Document:

EXHIBIT
10.14

First Amendment to the 

LOAN
OUT SERVICE AGREEMENT

WHEREAS, Panavision Inc. (the
‘‘Company’’) entered into a Loan Out
Service Agreement (the ‘‘Service
Agreement’’) with Ziffren, Brittenham, Branca, Fischer,
Gilbert-Lurie & Stiffelman LLP, (now known as Ziffren, Brittenham,
Branca, Fischer, Gilbert-Lurie, Stiffelman & Cook LLP and referred
to herein as ‘‘ZBBFG-LS&C’’) with
reference to the utilization of the services provided by Kenneth
Ziffren, Esq. (‘‘Executive’’), dated
March  26,  2003.

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

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

1. The Term of the Service Agreement shall be
extended for a further period of three years (unless terminated sooner
as provided in the Service Agreement) commencing on March
25th 2006 and ending on March  25th
2009.

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

3. Section 3.3 shall be amended
and restated as
follows:

			
		‘‘3.3 	Corporate
Performance Payment. In addition to the amounts to be paid to the
Executive pursuant to Sections 3.1 and 3.2, the Executive shall be
entitled to receive a payment (the ‘‘Corporate
Performance Payment’’) at the time and in an amount
determined pursuant to this Section 3.3. The Corporate Performance
Payment shall be made to the Executive within fifteen (15) days
following issuance of audited financial statements of the Company for
the Fiscal Year ending December  31,  2008 (such Fiscal
Year, the ‘‘CP Fiscal Year’’) and
consistent with past practice and in any event, not later than
April  30th of the following year. The Corporate Performance
Payment shall be in an amount equal to one percent (1%), (the
‘‘CPP Percentage’’) (subject to adjustments
described below) of:

(i)    EBITDA (without any
deduction for the Corporate Performance Payment to Executive or similar
corporate performance payments to other persons)
(‘‘EBITDA’’) for the CP Fiscal Year
multiplied by 8.0,

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

(iii)    (A) less if an increase or (B) plus if a
decrease, the change in debt (reduced by any unrestricted cash) of the
Company and its consolidated subsidiaries outstanding between
January  1,  2006 and the last day of the CP Fiscal
Year.

Notwithstanding the above, in the event of a
material acquisition, the method for calculating the Corporate
Performance Payment pursuant to (i), (ii), and (iii) above, shall be
adjusted for the effect of such material
acquisition;’’

4. Section 4.2(a) shall be
amended such that the reference to ‘‘Equity Participation
Payment’’ in Section 4.2(a) shall be replaced by a
reference to ‘‘Corporate Performance
Payment’’.

5. All provisions of the Service
Agreement shall remain in full force and effect except to the extent
specifically described in this Amendment. To the extent of any
inconsistency between the terms of this Amendment and the Service
Agreement, the terms of this Amendment shall prevail.

6. General.

6.1 This Amendment shall be governed
by and construed and enforced in accordance with the laws of the State
of California applicable to agreements made and to be performed
entirely in California.

6.2 The section headings contained
herein are for reference purposes only and shall not in any way affect
the meaning or interpretation of this Amendment.

6.3 The
Service Agreement, as amended by this Amendment, sets forth the entire
agreement and understanding of the parties relating to the subject
matter hereof, and supersedes all prior agreements, arrangements and
understandings, written or oral, relating to the subject matter hereof.
No representation, promise or inducement has been made by either party
that is not embodied in the Service Agreement, as amended by this
Amendment, and neither party shall be bound by or liable for any
alleged representation, promise or inducement not so set
forth.

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

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

IN
WITNESS WHEREOF, the parties have executed this Amendment to the
Service Agreement as of March  30,
2006.

		PANAVISION
INC.

		By: /s/ Howard
Gittis                                                    

		Howard
Gittis

		Vice
Chairman

		ZIFFREN, BRITTENHAM, BRANCA,
FISCHER,

		GILBERT-LURIE, STIFFELMAN &
COOKLLP

		By: /s/ Kenneth
Ziffren                                                

		Kenneth
Ziffren, its Partner

		KENNETH
ZIFFREN

		/s/ Kenneth
Ziffren                                                        

2EXHIBIT 10.20

                             PX Holding Corporation
                               35 East 62nd Street
                            New York, New York 10021

                                                                  March 30, 2006

Panavision Inc.
c/o Mr. Ross G. Landsbaum
Executive Vice President and Chief Financial Officer
6219 De Soto Avenue
Woodland Hills, California 91367

Gentlemen:

     PX Holding Corporation, a Delaware corporation ("PX Holding"), and
Panavision Inc., a Delaware corporation ("Panavision"), hereby agree that
Panavision will (i) pay to PX Holding (A) $1,022,608 in cash in respect of all
accrued and unpaid interest as of the date hereof under the Senior Subordinated
Term Loan Agreement, dated as of December 1, 2005 (the "Loan Agreement"),
between Panavision and PX Holding and (B) $15,000,000 million in cash in respect
of a portion of the principal amount due and owing by Panavision under the Loan
Agreement and (ii) issue to PX Holding, and PX Holding will acquire, 49,792
shares (the "Preferred Shares") of Series F Cumulative Pay-In-Kind Mandatorily
Redeemable Preferred Stock, par value $.01 per share ("Preferred Stock"), of
Panavision, collectively in exchange for the retirement of all amounts due and
owing (as of the date hereof, being $65,814,608 million (the "Outstanding
Amount") (which amount includes principal and accrued and unpaid interest)) by,
and release of all liabilities of, Panavision to PX Holding under, and the
termination of, the Loan Agreement.

