Common use of Currency and Interest Clause in Contracts

Currency and Interest. All payments made to 22nd Century under this Agreement shall be paid in United States Dollars by wire transfer to a United States Dollar account designated by 22nd Century, consistent with all applicable laws and regulations. Any payment owed and due by a Party to the other Party under this Agreement and not paid to such other Party within thirty (30) days after the date on which such payment became due shall bear interest until payment at a rate of one percent (1%) for each full calendar month. The expiration or termination of this Agreement does not relieve a Party of its financial obligations to the other Party which have accrued and become due hereunder prior to the date of such expiration or termination. Each Party (the “Payor”) may offset or deduct from, or set off against, any payment owed by the Payor to the other Party (the “Payee”) any undisputed amount that the Payee owes to the Payor if and to the extent that such amount is undisputedly owed and due to the Payor under this Agreement. The Payor shall provide the Payee with written notice of the offset, deduction, or set-off (identifying the cause and sum of both the amount owed by the Payee and the payment from which such amount is offset or deducted or against which it is set off) at the time the remaining payment owed by the Payor is made or, if no part of such payment is remaining, at the time such payment would have had to be made. Any such undisputed offset, deduction, or set-off of any amount by the Payor shall satisfy the obligation of the Payor to pay such amount as if such amount had been paid by the Payor to the Payee.