Document:

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                                                                     Exhibit 4.4

                             REGISTRATION AGREEMENT

                  THIS REGISTRATION AGREEMENT is made as of March 21, 2002 among
Loews Cineplex Entertainment Corporation, a Delaware corporation (the
"COMPANY"), OCM Cinema Holdings, LLC ("OAKTREE"), and 1363880 Ontario Inc., a
corporation organized and existing under the laws of Ontario, Canada ("ONEX").
Unless otherwise provided in this Agreement, capitalized terms used herein have
the respective meanings given to them in Section 9 hereof.

                  The Company, Onex and Oaktree are also each party to a
Stockholders Agreement (as amended from time to time, the "STOCKHOLDERS
AGREEMENT"), dated the date hereof, which provides certain restrictions on the
ability of the Onex Group and the Oaktree Group to transfer the Class A Shares
and Class B Shares and other equity securities of the Company held by them, and
contains certain agreements concerning the governance of the Company. In order
to induce Oaktree and Onex to enter into the Stockholders Agreement, the Company
has agreed to provide the registration rights set forth in this Agreement.

                  NOW, THEREFORE, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto,
intending to be legally bound, hereby agree as follows:

                  1.       Demand Registrations.

                           (a)      Requests for Registration.

                                    (i) Subject to Sections 1(b) and 1(c), and
to Section 1(a)(ii), at any time at least six months after the consummation of
an Initial Public Offering, one or more members of the Oaktree Group or one or
more members of the Onex Group, may request registration under the Securities
Act of all or part of their Registrable Securities on Form S-1 or any similar
long-form registration ("Long-Form Registrations") or, if available, on Form S-2
or S-3 or any similar short-form registration ("Short-Form Registrations").
Persons other than members of the Onex Group and members of the Oaktree Group
that become party to this Agreement as contemplated by Section 10(d) shall not
be entitled to request any Long-Form Registrations, but rather shall only be
entitled to request Demand Registrations that are Short-Form Registrations. Any
request for a Demand Registration by one or more members of the Oaktree Group
shall be made by (and may be withdrawn only by) Oaktree, and shall specify the
members of the Oaktree Group to which the request relates and the number of
Registrable Securities of each member of the Oaktree Group covered by such
request. Any request for a Demand Registration by one or more members of the
Onex Group shall be made by (and may be withdrawn only by) Onex, and shall
specify the members of the Onex Group to which the request relates and the
number of Registrable Securities of each such member of the Onex Group covered
by such request. Each request for a Demand Registration shall specify whether or
not it is intended that such registration will be underwritten. Within 10 days
after receipt of any such request, the Company will give notice of such
requested registration to all other holders of Registrable Securities and,
subject to Section 1(d), will include in such registration all
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Registrable Securities with respect to which the Company has received written
requests for inclusion therein within 15 days after the receipt of the Company's
notice. In the event the registration is to be underwritten, the right of any
such other holders of Registrable Securities to participate therein shall be
conditioned upon their participation in such underwriting, as provided in
Section 7. All registrations requested pursuant to this Section 1(a) are
referred to herein as "Demand Registrations."

                                    (ii) If the Company has not completed an
Initial Public Offering on or prior to the third anniversary of the date of this
Agreement, then from and after such third anniversary date, Oaktree on behalf of
the members of the Oaktree Group shall be entitled to request a Demand
Registration (any such request, an "IPO DEMAND REGISTRATION"); provided, that if
within the 15-day period following receipt of an IPO Demand Registration the
Company gives a written notice to Oaktree informing it that the Board of
Directors of the Company has determined to initiate an Initial Public Offering
(an "IPO NOTICE"), then the IPO Demand Registration shall be suspended until the
six-month anniversary of the date of the IPO Notice. If Oaktree delivers an IPO
Demand Registration, and after delivering a timely IPO Notice the Company
completes an Initial Public Offering on or before the six-month anniversary of
the date of delivery of the IPO Notice, then Oaktree's IPO Demand Registration
shall automatically be deemed to have been withdrawn, and shall not count as one
of the Oaktree Group's permitted Long-Form Registrations. If the Company
delivers an IPO Notice but fails to complete an Initial Public Offering on or
prior to the six-month anniversary of the date of delivery of its IPO Notice,
then on the day following the six-month anniversary of the date of the Company's
IPO Notice, Oaktree's request for an IPO Demand Registration shall be deemed to
be automatically reinstated (unless previously withdrawn by notice in writing by
Oaktree to the Company).

                           (b) Long-Form Registrations. Subject to Section
1(a)(ii), the members of the Onex Group, in the aggregate, and the members of
the Oaktree Group, in the aggregate, will each be entitled to request two
Long-Form Registrations. A registration will not count as one of the permitted
Long-Form Registrations until it has become effective (unless such Long-Form
Registration has not become effective due solely to the fault of, or (subject to
Section 1(e)) because it is withdrawn at the request of, the holders requesting
such registration, and such holders do not agree to bear all Registration
Expenses in connection therewith). All Long-Form Registrations shall be
underwritten registrations.

                           (c) Short-Form Registrations. In addition to the
Long-Form Registrations provided pursuant to Section 1(b), members of the Onex
Group and members of the Oaktree Group and any other holder of Registrable
Securities will be each entitled to request an unlimited number of Short-Form
Registrations; provided, however, that the aggregate number of Registrable
Securities for which any such Short-Form Registration has been requested must
have a reasonably anticipated price to the public of at least $5 million. Demand
Registrations will be Short-Form Registrations whenever the Company is permitted
to use any applicable short form registration statement. After the Company has
been subject to the reporting requirements of the Securities Exchange Act for at
least 12 months, the Company will use its reasonable best efforts to remain
eligible to use Short-Form Registrations for the sale of Registrable Securities.

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                           (d) Priority on Demand Registrations. The Company
will not include in any Demand Registration any securities which are not
Registrable Securities without the prior written consent of the party requesting
the Demand Registration (which shall be Oaktree, in the case of a Demand
Registration requested by the Oaktree Group and Onex, in the case of a Demand
Registration requested by the Onex Group). If a Demand Registration is an
underwritten offering and the managing underwriters advise the Company in
writing that in their opinion the number of Registrable Securities and, if
permitted hereunder, other securities requested to be included in such offering
exceeds the number of Registrable Securities and other securities, if any, which
can be sold therein without adversely affecting the marketability of the
offering, the Company will include in such registration prior to the inclusion
of any securities which are not Registrable Securities the number of Registrable
Securities requested to be included (whether upon exercise of a Demand
Registration right or upon exercise of the right to participate in such a Demand
Registration), if any, which in the opinion of such underwriters can be sold
without adversely affecting the marketability of the offering (including the
price per share), pro rata among the respective holders thereof on the basis of
the number of Registrable Securities requested to be included by each such
holder.

                           (e) Restrictions on Demand Registrations. The Company
will not be obligated to effect any Demand Registration within six months after
the effective date of (i) a Demand Registration or (ii) a registration in which
the holders of Registrable Securities were given piggyback rights pursuant to
Section 2 and all Registrable Securities requested to be registered by such
holders were registered in connection with the exercise of the piggyback rights.
The Company may postpone for up to three months the filing or the effectiveness
of a registration statement for a Demand Registration if the Board of Directors
of the Company determines in good faith that such Demand Registration would
reasonably be expected to have a material adverse effect on any proposal or plan
by the Company or any of its Subsidiaries to engage in any financing
transaction, public offering of securities, acquisition of assets or any merger,
reorganization, consolidation, tender offer or similar transaction or in the
event of material corporate development (a "VALID BUSINESS REASON"); provided,
that in such event, the holders of Registrable Securities initially requesting
such Demand Registration will be entitled to withdraw such request, the Company
will pay all Registration Expenses in connection with such registration and, if
such request is for a Long-Form Registration and is withdrawn, such Long-Form
Registration will not count as one of the permitted Long-Form Registrations
hereunder. The Company shall give written notice to the holders of Registrable
Securities requesting a Demand Registration of its determination to postpone the
filing or effectiveness of a registration statement for such Demand Registration
as permitted herein, promptly following such determination. Thereafter, the
Company shall give prompt written notice to the holders of Registrable
Securities requesting a Demand Registration, at such time as the Valid Business
Reason for such postponement of the filing or effectiveness of such registration
statement no longer exists. Notwithstanding anything to the contrary contained
herein, the Company may not postpone the filing or effectiveness of a
registration statement under this Section 1(e) more than once in any twelve 12
month period.

                           (f) Selection of Underwriters. The party requesting a
Demand Registration (which shall be Oaktree, in the case of a Demand
Registration requested by the Oaktree Group and Onex, in the case of a Demand
Registration requested by the Onex Group)

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will have the right to select the managing underwriter for the offering, subject
to the Company's approval, which will not be unreasonably withheld.

                           (g) Expenses of Demand Registration. The Company will
pay all Registration Expenses of a Demand Registration, whether or not it
becomes effective, absent an agreement of the type referred to in the
penultimate sentence of Section 1(b).

                  2.       Piggyback Registrations.

                           (a) Right to Piggyback. Whenever the Company proposes
to register any of its securities under the Securities Act (including secondary
registrations on behalf of the holders of its securities other than pursuant to
a Demand Registration) and the registration form to be used may be used for the
registration of Registrable Securities for sale by selling stockholders (a
"PIGGYBACK REGISTRATION"), the Company will give prompt written notice to all
holders of Registrable Securities of its intention to effect such a registration
and will include in such registration all Registrable Securities with respect to
which the Company has received written requests (including the intended method
of distribution of Registrable Securities by such requesting holders) for
inclusion therein within 15 days after the receipt of the Company's notice.
Notwithstanding anything to the contrary herein, the piggyback registration
rights provided under Section 2 shall not be available in connection with an
Initial Public Offering (including, without limitation, an Initial Public
Offering effected by the Company following its delivery of an IPO Notice under
Section 1(a)(ii)) or in connection with registrations by the Company for its own
account (i) on Form S-8 or any successor form thereto, (ii) filed solely in
connection with a dividend reinvestment plan or employee benefit plan covering
officers or directors of the Company or its Affiliates, or (iii) on Form S-4 or
any successor form thereto, in connection with a merger, acquisition, exchange
offer or similar corporate transaction.

                           (b) Expenses of Piggyback Registration. The Company
will pay all Registration Expenses of a Piggyback Registration, whether or not
it becomes effective.

                           (c) Priority on Primary Piggyback Registrations. If a
Piggyback Registration is an underwritten primary registration on behalf of the
Company, and the managing underwriters advise the Company in writing that in
their opinion the number of securities requested to be included in such
registration exceeds the number which can be sold in such offering without
adversely affecting the marketability of the offering (including the price per
share), the Company will include in such registration (i) FIRST, the securities
the Company proposes to sell, (ii) SECOND, the Registrable Securities requested
to be included in such registration, pro rata among the holders of such
Registrable Securities on the basis of the number of Registrable Securities
requested to be included by each such holder, and (iii) THIRD, other securities
requested to be included in such registration.

                           (d) Priority on Secondary Piggyback Registrations. If
a Piggyback Registration is an underwritten secondary registration on behalf of
holders of the Company's securities, and the managing underwriters advise the
Company in writing that in their opinion the number of securities requested to
be included in such registration exceeds the number which can be sold in such
offering without adversely affecting the marketability of the offering
(including the price per share), the Company will include in such registration
(i) FIRST, pro rata among the

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securities requested to be included therein by the holders requesting such
registration and the other Registrable Securities requested to be included in
such registration, on the basis of the number of securities requested to be
included by each such holder, and (ii) SECOND, other securities requested to be
included in such registration.

                  3.       Holdback Agreements.

                           (a) If (i) the Company files a registration statement
(other than in connection with the registration of securities issuable pursuant
to an employee stock option, stock purchase or similar plan) with respect to
shares of its capital stock or Common Stock Equivalents, and (ii) with
reasonable prior notice, the Company (in the case of a nonunderwritten public
offering by the Company pursuant to such registration statement) advises the
holders of Registrable Securities in writing that a public sale or distribution
of such Registrable Securities would materially adversely affect such offering
(including the price per share) or the managing underwriter or underwriters (in
the case of any underwritten public offering by the Company pursuant to such
registration statement) advises the Company in writing (in which case the
Company shall notify the holders of Registrable Securities) that a public sale
or distribution of such Registrable Securities would materially adversely impact
such offering (including the price per share), then each holder of Registrable
Securities shall, to the extent not inconsistent with applicable law, refrain
from effecting any public sale or distribution of Registrable Securities
(including under Rule 144 under the Securities Act) beginning on the effective
date of such registration statement and ending 90 days thereafter (180 days in
the case of the Initial Public Offering). Each holder of Registrable Securities
agrees to enter into customary "lock up" agreements reasonably acceptable to it
in order to give effect to its agreements under this Section 3(a) in connection
with any relevant offering; provided, that no Holder shall be required to enter
into such "lock up" agreement unless and until each of the Company's executive
officers and directors and each Person who holds in excess of 20% of the
Company's outstanding capital stock (other than any such Person of the type of
Person listed in paragraph (b)(1)(b)(ii)(A) through (J) of Rule 13d-1 under the
Securities Exchange Act of 1934, as amended) execute a substantially equivalent
"lock up" agreement. The Company shall not terminate any "lockup" agreement with
a Person other than a Holder, or amend any "lock up" agreement with a Person
other than a Holder in a manner that is favorable to such Person, unless each
"lock up" agreement with a Holder is also terminated or (to the extent
applicable) similarly amended.

