Document:

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                           TAX SHARING AGREEMENT

     TAX SHARING AGREEMENT (the "Agreement") entered into as of April 19, 2001
by and among M&F WORLDWIDE CORP., a Delaware corporation ("Parent"), PANAVISION
INC., a Delaware corporation ("Panavision"), the Subsidiaries (as hereinafter
defined) of Panavision that are signatories hereto and any entities that become
parties hereto pursuant to Paragraph 19 hereof. Parent and its Subsidiaries are
hereinafter sometimes referred to as the "Parent Group" and Panavision and its
Subsidiaries are hereinafter sometimes referred to as the "Panavision Group."

     WHEREAS, Panavision is an indirect Subsidiary of Parent;

     WHEREAS, Parent and the Panavision Group desire, to the extent permitted by
the Internal Revenue Code of 1986, as amended (the "Code"), and the regulations
promulgated thereunder (the "Treasury Regulations"), that the Panavision Group
be included in the filing of consolidated federal income tax returns on behalf
of the Parent Group;

     WHEREAS, Parent and the Panavision Group desire that the Panavision Group
participate, to the extent permitted by applicable state or local law, in
combined state or local income tax returns (which shall be deemed for all
purposes of this Agreement to include any consolidated state or local tax
return) if so requested by Parent or any Subsidiary of Parent (other than
Panavision or any Subsidiary of Panavision);

     WHEREAS, Parent and the Panavision Group wish to allocate and settle among
themselves in an equitable manner the consolidated federal and combined state or
local income tax liability of the Panavision Group for Taxable Periods governed
by this Agreement; and

     WHEREAS, the Panavision Group desires to be indemnified by Parent with
respect to certain tax liabilities, and Parent is willing to so indemnify the
Panavision Group.

     NOW, THEREFORE, in consideration of the mutual covenants contained herein,
the parities agree as follows:

     1. Definitions.

     For purposes of this Agreement. the following terms shall be defined as
follows:

     (a) "Taxable Period" shall mean any taxable year or portion thereof ending
after the date hereof during which Panavision is a Subsidiary of Parent, and
with respect to which a consolidated federal income tax return that includes
Panavision is properly filed on behalf of the Parent Group or (in the case of
any combined state or local return) any such taxable year or portion thereof
with respect to which a combined state or local income tax return is filed by
Parent or any Subsidiary of Parent (other than Panavision or any subsidiary of
Panavision) that includes Panavison or any subsidiary of Panavision.

     (b) "Panavision Group's Federal Taxable Income" for a Taxable Period shall
mean the federal taxable income (including, for all purposes of this Agreement,
alternative minimum taxable income) for such Taxable period that the Panavision
Group would have reported if it had not been included in the consolidated
federal income tax return filed for the Parent Group with respect to such
Taxable Period but instead had filed its own consolidated return for such
Taxable Period; provided, however, that in computing such taxable income, the
Panavision Group shall not take into account any amounts paid or payable by
Panavision to Parent under Paragraphs 2 or 5 hereof with respect to federal
taxes or by Parent to Panavision under Paragraphs 2, 5 or 7 hereof with respect
to federal taxes. In computing such taxable income, the Panavision Group shall
be entitled to take into account deductions and credits attributable to the
carryover or carryback of any losses or credits of Panavision or any Subsidiary
of Panavision, but only to the extent that such losses or credits arose in a
Taxable Period and after taking into account any limitations on the use of such
losses and credits imposed pursuant to Sections 172, 382, 383, 384, 904 or 1212
of the Code or by Treasury Regulations Sections 1.1502-15, 1.1502-15A,
1.1502-15T, 1.1502-20, 1.1502-21, 1.1502-21A, 1.1502-21T, 1.1015-22, 1.1502-22A,
1.1502-22T, 1.1502-91, 1.1502-91A, 1.1502-92, 1.1502-92A, 1.1502-93, 1.1502-93A,
1.1502-94, 1.1502-94A or 1.1502-95.

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     (c) "Panavision Group's Federal Tax" for a Taxable Period shall mean the
federal income tax liability or, if applicable, the federal alternative minimum
tax liability for such Taxable Period that the Panavision Group would have
incurred if it had not been included in the consolidated federal income tax
return filed for the Parent Group with respect to such Taxable Period, but had
instead filed its own consolidated return for such Taxable Period; provided that
in computing such tax liability for any Taxable Period, the Panavision Group
shall not take into account any amounts paid or payable by Panavision to Parent
under Paragraphs 2 or 5 hereof with respect to federal taxes or by Parent to
Panavision under Paragraphs 2, 5 or 7 hereof with respect to federal taxes. In
computing such tax liability, the Panavision Group shall be entitled to take
into account deductions and credits attributable to the carryover or carryback
of any losses or credits of Panavision or any Subsidiary of Panavision, but only
to the extent that such losses or credits arose in a Taxable Period and after
taking into account any limitations on the use of such losses and credits
imposed pursuant to Sections 172, 382, 383, 384, 904 or 1212 of the Code or by
Treasury Regulations Sections 1.1502-15, 1.1502-15A, 1.1502-15T, 1.1502-20,
1.1502-21, 1.1502-21A, 1.1502-21T, 1.1015-22, 1.1502-22A, 1.1502-22T, 1.1502-91,
1.1502-91A, 1.1502-92, 1.1502-92A, 1.1502-93, 1.1502-93A, 1.1502-94, 1.1502-94A
or 1.1502-95. If the computation of the Panavision Group's Federal Tax does not
result in a positive number, the Panavision Group's Federal Tax shall be deemed
to be zero.

