Overdue Royalties and Milestones Sample Clauses
The "Overdue Royalties and Milestones" clause defines the procedures and consequences when royalty payments or milestone obligations are not met on time. Typically, this clause outlines the timeline for payment, any grace periods, and the penalties or interest that may accrue if payments are late. For example, if a licensee fails to pay a royalty by the due date, they may be required to pay additional interest or face potential termination of the agreement. The core function of this clause is to incentivize timely payments and provide a clear mechanism for addressing late payments, thereby protecting the financial interests of the party entitled to receive royalties or milestone payments.
Overdue Royalties and Milestones. All royalty payments not made within the time period set forth in Section 5.4.1(g), including underpayments discovered during an audit, and all milestone payments not made within the time period specified in Section 5.4.1(a) or (b), shall bear interest at a rate of [***] percent ([***]%) per month from the due date until paid in full or, if less, the maximum interest rate permitted by Applicable Laws. Any such overdue royalty or milestone payment shall, when made, be accompanied by, and credited first to, all interest so accrued.
Overdue Royalties and Milestones. All royalty payments not made within the time period set forth in Section 6.6.1(e), and all milestone payments not made within the time period specified in Section 6.5.1, shall bear interest at a rate equal to the lesser of the prime rate as published in The Wall Street Journal, Eastern United States Edition, on the first day of each Calendar Quarter in which such payments are overdue, plus [********], calculated on the number of days such payment is delinquent, compounded annually or, if less, the maximum interest rate permitted by Applicable Laws. Any such overdue royalty or milestone payment shall, when made, be accompanied by, and credited first to, all interest so accrued.
Overdue Royalties and Milestones. All royalty payments not made within the time period set forth in Section 5.4.1(e), including underpayments discovered during an audit, and all milestone payments not made within the time period specified in Section 5.3.1, shall bear interest at a rate of [***] percent ([***]%) per month from the due date until paid in full or, if less, the maximum interest rate permitted by Applicable Laws. When made, any such Portions of this Exhibit were omitted and have been filed separately with the Secretary of the Commission pursuant to the Company’s application requesting confidential treatment under Rule 406 of the Securities Act. overdue royalty or milestone payment shall be accompanied by, and credited first to, all interest so accrued.
Overdue Royalties and Milestones. All royalty payments not made within the time period set forth in Section 4.6.1 or Operating Income payments not made within the time period set forth in Section 4.3.2, including underpayments discovered during an audit, and all milestone payments not made within the time period specified in Section 4.4.1, shall bear interest at a rate of [***] percent ([***]%) per month from the due date until paid in full or, if less, the maximum interest rate permitted by Applicable Laws. Any such overdue royalty or milestone payment shall, when made, be accompanied by, and credited first to, all interest so accrued.
Overdue Royalties and Milestones. All royalty payments not made within the time period set forth in Section 3.5 or milestone payments not made within the time period set forth in Section 3.2.2, including underpayments discovered during an audit, shall bear interest at a rate of * percent (*%) per month from the due date until paid in full or, if less, the maximum interest rate permitted by Applicable Laws. Any such overdue royalty or milestone payment shall, when made, be accompanied by, and credited first to, all interest so accrued. Payment by Geron of any such overdue royalty or milestone payment, plus interest as set forth herein, shall fully and finally extinguish any claims which are or might have been made by AngioChem as a result of such overdue royalty or milestone payment.
Overdue Royalties and Milestones. All royalty payments not made within the time period set forth in Section 5.3.1(d) including underpayments discovered during an audit, and all milestone payments not made within the time period specified in Section 5.2, shall bear interest at an annual rate of LIBOR plus ******** basis points from the due date until paid in full or, if less, the maximum interest rate permitted by Applicable Laws. Any such overdue royalty or milestone payment shall, when made, be accompanied by, and credited first to, all interest so accrued. This Section 5.6 shall be in addition to any rights or remedies to which a Party may be entitled in law or equity as a result of such late payment, underpayment or failure to pay.