Approved Completion Bond definition
Approved Completion Bond means with respect to a Picture, a completion bond, in form and substance satisfactory to the Administrative Agent, issued by an Approved Completion Guarantor, which bond (i) names the Administrative Agent (for the benefit of the Secured Parties), and in appropriate circumstances, the applicable Foreign Rights Lender, Approved Co-Financier, Approved Co-Financing Venture Counterparty, Credit Party or other appropriate Persons as beneficiaries and (ii) guarantees, subject to standard terms and conditions, due and timely delivery of such Picture by the delivery date set forth therein, or else payment to the Administrative Agent (on behalf of the Secured Parties) of an amount at least equal to (a) the Negative Cost of such Picture actually spent or provided for (other than the portion thereof provided by the relevant Approved Completion Guarantor or by the applicable Foreign Rights Lender, Approved Co-Financier, or Approved Co-Financing Venture Counterparty, limited with regard to the latter to the portion for which the Approved Completion Guarantor has a direct payment obligation to such Person), as well as interest, fees and costs related thereto, or (b), if such Picture is co-financed, the applicable Credit Party’s share of such Negative Cost, as well as interest, fees and costs related thereto.
Approved Completion Bond means with respect to a Picture, any completion bond issued in connection with the production of such Picture, to the extent approved by the Senior Facility Agent.
Approved Completion Bond means with respect to a Picture, a completion bond, in form and substance satisfactory to the Administrative Agent, issued by an Approved Completion Guarantor, which bond (i) names the Administrative Agent (for the benefit of the Secured Parties) as beneficiary thereof to the extent of the applicable Credit Party’s financial interest in such Picture, and (ii) guarantees, subject to standard terms and conditions, due and timely delivery of such Picture by a date no later than one year after the Maturity Date, or else payment to the Administrative Agent (on behalf of the Secured Parties) of an amount at least equal to the aggregate amount expended on the production of such Picture by, or for the account of such Credit Parties, plus interest on, and other bank charges with respect to, such amounts (other than amounts expended by the Approved Completion Guarantor and any Approved Co-Financiers who are also beneficiaries of the Approved Completion Bond).
Examples of Approved Completion Bond in a sentence
Only in the case of Pictures, if such Picture is Uncompleted and a Credit Party is obligated to or otherwise will fund a portion of the Direct Negative Costs prior to Completion (or in the case of an acquired Picture, paying any portion of the purchase price prior to delivery to the Credit Party, other than deposits which do not exceed $750,000 in the aggregate for any Picture), the Administrative Agent shall have received an Approved Completion Bond from an Approved Completion Guarantor.
The Administrative Agent shall have received an Approved Completion Bond from an Approved Completion Guarantor.
More Definitions of Approved Completion Bond
Approved Completion Bond means with respect to any Qualifying Picture, a completion bond, in form and substance satisfactory to the Administrative Agent, issued by an Approved Completion Guarantor, which bond (i) names the Administrative Agent (for the benefit of itself, the Issuing Bank and the Lenders) as a beneficiary thereof to the extent of the applicable Credit Party’s financial interest in such Qualifying Picture, and (ii) guarantees, subject to standard terms and conditions, due and timely delivery of such Qualifying Picture no later than the Commitment Termination Date, or else payment to the Administrative Agent (on behalf of itself, the Issuing Bank and the Lenders) of an amount at least equal to the portion of the negative costs of such Qualifying Picture actually spent or provided for.