Exhibit 3.70
LIMITED PARTNERSHIP AGREEMENT
FOR
XXXXXX TELEPHONE, L.P.
A TEXAS LIMITED PARTNERSHIP
DATED AS OF
DECEMBER 31, 2002
LIMITED PARTNERSHIP AGREEMENT
OF
XXXXXX TELEPHONE, L.P.
TRANSFER RESTRICTIONS
THE LIMITED PARTNERSHIP INTERESTS IN XXXXXX TELEPHONE, L.P. (THE "INTERESTS")
ARE SUBJECT TO THE RESTRICTIONS ON TRANSFER AND OTHER TERMS AND CONDITIONS SET
FORTH IN THIS AGREEMENT. THE INTERESTS HAVE BEEN ACQUIRED FOR INVESTMENT AND
HAVE NOT BEEN REGISTERED UNDER (i) THE SECURITIES LAWS OF THE STATE OF TEXAS
(THE "TEXAS ACT"), (ii) ANY OTHER STATE SECURITIES LAWS, OR (iii) THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE "FEDERAL ACT"). NEITHER THE
INTERESTS NOR ANY PART THEREOF MAY BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED,
SOLD, ASSIGNED, OR TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS AND
CONDITIONS OF THIS AGREEMENT AND (1) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE TEXAS ACT OR IN A TRANSACTION WHICH IS EXEMPT FROM
REGISTRATION UNDER THE TEXAS ACT OR WHICH IS OTHERWISE IN COMPLIANCE WITH THE
TEXAS ACT, (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER ANY OTHER
APPLICABLE STATE SECURITIES LAWS OR IN A TRANSACTION WHICH IS EXEMPT FROM
REGISTRATION UNDER ANY SUCH SECURITIES LAWS OR WHICH IS OTHERWISE IN COMPLIANCE
WITH SUCH SECURITIES LAWS, AND (3) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE FEDERAL ACT OR IN A TRANSACTION WHICH IS EXEMPT FROM
REGISTRATION UNDER THE FEDERAL ACT OR WHICH IS OTHERWISE IN COMPLIANCE WITH THE
FEDERAL ACT.
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LIMITED PARTNERSHIP AGREEMENT OF
XXXXXX TELEPHONE, L.P.
A TEXAS LIMITED PARTNERSHIP
THIS LIMITED PARTNERSHIP AGREEMENT (this "Agreement") is made and entered
into as of December 31, 2002, by and among KERRVILLE COMMUNICATIONS MANAGEMENT,
LLC, a Delaware limited liability company ("KCM"), as sole general partner, and
KERRVILLE COMMUNICATIONS ENTERPRISES, LLC, a Delaware limited liability company
("KCE"), as a limited partner.
W I T N E S S E T H:
WHEREAS, the KCM and KCE hereto desire to form a limited partnership under
the provisions of the Texas Revised Limited Partnership Act as enacted in the
State of Texas ("Act") for the purposes hereinafter described; and
WHEREAS, KCM and KCE desire to set forth herein their respective rights,
duties and responsibilities with respect to the Partnership;
NOW, THEREFORE, inconsideration of the premises hereof, and of the mutual
promises, obligations and agreements contained herein, the parties hereto,
intending to be legally bound, do hereby agree as follows:
ARTICLE 1
DEFINITIONS
Section 1.1 Defined Terms
For the purposes of this Agreement, the following defined terms shall have
the meanings ascribed thereto:
"AGREEMENT" OR "PARTNERSHIP AGREEMENT" means this Limited Partnership
Agreement.
"APPROVE," "APPROVED" OR "APPROVAL" refers to, as to the subject matter
thereof, an .express approval contained in a written statement signed by the
appropriate parties as provided in this Agreement.
"CAPITAL CONTRIBUTIONS" means the aggregate and additional contributions
to the capital of the Partnership made by each Partner.
"ENTITY" means any corporation, venture (general or limited), limited
partnership, limited liability company, association, joint stock company, trust
or other business entity or organization.
"FEDERAL ACT" means the Federal Securities Act of 1933, as amended, and
the Federal Securities Exchange Act of 1934, as amended, and all regulations
promulgated under either of them.
"GENERAL PARTNER" means KERRVILLE COMMUNICATIONS MANAGEMENT, LLC, a
Delaware limited liability company, and its permitted successors and assigns.
