Common use of Initial Value Clause in Contracts

Initial Value. The General Partners holding more than seventy five percent (75%) of the General Partnership Interests shall from time to time determine a value for the Partnership Interests (the "Initial Value") based upon such considerations as they, in their sole discretion, determine to be relevant to such valuation. If a Selling Partner or Former Partner (for purposes of this Section 1.56, the "Objecting Party") does not provide a written objection to the Partnership concerning the Initial Value set forth in the Valuation Notice within ten (10) days after the date of such Valuation Notice, the Purchase Price shall be equal to the Initial Value.