Subsequent Calendar Quarters Clause Samples
Subsequent Calendar Quarters. At the latest [***] days prior to the end of each Calendar Quarter during the Research Program Term for each Research Program, the JPT will develop a good faith estimate of the Research Fees to be incurred during the subsequent Calendar Quarter in such Research Program in accordance with the applicable Research Plan ([***] percent [***] of such estimate, an “Estimated Pre-Payment”). Merck will pay to Mersana within [***] days after the receipt of the corresponding invoice the Estimated Pre-Payment for such Calendar Quarter minus any Overage retained by Mersana.
Subsequent Calendar Quarters. The Unit Price for each Calendar Quarter ended after the First Two Calendar Quarters shall be the Average Sales Price determined from the Calendar Quarter ended two Calendar Quarters immediately preceding such Calendar Quarter (the “Reference Quarter”) (for instance, in the case of Q4, the Calendar Quarter ended two Calendar Quarters immediately preceding would be Q2), where “Average Sales Price” shall mean the fraction the numerator of which is the total Net Sales during such Reference Quarter and the denominator of which is the total Units sold by the MITEK Sellers during such Reference Quarter. Within five (5) Business Days following the end of each Calendar Quarter, MITEK shall provide ANIKA with a preliminary and unaudited report containing the Net Sales for each such Calendar Quarter. These preliminary and unaudited reports will be superseded by the reports under Section 5.6(a) at the time those reports are required to be furnished.