Fair Market Sale Value shall, at any time with respect to any item of Equipment, be equal to the sale value of such item of Equipment which would be obtained in an arm's-length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer-user (other than a lessee currently in possession or a used equipment or scrap dealer). For purposes of Section 7(b) hereof, Fair Market Sale Value shall be determined by (i) an independent appraiser (at Lessee's expense) selected by Lessor or (ii) by the Appraiser Procedure if the Appraisal Request is made at least 90 days (but not more than 360 days) prior to the termination or expiration of the Lease Term, as the case may be, which determination shall be made (a) without deduction for any costs or expenses of dismantling or removal; and (b) on the assumption that such item of Equipment is free and clear of all Liens and is in the condition and repair in which it is required to be returned pursuant to Section 7(a) hereof. For purposes of Section 19(c) hereof, Fair Market Sale Value shall be determined (at Lessee's expense) by an independent appraiser selected by Lessor, on an "as-is, where-is" basis, without regard to the provisions of clauses (a) and (b) above; provided that if Lessor shall have sold any item of Equipment pursuant to Section 19(b) hereof prior to giving the notice referred to in Section 19(c) hereof, Fair Market Sale Value of such item of Equipment shall be the net proceeds of such sale after deduction of all costs and expenses incurred by Lessor in connection therewith; provided further, that if for any reason Lessor is not able to obtain possession of any item of Equipment pursuant to Section 19(a) hereof, the Fair Market Sale Value of such item of Equipment shall be zero.
Fair Market Sale Value means (i) when used with respect to the Vessel, the sale value of the Vessel that would be obtained in an arm’s-length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer-user under no compulsion to buy, which determination shall be made (x) without deduction for any costs of removal of the Vessel from the location of current use and (y) on the assumption that the Vessel is free and clear of all Liens and is in the condition and repair in which it is required to be returned pursuant to Clause 15 of the Charter (but otherwise on an “as is, where is” basis); and, (ii) when used with respect to a Removable Part, the sale value of such Removable Part that would be obtained in an arm’s-length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer-user under no compulsion to buy, which determination shall be based on the actual condition and repair of such Removable Part.
Fair Market Sale Value means the value of each Item of Equipment for lease or sale, unless otherwise specified herein as determined between Lessor and Lessee, or, if Lessor and Lessee are unable to agree, pursuant to the Appraisal Procedure, which would be obtained in an arms-length transaction between an informed and willing lessor or seller (under no compulsion to lease or sell) and an informed and willing lessee or buyer (under no compulsion to lease or purchase). In determining the Fair Market Rental Value or Fair Market Sale Value of the Equipment, (a) such Fair Market Rental Value or Fair Market Sale Value shall be calculated on the assumption that the Equipment is in the condition and repair required by Sections 12 and 13 hereof, and (b) there shall be excluded from the calculation thereof the value of any upgrades and attachments made pursuant to Section 14 hereof in which the Lessor does not own an interest; provided, however, that, unless otherwise provided in such Section 22, for purposes of Section 22 of the Lease, Fair Market Sale Value of the Equipment shall be determined based upon the actual facts and circumstances then prevailing without regard to the assumptions in clause (a) above.
Examples of Fair Market Sale Value in a sentence
The Owner may, at its option upon 30 days’ written notice to the Charterer, purchase any or all of such Removable Parts at the end of the Charter Period for their then Fair Market Sale Value (as determined by mutual agreement of the Owner and the Charterer or, if they cannot so agree, by an Appraisal), other than (i) the lashing gear, (ii) any Parts owned or leased by the Charterer and (iii) any Parts that constitute proprietary equipment of the Charterer.
During the period from the delivery of the Expiration Date Election Notice to the Owner until 210 days prior to the Sale Date, the Charterer and the Owner may mutually agree on the Fair Market Sale Value of the Vessel as of the Sale Date, and if the Charterer and the Owner fail to so agree, such Fair Market Sale Value shall be determined not less than 90 days before the Sale Date by application of the Appraisal Procedure.
