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period of the transferring member's ownership; plus (ii) the sum of the cost of Approved Upgrades (as defined below), if any, installed by the departing member in the subject Dwelling Unit. As used in the above paragraph, the following capitalized terms are defined as follows: "Annual Compounded Interest" means an amount, computed on the basis of one percent of the Initial Value of the Dwelling Unit being transferred, as shown on Exhibit A hereto, compounded annually, commencing on the first day of the month following the month in which Project construction commenced, and as of each successive annual anniversary date thereof (such period being the Annual Calculation Period) through and including the annual anniversary date in the year in which the transfer occurs. If the transfer occurs other than on an annual anniversary date, the amount of the Annual Compounded Interest for the final Annual Calculation Period shall be prorated between the departing member and the incoming member based upon the number of days elapsed therein to the date of transfer. "Approved Upgrades" refers to the excess cost of the following items selected by the member from the Cooperative's Approved Upgrades Schedule over the cost allowances for the standards of such items set forth in the Project plans and specifications: Flooring; fireplaces; cabinetry; countertops; appliances; and such other items as may be set forth in the Cooperative's Approved Upgrades Schedule. Deductions From Transfer Value, The Transfer Value as calculated above is subject to reduction as follows: (I) Such expenses and costs incurred by the Cooperative in processing the transfer, as such costs and expenses are provided for in the then applicable policies of the Cooperative. (ii) The cost or estimated cost for such refurbishing, repairs and replacements as are deemed necessary by the Cooperative to place the Dwelling Unit in suitable condition for occupancy by another member. (iii) Any liens or encumbrances on the Membership and Dwelling Unit which are not satisfied by the departing member prior to closing the transfer. Any such unsatisfied lien or encumbrance shall be satisfied if the amount thereof does not exceed the Transfer Value calculation prior to deduction of this line item. The balance of the Transfer Value proceeds then remaining, if any, shall be paid to the departing member. If the amount of the lien or encumbrance exceeds the Transfer Value calculation prior to such deduction, the 10