Common use of Value of Securities Clause in Contracts

Value of Securities. For purposes of determining the value of Securities, Securities which are listed on a national securities exchange shall be valued at their closing sales prices on the trading day immediately prior to or on the date of determination, or if no sales occurred on such trading day, at the mean between the "bid" and "asked" prices on such trading day. Securities which are not listed shall be valued at their last closing "bid" prices if held "long" by the Partnership and their last closing "asked" prices if held "short" by the Partnership. Securities which are in the form of put or call options shall be valued at their fair market value. All other Securities shall be assigned such value as the General Partner may determine and such value, as well as all other values assigned to Securities by the General Partner pursuant to this paragraph of this Section 5.5 shall be final and conclusive as to all of the Partners.

Value of Securities. For purposes of determining the value of Securitiessecurities, Securities securities which are listed on a national securities exchange shall be valued at their closing sales prices on the trading day immediately prior to or on the date of determination, or if no sales occurred on such trading day, at the mean between the "bid" and "asked" prices on such trading day. Securities which are not listed shall be valued at their last closing "bid" prices if held "long" by the Partnership and their last closing "asked" prices if held "short" by the Partnership. Securities which are in the form of put or call options shall be valued at their fair market value. All other Securities shall be assigned such value as the General Partner may determine and such value, as well as all other values assigned to Securities by the General Partner pursuant to this paragraph of this Section 5.5 5.04 shall be final and conclusive as to all of the Partners.