Motion Pictures
Exhibit 10.24
EXECUTION VERSION
AMENDMENT NO. 6 dated as of June 21, 2005 to the Amended and Restated Credit, Security, Guaranty and Pledge Agreement dated as of December 15, 2003 among Lions Gate Entertainment Corp. and Lions Gate Entertainment Inc. (together, the Borrowers), the Guarantors named therein, the Lenders referred to therein, JPMorgan Chase Bank, National Association (formerly known as JPMorgan Chase Bank), as Administrative Agent and as Issuing Bank for the Lenders (the Agent), JPMorgan Chase Bank, National Association Toronto Branch (formerly known as JPMorgan Chase Bank, Toronto Branch) as Canadian Agent, Fleet National Bank , as Co-Syndication Agent and BNP Paribas, as Co-Syndication Agent (as the same may be amended, supplemented or otherwise modified, the Credit Agreement).
INTRODUCTORY STATEMENT
The Lenders have made available to the Borrowers a credit facility pursuant to the terms of the Credit Agreement.
The Lenders and the Agent have agreed to amend the Credit Agreement, all on the terms and subject to the conditions herein set forth.
Therefore, the parties hereto hereby agree as follows:
Section 1. Defined Terms. Capitalized terms used herein and not otherwise defined herein shall have the meaning given them in the Credit Agreement.
Section 2. Amendments to the Credit Agreement. Subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, the Credit Agreement is hereby amended as of the Effective Date (as hereinafter defined) as follows:
(A) The definition of Cash Equivalents appearing in Article 1 of the Credit Agreement is hereby amended by (a) deleting the or preceding subsection (v) thereof and inserting , in the place thereof and (b) deleting the . following above in the last sentence thereof and adding subsection (vi) as follows:
or (vi) money market preferred stock, auction rate preferred stock, auction market preferred stock, auction rate securities or similar instrument with a rating of AAA or the equivalent thereof by Standard & Poors Corporation or Moodys Investors Service, Inc
(B) Section 6.5 of the Credit Agreement is hereby amended by deleting the US$1,600,000 appearing in subsection (xi) there of and replacing it with US$2,000,000.
(C) Section 6.15 of the Credit Agreement is hereby amended by replacing the US$60,000,000 in subsection (x) thereof with US$65,000,000.
(D) Schedule 1.2 of the Credit Agreement is hereby amended by (a) deleting the 125,000,000 opposite Twentieth Century Fox (includes F/X, Fox, Fox Latin America and Fox Family on the list of Acceptable Major Account Debtors and replacing it with 150,000,000; (b) deleting the 40,000,000 opposite Viacom (Showtime, Paramount CBS, Comedy Partners, TNN, Blockbuster, UPN, MTV/VH1) on the list of Acceptable Major Account Debtors and replacing it with 70,000,000; (c) deleting the 1,500,000 opposite HDNet Movies LLC on the list of Acceptable Domestic Account Debtors and replacing it with 4,000,000; (d) deleting the 1,500,000 opposite Movie Gallery on the list of Acceptable Domestic Account Debtors and replacing it with 3,000,000; (e) deleting the 250,000 opposite Metro Tartan on the list of Acceptable Foreign Account Debtors and replacing it with 500,000; and (f) adding the following Acceptable Account Debtors listed below in the appropriate section of Schedule 1.2 noted to the left thereof and with monetary limit noted to the right thereof :
Section: | Acceptable Obligors: | Limit: | ||
Acceptable Domestic Account Debtor | Corus/Superchannel | 1,500,000 |
Section 3. Conditions to Effectiveness. The effectiveness of this Amendment is subject to the satisfaction of all of the following conditions precedent (the date on which all such conditions have been satisfied being herein called the Effective Date):
(A) the receipt by the Agent of counterparts of this Amendment which, when taken together, bear the signatures of the Borrowers, each Guarantor, the Agent and the Required Lenders;
(B) the payment of all fees and expenses (including, without limitation, fees and disbursements of counsel and consultants retained by the Agent) due and payable by any Credit Party to the Agent and/or the Lenders; and
(C) all legal matters incident to this Amendment shall be satisfactory to Morgan, Lewis & Bockius LLP, counsel for the Agent.
Section 4. Representations and Warranties. Each Credit Party represents and warrants that:
2
(A) after giving effect to this Amendment, the representations and warranties contained in the Credit Agreement are true and correct in all material respects on and as of the date hereof as if such representations and warranties had been made on and as of the date hereof (except to the extent that any such representations and warranties specifically relate to an earlier date);
(B) after giving effect to this Amendment, no Event of Default or Default will have occurred and be continuing on and as of the date hereof.
Section 5. Further Assurances. At any time and from time to time, upon the Agents request and at the sole expense of the Credit Parties, each Credit Party will promptly and duly execute and deliver any and all further instruments and documents and take such further action as the Agent reasonably deems necessary to effect the purposes of this Amendment.
