Common use of Statements and Payment Clause in Contracts

Statements and Payment. RIB-X shall deliver to WAKUNAGA, within forty-five (45) days after the end of each calendar quarter, the report setting forth for such calendar quarter the following information for the Products: (i) the Net Sales of such Products on a country-by-country basis; (ii) the basis for any adjustments to the running royalties due to WAKUNAGA on account of the Net Sales of such Products in any country; (iii) the running royalties due to WAKUNAGA on account of the Net Sales of such Products; and (iv) the exchange rates used in calculating any of the foregoing. The total running royalties due to WAKUNAGA on account of the Net Sales of Products during such calendar quarter shall be remitted at the time such report is made. RIB-X shall make all payments due to WAKUNAGA hereunder by telegraphic transfer in U.S. dollars to the credit of such bank account as WAKUNAGA shall designate to RIB-X in writing at least ten (10) days in advance of any payment.