Document:

<PAGE>   1
                                                                    EXHIBIT 4.4

                         SECOND MODIFICATION AGREEMENT

THIS SECOND MODIFICATION AGREEMENT ("MODIFICATION") is made as of November 15,
1999, by and between PHOENIX MEDICAL TECHNOLOGY, INC., a Delaware corporation
("BORROWER") and LASALLE BUSINESS CREDIT, INC., a Delaware corporation
("LASALLE").

                                    RECITALS

Pursuant to the terms and provisions of a Loan and Security Agreement dated
June 21, 1999 by and between the BORROWER and LASALLE, as previously amended
("LOAN AGREEMENT"), LASALLE is providing to the BORROWER certain credit
accommodations, including a revolving line of credit in the maximum principal
amount of Three Million Eight Hundred Thousand Dollars ($3,800,000.00), a term
loan in the maximum principal amount of One Million Seven Hundred Thousand
Dollars ($1,700,000.00) and a capital expenditure credit facility in the
maximum amount of Five Hundred Thousand Dollars ($500,000.00) (collectively,
"LOANS").

The BORROWER's obligations to LASALLE under the LOANS are secured by: (a) the
security interest and liens granted in the LOAN AGREEMENT; (b) the mortgage
lien granted in the Mortgage and Absolute Assignment of Rents dated June 21,
1999 from the BORROWER to LASALLE ("MORTGAGE"); (c) the Trademark Security
Agreement dated June 21, 1999 by and between the BORROWER and LASALLE
("TRADEMARK AGREEMENT"); and (d) the Patent Security Agreement dated June 21,
1999 by and between the BORROWER and LASALLE ("PATENT AGREEMENT").

In addition, the LOAN has the benefit of: (a) the Subordination Agreement dated
July 28, 1999 by and between the BORROWER and Williamsburg County, South
Carolina; and (b) the Subordination and Intercreditor Agreement dated June 21,
1999 by and between LASALLE and London International Group, Inc. (collectively,
"SUBORDINATION AGREEMENTS"). As used herein the term "LOAN DOCUMENTS") means
collectively the LOAN AGREEMENT, the MORTGAGE, the TRADEMARK AGREEMENT, the
PATENT AGREEMENT, the SUBORDINATION AGREEMENTS and all other documents
evidencing, securing or otherwise documenting the LOANS.

As of this date, the BORROWER is in violation of the covenants contained in
paragraphs 14(m)(ii) and 14(m)(iii) of the LOAN AGREEMENT (collectively,
"EXISTING COVENANT VIOLATIONS").

The BORROWER has requested that LASALLE: (a) waive its rights to declare a
default based upon the EXISTING COVENANT VIOLATIONS; and (b) modify the
financial covenants contained in the LOAN AGREEMENT. LASALLE is willing to
consent to the requests of the BORROWER subject to the terms and provisions of
this MODIFICATION.

<PAGE>   2
NOW, THEREFORE, in consideration of the premises, and other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the
parties agree as follows:

Section 1.        Recitals. The parties acknowledge the accuracy of the
Recitals and hereby incorporate the Recitals into this MODIFICATION.

Section 2.        Waiver. LASALLE hereby waives its right to declare a default
under the LOAN AGREEMENT as a result of the EXISTING COVENANT VIOLATIONS. This
waiver is specifically limited to the EXISTING COVENANT VIOLATIONS as of the
date of this MODIFICATION and LASALLE hereby reserves all of its rights and
remedies which may arise as a result of any other existing defaults under the
LOAN AGREEMENT or any other LOAN DOCUMENT or as a result of any future
violation of any covenants under the LOAN AGREEMENT or any other LOAN DOCUMENT.

Section 3.        Amendment To Loan Agreement. The LOAN AGREEMENT is hereby
amended as follows:

         a.       Paragraph 1.(a) of the LOAN AGREEMENT is hereby amended by
deleting its present language in its entirety and substituting in lieu thereof
the following:

                  "Debt Service Coverage Ratio" shall mean, with respect to any
         period, the ratio of: (i) net income after taxes for such period
         (excluding any after-tax gains or losses on the sale of assets (other
         than the sale of Inventory in the ordinary course of business) and
         excluding other after-tax extraordinary gains or losses), plus
         deferred taxes, plus depreciation and amortization deducted in
         determining net income for such period, minus Capital Expenditures for
         such period not financed, minus any cash dividends paid or accrued and
         cash withdrawals paid or accrued to shareholders or other Affiliates
         for such period which were not calculated in determining net income
         after taxes, and plus the after-tax increase in LIFO reserves or minus
         the after tax decrease in LIFO reserves; to (ii) current principal
         maturities of long term debt, which has not been subordinated to the
         Borrower's obligations to LaSalle pursuant to a writing acceptable to
         LaSalle, and capitalized leases paid or scheduled to be paid during
         such period.

         b.       Paragraph 5.(a) of the LOAN AGREEMENT is hereby amended by
deleting its existing language in its entirety and substituting in lieu thereof
the following:

                           (a)      Rates Of Interest. Interest accrued on all
         Loans shall be due on the earliest of: (i) the first day of each month
         (for the immediately preceding month), computed through the last
         calendar day of the preceding month; (ii) the occurrence of an Event
         of Default in consequence of which

