EXHIBIT 4.7
April 4, 2001
VIA E-MAIL
Claxson USA, Inc. formerly known as Xxxxxxxx Television Services, Inc.
000 Xxxxxxxxxx Xxxxxx
0(xx) Xxxxx
Xxxxx Xxxxx, XX 00000
Attention: Xxxx Antonio Inuarte Xxxxx
Re: Proposal regarding the following "Agreements":
- Full Time Transponder Lease Agreement entered into between
PanAmSat International Systems, Inc. ("PanAmSat") and Customer
dated October 22, 1997, as amended on July 31, 2000 and
December 14, 2000.
- Full-Time Transponder Lease Agreement entered into between
PanAmSat and Customer dated May 1, 1998, as amended on July
31, 2000.
- Letter Agreement for Retransmission Services dated October 17,
1997, as amended on July 31, 2000
Gentlemen:
This letter serves to summarize our recent conversations and PanAmSat's latest
proposal for relief to Claxson USA, Inc. formerly known as Xxxxxxxx Television
Services, Inc. ("Customer")
1. Subject to the conditions set forth in Paragraph 2, the Agreements will
be amended as follows:
- Monthly Fees: Through January 31, 2003, the total monthly fees under
the Agreements would remain at US$345,333.34. Effective as of February
1, 2003 and continuing through the end of the term of the Agreements
(September, 2008), the total monthly fees under the Agreements shall be
reduced to US$245,333.42.
- Deferral/Debt Repayment: In order to repay the outstanding balance
of US$2,426,352.67, (See Attachment "A"), Customer agrees to pay
US$800,000 immediately upon its execution of this letter and will pay,
in addition to the reduced monthly fees, US$100,000 per month each
month commencing April 10, 2003 through May, 2004, and a final payment
of US$329,938.61 on June 1, 2004 (See Attachment "B").
- Payment Terms: For Monthly Fees accruing from and after February 1,
2003 through June, 2004, the payments will be accepted 60 days in
arrears (e.g. March fees due on or before May 1, 2003) with interest
accruing in accordance with Agreements retroactive to each contractual
payment date for payments received later than 60 days (e.g. interest
accrues and chargeable back to March 1, 2003 for payment received later
than May 1, 2003). Monthly Fees for July, 2004 through the end of the
term of the Agreements shall be due in accordance with the existing
terms under the Agreements.
2. As a condition to the foregoing:
- Guarantee - Customer shall provide PanAmSat with a new Guarantee, in
form and substance acceptable to PanAmSat, from Claxson Interactive
Group, which shall guarantee Customer's payments under the Agreements
for the remainder of their respective service terms. One of the
conditions to this new Guarantee must include a provision that PanAmSat
is secured equally and notable with the bondholders who currently
maintain a first position as a result of Claxson's bond restructuring.
In addition, simultaneously with the execution of the Guaranty by
Claxson Interactive Group, Inc., PanAmSat shall Xxxxxxxx Television
Services, Inc.
Attention: Xxxx Antonio Inuarte Xxxxx
Xxxxx 3, 2003
Page 1 of 1
cancel the Guaranty executed by Venevision International Inc.
("Venevision Guaranty") and shall release Venevision from any
obligations under the Venevision Guaranty.
- Customer shall grant PanAmSat, for the remainder of the service
terms of the Agreements, a first refusal for the sale to Customer or
any Customer Affiliate (defined below) of any additional satellite
services, including, without limitation, compressed digital video
channel services required of Customer and/or any Customer Affiliate.
For purposes of this provision, Customer Affiliate shall mean any
entity that is controlled directly or indirectly by, or under common
control with, Customer.
The terms described above are subject to the mutual execution of a definitive
agreement by both Customer and PanAmSat, which shall include the terms set forth
herein. The parties agree to work together in good faith to finalize and execute
the definitive agreement as soon as possible following execution of this letter.
Pending execution of the definitive agreement this letter agreement shall
constitute a binding agreement between the parties hereto. Please let us know if
Customer is amenable to these terms and if so, we will be happy to ask our Legal
Department to prepare the required amendments to the Agreements. If you have any
questions or concerns, please feel free to contact me at (000) 000-0000,
otherwise, please confirm your agreement with this proposal by signing below and
returning this letter to my attention.
Sincerely,
/s/ Xxxxx Xxxxxx
----------------------
Xxxxx Xxxxxx
Vice President & Treasurer
Accepted as of the 8th day of April, 2003
By: /s/ Xxxx X. Xxxxxxx
-----------------------
Name: Xxxx X. Xxxxxxx
Title: Chief Financial
Xxxxxxxx Television Services, Inc.
