Fair Market Valuations. The IRS requires the Custodian to report the Fair Market Value (“FMV”) of the account on an annual basis. It is the Account Owner’s responsibility to ensure that the FMV is accurate. The valuation for investments must be provided to the Custodian on a timely basis by the Account Owner or another party chosen by the Account Owner for this purpose (“Valuation Agent”) and identified as such in a written document delivered to the Custodian. It is the Account Owner’s responsibility to determine and provide the valuation of Alternative Assets to the Custodian. The Custodian shall have no responsibility for acting on an FMV reported by the Account Owner or Valuation Agent. For Alternative Assets such as investments in limited liability companies, limited partnerships, hedge funds, and other similar entities, the Account Owner directs the Custodian to obtain the FMV of the Account Owner’s Alternative Assets from the investment entity itself and hereby appoints each such entity as the Valuation Agent for the Account’s investment in the entity itself. Each Valuation Agent shall be required to sign such documents as the Custodian shall deem appropriate or necessary to confirm the understanding and agreement of the Valuation Agent to its obligation to provide such to the Custodian. Failure of the Account Owner or Valuation Agent to provide a timely valuation shall be the sole responsibility of the Valuation Agent or the Account Owner, as the case may be, and the Custodian shall not be required to take any further steps to secure an updated FMV for the Account. The Custodian shall not be responsible for the timeliness or the accuracy of any FMV of any Alternative Asset furnished by the Account Owner or a Valuation Agent. The Custodian shall reflect the latest valuation received on an asset in the Custodial Account’s statements on a timely basis, but the Custodian shall have no duty to inform the Account Owner or to follow up with any Valuation Agent with respect to the status of any such additional valuations. The Custodian shall have no duty or responsibility to solicit any valuation from either the Account Owner or the Valuation Agent. If the Custodian does not receive an updated FMV for an Alternative Asset, the Custodian shall be entitled to use the last FMV provided to the Custodian, or if none, the original purchase price for the Alternative Asset in question (such last FMV or original purchase price, as the case may be, shall hereinafter be referred to as the “L...
Fair Market Valuations. Purchaser will have obtained valuation reports from Navigant Consulting, Inc. or another independent third party valuation firm selected by Purchaser supporting the fair market value of both the Purchase Price and the compensation to be paid to each of the Physicians who execute an Employment Agreement with Purchaser in consideration for the services rendered by such Physicians thereunder.
