Common use of Statements and Payments Clause in Contracts

Statements and Payments. REPORTING (a) Statement and Payments: By the fifteenth (15th) day following the end of each month, LICENSEE shall wire transfer to NBAP the "Monthly Minimum Payment" (as defined below), and within fifteen (15) days (i.e., by the 30th day following the end of each month) of each such payment, shall furnish (on forms provided by or approved by NBAP) full and accurate statements (on a country-by-country and unit basis, if more than one country is contained within the definition of the Territory), certified by an officer of LICENSEE, showing all information relating to the calculation of Net Sales for the preceding month. Simultaneously with the submission of such statement, LICENSEE shall wire transfer to NBAP the overage, if any, with respect to the Monthly Minimum Payment made and the actual earned royalty and A&P contribution required under Paragraphs F and H for the preceding month. The minimum amount of each monthly royalty payment with respect to each region shall be the amount which, when added to payments of royalties previously made for the Contract Year with respect to such region, shall be equal to one-twelfth (8.34%) of the Minimum Guarantee for such region for such Contract Year required under Paragraph E above, multiplied by the number of calendar months then elapsed. The minimum amount of each monthly advertising and promotion payment shall be the amount which, when added to the advertising and promotion payments previously made for the Contract Year, shall be equal to one-twelfth (8.34%) of the A&P contribution for such Contract Year required under Paragraphs F and H above, multiplied by the number of calendar months then elapsed (the minimum payments under this sentence and the preceding sentence collectively referred to as the "Monthly Minimum Payment"). Aggregate royalties and any advertising and promotion payments paid each Contract Year may exceed the Minimum Guarantee and the A&P contribution for such Contract Year. Such monthly statements shall be furnished and the required payments made by LICENSEE whether or not there are any Net Sales for that month. LICENSEE shall not deduct or withhold any amounts by reason of any tax (including any taxes imposed on NBAP); any applicable tax on the distribution and sale of the Licensed Products shall be borne, and paid directly, by LICENSEE. In order to avoid the imposition of foreign withholding taxes on NBAP, all payments shall be in U.S. dollars, from a U.S. source approved by NBAP. All computations and payments shall be in U.S. dollars, at the spot rate for the local currency as published in the Wall Street Journal for the last business day of the preceding month. If LICENSEE shall fail to timely pay any amount due under this Paragraph, LICENSEE shall pay interest on such amount at a rate equal to the lesser of (i) three percent (3%) per annum over the highest prime rate (announced by Chemical Bank, New York branch) prevailing during the period between the date the payment first became due and the date such payment is actually paid or (ii) the highest rate permitted by law during the period between the date the payment first became due and the date such payment is actually paid. The receipt or acceptance by NBAP of any of the statements furnished or royalties paid by LICENSEE (including the cashing of any royalty checks) shall not preclude NBAP from questioning their accuracy at any time, auditing LICENSEE's books and records pursuant to Paragraph 15 or claiming any shortfall in royalty payments, or advertising and promotion payments. In order to assist with NBAP's annual budget process, by April 15 of each Contract Year, LICENSEE shall deliver a statement detailing LICENSEE's projections for sales of each Licensed Product for the following Contract

Statements and Payments. REPORTING (a) Statement and Payments: By the fifteenth Licensee shall furnish to Licensor within forty-five (15th45) day following days after the end of each month, LICENSEE shall wire transfer to NBAP calendar quarter (the "Monthly Minimum Payment" Royalty Period") true and complete statements, certified as to accuracy by a senior officer of Licensee, which set forth the following with respect to each Product distributed and sold by Licensee during such Royalty Period: the (i) number of units; (ii) country in which manufactured, sold and/or to which shipped; (iii) Description (as defined below), and within fifteen (15) days (i.e., by the 30th day following the end of each month) of each such payment, shall furnish (on forms provided by or approved by NBAP) full and accurate statements (on a country-by-country and unit basis, if more than one country is contained within the definition of the Territory), certified by an officer of LICENSEE, showing all information relating to the calculation of Net Sales for the preceding month. Simultaneously with the submission of such statement, LICENSEE shall wire transfer to NBAP the overage, if