ATTACHMENT "A"
Monthly Total Invoice # Invoice Date Gross Amount Open Amount Due Date
170042 4/1/2002 161,666.67 39,166.67 4/1/2002
170043 4/1/2002 135,000.00 12,500.00 4/1/2002
170089 4/1/2002 22,000.00 22,000.00 4/1/2002
------------ ------------
April-02 318,666.67 73,666.67
------------ ------------
170460 5/1/2002 161,666.67 39,166.67 5/1/2002
170461 5/1/2002 141,021.51 18,521.51 5/1/2002
170506 5/1/2002 22,000.00 22,000.00 5/1/2002
------------ ------------
May-02 324,688.18 79,688.18
------------ ------------
170856 6/1/2002 161,666.67 39,166.67 6/1/2002
170857 6/1/2002 161,666.67 39,166.67 6/1/2002
170901 6/1/2002 22,000.00 22,000.00 6/1/2002
------------ ------------
June-02 345,333.34 100,333.34
------------ ------------
174292 7/1/2002 161,666.67 39,166.67 7/1/2002
174293 7/1/2002 161,666.67 39,166.67 7/1/2002
174337 7/1/2002 22,000.00 22,000.00 7/1/2002
------------ ------------
July-02 345,333.34 100,333.34
------------ ------------
174735 8/1/2002 161,666.67 39,166.67 8/1/2002
174736 8/1/2002 161,666.67 39,166.67 8/1/2002
174780 8/1/2002 22,000.00 22,000.00 8/1/2002
------------ ------------
August-02 345,333.34 100,333.34
------------ ------------
175188 9/1/2002 161,666.67 39,166.67 9/1/2002
175189 9/1/2002 161,666.67 39,166.67 9/1/2002
175233 9/1/2002 22,000.00 22,000.00 9/1/2002
------------ ------------
September-02 345,333.34 100,333.34
------------ ------------
177321 10/1/2002 161,666.67 161,666.67 10/1/2002
177322 10/1/2002 161,666.67 161,666.67 10/1/2002
177364 10/1/2002 22,000.00 22,000.00 10/1/2002
------------ ------------
October-02 345,333.34 345,333.34
------------ ------------
177845 11/1/2002 161,666.67 161,666.67 11/1/2002
177846 11/1/2002 161,666.67 161,666.67 11/1/2002
177888 11/1/2002 22,000.00 22,000.00 11/1/2002
------------ ------------
November-02 345,333.34 345,333.34
------------ ------------
178248 12/1/2002 161,666.67 161,666.67 12/1/2002
178249 12/1/2002 161,666.67 161,666.67 12/1/2002
178291 12/1/2002 22,000.00 22,000.00 12/1/2002
1289 11/12/2002 -325.58 -325.58 11/1/2002
------------ ------------
December-02 345,007.76 345,007.76
------------ ------------
181161 1/1/2003 161,666.67 161,666.67 1/1/2003
181162 1/1/2003 161,666.67 161,666.67 1/1/2003
181227 1/1/2003 22,000.00 22,000.00 1/1/2003
------------ ------------
January-03 345,333.34 345,333.34
------------ ------------
181796 2/1/2003 161,666.67 161,666.67 2/1/2003
181797 2/1/2003 161,666.67 161,666.67 2/1/2003
181858 2/1/2003 22,000.00 22,000.00 2/1/2003
------------ ------------
February-03 345,333.34 345,333.34
------------ ------------
182383 3/1/2003 161,666.67 161,666.67 3/1/2003
182384 3/1/2003 161,666.67 161,666.67 3/1/2003
182444 3/1/2003 22,000.00 22,000.00 3/1/2003
------------ ------------
March-03 345,333.34 345,333.34
------------ ------------
TOTAL (200,000.00)
------------ ------------
4,096,362.67 2,426,362.57
============ ============
Xxxxxxxx Television Payment Schedule
ATTACHMENT "B"
AR Balance 1,590,362.65 (On January 1, 2003)
Interest 8.00%
Term 15
UP LINK FTTLA FTTLA TOTAL
DATE AGREEMENT PAS 9 PAS 3 MONTHLY FEE ADJUSTMENT PAYMENT INTEREST AR BALANCE
1,590,362.65
Jan-03 22,000.00 161,666.67 161,666.67 345,333.34 7,951.81 1,943,647.50
Feb-03 22,000.00 111,666.67 111,666.75 245,333.42 9,718.24 2,198,699.46
Mar-03 22,000.00 111,666.67 111,666.75 245,333.42 800,000.00 10,993.50 1,655,026.38
Apr-03 22,000.00 111,666.67 111,666.75 245,333.42 100,000.00 345,333.42 8,275.13 1,563,301.51
May-03 22,000.00 111,666.67 111,666.75 245,333.42 100,000.00 345,333.42 7,816.51 1,471,118.02
Jun-03 22,000.00 111,666.67 111,666.75 245,333.42 100,000.00 345,333.42 7,355.59 1,378,473.61
Jul-03 22,000.00 111,666.67 111,666.75 245,333.42 100,000.00 345,333.42 6,892.37 1,285,365.98
Aug-03 22,000.00 111,666.67 111,666.75 245,333.42 100,000.00 345,333.42 6,426.83 1,191,792.81
Sep-03 22,000.00 111,666.67 111,666.75 245,333.42 100,000.00 345,333.42 5,958.96 1,097,751.77
Oct-03 22,000.00 111,666.67 111,666.75 245,333.42 100,000.00 345,333.42 5,488.76 1,003,240.53
Nov-03 22,000.00 111,666.67 111,666.75 245,333.42 100,000.00 345,333.42 5,016.20 908,256.73
