Common use of Payments and Reporting Clause in Contracts

Payments and Reporting. After the First Commercial Sale of Licensed Product in the Territory, Licensee shall calculate royalties quarterly at the end of each Accounting Period [ ]* and shall pay royalties on Net Sales quarterly within [ ]* after the end of each Accounting Period. With each such payment, Licensee shall provide in writing to Ipsen for the relevant Accounting Period at least the following information split by United States of America, and any other countries of the Territory: * CONFIDENTIAL TREATMENT REQUESTED. OMITTED PORTIONS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. · Gross Sales (expressed in the currency in which the sale of Licensed Product is made, and, for Gross Sales achieved in the ROW, the applicable conversion rates and the resulting amount in Euros, subject to the provisions of Section 5.1 above) on a Licensed Product-by-Licensed Product basis, in unit and in value; · Net Sales (expressed in the currency in which the sale of Licensed Product is made, and, for Net Sales achieved in the ROW, the applicable conversion rates and the resulting amount in Euros, subject to the provisions of Section 5.1 above) on a Licensed Product-by-Licensed Product basis, in unit and in value; · Total royalty payable (expressed in USD for the USA and in Euros for ROW, subject to the provisions of Section 5.1 above) on a Licensed Product-by-Licensed Product basis.