Document:

Exhibit 10.1 

 

 

HOSPITALITY PROPERTIES TRUST

 

Summary of Trustee Compensation

 

The following is a summary of the currently effective compensation of the trustees of Hospitality Properties Trust (the “Company”) for services as trustees, which is subject to modification at any time by the Board of Trustees.  

 

	
             
 	
            •
 	
            Each independent trustee receives an annual fee of $25,000, plus a fee of $500 for each meeting attended.  Up to two $500 fees are payable if a board meeting and one or more board committee meetings are held on the same date. 
 

 

	
             
 	
            •
 	
            The chairpersons of the audit committee, the compensation committee and the nominating and governance committee, each of whom is an independent trustee, are entitled to receive an additional annual fee of $7,500, $3,500 and $3,500, respectively. 
 

 

	
             
 	
            •
 	
            Each trustee is entitled to receive a
grant of 750 of the Company’s common shares of beneficial interest on the date of
the first board meeting following each annual meeting of shareholders (or, for trustees who are first elected or appointed at other times, on the day of the first board meeting attended). 
 

 

	
             
 	
            •
 	
            The Company generally reimburses all trustees for travel expenses incurred in connection with their duties as trustees.<PAGE>

THIS SECOND AMENDMENT TO THE LOAN AGREEMENT is made as of the 16th day of May,
2006.

BETWEEN:

                                IMAX CORPORATION

                                  ("BORROWER")

                                     - and -

                  WACHOVIA CAPITAL FINANCE CORPORATION (CANADA)
              (FORMERLY, CONGRESS FINANCIAL CORPORATION (CANADA))
                                   ("LENDER")

     WHEREAS Borrower and Lender entered into a loan agreement dated February 6,
2004 as amended by a first amendment to the loan agreement made as of June 30,
2005 (collectively, the "LOAN AGREEMENT"), pursuant to which certain credit
facilities were established in favour of Borrower;

     AND WHEREAS the parties hereto wish to extend the term of the Loan
Agreement to October 31, 2009, and amend certain other terms and conditions of
the Loan Agreement;

     NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of the
covenants and agreements contained herein and for other good and valuable
consideration, the parties hereto agree to amend the Loan Agreement as provided
herein:

SECTION 1 GENERAL

          In this Second Amendment to the Loan Agreement, unless otherwise
defined or the context otherwise requires, all capitalized terms shall have the
respective meanings specified in the Loan Agreement.

SECTION 2 TO BE READ WITH LOAN AGREEMENT

          This Second Amendment to the Loan Agreement is an amendment to the
Loan Agreement. Unless the context of this Second Amendment to the Loan
Agreement otherwise requires, the Loan Agreement and this Second Amendment to
the Loan Agreement shall be read together and shall have effect as if the
provisions of the Loan Agreement and this Second Amendment to the Loan Agreement
were contained in one agreement. The term "AGREEMENT" when used in the Loan
Agreement means the Loan Agreement as amended by this Second Amendment to the
Loan Agreement, together with all amendments, supplements, restatements and
replacements thereto or therefor from time to time.

SECTION 3 NO NOVATIONS

          Nothing in this Second Amendment to the Loan Agreement, nor in the
Loan Agreement when read together with this Second Amendment to the Loan
Agreement, shall

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                                      -2-

constitute a novation, payment, re-advance or reduction or termination in
respect of any Obligations of Borrower.

SECTION 4 AMENDMENTS TO THE LOAN AGREEMENT

     (a)  Schedule 1.11 to the Loan Agreement (FORM OF BORROWING BASE
          CERTIFICATE), is deleted in its entirety and replaced with Schedule
          1.11 attached hereto.

     (b)  A new Schedule 1.1(A) is added to the Loan Agreement called "CONTRACTS
          IN BACKLOG/FINISHED GOODS INVENTORY" in the form attached hereto as
          Schedule 1.1(A).

     (c)  A new Schedule 1.1 (B) is added to the Loan Agreement called "LONG
          TERM RECEIVABLES CONTRACTS", in the form attached hereto as Schedule
          1.1(B).

     (d)  Schedule 8.4 to the Loan Agreement (EXISTING LIENS), is deleted in its
          entirety and replaced with Schedule 8.4 attached hereto.

     (e)  A new Schedule 8.9(B) attached hereto, shall be added to the Loan
          Agreement called "RESTRICTIONS ON ASSIGNABILITY WITHIN CONTRACTS IN
          BACKLOG AND LONG TERM RECEIVABLES CONTRACTS".

     (f)  Schedule 9.9 to the Loan Agreement (EXISTING INDEBTEDNESS), is deleted
          in its entirety and replaced with Schedule 9.9 attached hereto.

     (g)  Schedule 9.10 to the Loan Agreement (EXISTING LOANS, ADVANCES AND
          GUARANTEES), is deleted in its entirety and replaced with Schedule
          9.10 attached hereto.

     (h)  Section 1 of the Loan Agreement (DEFINITIONS), is amended by adding
          the following definitions (in their respective alphabetical order):

          (A)  ""AMENDMENT EFFECTIVE DATE" shall mean the date upon which all of
               the conditions contained in the renewal and amending agreement
               dated May 16, 2006, between Borrower and Lender, have been
               satisfied in full (in the sole discretion of Lender) or have been
               waived in writing (in whole or in part) by Lender, in its sole
               discretion;

          (B)  "APPRAISAL" shall have the meaning attributed to it in Section
               2.1(a)(v);

          (C)  "ASSIGNMENT OF CONTRACTS IN BACKLOG AND LONG TERM RECEIVABLES
               CONTRACTS" shall mean the Assignment of Contracts in Backlog and
               Long Term Receivables Contracts between Borrower, as assignor,
               and Lender, as assignee, dated as of May 16, 2006, as the same
               now exists or may hereafter be amended, modified, supplemented,
               extended, renewed, restated or replaced;

          (D)  "CONTRACTS IN BACKLOG" shall mean, collectively, contracts
               designated by the Borrower internally as "contracts in backlog"
               as listed on Schedule

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                                       -3-

               1.1 (A), as may be amended, updated and/or restated from time to
               time in accordance with the requirements set out in Section 7.1
               (a) hereof;

          (E)  "CONTRACTS AND LEASES" shall mean, collectively, any one or all
               of the Capital Leases, the Operating Leases, the Contracts in
               Backlog and the Long Term Receivables Contracts;

          (F)  "ELIGIBLE CONTRACTS IN BACKLOG" shall mean Contracts in Backlog,
               from time to time, which are and continue to be acceptable to
               Lender based on the general criteria set forth below which
               Lender, in good faith, may revise from time to time. In general,
               a Contract in Backlog shall be an Eligible Contract in Backlog
               if:

               (i)  it is with a Client deemed creditworthy at all times by
                    Lender, as determined by Lender in good faith;

               (ii) it is with a Client that has not asserted a bona fide
                    counterclaim, defence or dispute (other than as to a de
                    minimus amount) under the applicable Contract in Backlog and
                    if so, the value of such Contract in Backlog Inventory shall
                    be reduced by the amount of such counterclaim, defense or
                    dispute;

               (iii) it is with a Client that does not have, and does not engage
                    in transactions which may give rise to, any right of set-off
                    against the Contract in Backlog Inventory; provided that the
                    existence of any such right of set-off shall not by itself
                    cause such Contract in Backlog Inventory to cease to
                    continue to be Eligible Contract in Backlog Inventory but
                    its appraised value, for purposes of Section 2.1 hereof,
                    will be reduced by Lender by an amount determined by Lender
                    in good faith;

               (iv) there are no facts, events or occurrences which would impair
                    the validity, enforceability or collectability of the
                    Contract in Backlog or materially reduce the amount payable
                    or delay payment thereunder, including without limitation,
                    any event of default or event which would, with notice or
                    the passage of time, constitute an event of default under
                    the Contract in Backlog;

               (v)  it is subject to the first priority, valid and perfected
                    security interest of Lender and is not subject to any prior
                    ranking liens or other liens except Permitted Encumbrances;

               (vi) it is with a Client which is not itself, nor any officer or
                    employee thereof, an officer, employee or agent of or
                    affiliated with Borrower, directly or indirectly, by virtue
                    of family membership, ownership, control, management or
                    otherwise;

               (vii) there are no proceedings or actions which are threatened or
                    pending against the Client which could reasonably be
                    expected to

<PAGE>

                                       -4-

                    result in any material adverse change in such Client's
                    financial condition;

               (viii) unless otherwise permitted by Lender, it is not with a
                    Client which, together with its affiliates, constitutes,
                    without duplication, more than ten (10%) percent of all
                    otherwise Eligible Contracts, Leases and Inventory (but the
                    portion of the Finished Goods Inventory not in excess of
                    such applicable percentage continues to be Eligible Finished
                    Goods Inventory); and

               (ix) notwithstanding that there are restrictions on assignability
                    in respect of such Contracts in Backlog.

                    Any Contract in Backlog Inventory which is not considered to
                    be Eligible Contract in Backlog Inventory in accordance with
                    the foregoing requirements, is nevertheless considered to
                    form part of the Collateral;

          (G)  "ELIGIBLE CONTRACTS, LEASES AND INVENTORY" shall mean,
               collectively, any one of or all of the Eligible Capital Leases,
               Eligible Operating Leases, Eligible Finished Goods Inventory and
               Eligible Long Term Receivables Contracts;

          (H)  "ELIGIBLE FINISHED GOODS INVENTORY" means Finished Goods
               Inventory that has been assigned by the Borrower to Eligible
               Contracts in Backlog;

          (I)  "ELIGIBLE LONG TERM RECEIVABLES CONTRACTS" shall mean those
               contracts of the Borrower, from time to time, which are and
               continue to be acceptable to Lender based on the general criteria
               set forth below which Lender, in good faith, may revise from time
               to time. In general, a Long Term Receivables Contract shall be an
               Eligible Long Term Receivables Contract if:

               (i)  it is with a Client deemed creditworthy at all times by
                    Lender, as determined by Lender in good faith;

               (ii) it is with a Client that has not asserted a bona fide
                    counterclaim, defence or dispute (other than as to a de
                    minimus amount) under the applicable Long Term Receivables
                    Contract and if so, the value of such Long Term Receivables
                    Contract shall be reduced by the amount of such
                    counterclaim, defense or dispute;

               (iii) it is with a Client that does not have, and does not engage
                    in transactions which may give rise to, any right of set-off
                    against the Long Term Receivables Contract; provided that
                    the existence of any such right of set-off shall not by
                    itself cause such Long Term Receivables Contract to cease to
                    continue to be an Eligible Long Term Receivables Contract
                    but its appraised value, for purposes of Section 2.1 hereof,
                    will be reduced by Lender by an amount determined by Lender
                    in good faith;

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                                       -5-

               (iv) there are no facts, events or occurrences which would impair
                    the validity, enforceability or collectability of the Long
                    Term Receivables Contract or materially reduce the amount
                    payable or delay payment thereunder, including without
                    limitation, any event of default or event which would, with
                    notice or the passage of time, constitute an event of
                    default under the Long Term Receivables Contract;

               (v)  it is subject to the first priority, valid and perfected
                    security interest of Lender and is not subject to any prior
                    ranking liens or other liens except Permitted Encumbrances;

               (vi) it is with a Client which is not itself, nor any officer or
                    employee thereof, an officer, employee or agent of or
                    affiliated with Borrower, directly or indirectly, by virtue
                    of family membership, ownership, control, management or
                    otherwise;

               (vii) there are no proceedings or actions which are threatened or
                    pending against the Client which could reasonably be
                    expected to result in any material adverse change in such
                    Client's financial condition;

               (viii) unless otherwise permitted by Lender, it is not with a
                    Client which, together with its affiliates, constitutes more
                    than ten (10%) percent of all otherwise Eligible Contracts,
                    Leases and Inventory (but the portion of the Long Term
                    Receivables Contracts not in excess of such applicable
                    percentage continue to be Eligible Long Term Receivables
                    Contracts); and

               (ix) notwithstanding that there are restrictions on the
                    assignability in respect of such Long Term Receivables
                    Contracts.

