Common use of Payments and Reports Clause in Contracts

Payments and Reports. 4.1 MLS shall pay to ForeverGreen a royalty amount of thirty five percent (35%) of their cost of the Subject Products purchased from Sun Deep Cosmetics or similar pre-approved ForeverGreen products listed on Exhibit A, which may be updated from time to time with mutual written agreement of the Parties. 4.2 Payment of the royalties specified in paragraph 4.1 shall be made by MLS to ForeverGreen within thirty (30) days after the end of each month during the term of this Agreement. 4.3 Each month a written statement of the Subject Products Sold during such calendar month shall be prepared and certified correct by an authorized signatory of MLS and shall be sent to ForeverGreen. MLS will allow ForeverGreen reasonable and direct access and verification of MLS’s manufacturers or suppliers of Subject Products Sold whether the manufacturer or supplier is direct or indirect. MLS will work out an arrangement with all manufacturers or suppliers of Subject Products to allow for verification of Subject Products Sold in each and every calendar month. All accounting statements will be sent on a monthly basis to ForeverGreen, Attn: Chief Financial Officer at 000 Xxxxx 0000 Xxxx, Xxxx, Xxxx 00000. All Royalty Payments to ForeverGreen will be made to ForeverGreen International, LLC and sent to ForeverGreen International at 000 Xxxxx 0000 Xxxx, Xxxx, Xxxx 00000. 4.4 Should MLS fail to make any payment whatsoever due and payable to ForeverGreen hereunder at the time it is due, it shall be deemed an event of default as provided for under Paragraph 7.2. 4.5 All payments due hereunder shall be paid by check or bank wire payable in United States of America currency to ForeverGreen, or to the account of ForeverGreen at such bank as ForeverGreen may from time to time designate by notice to MLS. 4.7 In the event that any payments due hereunder is not made when due, the payment shall accrue interest beginning on the tenth day following the due date thereof, calculated at the rate of prime plus two percent per annum. If any payments are past due for a period in excess of thirty days from the payment due date, the interest rate shall increase to 18% per annum for the entire amount of any unpaid balance. Each payment shall be applied firstly to past due interest and secondly on account of the principal amount due and owing. Each payment when made shall be accompanied by interest accrued to the date of payment. The payment and acceptance thereof shall not negate or waive the right of ForeverGreen to seek any other remedy, legal or equitable, to which it may be entitled because of the delinquency of any payment.

Payments and Reports. 4.1 MLS CUSTOMER shall pay to ForeverGreen a royalty amount the PRODUCER for each kilogram of thirty five the Subject Product mount commensurate with the Bulk Pricing Schedule attached hereto as Exhibit A. 4.2 All payments required under this agreement for the months of April 1, 2008 to March 31, 2009 shall be made by the CUSTOMER to the PRODUCER as follows: Within sixty (60) days from the arrival date of shipment of SUBJECT Product to CUSTOMER’s manufacturer, CUSTOMER shall pay to PRODUCER fifty percent (3550%) of their cost the total payment due. Within ninety (90) days from the arrival date of shipment of SUBJECT Product to CUSTOMER’s manufacturer, CUSTOMER shall pay to PRODUCER the remaining ( 50%) percent of the Subject Products purchased from Sun Deep Cosmetics or similar pre-approved ForeverGreen products listed on Exhibit A, which may total payment due. Payment terms for the remaining contract years shall be updated from time to time with set by the mutual written agreement of the Parties. 4.2 . Payment terms will reflect the payment history of the royalties specified CUSTOMER. If the CUSTOMER makes a payment in paragraph 4.1 shall be made by MLS full to ForeverGreen the PRODUCER within thirty the first sixty (3060) days after from the end arrival date of each month during a shipment of SUBJECT Product to CUSTOMER’S manufacturer, PRODUCER’S will give CUSTOMER a discount equal to two percent (2%) of the term of this Agreementtotal amount due to the PRODUCER. 