CROWN MEDIA HOLDINGS INC
EX-10.25
<DOCUMENT>
<TYPE>EX-10.25
<SEQUENCE>2
<FILENAME>a2191224zex-10_25.htm
<DESCRIPTION>EX-10.25
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#09ZAC75701_2">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2>


<!-- COMMAND=ADD_BASECOLOR,"Black" -->




<!-- COMMAND=ADD_DEFAULTFONT,"font-family:times;" -->




<!-- COMMAND=ADD_TABLESHADECOLOR,"#CCEEFF" -->




<!-- COMMAND=ADD_STABLERULES,"border-bottom:solid #000000 1.0pt;" -->




<!-- COMMAND=ADD_DTABLERULES,"border-bottom:double #000000 2.25pt;" -->




<!-- COMMAND=ADD_SCRTABLERULES,"border-bottom:solid #000000 1.0pt;margin-bottom:0pt;" -->




<!-- COMMAND=ADD_DCRTABLERULES,"border-bottom:double #000000 2.25pt;margin-bottom:0pt;" -->


 </FONT></P>

<!-- TOC_END -->
<P ALIGN="RIGHT" style="font-family:times;"><FONT SIZE=2><A
NAME="ke75702_exhibit_10.25"> </A>
<A NAME="toc_ke75702_1"> </A>
<BR></FONT><FONT SIZE=2><B>  Exhibit 10.25    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="217" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="51%" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>MENDMENT NO. 15 dated as of March&nbsp;2, 2009 (this "</FONT><FONT SIZE=2><I>Amendment</I></FONT><FONT SIZE=2>") to the Credit, Security, Guaranty and Pledge Agreement dated as of August&nbsp;31, 2001 as amended by
Amendments 1 through 14 thereto, dated as of December&nbsp;14, 2001, December&nbsp;31, 2001, March&nbsp;29, 2002, May&nbsp;14, 2002, February&nbsp;5, 2003, August&nbsp;4, 2003, October&nbsp;28, 2004, March&nbsp;1, 2005, March&nbsp;21, 2006,
April&nbsp;28, 2006, December&nbsp;8, 2006, March&nbsp;2, 2007, July&nbsp;27, 2007 and March&nbsp;10, 2008, among Crown Media Holdings,&nbsp;Inc. (the "</FONT><FONT SIZE=2><I>Borrower</I></FONT><FONT SIZE=2>"), the Guarantors named therein, the
Lenders referred to therein and JPMorgan Chase Bank, N.A. (formerly known as JPMorgan Chase Bank), as Administrative Agent and as Issuing Bank for the Lenders (the "</FONT><FONT SIZE=2><I>Agent</I></FONT><FONT SIZE=2>") (as the same may be further
amended, supplemented or otherwise modified, the "</FONT><FONT SIZE=2><I>Credit Agreement</I></FONT><FONT SIZE=2>").</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER" style="font-family:times;"><FONT SIZE=2><A
NAME="ke75702_introductory_statement"> </A>
<A NAME="toc_ke75702_2"> </A>
<BR></FONT><FONT SIZE=2><B><I>INTRODUCTORY STATEMENT</I></B></FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Lenders have made available to the Borrower a credit facility pursuant to the terms of the Credit Agreement; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Borrower has requested that the Maturity Date of the Credit Agreement be extended from May&nbsp;31, 2009 to March&nbsp;31, 2010; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Borrower and each of the Lenders have agreed that the interest rate margins and unused commitment fees under the Credit Agreement be increased, and that certain other
modifications be made to the Credit Agreement as more fully set forth in this Amendment; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Administrative Agent and each of the Lenders have agreed that the Hallmark L/C shall be replaced with the Hallmark Cards Facility Guarantee; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS,
the Administrative Agent and each of the Lenders have agreed to make certain modifications to the Credit Agreement in order to accommodate the items described in the preceding
recitals. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW
THEREFORE, the parties hereto hereby agree as follows: </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Defined Terms.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used herein and not otherwise defined herein shall have the
meaning given them in the Credit Agreement. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Amendments to Credit Agreement</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Upon the Amendment Effective Date (as defined below): </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;Article&nbsp;1
of the Credit Agreement is hereby amended by: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;deleting
the definitions of "Alternate Base Rate", "Applicable Margin", "Commitment Termination Date", "LIBO Rate" and "Maturity Date" appearing therein and inserting in
lieu thereof the following replacement definitions: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><I>Alternate Base Rate</I></FONT><FONT SIZE=2>" shall mean for any day, a rate per annum equal to the greatest of (a)&nbsp;the Prime Rate in effect on such day, (b)&nbsp;the
Federal Funds Effective Rate in effect for such day plus <SUP>1</SUP>/<SMALL>2</SMALL> of 1% and (c)&nbsp;the LIBO Rate for a one month Interest Period on such day (or if such day is not a Business Day, the
immediately preceding Business Day) plus 1%. For purposes hereof, "</FONT><FONT SIZE=2><I>Prime Rate</I></FONT><FONT SIZE=2>" shall mean the rate of interest per annum publicly announced from time to
time by the Administrative Agent as its prime rate in </FONT></P>