                    Any Long Term Receivables Contract, which is not considered
                    to be an Eligible Long Term Receivables Contract in
                    accordance with the foregoing requirements, is nevertheless
                    considered to form part of the Collateral;

          (J)  "ELIGIBLE REAL PROPERTY" shall mean the Real Property and any
               other real property of Borrower that has been deemed to be
               acceptable as Eligible Real Property by Lender;

          (K)  "FINISHED GOODS INVENTORY" means the finished goods Inventory of
               the Borrower that has been designated by the Borrower as a
               Contract in Backlog;

          (L)  "FINISHED GOODS INVENTORY LENDING FORMULA" shall have the meaning
               set forth in Section 2.1 (a) hereof;

          (M)  "LONG TERM RECEIVABLES CONTRACTS" shall mean, collectively, all
               of the contracts listed on Schedule 1.1(B), as may be amended,
               updated and/or

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                                       -6-

               restated from time to time in accordance with the requirements
               set out in Section 7.1(a) hereof, each of which are contracts
               that relate to the sale of theatre equipment by the Borrower;

          (N)  "LONG TERM RECEIVABLES CONTRACTS LENDING FORMULA" shall have the
               meaning set forth in Section 2.1 (a) hereof;

          (O)  "ORDERLY LIQUIDATION VALUE" shall mean the amount, expressed in
               terms of currency in US Dollars, it is estimated would be
               realized from any orderly liquidation of the Finished Goods
               Inventory and Long Term Receivables Contracts, as applicable, net
               of the amount of deductions for all commissions, taxes and other
               Liquidation Expenses, which, as of the Amendment Effective Date,
               is the orderly liquidation value attributed to Finished Goods
               Inventory and Long Term Receivables Contracts in the Hilco
               Appraisal and at any future date will be the estimated amount
               similarly calculated as of the date of calculation attributed to
               the Finished Goods Inventory and Long Term Receivables Contracts
               by the Appraiser;

          (P)  "REAL PROPERTY" means the property of Borrower municipally known
               as 2525 Speakman Drive, Mississauga, Ontario L5K 1B1; and

          (Q)  "REAL PROPERTY LENDING FORMULA" shall have the meaning set forth
               in Section 2.1 (a)(v) hereof."

     (i)  Section 1.1 of the Loan Agreement, being the definition of "ACCOUNTS",
          is hereby amended by deleting the reference to "Capital Leases and/or
          Operating Leases" in the third line thereof and replacing it with a
          reference to "Contracts and Leases".

     (j)  Section 1.19 of the Loan Agreement, being the definition of "CASH
          DOMINION EVENT", is hereby amended by deleting the reference to
          "$7,500,000" in the second line thereof and replacing it with a
          reference to "$5,000,000".

     (k)  Section 1.23 of the Loan Agreement, being the definition of "CLIENT",
          is hereby deleted in its entirety and replaced with the following:

          ""CLIENT" shall mean any Person, other than Borrower, who is now or
          hereafter a party to a Capital Lease, Operating Lease, Contract in
          Backlog and/or a Long Term Receivables Contract, as applicable, and
          "Clients" means all such Persons."

     (l)  Section 1.24 of the Loan Agreement, being the definition of
          "COLLATERAL", is hereby amended by inserting ", collectively, the Real
          Property and" immediately before the words "Collateral as such term"
          in the first line thereof.

     (m)  Each of Section 1.28 and 1.29 of the Loan Agreement, being the
          definition of "ELIGIBLE CAPITAL LEASES" and "ELIGIBLE OPERATING
          LEASES", respectively, is hereby amended by deleting subparagraph (g)
          thereof.

     (n)  Section 1.36 of the Loan Agreement, being the definition of "FINANCING
          AGREEMENTS", is hereby amended by inserting "Assignment of Contracts
          in

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                                       -7-

          Backlog and Long Term Receivables Contracts," following the words
          "Assignment of Capital Leases and Operating Leases," in the second
          line thereof.

     (o)  Section 1.38 of the Loan Agreement, being the definition of "GENERAL
          SECURITY AGREEMENT", is hereby amended by inserting "as the same now
          exists or may hereafter be amended, modified, supplemented, extended,
          renewed, restated or replaced" immediately following "the Obligations"
          in the third line thereof.

     (p)  Section 1.40 of the Loan Agreement, being the definition of "HILCO
          APPRAISAL", is hereby deleted in its entirety and replaced with the
          following:

          ""HILCO APPRAISAL" shall mean the most recently dated appraisal
          conducted by the Appraiser that has been delivered to Lender, as may
          be amended, updated or supplemented from time to time."

     (q)  Subsection (b) of Section 1.42 of the Loan Agreement, being the
          definition of "INTEREST RATE", is hereby amended as follows:

          (A)  Subsection (i) is hereby amended by deleting the words "a rate of
               one quarter of one (0.25%) percent per annum in excess of the
               Applicable Prime Rate or a rate of two (2%)" in the first and
               second lines thereof and replacing them with "the Applicable
               Prime Rate or a rate of one and one quarter of one (1.25%)";

          (B)  Subsection (ii) is hereby amended by deleting the words "a rate
               of one half of one (0.50%) percent per annum in excess of the
               Applicable Prime Rate or a rate of two and one quarter (2.25%)"
               in the first and second lines thereof and replacing them with "a
               rate of one quarter of one (0.25%) percent per annum in excess of
               the Applicable Prime Rate or a rate of one and one half of one
               (1.5%)";

          (C)  Subsection (iii) is hereby amended by deleting the words "a rate
               of three quarters of one (0.75%) percent per annum in excess of
               the Applicable Prime Rate or a rate of two and one half (2.5%)"
               in the first and second lines thereof and replacing them with "a
               rate of one half of one (0.50%) percent per annum in excess of
               the Applicable Prime Rate or a rate of two (2%)".

     (r)  Section 1.47 of the Loan Agreement, being the definition of "LENDING
          FORMULAS", is hereby deleted in its entirety and replaced with the
          following:

          ""LENDING FORMULAS" shall mean, collectively, the Operating Leases
          Lending Formula, the Capital Leases Lending Formula, the Finished
          Goods Inventory Lending Formula, the Long Term Receivables Lending
          Formula and the Real Property Lending Formula."

     (s)  Section 1.54 of the Loan Agreement, being the definition of "MAXIMUM
          CREDIT" is hereby amended by deleting the reference to "$20,000,000"
          therein and replacing it with a reference to "$40,000,000".

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                                       -8-

     (t)  Section 1.71 of the Loan Agreement, being the definition of "RENEWAL
          DATE", is deleted in its entirety.

     (u)  Section 2.1 of the Loan Agreement (REVOLVING LOANS), is hereby amended
          as follows:

          (A)  Subparagraph (a)(ii)(A) is hereby amended by deleting the
               reference to "thirty-four (34%)" in the first line thereof and
               replacing it with "forty- nine (49%)";

          (B)  Subparagraph (a)(ii)(B) is hereby amended by deleting the "." at
               the end of this Subsection and replacing it with ", plus";

          (C)  the following new Paragraph (a)(iii) is added:

               "(iii) the lesser of:

                    (A)  thirty-one (31%) percent of the aggregate net book
                         value of Eligible Finished Goods Inventory; or

                    (B)  eighty-five (85%) percent of the appraised value of
                         such Eligible Finished Goods Inventory expressed as a
                         percentage of cost value, net of estimated Liquidation
                         Expenses, with appraisals conducted on an Orderly
                         Liquidation Value basis at the expense of Borrower by
                         the Appraiser (the "FINISHED GOODS INVENTORY LENDING
                         FORMULA"), plus";

          (D)  the following new Paragraph (a)(iv) is added:

               "(iv) the lesser of:

                    (A)  forty (40%) percent of the aggregate net book value of
                         Eligible Long Term Receivables Contracts; or

                    (B)  eighty-five (85%) percent of the appraised value of
                         such Eligible Long Term Receivables Contracts expressed
                         as a percentage of cost value, net of estimated
                         Liquidation Expenses, with appraisals conducted on an
                         Orderly Liquidation Value basis at the expense of
                         Borrower by the Appraiser (the "LONG TERM RECEIVABLES
                         CONTRACTS LENDING FORMULA"), plus";

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                                       -9-

          (E)  the following new Paragraph (a)(v) is added:

               "(v) the lesser of:

                    (A)  $10,000,000; or

                    (B)  Y-[(Y/120) x N]

                         (the "REAL PROPERTY LENDING FORMULA").

                         For purposes of this Subsection 2.1(a)(v) "Y" means FMV
                         multiplied by 65% and "N" means the number of months
                         (or any part thereof) elapsed since the most recent of
                         (i) the Amendment Effective Date; and (ii) the date of
                         the most recent Re-appraisal (as defined below) and
                         "FMV" means the fair market value of the Real Property
                         as indicated in the most recent of (i) the appraisal
                         (the "APPRAISAL") of Royal LePage Advisors Inc. dated
                         July 19, 2005; and (ii) the most recent Re-appraisal.
                         The Borrower will be entitled, not more than once in
                         any twelve month period, to have the Real Property
                         Lending Formula recalculated based on a new appraisal
                         (a "RE-APPRAISAL") of the Real Property, provided any
                         such appraisal shall be in form and scope that is in
                         accordance with typical commercial practice for the
                         determination of fair market value of real property at
                         the time and in the circumstances and conducted by an
                         appraiser satisfactory to the Lender, acting
                         reasonably;"

          (F)  Subsection (b) is hereby deleted in its entirety and replaced
               with the following:

               "(b) Lender may, in its discretion, from time to time reduce or
                    otherwise revise the Lending Formulas to the extent that
                    Lender, in good faith, determines that: (i) the general
                    creditworthiness of the Clients has declined; or (ii) the
                    liquidation value of any of the Eligible Contracts and
                    Leases or Eligible Real Property, or any category thereof,
                    has decreased; (iii) the nature and quality of the Eligible
                    Contracts and Leases and/or the Eligible Real Property has
                    deteriorated; or (iv) the fair market value of the Eligible
                    Real Property has decreased. In determining whether to
                    reduce or otherwise revise the Lending Formulas, Lender may
                    consider events, conditions, contingencies or risks which
                    are also considered in determining Eligible Contracts and
                    Leases or the Eligible Real Property or in establishing
                    Availability Reserves."

     (v)  Section 2.2 of the Loan Agreement (LETTER OF CREDIT ACCOMMODATIONS),
          is amended as follows:

          (A)  Subsection (d) is hereby amended by deleting the reference to
               "$12,000,000" and replacing it with "$20,000,000"; and

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                                      -10-

          (B)  Subsection (e) is hereby amended by deleting the words "or
               non-renewal" in the last line thereof.

     (w)  Section 6.3(c) of the Loan Agreement (COLLECTION OF ACCOUNTS), is
          hereby amended by deleting the words "or non-renewal" in the last line
          thereof.

     (x)  Section 6.4 of the Loan Agreement (PAYMENTS), is hereby amended by
          deleting the words "or non-renewal" in the last line thereof.

