dec 7, 2012 - TMG CNB/TMG NOTE $5M LOAN AGREEMENT Johnny Depp

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Note: The documents behind the TMG claims have never been made public. THE JDC does not have access to Team Depp’s response to the TMG claims as many of the documents are filed under a confidentiality order - therefore the claims made in the TMG documents are their arguments and their side of the story with no knowledge of Team Depp's response.

FROM TMG AMENDED COMPLAINT:
TMG agreed to come to the aid of its long-time client. The idea behind this arrangement, which was designed to save Depp from a public and devastating financial collapse, was that Depp would pay TMG what TMG was required to pay CNB under the loan. In December 2012, TMG borrowed $5 million from CNB (the "CNB/TMG Note"), which was then used to solely pay off the previous Depp/CNB loan. TMG never received any cash or any other consideration in the transaction--instead, MG stepped into Depp's shoes with respect to the $5 million loan from CNB. In return, on December 7, 2012, TMG and Depp entered into a lending agreement and promissory note for $5 million (the "MG/Depp Note"), which stated that “It]he repayment terms and conditions of the TMG/Depp Note are intended to reflect, as closely as possible, the repayment terms of the CNB/TMG Note." The TMG/Depp Note was meant to be a short-term bridge loan for Depp that would be paid off no later than January 31, 2014, and would allow Depp time to sell his yacht and various other assets needed to repay his creditors. In addition to having a January 2014 due date, the TMG/Depp Note also provided that an event of default included "Depp ceas[ing] to remain a full service business management client of [TMG]."





SOURCE:
- TMG First Amended Cross Complaint 1 May 2017 pp20 para 81-92
- TMG Third Amended Cross Complaint 19 September 2017 pp28 para 93-104

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