Payment Shortage. If an examination of records provided under Article 6 of this Agreement reveals a payment shortage of greater than 5% of the total amount due under any one royalty payment, LICENSEE shall promptly reimburse UTRF for the reasonable cost of examination, the shortage in payment, and the interest accrued on the shortage under Article 5.8 of this Agreement. Each event of payment shortage of greater than 5% shall be considered a failure to make a payment under Articles 14.
Appears in 3 contracts
Samples: License Agreement, License Agreement (Flight Safety Technologies Inc), License Agreement (Flight Safety Technologies Inc)
Payment Shortage. If an examination of records provided under Article 6 of this Agreement reveals a payment shortage of greater than 5% [***] of the total amount due under any one royalty payment, LICENSEE shall promptly reimburse UTRF for the reasonable cost of examination, the shortage in payment, and the interest accrued on the shortage under Article 5.8 5.5 of this Agreement. Each event of payment shortage of greater than 5% [***] shall be considered a failure to make a payment under Articles 14.
Appears in 2 contracts
Samples: License Agreement (GTX Inc /De/), License Agreement (GTX Inc /De/)
Payment Shortage. If an examination of records provided under Article 6 of this Agreement reveals a payment shortage of greater than 5% of the total amount due under any one royalty payment, LICENSEE Licensee shall promptly reimburse UTRF for the reasonable cost of examination, the shortage in payment, and the interest accrued on the shortage under Article 5.8 5.4 of this Agreement. Each event of payment shortage of greater than 5% shall be considered a failure to make a payment under Articles 14.
Appears in 1 contract
