Document:

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                                                                   EXHIBIT 10.14

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

                                                  January 31, 2003

Panavision Inc.
c/o Bobby Jenkins
Chief Financial Officer
6219 De Soto Avenue
Woodland Hills, California

Gentlemen:

                  Mafco Holdings Inc., a Delaware corporation ("Mafco"), PX
Holding Corporation, a Delaware corporation ("PX Holding") and a wholly owned
subsidiary of Mafco, and Panavision Inc., a Delaware corporation ("Panavision"),
hereby agree that Panavision will issue and sell to Mafco, or a wholly owned
subsidiary of Mafco, and upon the basis of the representations and warranties
herein contained, Mafco, or a wholly owned subsidiary of Mafco, will purchase,
4,372 shares of Series B Cumulative Pay-In-Kind Preferred Stock, par value $.01
per share, of Panavision (the "Series B Preferred Stock"), at a purchase price
of $4,372,637.50 ("Purchase Price"). The Series B Preferred Stock will have the
powers, preferences and rights set forth in the Certificate of Designations,
Powers, Preferences and Right (the "Certificate of Designations") of the Series
B Preferred Stock attached hereto as Exhibit A, and shall be Registrable
Securities for the purposes of the Registration Rights Agreement, dated as of
December 3, 2002, between Panavision and PX Holding.

                  In connection with the transactions contemplated by this
letter agreement (the "Letter Agreement"), Mafco and PX Holding (together, the
"Companies") represent and warrant that:

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

            2.   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 the
                 Companies 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 each of the Companies, 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 either
                 of the Companies is a party or by which either of the Companies
                 or any of their property is bound or to which it is subject;

            3.   Each of the Companies 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 the Companies of this
                 Letter Agreement has been duly authorized; and

            4.   This Letter Agreement has been duly and validly executed and
                 delivered by each of the Companies and constitutes the legal,
                 valid and binding obligation of the Companies, enforceable
                 against each of the Companies in accordance with its terms,
                 except as such enforceability may be limited by (i) bankruptcy,
                 insolvency, reorganization, moratorium,
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                 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 connection with the transactions contemplated by this Letter
Agreement, Panavision represents and warrants that:

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

            2.   None of the execution and delivery of this Letter Agreement,
                 the consummation of the transactions herein contemplated or
                 (including, but not limited to, the issuance and sale of the
                 Series B Preferred Stock) compliance with the terms and
                 conditions hereof by Panavision 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 Panavision, 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
                 Panavision is a party or by which Panavision or any of its
                 property is bound or to which it is subject;

            3.   Panavision 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 Panavision of this Letter Agreement has been
                 duly authorized;

            4.   This Letter Agreement has been duly and validly executed and
                 delivered by Panavision and constitutes the legal, valid and
                 binding obligation of Panavision, enforceable against
                 Panavision 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); and

            5.   The shares of Series B Preferred Stock being issued pursuant to
                 this Letter Agreement have been duly authorized by all
                 necessary corporate action on the part of Panavision, and the
                 shares of Series B Preferred Stock being issued pursuant to
                 this Letter Agreement will be validly issued, fully paid and
                 nonassessable, will have the powers, preferences and rights set
                 forth in the Certificate of Designations, will be free and
                 clear of all Encumbrances whatsoever, except for any
                 Encumbrances arising under the Securities Act of 1933, as
                 amended, or state securities laws, and the issuance of such
                 shares is not subject to preemptive or subscription rights of
                 any stockholder of Panavision. As used in this Letter
                 Agreement, the term "Encumbrances" shall mean any and all
                 liens, charges, security interests, options, claims, mortgages,
                 pledges, or agreements, obligations, understandings or
                 arrangements or other restrictions on title or transfer of any
                 nature whatsoever.

                 Upon delivery of the Series B Preferred Stock by Panavision and
upon payment of the Purchase Price by Mafco, Mafco, PX Holding and Panavision
shall execute and deliver a cross receipt in the form attached hereto as Exhibit
B.

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                                                 STATE OF DELAWARE
                                                 SECRETARY OF STATE
                                              DIVISION OF CORPORATIONS
                                              FILED 10:30 AM 06/27/2002
                                                 020417491 - 2247211

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

                                      Very truly yours,

                                      MAFCO HOLDINGS INC.

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

                                      PX HOLDING CORPORATION

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

ACCEPTED AND AGREED TO:

PANAVISION INC.

By: /s/ Bobby Jenkins
    -----------------
Name:  Bobby Jenkins
Title: Chief Financial Officer

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                                                      EXHIBIT 10.14 Attachment A

                        CERTIFICATE OF THE DESIGNATIONS,
                         POWERS, PREFERENCES AND RIGHTS
                                       OF
                         SERIES B CUMULATIVE PAY-IN-KIND
                                 PREFERRED STOCK
                                       OF
                                 PANAVISION INC.

                         (Pursuant to Section 151 of the
                        Delaware General Corporation Law)

                 Panavision Inc., a Delaware corporation (the "Company"), hereby
certifies that the following resolution was adopted by the Board of Directors of
the Company:

                 RESOLVED, that pursuant to the authority expressly granted to
and vested in the Board of Directors of the Company (the "Board of Directors")
by the provisions of the Amended and Restated Certificate of Incorporation of
the Company (the "Certificate of Incorporation"), there is hereby created, out
of the 2,000,000 shares of Preferred Stock, par value $0.01 per share, of the
Company authorized in Section 5 of the Certificate of Incorporation (the
"Preferred Stock"), a series of the Preferred Stock consisting of 100,000
shares, which series shall have the following powers, designations, preferences
and relative, participating, optional or other rights, and the following
qualifications, limitations and restrictions (in addition to any powers,
designations, preferences and relative, participating, optional or other rights,
and any qualifications, limitations and restrictions, set forth in the
Certificate of Incorporation which are applicable to the Preferred Stock):

Section 1.       Designation of Amount.
                 ----------------------

                  The shares of Preferred Stock created hereby shall be
designated the "Series B Cumulative Pay-In-Kind Preferred Stock" (the "Series B
Preferred Stock") and the authorized number of shares constituting such series
shall be 100,000.

Section 2.       Ranking; Term.
                 --------------

        (a) The Series B Preferred Stock shall, with respect to dividend rights
and rights to distributions upon the liquidation, winding-up or dissolution of
the Company, rank senior to all classes of common stock, par value $0.01 per
share, of the Company (the "Common Stock") and to each other class or series of
capital stock or other equity securities of the Company authorized, issued or
otherwise established; provided, however, that the holders of a majority of the
outstanding shares of Series B Preferred Stock, in accordance with the
provisions of Section 7(b) hereof, may approve the authorization, issuance or
establishment of a series of Preferred Stock the terms of which rank on a parity
with or senior to the Series B Preferred Stock as to dividends and distributions
upon the liquidation, winding-up or dissolution of the Company.

        (b) The Series B Preferred Stock shall be perpetual and may not be
redeemed, purchased, retired or otherwise acquired by the Company unless such
redemption, purchase, retirement or other acquisition by the Company is
expressly authorized herein and consummated in accordance with the provisions
specified herein.