any, with respect to the Monthly Minimum Payment made and the actual earned royalty and A&P contribution required under Paragraphs F and H for the preceding month. The minimum amount of each monthly royalty payment with respect to each region shall be the amount which, when added to payments of royalties previously made for the Contract Year with respect to such region, shall be equal to one-twelfth (8.34%) of the Minimum Guarantee for such region for such Contract Year required under Paragraph E above, multiplied by the number of calendar months then elapsed. The minimum amount of each monthly advertising Products; (iv) gross sales price; (v) itemized deductions from gross sales price; and promotion payment shall be the amount which, when added to the advertising and promotion payments previously (vi) Gross Wholesale Price together with any returns made for the Contract Year, shall be equal to one-twelfth (8.34%) of the A&P contribution for such Contract Year required under Paragraphs F and H above, multiplied by the number of calendar months then elapsed (the minimum payments under this sentence and during the preceding sentence collectively referred to as the "Monthly Minimum Payment")calendar quarter. Aggregate royalties and any advertising and promotion payments paid each Contract Year may exceed the Minimum Guarantee and the A&P contribution for such Contract Year. Such monthly statements shall be furnished and the required payments made by LICENSEE whether or not there are any Net Sales for that month. LICENSEE shall not deduct or withhold any amounts by reason of any tax (including any taxes imposed on NBAP); any applicable tax on the distribution and sale of the Licensed Products shall be borne, and paid directly, by LICENSEE. In order to avoid the imposition of foreign withholding taxes on NBAP, all payments shall be in U.S. dollars, from a U.S. source approved by NBAP. All computations and payments shall be in U.S. dollars, at the spot rate for the local currency as published in the Wall Street Journal for the last business day of the preceding month. If LICENSEE shall fail to timely pay any amount due under this Paragraph, LICENSEE shall pay interest on such amount at a rate equal to the lesser of (i) three percent (3%) per annum over the highest prime rate (announced by Chemical Bank, New York branch) prevailing during the period between the date the payment first became due and the date such payment is actually paid or (ii) the highest rate permitted by law during the period between the date the payment first became due and the date such payment is actually paid. The receipt Receipt or acceptance by NBAP Licensor of any of the statements furnished pursuant to this Agreement or royalties paid by LICENSEE (including the cashing of any royalty checks) sums paid hereunder shall not preclude NBAP Licensor from questioning their accuracy the correctness thereof at any timetime through the date that is one year after the last date of any Sell-Off Period for the Product in question, auditing LICENSEE's books and records pursuant to Paragraph 15 in the event that any inconsistencies or claiming any shortfall mistakes are discovered in royalty such statements or payments, they shall immediately be corrected and the appropriate payments shall promptly be made by Licensee. Statements shall be furnished to Licensor whether or advertising not any Products have been sold and promotion paymentswhether or not Royalties have been earned during the Royalty Period. If the Territory includes more than a single country, the statement shall be broken down by country and all sales shall be stated in the currency of the country where they were made and shall also include the United States currency equivalent of each local currency figure in such statement and the exchange rate applied. The amount due Licensor for such Royalty Period shall be paid simultaneously with the submission of such statements. In order to assist with NBAPno event shall the amount credited for returns during any Royalty Period exceed the Licensee's annual budget process, by April 15 Royalty obligation for such Royalty Period or be used as a credit against past Royalty obligations of each Contract Year, LICENSEE shall deliver a statement detailing LICENSEE's projections for sales of each Licensed Product for the following ContractLicensee.

