Common use of Reports on Revenues and Payments Clause in Contracts

Reports on Revenues and Payments. Licensee shall submit to TSRI, at the time that each royalty payment and Sublicense Payment pursuant to Section 5 is due, on a country-by-country and per Licensed Product-by-Licensed Product basis, a royalty report (the “Royalty Report”) setting forth for such calendar quarter: (a) the number of units of Licensed Products sold by Licensee, Affiliates, and Sublicensees; (b) the gross amounts due or invoiced for such Licensed Products sold by Licensee, Affiliates, and Sublicensees; (c) a detailed listing of deductions applicable to determine Net Sales of Licensed Products pursuant to Section 1.18, the calculation for Combination Products under Section 3.4, and any Unwound Sales Deductions which are deemed Net Sales pursuant to Section 1.18; and (d) the amount of royalties due under Section 3, or if no royalties are due to TSRI for any reporting period, the statement that no royalties are due and a reasonably detailed explanation why they are not due for that quarterly period. Each Royalty Report shall be certified as correct by an officer of Licensee.

Reports on Revenues and Payments. Licensee shall submit to TSRI, at the time that no later than sixty (60) days after then end of each royalty payment and Sublicense Payment pursuant to Section 5 is due, on a country-by-country and per Licensed Product-by-Licensed Product basiscalendar quarter, a royalty report (the “Royalty Report”) setting forth for such calendar quarterquarter at least the following information: (a) the number of units of Licensed Products sold by Licensee, Affiliates, and Sublicenseesits sublicensees; (b) the gross amounts due or invoiced total Net Sales for such Licensed Products sold by Licensee, Affiliates, and SublicenseesProducts; (c) a detailed listing of the total Net Sales for all Licensed Processes used or sold by Licensee and its sublicensees; (d) the total Net Sales for all Licensed Services performed; (e) deductions applicable to determine Net Sales of Licensed Products pursuant to Section 1.18, the calculation for Combination Products under Section 3.4, and any Unwound Sales Deductions which are deemed Net Sales pursuant to Section 1.181.10; (f) the total amount of third party royalties paid, if any, and the calculation of the royalty credit under Sections 3.4, 3.5, and 3.6; (g) the amount of Sublicense Revenues received by Licensee; and (dh) the amount of royalties royalty due under Section 3on all of the above, or if no royalties are due to TSRI for any reporting period, the statement that no royalties are due and a reasonably detailed explanation why they are not due for that quarterly period. Each Such Royalty Report shall be certified as correct by an officer of LicenseeLicensee and shall include a detailed listing of all deductions from royalties.