     (d) "Panavision Group's State and Local Taxable Income" shall mean the
state and local taxable income, computed in a manner consistent with the
computation of the Panavision Group's Federal Taxable Income, as defined above,
that Panavision and/or any of its Subsidiaries would have reported with respect
to each state or local taxing jurisdiction for any Taxable Period for which
Panavision and/or any Subsidiary of Panavision participates, with Parent or any
Subsidiary of Parent (other than Panavision or any Subsidiary of Panavision), in
the filing of a combined state or local income tax return with such jurisdiction
if Panavision and/or any Subsidiary of Panavision had filed with each such
jurisdiction a separate return (in a case where only one member of the
Panavision Group joins in the filing of such combined return) or a combined
return including only those members of the Panavision Group actually joining in
such combined return (in a case where more than one member of the Panavision
Group joins in the filing of such combined return).

     (e) "Panavision Group's State and Local Tax" shall mean the aggregate state
and local income tax, computed in a manner consistent with the computation of
the Panavision Group's Federal Tax, as defined above, that Panavision and/or any
of its Subsidiaries would have incurred with respect to each relevant state and
local taxing jurisdiction for any Taxable Period for which Panavision and/or any
Subsidiary of Panavision participates with Parent or any Subsidiary of Parent
(other than Panavision or any Subsidiary of Panavision) in the filing of a
combined state or local income tax return with such jurisdiction if Panavision
and/or any Subsidiary of Panavision had filed with such jurisdiction a separate
return (in a case where only one member of the Panavision Group joins in the
filing of such combined return) or a combined return including only those
members of the Panavision Group actually joining in such combined return (in a
case where more than one member of the Panavision Group joins in the filing of
such combined return).

     (f) "Estimated Tax Payments" shall mean for a Taxable Period the aggregate
payments by Panavision to Parent for such Taxable Period provided in Paragraph
3.

     (g) "Final Determination" shall mean a closing agreement with the Internal
Revenue Service or the relevant state or local taxing authorities, an agreement
contained on Internal Revenue Service Form 870-AD or other comparable form, an
agreement that constitutes a determination under Section 1313(a)(4) of the Code,
a claim for refund which has been allowed, a deficiency notice with respect to
which the period for filing a petition with the Tax Court or the relevant state
or local tribunal has expired or a decision of any court of competent
jurisdiction that is not subject to appeal or as to which the time for appeal
has expired.

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     (h) "Subsidiary" as to any entity (the parent corporation) shall mean a
corporation that would be an includible corporation that is a member of an
affiliated group of corporations of which the parent corporation would be the
common parent, all within the meaning attributable to such terms in Section 1504
of the Code and Treasury Regulations thereunder.

     2. Payments between Panavision and Parent.

     (a) Panavision shall pay to Parent, for each Taxable Period, an amount
equal to the excess, if any, of the Panavision Group's Federal Tax for such
Taxable Period over the aggregate amount of the Estimated Tax Payments actually
made by Panavision to Parent with respect to federal income taxes for such
Taxable Period. If the aggregate amount of the Estimated Tax Payments actually
made to Parent with respect to federal income taxes for such Taxable Period
exceeds the Panavision Group's Federal Tax for such Taxable Period, Parent shall
pay to Panavision an amount equal to such excess.

     (b) For each Taxable Period with respect to which Panavision or any
Subsidiary of Panavision participates in the filing of any combined state or
local income tax return with Parent or any Subsidiary of Parent (other than
Panavision or any Subsidiary of Panavision), Panavision shall pay to Parent an
amount equal to the excess, if any, of the Panavision Group's State and Local
Tax for such Taxable Period over the aggregate amount of the Estimated Tax
Payments actually made by Panavision to Parent with respect to such state or
local income tax for such Taxable Period. If the aggregate amount of the
Estimated Tax Payments actually made to Parent with respect to such state and
local income tax for such Taxable Period exceeds the Panavision Group's State
and Local Tax for such Taxable Period, Parent shall pay to Panavision an amount
equal to such excess.

     3. Estimated Tax Payments.

     (a) Panavision shall pay to Parent, for each Taxable Period, no later than
the tenth day of each of the fourth, sixth, ninth and twelfth months of such
Taxable Period, the amount of estimated federal income taxes that the Panavision
Group would have been required to pay on or before the fifteenth day of each
such month if Panavision were filing a consolidated federal income tax return
for such Taxable Period for an affiliated group of corporations of which
Panavision was the common parent and that consisted only of the members of the
Panavision Group. Such estimated federal income tax liability shall be
determined consistent with the calculation of the Panavision Group's Federal Tax
and shall reflect the estimated taxable income of the Panavision Group projected
for three, six, nine and twelve months, respectively.