Statements and Payments. REPORTING (a) Statement Each Royalty payment shall be made by wire transfer to an account for the credit of PPR at a bank designated by PPR in Paragraph 4 of this Agreement or a single check made payable to a person designated in writing by PPR as the payee for purposes of payments due to PPR under this Agreement. Each payment shall be made by Grantee’s check mailed or delivered as above within THIRTY days after the calendar quarter in which Grantee receives payment of the purchase price for ores, leachates, solutions or concentrates sold by it and Payments: By for which the fifteenth (15th) day following Royalty is payable according to this Agreement. If above, the Royalty shall be paid within THIRTY days after the calendar quarter during which the further processing occurs. Each such payment shall be accompanied by an itemized statement setting forth all facts and figures weights, analyses and values of all ores, concentrates, Subject Minerals, and metals produced form the Property during the Period for which payment is made in order to verify the accuracy of the amount of the payment. Notwithstanding anything to the contrary in this Agreement, Grantee shall not be in default for failing to make any payment to PPR in timely fashion if PPR fails or refuse to give Grantee written notice designating a bank account or a person to be the payee named on each and every check to be either wired or sent to PPR. All statements provided to PPR by Grantee shall be conclusively presumed to be true and correct after SIXTY days from the end of each month, LICENSEE shall wire transfer the period to NBAP the "Monthly Minimum Payment" (as defined below), and within fifteen (15) days (i.e., by the 30th day following the end of each month) of each which such payment, shall furnish (on forms provided by or approved by NBAP) full and accurate statements (on a country-by-country and unit basis, if more than one country is contained statement applies unless within the definition SIXTY day period PPR submits to Grantee a written exception and claims that Grantee makes adjustment. Failure on the part of PPR to make a claim against Grantee for an adjustment in the Territory), certified by an officer subject period shall establish the correctness and preclude the filing of LICENSEE, showing all information relating later favorable to the calculation of Net Sales for the preceding month. Simultaneously with the submission of such statement, LICENSEE shall wire transfer to NBAP the overage, if any, with respect to the Monthly Minimum Payment made and the actual earned royalty and A&P contribution required under Paragraphs F and H for the preceding month. The minimum amount of each monthly royalty payment with respect to each region Grantee shall be made unless they are made within the amount which, when added to payments of royalties previously made for the Contract Year prescribed SIXTY day period or unless in connection with respect to such region, shall be equal to one-twelfth (8.34%) of the Minimum Guarantee for such region for such Contract Year required under Paragraph E above, multiplied by the number of calendar months then elapsed. The minimum amount of each monthly advertising and promotion payment shall be the amount which, when added to the advertising and promotion payments previously made for the Contract Year, shall be equal to one-twelfth (8.34%) of the A&P contribution for such Contract Year required under Paragraphs F and H above, multiplied by the number of calendar months then elapsed (the minimum payments under this sentence and the preceding sentence collectively referred to as the "Monthly Minimum Payment"). Aggregate royalties and any advertising and promotion payments paid each Contract Year may exceed the Minimum Guarantee and the A&P contribution for such Contract Year. Such monthly statements shall be furnished and the required payments a claim made by LICENSEE whether or not there are any Net Sales for that month. LICENSEE shall not deduct or withhold any amounts by reason of any tax (including any taxes imposed on NBAP); any applicable tax on the distribution and sale of the Licensed Products shall be borne, and paid directly, by LICENSEE. In order to avoid the imposition of foreign withholding taxes on NBAP, all payments shall be in U.S. dollars, from a U.S. source approved by NBAP. All computations and payments shall be in U.S. dollars, at the spot rate for the local currency as published in the Wall Street Journal for the last business day of the preceding month. If LICENSEE shall fail to timely pay any amount due under this Paragraph, LICENSEE shall pay interest on such amount at a rate equal to the lesser of (i) three percent (3%) per annum over the highest prime rate (announced by Chemical Bank, New York branch) prevailing during the period between the date the payment first became due and the date such payment is actually paid or (ii) the highest rate permitted by law during the period between the date the payment first became due and the date such payment is actually paid. The receipt or acceptance by NBAP of any of the statements furnished or royalties paid by LICENSEE (including the cashing of any royalty checks) shall not preclude NBAP from questioning their accuracy at any time, auditing LICENSEE's books and records pursuant to Paragraph 15 or claiming any shortfall in royalty payments, or advertising and promotion payments. In order to assist with NBAP's annual budget process, by April 15 of each Contract Year, LICENSEE shall deliver a statement detailing LICENSEE's projections for sales of each Licensed Product for the following ContractPPR.