     The Preferred Stock will have the powers, preferences and rights set forth
in the Certificate of Designations, Powers, Preferences and Rights (the
"Certificate of Designations") attached hereto as Exhibit A. Shares of Preferred
Stock shall be Registrable Securities for the purposes of the Registration
Rights Agreement, dated as of December 3, 2002, between Panavision and PX
Holding.

     The parties hereto agree that the transactions contemplated by this letter
agreement (this "Letter Agreement") are conditioned upon the closing of the
transactions contemplated by the First Lien Credit Agreement, dated as of March
30, 2006, among Panavision, the lenders party thereto and Credit Suisse, as
Administrative Agent and Collateral Agent, and the Second Lien Credit Agreement,
dated as of March 30, 2006, among Panavision, the lenders party thereto and
Credit Suisse, as Administrative Agent and Collateral Agent.

     In connection with the transactions contemplated by this Letter Agreement
(this "Letter Agreement"), PX Holding represents and warrants that:

1.   PX Holding 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 PX Holding 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 PX Holding, 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 PX Holding is a party or by which PX Holding or any of its
     property is bound or to which it is subject;

3.   PX Holding 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 PX Holding of this
     Letter Agreement has been duly authorized;

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

5.   PX Holding is acquiring the Preferred Shares for investment and not with a
     view toward, or for sale in connection with, any distribution thereof, nor
     with any present intention of distributing or selling the Preferred Shares.
     PX Holding agrees that the Preferred Shares may not be sold, transferred,
     offered for sale, pledged, hypothecated or otherwise disposed of without
     registration under the Securities Act of 1933, as amended (the "Securities
     Act"), and qualification under any applicable state securities laws, except
     pursuant to an exemption from such registration under the Securities Act
     and qualification under such laws; and

6.   PX Holding is an "accredited investor" as that term is defined in
     Regulation D promulgated under the Securities Act.

     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 (including, but not
     limited to the issuance and sale of the Preferred Shares) or 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;

5.   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;

6.   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

7.   The Preferred Shares being issued pursuant to this Letter Agreement have
     been duly authorized by all necessary corporate action on the part of
     Panavision, and the Preferred Shares 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 (as defined below)
     whatsoever, except for restrictions on transfer imposed by the Securities
     Act, 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" means
     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 the delivery of $16,022,608 in cash and the Preferred Shares, in
exchange for retirement of the Outstanding Amount and the termination of the
Loan Agreement, PX Holding and Panavision shall execute and deliver a cross
receipt in the form attached hereto as Exhibit B. PX Holding and Panavision
agree that, with respect to the exchange (the "Exchange") of the Preferred
Shares for $49,792,000 of outstanding

principal (the "Remaining Principal") under the Loan Agreement, the Preferred
Shares are equal in value to the Remaining Principal, and accordingly shall
treat the Exchange as governed by Section 108(e)(8) of the Internal Revenue Code
of 1986, as amended (the "Code"); provided, however, that if it is determined
that the value of the Preferred Shares is not at least equal to the Remaining
Principal, any excess of the Remaining Principal over such value shall be
treated by PX Holding and Panavision as a contribution by PX Holding to the
capital of Panavision as governed by Section 108(e)(6) of the Code.

     This Letter Agreement shall be deemed to be a contract made under the laws
of the State of Delaware, and for all purposes shall be governed by and
construed in accordance with the laws of said State, without regard to conflicts
of law principles thereof.

     This Letter Agreement may be executed in one or more counterparts, all of
which shall be considered one and the same agreement and shall become effective
when one or more counterparts have been signed by each of the parties and
delivered to the other party.

                            [signature pages follow]

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

                                      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/ Ross G. Landsbaum
                                          ----------------------------
                                      Name:  Ross G. Landsbaum
                                      Title: Executive Vice President and
                                             Chief Financial Officer

                                                                       EXHIBIT A
                                                                       ---------

                                  See Attached

                                                                       EXHIBIT B
                                                                       ---------

                                  CROSS RECEIPT

     Reference is made to that certain Letter Agreement (the "Letter
Agreement"), dated as of March 30, 2006, between PX Holding Corporation, a
Delaware corporation ("PX Holding"), and Panavision Inc., a Delaware corporation
("Panavision").

     Panavision hereby acknowledges the retirement of all amounts (including
principal and interest) due and owing by Panavision to PX Holding under, and the
termination of, the Senior Subordinated Term Loan Agreement, dated as of
December 1, 2005, between Panavision and PX Holding, in satisfaction of PX
Holding's obligations under the Letter Agreement.

                                             PANAVISION INC.

                                             By: /s/ Ross G. Landsbaum
                                                 -------------------------------
                                             Name:  Ross G. Landsbaum
                                             Title: Executive Vice President and
                                                    Chief Financial Officer

     PX Holding hereby acknowledges delivery of (i) $16,022,608 in cash and (ii)
49,792 shares of Series F Cumulative Pay-In-Kind Mandatorily Redeemable
Preferred Stock, par value $.01 per share, of Panavision, in satisfaction of
Panavision's obligations under the Letter Agreement.

                                       PX HOLDING CORPORATION

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

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