the assets of the Partnership are or will be deemed to be ''plan assets'' of
such ERISA Partner within the meaning of the DOL Regulation; then the General
Partner or such ERISA Partner, as the case may be, shall deliver to the other a
notice (''Event Notice'') to that effect, accompanied by a materially
unqualified opinion of counsel (which may be counsel retained or employed by the
General Partner or such ERISA Partner, as the case may be, so long as such
counsel shall be reasonably acceptable to such ERISA Partner and the General
Partner) confirming the necessity of such withdrawal (in the case of (a) above
such opinion shall state that it is more likely than not that such withdrawal is
necessary in order to avoid a material violation of, or breach of the fiduciary
duties of any person (other than a breach of the fiduciary duties of any such
person based upon the investment strategy of the Partnership or performance of
the Partnership) under ERISA or the related provisions of the Code if such ERISA
Partner continues as a Limited Partner of the Partnership) and explaining in
reasonable detail the reasons therefor.  In the case of such Event Notice
from the ERISA Partner, unless within 90 days after the date on which such
notice was given, the General Partner or the ERISA Partner, using reasonably
practical efforts, as appropriate, are able to eliminate the necessity for such
withdrawal to the reasonable satisfaction of such ERISA Partner and its counsel,
whether by correction of the condition giving rise thereto or amendment of this
Agreement or otherwise, such ERISA Partner shall be entitled, at its election,
upon written notice (the ''Withdrawal Notice'') to the General Partner, to
withdraw from the Partnership on the terms set forth in Section 10.18(c) below
(the date of such Withdrawal Notice shall be the effective date of such
withdrawal).  In the case of such Event Notice from the General Partner,
such ERISA Partner shall be required to withdraw 

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from the Partnership on the terms set forth in
Section 10.18(c) below unless, within 90 days after the date on which such Event
Notice was given, the General Partner or the ERISA Partner, using reasonably
practicable efforts, as appropriate, shall eliminate the necessity for such
withdrawal to the reasonable satisfaction of the General Partner and its
counsel, whether by correction of the condition giving rise thereto or an
amendment to this Agreement or otherwise (the first business day following the
end of such 90 day period shall be the effective date of such withdrawal).
 The obligation of the ERISA Partner to make additional capital
contributions pursuant to Section 3.2 shall be suspended during the above
referenced ninety (90) day period and shall be terminated if such ERISA Partner
withdraws pursuant to Section 10.18(c) below.

(c)

The withdrawing Limited Partner shall be entitled to
receive within ninety (90) days after the effective date of such withdrawal an
amount equal to the excess, if any, of the positive closing Capital Account
balance the Limited Partner would have had (computed as provided in Section
8.2(b)) if such effective date had constituted a Date of Dissolution (as defined
in Section 8.2(a)) over the aggregate amount of distributions (with such
distributions valued at fair market value as of the date of such distribution)
made to such Limited Partner from and after such effective date.  The
General Partner shall provide the withdrawing Limited Partner with a written
explanation of its determination of the Capital Account of such withdrawing
Limited Partner as computed pursuant to the preceding sentence within sixty (60)
days of the effective date of such withdrawal.  The withdrawing Limited
Partner shall thereafter have ten (10) business days from the date of
receipt of such notice to make known any objections to such determination.
 Any such objection made shall indicate briefly the reasons for such
objection.  If within ten (10) business days of the date of receipt of such
determination, the withdrawing Limited Partner fails to notify the General
Partner of any objection to such determination, such determination shall be
final and conclusive.  If within the ten (10) day period the withdrawing
Limited Partner notifies the General Partner of its objection to such
determination, the General Partner and the withdrawing Limited Partner shall
attempt to agree upon a mutually acceptable determination.  If within ten
(10) days of the first-mentioned ten (10) day period a determination
satisfactory to the General Partner and the withdrawing Limited Partner shall
not have been agreed to, the General Partner shall submit the dispute between
the General Partner and the withdrawing Limited Partner to arbitration in
accordance with Section 10.21.  The fees and expenses of any
arbitrators retained in accordance with the provisions hereof shall be borne
equally by the Partnership and the withdrawing Limited Partner.

(d)

Any distribution or payment to a withdrawing Limited
Partner pursuant to the above subparagraph (c) may, in the sole discretion
of the General Partner, be made in cash, in Securities (in which event the
withdrawing Limited Partner shall not, without its express written consent, be
distributed more than its pro-rata interest in any type, class or portion of the
Partnership's Securities, and if such a pro-rata distribution would cause the
withdrawing Limited Partner to be distributed an amount of any Security that
would cause such withdrawing Limited Partner to own or control in excess of the
amount of such Security that it may lawfully own or control without tax penalty,
then the withdrawing Limited Partner may notify the General Partner of such
fact, and upon receipt of such notice the General Partner shall allow the
withdrawing Limited Partner to designate a different entity to receive such
distribution or designate, subject to the approval of the General Partner, an
alternate distribution procedure), in the form of a promissory note, the terms
of which shall be mutually agreed upon by the General Partner and the
withdrawing Limited Partner, or any combination thereof.  In the event that
the 

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ERISA Partner shall provide an opinion reasonably
acceptable to the General Partner (which counsel may be employed by the ERISA
Partner so long as such counsel is reasonably acceptable to the General Partner)
that it is more likely than not that acceptance or retention of the promissory
note by such ERISA Partner pursuant to this Section 10.18 would result in a
violation of ERISA or the related provisions of the Code, then the General
Partner shall use its reasonable best efforts to use an alternative means of
making such payment or distribution.

(e)

In lieu of the procedures for redemption of an
interest set forth in this Section 10.18, the General Partner may, subject
to the requirements of ERISA and the related provisions of the Code, cause some
or all of the interest of the withdrawing Limited Partner to be sold to any
other persons or entities in accordance with the procedures set forth in
Section 3.5, and the proceeds thereof to be remitted to the withdrawing
Limited Partner; provided, however, that the price at which such
interest or any portion thereof may be sold shall be computed in the same manner
as is the amount due to the withdrawing Limited Partner as set forth in this
Section 10.18.

(f)

If the General Partner shall so elect, the General
Partner and the Partnership shall no longer be required to comply with Section
10.18(a) above at any time after the General Partner determines (i) that the
equity participation in the Partnership by ''benefit plan investors'' is not
''significant'' as such term is defined in the DOL Regulation (as in effect on
the effective date of this Agreement), and (ii) not to permit a Transfer of an
interest in the Partnership or an interest in the Partnership's capital assets
or property pursuant to Section 7.7 if such admission or Transfer would result
in the equity participation in the Partnership by ''benefit plan investors''
being ''significant''.  If the General Partner so elects to discontinue
compliance of its obligations under Section 10.18(a) above pursuant to this
Section 10.18(f), then thereafter, notwithstanding any other provision of this
Agreement, no Transfer of Limited Partner interests to, or admission of, a
''benefit plan investor'' shall be permitted if the General Partner shall
determine that such Transfer shall cause the equity participation of ''benefit
plan investors'' to be ''significant.''

(g)

In addition to the foregoing, in the event that
assets of the Partnership would otherwise be ''plan assets'' in respect of an
ERISA Limited Partner within the meaning of the DOL Regulation, the General
Partner may take such actions as the General Partner determines are reasonably
necessary to ensure that such ERISA Partner will not be in violation of ERISA or
the terms of its governing instruments in consequence of its participation in
the Partnership and that the assets of the Partnership will not constitute
''plan assets.''  Such actions may include, but shall not be limited to,
any one or more of the following:  (i) segregation of the interests of
one or more affected ERISA Partners into a separate entity;
(ii) appointment of an adviser that is a registered investment adviser
under the United States Investment Advisers Act of 1940, as amended; (iii)
redemption of an affected ERISA Partner's interest in the Partnership; and (iv)
such other actions as the General Partner and all affected ERISA Partners shall
agree are necessary or appropriate.

10.19

Avoidance of Trade or Business
Status.

  Except to the extent inconsistent with
the General Partner's obligations hereunder, the General Partner will use its
reasonable best efforts to conduct the affairs of the Partnership so as to
(i) avoid having the Partnership treated as engaged in a trade or business
within the United States for purposes of Sections 875, 882, 884 

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and 1446 of the Code; (ii) conduct the affairs
of the Partnership so that the Partnership does not invest in United States real
property interests as that term is defined in Section 897 of the Code; and
(iii) conduct the affairs of the Partnership in a manner that will not result in
the Partnership and any Non-U.S. Limited Partner becoming liable for payment of
any United States taxes other than withholding taxes or the filing of any United
States tax return by a Non-U.S. Limited Partner (other than a tax return
relating solely to withholding taxes); provided, however, that in
no event shall clause (ii) be interpreted as preventing or in any way limiting
the General Partner from investing in corporations in the cable, cellular or
other telecommunications or technology industries if such investment would not
be prohibited under this Agreement in the absence of clause (ii).
 Accordingly, the General Partner agrees, to the extent legally
permissible, to file all national, state and local tax returns and reports of
the Partnership in a manner consistent with such treatment.  The General
Partner shall not cause the Partnership to invest in any other partnership
unless such other partnership agrees to use its reasonable best efforts to
conduct its activities in a manner such that those activities will not cause the
Partnership to be engaged in a trade or business within the United States for
purposes of Section 875, 882, 884 and 1446 of the Code.  With respect
to any investments in, or acquisition of the Securities of or other interests in
a Portfolio Company that is a partnership or other unincorporated entity, the
General Partner shall be deemed to have complied with this Section 10.19 if
the partnership agreement or other applicable documents of such Portfolio
Company contain provisions regarding the matters set forth in this
Section 10.19 offering the Limited Partners substantially the same
protection as offered by this Section 10.19.  In no event shall the
General Partner (or any other person or entity) be liable for monetary damages
resulting from or arising out of its breach of this
Section 10.19.

