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Exhibit 3.55
THE PARTNERSHIP INTERESTS REPRESENTED BY THIS LIMITED
PARTNERSHIP AGREEMENT HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR UNDER
ANY STATE
SECURITIES ACTS, IN RELIANCE UPON EXEMPTIONS UNDER THOSE ACTS.
THE SALE OR OTHER
DISPOSITION OF THE PARTNERSHIP INTERESTS IS PROHIBITED UNLESS
SUCH SALE OR
DISPOSITION IS MADE IN COMPLIANCE WITH ALL SUCH APPLICABLE ACTS.
ADDITIONAL
RESTRICTIONS ON TRANSFER OF THE PARTNERSHIP INTERESTS ARE SET
FORTH IN THIS
AGREEMENT.
AGREEMENT
OF
LIMITED PARTNERSHIP
OF
VALOR TELECOMMUNICATIONS CORPORATE GROUP, LP
THIS AGREEMENT OF LIMITED PARTNERSHIP (the "Agreement") is
entered into by
and among Valor Telecommunications Enterprises, LLC, a Delaware
limited
liability company, as general partner (the "General Partner"),
and Valor
Telecommunications Holding, LLC, a Delaware limited liability
company, as
limited partner (the "Limited Partner"). Such parties are
individually referred
to as a "Partner" and collectively as the "Partners."
Certain terms used in this Agreement are defined in Article II
hereof.
ARTICLE I
GENERAL
1.1 Formation. Subject to the provisions of this Agreement
(the
"Agreement"), the Partners hereby form Valor Telecommunications
Corporate Group,
LP (the "Partnership"), as a limited partnership pursuant to the
provisions of
the Texas Revised Limited Partnership Act (the "Texas Act"),
Article 6132a-1 of
Title 105 of the Texas Revised Civil Statutes, as it may be
amended from time to
time, and any successor to such Act. Except as expressly
provided herein, the
rights and obligations of the Partners and the administration
and termination of
the Partnership shall be governed by the Texas Act.
1.2 Purpose. The purposes and businesses of the Partnership
shall be to
engage in the provision of telephone, data transmission and
other
communication-related endeavors and to engage in such other
activities as
lawfully conducted by limited partnerships. Any or all of the
foregoing
activities may be conducted directly by the Partnership or
indirectly through
another partnership, joint venture, or other arrangement.
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1.3 Term. The Partnership shall continue in existence until the
close of
Partnership business on December 31, 2050, or until the earlier
termination of
the Partnership in accordance with the provisions of Section 7.1
of this
Agreement.
1.4 Registered Office and Principal Office of Partnership;
Addresses of
Partners.
(a) Partnership Offices. The registered office of the
Partnership
in the State of Texas shall be 800 Brazos, Austin, Texas 78701,
and its
registered agent for service of process on the Partnership at
such registered
office shall be Corporation Service Company dba CSC-Lawyers
Incorporating
Service Company, or such other registered agent as the General
Partner may from
time to time designate. The principal office of the Partnership
shall be 600 E.
Las Colinas Blvd., #1900, Irving, Texas 75039, or such other
place as the
General Partner may from time to time designate. The Partnership
may maintain
offices at such other place or places as the General Partner
deems advisable.
(b) Addresses of Partners. The address of each Partner shall
be
the address of such Partner as set forth in Section 8.2
hereof.
ARTICLE II
DEFINITIONS
The following definitions shall apply to the terms used in
this
Agreement, unless otherwise clearly indicated to the contrary in
this Agreement.
"Adjusted Capital Account Deficit" means, with respect to
any
Partner, the deficit balance, if any, in such Partner's capital
account as of
the end of the relevant fiscal year, after giving effect to the
following
adjustments: (a) any amounts that such Partner is, or is deemed
to, be obligated
to restore pursuant to Section 1.704-1(b)(2)(ii)(c) of the
Regulations, the
penultimate sentence of Section 1.704-2(g)(1) of the
Regulations, or the
penultimate sentence of Section 1.704-2(i)(5) of the
Regulations, shall be
credited to such Capital Account; and (b) the items described in
Sections
1.704-1(b)(2)(ii)(d)(4), (5), and (6) of the Regulations shall
be debited to
such Capital Account. The foregoing definition of Adjusted
Capital Account
Deficit is intended to comply with the provisions of Section
1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted
consistently
therewith.
"Code" means the Internal Revenue Code of 1986, as amended and
in
effect from time to time.
"General Partner" means Valor Telecommunications Enterprises,
LLC, a
Delaware limited liability company, and its successors
assigns.
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"Limited Partner" means Valor Telecommunications Holding, LLC,
a
Delaware limited liability company and its successors and
assigns.