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Section 3.       Dividends.
                 ----------

        (a) The holders of the then outstanding shares of Series B Preferred
Stock will be entitled to receive out of funds of the Company legally available
therefore, cumulative dividends accruing on a daily basis from the Original
Issuance Date (as hereinafter defined) through and including the date on which
such dividends are paid at the annual rate of 10% (the "Applicable Rate") of the
Liquidation Preference (as hereinafter defined) per share of the Series B
Preferred Stock, payable on each March 31, June 30, September 30 and December
31, commencing on September 30, 2002 (each such date, a "Dividend Payment Date")
and calculated in accordance with Section 3(d); provided that: (i) if any such
Dividend Payment Date is not a Business Day then such dividend shall be payable
on the next Business Day, and (ii) accumulated and unpaid dividends for any
prior quarterly period may be paid at any time. Such dividends shall be
cumulative whether or not earned or declared and whether or not there are
profits, surplus or other funds of the Company legally available for the payment
of dividends. The term "Original Issuance Date" means June 27, 2002. The
dividends provided for in this Section 3(a) are hereinafter referred to as
"Dividends." Dividends shall be payable, at the option of the Company, either
(i) in cash, (ii) by issuance of additional shares of Series B Preferred Stock
(including fractional shares) having an aggregate Liquidation Preference equal
to the amount of the dividend to be paid, or (iii) any combination thereof. All
dividends paid with respect to shares of Series B Preferred Stock, whether in
cash or shares of Series B Preferred Stock, pursuant to this Section 3 shall be
made pro rata among the holders thereof based upon the aggregate accrued but
unpaid dividends on the shares held by each such holder. If and when any shares
are issued under this Section 3(a) for the payment of accrued dividends, such
shares shall be validly issued and outstanding and fully paid and nonassessable.
For all purposes hereunder, dividends on the Series B Preferred Stock shall be
treated as if the same were paid on the relevant Dividend Payment Date, whether
or not the same were in fact so paid or declared. In the case of shares of
Series B Preferred Stock issued as a dividend on shares of Series B Preferred
Stock, dividends shall accrue and be cumulative from the Dividend Payment Date
in respect of which such shares were scheduled to be paid pursuant to this
Section 3(a) as a dividend.

        (b) Each fractional share of Series B Preferred Stock outstanding (or
treated as outstanding pursuant to Section 3(a) hereof) shall be entitled to a
ratably proportionate amount of all dividends accruing with respect to each
outstanding or due to be issued and outstanding share of Series B Preferred
Stock pursuant to Section 3(a) and all such dividends with respect to such
outstanding fractional shares shall be cumulative and shall accrue (whether or
not declared) and shall be payable in the same manner and at such times as
provided for in Section 3(a) with respect to dividends on each outstanding or
due to be issued and outstanding share of Series B Preferred Stock. Each
fractional share of Series B Preferred Stock outstanding shall also be entitled
to a ratably proportionate amount of any other distributions made with respect
to each outstanding or due to be issued and outstanding share of Series B
Preferred Stock, and all such distributions shall be payable in the same manner
and at the same time as distributions on each outstanding or due to be issued
and outstanding share of Series B Preferred Stock.

        (c) If full cumulative Dividends are not paid in full, or declared in
full and sums set apart in trust for the payment thereof, upon the shares of
Series B Preferred Stock and the shares of any other series of capital stock of
the Company ranking on a parity as to dividends with the Series B Preferred
Stock ("Parity Dividend Stock"), all dividends declared upon shares of Series B
Preferred Stock and upon all Parity Dividend Stock shall be paid or declared pro
rata so that in all cases the amount of dividends paid or declared per share on
the Series B Preferred Stock and such Parity Dividend Stock shall bear to each
other the same ratio that unpaid accumulated dividends per share, including
dividends accrued or in arrears, if any, on the shares of Series B Preferred
Stock and such other shares of Parity Dividend Stock, bear to each other. Unless
and until full cumulative Dividends

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on the shares of Series B Preferred Stock in respect of all past quarterly
dividend periods have been paid, and the full amount of Dividends on the shares
of Series B Preferred Stock in respect of the then current quarterly dividend
period shall have been or are contemporaneously provided for in full for the
payment thereof at the next succeeding Dividend Payment Date, (i) no dividends
shall be paid or declared or set aside for payment or other distribution upon
the Common Stock of the Company or any other capital stock of the Company
ranking junior to the Series B Preferred Stock as to dividends or as to
distributions upon liquidation, dissolution or winding up of the Company (other
than in shares of, or warrants or rights to acquire, solely capital stock of the
Company ranking junior to the Series B Preferred Stock both as to dividends and
as to distributions upon liquidation, dissolution or winding up of the Company
("Junior Stock")) and (ii) no shares of capital stock of the Company ranking
junior to or on a parity with the Series B Preferred Stock as to dividends or as
to distributions upon liquidation, dissolution or winding up of the Company
shall be redeemed, retired, purchased or otherwise acquired for any
consideration (or any payment made to or available for a sinking fund for the
redemption of any such shares) by the Company or any Subsidiary (except by
conversion into or exchange solely for shares of Junior Stock). For purposes
hereof, a "Subsidiary" shall mean any corporation, association, partnership,
limited liability company, joint venture or other business entity (i) at least
50% of the outstanding voting securities of which are at the time owned or
controlled, directly or indirectly, by the Company or (ii) with respect to which
the Company possesses, directly or indirectly, the power to direct or cause the
direction of the affairs or management of such person.

        (d) The amount of any Dividends per share of Series B Preferred Stock
for any full quarterly period shall be computed by multiplying the Applicable
Rate for such quarterly dividend period by the Liquidation Preference per share
and dividing the result by four. Dividends payable on the shares of Series B
Preferred Stock for any period less than a full quarterly dividend period shall
be computed on the basis of a 360-day year of twelve 30-day months and the
actual number of days elapsed for any period less than one month.

        (e) No dividend shall be paid or declared on any share of Common Stock,
unless full Dividends on the shares of Series B Preferred Stock in respect of
all past dividend periods have been paid, and sums representing the full amount
of Dividends on the shares of Series B Preferred Stock are declared in respect
of the then current quarterly dividend period and paid or shall have been or are
contemporaneously provided for in full for the payment thereof at the next
succeeding Dividend Payment Date. For purposes hereof, the term "dividends"
shall include any pro rata distribution by the Company, out of funds of the
Company legally available therefor, of cash, property, securities (including,
but not limited to, rights, warrants or options) or other property or assets to
the holders of the Common Stock, whether or not paid out of capital, surplus or
earnings.