<PAGE>   3
         LaSalle elects to accelerate the maturity and payment of the
         Liabilities; or (iii) termination of this Agreement pursuant to
         paragraph 12 hereof. Interest shall accrue on: (A) the unpaid
         principal balance of the Term Loan made to Borrower outstanding at the
         end of each day at a fluctuating rate per annum equal to two and
         one-quarter percent (2.25%) above the Prime Rate; (B) the unpaid
         principal balance of the Capital Expenditure Loan made to Borrower
         outstanding at the end of each day at a fluctuating rate per annum
         equal to two and one-quarter percent (2.25%) above the Prime Rate; and
         (C) the principal amount of the Revolving Loans made to Borrower
         outstanding at the end of each day at a fluctuating rate per annum
         equal to two percent (2.0%) above the Prime Rate. The rate of interest
         payable on the Loans shall increase or decrease by an amount equal to
         any increase or decrease in the Prime Rate, effective as of the
         opening of business on the day that any such change in the Prime Rate
         occurs. Upon and after the occurrence of an Event of Default, and
         during the continuation thereof, the principal amount of all Loans
         shall bear interest on demand at a rate per annum equal to the rate of
         interest then in effect plus two percent (2%).

         c.       Paragraph 14.(m) is hereby amended by deleting its present
language in its entirety and substituting in lieu thereof the following:

                  (m)      Borrower shall maintain and keep in full force and
         effect each of the financial covenants set forth below until the
         termination of this Agreement and the repayment of all Liabilities.
         The calculation and determination of each such financial covenant, and
         all accounting terms contained therein, shall be so calculated and
         construed in accordance with GAAP, applied on a basis consistent with
         the financial statements of Borrower delivered on or before the
         Closing Date:

                           (i)      Consolidated Tangible Net Worth. Borrower
         and its Subsidiaries, on a consolidated basis, shall maintain as of
         the end of (A) the fiscal quarter ending December 31, 1999, a Tangible
         Net Worth of not less than Six Hundred Fifty Thousand Dollars
         ($650,000.00), and (B) each fiscal quarter commencing with March 31,
         2000 and continuing until this Agreement is terminated and all of the
         Liabilities have been repaid, a Tangible Net Worth of not less than
         Five Hundred Seventy-Five Thousand Dollars ($575,000.00);

                           (ii)     Consolidated Interest Coverage Ratio.
         Borrower and its Subsidiaries, on a consolidated basis, shall have:
         (A) as of the last day of (and for) the three (3) month period ending
         March 31, 2000, a ratio of (1) EBITDA for such period minus Capital
         Expenditures for such period not financed, to (2) interest expense for
         such period, of not less than 0.85 to 1.0; (B) as of the last day of
         (and for) the six month period ending June 30, 2000, a ratio of (1)
         EBITDA for

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<PAGE>   4
         such period minus Capital Expenditures for such period not financed,
         to (2) interest expense for such period, of not less than 1.0 to 1.0;
         (C) as of the last day of (and for) the nine month period ending
         September 30, 2000, a ratio of (1) EBITDA for such period minus
         Capital Expenditures for such period not financed, to (2) interest
         expense for such period, of not less than 1.1 to 1.0; and (D) as of
         the last day of (and for) each twelve month period ending on the last
         day of a fiscal quarter commencing with the quarter ending December
         31, 2000, a ratio of (1) EBITDA for such period minus Capital
         Expenditures for such period not financed, to (2) interest expense for
         such period, of not less than 1.5 to 1.0.

                           (iii)    Consolidated Debt Service Coverage Ratio.
         Borrower and its Subsidiaries, on a consolidated basis, shall have:
         (A) as of the last day of (and for) the three (3) month period ending
         June 30, 2000, a Debt Service Coverage Ratio of not less than 0.90 to
         1.0; (B) as of the last day of (and for) the six month period ending
         September 30, 2000, a Debt Service Coverage Ratio of not less than
         0.90 to 1.0; (C) as of the last day of (and for) the nine month period
         ending December 31, 2000, a Debt Service Coverage Ratio of not less
         than 1.10 to 1.0; and (D) as of the last day of (and for) each twelve
         month period ending on the last day of a fiscal quarter commencing
         with the quarter ending March 31, 2000, a Debt Service Coverage Ratio
         of not less than 1.25 to 1.0.

                           (iv)     Consolidated Capital Expenditures. Borrower
         and its Subsidiaries, on a consolidated basis, shall not: (A) make
         Capital Expenditures, which are not financed by term loans or capital
         leases of an aggregate amount of more than (1) Two Hundred Thousand
         Dollars ($200,000.00) during the period between the Closing Date and
         December 31, 1999, inclusive, or (2) Two Hundred Thousand Dollars
         ($200,000.00) during any fiscal year of the Borrower thereafter; or
         (B) make any Capital Expenditures, which are financed by term loans
         (other than the Capital Expenditure Loan) or capital leases, of an
         aggregate amount of more than (a) Two Hundred Thousand Dollars
         ($200,000.00) through the period between the Closing Date and December
         31, 1999, inclusive, or (b) One Hundred Thousand Dollars ($100,000.00)
         during any fiscal year of the Borrower thereafter.

                           (v)      Consolidated EBITDA. Borrower and its
         Subsidiaries, on a consolidated basis, shall have as of the last day
         of (and for): (A) December, 1999, EBITDA for such period of not less
         than Twenty- Five Thousand Dollars ($25,000.00); (B) the two month
         period ending January 31, 2000, EBITDA for such period of not less
         than Negative Sixty Thousand Dollars (-$60,000.00); (C) the three
         month period ending February 29, 2000, EBITDA for such period of not
         less than Negative Fifteen Thousand Dollars (- $15,000.00); (D) the
         four month period ending March 31, 2000, EBITDA for such period of not
         less than One Hundred Twenty-Four Thousand

