Exchange Control. If at any time legal restrictions prevent the prompt remittance of part or all royalties with respect to any country in the Territory where the Product is sold, Artelo shall have the right, in its sole discretion, to make such payments by depositing the amount thereof in local currency to NEOMED’s account in a bank or other depository institution in such country. If the royalty rate specified in this Agreement should exceed the permissible rate established in any country, the royalty rate for sales in such country shall be adjusted to the highest legally permissible or government-approved rate.
Appears in 5 contracts
Sources: Material and Data Transfer, Option and License Agreement, Material and Data Transfer, Option and License Agreement (Artelo Biosciences, Inc.), Material and Data Transfer, Option and License Agreement (Artelo Biosciences, Inc.)