Document:

ex10-1.htm

    Exhibit
10.1

     

    AMENDMENT NO. 5 TO
TRANSACTION DOCUMENTS

     

     Dated
as of May 30, 2008

     

    THIS
AMENDMENT NO. 5 TO TRANSACTION DOCUMENTS (this “Amendment No.
5”) is entered into by and among MVL Film Finance LLC (the “Borrower”),
MVL Productions LLC (“MPROD”),
Marvel Studios, Inc. (“Marvel
Studios” and together with the Borrower and MPROD, collectively, the
“Marvel
Parties”) and Ambac Assurance Corporation, in its capacity as Control
Party (as defined in the Credit Agreement referred to below) (“Ambac”).  All
capitalized terms used herein without definition shall have the meanings
specified in the Credit Agreement referred to below, or, if not defined therein,
in the Master Agreement referred to below.

     

    PRELIMINARY
STATEMENTS:

     

    (1)           WHEREAS,
reference is made to (i) the Credit and Security Agreement dated as of August
31, 2005 (the “Credit
Agreement”) among the Borrower, the financial institutions and commercial
paper conduits from time to time party thereto, General Electric Capital
Corporation, as Administrative Agent, and the Collateral Agent, (ii) the Master
Development and Distribution Agreement dated as of August 31, 2005 (the “Master
Agreement”) among the Marvel Parties, (iii) Amendment No. 1 to
Transaction Documents dated as of September 29, 2006 (“Amendment No.
1”), Amendment No. 2 to Transaction Documents dated as of February 21,
2007 (“Amendment No.
2”), and Amendment No. 3 to Transaction Documents dated as of April 13,
2007 (“Amendment No.
3”) each by and between the Marvel Parties, Marvel Characters, Inc., MVL
Rights LLC, Ambac and the Collateral Agent, and (iv) Acknowledgement No. 1 to
Transaction Documents dated as of April 6, 2007 (“Acknowledgment
No. 1”), and Amendment No. 4 to Transaction Documents dated as of January
15, 2008 (“Amendment No.
4”) each by and among Ambac and the Marvel Parties;

     

    (2)           WHEREAS,
the Marvel Parties have asked Ambac to consent to an amendment to the
Transaction Documents to permit: (i) the Marvel Parties’ parent company, Marvel
Entertainment, Inc. (“MEI”) to,
under certain conditions, purchase the Reserved Foreign Distribution Rights; and
(ii) MVL Rights LLC (“MRI”)
to make capital contributions for the Motion Pictures and to provide that such
amounts may be utilized under the conditions set forth herein and therein to
satisfy the Cumulative Pre-Sales Test;

    

    NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the undersigned hereby agree as
follows:

     

    

     

    

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SECTION
1.

     

    (a)        Section
3(c)(ii) of the Master Agreement is hereby amended to delete the last sentence
and to replace it with the following three sentences:

     

    “In
addition, if the sale of the Reserved Foreign Distribution Rights does not
achieve such target for such Motion Picture or for all Completed Films and all
Motion Pictures then in production, MRI may also make up the shortfall, in whole
or in part, and in its sole discretion, by making cash equity contributions to
the Borrower in accordance with the Borrower’s organizational documents for use
by the Borrower solely for payment of amounts in respect of the Budget of such
Motion Picture (such contributions, the “Equity
Amounts”).  Any Co-Financing Amounts received pursuant to such
Co-Financing Transactions (other than amounts with respect to clause (b) in the
definition of “Co-Financing
Commitment”) or Equity Amounts shall be counted towards such target for
sale of the Reserved Foreign Distribution Rights.

     

    (b)           Section
3(c)(iii) of the Master Agreement is hereby amended to add at the end thereto as
follows:

     

    “Notwithstanding
any provision of the Transaction Documents to the contrary, the Master
Distributor may at its election, but subject to the MEI Pre-Sale Restrictions,
enter into MEI Pre-Sale Agreements in order to satisfy its obligations under
Section 3(c)(ii) above with respect to the Reserved Foreign Distribution Rights;
and MRI may at its election make cash contributions of Equity Amounts to the
Borrower in
accordance with the Borrower’s organizational documents for use by the Borrower
solely for payment of amounts in respect of the Budget of such Motion
Picture.”

     

    (c)      Section
1(a) of the Master Agreement is hereby amended to add the following at the end
of the definition of “Co-Financing
Commitment”:

     

    “; provided, that each
Person providing such a Co-Financing Commitment shall, by the terms of such
Co-Financing Commitment, only be entitled to receive Gross Receipts of such
Motion Picture arising from, and shall only be secured by, such Reserved Foreign
Distribution Rights, such Distribution Rights or such “soft money” benefits, as
the case may be, and proceeds thereof that are the subject of such Co-Financing
Commitment.

