Common use of Penalty Fee Clause in Contracts

Penalty Fee. In the event the Merger (as defined in the LOI) does not occur within 150 days from the date hereof (and such non-occurrence does not result from (i) a decision by Spacelogix (as defined in the LOI) and/or TW (as defined in the LOI) to cease negotiations in regard thereto, (ii) Spacelogix's failure to make Bridge Loans to the Company in an aggregate amount of at least $1,050,000 within 45 days of the execution hereof and/or (iii) the Merger Agreement (as defined in the LOI) being executed but the Merger not being consummated within 90 days thereof as a result of a breach by Spacelogix thereof and/or the failure of Spacelogix to satisfy all conditions precedent required to be satisfied by it), then the Company shall pay Consultant a penalty fee of $75,000 in lieu of any Consulting Fee and/or expenses otherwise owed hereunder to compensate Consultant for services rendered and expenses incurred.

Penalty Fee. In the event the Merger (as defined in the LOI) does not occur within 150 days from the date hereof (and such non-occurrence does not result from (i) a decision by Spacelogix SpaceLogix (as defined in the LOI) and/or TW (as defined in the LOI) to cease negotiations in regard thereto, (ii) SpacelogixSpaceLogix's failure to make Bridge Loans to the Company in an aggregate amount of at least $1,050,000 within 45 days of the execution hereof and/or (iii) the Merger Agreement (as defined in the LOI) being executed but the Merger not being consummated within 90 days thereof as a result of a breach by Spacelogix SpaceLogix thereof and/or the failure of Spacelogix SpaceLogix to satisfy all conditions precedent required to be satisfied by it), then the Company shall pay Consultant a penalty fee of $75,000 in lieu of any Consulting Fee and/or expenses otherwise owed hereunder to compensate Consultant for services rendered and expenses incurred.