Royalty Reports Payments and Accounting. 7.1 Beginning with the first sale of a Licensed Product, LICENSEE shall make written reports (even if there are no further sales) of royalty payments due, if any, to STANFORD within [**] ([**]) days after the end of each [**]. This report shall state the number, description, and aggregate Net Sales of Licensed Product(s) during such completed [**], and resulting calculations of earned royalty payments due STANFORD pursuant to Sections 6.5 through 6.8 for such completed [**]. Concurrent with the submission of each such report, LICENSEE shall pay STANFORD any royalties due for the [**] covered by such report.
7.2 LICENSEE agrees to keep and maintain records for a period of [**] ([**]) years showing the manufacture, sale, use and other disposition of products sold or otherwise disposed of under the license herein granted. Such records will include sufficient detail to enable the royalties payable hereunder by LICENSEE to be determined. LICENSEE further agrees to permit its books and records to be examined by an independent certified public accountant selected by STANFORD and acceptable to LICENSEE once per [**] during the term of this Agreement, for the sole purpose of verifying the reports and royalty payments made by LICENSEE. Such examination shall be made at LICENSEE'S place of business during ordinary business hours with at least thirty (30) days prior written notice. The accountant shall report to STANFORD only whether there has been a royalty underpayment and, if so, the amount thereof. Such examination is to be at the expense of STANFORD except in the event that the results of the audit reveal an under reporting of royalties [**] CERTAIN INFORMATION IN THIS EXHIBIT HAS BEEN OMITTED AND FILED SEPARATELY WITH THE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THE OMITTED PORTIONS. due STANFORD of [**] percent ([**]%) or more, then the audit costs shall be paid by LICENSEE within [**] ([**]) days of notice by STANFORD to LICENSEE.
Royalty Reports Payments and Accounting. 7.1 Quarterly Earned Royalty Payment and Report - Beginning with the first sale of a Licensed Product(s), LICENSEE shall make written reports (even if there are no sales) and earned royalty payments to STANFORD within forty-five (45) days after the end of each calendar quarter. This report shall state the number, description, and aggregate Net Sales of Licensed Product(s) during such completed calendar quarter, and resulting calculation pursuant to Paragraph 6.3 of earned royalty payment due STANFORD for such completed calendar quarter. Concurrent with the making of each such report, LICENSEE shall include payment due STANFORD of royalties for the calendar quarter covered by such report.
7.2 LICENSEE also agrees to make a written report to STANFORD within ninety (90) days after the expiration of the license pursuant to Section 3.2. LICENSEE shall continue to make reports pursuant to the provisions of this Section 7.2 concerning royalties payable in accordance with Section 6.6(b) in connection with the sale of Licensed Product(s) after expiration of the license, until such time as all such Licensed Product(s) produced under the license have been sold or destroyed. Concurrent with the submittal of each post-termination report, LICENSEE shall pay STANFORD all applicable royalties.
Royalty Reports Payments and Accounting. 6.1 Quarterly Earned Royalty Payment and Report - Beginning with the first sale of a Licensed Product, LICENSEE shall make written reports (even if there are no sales) and earned royalty payments to STANFORD within forty-five (45) days after the end of each calendar quarter. This report shall state the number, description, and aggregate Net Sales of Licensed Product during such completed calendar quarter, and resulting calculation pursuant to Paragraph 5.3 of earned royalty payment due STANFORD for such completed calendar quarter. Concurrent with the making of each such report, LICENSEE shall include payment due STANFORD of royalties for the calendar quarter covered by such report.
Royalty Reports Payments and Accounting. [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED.