10.20

Taxation as Partnership.

  The General Partner and each Limited
Partner (in their respective capacities as such) agree that such Partners shall
not undertake any action, including (without limitation) making regular bid or
offer quotes to buy or sell interests or derivative interests in the
Partnership, that will cause the Partnership to be, or create a substantial risk
that the Partnership will be, (i) classified as other than a partnership for
federal income tax purposes, or (ii) treated as a ''publicly traded
partnership'' within the meaning of Sections 469 or 7704 of the Code.  The
General Partner (in its capacity as such) further agrees that, at the expense of
the Partnership, it shall use commercially reasonable efforts to bar the
undertaking of any activity of which it has knowledge, including (without
limitation) the public quotation of regular offers to buy or sell interests or
derivative interests in the Partnership, that will cause the Partnership to be,
or create a substantial risk that the Partnership will be, (i) classified as
other than a partnership for federal income tax purposes, or (ii) treated as a
''publicly traded partnership'' within the meaning of Sections 469 or 7704 of
the Code.  No Transfer of any Partnership interest (as defined in Treasury
Regulation Section 1.7704-1(a)(2)) or portion thereof shall be permitted or
recognized (within the meaning of Treasury Regulation Section 1.7704-1(d))
by the Partnership or the General Partner if and to the extent that (a) if such
Transfer were made, such Transfer would fail to qualify as a ''transfer not
involving trading'' pursuant to Treasury Regulation Section 1.7704-1(e), and (b)
immediately after such Transfer, if made, the Partnership, either as a result of
such Transfer or otherwise, would fail to qualify for the safe harbor for
''private placements'' set forth in Treasury Regulation Section 1.7704-1(h), and
(c) immediately after such Transfer, the Partnership, either as a result of the
Transfer or otherwise, would fail to qualify for the ''lack of actual trading''
safe harbor set forth in Treasury Regulation Section 1.7704-1(j), unless the
General Partner determines that such Transfer would 

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not otherwise cause the Partnership to be treated as
a ''publicly traded partnership'' within the meaning of Sections 469 or 7704 of
the Code.  The General Partner shall be permitted to rely on
representations made by the transferor Limited Partner and the transferee
Limited Partner in connection with any proposed Transfer of all or any portion
of any Partnership interest to the extent that the General Partner determines
that such representations are necessary or appropriate to satisfy the provisions
of Treasury Regulations Section 1.7704-1 or 7704 of the Code.

10.21

Arbitration.

  Except as otherwise specifically provided
for in this Agreement, and to the fullest extent permitted by law, any
controversy or claim arising out of or relating to this Agreement, or the breach
thereof, shall be settled by arbitration in Hong Kong at Hong Kong International
Arbitration Centre or at such other recognized centre in Hong Kong, in
accordance with the Rules of Arbitration of the International Chamber of
Commerce as such rules may be modified therein.  Judgment upon the award
rendered in connection with an arbitration proceeding pursuant to this Section
10.21 may be entered in any court having jurisdiction thereof.  The
language of the arbitration shall be English.  The Partners acknowledge and
agree that if any provision in this Agreement regarding arbitration or venue
conflicts with state law (or with respect to arbitration, a policy) applicable
to a State Entity Partner, then such state law or policy shall supersede such
Agreement provisions with respect to such State Entity Partner.

10.22

Counsel to the Partnership.

  Counsel to the Partnership may also be
counsel to the General Partner and the Advisory Company; provided that the
Partnership and the General Partner will not have the same counsel in connection
with any litigation or other controversy between the Partnership and the General
Partner.  The General Partner may execute on behalf of the Partnership and
the Partners any consent to the representation of the Partnership that counsel
may request pursuant to the California Rules of Professional Conduct or similar
rules in any other jurisdiction (''Rules'').  The Partnership has initially
selected Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP
and Walkers SPV Limited (''Partnership Counsel'') as legal counsel to the
Partnership.  Each Limited Partner acknowledges that Partnership Counsel
does not represent any Limited Partner in its capacity as a Limited Partner in
the absence of a clear and explicit written agreement to such effect between the
Limited Partner and Partnership Counsel (and then only to the extent
specifically set forth in such agreement), and that in the absence of any such
agreement Partnership Counsel shall owe no duties directly to a Limited Partner.
 In the event any dispute or controversy arises between any Limited Partner
and the Partnership, or between any Limited Partner or the Partnership, on the
one hand, and the General Partner or any Affiliate of the General Partner that
Partnership Counsel represents, on the other hand, then each Limited Partner
agrees that Partnership Counsel may represent such General Partner or the
Partnership (and in the case where the dispute is between any Limited Partner on
one hand, and both the Partnership and the General Partner on the other hand,
Partnership Counsel may represent both the Partnership and the General Partner)
in any such dispute or controversy to the extent permitted by the Rules, and
each Limited Partner consents to such representation.  Each Limited Partner
further acknowledges that, whether or not Partnership Counsel has in the past
represented or is currently representing such Limited Partner with respect to
other matters, Partnership Counsel has not represented the interests of any
Limited Partner in the preparation and negotiation of this Agreement.

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10.23

Public Pension Partners.

  In the event that any Limited Partner
that is a pension fund or retirement system for a government entity (a ''Public
Pension Partner'') or the General Partner obtains a written opinion of counsel,
such counsel to be reasonably acceptable to both the General Partner and such
Public Pension Partner, to the effect that as a result of either any act or
omission of the General Partner or any change after the date of this Agreement
in any applicable statute, regulation, case law or administrative ruling that
the continuation of such Public Pension Partner as a Limited Partner or the
conduct of the Partnership will result in a material violation by the
Partnership or the Public Pension Partner, or any entity that participates
directly in such Public Pension Partner, of any national or state law applicable
to public pension plans or any regulation, case law or administrative ruling
relating thereto (''Pension Laws'') other than a violation based upon the
investment strategy or performance of the Partnership, then such Public Pension
Partner may elect to withdraw from the Partnership, or upon demand of the
General Partner shall withdraw from the Partnership, upon the terms and
conditions provided in Paragraph 10.18 of this Agreement regarding withdrawal of
ERISA Partners (including without limitation, the right of the General Partner
and the right of the Limited Partner to eliminate the necessity for withdrawal
as set forth in Paragraph 10.18 (b), and the right of the General Partner
to cause the interest of the withdrawing Limited Partner to be sold in lieu of
redemption as set forth in 10.18(d)).

10.24

BHCA Partners.

(a)

The portion of any interest in the Partnership held
by a BHCA Partner (as defined below) individually or in the aggregate with any
of its Affiliates that are themselves BHCA Partners and, in each case, held for
their own account which is determined, at any time, to be in excess of 4.99% (or
such greater or lesser percentage as shall be established under the Bank Holding
Company Act (as defined below) from time to time without regard to Section 4(k)
thereof) of the total outstanding aggregate voting interests of all Limited
Partners, excluding any other interests that are Non-Voting Interests, shall
constitute a Non-Voting Interest to the extent of such excess above 4.99% (or
such other percentage), whether or not such interest is subsequently transferred
in whole or in part to any other person and shall not be included in determining
whether the requisite percentage of the Partners have consented to, approved,
adopted or taken any action hereunder (except as provided in subsection (d)
below).  Each BHCA Partner irrevocably waives its right to vote its
Non-Voting Interests on the selection of a successor general partner under
Section 15 of the Law. 

(b)

If at any time, as a result of any withdrawals by
Limited Partners pursuant to this Agreement or distributions to other Partners,
or for any other reason the General Partner expects the Capital Commitment of
any BHCA Partner individually or in the aggregate with any of its Affiliates
that are themselves BHCA Partners and, in each case, held for their own account
to exceed 24.99% of the total Capital Commitments of all Partners (or such
greater or lesser percentage as shall be established as permitted investments
under the Bank Holding Company Act from time to time without regard to Section
4(k) thereof), the General Partner shall immediately notify such BHCA Partner
and permit such BHCA Partner to immediately partially withdraw from the
Partnership in accordance with the terms and conditions provided in Sections
10.18(b) and (c) of this Agreement regarding withdrawal of ERISA Partners
(including without limitation, the right of the General Partner to eliminate the
necessity for withdrawal as set forth in Section 10.18(b)) to the extent
necessary to maintain such BHCA Partner's total investment in 

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the Partnership at a level below 25% (or the then
applicable percentage) of the Partnership's total Capital
Commitments.