Section 4.       Liquidation Preference.
                 -----------------------

                  In the event of a liquidation, dissolution or winding up of
the Company, whether voluntary or involuntary (a "Liquidation"), the holders of
the Series B Preferred Stock then outstanding shall be entitled to receive out
of the available assets of the Company, whether such assets are stated capital
or surplus of any nature, an amount in cash on such date equal to $1,000 per
share of Series B Preferred Stock (the "Liquidation Preference") plus an amount
in cash in respect of any accrued but unpaid Dividends as of such date. Such
payment shall be made before any payment shall be made or any assets distributed
to the holders of any class or series of the Common Stock or any other class or
series of the Company's capital stock ranking junior as to liquidation rights to
the Series B Preferred Stock. If upon any Liquidation the assets available for
payment of the Liquidation Preference are insufficient to permit the payment to
the holders of the Series B Preferred Stock of the full preferential amounts
described in this Section 4, then all the available assets shall be distributed
among the holders of the then outstanding shares of Series B Preferred Stock and
the then outstanding shares of capital stock ranking on a parity with the Series
B Preferred Stock as to distributions upon Liquidation, pro rata according to
the number of then outstanding shares of Series B Preferred Stock

                                       3
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and then outstanding shares of parity stock held by each holder thereof. A
merger or consolidation of the Company, or a sale of all or substantially all of
its assets, shall not constitute a Liquidation for purposes of this Section 4,
unless in connection with such merger or consolidation or sale of all or
substantially all of the Company's assets, the stockholders of the Company
specifically determine that such transaction be deemed a Liquidation.

Section 5.       Reorganization, Reclassification, Merger, Consolidation.
                 --------------------------------------------------------

        (a) At any time while any shares of Series B Preferred Stock are
outstanding, the Company shall not (i) consolidate or merge with or into another
person or entity or (ii) sell, lease, assign, transfer, convey or otherwise
dispose of all or substantially all of its assets (each such transaction
described in clauses (i) and (ii) of this Section 5(a) is referred to herein as
a "Fundamental Transaction"); provided, however, that the Company may undertake
or effect a Fundamental Transaction if, in the case of a merger or
consolidation, the Company will be the surviving entity and the Series B
Preferred Stock will remain outstanding or, prior to the consummation of any
such Fundamental Transaction, the successor entity, in the case of a merger of
consolidation, resulting from such Fundamental Transaction or the transferee of
all or substantially all of the Company's assets, in the case of a Fundamental
Transaction which is an asset sale, shall assume by written instrument the
obligation to deliver to the holders of the Series B Preferred Stock upon
consummation of such Fundamental Transaction, in exchange for all outstanding
shares of Series B Preferred Stock, shares of stock, securities or other assets
having identical rights, powers, preferences and privileges as the Series B
Preferred Stock immediately prior to such Fundamental Transaction. The
provisions of this Section 5(a) shall similarly apply to successive
reorganizations, reclassifications, consolidations, or mergers.

        (b) Notwithstanding the provisions of Section 5(a) hereof, upon a Change
of Control (as hereinafter defined), each holder of the Series B Preferred Stock
shall have the right to require the Company to repurchase all or any part of
such holder's shares of Series B Preferred Stock at a repurchase price in cash
equal to the Liquidation Preference thereof plus an amount in cash in respect of
any accrued but unpaid Dividends as of the date of repurchase in accordance with
the terms contemplated in Section 5(c). The Company's obligation to redeem the
Series B Preferred Stock pursuant to this Section 5 shall become operative only
after the Company has first complied with (x) Section 4.08 of the Indenture,
dated as of February 11, 1998, with respect to the Company's 9 5/8% Senior
Subordinated Discount Notes Due 2006 and 9 5/8% Senior Subordinated Discount
Exchange Notes Due 2006 (such 9 5/8% Senior Subordinated Discount Notes Due 2006
and 9 5/8% Senior Subordinated Discount Exchange Notes Due 2006 are referred to
collectively as the "Notes"), including the purchase of any Notes tendered
pursuant thereto and (y) any applicable provisions of the Credit Agreement among
the Company, JPMorgan Chase Bank as Administrative Agent, and the lenders party
thereto, dated as of May 28, 1998 (as amended through the Original Issuance
Date).

        (c) Within 45 days following any Change of Control, the Company shall
mail a notice to each holder of Series B Preferred Stock stating:

            (i) that a Change of Control has occurred and that such holder has
        the right to require the Company to repurchase all or any part of such
        holder's shares of Series B Preferred Stock at a repurchase price in
        cash equal to Liquidation Preference thereof plus an amount in cash in
        respect of any accrued but unpaid Dividends as of the date of
        repurchase;

            (ii) the circumstances and relevant facts regarding such Change of
        Control;

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            (iii) the repurchase date (which shall be no earlier than 30 days
        nor later than 60 days from the date such notice is mailed); and

            (iv) the instructions determined by the Company, consistent with
        this Section 5, that such holder must follow in order to have its shares
        of Series B Preferred Stock repurchased.

        (d) Holders of Series B Preferred Stock electing to have shares of
Series B Preferred Stock repurchased will be required to surrender such shares
to the Company at the address specified in the notice at least three Business
Days prior to the repurchase date. Holders will be entitled to withdraw their
election if the Company receives not later than three Business Days prior to the
repurchase date, a facsimile transmission or letter setting forth the name of
the holder, the number of shares of Series B Preferred Stock originally elected
to be redeemed and a statement that such holder is withdrawing his election to
have such shares purchased.

        (e) On the repurchase date, all shares of Series B Preferred Stock
repurchased by the Company under this Section 5 shall be delivered to the
Company for cancellation, and the Company shall pay the repurchase price to the
holders entitled thereto. Upon surrender of shares that are repurchased under
this Section 5 in part, the Company shall execute for the holder thereof (at the
Company's expense) a new stock certificate evidencing a number of shares of
Series B Preferred Stock equal to the number of shares of Series B Preferred
Stock surrendered less the number of shares of Series B Preferred Stock
repurchased.

        (f) The Company shall comply, to the extent applicable, with the
requirements of Section 14(e) of the Exchange Act and any other securities laws
or regulations in connection with the repurchase of shares of Series B Preferred
Stock pursuant to this Section 5. To the extent that the provisions of any
securities laws or regulations conflict with provisions of this Section, the
Company shall comply with the applicable securities laws and regulations and
shall not be deemed to have breached this Section by virtue thereof.

        (g) Any shares of Series B Preferred Stock which shall at any time have
been redeemed, retired or repurchased pursuant to this Section 5 or otherwise
shall, after such redemption, retirement or repurchase have the status of
authorized but unissued shares of Preferred Stock, without designation as to
series, and shall not be reissued as Series B Preferred Stock.

