Common use of Third Appraisal Clause in Contracts

Third Appraisal. If either Groom or HDD objects to the Second Appraisal within the time period described in Section 2(d) of this Exhibit, the objecting party shall, within ten (10) days after delivery of the Second Objection Notice, designate a third Qualified Appraiser to serve as the third Designated Appraiser. Such third Designated Appraiser shall, within fourteen (14) days after designation, deliver to Groom and HDD a written report describing in reasonable detail its determination of the fair market value of the Trademark Assets by reference to the information contained in the First Appraisal and the Second Appraisal only and not by conducting an independent appraisal (the "Third Appraisal"). The fair market value of Trademark Assets for purposes of determining the Trademark Assets Valuation shall then be determined by disregarding the appraisal that diverges the greatest from each of the other two appraisals, and taking the arithmetic mean of the remaining two appraisals. The party who objected to the Second Appraisal shall pay all of the fees charged by the third Designated Appraiser and all other cost related to such third appraisal.