4.3 Each month a written statement of the Subject Products Product Units Sold and Product(s) Produced during such calendar month shall be prepared and certified correct by an authorized signatory of MLS and shall be sent to ForeverGreenthe PRODUCER. MLS will allow ForeverGreen reasonable and direct access and verification of MLS’s manufacturers or suppliers of Subject Products Sold whether the manufacturer or supplier is direct or indirect. MLS The CUSTOMER will work out an arrangement with all manufacturers or suppliers of products containing the “Subject Products Product” to allow for verification of Subject Products Sold in each and every calendar monthProduced. All accounting statements will be sent on a monthly basis to ForeverGreenthe PRODUCER’s representative Xxxx Xxxx at 0000 Xxxxx Xxxxxxx Xxxxxx, Attn: Chief Financial Officer at 000 Xxxxx 0000 Xxxx, Xxxx Xxxx Xxxx, Xxxx 00000. All Royalty Payments payments to ForeverGreen PRODUCER will be made to ForeverGreen International, LLC and sent to ForeverGreen International Marine Life Sciences at 000 0000 Xxxxx 0000 XxxxXxxxxxx Xxxxxx, Xxxx Xxxx Xxxx, Xxxx 00000. 4.4 Should MLS the CUSTOMER fail to make any payment whatsoever due and payable to ForeverGreen the PRODUCER hereunder at the time it is due, it shall be deemed an event of default as provided for under Paragraph 7.211.3. 4.5 All payments due hereunder shall be paid by check or bank wire payable in United States of America currency to ForeverGreenPRODUCER, or to the account of ForeverGreen PRODUCER at such bank as ForeverGreen PRODUCER may from time to time designate by notice to MLSCUSTOMER. 4.7 4.6 In the event that any payments due hereunder is not made when due, the payment shall accrue interest beginning on the tenth day following the due date thereof, calculated at the rate of prime plus two percent per annum. If any payments are past due for a period in excess of thirty days from the payment due date, the interest rate shall increase to 18% per annum for the entire amount of any unpaid balance. Each payment shall be applied firstly to past due interest and secondly on account of the principal amount due and owing. Each payment when made shall be accompanied by interest accrued to the date of payment. The payment and acceptance thereof shall not negate or waive the right of ForeverGreen PRODUCER to seek any other remedy, legal or equitable, to which it may be entitled because of the delinquency of any payment.

Payments and Reports. 4.1 MLS CUSTOMER shall pay to ForeverGreen a royalty amount the PRODUCER for each kilogram of thirty five the Subject Product mount commensurate with the Bulk Pricing Schedule attached hereto as Exhibit A. 4.2 All payments required under this agreement for the months of April 1, 2008 to March 31, 2009 shall be made by the CUSTOMER to the PRODUCER as follows: Within sixty (60) days from the arrival date of shipment of SUBJECT Product to CUSTOMER’s manufacturer, CUSTOMER shall pay to PRODUCER fifty percent (3550%) of their cost the total payment due. Within ninety (90) days from the arrival date of shipment of SUBJECT Product to CUSTOMER’s manufacturer, CUSTOMER shall pay to PRODUCER the remaining ( 50%) percent of the Subject Products purchased from Sun Deep Cosmetics or similar pre-approved ForeverGreen products listed on Exhibit A, which may total payment due. Payment terms for the remaining contract years shall be updated from time to time with set by the mutual written agreement of the Parties. 4.2 . Payment terms will reflect the payment history of the royalties specified CUSTOMER. If the CUSTOMER makes a payment in paragraph 4.1 shall be made by MLS full to ForeverGreen the PRODUCER within thirty the first sixty (3060) days after from the end arrival date of each month during a shipment of SUBJECT Product to CUSTOMER’S manufacturer, PRODUCER’S will give CUSTOMER a discount equal to two percent (2%) of the term of this Agreementtotal amount due to the PRODUCER. 4.3 Each month a written statement of the Subject Products Product Units Sold and Product(s) Produced during such calendar month shall be prepared and certified correct by an authorized signatory of MLS and shall be sent to ForeverGreenthe PRODUCER. MLS will allow ForeverGreen reasonable and direct access and verification of MLS’s manufacturers or suppliers of Subject Products Sold whether the manufacturer or supplier is direct or indirect. MLS The CUSTOMER will work out an arrangement with all manufacturers or suppliers of products containing the “Subject Products Product” to allow for verification of Subject Products Sold in each and every calendar monthProduced. All accounting statements will be sent on a monthly basis to ForeverGreenthe PRODUCER’s representative Xxxx Xxxx at 0000 Xxxxx Xxxxxxx Xxxxxx, Attn: Chief Financial Officer at 000 Xxxxx 0000 Xxxx, Xxxx Xxxx Xxxx, Xxxx 00000. All Royalty Payments payments to ForeverGreen PRODUCER will be made to ForeverGreen International, LLC and sent to ForeverGreen International Marine Life Sciences at 000 0000 Xxxxx 0000 XxxxXxxxxxx Xxxxxx, Xxxx Xxxx Xxxx, Xxxx 00000. 4.4 Should MLS the CUSTOMER fail to make any payment whatsoever due and payable to ForeverGreen the PRODUCER hereunder at the time it is due, it shall be deemed an event of default as provided for under Paragraph 7.211. 