Payments Between the Parties. There shall be a cash settlement between the Parties no later than [* * *] days after the end of each Contract Quarter. In the event that (a) any payment hereunder (including any royalty payment due by Celgene to Acceleron under this Agreement) is made after the date specified in the preceding sentence (other than the extent that a payment that is the subject of a good faith dispute between the Parties that has been outstanding for no more than [* * *] Business Days), and (b) such payment is overdue by more than [* * *] Business Days, the paying Party shall pay interest to the other Party at the lesser of (i) the annualized interest rate at the three (3) month LIBOR plus one percent (1%) or (ii) the highest rate permitted by applicable law from the date that such additional amount should have first been paid.
Payments Between the Parties. (a) On each date on which the Borrower or the Lender is required to make a payment under a Finance Document, the Borrower or the Lender (as the case may be) shall make the same available to the recipient for value on the due date at the time and in such funds as are customary at the time for settlement of transactions in the relevant currency in the place of payment.
(b) Payment shall be made to such account in the principal financial centre of the country of that currency with such bank as the recipient specifies.
Payments Between the Parties. In the event that (a) any payment hereunder (including any royalty payment due by Genocea to Isconova under this Agreement) is made after the date such payment was due pursuant to the terms of this Agreement (other than the extent that a payment that is the subject of a good faith dispute between the Parties that has been outstanding for no more than sixty (60) Business Days), and (b) such payment is overdue by more than fifteen (15) Business Days, the paying Party shall pay interest to the other Party at the lesser of (i) the interest rate of one and a half (1.5%) percent a month or (ii) the highest rate permitted by applicable law from the date that such additional amount should have first been paid.
Payments Between the Parties. Payments to each Party of the agreed upon percentages of Operating Profit or Loss as provided under the applicable Cost Sharing Ratio will be made quarterly, based on actual results within sixty (60) days after the end of each quarter. A report, as approved by the CSC, specifying how each payment was calculated shall also be submitted with each payment to both Parties. Balancing payments by one Party to reimburse the other Party for purposes of the sharing of Operating Loss, including Development Costs, under the Agreement will be approved by the CSC and shall be made within sixty (60) days of receipt of the approved CSC report. In the event any payment is made after the time period specified herein, the paying Party shall increase the amount otherwise due and payable by adding interest thereon, computed at the Prime Rate plus two percent (2%). Genentech will perform the consolidation and settlement calculations for submission to the CSC.
Payments Between the Parties. Based upon the Reconciliation Statement, as approved by the JFC or the JSC, as applicable, there shall be a cash settlement between the Parties no later than [****] after the end of each Calendar Quarter. In the event any payment is made after the date specified in the preceding sentence and provided that such payment is not otherwise subject to good faith dispute, the paying Party shall increase the amount otherwise due and payable by adding interest at the lesser of (i) [****] or (ii) the highest rate permitted by applicable law from the date that such additional amount should have first been paid. Except where the actual expenses for the Daclizumab development exceeds the annualized budget/plan by more than [****], and such variances were approved by the JSC, then the Parties shall get a payment deferral of [****] for cash settlement of the amount in excess of [****] of the annualized budget/plan. If a Party elects to defer payments during this time, interest will accrue [****] and through settlement. Any other amount owed by one Party to the other Party under this Agreement, except for amounts pursuant to Reconciliation Statements, that is not paid within the applicable time period set forth herein shall bear simple interest [****], as reported in the Wall Street Journal, Eastern Edition, on the due date (or, if the due date is not a business day, on the last business day prior to such due date).
Payments Between the Parties. Based upon the Reconciliation Statement as approved by the JSC there shall be a cash settlement between the Parties no later than [*] after the end of each Calendar Quarter. In the event any payment is made after the date specified in the preceding sentence and provided that such payment is not otherwise subject to good faith dispute, the paying Party shall increase the amount otherwise due and payable by adding interest at the lesser of (i) the annualized interest rate at [*], as reported in the Wall Street Journal, Eastern Edition, on the due date (or, if the due date is not a business day, on the last business day prior to such due date); or (ii) the highest rate permitted by applicable law from the date that such additional amount should have first been paid. Any other amount owed by one Party to the other Party under this Agreement, except for amounts pursuant to Reconciliation Statements, that is not paid within the applicable time period set forth herein shall bear also simple interest at the lesser of [*] as determined above.
Payments Between the Parties. Balancing payments between the Parties will be approved by the Management Committee based on Operating Profit or Loss. Payments will be made quarterly based on actual results within 60 days after the end of each quarter, adjusted for reimbursement of the net expenses or income incurred or received by each Party.
Payments Between the Parties. Based upon the Reconciliation Statement, as prepared by the JFT and approved by the JPDT and JCT or the Executive Officers of each Party, as applicable, there shall be a cash settlement between the Parties of the amounts due under the Reconciliation Statement and each Party’s share of the Profit. The Party that is owed any amount under the Reconciliation Statement will provide the other Party an invoice for such amount, and such other Party shall pay such invoice within [**] days after approval of the applicable Reconciliation Statement and receipt of the applicable invoice. In the event any payment is made after the date specified in the preceding sentence and provided that such payment is not otherwise subject to good faith dispute, the paying Party shall pay interest as set forth in Section 9.7 of the Agreement. For clarity, the Parties shall separately identify, and make a separate payment for each of, the share of Profit provided for in Section 9.2 of the Agreement and the other payment (for Development Costs and Commercialization Costs) required pursuant to the Reconciliation Statement; however, both payments will take place on the same day.
Payments Between the Parties. Based upon the Reconciliation Statement, as approved by the Joint Project Team, the JCT or the JSC, as applicable, there shall be a cash settlement between the Parties no later than sixty (60) days after the end of each Calendar Quarter. In the event any payment is made after the date specified in the preceding sentence, the paying Party shall increase the amount otherwise due and payable by adding interest thereon, computed at the rate of prime (in effect at Fleet Bank) plus two percent (2%). If laws, rules or regulations require withholding of income taxes or other taxes imposed upon payments made by one Party to the other Party, the payor Party shall make such withholding payments as required and subtract such withholding payments from the payments otherwise to be made. The payor Party shall submit appropriate proof of payment of the withholding taxes to the payee Party within a reasonable period of time and shall cooperate with the payee Party in the event such Party claims exemption from such withholding, for example by providing copies of receipts of payment of such withheld tax or other documents reasonably available to the payor Party.
Payments Between the Parties. Subject to Section 6.5(b), Genentech and TolerRx agree to share the Operating Profit or Loss in the United States resulting from the Agreement in the following manner:
(a) Genentech shall be allocated [***] of the Operating Profits or Losses and
(b) TolerRx shall be allocated [***] of the Operating Profits or Losses. Payments to each Party of the percentages of Operating Profit or Loss as provided above will be made quarterly, within sixty (60) days after the end of each calendar quarter. Without limiting the foregoing, within sixty (60) days of the end of each calendar quarter, there shall be reconciliation of the US Costs which are to be shared and which are incurred during that quarter by Genentech (including TolerRx Development Plan Work Costs incurred by TolerRx), with a payment by TolerRx to Genentech or by Genentech to TolerRx to the extent necessary so that * Confidential treatment requested: material has been omitted and filed separately with the Commission. GENENTECH CONFIDENTIAL