                           (b) If and to the extent requested by an underwriter
in an underwritten Demand Registration, the Company shall not effect any public
sale or distribution of its common stock or Common Stock Equivalents for a
period beginning on the effective date of any registration statement relating to
such Demand Registration and ending on the earlier of (i) the date on which all
Registrable Securities registered on such registration statement are sold and
(ii) 90 days after the effective date of any such Demand Registration.
Notwithstanding the foregoing, during such period, (x) the Company may grant
stock options pursuant to the Company's stock option plans, (y) the Company may
issue shares of its capital stock upon the exercise or conversion of Common
Stock Equivalents and (z) the Company may engage in a merger, acquisition,
exchange offer or other transaction of the type specified in Rule 145(a) under
the Securities Act, and issue its Common Stock or Common Stock Equivalents under
a registration on Form S-4 or other appropriate registration form in connection
therewith.

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                  4. Registration Procedures. Whenever the holders of
Registrable Securities have requested that any Registrable Securities be
registered pursuant to this Agreement, the Company will use its best efforts to
effect the registration and the sale of such Registrable Securities in
accordance with the intended method of disposition thereof, and pursuant thereto
the Company will as expeditiously as possible:

                           (a) prepare and file with the Securities and Exchange
Commission a registration statement with respect to such Registrable Securities
as soon as practicable after requested to do so by a holder and use its best
efforts to cause such registration statement to become effective as soon as
practicable (provided, that before filing a registration statement or prospectus
or any amendments or supplements thereto, the Company will furnish to each
seller of Registrable Securities, each underwriter participating in any
disposition pursuant to such registration and to the counsel selected by the
holders of a majority of the Registrable Securities (including, if different,
counsel to the holders of a majority of the Registrable Securities held by the
Onex Group and counsel to the holders of a majority of the Registrable
Securities held by the Oaktree Group) included in the registration, covered by
such registration statement copies of all such documents proposed to be filed,
which documents will be subject to the review of such counsel);

                           (b) prepare and file with the Securities and Exchange
Commission such amendments and supplements to such registration statement and
the prospectus used in connection therewith as may be necessary to keep such
registration statement effective for a period of not less than 120 days (or, in
the case of an underwritten registration, such lesser period as the managing
underwriter shall reasonably require) and comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by such
registration statement during such period in accordance with the intended
methods of disposition by the sellers thereof set forth in such registration
statement;

                           (c) furnish to each seller of Registrable Securities
such reasonable number of copies of such registration statement, each amendment
and supplement thereto, the prospectus included in such registration statement
(including each preliminary prospectus), all exhibits to such registration
statement and such other documents as such seller may reasonably request in
order to facilitate the disposition of the Registrable Securities owned by such
seller;

                           (d) register or qualify such Registrable Securities
under such other securities or blue sky laws of such jurisdictions as any seller
reasonably requests and do any and all other acts and things which may be
reasonably necessary or advisable to enable such seller to consummate the
disposition in such jurisdictions of the Registrable Securities owned by such
seller (provided, that the Company will not be required to (i) qualify generally
to do business in any jurisdiction where it would not otherwise be required to
qualify but for this paragraph, (ii) subject itself to taxation in any such
jurisdiction or (iii) consent to general service of process in any such
jurisdiction);

                           (e) notify each seller in writing of such Registrable
Securities, at any time when a prospectus relating thereto is required to be
delivered under the Securities Act, of the happening of any event as a result of
which the prospectus included in such registration statement contains an untrue
statement of a material fact or omits any material fact necessary to

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make the statements therein not misleading, and, at the request of any such
seller, the Company will promptly prepare a supplement or amendment to such
prospectus so that, as thereafter delivered to the purchasers of such
Registrable Securities, such prospectus will not contain an untrue statement of
a material fact or omit to state any material fact necessary to make the
statements therein not misleading;

                           (f) cause all such Registrable Securities to be
listed on a securities exchange, and if already listed at such time, to be
listed on each securities exchange on which similar securities issued by the
Company are then listed (or the NASDAQ Stock Market provided that the applicable
listing requirements are satisfied);

                           (g) provide a transfer agent and registrar for all
such Registrable Securities by no later than the effective date of such
registration statement;

                           (h) enter into such customary agreements (including
underwriting agreements in customary form) and take all such other actions as
the underwriters reasonably request in order to expedite or facilitate the
disposition of such Registrable Securities;

                           (i) subject to receipt of such confidentiality
undertakings as the Company may reasonably require, make available for
inspection by any seller of Registrable Securities, any underwriter
participating in any disposition pursuant to such registration statement and any
attorney, accountant or other agent retained by any such seller or underwriter,
all financial and other records, pertinent corporate documents and properties of
the Company, and cause the Company's officers, directors, employees and
independent accountants to supply all information reasonably requested by any
such seller, underwriter, attorney, accountant or agent in connection with such
registration statement;

                           (j) otherwise use its best efforts to comply with all
applicable rules and regulations of the Securities and Exchange Commission, and
make available to its security holders, as soon as reasonably practicable but no
later than 15 months after the effective date of the Registration Statement, an
earnings statement covering the period of at least 12 months beginning with the
first day of the Company's first full calendar quarter after the effective date
of the registration statement, which earnings statement shall satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

                           (k) in the event of the issuance of any stop order
suspending the effectiveness of a registration statement, or of any order
suspending or preventing the use of any related prospectus or suspending the
qualification of any common stock included in such registration statement for
sale in any jurisdiction, the Company will use its reasonable best efforts
promptly to obtain the withdrawal of such order;

                           (l) use its best efforts to obtain comfort letters,
dated (i) the effective date of such registration statement, (ii) the date the
Registrable Securities being sold are delivered to the underwriters, if any, for
sale pursuant thereto and (iii) if required by the underwriters, if any, on or
prior to the date of any preliminary prospectuses, from the Company's
independent public accountants in customary form and covering such matters of
the type customarily covered by comfort letters and, if the Registrable
Securities included in such

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registration statement constitute at least 10% of the securities covered by such
registration statement, also covering such matters as the holders of a majority
of the Registrable Securities being sold (including, if different, the holders
of a majority of such Registrable Securities held by the Onex Group and a
majority of such Registrable Securities held by the Oaktree Group), may
reasonably request;

                           (m) use its best efforts to obtain a legal opinion of
the Company's outside counsel with respect to the registration statement, each
amendment and supplement thereto, the prospectus included therein and such other
documents relating thereto in customary form and covering such matters of the
type customarily covered by legal opinions of issuer's counsel;

                           (n) if requested by the managing underwriter or
underwriters or a holder of Registrable Securities being sold in connection with
an underwritten offering, promptly incorporate in a prospectus supplement or
post-effective amendment such information as the managing underwriters and the
holders of a majority of the Registrable Securities being sold (including, if
different, the holders of a majority of such Registrable Securities held by the
Onex Group and a majority of such Registrable Securities held by the Oaktree
Group), agree should be included therein relating to the plan of distribution
with respect to such Registrable Securities, including, without limitation,
information with respect to the number of Registrable Securities being sold to
such underwriters, the purchase price being paid thereof by such underwriters
and with respect to any other terms of the underwritten (or best efforts
underwritten) offering of the Registrable Securities to be sold in such
offering; and make all required filings of such prospectus supplement or
post-effective amendment as soon as notified of the matters to be incorporated
in such prospectus supplement or post-effective amendment;

                           (o) cooperate with the selling holders of Registrable
Securities and the managing underwriters, if any, to facilitate the timely
preparation and delivery of certificates representing Registrable Securities to
be sold and not bearing any restrictive legends which are in a form eligible for
deposit with The Depository Trust Company; and enable such Registrable
Securities to be in such denominations and registered in such names as the
managing underwriters may request at least two business days prior to any sale
of Registrable Securities to the underwriters;

                           (p) use its best efforts to cause the Registrable
Securities covered by the applicable registration statement to be registered
with or approved by such other governmental agencies or authorities as may be
necessary to enable the seller or sellers thereof or the underwriters, if any,
to consummate the disposition of such Registrable Securities;

                           (q) keep the counsel of holders of Registrable
Securities advised in writing as to the initiation and progress of any
registration hereunder;

                           (r) cooperate with each seller of Registrable
Securities and each underwriter participating in the disposition of such
Registrable Securities and their respective counsel in connection with any
filings required to be made with the NASD; and

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                           (s) take all other steps reasonably necessary to
effect the registration of the Registrable Securities contemplated hereby.

                  5.       Registration Expenses.

                           (a) All expenses incident to the Company's
performance of, or compliance with this Agreement, including without limitation
all registration and filing fees, fees and expenses associated with filings
required to be made with the NASD (including, if applicable, the fees and
expenses of any "qualified independent underwriter" and its counsel as may be
required by the rules and regulations of the NASD), fees and expenses of
compliance with securities or blue sky laws, printing expenses, messenger and
delivery expenses and fees and disbursements of counsel for the Company and all
independent certified public accountants, underwriters (excluding discounts and
commissions, which shall be borne by the seller(s) of securities) and other
Persons retained by the Company (including, without limitation, any expenses
arising from any "cold comfort" letters or any special audits incident to or
required by any registration or qualification) (all such expenses being herein
called "REGISTRATION EXPENSES"), will be borne as provided in this Agreement,
except that the Company will, in any event, pay its internal expenses
(including, without limitation, all salaries and expenses of its officers and
employees performing legal or accounting duties), the expense of any annual
audit or quarterly review, the expense of any liability insurance or other
premiums for insurance obtained in connection with any registration hereunder
and the expenses and fees for listing the securities to be registered on each
securities exchange on which similar securities issued by the Company are then
listed or on the NASDAQ Stock Market. The Company shall have no obligation to
pay any transfer taxes associated with the disposition of Registrable Securities
by a holder thereof.

                           (b) In connection with each Demand Registration the
Company will reimburse the holders of Registrable Securities covered by such
registration for the reasonable fees and disbursements of (i) one counsel chosen
by the party or parties requesting such Demand Registration (which shall be
Oaktree in the case of a Demand Registration requested by the Oaktree Group and
Onex in the case of a Demand Registration requested by the Onex Group) and (ii)
one counsel chosen by the holder or holders of a majority of the Registrable
Securities included in such registration (which shall be Onex if the Onex Group
constitutes the holder of such majority and Oaktree, if the Oaktree Group
constitutes the holder of such majority) if the application of this clause
(b)(ii) would result in a party or parties entitled to choose counsel that is
different from the party or parties requesting the Demand Registration.

                           (c) To the extent Registration Expenses are not
required to be paid by the Company, each holder of securities included in any
registration hereunder will pay those Registration Expenses allocable to the
registration of such holder's securities so included, and any Registration
Expenses not so allocable will be borne by all sellers of securities included in
such registration in proportion to the aggregate selling price of the securities
to be so registered.

                  6.       Indemnification.

                           (a) Indemnification by the Company. The Company
agrees to indemnify, to the full extent permitted by law, each holder of
Registrable Securities, its officers,

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directors, agents and employees and each Person who controls such holder (within
the meaning of Section 15 of the Securities Act or Section 20 of the Securities
Exchange Act) and each such Person's officers, directors, agents and employees,
against all losses, claims, damages, liabilities, costs (including, without
limitation, reasonable costs of preparation and investigation and reasonable
attorneys' fees) and expenses (collectively, "LOSSES") caused by or arising out
of any untrue or alleged untrue statement of material fact contained in any
registration statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto or any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein
not misleading or any violation by the Company of any federal, state or common
law applicable to the Company and relating to action required of, or inaction by
the Company in connection with such registration, except insofar as the same are
caused by or contained in any information furnished in writing to the Company by
such holder expressly for use therein or by such holder's failure to deliver a
copy of the registration statement or prospectus or any amendments or
supplements thereto after the Company has furnished such holder with a
sufficient number of copies of the same. In connection with an underwritten
offering, the Company will indemnify such underwriters, their officers and
directors and each Person who controls such underwriters (within the meaning of
the Securities Act) to at least the same extent as provided above with respect
to the indemnification of the holders of Registrable Securities.

