Common use of TIMES AND CURRENCIES OF PAYMENTS Clause in Contracts

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 during each Royalty Quarter shall be due and payable in TorontoAnn Arbor, Canada Michigan on the date each quarterly report is due (as provided in Paragraph 5.1), shall be included with such . LICENSEE will send the report and notice of payment by prepaid, certified or registered mail, return receipt requested, to the address for notices set forth in Article 19 herein. PAYMENTS shall be paid in United States dollars. LICENSEE shall be responsible for the payment of charges imposed by any bank with respect to payments made to MICHIGAN under this agreement by direct deposit. LICENSEE agrees to make all payments due hereunder to RDLP MICHIGAN 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 RDLPMICHIGAN, 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.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). *** Portions of this page have been omitted pursuant to a request for Confidential Treatment filed separately with the Commission. 6.4 Except as provided in the definition of Net Sales, all royalty payments to RDLP MICHIGAN 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 during each Royalty Quarter shall be due and payable in TorontoAnn Arbor, Canada Michigan on the date each quarterly report is due (as provided in Paragraph 5.1), shall be included with such . LICENSEE will send the report and notice of payment by prepaid, certified or registered mail, return receipt requested, to the address for notices set forth in Article 19 herein. PAYMENTS shall be paid in United States dollars. LICENSEE shall be responsible for the payment of charges imposed by any bank with respect to payments made to MICHIGAN under this agreement by direct deposit. LICENSEE agrees to make all payments due hereunder to RDLP MICHIGAN 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 ABA/Routing number: *** Name Beneficiary Account Number: *** SWIFT Code: *** Beneficiary Name: The Regents of Beneficiarythe University of Michigan EFT Depository Account Bank Name: (Fedwire tag 4200)LaSalle Bank Bank Address: Xxxx, XX 00000 reference: Office of Technology Transfer 6.2 On all undisputed amounts outstanding and payable to RDLPMICHIGAN, 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.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). *** Portions of this page have been omitted pursuant to a request for Confidential Treatment filed separately with the Commission. 6.4 Except as provided in the definition of Net Sales, all royalty payments to RDLP MICHIGAN 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 during each Royalty Quarter payments shall be due and payable in Toronto, Canada on made to “The Regents of the date each quarterly report is due (as provided in Paragraph 5.1), shall be included with such report and shall be paid University of Michigan” in United States dollars. LICENSEE agrees Payments drawn directly on a U.S. bank may be made by either check to make all payments due hereunder to RDLP the address in Article 20 or by direct deposit to accountwire transfer. Any payment drawn on a foreign bank or foreign branch of a U.S. bank shall be made only by wire transfer. Wire transfers shall be made in accordance with the following or any other instructions as may be specified by MICHIGAN: Remit ToABA/Routing No. 000000000; Beneficiary Account No. 5401125777; Swift Code XXXXXX00; Beneficiary Account: Bank The Regents of Americathe University of Michigan EFT Depository Account; LaSalle Bank, 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 XxxxxxxTroy, Xxxxxxx, Xxxxxx XXX 0X0 BNF: Beneficiary’s 7 digit account number: *** Name of Beneficiary: (Fedwire tag 4200)Michigan USA 48084. 6.2 On all undisputed amounts outstanding and payable to RDLPMICHIGAN, 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 by the Chase Manhattan XX Xxxxxx Xxxxx Bank, N. A.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 last business day that of the sale is made Royalty Quarter during which such payments are received by LICENSEE NEPHRION or Affiliates (or if not reported on that date, as quoted by the Chase Manhattan XX Xxxxxx Xxxxx 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 MICHIGAN 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 LICENSEENEPHRION. 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 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.