Common use of Royalty Accounting Clause in Contracts

Royalty Accounting. a) Statements as to royalties payable hereunder shall be sent by Company to Artist on or before the thirtieth day of September of the semi-annual period ending the preceding June 30, and on or before the 31st day of March for the semi-annual period ending the preceding December 31st, together with payment of accrued royalties, if any, earned by Artist hereunder during such semi-annual period, less all Advances and charges under this Agreement. b) No royalties shall be payable to Artist in respect of sales of Records by any of Company's distributors or licensees until payment therefor has been received by us or credited to us. Sales by any such licensees shall be deemed to have occurred in the semi-annual accounting period during which such licensees shall have rendered to us accounting statements for such sales. c) Royalties in respect of the sale of Records outside of the United States shall be computed in the national currency in which Company is paid by Company's licensees, shall be credited to Artist's royalty account hereunder at the same rate of exchange as we are paid, and shall be proportionately subject to any transfer or comparable taxes which may be imposed upon Company's receipts. In the event we shall not receive payment in United States dollars in the United States in respect thereof such payment shall not be credited to your royalty account hereunder. Company shall, however, if Company is able to do so, accept such payment in foreign currency and deposit in a foreign bank or other depository, at your expense, in such foreign currency, such portion thereof, if any, as shall equal the royalties which would have actually been payable to Artist hereunder in respect of such sales had such payments been made to us in United States dollars in the United States and Company shall notify you thereof promptly. Deposit as aforesaid shall fulfill our royalty obligations hereunder as to such record sales. d) Artist shall be deemed to have consented to all royalty statements and all other accountings rendered by Company hereunder and each such royalty statement or other accounting shall be conclusive, final, and binding, shall constitute an account state, and shall not be subject to any objection for any reason whatsoever unless specific objection in writing, stating the basis thereof, is given by Artist to us within two (2) years after the date rendered. e) Company shall maintain books of account concerning the sale of Records hereunder. Artist, or a certified public accountant, in Artist's behalf, may, at Artist's sole expense, examine our said books relating to the sale of Records hereunder, solely for the purpose of verifying the accuracy thereof, only during our normal business hours and upon reasonable written notice. Company's books relating to any particular royalty statement may be examined as aforesaid only within One (1) year after the date rendered and Company shall have no obligation to permit Artist to so examine our such books relating to any particular royalty statement more than once. f) All monies paid pursuant to this Agreement to Artist or on Artist's behalf, or to or on behalf of any person, firm or corporation representing Artist, other than royalties payable pursuant to this Agreement, shall constitute Advances recoupable from any sums payable under this Agreement.

Royalty Accounting. a) Statements as to royalties payable hereunder shall be sent by Company to Artist on or before the thirtieth day of September of the semi-annual period ending the preceding June 30a quarterly basis, and on or before the 31st fourteenth (14th) day of March for after the semi-annual period month ending the preceding quarterly period being March 31, June 30, September 30, and December 31st, 31. together with payment of accrued royaltiesRoyalties, if any, earned by Artist hereunder during such semi-annual quarterly period, less all Advances and charges under this Agreement. b) No royalties shall be payable to Artist in respect of sales of Records by any of Company's distributors or licensees until payment therefor has been received by us or credited to us. Sales by any such licensees shall be deemed to have occurred in the semi-annual accounting period during which such licensees shall have rendered to us accounting statements for such sales. c) Royalties in respect of the sale of Records Gross Receipts received outside of the United States shall be computed in the national currency in which Company is paid by Company's licensees, and shall be credited to Artist's royalty account hereunder at the same rate of exchange as we are Company is paid, and shall be proportionately subject to any transfer or comparable taxes which that may be imposed upon Company's receipts. In the event we shall not receive payment in United States dollars in the United States in respect thereof such payment shall not be credited to your royalty account hereunder. Company shall, however, if Company is able to do so, accept such payment in foreign currency and deposit in a foreign bank or other depository, at your expense, in such foreign currency, such portion thereof, if any, as shall equal the royalties which would have actually been payable to Artist hereunder in respect of such sales had such payments been made to us in United States dollars in the United States and Company shall notify you thereof promptly. Deposit as aforesaid shall fulfill our royalty obligations hereunder as to such record sales. d) Artist shall be deemed to have consented to all royalty statements and all other accountings rendered by Company hereunder and each such royalty statement or other accounting shall be conclusive, final, and binding, shall constitute an account state, binding and shall not be subject to any objection for any reason whatsoever unless specific objection in writing, stating the basis thereof, is given by Artist to us within two Two (2) years after the date rendered. e) Company shall maintain books of account concerning the all exploitations of the rights granted to Company hereunder including sale of Records hereunderRecords, Merchandise, Publishing or Live Performances. Artist, or a certified public an accountant, in Artist's behalf, may, at Artist's sole expense, examine our said books relating to the sale all exploitations of Records hereunder, rights hereunder solely for the purpose of verifying the accuracy thereof, only during our normal business hours and upon reasonable written notice. Company's books relating to any particular royalty statement may be examined as aforesaid only within One two (12) year years after the date rendered and Company shall have no obligation to permit Artist to so examine our such books relating to any particular royalty statement more than once. f) All monies paid pursuant to this Agreement to Artist or on Artist's behalf, or to or on behalf of any person, firm or corporation representing Artist, other than royalties payable pursuant to this Agreement, shall constitute Advances recoupable from any sums payable under this Agreement.