                           (b) Indemnification by Holders of Registrable
Securities. In connection with any registration statement in which a holder of
Registrable Securities is participating pursuant to Section 1 or Section 2
hereof, each such holder will furnish to the Company in writing such information
as the Company reasonably requests for use in connection with any such
registration statement or prospectus and, to the full extent permitted by law,
will indemnify the Company, its directors, officers, agents and employees and
each Person who controls the Company (within the meaning of Section 15 of the
Securities Act or Section 20 of the Securities Exchange Act) and each such
Person's officers, directors, agents and employees, against any Losses caused by
or arising out of any untrue or alleged untrue statement of material fact
contained in the registration statement, prospectus or preliminary prospectus or
any amendment thereof or supplement thereto or any omission or alleged omission
of a material fact required to be stated therein or necessary to make the
statements therein not misleading, but only to the extent that such untrue
statement or omission is contained in any information or affidavit so furnished
in writing by such holder which specifically states that it is for use in the
preparation of such registration statement, prospectus or preliminary prospectus
or any amendment thereof or supplement thereto; provided, that the obligation to
indemnify will be individual to each holder and will be limited to the net
amount of proceeds received by such holder from the sale of Registrable
Securities pursuant to such registration statement.

                           (c) Indemnification Procedures. If any Person shall
be entitled to indemnity hereunder (an "INDEMNIFIED PARTY"), such indemnified
party shall give prompt written notice to the party from which such indemnity is
sought (the "INDEMNIFYING PARTY") of any claim or of the commencement of any
proceeding with respect to which such indemnified party seeks indemnification or
contribution pursuant hereto; provided, however, that the delay or failure to so
notify the indemnifying party shall not relieve the indemnifying party from any
obligation or liability except to the extent that the indemnifying party has
been prejudiced by such delay or failure. The indemnifying party shall have the
right, exercisable by giving written

                                     - 10 -
<PAGE>
notice to an indemnified party promptly after the receipt of written notice from
such indemnified party of such claim or proceeding, to assume, at the
indemnifying party's expense, the defense of any such claim or proceeding, with
counsel reasonably satisfactory to such indemnified party; provided, however,
that an indemnified party shall have the right to employ separate counsel in any
such claim or proceeding and to participate in the defense thereof, but the fees
and expenses of such counsel shall be at the expense of such indemnified party
unless: (i) the indemnifying party agrees in writing to pay such fees and
expenses; (ii) the indemnifying party fails promptly to assume the defense of
such claim or proceeding or fails to employ counsel reasonably satisfactory to
such indemnified party; or (iii) the named parties to any proceeding (including
impleaded parties) include both such indemnified party and the indemnifying
party, and such indemnifying party shall have been advised by counsel that there
may be one or more legal defenses available to it that are inconsistent with
those available to the indemnifying party such that a conflict of interest is
likely to exist among such indemnified party and any other indemnified parties
(in which case the indemnifying party shall not have the right to assume the
defense of such action on behalf of such indemnified party). Whether or not such
defense is assumed by the indemnifying party, such indemnifying party shall not
be subject to any liability for any settlement made without its consent. The
indemnifying party shall not consent to entry of any judgment or enter into any
settlement unless (i) there is no finding or admission of any violation of any
rights of any Person and no effect on any other claims that may be made by or
against the indemnified party, (ii) the sole relief provided is monetary damages
that are paid in full by the indemnifying party and (iii) such judgment or
settlement includes as an unconditional term thereof the giving by the claimant
or plaintiff to such indemnified party of a release, in form and substance
reasonably satisfactory to the indemnified party, from all liability in respect
of such claim or litigation for which such indemnified party would be entitled
to indemnification hereunder.

                           (d) Contribution. If the indemnification provided for
in this Section 6 is unavailable to an indemnified party in respect of any
Losses (other than in accordance with its terms), then each applicable
indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result
of such Losses, in such proportion as is appropriate to reflect the relative
fault of the indemnifying party, on the one hand, and such indemnified party, on
the other hand, in connection with the actions, statements or omissions that
resulted in such Losses as well as any other relevant equitable considerations.
The relative fault of such indemnifying party, on the one hand, and indemnified
party, on the other hand, shall be determined by reference to, among other
things, whether any action in question, including any untrue statement of a
material fact or omission or alleged omission to state a material fact, has been
taken by, or relates to information supplied by, such indemnifying party or
indemnified party, and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent any such action, statement or
omission. The amount paid or payable by a party as a result of any Losses shall
be deemed to include any legal or other fees or expenses incurred by such party
in connection with any investigation or proceeding. The parties hereto agree
that it would not be just and equitable if contribution pursuant to this Section
6(d) were determined by pro rata allocation or by any other method of allocation
that does not take account of the equitable considerations referred to herein.
Notwithstanding the provisions of this Section 6(d), an indemnifying party that
is a holder of Registrable Securities shall not be required to contribute any
amount which is in excess of the amount by which the total proceeds (net of all
underwriting discounts and commissions)

                                     - 11 -
<PAGE>
received by such holder from the sale of the Registrable Securities sold by such
holder in the applicable offering exceeds the amount of any damages that such
indemnifying party has otherwise been required to pay by reason of such untrue
or alleged untrue statement or omission or alleged omission. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation.

                  7. Participation in Underwritten Registrations; Appointment of
Representatives.

                           (a) No Person may participate in any registration
hereunder which is underwritten unless such Person (i) agrees to sell such
Person's securities on the basis provided in any underwriting arrangements
approved by the Person or Persons entitled hereunder to approve such
arrangements (including, without limitation, pursuant to the terms of any
overallotment or "green shoe" option requested by the managing underwriter(s))
and (ii) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents reasonably required
under the terms of such underwriting arrangements.

                           (b) Each Person that is participating in any
registration hereunder agrees that, upon receipt of any written notice from the
Company of the happening of any event of the kind described in Section 4(e),
such Person will forthwith discontinue the disposition of its Registrable
Securities pursuant to the registration statement until such Person's receipt of
the copies of a supplemented or amended prospectus as contemplated by Section
4(e).

                           (c) Each member of the Oaktree Group hereby
irrevocably appoints Oaktree as its representative and attorney-in-fact to
receive and give on such member's behalf all notices, to make on such member's
behalf all elections and determinations and to take on such member's behalf all
other actions, in each case, as may be contemplated to be so received, given,
made or taken by any member of the Oaktree Group by the provisions of this
Agreement. Each notice given to Oaktree under this Agreement by the Company or
any member of the Onex Group shall be deemed to have also been given to each
Person who is at the time of such notice member of the Oaktree Group. In the
event Agreement calls for Oaktree to deliver to the Company and/or any member(s)
of the Onex Group a notice which sets forth an election of any member of the
Oaktree Group or otherwise purports to deal with or bind any member of the
Oaktree Group or any securities held thereby, the Company and/or such member(s)
of the Onex Group shall be entitled to rely conclusively for all purposes of
this Agreement on such notice as conclusive and binding as to such member of the
Oaktree Group.

                           (d) Each member of the Onex Group hereby irrevocably
appoints Onex as its representative and attorney-in-fact to receive and give on
such member's behalf all notices, to make on such member's behalf all
determinations, and to take on such member's behalf all other actions, in each
case, as may be contemplated to be so received, given, made or taken by any
member of the Onex Group by the provisions of this Agreement. Each notice given
to Onex under this Agreement by the Company or any member of the Oaktree Group
shall be deemed to have also been given to each other Person who is at the time
of such notice member of the Onex Group. In the event Agreement calls for Onex
to deliver to the Company and/or any

                                     - 12 -
<PAGE>
member(s) of the Oaktree Group a notice which sets forth an election of any
member of the Onex Group or otherwise purports to deal with or bind any member
of the Onex Group or any securities held thereby, the Company and/or such
member(s) of the Oaktree Group shall be entitled to rely conclusively for all
purposes of this Agreement on such notice as conclusive and binding as to such
member of the Onex Group.

                  8. Current Public Information; Rule 144. At all times after
the Company has filed a registration statement with the Securities and Exchange
Commission pursuant to the requirements of either the Securities Act or the
Securities Exchange Act, the Company will file all reports required to be filed
by it under the Securities Act and the Securities Exchange Act and the rules and
regulations adopted by the Securities and Exchange Commission thereunder, and
will take such further action as any holder or holders of Registrable Securities
may reasonably request, all to the extent required to enable such holders to
sell Registrable Securities pursuant to Rule 144 adopted by the Securities and
Exchange commission under the Securities Act (as such rule may be amended from
time to time) or any similar rule or regulation hereafter adopted by the
Securities and Exchange Commission. The Company shall, upon the request of any
holder of Registrable Securities, deliver to such holder a written statement as
to whether it has complied with such requirements.

                  9.       Definitions.

                           (a) "AFFILIATE" means, with respect to any Person,
any other Person that, directly or indirectly, through one or more
intermediaries, Controls, or is Controlled by, or is under common Control with,
such Person.

                           (b) "AGREEMENT" means this Registration Agreement, as
the same may be amended, supplemented or otherwise modified from time to time.

                           (c) "CLASS A SHARES" means shares of the Company's
Class A Common Stock, par value $0.01 per share.

                           (d) "CLASS B SHARES" means shares of the Company's
Class B Common Stock, par value $0.01 per share.

                           (e) "COMMON STOCK EQUIVALENTS" has the meaning given
thereto in the Stockholders Agreement.

                           (f) "COMPANY" has the meaning given thereto in the
preamble to this Agreement.

                           (g) "CONTROL" (including with correlative meaning,
the terms "Controlling", "Controlled by" and "under common Control with"), as
used with respect to any Person, means the possession, directly or indirectly,
of the power to direct of cause the direction of the management policies of a
Person, whether through the ownership of voting securities, by contract or
otherwise. Onex Corporation shall be deemed to "Control" all Persons Controlled
by Gerald W. Schwartz, as long as Mr. Schwartz Controls Onex.

                                     - 13 -
<PAGE>
                           (h) "DEMAND REGISTRATIONS" has the meaning given
thereto in Section 1(a)(i) of this Agreement.

                           (i) "INDEMNIFIED PARTY" has the meaning given thereto
in Section 6(c) of this Agreement.

                           (j) "INDEMNIFYING PARTY" has the meaning given
thereto in Section 6(c) of this Agreement.

                           (k) "INITIAL PUBLIC OFFERING" means the first firm
commitment underwritten public offering pursuant to an effective registration
statement under the Securities Act covering the offer and sale of the Class A
Shares or other shares of the capital stock of the Company to the public.

                           (l) "IPO DEMAND REGISTRATION" has the meaning given
thereto in Section 1(a)(ii) of this Agreement.

                           (m) "IPO NOTICE" has the meaning given thereto in
Section 1(a)(ii) of this Agreement.

                           (n) "LONG-FORM REGISTRATIONS" has the meaning given
thereto in Section 1(a) of this Agreement.

                           (o) "LOSSES" has the meaning given therein in Section
6(a) of this Agreement.

                           (p) "OAKTREE" has the meaning given thereto in the
preamble to this Agreement.

                           (q) "OAKTREE GROUP" means, collectively, Oaktree and
any Affiliate of Oaktree that acquires Shares or Common Stock Equivalents and
becomes a party to the Stockholders Agreement as required thereby.

                           (r) "ONEX" has the meaning given thereto in the
preamble to this Agreement.

                           (s) "ONEX GROUP" mean, collectively, Onex and any
Affiliate of Onex that acquires Shares or Common Stock Equivalents and becomes a
party to the Stockholders Agreement as required thereby.

                           (t) "PERSON" shall be construed broadly, and shall
include, without limitation, an individual, a partnership, an investment fund, a
limited liability company, a corporation, an association, a trust, a joint
venture, a joint stock company, an unincorporated organization, a governmental
entity or any department, agency or political subdivision thereof, and any other
entity of any nature whatsoever.

                                     - 14 -
<PAGE>
                           (u) "PIGGYBACK REGISTRATION" has the meaning given
thereto in Section 2(a) of this Agreement.

                           (v) "PUBLIC SALE" means any sale of the Company's
common stock to the public pursuant to an offering registered under the
Securities Act or to the public through a broker, dealer or market maker
pursuant to the provisions of Rule 144 adopted under the Securities Act.

                           (w) "REGISTRABLE SECURITIES" means if held by any
member of the Onex Group, any member of the Oaktree Group or any Person who
becomes a party to this Agreement as contemplated by Section 10(d), (i) any
Class A Shares (including Class A Shares issued or issuable upon conversion of
Class B Shares (including Class B Shares underlying any Common Stock
Equivalents) and upon the conversion of any other Common Stock Equivalents) and
(ii) all securities of the Company or any other Person acquired in respect of
any such Class A Shares, whether by stock split, stock dividend or other
distribution on such Class A Shares, or in connection with any exchange, merger,
recapitalization, consolidation, reorganization or other transaction to which
the Company is a party. As to any particular Registrable Securities, such
securities will cease to be Registrable Securities when they have been
distributed to the public pursuant to a Public Sale. Further, Registrable
Securities shall cease to be Registrable Securities at any time the holder
thereof is able to sell all of such holder's securities that would otherwise be
Registrable Securities without restriction as to volume or manner of sale
pursuant to Rule 144(k) under the Securities Act (or any successor provision).

