Common use of Closing Bid Price Clause in Contracts

Closing Bid Price. For purposes of this Agreement, "Closing Bid ----------------- Price" means, for any security as of any particular date (a) the closing bid price of such security on such date on the Nasdaq Small Cap Market or on the Subsequent Market on which such security is then listed or quoted, or if there is no such price on such date, then the closing bid price on the Nasdaq Small Stock Market or on such Subsequent Market on the date nearest preceding such date, or (b) if such security is not then listed or quoted on the Nasdaq Small Cap Market or on a Subsequent Market, the closing bid price for such security in the over-the-counter market, as reported by the National Quotation Bureau Incorporated or similar organization or agency succeeding to its functions of reporting prices) at the close of business on such date, or (c) if such security is not then reported by the National Quotation Bureau Incorporated (or similar organization or agency succeeding to its functions of reporting prices), then the average of the "Pink Sheet" quotes for the relevant period, as determined in good faith by the holder of the securities making such determination, or (d) if such security is not then publicly traded the fair market value of a unit of such security as determined by an appraiser selected in good faith by the holders of a majority of the Common Shares.

Closing Bid Price. For purposes of this Agreement, "Closing Bid ----------------- ----------- Price" means, for any security as of any particular date (ai) the closing bid ----- price of such security on such date on the Nasdaq Small Cap SmallCap Market ("NASDAQ") or ------ on the Subsequent Market on which such security is then listed or quoted, or if there is no such price on such date, then the closing bid price on the Nasdaq Small Stock Market NASDAQ or on such Subsequent Market on the date nearest preceding such date, or (bii) if such security is not then listed or quoted on the Nasdaq Small Cap Market NASDAQ or on a Subsequent Market, the closing bid price for such security in the over-the-counter market, as reported by the National Quotation Bureau Incorporated or similar organization or agency succeeding to its functions of reporting prices) at the close of business on such date, or (ciii) if such security is not then reported by the National Quotation Bureau Incorporated (or similar organization or agency succeeding to its functions of reporting prices), then the average of the "Pink Sheet" quotes for the relevant period, as determined in good faith by the holder of the securities making such determination, or (div) if such security is not then publicly traded traded, the fair market value of a unit of such security as determined by an appraiser selected in good faith by the holders of a majority of the Common Shares.