{"component": "clause", "props": {"groups": [{"samples": [{"hash": "jZ73et1RgY0", "uri": "/contracts/jZ73et1RgY0#fair-value", "label": "Stockholders Agreement (Hoth Therapeutics, Inc.)", "score": 29.9500350952, "published": true}, {"hash": "ffiGFUBjBN4", "uri": "/contracts/ffiGFUBjBN4#fair-value", "label": "Unit Purchase Agreement (Cactus Ventures, Inc.)", "score": 24.0034217834, "published": true}], "snippet": "If the parties fail to agree upon the per share purchase price of the Transferred Shares in accordance with Section 3.2(a) hereof, then the Company or the Rightholders, as the case may be, shall purchase the Transferred Shares at a per share purchase price equal to the Fair Value (as hereinafter defined) thereof. The Fair Value of the Transferred Shares shall be determined by a panel of three independent appraisers, which shall be nationally recognized investment banking firms or nationally recognized experts experienced in the valuation of corporations engaged in the business conducted by the Company. Within five (5) Business Days after the last day of the Price Negotiation Period or such earlier date as the applicable parties determine that they cannot agree as to the per share purchase price, the Involuntary Transferee and the Board of Directors (in the case of a purchase by the Company), or the purchasing Rightholders purchasing a majority of the Transferred Shares being purchased by the purchasing Rightholders (if the Company is not purchasing any Transferred Shares), or the Board of Directors and such purchasing Rightholders jointly (in the case of a purchase by the Company and Rightholders), as the case may be, shall each designate one such appraiser that is willing and able to conduct such determination. If either the Involuntary Transferee or the Board of Directors or the purchasing Rightholders or both, as the case may be, fails to make such designation within such period, then the other party that has made the designation shall have the right to make the designation on its behalf. The two appraisers designated shall, within a period of five (5) Business Days after the designation of the second appraiser, designate a mutually acceptable third appraiser. The three appraisers shall conduct their determination as promptly as practicable, and the Fair Value of the Transferred Shares shall be the average of the determination of the two appraisers that are closer to each other than to the determination of the third appraiser, which third determination shall be discarded; provided, however, that if the determination of two appraisers are equally close to the determination of the third appraiser, then the Fair Value of the Transferred Shares shall be the average of the determination of all three appraisers. Such determination shall be final and binding on the Involuntary Transferee, the Company and the Rightholders. The Involuntary Transferee shall be responsible for the fees and expenses of the appraiser designated by or on behalf of it, and the Company or the purchasing Rightholders (if both the Company and the purchasing Rightholders), or the purchasing Rightholders (if the Company is not purchasing any Transferred Shares) for the fees and expenses of the appraiser designated by or on behalf of the Board of Directors or the purchasing Rightholders (if the Company is not purchasing any Transferred Shares), as the case may be. The Involuntary Transferee and the Company or the purchasing Rightholders, as the case may be, shall each share half the fees and expenses of the appraiser designated by the appraisers. For purposes of this Section 3.2(b), the \u201cFair Value\u201d of the Transferred Shares means the per share fair market value of such Transferred Shares determined in accordance with this Section 3.2(b) based upon all considerations that the appraisers determine to be relevant. All expenses to be shared by the Company and the purchasing Rightholders, or among the purchasing Rightholders (if the Company is not purchasing any Transferred Shares), shall be shared in proportion to the number of Transferred Shares purchased.", "size": 27, "snippet_links": [{"key": "the-parties", "type": "clause", "offset": [3, 14]}, {"key": "price-of-the", "type": "clause", "offset": [57, 69]}, {"key": "transferred-shares", "type": "definition", "offset": [70, 88]}, {"key": "in-accordance-with", "type": "definition", "offset": [89, 