                           (x) "REGISTRATION EXPENSES" has the meaning given
thereto in Section 5(a) of this Agreement

                           (y) "SECURITIES ACT" means the Securities Act of
1933, as amended, or any similar federal law then in force.

                           (z) "SECURITIES AND EXCHANGE COMMISSION" includes any
governmental body or agency succeeding to the functions thereof.

                           (aa) "SHARES" has the meaning given thereto in the
Stockholders Agreement.

                           (bb) "SHORT-FORM REGISTRATIONS" has the meaning given
thereto in Section 1(a) of this Agreement.

                           (cc) "STOCKHOLDERS AGREEMENT" has the meaning given
thereto in the paragraph following the preamble to this Agreement.

                           (dd) "SUBSIDIARY" means, with respect to any Person,
any corporation, limited liability company, partnership, association or other
business entity of which (i) if a corporation, a majority of the total voting
power of shares of stock entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees thereof
is at the time owned or Controlled, directly or indirectly, by that Person or
one or more of the other Subsidiaries of that Person or a combination thereof,
or (ii) if a limited liability company, partnership, association or other
business entity, a majority of the partnership or other similar

                                     - 15 -
<PAGE>
ownership interest thereof is at the time owned or Controlled, directly or
indirectly, by that Person or one or more Subsidiaries of that Person or a
combination thereof. For purposes hereof, a Person or Persons shall be deemed to
have a majority ownership interest in a limited liability company, partnership,
association or other business entity if such Person or Persons shall be
allocated a majority of limited liability company, partnership, association or
other business entity gains or losses or shall be or Control a majority of the
managers or general partners of such limited liability company, partnership,
association or other business entity.

                  10.      Miscellaneous.

                           (a) No Inconsistent Agreements. The Company
represents and warrants that it has not as of the date hereof granted to any
Person the right to request or require the Company to register any securities
issued by the Company, other than the rights granted to Onex and Oaktree herein.
The Company will not hereafter enter into any agreement with respect to its
securities that could by its terms require the Company to breach this Agreement.

                           (b) Remedies. Each of the parties hereto acknowledges
and agrees that no remedy at law would be adequate in the event of any breach of
this Agreement. Accordingly, in connection with any breach or anticipated breach
of the provisions of this Agreement, each party hereto agrees that, in addition
to any other remedy to which they may be entitled at law or in equity, the other
parties hereto shall be entitled to injunctive relief or a decree of specific
performance to enforce this Agreement (without bond or other security being
required unless the party seeking such remedy fails to demonstrate to an
appropriate court having jurisdiction that such party has a likelihood of
success on the merits), and each party hereto waives the defense in any such
action or proceeding brought to enforce this Agreement that there exists and
adequate remedy at law. Such remedies shall be cumulative and non-exclusive, and
shall be in addition to any other rights and remedies the parties may have under
this Agreement or otherwise.

                           (c) Amendments and Waivers. This Agreement may be
amended only by a written agreement duly executed on behalf of the Company,
Onex, and Oaktree each other party to this Agreement (other than the Company)
that is not a member of the Onex Group or the Oaktree Group. Any waiver of any
of the terms or conditions of this Agreement must be in writing and must be duly
executed by or on behalf of the party to be charged with such waiver (which may
be Onex, in the case of any member of the Onex Group, and which may be Oaktree,
in the case of any member of the Oaktree Group). The failure of a party to
exercise any of its rights hereunder or to insist upon strict adherence to any
term or condition hereof on any one occasion shall not be construed as a waiver
or deprive that party of the right thereafter to insist upon strict adherence to
the terms and conditions of this Agreement at a later date. Further, no waiver
of any of the terms and conditions of this Agreement shall be deemed to, or
shall constitute a waiver of any other term or condition hereof (whether or not
similar). Notwithstanding the foregoing, (i) any Person who becomes a member of
the Onex Group or the Oaktree Group following the date of this Agreement shall,
without the consent of the Company, Onex and Oaktree, be permitted to join in
and become a party to this Agreement in such capacity; provided, that such
Person executes a written agreement reasonably satisfactory to the Company and
to Onex (in the case of members of the Oaktree Group) or Oaktree (in the case of
members of the Onex Group) agreeing to become a party hereto and to be bound by
the terms,

                                     - 16 -
<PAGE>
conditions, obligations and restrictions set forth herein and (ii) the consent
of the Company, Onex and Oaktree shall not be required for any Person to join in
and become a party to this Agreement in the manner contemplated by Section 10(d)
below.

                           (d) Successors and Assigns. This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective
transferees, successors, assigns, heirs and administrators; provided, that this
Agreement and the registration rights provided hereunder may not be assigned or
assumed (including by operation of law or sale or other transfer of Registrable
Securities) except as and to the extent expressly provided herein. In the event
that any Person other than a member of the Onex Group or a member of the Oaktree
Group becomes the holder of Shares or Common Stock Equivalents in a transaction
in which all applicable requirements of the Stockholders Agreement have been
duly complied with and the transferor is a party to this Agreement and notifies
the Company in writing that such Person is to have registration rights
hereunder, then such Person shall be entitled to join in and become a party to
this Agreement; provided, that such Person shall, as a condition to such
joinder, execute and deliver to the Company, Onex and Oaktree, a written
agreement in substantially the form attached as EXHIBIT A hereto, under which
such Person agrees to join in and become a party to this Agreement and to be
bound by each of the terms, conditions, restrictions and obligations hereunder,
and enjoy the registration rights provided herein.

                           (e) Severability. It is the desire and intent of the
parties hereto that the provisions of this Agreement be enforced to the fullest
extent permissible under the laws and public policies applied in each
jurisdiction in which enforcement is sought. Accordingly, if any particular
provision of this Agreement shall be adjudicated by a court of competent
jurisdiction to be invalid, prohibited or unenforceable for any reason, such
provision, as to such jurisdiction, shall be ineffective, without invalidating
the remaining provisions of this Agreement or affecting the validity or
enforceability of such provision in any other jurisdiction. Notwithstanding the
foregoing, if such provision could be more narrowly drawn so as not to be
invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such
jurisdiction, be so narrowly drawn, without invalidating the remaining
provisions of this Agreement or affecting the validity or enforceability of such
provision in any other jurisdiction.

                           (f) Counterparts; Facsimile Signatures. This
Agreement may be executed in two or more counterparts, all of which shall be
considered one and the same agreement, and shall become effective when one or
more counterparts have been signed by each of the parties and delivered (by
facsimile or otherwise) to the other parties, it being understood that all
parties need not sign the same counterpart. Any counterpart or other signature
hereupon delivered by facsimile shall be deemed for all purposes as constituting
good and valid execution and delivery of this Agreement by such party.

                           (g) Descriptive Headings. The descriptive headings of
this Agreement are inserted for convenience only and do not constitute a part of
this Agreement.

                           (h) Governing Law. This Agreement shall be governed
by and construed in accordance with the laws of the State of Delaware applicable
to contracts made and to be performed entirely within such State.

                                     - 17 -
<PAGE>
                           (i) Consent to Jurisdiction. Each party irrevocably
submits to the non-exclusive jurisdiction of (i) the courts of the State of
Delaware, and (ii) the United States District Court for the District of
Delaware, for the purposes of any suit, action or other proceeding arising out
of this Agreement or any transaction contemplated hereby. Each party agrees to
commence any such action, suit or proceeding either in the United States
District Court for the District of Delaware or, if such suit, action or other
proceeding may not be brought in such court for jurisdictional reasons, in the
courts of the State of Delaware. Each party that at any time after the date
hereof is not a resident of the State of Delaware or does not maintain an agent
for service of process in the State of Delaware hereby irrevocably designates,
appoints and empowers The Corporation Trust Company, having its address at the
date hereof at 1209 Orange Street, Wilmington, Delaware (New Castle County)
U.S.A., as its agent for service of process to receive for and on its behalf
service of process in the State of Delaware in any legal action, suit or
proceeding with respect to this Agreement. It is understood that a copy of any
such process served on such process agent shall be promptly forwarded by air
mail by such process agent and the person commencing such proceeding to the
relevant party at its address specified in Section 8.7 of the Stockholders
Agreement, but the failure of the relevant party to receive such copy shall not
affect in any way the service of such process as aforesaid. Nothing in this
Agreement will affect the right of any party to this Agreement to serve process
in any other manner permitted by law. Each party irrevocably and unconditionally
waives any objection to the laying of venue of any action, suit or proceeding
arising out of this Agreement or the transactions contemplated hereby in (A) the
courts of the State of Delaware, or (B) the United States District Court for the
District of Delaware, and hereby further irrevocably and unconditionally waives
and agrees not to plead or claim in any such court that any such action, suit or
proceeding brought in any such court has been brought in an inconvenient forum.
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY.

                           (j) Notices. All notices, demands or other
communications to be given or delivered under or by reason of the provisions of
this Agreement shall be in writing, and shall be given or delivered in the
manner and to the Persons set forth in the Stockholders Agreement. Any such
notices, demands or other communications shall be deemed to have been duly given
or delivered at the times determined under of the Stockholders Agreement.

                           (k) Entire Agreement. This Agreement sets forth and
constitutes the complete and entire understanding of the parties hereto with
respect to its subject matter and supersedes any an all prior written or oral
agreements, discussions, negotiations, understandings, arrangements or
undertakings among the parties with respect to such subject matter.

                           (l) Recapitalizations, Exchanges, etc. The provisions
of this Agreement shall apply to the full extent set forth herein with respect
to (i) the shares of Common Stock (as defined in the Stockholders Agreement) and
(ii) any and all shares of common stock of the Company into which the shares of
Common Stock are converted, exchanged or substituted in any recapitalization or
other capital reorganization by the Company, and shall be appropriately adjusted
for any stock dividends, splits, reverse splits, combinations, recapitalizations
and the like occurring with respect to the Common Stock after the date hereof.
If as a result of any

                                     - 18 -
<PAGE>
merger, consolidation, sale of assets or other transaction involving the
Company, the holders of Registrable Securities hereunder would hold Registrable
Securities of a successor or assign of the Company, then the Company shall cause
any such successor or assign of the Company to enter into a new registration
rights with the holders of Registrable Securities hereunder covering such
Registrable Securities of such successor or assign of the Company, which
agreement shall provide for registration rights, taken as a whole, that are no
less favorable than the registration rights provided in this Agreement,

                           (m) Further Assurances. Each of the parties shall
execute such documents and perform such further acts as may be reasonably
required or necessary to carry out or to perform the provisions of this
Agreement.

                                     - 19 -
<PAGE>
         IN WITNESS WHEREOF, the parties hereto have executed this Registration
Agreement as of the date first written above.

                                   LOEWS CINEPLEX ENTERTAINMENT
                                   CORPORATION

                                   By:  /s/ John C. McBride, Jr.
                                        -------------------------------
                                        Name:  John C. McBride, Jr.
                                        Title: Senior Vice President and
                                               General Counsel

                                   1363880 ONTARIO INC.

                                   By:  /s/ Seth M. Mersky
                                        -------------------------------
                                        Name:  Seth M. Mersky
                                        Title: President

                                   OCM CINEMA HOLDINGS, LLC

                                   By:      Oaktree Capital Management, LLC, its
                                            Manager

                                   By:      /s/ Kenneth Liang
                                            -------------------------------
                                            Name:  Kenneth Liang
                                            Title: Managing Director

                                   By:      /s/ Mariusz Mazurek
                                            -------------------------------
                                            Name:  Mariusz Mazurek
                                            Title: Senior Vice President

                                     - 20 -
<PAGE>
                                    Exhibit A

                         REGISTRATION AGREEMENT JOINDER

         Reference is made to the Registration Agreement (as amended,
supplemented or otherwise modified from time to time, the "REGISTRATION
AGREEMENT"), dated as of March 21, 2002, among Loews Cineplex Entertainment
Corporation, a Delaware corporation, OCM Cinema Holdings, LLC, a Delaware
limited liability company, and 1363880 Ontario Inc., a corporation organized and
existing under the laws of Ontario, Canada. Capitalized terms used but not
otherwise defined herein have the respective meanings given to them in the
Registration Agreement.

         This Registration Agreement Joinder is being executed and delivered by
the undersigned under and as contemplated by Section 10(d) of the Registration
Agreement. The undersigned hereby represents and warrants to the Company and to
the other Persons that are party to the Registration Agreement as of the date
hereof, that the undersigned has become the holder of Shares and/or Common Stock
Equivalents in a transaction in which all applicable requirements of the
Stockholders Agreement were duly complied with.

