Payments; Interest. Any payments due under this Agreement shall be due on such date as specified in this Agreement and, in the event such date is not a Business Day, then the next succeeding Business Day. Any failure by Molecular Insight to make a payment within ten (10) Business Days after the date when due shall obligate Molecular Insight to pay computed interest, the interest period commencing on the due date and ending on the payment date, to Schering at a rate per annum equal to the EURIBOR or USD LIBOR, as the case may be (according to the underlying payment due), for one month quoted on the due date by the European Central Bank plus a premium of three percent (3%). The interest rate shall be adjusted monthly and interest shall be compounded monthly in arrears. In addition, interest shall be computed on the basis of a 360 day year actual days elapsed, and shall be due and payable on the tender of the underlying principal payment.
Appears in 2 contracts
Samples: License, Development and Commercialization Agreement (Molecular Insight Pharmaceuticals, Inc.), License, Development and Commercialization Agreement (Molecular Insight Pharmaceuticals, Inc.)
Payments; Interest. Any payments due under this Agreement shall be due on such date as specified in this Agreement and, in the event such date is not a Business Day, then the next succeeding Business Day. Any Based on any failure by Molecular Insight of Xxxxxx Xxxxxxx to make a payment within ten (10) Business Days *** after the date when due date, Xxxxxx Xxxxxxx shall obligate Molecular Insight to pay computed interest, interest (the interest period commencing commences on the due date and ending ends on the payment date, ) to Schering Palatin at a rate per annum equal to the EURIBOR EUR LIBOR or USD LIBOR, as the case may be (according to the underlying payment due), for one month quoted on the due date by the European Central Bank plus a premium of three *** percent (3***%). The interest rate shall be adjusted monthly and interest shall be compounded monthly in arrears. In addition, interest shall be computed on the basis of a 360 day year actual days elapsed, and shall be due and payable on the tender of the underlying principal payment.
Appears in 2 contracts
Samples: Development and Commercialization Agreement (Palatin Technologies Inc), Development and Commercialization Agreement (Palatin Technologies Inc)
