Interest Penalty. The license fees and reimbursements for patent-related expenses set forth in this Agreement shall, if overdue, bear interest until payment in full at the monthly rate of one percent (1%) above the prime rate in effect at the Chase Manhattan Bank (N.A.) on the date that any royalty payment, license fee, or other reimbursement is due. The payment of such interest shall not foreclose LICENSOR from exercising any other rights it may have as a consequence of the lateness of any payment.
Appears in 3 contracts
Samples: Intellectual Property License Agreement (HDS International Corp.), Intellectual Property License Agreement (HDS International Corp.), Asset Acquisition Agreement (HDS International Corp.)
Interest Penalty. The royalty payments, license fees fees, and reimbursements for patent-related expenses set forth in this Agreement shall, if overdue, bear interest until payment in full at the monthly rate of one percent (1%) above the prime rate in effect at the Chase Manhattan Bank (N.A.) on the date that any the royalty payment, license fee, or other reimbursement is due. The payment of such interest shall not foreclose LICENSOR RTC from exercising any other rights it may have as a consequence of the lateness of any payment.
Appears in 1 contract
Samples: Patent License Agreement
Interest Penalty. The license fees and reimbursements for patent-related expenses and the license fee set forth in this Agreement shall, if overdue, bear interest until payment in full at the monthly rate of one percent (1%) above the prime rate in effect at the Chase Manhattan Bank (N.A.) on the date that any royalty payment, license fee, or other reimbursement is due. The payment of such interest shall not foreclose LICENSOR from exercising any other rights it may have as a consequence of the lateness lack of any timely payment.
Appears in 1 contract
Samples: Intellectual Property License Agreement (HDS International Corp.)
Interest Penalty. The royalty payments, license fees fees, and reimbursements for patent-related expenses set forth in this Agreement shall, if overdue, bear interest until payment in full at the monthly rate of one percent (1%) above the prime rate in effect at the Chase Manhattan Bank (N.A.) on the date that any the royalty payment, license fee, or other reimbursement is due. The payment of such interest shall not foreclose LICENSOR MSU from exercising any other rights it may have as a consequence of the lateness of any payment.
Appears in 1 contract
Samples: Patent License Agreement