         The transferor to the undersigned of such Shares and/or Common Stock
Equivalents has notified the Company in writing that the undersigned is to have
registration rights hereunder and that the undersigned shall be entitled to join
in and become a party to the Registration Agreement. Accordingly, for good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the undersigned, intending to be legally bound, by executing this
Registration Agreement Joinder below hereby agrees to become a party to the
Registration Agreement as of the date hereof, and to be bound by each of the
terms, conditions, restrictions, provisions and obligations of the Registration
Agreement. Upon execution and delivery of this Registration Agreement Joinder,
the undersigned shall, on the terms and subject to the conditions of the
Registration Agreement, be entitled to the benefit of the registration rights
specified therein.

         IN WITNESS WHEREOF, the undersigned has executed this Registration
Agreement Joinder as of the ____ day of ___________, 20__.

                                             [                                 ]

                                             By:________________________________
                                                Name:
                                                Title:

                                     - 21 -<PAGE>
                                                                    Exhibit 10.1
                             STOCKHOLDERS AGREEMENT

         This STOCKHOLDERS AGREEMENT, dated as of March 21, 2002, among Loews
Cineplex Entertainment Corporation, a Delaware corporation (the "Company"),
1363880 Ontario Inc., a corporation organized and existing under the laws of
Ontario Canada ("Onex Cinema"), and OCM Cinema Holdings, LLC, a Delaware limited
liability company ("OCM").

         WHEREAS, on the date of this Agreement, pursuant to a Plan of
Reorganization (the "Plan of Reorganization") under Chapter 11 of the United
States Bankruptcy Code, OCM is acquiring 40,000 shares of the Class A Common
Stock, $0.01 par value per share, of the Company (the "Class A Shares") and Onex
Cinema is acquiring 60,000 shares of the Class B Common Stock, $0.01 par value
per share, of the Company (the "Class B Shares").

         WHEREAS, the Company, OCM and Onex Cinema each desire to enter into
this Agreement to provide for certain restrictions on the transfer of the shares
of the capital stock and other securities of the Company held by OCM and Onex
Cinema from time to time, and to set forth certain other agreements concerning
the governance of the Company.

         NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound, hereby agree as follows:

         SECTION 1.        DEFINITIONS.

         As used in this Agreement, the following terms shall have the following
definitions:

         1.1 "Acceptance Notice" has the meaning given thereto in Section 3.3(b)
of this Agreement.

         1.2 "Accessible EBITDA" means, the sum of the (i) consolidated EBITDA
of the Company and its direct and indirect wholly-owned Subsidiaries and (ii)
the Percentage EBITDA Amount of each Partially Owned Person (excluding for such
purposes the Percentage EBITDA Amount of any Partially Owned Person in which the
Company owns, directly or indirectly (computed in a manner consistent with the
definition of Partially Owned Person), less than a majority of the voting
securities of such Person).

         1.3 "Accessible Enterprise Value" means, as of either Subsequent
Anniversary Date, the product of (A) five and (B) the Accessible EBITDA of the
Company for the 12 completed calendar months immediately preceding such date.

         1.4 "Accessible Equity Value" means, as of either Subsequent
Anniversary Date, (A) the Accessible Enterprise Value, minus (B) the Accessible
Indebtedness.

         1.5 "Accessible Equity Value Per Share" means, as of either Subsequent
Anniversary Date, an amount per Share equal to the quotient of (A) the
Accessible Equity Value as of such date, plus an amount equal to the exercise,
conversion or exchange price (to the extent payable in
<PAGE>
cash or other property) payable with respect to any Common Stock Equivalents
(other than any Common Stock Equivalents omitted from the definition of Fully
Diluted Shares under the following proviso) and (B) the number of Fully Diluted
Shares outstanding as of such date, provided, that, for the purposes of this
definition, the term "Fully Diluted Shares" shall not give effect to the
exercise, conversion or exchange of any Common Stock Equivalent if, after
eliminating any Indebtedness represented by such Common Stock Equivalent and
assuming receipt by the Company of any exercise, conversion or exchange price
thereunder payable in cash or other property, giving effect to the exercise,
conversion or exchange of such Common Stock Equivalent would increase the
Accessible Equity Value Per Share.

         1.6 "Accessible Indebtedness" means, as of either Subsequent
Anniversary Date, the sum of (i) the consolidated Indebtedness of the Company
and its direct and indirect wholly-owned Subsidiaries and (ii) the Percentage
Indebtedness Amount of each Partially Owned Person (excluding for such purposes
the Percentage Indebtedness Amount of any Partially Owned Person in which the
Company owns, directly or indirectly (computed in a manner consistent with the
definition of Partially Owned Person), less than a majority of the voting
securities of such Person).

         1.7 "Accountant" has the meaning given thereto in Section 3.6(a)(iii)
of this Agreement.

         1.8 "Affiliate" means, with respect to any Person, any other Person
that, directly or indirectly, through one or more intermediaries, Controls, or
is Controlled by, or is under common Control with, such Person.

         1.9 "Affiliated Transactions" has the meaning given thereto in Section
2.3 of this Agreement.

         1.10 "Agreement" means this Stockholders Agreement, as the same may be
amended, supplemented or otherwise modified from time to time.

         1.11 "Attributable EBITDA" for any period means the excess of (i) the
sum of (A) the consolidated EBITDA of the Company and its direct and indirect
wholly-owned Subsidiaries and (B) the Percentage EBITDA Amount of each Partially
Owned Person over (ii) any intercompany items that would be eliminated if all of
such Persons were included in a consolidated financial statement, including any
cash distributions paid to the Company or any Partially Owned Person by any
Partially Owned Person, if and to the extent such cash distributions are
duplicative of amounts reflected in the consolidated EBITDA of the Company and
its direct and indirect wholly-owned Subsidiaries or the Percentage EBITDA
Amount of such Partially Owned Person.

         1.12 "Attributable Enterprise Value" means, as of either Subsequent
Anniversary Date, the product of (i) five and (ii) the Attributable EBITDA of
the Company for the 12 completed calendar months immediately preceding such
date.

         1.13 "Attributable Equity Value" means, as of either Subsequent
Anniversary Date, (i) the Attributable Enterprise Value, minus (ii) the
Attributable Indebtedness.

                                       2
<PAGE>
         1.14 "Attributable Indebtedness" means as of any Subsequent Anniversary
Date the sum of (A) the consolidated Indebtedness of the Company and its direct
and indirect wholly-owned Subsidiaries and (B) the Percentage Indebtedness
Amount of all Partially Owned Persons.

         1.15 "Automatic Conversion Event" has the meaning given thereto in
Section 2.4 of this Agreement.

         1.16 "Bankruptcy Code" means the United States Bankruptcy Code, as
amended from time to time, and any successor statute.

         1.17 "Board" means the Board of Directors of the Company.

         1.18 "Business Day" means any day that is not a Saturday, a Sunday or
other day on which banks are required or authorized by law to be closed in New
York City or in Toronto, Ontario, Canada.

         1.19 "Buyer(s)" has the meaning given thereto in Section 3.4(a) of this
Agreement.

         1.20 "Change of Control Transaction" means a sale, merger, tender offer
or other business combination transaction involving the Company in which the
stockholders of the Company (immediately prior to the consummation of such
business combination transaction), assuming conversion of the Class B Shares, do
not (immediately following the consummation of such business combination
transaction) own a majority of the outstanding voting securities of the
surviving Person.

         1.21 "Class A Shares" has the meaning given thereto in the first
WHEREAS clause of this Agreement.

         1.22 "Class B Shares" has the meaning given thereto in the first
WHEREAS clause of this Agreement.

         1.23 "Common Stock" means Class A Shares, Class B Shares and any other
common stock of the Company that may be authorized.

         1.24 "Common Stock Equivalent" means the right to acquire Common Stock
or other Shares, whether or not immediately exercisable, exchangeable,
convertible or the like, whether evidenced by an option, warrant, convertible or
exchangeable security or other security, instrument or agreement.

         1.25 "Company" has the meaning given thereto in the introductory
paragraph of this Agreement.

         1.26 "Company Asset Sale" means a sale of all or substantially all of
the assets of the Company determined on a consolidated basis that is approved by
the Board.

         1.27 "Control" (including with correlative meaning, the terms
"Controlling", "Controlled by" and "under common Control with"), as used with
respect to any Person, means the possession, directly or indirectly, of the
power to direct or cause the direction of the

                                       3
<PAGE>
management policies of a Person, whether through the ownership of voting
securities, by contract or otherwise. Onex shall be deemed to "Control" all
Persons "Controlled" by Gerald W. Schwartz, as long as Mr. Schwartz "Controls"
Onex.

         1.28 "Designated Investment Bank" has the meaning given thereto in
Section 2.3 of this Agreement.

         1.29 "Dispute Notice" has the meaning given thereto in Section
3.6(a)(iii) of this Agreement.

         1.30 "Disqualified Purchaser" means any Person to whom the Board
reasonably objects due to such Person's past business practices or the past
business practices of any of such Person's Affiliates or any of their respective
officers, directors or Persons holding similar positions (which are not in
accordance with ethical, generally acceptable and responsible business
practices) or such Person's general reputation in the business community (or the
general reputation in the business community of any of such Person's Affiliates
or any of their respective officers, directors or Persons holding comparable
positions (which reputation has a non-favorable element which gives the Board
reasonable concern).

         1.31 "Drag-Along Notice" has the meaning given thereto in Section
3.5(b) of this Agreement.

         1.32 "Drag-Along Right" has the meaning given thereto in Section
3.5(a)(i) of this Agreement.

         1.33 "Drag-Along Sale" has the meaning given thereto in Section 3.5(a)
of this Agreement.

         1.34 "Drag-Along Securities" has the meaning given thereto in Section
3.5(a)(i) of this Agreement.

         1.35 "Drag-Along Stockholders" has the meaning given thereto in Section
3.5(a) of this Agreement.

         1.36 "Drag-Along Transferee" has the meaning given thereto in Section
3.5(a)(i) of this Agreement.

         1.37 "EBITDA" means, with respect to any Person for any period, such
Person's earnings before interest, income taxes, depreciation and amortization,
loss on sale/disposal of theaters and, in the case of the Company,
reorganization costs (i.e., costs incurred by the Company in connection with, or
related to, the Plan of Reorganization) for such period (such components to be
determined in accordance with United States generally accepted accounting
principles to the extent applicable, consistent with the most recent audited
financial statements of such Person).

         1.38 "Excess Offered Securities" has the meaning given thereto in
Section 3.3(b) of this Agreement.

                                       4
<PAGE>
         1.39 "Excess Offeree" has the meaning given thereto in Section 3.3(b)
of this Agreement.

         1.40 "Excess Participation Securities" has the meaning given thereto in
Section 4.3 of this Agreement.

         1.41 "Excess Participation Security Stockholder" has the meaning given
thereto in Section 4.3 of this Agreement.

         1.42 "Excluded Stockholder" has the meaning given thereto in Section
4.4(b) of this Agreement..

         1.43 "Exercise Notice" has the meaning given thereto in Section 4.3 of
this Agreement.

         1.44 "First Anniversary Date" has the meaning given thereto in Section
3.6(a)(i) of this Agreement.

         1.45 "Fully-Diluted Shares" means, as of any date of determination, the
total number of Shares issued and outstanding as of such date (calculated
assuming exercise of all outstanding Common Stock Equivalents to their fullest
extent).

         1.46 "Indebtedness" means, with respect to any Person as of a
particular date, the consolidated indebtedness for repayment of money borrowed
of such Person and for obligations of such Persons under leases and similar
arrangements required to be capitalized under United States generally accepted
accounting principles and required under United States generally accepted
accounting principles to be shown as indebtedness on the financial statements of
such Person and, in cases in which Indebtedness is being determined in
connection with Accessible Indebtedness (or any related definition) or
Attributable Indebtedness (or any related definition), as the case may be, the
aggregate liquidation preference or redemption price (whichever is greater) of
any outstanding shares of preferred stock (or similar equity interests) of such
Person that are non-convertible or that are convertible and are excluded from
assumed conversion by the proviso to the definition of (i) Accessible Equity
Value Per Share or (ii) Oaktree Purchase Price, as applicable.

         1.47 "Independent Third Party" means a Person that is not Onex, Onex
Cinema, a member of the Onex Group, Oaktree, OCM, a member of the Oaktree Group,
another Stockholder or a member of any other Stockholder Group or an Affiliate
of any of the foregoing.

         1.48 "Ineligible Purchaser" means any Person whom the Board reasonably
determines is engaged to any substantial extent, directly or through
Subsidiaries, in the business of owning, operating or managing movie theaters,
or distributing or exhibiting motion pictures, in any country or other
jurisdiction in the world in which the Company or its Subsidiaries is then
engaged in any such business and has material operations that compete in any of
the same geographic markets in which such Person engages in any such business.

         1.49 "Initial Public Offering" means the first firm commitment
underwritten public offering pursuant to an effective registration statement
under the Securities Act covering the offer and sale of the Common Stock to the
public.

