Appraisal Procedure Sample Clauses
Appraisal Procedure. For determining the Fair Market Sales Value of the Properties or any other amount which may, pursuant to any provision of any Operative Agreement, be determined by an appraisal procedure, Lessor and Lessee shall use the following procedure (the "Appraisal Procedure"). Lessor and Lessee shall endeavor to reach a mutual agreement as to such amount for a period of ten (10) days from commencement of the Appraisal Procedure under the applicable section of the Lease, and if they cannot agree within ten (10) days, then two (2) qualified appraisers, one (1) chosen by Lessee and one (1) chosen by Lessor, shall mutually agree thereupon, but if either party shall fail to choose an appraiser within twenty (20) days after notice from the other party of the selection of its appraiser, then the appraisal by such appointed appraiser shall be binding on Lessee and Lessor. If the two (2) appraisers cannot agree within twenty (20) days after both shall have been appointed, then a third appraiser shall be selected by the two (2) appraisers or, failing agreement as to such third appraiser within thirty (30) days after both shall have been appointed, by the American Arbitration Association. The decisions of the three (3) appraisers shall be given within twenty (20) days of the appointment of the third appraiser and the decision of the appraiser most different from the average of the other two (2) shall be discarded and such average shall be binding on Lessor and Lessee; provided, that if the highest appraisal and the lowest appraisal are equidistant from the third appraisal, the third appraisal shall be binding on Lessor and Lessee. The fees and expenses of the appraiser appointed by Lessee shall be paid by Lessee; the fees and expenses of the appraiser appointed by Lessor shall be paid by Lessor (such fees and expenses not being indemnified pursuant to Section 11 of the Participation Agreement); and the fees and expenses of the third appraiser shall be divided equally between Lessee and Lessor.
Appraisal Procedure. The employee's supervisor will prepare the mid-year and end-of-year performance appraisal. If such is not the case, the second level supervisor shall prepare the appraisal. If an employee is transferred, he/she shall be given an exit appraisal and it shall be used in conjunction with his/her new supervisor's year-end appraisal, unless the employee has been working under the new supervisor for at least six months, and the employee and the Employer mutually agree not to use the former supervisor's appraisal. When both appraisals are used, they shall be averaged in accordance with the number of months evaluated by each appraisal. If the evaluating supervisor is not the direct supervisor, he/she must have actual knowledge of the employee's performance.
Appraisal Procedure. 1. Whenever an employee is assigned to a different supervisor during the rating cycle (whether through a change in position or simply a change in supervisor), the supervisor shall meet with the employee as soon as possible to: review the Position Description (form MS-22 or DTS-3) for accuracy and to make any changes, if necessary; understand and clarify the duties being performed by the employee; identify expectations regarding tasks to be performed during the next rating cycle; and plan for any training, if necessary.
2. The employee's supervisor will prepare a preliminary mid-year and end-of-year performance appraisal. If the immediate supervisor is not available, the second level supervisor shall prepare the appraisal. If the evaluating supervisor is not the direct supervisor, he/she must have actual knowledge of the employee's performance.
3. The supervisor shall meet with the employee to discuss the preliminary appraisal. The employee shall be notified five days prior to the date of the review and discussion. Any rating of “Outstanding” or “Unsatisfactory” assigned by a supervisor to an individual performance standard or behavioral element shall be justified with an adequate explanation in the Supervisor’s Comments to support the rating.
4. If an employee is transferred or placed under the supervision of a different supervisor during a rating cycle, he/she shall be given an exit appraisal by the prior supervisor and it shall be used in conjunction with his/her current supervisor's year-end appraisal, unless the employee has been working under the current supervisor for at least six months, and the employee and the Employer mutually agree not to use the former supervisor's appraisal. When both appraisals are used, they shall be averaged in accordance with the number of months evaluated by each appraisal.
5. If an employee has not received an exit appraisal from the former supervisor, and has not worked for at least six months for the current supervisor or does not agree to use only the current supervisor’s appraisal, the employee can return to the former supervisor and request a performance appraisal for the portion of the rating period s/he was supervised by the former supervisor. If the appraisal is received from the former supervisor, it shall be averaged with the current supervisor’s appraisal, as described in paragraph 4.
a. If the appraisal is not received within a reasonable time to allow the current supervisor to complete the evaluation for the...
Appraisal Procedure. When an Eligible Employee desires to sell his home, under the provisions of Article 4.8(b), the following procedure will apply:
Appraisal Procedure. 5 Appraiser.................................................................. 5
Appraisal Procedure. If the Management Stockholders invoke ------------------- an appraisal procedure to determine the amount of the fair market value in cash of the consideration for the Securities under Section 3(c) (the "Subject Securities"), then the Proposed Transferors, on the one hand, and the Management Stockholders, on the other hand, shall each promptly appoint as an appraiser an individual who shall be a member of a reputable valuation firm. Each appraiser shall, within 30 days of appointment, separately investigate the value of the consideration for the Subject Securities as of the proposed transfer date and shall submit a notice of an appraisal of that value to each party. Each appraiser shall be instructed to determine such value without regard to income tax consequences to the Management Stockholders as a result of receiving cash rather than other consideration. If, upon the completion of the initial appraisals (the "Earlier Appraisals"), the higher appraised value of such consideration is not more than 110% of the lower appraised value of such consideration, the average of the two appraisals on a per share basis shall be controlling as the amount of the cash equivalent. If the higher appraised value is more than 110% of the lower appraised value, the appraisers, within 10 days of the submission of the last appraisal, shall appoint a third appraiser who shall be member of a reputable valuation firm. The third appraiser shall, within 30 days of his appointment, appraise the value of the consideration for the Subject Securities (without regard to the income tax consequences to the Management Stockholders as a result of receiving cash rather than other consideration) as of the proposed transfer date and submit notice of his appraisal to each party. The value determined by the third appraiser shall be controlling as the amount of the cash equivalent unless the value is greater than the two Earlier Appraisals, in which case the higher of the two Earlier Appraisals will control, and unless that value is lower than the two Earlier Appraisals, in which case the lower of the two Earlier Appraisals will control. If any party fails to appoint an appraiser or if one of the two initial appraisers fails after appointment to submit his appraisal within the required period, the appraisal submitted by the remaining appraiser shall be controlling. The cost of the foregoing appraisals shall be shared one-half by the Proposed Transferor and one-half by the Management Stockholders.
