Common use of Exchange Control Clause in Contracts

Exchange Control. If at any time legal restrictions prevent the prompt remittance of part or all royalties with respect to any country in the Territory where the Product is sold, Licensee shall have the right, in its sole discretion, to make such payments by depositing the amount thereof in local currency to Licensor's account in a bank or other depository institution in such country. If the royalty rate specified in this Agreement should exceed the permissible rate established in any country, the royalty rate for sales in such country shall be adjusted to the highest legally permissible or government-approved rate.

Exchange Control. If at any time legal restrictions prevent the prompt remittance of part or all royalties with respect to any country in where amounts are received by the Territory where Payor, the Product is sold, Licensee Payor shall have the right, in at its sole discretionoption, to make such payments by depositing the amount thereof in local currency to Licensorthe Payee's account in a bank or other depository institution in such country. If the royalty rate specified in this Agreement should exceed the permissible rate established in any country, the royalty rate for sales in such country shall be adjusted to the highest legally permissible or government-approved rate.