                                       5
<PAGE>
         1.50 "Non-Qualifying Drag-Along Sale" has the meaning given thereto in
Section 3.5(a)(iv) of this Agreement.

         1.51 "Notice of Offer" has the meaning given thereto in Section 3.3(a)
of this Agreement.

         1.52 "Oaktree" means Oaktree Capital Management, LLC, as general
partner and/or investment manager of certain accounts and funds it manages.

         1.53 "Oaktree Group" means Oaktree, OCM, and their respective
Affiliates, and the Persons listed on Exhibit A for which Oaktree Capital acts
as investment manager or general partner and other funds and accounts managed by
Oaktree as of the date hereof.

         1.54 "Oaktree Purchase Price" means, as of either Subsequent
Anniversary Date, an amount per Share equal to the quotient of (A) the
Attributable Equity Value as of such date, plus an amount equal to the exercise,
conversion or exchange price (to the extent payable in cash or other property)
payable with respect to any Common Stock Equivalents (other than any Common
Stock Equivalents omitted from the definition of Fully Diluted Shares under the
following proviso) and (B) the number of Fully Diluted Shares outstanding as of
such date, provided, that, for the purposes of this definition, the term "Fully
Diluted Shares" shall not give effect to the exercise, conversion or exchange of
any Common Stock Equivalent if, after eliminating any Indebtedness represented
by such Common Stock Equivalent and assuming receipt by the Company of any
exercise, conversion or exchange price thereunder payable in cash or other
property, giving effect to the exercise, conversion or exchange of such Common
Stock Equivalent would increase the Oaktree Purchase Price.

         1.55 "OCM" has the meaning given thereto in the first paragraph of this
Agreement.

         1.56 "Offer Period" has the meaning given thereto in Section 3.3(b) of
this Agreement.

         1.57 "Offered Securities" has the meaning given thereto in Section
3.3(a) of this Agreement.

         1.58 "Offerees" has the meaning given thereto in Section 3.3(a) of this
Agreement.

         1.59 "Offering Stockholders" has the meaning given thereto in Section
3.4(a) of this Agreement.

         1.60 "Onex" means Onex Corporation, a corporation organized and
existing under the laws of Ontario, Canada.

         1.61 "Onex Cinema" has the meaning given thereto in the first clause of
this Agreement.

         1.62 "Onex Group" means Onex, Onex Cinema and any of their respective
Affiliates.

         1.63 "Other Securities" has the meaning given thereto in Section 4.4(d)
of this Agreement.

                                       6
<PAGE>
         1.64 "Partially Owned Person" means each Subsidiary of the Company
(other than direct or indirect wholly-owned Subsidiaries of the Company), joint
ventures and other Persons in which the Company has a direct or indirect equity
interest. For the calculation of amounts with respect to a Partially Owned
Person under this Agreement, such amounts shall be determined on an
unconsolidated entity basis only. For purposes of determining the percentage of
equity interests indirectly owned by the Company in any Partially Owned Person,
the percentage of the equity interests owned by the Company shall take into
account minority interests of interposed Persons (for example, if the Company
owns 70% of the equity interests in "A" and "A" owns 50% of the equity interests
in "B", then the Company owns 35% of the equity interests in "B").

         1.65 "Participation Notice" has the meaning given thereto in Section
3.4(b)(i) of this Agreement.

         1.66 "Participation Securities" has the meaning given thereto in
Section 4.1 of this Agreement.

         1.67 "Percentage EBITDA Amount" means, with respect to each Partially
Owned Person, a portion of such Partially Owned Person's EBITDA equal to the
product of (i) the percentage of the equity interests in such Person directly or
indirectly owned by the Company and (ii) the EBITDA of such Partially Owned
Person.

         1.68 "Percentage Indebtedness Amount" means, with respect to each
Partially Owned Person, a portion of such Partially Owned Person's Indebtedness
equal to the product of (i) the percentage of the equity interests in such
Person directly or indirectly owned by the Company and (ii) the Indebtedness of
such Partially Owned Person.

         1.69 "Person" shall be construed broadly, and shall include, without
limitation, an individual, a partnership, an investment fund, a limited
liability company, a corporation, an association, a trust, a joint venture, a
joint stock company, an unincorporated organization, a governmental entity or
any department, agency or political subdivision thereof, and any other entity of
whatever nature.

         1.70 "Plan of Reorganization" has the meaning given thereto in the
first WHEREAS clause of this Agreement.

         1.71 "Preemptive Notice" has the meaning given thereto in Section 4.2
of this Agreement.

         1.72 "Pricing Notice" has the meaning given thereto in Section
3.6(a)(iii) of this Agreement.

         1.73 "Pro Rata Share" has the meaning given thereto in Section 3.3(b)
of this Agreement.

         1.74 "Purchaser Identification Notice" has the meaning given thereto in
Section 3.3(e) of this Agreement.

                                       7
<PAGE>
         1.75 "Purchaser(s)" has the meaning given thereto in Section 3.3(b) of
this Agreement.

         1.76 "Put Shares" has the meaning given thereto in Section 3.6(a)(ii)
of this Agreement.

         1.77 "Realization Event" has the meaning given thereto in Section
3.6(a)(iii) of this Agreement.

         1.78 "Related Persons" has the meaning given thereto in Section 2.3 of
this Agreement.

         1.79 "Securities Act" means the U.S. Securities Act of 1933, as the
same may be amended or supplemented from time to time, or any successor statute,
and the rules and regulations thereunder, as the same are from time to time in
effect.

         1.80 "Seller(s)" has the meaning given thereto in Section 3.3(a) of
this Agreement.

         1.81 "Selling Stockholders" has the meaning given thereto in Section
3.5(a) of this Agreement.

         1.82 "Shares" means, collectively, (i) the Class A Shares, (ii) the
Class B Shares and (iii) all shares of capital stock or other securities of the
Company or any other Person which any Stockholder acquires in respect of such
Stockholder's Class A Shares or Class B Shares, whether upon conversion thereof,
in connection with any stock split, stock dividend, exchange, merger,
reclassification, recapitalization, consolidation, reorganization or other
transaction to which the Company is party, or otherwise.

         1.83 "Statutory Drag-Along Sale" has the meaning given thereto in
Section 3.5(i) of this Agreement.

         1.84 "Stockholder Group" means the Oaktree Group or the Onex Group or,
with respect to any Stockholder that is not a member of the Onex Group or
Oaktree Group, such Stockholder together with its Affiliates, as the context
dictates.

         1.85 "Stockholder Joinder" has the meaning given thereto in Section
3.3(e) of this Agreement.

         1.86 "Stockholder Participation Securities" has the meaning given
thereto in Section 4.1 of this Agreement.

         1.87 "Stockholders" means, collectively, OCM, Onex Cinema and any other
Person who from time to time becomes a Stockholder pursuant to Section 3.2 or by
executing a Stockholder Joinder, as required or permitted by an applicable
provision hereof.

         1.88 "Subsequent Anniversary Date" has the meaning given thereto in
Section 3.6(a)(ii) of this Agreement.

                                       8
<PAGE>
         1.89 "Subsidiary" means, with respect to any Person, any corporation or
other Person of which securities or interests having the power to elect a
majority of the corporation's or other Person's Board of Directors or other
governing body or otherwise to direct the management of such corporation or
other Person (other than securities or interests having that power only upon the
happening of a contingency that has not occurred) are held by such Person or one
or more of its Subsidiaries.

         1.90 "Tag-Along Notice" has the meaning given thereto in Section 3.4(a)
of this Agreement.

         1.91 "Tag-Along Right" has the meaning given thereto in Section 3.4(a)
of this Agreement.

         1.92 "Tag-Along Sale" has the meaning given thereto in Section 3.4(a)
of this Agreement.

         1.93 "Tag-Along Securities" has the meaning given thereto in Section
3.4(b)(ii)(C) of this Agreement.

         1.94 "Tag-Along Stockholder" has the meaning given thereto in Section
3.4(a) of this Agreement.

         1.95 "Third Party Participation Securities" has the meaning set forth
in Section 4.1.

         1.96 "Transfer" (or any variation thereof used herein) means the direct
or indirect sale, transfer, conveyance, assignment, gift, pledge, hypothecation
or other encumbrance, or any other disposal (whether with or without
consideration and whether voluntary or involuntary or by operation of law) of
any interest in any Shares or Common Stock Equivalents, or the entry into any
contract, option or other arrangement with respect to any of the foregoing.

         1.97 "Unavailable EBITDA Amount" means, as of either Subsequent
Anniversary Date, an amount per Share equal to the difference between (i) the
Oaktree Purchase Price and (B) the Accessible Equity Value Per Share, in each
case, as of such date of determination.

         1.98 "Withdrawal Notice" has the meaning given thereto in Section
3.4(b)(iv)(C) of this Agreement.

         SECTION 2. CORPORATE GOVERNANCE MATTERS.

         At all times prior to the Initial Public Offering, except with respect
to Section 2.4 (which shall survive an Initial Public Offering):

         2.1 Board of Directors. Each Stockholder shall vote all of such
Stockholder's Shares and all of such Stockholder's other voting securities of
the Company (in person or by proxy) at any annual or special meeting of the
stockholders of the Company (or pursuant to any written consent to be executed
in lieu of any such meeting), and each Stockholder and the Company shall take
all such other actions as may be reasonably necessary, including without
limitation, causing the Company to call a special meeting of its stockholders or
to circulate for execution a

                                       9
<PAGE>
written consent in lieu thereof, or calling a special meeting of the Board or
circulating a written consent in lieu thereof, in each case, in order to give
the fullest effect possible to the provisions of this Section 2.1.

                  (a)      Election of Directors.

                           (i) The number of directors that constitutes the
                  entire Board shall be 11. Such directors shall be elected as
                  follows:

                                    (A) Four individuals designated by OCM shall
                           be elected as directors (the initial designees of OCM
                           shall be as set forth on Schedule 1 hereto);

                                    (B) Six individuals designated by Onex
                           Cinema shall be elected as directors (the initial
                           designees of Onex Cinema shall be as set forth on
                           Schedule 1 hereto); and

                                    (C) One individual who shall be the
                           individual who from time to time serves as the Chief
                           Executive Officer of the Company.

                           (ii) The number of directors of the Company that Onex
                  Cinema or OCM (as applicable) has the right to designate
                  pursuant to this Section 2.1 will be reduced by 50% (the
                  number so reduced shall, if not zero or an integer, be rounded
                  up to the nearest integer) when the Onex Group (in the case of
                  Onex Cinema's right to designate directors) or the Oaktree
                  Group (in the case of OCM's right to designate directors)
                  holds less than 50% of the number of Shares held by such
                  Stockholder Group as of the date hereof (including, Shares
                  underlying Common Stock Equivalents held thereby as of the
                  date hereof). The right of Onex Cinema or OCM (as applicable)
                  to designate a director or directors pursuant to Section 2.1
                  will terminate when the Onex Group (in the case of Onex
                  Cinema's right to designate directors) or the Oaktree Group
                  (in the case of OCM's right to designate directors) holds less
                  than 25% of the number of Shares held by such Stockholder
                  Group as of the date hereof (including Shares underlying
                  Common Stock Equivalents held thereby as of the date hereof).

                  (b) Committee and Subsidiary Boards. For so long as Onex
Cinema retains the right to designate directors under Section 2.1, Onex Cinema
shall be entitled to designate at least one member of each committee of the
Board, at least one member of the board of directors (or similar governing body)
of each Subsidiary of the Company and at least one member of each committee of
the board of directors (or similar governing body) of each Subsidiary of the
Company. For so long as OCM retains the right to designate directors under
Section 2.1, OCM shall be entitled to designate at least one member of each
committee of the Board, at least one member of the board of directors (or
similar governing body) of each Subsidiary of the Company and at least one
member of each committee of the board of directors (or similar governing body)
of each Subsidiary of the Company. Any individual designated by Onex Cinema or
OCM to be a member of a committee of the Board or of the board of directors (or
similar governing body) of a Subsidiary of the Company must be a director of the
Company or a director of such Subsidiary

                                       10
<PAGE>
(as applicable). With respect to Subsidiaries of the Company, the agreements of
the parties in this clause (b) are subject to any legal or contractual
restrictions in effect from time to time that make compliance with such
agreements impracticable, which shall be applied uniformly to the greatest
extent reasonably practicable to both Onex Cinema and OCM.

                  (c) Removal of Directors. Each Stockholder entitled to
designate any director or committee member shall at all times have the right to
require that their respective director or committee member designees under this
Section 2.1 be removed for any reason whatsoever (or no reason), whether with or
without cause. If a Stockholder entitled to designate a director or committee
member notifies the other Stockholders and the Company that it desires to remove
one or more of its director or committee member designees, the Stockholders
shall use their respective best efforts (including, but not limited to, voting
all of such Stockholder's Shares so as to remove such director or committee
member) to cause the removal of such director or committee member designee(s) to
occur as promptly as practicable following the date such notice is given. Unless
the relevant Stockholder entitled to designate the respective director or
committee member shall give such notice to the other Stockholders and the
Company regarding removal of such director or committee member designee(s), no
Stockholder shall take any action to remove a director or committee member
designated under this Section 2.1 by any other Stockholder (other than for
cause).

