*1 ), * 1 ) I. II. III. IV. V. I.. 1) T V 1999. 2001 46.1%. 2),...,. -,,,. 3). 1),, Issue Paper, 2002.2.28, 8. 2), 10. 30%.. < http:/ / ww w.kofic.or.kr/ index.asp>
, (asset - backed securitization : ABS ) 4). II., ( ), 5), 6) 7). 8) 1999. 60%. 3), 14. 4) 2 3 T V,. ABS P - CBO. 5) (1986),,,..,,,,. ( ). 6) 2 49 ( ). 13,.. 7) ( ). 1, 1 5. 2 300%.. 8). (completion guarantee)...
, (priv ate placement ), (public offering ). < 1> - - 1990 - -, KT B, -,, KM, JSA,,, -, -,, - 2001 26 -, ( 2 ) - - (1 ) 60 : 17 18., ( :, )..,
. (cash flow ) (structuring ). III. 1. 1980., (pooling ),, (originator ) 9)., SPV SPV. SPV 1 ( 17 1 ).., T V,.. IV..., (priv ate seat ),,,, 84. 9) SPV SPV (bankruptcy remote), (true sale/ tr ansfer )., ABS -,, 1999, 21.
2. 10). RUG(Really Useful Group) 2000 13 ( 15,652 ) RUT L (Really U seful T heatres Limited). RUT L SPV RUT FL (Really U seful T heatres Finance Limit ed). 2000 10 RUT FL 13 (FRN ) 20, 27, 29 3 84. A2 Ba3,, DSCR (debt service cov erage ratio), 1,250 (liquidity facility ). 2 ( 47 ) (subordinated bonds ) (servicer ) RUT L. RUT L / (production agreement ), (deposit ).,, RUT L,,,.. RUT FL SPV (secured loan ). RUT L,,, (deed of fix ed and floating charge). RUT L (Insolv ency Act 1986) (administrative receiv er ). 11) 10) Moody ' s Investors Service, R eally Usef ul Theatres F inance L im ited A sset Backed N otes, International Structur ed Finance Pr e- Sale Report, October 16, 2000.
A2 3 LIBOR. RUT FL DSCR (financial and operating cov enant s ). (Capex ) 125. RUT FL 1, 126 (portfolio properties ).,, (occupancy ), (, ), DSCR.. 12) IV. 1.. (box office) DVD, T V,,.,. 13) 1997 2 15 ( Bowie Bonds ) 55 11) I bid, p.3. 12) RUT FL. Jeeves T akes Charge, Cat s, Song & Dance, On Your T oes, Cafe Puccini, T he Phantom of the Opera ( ); St arlight Express, Daisy Pulls It Off, T he Hir ed Man, Lend Me a T enor, Aspects of Love, Joseph, the Amazing T echnicolor Dreamcoat, Sunset Boulevard ( ); Jesus Christ Superstar, Whistle Down the Wind, T he Beautiful Game. 13), -,, Vol.28, No.6(2000.6),, 655 662.
1976 (T he Man Who F ell to Earth )., 14),,.,. 1998 9.,.. (credit enhancem ent )...,,,,.. (track records ) ABS. 5 8, 20. SPV. 15) 14) 1997 11 (SPV : Dreamw orks Film T rust ) (future receivables) 325 ABS. CAPMAC (surety bond) Aaa. 15).,
,,,. 16),, (licen see). 25 EMI 15 (distribution licen se).., ABS (true sale). (perfection ), (reserv e fund),, L/ C.,,. 2. (structuring ). SPV. (bankruptcy remote) (t w o- tier structure). (SPV 1), SPV (SPV 2 ) SPV2. 1 SPV 1, 2 SPV 2 (sub stantiv e con solidation ). 2 SPV 2.,. 1996.7.30. 95 7932; 1991.6.25. 88 6358..,, 9 (2001.2),, 22 23 ; 1997.7.25. 95 21624. 16) 3 5 ABS.