        (h) "Change of Control" means the occurrence of any of the following
events on or after the Original Issuance Date:

            (i) any "Person" (as such term is used in Sections 13(d) and 14(d)
        of the Securities Exchange Act of 1934, as amended (the "Exchange
        Act")), other than one or more Permitted Holders (as hereinafter
        defined), is or becomes the beneficial owner (as defined in Rules 13d-3
        and 13d-5 under the Exchange Act, except that a Person shall be deemed
        to have "beneficial ownership" of all shares that any such Person has
        the right to acquire, whether such right is exercisable immediately or
        only after the passage of time), directly or indirectly, of more than
        35% of the total voting power of the Voting Stock of the Company;
        provided, however, that the Permitted Holders "beneficially own" (as so
        defined), directly or indirectly, in the aggregate a lesser percentage
        of the total voting power of the Voting Stock of the Company than such
        other Person and do not have the right or ability by voting power,
        contract or otherwise to elect or designate for election a majority of
        the Board of Directors of the Company (for the purposes of this clause
        (i), such other Person shall be deemed to beneficially own any Voting
        Stock of a specified

                                       5
<PAGE>

        corporation held by a parent corporation, if such other Person
        "beneficially owns" (as so defined), directly or indirectly, more than
        35% of the voting power of the Voting Stock of such parent corporation
        and the Permitted Holders "beneficially own" (as so defined), directly
        or indirectly, in the aggregate a lesser percentage of the voting power
        of the Voting Stock of such parent corporation and do not have the right
        or ability by voting power, contract or otherwise to elect or designate
        for election a majority of the Board of Directors of such parent
        corporation); or

        (ii) during any period of two consecutive years, individuals who at the
beginning of such period constituted the Board of Directors of the Company
(together with any new directors whose election by such Board of Directors or
whose nomination for election by the shareholders of the Company was approved by
a vote of 66-2/3% of the directors of the Company then still in office who were
either directors at the beginning of such period or whose election or nomination
for election was previously so approved) cease for any reason to constitute a
majority of the Board of Directors of the Company then in office.

        (i) "Capital Stock" of any Person means any and all shares, interests
(including partnership interests), rights to purchase, warrants, options,
participations or other equivalents of or interests in (however designated)
equity of such Person, including any Preferred Stock (as hereinafter defined),
but excluding any debt securities convertible into or exchangeable for such
equity.

        (j) "Permitted Holders" means Ronald O. Perelman (or in the event of his
incompetence or death, his estate, heirs, executor, administrator, committee or
other personal representative (collectively, "heirs")) or any Person controlled,
directly or indirectly, by Ronald O. Perelman or his heirs.

        (k) "Preferred Stock," as applied to the Capital Stock of any Person,
means, solely for purposes of this Section 5, Capital Stock of any class or
classes (however designated) which is preferred as to the payment of dividends,
or as to the distribution of assets upon any voluntary or involuntary
liquidation or dissolution of such Person, over shares of Capital Stock of any
other class of such Person.

        (l) "Voting Stock" of a Person means all classes of Capital Stock or
other interests (including partnership interests) of such Person then
outstanding and normally entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees thereof.

Section 6.       Optional Redemption by Company.
                 -------------------------------

        (a) The Company may redeem all or any portion of the then outstanding
shares of Series B Preferred Stock for cash at a redemption price equal to the
Liquidation Preference thereof plus an amount in cash in respect of any accrued
and unpaid Dividends as of such date.

        (b) In order to exercise its right of optional redemption, the Company
shall, not more than one hundred twenty (120) nor less than ninety (90) days
prior to the redemption date, give to each holder of record of the Series B
Preferred Stock to be redeemed pursuant to this Section 6, at such holder's
address as it shall appear upon the stock register of the Company on such date,
notice by first class mail, postage prepaid. Each such notice of redemption
shall be irrevocable and shall specify the date that is the redemption date, the
redemption price, the identification of the shares to be redeemed, the place or
places of payment and that payment will be made upon presentation and surrender
of the certificate(s) evidencing the shares of Series B Preferred Stock to be
redeemed.

                                       6
<PAGE>

Section 7.        Voting Rights.
                  --------------

        (a) The holders of outstanding shares of the Series B Preferred Stock:

            (i) shall not be entitled to vote on any matters submitted to a vote
        of the holders of the Company's capital stock on any matters except as
        expressly provided herein or as required by applicable law; and

            (ii) shall be entitled to receive notice of any meeting of the
        stockholders of the Company in accordance with the Certificate of
        Incorporation and By-laws of the Company.

        (b) So long as any shares of Series B Preferred Stock remain
outstanding, the Company shall not, without the written consent or affirmative
vote of the holders of at least a majority of the outstanding shares of Series B
Preferred Stock voting separately as one class, (i) amend, alter or repeal,
whether by merger, consolidation, combination, reclassification or otherwise,
the Certificate of Incorporation or By-laws of the Company or any provisions
thereof (including the adoption of a new provision thereof) if such amendment,
alteration or repeal would adversely alter or change the rights, preferences or
privileges of the Series B Preferred Stock, (ii) create, authorize or issue any
class, series or shares of Preferred Stock or any other class or series of
capital stock or other equity securities of the Company ranking either as to
payment of dividends or distribution of assets upon Liquidation (x) prior to the
Series B Preferred Stock or (y) on a parity with the Series B Preferred Stock,
or (iii) undertake any action (x) the valid consummation of which would require
the approval of the Company's stockholders pursuant to the Company's Certificate
of Incorporation or Bylaws or as required by applicable law and (y) the direct
or indirect result of which would adversely affect or change the rights,
preferences or privileges of the Series B Preferred Stock. The vote of the
holders of at least two-thirds of the outstanding shares of Series B Preferred
Stock, voting separately as one class, shall be necessary to adopt any
alteration, amendment or repeal of this Section 7, in addition to any other vote
of stockholders required by law.

                                       7
<PAGE>

                                                 STATE OF DELAWARE
                                                 SECRETARY OF STATE
                                              DIVISION OF CORPORATIONS
                                              FILED 10:30 AM 06/27/2002
                                                 020417491 - 2247211

                  IN WITNESS WHEREOF, the Company has caused this Certificate of
Designations to be signed by Barry F. Schwartz, its Executive Vice President and
General Counsel, this 27th day of June, 2002.

                                  By:   /s/ Barry F. Schwartz
                                     --------------------------------
                                  Name: Barry F. Schwartz
                                  Title: Executive Vice President
                                  and General Counsel

                                       8
<PAGE>

                                                 STATE OF DELAWARE
                                                 SECRETARY OF STATE
                                              DIVISION OF CORPORATIONS
                                              FILED 10:30 AM 06/27/2002
                                                 020417491 - 2247211

                                                      EXHIBIT 10.14 Attachment B

                                  CROSS RECEIPT

         Panavision hereby acknowledges receipt from Mafco of a wire transfer of
U.S. Federal (same day) funds in the amount of $4,372,637.50 representing
payment in full of the aggregate purchase price of 4,372 shares of Series B
Cumulative Pay-In-Kind Preferred Stock, par value $.01 per share, of Panavision,
in satisfaction of Mafco's and PX Holdings' obligations under the Letter
Agreement.

PANAVISION INC.

By: /s/ Bobby Jenkins
    -----------------------------------
Name:  Bobby Jenkins
Title: Chief Financial Officer

         PX Holding and Mafco hereby acknowledge receipt of 4,372 shares of
Series B Cumulative Pay-In-Kind Preferred Stock, par value $.01 per share, of
Panavision in satisfaction of Panavision's obligations under the Letter
Agreement.

MAFCO HOLDINGS INC.