                  (d) Vacancies of Directors. If a vacancy is created on the
Board, any committee of the Board, the board of directors or similar governing
body of a Subsidiary of the Company or any committee thereof, in each case, by
reason of the death, incapacity, removal (including under Section 2.1(c) above)
or resignation of any director designated by a Stockholder under this Section
2.1, then such Stockholder shall be entitled to designate an individual to fill
such vacancy. At any time a vacancy exists on the Board, any committee of the
Board, the board of directors or similar governing body of a Subsidiary of the
Company or any committee thereof, in each case, due to the death, incapacity,
removal or resignation of a director who was appointed under this Section 2.1,
the Stockholders shall use their respective best efforts (including, but not
limited to, voting all of such Stockholder's Shares so as to elect such director
or committee member) to cause the election of such director's replacement in
accordance with this Section 2.1(d) to occur as promptly as practicable
following the date such vacancy occurs.

                  (e) Effect of Automatic Conversion Event. Following an
Automatic Conversion Event, Sections 2.1(a)(i) and (ii) shall no longer be
applicable and shall be null and void. Thereafter, Onex Cinema and Oaktree shall
each from time to time be entitled to designate a number of directors of the
Company equal to the product of (i) the total number of directors that may from
time to time constitute the entire Board, minus one such director and (ii) a
fraction, the numerator of which is the number of Fully-Diluted Shares owned by
the Onex Group (in the case of the Onex Group's right to designate a director)
or the Oaktree Group (in the case of the Oaktree Group's right to designate a
director), and the denominator of which shall be the number of Fully-Diluted
Shares held by all members of the Onex Group and the Oaktree Group, together,
rounded up or down to the nearest whole number of directors or to zero (as
applicable), and the individual who from time to time serves as the Chief
Executive Officer of the Company shall be elected as a director of the Company.

                                       11
<PAGE>
         2.2      Certain Oaktree Approval Matters.

                  (a) At any time prior to an Automatic Conversion Event, as
long as OCM is entitled to and does designate at least one director of the
Company under Section 2.1 of this Agreement, the Company shall not take any of
the following actions without the approval of OCM:

                           (i) amend or otherwise modify the Company's
                  certificate of incorporation or by-laws, other than any
                  amendment or modification thereto which the Board determines
                  to be necessary, appropriate or desirable in connection with
                  an Initial Public Offering;

                           (ii) commence the voluntary liquidation, winding-up
                  or dissolution of the Company, other than in connection with a
                  Company Asset Sale, or authorize the commencement of a
                  voluntary proceeding with respect to the Company under the
                  Bankruptcy Code;

                           (iii) engage or permit a Subsidiary of the Company to
                  engage in any line of business other than the business of
                  owning, operating and managing movie theaters and selling
                  products and services at such theaters, and selling such other
                  products and services and engaging in such other activities as
                  are reasonably related or ancillary thereto or to the motion
                  pictures shown at such movie theaters;

                           (iv) increase or decrease the number of directors
                  that constitutes the entire Board; or

                           (v) issue Class B Shares to any Person or Persons,
                  other than in connection with stock dividends, stock splits
                  and similar events with respect to Class B Shares outstanding
                  on the date hereof or hereafter issued in compliance with this
                  Section 2.2(a)(v).

                  (b) The Onex Group and the Oaktree Group hereby agree that any
proposed action of the Company (or its Subsidiaries) that, if taken by a
publicly-held corporation similar in size to the Company would customarily be
considered by such company's board of directors, will be considered by and
require the approval of the Board.

         2.3 Affiliate Transactions. At any time prior to an Automatic
Conversion Event, without limiting the generality of Section 2.2(b) above, any
transaction or series of related transactions to which the Company, any of its
Subsidiaries or any Partially Owned Person which is Controlled by the Company is
a party, with or for the benefit of any member of the Onex Group or any
executive officer of Onex or director of Onex who is also an employee of Onex
(or spouse, siblings, children or grandchildren of any such executive officer or
employee director) (all such Persons, collectively, "Related Persons")
("Affiliated Transactions"), must be on arm's length terms, at least as
favorable to the Company, such Subsidiary or such Partially Owned Person (as
applicable) as the terms that could be obtained from a Person that is not a
Related Person. Further, in the case of any Affiliated Transaction with a value
of $3,000,000 or more, (i) such Affiliated Transaction must be approved as being
on arms length terms by at least one director of the Company designated by OCM
pursuant to this Agreement or, at any time that

                                       12
<PAGE>
OCM is not entitled to or has not designated a director of the Company pursuant
to this Agreement, by OCM, or (ii) the Board must have received an opinion from
a Designated Investment Bank that such Affiliated Transaction is on arm's length
terms at least as favorable to the Company, such Subsidiary or such Partially
Owned Person (as applicable) as the terms that could be obtained from a Person
that is not a Related Person. For the purposes of this Section 2.3, a
transaction shall not be deemed to be "for the benefit of" any Related Person if
such transaction is between the Company, on the one hand, and a Person (other
than such Related Person) that is not Controlled by such Related Person. As used
in this Section 2.3, a "Designated Investment Bank" means a major nationally
recognized investment banking firm mutually agreed upon by OCM and Onex Cinema
or, failing such agreement, a major nationally recognized investment banking
firm selected by Onex Cinema from three major nationally recognized investment
banking firms proposed to Onex Cinema for such selection by OCM. If the Company
is a party to any transaction with or for the benefit of any member of the Onex
Group that is in accordance with the provisions of this Agreement, such
transaction shall not constitute an Affiliated Transaction for the purposes
hereof.

         2.4      Onex Group Conversion of Class B Shares; Transfer of Class B
                  Shares.

                  (a) If following the date of this Agreement, the Onex Group
shall at any time own, in the aggregate, a number of Relevant Shares that is
less than the number of Relevant Shares owned by the Oaktree Group, in the
aggregate (such occurrence, an "Automatic Conversion Event"), then at such time,
the Onex Group shall immediately convert all Class B Shares held by members of
the Onex Group, if any, into Class A Shares and the Company shall take all
actions necessary and appropriate in connection therewith. For the purposes of
this Agreement, "Relevant Shares" means, (i) with respect to the Onex Group, any
Shares (excluding any Shares underlying Common Stock Equivalents) owned by any
member of the Onex Group as of the date of this Agreement, any Shares acquired
by any member of the Onex Group after the date hereof from the Company in a
transaction in which such Shares were Participation Securities and the
preemptive rights provided under Section 4 of this Agreement were made available
with respect thereto, and any Shares issued with respect to, in exchange for or
in substitution of any of the foregoing Shares in a transaction of the type
contemplated by Section 8.4 hereof and (ii) with respect to the Oaktree Group,
any Shares (excluding Shares underlying Common Stock Equivalents (other than
Shares acquired upon the exercise of Common Stock Equivalents owned by a member
of the Oaktree Group as of the date hereof)) owned by any member of the Oaktree
Group as of the date hereof, any Shares acquired by any member of the Oaktree
Group after the date hereof from the Company in a transaction in which such
Shares were Participation Securities and the preemptive rights provided under
Section 4 of this Agreement were available with respect thereto, and any Shares
issued with respect to, in exchange for or in substitution of any of the
foregoing Shares in a transaction of a type contemplated by Section 8.4 hereof.
From and after an Automatic Conversion Event, the members of the Onex Group
shall not vote any Class B Shares owned by them.

                  (b) Other than a Transfer to another member of the Onex Group
who becomes bound by this Agreement as contemplated by Section 3.2(a) or Section
3.2(b)(i), each member of the Onex Group hereby agrees to convert Class B Shares
into Class A Shares prior to any Transfer thereof unless both of the following
conditions are satisfied at the time of Transfer (1) the members of the Oaktree
Group, in the aggregate, cease to own at least 10% of the Shares

                                       13
<PAGE>
outstanding, and (2) the Initial Public Offering has been consummated. Any such
Transfer must comply with the applicable provisions of this Agreement,
including, without limitation, Section 3 hereof).

         SECTION 3. TRANSFER OF SHARES.

         3.1      Legends.

                  (a) The certificates evidencing all Shares and Common Stock
         Equivalents acquired by the Stockholders will bear the following
         legends reflecting the restrictions on the Transfer of such securities
         contained in this Agreement:

                  "THE TRANSFER AND VOTING OF ANY OF THE SECURITIES EVIDENCED
                  HEREBY ARE SUBJECT TO THE TERMS OF THAT CERTAIN STOCKHOLDERS
                  AGREEMENT, DATED AS OF MARCH 21, 2002, BY AND AMONG LOEWS
                  CINEPLEX ENTERTAINMENT CORPORATION (THE "COMPANY"), 1363880
                  ONTARIO INC. AND OCM CINEMA HOLDINGS, LLC. A COPY OF SUCH
                  STOCKHOLDERS AGREEMENT HAS BEEN FILED WITH THE SECRETARY OF
                  THE COMPANY AND IS AVAILABLE UPON REQUEST. THE COMPANY WILL
                  NOT REGISTER THE TRANSFER OF SUCH SECURITIES ON THE BOOKS OF
                  THE COMPANY UNLESS AND UNTIL THE TRANSFER HAS BEEN MADE IN
                  COMPLIANCE WITH THE TERMS OF THE STOCKHOLDERS AGREEMENT."

                  "THE SECURITIES COVERED HEREBY HAVE BEEN ACQUIRED FOR
                  INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE U.S.
                  SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR
                  THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND
                  MAY NOT BE OFFERED OR SOLD OR OTHERWISE DISPOSED OF ABSENT
                  REGISTRATION OF THE SECURITIES UNDER THE SECURITIES ACT OR IN
                  A TRANSACTION WHICH QUALIFIES AS A TRANSACTION VALIDLY EXEMPT
                  FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT."

                  (b) The certificates evidencing the Shares and Common Stock
Equivalents acquired by the Stockholders shall also bear any legend required
under any applicable state securities laws.

                  (c) Absent an effective registration statement under the
Securities Act covering the Transfer of the Shares or Common Stock Equivalents
held by a Stockholder, no Stockholder shall Transfer any Shares or Common Stock
Equivalents unless such Transfer is exempt from the registration and prospectus
delivery requirements of the Securities Act and has

                                       14
<PAGE>
been registered or qualified under (or is exempt from the registration and
qualification requirements of) any applicable state securities laws.

                  (d) Each Stockholder consents to the Company making a notation
on its records or giving instructions to any transfer agent for the Shares or
Common Stock Equivalents in order to implement the restrictions on Transfer set
forth in this Section 3.1.

         3.2      Resale of Securities.

                  (a) Restrictions on Transfer. Prior to the earlier to occur of
either (i) an Initial Public Offering or (ii) the first anniversary of the date
of this Agreement, no Stockholder shall Transfer or permit the Transfer of any
Shares or Common Stock Equivalents held by it on the date of this Agreement or
hereafter acquired by such Stockholder, other than to a member of the Oaktree
Group or the Onex Group.

                  (b) Joinder Agreement. It shall be a condition precedent to
any Transfer by any Stockholder permitted by Section 3.2(a) that such Transferee
execute a written joinder agreement in substantially the form attached as Annex
A hereto under which such Transferee agrees to become a party to this Agreement
and to be subject to, and bound by the terms, conditions and restrictions hereof
as a member of the Onex Group or Oaktree Group (as applicable). Following the
earlier to occur of an Initial Public Offering and the first anniversary of the
date of this Agreement,

                           (i) if any Stockholder Transfers Shares or Common
                  Stock Equivalents to a Stockholder that is a member of the
                  Onex Group, then such member of the Onex Group, if not already
                  a party to this Agreement, shall, as a condition to such
                  Transfer, execute and deliver to the Company a joinder
                  agreement, in substantially the form attached as Annex A to
                  this Agreement, agreeing to be bound by the terms, provisions,
                  conditions and restrictions of, and enjoy the same rights
                  under, this Agreement as a member of the Onex Group hereunder;

                           (ii) if any Stockholder Transfers Shares or Common
                  Stock Equivalents to a Stockholder that is a member of the
                  Oaktree Group, then such member of the Oaktree Group, if not
                  already a party to this Agreement, shall, as a condition to
                  such Transfer, execute and deliver to the Company a joinder
                  agreement, in substantially the form attached as Annex A to
                  this Agreement, agreeing to be bound by the terms, provisions,
                  conditions and restrictions of, and enjoy the same rights
                  under, this Agreement as a member of the Oaktree Group
                  hereunder and

                           (iii) if any Stockholder transfers Shares or Common
                  Stock Equivalents to a Stockholder or member of a Stockholder
                  Group, in each case, that is not a member of the Onex Group or
                  Oaktree Group, if such Person is not already a party to this
                  Agreement, then such Person shall, as a condition to such
                  Transfer, execute a Stockholder Joinder.

