Common use of Option Extension Payment Clause in Contracts

Option Extension Payment. Notwithstanding anything to the contrary in Section 10.5.1 above, if at any time prior to the date on which the Rights in the Property would otherwise revert to Owner Company makes to Owner the "Extension Payment" as defined below, then all time periods above shall be automatically extended for an additional 8 years from the date any of the Rights would otherwise revert to Owner hereunder. The Option Extension Payment means the amount of $2,000,000, eighty percent (80%) of which ($1,600,000) shall be applicable against any payments due pursuant to Section 12 herein and twenty percent (20%) ($400,000) shall be applicable against any payments to ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Productions f/s/o ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ pursuant to the Producing Agreement dated as of February 15, 2002 for any subsequent productions which commence in that period.