107]}, {"key": "equal-to", "type": "definition", "offset": [257, 265]}, {"key": "a-panel", "type": "definition", "offset": [379, 386]}, {"key": "independent-appraisers", "type": "definition", "offset": [396, 418]}, {"key": "nationally-recognized", "type": "definition", "offset": [435, 456]}, {"key": "investment-banking", "type": "definition", "offset": [457, 475]}, {"key": "valuation-of", "type": "clause", "offset": [534, 546]}, {"key": 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"/contracts/5ruA7k0dcRr#fair-value", "label": "Investment Sub Advisory Agreement (ETFis Series Trust I)", "score": 25.1601638794, "published": true}, {"hash": "4TstmhF65kw", "uri": "/contracts/4TstmhF65kw#fair-value", "label": "Investment Sub Advisory Agreement (ETFis Series Trust I)", "score": 25.1601638794, "published": true}, {"hash": "jK28O8zUCym", "uri": "/contracts/jK28O8zUCym#fair-value", "label": "Investment Sub Advisory Agreement (ETFis Series Trust I)", "score": 24.0677623749, "published": true}], "snippet": "The fair valuation of securities in the Fund may be required when the Adviser becomes aware of significant events that may affect the pricing of all or a portion of the Fund\u2019s portfolio. The Sub-Adviser will provide assistance in determining the fair value of the Assets, as necessary and reasonably requested by the Adviser or its agent, and use reasonable efforts to arrange for the provision of valuation information or a price(s) from a party(ies) independent of the Sub-Adviser if market prices are not readily available, it being understood that the Sub-Adviser will not be responsible for determining the value of any such security.", "size": 15, "snippet_links": [{"key": "valuation-of-securities", "type": "clause", "offset": [9, 32]}, {"key": "the-fund", "type": "clause", "offset": [36, 44]}, {"key": "events-that", "type": "clause", "offset": [107, 118]}, {"key": "a-portion", "type": "definition", "offset": [152, 161]}, {"key": "the-sub", "type": "clause", "offset": [187, 194]}, {"key": "assistance-in", "type": "definition", "offset": [216, 229]}, {"key": "the-assets", "type": "clause", "offset": [260, 270]}, {"key": "by-the-adviser", "type": "clause", "offset": [310, 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true}, {"hash": "5TvznGQ19Nh", "uri": "/contracts/5TvznGQ19Nh#fair-value", "label": "Memorandum of Understanding (VDC Corp LTD)", "score": 18.0, "published": true}], "snippet": "Seller acknowledges and agrees that the Purchase Price constitutes fair, adequate and reasonably equivalent consideration in exchange for the Assets.", "size": 6, "snippet_links": [{"key": "the-purchase-price", "type": "clause", "offset": [36, 54]}, {"key": "equivalent-consideration", "type": "clause", "offset": [97, 121]}, {"key": "in-exchange", "type": "clause", "offset": [122, 133]}, {"key": "the-assets", "type": "clause", "offset": [138, 148]}], "hash": "4d9f76a42d95eecc80305b6ea778390e", "id": 10}, {"samples": [{"hash": "lXyax6WIVmW", "uri": "/contracts/lXyax6WIVmW#fair-value", "label": "Profits Unit Award Agreement (Kraton Polymers LLC)", "score": 19.0, "published": true}, {"hash": "kPuy1O9aUx4", "uri": "/contracts/kPuy1O9aUx4#fair-value", "label": "Profits Unit Award Agreement (Kraton Polymers LLC)", "score": 19.0, "published": true}, {"hash": "fk5IUohbBsd", "uri": "/contracts/fk5IUohbBsd#fair-value", "label": "Profits Unit Award Agreement (Kraton Polymers LLC)", "score": 19.0, "published": true}], "snippet": "Any determination relating to the value of the assets of TJ Chemical or any TJ Chemical Profits Unit shall be determined in good faith by the Board of Directors of TJ Chemical in accordance with the TJ Chemical LLC Agreement and all determinations of the Board of Directors shall be final and binding on all parties.", "size": 11, "snippet_links": [{"key": "relating-to", "type": "definition", "offset": [18, 29]}, {"key": "the-value", "type": "clause", "offset": [30, 39]}, {"key": "the-assets", "type": "clause", "offset": [43, 53]}, {"key": "tj-chemical", "type": "definition", "offset": [57, 68]}, {"key": "profits-unit", "type": "definition", "offset": [88, 100]}, {"key": "in-good-faith", "type": "definition", "offset": [121, 134]}, {"key": "by-the-board-of-directors", "type": 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security at any date of determination shall be (1) in connection with