(c)

If at any time, as a result of any withdrawals by
Limited Partners pursuant to this Agreement or distributions to other Partners,
or for any other reason the General Partner expects the Capital Commitment of
any FHC Partner individually or in the aggregate with any of its Affiliates to
exceed 24.99% of the total Capital Commitments of all Limited Partners, the
General Partner shall immediately notify such FHC Partner and permit such FHC
Partner to immediately partially withdraw from the Partnership in accordance
with the terms and conditions provided in Sections 10.18(b) and (c) of this
Agreement regarding withdrawal of ERISA Partners (including without limitation,
the right of the General Partner to eliminate the necessity for withdrawal as
set forth in Section 10.18(b)) to the extent necessary to maintain such FHC
Partner's total investment in the Partnership at a level below 25% (or the then
applicable percentage) of the aggregate Capital Commitments of the Limited
Partners.

(d)

For purposes of this Section 10.24:

(i)

''Bank Holding Company Act'' shall mean the U.S. Bank
Holding Company Act of 1956, as then in effect and as thereafter amended from
time to time, or any successor statute, including the rules and regulations
promulgated thereunder, and shall include the rules, regulations and
interpretations issued under the Bank Holding Company Act by the Board of
Governors of the Federal Reserve System of the United States (the ''Federal
Reserve Board''); provided, however, that references to the Bank
Holding Company Act in this Agreement and references to laws, regulations or
orders applicable to a BHCA Partner herein shall specifically exclude Section
4(k) of the Bank Holding Company Act and any rules, regulations or
interpretations issued by the Federal Reserve Board under such Section 4(k).
 Notwithstanding the foregoing, for purposes of Section 10.24(a) and
Section 10.24(b), the General Partner shall be entitled to rely on the Bank
Holding Company Act alone, excluding Section 4(k) thereof, for purposes of
determining whether any interest in the Partnership held by a BHCA partner in
excess of 4.99% (or such other percentage) shall constitute a Non-Voting
Interest and for purposes of determining if the Capital Commitment of a BHCA
Partner is expected to exceed 24.99% of the total capital accounts of all
Partners, unless such BHCA Partner has previously notified the General Partner
in writing of a change in such percentages under any rules, regulations or
interpretations issued by the Federal Reserve Board under the Bank Holding
Company Act and provided written evidence thereof.

(ii)

''BHCA Partner'' shall mean any Limited Partner that
is (or is an affiliate of a bank holding company or other entity that is)
subject to the Bank Holding Company Act or Regulation Y of the Board of
Governors of the Federal Reserve System, or a foreign banking organization
subject to the nonbanking restrictions of the Bank Holding Company Act, unless
such Limited Partner at the time of its admission to the Partnership provides a
notice in writing to the General Partner that it is not a BHCA Partner.
 BHCA Partners that are Affiliates of the same bank holding company shall
be considered a single BHCA Partner for purposes of this Section
10.24.

(iii)

''FHC Partner'' shall mean any Limited Partner that
is (or is an affiliate of a bank holding company that is) a financial holding
company as defined in the 

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Gramm-Leach-Bliley Act of the United States that has
merchant banking powers and that has given, at the time of its admission to the
Partnership, notice to the General Partner that it is making its investment
pursuant to such merchant banking powers.  FHC Partners that are Affiliates
of the same financial holding company shall be considered a single FHC Partner
for purposes of this Section 10.24.

(iv)

''Non-Voting Interest'' shall mean a limited
partnership interest in the Partnership that does not entitle the holder to
vote, consent or withhold consent with respect to any Partnership matter, except
with respect to matters that would significantly and adversely affect the
rights, preferences or limited liability of the limited partnership interest of
the BHCA Partner, such as modification of the terms of such limited partnership
interest in relation to other Partnership interests, the dissolution of the
Partnership or the making of any distributions by the Partnership to its General
Partner prior to making any required distributions to the Limited Partners.
 Except in the circumstances described in the immediately preceding
sentence, Non-Voting Interests shall not be counted as interests of Limited
Partners for purposes of determining under this Agreement whether any vote
required hereunder has been approved by the requisite percentage in interest or
Partnership Percentage of the Limited Partners.  Except as provided in this
Section 10.24, a limited partnership interest which is held as a Non-Voting
Interest shall be identical in all respects to all other interests held by
Limited Partners.

10.25

Anti-Money Laundering Compliance.

(a)

Each Limited Partner hereby acknowledges that the
Partnership seeks to comply with all applicable laws concerning money
laundering, terrorist financing and similar activities.  In furtherance of
such efforts, such Limited Partner hereby represents and agrees that, to the
best of such Limited Partner's knowledge based upon appropriate diligence and
investigation:  (i) none of the cash or property that is paid or
contributed to the Partnership by such Limited Partner shall be derived from, or
related to, any activity that is deemed criminal under United States law; and
(ii) no contribution or payment to the Partnership by such Limited Partner shall
(to the extent that such matters are within such Limited Partner's control)
cause the Partnership or the General Partner to be in violation of the United
States Bank Secrecy Act, the United States Money Laundering Control Act of 1986,
the United States International Money Laundering Abatement and Anti-Terrorist
Financing Act of 2001, the Proceeds of Criminal Conduct Law (2005 Revision) of
the Cayman Islands or the Money Laundering Regulations issued thereunder.
 Each Limited Partner shall promptly notify the General Partner if any of
the foregoing shall cease to be true and accurate with respect to such Limited
Partner.

(b)

Each Limited Partner hereby agrees to provide to the
General Partner any additional information regarding such Limited Partner deemed
necessary or convenient by the General Partner to ensure compliance with all
applicable laws concerning money laundering and similar illicit activities.
 Each Limited Partner understands and agrees that the Partnership or the
General Partner may release confidential information about such Limited Partner
and, if applicable, any underlying beneficial owners, to proper authorities if
the General Partner, in its sole discretion, determines that it is in the best
interests of the Partnership or its Affiliates in light of relevant rules and
regulations under the laws set forth above.

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(c)

Each Limited Partner understands and agrees that, if
at any time it is discovered that any of the foregoing representations are
incorrect, or if otherwise required by applicable law or regulation related to
money laundering and similar activities, the General Partner may undertake
appropriate actions to ensure compliance with applicable law or regulation,
including, but not limited to, segregation and/or redemption of such Limited
Partner's investment in the Partnership, cessation of further distributions to
such Limited Partner, refusal of future capital contributions by such Limited
Partner, and other similar acts.  In the event that the General Partner
takes any of the foregoing acts, each Limited Partner agrees that the General
Partner, in its sole, absolute and reasonable discretion, may manage the
remaining portion of such Limited Partner's investment in the Partnership
separate and apart from the Partnership's assets, including without limitation
selling or otherwise disposing of such assets and reinvesting the proceeds
therefrom.  The rights and obligations of the General Partner under this
Section 10.25 shall expressly supersede any duties that the General Partner may
have to such Limited Partner under the Law or otherwise.

(d)

In addition to any remedies at law or in equity, each
Limited Partner severally agrees to indemnify and hold harmless the Partnership,
the General Partner and its Affiliates and each other Limited Partner from and
against any and all losses, liabilities, damages, penalties, costs, fees and
expenses (including legal fees and disbursements) which may result, directly or
indirectly, from any acts taken by the General Partner in accordance with the
preceding paragraphs.

10.26

Change in Status.

  Each Limited Partner agrees to promptly
notify the General Partner if at any time such Limited Partner is or becomes a
FOIA Person (as defined in Section 7.3(g)).  In the event that any Limited
Partner is or becomes a FOIA Person (and such Limited Partner had not previously
disclosed in writing to the General Partner prior to such Limited Partner's
admission to the Partnership that it was a FOIA Person), then upon demand of the
General Partner such Limited Partner shall withdraw from the Partnership, upon
the terms and conditions provided in Section 10.18(c) regarding withdrawal of
ERISA Partners as if such Limited Partner were an ERISA Partner;
provided, however, that the amount actually payable to a
withdrawing FOIA Person shall equal fifty percent (50%) of the amount calculated
under Section 10.18(c) and such amount shall be paid to such FOIA Person upon
the Date of Dissolution.

ARTICLE XI

DEFINITIONS

1940 Act:  shall have
the meaning set forth in Section 7.4(b).

Adjusted Capital Account Balance of the General
Partner:  shall have the meaning set forth in
Section 6.4(k).

Advisory Board:
 shall have the meaning set forth in Section 9.8.

Affiliate:  With
reference to a partner, member or equity holder of the General Partner, the
Ultimate General Partner or the Advisory Company, (a) any corporation,
association, 

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partnership, limited liability company, limited
liability partnership or other entity of which such person has direct or
indirect control or is, directly or indirectly, a general partner or in a
similar position of management authority, or (b) a member of such individual's
immediate family.  With reference to the Ultimate General Partner or the
Advisory Company, any equity holder of the Ultimate General Partner or the
Advisory Company, respectively, or any person or entity controlling, controlled
by, or under direct or indirect common control with the Ultimate General Partner
or the Advisory Company, respectively.  With reference to a Limited
Partner, any person controlling, controlled by, or under direct or indirect
common control with such Limited Partner.  For purposes of this
Agreement, the words ''control,'' ''controlled'' or ''controlling,'' and such
other similar words and phrases as contextually appropriate, shall connote with
respect to any entity, the power to direct or cause the direction of the
management and policies of such entity, whether through the ownership of voting
interests, by contract, by applicable law, or otherwise. Notwithstanding the
foregoing and for the avoidance of doubt, with reference to Internet Network
Applications Limited, a Limited Partner, its Affiliates means PCCW Limited and
its subsidiaries.