"Partnership Interest" means the interest acquired by a Partner
in
the Partnership, including, without limitation, such Partner's
right: (a) to an
allocable share of the profits, losses, deductions, and credits
of the
Partnership; (b) to a distributive share of the assets of the
Partnership; (c)
if a Limited Partner, to vote on those matters described in this
Agreement; and,
(d) if a General Partner, to manage and operate the Partnership
in accordance
with the Texas Act and this Agreement.
"Percentage Interest" means the percentage set forth opposite
each
Partner's name on SCHEDULE "A" to this Agreement, as such
SCHEDULE "A" may be
amended from time to time in accordance with this Agreement.
"Person" means an individual or a corporation, partnership,
trust,
estate, unincorporated organization, association, or other
entity.
"Profits" and "Losses" mean, for each fiscal year or other
period,
an amount equal to the Partnership's taxable income or loss for
such fiscal year
or period, determined in accordance with Code Section 703(a)
(for this purpose,
all items of income, gain, loss or deduction required to be
stated separately
pursuant to Code Section 703(a)(1) shall be included in taxable
income or loss),
with the following adjustments:
(i) Income of the Partnership that is exempt from federal
income
tax and not otherwise taken into account in computing Profits
and Losses
shall be added to such taxable income or loss;
(ii) Any expenditures of the Partnership described in Code
Section
705(a)(2)(B), or treated as Code Section 705(a)(2)(B)
expenditures
pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not
otherwise
taken into account in computing Profits and Losses shall be
subtracted
from such taxable income or loss;
(iii) If the book value of any partnership asset is adjusted,
the
amount of such adjustment shall be taken into account as gain or
loss from
the disposition of such asset for purposes of computing Profits
and
Losses;
(iv) Gain or loss resulting from any disposition of property
with
respect to which gain or loss is recognized for federal income
tax
purposes shall be computed by reference to the book value of the
property
disposed of, notwithstanding that the adjusted tax basis of such
property
differs from its book value;
(v) In lieu of the deduction for depreciation, cost recovery
or
amortization taken into account in computing such taxable income
or loss,
there
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shall be taken into account Book Depreciation as defined below.
"Book
Depreciation" for any assets means for any fiscal year or other
period an
amount that bears the same ratio to the Book Value of that asset
at the
beginning of such fiscal year or other period as the federal
income tax
depreciation, amortization or other cost recovery deduction
allowable for
that asset for such year or other period bears to the adjusted
tax basis
of that asset at the beginning of such year or other period. If
the
federal income tax depreciation, amortization or other cost
recovery
deduction allowable for any asset for such year or other period
is zero,
then Book Depreciation for that asset shall be determined with
reference
to such beginning Book Value using any reasonable method
selected by the
General Partner; and
(vi) Notwithstanding any other provision of this definition,
any
items that are specially allocated pursuant to Section 3.2(d)
shall not be
taken into account in computing Profits and Losses.
"Regulations" means the Department of Treasury Regulations
promulgated under the Code, as amended in effect (including
corresponding
provisions of succeeding regulations).
ARTICLE III
FINANCIAL MATTERS
3.1 Capital Contributions. The General Partner and the Limited
Partner
shall contribute capital to the Partnership in the form of cash
and other assets
as follows:
(a) As its initial capital contribution to the Partnership,
the
General Partner and the Limited Partner shall contribute capital
to the
Partnership in the form of cash in the amount set forth in
SCHEDULE "B" attached
hereto.
(b) If at any time and from time to time during the term
hereof,
capital over and above the amount contributed by the Partners is
required for
the Partnership, as determined by the General Partner, then each
Partner shall
contribute, within ten (10) days after written notice thereof
from the General
Partner, additional capital unless otherwise agreed by the
Partners, shall be
contributed by each Partner to the Partners in an amount equal
to the product of
its respective Partnership Interest and the total amount
required in the
aforesaid notice.
(c) Each Partner shall acquire a security interest in the
other
Partner's Partnership Interest to secure the payment of capital
contributions.
If any Partner shall fail to make any capital contribution as
and when required
herein, then such Partner shall be deemed to be in default
hereunder.
Thereafter, the non-defaulting Partners shall be entitled to
contribute such
defaulting Partner's capital contribution and then to foreclose
their respective
security interest in such defaulting Partner's Partnership
Interest by payment
to such Partner of the sum equal to the then-current positive
balance of its
capital account, less the amount of the capital contribution
which caused the
default.
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3.2 Allocations of Profits and Losses.
