Preliminary Valuation Procedures for Discretionary Put/Call Sample Clauses

Preliminary Valuation Procedures for Discretionary Put/Call. (a) If either Party desires to exercise a Discretionary Put/Call, it shall first retain a nationally recognized investment banking firm that is not an Affiliate of either Party or the Company on such Party's behalf to calculate the Appraised Value of the Company (the "Preliminary Valuation") in accordance with the definition of Appraised Value and the parameters set forth in Section 11.4. The Company shall cooperate with such investment banking firm to provide such information as may be reasonably requested by it in connection with the Preliminary Valuation. The fees and expenses of such investment banking firm shall be paid by the Party exercising such Discretionary Put/Call. (b) Within 30 days of receiving the Preliminary Valuation, the exercising Party may, at its election, deliver to the other Party a Put/Call Exercise Notice. (c) If a Put/Call Exercise Notice is sent following a Preliminary Valuation, then the Parties' Put/Call Representatives shall, not later than the 180th day after delivery of the Put/Call Exercise Notice, commence a determination of the Appraised Value of the Company in accordance with Article 11; provided that the completion of the final determination of Appraised Value pursuant to that process shall be managed to ensure that such final determination shall be the Appraised Value of the Company as of a date not more than 30 nor less than 15 days prior to the Discretionary Put/Call Closing Date. (d) If Prudential is the Party that delivered the Put/Call Exercise Notice and if the Appraised Value determined pursuant to Section 9.4(c) is greater than or equal to 80% of the Preliminary Valuation, then Prudential shall be obligated to exercise its Prudential Put, at a price equal to its Percentage Interest of the Appraised Value of the Company determined pursuant to the Preliminary Valuation, and to consummate the Prudential Put on the Discretionary Put/Call Closing Date or as soon as reasonably practicable thereafter. If the Appraised Value determined pursuant to Section 9.4(c) is less than 80% of the Appraised Value determined pursuant to the Preliminary Valuation, Prudential shall be entitled, but not obligated, to exercise the Prudential Put at a Put Price equal to its Percentage Interest of the Appraised Value of the Company determined pursuant to Section 9.4(c), and if Prudential elects not to exercise its Prudential Put in such event, it shall deliver a written notice to Wachovia withdrawing its Put/Call Exercise Notice not less...
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