Definitions

Fair Market Value - The amount of money at which a given property would change hands between a willing buyer and a willing seller, in an appropriate marketplace, when neither is acting under compulsion and when both have reasonable knowledge of relevant facts. (For income tax implications, see I.R.C. §§ 20.2031-(b).)

Orderly Liquidation Value - The amount of gross proceeds which could be expected from the sale of the appraised assets, held under orderly sale conditions, given a reasonable period of time in which to find a purchaser(s) considering a completed sale of all assets, "as is and where is," with the buyer assuming all costs of removal, with all sales made free and clear of all liens and encumbrances, with the seller acting under compulsion.

Forced Liquidation Value - The estimated gross amount of money that could typically be realized from a properly advertised and conducted public auction, with a seller who is compelled to sell with a sense of immediacy on an as-is where-is basis, as of a specific date.

Replacement Cost, New - The cost of replacing an existing property with one of equal utility, although the same materials or the same design may not be used, reflecting changes in technology, design, building techniques and costs.

Fair Market Value-Installed - The amount of money at which a given installed property wouldchange hands between a willing buyer and a willing seller, in an appropriate marketplace, whenneither is acting under compulsion and when both have reasonable knowledge of relevant facts.

Fair Market Value In Continued Use - The amount of money at which a given property would change hands between a willing buyer and a willing seller, in an appropriate marketplace, when neither is acting under compulsion and when both have reasonable knowledge of relevant facts, including installation and other turnkey costs and assumes that the earnings support the value reported.

Fair Market Value-Removal - The amount of money at which a given property would change hands between a willing buyer and a willing seller, in an appropriate marketplace, when neither is acting under compulsion and when both have reasonable knowledge of relevant facts, considering removal of the property to another location, as of a specific date.

Salvage Value - The expected residual value of an asset at the end of its economic life.

Scrap Value - The amount that may be realized if property is sold for its material content, asopposed to further productive use.