Dec-03 22,000.00 111,666.67 111,666.75 245,333.42 100,000.00 345,333.42 4,541.28 812,798.02
Jan-04 22,000.00 111,666.67 111,666.75 245,333.42 100,000.00 345,333.42 4,063.99 716,882.01
Feb-04 22,000.00 111,666.67 111,666.75 245,333.42 100,000.00 345,333.42 3,584.31 620,446.32
Mar-04 22,000.00 111,666.67 111,666.75 245,333.42 100,000.00 345,333.42 3,102.33 523,548.55
Apr-04 22,000.00 111,666.67 111,666.75 245,333.42 100,000.00 345,333.42 2,617.74 426,166.29
May-04 22,000.00 111,666.67 111,666.75 245,333.42 100,000.00 345,333.42 2,130.83 328,297.12
Jun-04 22,000.00 111,666.67 111,666.75 245,333.42 329,938.51 575,272.03 1,641.49 -
Jul-04 22,000.00 111,666.67 111,666.75 245,333.42 0.00 245,333.42 0.00 -
Aug-04 22,000.00 111,666.67 111,666.75 245,333.42 0.00 245,333.42 0.00 -
Sep-04 22,000.00 111,666.67 111,666.75 245,333.42 0.00 245,333.42 0.00 -
Oct-04 22,000.00 111,666.67 111,666.75 245,333.42 0.00 245,333.42 0.00 -
Nov-04 22,000.00 111,666.67 111,666.75 245,333.42 0.00 245,333.42 0.00 -
Dec-04 22,000.00 111,666.67 111,666.75 245,333.42 0.00 245,333.42 0.00 -
Jan-05 22,000.00 111,666.67 111,666.75 245,333.42 0.00 245,333.42 0.00 -
Feb-05 22,000.00 111,666.67 111,666.75 245,333.42 0.00 245,333.42 0.00 -
Mar-05 22,000.00 111,666.67 111,666.75 245,333.42 0.00 245,333.42 0.00 -
Apr-05 22,000.00 111,666.67 111,666.75 245,333.42 0.00 245,333.42 0.00 -
May-05 22,000.00 111,666.67 111,666.75 245,333.42 0.00 245,333.42 0.00 -
Jun-05 22,000.00 111,666.67 111,666.75 245,333.42 0.00 245,333.42 0.00 -
Jul-05 22,000.00 111,666.67 111,666.75 245,333.42 0.00 245,333.42 0.00 -
Aug-05 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Sep-05 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Oct-05 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Nov-05 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Dec-05 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Jan-06 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Feb-06 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Mar-06 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Apr-06 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
May-06 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Jun-06 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Jul-06 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Aug-06 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Sep-06 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Oct-06 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Nov-06 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Dec-06 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Jan-07 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Feb-07 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Mar-07 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Apr-07 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
May-07 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Jun-07 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
UP LINK FTTLA FTTLA TOTAL
DATE AGREEMENT PAS 9 PAS 3 MONTHLY FEE ADJUSTMENT PAYMENT INTEREST AR BALANCE
Jul-07 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Aug-07 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Sep-07 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Oct-07 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Nov-07 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Dec-07 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Jan-08 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Feb-08 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Mar-08 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Apr-08 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
May-08 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Jun-08 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Jul-08 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Aug-08 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Sep-08 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Oct-08 22,000.00 111,666.67 111,666.75 245,333.42 245,333.42 0.00 -
Total 1,474,000.00 7,481,666.89 7,481,672.25 16,437,339.14 1,729,938.61 18,967,277.75 103,575.78
