Common use of Quarterly Reports and Payments Clause in Contracts

Quarterly Reports and Payments. (a) Licensee must submit a Quarterly Report to Apple within 30 days after the end of each calendar quarter, even if no Licensed Products were sold or otherwise distributed during such quarter. Quarterly Reporting must be completed through the MFi Portal or other submission mechanism or process specified by Apple. Apple will either approve the report or reject the report and inform Licensee that it must provide additional information regarding the report. After the Quarterly Report has been approved, an electronic invoice will be made available to the Licensee through the MFi Portal or other mechanism or process specified by Apple. Payment of this invoice must be made within 30 days of the date on which the electronic invoice is made available to the Licensee. The invoice number MUST be included along with the electronic payment, as Apple will not process any payments that fail to include the invoice number. All payments must be made in United States dollars in accordance with the then-current payment instructions provided by Apple. (b) If royalties are more than five days past due, Licensee will pay interest on the late payment at a rate of two percent per annum above the Prime Rate as reported in the Wall Street Journal on the date of payment, provided, however, that if such rate exceeds the highest rate permitted by applicable law, then the rate will be the highest rate permitted by applicable law. (c) Royalties accrued for each Licensed Product unit sold or otherwise distributed by or for Licensee or any of its Affiliates, and/or royalties paid in accordance with an approved Quarterly Report, are final and non-refundable. Licensee is not permitted, and will not be granted, a royalty credit or other credit for any Licensed Product previously sold or otherwise distributed and later returned to Licensee.

Quarterly Reports and Payments. (a) Licensee must submit a Quarterly Report to Apple within 30 days after the end of each calendar quarter, even if no Licensed Products were sold or otherwise distributed during such quarter. Quarterly Reporting must be completed through the MFi Portal web-based portal or other submission mechanism or process specified by Apple. After the Quarterly Report has been submitted, Apple will send confirmation to the Licensee, via the MFi web-based portal, or email, acknowledging receipt of the Quarterly Report. Apple will then either approve the report or reject the report and inform Licensee that it must provide additional information regarding the report. After the Quarterly Report has been approved, an electronic invoice, complete with invoice number, will be made available to the Licensee through the MFi Portal web-based portal or other mechanism or process specified by Apple. Payment of this invoice must be made within 30 days of the date on which the electronic invoice is made available to the Licensee. The invoice number MUST be included along with the electronic payment, as Apple will not process any payments that fail to include the invoice number. All Unless otherwise agreed to, in writing, by Apple, all payments must be made in United States dollars by ACH or Wire Transfer in accordance with the then-current payment instructions provided by Apple. (b) . If royalties Royalties are more than five days past due, Licensee will pay interest on the late payment at a rate of two percent per annum above the Prime Rate as reported in the Wall Street Journal on the date of payment, provided, however, that if such rate exceeds the highest rate permitted by applicable law, then the rate will be the highest rate permitted by applicable law. (c) . Royalties accrued for each Licensed Product unit sold or otherwise distributed by or for Licensee or any of its Affiliates, and/or royalties paid in accordance with an approved Quarterly Report, are final and non-refundable. Licensee is not permitted, and will not be granted, a royalty credit or other credit for any Licensed Product previously sold or otherwise distributed and later returned to Licensee.