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

PX HOLDING CORPORATION

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

                                                                [EXECUTION COPY]

================================================================================

                              AMENDED AND RESTATED
                      FACILITY A (364-DAY) CREDIT AGREEMENT

                          Dated as of October 17, 2001

                   Amended and Restated as of October 16, 2002

                                     between

                                THE STANLEY WORKS
                                   as Borrower

                         THE LENDERS REFERRED TO HEREIN,
                                   as Lenders

                                       and

                                 CITIBANK, N.A.
                             as Administrative Agent

                            SALOMON SMITH BARNEY INC.
                        as Lead Arranger and Book Runner

                                       and

                               FLEET NATIONAL BANK
                                MELLON BANK, N.A.
                                   BNP PARIBAS
                            as Co-Syndication Agents

================================================================================

<PAGE>

       AMENDMENT AND RESTATEMENT dated as of October 16, 2002, relating to the
Amended and Restated Facility A (364-Day) Credit Agreement dated as of October
17, 2001, among THE STANLEY WORKS (the "Borrower"); each of the lenders that is
a signatory hereto (the "Lenders"); and CITIBANK, N.A., as administrative agent
for the Lenders (together with its successors in such capacity, the
"Administrative Agent").

        The Borrower, certain Lenders and the Administrative Agent are parties
to a Facility A (364-Day) Credit Agreement dated as of October 17, 2001 (as
heretofore amended and modified, the "Existing Facility A (364-Day) Credit
Agreement"), providing, subject to the terms and conditions thereof, for
extensions of credit (by the making of loans) by the Lenders to the Borrower in
an aggregate principal amount not exceeding $250,000,000 at any one time
outstanding. The Borrower, the Lenders and the Administrative Agent wish to
extend the Termination Date as defined in the Existing Facility A (364-Day)
Credit Agreement by 364 days to October 15, 2003 and to amend and restate the
Existing Facility A (364-Day) Credit Agreement in certain other respects; and
accordingly, the parties hereto hereby agree to amend the Existing Facility A
(364-Day) Credit Agreement as set forth herein and to restate the Existing
Credit Agreement as so amended (as so amended and restated, the "Amended and
Restated Credit Facility A (364-Day) Agreement"):

       Section 1. Definitions. Terms used but not otherwise defined herein have
the meanings given them in the Existing Facility A (364-Day) Credit Agreement.

       Section 2. Amendments. Effective on the Effective Date (as defined
below), the Existing Facility A (364-Day) Credit Agreement is hereby amended as
set forth below, and the Existing Facility A (364-Day) Credit Agreement is
restated to read in its entirety as set forth in the Existing Facility A
(364-Day) Credit Agreement, which is hereby incorporated herein by reference, as
amended as set forth below:

       A. References in the Existing Facility A (364-Day) Credit Agreement to
    "this Agreement" and words of similar import (including indirect references)
    shall be deemed to be references to the Existing Facility A (364-Day) Credit
    Agreement as amended and restated hereby.

       B. The definition of "Termination Date" in Section 1.01 of the Existing
    Facility A (364-Day) Credit Agreement is amended to read in its entirety as
    set forth below:

          ""Termination Date" means the earlier of (a) October 15, 2003 or (b)
       the date of termination in whole of the Commitments pursuant to Section
       2.01(b) or Section 6.01."

       C. Schedule I of the Existing Facility A (364-Day) Credit Agreement is
    amended to read in its entirety as set forth in Schedule I hereto.

           AMENDED AND RESTATED FACILITY A (364-DAY) CREDIT AGREEMENT

<PAGE>

                                       -2-

       Section 3. Representations and Warranties. The Borrower represents and
warrants to the Lenders as of the Effective Date that (i) the representations
and warranties set forth in Section 4.01 of the Existing Facility A (364-Day)
Credit Agreement are true and correct on and as of the Effective Date as though
made on and as of the Effective Date (or, if any such representation or warranty
is expressly stated to have been made as of a specific date, as of such specific
date) and as if each reference in said Section 4.01 to "this Agreement" included
reference to the Amended and Restated Facility A (364-Day) Credit Agreement and
as if each reference in said Sections 4.01(f) and 4.01(h) to "December 31,
2000" were instead a reference to "December 29, 2001" and as if each reference
in said Sections 4.01(f) and 4. 01(h) to "July 1, 2001" were instead a
reference to "June 29, 2002" and as if each reference in said Sections 4.01(e)
and 4.01(g) to "December 31, 2000" were instead a reference to "December 31,
2001" and (ii) no event has occurred and is continuing that constitutes a
Default or Event of Default (and the parties agree that breach of any of the
representations and warranties in this Section 3 shall constitute an Event of
Default under Section 6.01(b) of the Amended and Restated Facility A (364-Day)
Credit Agreement).

       Section 4. Conditions to Effectiveness. The amendment and restatement set
forth in Section 2 hereof shall become effective on the date (the "Effective
Date") on which the Administrative Agent shall notify the Borrower that the
following conditions precedent have been satisfied (and the Administrative Agent
shall promptly notify the Lenders of the occurrence of the Effective Date):

       (a) Documents. The Administrative Agent shall have received the following
    documents (with sufficient copies for each Lender), each of which shall be
    satisfactory to the Administrative Agent in form and substance:

           (1) Execution by All Parties. Counterparts of this Amendment and
       Restatement, duly executed and delivered by the Borrower, the
       Administrative Agent and the Lenders.

           (2) Authority and Approvals. Certified copies of the resolutions of
       the Board of Directors of the Borrower (or equivalent documents)
       authorizing and approving this Amendment and Restatement, authorizing
       Borrowings under the Amended and Restated Facility A (364-Day) Credit
       Agreement in an aggregate principal amount up to but not exceeding
       $250,000,000 at any one time outstanding, and certified copies of all
       documents evidencing other necessary action (corporate, partnership or
       otherwise) and governmental approvals, if any, with respect to this
       Amendment and Restatement.

           (3) Secretary's or Assistant Secretary's Certificate. A certificate
       of the Secretary or an Assistant Secretary of the Borrower, dated the
       Effective

           AMENDED AND RESTATED FACILITY A (364-DAY) CREDIT AGREEMENT

<PAGE>

                                       -3-

       Date, certifying the names and true signatures of the officers of the
       Borrower authorized to execute and deliver this Amendment and Restatement
       and the other documents to be delivered hereunder.

           (4) Opinion of Borrower's Counsel. A favorable opinion of counsel to
       the Borrower, in substantially the form of Exhibit A hereto, and as to
       such other matters as the Administrative Agent or any Lender acting
       through the Administrative Agent may reasonably request.

           (5) Closing Certificate. A certificate of a senior financial officer
       of the Borrower, dated the Effective Date, certifying the representations
       and warranties set forth in Section 3 hereof are true on such date as if
       made on and as of such date.

       (b) Approvals. The Administrative Agent shall have received evidence
    satisfactory to it of receipt of all third party consents and approvals
    necessary in connection with this Amendment and Restatement (without the
    imposition of any conditions except those that are acceptable to the
    Lenders) and that the same remain in effect.

