Blocked Payments. In the event that, by reason of Laws in any country, it becomes impossible or illegal for a Party or its Affiliates to transfer, or have transferred on its behalf, payments to the other Party, such blocked Party shall promptly notify the other Party of the conditions preventing such transfer and such distribution fees or other payments shall be deposited in local currency in the relevant country to the credit of the receiving Party in a recognized banking institution within a period of [***] calendar days designated by the receiving Party.
Appears in 2 contracts
Samples: Collaboration and License Agreement (Incyte Corp), Collaboration and License Agreement (MorphoSys AG)
Blocked Payments. In the event that, by reason of Laws Applicable Law or regulation in any country, it becomes impossible or illegal for a Party or its Affiliates one party to transfer, or have transferred on its behalf, transfer payments to the other Partyparty, such blocked Party shall promptly notify the other Party of the conditions preventing such transfer and such distribution fees or other payments shall be deposited in local currency in the relevant country to the credit of the receiving Party 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 [***] calendar thirty (30) days designated after its receipt of written notice from such party, in a recognized banking institution selected by such party and identified in a subsequent written notice given to the receiving Partyother party.
Appears in 2 contracts
Samples: Non Exclusive Patent License (Cynosure Inc), Non Exclusive Patent License (Cutera Inc)
Blocked Payments. In the event that, by reason of Laws Applicable Law or regulation in any country, it becomes impossible or illegal for a Party or its Affiliates one party to transfer, or have transferred on its behalf, transfer payments to the other Partyparty, such blocked Party shall promptly notify the other Party of the conditions preventing such transfer and such distribution fees or other payments shall be deposited in local currency in the relevant country to the credit of the receiving Party 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 [***] calendar thirty (30) days designated after its receipt of written notice from such party, in a recognized banking institution selected by such party and identified in a subsequent written notice given to the receiving Party.other party. -40-
Appears in 1 contract
Samples: Development and License Agreement (Palomar Medical Technologies Inc)
Blocked Payments. In the event that, by reason of Laws Applicable Law or regulation in any country, it becomes impossible or illegal for a Party or its Affiliates one party to transfer, or have transferred on its behalf, transfer payments to the other Partyparty, such blocked Party shall promptly notify the other Party of the conditions preventing such transfer and such distribution fees or other payments shall be deposited in local currency in the relevant country to the credit of the receiving Party 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 [***] calendar thirty (30) days designated after its receipt of written notice from such party, in a recognized banking institution selected by such party and identified in a subsequent written notice given to the receiving Party.other party. ARTICLE VII
Appears in 1 contract
Samples: Development and License Agreement (Palomar Medical Technologies Inc)
