Common use of Reporting and Payment of Royalties Clause in Contracts

Reporting and Payment of Royalties. GenQuest shall deliver to Corixa within ninety (90) days after the end of each calendar quarter a written account, including quantities, of GenQuest's and GenQuest's Affiliates' and sublicensees' sales subject to royalty payments hereunder and the amount of the royalty payment due to Corixa for such quarter. When GenQuest delivers the accounting to Corixa, GenQuest shall also deliver all royalty payments due to Corixa for such calendar quarter. Such royalties shall be calculated on the GenQuest Net Sales in the local currency of each country, and converted into U.S. Dollars and paid in U.S. Dollars on the basis of the currency exchange rate published in the Wall Street Journal or comparable newspaper of international circulation on the date such royalty payment is due to be made to Corixa. In the event of GenQuest Net Sales being made in a currency as to which conversion into U.S. Dollars is then blocked, GenQuest shall make payment to Corixa in such local currency in a bank account designated by Corixa. GenQuest shall withhold any taxes on such royalties required by law. GenQuest shall use reasonable diligent efforts to reduce such withholdings to the greatest extent possible. Any refunds or rebates of taxes paid by GenQuest on behalf of Corixa shall be remitted promptly by Corixa to GenQuest. Royalty payments not made by GenQuest within the ninety (90) day period set forth above shall accrue interest at the annual rate of [***], compounded annually.

Reporting and Payment of Royalties. GenQuest Corixa shall deliver to Corixa GenQuest within ninety (90) days after the end of each calendar quarter a written account, including quantities, of GenQuestCorixa's and GenQuestCorixa's Affiliates' and sublicensees' sales subject to royalty payments hereunder and the amount of the royalty payment due to Corixa GenQuest for such calendar quarter. When GenQuest Corixa delivers the accounting to CorixaGenQuest, GenQuest Corixa shall also deliver all royalty payments due to Corixa GenQuest for such calendar quarter. Such royalties shall be calculated on the GenQuest Corixa Net Sales in the local currency of each country, and converted into U.S. Dollars and paid in U.S. Dollars on the basis of the currency exchange rate published in the Wall Street Journal or comparable newspaper of international circulation on the date last business day of such royalty payment is due to be made to Corixacalendar quarter. In the event of GenQuest Corixa Net Sales being made in a currency as to which conversion into U.S. Dollars is then blocked, GenQuest Corixa shall make payment to Corixa GenQuest in such local currency in a bank account designated by CorixaGenQuest. GenQuest Corixa shall withhold any taxes on such royalties required by law. GenQuest Corixa shall use reasonable diligent efforts to reduce such withholdings to the greatest extent possible. Any refunds or rebates of taxes paid by GenQuest Corixa on behalf of Corixa GenQuest shall be remitted promptly by Corixa to GenQuest. Royalty payments not made by GenQuest Corixa within the ninety (90) day period set forth above shall accrue interest at the annual rate of [***], compounded annually.