Fair Market Rental Value or Fair Market Sale Value

Fair Market Rental Value or Fair Market Sale Value. Shall mean 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. View More

Fair Market Rental Value or 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; provided that, if the parties cannot agree on the Fair Market... Rental Value or Fair Market Sale Value, such value shall be determined as follows: (a) each party shall appoint an appraiser and the two appraisers so appointed shall together pick a third appraiser whom shall be paid for by Lessee, (b) such three appraisers shall appraise the specified items of Equipment using their best efforts to determine such value as soon as possible, and (c) if such three appraisers cannot agree on the fair market sale or rental value, then the average of the individual appraisals given by such three appraisers shall constitute the fair market sale or rental value. View More