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Armat Moving Picture Co. and Am. Mut. & Bio. Co. 9
the inspection of the first party at all reasonable times and the second party shall render to the first party quarterly, true statements showing the amount of the gross receipts derived as above specified, together with the net profits derived fro m such sources, and shall pay on the twentieth day following the end of each quarter by New York exchange, at the office of the first party in Washington, D. C, without demand all royalties accruing during the preceding quarter.
(4) If the second party shall refuse or fail to keep accounts as herein provided, or if it shall refuse or fail to permit the inspection thereof by the first party's agent or agents as hereinabove provided, and if the default shall continue for sixty ( 60 i days after any date of payment as provided above and after demand therefor by the party of the first part; then the first party or its assigns may revoke this license and all rights of the second party therein by giving written notice to that effect.
(5) In the event of the forfeiture of this license as above provided, any accrued liability of the second party hereunder to the first party shall remain unimpaired and the second party shall have the privilege of disposing of any goods manufactured under the above patent and held by them at the time of termination provided, however, that the first party shall have the first privilege of taking such goods off the hands of the second party at cost price.
IN WITNESS WHEREOF, the party of the first part has caused these presents to be executed by its President, and its corporate seal to be affixed this 19th day of February, 1904, and the party of the second part has caused these presents to be executed by its President the 19th day of February, 1904, in duplicate.
ARMAT MOVING PICTURE COMPANY,
Thos. Armat, In presence of President.
J. W. Campbell, Maud E. Kraemer.
AMERICAN MFTOSCOPE & TUOdRAPIT CO.,
17. N. Marvin,
President. In presence of
DUIKV W. ( 'OOPERj