Common use of Default Fee Clause in Contracts

Default Fee. In the event the transactions contemplated by this Agreement are not consummated due to a default of this Agreement by the Buyers, the Seller shall be paid the ▇▇▇▇▇▇▇ Money Deposit as a default fee. In the event (i) the transactions contemplated by this Agreement are not consummated due to a default of this Agreement by the Seller, and (ii) the Buyers are unable, despite the Buyers' good faith efforts, to obtain specific performance pursuant to Section 7(d), and (iii) an application to assign the Licenses of the Stations to any party other than the Buyers is filed with the FCC and consummated within fifteen (15) months from the date this Agreement is terminated, then the Seller shall pay to the Buyers the sum of Six Hundred Thirty-Seven Thousand Five Hundred and 00/100 Dollars ($637,500.00) as a default fee.