Initiating Notice definition
Examples of Initiating Notice in a sentence
The Initiating Notice must state the nature of the dispute, the amount involved, if any, and the remedy sought.
If the parties fail to agree on such Reset Rent within 30 days after the date the Initiating Notice is given, then, within 60 days after the date the Initiating Notice is given, each party shall deliver to the other party a notice designating such party’s Qualified Appraiser and stating its determination of the Land Value together with an appraisal supporting such determination (collectively, the “Valuation Documents”).
Upon the furnishing of an Initiating Notice pursuant to Section 10.6(b), the arbitration process shall be terminated, and no decision shall be rendered.
If the parties timely deliver their Valuation Documents (or if the Delaying Party delivers its Valuation Documents together with the Late Fee within the 10-business day period set out above) and their Qualified Appraisers reach agreement on the Land Value within 75 days after the Initiating Notice is received by the applicable party, the Reset Rent shall be determined with reference to the agreed Land Value.
If the Responding Party fails to make an election in a timely manner as provided in the immediately preceding sentence, the Responding Party shall be deemed to have elected to sell for cash to the Initiating Party all (but not less than all) of the Veqtor Units then held by the Responding Party at the price per Veqtor Unit specified in the Initiating Notice.