       (c) Fees and Expenses. The Administrative Agent shall have received
    evidence satisfactory to it that (i) the Borrower shall have paid in full
    all accrued fees, expenses and interest due and payable to the
    Administrative Agent and the Lenders under the Existing Facility A (364-Day)
    Credit Agreement, (ii) the Borrower shall have paid all accrued fees and
    expenses of the Administrative Agent (including the reasonable fees and
    expenses of counsel to the Administrative Agent) in connection with this
    Amendment and Restatement and (iii) the Borrower shall have paid to the
    Administrative Agent for account of the Lenders such up-front fees in
    connection with the execution of this Amendment and Restatement as the
    Borrower and the Administrative Agent shall have agreed upon.

       Section 5. Pro Rata Adjustments. The Borrower shall, on the Effective
Date (but only if any Advances are outstanding on said date), borrow Advances
from certain of the Lenders and/or (notwithstanding (i) the second sentence of
Section 2.07(a) of the Amended and Restated Facility A (364-Day) Credit
Agreement requiring that prepayments be made in accordance with said Section
2.07(a) and (ii) Section 2.09(a) of the Amended and Restated Facility A
(364-Day) Credit Agreement requiring that payments be made ratably in accordance
with the principal amounts of the Advances held by the Lenders) prepay Advances
(together with all accrued and unpaid interest thereon) such that, after giving
effect thereto, the Advances (including, without limitation, the principal
amounts and Interest Periods thereof) shall be held by the Lenders ratably in
accordance with their respective Commitments (after giving effect to this
Amendment and Restatement).

           AMENDED AND RESTATED FACILITY A (364-DAY) CREDIT AGREEMENT

<PAGE>

                                       -4-

       Section 6. Miscellaneous. Except as herein provided, the Existing
Facility A (364-Day) Credit Agreement shall remain unchanged and in full force
and effect. This Amendment and Restatement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same
agreement and any of the parties hereto may execute this Amendment and
Restatement by signing any such counterpart. This Amendment and Restatement
shall be governed by, and construed in accordance with, the law of the State of
New York.

           AMENDED AND RESTATED FACILITY A (364-DAY) CREDIT AGREEMENT

<PAGE>

                                       -5-

       IN WITNESS WHEREOF, the parties hereto have caused this Amendment and
Restatement to be duly executed and delivered as of the day and year first above
written.

                                           THE STANLEY WORKS

                                           By /s/ Craig A. Douglas
                                              -----------------------------
                                              Name: CRAIG A. DOUGLAS
                                              Title: VICE PRES & TREASURER

                                           CITIBANK, N.A., as Administrative
                                             Agent and as Lender

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           FLEET NATIONAL BANK

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           BNP PARIBAS

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

           AMENDED AND RESTATED FACILITY A (364-DAY) CREDIT AGREEMENT

<PAGE>

       IN WITNESS WHEREOF, the parties hereto have caused this Amendment and
Restatement to be duly executed and delivered as of the day and year first above
written.

                                           THE STANLEY WORKS

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           CITIBANK, N.A., as Administrative
                                             Agent and as Lender

                                           By /s/ Carolyn A. Kee
                                              -----------------------------
                                              Name: CAROLYN A. KEE
                                              Title: Vice President

                                           FLEET NATIONAL BANK

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           BNP PARIBAS

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

           AMENDED AND RESTATED FACILITY A (364-DAY) CREDIT AGREEMENT

<PAGE>

       IN WITNESS WHEREOF, the parties hereto have caused this Amendment and
Restatement to be duly executed and delivered as of the day and year first above
written.

                                           THE STANLEY WORKS

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           CITIBANK, N.A., as Administrative
                                             Agent and as Lender

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           FLEET NATIONAL BANK

                                           By /s/ Jeffrey C. Lynch
                                              -----------------------------
                                              Name: JEFFREY C. LYNCH
                                              Title: Managing Director

                                           BNP PARIBAS

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

           AMENDED AND RESTATED FACILITY A (364-DAY) CREDIT AGREEMENT

<PAGE>

       IN WITNESS WHEREOF, the parties hereto have caused this Amendment and
Restatement to be duly executed and delivered as of the day and year first above
written.

                                          THE STANLEY WORKS

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           CITIBANK, N.A., as Administrative
                                             Agent and as Lender

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           FLEET NATIONAL BANK

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           BNP PARIBAS

                                           By /s/ Christopher Criswell
                                              -----------------------------
                                              Name: CHRISTOPHER CRISWELL
                                              Title: Managing Director

                                           By /s/ Arnaud Collin du Bocage
                                              -----------------------------
                                              Name: Arnaud Collin du Bocage
                                              Title: Managing Director

           AMENDED AND RESTATED FACILITY A (364-DAY) CREDIT AGREEMENT

<PAGE>

                                      -6-

                                           MELLON BANK, N.A.

                                           By /s/ J. Wade Bell
                                              -----------------------------
                                              Name: J. Wade Bell
                                              Title: Vice President

                                           JPMORGAN CHASE BANK (formerly known
                                             as The Chase Manhattan Bank)

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           BARCLAYS BANK PLC

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           RBC CENTURA BANK

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           THE NORTHERN TRUST COMPANY

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

           AMENDED AND RESTATED FACILITY A (364-DAY) CREDIT AGREEMENT

<PAGE>

                                           MELLON BANK, N.A.

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           JPMORGAN CHASE BANK (formerly known
                                             as The Chase Manhattan Bank)

                                           By /s/ Robert P. Kellas
                                              -----------------------------
                                              Name: ROBERT P. KELLAS
                                              Title: VICE PRESIDENT

                                           BARCLAYS BANK PLC

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           RBC CENTURA BANK

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           THE NORTHERN TRUST COMPANY

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

           AMENDED AND RESTATED FACILITY A (364-DAY) CREDIT AGREEMENT

<PAGE>

                                           MELLON BANK, N.A.

                                           By
                                              --------------------------------
                                              Name:
                                              Title:

                                           JPMORGAN CHASE BANK (formerly known
                                             as The Chase Manhattan Bank)

                                           By
                                              --------------------------------
                                              Name:
                                              Title:

                                           BARCLAYS BANK PLC

                                           By /s/ Nicholas A. Bell
                                              --------------------------------
                                              Name: NICHOLAS A. BELL
                                              Title: DIRECTOR LOAN TRANSACTION
                                                     MANAGEMENT

                                           RBC CENTURA BANK

                                           By
                                              --------------------------------
                                              Name:
                                              Title:

                                           THE NORTHERN TRUST COMPANY

                                           By
                                              --------------------------------
                                              Name:
                                              Title:

           AMENDED AND RESTATED FACILITY A (364-DAY) CREDIT AGREEMENT

<PAGE>

                                           MELLON BANK, N.A.