</UL>
</UL>
</UL>
<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=1,EFW="2191224",CP="CROWN MEDIA HOLDINGS INC.",DN="2",CHK=352115,FOLIO='blank',FILE='DISK114:[09ZAC2.09ZAC75702]KE75702A.;10',USER='BSKELLE',CD=';3-MAR-2009;17:41' -->
<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>effect
at its principal office in New York City. "</FONT><FONT SIZE=2><I>Federal Funds Effective Rate</I></FONT><FONT SIZE=2>" shall mean, for any day, the weighted average of the rates on overnight
Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or,
if such rate is not so published for any day which is a Business Day, the average of the quotations for the day of such transactions received by the Agent from three Federal funds brokers of
recognized standing selected by it. If for any reason the Agent shall have determined (which determination shall be conclusive absent manifest error) that it is unable to ascertain the Federal Funds
Effective Rate for any reason, including the inability or failure of the Agent to obtain sufficient quotations in accordance with the terms hereof, the Alternate Base Rate shall be determined without
regard to clause&nbsp;(b) of the first sentence of this definition, as appropriate, until the circumstances giving rise to such inability no longer exist. Any change in the Alternate Base Rate due
to a change in the Prime Rate, the one-month LIBO Rate or the Federal Funds Effective Rate shall be effective on the effective date of such change in the Prime Rate, the
one-month LIBO Rate or the Federal Funds Effective Rate, respectively. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><I>Applicable Margin</I></FONT><FONT SIZE=2>" shall mean (i)&nbsp;in the case of Alternative Base Rate Loans, 1.25% per annum and (ii)&nbsp;in the case of Eurodollar Loans,
2.25% per annum. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><I>Commitment Termination Date</I></FONT><FONT SIZE=2>" shall mean the earlier to occur of (i)&nbsp;March&nbsp;30, 2010 and (ii)&nbsp;such earlier date on which the Total
Commitment shall terminate in accordance with Section&nbsp;2.8(a) or Article&nbsp;7 hereof. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><I>LIBO Rate</I></FONT><FONT SIZE=2>" shall mean, with respect to the Interest Period for a Eurodollar Loan (or, as applicable, for purposes of determining the Alternate Base
Rate with respect to any Alternate Base Rate Loan), an interest rate per annum equal to the quotient (rounded upwards, if necessary to the next <SUP>1</SUP>/<SMALL>100</SMALL> of 1%) of (A)&nbsp;(i) the rate
appearing on the Reuters BBA LIBOR Rates Page&nbsp;3750 (or on any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations
comparable to those currently provided on such page of such Service, as determined by the Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits
in the London interbank market) at approximately 11:00&nbsp;a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity
comparable to such Interest Period or (ii)&nbsp;if the rate described in clause&nbsp;(A)(i) is not available on any relevant date of determination, the rate at which dollar deposits of $5,000,000
and for a maturity comparable to such Interest Period are offered by the principal London office of the Agent in immediately available funds in the London interbank market at approximately
11:00&nbsp;a.m., London time, two Business Days prior to the commencement of such Interest Period, divided by (B)&nbsp;one minus the applicable statutory reserve requirements of the Agent,
expressed as a decimal (including without duplication or limitation, basic, supplemental, marginal and emergency reserves), from time to time in effect under Regulation&nbsp;D or similar regulations
of the Board of Governors of the Federal Reserve System. It is agreed that for purposes of this definition, Eurodollar Loans made hereunder shall be deemed to constitute Eurocurrency Liabilities as
defined in Regulation&nbsp;D and to be subject to the reserve requirements of Regulation&nbsp;D. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><I>Maturity Date</I></FONT><FONT SIZE=2>" shall mean March&nbsp;31, 2010. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;Article&nbsp;1
of the Credit Agreement is hereby further amended by inserting the following definitions in appropriate alphabetical order: </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><I>Amendment No.&nbsp;15</I></FONT><FONT SIZE=2>" shall mean that certain Amendment No.&nbsp;15 dated as of March&nbsp;2, 2009 to this Credit Agreement. </FONT></P>

