I believe the decision is actually up to the individual state board to decide.  I am running up against the same issue (I have a part for which conditional credit will expire March 17, 2011.  I took my last exam on Feb 18 and doubt we will have the exam results by the expiration date.  I emailed several persons at the State Board (in Texas) and received confirmation that by taking the exam prior to the expiration date would hold loss of credit until the results were received.  If I passed, then I'm done and no lost credit.  If not, then have 2 parts to retake. I'm feeling good about it so lets hope for the best.

My suggestion is to call a State Board of Accountancy representative and explain your situation and ask how it would be handled.  If they indicate the loss would be held until after you receive your results, I would ask for their email address and put in writing your understanding of the conversation and request they reply to confirm.  If you encounter any discrepancies, then at least you have written confirmation of your understanding. 

Good Luck!