Notice of Cancellation of Standby Letter of Credit S-248514 by Blockbuster Inc. to JPMorgan Chase Bank, N.A., with Viacom Inc. Consent

Summary

Blockbuster Inc. notifies JPMorgan Chase Bank, N.A. of its request to cancel an irrevocable standby letter of credit (S-248514) valued at $12,977,105.72. The notice also requests the reduction of the Viacom Reserve Amount from $21,628,509.54 to $0, effective January 8, 2010, with Viacom Inc.'s consent as required under the related Credit Agreement. The document is signed by Blockbuster's Vice President & Treasurer and acknowledged by Viacom Inc.'s Senior Vice President.

EX-10.3 4 dex103.htm NOTICE TO JP MORGAN CHASE BANK, N.A. OF CANCELLATION OF LETTER OF CREDIT Notice to JP Morgan Chase Bank, N.A. of cancellation of Letter of Credit

Exhibit 10.3

January 5, 2010

JPMorgan Chase Bank, N.A.

Loan and Agency Services Group

1111 Fannin, 10^th Floor

Houston, Texas 77002

Attention: Ms. Dakisha Allen (Telecopy No. (713) ###-###-####)

JPMorgan Chase Bank, N.A.

270 Park Avenue

New York, New York 10017

Attention: Mr. Barry Bergman (Telecopy No. (212) ###-###-####)

With a copy to:

***@***

Re:	Irrevocable Standby Letter of Credit - S-248514

USD $12,977,105.72

Acct.: Blockbuster Inc. (“Blockbuster”)

Dear Ms. Allen and Mr. Bergman:

We hereby request that you cancel the letter of credit referenced above.

In addition, pursuant to Section 2.06(k) of that certain Credit Agreement dated as of August 20, 2004, as amended and restated as of April 2, 2009, and as further amended as of October 1, 2009, among Blockbuster Inc., as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders and other agents parties thereto (the “Credit Agreement”), enclosed please find an Officer’s Certificate dated as of January 5, 2010 and executed by a senior officer of Viacom Inc., evidencing Viacom Inc.’s consent to the reduction of the Viacom Reserve Amount (as defined in the Credit Agreement) from $21,628,509.54 to $0. We hereby request that you reduce the Viacom Reserve Amount to $0 effective three (3) business days after the date hereof, which is January 8, 2010.

Please don’t hesitate to contact the undersigned with any questions regarding this matter.

Sincerely,

/s/ Russell Birk

Russell Birk

Vice President & Treasurer

Blockbuster Inc.

Acknowledged and agreed for purposes

of the cancellation of letter of credit # S-248514:


VIACOM INC.

By:		/s/ Keyes Hill-Edgar
		Name: Keyes Hill-Edgar
		Title: Senior Vice President