     

    (d)      Section
1(a) of the Master Agreement is hereby amended to add the following at the end
of the definition of “Co-Financing Loan
Agreement”:

     

    “; provided, that each
Person lending under such a Co-Financing Loan Agreement or secured by such
Reserved Foreign Distribution Rights shall, by the terms of such Co-Financing
Loan Agreement, only be entitled to receive Gross Receipts of such Motion
Picture arising from such Reserved Foreign Distribution Rights that are the
subject of such Co-Financing Loan Agreement, and shall not be secured by any
other property of the Production Services Company or Master Distributor other
than such Reserved Foreign Distribution Rights and proceeds
thereof.”

     

    (e)           Section
1(a) of the Master Agreement is hereby amended to add the following defined
terms:

     

    
      
         

      

      
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    “Equity
Amounts” has the meaning set forth in Section 3(c)(ii).

     

    “MEI Pre-Sale
Agreement” means a pre-sale agreement under which MEI purchases from the
Master Distributor all or part of the Reserved Foreign Distribution Rights for a
Motion Picture and which complies with the MEI Pre-Sale
Restrictions.

     

    “MEI Pre-Sale Amounts”
means any net amount actually received by MVL with respect to a Motion Picture
on a non-refundable basis, pursuant to a MEI Pre-Sale Agreement.

     

    “MEI Pre-Sale
Restrictions” means that the Master Distributor shall not sell on behalf
of MVL all or part of the Reserved Foreign Distribution Rights for a Motion
Picture to MEI unless: (i) the guaranteed compensation (i.e., the “minimum
guaranty”) offered by MEI for such rights is not less than 110% of the
guaranteed compensation offered by any third party for such rights on such
Motion Picture or any other Motion Picture (e.g., if the highest offer for a
Motion Picture in Japan is $10,000,000 then the MEI pre-sale agreement must
provide for guaranteed compensation of at least $11,000,000); (ii) the purchase
price paid by MEI constitutes reasonably equivalent value; (iii) all other
material terms of the MEI Pre-Sale Agreement are similar or more favorable to
MVL than are available from a third party; (iv) the MEI Pre-Sale Agreement shall
provide that MEI and its affiliates will not self-distribute such Reserved
Foreign Distribution Rights; and (v) the MEI Pre-Sale Agreement shall provide
that MEI will resell to an unaffiliated third party such Reserved Foreign
Distribution Rights and in the event such resale is for more than the amount it
paid to MVL, then MEI shall remit such additional amounts to MVL as additional
compensation under the MEI  Pre-Sale Agreement.

     

    (f)       The
defined term “Cumulative Pre-Sales Percentage” set forth in Schedule I of the
Credit Agreement is hereby amended to add at the end thereto as
follows:

     

    “For the
avoidance of doubt and notwithstanding any provision of the Transaction
Documents to the contrary, the numerator described in (i)(b) above shall include
all MEI Pre-Sale Amounts (but not to exceed the greater of (x)110% of the
guaranteed compensation offered by any third party for such rights on a Motion
Picture or any other Motion Picture and (y), if MEI shall have subsequently sold
such rights in compliance with clause(v) of the definition of MEI Pre-Sale
Restrictions, the actual amount of the guaranteed cash compensation paid by any
third party for such rights and received by the Borrower in accordance with
clause (v) of the definition of “MEI Pre-Sale
Restrictions”) and all Equity Amounts.”  

     

    SECTION
2.   Representations and
Warranties of the Marvel Parties.

     

    2.1       The
Marvel Parties each hereby represents and warrants to Ambac as
follows:

     

    (a)           It
is a corporation or limited liability company, as applicable, duly organized,
validly existing and in good standing under the laws of the State of
Delaware.

     

    (b)           The
execution, delivery and performance by it of this Amendment No. 5 and each
Transaction Document to which it is a party, and the transactions contemplated
hereby and thereby, are within its limited liability company or corporate
powers, have been duly authorized by all necessary limited liability company or
corporate action, and do not

     

    
      
         

      

      
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    (i) contravene,
or constitute a default under, its constitutive documents, (ii) violate any
Law or applicable writ, judgment, injunction, decree, determination or award
except where such violations, individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect, (iii) conflict
with or result in the breach of, or constitute a default under, any contract,
loan agreement, indenture, mortgage, deed of trust, lease or other instrument
binding on it or any of its properties, in each case which breach or default has
not been permanently waived in accordance therewith or (iv) result in or require
the creation or imposition of any Adverse Claim upon or with respect to any of
its properties, other than Permitted Liens.