     (b) For every Taxable Period with respect to which Panavision and/or any
Subsidiary of Panavision participates in the filing of a combined state or local
income tax return with Parent or any Subsidiary of Parent (other than Panavision
or any Subsidiary of Panavision), Panavision shall pay to Parent, no later than
the fifth day prior to the date an estimated state or local payment is due, the
amount of estimated taxes that Panavision and/or any such Subsidiary of
Panavision would have been required to pay if Panavision and/or any such
Subsidiary of Panavision had filed for such period a separate return (in a case
where only one member of the Panavision Group joins in the filing of such
combined return) or a combined return including only those members of the
Panavision Group actually joining in such combined return (in a case where more
than one member of the Panavision Group joins in the filing of such combined
return). Such estimated state or local income tax liability shall be determined
consistent with the calculation of the Panavision Group's State and Local Tax.

     4. Time and Form of Payment.

     (a) Payments between Panavision and Parent pursuant to Paragraph 2 hereof
shall be made no later than the fifth day prior to the due date of the Parent
Group's consolidated federal income tax return or any relevant combined state or
local income tax return for the period for which such a payment is due. If the
due date for any such return is extended, any amounts due at the time of filing
a request for extension of time to file shall be paid on an estimated basis. No
later than five (5) days prior to the extended due date for such return for such
Taxable Period, Panavision's payment shall be recalculated, and any difference
between (i) the tax liability of the Panavision Group to be reflected on such
return and (ii) all prior Estimated Tax Payments with respect to such Taxable
Period shall be paid by such fifth day to the party entitled thereto, with
interest from the original due date at the relevant statutory rate.

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     (b) Each Subsidiary of Panavision agrees to pay to Panavision its share of
each of the items of the Panavision Group's Federal Tax and the Panavision
Group's State and Local Tax and of Estimated Tax Payments, each such share to be
determined in accordance with the principles of Paragraphs 1(c), 1(e), 3(a) and
3(b) hereof, no later than one (1) business day prior to the date upon which the
relevant payment by Panavision is required to be made under the terms hereof.
Panavision agrees to pay to each Subsidiary of Panavision its share of any
payment received by Panavision from Parent pursuant to this Agreement, each such
share to be determined in accordance with the principles of Paragraphs 1(c),
1(e), 3(a) and 3(b) hereof, as promptly as practicable following the receipt of
any such payment and the determination of such share.

     5. Adjustments.

     (a) Redeterminations of Tax Liability. In the event of any redetermination
of the consolidated federal income tax liability of the Parent Group for any
Taxable Period (or of the combined state or local income tax liability for any
Taxable Period for which a combined return is filed) as the result of an audit
by the Internal Revenue Service (or the relevant state or local taxing
authorities), a claim for refund or otherwise, the Panavision Group's Federal
Tax (or the Panavision Group's State and Local Tax) shall be recomputed for such
Taxable Period and any prior and subsequent Taxable Periods to take into account
such redetermination, and payments due pursuant to Paragraph 2 hereof shall be
appropriately adjusted. Any payment for any Taxable Period by Panavision to
Parent or Parent to Panavision required by such adjustment shall be paid within
ten (10) days after the date of a Final Determination with respect to such
redetermination or as soon as such adjustment practicably can be calculated, if
later, together with interest for the period at the rate provided for in the
relevant statute.

     (b) Refund of Tax Sharing Payment. In the event that the calculation of the
Panavision Group's Federal Taxable Income (or the Panavision Group's State and
Local Taxable Income) for any Taxable Period results in a loss, such loss may be
carried back and deducted in calculating the Panavision Group's Federal Tax (or
the Panavision Group's State and Local Tax) for prior Taxable Periods in the
same manner as it would have been carried back and deducted had it constituted a
net operating loss deduction under Section 172 of the Code or a net capital loss
deduction under Section 1212 of the Code (or in the case of state and local tax,
under applicable state or local provisions), as such provisions would have been
applied to a consolidated (or combined) return filed with respect to the
Panavision Group (or one or more members thereof), but after taking into account
any limitation on the use of such loss imposed pursuant to Section 382, 383, 384
or 904 of the Code or Treasury Regulations Sections 1.1502-15, 1.1502-15A,
1.1502-15T, 1.1502-20, 1.1502-21, 1.1502-21A, 1.1502-21T, 1.1015-22, 1.1502-22A,
1.1502-22T, 1.1502-91, 1.1502-91A, 1.1502-92, 1.1502-92A, 1.1502-93, 1.1502-93A,
1.1502-94, 1.1502-94A or 1.1502-95 (or with respect to state and local tax,
applicable state or local provisions). In such case, the Panavision Group's
Federal Tax (or the Panavision Group's State and Local Tax) shall be recomputed
for the Taxable period or Periods to which such loss is carried and for any
subsequent Taxable Periods to take into account the deduction of such loss, and
payments made pursuant to paragraph 2 hereof shall be appropriately adjusted. In
the case of any carryback of a loss pursuant to this paragraph 5(b), any payment
between Parent and Panavision required by such adjustment shall be paid within
ten (10) days after the date of filing the consolidated federal income tax
return of the Parent Group (or the relevant combined state or local income tax
return) for the year in which such loss arises. Excess credits for any Taxable
Period shall be carried back and otherwise treated in a manner consistent with
the provisions of this Paragraph 5.

