Common use of Report and Payment Clause in Contracts

Report and Payment. (1) LICENSEE shall report to LICENSOR immediately when MSPA closing has occurred. (2) LICENSEE shall, within ten (10) business days after Closing Date, provide LICENSOR with a report stating (i) the amount of Products in stock which are inventory on a consolidated basis as of March 31, 2017 and (ii) the amount of Royalty for such inventory Products. If LICENSOR considers that a correction of the report is necessary, it will notify thereof to LICENSEE within five (5) business days after its receipt of the report. In such case, LICENSEE shall provide LICENSOR with a corrected report within five (5) business days after its receipt of such notice. LICENSOR shall send an invoice to LICENSEE for Royalty on a consolidated basis, and LICENSEE shall make the payment in Japanese Yen to the bank account designated by LICENSOR within thirty (30) days after the receipt of the invoice. (1) LICENSEE shall submit a written report to LICENSOR when the LICENSEE and the Share Transfer Subsidiaries have completed, on a consolidated basis, each transitional use stated in Section 2 (2), Section 2 (3), Section 2 (4) and Section 2 (5).

Report and Payment. (1) LICENSEE shall report to LICENSOR immediately when MSPA closing has occurred. (2) LICENSEE shall, within ten (10) business days after Closing Date, provide LICENSOR with a report stating (i) the amount of Products in stock which are inventory on a consolidated basis as of March 31, 2017 and (ii) the amount of Royalty for such inventory Products. If LICENSOR considers that a correction of the report is necessary, it will notify thereof to LICENSEE within five (5) business days after its receipt of the report. In such case, LICENSEE shall provide LICENSOR with a corrected report within five (5) business days after its receipt of such notice. LICENSOR shall send an invoice to LICENSEE for Royalty on a consolidated basis, and LICENSEE shall make the payment in Japanese Yen to the bank account designated by LICENSOR within thirty (30) days after the receipt of the invoice. (1) LICENSEE shall submit a written report to LICENSOR when the LICENSEE and the Share Transfer Subsidiaries have completed, on a consolidated basis, each transitional use stated in Section 2 (2), Section 2 (3), Section 2 (4) and Section 2 (5).