Advisory Company:
 shall have the meaning set forth in Section 5.1(a). 

After-Tax Distribution Amount:  shall have the meaning set forth in
Section 8.3(a)(i).

Agreement:  This
Limited Partnership Agreement of China Broadband Capital Partners,
L.P.

Bank Holding Company Act:
 shall have the meaning set forth in Section 10.24(d)(i).

Bankruptcy:  A person
or entity shall be deemed bankrupt if:

(i)

any proceeding is commenced against such person or
entity as ''debtor'' for any relief under bankruptcy or insolvency laws, or laws
relating to the relief of debtors, reorganizations, arrangements, compositions,
or extensions and such proceeding is not dismissed within ninety (90) days after
such proceeding has commenced, or

(ii)

such person or entity commences any proceeding for
relief under bankruptcy or insolvency laws or laws relating to the relief of
debtors, reorganizations, arrangements, compositions, or extensions.

BHCA Partner:  shall
have the meaning set forth in Section 10.24(d)(ii).

Board Majority:
 shall have the meaning set forth in Section 9.8(b).

Book Value:  shall
have the meaning set forth in Section 4.2(a).

Bridge Securities:
 Securities (other than Money-Market Investments) which, when acquired by
the Partnership, are expected by the General Partner to be redeemed, liquidated
or otherwise disposed of within 12 months of the date of such
acquisition.

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Capital Account of the General
Partner:  shall have the meaning set forth in
Section 4.2(b). 

Capital Account:
 shall have the meaning set forth in Section 4.2(b). 

Capital Commitment:
 shall have the meaning set forth in Section 3.1. 

Capital Transaction Gain or Loss:  shall have the meaning set forth in Section 4.2(c).

Code:  The United
States Internal Revenue Code of 1986, as then in effect and as thereafter
amended from time to time, or any successor statute, including the rules and
regulations promulgated thereunder. 

Commencement Date:
 shall have the meaning set forth in Section 2.1(a).

Contingent Loss:
 shall have the meanings set forth in Section 4.2(d) and 4.5. 

Cost Basis:  shall
have the meaning set forth in Section 6.4(c). 

Date of Dissolution:
 shall have the meaning set forth in Section 8.2(a). 

Declaration Date:
 shall have the meaning set forth in Section 3.5(b).

Deemed ERISA Partner:
 Any Limited Partner that is a government employee benefit plan, or a
governmental entity that has derived the capital contributions made under this
Agreement from one or more government employee benefit plans, any Limited
Partner that is a limited partnership whose sole limited partner is within the
foregoing definition of Deemed ERISA Partner, and any Limited Partner that is a
limited liability company whose sole non-managing member is within the foregoing
definition of Deemed ERISA Partner (and in all cases has so indicated Deemed
ERISA Partner status on its Investor Questionnaire).  In the case of a
Deemed ERISA Partner, such Deemed ERISA Partner shall be treated as an ERISA
Partner for all purposes of the this Agreement and deemed subject to ERISA for
all purposes of this Agreement unless otherwise specified.

DOL Regulation:
 shall have the meaning set forth in Section 7.7(c)(vii). 

Drawdown Amount:
 shall have the meaning set forth in Section 3.2. 

Drawdown Date:  shall
have the meaning set forth in Section 3.2. 

Drawdown Notice:
 shall have the meaning set forth in Section 3.2. 

ERISA Partners:
 shall have the meaning set forth in Section 10.18. 

ERISA:  The Employee
Retirement Income Security Act of 1974 of the United States, as then in effect
and as thereafter amended from time to time, or any successor statute, including
the rules and regulations promulgated thereunder.

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Event Notice:  shall
have the meaning set forth in Section 10.18(b). 

Excess Distribution Amount:  shall have the meaning set forth in Section 8.3(a)(ii).

Excess Negative Balance:
 shall have the meaning set forth in Section 12.2(a)(v). 

Exculpated Party, Exculpated
Parties:  shall have the meaning set forth in
Section 10.13. 

Fair Market Value Capital Account
Balance:  shall have the meaning set forth in
Section 6.4(e). 

Federal Reserve Board:
 shall have the meaning set forth in Section 10.24(d)(i). 

FHC Partner:  shall
have the meaning set forth in Section 10.24(d)(iii). 

First Investment:
 shall have the meaning set forth in Section 3.1. 

Fiscal Quarter:
 shall have the meaning set forth in Section 4.2(e). 

Fiscal Year:  shall
have the meaning set forth in Section 4.2(f). 

Four-Fifths in Interest of Limited
Partners: shall mean Limited Partners Partnership
Percentages the sum of which equals or exceeds eighty percent (80%) of the
aggregate Partnership Percentages of the Limited Partners (excluding from both
the numerator and denominator for purposes of this calculation the Partnership
Percentage of any Limited Partners that are Affiliates of the General Partner,
the Partnership Percentage of any non-voting interests held by Limited Partners
and the Partnership Percentage of any Optionor (as defined in
Section 3.5)).

General Partner:  CBC
Partners, L.P., a Cayman Islands exempted limited partnership.

General Partner Distributions:  shall have the meaning set forth in Section 8.3(a)(iv).

General Partner's Capital Account:  shall have the meaning set forth in Section 4.2(b).

General Partner's Capital Commitment to the
Partnership:  shall have the meaning set forth in
Section 3.4. 

Incompetency:  A
person shall be deemed incompetent if such person shall be adjudged incompetent
by a decree of a court of competent jurisdiction.  A person shall also be
deemed incompetent if such person is convicted of a crime of moral turpitude or
that would cast reasonable doubt on such person's ability to discharge
faithfully his duties as an equity holder of the Ultimate General
Partner.

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Indemnifiable Amounts:
 shall have the meaning set forth in Section 10.14. 

Indemnified Persons:
 shall have the meaning set forth in Section 10.14. 

Initial Capital Contribution:  shall have the meaning set forth in Section 3.1. 

Initial Contribution Date:
 shall have the meaning set forth in Section 3.2. 

Initial Outside Interests:
 shall have the meaning set forth in Section 7.8(b).

Insanity:  A person
shall be deemed insane if such person shall be adjudged insane by a decree of a
court of competent jurisdiction.

Interest Holder's Individual Lookback
Liability:  shall have the meaning set forth in
Section 8.3(b). 

Interest Holder's:
 shall have the meaning set forth in Section 8.3(b). 

Interim Period:
 shall have the meaning set forth in Section 4.2(g).

Investor Questionnaire:
 Partnership Investor Questionnaire completed, executed and delivered to
the General Partner by a Limited Partner and accepted by the General
Partner.

IRS:  shall have the
meaning set forth in Section 10.16. 

Issuance:  shall have
the meaning set forth in Section 12.5. 

Limited Partners:
 Each of the persons duly admitted to the Partnership as a limited partner,
but only so long as such person remains a limited partner of the
Partnership.

Lookback Liability:
 shall have the meaning set forth in Section 8.3(b). 

Majority in Interest of the Limited
Partners:  Limited Partners having Partnership
Percentages the sum of which exceeds fifty percent (50%) of the aggregate
Partnership Percentages of the Limited Partners (excluding from both the
numerator and denominator for purposes of this calculation the Partnership
Percentage of any Limited Partners that are Affiliates of the General Partner,
the Partnership Percentage of any non-voting interests held by Limited Partners
and the Partnership Percentage of any Optionor (as defined in
Section 3.5)).

Marketable; Marketable Securities;
Marketability:  These terms shall refer to
Securities that are (a) registered under the Securities Act,
(b) traded on a national securities exchange or over-the-counter,
(c) currently the subject of an issuer-filed Securities Act registration
statement that has been declared effective by the SEC, (d) direct obligations
of, or obligations guaranteed as to principal and interest by, the United
States, certificates of deposit maturing within one year or less issued by an
institution insured by the Federal Deposit Insurance Corporation, or similar
Securities, or (e) transferable in the hands of a Limited Partner (other
than an Affiliate of the General Partner) in any three (3) month period without
registration in compliance with SEC Rule 144.  For Securities of an issuer
with Securities traded, or to be 

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traded, on other than a United States securities
exchange or over the counter, the term Marketable Securities shall refer to
Securities that are admitted to, quoted or dealt on any nationally or
internationally recognized stock exchange or the equivalent as reasonably
determined in good faith by the General Partner. In no event shall Marketable
Securities include Securities subject to restrictions on transfer in the hands
of a Limited Partner such as rights of first refusal and co-sale rights as a
result of any provision of general applicability in the charter or bylaws of the
issuer or any applicable contractual provision. For purposes of determining
whether a Security distributed to a Limited Partner is a Marketable Security,
there shall be taken into account only such restrictions and limitations on the
transferability thereof as apply to the Limited Partners generally (e.g.,
underwriters' lockup restrictions).