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<PAGE>   5
         Dollars ($124,000.00); (E) the five month period ending April 30,
         2000, EBITDA for such period of not less than One Hundred Seven
         Thousand Dollars ($107,000.00); (F) the six month period ending May
         31, 2000, EBITDA for such period of not less than Two Hundred
         Fifty-Eight Thousand Dollars ($258,000.00); (G) the seven month period
         ending June 30, 2000, EBITDA for such period of not less than Two
         Hundred Seventy-Eight Thousand Dollars ($278,000.00); (H) the eight
         month period ending July 31, 2000, EBITDA for such period of not less
         than Three Hundred Eighty Thousand Dollars ($380,000.00); (I) the nine
         month period ending August 31, 2000, EBITDA for such period of not
         less than Four Hundred Eighty Thousand Dollars ($480,000.00); (J) the
         ten month period ending September 30, 2000, EBITDA for such period of
         not less than Five Hundred Eighty Thousand Dollars ($580,000.00); (K)
         the eleven month period ending October 31, 2000, EBITDA for such
         period of not less than Seven Hundred Thousand Dollars ($700,000.00);
         (L) the twelve month period ending November 30, 2000, EBITDA for such
         period of not less than Eight Hundred Twenty-Five Thousand Dollars
         ($825,000.00); and (M) each twelve month period ending on the last day
         of a calendar month commencing with the twelve month period ending
         December 31, 2000, EBITDA for such period of not less than Nine
         Hundred Thousand Dollars ($900,000.00).

Section 4.        Other Terms. Except as specifically modified herein, all
other terms and provisions of the LOAN DOCUMENTS remain in full force and
effect and are hereby ratified and confirmed. It is the specific intention of
the parties hereto that the modifications contained herein shall not constitute
a novation of any of the BORROWER's obligations to LASALLE.

Section 5.       Final Agreement. This MODIFICATION and the other LOAN
DOCUMENTS, as modified herein, constitute the entire agreement between the
parties hereto with respect to the LOANS, and may not be altered, modified or
amended except by a writing executed by LASALLE and the BORROWER.

Section 6.        Fees And Expenses. The BORROWER shall pay all costs and
expenses incurred by LASALLE in connection with this MODIFICATION, including,
but not limited to, all attorneys' fees.

Section 7.        Binding Effect. This MODIFICATION shall inure to the benefit
of, and shall be binding upon, the parties hereto and their respective personal
representatives, successors and assigns.

Section 8.        Choice Of Law. The laws of the State of Maryland (excluding,
however, conflicts of law principles) shall govern and be applied to determine
all issues relating to this MODIFICATION and the rights and obligations of the
parties hereto, including the validity, construction, interpretation, and
enforceability of this MODIFICATION and its various provisions and the
consequences and legal effect of all transactions and events which resulted in
the execution of this MODIFICATION or which occurred or were to occur

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<PAGE>   6
as a direct or indirect result of this MODIFICATION having been executed.

Section 9.        Consent To Jurisdiction; Agreement As To Venue. The BORROWER
irrevocably consents to the non-exclusive jurisdiction of the courts of the
State of Maryland and of the United States District Court for the District of
Maryland, if a basis for federal jurisdiction exists. In addition, the BORROWER
agrees that venue shall be proper in any circuit court of the State of Maryland
selected by LASALLE or in the United States District Court for the District of
Maryland if a basis for federal jurisdiction exists, and the BORROWER waives
any right to object to the maintenance of a suit in any of the state or federal
courts of the State of Maryland on the basis of improper venue or of
inconvenience of forum.

Section 10.       Tense, Gender, Defined Terms, Captions. As used herein, the
plural shall refer to and include the singular, and the singular shall refer to
and include the plural. The use of any gender shall include and refer to any
other gender. All defined terms are completely capitalized throughout this
MODIFICATION. All captions are for the purpose of convenience only.

Section 11.       Time. Time is of the essence with respect to this
MODIFICATION and all terms and conditions described herein.

Section 12.       Release Of Claims. The BORROWER hereby releases, waives,
discharges and agrees to hold LASALLE and its officers, directors, agents,
attorneys, and employees harmless from any and all claims, known or unknown,
which the BORROWER may currently have against LASALLE or its officers,
directors, agents, attorneys, or employees which in any way relate, pertain, or
arise, directly or indirectly, from the LOANS (or any of them), the LOAN
DOCUMENTS, this MODIFICATION, or which otherwise relate or pertain to the
collateral securing the obligations of the BORROWER (or any of them) to
LASALLE, the transactions described in this MODIFICATION, or the conduct of the
parties with respect thereto.

Section 13.       No Waiver. LASALLE, at any time or from time to time, may
waive all or any rights under this MODIFICATION or the other LOAN DOCUMENTS, as
amended, but any such waiver or indulgence by LASALLE at any time or from time
to time shall not constitute a future waiver of performance or exact
performance by the BORROWER.

Section 14.       Waiver Of Jury Trial. The BORROWER and LASALLE each agree
that any suit, action, or proceeding, whether claim or counterclaim, brought or
instituted by the BORROWER or LASALLE, or any successor or assign of the
BORROWER or LASALLE, on or with respect to this MODIFICATION or any of the LOAN
DOCUMENTS, as amended pursuant to this MODIFICATION, or which in any way
relates, directly or indirectly, to the obligations of the BORROWER to LASALLE
under this MODIFICATION or any of the LOAN DOCUMENTS, as amended pursuant to
this MODIFICATION, or the dealings of the parties with respect thereto, shall
be tried only by a court and

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not by a jury. THE BORROWER AND LASALLE EACH HEREBY EXPRESSLY WAIVE ANY RIGHT
TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION, OR PROCEEDING. The BORROWER and
LASALLE acknowledge and agree that this provision is a specific and material
aspect of the agreement between the parties and that LASALLE would not enter
into this transaction with the BORROWER if this provision were not part of
their agreement.

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<PAGE>   8
IN WITNESS WHEREOF, the parties have executed this MODIFICATION with the
specific intention of creating a document under seal as of the date first above
written.

