Qualifying Picture definition

Qualifying Picture has the meaning set forth in Section 1 of the Credit Agreement.

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Examples of Qualifying Picture in a sentence

Such a Right of First Refusal shall apply to all rights to distribute the Qualifying Picture in the United States (“U.S. Rights”) and to all rights to distribute the Qualifying Picture outside of the United States (“Foreign Rights”).
In the event the Company fails to provide an Exercise Notice within the applicable Exercise Period or fails to negotiate with Sobini during the appropriate Negotiation Period, Sobini shall have the right to dispose of the Subject Distribution Rights with respect to a Qualifying Picture without any further obligation to the Company.
For purposes of this Agreement, a “substantial change” in the Material Elements pertaining to a Qualifying Picture shall mean (i) any change in the proposed director or lead actor or (ii) a decrease of more than 10% in amount of the proposed budget.
By way of clarification, in such event, Sobini would, among other things, not be require to provide a subsequent First Refusal Notice to the Company with respect to a Qualifying Picture, even if the Material Elements of such Qualifying Picture were to change substantially subsequent to the time such agreement is entered into.
The conditions set forth in paragraphs (d) above shall not apply with respect to any Loan to be used to pay the production costs or acquisition costs for any Qualifying Picture for which the Lenders have made an initial Loan and which is subject to an Completion Guaranty and in principal photography at the time of such Default or Event of Default; provided that all of the conditions set forth in Section 7.2 are satisfied.
Permit the Bonded Budget of any Qualifying Picture to exceed $50,000,000 without the written consent of the Administrative Agent.
If any portion of the Qualifying Picture is to be financed by an Approved Co-Financing Party or if an Approved Co-Financing Party is to have any ownership interest in such Qualifying Picture or its copyright, then such Approved Co-Financing Party shall have been approved by the Agents and the Co-Administrative Agent shall have received and be satisfied with the co-financing agreement, an intercreditor agreement and such other documentation as it shall deem appropriate.
The Collection Agent shall use this information to prepare for each Declared Qualifying Picture a statement (a "Picture Waterfall Statement") setting forth how the revenue collected with respect to each Declared Qualifying Picture shall be allocated in accordance with Section 7 of the Sponsor Agreement.
Duly observe and perform all material terms and conditions of all material agreements with respect to the production, distribution and/or exploitation of Qualifying Picture and diligently protect and enforce the rights of the Credit Parties under all such agreements in a manner consistent with prudent business judgment and subject to the terms and conditions of such agreements.
Take all action on its part to insure that the Completion Reserve Amount with respect to a Qualifying Picture shall have been reserved from the Total Commitments at all times; including, without limitation, depositing cash into the Collection Account (or providing some other manner of credit support which is acceptable to the Administrative Agent) when and as necessary in accordance with Section 2.18(e) or any other provision herein.

More Definitions of Qualifying Picture

Qualifying Picture means a Picture which satisfies the following criteria: (1) it is being distributed in the Domestic Territory by the Borrower and/or another Approved Domestic Distributor under a Distribution Agreement, and the Borrower has secured a wide theatrical release on premium, first run screens satisfactory to the Administrative Agent and downstream distribution generally consistent with the Significant Exploitation Agreements, and (2) it is a feature length Picture to be produced or acquired by a Credit Party or Co-Financing Venture Entity or a Major Studio (in the case of a Revenue Participation) which (i) is scheduled to be delivered no later than one year after the Maturity Date, (ii) unless the Administrative Agent otherwise agrees, shall not be a stage play or concert film, (iii) shall be filmed predominately in color, (iv) shall be predominately in the English language, (v) is expected to receive an MPAA rating of not more restrictive than “R” (or the equivalent thereof) (or, if following receipt thereof, such rating is no more restrictive than “R” (or the equivalent thereof)), (vi) has satisfied or is capable of satisfying all other specifications set forth in each applicable Distribution Agreement to be included in the Borrowing Base, if any, (vii) shall have a running time of no less than 80 minutes, and (viii) unless the Administrative Agent otherwise agrees, has a negative cost of at least $10,000,000. In addition to the foregoing, in the context of a Picture for which a UK P&A Credit is requested, (A) the distributor in the Domestic Territory must be either the Borrower (on a self-distribution basis) or another distributor so long as the Borrower has demonstrated that the Picture will receive a wide theatrical release of not less than 1,000 screens in the Domestic Territory, (B) the Borrower must prior to accessing any UK P&A Credits hold (and have paid any acquisition price for) such Picture’s theatrical exploitation rights in the UK and must be self-distributing such Picture’s theatrical exploitation rights in the UK Territory and hold downstream rights in the UK Territory that are reasonably satisfactory to the Administrative Agent and (C) the Borrower must provide a certification in form and substance satisfactory to the Administrative Agent that such Picture shall have a theatrical screen count of not less than 300 screens in the UK Territory; provided that up to US$3,500,000 of UK P&A Credits may be taken for Pictures that meet all of the aforem...

