- 59 - E. Exercise of the Put On December 26, 1996, Mr. Geary, pursuant to the instructions of Mr. Jouannet, sent facsimiles to William Ponce, Gary Mazzola, and Celia Murphy at Chase Manhattan Bank, and to Mr. Lerner, transmitting notices from CLIS and Santa Monica Finance, B.V., exercising their rights under the side letter agreement and the deposit account agreement.35 The $5 million that Somerville S Trust had deposited with Chase Manhattan Bank was duly paid to CLIS and Generale Bank. Per an informal agreement between Rockport Capital and Somerville S Trust, Somerville S Trust became the purchaser and owner of the preferred interests. VI. Film Rights Contributed to SMHC A. Film Titles and Development Projects The following film titles and development projects were listed in Schedule 1.6(b) of the exchange and contribution agreement as assets of SMHC: U.S. Video Film Rights 1. Alley Cat 7. Battle of the Valiant 2. Astro Zombies 8. Beast, The 3. Auditions 9. Blood Brothers 4. Avenger 10. Blood Castle 5. Banana Monster 11. Cardiac Arrest 6. Battle of the Last Panzer 12. Carthage in Flames 35 Mr. Geary exercised Generale Bank’s and CLIS’s rights under the side letter agreement and deposit account agreement on Dec. 26, 1996; however, the put period did not commence until Dec. 31, 1996.Page: Previous 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 Next
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