Common use of Valuation of the Company Clause in Contracts

Valuation of the Company. Within thirty (30) days after the close of each fiscal year of the Company, the Members shall determine the value of the Company as of the close of such fiscal year. This value shall be used for purposes of the buy/sell provisions of Section 13 of this Agreement. In the event the Members fail to determine the value of the Company after any fiscal year of the Company as provided in this paragraph and valuation of the Company becomes necessary due to the buy/sell provisions of Section 13 of this Agreement, the value of the Company shall be determined by appraisal. Within fifteen (15) days after the need for the valuation arises, the Members and the legal representative of the Member whose death, incompetency or bankruptcy results in application of Section 13 of this Agreement shall, collectively, select an appraiser to determine the value of the Company as of the close of the last fiscal year of the Company prior to the date on which such valuation is to be applied. The appraiser shall be directed to determine a valuation within thirty (30) days after notification of selection and to make such determination without discount for lack of marketability or minority interest. In the event the Members and such legal representative cannot agree upon an appraiser within such fifteen (15) day period, the legal representative shall select an appraiser within fifteen (15) days after the expiration of the first fifteen (15) day period and the remaining Member(s), as a group, shall select an appraiser within fifteen (15) days after the LLC Agreement of Xxxxx Xxx, LLC - 13 expiration of the first fifteen (15) day period. The appraisers shall be directed to independently determine their valuations within thirty (30) days after their selection without deduction for lack of marketability or minority interest and the value to be used for purposes of the buy/sell provisions of this Agreement shall be the arithmetic mean of the values determined by such appraisers. If a single appraiser is used, the cost of the appraiser shall be borne by the Company. If two appraisers are used, the estate of the deceased, incompetent, or bankrupt Member shall bear the cost of its appraiser and the remaining Member(s), as a group, shall bear the cost of its/their appraiser.

Valuation of the Company. Within thirty (30) days after the close of each fiscal year of the Company, the Members shall determine the value of the Company as of the close of such fiscal year. This value shall be used for purposes of the buy/sell provisions of Section 13 of this Agreement. In the event the Members fail to determine the value of the Company after any fiscal year of the Company as provided in this paragraph and valuation of the Company becomes necessary due to the buy/sell provisions of Section 13 of this Agreement, the value of the Company shall be determined by appraisal. Within fifteen (15) days after the need for the valuation arises, the Members and the legal representative of the Member whose death, incompetency or bankruptcy results in application of Section 13 of this Agreement shall, collectively, select an appraiser to determine the value of the Company as of the close of the last fiscal year of the Company prior to the date on which such valuation is to be applied. The appraiser shall be directed to determine a valuation within thirty (30) days after notification of selection and to make such determination without discount for lack of marketability or minority interest. In the event the Members and such legal representative cannot agree upon an appraiser within such fifteen (15) day period, the legal representative shall select an appraiser within fifteen (15) days after the expiration of the first fifteen (15) day period and the remaining Member(s), as a group, shall select an appraiser within fifteen (15) days after the LLC Agreement of Xxxxx Xxx, Pacific Longline Company LLC - 13 expiration of the first fifteen (15) day period. The appraisers shall be directed to independently determine their valuations within thirty (30) days after their selection without deduction for lack of marketability or minority interest and the value to be used for purposes of the buy/buy/ sell provisions of this Agreement shall be the arithmetic mean of the values determined by such appraisers. If a single appraiser is used, the cost of the appraiser shall be borne by the Company. If two appraisers are used, the estate of the deceased, incompetent, or bankrupt Member shall bear the cost of its appraiser and the remaining Member(s), as a group, shall bear the cost of its/its/ their appraiser.

Valuation of the Company. Within thirty (30) days after the close of each fiscal year of the Company, the Members shall determine the value of the Company as of the close of such fiscal year. This value shall be used for purposes of the buy/sell provisions of Section 13 of this Agreement. In the event the Members fail to determine the value of the Company after any fiscal year of the Company as provided in this paragraph and valuation of the Company becomes necessary due to the buy/sell provisions of Section 13 of this Agreement, the value of the Company shall be determined by appraisal. Within fifteen (15) days after the need for the valuation arises, the Members and the legal representative of the Member whose death, incompetency or bankruptcy results in application of Section 13 of this Agreement shall, collectively, select an appraiser to determine the value of the Company as of the close of the last fiscal year of the Company prior to the date on which such valuation is to be applied. The appraiser shall be directed to determine a valuation within thirty (30) days after notification of selection and to make such determination without discount for lack of marketability or minority interest. In the event the Members and such legal representative cannot agree upon an appraiser within such fifteen (15) day period, the legal representative shall select an appraiser within fifteen (15) days after the expiration of the first fifteen (15) day period and the remaining Member(s), as a group, shall select an appraiser within fifteen (15) days after the LLC Agreement of Xxxxx XxxDeep Pacific, LLC - 13 expiration of the first fifteen (15) day period. The appraisers shall be directed to independently determine their valuations within thirty (30) days after their selection without deduction for lack of marketability or minority interest and the value to be used for purposes of the buy/sell provisions of this Agreement shall be the arithmetic mean of the values determined by such appraisers. If a single appraiser is used, the cost of the appraiser shall be borne by the Company. If two appraisers are used, the estate of the deceased, incompetent, or bankrupt Member shall bear the cost of its appraiser and the remaining Member(s), as a group, shall bear the cost of its/their appraiser.

Valuation of the Company. Within thirty (30) days after the close of each fiscal year of the Company, the Members shall determine the value of the Company as of the close of such fiscal year. This value shall be used for purposes of the buy/sell provisions of Section 13 of this Agreement. In the event the Members fail to determine the value of the Company after any fiscal year of the Company as provided in this paragraph and valuation of the Company becomes necessary due to the buy/sell provisions of Section 13 of this Agreement, the value of the Company shall be determined by appraisal. Within fifteen (15) days after the need for the valuation arises, the Members and the legal representative of the Member whose death, incompetency or bankruptcy results in application of Section 13 of this Agreement shall, collectively, select an appraiser to determine the value of the Company as of the close of the last fiscal year of the Company prior to the date on which such valuation is to be applied. The appraiser shall be directed to determine a valuation within thirty (30) days after notification of selection and to make such determination without discount for lack of marketability or minority interest. In the event the Members and such legal representative cannot agree upon an appraiser within such fifteen (15) day period, the legal representative shall select an appraiser within fifteen (15) days after the expiration of the first fifteen (15) day period and the remaining Member(s), as a group, shall select an appraiser within fifteen (15) days after the LLC Agreement of Xxxxx XxxNorth Cape Fisheries, LLC - 13 expiration of the first fifteen (15) day period. The appraisers shall be directed to independently determine their valuations within thirty (30) days after their selection without deduction for lack of marketability or minority interest and the value to be used for purposes of the buy/sell provisions of this Agreement shall be the arithmetic mean of the values determined by such appraisers. If a single appraiser is used, the cost of the appraiser shall be borne by the Company. If two appraisers are used, the estate of the deceased, incompetent, or bankrupt Member shall bear the cost of its appraiser and the remaining Member(s), as a group, shall bear the cost of its/their appraiser.