Common use of Current Reports Clause in Contracts

Current Reports. TANOX agrees to make written reports and royalty payments to PDL within sixty (60) days after the close of each calendar quarter during the terms of this Agreement, beginning with the calendar quarter in which the date of first sale of Licensed Product by TANOX, its Affiliates or sublicensees, following regulatory approval occurs. These reports shall show for the calendar quarter in question Net Sales by TANOX, its Affiliates and sublicensees of the Licensed Products in the Territory on a country-by-country basis, details of the quantities of Licensed Products sold in each country and the country of manufacture, if different, applicable offsets, withholding taxes and the net royalty due to PDL thereon pursuant to Article 3. No later than at the time of the making of each such report, TANOX shall make any payment due to PDL of royalties for the period covered by such report.