Common use of Plan Asset Regulations Clause in Contracts

Plan Asset Regulations. 8.4.4.1 Each Limited Partner acknowledges that the assets of the Fund are not intended to constitute Plan Assets of such Limited Partner for purposes of any applicable non-U.S., state or local law governing the investment and management of the assets of that Limited Partner, and that, as a result, none of the Fund, the General Partner or any of their Affiliates intends to be acting as a fiduciary within the meaning of any applicable non-U.S., state or local law relating to governmental plans or foreign plans with respect to such Limited Partner or the Fund assets; provided, that this provision is not intended to negate the standard of care set forth in Section 20.5 (Standard of Care).