Amount Reserved and Pending Claims Sample Clauses

Amount Reserved and Pending Claims. (a) If there shall be any pending transaction or pending or contingent claim by or against the Fund as to which the interest or obligation of the Fund and the resulting interest of any Partner therein cannot, in the judgment of the General Partner, be then ascertained, or if there is any asset of the Fund the value of which cannot be realized until sold or otherwise disposed of and such sale or disposition is not practicable without sacrificing a substantial portion of the value thereof, the value thereof or probable loss therefrom may be excluded from the valuation of assets for purposes of computing such Partner’s Capital Account upon liquidation. No amount shall be paid or charged to any such Partner’s Capital Account in respect of any such transaction or claim until its final settlement, in respect of such asset until sold or otherwise disposed of, or such earlier time as the General Partner shall determine. Moreover, the Fund may retain from any sums due any such Partner, an amount which the General Partner shall estimate, in its sole discretion, to be sufficient to cover the share of such Partner in any probable loss or liability on account of such transaction or claim. (b) The General Partner shall, at the earliest practicable time, distribute any assets (or proceeds realized from the sale or otherwise disposition thereof) excluded or retained pursuant to Section 9.2(a) hereof to each Partner from whom such assets or proceeds shall have been withheld.
Sample 1
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Related to Amount Reserved and Pending Claims

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