Remittance Controls Sample Clauses
Remittance Controls. If any payment required to be made to UM pursuant to this Agreement cannot be made when due because of exchange controls imposed by a law or regulation of any country of the Territory, and such payment remains unpaid for such reason for 180 days, the Licensee shall, recommend to UM, in writing, either of the following alternative methods of handling such payment: (i) if local currency can be converted legally into currencies other than U.S. Dollars for purposes of foreign remittances, the Licensee may recommend that UM receive such payment in any such currency as UM may specify, and in such case the amount payable in foreign currency so selected shall be determined by reference to the then applicable rate of exchange most favorable to UM; (ii) the Licensee may recommend that UM elect to have payment made to it in local currency deposited to the credit of UM in a bank account in the foreign country in question designated by UM, upon which the Licensee shall furnish to UM evidence of such deposit. UM shall have the right, at its sole discretion, to elect which method of payment it will require the Licensee to adopt. C(5)
Remittance Controls. If any payment required to be made to the Licensee pursuant to this Agreement cannot be made when due because of exchange controls, and such payment remains unpaid for such reason for 180 days, the Sublicensee shall, recommend to the Licensee and UFS, in writing, either of the following alternative methods of handling such payment: (i) if local currency can be converted legally into currencies other than U.S. Dollars for purposes of foreign remittances, the Sublicensee may recommend that the Licensee receive such payment in any such currency as the Licensee and UFS may specify, and in such case the amount payable in foreign currency so selected shall be determined by reference to the then applicable rate of exchange most favorable to the Licensee; (ii) the Sublicensee may recommend that the Licensee elect to have payment made to it in local currency deposited to the credit of the Licensee in a bank account in the foreign country in question designated by the Licensee, upon which the Sublicensee shall furnish to the Licensee and UFS evidence of such deposit. The Licensee and UFS shall have the right, at their sole discretion, to elect which method of payment they will require the Sublicensee to adopt.
Remittance Controls. If any payment required to be made to Licensor pursuant to this Agreement cannot be made when due because of exchange controls, and such payment remains unpaid for such reason for 180 days, Licensor may, by written notice to the Licensee, elect either of the following alternative methods of handling such payment: (i) if local currency can be converted legally into currencies other than U.S. Dollars for purposes of foreign remittances, Licensor may elect to receive such payment in any such currency it may specify, and in such case the amount payable in the foreign currency so selected shall be determined by reference to the then applicable rate of exchange most favorable to Licensor; (ii) Licensor may elect to have payment made to it in local currency deposited to the credit of Licensor in a bank account in the foreign country in question designated by Licensor, in which case the Licensee shall furnish to Licensor evidence of such deposit.