Common use of Reports; Payment of Royalty Clause in Contracts

Reports; Payment of Royalty. During the Term, following the First Commercial Sale of a Product, Lilly shall furnish to Xxxxxxxxx a quarterly written report for the Calendar Quarter showing the number and description of Products sold, Net Sales of Products sold subject to royalty payments sold by Lilly and its Related Parties on a country-by-country basis, if applicable, during the reporting period and the royalties payable under this Agreement. Reports shall be due on the [**] day following the close of each Calendar Quarter. Royalties shown to have accrued by each royalty report shall be due and payable on the date such royalty report is due. Lilly shall keep complete and accurate records in sufficient detail to enable the royalties payable hereunder to be determined.

Reports; Payment of Royalty. During the Term, following the First Commercial Sale of a Licensed Product, Lilly shall furnish to Xxxxxxxxx Transition a quarterly written report for the Calendar Quarter showing the number and description of Licensed Products sold, Net Sales of Licensed Products sold subject to royalty payments sold by Lilly and its Related Parties on a country-by-country basis, if applicable, basis during the reporting period and the royalties payable under this Agreement. Reports shall be due on the [**] sixtieth (60th) day following the close of each Calendar Quarter. Royalties shown to have accrued by each royalty report shall be due and payable on the date such royalty report is due. Lilly shall keep complete and accurate records in sufficient detail to enable the royalties payable hereunder to be determined.