Hypothetical Sale. Upon liquidation of the Partnership or any Partner's interest in the Partnership, any unsold Partnership assets shall be valued to determine the gain or loss that would result if such assets were sold at their fair market value, as determined in good faith by the General Partner, at the time of such liquidation. The capital accounts of the Partners shall be adjusted to reflect the manner in which any such gain or loss would have been allocated if such assets had been sold at such value.
Appears in 5 contracts
Samples: Limited Partnership Agreement (North American Pipe Corp), Limited Partnership Agreement (North American Pipe Corp), Limited Partnership Agreement (North American Pipe Corp)