     6. Interest on Unpaid Amounts.

     In the event that any party fails to pay any amount owed pursuant to this
Agreement within ten (10) days after the date when due, interest shall accrue on
any unpaid amount at the "designated rate" from the due date until such amounts
are fully paid. For purposes of this Agreement, the "designated rate" shall mean
ten percent (10%).

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     7. Indemnification.

     Parent shall indemnify Panavision and each Subsidiary of Panavision on an
after-tax basis (taking into account, when realized, any tax detriment or tax
benefit to Panavision or any Subsidiary of Panavision of (x) a payment hereunder
or (y) the liability to the Internal Revenue Service or state, local or foreign
taxing authority giving rise to such a payment), with respect to and in the
amount of:

     (a) any liability to the Internal Revenue Service for federal income tax
incurred by Panavision or any Subsidiary of Panavision for any Taxable Period
with respect to which Panavision is included in a consolidated federal income
tax return filed on behalf of the Parent Group;

     (b) any liability for state or local income tax to a state or local taxing
authority incurred by Panavision or any Subsidiary of Panavision with respect to
any jurisdiction for any Taxable Period with respect to which Panavision or any
Subsidiary of Panavision participates in the filing of a combined return with
Parent or any Subsidiary of Parent (other than Panavision or any Subsidiary of
Panavision);

     (c) any liability for federal, state or local income tax to the Internal
Revenue Service or a state or local taxing authority, as the case may be,
incurred by Panavision or any Subsidiary of Panavision, to the extent
attributable to any member of the Parent Group (other than Panavision or any
Subsidiary of Panavision) and for which Panavision or any Subsidiary of
Panavision is liable as a result of being included in a consolidated federal
income tax return of the Parent Group or as a result of participating in the
filing of a combined state or local income tax return with Parent or any
Subsidiary of Parent (other than Panavision or any Subsidiary of Panavision);
and

     (d) interest, penalties and additions to tax, and costs and expenses in
connection with any liabilities described in Paragraphs 7(a), (b) and (c) above.

     Parent shall pay to Panavision amounts due under Paragraphs 7(a), (b) and
(c) and Paragraph 7(d) (to the extent such amounts are related to amounts under
Paragraphs 7(a), (b) and (c)) no later than ten (10) days after the date of a
Final Determination with respect thereto.

     8. Filing of Returns, Payment of Tax.

     (a) Appointment of Parent as Agent. Each of Panavision and each Subsidiary
of Panavision hereby appoints Parent as its agent, so long as Panavision or such
Subsidiary is a member of the Parent Group, for the purpose of filing
consolidated federal income tax returns and for making any election or
application or taking any action in connection therewith on behalf of Panavision
or such Subsidiary consistent with the terms of this Agreement. Each of
Panavision and each Subsidiary of Panavision hereby appoints Parent as its
agent, so long as Panavision or such Subsidiary is a member of the Parent Group,
for the purpose of filing any combined state or local income tax returns that
Parent may elect to file and for making any election or application or taking
any action in connection therewith on behalf of Panavision or such Subsidiary
consistent with the terms of this Agreement. Each of Panavision and each
Subsidiary of Panavision hereby consents to the filing of such returns, and to
the making of such elections and applications. Parent agrees that to the extent
the filing of any combined state or local return by Parent or any Subsidiary of
Parent with Panavision, or any Subsidiary of Panavision for any period will
reduce the state or local tax liability of Panavision or any Subsidiary of
Panavision, without causing an increase in the state or local tax liability of
Parent or any Subsidiary of Parent (other than Panavision or any Subsidiary of
Panavision) in such period, Parent will file or cause to be filed for such
taxable period a combined state or local income tax return with Panavision
and/or its Subsidiaries; provided, however, that such filing is permitted by
applicable state or local law. Except as provided in this Paragraph 8, nothing
herein shall be construed as requiring Parent or any Subsidiary of Parent to
file combined state or local income tax returns on behalf of any members of the
Patent Group for any taxable period.

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     (b) Cooperation. The Panavision Group shall cooperate with Parent in the
filing, to the extent permitted by law, of a consolidated federal income tax
return and such combined state or local income tax returns for members of the
Parent Group as Parent elects to file or cause to be filed, by maintaining such
books and records and providing such information as may be necessary or useful
in the filing of such returns and executing any documents and taking any actions
which Parent may reasonably request in connection therewith. Parent and the
Panavision Group shall provide one another with such information concerning such
returns and the application of payments made under this Agreement as Parent or
the Panavision Group may reasonably request of one another.

     (c) Payment of Tax. For each Taxable Period, Parent shall timely pay or
discharge, or cause to be timely paid or discharged, the consolidated federal
income tax liability of the Parent Group for such Taxable Period and the
combined state or local income tax liability shown on any combined return that
Parent or any Subsidiary of Parent elects or is required to file that includes
Panavision or any Subsidiary of Panavision.

     9. Resolution of Disputes.

     Any dispute concerning the calculation or basis of determination of any
payment provided for hereunder shall be resolved by the independent certified
public accountants for Parent, whose judgment shall be conclusive and binding
upon the parties, in the absence of manifest error.

