Within forty-five (45) days of the end of each Quarter after the First Commercial Sale of a Licensed Product in a country, Bayer shall provide an estimate of the total royalties payable under this Agreement, including royalties to the Upstream Licensors, based on the definition of Net Sales and the royalty deductions as provided for in Sections 1.65, 8.3.3(i) and 8.3.3(ii). Within sixty (60) days of the end of each Quarter, Bayer shall deliver a final statement, signed by an authorized officer or agent of Bayer, which shall show on a country-by-country basis for the previous Quarter Net Sales of the Licensed Product by any Bayer Party and all royalties due to Licensor based on such Net Sales. Each such report shall show in reasonably specific detail, on a Licensed Product by Licensed Product and country-by-country basis, (a) the gross sales or gross invoiced amounts, as applicable of all Licensed Products sold by Bayer, its Affiliates and sublicensees during such calendar quarter and the calculation of Net Sales from such gross sales; (b) the calculation of the royalties, if any, which shall have accrued based upon such Net Sales; (c) the withholding taxes, if any, required by law to be deducted with respect to such sales; and (d) the exchange rates, if any, used in determining the amount of United States dollars; provided that the foregoing shall be based, with regard to royalties to the Upstream Licensors, on the respective definitions and provisions in the Existing Agreements. With respect to sales of Licensed Products invoiced in a currency other than United States dollars, all such amounts shall be expressed both in the currency in which the sale is invoiced and in the United States dollar equivalent. Payments shall only be made on the basis of the final royalty report and receipt of an invoice from Licensor.