"I.R.C" means the Internal Revenue Code of 1986, Title 26 of the United
States Code, as the same may now or hereafter be amended.
"LIMITED PARTNER" means KERRVILLE COMMUNICATIONS ENTERPRISES, LLC, a
Delaware limited liability company, and its permitted successors and assigns.
"NET CASH FLOW" means all cash receipts received during such period and
derived from the operation of the Partnership, minus (i) all costs and expenses
of the Partnership paid during such period (other than depreciation or other
similar noncash expenses) including, without limitation, debt service on any
loan or debt obligation of the Partnership, and minus (ii) any other cash
expenditures made by the Partnership as permitted or required under the terms of
this Agreement during such period, and minus (iii) any taxes required to be paid
by the Partnership to any governmental entity, and minus (iv) funds paid into
any reserve accounts required during such period for the establishment of or
addition to such reserves as the General Partner shall reasonably deem necessary
or appropriate for the proper operation of the business of the Partnership.
"NOTICE" means a written advice or notification required or permitted by
this Agreement, given in the manner provided in Section 8.1.
"PARTNER LOAN" means a loan to the Partnership by one or more Partners
pursuant to Section 3.3.
"PARTNERS" means the General Partner and the Limited Partner and such
other Partners as may be admitted to the Partnership from time to time pursuant
to the terms hereof.
"PARTNERSHIP" means XXXXXX TELEPHONE, LP a Texas limited partnership,
formed under the Act pursuant to the terms hereof for the limited purposes and
scope set forth herein.
"PERCENTAGE INTEREST" means, with respect to a Partner as of any
particular time, that fraction, expressed as a percentage, having as its
numerator the number of Units owned by such Partner and having as its
denominator the total number of outstanding Units owned by all the Members as of
such time. The sum of the Percentage Interests of all Partners shall at all
times equal 100%. Initially, the Percentage Interest of each of the Partners is:
Kerrville Communications Management, LLC - 1% and Kerrville Communications
Enterprises, LLC - 99%
"REGULATIONS" means the Regulations promulgated under the I.R.C. as such
regulations may be amended from time to time. All references herein to a
specific section of the Regulations shall be deemed also to refer to any
corresponding provision of succeeding Regulations.
"UNITS" shall mean the shares in which interests of the Partners are
divided.
Section 1.2 Terminology and Captions
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All personal pronouns used in this Agreement, whether in the masculine,
feminine or neuter gender, shall include all other genders. Titles of Sections
in this Agreement are for convenience only, and neither limit nor amplify the
provisions of this Agreement, and all references in this Agreement to Sections
or subsections shall refer to the corresponding Section or subsection of this
Agreement:, unless otherwise expressly stated
ARTICLE 2
THE PARTNERSHIP
Section 2.1 Effect of this Agreement and the Act
Except as otherwise specifically provided in this Agreement, the rights
and obligations of the Partners and the administration, dissolution,
liquidation, and termination of the Partnership shall be governed by the Act and
this Agreement.
Section 2.2 Name
The name of the Partnership shall be XXXXXX TELEPHONE, L.P. or such other
name as the General Partner may from time to time direct.
Section 2.3 Place of Business; Registered Agent
The mailing address, address of the registered office and principal place
of business of the Partnership shall be at 000 X. Xxxx Xxxxxxxxx Xxxxxxx, Xxxxx
000, Xxx Xxxxxxx Xxxxx I, Irving, Texas, 75062-2707. The General Partner may
change the place of business of the Partnership at any time and from time to
time by providing written notice to the Limited Partners. The Partnership may
also have such other places of business as the General Partner determines to be
appropriate. The Partnership's agent for service of process in the State of
Texas shall be Corporation Service Company, or such other individual as the
General Partner shall determine from time to time.
Section 2.4 Purposes and Scope .
Subject to the provisions of this. Agreement, the purpose of the
Partnership is to engage in any lawful business which may be engaged in by a
limited partnership organized under the Act,. as such business activities may be
determined by the General Partner from time to time.
Section 2.5 Assumed Name Certificate
The Partners shall execute and me any assumed or fictitious name
certificate or certificates required by law to be filed in connection with the
formation and operation of the Partnership.