Statements and Payments. REPORTING (a) Statement and Payments: By As soon as practicable, but no later than On or before the fifteenth (15th) Day of each calendar month, Gatherer will render to Owner a statement setting forth day following the close of each Month, Gatherer shall furnish to Owner: (i) an invoice setting forth the amounts due for Gathering Services provided during, and for other amounts owed with respect to, the preceding Month, and (ii) pertinent measurement reports setting forth the volumes of gas received and delivered during the preceding Month (including, in terms of Mcf's and MMBtu's, the total quantity of Gas received hereunder as measured at the Measurement Point and the Equivalent Quantities of Gas delivered hereunder at the Delivery Point(s) Points during the immediately preceding Month and the amount payable therefor. Additionally, such statement shall set forth the cumulative imbalance existing at the end of each month, LICENSEE shall the current Month. Owner agrees to pay Gatherer by wire transfer (according to NBAP the "Monthly Minimum Payment" instructions set forth in the applicable statement or invoice) the full amount payable according to such statement on or before ten (10) Days following the receipt thereof by Owner. In the event such quantities are estimated for any period, corrected statements shall be rendered by Gatherer to Owner and paid by Owner or refunded or credited by Gatherer, as defined belowthe case may be, in each instance in which the actual quantity received or delivered hereunder with respect to a Month shall be determined to be at variance with the estimated quantity theretofore made the basis of billing and payment hereunder. Owner shall, if requested by Gatherer at any time during the term of this Agreement, provide Gatherer with such payment securities as may be acceptable to Gatherer. In the event Owner fails to promptly provide payment securities acceptable to Gatherer when requested by Gatherer, Gatherer and Owner agree that Gatherer may suspend its performance hereunder until such time as Owner furnishes acceptable payment securities to Gatherer. In addition to all other remedies available to Gatherer, should Owner fail to pay any amount when the same becomes due, interest shall accrue thereon), a statement of the Fuel Gas allowances, cumulative Imbalances, and the total net amount due Gatherer. Owner shall pay Gatherer the invoiced amount within fifteen (15) days (i.e., by the 30th day following the end of each month) of each such payment, shall furnish invoice date (on forms provided by or approved by NBAP) full and accurate statements ("Due Date"). If the Due Date falls on a country-by-country and unit basisDay other than a Business Day, if more than one country payment is contained within due the definition of the Territory), certified next Business Day. Payment shall be by an officer of LICENSEE, showing all information relating to the calculation of Net Sales for the preceding month. Simultaneously with the submission of such statement, LICENSEE shall wire transfer to NBAP the overage, if any, with respect to the Monthly Minimum Payment made and the actual earned royalty and A&P contribution required under Paragraphs F and H for the preceding month. The minimum amount of each monthly royalty payment with respect to each region shall be the amount which, when added to payments of royalties previously made for the Contract Year with respect to such region, shall be equal to one-twelfth (8.34%) of the Minimum Guarantee for such region for such Contract Year required under Paragraph E above, multiplied by the number of calendar months then elapsed. The minimum amount of each monthly advertising and promotion payment shall be the amount which, when added to the advertising and promotion payments previously made for the Contract Year, shall be equal to one-twelfth (8.34%) of the A&P contribution for such Contract Year required under Paragraphs F and H above, multiplied by the number of calendar months then elapsed (the minimum payments under this sentence and the preceding sentence collectively referred to as the "Monthly Minimum Payment"). Aggregate royalties and any advertising and promotion payments paid each Contract Year may exceed the Minimum Guarantee and the A&P contribution for such Contract Year. Such monthly statements shall be furnished and the required payments made by LICENSEE whether or not there are any Net Sales for that month. LICENSEE shall not deduct or withhold any amounts by reason of any tax (including any taxes imposed on NBAP); any applicable tax on the distribution and sale of the Licensed Products shall be borne, and paid directly, by LICENSEE. In order to avoid the imposition of foreign withholding taxes on NBAP, all payments shall be in U.S. dollars, from a U.S. source approved by NBAP. All computations and payments shall be in U.S. dollars, Gatherer’s account at the spot rate for the local currency as published in the Wall Street Journal for the last business day of the preceding month. If LICENSEE shall fail to timely pay any amount due under this Paragraph, LICENSEE shall pay interest on such amount at a rate equal to the lesser of (i) three percent (3%) per annum over the highest prime rate (announced by Chemical _______ Bank, New York branch) prevailing during the period between the date the payment first became due and the date such payment is actually paid or (ii) the highest rate permitted by law during the period between the date the payment first became due and the date such payment is actually paidN.A., ABA Routing No. The receipt or acceptance by NBAP of any of the statements furnished or royalties paid by LICENSEE (including the cashing of any royalty checks) shall not preclude NBAP from questioning their accuracy at any time000000000, auditing LICENSEE's books and records pursuant to Paragraph 15 or claiming any shortfall in royalty payments, or advertising and promotion paymentsAccount No. In order to assist with NBAP's annual budget process, by April 15 of each Contract Year, LICENSEE shall deliver a statement detailing LICENSEE's projections for sales of each Licensed Product for the following Contract4140327387.

