STATEMENTS AND PAYMENTS definition

STATEMENTS AND PAYMENTS. Accounting Period" shall mean each period of three (3) months duration commencing at any time designated by WHVI, and if WHVI does not designate a time then on January 1, April 1, July 1, October 1 of the applicable year, all such periods of time to be consecutive. Within thirty (30) days after the end of an Accounting Period, WHVI shall be sent a statement showing the computation of Gross Receipts and WHVI's Royalty for such Accounting Period on a cumulative basis and WHVI shall be paid any balance due of any amounts payable based thereon for such Accounting Period.
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STATEMENTS AND PAYMENTS. Accounting Period" means each calendar year or other annual period that Producer may from time to time elect. Within 90 days after the end of each accounting period, Participant shall be sent a statement showing the computation of Defined Proceeds for such accounting period and Participant shall be paid his or its share of such Defined Proceeds, if any; provided, however, that Producer may set up reasonable reserves to be applied against anticipated expenses that would be deductible by Producer in computing the Adjusted Gross Receipts and/or Defined Proceeds, which reserves shall be liquidated if not used within a reasonable period. No statement need be sent for any accounting period in which there are no Gross Receipts or for any accounting period after the first five accounting periods unless and until Gross Receipts are sufficient to entitle Participant to payments of Defined Proceeds. All expenses, such as Distribution Expenses and items of Production Cost, incurred in any accounting period that are not recovered from Gross Receipts for the same accounting period may be carried forward or backward to any other accounting period. Any withholding or deduction required by law may be made. Any item in a Distributor's statement that is acceptable to Producer in its business judgement is deemed acceptable to Participant.
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Examples of STATEMENTS AND PAYMENTS in a sentence

  • Section 14.2 If Customer disputes an invoiced amount, Customer shall nevertheless pay the undisputed portion of the invoice on a timely basis, as set forth in Article IV, STATEMENTS AND PAYMENTS.

Related to STATEMENTS AND PAYMENTS

  • Closing Financial Statements has the meaning set forth in Section 6.22.

  • Financial Statements has the meaning set forth in Section 3.06.

  • Purchaser Financial Statements shall have the meaning specified in Section 4.8.1.

  • Interim Statements means the quarterly financial statement of any insurance company as required to be filed with the Department, together with all exhibits or schedules filed therewith, prepared in conformity with SAP. References to amounts on particular exhibits, schedules, lines, pages and columns of such interim statements are based on the formats promulgated by the NAIC for 2006 interim statements for the applicable type of insurance company. If such format is changed in future years so that different information is contained in such terms or they no longer exist, it is understood that the reference is to information consistent with that recorded in the referenced item in the 2006 interim statement of the insurance company.

  • Company Interim Financial Statements has the meaning specified in Section 4.08(a).