     10. Adjudications.

     In any audit, conference, or other proceeding with the Internal Revenue
Service or the relevant state or local authorities, or in any judicial
proceedings concerning the determination of the federal income tax liabilities
of the Parent Group, Panavision or any Subsidiary of Panavision or the state or
local income tax liability of any combined group including Panavision or any
Subsidiary of Panavision, the parties shall be represented by persons selected
by Parent. Parent shall undertake any settlement or other action that it is
permitted to take pursuant to this Paragraph 10 affecting the income tax
liability of any member of the Panavision Group or any amount payable by
Panavision to or receivable by Panavision from Parent with the same diligence
and care as if such action pertained to an income tax liability of Parent and as
if any amount that might be so payable or receivable by Panavision were payable
or receivable by Parent. Each of Panavision and each Subsidiary of Panavision
hereby appoints Parent as its agent for the purpose of proposing and concluding
any such settlement.

     11. Binding Effect; Successors and Assigns.

     This Agreement shall be binding upon Parent, Panavision, each Subsidiary of
Panavision that is a signatory hereto and each Subsidiary of Panavision that
becomes a party hereto pursuant to Paragraph 19 hereof. This Agreement shall
inure to the benefit of, and be binding upon, any successors or assigns of the
parties hereto (including, without limitation, any Subsidiary of Panavision that
becomes a party hereto pursuant to Paragraph 19). Parent, Panavision and each
other party hereto may assign its right to receive payments under this Agreement
but may not assign or delegate its obligations hereunder.

     12. Interpretation.

     This Agreement is intended to calculate and allocate certain federal and
state and local income tax liabilities of Parent and the Panavision Group, and
any situation or circumstance concerning such calculation and allocation that is
not specifically contemplated hereby or provided for herein shall be dealt with
in a manner consistent with the underlying principles of calculation and
allocation in this Agreement.

<PAGE>

     13. Legal and Accounting Fees.

     Any fees or expenses for legal, accounting or other professional services
rendered in connection with (1) the preparation of a consolidated federal or
combined state or local income tax return for the Parent Group or members of the
Parent Group (to the extent that such services reasonably pertain to the tax
liability of members of the Panavision Group rather than any other members of
the Parent Group), (ii) the application of the provisions of this Agreement or
(iii) the conduct of any audit, conference or proceeding of the Internal Revenue
Service or relevant state or local authorities or judicial proceedings relevant
to any determination required to be made hereunder shall be allocated between
Parent and the Panavision Group in a manner resulting in the Panavision Group
bearing a reasonable approximation of the actual amount of such fees or expenses
hereunder reasonably related to, and for the benefit of, the Panavision Group
rather than to or for other members of the Parent Group.

     14. Effect of the Agreement.

     This Agreement shall determine the liability of Parent and the members of
the Panavision Group to each other as to the matters provided for herein,
whether or not such determination is effective for purposes of the Code or of
state or local revenue laws, or for financial reporting purposes or for any
other purposes.

     15. Entire Agreement.

     This Agreement embodies the entire understanding among the parties relating
to its subject matter and supersedes and terminates any prior agreements and
understandings among the parties with respect to such subject matter. Any and
all prior correspondence, conversations and memoranda are merged herein and
shall be without effect hereon. No promises, covenants or representations of any
kind, other than those expressly stated herein, have been made to induce either
party to enter into this Agreement. This Agreement, including this provision
against oral modification, shall not be modified or terminated except by a
writing duly signed by each of the each of the parties hereto, and no waiver of
any provisions of this Agreement shall be effective unless in a writing duly
signed by the party sought to be bound.

     16. Code References.

     Any references to the Code or Treasury Regulations shall be deemed to refer
to the relevant provisions of any successor statute or regulation and shall
refer to such provisions as in effect from time to time.

     17. Notices.

     Any payment, notice or communication required or permitted to be given
under this Agreement shall be in writing (including telecopy communication) and
mailed, telecopied or delivered:

         If to Parent:

         M & F Worldwide Corp.
         35 East 62nd Street
         New York, New York 10021
         Attention: Chief Executive Office

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         If to Panavision:

         Panavision Inc.
         6219 DeSoto Avenue
         Woodland Hills, California 91367
         Attention: Chief Financial Officer

or to such other address as a party shall furnish in writing to the other
parties. All such notices and communications shall be effective when
received.

     18. Counterparts.

     This Agreement may be executed in two or more counterparts, each of which
shall be deemed to be an original, but all of which together shall constitute
one and the same instrument.

     19. New Members.

     Each of the parties to this Agreement recognizes that from time to time
Panavision may acquire one or more Subsidiaries. Each of the parties to this
Agreement agrees that, without the express written consent of the other parties,
each Subsidiary of Panavision shall become a party to this Agreement for all
purposes of this Agreement with respect to Taxable Periods ending after such
Subsidiary became a Subsidiary of Panavision, and that this Agreement may be
modified appropriately by Parent and Panavision to reflect the addition of such
Subsidiary as a party to this Agreement.

