Letter of Variation dated September 15, 2020 between Westpac New Zealand Limited and Reading Courtenay Central Limited
Exhibit 10.1
16 September 2020
The Directors
Reading Courtenay Central Limited
C/- Reading International Limited
5995 Sepulveda Blvd
Suite 300
Culver City
California 90230
United States of America
Dear Sirs,
BANKING FACILITIES – READING COURTENAY CENTRAL LIMITED
We confirm that we have approved the following changes to your banking arrangements.
THE CHANGES
1. Westpac NZ waives the 30 September 2020 test of the Interest Cover ratio, applicable to your banking arrangements and detailed in clause 8.2(b) of the MOCL agreement, dated October 2016, as amended from time to time (the Agreement”). Testing of this covenant shall resume on 31 December 2020 and quarterly thereafter.
THE CONDITIONS OF APPROVAL
Nil.
In all other respects your banking arrangements remain unchanged.
If the terms of this letter are acceptable to you, please sign this letter, arrange for all guarantors to sign it, and return it. The changes will take effect from the date we receive the signed copy from you provided any conditions have been satisfied.
This letter may be executed in two or more counterparts, all of which will be deemed to constitute the same instrument. Westpac NZ may accept as an original a facsimile copy or copies of this letter executed by the parties, which when taken with a counterpart executed by Westpac NZ, will be deemed to be one original copy of this letter.
This offer is open for acceptance until 5pm on 30 September 2020.
Yours sincerely,
WESTPAC NEW ZEALAND LIMITED
Melissa Burnett
Senior Manager
Corporate Business
ACCEPTANCE
We accept the changes described in this letter.
Signed on behalf of the Borrower, Reading Courtenay Central Limited, by:
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| Date of acceptance: | 16/09/2020 |
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GUARANTOR'S CONSENT
We confirm that our guarantee is not affected by the changes referred to in this letter.
Signed on behalf of the Borrower, Reading New Zealand Limited, by:
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| | Director |
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| Date of consent: | 16/09/2020 |
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Signed on behalf of the Borrower, Reading Cinemas Courtenay Central Limited, by:
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| | Director |
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| Date of consent: | 16/09/2020 |
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Signed on behalf of the Borrower, Reading New Lynn Limited, by:
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| | Director |
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| Date of consent: | 16/09/2020 |
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Signed on behalf of the Borrower, Reading Dunedin Limited, by:
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| | Director |
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| Date of consent: | 16/09/2020 |
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Signed on behalf of the Borrower, Reading Queenstown Limited, by:
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| | Director |
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| Date of consent: | 16/09/2020 |
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Signed on behalf of the Borrower, Courtenay Car Park Limited, by:
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| | Director |
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| Date of consent: | 16/09/2020 |
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Signed on behalf of the Borrower, Reading Wellington Properties Limited, by:
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| | Director |
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| Date of consent: | 16/09/2020 |
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Signed on behalf of the Borrower, Queenstown Land Holdings Limited, by:
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| | Director |
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| Date of consent: | 16/09/2020 |
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Signed on behalf of the Borrower, Darnelle Enterprises Limited, by:
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| | Director |
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| Date of consent: | 16/09/2020 |
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Signed on behalf of the Borrower, Movieland Cinemas (NZ) Limited, by:
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| | Director |
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| Date of consent: | 16/09/2020 |
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Signed on behalf of the Borrower, New Zealand Equipment Supply Limited, by:
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| | Director |
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| Date of consent: | 16/09/2020 |
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