SPV 2. SPV (double tax ation ) SPV 2 (grantor tru st ) (partner ship ). SPV 1. (over - collateralization ) SPV. 3..... 20%.. 7.9% 10%....,..,.
,. SPV [non - recourse],. 50%.. 17)..,.,. 3,. 4.. [free and clear]. (lien ).. 17), 656. (secured loan). Nicole Chu, B owie B onds: A K ey to Unlock ing, The W ealth of I ntellectual P rop erty, 21 Hastings Comm/ Ent. L.J. 469, 485 (1999).
[hell or high w ater w aiver]. (due diligence),,,. (1976 Copyright A ct ) (1909 Copyright Act )... (automatic stay ). SPV..,,,. SPV, (quality ),. [ ].,. (servicer ). (fraudulent tran sfer ).
., 3 ( ),.. SPV 1 SPV 2 SPV 1 (sub stantiv e consolidation ). SPV 1,,,, (notification ). (preferential tran sfer ).. (executory contract ) [cherry picking]. 1988 365 (n )... (back - up servicer ).. (UCC Article 9) (attachm ent ). (collateral agreement ), (value), (right ). (copyright ) (U.S. Copyright Office)
, (Secretary of State). UCC. ( : ) (preemption ), ( : ).. ( belt and su spender s ).. 3 (priority ) (perfection ). ABS ( strong arm pow er ) SPV. (filing ), (possession ), (control)., (U.S. Patent and T rademark Office).. (cash proceeds ). (commingle), [ ]. V.. 18) IMF 18) 28, 13 1 5 2. 146 (
.,. 19).,,,..., CBO 20) (primary collateralized bond obligation s ).,,,,.,. (cash flow ).. 1 1. 21) Multi- U se, VOD,, VCR DVD.. 40 106 ).. 19),, 28. 20),, 20 1 (2001.5),, 726-729. 21),, 42.
,. 22) 23). [, 2002.5.28] :,,,,,,,,, 22) ( 1995. 7.21. 94 125), ( 26 )......,., ( UIP,, MGM ). 75% EU ( 2002.2.21 ). 23) (visual effect )..,,,.
Abst ract H ow to F in an c e K ore an F ilm - M ak ers Whon-I l Park Since Sw iri m ade an unprecedented mega - box hit in 1999, the Korean movie industry has enjoyed an alleged N eo- R enaissance after a long depressed period. Now Korea is one of a few countries that successfully defend local film m arket s against blockbuster hollyw ood cinem as. T hough Korean film - maker s hav e less difficulties in securing production funds than their predeces sors, there are still limited sources of funds like venture capitalist s, priv at e investment funds and netizen funds mobilized through the Internet. But w e can find a brand-new source of funds, i.e., securitizing future cash flow s from a series of m ovies, and other proceeds from VCR/ DVD conversion s, broadcast and cable T V program s and other adapt ation s from the original pictures. F or in stance, Dream w ork s Film succeeded t o issue U$ 325 million Aaa - bonds based on it s future receiv ables in Nov ember 1997. Another ex ample mu st be U$55 million Bow ie Bonds floated by an SPV which had bought the licen sing right s from the legendary rock artist, David Bowie, in February 1997. Otherwise a pool of theater s w ould be an ample source of funds as w itnes sed by Andrew Lloy d W ebber ' s Really U seful Group. In early 2000, Really U seful T hertres Limit ed successfully raised 84 million through a complicated structured financing. Right now it seem s impossible to apply such an asset securitization scheme t o m ovie production. But w e hav e m ade it pos sible for small and medium enterprises to raise handsome amount of monies through primary CBOs, or collat eralized bond obligation s. If ordinary Korean movie- goer s don ' t change their mind t o Korean m ovies in the near future, there is an increasing pos sibility for Korean film - makers to raise funds through structured financing and other sophisticated financial schem es. It is also required that they should expand the source of rev enues to the maximum ext ent, and preserv e the screen quota for Korean - made movies.