Marks:  shall have
the meaning set forth in Section 10.12. 

Money Market Investments:
 shall have the meaning set forth in Section 4.2(c).

Net Capital Transaction Gain; Net Capital
Transaction Loss:  shall have the meanings set
forth in Section 4.2(h).

Net Income or Loss:
 shall have the meaning set forth in Section 4.2(i).

Net Proceeds:  shall
have the meaning set forth in Section 6.4(b).

New Security:  shall
have the meaning set forth in Section 6.4(c).

Non-executive Outside Interests:  shall have the meaning set forth in Section 7.8(b).

Non-U.S. Limited Partner:
 A Limited Partner that is not a ''United States person'' within the
meaning of Section 7701(a)(30) of the Code (a ''foreign person'') or that
is a partnership (or other pass-through entity for U.S. federal income tax
purposes) that has one or more partners (or other equity holders) that are
foreign persons and in each case has so indicated on its Investor
Questionnaire.

Non-Voting Interests:
 shall have the meaning set forth in Section 10.24(d)(iv).

Old Security:  shall
have the meaning set forth in Section 6.4(c).

Operating Expenses:
 shall have the meaning set forth in Section 4.6.

Original Limited Partners:
 Each of the persons duly admitted to the Partnership as a limited partner,
as of the date hereof, and any transferee of all or any portion of such Limited
Partner's interest in the Partnership.

Parallel Funds:
 shall have the meaning set forth in Section 7.8(d).

Partners:  The
General Partner and the Limited Partners.

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Partnership:  shall
mean China Broadband Capital Partners, L.P., a Cayman Islands exempted limited
partnership.

Partnership Affairs:
 shall have the meaning set forth in Section 7.8(c).

Partnership Counsel:
 shall have the meaning set forth in Section 10.22.

Partnership Percentage:
 shall have the meaning set forth in Section 4.2(j).

Partnership Term:
 shall have the meaning set forth in Section 2.1(a).

Pension Laws:  shall
have the meaning set forth in Section 10.23.

Permanent Incapacity:
 A person shall be deemed permanently incapacitated whenever he or she is
determined by competent medical authority or authorities selected by the General
Partner to be permanently incapable of carrying out his or her functions as an
equity holder of the Ultimate General Partner.

Portfolio Company:
 The issuer of a Security purchased by the Partnership as part of its
venture capital portfolio (excluding the issuers of Money-Market
Investments).

Portfolio Securities:
 shall have the meaning set forth in Section 6.4(a).

Proceeds:  shall have
the meaning set forth in Section 6.4(a). 

Public Pension Partner:
 shall have the meaning set forth in Section 10.23.

Quarterly Preference Amount:  shall have the meaning set forth in
Section 4.2(k).

Recharacterization Items:
 shall have the meaning set forth in Section 12.5. 

Recharacterization:
 shall have the meaning set forth in Section 12.5. 

Rules:  shall have
the meaning set forth in Section 10.22.

S corporation:  shall
have the meaning set forth in Section 1361 of the Code.

Sale or Exchange:
 shall have the meaning set forth in Section 4.2(l).

Securities Act:  The
United States Securities Act of 1933, as then in effect and as thereafter
amended from time to time, or any successor statute, including the rules and
regulations promulgated thereunder.

Securities Exchange Act:
 The United States Securities Exchange Act of 1934, as then in effect and
as thereafter amended from time to time, or any successor statute, including the
rules and regulations promulgated thereunder. 

Securities:
 Securities of every kind and nature and rights and options and warrants
with respect thereto, including stock, notes, bonds, debentures, evidences of

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indebtedness, and other business interests of every
type, including interests in partnerships, joint ventures, proprietorships, and
other business entities.

State Entity Partner:
 A Partner that has provided written notice to the General Partner on or
prior to its admission to the Partnership that it is a state government
entity.

Tax-Exempt Partners:
 shall have the meaning set forth in Section 10.17.

Three-Fourths in Interest of Limited
Partners:  shall mean Limited Partners Partnership
Percentages the sum of which equals or exceeds seventy-five percent (75%) of the
aggregate Partnership Percentages of the Limited Partners (excluding from both
the numerator and denominator for purposes of this calculation the Partnership
Percentage of any Limited Partners that are Affiliates of the General Partner,
the Partnership Percentage of any non-voting interests held by Limited Partners
and the Partnership Percentage of any Optionor (as defined in
Section 3.5)).

TMP:  shall have the
meaning set forth in Section 10.16.

Total General Partner Net Gain:  shall have the meaning set forth in Section 8.3(a)(iii).

Total Net Capital Transaction Gain; Total Net
Capital Transaction Loss:  shall have the meanings
set forth in Section 4.2(m).

Total Preference Amount:
 shall have the meaning set forth in Section 4.2(n).

Transfer:  shall have
the meaning set forth in Section 7.7(a). 

Treasury Regulations:
 Treasury Regulations shall be the Income Tax Regulations promulgated under
the Code, as such Regulations are then in effect and as thereafter amended from
time to time (including corresponding provisions of succeeding
Regulations).

Two-Thirds in Interest of ERISA
Partners.  Limited Partners Partnership Percentages
the sum of which equals or exceeds sixty-six and two-thirds percent (66 2/3%) of
the aggregate Partnership Percentages of the ERISA Partners (excluding, for the
purpose of calculating such requisite percentage, any non-voting interests held
by ERISA Partners and the Partnership Percentage of any ERISA Partners who is an
Optionor (as defined in Section 3.5)).

Two-Thirds in Interest of Non-U.S. Limited
Partners.  Limited Partners Partnership Percentages
the sum of which equals or exceeds sixty-six and two-thirds percent (66 2/3%) of
the aggregate Partnership Percentages of the Non-U.S. Limited Partners
(excluding, for the purpose of calculating such requisite percentage, any
non-voting interests held by Non-U.S. Limited Partners and the Partnership
Percentage of any Non-U.S. Limited Partner who is an Optionor (as defined in
Section 3.5)).

Two-Thirds in Interest of Limited
Partners.  Limited Partners Partnership Percentages
the sum of which equals or exceeds sixty-six and two-thirds percent (66 2/3%) of
the aggregate Partnership Percentages of the Limited Partners (excluding from
both the 

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numerator and denominator for purposes of this
calculation the Partnership Percentage of any Limited Partners that are
Affiliates of the General Partner, the Partnership Percentage of any non-voting
interests held by Limited Partners and the Partnership Percentage of any
Optionor (as defined in Section 3.5)).

Ultimate General Partner:
 CBC Ultimate Partners Ltd., a Cayman Islands exempted company and the
general partner of the General Partner.

Unadjusted Excess Negative Balance:  shall have the meaning set forth in
Section 12.2(a)(viii).

Unreturned Capital Amount:
 shall have the meaning set forth in Section 4.2(o).

Unreturned Total Preference Amount:  shall have the meaning set forth in
Section 4.2(p).

Withdrawal Notice:
 shall have the meaning set forth in Section 10.18(b).

ARTICLE XII

MISCELLANEOUS TAX AND REGULATORY COMPLIANCE PROVISIONS

12.1

Substantial Economic Effect.

  The provisions of Article IV and the
other provisions of this Agreement relating to the maintenance of Capital
Accounts and procedures upon liquidation of the Partnership are intended to
comply generally with the provisions of Treasury Regulation Section 1.704-1, and
shall be interpreted and applied in a manner consistent with such Regulation
and, to the extent the subject matter thereof is otherwise not addressed by this
Agreement, the provisions of Treasury Regulations Section 1.704-1 are hereby
incorporated by reference unless the General Partner shall determine that such
incorporation will result in economic consequences inconsistent with the
economic arrangement of the Partner expressed in this Agreement.  In the
event the General Partner shall determine that it is prudent to modify the
manner in which the Capital Accounts, or any debits or credits thereto, are
computed or allocated or the manner in which distributions and contributions
upon liquidation (or otherwise) of the Partnership (or any Partner's interest
therein) are effected in order to comply with such Regulations and other
applicable tax laws, or to assure that the Partnership is treated as a
partnership for tax purposes, or to achieve the economic arrangement of the
Partners as expressed in this Agreement, then notwithstanding Section 10.7
hereof, the General Partner may make such modification.  The General
Partner shall also (i) make any adjustments that are necessary or appropriate to
maintain equality between the Capital Accounts of the Partners and the amount of
Partnership capital reflected on the Partnership's balance sheet, as computed
for book purposes pursuant to this Agreement, in accordance with Regulations
Section 1.704-1(b)(2)(iv)(g), and (ii) make any appropriate modifications
in the event unanticipated events (such as the incurrence of partner nonrecourse
indebtedness (within the meaning of Treasury Regulations Section 1.704-2) might
otherwise cause the allocations under this Agreement to not comply with Treasury
Regulations Section 1.704-1(b) (and in the case of the incurrence of partner
nonrecourse indebtedness, Treasury Regulation Section 1.704-2) provided in each
case that the General Partner determines that such adjustments or modifications

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shall not result in economic consequences
inconsistent with the economic arrangement among the Partners as expressed in
this Agreement.