     20. Termination.

     This Agreement shall terminate at such time as all obligations and
liabilities of the parties hereto have been satisfied. Except as otherwise
provided herein, none of the parties hereto shall have any obligations or
liabilities under this Agreement with respect to any taxable period during which
Panavision is not a member of the Parent Group; provided, however that the
indemnification obligations and liabilities of Parent under Paragraph 7 shall
continue and shall not terminate. The obligations and liabilities of the parties
arising under this Agreement with respect to any Taxable Period during which
Panavision is a member of the Parent Group and the indemnification obligations
and liabilities of Parent arising under Paragraph 7 shall continue in full force
and effect until all such obligations have been met and such liabilities have
been paid in full, whether by expiration of time, operation of law, or
otherwise. The obligations and liabilities of each party are made for the
benefit of, and shall be enforceable by, the other parties and their successors
and permitted assigns.

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     IN WITNESS WHEREOF, each of the parties has caused this Agreement to be
executed by its respective duly authorized officer as of the date first set
forth above.

                                    M & F WORLDWIDE CORP.

                                    By:  /s/ Howard Gittis
                                       -------------------------------------
                                        Howard Gittis
                                        Chairman of the Board of
                                        Directors, President and Chief
                                        Executive Officer

                                    PANAVISION INC., a Delaware corporation

                                    By: /s/ Kenneth E. Krainman
                                       --------------------------------------
                                    Name:  Kenneth E. Krainman
                                    Title: Controller and
                                           Assistant Secretary

                                    PANAVISION U.K. HOLDINGS, INC., a
                                    Delaware corporation

                                    By: /s/ Kenneth E. Krainman
                                      --------------------------------------
                                    Name:  Kenneth E. Krainman
                                    Title: Controller and
                                           Assistant Secretary

                                    PANAVISION REMOTE SYSTEMS, INC., a
                                    California corporation

                                    By: /s/ Kenneth E. Krainman
                                      --------------------------------------
                                    Name:  Kenneth E. Krainman
                                    Title: Controller and
                                           Assistant Secretary<PAGE>

                              M & F Worldwide Corp.
                               35 East 62nd Street
                            New York, New York 10021

                                                             April 19, 2001

Panavision Inc.
6219 De Soto Avenue
Woodland Hills, California

Gentlemen:

         We are delivering this letter to Panavision Inc., a Delaware
corporation ("Panavision"), in connection with the execution of a Stock Purchase
Agreement, dated as of the date hereof (the "Stock Purchase Agreement"), by and
between M & F Worldwide Corp. ("M &F Worldwide") and PX Holding Corporation, a
Delaware corporation ("PX Holding") and a wholly owned subsidiary of Mafco
Holdings Inc., a Delaware corporation ("Mafco"). Pursuant to the Stock Purchase
Agreement, M & F Worldwide is acquiring from PX Holding the 7,320,225 shares of
common stock, par value $.01 per share, of Panavision, held by PX Holding.
Additionally, Mafco is delivering a letter, dated the date hereof, pursuant to
which Mafco will make available to M & F Worldwide, upon the terms set forth
therein, an aggregate amount equal to $10,000,000 from time to time as requested
by M & F Worldwide, but in no event later than December 31, 2001 (the "Mafco
Letter Agreement").

         In connection with this transaction, and for good and valuable
consideration, M & F Worldwide hereby irrevocably agrees that it shall, or shall
cause a wholly-owned subsidiary (a "M & F Worldwide Sub") to, make available to
Panavision, without any set-off, counterclaim or defense, an aggregate amount
equal to $10,000,000 (the "Investment Contribution Amount"), as required from
time to time by Panavision to make payments of principal or interest under its
credit facility or senior subordinated notes, but in any event no later than
December 31, 2001; provided, however, that such obligations shall be conditioned
upon M & F Worldwide having previously received an equivalent cash disbursement
pursuant to the Mafco Letter Agreement.

         All amounts made available by M & F Worldwide or M & F Worldwide Sub as
described in this letter shall be made in dollars in immediately available funds
directly to an operating account of Panavision at The Chase Manhattan Bank
("Chase"), and upon crediting of such payments to such account shall be deemed
received by Panavision in satisfaction of the obligations of M & F Worldwide
hereunder.

         Amounts made available by M & F Worldwide or M & F Worldwide Sub to
Panavision as described above shall constitute a purchase by M & F Worldwide of
(i) common stock of Panavision, (ii) voting preferred stock of Panavision or
(iii) subordinated indebtedness of Panavision; provided, however, that in the
case of any such preferred stock or any such subordinated indebtedness, such
preferred stock or subordinated indebtedness shall have arms-length terms and
conditions reasonably satisfactory to Chase; but provided, further that it shall
not be a condition to M&F Worldwide or M & F Worldwide Sub making available to
Panavision all or any portion of the Investment Contribution Amount that there
be prior agreement as to (x) the number of shares of such common stock, (y) the
number of shares or terms and conditions of such preferred stock or (z) the
terms and conditions of such subordinated indebtedness.

