Royalties reported on sales of Articles which have been returned to you for credit or refund and on which a refund has been made or credit memo isuued may be credited against Royalties due provided that the deduction allowed for such returns shall not exceed five percent of the total number of units distributed during the term. The credit shall be taken in the Royalty Payment Period in which the refund is given or credit memo is issued. Unused credit may be carried forward, but in no event shall you be entitled to a refund of Royalties.

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returned for credit ...
credit memo...
may be credited against....

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