definiens: means, for any date, the price determined by the first of the following clauses that applies : ( a ) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date ( or the nearest preceding date ) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. ( based on a Trading Day from 9:30 a.m. ( New York City time ) to 4:02 p.m. ( New York City time ) ), ( b ) if the Common Stock is not then listed or quoted for trading on a Trading Market and if prices for the Common Stock are then reported in the published by OTC Markets Group, Inc. ( or a similar organization or agency succeeding to its functions of reporting prices ), the most recent bid price per share of the Common Stock so reported, or ( c ) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company