Section 6. Fundamental Documents. This Amendment is designated a Fundamental Document by the Agent.
Section 7. Full Force and Effect. Except as expressly amended hereby, the Credit Agreement and the other Fundamental Documents shall continue in full force and effect in accordance with the provisions thereof on the date hereof. As used in the Credit Agreement, the terms Agreement, this Agreement, herein, hereafter, hereto, hereof, and words of similar import, shall, unless the context otherwise requires, mean the Credit Agreement as amended by this Amendment.
Section 8. APPLICABLE LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
Section 9. Counterparts. This Amendment may be executed in two or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one instrument.
Section 10. Expenses. The Borrowers agree to pay all out-of-pocket expenses incurred by the Agent in connection with the preparation, execution and delivery of this Amendment, including, but not limited to, the reasonable fees and disbursements of counsel for the Agent.
Section 11. Headings. The headings of this Amendment are for the purposes of reference only and shall not affect the construction of or be taken into consideration in interpreting this Amendment.
3
IN WITNESS WHEREOF, the parties hereby have caused this Amendment to be duly executed as of the date first written above:
BORROWERS: | ||||
LIONS GATE ENTERTAINMENT CORP. | ||||
By | /s/ JAMES KEEGAN | |||
Name: James Keegan | ||||
Title: | ||||
LIONS GATE ENTERTAINMENT INC. | ||||
By | /s/ JAMES KEEGAN | |||
Name: James Keegan | ||||
Title: |
GUARANTORS: | ||
AM PSYCHO PRODUCTIONS, INC. | ||
ATTRACTION PRODUCTIONS LLC | ||
BLUE PRODUCTIONS INC. | ||
CINEPIX ANIMATION INC./ANIMATION CINEPIX INC. | ||
CINEPIX FILMS INC./FILMS CINEPIX INC. | ||
CONFIDENCE PRODUCTIONS, INC. | ||
CUT PRODUCTIONS INC. | ||
DEAD ZONE PRODUCTION CORP. | ||
DEVILS REJECTS, INC. | ||
FINAL CUT PRODUCTIONS CORP. | ||
FIVE DAYS PRODUCTIONS CORP. | ||
FRAILTY PRODUCTIONS, INC. | ||
GC FILMS, INC. | ||
HIGH CONCEPT PRODUCTIONS INC. HYPERCUBE PRODUCTIONS CORP. | ||
KING OF THE WORLD PRODUCTIONS LLC | ||
LG PICTURES INC. | ||
LIONS GATE FILMS CORP. LIONS GATE FILMS DEVELOPMENT CORP. | ||
LIONS GATE FILMS INC. | ||
LIONS GATE FILMS PRODUCTIONS CORP./PRODUCTIONS FILMS LIONS GATE S.A.R.F. | ||
LIONS GATE MUSIC CORP. | ||
LIONS GATE RECORDS, INC. | ||
LIONS GATE STUDIO MANAGEMENT LTD. |
4
LIONS GATE TELEVISION DEVELOPMENT LLC | ||
LIONS GATE TELEVISION INC. | ||
LUCKY 7 PRODUCTIONS CORP. | ||
MOTHER PRODUCTIONS CORP. | ||
NGC FILMS, INC. | ||
PLANETARY PRODUCTIONS, LLC | ||
PROFILER PRODUCTIONS CORP. | ||
PSYCHO PRODUCTIONS SERVICES CORP. | ||
TERRESTRIAL PRODUCTIONS CORP. | ||
WEEDS PRODUCTIONS INC. | ||
WILDFIRE PRODUCTIONS INC. | ||
WRITERS ON THE WAVE | ||
3F SERVICES, INC. | ||
ARIMA INC. | ||
ARTISAN ENTERTAINMENT INC. | ||
ARTISAN FILMED PRODUCTIONS, INC. | ||
ARTISAN HOME ENTERTAINMENT INC. | ||
ARTISAN MUSIC INC. | ||
ARTISAN PICTURES INC. | ||
ARTISAN RELEASING INC. | ||
ARTISAN TELEVISION INC. | ||
BD OPTICAL MEDIA, INC. | ||
BL DISTRIBUTION CORP. | ||
CAVE PRODUCTIONS, INC. | ||
FHCL, LLC | ||
FILM HOLDINGS CO. | ||
FUSION PRODUCTIONS, INC. | ||
LANDSCAPE ENTERTAINMENT CORP. | ||
POST PRODUCTION, INC. | ||
PUNISHER PRODUCTIONS, INC. | ||
SCREENING ROOM, INC. | ||
SILENT DEVELOPMENT CORP. | ||
VESTRON INC. |
By: | /s/ JAMES KEEGAN | |||
Name: James Keegan | ||||
Title: |
5
BLAIR WITCH FILM PARTNERS LTD. | ||||
