Common use of Reports and Payment Clause in Contracts

Reports and Payment. Each Party shall deliver to the Party to which royalties are owed, within sixty (60) days after the end of each calendar quarter, a written report showing its computation of royalties due under this Agreement upon Net Sales by such Party, its Affiliates and sublicensees during such calendar quarter. All Net Sales shall be segmented in each such report according to sales by such Party, each AFFILIATE and each sublicensee, as well as on a country-by-country basis, including the rates of exchange used to convert such royalties to United States Dollars from the currency in which such sales were made. Subject to the provisions of Sections 7.6 and 7.7 of this Agreement, simultaneously with the delivery of each such report, the paying Party shall tender payment in United States Dollars of all royalties shown to be due therein. For purposes hereof, the rates of exchange to be used for convening royalties hereunder to United States Dollars shall be the closing price published for the purchase of United States Dollars in the East Coast Edition of the Wall Street Journal for the last business day of the calendar quarter for which payment is due.

Reports and Payment. Each Party shall deliver to the Party to which royalties are owed, within sixty (60) days after the end of each calendar quarter, a written report showing its computation of royalties due ‘under this Agreement upon Net Sales by such Party, its Affiliates and sublicensees during such calendar quarter. All Net Sales shall be segmented in each such report according to sales by such Party, each AFFILIATE Affiliate and each sublicensee, as well as on a country-by-country basis, including the rates of exchange used to convert such royalties to United States Dollars from the currency in which such sales were made. Subject to the provisions of Sections 7.6 and 7.7 of this Agreement, simultaneously with the delivery of each such report, the paying Party shall Party‘shall tender payment in United States Dollars of all royalties shown to be due therein. For purposes hereof, the rates of exchange to be used for convening royalties hereunder to United States Dollars shall be the closing price published for the purchase of United States Dollars in the East Coast Edition of the Wall Street Journal for the last business day of the calendar quarter for which payment is due.