12.2

Other Allocations.

  Notwithstanding the provisions of Article
IV and Section 8.2, the allocations provided therein shall be subject to
the following exceptions:

(a)

Qualified Income Offset; Prophylactic Offset
Minimum-Gain Chargeback.  The following special
allocations shall be made in the following order:

(i)

All nonrecourse deductions (within the meaning of
Treasury Regulation Section 1.704-2(b)(i)) shall be specially allocated twenty
percent (20%) to the Capital Account of the General Partner and eighty percent
(80%) to the Capital Accounts of all of the Partners in proportion to their
respective Partnership Percentages.

(ii)

Except as otherwise provided in Treasury Regulation
Section 1.704-2(f), if there is a net decrease in Partnership Minimum Gain (as
defined in Treasury Regulations 1.704-2(b)(2) and 1.704-2(d)) during any
Partnership Fiscal Year, each Partner's Capital Account shall be specially
allocated items of Partnership income and gain for such year (and, if necessary,
subsequent years) in an amount equal to such Partner's share of the net decrease
in Partnership Minimum Gain, determined in accordance with Treasury Regulations
Section 1.704-2(g).  Allocations pursuant to the previous sentence shall be
made in proportion to the respective amounts required to be allocated to each
Partner pursuant thereto.  The items to be so allocated shall be determined
in accordance with Treasury Regulations Sections 1.704-2(f)(6) and
1.704-2(j)(2).  This Section 12.2(a)(ii) is intended to comply with
the minimum gain chargeback requirement in Treasury Regulations Section
1.704-2(f) and shall be interpreted consistently therewith.

(iii)

In the event any Partner's Capital Account has an
Unadjusted Excess Negative Balance (as defined in clause (viii) of this
subsection (a)) at the end of any Fiscal Year such Partner's Capital Account
will be reallocated items of Net Income for such Fiscal Year (and, if necessary,
future Fiscal Years) in the amount necessary to eliminate such Unadjusted Excess
Negative Balance as quickly as possible).

(iv)

In the event any Partner unexpectedly receives any
adjustments, allocations or distributions described in Treasury Regulations
Sections 1.704-1(b)(2)(ii)(d)(4) through (d)(6), items of Net Income shall
be specially allocated to such Partner's Capital Account in an amount and manner
sufficient to eliminate, to the extent required by Treasury Regulations Section
1.704-1(b)(2)(ii)(d), the Excess Negative Balance (as defined in clause (vii) of
this subsection (a)) in such Partner's Capital Account created by such
adjustments, allocations or distributions as quickly as possible.  This
clause (iv) is intended to and shall in all events be interpreted so as to
constitute a ''qualified income offset'' within the meaning of Treasury
Regulations Section 1.704-1(b)(2)(ii)(d).

(v)

A Partner's Capital Account shall not be allocated
any item of Net Loss to the extent such allocation would cause such Capital
Account to have an Excess Negative Balance (as defined in clause (vii) of this
subsection (a)).

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(vi)

The allocations set forth in the preceding provisions
of this subsection (a) (hereinafter, the ''Regulatory Allocations'') are
intended to comply with certain requirements of the Treasury Regulations.
 It is the intent of the Partners that, to the extent possible, all
Regulatory Allocations shall be offset with other Regulatory Allocations or with
special allocations of other items of Partnership income, gain, loss or
deduction pursuant to this Section 12.2(a)(vi).  Therefore,
notwithstanding any other provision of this Agreement (other than the provisions
governing the Regulatory Allocations) the General Partner shall make such
offsetting special allocations of Partnership income, gain, loss or deduction in
whatever manner it determines appropriate so that, after such offsetting
allocations are made, each Partner's Capital Account balance is, to the extent
possible, equal to the Capital Account balance such Partner would have had if
the Regulatory Allocations were not part of the Agreement and all Partnership
items were allocated pursuant to Article IV.  In exercising its
discretion under this Section 12.2(a)(vi), the General Partner shall take into
account future Regulatory Allocations under Section 12.2(a)(ii) that, although
not yet made, are likely to offset other Regulatory Allocations previously made
under Section 12.2(a)(i).

(vii)

For purposes of this subsection (a), ''Excess
Negative Balance'' shall mean the excess of the negative balance in a Partner's
Capital Account (computed with any adjustments which are required for purposes
of Treasury Regulations Section 1.704-1(b)(2)(ii)(d)) over the amount such
Partner is obligated to restore to the Partnership (computed under the
principles of Treasury Regulations Section 1.704-1(b)(2)(ii)(c)) inclusive of
any addition to such restoration obligation pursuant to application of the
provisions of Treasury Regulations Section 1.704-2 or any successor provisions
thereto.

(viii)

For purposes of this subsection (a) ''Unadjusted
Excess Negative Balance'' shall have the same meaning as Excess Negative
Balance, except that the Unadjusted Excess Negative Balance of a Partner shall
be computed without effecting the reductions to such Partner's Capital Account
which are described in Treasury Regulations Section
1.704-1(b)(2)(ii)(d).

(b)

Imputed Income.  To
the extent the Partnership has taxable interest income or expense imputed with
respect to any promissory note or other obligation between any Partner and the
Partnership, as maker and holder respectively, pursuant to Section 483,
Sections 1271 through 1288, or Section 7872 of the Code, such imputed
interest income shall be specially allocated to the Partner to whom such
promissory note or other obligation relates, and such Partner's Capital Account
shall be adjusted as appropriate to reflect the recharacterization as interest
of a portion of the principal amount of such promissory note or other obligation
and to reflect any deemed contribution or distribution of such interest income.
 The foregoing provision of this Section 12.2(b) shall not apply to any
interest or original issue discount expressly provided for in any such
promissory note or other obligation.

12.3

Income Tax Allocations.

(a)

Except as otherwise provided in this Section or as
otherwise required by the Code and the rules and Treasury Regulations
promulgated thereunder, Partnership income, gain, loss, deduction, or credit for
income tax purposes shall be allocated in the same manner the corresponding book
items are allocated pursuant to this Agreement.

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(b)

In accordance with Code Section 704(c) and the
Treasury Regulations thereunder, income, gain, loss and deduction with respect
to any asset contributed to the capital of the Partnership shall, solely for tax
purposes, be allocated between the Partners so as to take account of any
variation between the adjusted basis of such property to the Partnership for
U.S. federal or any other national income tax purposes and its initial Book
Value.

(c)

In the event the Book Value of any Partnership asset
is adjusted pursuant to the terms of this Agreement, subsequent allocations of
income, gain, loss and deduction with respect to such asset shall take account
of any variation between the adjusted basis of such asset for U.S. federal or
any other national income tax purposes and its Book Value in the same manner as
under Code Section 704(c) and the Treasury Regulations thereunder.

(d)

If a distribution to a Partner results in taxable
income or gain to the Partnership, then such taxable income or gain shall be
allocated, to the extent permitted pursuant to Section 704(b) of the Code and
the regulations promulgated thereunder, to the Partner who received the
distribution.

12.4

Compliance with Timing Requirements of
Regulations.

(a)

Notwithstanding any other provision of this
Agreement, in the event the Partnership is ''liquidated'' within the meaning of
Treasury Regulations Section 1.704-1(b)(2)(ii)(g), (i) distributions shall be
made pursuant to Article VIII to the Partners who have positive Capital Accounts
in compliance with Treasury Regulations Section 1.704-1(b)(2)(ii)(b)(2) and (ii)
if the General Partner's Capital Account has a deficit balance (after giving
effect to all contributions, distributions and allocations for all taxable
years, including the year during which such liquidation occurs), then except as
otherwise required pursuant to Section 8.3 hereof, the General Partner
shall have no obligation at any time to repay or restore to the Partnership all
or any part of any distribution made to it from the Partnership or make any
contribution to the capital of the Partnership with respect to such deficit and
such deficit shall not be considered a debt owed to the Partnership or to any
other Person for any purpose whatsoever.  If any Limited Partner has a
deficit balance in his Capital Account (after giving effect to all
contributions, distributions and allocations for all taxable years, including
the year during which such liquidation occurs), then other than required by law
or Section 10.14, such Limited Partner shall have no obligation to repay or
restore to the Partnership any distribution made to it from the Partnership in
accordance with Article VI or make any contribution to the capital of the
Partnership with respect to such deficit, and such deficit shall not be
considered a debt owed to the Partnership or to any other Person for any purpose
whatsoever.  In the discretion of the General Partner, a pro rata portion
of the distributions that would otherwise be made to the Partners pursuant to
this Section 12.4 or Article VIII may be:

(i)

distributed to a trust established for the benefit of
the Partners for the purposes of liquidating Partnership assets, collecting
amounts owed to the Partnership, and paying any contingent or unforeseen
liabilities or obligations of the Partnership arising out of or in connection
with the Partnership.  The assets of any such trust shall be distributed to
the Partners from time to time, in the reasonable discretion of the General
Partner, in the same proportions as the amount distributed to such trust by the
Partnership would otherwise have been distributed to the Partners pursuant to
this Agreement; or

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(ii)

withheld to provide a reasonable reserve for
Partnership liabilities (contingent or otherwise) and to reflect the unrealized
portion of any installment obligations owed to the Partnership, provided that
such withheld amounts shall be distributed to the Partners as soon as
practicable.

