PAYMENTS, REPORTS AND AUDITS. Article 5.9 of the Licence Agreement is hereby incorporated by reference herein as if restated in its entirety herein.
PAYMENTS, REPORTS AND AUDITS. 9.1. In accordance with its ordinary business practice, Par shall keep true and accurate records of gross sales of the Product, the items deducted from the gross amount in calculating the NSP, the NSP and the royalties payable to Elan under Clause 8. Par shall deliver to Elan a written statement ("the Statement") thereof within 28 days following the end of each calendar quarter, (or any part thereof in the first or last calendar quarter of this Agreement) for such calendar quarter. The Statement shall outline the calculation of the NSP from gross revenues during that calendar quarter, the applicable percentage rate, the units of Product sold, marketing, selling and distribution expenses allocated to the Product and a computation of the sums due to Elan. The Parties' financial officers shall agree upon the precise format of the Statement.
PAYMENTS, REPORTS AND AUDITS. 9.1 With reference to Clause 5.3, Zealand and/or Betacure shall keep true and accurate records of Net Revenues and Net Sales and any deductibles made in calculating same. Where Zealand and/or Betacure has Net Revenues and/or Net Sales, Zealand and/or Betacure shall deliver to Shiprock Holdings a written statement (the “Statement”) thereof within 45 days following the end of each calendar quarter (or any part thereof). The financial officers of Shiprock Holdings and Zealand and/or Betacure shall agree upon the precise format of the Statement.
PAYMENTS, REPORTS AND AUDITS. 5.1. If Licensee fails to make any payment required under this Agreement on or before the due date, Licensee agrees to pay interest on such amount at an annual rate of two (2%) more than the greatest prime rate announced by Citibank NA or its successor as published in the Wall Street Journal at any time during the period when such payment is due. Such interest shall accrue from the date the payment was due until the date such payment is paid in full. If such rate exceeds the rate allowed by applicable law, then the highest rate allowed by law shall apply.
PAYMENTS, REPORTS AND AUDITS. 11.1 LIGAND shall keep true and accurate records of gross sales of the PRODUCT, the items deducted from the gross amount in calculating the NSP, the NSP and the royalties payable to ELAN under Clause 10. LIGAND shall deliver to ELAN a written statement ("the STATEMENT") thereof within 45 days following the end of each calendar quarter, (or any part thereof in the first or last calendar quarter of this Agreement) for such calendar quarter. The STATEMENT shall outline on a country-by-country basis, the calculation of the NSP from gross revenues during that calendar quarter, the applicable percentage rate, and a computation of the sums due to ELAN (i.e. the price of the PRODUCT determined in accordance with Clause 10.3.1 less [**********]). The parties' financial officers shall agree upon the precise format of the STATEMENT.
PAYMENTS, REPORTS AND AUDITS. The following terms and conditions shall apply to Royalty Payments under this Agreement:
PAYMENTS, REPORTS AND AUDITS. 13.1 With reference to Clause 5, Amarin shall keep true and accurate records of Net Sales (and any deductibles made in calculating same), Third Party Royalties and Third Party Milestone Payments.
PAYMENTS, REPORTS AND AUDITS. 8.1 GEMINI shall keep true and accurate records of gross sales of each of the PRODUCTS, the items deducted from the gross amount in calculating the NET SALES PRICE and the NET INCOME, the NET SALES PRICE and the royalties payable to ELAN under Clause 7. GEMINI shall deliver to ELAN a written statement ("the STATEMENT") thereof within 45 days following the end of each calendar quarter, (or any part thereof in the first or last calendar quarter of this Agreement) for such calendar quarter. The STATEMENT shall outline, on a country-by-country basis, the calculation of the NET SALES PRICE and the NET INCOME from gross revenues during that calendar quarter, the applicable percentage rate, and a computation of the sums due to ELAN. The Parties' financial officers shall agree upon the precise format of the STATEMENT.
PAYMENTS, REPORTS AND AUDITS. 1. COMPANY shall keep true and accurate records of gross sales of the PRODUCT by COMPANY, its AFFILIATES or permitted sub-licensees, the items deducted from the gross amount in calculating the NSP, the NSP and the royalties payable to ELAN under Article V hereof. COMPANY shall deliver to ELAN a written statement thereof within sixty (60) days following the end of each calendar quarter (or any part thereof in the first or last calendar quarter of this Agreement) for such calendar quarter. The said written statements shall set forth on a country-by-country basis, the calculation of the NSP from gross revenues during that calendar quarter, the applicable percentage rate, and a computation of the sums due to ELAN (“the Statement”). The parties’ financial officers shall agree upon the precise format of the Statement.
PAYMENTS, REPORTS AND AUDITS. 9.1 With reference to Clause 6.4, Newco and/or JVP shall keep true and accurate records of Net Revenues or Net Sales and any deductibles made in calculating same for a period of three (3) years following the calendar quarter (or any part thereof) in which such Net Revenues or Net Sales occurred. Where Newco and/or JVP has Net Revenues or Net Sales, Newco and/or JVP shall deliver to EIS a written statement (the "STATEMENT") thereof within 45 days following the end of each calendar quarter (or any part thereof) in which such Net Revenues or Net Sales occurred. The financial officers of EIS and Newco and/or JVP shall agree upon the precise format of the Statement. 25 <PAGE> 9.2 Payments due on Net Revenues or Net Sales on sales amounts in a currency other than US Dollars shall first be calculated in the foreign currency and then converted to US Dollars on the basis of the exchange rate in effect for the purchase of US Dollars with such foreign currency quoted in the Wall Street Journal (or comparable publication if not quoted in the Wall Street Journal) on the last business day of the calendar quarter in which such Net Revenues or Net Sales occurred. 9.3 Any income or other taxes which JVP and/or its Affiliates (excluding Newco) is required by law to pay or withhold on behalf of EIS with respect to such Net Revenues or Net Sales payments under this Agreement shall be deducted from the amount of such Net Revenues or Net Sales payments. JVP and/or its Affiliates (excluding Newco) shall furnish EIS as part of the Statement an accounting of any such payments. JVP and/or its Affiliates (excluding Newco) shall promptly provide EIS, upon request, with a certificate or other documentary evidence to enable EIS to seek a refund or a foreign tax credit with respect to any such tax so withheld or deducted by JVP and/or its Affiliates (excluding Newco). The parties will reasonably cooperate in completing and filing documents required under the provisions of any applicable tax treaty or under any other applicable law, in order to enable JVP and/or its Affiliates (excluding Newco) to make such payments to EIS without any deduction or withholding. 9.4 Payment of monies hereunder shall be made by JVP and/or its Affiliates (excluding Newco) to EIS within 45 days of the Statement. All payments due hereunder shall be made in U.S.
