Fixed Conversion Price; Default Conversion Price. At any time, and from time to time, the Holder may elect to convert all or a portion of this Note into shares of Common Stock. The Conversion Price shall be a rate per share equal to the lower of # $0.06 or # 75% of the average of the lowest two lowest trading prices for the proceeding 15 trading days prior to conversion. At any time, and from time to time after an Event of Default, the Holder may utilize the Default Conversion Price in its sole discretion. The “Default Conversion Price” shall be a rate per share equal $0.03.
Conversion Price. Subject to the adjustments described herein, this Note shall be convertible into shares of Common Stock at any time in any portion at the Default Conversion Price, in the sole discretion of the Holder. “Conversion Price” means the then applicable Default Conversion Price or other conversion price as determined in accordance with this Note as selected by the Holder in connection with any particular Conversion. The Conversion Price shall be automatically adjusted equitably for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower’s securities or the securities of any subsidiary of the Borrower, as well as combinations, recapitalization, reclassifications, extraordinary distributions and similar events:
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