Letter of Variation dated April 29, 2021 between Westpac New Zealand Limited and Reading Courtenay Central Limited
Exhibit 10.1
| PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE THEY ARE BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. INFORMATION THAT HAS BEEN OMITTED HAS BEEN NOTED IN THIS DOCUMENT WITH A PLACEHOLDER IDENTIFIED BY THE MARK “[***]” |
| |
| Westpac New Zealand Limited Level 1, Cityside, Westpac on Takutai Sq Auckland, NZ PO Box 7740, Wellesley Street, Auckland, Telephone (09) 348 9324 |
CREDIT RESTRUCTURING
30 April 2021
The Directors
Reading Courtenay Central Limited
C/- Reading International Limited
5995 Sepulveda Blvd
Suite 300
Culver City
California 90230
United States of America
Dear Directors,
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 31 March 2021 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 30 June 2021 and quarterly thereafter.
THE CONDITIONS OF APPROVAL
The $16,000,000 term deposit (***) in the name of Reading New Zealand Limited held at Westpac New Zealand Limited will be paid into the MOCL facility in the permanent reduction of the facility from $32,000,000 to $16,000,000.
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.
Yours sincerely,
/s/ Jennifer Wood
Jennifer Wood
SENIOR MANAGER
CREDIT RESTRUCTURING GROUP
ACCEPTANCE
We accept the changes described in this letter.
Signed on behalf of the Borrower, Reading Courtenay Central Limited, by:
| |
|
|
| | Director |
|
| Date of acceptance: | 29/04/2021 |
|
GUARANTOR'S CONSENT
We confirm that our guarantee is not affected by the changes referred to in this letter.
Signed on behalf of the guarantor, Reading New Zealand Limited, by:
| |
|
|
| | Director |
|
| Date of consent: | 29/04/2021 |
|
Signed on behalf of the guarantor, Reading Cinemas Courtenay Central Limited, by:
| |
|
|
| | Director |
|
| Date of consent: | 29/04/2021 |
|
Signed on behalf of the guarantor, Reading New Lynn Limited, by:
| |
|
|
| | Director |
|
| Date of consent: | 29/04/2021 |
|
Signed on behalf of the guarantor, Reading Dunedin Limited, by:
| |
|
|
| | Director |
|
| Date of consent: | 29/04/2021 |
|
Signed on behalf of the guarantor, Reading Queenstown Limited, by:
| |
|
|
| | Director |
|
| Date of consent: | 29/04/2021 |
|
Signed on behalf of the guarantor, Reading Restaurants NZ Limited, by:
| |
|
|
| | Director |
|
| Date of consent: | 29/04/2021 |
|
Signed on behalf of the guarantor, Courtenay Car Park Limited, by:
| |
|
|
| | Director |
|
| Date of consent: | 29/04/2021 |
|
Signed on behalf of the guarantor, Reading Wellington Properties Limited, by:
| |
|
|
| | Director |
|
| Date of consent: | 29/04/2021 |
|
Signed on behalf of the guarantor, Queenstown Land Holdings Limited, by:
| |
|
|
| | Director |
|
| Date of consent: | 29/04/2021 |
|
Signed on behalf of the guarantor, Darnelle Enterprises Limited, by:
| |
|
|
| | Director |
|
| Date of consent: | 29/04/2021 |
|
Signed on behalf of the guarantor, Movieland Cinemas (NZ) Limited, by:
| |
|
|
| | Director |
|
| Date of consent: | 29/04/2021 |
|
Signed on behalf of the guarantor, New Zealand Equipment Supply Limited, by:
| |
|
|
| | Director |
|
| Date of consent: | 29/04/2021 |
|