     (y)  The following new Section 7.5(B) is added to the Loan Agreement:

          "7.5(B) REAL PROPERTY COVENANTS

          With respect to the Real Property: (a) Borrower shall, at its expense,
          at any time or times as Lender may request on or after an Event of
          Default has occurred and is continuing, deliver or cause to be
          delivered to Lender written reports or appraisals as to the Real
          Property in form, scope and methodology acceptable to Lender and by an
          appraiser acceptable to Lender; (b) Borrower shall keep the Real
          Property in good order, repair and marketable condition (ordinary wear
          and tear excepted); (c) Borrower shall use the Real Property in
          accordance with applicable requirements of any insurance and in
          conformity with all applicable laws, unless the failure to conform
          would not reasonably be expected singly or when aggregated with any
          other nonconformity to have a materially adverse effect on its
          business or undertaking or its ability to fulfil its obligations
          hereunder; (d) the Real Property is and shall be used in Borrower's
          business and not for personal, family, household or farming use; (e)
          Borrower shall defend its title to the Real Property against any
          adverse claims unless the failure to defend would not reasonably be
          expected, singly or when aggregated with any other failure to defend,
          to have a materially adverse effect on its business or undertaking or
          its ability to fulfil its obligations hereunder; (f) Borrower shall
          not surrender, quit claim or grant any easement, right-of-way or other
          right or servitude benefiting or burdening the Real Property without
          the prior consent of Lender, such consent not to be unreasonably
          withheld; and (g) Borrower assumes all responsibility and liability
          arising from the use and occupation of the Real Property."

     (z)  Section 7.6(a)(i) of the Loan Agreement (POWER OF ATTORNEY), is hereby
          amended by deleting the reference to "Capital Leases, the Operating
          Leases" and replacing it with a reference to "Contracts and Leases".

     (aa) Section 8.7 of the Loan Agreement (COMPLIANCE WITH OTHER AGREEMENTS
          AND APPLICABLE LAWS), is hereby amended by deleting the reference to
          "Capital Leases and the Operating Leases" and replacing it with a
          reference to "Contracts and Leases".

     (bb) Section 8.9 of the Loan Agreement (ACCURACY AND COMPLETENESS OF
          INFORMATION), is hereby amended by deleting the second sentence
          thereof in its entirety and replacing it with the following:

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                                      -11-

          "Borrower represents and warrants that none of the Contracts and
          Leases include contractual provisions restricting the assignability
          thereof to Lender or to an assignee of Lender upon exercise of any of
          the Financing Agreements, with the exception of those restrictive
          provisions set out on Schedules 8.9 and 8.9(B) hereof."

     (cc) Section 9.3(e) of the Loan Agreement (COMPLIANCE WITH LAWS,
          REGULATIONS, ETC.), is hereby amended by deleting the words "or
          non-renewal" in the last line thereof.

     (dd) Section 9.4 of the Loan Agreement (PAYMENT OF TAXES AND CLAIMS), is
          hereby amended by deleting the words "or non-renewal" in the last line
          thereof.

     (ee) Section 9.21 of the Loan Agreement (COSTS AND EXPENSES), is hereby
          amended by deleting the reference to "$750" in Subsection 9.21(g) and
          replacing it with a reference to "$800".

     (ff) Section 10.2 of the Loan Agreement (REMEDIES), is hereby amended as
          follows:

          (A)  Subsection (b)(xi) is hereby amended by deleting the reference to
               "Eligible Capital Leases and Eligible Operating Leases" and
               replacing it with a reference to "Eligible Contracts and Leases";
               and

          (B)  Subsection (c)(iii) is hereby amended by deleting the reference
               to "Capital Leases and Operating Leases" and replacing it with a
               reference to "Contracts and Leases".

     (gg) Section 11.5 of the Loan Agreement (INDEMNIFICATION), is hereby
          amended by deleting the words "or non-renewal" in the last line
          thereof.

     (hh) Section 12.1(a) of the Loan Agreement (TERM), is hereby amended by
          deleting the following:

          "the earlier of: (i) the date which is three (3) years from the date
          hereof (the "RENEWAL DATE"), and from year to year thereafter, unless
          sooner terminated pursuant to the terms hereof; provided, that, each
          of Lender and Borrower may, provided mutually agreed, extend the
          original Renewal Date to the date three hundred sixty-five (365) days
          from the Renewal Date by giving the other party, as applicable, notice
          at least sixty (60) days prior to the Renewal Date and in the event
          such option to extend the original Renewal Date to the date three
          hundred sixty-five (365) days from the original Renewal Date is
          exercised by Lender or Borrower, Borrower shall pay to Lender, upon
          the date such option is exercised, a fully earned additional
          commitment fee in the amount of $50,000.00. Lender or Borrower may
          terminate the Financing Agreements effective on the Renewal Date or on
          the anniversary of the Renewal Date in any year by giving to the other
          party at least sixty (60) days prior written notice; provided, that,
          all Financing Agreements must be terminated simultaneously. Upon the
          effective date of termination or non-renewal",

          and replacing it with the following:

<PAGE>

                                      -12-

          "October 31, 2009; provided that the Borrower may request that the
          Lender extend the term to October 31, 2010 by giving the Lender notice
          in writing at least sixty (60) days prior to October 31, 2009. If the
          Lender agrees to such extension by notice in writing to the Borrower
          on or before October 31, 2009, the term will thereby be extended to
          October 31, 2010."

     (ii) Section 12.1(c) of the Loan Agreement (TERM) is hereby amended by
          deleting the following in its entirety:

<TABLE>
<CAPTION>
           "Amount                                   Period
           -------                                   ------
<S>                            <C>
(i)  1.5% of Maximum Credit    -    From the date hereof to and including the
                                    first anniversary of the date hereof.

(ii) 1.0% of Maximum Credit    -    After the first anniversary of the date
                                    hereof to and including the second
                                    anniversary of the date hereof.

(iii) 0.5% of Maximum Credit   -    After the second anniversary of the date
                                    hereof to and including the third
                                    anniversary of the date hereof and if the
                                    term of this Agreement is extended for an
                                    additional year, then to and including the
                                    end of the then current term."
</TABLE>

and replacing it with the following:

<TABLE>
<CAPTION>
           "Amount                                   Period
           -------                                   ------
<S>                            <C>
(i)  1.5% of Maximum Credit    -    From the date hereof to and including
                                    October 30, 2006.

(ii) 1.0% of Maximum Credit    -    From October 31, 2006 to and including
                                    October 30, 2007.

(iii) 0.5% of Maximum Credit   -    From October 31, 2007 to and including
                                    October 30, 2009 and if the term of this
                                    Agreement is extended in accordance with the
                                    terms hereof then to and including the end
                                    of the then current term."
</TABLE>

SECTION 5 REPRESENTATIONS AND WARRANTIES

          In order to induce Lender to enter into this Second Amendment to the
Loan Agreement, Borrower represents and warrants to Lender the following, which
representations and warranties shall survive the execution and delivery hereof:

     (a)  all necessary action, corporate or otherwise, has been taken to
          authorize the execution, delivery and performance of this Second
          Amendment to the Loan Agreement by Borrower;

     (b)  Borrower has duly executed and delivered this Second Amendment to the
          Loan Agreement;

<PAGE>

                                      -13-

     (c)  this Second Amendment to the Loan Agreement is a legal, valid and
          binding obligation of Borrower, enforceable against it by Lender in
          accordance with its terms, except to the extent that the
          enforceability thereof may be limited by applicable bankruptcy,
          insolvency, moratorium, reorganization and other laws of general
          application limiting the enforcement of creditor's rights generally
          and the fact that the courts may deny the granting or enforcement of
          equitable remedies;

     (d)  the representations and warranties set forth in Section 8 of the Loan
          Agreement, as amended by this Second Amendment to the Loan Agreement,
          continue to be true and correct as of the date hereof; and

     (e)  no Event of Default, or event which, with the passage of time or
          giving of notice or both, would constitute an Event of Default,
          exists.

SECTION 6 RENEWAL FEE

          Borrower shall pay to Lender a one-time renewal fee in the amount of
USD $150,000, which shall be fully earned as of and payable upon the execution
of this Second Amendment to the Loan Agreement.

SECTION 7 EXPENSES

          Borrower shall pay to Lender on demand all reasonable fees and
expenses, including, without limitation, legal fees, incurred by Lender in
connection with the preparation, negotiation, completion, execution, delivery
and review of this Second Amendment to the Loan Agreement and all other
documents, registrations and instruments arising therefrom and/or executed in
connection therewith.

SECTION 8 CONDITIONS PRECEDENT

          This Second Amendment to the Loan Agreement shall not be effective
until the Amendment Effective Date and until each of the following conditions
has been satisfied, or has been waived in writing (in whole or in part) by
Lender in its sole discretion. The execution of this Second Amendment to the
Loan Agreement by Lender shall constitute evidence of the satisfaction and/or
waiver of each of the following conditions by Lender:

     (a)  Lender has received, in form and substance satisfactory to Lender, an
          original copy of each of the following documents:

          (i)  this Second Amendment to the Loan Agreement duly executed and
               delivered by Borrower;

          (ii) a certificate of compliance issued by Industry Canada in respect
               of Borrower;

          (iii) an officer's certificate or certificates issued by an authorized
               officer of Borrower relating to Borrower and, inter alia, matters
               of corporate status, incumbency of officers and corporate power
               and authority;

<PAGE>

                                      -14-

          (iv) a certified copy of a resolution of the board of directors of
               Borrower authorizing the execution, delivery and performance of
               this Second Amendment to the Loan Agreement; and

          (v)  an updated Borrowing Base Certificate;

     (b)  Borrower has paid all fees and disbursements incurred by Lender in
          accordance with Section 7 hereof and the renewal fee in the amount of
          USD $150,000 payable to Lender in accordance with Section 8 hereof;

     (c)  Lender shall have received evidence from Borrower (including, without
          limitation, any subordinations or releases of any other liens in the
          Collateral required by Lender), in form and substance satisfactory to
          Lender, that Lender has valid perfected and first priority liens upon
          the Collateral, subject only to the liens permitted in the Financing
          Agreements;

     (d)  Lender shall have received, in form and substance satisfactory to
          Lender, an opinion letter of Borrower's counsel, McCarthy Tetrault
          LLP, with respect to this Second Amendment to the Loan Agreement;

     (e)  all consents, waiver, acknowledgements and other agreements from third
          persons which Lender may deem necessary or desirable in order to give
          effect to the provisions or purposes of this Agreement and the other
          Financing Agreements; and

     (f)  Lender and its counsel, acting reasonably, must be satisfied with the
          form and content of all of the Contracts in Backlog and the Long Term
          Receivables Contracts of Borrower and must be reasonably satisfied
          that the benefits received by Borrower under each of the Contracts in
          Backlog and the Long Term Receivables Contracts are assignable to
          Lender and any future assignees without the consent of any of the
          Clients.

SECTION 9 CONTINUANCE OF THE LOAN AGREEMENT AND SECURITY

          The Loan Agreement, as changed, altered, amended or modified by this
Second Amendment to the Loan Agreement, shall be and continue in full force and
effect and is hereby confirmed and the rights and obligations of all parties
thereunder shall not be affected or prejudiced in any manner except as
specifically provided for herein. It is agreed and confirmed that after giving
effect to this Second Amendment to the Loan Agreement, all security delivered by
Borrower and/or any Obligor secures the payment of all of the Obligations
including, without limitation, the obligations arising under the Loan Agreement,
as amended by the terms of this Second Amendment to the Loan Agreement.

SECTION 10 COUNTERPARTS & FACSIMILE

          This Second Amendment to the Loan Agreement may be executed in any
number of counterparts, by original or facsimile signature, each of which shall
be deemed an original and all of such counterparts taken together shall be
deemed to constitute one and the same instrument.

<PAGE>

                                      -15-

SECTION 11 GOVERNING LAW

          The validity, interpretation and enforcement of this Second Amendment
to the Loan Agreement and any dispute arising out of the relationship between
the parties hereto, whether in contract, tort, equity or otherwise, shall be
governed by the laws of the Province of Ontario and the federal laws of Canada
applicable therein.

          IN WITNESS WHEREOF the parties hereto have executed this Second
Amendment to the Loan Agreement as of the day and year first above written.

