Payment Procedure; Currency Conversion; Late Payments Clause Samples
This clause outlines the procedures for making payments, including the methods and timing of payments, the currency in which payments must be made, and the process for converting currencies if necessary. It typically specifies which party is responsible for any currency conversion costs and sets out the consequences of late payments, such as interest charges or penalties. By clearly defining these aspects, the clause ensures that both parties understand their financial obligations, reduces the risk of disputes over payment terms, and provides mechanisms to address late or incorrect payments.
Payment Procedure; Currency Conversion; Late Payments. Any payments to be made by the Company to the Purchasers hereunder or under any other Transaction Document shall be made in United States dollars by wire transfer of immediately available funds. All Revenue Interest Payments and other payments by the Company (other than payments in respect of Reimbursable Expenses and indemnification obligations pursuant to Section 8.04) shall be made to each Purchaser in accordance with its Pro Rata Portion. If any currency conversion shall be required in connection with the calculation of amounts payable hereunder, such conversion shall be made using the average of the buying and selling rates on the last five (5) Business Days of the calendar quarter to which such amounts pertain, as published by The Wall Street Journal, Internet Edition at ▇▇▇.▇▇▇.▇▇▇.
Payment Procedure; Currency Conversion; Late Payments. Any payments to be made by or on behalf of a Purchaser to the Company hereunder or under any other Transaction Document shall be made in United States dollars by wire transfer of immediately available funds. If any currency conversion shall be required in connection with the calculation of amounts payable hereunder, such conversion shall be made using the average of the buying and selling rates on the last five (5) Business Days of the calendar quarter to which such amounts pertain, as published by The Wall Street Journal, Internet Edition at ▇▇▇.▇▇▇.▇▇▇. All Purchaser Payments and any other payments required to be paid to the Company but not paid when due shall bear interest at a rate of the Prime Rate plus three percent (3.00%) per annum (calculated on the basis of a three hundred sixty (360) day year and actual days elapsed) from the due date until paid in full or, if less, the maximum interest rate permitted by Applicable Law.