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           JPMORGAN CHASE BANK (formerly known
                                             as The Chase Manhattan Bank)

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           BARCLAYS BANK PLC

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           RBC CENTURA BANK

                                           By /s/ E. Mark Stubblefield
                                              -----------------------------
                                              Name: E. MARK STUBBLEFIELD
                                              Title: MARKET MANAGER

                                           THE NORTHERN TRUST COMPANY

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

           AMENDED AND RESTATED FACILITY A (364-DAY) CREDIT AGREEMENT

<PAGE>

                                           MELLON BANK, N.A.

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           JPMORGAN CHASE BANK (formerly known
                                             as The Chase Manhattan Bank)

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           BARCLAYS BANK PLC

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           RBC CENTURA BANK

                                           By
                                              -----------------------------
                                              Name:
                                              Title:

                                           THE NORTHERN TRUST COMPANY

                                           By /s/ Ross Rockenbach
                                              -----------------------------
                                              Name: Ross Rockenbach
                                              Title: Vice President

           AMENDED AND RESTATED FACILITY A (364-DAY) CREDIT AGREEMENT

<PAGE>

                                                                      SCHEDULE I

                             Lenders and Commitments
                             -----------------------

<TABLE>
<CAPTION>
Lenders                                                                   Commitment
-------                                                                   ----------
<S>                                                                     <C>
CITIBANK, N.A.                                                          $45,000,000.00
FLEET NATIONAL BANK                                                     $40,952,382.00
BNP PARIBAS                                                             $40,952,382.00
MELLON BANK, N.A.                                                       $40,952,382.00
JPMORGAN CHASE BANK (formerly known as The Chase Manhattan Bank)        $28,571,428.00
BARCLAYS BANK PLC                                                       $17,857,142.00
RBC CENTURA BANK                                                        $17,857,142.00
THE NORTHERN TRUST COMPANY                                              $17,857,142.00
</TABLE>

<PAGE>

                                    EXHIBIT A

                  [FORM OF OPINION OF COUNSEL TO THE BORROWER]

                                        October 16, 2002

To each of the Lenders listed on
Schedule I hereto and
to Citibank, N.A., as
Administrative Agent for the Lenders

       Re:  The Amended and Restated Facility A (364 Day) Credit Agreement among
            The Stanley Works, the Lenders party thereto and Citibank, N.A., as
            Administrative Agent

Ladies and Gentlemen:

       We have acted as special counsel to The Stanley Works, a Connecticut
corporation (the "Borrower"), in connection with the Amendment and Restatement
dated as of even date herewith (the "Amendment and Restatement") of the Facility
A (364-Day) Credit Agreement dated as of October 17, 2001 (the "Facility A
(364-Day) Credit Agreement" and, as amended by the Amendment and Restatement,
the "Amended and Restated Facility A (364-Day) Credit Agreement"), among the
Borrower, the lenders party thereto (the "Lenders") and Citibank, N.A., as
administrative agent (in such capacity, the "Administrative Agent") for the
Lenders. This opinion is being delivered pursuant to Section 4(a)(4) of the
Amendment and Restatement. Capitalized terms used herein but not otherwise
defined shall have the meaning set forth in the Amended and Restated Facility A
(364-Day) Credit Agreement.

       In rendering the opinions set forth herein, we have examined and relied
on originals or copies of (i) the Amendment and Restatement, (ii) the
certificate executed by the General Counsel of the Borrower dated as of the date
hereof, a copy of which is attached hereto as Exhibit A (the "Borrower's
Certificate"), (iii) a copy of the Borrower's Annual Report on Form 10-K for the
year ended December 29, 2001 (the "Form 10-K") filed with the Securities and
Exchange Commission, (iv) a copy of the Borrower's Quarterly Report on Form 10-Q
for the period ended June 29, 2002 filed with the Securities and Exchange
Commission, (v) the Restated Certificate of Incorporation of the Borrower dated
September 11, 1998, filed with the Connecticut Secretary of the State's office
on September 15, 1998, (vi) the Bylaws of the Borrower as amended through
October 17, 2001, (vii) Resolutions of the Board of Directors of the Borrower
adopted on October 16, 2002, and (viii) a Certificate of Legal Existence of the
Borrower dated October 9, 2002 issued by the Connecticut Secretary of the State.
Furthermore, in rendering the opinions set forth herein we have, with your
consent, relied only upon examination of the documents described above and upon
statements and representations of the

<PAGE>

Borrower and its officers and other representatives, including the facts and
conclusions set forth in the Borrower's Certificate and we have made no
independent verification or investigation of the factual matters set forth
therein.

       In our examination we have assumed the genuineness of all signatures
including endorsements, the legal capacity of natural persons, the authenticity
of all documents submitted to us as originals, the conformity to original
documents of all documents submitted to us as facsimile, certified or
photostatic copies, and the authenticity of the originals of such copies.

       We express no opinion as to the laws of any jurisdiction other than the
Applicable Laws of the States of Connecticut and New York and the United States
of America. "Applicable Laws" shall mean those laws, rules and regulations
which, in our experience, are normally applicable to transactions of the type
contemplated by the Amendment and Restatement without our having made any
special investigation as to the applicability of any specific law, rule or
regulation, and which are not the subject of a specific opinion herein referring
expressly to a particular law or laws. "Governmental Authorities" shall mean any
United States of America, Connecticut or New York executive, legislative,
judicial, administrative or regulatory body. "Governmental Approval" shall mean
any consent, approval, license, authorization or validation of, or filing,
recording or registration with, any Governmental Authority pursuant to
Applicable Laws.

       Based upon the foregoing and subject to the limitations, qualifications,
exceptions and assumptions set forth herein, we are of the opinion that as of
the date hereof:

       1.    The Borrower has been duly incorporated in, and is validly existing
under the laws of, the State of Connecticut.

       2.    The Borrower has the corporate power and corporate authority to
execute, deliver, and perform its obligations under the Amendment and
Restatement.

       3.    The execution and delivery of the Amendment and Restatement has
been duly authorized by all requisite corporate action on the part of the
Borrower.

       4.    The Amendment and Restatement has been duly executed and delivered
by the Borrower and constitutes the valid and binding obligation of the Borrower
enforceable against the Borrower in accordance with its terms under the laws of
the State of New York.

       5.    Neither the execution, delivery or performance by the Borrower of
the Amendment and Restatement nor the compliance by the Borrower with the terms
and provisions thereof will contravene any provision of any Applicable Law of
the States of New York and Connecticut, or the federal laws of the United States
of America.

       6.    Based upon our review of Applicable Laws, but without our having
made any special investigation concerning any other law, rule or regulation, no
Governmental Approval which has not been obtained or taken and is not in full
force and effect is required to authorize or is required in connection with the
execution, delivery or performance of the Amendment and Restatement by the
Borrower.

<PAGE>

       7.    Neither the execution, delivery or performance by the Borrower of
the Amendment and Restatement nor the compliance by the Borrower with the terms
and provisions thereof will conflict with, contravene, violate or constitute a
default under (i) to the best of our knowledge, after due investigation, any
provision of any Applicable Contract or any other agreement or instrument to
which the Borrower or the Borrower's property is subject, (ii) any provision of
any Applicable Law, (iii) to the best of our knowledge, after due investigation,
any judicial or administrative order or decree of any Governmental Authority, or
(iv) its Certificate of Incorporation and Bylaws. As used in this paragraph,
"due investigation" means solely that we have reviewed the Certificate of the
Borrower attached hereto as Exhibit A.