Section 2.6 Certificate of Limited Partnership
The Partners shall be obligated to execute, acknowledge, file, record and
publish, as necessary, such amendments to the Certificate of Limited.
Partnership filed with the Texas
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Secretary of State as may be required by the terms hereof or by law and such
other certificates and documents as may be appropriate to comply with the
requirements of law for the continuation, preservation and operation of the
Partnership as a limited partnership.
Section 2.7 Ownership; Waiver of Right of Partition
The interest of each Partner in the Partnership shall be personal property
for all purposes. All property and interests in property, real or personal,
owned by the Partnership shall be deemed owned by the Partnership as an entity,
and no Partner, individually, shall have any ownership of such property or
interest owned by the Partnership except as a Partner in the Partnership. Each
of the Partners irrevocably waives, during the term of the Partnership and
during any period of its liquidation following any dissolution, any right that
it may have to maintain any action for partition with respect to any of the
assets of the Partnership.
Section 2.8 Records
The Partnership shall maintain, at its principal place of business, the
books and records of the Partnership including, but not limited to, (i) copies
of the Partnership's federal, state and local income tax returns for the three
(3) most recent years, (ii) a copy of this Agreement and any then effective
amendments to this Agreement, (iii) any financial statements of the Partnership
for the three (3) most recent years, and (iv) a list of the full name and last
known mailing address of each Partner.
Section 2.9 Term
The Partnership shall commence on the date hereof and shall continue until
the dissolution of the Partnership pursuant to the express provisions of Article
7 hereof.
ARTICLE 3
FINANCIAL STRUCTURE
Section 3.1 Classification of Partnership
The General Partner is authorized and hereby directed to cause the
Partnership to be classified for federal income tax purposes as an association
taxable as a corporation within the meaning of I.R.C. Section 7701(a)(3).
Section 3.2 Initial Capital Contributions; Units
Each Partner has made an initial Capital Contribution to the Partnership,
and owns the number of Units set forth opposite its name, as set forth on
Exhibit A, attached hereto and hereby incorporated herein.
Section 3.3 Partner Loans
In the event that the General Partner shall determine, at any time and
from time to time, that the Partnership requires additional funds to pay any
costs or expenses of the Partnership
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incurred in accordance with the provisions of this Agreement, and the General
Partner determines that it is in the best interest of the Partnership not to
obtain a loan for such funds from an unrelated third party, then the General
Partner shall notify the Partners of the amount required to pay such costs and
expenses and the Partners shall have fifteen (15) days to elect to participate
in making a Partner Loan, provided, however, no Partner shall have any
obligation to make a Partner Loan. In the event any Partner so elects to
participate, each Partner electing to make such Loan shall advance its pro rata
share of the needed funds, based upon the participating Partners' respective
Percentage Interests. Any Partner Loan shall bear interest at the rate equal to
the "prime rate" plus two percent (2%) per annum, non-compounded and shall have
a maturity date specified by the Partner or Partners making such Partner Loan
provided the term of any such Partner Loan shall not be less than ninety (90)
days. Principal and interest on any Partner Loan shall be repayable solely from
distributions of Net Cash Flow as provided hereunder. In the event there is more
than one Partner Loan, the loans shall have priority and be repayable on the
basis of the oldest Partner Loan having the first priority (with all loans
having been made in response to a single notice being deemed to have been made
at the same time). If more than one Partner has participated in a Partner Loan,
then as among the Partners, distributions in repayment of the principal and
interest of the Partner Loans shall be made pro rata in accordance with the
amounts advanced by the Partners.
Section 3.4 Additional Capital Contributions
No Partner shall be required to make any additional Capital Contributions
to the Partnership without the express written consent of such Partner.
Section 3.5 Withdrawal of Capital
Except as expressly provided hereunder, no Partner may withdraw capital
from the Partnership without the consent of all other Partners. No Partner shall
be entitled to interest on its contributions of capital to the Partnership. The
Partners agree that no Partner shall be personally liable for the return of the
capital contributions of any other Partner, if and to the extent that any return
is required, and any such return shall be made solely from the assets of the
Partnership, if any.
Section 3.6 Distributions and Payments of Net Cash Flow
Except as provided in Section 3.7, Net Cash Flow shall be distributed or
paid from time to time as may be determined by the General Partner to the
Partners in proportion to their Percentage Interests in the Partnership, as
represented by their number of Units.