WITNESS/ATTEST:                 BORROWER:

                                PHOENIX MEDICAL TECHNOLOGY, INC.
                                A Delaware Corporation

                                       By:   /s/ Edward W. Gallaher      (SEAL)
----------------------                      ----------------------------
                                       Name:  Edward W. Gallaher
                                             ---------------------------
                                       Title: President
                                              --------------------------

                                LASALLE:

                                LASALLE BUSINESS CREDIT, INC.,
                                A Delaware Corporation

                                       By:   /s/ Ronald W. Kerdasha, Jr. (SEAL)
----------------------                      ----------------------------
                                       Name:   Ronald W. Kerdasha, Jr.
                                             ---------------------------
                                       Title:  First Vice President
                                              --------------------------

                                       8<PAGE>   1

                                                                 EXHIBIT 10.4.3

                                 THIRD AMENDMENT

         THIS THIRD AMENDMENT, dated as of March 3, 1999 (this "Third
Amendment"), among REGAL CINEMAS, INC., a Tennessee corporation (the
"Borrower"), the various financial institutions identified on the signature
pages hereto and party to the Existing Credit Agreement (as defined below)
(collectively, the "Lenders"), THE BANK OF NOVA SCOTIA, as administrative agent
(in such capacity, the "Administrative Agent") for the financial institutions
party to the Existing Credit Agreement, NATIONSBANC MONTGOMERY SECURITIES LLC as
successor by merger to BANCAMERICA ROBERTSON STEPHENS, as syndication agent for
the financial institutions party to the Existing Credit Agreement, and THE CHASE
MANHATTAN BANK, as documentation agent for the financial institutions party to
the Existing Credit Agreement.

                              W I T N E S S E T H:

         WHEREAS, the Borrower, the Lenders and the Agents are parties to that
certain Credit Agreement, dated as of May 27, 1998 and amended as of August 26,
1998 and December 30, 1998 (the "Existing Credit Agreement"); and

         WHEREAS, the Borrower, the Lenders and the Agents desire and are
willing, upon the terms and conditions hereinafter set forth, to amend the
Existing Credit Agreement with respect to the definition of "Applicable Margin";
and

         NOW, THEREFORE, in consideration of the agreements herein contained,
and for other valuable consideration receipt of which is hereby acknowledged,
the parties hereto hereby agree as follows:

                                     PART I

                                   DEFINITIONS

         SUBPART 1.1 Certain Definitions. Unless otherwise defined herein or the
context otherwise requires, terms used in this Third Amendment, including its
preamble and recitals, have the following meanings (such meanings to be equally
applicable to the singular and plural forms thereof):

                  "Amended Credit Agreement" means the Existing Credit Agreement
         as amended by this Third Amendment.

                  "Borrower" is defined in the preamble.

                  "Effective Date" is defined in Subpart 4.1.

<PAGE>   2

                  "Existing Credit Agreement" is defined in the first recital.

                  "Lender" defined in the preamble.

                  "Third Amendment" is defined in the preamble.

         SUBPART 1.2 Other Definitions. Unless otherwise defined herein or the
context otherwise requires, terms used in this Third Amendment, including its
preamble and recitals, have the meanings ascribed thereto in the Existing Credit
Agreement.

                                     PART II

                         AMENDMENTS TO CREDIT AGREEMENT

         SUBPART 2.1. Amendments to Section 1.1 (Defined Terms). Effective on
(and subject to the occurrence of) the Effective Date, the definition of the
term "Applicable Margin" set forth in Section 1.1 of the Existing Credit
Agreement is hereby amended to delete such definition in its entirety and
replace the same as follows:

         "Applicable Margin" means

                  (a) relative to the unpaid principal amount of each Revolving
         Loan, the applicable rate per annum set forth below under the column
         entitled "Applicable Margin - Base Rate Revolving Loans" or, as the
         case may be, "Applicable Margin - LIBO Rate Revolving Loans":

<TABLE>
<CAPTION>

                                                       Applicable Margin
                                            --------------------------------------

                    Total                      Base Rate              LIBO Rate
                Leverage Ratio              Revolving Loans        Revolving Loans
            ---------------------           ---------------        ---------------
            <S>                             <C>                    <C>

                >  $ 5.5:1                      1.000%                 2.250%

             < 5.5:1 and $ 5.0:1                0.750%                 2.000%

             < 5.0:1 and $ 4.5:1                0.375%                 1.625%

             < 4.5:1 and $ 4.0:1                0.125%                 1.375%

             < 4.0:1 and $ 3.5:1                0.000%                 1.125%

             < 3.5:1 and $ 3.0:1                0.000%                 0.875%

                   < 3.0:1                      0.000%                 0.625%;

</TABLE>

         provided, however, that with respect to any Revolving Loan bearing
         interest at the LIBO Rate, the Applicable Margin shall, for the period
         commencing on (and

                                      -2-
<PAGE>   3

         including) January 1, 1999 and continuing through (but excluding)
         July 1, 1999, be 2.250%;

                  (b) relative to the unpaid principal amount of each Term A
         Loan, the applicable rate per annum set forth below under the column
         entitled "Applicable Margin - Base Rate Term A Loans" or, as the case
         may be, "Applicable Margin - LIBO Rate Term A Loans":

<TABLE>
<CAPTION>
                                                        Applicable Margin
                                               ---------------------------------

                         Total                   Base Rate           LIBO Rate
                    Leverage Ratio             Term A Loans         Term A Loans
                    --------------             ------------         ------------
                    <S>                        <C>                  <C>