       8.    The Borrower is not an "investment company" within the meaning of
the Investment Company Act of 1940, as amended.

       Our opinions are subject to the following assumptions and qualifications:

       (a)   since we do not represent the Borrower on a regular basis, we have
assumed the accuracy of the description of the Borrower's business set forth in
the Borrower's Form 10-K;

       (b)   enforcement may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent transfer, or other similar laws affecting
creditors' rights and remedies generally and by general principles of equity or
the exercise of judicial discretion (regardless of whether enforcement is sought
in equity or at law) including, but not limited to, principles relating to good
faith and fair dealing, commercial reasonableness and the like;

       (c)   we have assumed that the Amendment and Restatement constitutes the
valid and binding obligation of each party thereto (other than the Borrower)
enforceable against such other party in accordance with its terms;

       (d)   we express no opinion as to the effect on the opinions expressed
herein of (i) the compliance or non-compliance of the Administrative Agent or
any party (other than the Borrower to the extent expressly set forth herein) to
the Amendment and Restatement with any state, federal or other laws or
regulations applicable to them or (ii) the legal or regulatory status or the
nature of the business of the Administrative Agent;

       (e)   we express no opinion as to the enforceability of any rights to
contribution or indemnification provided for in the Amendment and Restatement
which are violative of the public policy underlying any law, rule or regulation
(including any federal or state securities law, rule or regulation); and

       (f)   we express no opinion with respect to any provision of the
Amendment and Restatement to the extent it authorizes or permits any purchaser
of a participation interest to setoff or apply any deposit, property or
indebtedness with respect to any participation interest.

       In rendering the foregoing opinions, we have assumed, with your consent,
that (a) the execution, delivery, or performance by the Borrower of the
Amendment and Restatement does

<PAGE>

not and will not conflict with, contravene, violate or constitute a default
under any rule, law, or regulation to which the Borrower is subject (other than
Applicable Laws, orders, and decrees as to which we express an opinion in
paragraph 7 herein) or any agreement or instrument to which the Borrower or the
Borrower's property is subject (except to the extent that we express an opinion
in paragraph 7 herein); and (b) no authorization, consent or other approval of,
notice to or filing with, any court, governmental authority or regulatory body
(other than Governmental Approvals as to which we express our opinion in
paragraph 6 herein) is required to authorize or is required in connection with
the execution, delivery or performance by the Borrower of the Amendment and
Restatement or the transactions contemplated thereby.

       This opinion is limited to the matters stated herein and no opinion is
implied or may be inferred beyond the matters expressly stated. The opinions set
forth herein are rendered as of the date hereof. We assume no obligation to
update any facts or circumstances which may hereafter come to our attention or
any changes in any laws, regulations or court decisions which may hereafter
occur.

       This opinion is being furnished only to you in connection with the
Amendment and Restatement and is solely for your benefit and is not to be used,
circulated, quoted or otherwise referred to for any other purpose or relied upon
by any other Person for any purpose without our prior written consent, provided,
that any Person that becomes a Lender pursuant to Section 8.07(a) of the Amended
and Restated Facility A (364-Day) Credit Agreement may rely on this opinion as
if it were addressed to such Person and delivered on the date hereof.

                                        Very truly yours,

                                        Tyler Cooper & Alcorn, LLP

                                        By:
                                           -------------------------
                                                   A Partner

<PAGE>

                                   SCHEDULE I

Lenders

Citibank, N.A.
Fleet National Bank
BNP Paribas
Mellon Bank, N.A.
JPMorgan Chase Bank
Barclays Bank PLC
RBC Centura Bank
The Northern Trust Company

<PAGE>

                                                                    Exhibit A to
                                                                    TC&A Opinion

                             Borrower's Certificate
                             ----------------------

       I, Bruce H. Beatt, am General Counsel of The Stanley Works (the
"Borrower"). I understand that pursuant to Section 4(a)(4) of that certain
Amendment and Restatement dated as of October 16, 2002 (the "Amendment and
Restatement") to the Facility A (364-Day) Credit Agreement dated as of October
17, 2001 (the "Facility A (364-Day) Credit Agreement", and, as amended by the
Amendment and Restatement, the "Amended and Restated Facility A (364-Day) Credit
Agreement"), among the Borrower, the lenders party thereto (the "Lenders") and
Citibank, N.A. as administrative agent for the Lenders, Tyler Cooper & Alcorn,
LLP is relying on this certificate and the statements made herein in rendering
certain legal opinions. Capitalized terms used herein but not otherwise defined
shall have the meaning set forth in the Amended and Restated Facility A
(364-Day) Credit Agreement.

       With regard to the foregoing, on behalf of the Borrower I certify that:

       A.    Based solely and exclusively on conversations with Craig A.
Douglas, Treasurer of Borrower;

             1.   The value of all securities owned by the Borrower (excluding
             those issued by majority-owned Subsidiaries of the Borrower) does
             not exceed 10% of the value of the Borrower's total assets;

             2.   Less than 25 percent of the assets of the Borrower on a
             consolidated basis and on an unconsolidated basis consist of the
             margin stock (as such term is defined in Regulation U of the Board
             of Governors of the Federal Reserve System); and

             3.   The Borrower (a) is primarily engaged, directly or through a
             wholly-owned subsidiary or subsidiaries, in a business or
             businesses other than that of investing, reinvesting, owning
             holding or trading in securities and (b) is not engaged and does
             not propose to engage in the business of investing, reinvesting,
             owning, holding or trading in securities, and does not own or
             propose to acquire investment securities having a value exceeding
             40 percent of the value of the Borrower's total assets (exclusive
             of government securities and cash items) on an unconsolidated
             basis; and

       B.    Based solely and exclusively on a certain Statement by Holding
Company Claiming Exemption Under Rule U-3A-2 from the Provisions of the Public
Utility Holding Company Act of 1935 (the "Act"), filed by Borrower with the
United States Securities and Exchange Commission on February 28, 2002 (Accession
Number 0000093556-00-000003), Borrower is exempt from the provisions of the Act.

<PAGE>

       C.    Based solely and exclusively on interviews of the officers of the
Borrower responsible for its financing activities and the lawyers under my
supervision, the execution, delivery and performance by the Borrower of any of
its obligations under the Amendment and Restatement and the Amended and Restated
Facility A (364-Day) Credit Agreement does not and will not conflict with,
contravene, violate or constitute a default under (i) any provision of any
Applicable Contract or any other agreement or instrument to which the Borrower
or the Borrower's property is subject, or (ii) any judicial or administrative
order or decree of any Governmental Authority.

       IN WITNESS WHEREOF, I have executed this certificate this __ day of
October, 2002.

                                          By:
                                              ----------------------------------
                                                 Name: Bruce H. Beatt
                                          Title: Vice President, General Counsel
                                                 and Secretary

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