a sale by the Company to a party that is not an Affiliate of the Company in an arm's-length transaction (a \"Non-Affiliate Sale\"), the price per security at which such security is sold and (2) in connection with any sale by the Company to an Affiliate of the Company, (a) the last price per security at which such security was sold in a Non- Affiliate Sale within the three-month period preceding such date of determination or (b) if clause (a) is not applicable, the fair market value of such security determined in good faith by (i) a majority of the Board of Directors, including a majority of the Disinterested Directors, and approved in a Board resolution delivered to the Warrant Agent or (ii) a nationally recognized investment banking, appraisal or valuation firm, which is not an Affiliate of the Company, in each case, taking into account, among all other factors deemed relevant by the Board of Directors or such investment banking, appraisal or valuation firm, the trading price and volume of such security on any national securities exchange or automated quotation system on which such security is traded. Notwithstanding the foregoing, any sale to \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587\u2587\u2587\u2587 & \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 Securities Corporation (or any successor thereto) pursuant to an underwritten public offering registered under the Securities Act shall be deemed to be and treated as a Non-Affiliate Sale. In Sections 8(b) and (c) hereof, the \"Fair Value\" per security at any date of determination shall be (a) the last price per security at which such security was sold by the Company in a Non-Affiliate Sale within the three-month period preceding such date of determination or (b) if clause (a) is not applicable, the fair market value of such security determined in good faith by (i) a majority of the Board of Directors, including a majority of the Disinterested Directors, and approved in a Board resolution delivered to the Warrant Agent or (ii) a nationally recognized investment banking, appraisal or valuation firm, which is not an Affiliate of the Company, in each case, taking into account, among all other factors deemed relevant by the Board of Directors or such investment banking, appraisal or valuation firm, the trading price and volume of such security on any national securities exchange or automated quotation system on which such security is traded.", "size": 17, "snippet_links": 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Mortgages 03-3 PLC)", "score": 18.0, "published": true}, {"hash": "fm08qpZjRn", "uri": "/contracts/fm08qpZjRn#fair-value", "label": "Issuer Trust Deed (Granite Mortgages 04-2 PLC)", "score": 18.0, "published": true}], "snippet": "Prior to the release of any property or securities subject to the lien of the Current Issuer Deed of Charge, the Current Issuer shall, in addition to any obligation imposed in this Clause 17 (Release of Collateral) or elsewhere in these presents, furnish to the Note Trustee an Officers' Certificate certifying or stating the opinion of each person signing such certificate as to the fair value to the Current Issuer of the property or securities to be so released. The officers so certifying may consult with, and may conclusively rely upon a certificate as to the fair value of such property provided to such officers by an internationally recognised financial institution with expertise in such matters. Whenever the Current Issuer is required to furnish to the Note Trustee an Officers' Certificate certifying or stating the opinion of any signer thereof as to the matters described in this Clause 17.2 (Fair Value), the Current Issuer shall also deliver to the Note Trustee an Independent Certificate as to the same matters, if the fair value to the Current Issuer of the property to be so released and of all other such property made the basis of any such release since the commencement of the then current fiscal year of the Current Issuer, as set forth in the certificates delivered pursuant to this Clause 17 (Release of Collateral), is 10% or more of the Principal Amount Outstanding of the Current Issuer Notes, but such a certificate need not be furnished with respect to any property so released if the fair value thereof to the Current Issuer as set forth in the related Officers' Certificate is less than $25,000 (or