TIMES AND CURRENCIES OF PAYMENTS. 6.1 Payments accrued during each Royalty Quarter shall be due and payable on the date each quarterly report is due (as provided in Section 5.1), shall be included with such report and shall be paid in United States dollars. LICENSEE agrees to make all payments due hereunder to ESCALON by check made payable to “Escalon Medical Corp,” and sent to ESCALON according to the provisions for notices set forth in Section 20 herein, or by wire transfer according to instructions to be provided by ESCALON upon request.
6.2 On all amounts outstanding and payable to ESCALON, interest shall accrue on an annualized basis from the date such amounts are due and payable at two percentage points above the prime lending rate as established from time to time by the Chase Manhattan Bank, N.A., in New York City, New York, or at such lower rate as may be required by law.
6.3 Where Net Sales are generated or Sublicensing Revenues are received in foreign currency, such foreign currency shall be converted into its equivalent in United States dollars at the exchange rate of such currency as reported (or if erroneously reported, as subsequently corrected) in the Wall Street Journal on the last business day of the Royalty Quarter during which such payments are received by LICENSEE (or if not reported on that date, as quoted by the Chase Manhattan Bank, N.A., in New York City, New York). LICENSEE may use the rate for selling foreign currency.
6.4 Except as provided in the definition of Net Sales, all royalty payments to ESCALON under this Agreement shall be without deduction for sales, use, excise, personal property or other similar taxes or other duties imposed on such payments by the government of any country or any political subdivision thereof; and any and all such taxes or duties shall be assumed by and paid by LICENSEE.
TIMES AND CURRENCIES OF PAYMENTS. 6.1 Payments accrued during each Royalty Quarter shall be due and payable in Toronto, Canada on the date each quarterly report is due (as provided in Paragraph 5.1), shall be included with such report and shall be paid in United States dollars. LICENSEE agrees to make all payments due hereunder to RDLP by direct deposit to account: Remit To: Bank of America, New York FEDWIRE: ABA *** Fields BBK and BNF must be completed as follows: BBK: *** (Fedwire tag 4100) Canadian Imperial Bank of Commerce 000 Xxxxxxxxxx Xxxxxx Xxxxxxx, Xxxxxxx, Xxxxxx XXX 0X0 BNF: Beneficiary’s 7 digit account number: *** Name of Beneficiary: (Fedwire tag 4200)
6.2 On all undisputed amounts outstanding and payable to RDLP, interest shall accrue from the date such amounts are due and payable at two percentage points above the prime lending rate as established by the Chase Manhattan Bank, N. A., in New York City, New York, or at such lower rate as may be required by law.
6.3 Where Net Sales are generated in foreign currency, such foreign currency shall be converted into its equivalent in United States dollars at the exchange rate of such currency as reported (or if erroneously reported, as subsequently corrected) in the Wall Street Journal on the day that the sale is made by LICENSEE or Affiliates (or if not reported on that date, as quoted by the Chase Manhattan Bank, N.A., in New York City, New York).
6.4 Except as provided in the definition of Net Sales, all royalty payments to RDLP under this Agreement shall be without deduction for sales, use, excise, personal property or other similar taxes or other duties imposed on such payments by the government of any country or any political subdivision thereof; and any and all such taxes or duties shall be assumed by and paid by LICENSEE.
6.5 Notwithstanding Article 6.4 of this Agreement, LICENSEE shall be entitled to withhold from payments and royalties due to RDLP under this Agreement nonresident withholding taxes to the extent that LICENSEE is obliged by law to withhold in respect of such amounts payable to RDLP, provided that the minimum allowable tax rate as specified by agreement under any applicable international tax convention is applied to such withholding taxes. The amount of all such taxes withheld shall be included in reports to RDLP under Article 5.1.
TIMES AND CURRENCIES OF PAYMENTS. 6.1 Payments accrued at the close of each Calendar Quarter shall be due and payable in Ann Arbor, Michigan on the date each quarterly report, provided for under Section 5 above, is due and shall be paid in United States dollars. Xxx Arbor Stromal agrees to make all payments due hereunder to University by check addressed to the University's Intellectual Properties Office or by wire transfer to the bank account designated by University with telephonic confirmation of receipt thereof.
6.2 On all amounts outstanding and payable to University, interest shall accrue from the date such amounts are due and payable at a rate of two (2) points above the prime lending rate as established by the Chase Manhattan Bank, N.
