Payment Method Reports. (a) All payments to PPD pursuant to Article 5 shall be made by Federal Reserve electronic wire transfer in immediately available funds to an account designated by PPD. All payments pursuant to Article 5 and this Section 6.1(a) shall be made in U.S. dollars. (b) Within forty five (45) days after the close of each calendar quarter in which there are any Net Sales during the Term, TSD shall furnish to PPD a statement of [*] Confidential treatment requested; certain information omitted and filed separately with the SEC. Net Sales of each Product for such calendar quarter setting forth the Net Sales for each country in which Products were sold during such calendar quarter, and a calculation of royalties due pursuant to Section 5.3, together with a payment for royalties due for such quarter. TSD will mail such report to the attention of: Pharmaceutical Product Development, Inc., 0000 Xxxxx 00xx Xxxxxx, Xxxxxxxxxx, Xxxxx Xxxxxxxx, 00000, Attn: Corporate Controller. The amount of royalty payment due to PPD shall be paid by TSD concurrently with the remittance of each royalty report. Interest shall accrue on any payments due under this Agreement (including royalties) not paid when due through and including the date upon which PPD has collected the funds in accordance herewith at a rate equal to the lesser of (i) the sum of [*] percent ([*]%) plus the prime rate of interest quoted in the Money Rates (or equivalent) section of The Wall Street Journal (or any substitute source mutually agreed to by the Parties), calculated daily on the basis of a three hundred sixty (360) day year, or (ii) the maximum interest rate allowed by applicable law. Except as set forth in Section 6.3, payments pursuant to this Section 6.1(b) shall be made in U.S. dollars.
Appears in 4 contracts
Samples: Buy Back Agreement, Confidentiality Agreement (Furiex Pharmaceuticals, Inc.), Confidentiality Agreement (Furiex Pharmaceuticals, Inc.)