Statements and Payments. REPORTING (a) Statement and Payments: By the fifteenth (15th) day following the end of each month, LICENSEE ZEFR shall wire transfer account to NBAP the "Monthly Minimum Payment" (as defined below)Client on a calendar month basis, and within fifteen (15) days (i.e., by the 30th day following the end of each month) of each such payment, shall furnish (on forms provided by or approved by NBAP) full and accurate statements (on a country-by-country and unit basis, if more than one country is contained within the definition of the Territory), certified by an officer of LICENSEE, showing all information relating pay any applicable amounts then due to Client pursuant to the calculation terms of Net Sales for the preceding month. Simultaneously with the submission of such statement, LICENSEE shall wire transfer to NBAP the overage, if anythis Agreement, with respect to an accounting statement detailing Gross Revenues received by ZEFR during such month and other reporting information including viewership traffic, in each case with such reasonable details as specified in the Monthly Minimum Payment made and the actual earned royalty and A&P contribution required under Paragraphs F and H for the preceding monthScorecard. The minimum amount of each monthly royalty payment with respect to each region accounting statement shall be the amount which, when added to Confidential Information of ZEFR. The applicable payments of royalties previously made for the Contract Year with respect to such region, Gross Revenue shall be equal sent, concurrent with the applicable accounting statement, to one-twelfth (8.34%) of Client within thirty days following each calendar month end. Client shall have the Minimum Guarantee for such region for such Contract Year required under Paragraph E aboveright, multiplied by the number of calendar months then elapsed. The minimum amount of each monthly advertising at its own expense and promotion payment shall be the amount which, when added to the advertising and promotion payments previously made for the Contract Year, shall be equal to one-twelfth (8.34%) of the A&P contribution for such Contract Year required under Paragraphs F and H above, multiplied by the number of calendar months then elapsed (the minimum payments under this sentence and the preceding sentence collectively referred to as the "Monthly Minimum Payment"). Aggregate royalties and any advertising and promotion payments paid each Contract Year may exceed the Minimum Guarantee and the A&P contribution for such Contract Year. Such monthly statements shall be furnished and the required payments made by LICENSEE whether or not there are any Net Sales for that month. LICENSEE shall not deduct or withhold any amounts by reason of any tax (including any taxes imposed on NBAP); any applicable tax on the distribution and sale of the Licensed Products shall be bornevia an independent third party accounting firm, and paid directlysubject to customary confidentiality obligations, by LICENSEE. In order to avoid the imposition of foreign withholding taxes on NBAP, all payments shall be in U.S. dollars, from a U.S. source approved by NBAP. All computations and payments shall be in U.S. dollars, at the spot rate for the local currency as published in the Wall Street Journal for the last business day of the preceding month. If LICENSEE shall fail to timely pay any amount due under this Paragraph, LICENSEE shall pay interest on such amount at a rate equal to the lesser of (i) three percent (3%) per annum over the highest prime rate (announced by Chemical Bank, New York branch) prevailing during the period between the date the payment first became due and the date such payment is actually paid or (ii) the highest rate permitted by law during the period between the date the payment first became due and the date such payment is actually paid. The receipt or acceptance by NBAP of any of the statements furnished or royalties paid by LICENSEE (including the cashing of any royalty checks) shall not preclude NBAP from questioning their accuracy at any time, auditing LICENSEE's audit ZEFR’s books and records pursuant solely to Paragraph 15 or claiming verify the accuracy of such accounting statements once per twelve calendar months, on reasonable notice (not to be less than thirty days) at ZEFR’s principal place of business. If the audit shows an underpayment for any shortfall period of time, then ZEFR will, within thirty (30) days after the end of the month in royalty paymentswhich the audit was completed, or advertising and promotion paymentspay such underpaid amounts to Client. In order the event that the audit shows an underpayment of five percent (5%) or more of the required payment obligation, ZEFR will reimburse Client for its reasonable costs actually incurred for carrying out such audit. In the event of a change to assist the YouTube payment or ad serving mechanisms, the application of which would result in a modification of the relative revenue shares of the parties or would result in other material changes to the relative economic benefits of the Parties, the Parties agree to make such changes to this Section 7 as are reasonably necessary to accommodate such changes, while maintaining the economic benefits to the Parties as set forth in this Agreement. In the event that any Gross Revenue is received directly by Client in consideration for displaying Ads in conjunction with NBAP's annual budget processthe Content via the Service, such Gross Revenues (and the applicable related Net Revenues) shall be calculated and allocated to the parties hereto as set forth in this Section 7 as though they were originally received by April 15 of each Contract YearZEFR, LICENSEE and ZEFR shall deliver a statement detailing LICENSEE's projections for sales of each Licensed Product for the following Contracthave comparable audit rights related thereto.

