Common use of PAYMENT AND AUDIT Clause in Contracts

PAYMENT AND AUDIT. Licensee shall pay the Royalty for each quarter to Licensor pursuant to Section 3.2 on a quarterly basis within sixty (60) days after the end of each quarter. Sales made in foreign currency will be determined in the foreign funds for the country in which the Licensed Products are sold, and then converted into equivalent United States dollars at the rate of exchange for selling funds as published by the Wall Street Journal (or its successor publication) for the last business day prior to payment. Upon reasonable notice to Licensee, Licensor shall have the right to have an independent certified public accountant (the “CPA”), selected by Licensor and reasonably acceptable to Licensee, audit Licensee’s records, during normal business hours, to verify the Royalties payable by Licensee to Licensor; provided, however, that such audit shall not take place more frequently than once a year and shall not cover such records for more than the preceding two (2) years. The accountant shall only report to Licensor as to the accuracy of the payments paid by Licensee to Licensor, and in the event of any inaccuracy, the correct amount of such payment. Licensee shall promptly pay to Licensor the amount of any underpayment determined in such audit. Such audit shall be at Licensor’s expense unless the audit identifies greater than ten percent (10%) error, in which case such audit shall be at Licensee’s expense. Licensee shall preserve and maintain all such records and accounts required for audit for a period of two (2) years after the calendar quarter for which the record applies. The CPA and Licensor shall be required to agree to keep all such financial and business information of Licensee being examined confidential and not disclose such information to any third party or use same for any purpose other than as contemplated in this Agreement; and, if so requested by Licensee, shall sign a confidentiality agreement prepared by Licensee for such purpose.

PAYMENT AND AUDIT. Licensee Assignee shall pay the Royalty for make royalty payments to each quarter to Licensor of Cathco, Xxxxx Xxxxxxxx, Xxx Xxxxxxxx, Xxxxxx Xxxxxxxx and Xxxxx Xxxxxxxx pursuant to Section 3.2 2.4 on a quarterly basis within sixty (60) days after the end of each quarter. Sales made in foreign currency will be determined in the foreign funds for the country in which the Licensed Products are sold, and then converted into equivalent United States dollars at the rate of exchange for selling funds as published by the Wall Street Journal (or its successor publicationU.S., Western Edition) for the last business day prior to payment. Upon reasonable notice to LicenseeAssignee, Licensor Assignors shall have the right to have an independent certified public accountant (the “CPA”)accountant, selected by Licensor Assignors and reasonably acceptable to LicenseeAssignee, audit LicenseeAssignee’s records, during normal business hours, to verify the Royalties payable by Licensee Assignee to LicensorAssignors; provided, however, that such audit shall not take place more frequently than once a year and shall not cover such records for more than the preceding two (2) years. The accountant shall only report to Licensor Assignors as to the accuracy of the payments paid by Licensee Assignee to LicensorAssignors, and in the event of any inaccuracy, the correct amount of such payment. Licensee Assignee shall promptly pay to Licensor Assignors the amount of any underpayment determined in such audit. Such audit shall be at Licensor’s Assignors’ expense unless the audit identifies greater than ten percent (10%) error, in which case such audit shall be at LicenseeAssignee’s expense. Licensee Assignee shall preserve and maintain all such records and accounts required for audit for a period of two (2) years after the calendar quarter for which the record applies. The CPA and Licensor shall be required to agree to keep all such financial and business information of Licensee being examined confidential and not disclose such information to any third party or use same for any purpose other than as contemplated in this Agreement; and, if so requested by Licensee, shall sign a confidentiality agreement prepared by Licensee for such purpose.Cathco/AngelMed Patent Assignment Final

PAYMENT AND AUDIT. Licensee CII shall pay the Royalty Technologies for each quarter to Licensor pursuant to Section 3.2 on a quarterly basis all invoiced amounts for Cost of Goods within sixty thirty (6030) days after of receipt of Technologies' invoice. In addition, on the end same day as the Sales Report is delivered for a quarter, CII shall pay Technologies an amount equal to the Net Sales Price less the Cost of each Goods paid by CII for all Product sold during such quarter. Sales All payments shall be made to Technologies in foreign U.S. Dollars. The exchange rate to be used for all currency will conversions shall be determined in the foreign funds for the country in which the Licensed Products are sold, and then converted into equivalent United States dollars at the rate of exchange for selling funds as published by reported in the Wall Street Journal (or its successor publicationWestern Edition) for on the last business day prior to paymentof the quarter for which such payment is due. Upon reasonable notice to LicenseeCII, Licensor Technologies shall have the right to have an independent certified public accountant (the “CPA”)accountant, selected by Licensor Technologies and reasonably acceptable to LicenseeCII, audit Licensee’s records, CII's records during normal business hours, hours to verify CII's calculation of the Royalties payable by Licensee to LicensorNet Sales Price for Product; provided, however, that such audit shall not take place more frequently than once a year and shall not cover such records for more than the preceding two (2) years. The accountant shall only report to Licensor as Technologies to the accuracy of the payments paid amounts payable by Licensee CII to LicensorTechnologies for Product, and in the event of any inaccuracy, the correct amounts thereof. Technologies shall promptly refund to CII the amount of any overpayment determined in such payment. Licensee audit, and CII shall promptly pay to Licensor Technologies the amount of any underpayment determined in such auditunderpayment. Such audit shall be at Licensor’s Technologies' expense unless the such audit identifies indicates greater than ten five percent (105%) errorunderpayment by CII, in which case such audit shall be at Licensee’s CII's expense. Licensee CII shall preserve and maintain all such records and accounts required for audit for a period of two (2) years after the calendar quarter for which the record applies. The CPA and Licensor shall be required to agree to keep all such financial and business information of Licensee being examined confidential and not disclose such information to any third party or use same for any purpose other than as contemplated in this Agreement; and, if so requested by Licensee, shall sign a confidentiality agreement prepared by Licensee for such purposepertains.