its equivalent) or less than one per cent. of the Principal Amount Outstanding of the Current Issuer Notes.", "size": 10, "snippet_links": [{"key": "the-release", "type": "clause", "offset": [9, 20]}, {"key": "the-lien", "type": "clause", "offset": [62, 70]}, {"key": "current-issuer-deed-of-charge", "type": "definition", "offset": [78, 107]}, {"key": "in-addition-to", "type": "clause", "offset": [135, 149]}, {"key": "clause-17", "type": "definition", "offset": [181, 190]}, {"key": "release-of-collateral", "type": "definition", "offset": [192, 213]}, {"key": "furnish-to", "type": "clause", "offset": [247, 257]}, {"key": "the-note-trustee", "type": "clause", "offset": [258, 274]}, {"key": "an-officers", "type": "clause", "offset": [275, 286]}, {"key": "each-person", "type": "clause", "offset": [337, 348]}, {"key": "the-property", "type": "clause", "offset": [420, 432]}, {"key": "the-officers", "type": "definition", "offset": [466, 478]}, {"key": "such-officers", "type": "definition", "offset": [606, 619]}, {"key": "financial-institution", "type": "clause", "offset": [653, 674]}, {"key": "deliver-to", "type": "definition", "offset": [951, 961]}, {"key": "independent-certificate", "type": "clause", "offset": [982, 1005]}, {"key": "basis-of", "type": "clause", "offset": [1144, 1152]}, {"key": "commencement-of-the", "type": "clause", "offset": [1180, 1199]}, {"key": "current-fiscal-year", "type": "definition", "offset": [1205, 1224]}, {"key": "the-certificates", "type": "definition", "offset": [1264, 1280]}, {"key": "pursuant-to", "type": "clause", "offset": [1291, 1302]}, {"key": "principal-amount-outstanding", "type": "definition", "offset": [1365, 1393]}, {"key": "the-current-issuer-notes", "type": "definition", "offset": [1397, 1421]}, {"key": "with-respect-to", "type": "clause", "offset": [1468, 1483]}, {"key": "per-cent", "type": "definition", "offset": [1665, 1673]}], "hash": "0707b2f6d5f5a212cb07f85013d44116", "id": 8}], "next_curs": "ClMSTWoVc35sYXdpbnNpZGVyY29udHJhY3Rzci8LEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhNmYWlyLXZhbHVlIzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"parents": [["representations-and-warranties", "Representations and Warranties"], ["involuntary-transfers", "Involuntary Transfers"], ["adjustment-of-exercise-price-and-number-of-warrant-shares-issuable", "ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES ISSUABLE"], ["representations-warranties-and-covenants", "Representations Warranties and Covenants"], ["bankruptcy-events", "Bankruptcy Events"]], "children": [["severability", "Severability"], ["prepayment", "Prepayment"], ["method-of-payment", "Method of Payment"], ["headings", "Headings"], ["relationship", "Relationship"]], "title": "Fair Value", "size": 432, "id": "fair-value", "related": [["market-value", "Market Value", "Market Value"], ["fair-market-value", "Fair Market Value", "Fair Market Value"], ["value", "Value", "Value"], ["valuation-of-assets", "VALUATION OF ASSETS", "VALUATION OF ASSETS"], ["appraised-value", "Appraised Value", "Appraised Value"]], "related_snippets": [], "updated": "2026-04-23T04:26:12+00:00", "also_ask": ["How can 'Fair Value' be strategically defined to favor our client in negotiations?", "What essential elements must be included in a 'Fair Value' clause to avoid ambiguity?", "What are the most common legal pitfalls or fatal flaws in 'Fair Value' provisions?", "How do courts typically interpret and enforce 'Fair Value' clauses in disputes?", "How does the definition of 'Fair Value' differ from 'Market Value' or 'Book Value' in similar agreements?"], "drafting_tip": "Define 'Fair Value' precisely to avoid ambiguity; specify valuation methodology to ensure consistency; identify responsible valuator to prevent disputes.", "explanation": "The Fair Value clause defines how the value of an asset, liability, or investment is determined based on its current market price or an objective valuation method. In practice, this clause typically applies to financial instruments, property, or shares, and may specify that an independent appraiser or a recognized market index be used to establish value at a given point in time. Its core function is to ensure that all parties have a clear, unbiased, and up-to-date assessment of worth, thereby reducing disputes and promoting transparency in transactions or settlements."}, "json": true, "cursor": ""}}