Royalty Accounting. (a) Statements as Within thirty (30) days after the expiration of each three (3) month period ("Quarter"), the Subcontractor Licensee shall deliver to royalties payable hereunder shall be sent by Company to Artist on or before the thirtieth day of September Licensor a true and accurate report in writing, giving such particulars of the semi-annual period ending business conducted by the Licensee during the preceding June 30, and on or before the 31st day of March Quarter as are pertinent to any accounting for the semi-annual period ending the preceding December 31st, together with payment of accrued royalties, if any, earned by Artist hereunder during any such semi-annual period, less all Advances and charges royalties under this Agreement. (b) No royalties Subcontractor Licensee shall pay Licensor directly by bank draft, payable in U.S. currency and delivered to Licensor as shall be designated in writing by the Licensor within thirty (30) days of the date payment is received from Licensee's customer. (c) Unless otherwise directed by Licensor, all payments due under this Agreement shall be made payable to Artist PTS and mailed to the following address: Mr. Mark Bowen, President Public Traxxxxxxxxxxn Safety International Corporation 523 West 6th Street, Suite 1222 Xxx Xxxxxxx, Xxxxxxxxxx 00000 (x) Xxxxxxxx xxxxx xxxxxxx Xxbcontractor Licensee to agree in respect writing to keep records showing the quantity, description and total gross selling price of sales all Licensed Products and parts and manuals therefor that have been sold or otherwise disposed of Records and such other related information in sufficient detail to enable the compensation payable hereunder by Subcontractor Licensee to be determined. Licensee shall require Subcontractor Licensee in writing to permit its books and records to be examined from time to time by an outside auditor selected by Licensor, at Licensor's expense, to verify the reports provided for in Section 9(a). Licensor hereby agrees to pay the reasonable administrative and accounting fees associated with the payment and record keeping requirements set forth in this Section 9. (e) Licensee shall permit its books and records to be examined from time to time by an outside auditor selected by Licensor, at Licensor's expense, to verify compliance with this Agreement. (f) For any of Company's distributors or licensees until payment therefor has been received by us or credited to us. Sales by any such licensees shall be deemed to have occurred in the semi-annual accounting period during which such licensees shall have rendered to us accounting statements a minimum royalty payment is due and sales for such sales. c) Royalties period are less than the required quantity, then Licensee shall pay Licensor directly by bank draft, payable in respect of the sale of Records outside of the United States shall be computed in the national currency in which Company is paid by Company's licensees, shall be credited to Artist's royalty account hereunder at the same rate of exchange as we are paid, and shall be proportionately subject to any transfer or comparable taxes which may be imposed upon Company's receipts. In the event we shall not receive payment in United States dollars in the United States in respect thereof such payment shall not be credited to your royalty account hereunder. Company shall, however, if Company is able to do so, accept such payment in foreign U.S. currency and deposit in a foreign bank or other depository, at your expense, in such foreign currency, such portion thereof, if any, as shall equal the royalties which would have actually been payable to Artist hereunder in respect of such sales had such payments been made to us in United States dollars in the United States and Company shall notify you thereof promptly. Deposit as aforesaid shall fulfill our royalty obligations hereunder as to such record sales. d) Artist shall be deemed to have consented to all royalty statements and all other accountings rendered by Company hereunder and each such royalty statement or other accounting shall be conclusive, final, and binding, shall constitute an account state, and shall not be subject to any objection for any reason whatsoever unless specific objection in writing, stating the basis thereof, is given by Artist to us within two (2) years after the date rendered. e) Company shall maintain books of account concerning the sale of Records hereunder. Artist, or a certified public accountant, in Artist's behalf, may, at Artist's sole expense, examine our said books relating delivered to the sale of Records hereunderaddress indicated in Section 9(c), solely for the purpose of verifying the accuracy thereof, only during our normal business hours and upon reasonable written notice. Company's books relating to any particular royalty statement may be examined as aforesaid only within One (1) year after the date rendered and Company shall have no obligation to permit Artist to so examine our such books relating to any particular royalty statement more than onceunless otherwise directed in writing by Licensor. f) All monies paid pursuant to this Agreement to Artist or on Artist's behalf, or to or on behalf of any person, firm or corporation representing Artist, other than royalties payable pursuant to this Agreement, shall constitute Advances recoupable from any sums payable under this Agreement.