LENDER
WACHOVIA CAPITAL FINANCE                BORROWER
CORPORATION (CANADA)                    IMAX CORPORATION

By: /s/ Sophie Ronan                    By:
    ---------------------------------       ------------------------------------
    Sophie Ronan
Title: Vice President                   Title:
       Wachovia Capital Finance                ---------------------------------
       Corporation (Canada)

Address:                                Address of Chief Executive Office:
141 Adelaide Street West, Suite 1500    110 East 59th Street
Toronto, Ontario, M5H 3L5               New York, New York, 10022
Fax: (416) 364-6068                     Fax: (212) 371-7584

Each of IMAX U.S.A. INC., IMAX II U.S.A. INC. and 1329507 ONTARIO INC.
(collectively, the "GUARANTORS" and each a "GUARANTOR") hereby acknowledges,
consents and confirms as follows:

For good and valuable consideration (the receipt and sufficiency of which is
hereby acknowledged by the Guarantors), each of the Guarantors hereby
acknowledges, confirms and consents that:

(a)  it has reviewed and understands the terms of this Second Amendment to the
     Loan Agreement and consents to the amendment of the Loan Agreement as
     contemplated herein;

(b)  its liability under the guarantee to which it is a party dated February 6,
     2004 (each hereinafter referred to as a "GUARANTEE"), is affected by this
     Second Amendment to the Loan Agreement;

(c)  the "GUARANTEED OBLIGATIONS" (as respectively defined in each Guarantee, as
     applicable) shall extend to and include all of the obligations of the
     Borrower under the Loan Agreement as amended by this Second Amendment to
     the Loan Agreement;

(d)  each of the Guarantees shall continue in full force and effect, enforceable
     against each of the Guarantors, as applicable, in accordance with its
     terms; and

<PAGE>

SECTION 11 GOVERNING LAW

     The validity, interpretation and enforcement of this Second Amendment to
the Loan Agreement and any dispute arising out of the relationship between the
parties hereto, whether in contract, tort, equity or otherwise, shall be
governed by the laws of the Province of Ontario and the federal laws of Canada
applicable therein.

     IN WITNESS WHEREOF the parties hereto have executed this Second Amendment
to the Loan Agreement as of the day and year first above written.

LENDER                                  BORROWER
WACHOVIA CAPITAL FINANCE CORPORATION    IMAX CORPORATION
(CANADA)

By:                                     By: /s/ G. Mary Ruby
    ---------------------------------       ------------------------------------
                                            G. Mary Ruby
Title:                                  Title: Senior Vice President
       ------------------------------          Legal Affairs

Address:
141 Adelaide Street West, Suite 1500    By: /s/ Ed MacNeil
Toronto, Ontario, M5H 3L5                   ------------------------------------
Fax: (416) 364-6068                         Ed MacNeil
                                        Title: VP Finance Special Projects

                                        Address of Chief Executive Office:
                                        110 East 59th Street
                                        New York, New York, 10022
                                        Fax: (212) 371-7584

Each of IMAX U.S.A. INC., IMAX II U.S.A. INC. and 1329507 ONTARIO INC.
(collectively, the "GUARANTORS" and each a "GUARANTOR") hereby acknowledges,
consents and confirms as follows:

For good and valuable consideration (the receipt and sufficiency of which is
hereby acknowledged by the Guarantors), each of the Guarantors hereby
acknowledges, confirms and consents that:

(a)  it has reviewed and understands the terms of this Second Amendment to the
     Loan Agreement and consents to the amendment of the Loan Agreement as
     contemplated herein;

(b)  its liability under the guarantee to which it is a party dated February 6,
     2004 (each hereinafter referred to as a "GUARANTEE"), is affected by this
     Second Amendment to the Loan Agreement;

(c)  the "GUARANTEED OBLIGATIONS" (as respectively defined in each Guarantee, as
     applicable) shall extend to and include all of the obligations of the
     Borrower under the Loan Agreement as amended by this Second Amendment to
     the Loan Agreement;

(d)  each of the Guarantees shall continue in full force and effect, enforceable
     against each of the Guarantors, as applicable, in accordance with its
     terms; and

<PAGE>

(e)  each of the security documents or instruments creating a security interest,
     assignment, hypothec, lien, pledge or other charge granted by the
     Guarantors to Lender together with all amendments, supplements,
     restatements or replacements thereto or therefore from time to time remains
     in full force and effect as at the date hereof, in respect of each of the
     Guarantors' obligations under the Loan Agreement, as amended by this Second
     Amendment to the Loan Agreement

DATED this 16th day of May, 2006.

IMAX U.S.A. INC.                        IMAX II U.S.A. INC.

Per: /s/ G. Mary Ruby                   Per: /s/ G. Mary Ruby
     --------------------------------        -----------------------------------
Name: G. Mary Ruby                      Name: G. Mary Ruby
Title: Secretary                        Title: Secretary

Per: /s/ Ed MacNeil                     Per: /s/ Ed MacNeil
     --------------------------------        -----------------------------------
Name: Ed MacNeil                        Name: Ed MacNeil
Title: Vice President                   Title: Vice President

1329507 ONTARIO INC.

Per: /s/ G. Mary Ruby
     --------------------------------
Name: G. Mary Ruby
Title: Secretary

Per: /s/ Ed MacNeil
     --------------------------------
Name: Ed MacNeil
Title: Vice President

<PAGE>

                                  SCHEDULE 1.11
                       FORM OF BORROWING BASE CERTIFICATE

TO:  WACHOVIA CAPITAL FINANCE CORPORATION (CANADA) (formerly, CONGRESS FINANCIAL
     CORPORATION (CANADA)) (the "LENDER")

RE:  Loan Agreement dated February 6, 2004, between the Lender and Imax
     Corporation (the "BORROWER"), as amended, modified, supplemented, extended,
     renewed, restated or replaced from time to time (the "LOAN AGREEMENT")

________________________________________________________________________________

     All capitalized terms used but not otherwise defined herein shall have the
meanings ascribed thereto in the Loan Agreement.

     The undersigned _____________________ being the
______________________________________ and ____________________________ being
the _________________________ of the Borrower, each hereby certifies, as of the
date hereof, in that capacity and without personal liability, as follows:

1.   This certificate is being delivered to the Lender by the Borrower pursuant
     to the terms of the Loan Agreement.

2.   I have made, or caused to made, such examinations or investigations as are,
     in my belief, necessary to enable me to make the statements or give the
     opinions contained or expressed in this certificate.

3.   The availability of Eligible Operating Leases is $__________ (the "ELIGIBLE
     OPERATING LEASES AVAILABILITY"), and has been determined as follows:

<TABLE>
<S>                                               <C>
Value of Operating Leases as set out in Exhibit    $__________
1 hereto

Less the Value of Operating Leases set out on     -$__________
Exhibit 1 which are not Eligible Operating
Leases

Value of Eligible Operating Leases                 $__________

Multiplied by the advance rate on Eligible        x85%
Operating Leases

Eligible Operating Leases Availability             $__________
</TABLE>

<PAGE>

                                       -2-

4.   The availability of Eligible Capital Leases is $__________ (the "ELIGIBLE
     CAPITAL LEASES AVAILABILITY"), and has been determined as follows:

<TABLE>
<S>                                               <C>
Value of Capital Leases as set out in Exhibit 2    $__________
hereto

Less the Value of Capital Leases set out on       -$__________
Exhibit 2 which are not Eligible Capital Leases

Value of Eligible Capital Leases                   $__________

Multiplied by the advance rate on Eligible        [X 49% OR X 85%] [NTD:
Capital Leases                                    DETERMINE IN ACCORDANCE WITH
                                                  SECTION 2.1]

Eligible Capital Leases Availability               $__________
</TABLE>

5.   The availability of Eligible Finished Goods Inventory is $__________ (the
     "ELIGIBLE FINISHED GOODS INVENTORY"), and has been determined as follows:

<TABLE>
<S>                                               <C>
Value of Finished Goods Inventory as set out in    $__________
Exhibit 3 hereto

Less the Value of Finished Goods Inventory set    -$__________
out on Exhibit 3 which are not Eligible
Finished Goods Inventory

Value of Eligible Finished Goods Inventory         $__________

Multiplied by the advance rate on Eligible        [X 31% OR X 85%] [NTD:
Finished Goods Inventory                          DETERMINE IN ACCORDANCE WITH
                                                  SECTION 2.1]

Eligible Finished Goods Inventory Availability     $__________
</TABLE>

<PAGE>

                                       -3-

6.   The availability of Eligible Long Term Receivables Contracts is $__________
     (the "ELIGIBLE LONG TERM RECEIVABLES CONTRACTS AVAILABILITY"), and has been
     determined as follows:

<TABLE>
<S>                                               <C>
Value of Long Term Receivables Contracts as set    $__________
out in Exhibit 4 hereto

Less the Value of Long Term Receivables           -$__________
Contracts set out on Exhibit 4 which are not
Eligible Long Term Receivables Contracts

Value of Eligible Long Term Receivables            $__________
Contracts

Multiplied by the advance rate on Long Term       [X 40% OR X 85%] [NTD:
Receivables Contracts                             DETERMINE IN ACCORDANCE WITH
                                                  SECTION 2.1]

Eligible Long Term Receivables Contracts           $__________
Availability
</TABLE>

7.   The availability of Eligible Real Property is $__________ (the "ELIGIBLE
     REAL PROPERTY AVAILABILITY"), and has been determined as follows:

<TABLE>
<S>                                               <C>
Fair Market Value of Real Property based on        $__________("FMV")
most recent of Appraisal or Re-Appraisal

FMV multiplied by 65%                              [__________]("Y")

Number of months (or part thereof) elapsed         [__________]("N")
since the most recent of (i) May 16, 2006, and
(ii) the date of the most recent Re-Appraisal

Application of Real Property Lending Formula of    [__________]("Formula Amount")
Y-[(Y/120) x N]

Eligible Real Property Availability being the      $__________
lesser of $10,000,000 and the Formula Amount
</TABLE>

8.   Attached hereto as Exhibit 5 is an analysis of residual values for the
     Operating Leases.

9.   Attached hereto as Exhibit 6 is an analysis of the Capital Leases reserves.

<PAGE>

                                       -4-

10.  Based on the Lending Formulas, the aggregate amount of Revolving Loans and
     Letter of Credit Accommodations available to the Borrower ("AVAILABLE
     REVOLVING LOANS AND LETTER OF CREDIT ACCOMMODATIONS") is:

<TABLE>
<S>                                               <C>
Eligible Operating Leases Availability per         $__________
Section 3 above

Plus Eligible Capital Leases Availability per     +$__________
Section 4 above

Plus Eligible Backlog Contracts Availability      +$__________
per Section 5 above

Plus Eligible Long Term Receivables Contracts     +$__________
Availability per Section 6 above

Plus Eligible Real Estate Availability per        +$__________
Section 7 above

Less the Availability Reserves set out on         -$__________
Exhibit 7 hereto

Total                                              $__________
</TABLE>

11.  The aggregate amount of Revolving Loans and Letter of Credit Accommodations
     outstanding is $__________ ("OUTSTANDING LOANS"), and has been determined
     as follows:

<TABLE>
<S>                                               <C>
Principal amount of outstanding Revolving Loans    $__________
and Letter of Credit Accommodations indicated
in paragraph 11 of the Borrowing Base
Certificate delivered prior to this Certificate
(the "PRIOR CERTIFICATE")

Less the net cash collections made by the         -$__________
Lender since the date of the Prior Certificate,
as set out in Exhibit 8 hereto.

Plus the principal amount of Revolving Loans      +$__________
made by Lender and other charges payable to
Lender (including adjustments or returned
cheques and other remittances, fees, interest,
costs and expenses) made and/or incurred since
the date of the Prior Certificate, as set out
in Exhibit 9 hereto.
</TABLE>

<PAGE>

                                       -5-

<TABLE>
<S>                                               <C>

Plus current undrawn amount of outstanding        +$__________
Letter of Credit Accommodations, as set out in
Exhibit 10 hereto.

