Liabilities; Reserves. The Partnership’s liabilities shall be determined in accordance with GAAP, and shall include the establishment of such reserves for estimated accrued expenses and contingencies as the General Partner may deem advisable; provided, however, that the General Partner may provide reserves and holdbacks for estimated accrued expenses, liabilities or contingencies, including general reserves and holdbacks for unspecified contingencies (even if such reserves or holdbacks are not required by GAAP). All such reserves or holdbacks could reduce the amount of distribution on withdrawal. Such reserves or holdbacks may be invested or maintained in a manner deemed appropriate by the General Partner. Any holdback shall be applied equally and equitably to all Capital Accounts that are subject to the expenses, liabilities and contingencies for which such holdback was established. Upon the determination of the General Partner that such holdback is no longer needed, the remainder (if any) of the holdback, and the estimated interest that the Partnership earned thereon or is attributed thereto (in each case, if any) shall be distributed or credited, as applicable, to the Capital Accounts for which such holdback was established. Limited Partners shall be provided upon request the nature and amount of any holdback that is not otherwise required by GAAP.
Liabilities; Reserves. Liabilities shall be determined in accordance with GAAP, applied on a consistent basis; provided, that the General Partner in its discretion may provide reserves for estimated accrued expenses, liabilities, and contingencies (including amounts determined by the General Partner to pay Management Fees as they accrue on the Capital Accounts of any Limited Partner). Such reserves shall be charged and accrued against the net Partnership Assets, in proportion to the respective Capital Account balances of each Partner, in any amounts that the General Partner deems necessary or prudent.
Liabilities; Reserves. Liabilities of the Partnership shall be determined in accordance with GAAP applied on a consistent basis. The General Partner in its discretion may establish holdbacks and reserves for estimated expenses, liabilities and HIGHLY CONFIDENTIAL & TRADE SECRET contingencies relating to the Partnership (even if not otherwise required by GAAP and without duplicating any expenses paid or holdbacks or reserves established by any other Fund entity), which holdbacks or reserves shall be charged and accrued against the Net Asset Value, in proportion to each Partner’s Percentage Interest in the Partnership, in any amounts that the General Partner deems necessary or advisable in its discretion, including as described in Section 3.03(a), for so long as such expense, liability or contingency, or portion thereof, remains outstanding (and in a manner consistent with GAAP). It is understood that such liabilities, holdbacks or reserves may reduce the amount otherwise available for distribution to the Partners upon any partial or total redemption of a Partner’s Units by an amount equal to the proportionate share then charged and accrued (and not subsequently paid or otherwise discharged) against such redeemed Units immediately prior to such redemption in accordance with the previous sentence; provided, however, that if any such liability, holdback or reserve is subsequently satisfied or no longer required, then the Net Asset Value shall be adjusted accordingly in the period that it is determined that such liability, holdback or reserve is satisfied or no longer required.
Liabilities; Reserves. 13 Section 4.07
Liabilities; Reserves. Liabilities shall be determined in accordance with generally accepted accounting principles, applied on a consistent basis; provided, that the Managing Member in its discretion may provide reserves for estimated accrued expenses, liabilities and contingencies. Such reserves shall be charged and accrued against the net assets of the Company, in proportion to the respective Capital Account balances of each Member, in any amounts that the Managing Member deems in good faith to be necessary or prudent.
