Default Conversion Price. Upon the occurrence of any Event of Default (without the need for any party to give any notice or take any other action), the Conversion Price shall be redefined to equal the Default Conversion Price. The Default conversion price shall be defined as 60% of the lowest trade occurring during the twenty five (25) consecutive Trading Days immediately preceding the applicable Conversion Date on which the Holder elects to convert all or part of this Note, subject to adjustment as provided in this Note.
Appears in 3 contracts
Sources: Convertible Note (Electromedical Technologies, Inc), Convertible Note (Electromedical Technologies, Inc), Convertible Note (Electromedical Technologies, Inc)