</UL>
</UL>
</UL>
<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=2,EFW="2191224",CP="CROWN MEDIA HOLDINGS INC.",DN="2",CHK=387299,FOLIO='blank',FILE='DISK114:[09ZAC2.09ZAC75702]KE75702A.;10',USER='BSKELLE',CD=';3-MAR-2009;17:41' -->
<UL>
<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>"</FONT><FONT
SIZE=2><I>Hallmark Cards Facility Guarantee</I></FONT><FONT SIZE=2>" shall mean a guarantee agreement substantially in the form of </FONT> <FONT SIZE=2><I>Exhibit&nbsp;S</I></FONT><FONT SIZE=2> hereto, as the same may be amended, supplemented,
extended or replaced from time to time, which shall provide for a guarantee by
Hallmark Cards in favor of the Agent (on behalf of itself, the Issuing Bank and the Lenders) of any and all Obligations from time to time outstanding hereunder. </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;Section&nbsp;2.7
of the Credit Agreement is hereby amended by deleting the words "(the "</FONT><FONT SIZE=2><I>Commitment Fees</I></FONT><FONT SIZE=2>") of 0.15% per
annum," appearing therein and inserting in lieu thereof the words "(the "</FONT><FONT SIZE=2><I>Commitment Fees</I></FONT><FONT SIZE=2>") of 0.375% per annum,". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;Section&nbsp;3.17
of the Credit Agreement is hereby amended by deleting the words "Schedule&nbsp;3.17 is a true and complete listing as of the Amendment
No.&nbsp;12 Effective Date" appearing therein and inserting in lieu thereof the words "</FONT><FONT SIZE=2><I>Schedule&nbsp;3.17</I></FONT><FONT SIZE=2> is a true and complete listing as of the
effectiveness of Amendment No.&nbsp;15". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;Section&nbsp;5.1(c)
of the Credit Agreement is hereby amended by deleting the words "Sections&nbsp;6.10, 6.15, 6.23 and 6.24 hereof" appearing in clause&nbsp;(ii)
thereof and inserting in lieu thereof the words "Sections&nbsp;6.5(iv)(a) and 6.15 hereof". </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;Section&nbsp;6.5
of the Credit Agreement is hereby amended by deleting clause&nbsp;(iv) appearing therein and inserting in lieu thereof the following replacement
clause&nbsp;(iv): </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>"(iv)
payments to Hallmark, Hallmark Cards or an Affiliate (a)&nbsp;in payment with respect to a valid outstanding obligation (but not any principal payment with respect to any Indebtedness,
including any Indebtedness which is subject to the terms of the Hallmark Cards Subordination and Support Agreement as in effect as of the date of Amendment No.&nbsp;15, other than payments of
principal of such Indebtedness in an aggregate amount not to exceed $10,000,000) or (b)&nbsp;commercially reasonable fees to Hallmark Cards in consideration for Hallmark Cards having extended the
Hallmark Cards Facility Guarantee; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2> that, in the case of both clauses&nbsp;(a) and (b), (1)&nbsp;no Default or Event of Default has occurred
and is continuing after giving effect on a pro forma basis to such payments, and (2)&nbsp;the Borrower is a public company;" </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)&nbsp;&nbsp;Article&nbsp;7
of the Credit Agreement is hereby amended by deleting clause&nbsp;(t) appearing therein and inserting in lieu thereof the following replacement
clause&nbsp;(t): </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>"(t)
the Hallmark Cards Facility Guarantee shall have expired or otherwise terminated or Hallmark Cards shall have disavowed its obligations thereunder or a default shall otherwise have occurred in
accordance with the terms thereof." </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H)&nbsp;&nbsp;Section&nbsp;12.1(b)
of the Credit Agreement is hereby amended by (i)&nbsp;deleting the "and" appearing at the end of clause&nbsp;(xiv) appearing therein,
replacing the period appearing at the end of clause&nbsp;(xv) appearing therein and inserting the following new clause&nbsp;(xvi) after subsection&nbsp;(xv) therein: </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>"(xvi)
to, in connection with the effectiveness of Amendment No.&nbsp;15, (A)&nbsp;accept the cancellation of the Hallmark L/C and (B)&nbsp;and accept the Hallmark Cards Facility Guarantee and
enforce its rights under the Hallmark Cards Facility Guarantee; and". </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;Section&nbsp;13.3(l)
of the Credit Agreement is hereby amended by: (i)&nbsp;deleting the phrase "Provided the Hallmark L/C has not expired" appearing therein and
inserting in lieu thereof the phrase "Provided the Hallmark Guarantee remains in full force and effect and has not been disavowed by Hallmark Cards" and (ii)&nbsp;deleting the final sentence
appearing therein and inserting in lieu thereof the following replacement sentence: </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>"(i)
Notwithstanding any of the preceding provisions of this Section&nbsp;13.3(l), at any time prior to the payment of the Purchase Price, the Agent may make a claim under, or otherwise seek to
enforce any remedies available to it under the Hallmark Cards Facility Guarantee in accordance with the terms thereof." </FONT></P>

