Common use of Reports, Exchange Rates Clause in Contracts

Reports, Exchange Rates. During the term of this Agreement following the First Commercial Sale of a Licensed Product by NOVARTIS, its Affiliates or (sub)licensees, NOVARTIS shall furnish to TREGA a quarterly written report showing in reasonable detail, on a country by country basis, (a) the gross sales of all Licensed Products sold by NOVARTIS, its Affiliates and its (sub)licensees during the reporting period and the calculation of Net Sales from such gross sales; (b) the royalties payable in United States dollars which shall have accrued hereunder based upon Net Sales of Licensed Products; (c) the withholding taxes, if any, required by law to be deducted in respect of such sales; (d) the date of the First Commercial Sales of each Licensed Product in each country during the reporting period; and (e) the exchange rates used in determining the amount of United States dollars. With respect to sales of Licensed Products invoiced in United States dollars, the gross sales, Net Sales, and royalties payable shall be expressed in United States dollars. With respect to sales of Licensed Products invoiced in a currency other than United States dollars, the gross sales, Net Sales and royalties payable shall be expressed in the domestic currency together with the United States dollar equivalent of the royalty payable, calculated using the average closing buying rate for such currency quoted in the continental terms method of quoting exchange rates (local currency per US$1) by Bank of America NT&SA in London, England, or its successor, on each of the last business day of each month in the quarter prior to the date of payment. Reports shall be due on the sixtieth (60th) day following the close of each quarter. NOVARTIS shall keep complete and accurate records in sufficient detail to properly reflect all gross sales and Net Sales and to enable the royalties payable hereunder to be determined.

Reports, Exchange Rates. During the term of this the Agreement following the first to occur of the First Commercial Sale of a Licensed Product by NOVARTISProduct, its Affiliates or (sub)licensees, NOVARTIS Bayer shall furnish to TREGA Immune Response a quarterly written report showing in reasonable reasonably specific detail, on a country by country basis, (a) the gross sales of all Licensed Products sold by NOVARTISBayer, its Affiliates and its (sub)licensees sublicensees in the Territory during the reporting period and the calculation of Net Sales from such gross sales; - (b) the royalties payable in United States dollars dollars, if any, which shall have accrued hereunder based upon Net Sales of Licensed Products; (c) the withholding taxes, if any, required by law to be deducted in with respect of to such sales; (d) the date of the First Commercial Sales of each Licensed Product in each country in the Territory during the reporting period; and (e) the exchange rates used in determining the amount of United States dollars. With respect to sales of Licensed Products invoiced in United States dollars, the gross sales, Net Sales, Sales and royalties payable shall be expressed in United States dollars. With respect to sales of Licensed Products invoiced in a currency other than United States dollars, the gross sales, Net Sales and royalties payable shall be expressed in the domestic currency of the party making the sale together with the United States dollar equivalent of the royalty payable, calculated using the average closing buying rate for such currency quoted in the continental terms method of quoting exchange rates (local currency per US$1) by Bank of America NT&SA Citibank NA in LondonPittsburgh, England, or its successor, Pennsylvania on each of the last business day of each month in the quarter prior to the date of payment. Reports shall be due on the sixtieth sixty (60th) day following the close of each quarter. NOVARTIS Bayer shall keep complete and accurate records in sufficient detail to properly reflect all gross sales and Net Sales and to enable the royalties payable hereunder to be determined.

Reports, Exchange Rates. During the term of this Agreement following the First Commercial Sale of a Licensed Product by NOVARTISUse, its Affiliates or (sub)licensees, NOVARTIS LICENSEE shall furnish to TREGA LICENSOR a quarterly written report showing in reasonable reasonably specific detail, on a country by country basis, (a) the gross sales of all each Licensed Products Use sold by NOVARTIS, LICENSEE and its Affiliates and its (sub)licensees during the reporting period and the calculation of Net Sales from such gross sales; (b) the royalties payable in United States dollars dollars, if any, which shall have accrued hereunder based upon Net Sales of each Licensed ProductsUse; (c) the withholding taxes, if any, required by law to be deducted in respect of such sales; (d) the date of the First Commercial Sales of each Licensed Product Use in each country during the reporting period; and (e) the exchange rates used in determining the amount of United States dollars. With respect to sales of Licensed Products Uses invoiced in United States dollars, the gross sales, Net Sales, and royalties payable shall be expressed in United States dollars. With respect to sales of Licensed Products Uses invoiced in a currency other than United States dollars, the gross sales, Net Sales and royalties payable shall be expressed in the domestic currency of the Person making the sale together with the United States dollar equivalent of the royalty payable, calculated using the average closing buying rate for such currency quoted in the continental terms method of quoting exchange rates (local currency per US$1) by Bank of America NT&SA in London, England, or its successor, the Wall Street Journal on each of the last business day of each month in the calendar quarter prior to the date of payment. Reports shall be due on the sixtieth (60th) day following the close of each quarterreporting period. NOVARTIS LICENSEE shall keep and require its Affiliates to keep complete and accurate records in sufficient detail to properly reflect all gross sales and Net Sales and to enable the royalties payable hereunder to be determined.

