The expert shall determine the Buy-Out Option Price as the difference between the fair market value of the Defaulting Party’s Participating Interest less # the Total Amount in Default; # all costs, including the costs of the expert, to obtain such valuation; # all costs and expenses, including attorneys’ fees, incurred by the non-defaulting Parties in relation to the expert determination; # all costs, including the costs of the expert, to obtain the Buy-Out Option Price; # all costs and expenses, including attorneys’ fees, incurred by the non-defaulting Parties in relation to the expert determination under clause 8.4(g)(iii); and # seventy-five percent (75%) of the fair market value of the Defaulting Party’s Participating Interest (such difference, the Appraised Value).

If the non-defaulting Parties cannot unanimously agree on the proposed Buy-Out Option Price to be offered to the Defaulting Party or the Defaulting Party rejects the Buy Out Option Price offered pursuant to clause 8.4(g)(ii), the valuation of the Defaulting Party’s Participating Interest shall be fully and finally determined by an expert under clause 18.3. The value determined by the expert shall be deemed the Buy-Out Option Price and binding on the Parties without any right to refer the matter to arbitration under clause 18.2 (except as expressly provided in clause 18.3). The cost of such expert shall be deducted from the fair market value of the Defaulting Party’s Participating Interest paid to the Defaulting Party, or in the case there is no Acquiring Party, shared proportionately among the non-defaulting Parties according to each non-defaulting Party’s Participating Interest to the total Participating Interests of all non-defaulting Parties.