</UL>
</UL>
</UL>
<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=3,EFW="2191224",CP="CROWN MEDIA HOLDINGS INC.",DN="2",CHK=362769,FOLIO='blank',FILE='DISK114:[09ZAC2.09ZAC75702]KE75702A.;10',USER='BSKELLE',CD=';3-MAR-2009;17:41' -->
<UL>
<UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J)&nbsp;&nbsp;&nbsp;Article&nbsp;14
of the Credit Agreement is hereby amended by deleting Section&nbsp;14.1 appearing therein in its entirety and replaced with the following new
Section&nbsp;14.1: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"SECTION&nbsp;14.1.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Sale and General Terms of Participation Upon A Payment Under the Hallmark Cards Facility
Guarantee.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The net proceeds received by the Agent from any payment made by Hallmark Cards under the Hallmark Cards Facility Guarantee shall not be
applied to repay Obligations but shall instead be treated as the purchase price for the sale of a subordinated participation in the Obligations from the Agent and the Lenders to Hallmark Cards. Such
subordinated participation in the Obligations shall be purchased at the face amount and shall be hereinafter referred to as the "Hallmark Subordinated Participation". If the amount of the drawing is
less than the amount of the outstanding Obligations, the purchase shall be deemed to be made in the following order: (i)&nbsp;claims other than principal and interest, (ii)&nbsp;interest, and
(iii)&nbsp;principal. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The
purchase and sale of the Hallmark Subordinated Participation shall be automatic and shall not require any action on behalf of Hallmark Cards or on behalf of the
Lenders. Such purchase and sale shall be pro rata among all of the Lenders. To the extent that such purchase and sale is of the outstanding principal amount of the Loans, the Agent shall give notice
to each of the Lenders and each Lender shall annex to its Note the notice from the Agent which memorializes the amount of the subordinated participation being purchased in that Note. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Such
purchase and sale shall be without any representation, warranty or recourse to the Agent or the Lenders; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, </FONT> <FONT SIZE=2><I>however</I></FONT><FONT SIZE=2>, that each Lender makes a
representation and warranty that it is the legal and beneficial owner of the interest being assigned thereby and that
such interest is free and clear of any adverse claims. The assigning Lender makes no representation or warranty and assumes no responsibility with regard to any of the statements, warranties or
representations made in or in connection with any Fundamental Document or as to the execution, legality, validity, enforceability, genuineness or sufficiency or value thereof or of any instrument or
documentation furnished pursuant thereto. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Once
all of the Senior Obligations have been paid in full, each of the Lenders shall, if requested by Hallmark Cards and at the expense of Hallmark Cards, endorse its
Note without representation, warranty or recourse to Hallmark Cards and deliver such Note to the Agent for delivery to Hallmark Cards. At that point in time, the Credit Parties and Hallmark Cards
agree that the Agent may immediately resign notwithstanding any provisions to the contrary contained in the Credit Agreement and that the Agent and the Issuing Bank shall continue to be entitled to
all of the indemnities provided in the Credit Agreement as secured Lenders with regard to all matters relating to periods or actions taken prior to their resignation. To the extent that there are any
Letters of Credit outstanding at the time of a payment by Hallmark Cards under the Hallmark Cards Facility Guarantee, cash received by the Agent subsequent to such payment shall be used first to
provide cash collateral for such Letters of Credit. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Notwithstanding
any provisions to the contrary in the Credit Agreement, the Junior Creditor shall not be entitled to any right of consent or to vote under the Credit
Agreement or to receive any payments with regard to accrued interest and fees or other amounts applicable to the Hallmark Subordinated Participation until all of the Senior Obligations shall have been
paid in full. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower acknowledges that the Total Commitment shall terminate upon any assertion by the Agent of any claim under the Hallmark Cards Facility Guarantee and that
subsequent thereto neither the Agent, the Issuing Bank nor the Lenders shall be obligated to provide any additional credit whatsoever to the Credit Parties." </FONT></P>