Aggregate amount of Outstanding Loans              $__________
</TABLE>

12.  The Excess Availability is $__________, and has been determined as follows:

<TABLE>
<S>                                               <C>

The Lesser of: (a) Available Loans; (b) Maximum    $__________
Credit; and (c) Trailing Cash Collections set
out in Exhibit 11 hereto

Less Outstanding Loans                            -$__________

Less the aggregate amount of due but unpaid tax   -$__________
obligations (as set out in Exhibit 12 hereto)
and trade payables which are unpaid 90 days
after the original invoice date for them (as
set out in Exhibit 13 hereto)

Excess Availability                                $__________
</TABLE>

13.  No Event of Default exists or has occurred and is continuing.

14.  The representations and warranties of the Borrower contained in the Loan
     Agreement are true and correct with the same effect as though such
     representations and warranties had been made or given at and as of the date
     hereof.

15.  Nothing in this Certificate will limit the right of the Lender to establish
     or revise criteria of eligibility or Availability Reserves or otherwise
     limit, impair, or affect in any manner whatsoever the rights of Lender
     under the Loan Agreement.

16.  In the event of any conflict or inconsistency between the determination of
     the Lender of the amount of Available Loans (as made in accordance with the
     terms of the Loan Agreement) and the determination by the Borrower of the
     amount of Available Loans, the determination of the Lender shall govern.

Dated this ___ day of ________, ____.

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

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

<PAGE>

                                LIST OF EXHIBITS

Exhibit 1  - Operating Leases Schedule

Exhibit 2  - Capital Leases Schedule

Exhibit 3  - Backlog Contracts Schedule

Exhibit 4  - Long Term Receivables Contracts Schedule

Exhibit 5  - Analysis of Residual Values

Exhibit 6  - Analysis of Capital Leases Reserves

Exhibit 7  - Availability Reserves Schedule

Exhibit 8  - Listing of cash collections received by Borrower and remitted or to
             be remitted to Lender since last certificate

Exhibit 9  - Listing of dollar amount of loans made by Lender and other charges
             payable (including adjustments for returned cheques and other
             remittances, fees, interests, costs and expenses) to Lender since
             last Certificate.

Exhibit 10 - Listing of dollar amounts of current undrawn amounts of outstanding
             Letter of Credits Accommodations.

Exhibit 11 - Trailing Cash Collections

Exhibit 12 - Tax Obligations

Exhibit 13 - Accounts Payable Aging

<PAGE>

                  SCHEDULE 1.1(A)
                 BACKLOG CONTRACTS

IMAX Corporation
inventories - Finished Goods
AS AT MARCH 31, 2006
In US $000's

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
                                                                       Backlog                                    Total
                                                                      Reference   TP Cost   Projectors   Sound    Mar-06
-------------------------------------------------------------------------------------------------------------------------
<S>                                                                     <C>        <C>         <C>       <C>       <C>
                        Delivered Systems                               Line#
Poland- I.T. #9 (ex-Shinjuku Proj;Snd 00-111)                             3          120         269       132       521
Dongguan Sangguan, GT ex-Shanghai Peace sys GL #278                       2          511         397       362     1,270
Sofia, I.T. #6, DTAC-0050; x-Glen Rose Proj                               1          173         364        12       549
IT #4, x-Wuerzburg GL #265                                                4          136         330       164       631
MPX 28, Yelmo #3, Barakaldo                                              22          159         151        46       356
National Buenos Aires; Calgary QTRU, Bochum proj.E-Citi -SndOO           21          148         369       289       806
                                                                       -------------------------------------------------
                                           Total Delivered Systems                 1,247       1,882     1,004     4,133
                                                                       =================================================
                 Allocated & Undelivered Systems

AEZ #2-Kolkata, ex-Memphis Proj; DTAC-0055                               31          115         294        --       409
Lahore Punjab Pakistan, x-E-citi#1; Snd-DTAC-0058                        25          380         325                 705
AEZ #3 P3D projector #284                                                47           87         137        --       224
Guangdong; P3D projector #283                                            55          209         137        --       346
Bangalore-Gopalan; P3D projector #285                                    57          171         137        --       308
SKS-Epic #2; x-Miami system GL#212                                       54          147         228       147       523
MPX29, AMC SITE #5                                                       69           43         201        27       272
MPX 30, Ann Arbour-Nat'l#5                                               23           58         201        27       287
MPX31, Colleyville                                                        7           55         201        27       283
MPX 32, Perm Russia                                                      27          148         125        27       301
MPX 33, UFA Russia                                                       41          125         125        27       278
MPX 34, Doha Qatar                                                       12          152         125        27       305
MPX 35, Chennai India                                                    29          157         106        27       290
MPX 36 Santiago, Giencourt#1                                             36          116         125        20       261
MPX 37 CJ#3 ILsan                                                        11           79         125        20       224
Guatemala City 3DSR; DTAC-0055 (sound)                                    5          219         315        73       607
MPX38, Midwest#1 St. Michael, Minn                                        8           33          24        21        78
MPX39, Goodrich#1-Batavia, Illinois                                       9           39         125        27       192
MPX40, Lark#2-HangZhou                                                   32           91         115                 207
                                                                       -------------------------------------------------
                             Total Allocated & Undelivered Systems                 2,425       3,174       500     6,099
                                                                       =================================================
                    Unallocated New Systems:

x-Hardeeville snd 00-03 GL #363                                                                  287                287
                                                                       ------------------------------------------------
                                     Total Unallocated New Systems                    0          287       --       287
                                                                       =================================================
                    Unallocated Used Systems:

x-Honolulu, Hawaii-Bishops Musium, DDP11 #189                                          0         204       332       536
x- Bucharest (xIT #6)-x-Flint & x- LA proj; x-Lisbonsound #129-327                     0         407       306       713
x-Auckland system #232 (in theatre)                                                    0         203       166       370
x-Caesars Forum Ride system #234                                                       0           3         3         6
x-White Plains (TP415)                                                                           138                 138
x-Franfurt sound system GL155                                                                     --       126       126
X-Bochum sound only                                                                                         79        79
ex-Vienna 3D                                                                                       7         5        12
x-New Port Sound                                                                                           135       135
                                                                       -------------------------------------------------
                                    Total Unallocated Used Systems                     0         963     1,152     2,115
                                                                       =================================================
                    Returned - Partial Systems:

ex-Munich Tech($20K-Lens; Balance=QTRU)                                                           62                  62
ex-Bournemouth (IT #4) QTRU & Platters                                                 0          33        --        33
ex-Capetown GL #143 (Proj=QTRU at Durban)                                              0          32        --        32
Paris - La Defense #093, Sound only                                                    0                    29        29
x-Newport-P60 lens & QTRU #229-returning to stock                                                  8                   8
                                                                       -------------------------------------------------
                                 Total Returned - Partial Systems                      0         135        29       164
                                                                       =================================================
         Installed & Re-Allocated Systems (prior periods):

Kazan Russia - Screen                                                                 86                              86
Beijing China 3D MPX (SUC) #1- Screen                                                 84                              84
McMinnville Oregon - Screen                                                           54                              54
Sante Fe/lnterlomas, Mexico - Screen                                                  49                              49
Lodz, Poland IT 8 - Screen                                                                                            --
                                                                       -------------------------------------------------
            Total Installed & Re-Allocated Systems (prior periods)                   273          --        --       273
                                                                       =================================================
      DKP Videos & Merchandise /O&O                                                  237                             237
                                                                       =================================================
          Finished System Total                                                    3,945       6,440     2,686    13,307
                                                                       =================================================
</TABLE>
<PAGE>

                                 SCHEDULE 1.1(B)
                         LONG TERM RECEIVABLES CONTRACTS

IMAX CORPORATION
LONG TERM RECEIVABLE
MARCH 31, 2006

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
                                                          ENDING
THEATRE #                 THEATRE NAME                    BALANCE          ST           LT
----------------------------------------------------------------------------------------------
<S>        <C>                                            <C>          <C>          <C>
T016       Ft. Worth Museum of Science & History             44,375       44,375           --
T070       Portland                                          14,600       14,600           --
T135       Kennedy Space Centre Galaxy 3D                   773,226       92,327      680,899
T140       Chattanooga                                      750,000      750,000           --
T153       Duluth Entertainment Center                       39,833       39,833            0
T163       Sinsheim                                         395,000      395,000           --
T201       Halifax                                           13,000       13,000           --
T219       Lancaster, (Buffalo) NY (Regal #1)               935,861      468,387      467,473
T272       Seattle IMAX Pacific Science Center 3D            39,000       26,000       13,000
T330       Prague, IT Intl #3                             1,100,336       70,724    1,029,612
T380       Wroclaw, Poland (IT Intl #7 Poland)              859,785       62,889      796,896
T393       Salt Lake City (Children's Museum)               161,524       92,367       69,157
T395       Atlantic City                                    320,766       38,855      281,911
T401       Moscow#1, Russia                                 379,216       55,427      323,789
T422       New Delhi                                        230,335      159,115       71,220
T426       Interlomas, Mexico                               435,000      290,000      145,000
T429       Beijing, Shanghai United Cinema #1               343,748       46,274      297,474
T432       Shanghai Peace Cinema, SUC#3                     269,874       36,153      233,721
T440       Oviedo, Spain (Yelmo)                            146,158       31,435      114,723
T441       Yelmo-Malaga                                     288,200       38,562      249,638
T441       Yelmo-Malaga                                      27,954           --       27,954
T441       Yelmo-Malaga                                     400,000           --      400,000
T453       National Amusements-Springdale, Ohio             150,129       18,000      132,129
T454       National Amusements-White Plains, NY             150,129       18,000      132,129
T455       National Amusements-Louisville, Kentucky         150,129       18,000      132,128
T456       National Amusements-Manchester, Connecticut      150,129       18,000      132,129
T459       Cinemark-Pittsburg, PA                           255,877       23,688      232,189
T462       Perisur                                          295,901       36,009      259,891
T463       Cinepolis#2-Monterrey                            304,784       35,612      269,172
T469       Kazan                                            180,000           --      180,000
T470       Hong Kong #1                                   1,041,230      754,886      286,344
T498       Guadalajara                                      309,225       35,413      273,812
T551       St. Louis County                                 318,792       35,085      283,708
T551       St. Louis County                                 120,000           --      120,000
T557       Sandy                                            314,982       35,156      279,826
T561       Cuernavaca                                       330,885       34,436      296,450
T568       KSC Upgrade                                      797,961      450,510      347,451
T569       Winnipeg                                         921,186      191,163      730,023
T573       Leon Mexico                                      635,222       48,719      586,503
                                                        --------------------------------------
TOTAL                                                    14,394,353    4,518,001    9,876,352
                                                        ======================================
</TABLE>

<PAGE>

                                  SCHEDULE 8.4
                                 EXISTING LIENS

<PAGE>

                                 SCHEDULE 8.9(B)

            SUMMARY OF ASSIGNABILITY PROVISIONS IN CONTRACTS IN LONG
                           TERM RECEIVABLES CONTRACTS

<TABLE>
<CAPTION>
                                                            LEASE
                                                         SILENT RE.                          LEASE RESTRICTS
                                                         ASSIGNMENT   IMAX INTERESTS      ASSIGNABILITY OF IMAX
                                             DATE OF       OF IMAX       EXPRESSLY     INTERESTS (WITH APPLICABLE
ITEM NO.     LESSOR          LESSEE           LEASE      INTERESTS      ASSIGNABLE       RESTRICTIVE LANGUAGE)           NOTES
--------  -----------  -----------------  -------------  ----------  ----------------  --------------------------  -----------------
<S>       <C>          <C>                <C>            <C>         <C>               <C>                         <C>
T016      IMAX         The Fort Worth     June 2005      X                                                         The original
          Corporation  Museum of Science                                                                           agreement made
                       and History                                                                                 between these
                                                                                                                   parties in May
                                                                                                                   1980 is also
                                                                                                                   silent on the
                                                                                                                   assignability of
                                                                                                                   IMAX interests.

