Common use of Time of Payments and Reports Clause in Contracts

Time of Payments and Reports. Payments of any Supplemental Market fees due under this Paragraph 17 shall be made annually on the basis of annual statements, as hereinafter provided, except that the initial fees payable on release in Supplemental Markets C(2)(a)(i) shall be paid within sixty (60) days after such release. Producer shall furnish to the Videotape Sub Fund (as set forth in Exhibit A) and to the Federation written annual reports showing the Producer’s gross receipts, in accordance with the foregoing, from distribution of programs in Supplemental Markets. If the Producer makes any payment on the basis of an examination of the books conducted by the Federation, the Federation shall be entitled to deduct from such payment its costs of such examination. The Federation shall have the right, at reasonable times, to examine the books and records of the Producer insofar as they relate to the Producer’s gross from distribution in Supplemental Markets. At such times as the gross receipts from the sale of cassettes totals $10 million of total industry sales, the Federation shall have the right to reopen the cassette provisions of this Agreement for negotiation 4. Pay Per View (VOD) and Optional Cassette Formula The following formula, rather than the formula of Paragraphs C(1) and (2) above, may be elected by the Producer for any program or series produced under this Agreement or any prior AFM Cable Television Agreement not already released in videocassette/disc supplemental market distribution. Under this formula, the Musicians shall receive an aggregate payment(s) equal to two percent (2%) of Distributor’s gross receipts as defined in §