Common use of Definition of Market Price Clause in Contracts

Definition of Market Price. As used herein, the phrase "Market Price" at any date shall be deemed to be (i) if the principal trading market for such securities is an exchange, the last reported sale price, as officially reported on any consolidated tape, (ii) if the principal market for such securities is the over-the-counter market, the closing bid price on such date as reported by Nasdaq or, if there is no closing bid price reported on Nasdaq or if the security is not quoted on Nasdaq, then the high bid price as set forth in the National Quotation Bureau sheet listing such securities for such day. Notwithstanding the foregoing, if there is no reported closing price or high bid price, as the case may be, on the date next preceding the event requiring an adjustment hereunder, then the Market Price shall be determined as of the latest date prior to such day for which such closing price or high bid price is available, or if the securities are not quoted on Nasdaq, as determined in good faith by resolution of the Board of Directors of the Company, based on the best information available to it.