Common use of Determination of Net Worth Clause in Contracts

Determination of Net Worth. If the Leaving Member and the Band Partnership cannot agree on the net worth of the Band Partnership, then it will be determined by a mutually agreed upon accountant. The net worth shall be determined as of the date the Leaving Member left the Band Partnership. The Leaving Member's share shall be paid in installments starting one month after determining the net worth and be payable as follows: If the share is less than $10,000, it will be paid in 12 monthly installments; If the share is more than $10,000 but less than $25,000, it will be paid in 24 monthly installments; or If the share is more than $25,000, it will be paid in 36 monthly installments. The share payments will include interest at the prime interest rate.

Determination of Net Worth. If the Leaving Member and the Band Partnership cannot agree on the net worth of the Band Partnership, then it will be determined by a mutually agreed upon accountant. The net worth shall be determined as of the date the Leaving Member left the Band Partnership. The Leaving Member's share shall be paid in installments starting one month after determining the net worth and be payable as follows: If the share is less than $€10,000, it will be paid in 12 monthly installments; If the share is more than $€10,000 but less than $€25,000, it will be paid in 24 monthly installments; or If the share is more than $€25,000, it will be paid in 36 monthly installments. The share payments will include interest at the prime interest rate.