4.5 All payments due hereunder shall be paid by check or bank wire payable in United States of America currency to ForeverGreenPRODUCER, or to the account of ForeverGreen PRODUCER at such bank as ForeverGreen PRODUCER may from time to time designate by notice to MLSCUSTOMER. 4.7 4.6 In the event that any payments due hereunder is not made when due, the payment shall accrue interest beginning on the tenth day following the due date thereof, calculated at the rate of prime plus two percent per annum. If any payments are past due for a period in excess of thirty days from the payment due date, the interest rate shall increase to 18% per annum for the entire amount of any unpaid balance. Each payment shall be applied firstly to past due interest and secondly on account of the principal amount due and owing. Each payment when made shall be accompanied by interest accrued to the date of payment. The payment and acceptance thereof shall not negate or waive the right of ForeverGreen PRODUCER to seek any other remedy, legal or equitable, to which it may be entitled because of the delinquency of any payment.

Payments and Reports. 4.1 MLS MONARCHY shall pay provide one hundred thousand US dollars (US$100,000) in initial financing (the “Initial Funding Limit”) to ForeverGreen complete the app as well as for marketing the release of a royalty amount prototype. SMIRNOV will provide MONARCHY will a detailed accounting of thirty five percent (35%) outstanding development costs and MONARCHY shall provide SMIRNOV with an accounting of their cost of proposed marketing expenditures which, in the Subject Products purchased from Sun Deep Cosmetics or similar pre-approved ForeverGreen products listed on Exhibit Aaggregate, which may be updated from time to time with mutual written agreement of shall not exceed the PartiesInitial Funding Limit. 4.2 Payment MONARCHY shall appoint SMIRNOV or his designate one seat on MONARCHY’s Board of Directors. The appointment shall be provided for as long as this Agreement and the exclusivity of the royalties specified rights granted herein remain in paragraph 4.1 shall be made by MLS to ForeverGreen within thirty (30) days after the end of each month during the term of this Agreementeffect. 4.3 Each month MONARCHY shall provide to SMIRNOV a written statement report each month of new Subscriptions, cancelled Subscriptions, total Subscriptions, and revenue generated from the Subject Products Sold during such calendar month shall be prepared and certified correct Subscriptions broken down by an authorized signatory of MLS and shall be sent to ForeverGreen. MLS will allow ForeverGreen reasonable and direct access and verification of MLS’s manufacturers or suppliers of Subject Products Sold whether the manufacturer or supplier is direct or indirect. MLS will work out an arrangement with all manufacturers or suppliers of Subject Products to allow for verification of Subject Products Sold in each and every calendar month. All accounting statements will be sent on a monthly basis to ForeverGreen, Attn: Chief Financial Officer at 000 Xxxxx 0000 Xxxx, Xxxx, Xxxx 00000. All Royalty Payments to ForeverGreen will be made to ForeverGreen International, LLC and sent to ForeverGreen International at 000 Xxxxx 0000 Xxxx, Xxxx, Xxxx 00000country. 4.4 MONARCHY will retain a 30% marketing fee on all revenue generated each month and the balance will be paid to SMIRNOV. 4.5 Should MLS MONARCHY fail to make any payment whatsoever due and payable to ForeverGreen hereunder SMIRNOV at the time it is due, it shall be deemed an event of default as provided for under Paragraph 7.211.3. 4.5 4.6 All payments due hereunder shall be paid by check or bank international wire payable in United States of America currency transfer to ForeverGreen, SMIRNOV or to the account of ForeverGreen SMIRNOV at such bank as ForeverGreen SMIRNOV may from time to time designate by notice to MLSMONARCHY. 4.7 In the event that any payments payment due hereunder is not made when due, the payment shall accrue interest beginning on the tenth day following the due date thereof, calculated at the rate of prime plus two six percent per annum. If any payments are past due for a period in excess of thirty days from the payment due date, the interest rate shall increase to 18% per annum for the entire amount of any unpaid balance. Each payment shall be applied firstly to past due interest and secondly on account of the principal amount due and owing. Each payment when made shall be accompanied by interest accrued to the date of payment. The payment and acceptance thereof shall not negate or waive the right of ForeverGreen SMIRNOV to seek any other remedy, legal or equitable, to which it may be entitled because of the delinquency of any payment.