T070      IMAX         The Oregon Museum  Nov 1, 2002    X
          Corporation  of Science and
                       Industry

T135      IMAX         DNC Parks and      Sep 23, 2005                                 None of the rights, duties
          Corporation  Resorts at KSC,                                                 and obligations of the
                       Inc.                                                            client or IMAX may be
                                                                                       assigned without the prior
                                                                                       written consent of the
                                                                                       other party, which consent
                                                                                       shall not be unreasonably
                                                                                       withheld. Assignment shall
                                                                                       include any assignment by
                                                                                       operation of law, or as a
                                                                                       result of any change of
                                                                                       control, merger, transfer,
                                                                                       consolidation or other
                                                                                       transaction. (Section 15)

T140      IMAX         Tennessee          Mar 30, 2006   X                                                         This is an
          Corporation  Aquarium                                                                                    agreement whereby
                                                                                                                   the client has
                                                                                                                   purchased the
                                                                                                                   IMAX system from
                                                                                                                   IMAX. The
                                                                                                                   original lease
                                                                                                                   dated March
</TABLE>

<PAGE>

                                      -2-

<TABLE>
<CAPTION>
                                                            LEASE
                                                         SILENT RE.                          LEASE RESTRICTS
                                                         ASSIGNMENT   IMAX INTERESTS      ASSIGNABILITY OF IMAX
                                             DATE OF       OF IMAX       EXPRESSLY     INTERESTS (WITH APPLICABLE
ITEM NO.     LESSOR          LESSEE           LEASE      INTERESTS      ASSIGNABLE       RESTRICTIVE LANGUAGE)           NOTES
--------  -----------  -----------------  -------------  ----------  ----------------  --------------------------  -----------------
<S>       <C>          <C>                <C>            <C>         <C>               <C>                         <C>
                                                                                                                   1, 1996 was
                                                                                                                   silent on the
                                                                                                                   assignability of
                                                                                                                   IMAX interests.

T153      IMAX         The Duluth         Oct 6, 1994    X                                                         The latest
          Corporation  Entertainment and                                                                           agreement between
                       Convention Center                                                                           these parties is
                       Authority                                                                                   dated October 18,
                                                                                                                   2005 and is an
                                                                                                                   upgrade
                                                                                                                   agreement. This
                                                                                                                   agreement is also
                                                                                                                   silent on the
                                                                                                                   assignability of
                                                                                                                   IMAX interests.

T163      IMAX         Speyerer           Mar 31, 2006   X                                                         The latest
          Corporation  Veranstaltun                                                                                agreement between
                       gs Und Messe GmbH                                                                           the parties is
                       & Co. KG                                                                                    for the purchase
                                                                                                                   of an IMAX
                                                                                                                   system. The
                                                                                                                   original lease is
                                                                                                                   between the
                                                                                                                   parties all
                                                                                                                   provided that
                                                                                                                   IMAX may assign
                                                                                                                   any of its
                                                                                                                   rights, duties
                                                                                                                   and obligations
                                                                                                                   to an affiliate
                                                                                                                   at any time
                                                                                                                   without prior
                                                                                                                   written notice to
                                                                                                                   or consent of the
                                                                                                                   lessee.
                                                                                                                   (S. 14(1)).

T171      IMAX         The Whitaker       June 18, 1996                                None of the rights, duties
          Corporation  Center for                                                      and obligations of either
                       Science and the                                                 party may be assigned
                       Arts                                                            without prior written
                                                                                       consent of the other,
                                                                                       provided that IMAX may at
                                                                                       any time assign this
                                                                                       agreement to any
                                                                                       wholly-owned (either
                                                                                       directly or indirectly)
                                                                                       subsidiary of IMAX, so
                                                                                       long as such assignee
                                                                                       remains a subsidiary.
                                                                                       (Section 14(1)).
</TABLE>

<PAGE>

                                       -3-

<TABLE>
<CAPTION>
                                                            LEASE
                                                         SILENT RE.                          LEASE RESTRICTS
                                                         ASSIGNMENT   IMAX INTERESTS      ASSIGNABILITY OF IMAX
                                             DATE OF       OF IMAX       EXPRESSLY     INTERESTS (WITH APPLICABLE
ITEM NO.     LESSOR          LESSEE           LEASE       INTERESTS     ASSIGNABLE       RESTRICTIVE LANGUAGE)           NOTES
--------  -----------  -----------------  -------------  ----------  ----------------  --------------------------  -----------------
<S>       <C>          <C>                <C>            <C>         <C>               <C>                         <C>
T201      IMAX         Empire             July 3, 1997   X
          Corporation  Theatres Limited

T219      IMAX         Regal Cinemas,     June 23, 1997  X                                                         The latest
          Corporation  Inc.                                                                                        agreement between
                                                                                                                   these parties
                                                                                                                   dated December
                                                                                                                   30, 2005 is for
                                                                                                                   the purchase of
                                                                                                                   the IMAX system.
                                                                                                                   This agreement is
                                                                                                                   silent as to
                                                                                                                   assignability.

T231      IMAX         Cinema Plus        Dec 31, 1997   X
          Corporation  Limited

T269      IMAX         Adlabs Films       December 17,                                 None of the rights, duties
          Corporation  Limited            1998                                         and obligations of IMAX
                                                                                       may be assigned without
                                                                                       the prior written consent
                                                                                       of the Lessee except that
                                                                                       IMAX may assign any of its
                                                                                       rights, duties and
                                                                                       obligations to an
                                                                                       affiliate of IMAX so long
                                                                                       as such remains an
                                                                                       affiliate. (Section
                                                                                       13(1)).

T272      IMAX         Specific Science   Jan 5, 1996    X                                                         In the original
          Corporation  Center Foundation                                                                           lease dated May
                                                                                                                   4, 1979, now
                                                                                                                   superseded by the
                                                                                                                   agreement dated
                                                                                                                   January 5, 1996,
                                                                                                                   Section 22
                                                                                                                   provided for a
                                                                                                                   restriction on
                                                                                                                   assignment except
                                                                                                                   with prior
                                                                                                                   written consent
                                                                                                                   of the other
                                                                                                                   party.

T313      IMAX         River Theatre      Dec 20, 1999               IMAX may assign
          Limited                                                    the agreement
                                                                     or any
</TABLE>

<PAGE>

                                       -4-

<TABLE>
<CAPTION>
                                                            LEASE
                                                         SILENT RE.                          LEASE RESTRICTS
                                                         ASSIGNMENT   IMAX INTERESTS      ASSIGNABILITY OF IMAX
                                             DATE OF       OF IMAX       EXPRESSLY     INTERESTS (WITH APPLICABLE
ITEM NO.     LESSOR          LESSEE           LEASE       INTERESTS     ASSIGNABLE       RESTRICTIVE LANGUAGE)           NOTES
--------  -----------  -----------------  -------------  ----------  ----------------  --------------------------  -----------------
<S>       <C>          <C>                <C>            <C>         <C>               <C>                         <C>
          Limited      Associates                                    of its rights,
                       Limited                                       duties and
                                                                     obligations to
                                                                     any affiliate of
                                                                     IMAX without
                                                                     notice to or
                                                                     consent of the
                                                                     client. An
                                                                     entity will be
                                                                     deemed to be an
                                                                     affiliate of
                                                                     IMAX if IMAX
                                                                     owns a majority
                                                                     of the voting
                                                                     interests of the
                                                                     entity. (Section
                                                                     14(m)).
</TABLE>

<PAGE>

                                       -5-

<TABLE>
<CAPTION>
                                                            LEASE
                                                         SILENT RE.                          LEASE RESTRICTS
                                                         ASSIGNMENT   IMAX INTERESTS      ASSIGNABILITY OF IMAX
                                             DATE OF       OF IMAX       EXPRESSLY     INTERESTS (WITH APPLICABLE
ITEM NO.     LESSOR          LESSEE           LEASE       INTERESTS     ASSIGNABLE       RESTRICTIVE LANGUAGE)           NOTES
--------  -----------  -----------------  -------------  ----------  ----------------  --------------------------  -----------------
<S>       <C>          <C>                <C>            <C>         <C>               <C>                         <C>
T324      IMAX         Brenden Peter      Mar 1, 2000                                  Either party may assign     The only executed
          Limited      Corporation                                                     the agreement or any lease  agreement in this
                                                                                       agreement or any of its     file is a letter
                                                                                       rights, duties or           agreement between
                                                                                       obligations to an           IMAX Limited and
                                                                                       affiliate of the party      Brenden Peter
                                                                                       without notice to or        Corporation dated
                                                                                       consent of the other        March 1, 2000 to
                                                                                       party, provided that the    develop up to 3
                                                                                       assignor shall remain       IMAX theatres,
                                                                                       bound as a guarantor of     one of which is
                                                                                       the assignee's duties and   to be located in
                                                                                       obligations in the event    Las Vegas,
                                                                                       that the other party        Nevada. The lease
                                                                                       reasonably requires the     agreement
                                                                                       same to ensure ongoing      attached as a
                                                                                       compliance with the         schedule to this
                                                                                       agreement. For the          agreement
                                                                                       purposes of the clause, an  contains similar
                                                                                       entity will be deemed to    language,
                                                                                       be an affiliate if the      providing IMAX
                                                                                       assignor owns a majority    the ability to
                                                                                       of the voting interests of  assign the
                                                                                       the entity, or if the       agreement to any
                                                                                       entity is a limited         of its affiliates
                                                                                       liability corporation and   without notice to
                                                                                       the assignor is the         or consent of the
                                                                                       managing member of the      other party, and
                                                                                       limited liability           to a third party
                                                                                       corporation. Either party   with consent.
                                                                                       may assign the agreement
                                                                                       or any lease agreement or
                                                                                       any of its rights, duties
                                                                                       or obligations under the
                                                                                       agreement to a third party
                                                                                       only with the prior
                                                                                       written consent of the
                                                                                       other party, which consent
                                                                                       shall not be unreasonably
                                                                                       withheld. (Section 11)
</TABLE>

<PAGE>

                                       -6-

<TABLE>
<CAPTION>
                                                            LEASE
                                                         SILENT RE.                          LEASE RESTRICTS
                                                         ASSIGNMENT   IMAX INTERESTS      ASSIGNABILITY OF IMAX
                                             DATE OF       OF IMAX       EXPRESSLY     INTERESTS (WITH APPLICABLE
ITEM NO.     LESSOR          LESSEE           LEASE       INTERESTS     ASSIGNABLE       RESTRICTIVE LANGUAGE)           NOTES
--------  -----------  -----------------  -------------  ----------  ----------------  --------------------------  -----------------
<S>       <C>          <C>                <C>            <C>         <C>               <C>                         <C>
T330      IMAX         I.P.               Sep 25, 1998,                                IMAX may assign the
          Corporation  International      Aug 31, 2001,                                agreement or any of its
                       Theatres Limited   Apr 30, 2002                                 rights, duties or
                                          and Jan 10,                                  obligations to an
                                          2003                                         affiliate of IMAX without
                                                                                       notice to or consent of
                                                                                       the lessor provided IMAX
                                                                                       shall remain bound as a
                                                                                       guarantor of the
                                                                                       assignee's duties and
                                                                                       obligations in the event
                                                                                       the lessor reasonably
                                                                                       requires the same to
                                                                                       ensure ongoing compliance
                                                                                       with the agreement. For
                                                                                       the purposes of this
                                                                                       clause an entity will be
                                                                                       deemed to be an affiliate
                                                                                       of IMAX if it owns a
                                                                                       majority of the voting
                                                                                       interests of the entity.
                                                                                       IMAX may assign to a third
                                                                                       party only with prior
                                                                                       written consent. (Section
                                                                                       14(m))

T360      IMAX         Prasad             Dec 20, 2000               IMAX may assign
          Limited      Productions                                   the agreement or
                       Limited                                       any of its
                                                                     rights, duties
                                                                     and obligations
                                                                     to any affiliate
                                                                     of IMAX without
                                                                     notice to or
                                                                     consent of the
                                                                     client. (Section
                                                                     13(m))

                                                                     The agreement is
                                                                     silent on
                                                                     assignment by
                                                                     IMAX to a third
                                                                     party.
</TABLE>

<PAGE>

                                       -7-

<TABLE>
<CAPTION>
                                                            LEASE
                                                         SILENT RE.                          LEASE RESTRICTS
                                                         ASSIGNMENT   IMAX INTERESTS      ASSIGNABILITY OF IMAX
                                             DATE OF       OF IMAX       EXPRESSLY     INTERESTS (WITH APPLICABLE
ITEM NO.     LESSOR          LESSEE           LEASE       INTERESTS     ASSIGNABLE        RESTRICTIVE LANGUAGE)          NOTES
--------  -----------  -----------------  -------------  ----------  ----------------  --------------------------  -----------------
<S>       <C>          <C>                <C>            <C>         <C>               <C>                         <C>
T393      IMAX         Salt Lake          Mar 11, 2004                                 None of the rights, duties
          Corporation  County                                                          and obligations of IMAX
                                                                                       may be assigned without
                                                                                       prior written consent,
                                                                                       which shall not be
                                                                                       unreasonably withheld.
                                                                                       (Section 14(1)).