By: | Artisan Filmed Productions Inc. | |||
Its: | General Partner | |||
By: | /s/ JAMES KEEGAN | |||
Name: James Keegan | ||||
Title: | ||||
LENDERS: | ||||
JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, (formerly known as JPMorgan Chase Bank), individually and as Administrative Agent |
By | /s/ GARRETT J. VERDONE | |||||
Name: | Garrett J. Verdone | |||||
Title: | Senior Vice President | |||||
Address: | 277 Park Avenue | |||||
16th Floor, | ||||||
New York, NY 10172 | ||||||
Attention: | Garrett Verdone | |||||
Facsimile: | (212) 899-2893 |
6
BANK LEUMI USA | ||||
By | ||||
Name: | ||||
Title: | ||||
Address: | ||||
Attention: | ||||
Facsimile: | ||||
BNP PARIBAS | ||||
By | /s/ FREDERIQUE MERHAUT | |||
Name: Frederique Merhaut | ||||
Title: Director | ||||
Address: | ||||
Attention: | ||||
Facsimile: | ||||
By | /s/ C. BETTLES | |||
Name: C. Bettles | ||||
Title: Managing Director | ||||
Address: | ||||
Attention: | ||||
Facsimile: | ||||
CITY NATIONAL BANK | ||||
By | /s/ NORMAN B. STARR | |||
Name: Norman B. Starr | ||||
Title: Senior Vice President | ||||
Address: | ||||
Attention: | ||||
Facsimile: |
7
BANK OF AMERICA, N.A., as successor by merger to Fleet National Bank | ||||
By | /s/ THOMAS J. KANE | |||
Name: Thomas J. Kane | ||||
Title: Senior Vice President | ||||
Address: 335 Madison Ave., New York, NY 10017 | ||||
Attention: | ||||
Facsimile: 212 ###-###-#### | ||||
ISRAEL DISCOUNT BANK OF NEW YORK | ||||
By | /s/ HOWARD WEINBERG | |||
Name: Howard Weinberg | ||||
Title: Senior Vice President I | ||||
Address: 511 Fifth Avenue, New York, NY 10017 | ||||
Attention: Howard Weinberg | ||||
Facsimile: 212 ###-###-#### | ||||
By | /s/ DAVID ACOSTA | |||
Name: David Acosta | ||||
Title: Vice President | ||||
Address: 511 Fifth Avenue, New York, NY 10017 | ||||
Attention: David Acosta | ||||
Facsimile: 212 ###-###-#### | ||||
MANUFACTURERS BANK | ||||
By | /s/ MAUREEN KELLY | |||
Name: Maureen Kelly | ||||
Title: Vice President | ||||
Address: 515 South Figueroa St., CA 90071 | ||||
Attention: | ||||
Facsimile: 213 ###-###-#### |
8
U.S. BANK NATIONAL ASSOCIATION | ||||
By | /s/ JOAN F. STIGLIANO | |||
Name: Joan F. Stigliano | ||||
Title: Senior Vice President | ||||
Address: | ||||
Attention: | ||||
Facsimile: | ||||
SOCIETE GENERALE | ||||
By | ||||
Name: | ||||
Title: | ||||
Address: | ||||
Attention: | ||||
Facsimile: | ||||
THE LEWIS HORWITZ ORGANIZATION, a division of Imperial Capital Bank | ||||
By | /s/ DAVID HUTKIN | |||
Name: David Hutkin | ||||
Title: Vice President | ||||
Address: | ||||
Attention: | ||||
Facsimile: | ||||
UNION BANK OF CALIFORNIA, N.A. | ||||
By | /s/ KIN CHENG | |||
Name: Kin Cheng | ||||
Title: AVP | ||||
Address: 445 S. Figueroa St., 16th Floor, Los Angeles, CA 90071 | ||||
Attention: Danny Mandel | ||||
Facsimile: 213 ###-###-#### |
9
WESTLB AG (formerly Westdeutsche Landesbank Girozentrale), NEW YORK BRANCH | ||||
By | ||||
Name: | ||||
Title: | ||||
Address: | ||||
Attention: | ||||
Facsimile: | ||||
By | ||||
Name: | ||||
Title: | ||||
Address: | ||||
Attention: | ||||
Facsimile: | ||||
THE ROYAL BANK OF SCOTLAND PLC | ||||
By | /s/ ALEXANDER STEWART BROWN | |||
Name: Alexander Stewart Brown | ||||
Title: Attorney for the Royal Bank of Scotland PLC | ||||
Address: | ||||
Attention: Jacqueline Baer | ||||
Facsimile: + 44 20 7085 3931 | ||||
GRAYSON & CO. | ||||
By | ||||
Name: | ||||
Title: | ||||
Address: | ||||
Attention: | ||||
Facsimile: |
10