EXHIBIT10.14

First Amendment to the 

LOANOUT SERVICE AGREEMENT

WHEREAS, Panavision Inc. (the‘‘Company’’) entered into a Loan OutService Agreement (the ‘‘ServiceAgreement’’) with Ziffren, Brittenham, Branca, Fischer,Gilbert-Lurie & Stiffelman LLP, (now known as Ziffren, Brittenham,Branca, Fischer, Gilbert-Lurie, Stiffelman & Cook LLP and referredto herein as ‘‘ZBBFG-LS&C’’) withreference to the utilization of the services provided by KennethZiffren, Esq. (‘‘Executive’’), datedMarch  26,  2003.

WHEREAS, the Company andZBBFG-LS&C now desire to amend the Service Agreement on the termsand conditions described herein (the‘‘Amendment’’);

NOW, THEREFORE, theCompany and ZBBFG-LS&C hereby agree to amend the Service Agreement,as follows:

1. The Term of the Service Agreement shall beextended for a further period of three years (unless terminated sooneras provided in the Service Agreement) commencing on March25th 2006 and ending on March  25th2009.

2. Section 2 shall be amended such that thereferences to the ‘‘Executive Committee’’in Section 2 shall be replaced by references to the‘‘Board ofDirectors’’.

3. Section 3.3 shall be amendedand restated asfollows:

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|--|-------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  | ‘‘3.3  | CorporatePerformance Payment. In addition to the amounts to be paid to theExecutive pursuant to Sections 3.1 and 3.2, the Executive shall beentitled to receive a payment (the ‘‘CorporatePerformance Payment’’) at the time and in an amountdetermined pursuant to this Section 3.3. The Corporate PerformancePayment shall be made to the Executive within fifteen (15) daysfollowing issuance of audited financial statements of the Company forthe Fiscal Year ending December  31,  2008 (such FiscalYear, the ‘‘CP Fiscal Year’’) andconsistent with past practice and in any event, not later thanApril  30th of the following year. The Corporate PerformancePayment shall be in an amount equal to one percent (1%), (the‘‘CPP Percentage’’) (subject to adjustmentsdescribed below) of: |

(i)    EBITDA (without anydeduction for the Corporate Performance Payment to Executive or similarcorporate performance payments to other persons)(‘‘EBITDA’’) for the CP Fiscal Yearmultiplied by 8.0,

(ii)    less the sum of (A)$520  million and (B) any contributions to the capital of theCompany on or after January  1,  2006,and

(iii)    (A) less if an increase or (B) plus if adecrease, the change in debt (reduced by any unrestricted cash) of theCompany and its consolidated subsidiaries outstanding betweenJanuary  1,  2006 and the last day of the CP FiscalYear.

Notwithstanding the above, in the event of amaterial acquisition, the method for calculating the CorporatePerformance Payment pursuant to (i), (ii), and (iii) above, shall beadjusted for the effect of such materialacquisition;’’

4. Section 4.2(a) shall beamended such that the reference to ‘‘Equity ParticipationPayment’’ in Section 4.2(a) shall be replaced by areference to ‘‘Corporate PerformancePayment’’.

5. All provisions of the ServiceAgreement shall remain in full force and effect except to the extentspecifically described in this Amendment. To the extent of anyinconsistency between the terms of this Amendment and the ServiceAgreement, the terms of this Amendment shall prevail.

6. General.

6.1 This Amendment shall be governedby and construed and enforced in accordance with the laws of the Stateof California applicable to agreements made and to be performedentirely in California.

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6.2 The section headings containedherein are for reference purposes only and shall not in any way affectthe meaning or interpretation of this Amendment.

6.3 TheService Agreement, as amended by this Amendment, sets forth the entireagreement and understanding of the parties relating to the subjectmatter hereof, and supersedes all prior agreements, arrangements andunderstandings, written or oral, relating to the subject matter hereof.No representation, promise or inducement has been made by either partythat is not embodied in the Service Agreement, as amended by thisAmendment, and neither party shall be bound by or liable for anyalleged representation, promise or inducement not so setforth.

6.4 This Amendment may be amended, modified,superseded, canceled, renewed or extended, and the terms or covenantshereof may be waived, only by a written instrument executed by both ofthe parties hereto, or in the case of a waiver, by the party waivingcompliance. The failure of either party at any time or times to requireperformance of any provision hereof shall in no manner affect the rightat a later time to enforce the same. No waiver by either party of thebreach of any term or covenant contained in this Amendment, whether byconduct or otherwise, in any one or more instances, shall be deemed tobe, or construed as, a further or continuing waiver of any such breach,or a waiver of the breach of any other term or covenant contained inthis Amendment.

6.5 This Amendment may be executed in twoor more counterparts, each of which shall be deemed an original but allof which shall be considered one and the same agreement.

INWITNESS WHEREOF, the parties have executed this Amendment to theService Agreement as of March  30,2006.

|  | PANAVISIONINC. |
|--|----------------|

|  | By: /s/ HowardGittis                                                     |
|--|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | HowardGittis |
|--|--------------|

|  | ViceChairman |
|--|--------------|

|  | ZIFFREN, BRITTENHAM, BRANCA,FISCHER, |
|--|--------------------------------------|

|  | GILBERT-LURIE, STIFFELMAN &COOKLLP |
|--|----------------------------------------|

|  | By: /s/ KennethZiffren                                                 |
|--|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | KennethZiffren, its Partner |
|--|-----------------------------|

|  | KENNETHZIFFREN |
|--|----------------|

|  | /s/ KennethZiffren                                                         |
|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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