Common use of Reports and Payment Terms Clause in Contracts

Reports and Payment Terms. Within thirty (30) days after the beginning of each quarter following first customer shipment during the term of this Agreement, Licensee shall furnish to Licensor a statement in suitable form showing all products subject to royalties hereunder which were sold, leased, licensed, transferred or otherwise disposed of during such fiscal quarter, and the amount of royalties payable thereon. If no products are subject to royalties, then that fact shall be shown on such statement. Notwithstanding the minimum royalty payments described in the schedule above will be paid within 30 days after the beginning of each quarter following the first customer shipment. This first quarter is estimated to be the second quarter of calendar year 2003.