</UL>
</UL>
<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=4,EFW="2191224",CP="CROWN MEDIA HOLDINGS INC.",DN="2",CHK=281203,FOLIO='blank',FILE='DISK114:[09ZAC2.09ZAC75702]KE75702A.;10',USER='BSKELLE',CD=';3-MAR-2009;17:41' -->
<UL>
<UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K)&nbsp;&nbsp;The
Table of Contents of the Credit Agreement is hereby amended by inserting in the appropriate alphabetical order under "Exhibits" a reference to: </FONT></P>

<UL>
<UL>

<P style="font-family:times;"><FONT SIZE=2>"S
Form of Hallmark Cards Facility Guarantee" </FONT></P>

</UL>
</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L)&nbsp;&nbsp;The
Credit Agreement is hereby amended by inserting </FONT><FONT SIZE=2><I>Exhibit&nbsp;S</I></FONT><FONT SIZE=2> thereto in substantially the form of </FONT> <FONT SIZE=2><I>Exhibit&nbsp;S</I></FONT><FONT SIZE=2> to this Amendment. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(M)&nbsp;The
Credit Agreement is hereby amended by replacing </FONT><FONT SIZE=2><I>Schedule&nbsp;3.17</I></FONT><FONT SIZE=2> thereto in its entirety with </FONT> <FONT SIZE=2><I>Schedule&nbsp;3.17</I></FONT><FONT SIZE=2> to this Amendment. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Conditions to Effectiveness.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Amendment will become effective no earlier than
April&nbsp;1, 2009, and the effectiveness of this Amendment is further subject to the satisfaction in full of each of the conditions precedent set forth below on or prior to April&nbsp;1, 2009
(the date on which all such conditions have been satisfied being herein called the "</FONT><FONT SIZE=2><I>Amendment Effective Date</I></FONT><FONT SIZE=2>"): </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;the
Agent shall have received counterparts of this Amendment which, when taken together, bear the signatures of the Borrower, each Guarantor and each of the Lenders; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;the
Agent shall have received for the account of the Lenders a fee of $37,500.00 in consideration for the extensions of the Maturity Date to be implemented hereunder; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;the
representations and warranties in Section&nbsp;4 hereof shall be true on the Amendment Effective Date as if made on such date; </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;all
legal matters incident to this Amendment shall be satisfactory to Morgan, Lewis&nbsp;&amp; Bockius,&nbsp;LLP, counsel for the Agent; </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;the
Agent shall have received an executed Hallmark Cards Facility Guarantee in form and substance satisfactory to the Agent, the form of which shall upon the Amendment
Effective Date be attached as </FONT><FONT SIZE=2><I>Exhibit&nbsp;S</I></FONT><FONT SIZE=2> hereto; and </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;the
Agent shall have received evidence satisfactory to it that Hallmark Cards shall have provided its written consent (on behalf of itself and each other Subordinated
Creditor (as defined in the Hallmark Cards Subordination and Support Agreement as in effect as of the date hereof)) to the extension of the Maturity Date and the limitations on the ability of the
Borrower to make Restricted Payments being implemented hereunder, and that Hallmark Cards shall have acknowledged in writing (on behalf of itself and each other Subordinated Creditor) that the
