Common use of Royalty Reports; Payment Clause in Contracts

Royalty Reports; Payment. Following the First Commercial Sale of any Licensed Product for which royalties are due pursuant to Section 4.3, and continuing for so long as royalties are due hereunder, within [***] after the end of each [***], AVROBIO shall provide a royalty-report showing, on a Licensed Product-by-Licensed Product and country-by-country basis: (a) gross sales of Licensed Products sold by AVROBIO, its Affiliates and sublicensees during such [***] reporting period (on a Licensed Product by Licensed Product and country by country basis); (b) an itemized calculation of the Net Sales (showing all deductions taken pursuant to Section 1.20) of each Licensed Product sold by AVROBIO, its Affiliates and sublicensees during such [***] reporting period, along with cumulative Net Sales for the then-current calendar year; (c) the royalties payable in United States Dollars which shall have accrued hereunder with respect to such Net Sales; (d) Withholding Taxes (as defined in Section 4.9), if any, required by applicable law to be deducted with respect to such royalties; and (e) the rate of exchange with supporting calculations, determined in accordance with Section 4.5, used by AVROBIO in determining the amount of United States Dollars payable hereunder. AVROBIO shall pay to BioMarin the royalties for each [***] at the time of submission of AVROBIO’s royalty report. If no royalty is due for any royalty period hereunder following commencement of the reporting obligation, AVROBIO shall so report.

Royalty Reports; Payment. Following the First Commercial Sale of any Licensed Product for which royalties are due pursuant to Section 4.3, and continuing for so long as royalties are due hereunder, within [***] after the end of each [***], AVROBIO shall provide a royalty-report showing, on a Licensed Product-by-Licensed Product and country-by-country basis: (a) gross sales of Licensed Products sold by AVROBIO, its Affiliates and sublicensees during such [***] reporting period (on a Licensed Product by Licensed Product and country by country basis); (b) an itemized calculation of the Net Sales (showing all deductions taken pursuant to Section 1.20) of each Licensed Product sold by AVROBIO, its Affiliates and sublicensees during such [***] reporting period, along with cumulative Net Sales for the then-current calendar year;; *** Confidential Treatment Requested *** (c) the royalties payable in United States Dollars which shall have accrued hereunder with respect to such Net Sales; (d) Withholding Taxes (as defined in Section 4.9), if any, required by applicable law to be deducted with respect to such royalties; and (e) the rate of exchange with supporting calculations, determined in accordance with Section 4.5, used by AVROBIO in determining the amount of United States Dollars payable hereunder. AVROBIO shall pay to BioMarin the royalties for each [***] at the time of submission of AVROBIO’s royalty report. If no royalty is due for any royalty period hereunder following commencement of the reporting obligation, AVROBIO shall so report.