Common use of Payment Terms and Royalty Statements Clause in Contracts

Payment Terms and Royalty Statements. (a) Licensee shall pay all Royalties, Minimum Royalties, and any other sums payable under this Agreement for each Quarterly Period within thirty (30) days of the end of such Quarterly Period. Licensee shall make all payments in US dollars by wire transfer of immediately available funds to a bank account to be designated in writing by Licensor. Licensor shall use Licensee’s payments of Royalties and Minimum Royalties solely and fully to pay the royalties owed to the University of Minnesota with respect to the Licensed Products and shall make such payment within five (5) days of receipt of payment from Licensee. If, after notice of breach and a ten (10) day opportunity to cure, Licensor has not cured a breach of the preceding sentence, then Licensee may pay (at its sole option) the University of Minnesota directly for any amounts owed to them and offset such amounts paid against any other amounts due to Licensor hereunder for the remainder of the Term.

Payment Terms and Royalty Statements. (a) Licensee shall pay all Royalties, Minimum Royalties, and any other sums payable under this Agreement for each Quarterly Period within thirty (30) days of the end of such Quarterly Period. Licensee shall make all payments in US dollars by wire transfer of immediately available funds to a bank account to be designated in writing by Licensor. Licensor shall use Licensee’s payments of Royalties and Minimum Royalties solely and to fully to pay the royalties owed to the University of Minnesota with respect to the Licensed Products and shall make such payment within five (5) days of receipt of payment from Licensee. If, after notice of breach and a ten (10) day opportunity to cure, Licensor has not cured a breach of the preceding sentence, then Licensee may pay (at its sole option) the University of Minnesota directly for any amounts owed to them and offset such amounts paid against any other amounts due to Licensor hereunder for the remainder of the Term.”