Common use of Payment Mechanism Clause in Contracts

Payment Mechanism. All sums due under this Agreement: (a) are exclusive of Value Added Tax, or similar sales tax, which where applicable will be paid by the Licensee to the Licensor in addition; (b) shall be paid in pounds sterling in cash by transferring an amount to the account specified in writing by the Licensor, and in the case of Net Sales generated or Net Receipts received by the Licensee in a currency other than pounds sterling, the royalty shall be calculated in the other currency and then converted into equivalent pounds sterling at the buying rate of such other currency as quoted by National Westminster Bank plc in London as at the close of business on the last business day prior to the royalty payment being made by Licensee; (c) shall be made without deduction of income tax or other taxes charges or duties that may be imposed, except insofar as the Licensee is required to deduct the same to comply with applicable laws. The Parties shall cooperate and take all steps reasonably and lawfully available to them to avoid deducting such taxes and to obtain double taxation relief. If the Licensee is required to make any such deduction it shall provide the Licensor with such certificates or other documents as it can reasonably obtain to enable the Licensor to obtain appropriate relief from double taxation of the payment in question; and (d) shall be made by the due date, failing which the Licensor may charge interest on any outstanding amount from the due date onwards on a daily basis at a rate equivalent to [***], provided in each case that the Licensor has notified Licensee in writing of such non-payment.

Payment Mechanism. All sums due under this Agreement: (a) are exclusive of Value Added Tax, or similar equivalent sales tax, which where applicable will be paid by the Licensee to the Licensor in addition; (b) shall be paid in pounds sterling in cash by transferring an amount to the account specified in writing by the Licensor, and in the case of Net Sales generated or and Net Receipts received by the Licensee in a currency other than pounds sterling, the royalty shall be calculated in the other currency and then converted into equivalent pounds sterling at the buying rate of such other currency as quoted by National Westminster Bank plc in London (UK) as at the close of business on the last business day Business Day prior to the royalty payment being made by the Licensee; (c) shall be made without deduction of income tax or other taxes charges or duties that may be imposed, except insofar as the Licensee is required to deduct the same to comply with applicable laws. The Parties shall cooperate and take all steps reasonably and lawfully available to them to avoid deducting such taxes and to obtain double taxation relief. If the Licensee is required to make any such deduction it shall provide the Licensor with such certificates or other documents as it can reasonably obtain to enable the Licensor to obtain appropriate relief from double taxation of the payment in question; and (d) shall be made by the due date, failing which the Licensor may charge interest on any outstanding amount from the due date onwards on a daily basis at a rate equivalent to [***]five percent (5.0%) per annum above the National Westminster Bank plc base lending rate then in force in London (UK), provided in each case that the Licensor has notified the Licensee in writing of such non-non- payment.

Payment Mechanism. All sums due under this Agreement: (a) are exclusive of Value Added Tax, or similar sales tax, which where applicable will be paid by the Licensee to the Licensor in addition; (b) shall be paid in pounds sterling in cash by transferring an amount to the account specified in writing by the Licensor, and in the case of Net Sales generated or and Net Receipts received by the Licensee in a currency other than pounds sterling, the royalty shall be calculated in the other currency and then converted into equivalent pounds sterling at the buying rate of such other currency as quoted by National Westminster Bank plc in London (UK) as at the close of business on the last business day Business Day prior to the royalty payment being made by the Licensee; (c) shall be made without deduction of income tax or other taxes charges or duties that may be imposed, except insofar as the Licensee is required to deduct the same to comply with applicable laws. The Parties shall cooperate and take all steps reasonably and lawfully available to them to avoid deducting such taxes and to obtain double taxation relief. If the Licensee is required to make any such deduction it shall provide the Licensor with such certificates or other documents as it can reasonably obtain to enable the Licensor to obtain appropriate relief from double taxation of the payment in question; and (d) shall be made by the due date, failing which the Licensor may charge interest on any outstanding amount from the due date onwards on a daily basis at a rate equivalent to [***]five percent (5.0%) per annum above the National Westminster Bank plc base lending rate then in force in London (UK), provided in each case that the Licensor has notified the Licensee in writing of such non-non- payment.