     

    (c)           No
consent of any other Person and no authorization or approval or other action by,
and no notice to or filing with, any governmental authority or regulatory body
or any other third party that has not been obtained is required for the due
execution, delivery or performance by it of this Amendment No. 5 or any
Transaction Document to which it is or is to be a party.

     

    (d)           This
Amendment No. 5 has been, and each Transaction Document to which it is a party
has been, duly executed and delivered by it and is its legal, valid and binding
obligation, enforceable against it in accordance with the terms of such
document, except as may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws relating to or limiting creditors’
rights generally or by equitable principles.

     

    2.2       In
addition, the Marvel Parties each hereby represents and warrants to Ambac as
follows:

     

    No Event
of Default, Potential Event of Default, MSI Default Event, MEI Event of Default
or Acceleration Event has occurred and is continuing or would result from the
execution, delivery and performance by it of this Amendment No. 5 and the
transactions contemplated hereby.

     

    SECTION
3.   Reference to and Effect on
the Transaction Documents, Etc.

     

    (a)           This
Amendment No. 5 shall pertain only to the matters expressly referred to above
and is effective only for the limited purposes set forth above, and shall not be
deemed to authorize any other action or non-compliance on the Borrower’s,
MPROD’s or Marvel Studio’s part.

     

    (b)           The
Transaction Documents, as specifically modified by Amendment No. 1, Amendment
No. 2, Amendment No. 3, Amendment No. 4, Acknowledgment No. 1 and this Amendment
No. 5 are and shall continue to be in full force and effect and are hereby in
all respects ratified and confirmed.  This Amendment No. 5 constitutes
the entire agreement of the parties hereto with respect to the subject matter
hereof, there being no other agreements or understandings, oral, written or
otherwise, respecting such subject matter, any such agreement or understanding
being superseded hereby.

     

    SECTION
4.   Execution in
Counterparts

     

    .  This
Amendment No. 5 may be executed in any number of counterparts and by any
combination of the parties hereto in separate counterparts, each of which
counterparts shall be an original and all of which taken together shall
constitute one and the same Amendment No. 5.  Delivery of an executed
counterpart of a 

     

    
      
         

      

      
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    signature
page to this Amendment No. 5 by facsimile shall be effective as delivery of a
manually executed counterpart of this Amendment No. 5.

     

    SECTION
5.   Governing
Law.  This
Amendment No. 5 shall be governed by, and construed in accordance with, the
internal laws of the State of New York.

     

    [Signature
pages follow]

     

    

     

     

     

     

     

     

    
 

    
      
         
5

      

      
         

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the undersigned
have caused this Amendment No. 5 to be executed by their respective officers
thereunto duly authorized, as of the date first above written.

     

    

     

    
      	 	
              AMBAC
      ASSURANCE CORPORATION

              

              

              By  /s/ Matthew
      Tocks                                        
      

              Name:
      Matthew Tocks

              Title:  Vice
      President
 

    

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    
 

    MVL FILM
FINANCE LLC

    

    

    By   /s/ Michael
Ross                                                

    Name:
Michael Ross

    Title:   SVP,
Legal Affairs

    

    

    MVL
PRODUCTIONS LLC

    

    

    By  
/s/ Ryan
Potter                                                   

    Name:
Ryan Potter

    Title:   Secretary

    

    

    MARVEL
STUDIOS, INC.

    

    

    By  
/s/ Tim
Connors                                                

    Name:  Tim
Connors

    Title:
EVP, Business Affairs and Operationsex10-1.htm

Exhibit 10.1

    SECOND AMENDMENT TO AMENDED
AND RESTATED REVOLVING CREDIT AGREEMENT

    

    THIS
SECOND AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (this “Second Amendment”) is
made and entered into as of August 4, 2008, by and between THE LACLEDE GROUP, INC., a
Missouri corporation (“Borrower”), and U.S. BANK NATIONAL
ASSOCIATION, a national banking association (“Lender”), and has
reference to the following facts and circumstances (the “Recitals”):

    

    A    Borrower and
Lender executed the Amended and Restated Revolving Credit Agreement dated as of
August 4, 2005 (the “2005 Agreement”), pursuant
to which Borrower executed the Revolving Credit Note dated August 4, 2005,
payable to the order of Lender, in the principal amount of up to $40,000,000 (as
amended, the “Note”).