provisions of the Hallmark Cards Subordination and Support Agreement shall be in full force and effect both prior and subsequent to the Amendment Effective Date with respect to Hallmark Cards and each
other Subordinated Creditor. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Representations and Warranties of the Credit Parties.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each Credit Party represents and
warrants that: </FONT></P>

<UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;after
giving effect to this Amendment, the representations and warranties contained in Section&nbsp;3 of the Credit Agreement and in the other Fundamental Documents
are true and correct in all material respects (except to the extent that any such representations and warranties specifically relate to an earlier date, in which case they shall be true and correct as
of such earlier date, or changed circumstances specifically contemplated by, and allowed pursuant to, this the Credit Agreement) with the same effect as if made on and as of the date hereof; and </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;after
giving effect to this Amendment, no Event of Default or Default will have occurred and be continuing on and as of the date hereof. </FONT></P>

</UL>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Further Assurances.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At any time and from time to time, upon the Agent's request and at the
sole expense of the Credit Parties, each Credit Party will promptly and duly execute and deliver any and all further instruments and documents and take such further action as the Agent shall
reasonably request. </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=5,EFW="2191224",CP="CROWN MEDIA HOLDINGS INC.",DN="2",CHK=394233,FOLIO='blank',FILE='DISK114:[09ZAC2.09ZAC75702]KE75702A.;10',USER='BSKELLE',CD=';3-MAR-2009;17:41' -->


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Fundamental Documents.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Amendment is designated a Fundamental Document by the Agent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Full Force and Effect.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly amended hereby, the Credit Agreement and the other
Fundamental Documents shall continue in full force and effect in accordance with the provisions thereof on the date hereof. As used in the Credit Agreement, the terms "Agreement", "this Agreement",
"herein", "hereafter", "hereto", "hereof", and words of similar import, shall, unless the context otherwise requires, mean the Credit Agreement as amended by this Amendment. </FONT></P>


<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;APPLICABLE LAW.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Counterparts.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This Amendment may be executed in two or more counterparts, each of which shall
constitute an original, but all of which when taken together shall constitute but one instrument. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Expenses.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Borrower agrees to pay all out-of-pocket expenses
incurred by the Agent in connection with the preparation, execution and delivery of this Amendment, including, but not limited to, the reasonable fees and disbursements of counsel for the Agent. </FONT></P>

