Payment and Reporting of Royalties. Time is of the essence with respect to all payments made by LICENSEE to MAYO. All payments shall be made in U.S. currency within forty-five (45) days after the end of each Calendar Quarter during the term of this Agreement, beginning with the Calendar Quarter in which the first commercial sale of a Licensed Product occurs. Any necessary conversion of currency into United States dollars shall be at the applicable rate of exchange of Citibank, N.A., in New York, New York, on the last day of the Calendar Quarter in which such transaction occurred. Payments should be mailed to the following address: Mayo Foundation for Medical Education and Research 0000 Xxxxxxxx Xxxxx XX Xxxxxxxxx, XX 00000 Attn: Xxxx Xxxxxxxxxxx
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Samples: Non Exclusive Sub License Agreement (AutoGenomics, Inc.), Non Exclusive Sub License Agreement (AutoGenomics, Inc.), Non Exclusive Sub License Agreement (AutoGenomics, Inc.)
