Default Payments. In the event that a Default Payment becomes due from Maker to Holder as provided in Section 3, the issuance of common stock in satisfaction of such Default Payments shall be at the price per share equal to the average of the closing price of the Company’s common stock on the US Nasdaq Over the Counter Bulletin Board Market on each of the ten (10) trading days preceding (a) the date on which such Default Payment becomes due, or (b) the date on which such Default Payment is made, whichever is lower.
Appears in 2 contracts
Sources: Loan Agreement (Northwest Biotherapeutics Inc), Loan Agreement (Northwest Biotherapeutics Inc)