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Valuation of Partnership Interests Clause

The Partners shall annually, immediately after receiving the financial statements for the preceding financial year, set out in writing the value of their interests in the Partnership as of the date of the financial statements. The stipulated value shall be the basis for determining the purchase price for any Partner's interest, the adequacy of insurance on each Partner's life for the purpose of funding a purchase on death, and the purchase price on admission of a new Partner. If no valuation of Partnership interests is made for any financial year immediately preceding the purchase of an interest in the Partnership, the value of each Partner's interest shall be determined by the Partnership's accountants based on the last valuation made by the Partners and on such adjustments as are necessary to reflect any changes in the value of the Partnership interests since the last valuation, and the valuation made by the Partnership's accountants shall be binding on all the Partners for the purpose of such purchase.