Common use of Royalty Reports, Exchange Rates Clause in Contracts

Royalty Reports, Exchange Rates. During the term of this Agreement following the First Commercial Sale of any Product in any country, AHP shall within sixty (60) days after each calendar quarter furnish to GTC a written quarterly report showing: (i) the gross sales of the Products sold by AHP and its Affiliates and sublicensees during the reporting period and the calculation of Net Sales from such gross sales; (ii) the sublicense payments received by AHP during the reporting period; (iii) the royalties and other payments payable in United States dollars which shall have accrued hereunder in respect of such sales and sublicense payments; (iv) withholding taxes, if any, required by law to be deducted in respect of such royalties and sublicense payments; (v) the dates of the First Commercial Sales of Products in any country during the reporting period; and (iv) the exchange rates used in determining the amount of United States dollars payable hereunder. Royalties payable on sales in countries other than the United States shall be calculated by multiplying the appropriate royalty rate times the sales in each currency in which they are made and converting the resulting amount into United States dollars at the rates of exchange used by AHP for reporting such sales for United States financial statement purposes. If no royalty or payment is due for any royalty period hereunder, AHP shall so report. AHP shall keep complete and accurate records in sufficient detail to properly reflect all gross sales and Net Sales and to enable the royalties payable hereunder to be determined.

Royalty Reports, Exchange Rates. During the term of this Agreement Agreement, following the First Commercial Sale of any a Product in any countrycountry by Allergan, AHP Allergan shall within sixty (60) days after each calendar quarter furnish to GTC CNSI a written quarterly report showing, on a country by country basis: (i) the gross sales of the all Products sold by AHP Allergan and its Affiliates and its sublicensees during the reporting period and the calculation of Net Sales from such gross sales; (ii) the sublicense payments received by AHP during the reporting period; (iii) the royalties and other payments payable in United States dollars which shall have accrued hereunder in respect of such sales and sublicense paymentssales; (iviii) withholding taxes, if any, required by law to be deducted in respect of such royalties and sublicense paymentssales, as applicable; (viv) the dates of the First Commercial Sales of any Products in any country by Allergan and its Affiliates and its sublicensees during the reporting period; and (ivv) the exchange rates used in determining the amount of United States dollars dollars. All amounts payable hereunder. Royalties payable on sales in countries other than the United States shall will first be calculated by multiplying in the appropriate royalty rate times the sales in each currency in which they are made of sale and converting the resulting amount then converted into United States dollars at the rates using as a rate of exchange used by AHP the average exchange rate reported in the Wall Street Journal during the calendar quarter to which the payment relates. Reports together with the royalty payable for reporting such sales for United States financial statement purposesthe periods to which the reports relate shall be due on the sixtieth (60th) day following the close of each calendar quarter. If no royalty or payment is due for any royalty period hereunder, AHP Allergan shall so report. AHP Allergan shall keep complete and accurate records in sufficient detail to properly reflect all gross sales and Net Sales and to enable the royalties payable hereunder to be determined.

Royalty Reports, Exchange Rates. During the term of this Agreement following the First Commercial Sale of any BMI Product in any countryor GTC Product, AHP BMI or GTC, as applicable, shall within sixty (60) days after each calendar quarter furnish to GTC the other party a written quarterly report showing: (i) the gross sales of the BMI Products or GTC Products sold by AHP such party and its Affiliates and sublicensees during the reporting period and the calculation of Net Sales from such gross sales; (ii) the sublicense payments received by AHP such party during the reporting period; (iii) the royalties and other payments payable in United States dollars which shall have accrued hereunder in respect of such sales and sublicense payments; (iv) withholding taxes, if any, required by law to be deducted in respect of such royalties and sublicense payments; (v) the dates of the First Commercial Sales of BMI Products or GTC Products, as applicable, in any country during the reporting period; and (iv) the exchange rates used in determining the amount of United States dollars payable hereunder. Royalties payable on sales in countries other than the United States shall be calculated by multiplying the appropriate royalty rate times the sales in each currency in which they are made and converting the resulting amount into United States dollars at the rates of exchange used by AHP for reporting such sales for United States financial statement purposes. If no royalty or payment is due for any royalty period hereunder, AHP BMI or GTC, as applicable, shall so report. AHP Each party shall keep complete and accurate records in sufficient detail to properly reflect all gross sales and Net Sales and to enable the royalties payable hereunder to be determined.. * Confidential Treatment Requested For the purposes of calculating the royalty payments to be made in United States dollars, GTC shall multiply the sales made in countries other than the United States by the appropriate royalty rate before converting such sum into United States dollars at the exchange rate used by GTC for reporting such sales for United States financial statement purposes. BMI shall use, for the purposes of calculating the royalty payments to be made in United States dollars, the following rules: