Common use of Timing of Royalty Payments; Records Clause in Contracts

Timing of Royalty Payments; Records. (i) within ninety (90) days after the end of each half-year of the Fiscal Year, Ciba shall pay to Dermion the royalty payment due for that half year, provided, that royalties with respect to the first half-year in which any Product or other System is sold shall not be payable with respect to such Product or System until the royalty payment date for the next succeeding half-year. (ii) Together with each royalty payment, Ciba shall submit to the Dermion a written accounting showing its computation of royalties due under this Agreement for such half-year of the Fiscal Year. Said accounting shall (A) set forth gross sales, Net Sales, the specific deductions used in arriving at Net Sales, and the total royalties due for the half-year in question and (B) be in accordance with Ciba's standard accounting practices. (iii) Ciba shall keep full and accurate books and records setting forth gross sales, Net Sales, the specific deductions used in arriving at Net Sales and the amount of royalties payable to Dermion hereunder for no less than two (2) years after the end of each half-year of the Fiscal Year. Ciba shall permit Dermion, at Dermion's expense, to have such books and records examined by independent certified public accountants retained by Dermion and reasonably acceptable to Ciba, during regular business hours upon reasonable advance notice, but not later than two (2) years following the rendering of any such reports, accounting and payments, and no more often than one (1) time per year. Such independent accountants shall keep confidential any information obtained during such examination and shall report to Dermion only the amounts of royalties which the independent accountant believes to be due and payable hereunder.

Timing of Royalty Payments; Records. 4.1 Within forty-five (i) within ninety (9045) days after the end of each half-year of the Fiscal Yearcalendar quarter, Ciba Licensee shall pay to Dermion UCHC the royalty payment and sublicensing income due for that half yearsuch quarter in U.S. dollars. Such royalties shall be converted, providedwhere applicable, that royalties with respect to from the first half-year currency of the country in which any Product or other System is sold shall not be payable the sale was made into U.S. dollars in accordance with respect to such Product or System until the royalty payment date for the next succeeding half-yeargenerally accepted accounting principles. (ii) 4.2 Together with each royalty quarterly payment, Ciba Licensee shall submit to the Dermion UCHC a written accounting showing its computation of royalties and sublicensing income due under this Agreement for such half-year of the Fiscal Yearquarter. Said accounting shall (A) set forth gross sales, credits and other offsets, Net Sales, total sublicensing income, the specific deductions used in arriving at Net Salesexchange rate applied, if any, and the total royalties payment due for the half-year quarter in question and (B) be in accordance with Ciba's standard accounting practicesquestion. (iii) Ciba 4.3 Licensee shall keep full and accurate books and records setting forth gross sales, Net Sales, reflecting the specific deductions sales of Licensed Products and the data used in arriving at Net Sales and the amount of royalties and/or share of sublicense income payable to Dermion UCHC hereunder for no less than two (2) three years after the end of each half-year of the Fiscal Yearsuch quarter. Ciba Licensee shall permit DermionUCHC, at DermionUCHC's expense, to have such books and records examined by independent certified public accountants retained by Dermion UCHC and reasonably acceptable to CibaLicensee, during regular business hours upon reasonable advance notice, but not later than two (2) three years following the rendering of any such reports, accounting and payments, and no more often than one (1) time per year. Such independent accountants shall keep confidential any information obtained during such examination and shall report to Dermion UCHC only the amounts of royalties and/or share of sublicense income which the independent accountant believes to be due and payable hereunder.

Timing of Royalty Payments; Records. (i) within ninety (90) days after the end of each half-year of the Fiscal Year, Ciba shall pay to Dermion the royalty payment due for that half year, provided, that royalties with respect to the the. first half-year in which any Product or other System is sold shall not be payable with respect to such Product or System until the royalty payment date for the next succeeding half-year. (ii) Together with each royalty payment, Ciba shall submit to the Dermion a written accounting showing its computation of royalties due under this Agreement for such half-year of the Fiscal Year. Said accounting shall (A) set forth gross sales, Net Sales, the specific deductions used in arriving at Net Sales, and the total royalties due for the half-year in question and (B) be in accordance with Ciba's standard accounting practices. (iii) Ciba shall keep full and accurate books and records setting forth gross sales, Net Sales, the specific deductions used in arriving at Net Sales and the amount of royalties payable to Dermion hereunder for no less than two (2) years after the end of each half-year of the Fiscal Year. Ciba shall permit Dermion, at Dermion's expense, to have such books and records examined by independent certified public accountants retained by Dermion and reasonably acceptable to Ciba, during regular business hours upon reasonable advance notice, but not later than two (2) years following the rendering of any such reports, accounting and payments, and no more often than one (1) time per year. Such independent accountants shall keep confidential any information obtained during such examination and shall report to Dermion only the amounts of royalties which the independent accountant believes to be due and payable hereunder.