Common use of WITHDRAWAL Clause in Contracts

WITHDRAWAL. Licensor reserves the right to withdraw any Picture at any time from the Standard License Agreement, in the event Licensor deems such withdrawal necessary or advisable, effective as of Licensee’s receipt of such notice from Licensor. If Licensor withdraws any Picture, the parties may agree on a substitute Picture to be delivered subject to the terms of this Standard License Agreement. If Licensee does not accept a substitute Picture, Licensor shall return the License Fee/MG (or any portion thereof) already paid to Licensor for the withdrawn Picture (appropriately reduced for any exploitation thereof already made by Licensee). The parties shall have no further obligations or responsibilities to each other under the Standard License Agreement for the withdrawn Picture nor shall Licensee be entitled to seek any damages or remedies at law and in equity against Licensor. Any materials delivered or made available to Licensee for the withdrawn Picture shall be promptly returned to Licensor at its sole expense. At Licensor’s election, any withdrawn Picture may be reinstated under the Standard License Agreement at any time during the License Period.

WITHDRAWAL. Licensor reserves the right to withdraw any Picture at any time from the Standard License Agreement, in the event Licensor deems such withdrawal necessary or advisable, effective as of Licensee’s receipt of such notice from Licensor. If Licensor withdraws any Picture, the parties may agree on a substitute Picture to be delivered subject to the terms of this Standard License Agreement. If Licensee does not accept a substitute Picture, Licensor shall return the License Fee/MG (or any portion thereof) already paid to Licensor for the withdrawn Picture (appropriately reduced for any exploitation thereof already made by Licensee). The parties shall have no further obligations or responsibilities to each other under the Standard License Agreement for the withdrawn Picture nor shall Licensee be entitled to seek any damages or remedies at law and in equity against Licensor. Any materials delivered or made available to Licensee for the withdrawn Picture shall be promptly returned to Licensor at its sole expense. At Licensor’s election, any withdrawn Picture may be reinstated under the Standard License Agreement at any time during the License Period. Licensee shall have no right to assign the Standard License Agreement, the Picture(s), any part thereof or any Rights granted hereunder without the prior written approval of Licensor. Licensor shall have the right to assign the Standard License Agreement or any part thereof to a third party.