Determination of Project Value Sample Clauses
Determination of Project Value. (a) In the event the Department owes the Concessionaire an amount calculated by reference to the Project Value, Project Value will be determined according to the following procedures:
(i) within 30 Days after a party requests the appointment of an appraiser, the Department and the Concessionaire will confer in good faith to mutually appoint an independent third-party appraiser to determine the Project Value by written appraisal. This appraiser must be nationally recognized and experienced in appraising similar assets;
(ii) if the parties are unable to agree upon such a single appraiser within such 30-Day period, then within ten Days thereafter the Department and the Concessionaire will each appoint an independent third-party appraiser and both such appraisers will be instructed jointly to select, within 15 Days after they are appointed, a third independent third-party appraiser who is nationally recognized and experienced in appraising similar assets to make the appraisal referred to above; ▇▇▇ ▇▇▇▇▇▇ #▇▇▇▇▇▇▇▇ ▇▇▇
(▇▇▇) if the appraisers appointed by the parties are unable to appoint an independent third-party appraiser under Section 20.11(a)(ii) within 60 Days after a party has requested the appointment of an appraiser under Section 20.11(a)(i), then either party may petition the Circuit Court for the City of Richmond to appoint an independent third- party appraiser having such reputation and experience;
(iv) each party will pay the costs of its own appraiser. The Department and the Concessionaire will pay in equal shares the reasonable costs and expenses of the third independent appraiser;
(v) each party will diligently cooperate with the appraiser, including promptly providing the appraiser with data and information regarding the Project, Project Right of Way, asset condition, historical cost and revenue data, and other information the appraiser may request that is in the possession of or reasonably available to the party. Each party will provide the appraiser with access to the party’s books and records regarding the Project on an Open Book Basis; and
(vi) once appointed, the independent third-party appraiser will conduct an appraisal of the Project Value and deliver to both parties a draft appraisal report and draft valuation. The appraisal will determine Project Value as of the effective date of termination of the Agreement, based on the then condition of the Project (but without regard to any damage or loss resulting from a Department Default). The...
Determination of Project Value. Notwithstanding any provision to the contrary contained in the Subordinate Loan Documents, the Additional Loan Documents or the Modification Agreements, the undersigned parties agree that the value of the Project, for purposes of determining the Payment Obligations under the Section 6 of the Modification Agreement shall be as follows:
A. In the event that the Project is sold, the Payment Obligation shall be based on the sales price of the Project, provided there is an executed purchase and sale agreement for a bone fide arms-length transaction with a non-related third party purchaser no later than July 1, 2003. If the Project is not under such a purchase and sale agreement by July 1, 2003, the Payment Obligation shall be based on the greater of any ensuing sales price or a $19,000,000 Value.
B. In the event that the Project is refinanced, the Payment Obligation shall be based on the greater of the value of the Project as determined by an appraisal that is prepared in accordance with the Subordinate Loan Documents at the time of the refinancing transaction or a $19,000,000 Value. At that time, GIT may exercise discretion as to whether it will agree to an appraised value prepared for the refinancing lender in lieu of requiring a separate appraisal.