                       > 5.5:1                    1.000%              2.250%

                       < 5.5:1                    0.750%              2.000%

</TABLE>

         provided, however, that with respect to any Term A Loan bearing
         interest at the LIBO Rate, the Applicable Margin shall, for the period
         commencing on (and including) January 1, 1999 and continuing through
         (but excluding) July 1, 1999, be 2.250%;

                  (c) relative to the unpaid principal amount of each Term B
         Loan, the applicable rate per annum set forth below under the column
         entitled "Applicable Margin - Base Rate Term B Loans" or, as the case
         may be, "Applicable Margin - LIBO Rate Term B Loans":

<TABLE>
<CAPTION>
                                                         Applicable Margin
                                                 ---------------------------------

                          Total                   Base Rate             LIBO Rate
                      Leverage Ratio             Term B Loans         Term B Loans
                      --------------             ------------         ------------
                   <S>                           <C>                  <C>

                         > 5.5:1                    1.250%               2.500%

                   < 5.5:1 and   4.5:1              1.000%               2.250%

                         < 4.5:1                    0.750%               2.000%;

</TABLE>

                  (d) relative to the unpaid principal amount of each Term C
         Loan, the applicable rate per annum set forth below under the column
         entitled "Applicable

                                      -3-

<PAGE>   4

         Margin - Base Rate Term C Loans" or, as the case may be, "Applicable
         Margin - LIBO Rate Term C Loans":

<TABLE>
<CAPTION>

                                                         Applicable Margin
                                                ---------------------------------

                        Total                    Base Rate             LIBO Rate
                    Leverage Ratio              Term C Loans         Term C Loans
                    --------------              ------------         ------------
                 <S>                            <C>                  <C>
                       > 5.5:1                     1.500%               2.750%

                 < 5.5:1 and > 4.5:1               1.250%               2.500%

                       < 4.5:1                     1.000%               2.250%; and

</TABLE>

                  (e) relative to Additional Loans, a rate per annum agreed to
         by the Borrower and the Lenders making such Additional Loans in
         accordance with Section 2.8.

         The Total Leverage Ratio used to compute the "Applicable Margin" for
         all types of Loans as set forth in clauses (a) through (d) shall be the
         Total Leverage Ratio set forth in the Current Compliance Certificate;
         provided, however, that for any period prior to June 30, 1998 for which
         the Borrower shall not have delivered a Compliance Certificate, the
         Applicable Margin for each type and class of Loan shall be determined
         by reference to the second to highest Total Leverage Ratio for each
         applicable type and class of Loan.

                                    PART III

                         REPRESENTATIONS AND WARRANTIES

         SUBPART 3.1. Representations and Warranties. The Borrower hereby
represents and warrants that: (a) the execution, delivery and performance by it
of this Third Amendment are within its corporate powers, have been duly
authorized by all necessary corporate action, and (i) do not contravene its
Organizational Documents, (ii) do not contravene any material Applicable Law or
any Material Contractual Undertaking binding on or affecting it and (iii) do not
result in any breach of any of the terms, covenants, conditions or provisions
of, or constitute a default under the terms of any material Contractual
Undertaking to which the Borrower or any of the Restricted Subsidiaries is a
party or by which it or any of its property or assets is bound; (b) no
authorization or approval or other action by, and no notice to or filing with,
any governmental authority or regulatory body is required for the due execution
and delivery of this Third Amendment or for the performance of the Amended
Credit Agreement; and (c) this Third Amendment and the Amended Credit Agreement
constitute its legal, valid and binding obligation, enforceable against it in
accordance with its terms, subject, as to enforceability, to the effect of (i)
any applicable bankruptcy, insolvency, moratorium, reorganization or similar law
affecting creditors? rights generally and (ii) the effect of general principles
of equity.

                                      -4-

<PAGE>   5

                                     PART IV

                           CONDITIONS TO EFFECTIVENESS

         SUBPART 4.1 Effective Date and Conditions. This Third Amendment shall
be and become effective as of March 3, 1999 (the "Effective Date"), provided
that each of the conditions set forth in Subparts 4.1.1 through 4.1.2 shall have
been fulfilled to the satisfaction of the Agents:

         SUBPART 4.1.1. Executed Third Amendment. The Administrative Agent shall
have received one or more counterparts of this Third Amendment duly executed and
delivered by (x) an Authorized Officer of the Borrower and each Agent and (y)
Lenders comprising the Required Lenders.

         SUBPART 4.1.2. Compliance with Warranties, etc. The representations and
warranties set forth in this Third Amendment shall be true and correct in all
material respects as of the Effective Date. The Administrative Agent shall have
received a certificate dated the Effective Date from a Responsible Officer of
the Borrower to the foregoing effect.

         SUBPART 4.2. Expiration. If the Effective Date shall not have occurred
on or prior to March 31, 1999, the agreements of the parties contained in this
Third Amendment shall terminate effective immediately on such date and without
any further action.

                                     PART V

                            MISCELLANEOUS PROVISIONS

         SUBPART 5.1. Cross-References. References in this Third Amendment to
any Subpart are, unless otherwise specified, to such Subpart of this Third
Amendment.

         SUBPART 5.2. Loan Document Pursuant to Existing Credit Agreement. This
Third Amendment is a Loan Document executed pursuant to the Existing Credit
Agreement and shall be construed, administered and applied in accordance with
the provisions of the Existing Credit Agreement, including Article X thereof.

         SUBPART 5.3. Successors and Assigns. This Third Amendment shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns.

