Common use of Payment Method; Late Payments Clause in Contracts

Payment Method; Late Payments. All amounts due GenVec hereunder shall be paid in U.S. dollars by wire transfer in immediately available funds to an account designated by GenVec. Any payments or portions thereof due hereunder which are not paid on the date such payments are due under this Agreement shall bear interest at a rate equal to the lesser of prime rate as reported by the Chase Manhattan Bank, New York, plus * per year, or the maximum rate permitted by law, calculated on the number of days such payment is delinquent, compounded monthly.

Payment Method; Late Payments. All amounts due GenVec hereunder shall be paid in U.S. dollars by wire transfer in immediately available funds to an account designated by GenVec. Any payments or portions thereof due hereunder which are not paid on the date such payments are due under this Agreement shall bear interest at a rate equal to the lesser of prime rate as reported by the Chase Manhattan Bank, New York, plus * percent (*%) per year, or the maximum rate permitted by law, calculated on the number of days such payment is delinquent, compounded monthly.

Payment Method; Late Payments. All amounts due GenVec hereunder shall ----------------------------- be paid in U.S. dollars by wire transfer in immediately available funds to an account designated by GenVec. Any payments or portions thereof due hereunder which are not paid on the date such payments are due under this Agreement shall bear interest at a rate equal to the lesser of prime rate as reported by the Chase Manhattan Bank, New York, plus * per year, or the maximum rate permitted by law, calculated on the number of days such payment is delinquent, compounded monthly.

Payment Method; Late Payments. All amounts due GenVec hereunder shall ----------------------------- be paid in U.S. dollars by wire transfer in immediately available funds to an account designated by GenVec. Any payments or portions thereof due hereunder which are not paid on the date such payments are due under this Agreement shall bear interest at a rate equal to the lesser of prime rate as reported by the Chase Manhattan Bank, New York, plus * [*] per year, or the maximum rate permitted by law, calculated on the number of days such payment is delinquent, compounded monthly.