Procedure for Determining Fair Market Sample Clauses

Procedure for Determining Fair Market. Value Upon Death or Incapacity. Whenever this Agreement requires the parties to determine the fair market value of the Company for the purpose of disposing of shares upon death or incapacity of a Member, the Company shall follow the procedures provided in this Section 10.7.3. the fair market value shall be determined by an independent aircraft appraiser or broker agreed upon by the Company or the purchasing Member (the “Purchasing Party”) and the Selling Member (or his personal representative or successor). If they fail to agree upon the appointment of an independent aircraft appraiser or broker within twenty (20) days after the obligation to purchase is incurred, then the selling Member shall name an independent aircraft appraiser or broker and the Purchasing Party shall name an independent aircraft appraiser or broker within 10 days after the expiration of such 20- day period by sending notification of such selection to each Member. Any party failing to meet such deadline shall lose the right to name an aircraft appraiser or broker. If two aircraft appraisers or brokers are selected in this manner, they shall select a third independent aircraft appraise or broker, within 10 days after appointment of the second aircraft appraiser or broker. The aircraft appraisers or broker so selected shall determine the fair market value of the Aircraft by majority vote. The valuation by the aircraft appraisers or brokers shall be made within 30 days of appointment of the last accountant required to be appointed by this Section 10.7.3 and shall be determined without regard to discounts for noncontrolling interests or lack of marketability of the shares subject to the Disposition. The fair market value of the Company determined pursuant to this Section 10.7.3 shall be final and binding on all parties. The cost of any valuation undertaken pursuant to the terms of this Section 10.7.3 shall be paid equally by the Purchasing Party and the Selling Member.
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Related to Procedure for Determining Fair Market

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  • Expert Determination If a Dispute relates to any aspect of the technology underlying the provision of the Goods and/or Services or otherwise relates to a financial technical or other aspect of a technical nature (as the Parties may agree) and the Dispute has not been resolved by discussion or mediation, then either Party may request (which request will not be unreasonably withheld or delayed) by written notice to the other that the Dispute is referred to an Expert for determination. The Expert shall be appointed by agreement in writing between the Parties, but in the event of a failure to agree within ten (10) Working Days, or if the person appointed is unable or unwilling to act, the Expert shall be appointed on the instructions of the relevant professional body. The Expert shall act on the following basis: he/she shall act as an expert and not as an arbitrator and shall act fairly and impartially; the Expert's determination shall (in the absence of a material failure to follow the agreed procedures) be final and binding on the Parties; the Expert shall decide the procedure to be followed in the determination and shall be requested to make his/her determination within thirty (30) Working Days of his appointment or as soon as reasonably practicable thereafter and the Parties shall assist and provide the documentation that the Expert requires for the purpose of the determination; any amount payable by one Party to another as a result of the Expert's determination shall be due and payable within twenty (20) Working Days of the Expert's determination being notified to the Parties; the process shall be conducted in private and shall be confidential; and the Expert shall determine how and by whom the costs of the determination, including his/her fees and expenses, are to be paid.

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