Common use of Payment and Reports Clause in Contracts

Payment and Reports. All guaranteed minimum royalties shall be due and payable as set forth in the Agreement. Any additional royalties earned for the 12-month period, between [[dates as concerned]], less than the guaranteed minimum royalties previously paid, shall be due and payable on [[date]]. The Licensee shall provide to the Licensor a written royalty report on a monthly basis. The Licensee shall also provide the foregoing information in an electronic spreadsheet. If a currency exchange rate is necessary to calculate royalties, the Licensee shall use the closing rate of exchange on the last business day of the applicable quarterly accounting period.

Payment and Reports. All guaranteed minimum royalties shall be due and payable as set forth in the Agreement. Any additional royalties earned for the 12-month period, between between______________ [[dates as concerned]], less than the guaranteed minimum royalties previously paid, shall be due and payable on ______________ [[date]]. The Licensee shall provide to the Licensor a written royalty report on a monthly basis. The Licensee shall also provide the foregoing information in an electronic spreadsheet. If a currency exchange rate is necessary to calculate royalties, the Licensee shall use the closing rate of exchange on the last business day of the applicable quarterly accounting period.