Appraisal Procedure. When an affected employee desires to sell his/her home under the provisions of Section 2(c)(6) of this Rule, of which this Appendix A-1 forms part, the following procedure will apply:
Appraisal Procedure. In any case in which the provisions of this ------------------- Section 4 shall necessitate that the Appraisal Procedure be utilized for purposes of determining an adjustment to the Exercise Price, the Company may defer until the completion of the Appraisal Procedure and the determination of the adjustment (1) issuing to the holder of any Warrant exercised after the date of the event that requires the adjustment and before completion of the Appraisal Procedure and the determination of the adjustment, the shares of capital stock issuable upon such exercise by reason of the adjustment required by such event and issuing to such holder only the shares of capital stock issuable upon such exercise before giving effect to such adjustment and (2) paying to such holder any amount in cash in lieu of a fractional share of capital stock pursuant to Section 2.3 above; provided, however, that the Company shall deliver to such -------- ------- holder an appropriate instrument or due bills evidencing such holder's right to receive such additional shares or cash.
Appraisal Procedure. The procedure for determining the fair market sales value or the fair market rental value, as the case may be, of the Items of the Equipment, or any part thereof, in the event that Lessor and Lessee fail to agree upon such values under the circumstances described in Section 1(c) hereof, shall be as follows: if either party hereto shall have given written notice to the other requesting determination of such value for all or any part of the Items of Equipment by the Appraisal Procedure, the parties shall consult for the purpose of appointing a qualified independent appraiser by mutual agreement. If no such appraiser is so appointed within 5 business days after such notice is given, each party shall appoint an independent appraiser within 5 business days after such notice is given, and the two appraisers so appointed shall within 5 business days after such notice is given appoint a third independent appraiser. If no such third appraiser is appointed within 5 business days after such notice is given, either party may apply to any court having jurisdiction or to an arbitrator selected by mutual consent of the parties to make such appointment, and both parties shall be bound by any appointment made by such court or arbitrator. Any appraiser or appraisers appointed pursuant to the foregoing procedure shall be instructed to determine the fair market sales value and/or the fair market rental value, as the case may be, of the Items of Equipment, in accordance with the provisions of this Section, within 10 days after the appointment of such appraiser(s). If the parties shall have appointed a single appraiser, his or her determination of value shall be final. If three appraisers shall be appointed, the values determined by the three appraisers shall be averaged, and such average shall constitute the fair market sales value, or fair market rental value, as the case may be for such Items of Equipment. LESSOR: EQUIPMENT LEASING SERVICES, LLC LESSEE: CMARK INTERNATIONAL, INC. BY: /s/ W. Xxxxx Xxxxxx BY: /s/ Xxxxxxx X Xxxxx TITLE: Member TITLE: President DATE: 7/26/2006 DATE: 7/25/2006
1. Now, therefore, it is resolved that the officers of CMARK INTERNATIONAL, INC. (the "Company") are authorized and directed to enter into and perform certain leases (the "Leases") of certain equipment (the "Equipment"), which Leases will be evidenced by and created under the Master Lease Agreement For Equipment, dated JULY 14,2006, ("Master Lease"), between EQUIPMENT LEASING SERVICES, LLC a...
Appraisal Procedure. When requested by the Administrative Agent (but not more than once per calendar quarter), the Appraiser shall perform a FMV appraisal of the Turbines. Although the Appraiser must consider all three approaches to value (the Replacement Cost Approach, Sales Comparison Approach, and Income Capitalization Approach), as required and defined under USPAP, it is mutually acknowledged that the Income Capitalization Approach is not appropriate in this circumstance because the Turbines and the Corresponding Project Companies at no time constitute a cash flow-generating entity and since the wind turbine machinery comprising the Turbines consists entirely of uninstalled machinery and equipment that cannot be considered part of a “going concern” at the time of the Appraisal. The value of the Turbines shall be determined as the lesser of the values produced by the Replacement Cost Approach and the Sales Comparison Approach, assuming, in both Approaches, payment in full and delivery of the Turbines. In performing the Replacement Cost Approach, the Appraiser shall consider only turbines from manufacturers of comparable industry stature (“Comparable Manufacturers”) in assessing equipment of equivalent functional utility, with due consideration to capacity and future operational costs. In performing the Sales Comparison Approach, the Appraiser shall only consider equipment from Comparable Manufacturers. If, in the Appraiser’s judgment, insufficient data exist regarding recent transactions of equipment from Comparable Manufacturers, the Appraiser shall, in a manner consistent with formal appraisal procedure, adjust the sales comparison indicator of value to reflect differences between the transacted values of equipment from Comparable Manufacturers and transacted values of equipment from other manufacturers. The determination of Comparable Manufacturers shall be based on industry market share and installed base, degree and creditworthiness of warranty coverage, and the performance characteristics of the Equipment. As part of the Reconciliation of Value Indications, the Appraiser shall report the Value of the Equipment as a single dollar value. Although a range of values may be referenced in the appraisal report, only the single dollar value reported as the Equipment’s Value shall be deemed the conclusion of the Appraisal. The single dollar value should represent the value of the most probable price within the range of values.