Common use of Reports; Payment Clause in Contracts

Reports; Payment. Beginning with the first accrual of Net Sales on which a royalty is due hereunder, TWT shall provide to STANFORD a quarterly royalty report as follows: Within ninety (90) days after the end of each calendar quarter, TWT shall deliver to STANFORD a true and accurate report, giving such particulars of the business conducted by or under authority of TWT, if any, during such calendar quarter as are pertinent to account for royalties due under this Article 6. Such report shall include at least (i) the total of Net Sales during such quarter; (ii) the calculation of royalties; and (iii) the total royalties so calculated and due STANFORD. Simultaneously with the delivery of each such report, TWT shall pay to STANFORD the total royalties, if any, due to STANFORD for the period of such report. If no royalties are due, TWT shall so report. STANFORD shall not provide to third parties any information contained in reports provided to STANFORD under this Section 6.5, or learned by STANFORD under Section 6.4 above.