T395      IMAX         Adamar of New      Jul 30, 2004               IMAX may assign
          Corporation  Jersey Inc.        and Dec 21,                the agreement or
                                          2001                       any of its
                                                                     rights, duties
                                                                     and obligations
                                                                     to its lenders
                                                                     from time to
                                                                     time or to any
                                                                     affiliate of
                                                                     IMAX without
                                                                     notice to or
                                                                     consent of the
                                                                     client. (Section
                                                                     16.01)

                                                                     The agreement is
                                                                     silent on
                                                                     assignability to
                                                                     third parties.

T401      IMAX II      BSC Media          Jun 21, 2002               If IMAX assigns
          USA Inc.     Limited            and Sep 30,                its rights and
                                          2003                       obligations
                                                                     under the
                                                                     agreement it
                                                                     shall provide
                                                                     the lessee with
                                                                     written notice
                                                                     of such
                                                                     assignment,
                                                                     however, any
                                                                     delay by IMAX in
                                                                     providing such
                                                                     notification
                                                                     will not
                                                                     constitute a
                                                                     breach of the
                                                                     terms of the
                                                                     agreement.
                                                                     (Section
</TABLE>

<PAGE>

                                       -8-

<TABLE>
<CAPTION>
                                                            LEASE
                                                         SILENT RE.                          LEASE RESTRICTS
                                                         ASSIGNMENT   IMAX INTERESTS      ASSIGNABILITY OF IMAX
                                             DATE OF       OF IMAX       EXPRESSLY     INTERESTS (WITH APPLICABLE
ITEM NO.     LESSOR          LESSEE           LEASE       INTERESTS     ASSIGNABLE        RESTRICTIVE LANGUAGE)          NOTES
--------  -----------  -----------------  -------------  ----------  ----------------  --------------------------  -----------------
<S>       <C>          <C>                <C>            <C>         <C>               <C>                         <C>
                                                                     16.01)

T422      IMAX         Samurai            Mar 231, 2003                                IMAX has the right at its
          Corporation  Entertainment                                                   sole discretion to assign
                       Private Limited                                                 its rights and obligations
                       and Aerens                                                      under the agreement to one
                       Developers and                                                  or more affiliates of
                       Engineers Limited                                               IMAX, subsidiaries, group
                                                                                       companies or special
                                                                                       purpose company(ies) to be
                                                                                       set up by IMAX, provided
                                                                                       that such proposed
                                                                                       assignee has the requisite
                                                                                       technical know-how,
                                                                                       competence and experience
                                                                                       to perform the obligations
                                                                                       of IMAX, provided that
                                                                                       IMAX informs Aerens of the
                                                                                       assignment in writing, and
                                                                                       provided further that IMAX
                                                                                       provides an undertaking in
                                                                                       respect of performance by
                                                                                       such assignee(s). Subject
                                                                                       to the foregoing, none of
                                                                                       the rights, duties, and
                                                                                       obligations of either
                                                                                       party hereunder may be
                                                                                       assigned without the prior
                                                                                       written consent of the
                                                                                       other party. (Section
                                                                                       17.01(b)).

                                                                                       Assignment includes any
                                                                                       assignment by operation of
                                                                                       law, or as a result of any
                                                                                       change of control, merger,
                                                                                       transfer, consolidation or
                                                                                       other transaction.
                                                                                       (Section 17.01(c)).

T426      IMAX         Jafif Penhos       Jun 30, 2003   X
          Corporation  Elias
</TABLE>

<PAGE>

                                       -9-

<TABLE>
<CAPTION>
                                                            LEASE
                                                         SILENT RE.                          LEASE RESTRICTS
                                                         ASSIGNMENT   IMAX INTERESTS      ASSIGNABILITY OF IMAX
                                             DATE OF       OF IMAX       EXPRESSLY     INTERESTS (WITH APPLICABLE
ITEM NO.     LESSOR          LESSEE           LEASE       INTERESTS     ASSIGNABLE       RESTRICTIVE LANGUAGE)           NOTES
--------  -----------  -----------------  -------------  ----------  ----------------  --------------------------  -----------------
<S>       <C>          <C>                <C>            <C>         <C>               <C>                         <C>
T429      IMAX         Shanghai United    Sep 12, 2003               IMAX may assign
          Corporation  Cinema Line Co.                               the agreement or
                       Limited and                                   any of its
                       Orient                                        rights, duties
                       International                                 and obligations
                       Holding Shanghai                              to any affiliate
                       Foreign Trade Co.                             of IMAX without
                       Limited                                       prior notice to
                                                                     or the consent
                                                                     of the Lessees.
                                                                     However, IMAX
                                                                     shall provide
                                                                     notice to
                                                                     Shanghai United
                                                                     Cinema Line
                                                                     Co. Limited
                                                                     after such
                                                                     assignment and
                                                                     shall guarantee
                                                                     the performance
                                                                     of its
                                                                     affiliate. An
                                                                     entity will be
                                                                     deemed to be an
                                                                     affiliate of
                                                                     IMAX if IMAX
                                                                     owns a majority
                                                                     of the voting
                                                                     interests of the
                                                                     entity.
                                                                     (Section 18.01)

                                                                     The lease is
                                                                     silent on the
                                                                     assignability by
                                                                     IMAX to third
                                                                     parties
</TABLE>

<PAGE>

                                      -10-

<TABLE>
<CAPTION>
                                                            LEASE
                                                         SILENT RE.                          LEASE RESTRICTS
                                                         ASSIGNMENT   IMAX INTERESTS      ASSIGNABILITY OF IMAX
                                             DATE OF       OF IMAX       EXPRESSLY     INTERESTS (WITH APPLICABLE
ITEM NO.     LESSOR          LESSEE           LEASE       INTERESTS     ASSIGNABLE       RESTRICTIVE LANGUAGE)           NOTES
--------  -----------  -----------------  -------------  ----------  ----------------  --------------------------  -----------------
<S>       <C>          <C>                <C>            <C>         <C>               <C>                         <C>
T432      IMAX         Shanghai United    Jun 30, 2003               IMAX may assign
          Corporation  Cinema Line Co.                               the agreement or
                       Limited and                                   any of its
                       Orient                                        rights, duties
                       International                                 and obligations
                       Holding Shanghai                              to any affiliate
                       Foreign Trade Co.                             of IMAX without
                       Limited                                       prior notice to
                                                                     or the consent
                                                                     of the Lessees.
                                                                     However, IMAX
                                                                     shall provide
                                                                     notice
                                                                     to Shanghai
                                                                     United Cinema
                                                                     Line Co. Limited
                                                                     after such
                                                                     assignment and
                                                                     shall guarantee
                                                                     the performance
                                                                     of its
                                                                     affiliate. An
                                                                     entity will be
                                                                     deemed to be an
                                                                     affiliate of
                                                                     IMAX if IMAX
                                                                     owns a majority
                                                                     of the voting
                                                                     interests of the
                                                                     entity.
                                                                     (Section 18.01)

                                                                     The lease is
                                                                     silent on the
                                                                     assignability by
                                                                     IMAX to third
                                                                     parties
</TABLE>

<PAGE>

                                      -11-

<TABLE>
<CAPTION>
                                                            LEASE
                                                         SILENT RE.                          LEASE RESTRICTS
                                                         ASSIGNMENT   IMAX INTERESTS      ASSIGNABILITY OF IMAX
                                             DATE OF       OF IMAX       EXPRESSLY     INTERESTS (WITH APPLICABLE
ITEM NO.     LESSOR          LESSEE           LEASE       INTERESTS     ASSIGNABLE        RESTRICTIVE LANGUAGE)          NOTES
--------  -----------  -----------------  -------------  ----------  ----------------  --------------------------  -----------------
<S>       <C>          <C>                <C>            <C>         <C>               <C>                         <C>
T439      IMAX         Nanjing Juvenile   Dec 21, 2003   X                                                         This agreement is
          Corporation  Science and                                                                                 for the purchase
                       Technology                                                                                  of an IMAX Dome
                       Activity Center                                                                             S.R. system.
                       Co. Limited and
                       China Precision
                       Machinery Harbin
                       Corp.

T440      IMAX         Yelmo Films        Dec 24, 2003   X
          Corporation                     and Apr 7,
                                          2005

T453      IMAX         National           Aug 6, 2004                IMAX may assign                               This agreement
through   Corporation  Amusements Inc.                               the agreement to                              covers
T456                                                                 any of its                                    Springdale, Ohio,
                                                                     affiliates                                    White Plains, New
                                                                     without notice                                York, Louisville,
                                                                     to or consent of                              Kentucky, and
                                                                     the lessee.                                   Manchester,
                                                                     (Section 15(n)).                              Connecticut.

                                                                     The agreement is
                                                                     silent on IMAX
                                                                     assignability to
                                                                     third parties
</TABLE>

<PAGE>

                                      -12-

<TABLE>
<CAPTION>
                                                            LEASE
                                                         SILENT RE.                          LEASE RESTRICTS
                                                         ASSIGNMENT   IMAX INTERESTS      ASSIGNABILITY OF IMAX
                                             DATE OF       OF IMAX       EXPRESSLY     INTERESTS (WITH APPLICABLE
ITEM NO.     LESSOR          LESSEE           LEASE       INTERESTS     ASSIGNABLE        RESTRICTIVE LANGUAGE)          NOTES
--------  -----------  -----------------  -------------  ----------  ----------------  --------------------------  -----------------
<S>       <C>          <C>                <C>            <C>         <C>               <C>                         <C>
T459      IMAX         Cinemark USA       Oct 21, 1997   X                                                         An additional
          Corporation  Inc.                                                                                        agreement for the
                                                                                                                   sale of an IMAX
                                                                                                                   projection system
                                                                                                                   and licence and
                                                                                                                   trademark dated
                                                                                                                   July 27, 2004
                                                                                                                   provides that
                                                                                                                   IMAX may assign
                                                                                                                   the agreement to
                                                                                                                   affiliates, but
                                                                                                                   does not specify
                                                                                                                   assignability to
                                                                                                                   third parties.
                                                                                                                   (Section 15(m)).

T462      IMAX         Cinepolis del      Nov 1, 2004                                  IMAX must provide written
          Corporation  Pais s.a. de C.V.                                               notice of any assignment
                       and Cinemas de la                                               of the agreement, provided
                       Republica s.a. de                                               that IMAX shall not assign
                       C.V. and                                                        to a competitor of the
                       Importadoray                                                    client in Mexico without
                       Exportadora                                                     the client's prior
                       Michoacana, s.a.                                                consent. (Section 15)
                       de C.V.