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11.</FONT><FONT
SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;Headings.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The headings of this Amendment are for the purposes of reference only and shall not
affect the construction of or be taken into consideration in interpreting this Amendment. </FONT></P>

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>

<!-- ZEQ.=6,SEQ=6,EFW="2191224",CP="CROWN MEDIA HOLDINGS INC.",DN="2",CHK=759800,FOLIO='blank',FILE='DISK114:[09ZAC2.09ZAC75702]KE75702A.;10',USER='BSKELLE',CD=';3-MAR-2009;17:41' -->

<P style="font-family:times;"><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereby have caused this Amendment to be duly executed as of the date first written above. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="217" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="30" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="196" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><B> BORROWER:</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><BR><FONT SIZE=2>CROWN MEDIA HOLDINGS,&nbsp;INC.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>/s/ Charles Stanford<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Charles Stanford</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Executive Vice President, General Counsel</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=7,EFW="2191224",CP="CROWN MEDIA HOLDINGS INC.",DN="2",CHK=703892,FOLIO='blank',FILE='DISK114:[09ZAC2.09ZAC75702]KE75702A.;10',USER='BSKELLE',CD=';3-MAR-2009;17:41' -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="217" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="30" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="196" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><B> GUARANTORS:</B></FONT><FONT SIZE=2><BR>
CM INTERMEDIARY,&nbsp;LLC<BR>
CROWN MEDIA UNITED STATES,&nbsp;LLC<BR>
CITI TEEVEE,&nbsp;LLC<BR>
DOONE CITY PICTURES,&nbsp;LLC</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>/s/ Charles Stanford<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Charles Stanford</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Vice President</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=8,SEQ=8,EFW="2191224",CP="CROWN MEDIA HOLDINGS INC.",DN="2",CHK=1048325,FOLIO='blank',FILE='DISK114:[09ZAC2.09ZAC75702]KE75702A.;10',USER='BSKELLE',CD=';3-MAR-2009;17:41' -->

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR><!-- TABLE COLUMN WIDTHS SET -->
<TD WIDTH="217" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="15" style="font-family:times;"></TD>
<TD WIDTH="12" style="font-family:times;"></TD>
<TD WIDTH="210" style="font-family:times;"></TD>
<!-- TABLE COLUMN WIDTHS END --></TR>

<TR VALIGN="BOTTOM">
<TH ALIGN="CENTER" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH ALIGN="LEFT" style="font-family:times;"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2><B> LENDER:</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3 style="font-family:times;"><FONT SIZE=2>JPMORGAN CHASE BANK, N.A., individually<BR>
and as Agent and Issuing Bank</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>By</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD style="font-family:times;"><BR><FONT SIZE=2>/s/&nbsp;GREGORY T. MARTIN<BR>


<HR NOSHADE SIZE="1.0pt" WIDTH="100%" COLOR="#000000">

</FONT>
 </TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Name:&nbsp;&nbsp;Gregory T. Martin</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD style="font-family:times;"><FONT SIZE=2>Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<P style='font-family:times;page-break-before:always'></p>
<!-- ZEQ.=9,SEQ=9,EFW="2191224",CP="CROWN MEDIA HOLDINGS INC.",DN="2",CHK=706945,FOLIO='blank',FILE='DISK114:[09ZAC2.09ZAC75702]KE75702A.;10',USER='BSKELLE',CD=';3-MAR-2009;17:41' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="09ZAC75701_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ke75702_1">Exhibit 10.25</A></FONT><BR>
</UL>
<FONT SIZE=2 style="font-family:times;"><A HREF="#toc_ke75702_2">INTRODUCTORY STATEMENT</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=DTAYLOR,SEQ=,EFW="2191224",CP="CROWN MEDIA HOLDINGS INC.",DN="2" -->
<!-- TOCEXISTFLAG -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
