6.1.In respect of the first year of this Agreement Subscriber will pay the Annual Licence Fee (as defined in Clause 6.3) to IOP within 30 days ofthe date of this Agreement.
6.2.In respect of the second and subsequent years of this Agreement Subscriber will pay the Annual Licence Fee (as defined in Clause 6.3) to IOP by the last day of November in the year preceding the calendar year in respect of which payment is due.
6.3.The Annual Licence Fee will be a sum equal to 112% of the Base Price (the Base Price being the sum of the subscription fees in respect of each journal to which the Licensees subscribe and taking into account the multiple subscriptions) as set out in Schedule 2 and subject to any price increases or alterations as set out in this Agreement.
