Super-Special Sample Clauses

Super-Special. If, If, If, If" Provisions. If the current GAAP ----------------------------------------- provisions relating to the film industry ("Old GAAP") are modified by revised rules ("New GAAP"), then at the time that New GAAP becomes mandatory to apply in the preparation of financial statements, the provisions of this paragraph shall apply. a. At that time, Summit shall begin issuing two sets of financial information pursuant to Paragraph 3.2 of the Partnership Agreement, one applying Old GAAP and one applying New GAAP. b. If LIVE exercises of the Call, LIVE shall elect to have the Call Formula applied using either Old GAAP or New GAAP. If LIVE elects to use old GAAP, then the provisions of this Paragraph 22(b) shall not apply. If LIVE elects to use New GAAP, then, contemporaneous with the Call Notice, LIVE shall submit a statement setting forth (a) the exact wording changes that it believes are necessary to Exhibit "D" in order to conform it to New GAAP and (b) confirmation that LIVE is calculating and reporting its own earnings and balance sheet (including a restatement, if required by New GAAP) in accordance with the language of the revised Exhibit "D" submitted by LIVE. If LIVE elects to exercise the Call applying New GAAP, then Franco/Kiwi, on behalf of Sellers, shall elect within 30 days to either accept or reject the Call. If Franco/Kiwi elects to reject the Call, then either (x) LIVE shall have a ten business day right to elect to use Old GAAP or (y) (a) the Call shall lapse, with the date of rejection being the Call Lapse Date and (b) LIVE shall have 30 days to elect to treat the rejection as though it were a Termination Notice for all purposes of this Agreement, the Agency Agreement, and the Service Options.