All risk Marine and hull and machinery shall be provided with a limit equal to that normally carried by experienced and responsible companies engaged in offshore drilling, but shall not be less than the greater of (a) 110% of the Stipulated Loss Value of the Vessel; or (b) the Fair Market Sale Value of the Vessel.
The purchase price of such Severables shall be equal to the Fair Market Sale Value thereof, as of the date of purchase as determined by mutual agreement or, in the absence of such agreement, by the Appraisal Procedure.
Lessor shall have the option, exercisable upon written notice given to Lessee not more than ninety (90) days and not less than thirty (30) days prior to the expiration of this Lease, or upon termination of this Lease under SECTION 18, to purchase for cash any and all such Parts which may be owned by Lessee at the expiration or other termination of this Lease for an amount equal to the Fair Market Sale Value thereof at such time.
More Definitions of Fair Market Sale Value
Fair Market Sale Value means in respect of the Aircraft, if the Beneficiary does not provide a Residual Notice to the Lessee as provided in Section 3(e), an amount equal to the fair market sales value (which shall in no event be less than zero) which would be obtained in an arms' length retail transaction for a sale of the Aircraft, between an informed and willing buyer (other than a lessee currently in possession or a used equipment dealer) and an informed and willing seller, neither under any compulsion to buy or sell. In determining Fair Market Sale Value by appraisal or otherwise, it will be assumed that the Aircraft is in the condition, location and overhaul status in which it is required to be returned to the Lessor pursuant to Article XVIII of the Lease (without any allowance which may otherwise be permitted by Section 6 of EXHIBIT D-1), that the Lessee has removed all Parts which it is entitled to remove pursuant to Article IX of the Lease and that the Aircraft is not encumbered by the Lease, PROVIDED that if an Event of Default has occurred, then for purposes of Section 17.02 of the Lease, the Fair Market Sales Value of the Aircraft, the Airframe or any Engine shall be determined on an "as is, where is" basis and shall take into account customary brokerage and other out-of-pocket fees and expenses which typically would be incurred in connection with a sale of the Aircraft, the Airframe or any Engine. If the Beneficiary provides a Residual Notice as provided in Section 3(e), the definition of Fair Market Sale Value will be determined as provided in the definition of RVG Appraisal Procedure.
Fair Market Sale Value of any Item of Equipment means an amount determined by agreement between Lessor and Lessee, such determination to be made on the basis of, and shall be equal in amount to, the fair market sale value: (i) of such Item of Equipment which, at a minimum, shall be deemed to be in "half-time" condition and otherwise in the condition required under Article 13; and (ii) which would be obtained in an arms-length transaction between an informed and willing seller and buyer, both under no compulsion to sell or purchase; provided, however, in such determination costs of removal from the location of current use shall not be a consideration in determining such value. In the event that Lessor and Lessee are unable to agree upon the Fair Market Sale Value of an Item of Equipment within twenty (20) days after demand therefor is made by either party, then Lessor and Lessee agree that the fair market sale value for such Item of Equipment shall, in accordance with the criteria stated above, be determined by an independent aircraft appraiser mutually agreed to by Lessor and Lessee. In the event Lessor and Lessee fail to agree upon such appraiser within ten (10) days after demand therefor is made by either party, then Lessor and Lessee shall each select a recognized independent aircraft appraiser, and such appraisers shall, in accordance with the criteria stated above, mutually determine such fair market sale value; or, if such appraisers cannot agree on such value, such appraisers shall mutually appoint a third recognized independent aircraft appraiser and such appraiser shall, in accordance with the criteria stated above, determine such fair market sale value. If either party shall fail to appoint an appraiser within ten (10) days after demand therefor is made by either party or if the two appraisers cannot agree on the amount of such appraisal and fail to appoint a third appraiser within ten (10) days after the date of the appointment of the second of such appraisers, then Lessor or Lessee may apply to any court having jurisdiction to make such appointment. Lessor and Lessee shall each be solely responsible for the fees and expenses of the appraiser appointed by it (or which should have been appointed by it pursuant to the foregoing provisions) to determine Fair Market Sale Value, and shall each be responsible for one-half of the fees and expenses of the appraiser appointed by Lessor and Lessee or by the two appraisers, as the case may be, as contemplated by the foregoing pr...