(a) Allocation of Profits. After giving effect to the
allocations
set forth in Section 3.2(d), Profits shall be allocated to the
Partners in the
following manner:
(i) First, to the Partners with negative capital account
balances in the minimum amounts necessary to eliminate their
negative capital account balances; provided, however, that if
there
are insufficient Profits to eliminate each Partner's
negative
capital account balance, Profits shall be allocated first in
the
minimum amounts necessary to cause the Partners' negative
capital
account balances and then to Partners with negative capital
account
balances in that ratio; and
(ii) Next, to the Partners in proportion to their Percentage
Interests.
(b) Allocation of Losses. After giving effect to the
allocations
set forth in Section 3.2(d), and subject to the limitation set
forth in Section
3.2(c), Losses shall be allocated to the Partners in the
following manner:
(i) First, to each Partner in proportion to their positive
capital account balances until such positive account balances
have
been eliminated; and
(ii) Next, to the Partners in proportion to their Percentage
Interests.
(c) Limitation on Loss Allocations. The Losses allocated
pursuant
to Section 3.2(b) hereof and the next sentence of this Section
3.2(c) to any
Partner shall not exceed the maximum amount of Losses that may
be allocated to
such Partner without causing such Partner to have an Adjusted
Capital Account
Deficit at the end of such fiscal year. All Losses in excess of
the limitation
in this Section 3.2(c) shall be allocated solely to the other
Partners in
proportion to their respective Percentage Interests. If no other
Partner may
receive an additional allocation of Losses pursuant to the
preceding sentence of
this Section 3.2(c), such additional Losses not allocated
pursuant to Section
3.2(b) of this Agreement to or the preceding sentence shall be
allocated solely
to the General Partner.
(d) Special Allocations. Notwithstanding the preceding
provisions
of this Section 3.2, the General Partner is authorized to make
any allocations
required by Section 1.704-1 or 1.704-2 of the Regulations in
order to ensure
that the allocations of profits, losses, deductions and credits
pursuant to this
Agreement are respected for federal income tax purposes.
(e) Tax Allocations. In accordance with Section 704(c) of the
Code
and the Regulations thereunder, income, gain, loss and
deductions with respect
to any property contributed to the capital of the Partnership
shall, solely for
tax purposes, be allocated among the Partners so as to take
account of any
variation between the adjusted basis of such property to the
Partnership for
federal income tax purposes and its fair market value when
contributed to the
Partnership. For federal income tax purposes, every item of
income, gain, loss
and deduction shall be allocated among the Partners in
accordance with the
allocations under this Section 3.2.
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3.3 Distributions, The General Partner may, in its sole
discretion,
review the Partnership's accounts from time to time to determine
whether
distributions are appropriate, and make such distributions as it
may determine,
without being limited to current or accumulated income or gains,
but no such
distribution shall be made out of funds required to make current
payments on
Partnership obligations. Except to the extent Sections 7.2 or
7.3 are
applicable, all distributions pursuant to this Section 3.3 shall
be made to the
Partners in accordance with Percentage Interests. To the extent
that any
distribution to a Partner is mistakenly in excess of what such
Partner would be
entitled to have received if such distribution had been made to
the Partners in
the correct proportion (based on its then-current Partnership
Interest), such
excess amount shall be treated as a loan by the Partnership to
such Partner,
repayable on demand. Any amounts distributed pursuant to the
immediately
preceding sentence of this Section 3.3 shall not be deemed to be
distributions
for purposes of this Agreement.
3.4 Capital Accounts.
(a) In General.
The Partnership shall maintain for each Partner a separate
capital
account in accordance with this Section 3.4(a), which shall
control the division
of assets upon liquidation of the Partnership as provided in
Section 7.2 of this
Agreement. Such capital account shall be maintained in
accordance with the
following provisions:
(i) Such capital account shall be increased by the cash
amount and the value of all capital contributions made by
such
Partner to the Partnership pursuant to this Agreement, by
such
Partner's allocable share of profits and by the applicable
portion
of the amount of any Partnership liabilities assumed by the
Partner
or that are secured by any property distributed to such
Partner.
(ii) Such capital account shall be decreased by the cash
amount and the fair market value of any property distributed to
such
Partner pursuant to Sections 3.3, 7.2 or 7.3 of this Agreement,
by
such Partner's allocable share of losses and by the amount of
any
liabilities of such Partner assumed by the Partnership or
any
liabilities secured by any property contributed by such Partner
to
the Partnership.
(iii) In the event all or a portion of an 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.
The foregoing provisions and the other provisions of this
Agreement
relating to the maintenance of capital accounts are intended to
comply with
Sections 1.704(b) and 1.704-2 of the Regulations and shall be
interpreted and
applied in a manner consistent with such Regulations.
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(b) Negative Capital Accounts. If any Partner has a deficit
balance in its capital account, such Partner shall have no
obligation to restore
such negative balance or to make any capital contribution to the
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