Common use of Payments and Records Clause in Contracts

Payments and Records. 5.01 Within [ * ] after the end of each fiscal year during the term of this License Agreement, ACSENTIENT shall furnish SENJU with an accurate report stating the total quantity of the Preparation in units sold by ACSENTIENT and ACSENTIENT Agent during the preceding fiscal year, the grossed invoiced sales price and the Net Sales thereof and amount of the royalties accrued, together with written reports regarding marketing activities stipulated in paragraph 7.01 and 7.02 herein. 5.02 ACSENTIENT shall pay SENJU milestone payments under paragraph 3.01 and royalties under 4.01, 4.02 and 4.03 pursuant to the applicable U.S. laws and to the regulation of the Convention for Avoiding Double Taxation between Japan and U.S.A. The official certificates issued by the U.S. taxation authority, which shall be acceptable to Japanese Taxation Authority, shall evidence taxes paid in U.S.A. SENJU shall be responsible for any withholding tax imposed on payments made by ACSENTIENT to SENJU. 5.03 ACSENTIENT shall make and keep true and accurate records of the production and sales of the Preparation by ACSENTIENT and ACSENTIENT Agent. 5.04 SENJU shall have the right to inspect, at its own expense, the records prepared and kept in accordance with paragraph 5.03 above. This inspection shall be carried out by a certified public accountant reasonably acceptable to ACSENTIENT for the sole purpose of verifying the accuracy of ACSENTIENT running royalty payments. This inspection shall be carried out during usual business hours at ACSENTIENT's appropriate facility. 5.05 ACSENTIENT shall not have any obligation to keep the records kept pursuant to paragraph 5.03 for more than [ * ] from the date of a given running royalty payment. * CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND HAVE BEEN SEPARATELY FILED WITH THE COMMISSION. 5.06 Any payment from ACSENTIENT to SENJU under this License Agreement shall be remitted to the bank account designated by SENJU.

Payments and Records. 5.01 6.01 Within [ * ] after the end of each fiscal year during the term of this License Agreement, ACSENTIENT shall furnish SENJU with an accurate report stating the total quantity of the Preparation in units sold by ACSENTIENT and ACSENTIENT Agent during the preceding fiscal year, the grossed invoiced sales price and the Net Sales thereof and amount of the royalties accrued, together with written reports regarding marketing activities stipulated in paragraph 7.01 8.02 and 7.02 8.03 herein. 5.02 6.02 ACSENTIENT shall pay SENJU milestone payments under paragraph 3.01 4.01 and royalties under 4.01, 4.02 5.01 and 4.03 5.02 pursuant to the applicable U.S. laws and to the regulation of the Convention for Avoiding Double Taxation between Japan and U.S.A. The official certificates issued by the U.S. taxation authority, which shall be acceptable to Japanese Taxation Authority, shall evidence taxes paid in U.S.A. SENJU shall be responsible for any withholding tax imposed on payments made by ACSENTIENT to SENJU. 5.03 6.03 ACSENTIENT shall make and keep true and accurate records of the production and sales of the Preparation by ACSENTIENT ACSENTEINT and ACSENTIENT Agent. 5.04 6.04 SENJU shall have the right to inspect, at its own expense, the records prepared and kept in accordance with paragraph 5.03 6.03 above. This inspection shall be carried out by a certified public accountant reasonably acceptable to ACSENTIENT for the sole purpose of verifying the accuracy of ACSENTIENT running royalty payments. This inspection shall be carried out during usual business hours at ACSENTIENT's appropriate facility. 5.05 6.05 ACSENTIENT shall not have any obligation to keep the records kept pursuant to paragraph 5.03 6.03 for more than [ * ] from the date of a given running royalty payment. * CONFIDENTIAL PORTIONS HAVE BEEN OMITTED BASED UPON A REQUEST FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND HAVE BEEN SEPARATELY FILED WITH THE COMMISSION. 5.06 6.06 Any payment from ACSENTIENT to SENJU under this License Agreement shall be remitted to the bank account designated by SENJU.