Common use of Reports and Payments Clause in Contracts

Reports and Payments. Within sixty (60) days after the conclusion of each Royalty Period, Company shall deliver to Medical School a report containing the following information: (a) the number of Licensed Products sold to independent third parties in each country; (b) the gross sales price for each Licensed Product sold by Company and its Affiliates during the applicable Royalty Period in each country; (c) calculation of Net Sales for the applicable Royalty Period in each country, including a listing of applicable deductions; (d) total royalty payable on Net Sales in U.S. dollars, together with the exchange rates used for conversion; and (e) the portion of royalty-based Sublicense Income due to Medical School for the applicable Royalty Period from each Sublicensee. All such reports shall be considered Company Confidential Information. If no royalties are due to Medical School for any Royalty Period, the report shall so state. Concurrent with this report, Company shall remit to Medical School any payment due for the applicable Royalty Period.