         In connection with the payment of the Investment Contribution Amount, M
& F Worldwide represents and warrants that:

     a.  M & F Worldwide is a corporation duly organized, validly existing and
         in good standing under the laws of Delaware;

     b.  None of the execution and delivery of this letter, the consummation of
         the transactions herein contemplated or compliance with the terms and
         conditions hereof by M & F Worldwide shall conflict with or result in a
         breach of, or require any authorization, approval or consent which has
         not been obtained under, or constitute a default under, the charter or
         by-laws of M & F Worldwide, or any applicable provision or term of any
         law or regulation, or any order, writ, injunction or decree of any
         court or governmental authority or agency, or any material agreement or
         instrument to which M & F Worldwide is a party or by which M & F
         Worldwide or any of its property is bound or to which it is subject;

<PAGE>

     c.  M & F Worldwide has all necessary corporate power, authority and legal
         right to execute, deliver and perform its obligations as described in
         this letter and the execution, delivery and performance by M & F
         Worldwide of this letter has been duly authorized; and

     d.  This letter has been duly and validly executed and delivered by M & F
         Worldwide and constitutes the legal, valid and binding obligation of M
         & F Worldwide, enforceable against M & F Worldwide in accordance with
         its terms, except as such enforceability may be limited by (i)
         bankruptcy, insolvency, reorganization, moratorium, fraudulent
         conveyance, fraudulent transfer or similar laws of general
         applicability affecting the enforcement of creditors' rights and (ii)
         the application of general principles of equity (regardless of whether
         such enforceability is considered in a proceeding in equity or at law).

         In addition, in connection with the payment of the Investment
Contribution Amount, M & F Worldwide agrees to the following:

     a.  Expenses. M & F Worldwide agrees to reimburse Panavision for all
         reasonable costs and expenses of Panavision (including, without
         limitation, the reasonable fees and expenses of legal counsel) in
         connection with any default by M & F Worldwide or enforcement or
         collection proceeding against M & F Worldwide arising from the terms
         described in this letter.

     b.  Amendment. M & F Worldwide will not amend, alter or waive the terms of
         this letter without the consent of Panavision and Chase.

     c.  Successors and Assigns. This letter shall be binding upon the heirs,
         executors, administrators, successors and assigns of M & F Worldwide,
         and shall inure to the benefit of the respective heirs, executors,
         administrators, successors and assigns of Chase and Panavision;
         provided, however, that M & F Worldwide shall not assign or transfer
         any of its rights or obligations hereunder without the prior written
         consent of Chase; provided, further that M & F Worldwide shall have the
         right to cause M & F Worldwide Sub to make and hold the investment
         contemplated by this letter.

     d.  Governing Law; Submission to Jurisdiction. This letter shall be
         governed by, and construed in accordance with, the law of the State of
         New York. M & F Worldwide hereby submits to the nonexclusive
         jurisdiction of the United States District Court for the Southern
         District of New York and of the Supreme Court of the State of New York
         sitting in New York County (including its Appellate Division), and of
         any other appellate court in the State of New York, for the purposes of
         all legal proceedings arising out of or relating to this letter or the
         transactions contemplated hereby.

     e.  WAIVER OF JURY TRIAL. M & F WORLDWIDE HEREBY IRREVOCABLY WAIVES, TO THE
         FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
         BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
         LETTER OR THE TRANSACTIONS CONTEMPLATED HEREBY.

<PAGE>

         IN  WITNESS WHEREOF, the undersigned, being a duly elected officer of
M & F Worldwide, has executed this letter as of the date first written above.

                                        M & F WORLDWIDE CORP.

                                        By: /s Howard Gittis
                                           -----------------------
                                        Name:  Howard Gittis
                                        Title: Chairman of the Board of
                                               Directors, President and Chief
                                               Executive Officer

<PAGE>

                               Mafco Holdings Inc.
                               35 East 62nd Street
                            New York, New York 10021

                                                             April 19, 2001

M & F Worldwide Corp.
35 East 62nd Street
New York, New York 10021

Gentlemen:

         We are delivering this letter (the "Letter Agreement") to M & F
Worldwide Corp., a Delaware corporation ("M & F Worldwide"), at your request in
connection with the execution of a Stock Purchase Agreement, dated as of the
date hereof (the "Stock Purchase Agreement"), by and between M & F Worldwide and
PX Holding Corporation, a Delaware corporation ("PX Holding") and a wholly owned
subsidiary of Mafco Holdings Inc., a Delaware corporation ("Mafco"). Pursuant to
the Stock Purchase Agreement, M & F Worldwide is acquiring from PX Holding the
7,320,225 shares of common stock, par value $.01 per share, of Panavision Inc.,
a Delaware corporation ("Panavision"), held by PX Holding.

         M & F Worldwide has asked that Mafco provide certain agreements and
undertakings in connection with a letter, dated the date hereof, delivered by M
& F Worldwide to Panavision (the "M & F Worldwide Letter"), pursuant to which M
& F Worldwide will make available to Panavision, subject to the terms of the M &
F Worldwide Letter, an aggregate amount equal to $10,000,000, as required from
time to time by Panavision to make payments of principal or interest under its
credit facility or senior subordinated notes, but in no event later than
December 31, 2001.

