Common use of Payment by the Company Clause in Contracts

Payment by the Company. If the Registration Statement covering the Registrable Securities required to be filed by the Company pursuant to Section 2(a) hereof is not declared effective within thirty (30) days from the Closing Date, then the Company shall pay investor as liquidated damages three percent (3%) of the principal amount of the Debentures issued at that time for every thirty (30) day period or portion thereof until the Registration Statement is declared effective. The Company acknowledges that its failure to have the Registration Statement declared effective within thirty (30) days from the Closing Date will cause the Investor to suffer damages in an amount that will be difficult to ascertain. Accordingly, the parties agree that it is appropriate to include in this Agreement a provision for liquidated damages. The parties acknowledge and agree that the liquidated damages provision set forth in this section represents the parties good faith effort to qualify such damages and, as such, agree that the form and amount of such liquidated damages are reasonable and will not constitute a penalty. The payment of liquidated damages shall not relieve the Company from its obligations to register the Common Stock and deliver the Common Stock pursuant to the terms of this Agreement, the Subscription Agreement and the Debenture.

Payment by the Company. If the Registration Statement covering the Registrable Securities required to be filed by the Company pursuant to Section 2(a) hereof is not declared effective within thirty (30) days from the Closing Date, then the Company shall pay investor as liquidated damages three percent (3%) of the principal amount of the Debentures issued at that time for every thirty (30) day period or portion thereof until the Registration Statement is declared effective. The Company acknowledges that its failure to have the Registration Statement declared effective within thirty (30) days from the Closing Date will cause the Investor to suffer damages in an amount that will be difficult to ascertain. Accordingly, the parties agree that it is appropriate to include in this Agreement a provision for liquidated damages. The parties acknowledge and agree that the liquidated damages provision set forth in this section represents the parties parties' good faith effort to qualify such damages and, as such, agree that the form and amount of such liquidated damages are reasonable and will not constitute a penalty. The payment of liquidated damages shall not relieve the Company from its obligations to register the Common Stock and deliver the Common Stock pursuant to the terms of this Agreement, the Subscription Agreement and the Debenture. 3.

Payment by the Company. If the Registration Statement covering the Registrable Securities required to be filed by the Company pursuant to Section 2(a) hereof is not declared effective within thirty (30) days from the Closing Date, then the Company shall pay investor as liquidated damages three percent (3%) of the principal amount of the Debentures issued at that time for every thirty (30) day period or portion thereof until the Registration Statement is declared effective. The Company acknowledges that its failure to have the Registration Statement declared effective within thirty (30) days from the Closing Date will cause the Investor to suffer damages in an amount that will be difficult to ascertain. Accordingly, the parties agree that it is appropriate to include in this Agreement a provision for liquidated damages. The parties acknowledge and agree that the liquidated damages provision set forth in this section represents the parties parties' good faith effort to qualify such damages and, as such, agree that the form and amount of such liquidated damages are reasonable and will not constitute a penalty. The payment of liquidated damages shall not relieve the Company from its obligations to register the Common Stock and deliver the Common Stock pursuant to the terms of this Agreement, the Subscription Agreement and the Debenture.