Section 3.7 Distributions Upon Dissolution, Liquidation and Winding Up
Net Cash Flow, if any, existing upon the dissolution, liquidation and
winding up of the Partnership, shall be distributed to the Partners in
proportion to their Percentage Interest in the Partnership, as represented by
their number of Units.
Section 3.8 Matters Concerning Accounting and Income Taxes
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All income tax and financial reports and returns of the Partnership shall
be prepared.. on an accounting basis selected by the General Partner. All
elections with respect to tax matters to be made by or for the Partners shall be
made by the General Partner. The fiscal year of the Partnership shall be the
calendar year.
ARTICLE 4
MANAGEMENT
Section 4.1 Rights and Powers of the General Partner
The management and control of the business and affairs of the Partnership
shall be vested in the General Partner, subject to the limitations set forth in
Section 4.2 below. The General Partner shall conduct or cause to be conducted
the Partnership's business and manage or cause to be managed the Partnership's
affairs in its discretion and shall have and possess all rights and powers
conferred by law and under this Agreement or otherwise necessary, advisable,
desirable or consistent in connection therewith, including without limitation
the following rights and powers:
(a) Enter into, make and perform such contracts, undertakings,
leases and agreements, and do such other acts as it may deem necessary or
advisable, or as may be incidental to, or necessary for, the conduct of the
business of the Partnership;
(b) Open, maintain and close bank accounts and draw checks and
other orders for the payment of money;
(c) Perform any and all other acts or activities customary or
incident to the business of the Partnership;
(d) Be reimbursed for all reasonable and customary out-of-pocket
expenses incurred in conducting the Partnership business, including without
limitation to reasonable travel expenses, and costs related to Partnership
accounting and bookkeeping services.
In dealing with the General Partner acting on behalf of the Partnership, no
person or entity shall be required to inquire into the authority of the General
Partner to bind the Partnership. Persons and entities dealing with the
Partnership shall be entitled to rely conclusively on the power and authority of
the General Partner as set forth in this Agreement. Any document or instrument,
including, without limitation, any deed, mortgage, deed of trust, deed to secure
debt, promissory note, xxxx of sale, lease, contract of sale, option or
management agreement required to be executed on behalf of the Partnership shall
be executed by the General Partner, and no other signature or consent shall be
required.
Section 4.2 Limitation on Power and Authority of the General Partner
Notwithstanding the terms of Section 4.1, the General Partner shall not,
without the prior Approval of the limited Partner:
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(a) Materially modify or amend this Agreement to the detriment of
the Limited Partners; or
(b) Possess Partnership property or assign rights in Partnership
property for other than a Partnership purpose.
Section 4.3 Liability of Partners
Neither the General Partner not any Limited Partner nor any of their
respective employees, agents or representatives shall be responsible to the
Partnership or to any other Partner for any loss, liability, damage, claim,
judgment, cost, obligation or expense sustained, incurred or resulting directly
or indirectly from the acts or omissions of such Partner to the extent that such
Partner or any of their respective employees, agents or representatives
reasonably and in good faith believed such act or omission to be within the
express or implied scope of the authority and responsibility vested in such
Partner pursuant to this Agreement. To the extent not due to. the gross
negligence or willful misconduct {including but not limited to fraud,
misrepresentation or any other intentional tort} of such Partner or such
Partner's employees, agents or representatives, the Partnership will indemnify
the Partners (including the officers, directors and employees of the General
Partner) against judgments, fines, amounts paid in settlement and expenses
(including attorneys fees) reasonably incurred by them in any civil, criminal or
investigative proceeding in which they are involved or threatened to be involved
by reason of being a Partner in the Partnership, provided that the Partner acted
in good faith, within what it reasonably believed to be the scope of its
authority and for a purpose which it reasonably believed to be in the best
interest of the Partnership or the Partners. The provisions of the foregoing
sentences, however, shall not relieve the General Partner of its obligation as a
Partner to share in the losses, costs and expenses of the Partnership. The
provisions of this Section 4.3 shall survive any termination or expiration of
this Agreement
Section 4.4 Participation in Management
Except as may be otherwise expressly provided herein to the contrary, no
Limited Partner shall participate in the management or control of the
Partnership's business or transact any business for the Partnership, and no
Limited Partner shall have the power to act for or bind the Partnership, said
powers being vested solely and exclusively in the General Partner in accordance
with the provisions of this Agreement
ARTICLE 5
LIMITED LIABILITY
No Limited Partner shall be bound by, or personally liable for, the
expenses, liabilities, or obligations of the Partnership, except as provided
under the Act. Except as required under the Act, no limited Partner shall be
required or obligated to make further contributions of any sort whatsoever to
the capital of the Partnership, unless and until such contributions have been
Approved by all of the Partners.
