Applicable Conversion Rate. The conversion rate in effect at any time for the applicable series of Series Preferred Stock (the "Applicable Conversion Rate") shall equal the quotient obtained by dividing $1.00 in the case of Series A Preferred Stock, or $3.28 in the case of Series B Preferred Stock by the Applicable Conversion Value, calculated as hereinafter provided.
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Sources: Fixed Point Microwave Services Agreement (Pathnet Inc), Fixed Point Microwave Services Agreement (Pathnet Inc)
Applicable Conversion Rate. The conversion rate in effect at any time for the applicable series of Series A Preferred Stock (the "Applicable Conversion Rate") shall equal be the quotient obtained by dividing $1.00 in 1.125 by the case of Series A Preferred Stock, or $3.28 in the case of Series B Preferred Stock by the Applicable Conversion Value, calculated as hereinafter providedprovided in Section 5(c) (the "Series A Applicable Conversion Rate").
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