currency to U.S. dollars shall be made at the conversion rate existing in the United States (as reported by the Federal Reserve Bank of St. Louis or such other rates as MIT and Company may mutually agree from time to time) on the last working day of the calendar quarter of the applicable Reporting Period. Such payments shall be without deduction of exchange, collection, or other charges, and, specifically, without deduction of withholding or similar taxes or other government imposed fees or taxes, except as permitted in the definition of Net Sales.
(d) Taxes. In the event that any payment under this Agreement is or becomes subject to any levy or tax, including, but not limited to any form of tax withholding, income tax, service tax, sales tax or VAT, by local, regional or federal government authorities, Company shall (i) pay to the applicable tax authorities, whether on its own or MITs behalf, such amount of levy or tax and, if applicable, penalties and interest, and (ii) promptly provide MIT with a copy of the withholding tax certificate or other tax filing documentation evidencing remittance was made. For the avoidance of doubt, any payments made by or on behalf of Company pursuant to this Section 4.2(d) shall not be deducted from any payment amounts due to MIT under this Agreement.
(e) Late Payments. Any payments by Company that are not paid on or before the date such payments are due under this Agreement shall bear interest, to the extent permitted by law, at [***] points above the Prime Rate of interest as reported by the Federal Reserve Bank of St. Louis on the last business day of the calendar quarterly Reporting Period to which such payments relate.
5. REPORTS AND RECORDS
5.1 Progress Reports. Company shall deliver progress reports to MIT annually, within [***] following the end of each calendar year, containing information sufficient to illustrate compliance with this Agreement and specifically:
(a) the progress of efforts to develop and commercialize Licensed Products, with specific reference to the Diligence Requirements set forth under Article 3 and Appendix C;
(b) the number of Sublicenses active during the applicable calendar year as well as an updated list of all Sublicenses, and amendments thereto, executed during the applicable calendar year (and copies thereof to the extent not already provided), and if none are active, so state;
(c) a summary of the milestones set forth in Section 4.1(f) that have been achieved, and if none have been achieved, so state; and
(d) Companys current Certificates of Insurance, in accordance with Section 8.2 (Insurance).