Statements and Payments. REPORTING (a) Statement VoodooBeat shall compute and Payments: By pay royalties due to Licensor hereunder within sixty (60) days following June 30 and December 31, respectively, in each case with respect to license fees and Administration Receipts actually received by VoodooBeat during the fifteenth immediately preceding six (15th6) day following month period. Such payments shall be accompanied by a statement setting forth the end source of each month, LICENSEE such royalties. VoodooBeat shall wire transfer be under no obligation to NBAP render any statement or make any payment until such time as the "Monthly Minimum Payment" royalties due Licensor hereunder equal or exceed Fifty Dollars (as defined below$50.00), and within fifteen (15) days (i.e., by or upon request at the 30th day following the end of each month) of each such payment, shall furnish (on forms provided by or approved by NBAP) full and accurate statements (on a country-by-country and unit basis, if more than one country is contained within the definition close of the Territory)fourth accounting period following receipt, certified by an officer of LICENSEE, showing all information relating to the calculation of Net Sales for the preceding monthwhichever occurs first. Simultaneously with the submission of such statement, LICENSEE shall wire transfer to NBAP the overage, if anyLicensor acknowledges that, with respect to blanket licenses (i.e., those allowing use of multiple Tracks to be selected by a User and reported back to VoodooBeat), VoodooBeat is dependent on Users submitting cue sheets to VoodooBeat in order to calculate royalties owed to Licensor and that in some cases, royalty payment will be delayed pending VoodooBeat’s receipt of such cue sheets. VoodooBeat will use reasonable commercial efforts to collect cue sheets, but in situations where cue sheets are not provided by Users or VoodooBeat is otherwise unable to attribute revenue to particular Tracks or artists, VoodooBeat reserves the Monthly Minimum Payment right to allocate payment in an equitable manner, as determined in VoodooBeat’s sole discretion, amongst Tracks and/or artists. VoodooBeat shall have the right to deduct or withhold income or other similar tax from sums payable to Licensor hereunder pursuant to the laws of the relevant territory of a Licensed Use, provided that VoodooBeat shall, where readily available, furnish to Licensor, with each statement, any necessary information which shall enable Licensor, upon presentation of such, to endeavor to obtain income tax credit from the United States Internal Revenue Service or local revenue service for tax so withheld. examine VoodooBeat’s books and records with respect to such statement. Such examination shall be commenced within three (3) months after the date of such notice, at Licensor’s sole cost and expense, by any certified public accountant or attorney designated by Licensor, provided he (or any member or associate of the firm within which he is affiliated) is not then engaged in an outstanding examination of VoodooBeat’s books and records on behalf of a Person other than Licensor. Such examination shall be made during VoodooBeat’s usual business hours at the place where VoodooBeat maintains the books and records which relate to Licensor and which are necessary to verify the accuracy of the statement or statements specified in Licensor’s notice to VoodooBeat and the actual earned royalty examination shall be limited to the foregoing. Licensor’s right to inspect VoodooBeat’s books and A&P contribution required under Paragraphs F records shall be only as set forth in this Paragraph 11(b) and H for the preceding month. The minimum amount of each monthly royalty payment VoodooBeat shall have no obligation to produce such books and records more than once with respect to each region shall be the amount which, when added statement rendered to payments of royalties previously made for the Contract Year with respect to such region, shall be equal to one-twelfth (8.34%) of the Minimum Guarantee for such region for such Contract Year required under Paragraph E above, multiplied by the number of calendar months then elapsed. The minimum amount of each monthly advertising and promotion payment shall be the amount which, when added to the advertising and promotion payments previously made for the Contract Year, shall be equal to one-twelfth (8.34%) of the A&P contribution for such Contract Year required under Paragraphs F and H above, multiplied by the number of calendar months then elapsed (the minimum payments under this sentence and the preceding sentence collectively referred to as the "Monthly Minimum Payment"). Aggregate royalties and any advertising and promotion payments paid each Contract Year may exceed the Minimum Guarantee and the A&P contribution for such Contract Year. Such monthly statements shall be furnished and the required payments made by LICENSEE whether or not there are any Net Sales for that month. LICENSEE shall not deduct or withhold any amounts by reason of any tax (including any taxes imposed on NBAP); any applicable tax on the distribution and sale of the Licensed Products shall be borne, and paid directly, by LICENSEE. In order to avoid the imposition of foreign withholding taxes on NBAP, all payments shall be in U.S. dollars, from a U.S. source approved by NBAP. All computations and payments shall be in U.S. dollars, at the spot rate for the local currency as published in the Wall Street Journal for the last business day of the preceding month. If LICENSEE shall fail to timely pay any amount due under this Paragraph, LICENSEE shall pay interest on such amount at a rate equal to the lesser of (i) three percent (3%) per annum over the highest prime rate (announced by Chemical Bank, New York branch) prevailing during the period between the date the payment first became due and the date such payment is actually paid or (ii) the highest rate permitted by law during the period between the date the payment first became due and the date such payment is actually paid. The receipt or acceptance by NBAP of any of the statements furnished or royalties paid by LICENSEE (including the cashing of any royalty checks) shall not preclude NBAP from questioning their accuracy at any time, auditing LICENSEE's books and records pursuant to Paragraph 15 or claiming any shortfall in royalty payments, or advertising and promotion payments. In order to assist with NBAP's annual budget process, by April 15 of each Contract Year, LICENSEE shall deliver a statement detailing LICENSEE's projections for sales of each Licensed Product for the following ContractLicensor.