         SUBPART 5.4. Full Force and Effect. Except as expressly amended hereby,
all of the representations, warranties, terms, covenants, conditions and other
provisions of the Existing Credit Agreement and the other Loan Documents shall
remain unamended and shall continue to be, and shall remain, in full force and
effect in accordance with their respective terms. The amendments set forth
herein shall be limited precisely as provided for herein to

                                      -5-

<PAGE>   6

the provisions expressly amended herein and shall not be deemed to be an
amendment to consent to or modification of any other term or provision of the
Existing Credit Agreement, any other Loan Document referred to therein or herein
or of any transaction or further or future action on the part of the Borrower
which would require the consent of the Lenders under the Existing Credit
Agreement or any of the Loan Documents.

         SUBPART 5.5. Governing Law. THIS THIRD AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE
OF NEW YORK.

         SUBPART 5.6. Payment of Fees and Expenses. The Borrower hereby agrees
to pay and reimburse the Administrative Agent for all its reasonable and
documented fees and expenses incurred in connection with the negotiation,
preparation, execution and delivery of this Third Amendment and related
documents, including all reasonable itemized fees and out of pocket expenses of
a single primary counsel to the Administrative Agent.

         SUBPART 5.7. Execution in Counterparts. This Third Amendment may be
executed in any number of counterparts by the parties hereto, each of which
counterparts when so executed shall be an original, but all the counterparts
shall together constitute one and the same agreement.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -6-
<PAGE>   7

         IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment
to be executed by their respective officers hereunto duly authorized as of the
day and year first above written.

                                     REGAL CINEMAS, INC.

                                     By: /s/
                                        ----------------------------------------
                                        Title: Vice President & Treasurer

                                     Address: 7132 Commercial Park Drive
                                              Knoxville, Tennessee  37918

                                     Facsimile No.: (423) 922-6085

                                     Attention: Vice President and Treasurer

                                     with copies to:

                                     Hicks, Muse, Tate & First Incorporated
                                     200 Crescent Court
                                     Suite 1600
                                     Dallas, Texas 75201

                                     Facsimile No.: 214-720-7888
                                     Attention: Lawrence D. Stuart, Jr. and
                                                Patrick K. McGee

                                     Kohlberg Kravis Roberts & Co., L.P.
                                     9 West 57th Street
                                     New York, N.Y. 10022

                                     Facsimile No.: 212-750-0003
                                     Attention: Alexander Navab, Jr.

<PAGE>   8

                                     AGENTS:

                                     THE BANK OF NOVA SCOTIA, as the
                                         Administrative Agent

                                     By: /s/
                                        ----------------------------------------

                                     Title: Senior Relationship Manager

                                     Address: One Liberty Plaza
                                              New York, New York  10006

                                     Facsimile No.: (212) 225-5090
                                     Attention: Eric Knight and Stuart Malakoff

                                     NATIONSBANC MONTGOMERY SECURITIES
                                     LLC, as the Syndication Agent

                                     By: /s/
                                        ----------------------------------------
                                        Title: Managing Director

                                     Address: 100 North Tryon Street
                                              NC1-007-13-06
                                              Charlotte, NC 28255

                                     Facsimile No.: (704) 386-9607
                                     Attention: John O'Neill

                                     THE CHASE MANHATTAN BANK, as the
                                     Documentation Agent

                                     By: /s/ Kathryn A. Duncan
                                        ----------------------------------------
                                        Title: Vice President

                                     Address: 270 Park Avenue
                                              4th Floor
                                              New York, New York  10017

                                     Facsimile No.: (212) 270-1063
                                     Attention: John Sorice

<PAGE>   9

                                     AG CAPITAL FUNDING PARTNERS, L.P.

                                     By: Angelo, Gordon & Co., L.P., as
                                           Investment Adviser

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

<PAGE>   10

                                     ALLSTATE LIFE INSURANCE COMPANY

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

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

<PAGE>   11

                                     ATHENA CDO, LIMITED

                                     By: Pacific Investment Management Company,

                                            as its Investment Advisor

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

<PAGE>   12

                                     BANK OF AMERICA NATIONAL TRUST & SAVINGS
                                        ASSOCIATION

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

<PAGE>   13

                                     BANKBOSTON, N.A.

                                     By: /s/ Matthew E. Murphy
                                        ----------------------------------------
                                        Name:  Matthew E. Murphy
                                        Title: Director

<PAGE>   14

                                     THE BANK OF NEW YORK

                                     By: /s/ Geoffrey C. Brooks
                                        ----------------------------------------
                                        Name:  Geoffrey C. Brooks
                                        Title: Vice President

<PAGE>   15

                                     THE BANK OF NOVA SCOTIA

                                     By: /s/
                                        ----------------------------------------
                                        Name:
                                        Title:

<PAGE>   16

                                     BANK OF TOKYO MITSUBISHI TRUST

                                     By: /s/ Michael Deadder
                                        ----------------------------------------
                                        Name:  Michael Deadder
                                        Title: Vice President

<PAGE>   17

                                     BAYERISCHE VEREINSBANK

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

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

<PAGE>   18

                                     CERES FINANCE LTD.

                                     By: /s/ John H. Cullinane
                                        ----------------------------------------
                                      Name: John H. Cullinane
                                      Title: Director

<PAGE>   19

                                     THE CHASE MANHATTAN BANK

                                     By: /s/ Kathryn A. Duncan
                                        ----------------------------------------
                                        Name:  Kathryn A. Duncan
                                        Title: Vice President

<PAGE>   20

                                     CITICORP USA, INC.

                                     By: /s/ Mark R. Floyd
                                        ----------------------------------------
                                        Name:  Mark R. Floyd
                                        Title: Attorney-in-Fact

<PAGE>   21

                                     CITY NATIONAL BANK

                                     By: /s/
                                        ----------------------------------------
                                        Name:
                                        Title:

<PAGE>   22

                                     CREDIT LYONNAIS NEW YORK BRANCH

                                     By: /s/ W. Michael George
                                        ----------------------------------------
                                        Name:  W. Michael George
                                        Title: First Vice President

<PAGE>   23

                                     CRESCENT/MACH I PARTNERS, L.P.

