PAYMENTS
5.1 In consideration of GLOBETECH supplying the NOSTRA Materials to IPC, IPC shall pay to GLOBETECH the License Fees in accordance with the Price Table in Schedule 1.
5.2 Within thirty (30) calendar days after the end of month (March, June, September and December), IPC shall summarize and issue the sales report of the past quarter to GLOBETECH.
5.3 Globetech will issue the invoice to IPC after the receipt of the sales report. Payments by IPC of the sale shall be made within forty-five (45) calendar days after the receipts of the invoice from Globetech.
5.4 Any taxes imposed on the License Fees paid by IPC under the applicable tax laws shall be borne by the Globetec. All sums payable by IPC under this Agreement shall be paid after deductions and withholdings of any kind, except where any deduction or withholding is required by law or defined in this Agreement. For the avoid of doubt, the License Fees charged by GLOBETECH under this Agreement shall be deemed a royalty fee for usage of copyright on artistic work of and in connection with NOSTRA.
5.5 Both parties agree to meet and discuss as soon as practicable, and shall use their best effort to assist the other party including, inter alia, provide necessary information as may be requested by the Local Authority, in any discussion or petition for a final ruling on the applicable withholding tax rate of the Local Authority concerning the withholding tax rate on the payment of the License Fees payable by IPC hereunder.