Sequel Purchase definition
Examples of Sequel Purchase in a sentence
If Purchaser (at Purchaser’s sole discretion) exercises the Second Sequel Option, as payment in full for Owner’s exclusive grant to Purchaser of all rights in the Second Sequel, Owner shall be entitled to receive compensation (the “Second Sequel Purchase Price”) in the amount equal to [***] Percent ([***]%) of the Budget, with a minimum Purchase Price of [***] Dollars ($[***]) and a maximum Purchase Price of [***] Dollars ($[***]), payable no later than the first day of principal photography.
If Purchaser exercises the First Sequel Option, and upon Purchaser’s payment of the sum of [***] Dollars ($ [***]) (“Second Sequel Option Fee”) (applicable against the “Second Sequel Purchase Price” (as defined below)), Owner will hereby grant to Purchaser the sole, exclusive and irrevocable right and option to purchase the Equivalent Rights in and to the “Second Sequel” (as defined below) (“Second Sequel Option”).
If Purchaser (at Purchaser’s sole discretion) exercises the Third Sequel Option, as payment in full for Owner’s exclusive grant to Purchaser of all rights in the Third Sequel, Owner shall be entitled to receive compensation (the “Third Sequel Purchase Price”) in the amount equal to [***] Percent ([***]%) of the Budget, with a minimum Purchase Price of [***] Dollars ($[***]) and a maximum Purchase Price of [***] Dollars ($[***]), payable no later than the first day of principal photography.
If Purchaser exercises the Second Sequel Option, and upon Purchaser’s payment of the sum of [***] Dollars ($[***]) (“Third Sequel Option Fee”) (applicable against the “Third Sequel Purchase Price” (as defined below)), Owner will hereby grant to Purchaser the sole, exclusive and irrevocable right and option to purchase the Equivalent Rights in and to the “Third Sequel” (as defined below) (“Third Sequel Option”).