LUMBARD, Chief Judge.
Arnold Productions, Inc., the owner of two motion pictures, "Hangmen Also Die" and "It Happened Tomorrow," on May 27, 1947 entered into a distribution agreement with Favorite Films Corp. which granted Favorite "the sole and exclusive right to reproduce, lease, license, sub-license, exhibit, rent, distribute and exploit [the films] * * * for reissue purposes, for a period of seven (7) years," and similar rights for the same period "to lease, license...
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