Common use of PAYMENTS, REPORTS AND AUDITS Clause in Contracts

PAYMENTS, REPORTS AND AUDITS. LIGAND shall keep true and accurate records of gross sales of the PRODUCT, the items deducted from the gross amount in calculating the NSP, the NSP and the royalties payable to ELAN under Clause 10. LIGAND shall deliver to ELAN a written statement ("the STATEMENT") thereof within 45 days following the end of each calendar quarter, (or any part thereof in the first or last calendar quarter of this Agreement) for such calendar quarter. The STATEMENT shall outline on a country-by-country basis, the calculation of the NSP from gross revenues during that calendar quarter, the applicable percentage rate, and a computation of the sums due to ELAN (i.e. the price of the PRODUCT determined in accordance with Clause 10.3.1 less [**********]). The parties' financial officers shall agree upon the precise format of the STATEMENT.

PAYMENTS, REPORTS AND AUDITS. LIGAND shall keep true and accurate records of gross sales of the PRODUCT, the items deducted from the gross amount in calculating the NSP, the NSP NSP, the AVERAGE PRICE and the royalties payable to ELAN under Clause CLAUSE 10. LIGAND shall deliver to ELAN a written statement ("the STATEMENT") thereof within 45 *** days following the end of each calendar quarter, (or any part thereof in the first or last calendar quarter of this Agreement) for such calendar quarter. The STATEMENT shall outline on a country-by-country basis, the calculation of the NSP from gross revenues during that calendar quarter, the applicable percentage rate, and a computation of the sums due to ELAN (i.e. the price of the PRODUCT determined in accordance with Clause 10.3.1 less [**********])ELAN. The parties' financial officers shall agree upon the precise format of the STATEMENT.