Right of First Opportunity for Derivative Productions Sample Clauses

Right of First Opportunity for Derivative Productions. If and when Licensor elects to itself (or authorize a third party to) license the distribution and exploitation rights in and to each subsequent and/or derivative work based on the Picture, irrespective of the intended medium of exploitation of such derivative work, including, without limitation, remakes, sequels, prequels, television series and spinoffs (“Derivative Production(s)”) in the Territory, SPWA shall have a “Right of First Opportunity for Derivative Productions”, which shall mean that Licensor shall provide SPWA with the option to license each Derivative Production on substantially the same terms as this Agreement, including, without limitation, a minimum guarantee payment in proportion to the approved budget for such Derivative Production as the proportion of the Minimum Guarantee (as defined herein) to the Approved Budget. Licensor shall provide SPWA with such option in writing along with the following (collectively, “Derivative Production Information”): (i) for a Derivative Production which is in post-production or completed, a screener of such Derivative Production and the following information: screenplay, producer(s), writer(s), director, principal cast, and production budget; and (ii) for a Derivative Production which is in development or production, a screenplay along with the following information, as available: the attached director or a list of proposed directors, the attached principal cast or a list of proposed principal cast, and the budget top sheet or a good faith estimated budget range. SPWA shall have until the date thirty (30) days following the later of: (a) the date Licensor provided SPWA with such option and the Derivative Production Information; or (b) the date of SPWA’s initial release of the Picture, in which to elect whether it will exercise such option. If SPWA does not exercise such option, then SPWA shall have a Right of First Negotiation and First Refusal for Derivative Productions (as defined below). The Right of First Opportunity for Derivative Productions shall be considered as a “rolling right”, i.e., such right shall be considered active for SPWA in respect of each subsequent Derivative Production intended for initial exploitation in the applicable media, provided SPWA has acquired or licensed Rights in the immediately preceding Derivative Production intended for initial exploitation in such media. For purposes of clarification, SPWA has no obligation to acquire or license any Derivative Productions and failure...
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Related to Right of First Opportunity for Derivative Productions

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