Statements and Payments. REPORTING (a) Statement and Payments: By the fifteenth (15th) day following the end of each month, LICENSEE shall wire transfer to NBAP the "Monthly Minimum Payment" (as defined below), and within fifteen (15) days (i.e., by the 30th day following the end of each month) of each such payment, shall furnish (on forms provided by or approved by NBAP) full and accurate statements (on a countrycounty-by-country and unit basis, if more than one country is contained within the definition of the Territory), certified by an officer of LICENSEE, showing all information relating to the calculation of Net Sales for the preceding month. Simultaneously with the submission of such statement, LICENSEE shall wire transfer to NBAP the overage, if any, with respect to the Monthly Minimum Payment made and the actual earned make all monthly royalty and A&P contribution payments required under Paragraphs F and H this Agreement for the preceding month. The minimum amount of each monthly royalty payment with respect to each region Licensed Product category shall be the amount which, when added to payments of royalties previously made for the Contract Year with respect to such regionLicensed Product category, shall be equal to one-twelfth (8.34%) of the Minimum Guarantee for such region Licensed Product category for such Contract Year required under Paragraph E above, multiplied by the number of calendar months then elapsed. The minimum amount of each monthly advertising and promotion payment shall be the amount which, when added to the advertising and promotion payments previously made for the Contract Year, shall be equal to one-twelfth (8.34%) of the A&P contribution for such Contract Year required under Paragraphs F and H above, multiplied by the number of calendar months then elapsed (the minimum payments under this sentence and the preceding sentence collectively referred to as the "Monthly Minimum Payment"). Aggregate royalties and any advertising and promotion payments paid each Contract Year may exceed the Minimum Guarantee and the A&P contribution for such Contract Year. Such monthly statements shall be furnished and the required payments made by LICENSEE whether or not there are any Net Sales for that month. LICENSEE shall not deduct or withhold any amounts by reason of any tax (including any taxes imposed on NBAP); any applicable tax on the distribution and sale of the Licensed Products shall be borne, and paid directly, by LICENSEE. In order to avoid the imposition of foreign withholding taxes on NBAP, all payments shall be in U.S. dollars, from a U.S. source approved by NBAP. All computations and payments shall be in U.S. dollars, at the spot rate for the local currency as published in the Wall Street Journal for the last business day of the preceding month. If LICENSEE shall fail to timely pay any amount due under this Paragraph, LICENSEE shall pay interest on such amount at a rate equal to the lesser of (i) three percent (3%) per annum over the highest prime rate (announced by Chemical Bank, New York branch) prevailing during the period between the date the payment first became due and the date such payment is actually paid or (ii) the highest rate permitted by law during the period between the date the payment first became due and the date such payment is actually paid. The receipt or acceptance by NBAP of any of the statements furnished or royalties paid by LICENSEE (including the cashing of any royalty checks) shall not preclude NBAP from questioning their accuracy at any time, auditing LICENSEE's books and records pursuant to Paragraph 15 12 or claiming any shortfall in royalty payments, payments or advertising and promotion payments. In order to assist with NBAP's annual budget process, by April 15 of each Contract Year, LICENSEE shall deliver a statement detailing LICENSEE's projections for sales of each Licensed Product for the following ContractContract Year, broken down on a quarterly basis. If LICENSEE fails to comply with reporting requirements contained in this Paragraph, NBAP may charge LICENSEE, two thousand U.S. dollars (US $2,000) for each instance of non- compliance with this Paragraph. (b) No Cross Collateralization: Any royalty payment for unit of Licensed Product sold shall only be applied against the Minimum Guarantee for such Licensed Product for the Contract Year in which the unit of such Licensed Product was sold (i.e., any shortfall in, or payment in excess of, the Minimum Guarantee for a Contract Year may not be offset or credited against the Minimum Guarantees for any other Contract Year, against any other Licensed Product or against any other NBA license (including premium license agreements entered into pursuant to Paragraph 5 hereof) held by LICENSEE). If Minimum Guarantees are stated separately for different categories of Licensed Products royalty payments resulting from Net Sales of a category of Licensed Product shall be applied only against the Minimum Guarantee for such category of Licensed Product. (c)