Royalty Reports Payments and Accounting. 7.1 Quarterly Earned Royalty Payment and Report - Beginning with the first sale ------------------------------------------- of a Licensed Product(s) or the first sublicense, LICENSEE shall make written reports (even if there are no sales or sublicenses) and earned royalty payments to STANFORD within thirty (30) days after the end of each calendar quarter. This report shall state the number, description, and aggregate Net Sales of Licensed Product(s) during such completed calendar quarter, and resulting calculation pursuant to Paragraph 6.2 of earned royalty payment due STANFORD for such completed calendar quarter. The report shall also state the number and description of, and fees due under, sublicenses issued by Xenogen during such completed calendar quarter, and resulting calculation pursuant to Paragraph 13.5 of earned royalty payment due STANFORD for such completed calendar quarter. Concurrent with the making of each such report, LICENSEE shall include payment due STANFORD of royalties for the calendar quarter covered by such report.
Royalty Reports Payments and Accounting. 8.1 ONTOGENY will make written reports and earned royalty payments to STANFORD beginning with the first sale of a Licensed Product. These reports and payments will be due within 45 days after the end of each calendar quarter. The report will include the number, description and aggregate Net Sales of Licensed Product as well as the calculation of earned royalty payment due STANFORD under Paragraph 6.4 for the completed calendar quarter. ONTOGENY will also include the payment of royalties for the calendar quarter covered by the report.
8.2 ONTOGENY must keep and maintain records for a period of 3 years showing the manufacture, sale, use, and other disposition of products sold or otherwise disposed of under the license. These records will include general ledger records showing cash receipts and expenses, and records that include production records, customers, serial numbers and related information in sufficient detail to be able to determine the royalties owed to STANFORD. ONTOGENY will also permit STANFORD to examine books and records when necessary to verify reports described in Paragraph 8.1. STANFORD or its designee will make the examination at STANFORD's expense. If the audit reveals 5% or more under reporting of royalties due STANFORD, ONTOGENY will pay the audit costs.
Royalty Reports Payments and Accounting. 5.1 Royalty Reports 5.2 Payment Terms
Royalty Reports Payments and Accounting. 7.1 Earned Royalty Payment and Report - Beginning with the first sale of a Licensed Product, LICENSEE shall make written reports (even if there are no sales) and earned royalty payments to STANFORD within sixty (60) days of the reporting period of Paragraph 5.4 herein. This report shall state the number, description, and aggregate Net Sales of Licensed Product(s) during such completed period, and resulting calculation pursuant to Paragraph 5.4 or 5.5 of earned royalty payment due STANFORD. Concurrent with the making of each such report, LICENSEE shall include payment due STANFORD of royalties for the period covered by such report.
Royalty Reports Payments and Accounting. 5.1 Annual Report APRINOIA shall make written reports on (i) Net Sales of the Licensed Products, if any, (ii) Sublicense Income, (iii) the budget APRINOIA and subsidiaries spent on research and/or development of Licensed Product(s) this during the calendar year, and (iv) status of research and/or development of Licensed Product(s) within [***] days after the end of each calendar year. Such report shall include statements of the monthly and annual Net Sales of each Licensed Product and the payable royalty fees and its basis of the calculation during such calendar year. Further, APRINOIA shall report the status of research and/or development of Licensed Product(s) at any time upon a request from QST.
Royalty Reports Payments and Accounting. 7.1 Quarterly Earned Royalty Payment and Report - Beginning with the first ------------------------------------------- sale of a Licensed Product(s), LICENSEE shall make written reports (even if there are no sales) and earned royalty payments to STANFORD within thirty (30) days after the end of each calendar quarter. This report shall be in the form of the report of Appendix A and shall state the number, description, and aggregate Net Sales of Licensed Product(s) during such completed calendar quarter, and resulting calculation pursuant to Paragraph 6.3 of earned royalty payment due STANFORD for such completed calendar quarter. Concurrent with the making of each such report, LICENSEE shall include payment due STANFORD of royalties for the calendar quarter covered by such report. LICENSEE also agrees to make a written report to STANFORD and earned royalty payment within ninety (90) days after the expiration of the license pursuant to Section 3.2, and shall continue to make quarterly written reports and royalty payments until such time as all Licensed Product(s) produced under the Agreement have been sold or destroyed.
