Common use of Mode of Payments Clause in Contracts

Mode of Payments. For purposes of determining when a sale of any Licensed Product occurs under this Agreement, the sale shall be deemed to occur on the later of: (i) the date the Licensed Product is shipped; or (ii) the date of the invoice to the purchaser of the Licensed Product. After the date of Commercial Introduction of the first Licensed Product, all royalty payments shall be made within ninety (90) days after the end of each calendar quarter in which such sales were deemed to occur. Such royalty payments shall be accompanied by a detailed statement for each country in the Territory in which sales of Licensed Products occurred in the calendar quarter covered by such statement, specifying: the gross sales (if available) and Net Sales in each country's currency; the applicable royalty rate under this Agreement; the royalties payable in each country's currency, including an accounting of deductions taken in the calculation of Net Sales; the applicable exchange rate to convert from each country's currency to U.S. Dollars under Section 6.5(b); and the royalties payable in U.S. Dollars. All payments hereunder shall be made free and clear of any taxes, duties, levies, fees or charges, except for withholding taxes (to the extent applicable). GNE shall make any applicable withholding payments due on behalf of SG and shall promptly provide SG with written documentation of any such payment sufficient to satisfy the requirements of the United States Internal Revenue Service related to an application by SG for a foreign tax credit for such payment. All royalty payments hereunder shall be made to SG in U.S. Dollars by bank wire transfer in immediately available funds to the account designated by SG in writing to GNE from time to time.

Mode of Payments. For purposes of determining when a sale of any Licensed Product occurs under this Agreement, the sale shall be deemed to occur on the later of: (i) the date the Licensed Product is shipped; or (ii) the date of the invoice to the purchaser of the Licensed Product. After the date of First Commercial Introduction of the first Licensed ProductSale, all royalty payments shall be made within ninety [***] (90[***]) days [***] after the end of each calendar quarter in which such sales were deemed to occur. Such royalty payments shall be accompanied by a detailed statement for each country in the Territory in which sales of Licensed Products occurred in the calendar quarter covered by such statement, specifying: the gross sales (if available) and Net Sales in each country's ’s currency; the applicable royalty rate under this Agreement; the royalties payable in each country's ’s currency, including an accounting of deductions taken in the calculation of Net Sales; the applicable exchange rate to convert from each country's ’s currency to U.S. Dollars under Section 6.5(b)4.4; and the royalties payable in U.S. Dollars. All payments hereunder shall be made free and clear of any taxes, duties, levies, fees or charges, except for withholding taxes (to the extent applicable). GNE SG shall make any applicable withholding payments due on behalf of SG GNE and shall promptly provide SG GNE with written documentation of any such payment sufficient to satisfy the requirements of the United States Internal Revenue Service related to an application by SG GNE for a foreign tax credit for such payment. All royalty payments hereunder shall be made to SG GNE in U.S. Dollars by bank wire transfer in immediately available funds to the account designated by SG GNE in writing to GNE SG from time to time.