Designated Picture definition

Designated Picture means any project for the production of a theatrical feature motion picture, which meets the following criteria: (a) is not yet Completed; (b) for which a Credit Party will be the initial copyright owner or will be acquiring the copyright upon Completion, except to the extent otherwise approved by the Administrative Agent pursuant to Section 4.3(e); (c) is being produced by a Credit Party or a Special Purpose Producer; (d) has a Budgeted Negative Cost which would not result in a violation of the covenants herein if produced by a Credit Party; (e) will be produced under the terms of a Completion Guaranty issued by an Approved Completion Guarantor; (f) over which a Credit Party has meaningful direct or indirect budgetary or artistic control; and (g) has been declared to the Administrative Agent as a "Designated Picture" and has satisfied the conditions precedent for Loans under the Special Production Tranche set forth in Section 4.3 hereof.

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Designated Picture means any project for the production of a ------------------ motion picture, film or video tape to be produced for theatrical, non-theatrical or television release, or for a release in any other media, which meets the following criteria: (a) is not yet Completed; (b) for which a Credit Party will be the initial copyright owner or will be acquiring the copyright upon Completion, except to the extent otherwise approved by the Administrative Agent pursuant to Section 4.3(e); (c) is being produced by a Credit Party or a Special Purpose Producer; (d) has a Budgeted Negative Cost which would not result in a violation of the covenants herein if produced by a Credit Party; (e) will be produced under the terms of a Completion Guarantee issued by an Approved Completion Guarantor; (f) over which a Credit Party has meaningful direct or indirect budgetary or artistic control; and (g) has been declared to the Administrative Agent as a "Designated Picture" and has satisfied the conditions precedent for Loans under the Special Production Tranche set forth in Section 4.3 hereof.

Designated Picture means any project for the production of a theatrical feature motion picture, which meets the following criteria: (a) is not yet Completed; (b) for which a Credit Party will be the initial copyright owner or will be acquiring the copyright upon Completion, except to the extent otherwise approved by the Administrative Agent pursuant to Section 4.3(e); (c) is being produced by a Credit Party or a Special Purpose Producer; (d) has a Budgeted Negative Cost which would not result in a violation of the covenants herein if produced by a Credit Party; (e) over which a Credit Party has meaningful direct or indirect budgetary or artistic control; and (f) has been declared to the Administrative Agent as a “Designated Picture” and has satisfied the conditions precedent for Loans under the Special Production Tranche set forth in Section 4.3 hereof.

Examples of Designated Picture in a sentence

• The Administrative Agent shall have received such additional supporting documentation as it normally requires in connection with single picture financing relating to the Designated Picture (including, but not limited to, Chain of Title, budget, cash flows, the negative pickup or other payment obligation from the applicable Credit Party or a guarantee from the applicable Credit Party) in form and substance reasonably satisfactory to the Administrative Agent.

• The Administrative Agent shall have received a Borrowing Base Certificate which sets forth the Borrowing Base as of the date no more than seven (7) Business Days before the notice of Borrowing is made in connection herewith and which reflects the reserves for the Designated Picture involved.

• If the Designated Picture is being produced by a Credit Party, the Administrative Agent shall have received all appropriate security documentation and proof of filings, required by it, in connection with the creation of a first perfected lien in favor of the Administrative Agent for the benefit of the Administrative Agent, the Canadian Agent, the Issuing Bank and the Lenders.

• If the Designated Picture is being produced by a Special Purpose Producer that is not a Credit Party, the Administrative Agent shall have received a fully executed Special Purpose Producer Credit Agreement and all other conditions precedent thereunder shall have been satisfied.

• The theatrical distribution term as to such Designated Picture shall be two (2) years from the release date of the subject Designated Picture.

• First Look shall be entitled to deduct all direct out-of-pocket distribution costs paid or incurred relating to said Ancillary Rights as defined, calculated and deductible in accordance with Exhibit A ("Ancillary Distribution Costs") and agrees to assume (in accordance with customary guild assumption agreements) and pay all guild residual obligations (including fringe benefits and payroll taxes) of Seven Hills as to each Seven Hills Designated Picture.

• The term of this Agreement shall be for a period of five (5) years, commencing with the Closing, plus no more than 9 months for completion of distribution in the U.S. of any Designated Picture hereunder ("Term").

• If the Designated Picture is being ---------------------- produced by a Credit Party, the Administrative Agent shall have received all appropriate security documentation and proof of filings, required by it, in connection with the creation of a first perfected lien in favor of the Collateral Agent for the benefit of the Administrative Agent, the Fronting Bank, the Lenders and the Noteholders.

• In this connection, Seven Hills shall be entitled to designate its own producer's representative(s) to participate in preparing and to approve on behalf of Seven Hills the plan of U.S. theatrical, marketing and advertising as to each Seven Hills Designated Picture in consultation with the First Look Theatrical Distribution Department.

• First Look shall prepare and deliver to Seven Hills detailed accountings broken down medium-by-medium as to distribution in the U.S. of Ancillary Rights by First Look with respect to each Seven Hills Designated Picture, including, without limitation, as to Ancillary Gross Receipts, Ancillary Distribution Costs and Ancillary Producer's Share (as defined in Exhibit A attached hereto) due Seven Hills as to each Designated Picture.

More Definitions of Designated Picture

Designated Picture means a Picture produced, acquired, owned and/or exclusively controlled for U.S. theatrical distribution by either First Look or Seven Hills and designated by written notice from the party to this Agreement which controls such Picture to the other parties to this Agreement as a Picture to be distributed in the United States under this Agreement. "Seven Hills Designated Picture" means a Picture so designated by Seven Hills. "First Look Designated Picture" means a Picture so designated by First Look. A Picture not so designated shall not be deemed a Designated Picture.