Qualifying Picture means any Picture which meets the ------------------ following criteria: (a) has a maximum Total Negative Cost of $40 million and a minimum Total Negative Cost of $8 million; provided, however, that the minimum -------- ------- Total Negative Cost may be less than $8 million if the sum of such Picture's Total Negative Cost plus its Print and Advertising Costs is at least $13 million and, provided, further, that a signed commitment from the Sponsor in its -------- ------- capacity as distributor stating that it has in place sufficient print and advertising commitments to meet this test is submitted along with the Qualifying Picture Declaration; (b) is subject to the Distribution Agreement; (c) was produced for theatrical release; (d) is released theatrically in the United States at least 30 months before the Maturity Date; (e) for which the Borrower is the initial United States copyright owner; (f) has been produced by the Sponsor or on behalf of the Sponsor, has not yet been released at the time of its acquisition by the Borrower and for which the Borrower will own substantially all worldwide distribution rights for not less than twenty years; (g) is a live action theatrical feature film filmed primarily in English; (h) filmed primarily in color; (i) rated by the MPAA (or any equivalent rating system if the MPAA rating system is generally abandoned), but is not rated "X", "NC-17" or any equivalent or more restrictive rating (or if the MPAA rating system is modified or abandoned would have been so rated by the MPAA); (j) has not been exhibited in any medium anywhere in the United States prior to its United States theatrical release, except for limited test marketings, previews, free, charities or academy award screenings or exhibitions; (k) is not an animated film, a depiction of a concert of any sort, a depiction of a performance of a play or musical performed on stage, or a documentary; (l) is available for and is scheduled for initial United States theatrical distribution in 35mm or 70mm film or is otherwise suitable for first class theatrical distribution and has a running time of at least 80 minutes, but no more than 150 minutes. Notwithstanding the foregoing, each of "Stir of Echoes" and "The Ninth Gate" shall be considered a Qualifying Picture notwithstanding the fact that with regard to "Stir of Echoes", the criteria set forth in (f) above are not met and with regard to "The Ninth Gate", the criteria set forth in (e) and (f) above are not met.

Qualifying Picture means a Picture produced or acquired (or to be produced or acquired) by a Credit Party (including Permitted Co-Financed Pictures) that the Borrower has demonstrated to the Administrative Agent’s reasonable satisfaction meets the following criteria: (i) that the Picture meets or will meet when completed the criteria required by the applicable Main Distribution Agreement; (ii) that the Cash Budget of the picture will be financed from the Loans under the Facility plus advances from the Parent (which may be in the form of equity contributions to the Borrower, retained cash of the Borrower or loans which are subordinated as provided in Section 14.15) or a Co-Financier; (iii) that it owns the worldwide distribution rights for the Picture (other than distribution rights in geographical territories sold to a Co-Financier) in perpetuity or has the right to acquire such rights in perpetuity pursuant to an option as part of a sale and leaseback or other tax structured transaction (except in the case of “Space Chimps” for which the Borrower must own worldwide distribution rights for the Picture for a period of not less than 15 years); (iv) that the Picture will have a minimum domestic theatrical release on 500 screens for one week each; and (v) that the Picture satisfies or will satisfy when completed the following criteria: (a) it is computer generated animation (other than incidental live-action sequences), (b) it is in color, (c) it is in English, (d) it has a running time of 85-110 minutes, including main and end titles, (e) it qualifies for an MPAA rating not more restrictive than “PG” and (f) it is in 35mm with an aspect ratio suitable for first-class theatrical distribution and (vi) that the Picture is scheduled to be Completed by the fifth anniversary of the Closing Date.

Qualifying Picture means a feature length motion picture intended for either theatrical and/or home video release produced or acquired (or to be produced or acquired) by a Borrower which satisfies the following criteria: (i) such picture is declared by a Borrower as a Qualifying Picture pursuant to a Qualifying Picture declaration, (ii) the scheduled date of Completion is no later than the Maturity Date, (iii) such Qualifying Picture has a minimum budget of [REDACTED]; and (iv) with respect to a Produced Picture (subject to the rights under copyright granted to a distributor of the Qualifying Picture under any applicable distribution agreements), such Borrower is or will be (x) the copyright owner in respect of such picture, or (y) the owner (without risk of reversion) of distribution rights for at least the first cycle with regard to all territories to be licensed by such Borrower for which it seeks credit in the Borrowing Base for such Qualifying Picture.