Appraisal Procedures definition

Appraisal Procedures shall have the meaning given to such term in Section 4.1 hereof.
Sample 1
Appraisal Procedures means the following procedures, by which the Fair Market Value of a particular asset or assets, interest or right of a party hereto shall be determined. If a party (the "Notifying Party") wishes to invoke the Appraisal Procedures it shall provide notice (the "Appraisal Notice") of such election to the other party (the "Other Party") and the Notifying Party's determination of the Fair Market Value of the particular asset or assets, interest or right. Within 15 days of the Other Party's receipt of the Appraisal Notice, it shall notify the Notifying Party whether it accepts or rejects the Notifying Party's determination of Fair Market Value. In the event the Other Party fails to notify the Notifying Party within the foregoing 15 day period that it rejects said determination, the Other Party shall be deemed to have accepted the Notifying Party's determination of Fair Market Value. If the Other Party gives the Notifying Party timely notice of its rejection of the Notifying Party's determination, the Notifying Party and the Other Party acknowledge and agree that the appraisal process hereinafter set forth shall determine the Fair Market Value. Each party, at its own expense, shall then designate an Experienced Appraiser who shall determine and promptly report (and in no event later than the thirtieth (30th) day following the Other Party's receipt of the Appraisal Notice) to both parties in writing the Fair Market Value. If the report indicates proposed values that are within five (5%) percent of each other, the Notifying Party and the Other Party agree that the Fair Market Value shall be an average of such amounts. However, if after receiving the report, the parties are unable to agree on the Fair Market Value (and the amounts are not within five (5%) percent of each other) within five (5) days, both parties shall jointly appoint an Experienced Appraiser who shall determine the Fair Market Value by selecting either the Fair Market Value as reported by the Notifying Party's Experienced Appraiser or the Fair Market Value as reported by the Other Party's Experienced Appraiser, according to whichever of the two valuations is closer to the actual Fair Market Value in the opinion of such third Experienced Appraiser. The third Experienced Appraiser shall have no discretion other than to select one or the other report as aforesaid. The costs of such third Experienced Appraiser shall be shared equally by the Notifying Party and the Other Party. The parties shall work tog...
Sample 1
Appraisal Procedures has the meaning set forth in the Venture Agreement.
Sample 1

Examples of Appraisal Procedures in a sentence

  • Unit IIITraining and Development – Purpose - Methods and Issues of Training – Executive Development Programmes - Performance Appraisal – Definition - Purpose of Appraisal - Procedures and Techniques of Performance Appraisal - Job Evaluation.

Related to Appraisal Procedures

  • Appraisal Procedure means a procedure whereby two independent appraisers, one chosen by the Company and one by the Investor, shall mutually agree upon the Fair Market Value. Each party shall deliver a notice to the other appointing its appraiser within 10 days after the Appraisal Procedure is invoked. If within 30 days after appointment of the two appraisers they are unable to agree upon the Fair Market Value, a third independent appraiser shall be chosen within 10 days thereafter by the mutual consent of such first two appraisers. The decision of the third appraiser so appointed and chosen shall be given within 30 days after the selection of such third appraiser. If three appraisers shall be appointed and the determination of one appraiser is disparate from the middle determination by more than twice the amount by which the other determination is disparate from the middle determination, then the determination of such appraiser shall be excluded, the remaining two determinations shall be averaged and such average shall be binding and conclusive upon the Company and the Investor; otherwise, the average of all three determinations shall be binding upon the Company and the Investor. The costs of conducting any Appraisal Procedure shall be borne by the Company.

  • Control Appraisal Period shall exist with respect to the Mortgage Loan, if and for so long as:

  • Appraisal Well means a Well drilled pursuant to an Appraisal Programme.

  • Dissent Procedures has the meaning set out in Section 3.1;

  • Sale Procedures Unless otherwise specified in the Supplement, shall mean that, with respect to any sale of one or more Underlying Securities or Related Assets, the Market Agent, on behalf of the Trust, shall sell such Underlying Securities or Related Assets to the highest bidders among not less than two solicited bidders for such Underlying Securities or Related Assets (one of which bidders may include Merrill Lynch & Co. or any Affiliate thereof; provided, however, that xxxxxxr Xxxxill Lynch & Co. nor any of its Affiliates will be under any obligxxxxx xo xxx, and which bidders need not be limited to recognized broker dealers). In the sole judgment of the Market Agent, bids may be evaluated on the basis of bids for a single Underlying Security or Related Asset, a portion of the Underlying Securities or Related Assets, or all of the Underlying Securities or Related Assets being sold or any other basis selected in good faith by the Market Agent.

  • Auction Procedures means the Auction Procedures that are set forth in Paragraph 10 of the Articles Supplementary.

  • Reconciliation Procedures means those procedures set forth in Section 7.09 of this Agreement.

  • Expert Determination the process described in Paragraph 6 of Schedule 8.3 (Dispute Resolution Procedure);

  • appropriate procedures means procedures reasonably designed to prevent and detect errors and omissions. In determining the reasonableness of such procedures, weight will be given to such factors as are appropriate, including the prior occurrence of any similar errors or omissions when such procedures were in place and transfer agent industry standards, if known, in place at the time of the occurrence.

  • Dispute Resolution Procedures means the procedures outlined in Annexure A of the MSA Determination.

  • Administrative Procedures means the Administrative Procedures of Minnesota Management & Budget developed in accord with M.S. 43A.04, subdivision 4.

  • Bidding Procedures means the bidding procedures attached as Exhibit 1 to the Bidding Procedures Order, as such bidding procedures may be amended from time to time in accordance with its terms.

  • Internal Procedures means in respect of the making of any one or more entries to, changes in or deletions of any one or more entries in the register at any time (including without limitation, original issuance or registration of transfer of ownership) the minimum number of the Warrant Agent’s internal procedures customary at such time for the entry, change or deletion made to be complete under the operating procedures followed at the time by the Warrant Agent, it being understood that neither preparation and issuance shall constitute part of such procedures for any purpose of this definition;

  • Independent Expert means a Person or entity with no material current or prior business or personal relationship with the Advisor or the Directors and who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company.

  • Appraisal report A report setting forth the fair market value of a Mortgaged Property as determined by an appraiser who, at the time the appraisal was conducted, met the minimum qualifications of FNMA and FHLMC for appraisers of conventional residential mortgage loans.

  • Uniform Standards of Professional Appraisal Practice means the current standards of the appraisal profession, developed for appraisers and users of appraisal services by the Appraisal Standards Board of the Appraisal Foundation.

  • Reconciliation Dispute has the meaning set forth in Section 7.9 of this Agreement.

  • Social Engineering Security Procedures means security procedures intended to prevent Social Engineering Fraud as set forth in the Application and/or as otherwise provided in writing to the Underwriter.

  • Auditing Profession Act ’ means the Auditing Profession Act, 2005 (Act No. 26 of 2005);