The private investor funding portion would be repaid with a priority recoupment position from incoming revenues of “TWELVE” and an ongoing participation in the company’s applicable distribution fees for that specific title, but that the venture would not be structured as a corporate debt obligation. As such, the private funding venture for “TWELVE” would not hold recourse against the company other than against the rights granted in and to that specific title.
The Board voted to approve this plan for the financing of the acquisition and release of “TWELVE” and to use this funding structure for the company’s pursuit of additional, high-profile features.
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