                                     By: TCW Asset Management Company, as
                                           its Investment Manager

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

<PAGE>   24

                                     CYPRESSTREE SENIOR FLOATING RATE FUND

                                     By: CypressTree Investment Management
                                         Company, Inc., as Portfolio Manager

                                     By: /s/ Timothy M. Barns
                                        ----------------------------------------
                                        Name:  Timothy M. Barns
                                        Title: Managing Director

<PAGE>   25

                                      DEEPROCK & COMPANY

                                      By: Eaton Vance Management, as Investment
                                            Advisor

                                      By: /s/ Payson F. Swaffield
                                         ---------------------------------------
                                         Name:  Payson F. Swaffield
                                         Title: Vice President

<PAGE>   26

                                     DELANO COMPANY

                                     By: Pacific Investment Management Company,
                                           as its Investment Advisor

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

<PAGE>   27

                                     DLJ CAPITAL FUNDING, INC.

                                     By: /s/ Howard Shams
                                        ----------------------------------------
                                        Name:  Howard Shams
                                        Title: Vice President

<PAGE>   28

                                     EATON VANCE SENIOR INCOME TRUST

                                     By: Eaton Vance Management, as Investment
                                           Advisor

                                     By: /s/ Payson F. Swaffield
                                        ----------------------------------------
                                        Name:  Payson F. Swaffield
                                        Title: Vice President

<PAGE>   29
'

                                     FIRST AMERICAN NATIONAL BANK

                                     By: /s/ M. Eddie Garrett
                                        ----------------------------------------
                                      Name:  M. Eddie Garrett
                                      Title:  Vice President

<PAGE>   30

                                     FIRSTAR BANK, N.A.

                                     By: /s/ Toby B. Rau
                                        ----------------------------------------
                                        Name:  Toby B. Rau
                                        Title:  Assistant Vice President

<PAGE>   31

                                     FIRST HAWAIIAN BANK

                                     By: /s/ Donald C. Young
                                        ----------------------------------------
                                        Name:  Donald C. Young
                                        Title: Vice President

<PAGE>   32

                                     THE FIRST NATIONAL BANK OF CHICAGO

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

<PAGE>   33

                                     FIRST UNION NATIONAL BANK

                                     By: /s/ Stephen H. Smith
                                        ----------------------------------------
                                      Name:  Stephen H. Smith
                                      Title: Vice President

<PAGE>   34

                                     FLEET NATIONAL BANK

                                     By: /s/ Eric S. Meyer
                                        ----------------------------------------
                                        Name:  Eric S. Meyer
                                        Title: Vice President

<PAGE>   35

                                     FRANKLIN FLOATING RATE TRUST

                                     By: /s/ Chauncey Lufkin
                                        ----------------------------------------
                                        Name:  Chauncey Lufkin
                                        Title: Vice President

<PAGE>   36

                                     THE FUJI BANK, LIMITED

                                     By: /s/ Teiji Teramoto
                                        ----------------------------------------
                                        Name:  Teiji Teramoto
                                        Title: Vice President & Manager

<PAGE>   37

                                     GENERAL ELECTRIC CAPITAL
                                        CORPORATION

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

<PAGE>   38

                                     GOLDMAN SACHS CREDIT PARTNERS L.P.

                                     By:
                                        ----------------------------------------
                                        Name:  Stephen B. King
                                        Title:  Authorized Signatory

<PAGE>   39

                                     HIBERNIA NATIONAL BANK

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

<PAGE>   40

                                     INDOSUEZ CAPITAL FUNDING IV, L.P.
                                     By: Indosuez Capital as Portfolio Advisor

                                         By: /s/
                                            ------------------------------------
                                            Name:
                                            Title:

<PAGE>   41

                                      THE INDUSTRIAL BANK OF JAPAN, LIMITED

                                     By: /s/ William Kennedy
                                        ----------------------------------------
                                      Name:   William Kennedy
                                      Title:  Vice President

<PAGE>   42

                                     KZH CNC LLC

                                     By: /s/ Virginia Conway
                                        ----------------------------------------
                                        Name:  Virginia Conway
                                        Title: Authorized Agent

                                     KZH WATERSIDE LLC

                                     By: /s/ Virginia Conway
                                        ----------------------------------------
                                        Name: Virginia Conway
                                        Title: Authorized Agent

                                     KZH ING-2 LLC

                                     By: /s/ Virginia Conway
                                        ----------------------------------------
                                        Name:  Virginia Conway
                                        Title: Authorized Agent

                                      KZH ING-3 LLC

                                     By: /s/ Virginia Conway
                                        ----------------------------------------
                                        Name:  Virginia Conway
                                        Title: Authorized Agent

                                     KZH SOLEIL-2 LLC

                                     By: /s/ Virginia Conway
                                        ----------------------------------------
                                        Name:  Virginia Conway
                                        Title: Authorized Agent

<PAGE>   43

                                     KZH RIVERSIDE LLC

                                     By: /s/ Scott Hignett
                                        ----------------------------------------
                                        Name:  Scott Hignett
                                        Title: Authorized Agent

                                     KZH SHENKMAN LLC

                                     By: /s/ Scott Hignett
                                        ----------------------------------------
                                         Name:  Scott Hignett
                                         Title: Authorized Agent

                                     KZH III LLC

                                     By: /s/ James J. Fevola
                                        ----------------------------------------
                                        Name:  James J. Fevola
                                        Title: Authorized Agent

                                     KZH CYPRESSTREE-1 LLC

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

                                     KZH LANGDALE LLC

                                     By: /s/ Susan Feng
                                        ----------------------------------------
                                         Name:  Susan Feng
                                         Title: Authorized Agent

<PAGE>   44

                                     LLOYDS BANK PLC

                                     By: /s/
                                        ----------------------------------------
                                        Name:
                                        Title:

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

<PAGE>   45

                                     THE LONG-TERM CREDIT BANK OF JAPAN,
                                       LIMITED, NEW YORK BRANCH

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

<PAGE>   46

                                     MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

                                     By: /s/ Richard E. Spencer II
                                        ----------------------------------------
                                        Name:  Richard E. Spencer II
                                        Title: Managing Director

<PAGE>   47

                                     ML CLO XX PILGRIM AMERICA (CAYMAN) LTD.