Royalty Accounting. (a) Statements as Within thirty (30) days after the expiration of each three (3) month period ("Quarter"), the Subcontractor Licensee shall deliver to royalties payable hereunder shall be sent by Company to Artist on or before the thirtieth day of September Licensor a true and accurate report in writing, giving such particulars of the semi-annual period ending business conducted by the Licensee during the preceding June 30, and on or before the 31st day of March Quarter as are pertinent to any accounting for the semi-annual period ending the preceding December 31st, together with payment of accrued royalties, if any, earned by Artist hereunder during any such semi-annual period, less all Advances and charges royalties under this Agreement. (b) No royalties Subcontractor Licensee shall pay Licensor directly by bank draft, payable in U.S. currency and delivered to Licensor as shall be designated in writing by the Licensor within thirty (30) days of the date payment is received from Licensee's customer. (c) Unless otherwise directed by Licensor, all payments due under this Agreement shall be made payable to Artist PTS and mailed to the following address: Mr. Xxxx Xxxxx, President Public Transportation Safety International Corporation 000 Xxxx 0xx Xxxxxx, Xxxxx 0000 Xxx Xxxxxxx, Xxxxxxxxxx 00000 (d) Licensee shall require Subcontractor Licensee to agree in respect writing to keep records showing the quantity, description and total gross selling price of sales all Licensed Products and parts and manuals therefor that have been sold or otherwise disposed of Records and such other related information in sufficient detail to enable the compensation payable hereunder by Subcontractor Licensee to be determined. Licensee shall require Subcontractor Licensee in writing to permit its books and records to be examined from time to time by an outside auditor selected by Licensor, at Licensor's expense, to verify the reports provided for in Section 9(a). Licensor hereby agrees to pay the reasonable administrative and accounting fees associated with the payment and record keeping requirements set forth in this Section 9. (e) Licensee shall permit its books and records to be examined from time to time by an outside auditor selected by Licensor, at Licensor's expense, to verify compliance with this Agreement. (f) For any of Company's distributors or licensees until payment therefor has been received by us or credited to us. Sales by any such licensees shall be deemed to have occurred in the semi-annual accounting period during which such licensees shall have rendered to us accounting statements a minimum royalty payment is due and sales for such sales. c) Royalties period are less than the required quantity, then Licensee shall pay Licensor directly by bank draft, payable in respect of the sale of Records outside of the United States shall be computed in the national currency in which Company is paid by Company's licensees, shall be credited to Artist's royalty account hereunder at the same rate of exchange as we are paid, and shall be proportionately subject to any transfer or comparable taxes which may be imposed upon Company's receipts. In the event we shall not receive payment in United States dollars in the United States in respect thereof such payment shall not be credited to your royalty account hereunder. Company shall, however, if Company is able to do so, accept such payment in foreign U.S. currency and deposit in a foreign bank or other depository, at your expense, in such foreign currency, such portion thereof, if any, as shall equal the royalties which would have actually been payable to Artist hereunder in respect of such sales had such payments been made to us in United States dollars in the United States and Company shall notify you thereof promptly. Deposit as aforesaid shall fulfill our royalty obligations hereunder as to such record sales. d) Artist shall be deemed to have consented to all royalty statements and all other accountings rendered by Company hereunder and each such royalty statement or other accounting shall be conclusive, final, and binding, shall constitute an account state, and shall not be subject to any objection for any reason whatsoever unless specific objection in writing, stating the basis thereof, is given by Artist to us within two (2) years after the date rendered. e) Company shall maintain books of account concerning the sale of Records hereunder. Artist, or a certified public accountant, in Artist's behalf, may, at Artist's sole expense, examine our said books relating delivered to the sale of Records hereunderaddress indicated in Section 9(c), solely for the purpose of verifying the accuracy thereof, only during our normal business hours and upon reasonable written notice. Company's books relating to any particular royalty statement may be examined as aforesaid only within One (1) year after the date rendered and Company shall have no obligation to permit Artist to so examine our such books relating to any particular royalty statement more than onceunless otherwise directed in writing by Licensor. f) All monies paid pursuant to this Agreement to Artist or on Artist's behalf, or to or on behalf of any person, firm or corporation representing Artist, other than royalties payable pursuant to this Agreement, shall constitute Advances recoupable from any sums payable under this Agreement.