(b)

Notwithstanding the provisions of
Section 12.4(a), in the event the Partnership is liquidated within the
meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g) but a distribution
of the Partnership's assets is not otherwise required pursuant to Article VIII
hereof, the Partnership's assets shall not be distributed to the Partners as set
forth in Section 12.4(a) and the General Partner shall not contribute any
amount to the Partnership with respect to any deficit balance in its Capital
Account as set forth in Section 12.4.  Instead, the Partnership shall
be deemed to have contributed all of its assets and liabilities to a new
partnership and distributed interests in the new partnership to the Partners and
thereafter such new partnership will be treated as the Partnership.
 Notwithstanding any provision of this Agreement to the contrary, in no
event shall such deemed contribution and distribution affect the economic
arrangement among the Partners as expressed in this Agreement (including,
without limitation, their Capital Account balances or rights to receive
distributions).

12.5

Recharacterizations of Transactions.

  Any income, gain, loss or deduction
(collectively, the ''Recharacterization Items'') realized as a direct or
indirect result of the issuance or transfer (collectively, the ''Issuance'') of
a Partnership interest by the Partnership to a Partner or the recharacterization
(the ''Recharacterization'') of a distribution as a payment for tax purposes
shall be allocated among the Partners so that (after effecting appropriate
adjustments to the Capital Accounts of the Partners to reflect the tax treatment
of the Issuance or the Recharacterization) the aggregate amount (including any
distributions recharacterized as payments for tax purposes and any amounts
received upon liquidation of the Partnership) that each Partner is entitled to
receive from the Partnership over the life thereof (and, to the extent possible,
each accounting period thereof) is equal to the aggregate amount that each such
Partner would have been entitled to receive had the Issuance resulted in no
income, gain, loss or deduction to either the Partnership or any of its Partners
(including the recipient of the Partnership interest) or had the
Recharacterization not occurred, as the case may be.  In addition, to the
extent possible without contravening the preceding sentence, the
Recharacterization Items shall be allocated in a manner that puts each Partner,
as soon as possible, in the same after-tax position as they would have been in
had the Issuance resulted in no income, gain, loss or deduction to either the
Partnership or any of its Partners (including the recipient of the Partnership
interest) or had the Recharacterization not occurred, as the case may
be.

12.6

Sharing Arrangement; Interest in Partnership
Items.

  The Partners agree that the allocation
and distribution provisions contained in this Agreement represent the sharing
arrangement as between the Partners and represent their interests in such
allocated items and, therefore, in the event that any transaction or
relationship between the parties to this Agreement is recharacterized,
allocations and adjustments hereunder shall be made in a manner which maintains
the Capital Account balances of the Partners and the rights of the Partners to
receive distributions at the same levels they would have been had no such
recharacterization occurred.

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12.7

Withholding.

(a)

The Partnership shall at all times be entitled to
make payments with respect to any Limited Partner in amounts required to
discharge any obligation of the Partnership to withhold or make payments to any
governmental authority with respect to any national, state, local or other
jurisdictional tax liability of such Limited Partner arising as a result of such
Limited Partner's interest.  To the extent each such payment satisfies an
obligation of the Partnership to withhold with respect to any distribution to a
Limited Partner on which the Partnership did not withhold or with respect to any
Limited Partner's allocable share of the income of the Partnership, each such
payment shall be deemed to be a loan by the Partnership to such Limited Partner
(which loan shall be deemed to be immediately due and payable) and shall not be
deemed a distribution to such Limited Partner.  The amount of such payments
made with respect to such Limited Partner, plus interest, on each such amount
from the date of each such payment until such amount is repaid to the
Partnership at an interest rate per annum equal to the prime rate, from time to
time in effect, of Wells Fargo Bank, shall be repaid to the Partnership by
(i) deduction from any distributions made to such Limited Partner pursuant
to this Agreement or (ii) earlier payment by such Limited Partner to the
Partnership, in each case as determined by the General Partner in its
discretion.  The General Partner may, in its discretion, defer making
distributions to any Limited Partner owing amounts to the Partnership pursuant
to this Section 12.7 until such amounts are paid to the Partnership and
shall in addition exercise any other rights of a creditor with respect to such
amounts.

(b)

Each Limited Partner agrees to indemnify and hold
harmless the Partnership and the General Partner and each of the partners of the
General Partner, from and against any liability with respect to taxes, interest
or penalties (as permitted by law) which may be asserted by reason of the
failure to deduct and withhold tax on amounts distributable or allocable to said
Limited Partner.  Any amount payable as indemnity hereunder by a Limited
Partner shall be paid promptly to the Partnership upon request for such payment
from the General Partner, and if not so paid, the General Partner and the
Partnership shall be entitled to claim against and deduct from the Capital
Account of, or from any distribution due to, the affected Limited Partner for
all such amounts.

12.8

Apportionment of Amounts Withheld at the Source or
Paid by the Partnership.

  If the Partnership receives securities
disposition proceeds or other investment returns with respect to which taxes
have been withheld at the source or with respect to which the Partnership makes
payments to any taxing authority (or reimburses the General Partner for such
payments), the aggregate amount of such taxes so withheld or paid shall be
deemed for all purposes of this Agreement to have been received by the
Partnership and then distributed by the Partnership to and among the Partners
based on the amount of such withholding or other taxes attributable to each
Partner, as determined by the General Partner after consulting with the
Partnership's accountants or other advisers, taking into account any differences
in the amount of such withholding or other taxes attributable to each Partner
because of such Partner's status, nationality or other characteristics.
 The intent of the preceding sentence is to have the burden of taxes
withheld at the source or paid or reimbursed by the Partnership borne by those
Partners to which such withholding or other taxes are attributable to the
maximum extent possible.  If the amounts deemed distributed to the Partners
in accordance with such sentence do not comport with the provisions of this
Agreement relating to the apportionment of distributions among the 

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Partners, then, notwithstanding such distribution
provisions, subsequent distributions to the Partners shall be adjusted in an
equitable manner by the General Partner to reflect the intent of such
sentence.

12.9

Qualified Small Business Stock.

  Each Partner agrees that with respect to
its limited partnership interest and the securities held by the Partnership it
will not, and will not without the consent of the General Partner require the
Partnership to, elect the application of Section 1045 of the Code (dealing with
rollovers of qualified small business stock) or corresponding provisions of any
state income tax law for sales of qualified small business stock (as defined in
Section 1202 of the Code).  In addition, each Partner agrees that without
the consent of the General Partner the Partnership shall not be required to
comply with any tax reporting or accounting requirements (including the
adjustment of the tax basis of any assets of the Partnership or the interest in
the Partnership of any Partner) that may be imposed under Section 1045 of the
Code with respect to rollovers of qualified small business stock by the
Partnership or by or on behalf of any Partner. 

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IN WITNESS WHEREOF, the Partners have executed this Agreement as a Deed on
the date first above written. 

SIGNATURE PAGE TO CHINA BROADBAND CAPITAL PARTNERS,
L.P.

LIMITED PARTNERSHIP AGREEMENT

 

 

CONFIDENTIAL

SIGNATURE PAGE TO CHINA BROADBAND CAPITAL PARTNERS,
L.P.

LIMITED PARTNERSHIP AGREEMENT

 

CONFIDENTIAL

 

SIGNATURE PAGE TO CHINA BROADBAND CAPITAL PARTNERS,
L.P.

LIMITED PARTNERSHIP AGREEMENT

 

CONFIDENTIAL

	LIMITED
    PARTNER:	 
	 	 
	
    Internet Applications Limited

	Please type or print
      name here	 
	 	The undersigned hereby
      executes this
	 	Agreement on behalf of
      the Limited Partner and
	 	represents as
      follows:
	 	 
	 	     (i) Is such Limited Partner (a) an
      "employee
	 	benefit plan," as
      defined in Section 3(3) of
	 	ERISA, (b) a plan
      described in
	 	Section 4975(e)(1) of
      the Internal Revenue
	 	Code of 1986, as
      amended, or (c) an entity
	 	whose underlying
      assets include plan assets by
	 	reason of a plan's
      investment in such Limited
	 	Partner?
		
	 	  	Yes   	
    
    
	No
	 	 
	 	     (ii) Is such Limited Partner (a) an
      employee
	 	benefit plan subject
      to Part 4 of Subtitle B of
	 	Title I of ERISA or
      (b) an entity whose
	 	underlying assets are
      considered "plan assets" of
	 	an employee benefit
      plan which is subject to
	 	Part 4 of Subtitle B
      of Title I of ERISA and
	 	which invested in such
      entity:
	 	  	Yes   	
    
    
	No
	
    

 	 
	 
	 
	 
	 
	 
	 
	 

SIGNATURE PAGE TO CHINA BROADBAND CAPITAL PARTNERS,
L.P.