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ARTICLE 6
TRANSFERS AND OTHER DISPOSITIONS
Section 6.1 Transfer Limitations
6.1.1 Limited Partner Transfers.
Except as otherwise specifically provided herein, no Limited Partner may
transfer, voluntarily or involuntarily, all or any part of its interest in the
Partnership, nor shall any Limited Partner have the power to substitute a
transferee in its place as a substituted Limited Partner, without, in either
event, having obtained the prior written consent of the General Partner, which
consent shall be in the sole discretion of the General Partner.
6.1.2 General Partner Transfers.
Except as otherwise specifically provided herein, the General Partner
shall not transfer, voluntarily or involuntarily, all or any part of its
interest in the Partnership, nor shall the General Partner have the power to
substitute a transferee in its place as a substituted General Partner, without,
in either event, having obtained the prior written consent of each Limited
Partner, which consent shall be in the Limited Partners' sole discretion.
Section 6.2 Assignees and New Partners
6.2.1 Permitted Transferees.
In the event of a transfer of any interest in the Partnership permitted
pursuant to the provisions of this Article 6, and notwithstanding anything in
this Article 6 to the contrary (except Section 6.2.2.), the person or entity to
whom such transfer is made shall not become a Partner hereunder and shall be
considered only an assignee of the Partnership Interest and as such shall only
be entitled to share in those distributions, if any, in which its assignor would
otherwise have been entitled to share, diminished by the share of the losses and
obligations, if any, for which such assignor would be liable. Such an assignee
shall have no right to require any information or accounting of any transactions
of the Partnership or inspect the Partnership books and records and shall not be
deemed a Partner of the Partnership, and the interest in the Partnership held by
such assignee shall not be permitted to vote with respect to any Partnership
matter. Such assignee who does not become a substituted Partner, as provided for
in Section 6.2.2, remains subject to all the provisions of this Article 6 to the
same extent and in the same manner as any Partner desiring to transfer all or
any part of its Partnership interest.
6.2.2 New Partners.
An assignee of a Partner's interest in the Partnership pursuant to a
transfer permitted under the provisions of this Article 6 may become a
substituted Partner with all the rights and liabilities of its assignor as a
Partner under this Agreement if and only if (i) the General Partner or each
Limited Partner (in the case of a General Partner's transferee) shall have
consented in writing to such assignee becoming a substituted Partner, (ii) the
assignee expressly assumes and agrees to be bound by this Agreement in the place
and stead of such assignor, and (iii) the
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appropriate instruments, documents, or statements, if any, are prepared
executed, acknowledged, filed, recorded, published and delivered.
6.2.3 Substitution
Upon a transfer by a Partner of all or part of its interest in the
Partnership and substitution of a Partner with respect to all or such portion of
its Partnership interest, the transferring Partner shall cease to be a Partner
to the extent of the partnership interest so transferred.
6.2.4 Permitted Transferee In Event of Default on Loan Documents.
Any designee of the administrative agent identified in writing after the
occurrence of an Event of Default under the Loan Documents shall be a Permitted
Transferee of the applicable partnership interests without the necessity of any
further consent from any partner.
Section 6.3 Withdrawal
No Limited Partner may withdraw from the Partnership except with the
consent of the General Partner and all other Limited Partners and the General
Partner may not withdraw from the Partnership without the consent of each
Limited Partner, and in each case upon such terms and conditions as may be
specifically agreed upon between the remaining Partners and the Withdrawing
Partner. The provisions of this Agreement with respect to distributions upon
Withdrawal are exclusive and no Partner shall be entitled to claim any further
or different distribution upon withdrawal under the Act or otherwise.
ARTICLE 7
TERMINATION
Section 7.1 Waiver of Rights
Each Partner does hereby expressly waive any and all rights to dissolve,
terminate or liquidate, or to petition a court for the partition, dissolution,
termination or liquidation of the Partnership except as provided in this Section
7.
