Persons entitled
- Film Finances Canada LTD
Brief description
To the extent, if any, that producers own any right, title or interest in the collateral, producers hereby grant to guarantor a security interest, charge, mortgage and hypothec in the collateral to secure repayment of the secured sums, plus interest thereon per annum at the rate of the prime rate of royal bank – canada plus 1% (“security interest”). Said security interest shall be subject and subordinate to the prior rights, but ((provided guarantor takes the necessary steps to perfect its security in the production), such security interest shall have priority over any other rights or security interests of any other person, company or entity other than the prior rights in or with respect to the collateral, including deferments and gross receipts or net profit participations. The “collateral”, as that term is used in this completion agreement, shall consist of the production and its moveable property, present and future, corporeal and incorporeal, wherever situated, but not including any other motion picture production whatsoever, including, without limitation, all positive and negative film, original duplicating materials, video materials, voice-recordings, realizations, all sound tracks and all other physical properties of or relating to the production, whether now or hereafter in existence and wherever located.. Negative pledge. Producers shall not (I) grant any rights, hypothecs, charges or security interests (other than the prior rights or through a security instrument entered into by producers and pre-approved in writing by guarantor (such approval not to be unreasonably withheld, conditioned or delayed)) ranking in priority to or pari passu with the security interest hereby granted; (ii) while any moneys are due to guarantor hereunder, agree to market or exploit any of the collateral, other than pursuant to the distribution agreement (if any), and the financing agreements, without the prior written consent of guarantor, which consent shall not be unreasonably withheld, conditioned or delayed.
Contains fixed charge.
Contains negative pledge.