LIMITED PARTNERSHIP AGREEMENT

 

CONFIDENTIAL

EXHIBIT A

OPTIONEE NOTE

$______________________________

______________, 20__

For value received, the undersigned hereby promises
to pay to _______________ (the ''Payee''), at the principal office of the Payee,
the principal sum of _____________________ Dollars ($_____________), by sending
to the Payee a check in the amount of said principal to the last address of the
Payee on file with the Fund, according to the following terms and
conditions:

1.

This Note shall bear no interest.

2.

This Note is secured by the pledge of that portion of
the undersigned's limited partnership interest in China Broadband Capital
Partners, L.P., a Cayman Islands exempted limited partnership (the ''Fund'')
acquired by the undersigned from Payee (not including that portion of such
interest for which the undersigned has made or will make capital contributions)
(the ''Interest'').

3.

This Note and the Interest are subject to all of the
terms and conditions of a security agreement of the same date between Payee and
the undersigned, a copy of which agreement is attached hereto.  

4.

This Note shall become due and payable on the date
six months after the Date of Dissolution of the Fund (as defined in the Limited
Partnership Agreement of the Fund).

5.

Payee by acceptance hereof agrees for itself, its
representatives, successors and assigns (1) that neither the undersigned,
its partners, nor their executors, successors or assigns shall be personally
liable on this Note, it being intended that the undersigned's obligation to pay
the principal amount of this Note is included for the sole purpose of
establishing the existence of the indebtedness represented hereby; and
(2) that in the event of default, the Payee and any successor or assign
shall look for payment solely to the Interest and will not make any claim or
institute any action or proceeding against the undersigned, its partners or
their heirs, executors, administrators, successors or assigns for the payment of
this Note or for any deficiency remaining after application of the Interest
securing this Note, or otherwise; provided, however, that nothing
herein contained shall be construed (i) to release or impair the right of the
Payee to enforce its rights with respect to the Interest securing this Note or
(ii) to preclude the application of such Interest to the payment of this
Note in accordance with its terms.

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	 	EXECUTED AS A DEED
      BY:
	 	 
	 	____________________________
	 	(Maker)
	Accepted:	 
	 	 
	 	 
	 	 
	____________________________	____________________________
	(Payee)	[NAME]
	 	 
	 	 
	 	Witnessed
      By:__________________
	 	Name:_________________________
	 	Signature:______________________

 

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EXHIBIT B

OPTIONEE SECURITY AGREEMENT

In order to secure payment of all obligations of
[_____________] (the ''Borrower'') to [_____________] (the ''Pledgee''), under
the promissory note dated [________], 20[__], in the original principal amount
of [$______.__] (the ''Note''), Borrower charges by way of first fixed charge
all of the Borrower's right, title and interest to that portion of Borrower's
limited partnership interest in China Broadband Capital Partners, L.P., a Cayman
Islands exempted limited partnership (the ''Partnership'') purchased by Borrower
from Pledgee, not including that portion of such purchased interest for which
Borrower has made, or has assumed the obligation to make, capital contributions
(such security interest, along with the assets described in Section 2 below
shall collectively be referred to as the ''Collateral'').

Borrower shall hold the Collateral in accordance with
the following terms and provisions:

1.

Rights and Powers.
 

(a)

As long as there exists no event of default under
Section 5 of this Agreement, Borrower shall have the following
rights:

(i)

The right to vote with respect to the
Collateral;

(ii)

The right to sell the Partnership interests
constituting the Collateral, provided the proceeds of such sale shall become
part of the Collateral; 

(iii)

The right to direct investment of the proceeds of a
sale of the Partnership interests constituting the Collateral; 

(iv)

The right at any time to pay in cash to Pledgee all
or any portion of indebtedness evidenced by the Note, which payment shall be
applied to the payment of the principal of the Note; 

(v)

The right to release any Partnership interests or
proceeds constituting the Collateral from the security interest hereunder,
provided, however, that no such partial release may be made if it
would reduce the value of the remaining Collateral below one hundred thirty-five
percent (135%) of the balance of the Note remaining unpaid after any payment
made by Borrower.  The value of the Collateral shall be calculated pursuant
to the valuation provisions of the Partnership Agreement; and

(vi)

Notwithstanding Section 1(a)(v) above, the right to
withdraw an amount of cash from the Collateral which may be necessary to satisfy
any income tax liabilities arising out of ownership of the Collateral and/or the
transaction generating the cash.

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(b)

All proxy statements and other stockholder materials
pertaining to the Collateral shall be delivered to Borrower at the address
indicated below.

2.

Duty to Deliver.  Any
new, additional or different securities or cash that are distributed to Borrower
with respect to the Collateral including (i) any distribution by the
Partnership, (ii) any stock dividend, stock split or reclassification of the
capital stock of any corporation whose shares are secured hereunder or
(iii) any merger, consolidation or other reorganization affecting the
capital structure of any corporation whose shares are secured hereunder shall,
upon receipt by Borrower, become part of the Collateral hereunder. 

3.

Payment of Taxes and Other Charges.  Borrower shall pay out of the Collateral, prior to the
delinquency date, all taxes, liens, assessments and other charges against the
Collateral. 

4.

Release of Collateral.
 Provided that all indebtedness secured hereunder has at the time been
paid in full or cancelled, the Collateral shall be immediately released from the
security interest hereunder.

5.

Event of Default.
 

(a)

If the Note is not paid or satisfied on the date for
payment set forth in the Note, such event shall constitute an event of default
under this Agreement.  Upon the occurrence of such event of default,
Borrower shall give the Collateral to Pledgee and Pledgee may, at its election,
declare the Note to be immediately due and payable and may exercise any or all
of the rights and remedies granted to a secured party at Law (as now or
hereafter in effect), including (without limitation) the power to dispose of the
Collateral by public or private sale or to accept the Collateral in full payment
of the Note, subject always to compliance with the terms of the limited
partnership agreement of the Partnership and the Exempted Limited Partnership
Law (2003 Revision) (the ''Law''). 

(b)

Any proceeds realized from the disposition of the
Collateral pursuant to the foregoing power of sale shall be applied first to the
payment of any income tax liabilities generated by such disposition, then
applied to any reasonable expenses incurred by Pledgee in connection with the
disposition, and finally to the payment of the Note.  Any surplus proceeds
shall be paid over to Borrower.  In the event such proceeds prove
insufficient to satisfy all obligations of Borrower under the Note, Borrower
shall nevertheless have no further obligations under the Note.

6.

Applicable Law.  This
Agreement shall be governed by and construed in accordance with the laws of the
Cayman Islands and shall be binding upon the executors, administrators, heirs
and assigns of the parties hereto.

7.

Arbitration.  Any
controversy between the parties hereto involving the construction or application
of any terms, covenants or conditions of this Agreement or the Note, or any
claims arising out of or relating to this Agreement or the Note, or the breach
hereof or thereof, will be submitted to and settled by final and binding
arbitration in Hong Kong at Hong Kong International Arbitration Centre or at
such other recognized centre in Hong Kong, in accordance with the Rules of
Arbitration of the International Chamber of Commerce as such 

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rules may be modified therein.  Judgment
upon the award rendered in connection with an arbitration proceeding pursuant to
this Section 7 may be entered in any court having jurisdiction thereof.  The
language of the arbitration shall be English.  In the event of any arbitration
under this Agreement or the Note, the prevailing party shall be entitled to
recover from the losing party reasonable expenses, attorneys' fees and costs
incurred therein or in the enforcement or collection of any judgment or award
rendered therein.  The ''prevailing party'' means the party determined by the
arbitrator to have most nearly prevailed, even if such party did not prevail in
all matters, not necessarily the one in whose favor a judgment is rendered.

8.

Severability.  If any
provision of this Agreement is held to be invalid under applicable law, then
such provision shall be ineffective only to the extent of such invalidity, and
neither the remainder of such provision nor any other provisions of this
Agreement shall be affected thereby.

9.

Termination.

All of the right and interest of the Pledgee in the
Collateral shall terminate upon payment in full of all indebtedness evidenced by
the Note.

10.

Registration.

This security agreement will be registered with the
general partner of the Partnership in accordance with the terms of Section
7(7)(b) of the Law.

11.

Counterparts.  This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

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        IN WITNESS WHEREOF, this Agreement
has been executed as a Deed by the duly authorized representatives of the
parties on the date first written above. 

	 	[BORROWER]
	 	By:_____________________________
	 	Name:___________________________
	 	Title:____________________________
	
    Address:     
	________________________________
	 	____________________________
	 	 
	 	Witnessed
  By:
	 	Name:____________________________
	 	Signature:_________________________
	 	 
	 	[PLEDGEE]
	 	By:_____________________________
	 	Name:___________________________
	 	Title:____________________________
	
    Address:     
	________________________________
	 	____________________________
	 	 
	 	Witnessed
  By:
	 	Name:____________________________
	 	Signature:_________________________

[__________], L.P. (the "General Partner"), the
sole general partner of the Partnership, hereby irrevocably and unconditionally
consents to the Borrower granting security over its interest in the Partnership
on the terms set forth in this Agreement. 

By: __________________________________

        Director, for and on behalf of

        [_____________], Ltd.,

        general partner of the General
Partner 

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