Section 7.2 Voluntary Termination
Prior to the expiration of the term, the Partnership may terminate upon:
(i) the Approval of all Partners; (ii) the purchase by one Partner of all the
interests in the Partnership; or (iii) the sale of substantially all the assets
of the Partnership and the distribution to the Partners of all proceeds from
such sale.
Section 7.3 Involuntary Termination
The Partnership shall not be dissolved by the bankruptcy, insolvency,
withdrawal, dissolution or acquisition of a Limited Partner.
7.3.1 Events of Involuntary Dissolution
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Subject to the provisions of Section 7.3.2, the Partnership shall be
dissolved prior to the date of its termination, upon the occurrence of the
following events:
(a) the dissolution of the General Partner;
(b) the filing of an involuntary petition in bankruptcy against
the General Partner which is not dismissed within one hundred twenty (120) days
of such filings;
(c) The resignation withdrawal of the General Partner from the
Partnership, except under the terms and conditions set forth in paragraph 6.1.2
above, or other event causing the General Partner to cease being the General
Partner.
7.3.2 Reformation of Partnership.
Notwithstanding the provisions of Section 7.3.1, the Partnership shall not
be dissolved upon the occurrence of any of the events enumerated in Section
7.3.1 in the event that all of the Partners not responsible for the occurrence
of such event, within 60 days after the date of any of such events, elect to
continue the business of the Partnership, in a reconstituted form, if necessary,
in which case, effective as of the date of such event, the Partner responsible
for such event shall become a defaulting Partner and if such Partner is the
General Partner, its interest in the Partnership shall automatically be
converted to that of a limited partner without further act or deed, and one or
more of the Limited Partners shall convert a portion of its interest in the
Partnership to a general partner interest and shall designate a successor
general partner who shall hold said general partner interest and serve as the
successor general partner of the partnership.
Section 7.4 Liquidation Procedures.
Upon the expiration of the term of the Partnership or the earlier
dissolution of the Partnership in accordance with the provisions of Section 7.2
or Section 7.3, the Partnership shall be liquidated in accordance with the
following procedures:
7.4.1 Winding Up.
During the period of such dissolution and liquidation, the business and
affairs of the Partnership shall be conducted so as to maintain and preserve the
assets of the Partnership in a manner consistent with the winding up of the
affairs thereof.
7.4.2 Form of Distributions.
The General Partner shall determine whether the liquidating distributions
shall be entirely in cash or, in whole or in part a distribution of the
Partnership's assets in kind.
7.4.3 Priority of Payments and Distributions.
In the event of a liquidation, the General Partner shall act as the
liquidating trustee, unless events specified in subsection 7.3.1 have caused
the dissolution leading to liquidation in which event the Limited Partners
holding, in the aggregate, a majority of the Percentage Interests in the
Partnership shall act as the liquidating trustee. The liquidating trustee shall
immediately
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proceed to wind up and terminate the business and affairs of the Partnership.
The assets of the Partnership, shall thereupon be distributed in the order of
priority as set forth in subsections 7.4.3.1 through 7.4.3.3.
7.4.3.1 First, the Partnership shall pay creditors of the
Partnership (other than the Partners) in accordance with their respective
priorities;
7.4.3.2 Second, the Partnership shall set up any reserves which the
liquidating trustee deems to be reasonably necessary for any contingent or
unforeseen liabilities or obligations of the Partnership arising out of or in
connection with the Partnership; and
7.4.3.3 Third, all remaining assets or proceeds shall be distributed
to the Partners in accordance with section 3.7.
ARTICLE 8
MISCELLANEOUS PROVISIONS
Section 8.1 Notices
Each Notice shall be in writing in the English language, and shall be
deemed to have been properly given or served when. transmitted by facsimile
transmission or when deposited with the United States Postal Service or any
official successor thereto, designated as registered or certified mail, return
receipt requested, bearing adequate postage and addressed as hereinafter
provided, or by personal delivery (which may include delivery by commercial
courier service) if receipt is procured. The time period in which a response to
any Notice must be made, or any action taken or payment made with respect
thereto, shall commence to nm from the date of the confirmation of receipt of
such facsimile transmission, the date of receipt indicated on the return receipt
of the Notice Or on the date of personal delivery evidenced by a receipt.