Statements and Payments. REPORTING (a) Statement and Payments: By the fifteenth (15th) day following the end of each month, LICENSEE shall wire transfer to NBAP the "Monthly Minimum Payment" (as defined below), and within fifteen (15) days (i.e., by the 30th day following the end of each month) of each such payment, shall furnish (on forms provided by or approved by NBAP) full and accurate statements (on a countrycounty-by-country and unit basis, if more than one country is contained within the definition of the Territory), certified by an officer of LICENSEE, showing all information relating to the calculation of Net Sales for the preceding month. Simultaneously with the submission of such statement, LICENSEE shall wire transfer to NBAP the overage, if any, with respect to the Monthly Minimum Payment made and the actual earned make all monthly royalty and A&P contribution payments required under Paragraphs F and H this Agreement for the preceding month. The minimum amount of royalties to be paid by LICENSEE by the end of each monthly royalty payment quarter with respect to each region Licensed Product category shall be the amount which, when added to payments of royalties previously made for the Contract Year with respect to such regionLicensed Product category, shall be equal to one-twelfth fourth (8.3425%) of the Minimum Guarantee for such region Licensed Product category for such Contract Year required under Paragraph E above, above multiplied by the number of calendar months quarters then elapsed. The minimum amount of each monthly advertising and promotion payment shall be the amount which, when added to the advertising and promotion payments previously made for the Contract Year, shall be equal to one-twelfth (8.34%) of the A&P contribution for such Contract Year required under Paragraphs F and H above, multiplied by the number of calendar months then elapsed (the minimum payments under this sentence and the preceding sentence collectively referred to as the "Monthly Minimum Payment"). Aggregate royalties and any advertising and promotion payments paid each Contract Year may exceed the Minimum Guarantee and the A&P contribution for such Contract Year. Such monthly statements shall be furnished and the required payments made by LICENSEE whether or not there are any Net Sales for that month. LICENSEE shall not deduct or withhold any amounts by reason of any tax (including any taxes imposed on NBAP); any applicable tax on the distribution and sale of the Licensed Products shall be borne, and paid directly, by LICENSEE. In order to avoid the imposition of foreign withholding taxes on NBAP, all All payments shall be in U.S. dollars, from a U.S. source approved by NBAP. All computations and payments shall be in U.S. dollars, at the spot rate for the local currency as published in the Wall Street Journal for the last business day of the preceding month. If LICENSEE shall fail to timely pay any amount due under this Paragraph, LICENSEE shall pay interest on such amount at a rate equal to the lesser of (i) three percent (3%) per annum over the highest prime percent rate (announced by Chemical Bank, New York branch) prevailing during the period between the date the payment first became due and the date such payment is actually paid or (ii) the highest rate permitted by law during the period between the date the payment first became due and the date such payment is actually paid. The receipt or acceptance by NBAP of any of the statements furnished or royalties paid by LICENSEE (including the cashing of any royalty checks) shall not preclude NBAP from questioning their accuracy at any time, auditing LICENSEE's books and records pursuant to Paragraph 15 12 or claiming any shortfall in royalty payments, or advertising and promotion payments. In order to assist with NBAPNBAp's annual budget process, by April 15 of each Contract Year, LICENSEE shall deliver a statement detailing LICENSEE's projections for sales of each Licensed Product for the following ContractContract Year, broken down on a quarterly basis. If LICENSEE fails to comply with reporting requirements contained in this Paragraph, NBAP may charge LICENSEE, and LICENSEE shall pay, two thousand U.S. dollars (USD 2,000) for each instance of non-compliance with this Paragraph. (b) No Cross Collateralization: Any royalty payment for unit of Licensed Product sold shall only be applied against the Minimum Guarantee for such Licensed Product for the Contract Year in which the unit of such Licensed Product was sold (i.e., any shortfall in, or payment in excess of, the Minimum Guarantee for a Contract Year may not be offset or credited against the Minimum Guarantees for any other Contract Year, against any other Licensed Product or against any other NBA license (including premium license agreements entered into pursuant to Paragraph 5 hereof) held by LICENSEE). If Minimum Guarantees are stated separately for different categories of Licensed Products or for different territories, royalty payments resulting from Net Sales of a category of Licensed Product or in a particular territory shall be applied only against the Minimum Guarantee for such category of Licensed Product or territory. 4.