Common use of Reports; Payment Clause in Contracts

Reports; Payment. Licensee shall deliver to Licensor no later than forty five (45) days after the end of each calendar quarter during the term of this Agreement, a written report describing: (i) the number of Products manufactured, sold, licensed, leased or otherwise transferred in accordance with Section 5.1 above during such calendar quarter, and (ii) the amount of the royalty payable to Licensor for such calendar quarter. Each report shall be accompanied by payment of the amount of royalties payable under Section 5.1 with respect to such calendar quarter. All payments shall be made in U.S. dollars. No part of any amount payable to Licensor hereunder may be reduced due to any counterclaim, set-off, adjustment or other right which Licensee might have against Licensor, any other party or otherwise. Notwithstanding the foregoing, if Licensee issues a credit for any returned Product, then no 5.1 sale-based royalty shall be payable in respect thereof and if a royalty was previously paid, then Licensee shall be entitled to an equal credit against the next royalty payment.

Reports; Payment. Licensee shall deliver to Licensor no later than forty five (45) days after the end of each calendar quarter during the term of this Agreement, a written report describing: (i) the number of Products manufactured, sold, licensed, leased or otherwise transferred in accordance with Section 5.1 5.2 above during such calendar quarter, and (ii) the amount of the royalty payable to Licensor for such calendar quarter. Each report shall be accompanied by payment of the amount of royalties payable under Section 5.1 5.2 with respect to such calendar quarter. All payments shall be made in U.S. dollars. No part of any amount payable to Licensor hereunder may be reduced due to any counterclaim, set-off, adjustment or other right which Licensee might have against Licensor, any other party or otherwise. Notwithstanding the foregoing, if Licensee issues a credit for any returned Product, then no 5.1 sale-based 5.2 royalty shall be payable in respect thereof and if a royalty was previously paid, then Licensee shall be entitled to an equal credit against the next royalty payment.