                                     By: Pilgrim America Investments, Inc., as
                                           its Investment Manager

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

<PAGE>   48

                                     MORGAN GUARANTY TRUST

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

<PAGE>   49

                                     MORGAN STANLEY SENIOR FUNDING, INC.

                                     By: /s/ Michael Hart
                                        ----------------------------------------
                                      Name:   Michael Hart
                                      Title:  Principal

<PAGE>   50

                                     NATIONAL WESTMINSTER BANK PLC

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

<PAGE>   51

                                     NATIONSBANK, N.A.

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

<PAGE>   52

                                     THE NORTHWESTERN MUTUAL LIFE INSURANCE
                                       COMPANY

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

<PAGE>   53

                                     OCTAGON LOAN TRUST

                                     By: Octagon Credit Investors, as Manager

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

<PAGE>   54

                                     OSPREY INVESTMENTS PORTFOLIO

                                     By: Citibank, N.A., as Manager

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

<PAGE>   55

                                     OXFORD STRATEGIC INCOME FUND

                                     By: Eaton Vance Management, as Investment
                                           Advisor

                                     By: /s/ Payson F. Swaffield
                                        ----------------------------------------
                                        Name:  Payson F. Swaffield
                                        Title: Vice President

<PAGE>   56

                                     PINEHURST TRADING, INC.

                                     By: /s/ Allen D. Shifflet
                                        ----------------------------------------
                                        Name:  Allen D. Shifflet
                                        Title: President

<PAGE>   57

                                     PNC BANK, N.A.

                                     By: /s/ Karen L. Kooman
                                        ----------------------------------------
                                        Name:  Karen L. Kooman
                                        Title: Assistant Vice President

<PAGE>   58

                                     PPM AMERICA, INC., as attorney in fact,
                                       on behalf of Jackson National Life
                                       Insurance Company

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

<PAGE>   59

                                     PROVIDENT BANK

                                     By: /s/ Christopher B. Gribble
                                        ----------------------------------------
                                        Name:  Christopher B. Gribble
                                        Title: Vice President

<PAGE>   60

                                     ROYAL BANK OF CANADA

                                     By: /s/ John D'Angelo
                                        ----------------------------------------
                                        Name:  John D'Angelo
                                        Title: Manager

<PAGE>   61

                                     THE SAKURA BANK, LIMITED

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

<PAGE>   62

                                     SANKATY HIGH YIELD ASSET PARTNERS, L.P.

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

<PAGE>   63

                                     SENIOR DEBT PORTFOLIO

                                     By: Boston Management and Research, as
                                          Investment Advisor

                                     By: /s/ Payson F. Swaffield
                                        ----------------------------------------
                                        Name:  Payson F. Swaffield
                                        Title: Vice President

<PAGE>   64

                                     SOUTHERN PACIFIC BANK

                                     By: /s/ Cheryl A. Wasilewski
                                        ----------------------------------------
                                        Name:  Cheryl A. Wasilewski
                                        Title: Senior Vice President

<PAGE>   65

                                     STB DELAWARE FUNDING TRUST I

                                     By: /s/ Donald C. Hargadon
                                        ----------------------------------------
                                        Name:  Donald C. Hargadon
                                        Title: Assistant Vice President

<PAGE>   66

                                       STEIN ROE & FARNHAM INCORPORATED, as
                                        Agent for Keyport Life Insurance Company

                                       By: /s/ Brian W. Good
                                          --------------------------------------
                                          Name:  Brian W. Good
                                          Title: Vice President & Portfolio
                                                 Manager

<PAGE>   67

                                     THE SUMITOMO BANK, LIMITED, NEW YORK BRANCH

                                     By: /s/ Suresh S. Tata
                                        ----------------------------------------
                                        Name:  Suresh S. Tata
                                        Title: Senior Vice President

<PAGE>   68

                                     SUNTRUST BANK EAST TENNESSEE, N.A.

                                     By: /s/ Roger D. Osborne
                                        ----------------------------------------
                                        Name:  Roger D. Osborne
                                        Title: Senior Vice President

<PAGE>   69

                                     TORONTO DOMINION (TEXAS), INC.

                                     By: /s/ Sonja R. Jordan
                                        ----------------------------------------
                                        Name:  Sonja R. Jordan
                                        Title: Vice President

<PAGE>   70

                                     TRANSAMERICA LIFE INSURANCE AND ANNUITY
                                       COMPANY

                                     By: /s/ John M. Casparian
                                        ----------------------------------------
                                        Name:  John M. Casparian
                                        Title: Investment Officer

<PAGE>   71

                                     THE TRAVELERS INSURANCE COMPANY

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

<PAGE>   72

                                     VAN KAMPEN PRIME RATE INCOME TRUST

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

<PAGE>   73

                                     VAN KAMPEN SENIOR INCOME TRUST

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

<PAGE>   74

                                     WELLS FARGO BANK, N.A.

                                     By: /s/ David A. Neumann
                                        ----------------------------------------
                                        Name:   David A. Neumann
                                        Title:  Vice President

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