Payments and Reports. 4.1 MLS shall pay (a) Royalties payable pursuant to ForeverGreen a royalty amount of thirty five percent (35%) of their cost of the Subject Products purchased from Sun Deep Cosmetics or similar pre-approved ForeverGreen products listed on Exhibit A, which may be updated from time to time with mutual written agreement of the Parties. 4.2 Payment of the royalties specified in paragraph 4.1 this Agreement shall be made by MLS to ForeverGreen due quarterly within thirty forty-five (3045) days after following the end of each month during calendar quarter for Net Sales in such calendar quarter. All sales in foreign currencies shall be converted into United States dollars using the term rate of this Agreement. 4.3 exchange quoted by Bank of America and its successor(s) on the last Business Day of the calendar quarter in which the sales were made. Each month such payment shall be accompanied by a written statement of Net Sales for the Subject Products Sold during such calendar month shall be prepared quarter (including number of units), applicable exchange rates and certified correct the calculation of royalties payable hereunder by an authorized signatory of MLS Product and shall be sent to ForeverGreen. MLS will allow ForeverGreen reasonable and direct access and verification of MLS’s manufacturers or suppliers of Subject Products Sold whether the manufacturer or supplier is direct or indirect. MLS will work out an arrangement with all manufacturers or suppliers of Subject Products to allow for verification of Subject Products Sold in each and every calendar monthcountry. All accounting statements Milestone Fees, royalties and all other amounts which are overdue under this Agreement will be sent on a monthly basis to ForeverGreen, Attn: Chief Financial Officer at 000 Xxxxx 0000 Xxxx, Xxxx, Xxxx 00000. All Royalty Payments to ForeverGreen will be made to ForeverGreen International, LLC and sent to ForeverGreen International at 000 Xxxxx 0000 Xxxx, Xxxx, Xxxx 00000. 4.4 Should MLS fail to make any payment whatsoever due and payable to ForeverGreen hereunder at the time it is due, it shall be deemed an event of default as provided for under Paragraph 7.2. 4.5 All payments due hereunder shall be paid by check or bank wire payable in United States of America currency to ForeverGreen, or to the account of ForeverGreen at such bank as ForeverGreen may from time to time designate by notice to MLS. 4.7 In the event that any payments due hereunder is not made when due, the payment shall accrue bear interest beginning on the tenth day following the due date thereof, calculated at the rate of prime plus two one and one-half percent (1 1/2%) per annum. If any payments are past due for a period in excess of thirty days month from the payment date due date, the interest rate shall increase to 18% per annum for the entire amount of any unpaid balance. Each payment shall be applied firstly to past due interest and secondly on account of the principal amount due and owing. Each payment when made shall be accompanied by interest accrued to through the date of payment. The payment NN shall keep and acceptance thereof shall not negate or waive cause its Affiliates, Commercialization Partners and Sublicensees to keep complete, true and accurate records for at least five (5) years for the purpose of showing the derivation of all Milestone Fees and royalties payable under this Agreement. ZGEN’s duly accredited representatives, which are reasonably acceptable to NN, shall have the right to inspect and audit such records at any time during reasonable business hours upon reasonable prior notice to NN or any of ForeverGreen its Affiliates, Commercialization Partners or Sublicensees, but such right will not be exercised more often than annually (it being understood that a single exercise of such right may include a series of related or continuing inspections and audits). (b) Except for the execution fee, Milestone Fees and royalties, all payments made under this Agreement will only be made pursuant to seek any other remedyNN’s receipt of an invoice prepared in adherence to the guidelines set forth in Appendix 4. Payments will be made within forty-five (45) days after NN’s receipt of each such invoice. For the avoidance of doubt, legal or equitable, all bank fees related to which it may receipt of interbank transfers must be entitled because of borne by the delinquency of any paymentrecipient.