Common use of Payment and Reporting Clause in Contracts

Payment and Reporting. The royalties due under Section 5.6 shall be paid quarterly, within sixty (60) days after the close of each calendar quarter, or earlier if possible (i.e., on or before the last day of each of the months of May, August, November and February) immediately following each quarterly period of each year in which such royalties are owed. With each such quarterly payment, the payor shall furnish the payee a royalty statement (the "Royalty Statement"), setting forth on a country-by-country basis the total number of units of each Product made, used and/or sold hereunder for the quarterly period for which the royalties are due.

Payment and Reporting. The royalties due under Section 5.6 Sections 6.6 or 6.7 shall be paid quarterly, within sixty (60) days 3 months after the close of each calendar quarter, or earlier if possible practical (i.e., on or before the last day of each of the months of MayJune, AugustSeptember, November December, and February) March), immediately following each quarterly period of each year in which such royalties are owedearned. With each such quarterly payment, the payor shall furnish the payee a royalty statement (the "Royalty Statement"), setting forth on a country-by-country basis the total revenues and the number of units of each royalty-bearing Product made, used and/or sold hereunder for the quarterly period for which the royalties are due, and the deductions applied in arriving at Net Sales.