Common use of Sales Reports and Records Clause in Contracts

Sales Reports and Records. During the term of this Agreement, but only after the First Commercial Sale of a Drug Product, NIBRI shall deliver to Myogen within ninety (90) days after the end of each calendar quarter a written report showing actual Net Sales of Drug Products by NIBRI, its Affiliates and sublicensees in each country in the Territory during such calendar quarter. All Net Sales shall be stated in United States dollars, and shall convert the amounts into United States dollars from the currency in which such amounts are received by NIBRI using NIBRI's then-current standard exchange rate methodology applied in its external reporting for the translation of foreign currency sales into United States dollars. NIBRI will keep [/\#/\]CONFIDENTIAL TREATMENT REQUESTED complete, true and accurate books of account and records for the purpose of showing the derivation of Net Sales and all amounts payable to Myogen under this Agreement. Such books and records will be kept by NIBRI or an Affiliate of NIBRI for at least three (3) years following the end of the calendar quarter to which they pertain. Such books and records, or copies thereof, will be made available at NIBRI's principal place of business, upon request of Myogen, for inspection and copying by an independent auditor appointed by Myogen for the purpose of verifying NIBRI's sales reports or NIBRI's compliance in other respects with this Agreement. Such inspections shall be at the expense of Myogen, unless a variation or error exceeding five percent (5%) of the amount reported is discovered in the course of any such inspection, whereupon the costs relating thereto shall be for the account of NIBRI.

Sales Reports and Records. During the term of this Agreement, but only after the First Commercial Sale of a Drug Product, NIBRI shall deliver to Myogen within ninety forty-five (9045) days after the end of each calendar quarter a written report showing actual Net Sales of Drug Products by NIBRI, its Affiliates and sublicensees in each country in the Territory during such calendar quarter. All Net Sales shall be stated in United States dollars, and shall convert the amounts into United States dollars from the currency in which such amounts are received by NIBRI using NIBRI's ’s then-current standard exchange rate methodology applied in its external reporting for the translation of foreign currency sales into United States dollars. NIBRI will keep [/\#/\]CONFIDENTIAL TREATMENT REQUESTED complete, true and accurate books of account and records for the purpose of showing the derivation of Net Sales and all amounts payable to Myogen under this Agreement. Such books and records will be kept by NIBRI or an Affiliate of NIBRI for at least three (3) years following the end of the calendar quarter to which they pertain. Such books and records, or copies thereof, will be made available at NIBRI's ’s principal place of business, upon request of Myogen, for inspection and copying by an independent auditor appointed by Myogen for the purpose of verifying NIBRI's ’s sales reports or NIBRI's ’s compliance in other respects with this Agreement. Such inspections shall be at the expense of Myogen, unless a variation or error exceeding five percent (5%) of the amount reported is discovered in the course of any such inspection, whereupon the costs relating thereto shall be for the account of NIBRI.