Common use of Records Reports and Payments Clause in Contracts

Records Reports and Payments. 5.1. ▇▇▇▇▇▇ shall keep complete and accurate records and books of account containing all particulars and reasonable supporting documentation concerning all Licensed Products made, imported, used, offered for sale, sold or otherwise distributed by ▇▇▇▇▇▇ or Related Companies under thin Agreement, the Gross Invoice Amount for Licensed Products and the calculation of amounts payable under this Agreement. ▇▇▇▇▇▇ shall retain such records and books for at least three (3) years after ▇▇▇▇▇▇ pays Photobit the applicable royalties. ▇▇▇▇▇▇ shall require Related Companies to maintain such records and books as are necessary for ▇▇▇▇▇▇ to comply with the foregoing obligations. During such three (3) year period, within a reasonable time after receipt of notice from Photobit, ▇▇▇▇▇▇ shall allow a certified public accountant selected by Photobit and acceptable to ▇▇▇▇▇▇ to examine during business hours, no more often than annually, any such records and books. Photobit shall neither use nor disclose to any third party except Cal Tech any confidential information learned through an examination of such records and books for any purpose other than determining and enforcing Photobit's rights under this Agreement. 5.2. On or before the last day of each February, May, August and November for so long as royalties are payable under this Agreement, ▇▇▇▇▇▇ shall render to Photobit a report in writing, setting forth by model the number of units of Licensed Products manufactured and the number of units distributed during the preceding calendar quarter by ▇▇▇▇▇▇ and Related Companies and the Gross Invoice Amount for Licensed Products. Each such reports shall also set forth an explanation of the calculation of the royalties payable hereunder and be accompanied by payment of the royalties shown by said report to be due to Photobit. 5.3. If ▇▇▇▇▇▇ fails to make any payment required under this Agreement when due, ▇▇▇▇▇▇ shall pay interest on such amount at an annual rate equal to the lowest prime or base rate as published by The Wall Street Journal on or nearest to the date on which the payment is due plus four percent (4%), which interest shall accrue from the date the payment is due until the date such payment is made in full. If such rate exceeds the rate allowed by applicable law, then the highest rate allowed by law shall apply.