A. in New York City, New York, or at such lower rate as may be required by law.
6.3 Any United States currency payments hereunder shall be determined by converting foreign currencies into their equivalent in United States dollars at the exchange rate of such currency as reported (or if erroneously reported, as subsequently corrected) in the Wall Street Journal on the last business day of the Calendar Quarter during which such payments accrue (or if not reported on that date, as quoted by the Chase Manhattan Bank, N.A. in New York City, New York).
TIMES AND CURRENCIES OF PAYMENTS. 6.1 All payments hereunder shall be made in United States dollars. Payments accrued during each Royalty Period are due and payable in Ann Arbor, Michigan on the date each report is due (as provided in Paragraph 5.
1). LICENSEE agrees to make all payments due hereunder to MICHIGAN (i) by check made payable to "The Regents of The University of Michigan," and sent to MICHIGAN according to the provisions for notices set forth in Article 21 herein, or (ii) by wire transfer to the following account: [***].
6.2 On all amounts overdue and payable to MICHIGAN, interest accrues from the date the amount is due at a rate per annum equal to [***] percentage points above the prime lending rate as established by the Chase Manhattan Bank, N.A., in New York City, New York, or at a lower rate if required by law.
6.3 For each Royalty Period, LICENSEE and Affiliates shall convert any Net Sales or Gross Sublicensing Revenues they receive in foreign currency into its equivalent in United States dollars at the exchange rate LICENSEE ordinarily employs in making reports to relevant regulatory and taxing authorities, consistent with fair business practices and generally accepted accounting principles.
TIMES AND CURRENCIES OF PAYMENTS. (a) Payments owing hereunder shall be payable in United States dollars. Payments may be made by check payable to “Unither Pharma, Inc.” mailed to Licensor at the address for notices set forth in this License Agreement. However, if the license between Stanford and/or NYMC and Licensor is terminated, payments owing hereunder shall be paid directly to Stanford and/or NYMC as Stanford and NYMC jointly designate.
(b) Royalty Payments received after the due date specified herein shall accrue interest from the date such amounts are due and payable at two percentage points above the prime lending rate as established by the Chase Manhattan Bank, N.A., in New York City, New York, or at such lower rate as may be required by law.
(c) Licensee shall, within one hundred twenty (120) days after the end of each Fiscal Year of Licensee ending during the term of this License Agreement, submit an annual report (an “Annual Report”) showing total net sales of Licensed Products for each such Fiscal Year, based upon the audited financial statements of Licensee for such Fiscal Year. To the extent that the aggregate Royalty Payments already made for the four (4) Quarters of such Fiscal Year are greater than the Royalty Payments owing as set forth in the Annual Report, the excess shall be applied to the Royalty Payments owing for the first Quarter of the following Fiscal Year. To the extent that the aggregate Royalty Payments made for the four (4) Quarters of such Fiscal Year are less than the Royalty Payments owing pursuant to the Annual Report, Licensee shall make payment of the deficit to Licensor within one hundred twenty (120) days after the end of such Fiscal Year, and, if such payment is timely made, Licensee shall not be deemed to be in default of this License Agreement notwithstanding any shortfall for any individual Quarter in such Fiscal Year.
TIMES AND CURRENCIES OF PAYMENTS. 6.1 Payments accrued during each Royalty Period are due and payable in Ann Arbor, Michigan on the date each report is due (as provided in Paragraph 5.1). LICENSEE shall include such payments, in United States dollars, with the report. LICENSEE agrees to make all payments due hereunder to MICHIGAN by check made payable to “The Regents of The University of Michigan,” and sent to MICHIGAN according to the provisions for notices set forth in Article 21 herein.
6.2 On all amounts outstanding and payable to MICHIGAN, interest accrues from the date the amount is due at [***] as established by the Chase Manhattan Bank, N.A., in New York City, New York, or at a lower rate if required by law.
6.3 For each Royalty Period, LICENSEE and Affiliates shall convert any Net Sales LICENSEE, Affiliates, and their Sublicensees receive in foreign currency into its equivalent in United States dollars at the exchange rate LICENSEE ordinarily employs in [***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions. making reports to relevant regulatory and taxing authorities, consistent with fair business practices and generally accepted accounting principles.
TIMES AND CURRENCIES OF PAYMENTS