    

    B.    The 2005
Agreement was previously amended as provided in the First Amendment to Amended
and Restated Revolving Credit Agreement dated as of March 31, 2008
(the 2005 Agreement as amended thereby, hereafter referred to as the “Agreement”; all
capitalized terms used and not otherwise defined in this Second Amendment shall
have the respective meanings ascribed to them in the Agreement).

    

    C.    Borrower and
Lender desire to further amend the Agreement, in the manner hereinafter set
forth.

    

    NOW,
THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Borrower and Lender hereby agree as follows:

    

    1.     Recitals.  The
Recitals are true and correct, and, together with the defined terms set forth
therein, are incorporated herein by this reference.

    

    2.     Amendment
to Agreement.  The Agreement is
amended as follows:

    

    (a)    The
definitions of “Applicable Commitment Fee Rate”, “Applicable LIBOR Margin”,
“Applicable Prime Margin”, and “Revolving Credit Period” in Section 1.01 of the
Agreement are deleted and replaced with the following:

    

    “Applicable Commitment Fee
Rate shall mean an annual rate equal to 15/100 Percent
(0.15%).”

    

    “Applicable LIBOR
Margin shall mean an annual rate equal to 60/100 Percent
(0.60%).”

    

    “Applicable Prime
Margin shall mean an annual rate equal to Zero Percent
(0%).”

    

    “Revolving Credit Period
shall mean the period commencing on the date of this Agreement and ending
August 3, 2009; provided, however, that the Revolving Credit Period
shall end on the date the Lender’s Revolving Credit Commitment is terminated
pursuant to Section 6 or otherwise.”

    

    (b)    The
definition of “Applicable Rating Level” in Section 1.01 of the Agreement is
deleted.

    

    (c)    Sub-sections
(a) and (b) in the definition of “Interest Period” in Section 1.01 of the
Agreement are deleted and replaced with the following:

    

    “(a)
initially, the period commencing on the date selected by Borrower in the
applicable Interest Rate Selection Notice and ending seven (7) days, one (1)
month, two (2) months, three (3) months, or six (6) months thereafter, as
Borrower may elect in the applicable Interest Rate Selection Notice; and (b)
thereafter, each period commencing on the last day of the immediately preceding
Interest Period applicable to such LIBOR Loan and ending seven (7) days, one (1)
month, two (2) months, three (3) months, or six (6) months, as Borrower may
elect in the applicable Interest Rate Selection Notice; provided
that:”

    
      
         

      

      
        
        

         

      

      
         

      

    

    

    3.     Costs and
Expenses.  Borrower hereby
agrees to reimburse Lender upon demand for all out-of-pocket costs and expenses
(including, without limitation, reasonable attorneys’ fees and expenses)
incurred by Lender in the preparation, negotiation and execution of this Second
Amendment and any and all other agreements, documents, instruments and/or
certificates relating to this Second Amendment.  All of the
obligations of Borrower under this paragraph shall survive the payment of
Borrower’s Obligations and the termination of the Agreement as amended
hereby.

    

    4.     References
to Agreement.  All references in
the Agreement to “this Agreement” and any other references of similar import
shall henceforth mean the Agreement as amended by this Amendment.

    

    5.     Full
Force and Effect.  Except to the
extent specifically amended by this Second Amendment, all of the terms,
provisions, conditions, covenants, representations and warranties contained in
the Agreement and the Note shall be and remain in full force and effect and the
same are hereby ratified and confirmed.

    

    6.     Benefit.  This Second
Amendment shall be binding upon and inure to the benefit of Borrower and Lender
and their respective successors and assigns, except that Borrower may not
assign, transfer or delegate any of its rights or obligations under the
Agreement as amended by this Amendment.

    

    7.     Representations
and Warranties.  Borrower hereby
represents and warrants to Lender that:

    

    (a)    the
execution, delivery and performance by Borrower of this Second Amendment are
within the corporate powers of Borrower, have been duly authorized by all
necessary corporate action and require no action by or in respect of, consent of
or filing or recording with, any governmental or regulatory body,
instrumentality, authority, agency or official or any other Person;

    

    (b)    the
execution, delivery and performance by Borrower of this Second Amendment do not
conflict with, or result in a breach of the terms, conditions or provisions of,
or constitute a default under or result in any violation of, the terms of the
Articles of Incorporation or Bylaws of Borrower, any applicable law, rule,
regulation, order, writ, judgment or decree of any court or governmental or
regulatory body, instrumentality authority, agency or official or any agreement,
document or instrument to which Borrower is a party or by which Borrower or any
of its property is bound or to which Borrower or any of its property is
subject;

    

    (c)    this Second
Amendment has been duly executed and delivered by Borrower and constitutes the
legal, valid and binding obligation of Borrower enforceable against Borrower in
accordance with its terms, except as such enforceability may be limited by (i)
applicable bankruptcy, insolvency or similar laws affecting the enforcement of
creditors’ rights generally and (ii) general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at
law);

    

    (d)    all of the
representations and warranties made by Borrower in the Agreement and/or in any
of the other Transaction Documents are true and correct in all material respects
on and as of the date of this Second Amendment as if made on and as of the date
of this Second Amendment; and

    

    (e)    as of the
date of this Second Amendment, no Default or Event of Default under or within
the meaning of the Agreement has occurred and is continuing.

