Initial Appraiser definition
Examples of Initial Appraiser in a sentence
If an Objecting Party objects in writing to the Initial Valuation within 10 days after its receipt of the Valuation Notice, the Objecting Party, within fourteen (14) days from the date of such written objection, shall engage an appraiser (the "Initial Appraiser") to determine within 30 days of such appointment the Fair Market Value of the Shares (the "First Appraised Value").
The Initial Appraiser and the Second Appraiser shall thereupon select a third Independent Appraiser which has not had any material engagement with the Subject Company or the Exercising Partner or their Affiliates within three years prior to such engagement (the “Neutral Appraiser”).
If the Subject Company fails to select the Second Appraiser within the 30 day period provided above, such Subject Company shall be deemed to have waived such objection and the fair market determination by the Initial Appraiser shall be deemed final.
The costs and expenses of each Initial Appraiser shall be paid by the party selecting such Initial Appraiser.
Each of the Initial Appraiser, Second Appraiser, and Neutral Appraiser shall independently determine its proposed fair market value of the Units, and “fair market value” shall thereupon mean the average of the two such proposed fair market values that are nearest to one another.