Common use of Statement and Payment Clause in Contracts

Statement and Payment. Within forty-five (45) days after the end of each calendar quarter, [ * ] shall finish to Sonix a statement showing for each Product the number of each such Product which were sold by [ * ] or its transferee under Section 2.1 (a) during such quarter and the royalty due to Sonix, which statement shall be accompanied by payment of such royalties in U.S. Dollars. Late payments shall be subject to a service charge of 1.5% per month or the maximum rate permitted by applicable law. [ * ] shall keep records of royalty bearing events for two years. Sonix may have an independent third party audit such records of [ * ] upon reasonable notice and no more than once a year. If the audit reveals an underpayment of royalties of 10% or more, then [ * ] shall pay all costs of the audit in addition to the amount of the underpayment plus reasonable interest.

Statement and Payment. Within forty-five (45) days after the end of each calendar quarter, [ * ] Atmel shall finish to Sonix a statement showing for each Product the number of each such Product which were sold by [ * ] Atmel or its transferee under Section 2.1 (a) during such quarter and the royalty due to Sonix, which statement shall be accompanied by payment of such royalties in U.S. Dollars. Late payments shall be subject to a service charge of 1.5% per month or the maximum rate permitted by applicable law. [ * ] Atmel shall keep records of royalty bearing events for two years. Sonix may have an independent third party audit such records of [ * ] Atmel upon reasonable notice and no more than once a year. If the audit reveals an underpayment of royalties of 10% or more, then [ * ] Atmel shall pay all costs of the audit in addition to the amount of the underpayment plus reasonable interest.