Common use of Royalty Reports and Records Clause in Contracts

Royalty Reports and Records. (a) During the term of this Agreement commencing with the First Commercial Sale of the first Licensed Product, Pharmasset shall furnish, or cause to be furnished to Bukwang, written reports governing each of Pharmasset’s fiscal quarters showing: (i) the gross sales of all Licensed Products sold by Pharmasset, its Affiliates and sublicensees during the reporting period, together with the calculations of Net Sales in accordance with Sections 1.29; and (ii) the royalties payable in Dollars, which shall have accrued hereunder in respect of such Net Sales; and (iii) the exchange rates used, if any, in determining the amount of Dollars; and (iv) any Withholding Taxes (as defined below). (b) With respect to sales of the Licensed Product invoiced in Dollars, the gross sales, Net Sales, and royalties payable shall be expressed in Dollars. With respect to sales of the Licensed Product invoiced in a currency other than Dollars, the gross sales, Net Sales, and royalties payable shall be expressed in the domestic currency of the party making the sale together with the Dollar equivalent of the royalty payable, calculated using the simple average of the exchange rates published in the Wall Street Journal on the last day of each month during the reporting period. If any Pharmasset Affiliate or sublicensee makes any sales invoiced in a currency other than its domestic currency, the gross sales and Net Sales shall be converted to its domestic currency in accordance with the Affiliate’s or sublicensee’s normal accounting practices. (c) Reports shall be made on a quarterly basis. Quarterly reports shall be due within sixty (60) days after the close of every Pharmasset fiscal quarter and shall be prepared in accordance with U.S. GAAP. Pharmasset shall keep accurate records in sufficient detail to enable royalties and other payments payable hereunder to be determined. Pharmasset shall be responsible for all royalties and late payments that are due to Bukwang that have not been paid by Pharmasset’s Affiliates and sublicensees. Pharmasset’s Affiliates and sublicensees shall have, and shall be notified by Pharmasset that they have, the option of making any royalty payment directly to Bukwang.

Royalty Reports and Records. (a) During the term of this Agreement commencing with the First Commercial Sale commercial introduction of the first Licensed Product, Pharmasset Eisai shall furnish, or cause to be furnished to Bukwang, written reports governing each of PharmassetEisai’s fiscal quarters half Fiscal Year showing: (i) the The gross sales of all Licensed Products sold by PharmassetEisai, its Affiliates and sublicensees during the reporting period, together with the calculations of Net Sales in accordance with Sections 1.291.23 and 1.24; and (ii) the royalties payable in Dollars, which shall have accrued hereunder in respect of such Net Sales; and (iii) the exchange rates used, if any, in determining the amount of Dollars; and (iv) any Withholding Taxes (as defined below)withholding taxes required to be made from such royalties. (b) With respect to sales of the Licensed Product invoiced in Dollars, the gross sales, Net Sales, and royalties payable shall be expressed in Dollars. With respect to sales of the Licensed Product invoiced in a currency other than Dollars, the gross sales, Net Sales, and royalties payable shall be expressed in the domestic currency of the party making the sale together with the Dollar equivalent of the royalty payable, calculated using the simple average of the exchange rates published in the Wall Street Journal on the last day of each month during the reporting period. If any Pharmasset Eisai Affiliate or sublicensee makes any sales invoiced in a currency other than its domestic currency, the gross sales and Net Sales shall be converted to its domestic currency in accordance with the Affiliate’s or sublicensee’s normal accounting practices. Eisai, its Affiliate or sublicensee making any royalty payment shall furnish to Bukwang appropriate evidence of payment of any tax or other amount deducted from any royalty payment. (c) Reports shall be made on a quarterly semiannual basis. Quarterly Semiannual reports shall be due within sixty (60) days after [BUKWANG REDACTED] of the close of every Pharmasset fiscal quarter half Fiscal Year and shall be prepared in accordance with U.S. GAAP. Pharmasset Eisai shall keep accurate records in sufficient detail to enable royalties and other payments payable hereunder to be determined. Pharmasset Eisai shall be responsible for all royalties and late payments that are due to Bukwang that have not been paid by PharmassetEisai’s Affiliates and sublicensees. PharmassetEisai’s Affiliates and sublicensees shall have, and shall be notified by Pharmasset Eisai that they have, the option of making any royalty payment directly to Bukwang.