Reports, Exchange Rates. During the term of this Agreement following the First Commercial Sale of a Licensed Product by NOVARTISSale, its Affiliates or (sub)licensees, NOVARTIS PMC shall furnish to TREGA CISTRON, with respect to each Calendar Quarter, a quarterly written report showing in reasonable reasonably specific detail, on a country by country-by-country basis, (a) the gross sales of all Licensed Products PRODUCTS sold by NOVARTISPMC, its Affiliates and its (sub)licensees Sublicensees in the Territory during the reporting period corresponding Calendar Quarter and the calculation of Net Sales from such gross salessales ; (b) the royalties payable in United States dollars dollars, if any, which shall have accrued hereunder based upon Net Sales of Licensed ProductsPRODUCTS ; (c) the withholding taxes, if any, required by law to be deducted in respect of such salesroyalties ; (d) the date of the First Commercial Sales Sale of each Licensed Product PRODUCTS having occurred in each country in the Territory during the reporting period; corresponding Calendar Quarter and (e) the exchange rates used in determining the royalty amount of expressed in United States dollars. With respect to sales (if any) of Licensed Products PRODUCTS invoiced in United States dollars, the gross sales, Net Sales, and royalties payable shall be expressed in United States Sates dollars. With respect to sales of Licensed Products PRODUCTS invoiced in a currency other than United States Sates dollars, the gross sales, Net Sales and royalties payable shall be expressed in the domestic currency of the invoice issued by the Party making the sale together with the United States dollar dollars equivalent of the royalty payable, calculated using the average closing buying rate of exchange published in the Wall Street Journal for such currency quoted in the continental terms method of quoting exchange rates (local currency per US$1) by Bank of America NT&SA in London, England, or its successor, on each of the last business day of each month in the quarter prior to the date of paymentconcerned Calendar Quarter. Reports and payments shall be due on the sixtieth forty fifth (60th45th) day following the close of each quarterCalendar Quarter. NOVARTIS PMC shall keep complete and accurate records in sufficient detail to properly reflect all gross sales and Net Sales and to enable the royalties payable hereunder to be determined.

Reports, Exchange Rates. During the term of this Agreement following the First Commercial Sale of a Licensed Product by NOVARTISAgreement, its Affiliates or (sub)licensees, NOVARTIS CCC shall furnish to TREGA SRI a quarterly written report showing in reasonable detail, on a country by country basis, reasonably specific detail (a) the gross sales of all each Licensed Products Product sold by NOVARTISCCC, its Affiliates affiliates and its (sub)licensees sublicensees during the reporting period and period; (b) the calculation of Net Sales from such gross sales; (bc) the calculation of the royalties payable in United States dollars dollars, if any, which shall have accrued hereunder based upon Net Sales of Licensed Products; (c) the withholding taxes, if any, required by law to be deducted in respect of such sales; (d) the date of the First Commercial Sales of each Licensed Product in each country during the reporting periodProduct; and (ed) the exchange rates used in determining the amount of United States dollars. With respect to sales of Licensed Products invoiced in United States dollars, the gross sales, Net Sales, and royalties payable shall be expressed in United States dollars. With respect to sales of Licensed Products invoiced in a currency other than United States dollars, the gross sales, Net Sales Sale and royalties payable shall be expressed in the domestic currency of the party making the sale together with the United States dollar equivalent of the royalty payable, calculated using the average of the closing buying rate for such currency quoted in the continental terms method of quoting exchange rates (local currency SRI Agreement No. ____________ per US$1) by Bank of America NT&SA in London, England, or its successor, England on each of the last business day of each month in the quarter prior to the date of payment. Reports shall be due on the sixtieth (60th) day following the close of each quarter. NOVARTIS CCC shall keep complete and accurate records in sufficient detail to properly reflect all gross sales and Net Sales and to enable the royalties payable hereunder to be determined.