         Accordingly, as a partial inducement for M & F Worldwide entering into
the Stock Purchase Agreement and as an inducement for M & F Worldwide executing
the M & F Worldwide Letter, Mafco hereby irrevocably agrees that at such time or
times as M&F Worldwide shall request on at least two business days' notice, but
in no event later than December 31, 2001, Mafco or corporations under its
control (each a "Mafco Sub") will disburse, without any set-off, counterclaim or
defense, an aggregate amount equal to $10,000,000 (the "Mafco Disbursement") to
M & F Worldwide, such Mafco Disbursement being in the form described in the term
sheet attached hereto. Each request by M & F Worldwide for a disbursement of
funds shall indicate that all of such funds will be promptly made available to
Panavision under the letter referred to in the preceding paragraph directly to
the account referred to in such letter.

         In connection with the Mafco Disbursement, Mafco represents and
warrants that:

     a.  Mafco is a corporation duly organized, validly existing and in good
         standing under the laws of Delaware;

     b.  None of the execution and delivery of this Letter Agreement, the
         consummation of the transactions herein contemplated or compliance with
         the terms and conditions hereof by Mafco will conflict with or result
         in a breach of, or require any authorization, approval or consent which
         has not been obtained under, or constitute a default under, the charter
         or by-laws of Mafco, or any applicable provision or term of any law or
         regulation, or any order, writ, injunction or decree of any court or
         governmental authority or agency, or any material agreement or
         instrument to which Mafco is a party or by which Mafco or any of its
         property is bound or to which it is subject;

     c.  Mafco has all necessary corporate power, authority and legal right to
         execute, deliver and perform its obligations as described in this
         Letter Agreement and the execution, delivery and performance by Mafco
         of this Letter Agreement has been duly authorized; and

     d.  This Letter Agreement has been duly and validly executed and delivered
         by Mafco and constitutes the legal, valid and binding obligation of
         Mafco, enforceable against Mafco in accordance with its terms, except
         as such enforceability may be limited by (i) bankruptcy, insolvency,
         reorganization, moratorium, fraudulent conveyance, fraudulent transfer
         or similar laws of general applicability affecting the enforcement of
         creditors' rights and (ii) the application of general principles of
         equity (regardless of whether such enforceability is considered in a
         proceeding in equity or at law).

<PAGE>

         In addition, in connection with the payment of the Mafco Disbursement,
M & F Worldwide agrees to the following:

     a.  Expenses. Mafco agrees to reimburse M & F Worldwide for all reasonable
         costs and expenses of M & F Worldwide (including, without limitation,
         the reasonable fees and expenses of legal counsel) in connection with
         any default by Mafco or enforcement or collection proceeding against
         Mafco arising under this Letter Agreement.

     b.  Amendment. Mafco will not amend, alter or waive the terms of this
         letter without the consent of M & F Worldwide and The Chase Manhattan
         Bank ("Chase").

     c.  Successors and Assigns. This Letter Agreement shall be binding upon and
         inure to the benefit of the respective heirs, executors,
         administrators, successors and assigns of Mafco and Panavision;
         provided, however, that Mafco shall not assign or transfer any of its
         rights or obligations hereunder without the prior written consent of
         Chase; provided, further, that Mafco shall have the right to cause
         Mafco Sub to make and hold the investment contemplated by this Letter
         Agreement.

     d.  Governing Law; Submission to Jurisdiction. This Letter Agreement shall
         be governed by, and construed in accordance with, the law of the State
         of New York. Mafco hereby submits to the nonexclusive jurisdiction of
         the United States District Court for the Southern District of New York
         and of the Supreme Court of the State of New York sitting in New York
         County (including its Appellate Division), and of any other appellate
         court in the State of New York, for the purposes of all legal
         proceedings arising out of or relating to this Agreement or the
         transactions contemplated hereby.

     e.  WAIVER OF JURY TRIAL. MAFCO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
         EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY
         IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS LETTER
         AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

         Mafco's agreements and undertakings hereunder are for the sole benefit
of M & F Worldwide and shall not create third party beneficiary rights on behalf
of any other person or entity, except, with respect to Chase, to the extent
expressly provided herein.

<PAGE>

         If you are in agreement with the foregoing, please so indicate by
signing the enclosed duplicate copy of this letter.

                                              Very truly yours,

                                              MAFCO HOLDINGS INC.

                                              By: /s/ Todd J. Slotkin
                                                  ---------------------------
                                              Name:  Todd J. Slotkin
                                              Title: Executive Vice President
                                                     and Chief Financial
                                                     Officer

ACCEPTED AND AGREED TO:

M & F WORLDWIDE CORP.

By: /s/ Howard Gittis
    ----------------------------
Name:  Howard Gittis
Title: Chairman of the Board of
       Directors, President and Chief
       Executive Officer

                                 TERM SHEET
-------------------------------------------------------------------------------

Amount:                     $10,000,000

Use of Proceeds:            To fund M&F Worldwide's investment
                            of $10,000,000 in Panavision.

Form of                     In M&F Worldwide's discretion, either or both of:
Consideration:
                            o   subordinated debt of M&F Worldwide, maturing as
                                M&F Worldwide determines based on its cash flow
                                projections, and bearing an interest rate equal
                                to the Pneumo Abex Credit Agreement; or

                            o   newly issued shares of Series B Preferred Stock
                                priced at the greater of (i) $15 per share, or
                                (ii) the then fair market value of M&F Worldwide
                                Common Stock at the time.

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