Common use of Royalty Reports; Payments Clause in Contracts

Royalty Reports; Payments. Commencing on the First Commercial Sale of a Product (other than a U.S. [***] Product) and for so long as Royalties are due under this Agreement, no later than [***] after the end of each Calendar Quarter, NVS will provide to HMI a written report (each, a “Royalty Report”), which Royalty Report will set forth: (a) the Net Sales (in local currency and United States Dollars) for such Calendar Quarter on a country-by-country and Product-by-Product basis; (b) the amount of any adjustments to such Royalties in accordance with Section 11.7.2 (Adjustments to Royalties); (c) the resulting total Royalties for the relevant Calendar Quarter in United States Dollars; and (d) if, applicable, Sales Milestone Payments owed to HMI listed by category. All Royalty Reports will be the Confidential Information of NVS. Upon receipt of such Royalty Report, HMI shall issue an invoice to [***]. Royalty payments for each Calendar Quarter will be due within [***] of receipt of such written invoice by HMI for the Calendar Quarter.

Royalty Reports; Payments. Commencing on the First Commercial Sale of a Product (other than a U.S. [***] SCD Product) and for so long as Royalties are due under this Agreement, no later than [***] after the end of each Calendar Quarter, NVS will provide to HMI a written report (each, a “Royalty Report”), which Royalty Report will set forth: (a) the Net Sales (in local currency and United States Dollars) for such Calendar Quarter on a country-by-country and Product-by-Product basis; (b) the amount of any adjustments to such Royalties in accordance with Section 11.7.2 (Adjustments to Royalties); (c) the resulting total Royalties for the relevant Calendar Quarter in United States Dollars; and (d) if, applicable, Sales Milestone Payments owed to HMI listed by category. All Royalty Reports will be the Confidential Information of NVS. Upon receipt of such Royalty Report, HMI shall issue an invoice to [***]. Royalty payments for each Calendar Quarter will be due within [***] of receipt of such written invoice by HMI for the Calendar Quarter.