    

    8.     Release.  Borrower hereby
unconditionally releases, acquits, waives, and forever discharges Lender and its
successors, assigns, directors, officers, agents, employees, representatives and
attorneys from any

    
      
         

      

      
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    and
all liabilities, claims, causes of action or defenses, if any, and for any
action taken or for any failure to take any action, existing at any time prior
to the execution of this Second Amendment.

    

    9.     Inconsistency.  In the event of
any inconsistency or conflict between this Second Amendment and the Agreement,
the terms, provisions and conditions contained in this Amendment shall govern
and control.

    

    10.    Missouri
Law.  This Second
Amendment shall be governed by and construed in accordance with the substantive
laws of the State of Missouri (without reference to conflict of law
principles).

    

    11.    Notice Required by Section
432.047 R.S. Mo.  ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY,
EXTEND CREDIT OR TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT INCLUDING
PROMISES TO EXTEND OR RENEW SUCH DEBT ARE NOT ENFORCEABLE. TO PROTECT YOU
(BORROWER(S)) AND US (CREDITOR) FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY
AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING WHICH IS
THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS WE
MAY LATER AGREE IN WRITING TO MODIFY IT.

    

    12.    Conditions
Precedent.  Notwithstanding
any provision contained in this Second Amendment to the contrary, this Second
Amendment shall not be effective unless and until Lender shall have received the
following, all in form and substance acceptable to Lender:

    

    (a)    this Second
Amendment, duly executed by Borrower;

    

    (b)    the Consent
of Guarantor duly executed by Laclede Energy;

    

    (c)    the following
organizational documents of Borrower:  (i) a copy of resolutions of
the Board of Directors of Borrower, duly adopted, which authorize the execution,
delivery and performance of this Amendment; (ii) an incumbency certificate,
executed by the Secretary of Borrower, which shall identify by name and title
and bear the signatures of all of the officers of Borrower executing this
Amendment; and (iii) a certificate of corporate good standing of Borrower issued
by the Secretary of State of the State of Missouri, or other evidence of good
standing satisfactory to Lender;

    

    (d)    the following
organizational documents of Laclede Energy:  (i) a copy of resolutions
of the Board of Directors of Laclede Energy, duly adopted, which authorize the
execution, delivery and performance of the Consent of Guarantor; (ii) an
incumbency certificate, executed by the Secretary of Laclede Energy, which shall
identify by name and title and bear the signatures of all of the officers of
Borrower executing the Consent of Guarantor; and (iii) a certificate of
corporate good standing of Laclede Energy issued by the Secretary of State of
the State of Missouri, or other evidence of good standing satisfactory to
Lender; and

    

    (e)    such other
documents and information as reasonably requested by Lender.

    

    IN
WITNESS WHEREOF, Borrower and Lender have executed this Second Amendment as of
the day and year first above written.

    
      
         

      

      
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    (SIGNATURES
ON FOLLOWING PAGE)

    
      
         

      

      
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    SIGNATURE
PAGE-

    SECOND AMENDMENT TO AMENDED AND
RESTATED REVOLVING
CREDIT AGREEMENT

    

    

    

    

    
      	
              Borrower:

            	 
	 
      	 
	
              THE
      LACLEDE GROUP, INC.

            	 
	 
      	 
      	 
	
              By:

            	
              /s/
      Lynn D. Rawlings

            	 
	 
      	
              Lynn
      D. Rawlings, Treasurer and Assistant Secretary

            	 
	 
      	 
      	 
	 
      	 
      	 
	 
      	 
      	 
	 
      	 
      	 
	
              Lender:

            	 
	 
      	 
      	 
	
              U.S.
      BANK NATIONAL ASSOCIATION,

            	 
	 
      	 
      	 
	
              By:

            	
              /s/
      Karen Meyer

            	 
	 
      	
              Karen
      Meyer, Vice President

            	 
	 
      	 
      	 

    

    

    
      
         

      

      
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