Common use of Foreign Payments Clause in Contracts

Foreign Payments. Royalties based on Net Sales in any foreign country shall be payable to SLU in United States Dollars. Dollar amounts shall be calculated using the foreign exchange rate, as published by the Wall Street Journal, in effect for such foreign currency on the last business day of each quarter for which a report is required. Where royalties are due for Net Sales in a country where, for reasons of currency, tax or other regulations, transfer of foreign currency out of such country is prohibited, LICENSEE has the right to place SLU’s royalties in a bank account in such country in the name of and under the sole control of SLU; provided, however, that the bank selected be reasonably acceptable to SLU and that LICENSEE inform SLU of the location, account number, amount and currency of money deposited therein. After SLU has been so notified, those monies shall be considered as royalties duly paid to SLU and will be completely controlled by SLU.