Common use of Expiry of the Format Holdback Period Clause in Contracts

Expiry of the Format Holdback Period. Following expiry of the Format Holdback Period, the Producer warrants and undertakes that it shall not itself and shall not authorise any third party to exploit the Changed Format Programme(s) in the Territory, without granting to Channel 4 (and its Associate(s)) an exclusive right of first negotiation to acquire all rights to exploit the Changed Format Programme(s) via any Distribution System in the Territory as described herein. For 40 days from written notice from the Producer and/or the distributor of the rights in and to the Changed Format Programme(s) (whichever entity is exploiting the rights in the Changed Format Programme(s) shall be described for the purposes hereof as the “Format Distributor”), Channel 4 shall have the first option to negotiate to acquire such of the rights in the Changed Format Programme(s) as Channel 4 requires for similar programme acquisitions and the Format Distributor shall enter into good faith negotiations with Channel 4 in respect of the same before entering into negotiations with any third party (“Exclusive Negotiating Period”). If Channel 4 and the Format Distributor do not agree terms within the Exclusive Negotiating Period the Format Distributor shall not be entitled to discuss terms for the Changed Format Programme(s) with a third party until 10 days after the expiry of the Exclusive Negotiating Period. Thereafter, the Format Distributor shall not offer any third party more favourable terms than have been last offered to Channel 4 with respect to the relevant right without offering Channel 4 the right to match such terms.