Common use of Picture Clause in Contracts

Picture. The "Picture" shall (i) be based on the screenplay entitled "Tournament of Dreams" written by ▇▇▇ ▇▇▇▇▇▇▇▇ ( any and all drafts and version thereof, now or hereafter existing, and all characters contained therein, the "Screenplay"), (ii) be directed by ▇▇▇ ▇▇▇▇▇▇▇▇ (or a mutually approved replacement) and produced by ▇▇▇▇ ▇▇▇▇ ("▇▇▇▇") and ▇▇▇ ▇▇▇▇▇▇▇ ("▇▇▇▇▇▇▇"), (iii) be a first-class theatrical feature-length color 35mm live-action motion picture suitable for worldwide theatrical release (with its initial theatrical release to take place in the U.S.), (iv) have a running time of not less than 93 nor more than 105 minutes, inclusive of main and end titles, and (v) shall qualify for an MPAA rating no more restrictive than "R".