ROYALTY AND REPORT Sample Clauses

ROYALTY AND REPORT. In addition to the Initial Payment, Licensee shall pay to Licensor as continuing royalties thirty percent (30%) of the Service-Sales Amount paid by End Users (“Royalty”). Subject to Section 5.3 below, the Royalty shall be paid on a monthly basis within twenty (20) days of the end of the applicable month. Payment shall be deemed made upon presentation by Licensee whether in fax or any other means the remittance confirmation or notice to Licensor. In any case, unless Licensor actually receives the remitted amount, the payment shall not be deemed to be paid. Licensee shall also provide Licensor with a report (“Royalty Report”) on a monthly basis within twenty (20) days after the end of the applicable month. Each Royalty Report shall contain detailed information on the calculation of Service-Sales Amount for the applicable month. For avoidance of any doubts, the Royalty shall be calculated in accordance with the following formula: A = (B-C) x 30%, where A is the Royalty, B is the Sales-Service Amount, and C is a value added tax amount which shall equal eight percent (8%) or less of the Service-Sales Amount.

ROYALTY AND REPORT. In addition to the Initial Payment, Licensee shall pay to Licensor as continuing royalties twenty five percent (25%) of the Service-Sales Amount paid by End Users ("Royalty"). Subject to Section 5.3 below, the Royalty shall be paid on a monthly basis within twenty (20) days after the end of the applicable month. Payment shall be deemed made upon presentation of Licensee whether in fax or any other means the remittance confirmation or notice to Licensor. In any case, unless Licensor actually receives the remitted amount, the payment shall not be deemed to be paid. Licensee shall also provide Licensor with a report ("Royalty Report") on a monthly basis within twenty (20) days after the end of the applicable month. Each Royalty Report shall contain detailed information on the calculation of Service-Sales Amount for the applicable month. For the first month after the Commercial Service Date, Licensee shall be allowed to pay the Royalty due within sixty (60) days after the end of the applicable month.

ROYALTY AND REPORT. Licensee shall pay to Licensor as Royalty Payments thirty five percent (35%) of the Service-Sales Amount paid by End Users (“Royalty”) during the commercial period of this Agreement. The Royalty shall be paid by Licensee on a monthly basis within twenty (20) days after the end of the applicable month. The Royalty Payment shall be deemed to be made upon presentation by Licensee of remittance confirmation or notice to Licensor of payment. Unless Licensor actually receives the remitted amount, the Royalty Payment shall not be deemed to have been paid. Licensee may not set-off the Royalty Payment against any claims Licensee may have against Licensor. Licensee shall also provide Licensor with a report (“Royalty Report”) on a monthly basis within twenty (20) days after the end of the applicable month. Each Royalty Report shall contain detailed information on the calculation of Gross-Sales Amount for the applicable month.

ROYALTY AND REPORT. In addition to the Initial Payment, Licensee shall pay to Licensor as continuing royalties thirty percent (30%) of the Service-Sales Amount paid by End Users ("Royalty"). Subject to Section 5.3 below, the Royalty shall be paid on a monthly basis within twenty (20) days of the end of the applicable month. Payment shall be deemed made upon presentation by Licensee whether in fax or any other means the remittance confirmation or notice to Licensor. In any case, unless Licensor actually receives the remitted amount, the payment shall not be deemed to be paid. Licensee shall also provide Licensor with a report ("Royalty Report") on a monthly basis within twenty (20) days after the end of the applicable month. Each Royalty Report shall contain detailed information on the calculation of Service-Sales Amount for the applicable month. For avoidance of any doubts, the Royalty shall be calculated in accordance with the following formula: A = (B-C) x 30%, where A is the Royalty, B is the Sales-Service Amount, and C is a value added tax amount which shall equal eight percent (8%) or less of the Service-Sales Amount. 5.2 Any and all payments under this Agreement by Licensee to Licensor shall be made in United States Dollar (USD) except for Royalty payment and by wire transfer to the account designated by Licensor or in such other method as may be mutually agreed between the Parties. Royalty payment shall be made by Australian Dollars by wire transfer to the account designated by Licensor. 5.3 In the event any payment is delayed by Licensee under this Agreement, a default interest at a rate of [18]% per annum ("Default Interest") shall apply. For the avoidance of doubt, Licensor's entitlement to such Default Interest pursuant to this Section 5.4 shall not affect any of the other rights of Licensor under this Agreement. 5.4 Licensee shall pay the Royalties in strict compliance with the due date set forth in Section 5.1(b) above. 5.5 Any and all taxes including the sales tax and income tax on any payment to Licensor under this Agreement shall be borne by Licensee except for value added tax with the maximum rate of 8%, provided, however, if any government in the Territory requires Licensee to withhold the income or other tax on the payment to Licensor, Licensee is allowed to withhold such tax up to fifteen percent (15%) from such payments only if Licensor is entitled to receive such payments as a tax credit under the relevant laws of Korea or any existing tax treaty between...