Payment of Royalty. The royalty obligation under Section 5.4 shall accrue upon the sales of a Licensed Product in each particular country in the Territory, commencing upon [***], and such obligation shall end upon the expiration of the Royalty Term applicable to such Licensed Product in such country. All such royalty payments are non-refundable and non-creditable and shall be due within [***] days of the end of each [***] and are payable in immediately available funds. ProNAi shall notify Marina in writing promptly upon the First Commercial Sale of Licensed Product in each country and thereafter ProNAi shall furnish Marina with a written report (the “Royalties Report”) for each completed [***] showing, on a country-by-country basis, according to the volume of units of Licensed Product sold in each such country (by SKU) during the reporting period (whether Licensed Product is sold by ProNAi or its Affiliates or Sublicensees): (a) the gross invoiced sales of the Licensed Product sold in each country during the reporting period, and the amounts deducted therefrom to determine Net Sales from such gross invoiced sales; (b) the royalties payable in dollars, if any, which shall have accrued hereunder based upon Net Revenues from sales of Licensed Product; and (c) the withholding taxes, if any, required by Applicable Law to be deducted in respect of such sales (provided that, as to sales by Sublicensees, ProNAi shall report only the net sales numbers (using the definition for such term in the applicable sublicense agreement) as reported by the Sublicensee, if such Sublicensee does not report gross invoiced sales numbers). With respect to sales of Licensed Product invoiced in US dollars, the gross invoiced sales, Net Revenues and royalties payable shall be expressed in the Royalties Report in US Dollars. With respect to sales of Licensed Product invoiced in a currency other than US dollars, the gross invoiced sales, Net Sales and royalties payable shall be expressed in the Royalties Report in the domestic currency of the party making the sale as well as in the US dollar equivalent of the Royalty payable and the exchange rate used in determining the amount of US dollars. The US dollar equivalent shall be calculated on a calendar-month basis using the average monthly interbank rate listed in the Wall Street Journal.
Payment of Royalty. TOGI shall calculate and pay the Royalty monthly in accordance with the provisions of Exhibit 1. If TOGI does not timely pay the Royalty, Owner may give written notice to TOGI that TOGI is in default of its obligations under this Deed, and unless within five (5) business days following receipt by TOGI of such notice Owner receives the delinquent Royalty payment, then TOGI shall pay interest on the delinquent payment at the rate of ten percent (10%) per annum which shall accrue from the day the delinquent Royalty payment was due to the date of payment of the Royalty and accrued interest. TOGI shall pay all of Owner's attorney's fees and all other costs incurred by Owner to collect the delinquent Royalty payment.
Payment of Royalty. If the Optionor and Optionee have formed the Joint Venture under Article 4.1 hereof, then until either the Optionee or Optionor ceases to have any interest in the Joint Venture and the Property, the Optionee and Optionor shall pay their proportionate shares(based on their respective undivided interests in the Joint Venture) of any royalty payable to any governmental body.
Payment of Royalty. Licensee shall calculate royalties on Net Sales quarterly as of March 31, June 30, September 30 and December 31 (each being the last day of an “Accounting Period”) and shall pay royalties on Net Sales within the sixty (60) days after the end of each Accounting Period in which such Net Sales occur. Royalties on Net Sales shall be paid by Licensee in U.S. Dollars.
Payment of Royalty. 3.1. The NSR Royalty shall be calculated and paid net of any applicable withholding taxes required by law within 25 days after the end of each calendar quarter in which Sales have occurred, at the option of the Payee exercised by written notice to the Payor before the first day of any applicable quarter, either:
(a) by cheque, cash or draft, mailed or delivered to the Payee; or
(b) if and to the extent that the Minerals in respect of which the NSR Royalty is payable consist of bullion or other refined Minerals, by delivery of bullion or such other refined minerals to the Payee at an account maintained for the Payee at an independent refinery, or at such other place as may be designated by the Payee (the cost of such delivery to be borne by the Payee); provided that, on failure of the Payee to give any such notice, the Payee shall be deemed to have elected to receive payment pursuant to Paragraph 3.1(a). Once the Payee has given notice electing to receive payment pursuant to Paragraph 3.1(a) or 3.1(b), such notice shall continue to be effective for all succeeding quarters until the Payee gives notice changing its election. Smelter settlement sheets, if any, and a statement setting forth calculations in sufficient detail to show how the payment was derived (the "Statement") shall be submitted with the payment
3.2. In the event that final amounts required for the calculation of the NSR Royalty are not available within the time period referred to in Paragraph 3.1, then provisional amounts shall be established, the NSR Royalty shall be paid on the basis of such provisional amounts and positive or negative adjustments shall be made to the payment in the succeeding quarter, as necessary.
3.3. The parties will cooperate so as to reduce or avoid withholding taxes on the payment of the NSR Royalty to the extent possible and practicable in accordance with applicable law.
Payment of Royalty. The Licensee will pay the royalties shown to have accrued by each royalty report provided for under Section 3.4 on the date such royalty report is due. Payment of royalties in whole or in part may be made in advance of such due date.
Payment of Royalty. (a) CANADA shall report NET SALES on a calendar quarterly basis to SELLER. Reports shall be provided within thirty (30) days of the end of each quarter, together with payment for royalties accrued and payable for the quarter. The royalty report will be developed to the reasonable satisfaction of both parties to provide sufficient detail to determine compliance with this Agreement, including accounting information on sales of PRODUCT on an item by item gross sales basis and the detail of deductions from gross sales for each PRODUCT item to calculate NET SALES for each PRODUCT item.
Payment of Royalty. The Royalty shall be paid to Seller on a monthly basis at the same time Purchaser is required, pursuant to Mississippi law and the rules and regulations of the Mississippi State Tax Commission and the Mississippi Gaming Commission, to pay the Mississippi State Tax Commission/Mississippi Gaming Commission the gaming tax but in no event shall each month's rent be paid later than the 20th day of the following month. Each Royalty payment shall be accompanied by written statement signed by Purchaser showing the Gross Revenues of Purchaser as set forth above. ALL PAYMENTS SHALL ------------------ BE DELIVERED TO SELLER AT THE ADDRESS LISTED IN PARAGRAPH 8 OF THIS CONTRACT. -------------------------------------------------------------------------------
Payment of Royalty. [Note: Consider whether University should request that all or a portion of the Royalty be guaranteed by Contractor. This request may cause Contractor to reduce other incentives.]
Payment of Royalty. Seller shall pay or cause to be paid all royalties due to royalty owners for the Carbon Dioxide delivered hereunder.
