Common use of Accounting and Payment Clause in Contracts

Accounting and Payment. 1. Distributor shall account and make payments to Licensor on a quarterly basis within thirty days following the close of each calendar quarter commencing on the initial release of the Picture hereunder, and continuing until two years following such initial release. Thereafter, accounting statements and payments shall be made semi-annually for each semi-annual period during which the Picture is in release hereunder. Accounting shall reflect Gross Receipts and permitted deductions and shall be accompanied by payment of such amount, if any, as may be payable to Licensor hereunder. Notwithstanding anything to the contrary contained herein, Distributor shall not be required to furnish statements of account of any period in which there are no Gross Receipts or Distribution Expenses after the date that is two years after the initial release of the Picture. Licensor shall reimburse Distributor on demand for any overpayments and Distributor may deduct the amount thereof from any monies payable to Licensor hereunder or under any other agreement between Licensor and Distributor.