Common use of Reports; Payment Clause in Contracts

Reports; Payment. Within ninety (90) days after the end of each calendar half year commencing in the calendar year in which the First Commercial Sale occurs in the Territory, Licensee shall: provide Licensor with a report (a “Royalty Report”) setting forth, on a Product-by-Product basis (a) the quantity and description of such Product sold in the Territory during the preceding calendar half year (or part thereof), (b) the calculation of the aggregate Net Sales of such Product in the Territory (including all relevant deductions from invoiced amounts made in the calculation of Net Sales in accordance with the definition of Net Sales), (c) the exchange rates used to calculate the royalties payable, and (d) the milestone payments and royalties due hereunder; and pay Licensor the milestone and royalty payments due under this Agreement (as adjusted under Article 8.5 and, if applicable, any other agreement of the Parties) for such calendar half year. The information contained in each Royalty Report shall be the Confidential Information of each Party.

Reports; Payment. Within ninety thirty (9030) days after the end of each calendar half year quarter, commencing in with the calendar year quarter in which the First Commercial Sale occurs in the Territory, Licensee shall: provide Licensor Teva with a report (a “Royalty Report”) setting forth, on a Licensed Product-by-Licensed Product basis (a) the quantity and description of such Licensed Product sold in the Territory during the preceding calendar half year (or part thereof)quarter, (b) the calculation of the aggregate Net Sales of such Licensed Product in the Territory (including all relevant deductions from invoiced amounts made in the calculation of Net Sales in accordance with the definition of Net Sales), (c) the exchange rates used to calculate the royalties payable, and (d) the milestone payments and royalties due hereunder; and pay Licensor Teva the milestone and royalty payments due under this Agreement (as adjusted under Article Section 8.5 and, if applicable, any other agreement of the Parties) for such calendar half yearquarter. The information contained in each Royalty Report shall be the Confidential Information of each PartyLicensee.