Common use of Agreed Value Clause in Contracts

Agreed Value. If the Remaining Members have elected to purchase the Interest of the Bankrupt or Deceased Member, the purchase price of such Interest shall be the percentage of the Bankrupt or Deceased Member’s Interest in the Company purchased by the Remaining Members times the agreed value thereof. If a value cannot be agreed upon, three appraisals of the Membership Interest shall be obtained from three different reputable appraisal companies as promptly as practicable. The average of the three such appraisals shall become the “Agreed Value” of the Bankrupt or Deceased Member’s Interest in the Company, taking into account all debts and liabilities of the Company and the Capital Accounts of the Bankrupt or Deceased Member and the Remaining Members. Prompt written notice of the determination of the appraisers, signed by each appraiser, shall be given to the Bankrupt and any Bankruptcy Transferee, or Deceased Member’s heirs or estate, and to the Remaining Members and shall be conclusive upon them. Costs of the appraisals shall be shared equally between the Bankrupt or Deceased member and the Remaining Members who elect to purchase the subject Member Interest.

Agreed Value. If the Remaining Members have elected to purchase the Interest of the Bankrupt or Deceased Member, the purchase price of such Interest shall be the percentage of the Bankrupt or Deceased Member’s Interest in the Company Fund purchased by the Remaining Members times the agreed value thereof. If a value cannot be agreed upon, three appraisals of the Membership Interest shall be obtained from three different reputable appraisal companies as promptly as practicable. The average of the three such appraisals shall become the “Agreed Value” of the Bankrupt or Deceased Member’s Interest in the CompanyFund, taking into account all debts and liabilities of the Company Fund and the Capital Accounts of the Bankrupt or Deceased Member and the Remaining Members. Prompt written notice of the determination of the appraisers, signed by each appraiser, shall be given to the Bankrupt and any Bankruptcy Transferee, or Deceased Member’s heirs or estate, and to the Remaining Members and shall be conclusive upon them. Costs of the appraisals shall be shared equally between the Bankrupt or Deceased member and the Remaining Members who elect to purchase the subject Member Interest.