of the related investment and will not be affected by events subsequent to such purchase, including, without limitation, changes in characterization or value of any specific portfolio securities or economic conditions or events generally affecting any securities of the type held by the Partnership. The value of any investment for purposes of such determination shall be equal to the actual cost of such investment. 9.5 Expenses of the Partnership. The Partnership will bear costs and expenses that, in the good faith judgment of the General Partner, are incurred in the operation of the Partnership, including, without limitation, the fees and expenses relating to short-term investments of cash and investments in Portfolio Companies including the acquisition, holding and disposition thereof or relating to proposed portfolio investments which are not consummated, reasonable premiums for insurance protecting the Partnership, the General Partner, any of their respective Affiliates, and any of their respective employees and agents; legal, custodial and accounting expenses; auditing expenses; appraisal expenses; expenses related to organizing companies through or in which portfolio investments will be made; costs and expenses that are classified as extraordinary expenses under GAAP; taxes or other governmental charges payable by the Partnership; litigation costs and any judgments or settlements paid in connection with litigation involving the Partnership, a Portfolio Company or a Person entitled to indemnification from the Partnership; costs of reporting to the Partners; costs of Partner meetings; costs incurred in valuing securities; costs of winding up and liquidating the Partnership; and expenses incurred in connection with a Partner that defaults in respect of a Capital Contribution. Except as set forth above the Partnership will not be responsible for the General Partner's expenses, including, without limitation, office rent, furniture and fixtures, salaries, travel and entertainment expenses, marketing, employee insurance (excluding the reasonable premiums referred to in the first sentence of this Section 9.5), payroll taxes and placement agent fees. 9.6 Exculpation. Except as otherwise required by law, the General Partner, the Managing Directors and any of their respective Affiliates, 85