Rejection of or other refusal to accept a Notice, or the inability to deliver
because of changed address or statue of which no Notice was given, shall be
deemed to be receipt of the Notice sent. By giving to the other Partners at
least ten (10) days' prior Notice thereof, any Partner shall have the right from
time to time during the term of this Partnership Agreement to change the
addressees) thereof. and to specify as the addressees) thereof any other
addressees} within the United States of America. All dates and times referred to
in this Agreement shall be determined based on local time in Kerrville, Texas.
Section 8.2 Governing Law
This Agreement and the obligations of the Partners hereunder shall be
governed by and interpreted, construed and enforced in accordance with the laws
of the State of Texas.
Section 8.3 Uniform Commercial Code
The Partners hereby agree that the partnership interests of the
Partnership shall be securities governed by Article 8 of the Uniform Commercial
Code of the State of Texas (and the Uniform Commercial Code of any other
applicable jurisdiction).
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Section 8.4 Severability
If any provision of this Agreement or the application thereof to any
Entity or circumstance shall be invalid or unenforceable to any extent, the
remainder of this Agreement and the application of such provision to any other
Entity or circumstance shall not be affected thereby and shall be enforced to
the greatest extent permitted by law.
Section 8.5 Entire Agreement; Amendment
This Agreement constitutes the entire agreement of the Partners with
respect to the subject matter hereof. Neither this Agreement nor any provision
hereof may be changed, waived, discharged or terminated orally, but only by an
instrument in writing signed by the Partners against whom enforcement of the
change, waiver, discharge or termination is sought. The execution of any
amendment to this Agreement by all Partners shall establish, that such execution
was made in accordance with any applicable requirements for approval.
Section 8.6 Successors and Assigns.
Subject to the restrictions set forth herein, this Agreement shall inure
to the benefit of and be binding upon the Partners and their respective heirs,
executors, legal representatives, successors and assigns. Whenever in this
Agreement a reference to any Entity or Partner is made, such reference shall be
deemed to include a reference to the permitted heirs, executors, legal
representatives, successors and assigns of such Entity or Partner.
Section 8.7 Third Parties.
Under no circumstances shall any person or entity who or which is not a
party to this Agreement be entitled to enforce any of the provisions hereof
against any of the Partners.
Section 8.8 Survival.
In the event this Partnership Agreement shall be terminated in accordance
with the provisions hereof, the provisions of Article 7 relating to the
liquidation of the Partnership shall remain in full force and effect and shall
be binding upon the Partners for all purposes.
Section 8.9 Interpretation.
No provision of this Partnership Agreement shall be construed against or
interpreted to the disadvantage of any Partner by any court or other
governmental or judicial authority by reason of such Partner having or being
deemed to have drafted, structured, dictated or required such provision.
Section 8.10 Exhibits.
All exhibits referred to in this Agreement and attached hereto are made a
part of this Agreement by this reference.
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IN WITNESS WHEREOF, the parties hereto have signed, sealed and delivered
this Agreement under seal as of the date first noted above.
GENERAL PARTNER:
KERRVILLE COMMUNICATIONS
MANAGEMENT, LLC
By: KERRVILLE COMMUNICATIONS
CORPORATION., Manager
By: Xxxxxxx X. Xxxxx, Xx.
-------------------------------
Name: Xxxxxxx X. Xxxxx, Xx.
-----------------------------
Title: Secretary
----------------------------
LIMITED PARTNER:
KERRVILLE COMMUNICATIONS
ENTERPRISES, LLC
By: Xxxxxxx X. Xxxxx, Xx.
-------------------------------
Name: Xxxxxxx X. Xxxxx, Xx.
-----------------------------
Title: Secretary
----------------------------
SCHEDULE B
Capital Contribution
General Partner: 100 shares of Xxxxxx Telephone Company (1% of the business,
including without limitation all assets, liabilities, employees, properties,
agreements, rights and obligations, of Xxxxxx Telephone Company), upon
effectiveness of the conversion of said corporation into the Partnership.
Limited Partner: 9,900 shares of Xxxxxx Telephone Company (99% of the business,
including without limitation all assets, liabilities, employees, properties,
agreements, rights and obligations, of Xxxxxx Telephone Company, upon
effectiveness of the conversion of said corporation into the Partnership.
