Common use of Mode of Payment; Offsets Clause in Contracts

Mode of Payment; Offsets. All payments to MedImmune under this Agreement shall be made by deposit of Dollars in the requisite amount to such bank account as MedImmune may from time to time designate by notice to Licensee. For the purpose of calculating any sums due under, or otherwise reimbursable pursuant to, this Agreement (including the calculation of Net Sales expressed in currencies other than Dollars), Licensee shall use the Currency Conversion Policy. For the purposes of this Section 5.4, Currency Conversion Policy means Medimmune’s currency conversion policy as of the Effective Date of this Agreement, which is the booking rate for the current month calculated from the average spot rate for [***] of the last [***] Business Days of the previous month, as such spot rate is taken from Reuters as at 08.30 a.m. GMT on each day. Licensee shall have no right to offset, set off or deduct any amounts from or against the amounts due to MedImmune hereunder. The Parties may revise the Currency Conversion Policy by mutual written agreement.