T463      IMAX         Cinemas de la      Sep 9, 2004                                  IMAX must provide written
          Corporation  Republica s.a. de                                               notice of any assignment
                       C.V. and                                                        of the agreement, provided
                       Importadoray                                                    that IMAX shall not assign
                       Exportadora                                                     to a competitor of the
                       Michoacana, s.a.                                                client in Mexico without
                       de                                                              the client's prior
                                                                                       consent. (Section 15)
</TABLE>

<PAGE>

                                      -13-

<TABLE>
<CAPTION>
                                                            LEASE
                                                         SILENT RE.                          LEASE RESTRICTS
                                                         ASSIGNMENT   IMAX INTERESTS      ASSIGNABILITY OF IMAX
                                             DATE OF       OF IMAX       EXPRESSLY     INTERESTS (WITH APPLICABLE
ITEM NO.     LESSOR          LESSEE           LEASE       INTERESTS     ASSIGNABLE       RESTRICTIVE LANGUAGE)           NOTES
--------  -----------  -----------------  -------------  ----------  ----------------  --------------------------  -----------------
<S>       <C>          <C>                <C>            <C>         <C>               <C>                         <C>
                       C.V.

T469      IMAX         Suvar-Kazan        Oct 20, 2004   X                                                         The agreement is
          Corporation  Company Limited                                                                             for the purchase
                                                                                                                   and sale of an
                                                                                                                   IMAX projection
                                                                                                                   system and the
                                                                                                                   associated
                                                                                                                   trademark licence
                                                                                                                   and the provision
                                                                                                                   of maintenance
                                                                                                                   services.

T469      IMAX         Lark               Dec 22, 2004   X
          Corporation  International
                       Multimedia
                       Limited

T488 and  IMAX         CJ CGV Co.         Oct 4, 2005    X
T489      Corporation  Limited and Park
                       No Chan

T551      IMAX         Wehrenberg Inc.    Jun 15, 2005                                 IMAX cannot assign its
          Corporation                                                                  rights or obligations
                                                                                       under the agreement
                                                                                       without the prior written
                                                                                       consent of the client,
                                                                                       which consent shall not be
                                                                                       unreasonably withheld,
                                                                                       delayed or conditioned,
                                                                                       provided, however, that,
                                                                                       notwithstanding anything
                                                                                       herein to the contrary,
                                                                                       IMAX may assign the
                                                                                       agreement to any entity
                                                                                       with which IMAX has merged
                                                                                       or which controls all or
                                                                                       substantially all of
                                                                                       IMAX's assets or stock or
                                                                                       which is controlled by or
                                                                                       is under common control
                                                                                       with IMAX, provided IMAX
                                                                                       agrees to remain liable
                                                                                       for all obligations under
                                                                                       the
</TABLE>

<PAGE>

                                      -14-

<TABLE>
<CAPTION>
                                                            LEASE
                                                         SILENT RE.                          LEASE RESTRICTS
                                                         ASSIGNMENT   IMAX INTERESTS      ASSIGNABILITY OF IMAX
                                             DATE OF       OF IMAX       EXPRESSLY     INTERESTS (WITH APPLICABLE
ITEM NO.     LESSOR          LESSEE           LEASE       INTERESTS     ASSIGNABLE       RESTRICTIVE LANGUAGE)           NOTES
--------  -----------  -----------------  -------------  ----------  ----------------  --------------------------  -----------------
<S>       <C>          <C>                <C>            <C>         <C>               <C>                         <C>
                                                                                       agreement. (Section
                                                                                       16.01(b)).

T557      IMAX         Larry H. Miller    Aug 4, 2005                                  IMAX cannot assign any of
          Corporation  Theatres Inc.                                                   its obligations under the
                                                                                       agreement without the
                                                                                       prior written consent of
                                                                                       the client. IMAX shall be
                                                                                       entitled to assign this
                                                                                       agreement pursuant to any
                                                                                       financing initiative
                                                                                       undertaken by IMAX without
                                                                                       the client's consent,
                                                                                       provided that any such
                                                                                       assignment is subject to
                                                                                       the client's rights
                                                                                       pursuant to the agreement.
                                                                                       (Section 16.01).

T561      IMAX         Cinemex Diana,     Sep 1, 2005                                  IMAX shall not assign its   This agreement is
          Corporation  s.a. de C.V.                                                    obligations under this      for the purchase
                                                                                       agreement without the       of an IMAX
                                                                                       prior written consent of    system. An
                                                                                       the client. IMAX shall be   agreement for
                                                                                       entitled to assign the      trademark licence
                                                                                       agreement in connection     and maintenance
                                                                                       with any financing          between the same
                                                                                       undertaken by IMAX without  parties contains
                                                                                       the consent of the client   the same
                                                                                       provided that any such      assignability
                                                                                       assignment does not affect  clause.
                                                                                       and is subject to client's
                                                                                       continuing rights under
                                                                                       the agreement, does not
                                                                                       change the manner (but not
                                                                                       the account) to which the
                                                                                       client shall make payments
                                                                                       hereunder, and does not
                                                                                       give any lender the right
                                                                                       to suspend or terminate
                                                                                       the client's rights under
                                                                                       the agreement if the
                                                                                       client is not in material
                                                                                       default under the
                                                                                       agreement. (Section 14.01)
</TABLE>

<PAGE>

                                      -15-

<TABLE>
<CAPTION>
                                                            LEASE
                                                         SILENT RE.                          LEASE RESTRICTS
                                                         ASSIGNMENT   IMAX INTERESTS      ASSIGNABILITY OF IMAX
                                             DATE OF       OF IMAX       EXPRESSLY     INTERESTS (WITH APPLICABLE
ITEM NO.     LESSOR          LESSEE           LEASE       INTERESTS     ASSIGNABLE       RESTRICTIVE LANGUAGE)           NOTES
--------  -----------  -----------------  -------------  ----------  ----------------  --------------------------  -----------------
<S>       <C>          <C>                <C>            <C>         <C>               <C>                         <C>
T569      IMAX         North Portage      Dec 22, 2005   X                                                         There is no
          Corporation  Theatre                                                                                     assignability
                       Corporation                                                                                 provision in the
                                                                                                                   current lease
                                                                                                                   which supersedes
                                                                                                                   a lease made
                                                                                                                   August 7, 1986
                                                                                                                   which did
                                                                                                                   restrict
                                                                                                                   assignability by
                                                                                                                   both parties
                                                                                                                   without the prior
                                                                                                                   express written
                                                                                                                   consent of the
                                                                                                                   other party.
                                                                                                                   (Section 21.04).

T573      IMAX         Patronato de       Dec 22, 2005   X
          Corporation  Explora
</TABLE>

<PAGE>

                                      -16-

           SUMMARY OF ASSIGNABILITY PROVISIONS IN CONTRACTS IN BACKLOG

<TABLE>
<CAPTION>
                                                            LEASE
                                                         SILENT RE.                          LEASE RESTRICTS
                                                         ASSIGNMENT   IMAX INTERESTS      ASSIGNABILITY OF IMAX
                                             DATE OF       OF IMAX       EXPRESSLY     INTERESTS (WITH APPLICABLE
ITEM NO.     LESSOR          LESSEE           LEASE      INTERESTS      ASSIGNABLE       RESTRICTIVE LANGUAGE)           NOTES
--------  -----------  -----------------  -------------  ----------  ----------------  --------------------------  -----------------
<S>       <C>          <C>                <C>            <C>         <C>               <C>                         <C>
406       Imax         Sanyuan Yinghui    Sep 30, 2002   X
          Corporation  Investment and
                       Development Co.
                       Limited

485       Imax         Business           Feb 24, 2004   X
          Corporation  Trading Company

560       Imax         McColleyvil le     Aug 30, 2005   X
          Corporation  Operations, L.P.

579       Imax         Midwest Fitters    Mar 31, 2006   X
          Corporation  Corporation

577       Imax         Goodrich           Mar 8, 2006    X
          Corporation  Quality Fitters
                       Inc.

444       Imax         Editorial          Mar 3, 2005    X
          Corporation  Vision TRES Mil
</TABLE>

<PAGE>

                                      -17-

<TABLE>
<CAPTION>
                                                            LEASE
                                                         SILENT RE.                          LEASE RESTRICTS
                                                         ASSIGNMENT   IMAX INTERESTS      ASSIGNABILITY OF IMAX
                                             DATE OF       OF IMAX       EXPRESSLY     INTERESTS (WITH APPLICABLE
ITEM NO.     LESSOR          LESSEE           LEASE      INTERESTS      ASSIGNABLE       RESTRICTIVE LANGUAGE)           NOTES
--------  -----------  -----------------  -------------  ----------  ----------------  --------------------------  -----------------
<S>       <C>          <C>                <C>            <C>         <C>               <C>                         <C>
                       Uno S.A.

423       Imax         Samurai            Dec 30, 2005                                 IMAX has the right to
          Corporation  Entertainment                                                   assign to subsidiaries,
                       Private Ltd. and                                                group companies or special
                       Aerens Developers                                               purpose companies to be
                       and Engineers                                                   set up by IMAX provided
                       Ltd.                                                            IMAX informs Aerens of
                                                                                       such assignment in writing
                                                                                       and provides an
                                                                                       undertaking in respect of
                                                                                       the performance of such
                                                                                       assignees. The agreement
                                                                                       may not be assigned in any
                                                                                       other case without prior
                                                                                       written consent of the
                                                                                       other party. (Section
                                                                                       14.01(b))

466       Imax         The Governor of    Sep 28, 2004   X                                                         This agreement is
          Corporation  the Punjab,                                                                                 for the purchase
                       Pakistan                                                                                    of an IMAC
                                                                                                                   projection and
                                                                                                                   license of
                                                                                                                   trademark
                                                                                                                   thereof.

452       Imax         Guangdong          Aug 2, 2004    X
          Corporation  Provincial
                       Machinery and
                       Electric
                       Equipment
                       Tendering Company
                       and Preparatory
                       Office of
                       Guangdong Science
                       Centre

449       Imax         Gopalan            Jun 30, 2004   X
          Corporation  Enterprises
</TABLE>

<PAGE>

                                      -18-

<TABLE>
<CAPTION>
                                                            LEASE
                                                         SILENT RE.                          LEASE RESTRICTS
                                                         ASSIGNMENT   IMAX INTERESTS      ASSIGNABILITY OF IMAX
                                             DATE OF       OF IMAX       EXPRESSLY     INTERESTS (WITH APPLICABLE
ITEM NO.     LESSOR          LESSEE           LEASE      INTERESTS      ASSIGNABLE       RESTRICTIVE LANGUAGE)           NOTES
--------  -----------  -----------------  -------------  ----------  ----------------  --------------------------  -----------------
<S>       <C>          <C>                <C>            <C>         <C>               <C>                         <C>
          Corporation  (India) Pvt.
                       Limited

566       Imax         SKS Holdings, LLC  Sep 29, 2005   X
          Corporation

497       Imax         American           May 2, 2005    X
          Corporation  Multi-Cinema Inc.

467       Imax         Panorama Cinemas   Sep 30, 2004   X
          Corporation

559       Imax         Ooo Ba-Dek         Sep 30, 2005   X
          Corporation  Leasing

450       Imax         Giant Screen       Jun 30, 2004   X
          Corporation  Exhibition         and
                       Company Private    Mar 16, 2005
                       Limited

570       Imax         Giencourt          Dec. 15, 2005  X
          Corporation  Investments S.A.
</TABLE>

<PAGE>

                                  SCHEDULE 9.9
                              EXISTING INDEBTEDNESS

1. 9 5/8% Senior Notes due December 1, 2010, as at January 30, 2004 amount
outstanding is $160,000,000;

2. Loan Agreement dated February 6, 2004 between Congress Financial Corporation
(Canada) as amended by a first amendment to the loan agreement made as of June
30, 2005 pursuant to which certain credit facilities were established in favour
of Borrower.

<PAGE>

                                  SCHEDULE 9.10
                     EXISTING LOANS, ADVANCES AND GUARANTEES

None.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00104-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00104-of-00352.parquet"}]]