Initial Appraisers definition
Examples of Initial Appraisers in a sentence
If the Third Appraiser’s preliminary fair market value is within the middle one-third of the range of values between the preliminary fair market values of the Initial Appraisers (the “Mid-Range”), then the fair market value shall be equal to the preliminary fair market value of the Third Appraiser.
If the Members cannot agree on a Final Appraiser within three Business Days, the two Initial Appraisers shall select the Final Appraiser within three Business Days thereafter.
The Initial Appraisers shall be entitled to consult with each other with respect to their reports, and Licensor and Licensee shall provide them with the information to which Licensee is entitled pursuant to Section 16.3(a) and other information that is customary and reasonably requested by the Initial Appraisers regarding the applicable Spanish language Linear Television Channel.
Each of the Initial Appraisers shall have thirty (30) days to determine a preliminary fair market value and provide Licensor and Licensee with a preliminary report thereon (the “Appraiser Report”).
In the event that the fair market values determined by the Initial Appraisers (collectively, the "Original Estimates") do not differ in amount by more than 10 percent, the fair market value for purposes of this Section 5.3 shall be the amount equal to the average of the Original Estimates.