Royalty Accounting. a) Statements as to royalties payable hereunder shall be sent by Company to Artist on or before the thirtieth day of September of the semi-annual period ending the preceding June 30, and on or before the 31st day of March for the semi-annual period ending the preceding December 31st, together with payment of accrued royalties, if any, earned by Artist hereunder during such semi-annual period, less all Advances and charges under this Agreement. Company shall have the right to retain, as a reserve against charges, credits, or returns, such portion of payable royalties as shall be reasonable in our best business judgment, however in no event shall such retained reserve exceed a sum equal to Thirty-five (35%) percent of the royalties payable to you in the applicable period. Except as expressly provided herein to the contrary, Advances hereunder shall not be recouped from mechanical royalties payable hereunder. Notwithstanding the foregoing, any amounts retained by Company as reserve against charges, credits or returns shall be liquidated no later than Four (4) accounting periods following the period in which the sales, to which said reserves apply, occurred. b) No royalties shall be payable to Artist in respect of sales of Records by any of Company's distributors or licensees until payment therefor has been received by us or credited to us. Sales by any such licensees shall be deemed to have occurred in the semi-annual accounting period during which such licensees shall have rendered to us accounting statements for such sales. c) Royalties in respect of the sale of Records outside of the United States shall be computed in the national currency in which Company is paid by Company's licensees, shall be credited to Artist's royalty account hereunder at the same rate of exchange as we are paid, and shall be proportionately subject to any transfer or comparable taxes which may be imposed upon Company's receipts. In the event we shall not receive payment in the United States dollars in the United States in respect thereof such payment shall not be credited to your royalty account hereunder. Company shall, however, if Company is able to do so, accept such payment in foreign currency and deposit in a foreign bank or other depository, at your expense, in such foreign currency, such portion thereof, if any, as shall equal the royalties which would have actually been payable to Artist hereunder in respect of such sales had such payments been made to us in United States dollars in the United States and Company shall notify you thereof promptly. Deposit as aforesaid shall fulfill our royalty obligations hereunder as to such record sales. d) Artist shall be deemed to have consented to all royalty statements and all other accountings rendered by Company hereunder and each such royalty statement or other accounting shall be conclusive, final, and binding, shall constitute an account state, and shall not be subject to any objection for any reason whatsoever unless specific objection in writing, stating the basis thereof, is given by Artist to us within two Two (2) years after the date rendered. e) Company shall maintain books of account concerning the sale of Records hereunder. Artist, or a certified public accountant, in Artist's behalf, may, at Artist's sole expense, examine our said books relating to the sale of Records hereunder, hereunder solely for the purpose of verifying the accuracy thereof, only during our normal business hours and upon reasonable written notice. Company's books relating to any particular royalty statement may be examined as aforesaid only within One two (12) year years after the date rendered and Company shall have no obligation to permit Artist to so examine our such books relating to any particular royalty statement more than once. f) All monies paid pursuant to this Agreement to Artist or on Artist's behalf, or to or on behalf of any person, firm or corporation representing Artist, other than royalties payable pursuant to this Agreement, shall constitute Advances recoupable from any sums payable under this AgreementExpenses as defined herein.