Royalty Reports and Records. (a) During the term of this Agreement commencing with the First Commercial Sale commercial introduction of the first Licensed Product, Pharmasset Triangle shall furnish, or cause to be furnished to Bukwang, written reports governing each of PharmassetTriangle’s fiscal quarters showing: (i) the gross sales of all Licensed Products sold by PharmassetTriangle, its Affiliates and sublicensees during the reporting period, together with the calculations of Net Sales in accordance with Sections 1.291.23 and 1.24; and (ii) the royalties payable in Dollars, which shall have accrued hereunder in respect of such Net Sales; and (iii) the exchange rates used, if any, in determining the amount of Dollars; and (iv) any Withholding Taxes (as defined below)withholding taxes required to be made from such royalties. (b) With respect to sales of the Licensed Product invoiced in Dollars, the gross sales, Net Sales, and royalties payable shall be expressed in Dollars. With respect to sales of the Licensed Product invoiced in a currency other than Dollars, the gross sales, Net Sales, and royalties payable shall be expressed in the domestic currency of the party making the sale together with the Dollar equivalent of the royalty payable, calculated using the simple average of the exchange rates published in the Wall Street Journal on the last day of each month during the reporting period. If any Pharmasset Triangle Affiliate or sublicensee makes any sales invoiced in a currency other than its domestic currency, the gross sales and Net Sales shall be converted to its domestic currency in accordance with the Affiliate’s or sublicensee’s normal accounting practices. Triangle or its Affiliate or sublicensee making any royalty payment shall furnish to Bukwang appropriate evidence of payment of any tax or other amount deducted from any royalty payment. (c) Reports shall be made on a quarterly basis. Quarterly reports shall be due within sixty (60) days after [BUKWANG REDACTED] of the close of every Pharmasset Triangle fiscal quarter and shall be prepared in accordance with U.S. GAAP. Pharmasset Triangle shall keep accurate records in sufficient detail to enable royalties and other payments payable hereunder to be determined. Pharmasset Triangle shall be responsible for all royalties and late payments that are due to Bukwang that have not been paid by PharmassetTriangle’s Affiliates and sublicensees. PharmassetTriangle’s Affiliates and sublicensees shall have, and shall be notified by Pharmasset Triangle that they have, the option of making any royalty payment directly to Bukwang.

Royalty Reports and Records. (a) During the term of this Agreement commencing with the First Commercial Sale commercial introduction of the first Licensed Product, Pharmasset Triangle shall furnish, or cause to be furnished to Bukwang, written reports governing each of Pharmasset’s Triangle's fiscal quarters showing: (i) the gross sales of all Licensed Products sold by PharmassetTriangle, its Affiliates and sublicensees during the reporting period, together with the calculations of Net Sales in accordance with Sections 1.291.23 and 1.24; and (ii) the royalties payable in Dollars, which shall have accrued hereunder in respect of such Net Sales; and (iii) the exchange rates used, if any, in determining the amount of *** Portions of this page have been omitted pursuant to a request for Confidential Treatment and filed separately with the Commission. Dollars; and (iv) any Withholding Taxes (as defined below)withholding taxes required to be made from such royalties. (b) With respect to sales of the Licensed Product invoiced in Dollars, the gross sales, Net Sales, and royalties payable shall be expressed in Dollars. With respect to sales of the Licensed Product invoiced in a currency other than Dollars, the gross sales, Net Sales, and royalties payable shall be expressed in the domestic currency of the party making the sale together with the Dollar equivalent of the royalty payable, calculated using the simple average of the exchange rates published in the Wall Street Journal on the last day of each month during the reporting period. If any Pharmasset Triangle Affiliate or sublicensee makes any sales invoiced in a currency other than its domestic currency, the gross sales and Net Sales shall be converted to its domestic currency in accordance with the Affiliate’s 's or sublicensee’s 's normal accounting practices. Triangle or its Affiliate or sublicensee making any royalty payment shall furnish to Bukwang appropriate evidence of payment of any tax or other amount deducted from any royalty payment. (c) Reports shall be made on a quarterly basis. Quarterly reports shall be due within sixty (60) days after *** of the close of every Pharmasset Triangle fiscal quarter and shall be prepared in accordance with U.S. GAAP. Pharmasset Triangle shall keep accurate records in sufficient detail to enable royalties and other payments payable hereunder to be determined. Pharmasset Triangle shall be responsible for all royalties and late payments that are due to Bukwang that have not been paid by Pharmasset’s Triangle's Affiliates and sublicensees. Pharmasset’s Triangle's Affiliates and sublicensees shall have, and shall be notified by Pharmasset Triangle that they have, the option of making any royalty payment directly to Bukwang.