Fair Market Sale Value means the value of each Item of Equipment for lease or sale, unless otherwise specified herein as determined between Lessor and Lessee, or, if Lessor and Lessee are unable to agree, pursuant to the Appraisal Procedure, which would be obtained in an arms-length transaction between an informed and willing lessor or seller (under no compulsion to lease or sell) and an informed and willing lessee or buyer (under no compulsion to lease or purchase). In determining the Fair Market Rental Value or Fair Market Sale Value of the Equipment, (a) such Fair Market Rental Value or Fair Market Sale Value shall be calculated on the assumption that the Equipment is in the condition and repair required by Sections 12 and 13 hereof, and (b) there shall be excluded from the calculation thereof the value of any upgrades and attachments made pursuant to Section 14 hereof in which the Lessor does not own an interest; PROVIDED, HOWEVER, that, unless otherwise provided in such Section 22, for purposes of Section 22 of the Lease, Fair Market Sale Value of the Equipment shall be determined based upon the actual facts and circumstances then prevailing without regard to the assumptions in clause (a) above.
Fair Market Sale Value means the value of Equipment for lease or sale, in place and in continued use, which would be obtained in an arm’s length transaction between an informed and willing retail lessor or seller (under no compulsion to lease or sell) and an informed and willing retail lessee or buyer (under no compulsion to lease or purchase), assuming that Equipment is in the condition specified by Sections 10 and 11 hereof, as determined by the parties or, if the parties cannot agree, by an American Society of Appraisers certified appraiser selected by Lessor and paid for by Lessee.
Fair Market Sale Value means, for any property, the cash sale value of such property that would be obtained in an arm's-length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer-user (other than a person currently in possession or a used equipment dealer), which determination shall be made (a), in the case of the Vessel, without deduction for any costs of removal of the Vessel from the location of current use and in the case of the First Upgrade Severables without deduction for the cost of removal or delivery, and (b) on the assumption that such property is free and clear of all liens, charges and encumbrances and, in the case of the Vessel is in the condition and repair in which it is required to be returned pursuant to Section 3.5 hereof (but otherwise on an "as-is" basis).
Fair Market Sale Value or “FMSV” shall mean the value of each Item of Property for sale, unless otherwise specified herein as determined between Lessor and Lessee, or, if Lessor and Lessee are unable to agree, pursuant to the Appraisal Procedure, which would be obtained in an arms-length transaction between an informed and willing seller (under no compulsion to sell) and an informed and willing buyer (under no compulsion to purchase). In determining the Fair Market Sale Value of the Property, such Fair Market Sale Value shall be calculated on the assumption that the Property is in the condition and repair required by Section 20.4 hereof. In calculating FMSV, FMSV shall only be determined in the event Lessee decides to exercise its option to purchase the Property under Section 22 hereof.
Fair Market Sale Value means the sale value of the Vessel (excluding any Severable Improvements title to which has vested in the Charterer) that would be obtained in an arm’s-length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer-user, which determination shall be made (i) without deduction for any costs of removal of the Vessel from the location of current use, (ii) and otherwise is free and clear of all liens, is able to operate in domestic trade as permitted by 46 U.S.C § 1156 and is in the condition and repair in which it is required to be returned pursuant to Sections 2 and 5 of the Charter (but otherwise on an “as-is” basis) and (iii) on the assumption that the Vessel is documented under the laws of the United States (if the Vessel is documented elsewhere and if such foreign documentation would reduce the Fair Market Sale Value of the Vessel); provided, however, that the determination of Fair Market Sale Value for the purposes of Section 15(c) of the Charter shall be based on the actual condition of the Vessel at the time of such determination and shall take into account all liens on the Vessel (other than Owner Encumbrances), and any legal impediments to the prompt transfer of title to the Vessel, notwithstanding the provisions of clause (ii) of this sentence.