Payment Reporting. VISTA shall pay the License and Transfer Fee in accordance with the terms and conditions set forth in the Transfer Agreement. Each party shall report and make its Residual Rights Fee payments to the other party on a monthly basis no later than thirty (30) days following the end of each calendar month during the Term. Any amounts due and not paid hereunder by their applicable due day shall bear interest at the lesser of the rate of ten percent (10%) per annum, or highest lawful rate, such interest to accrue daily and be compounded monthly.
Appears in 2 contracts
Sources: Technology License and Marketing Agreement (Teraforce Technology Corp), Technology License and Marketing Agreement (Teraforce Technology Corp)