Common use of Blocked Payments Clause in Contracts

Blocked Payments. In the event that, by reason of applicable Law in any country, it becomes impossible or illegal for the paying Party (or any of its Affiliates or Licensee Partners) to transfer, or have transferred on its behalf, payments owed the other Party hereunder, the paying Party will promptly notify the other Party of the conditions preventing such transfer and such payments will be deposited in local currency in the relevant country to the credit of the other Party in a recognized banking institution designated by the other Party or, if none is designated by the other Party within a period of [***] days, in a recognized banking institution selected by the paying Party or any of its Affiliates or its Licensee Partners, as the case may be, and identified in a written notice given to the other Party.

Blocked Payments. In the event that, by reason of applicable Law in any country, it becomes impossible or illegal for the paying a Party (or any of its Affiliates or Licensee Partners(sub)licensees) to transfer, or have transferred on its behalf, payments owed to the other Party hereunder, the such paying Party will promptly notify the other Party of the conditions preventing such transfer and such payments will be deposited in local currency in the relevant country to the credit of the such other Party in a recognized banking institution designated by the such other Party or, if none is designated by the such other Party within a period of [***] days], in a recognized banking institution selected by the paying Party or any of its Affiliates Affiliate or its Licensee Partners(sub)licensee, as the case may be, and identified in a written notice given to the such other Party.

Blocked Payments. In the event that, by reason of applicable Law in any country, it becomes impossible or illegal for the paying Party (or any of its Affiliates or Licensee PartnersSelling Parties) to transfer, or have transferred on its behalf, payments owed the other Party hereunder, the paying Party will promptly notify the other Party of the conditions preventing such transfer and such payments will be deposited in local currency in the relevant country to the credit of the other Party in a recognized banking institution designated by the other Party or, if none is designated by the other Party within a period of [***] thirty (30) days, in a recognized banking institution selected by the paying Party or any of its Affiliates or its Licensee PartnersSelling Parties, as the case may be, and identified in a written notice given to the other Party.

Blocked Payments. In the event thatIf, by reason of applicable Applicable Law in any country, it becomes impossible or illegal for the paying a Party (or any of its applicable Affiliates or Licensee Partners) Sublicensees to transfer, or have transferred on its behalf, any payments owed to the other Party hereunderParty, the paying payor Party will shall promptly notify the other payee Party of the conditions preventing such transfer and such royalties or other payments will shall be deposited in local currency in the relevant country to the credit of the other payee Party in a recognized banking institution designated by the other payee Party or, if none is designated by the other payee Party within a period of [***] days], in a recognized banking institution selected by the paying payor Party or any of its Affiliates or its Licensee Partners, as the case may be, and identified in a written notice given to the other Partypayee Party pursuant to Section 17.8 (Notices).

Blocked Payments. In the event that, by reason of applicable Law in any country, it becomes impossible or illegal for the paying Party (or any of its Affiliates or Licensee Partners) to transfer, or have transferred on its behalf, payments owed the other Party hereunder, the paying Party will promptly notify the other Party of the conditions preventing such transfer and such payments will be deposited in local currency in the relevant country to the credit of the other Party in a recognized banking institution designated by the other Party or, if none is designated by the other Party within a period of [***] days], in a recognized banking institution selected by the paying Party or any of its Affiliates or its Licensee Partners, as the case may be, and identified in a written notice given to the other Party.

Blocked Payments. In the event that, by reason of applicable Applicable Law in any country, it becomes impossible or illegal for the paying a Party (or any of its Affiliates or Licensee Partners) Related Parties, to transfer, or have transferred on its behalf, royalties or other payments owed to the other Party, such Party hereunder, the paying Party will shall promptly notify the other Party of the conditions preventing such transfer and such royalties or other payments will shall be deposited in local currency in the relevant country to the credit of the other Party in a recognized banking institution designated by the other Party or, if none is designated by the other Party within a period of [***] thirty (30) days, in a recognized banking institution selected by the paying such Party or any of its Affiliates or its Licensee PartnersRelated Party, as the case may be, and identified in a written notice given to the other Party.

Blocked Payments. In the event thatIf, by reason of applicable Law Laws in any country, it becomes impossible or illegal for the paying a Party (or any of its Affiliates Affiliate or Licensee Partners) Sublicensee to transfer, or have transferred on its behalf, payments owed to the other Party hereunderParty, the paying owing Party will shall promptly notify the other owed Party of the conditions preventing such transfer and such distribution fees or other payments will shall be deposited in local currency in the relevant country to the credit of the other owed Party in a recognized banking institution designated by the other owed Party or, if none is designated by the other owed Party within a period of [***] days, in a recognized banking institution selected by the paying owing Party or any of its Affiliates or its Licensee Partners, as the case may be, Affiliate and identified in a written notice given to the other owed Party.

Blocked Payments. In the event that, by reason of applicable Law in any country, it becomes impossible or illegal for the paying Party (or any of its Affiliates Affiliates, sublicensees or Licensee Partnersassignees) to transfer, or have transferred on its behalf, payments owed the other Party hereunder, the paying Party will promptly notify the other Party of the conditions preventing such transfer and such payments will be deposited in local currency in the relevant country to the credit of the other Party in a recognized banking institution designated by the other Party or, if none is designated by the other Party within a period of [***] thirty (30) days, in a recognized banking institution selected by the paying Party or any of its Affiliates Affiliates, sublicensees or its Licensee Partnersassignees, as the case may be, and identified in a written notice given to the other Party.