私募影视投资基金法律实务操作指南

综上所述，编者已详细陈述电影投资的风险，以及投资者可以选择的不同投资方式，在此编者想向股权投资者提供些建议，使投资者尽可能地保护好自身合法权益。

首先，如果您想投资一部独立电影，您必须坚持要求制片人在信誉良好的第三方托收代理人处建立收款账户。这一点最为重要，这是编者可以给股权投资者最重要的一条忠告。如果制片人拒绝使用托收代理人，那么请远离这笔交易。托收代理人是一家代理公司，它会建立一个银行专用账户，电影的所有发行公司都将被指示把电影发行收入支付至这个账户中。托收代理人后续会计算应如何分配资金并向各受益人支付其各自应得的份额。如果没有托收代理人，则投资者无法独立掌控资金的汇拢和资金的流向。

其次，如能协商成功，最好取得电影的担保权益，保证制片人能如期履行到期支付义务。虽然担保权益对投资者来说是有利的，但请注意，投资者的担保权益将次于制片出借人，甚至可能次于其他第三方的担保权益。但如果制片公司因某些原因提交了破产申请，则对投资者来说是有利的。在那种情况下，做担保权人永远比不做要好。

如果电影制作中有制片出借人，投资者应做好收购出借人的债权，并随时取而代之的准备。回收贷款时，制片出借人总是排在第一顺位的。如果电影项目情况不容乐观，电影票房不佳，作为投资者，如果有机会收购制片出借人的债权，这可能就直接关系到投资能否被收回了。如果没有上述情况，无论如何，取代制片出借人（包括收购其担保权益）将使该投资者优先于其他股权投资者，甚至在最坏的情况下，可以使你有权停止电影拍摄并接管电影。

因此，简而言之，这就是好莱坞电影投资的世界。编者的最后一个建议是，如果您想投资好莱坞电影，请找一个在电影融资方面拥有资深经验的律师来协助您。无论您的一般商务律师或家庭律师有多优秀，都不要聘用他/她来协助您进行好莱坞电影投资。这是相对非常特殊的法律实务领域。如同您不会选择一位全科医生为您做脑部手术一样，您不应该选择一位普通的律师来给您电影融资方面的建议。看完本篇描述后，如您仍然决定冒险，那么请允许编者祝您好运。(www.xing528.com)

So now that I’ve told you how risky film investments are and the differentways you can make them，I thought Iwould wrap this up by offering some advice on what an equity investor can do to protect itself as best as possible.First and foremost，if you are investingin an independent film，you must insist on the producer using a collection account established with a reputable third party collection agent.This is single most important piece of advice I can give to an equity investor.If a producer refuses to use a collection agent，walk away from the deal.A collection agent is a company that sets up a dedicated bank account that all of the film’s distributors are instructed to pay their revenues to.The collection agent then calculates how thatmoney should be allocated and pays out to each beneficiary its respective share.If you don’t have a collection agent，you have no way to independently determ ine whatmoney has come in and where it has gone.This is an invitation to the producer to steal from you.

Next，if you can get it，is to take a security interest in the film as security for the producer’s obligation to pay you what you are due.While a security interest is good，please keep inmind that itwill be subordinated to the production lenders and perhaps to other parties.But it is a benefit if，for some reason，the production company files for bankruptcy.In that case，it is always better to be a secured party than not.

And if there is a production lender，always keep open the option of buying the production lender out and stepping into its shoes.When it comes to the recoupment pecking order，the production lender is always in first position.If things are looking bad and you as an investor have the opportunity to buy the production lender out，it could be the difference between recouping and not.If nothing else，stepping into the production lender’s shoes（and security interest）will put you ahead of any other equity investors and，in the worst case scenario，would give you the ability to foreclose and take over the film.

So this，in a nutshell，is the world of investing in Hollywood films.If I can leave you with one last piece of advice，it would be，if you think you want to do this，please find a lawyer who is know ledgeable in film financing to assist you.Don’t use your general corporate or family lawyer，no matter how good he or she is.This is a highly specialized area of law.In the same manner that you would not go to a general practitioner for brain surgery，you should not go to a generalist for advice about financing films.And if，after all of this，you do decide to take the plunge，I wish you the best of luck.