                  (c) Ineffectiveness of Prohibited Transfers. Any Transfer or
purported Transfer made in violation of this Agreement (including, without
limitation, Section 2.4(b)

                                       15
<PAGE>
hereof and this Section 3) shall be null and void ab initio, and shall be of no
force and effect. Each Stockholder shall notify the Company in writing five days
in advance of any attempted Transfer, and the Company shall not recognize any
Transfer made in violation of this Section 3. Each Stockholder hereby consents
in advance to a "stop-transfer" order with respect to its Shares and/or Common
Stock Equivalents being made on the books of the Company or given to any
transfer agent for the Shares and Common Stock Equivalents, in the event of any
attempted Transfer in violation of this Agreement (including, without
limitation, Section 2.4(b) hereof and this Section 3).

                  (d) Indirect Transfer. At any time prior to the consummation
of an Initial Public Offering, (i) Onex shall not (A) suffer or permit any
member of the Onex Group to cease to be Controlled by Onex as long as such
member holds any Shares or Common Stock Equivalents, or (B) permit any Person
(other than a member of the Onex Group) who does not own an interest in Onex
Cinema as of the date hereof to acquire an interest in Onex Cinema after the
date hereof and (ii) Oaktree shall not (A) suffer or permit any member of the
Oaktree Group (other than a fund or account managed by Oaktree) to cease to be
Controlled by Oaktree as long as such member holds any Shares or Common Stock
Equivalents or (B) permit any Person (other than a member of the Oaktree Group)
who does not own an interest in OCM as of the date hereof to acquire an interest
in OCM after the date hereof.

         3.3      Right of First Offer.

                  (a) Offer by Seller(s). If at any time after the date which is
20 Business Days prior to the first anniversary of the date of this Agreement,
subject to Section 3.3(f), one or more Stockholders (each, a "Seller") wishes to
sell any or all of the Shares and/or Common Stock Equivalents held by such
Seller to any Person that is not a Stockholder or a member of a Stockholder
Group, the Seller shall promptly notify the Company and all Stockholders that
are not part of the Seller's Stockholder Group (such Stockholders, the
"Offerees") in writing of the Seller's desire to Transfer such Shares or Common
Stock Equivalents (the "Notice of Offer"). The Notice of Offer shall (x)
identify all of the Shares or Common Stock Equivalents proposed to be sold, (y)
state the proposed purchase price per Share or Common Stock Equivalents and the
other material terms and conditions of such sale and (z) contain and be deemed
to constitute an irrevocable offer by the Seller to sell to the Offerees the
Shares and/or Common Stock Equivalents which are the subject of the Notice of
Offer (the "Offered Securities") on the terms and subject to the conditions and
time periods set forth in this Section 3.3. For the purposes of this Agreement,
an Offeree's "Pro Rata Share" means, at any time, the number of Fully Diluted
Shares owned by such Offeree as of the date of determination, divided by the
number of Fully Diluted Shares owned by all Offerees as of such date, expressed
as a percentage.

                  (b) Acceptance of Offer. If any Offeree wishes to purchase
Offered Securities, such Offeree shall, within 20 Business Days following
receipt of the Notice of Offer ("Offer Period"), deliver to the Seller(s) and
the Company a written notice (an "Acceptance Notice"), stating that such Offeree
(the "Purchaser") is willing to purchase all or a portion of the Offeree's Pro
Rata Share of the Offered Securities (and, if such Purchaser so desires, an
additional amount of Excess Offered Securities as contemplated below), and such
written notice shall constitute an irrevocable commitment by such Offeree to
purchase such number of Offered Securities on the terms and subject to the
conditions set forth in this Section 3.3. Further, any

                                       16
<PAGE>
Offeree may specify in its Acceptance Notice any number of the Offered
Securities in addition to its Pro Rata Share of Offered Securities that such
Offeree would be willing to purchase if and to the extent any Offered Securities
are not the subject of a timely Acceptance Notice delivered by other Offerees
hereunder (any such Offered Securities being referred to as, "Excess Offered
Securities") because one or more Offerees does not deliver a timely Acceptance
Notice or delivers a timely Acceptance Notice that covers less than all of such
Offeree's Pro Rata Share of Offered Securities. First, each Offeree shall be
permitted to purchase up to such Offeree's Pro Rata Share of Offered Securities
(as elected in such Offeree's Acceptance Notice). Thereafter, if there exist
Excess Offered Securities and one or more Offeree (each, an "Excess Offeree")
has delivered an Acceptance Notice which indicates, from the number of Offered
Securities covered thereby, that such Excess Offeree would be willing to
purchase all or a portion of such Excess Offered Securities, then such Excess
Offered Securities shall be allocated to such Excess Offerees pro rata based
upon the proportion that the number of Fully Diluted Shares owned by each such
Excess Offeree bears to the number of Fully Diluted Shares owned by all such
Excess Offerees; provided, that no Excess Offeree shall purchase by operation of
the allocation procedure contemplated by this sentence a number of Offered
Securities, in the aggregate, that is greater than the number of Offered
Securities covered by the Acceptance Notice delivered thereby. The allocation
procedure contemplated by the immediately preceding sentence shall be applied
repeatedly until all Excess Offered Securities are allocated to Excess Offerees
that have delivered Acceptance Notices entitling them to purchase such Excess
Offered Securities, or until no Excess Offeree is entitled to purchase such
Excess Offered Securities based on the number of Offered Securities covered by
their Acceptance Notices. The failure of any Offeree to deliver a timely
Acceptance Notice shall be deemed to be a waiver of such Offeree's rights to
purchase Offered Securities pursuant to this Section 3.3; provided, that any
Offeree may waive its rights to purchase Offered Securities pursuant to this
Section 3.3 prior to the expiration of the Offer Period by giving written notice
to such effect to the Seller(s), with a copy to the Company.

                  (c) Purchase Price for Offered Securities. The purchase price
per Share or Common Stock Equivalent for the Offered Securities shall be the
price per Share or Common Stock Equivalent stated in the Notice of Offer, which
price shall be paid in cash.

                  (d) Closing of Purchase of Offered Securities. The closing of
the purchase of Offered Securities shall take place at the principal offices of
the Company or at such other location as the Purchaser(s) and Seller(s) may
mutually agree. Such closing shall take place as promptly as practicable, but in
no event more than 10 days after the expiration of the Offer Period. At the
closing, the purchase price for the Offered Securities shall be paid by the
Purchaser(s) to the Seller(s) against delivery by the Seller(s) to the
Purchaser(s) of the certificates evidencing the Offered Securities to be
conveyed, duly endorsed or accompanied by stock powers or other appropriate
instruments of Transfer duly executed in blank, free and clear of all liens,
encumbrances, security interests, adverse claims or other restrictions (other
than those created by this Agreement).

                  (e) Sale by Seller(s). If the Offer Notice shall be duly
given, and if the Offerees have not elected within the Offer Period to purchase
all Offered Securities, then the Seller(s) shall be free, for a period of 180
days from the expiration of the Offer Period to sell (or to enter into a
definitive agreement to sell) the Offered Securities as to which no election was
made, to any Person or Persons other than an Ineligible Purchaser or a
Disqualified Purchaser for

                                       17
<PAGE>
cash at a price per Share or Common Stock Equivalent (as applicable) that is
equal to or greater than the price therefor set forth in the Notice of Offer.
Before selling (or entering into a definitive agreement to sell) any Offered
Securities to any Person as otherwise permitted by the immediately preceding
sentence, the Seller(s) shall, no later than the date which is 10 Business Days
prior to the date of such sale (or the date of execution of such definitive
agreement), deliver a written notice (the "Purchaser Identification Notice") to
the Company identifying the Person that is the proposed Transferee of such
Offered Securities, including, if such Person is not a natural person, a list of
all Persons that Control such proposed Transferee and a list of such Person's
and any such Controlling Persons' principal executive officers. It shall be a
condition precedent to the consummation of any Transfer of Offered Securities
under this Section 3.3(e) that the Transferee agree, pursuant to a written
agreement in substantially the form attached as Annex B hereto (a "Stockholder
Joinder") to be bound by and subject to the terms, conditions and restrictions
of this Agreement as a Stockholder (but not a member of the Onex Group or
Oaktree Group). If the Seller(s) (i) fail to Transfer Offered Securities under
this Section 3.3(e) within the 180-day period referred to above, or (ii) enter
into a definitive agreement to do so within the 180-day period referred to above
and fail to consummate the closing thereunder within 90 days after the date of
entry into such agreement, then any Transfer by the Seller(s) of such Offered
Securities shall again be subject to compliance with the right of first offer
set forth in this Section 3.3.

         In order to prohibit a Transfer to a Company Competitor or a
Disqualified Purchaser, the Company must deliver to the Seller(s) a written
notice that a proposed Transferee of Offered Securities has been determined by
the Company to be a Competitor or Disqualified Purchaser (as applicable) within
ten Business Days of receipt by the Company of a Purchaser Identification
Notice. Failure of the Company to deliver such written notice within such ten
Business Day period shall be deemed a determination by the Company that the
proposed Transferee is not a an Ineligible Purchaser or a Disqualified
Purchaser.

                  (f) Exempted Transfers. The provisions of this Section 3.3
(and Section 3.4) shall not apply to Transfers in connection with an Initial
Public Offering or at any time after an Initial Public Offering, or to Transfers
pursuant to the exercise of the Tag-Along Right under Section 3.4 or a
Drag-Along Sale with respect to which the Drag-Along Right is exercised under
Section 3.5 (other than a Non-Qualifying Drag-Along Sale).

         3.4      Tag-Along Right.

                  (a) Grant of Tag-Along Right. If one or more members of a
Stockholder Group (the "Offering Stockholders") at any time intend to Transfer
Shares and/or Common Stock Equivalents (a "Tag-Along Sale") in a transaction to
which Section 3.3 applies (other than a Drag-Along Sale in which Drag-Along
Rights are exercised), then such Offering Stockholder(s) shall, following
compliance with Section 3.3 and at least 20 Business Days prior to the Closing
of the Tag-Along Sale, deliver written notice (a "Tag-Along Notice") thereof to
the Stockholders which are not members of the Offering Stockholder's Stockholder
Group (each such Stockholder, a "Tag-Along Stockholder") setting forth in
reasonable detail the material terms and conditions associated with such
proposed Tag-Along Sale, including, without limitation, (i) to the extent then
known, the identity of the proposed Transferee(s) (the "Buyer(s)"), (ii) the
proposed purchase price per Share and/or the proposed purchase price for

                                       18
<PAGE>
each type of Common Stock Equivalent and the terms and conditions of such sale,
(iii) the aggregate number of Shares and the aggregate number of each type of
Common Stock Equivalent proposed to be Transferred in the Tag-Along Sale and
(iv) the aggregate number of Shares and/or the aggregate number of each type of
Common Stock Equivalent with respect to which each Tag-Along Stockholder can
exercise the tag-along right (the "Tag-Along Right") provided in this Section
3.4 (determined under Section 3.4(b)(ii) below). The Company shall cooperate
with any Offering Stockholders in the preparation of a Tag-Along Notice, and
shall provide to any Offering Stockholder such information as it may reasonably
request for the purposes of completing the Tag-Along Notice.

                  (b)      Exercise of Tag-Along Right.

                           (i) Within 10 days following the date the Tag-Along
                  Notice is delivered, a Tag-Along Stockholder may deliver
                  written notice (a "Participation Notice") to the Offering
                  Stockholders notifying them that such Tag-Along Stockholder
                  elects to participate in the Tag-Along Sale, on the terms and
                  subject to the conditions set forth in this Section 3.4.

                           (ii) (A) If a Tag-Along Stockholder delivers a timely
                           Participation Notice, the Tag-Along Stockholder will
                           be permitted to sell to the Buyer(s) in the Tag-Along
                           Sale up to a number of Shares and/or up to a number
                           of each type of Common Stock Equivalent that is the
                           subject of the Tag-Along Sale, in each case, equal to
                           the product of (1) the aggregate number of Shares or
                           of such type of Common Stock Equivalent (as
                           applicable) proposed to be Transferred to the
                           Buyer(s) in the Tag-Along Sale and (2) a fraction,
                           the numerator of which is the number of Shares or of
                           such type of Common Stock Equivalent (as applicable)
                           held by such Tag-Along Stockholder, and the
                           denominator of which is the total number of Shares or
                           of such type of Common Stock Equivalent (as
                           applicable) held by all Stockholders together, in
                           each case, determined as of the date the Tag-Along
                           Notice is delivered.

                                    (B) For avoidance of doubt, if the
                           securities that the Offering Stockholders are
                           Transferring to the Buyer(s) in a Tag-Along Sale
                           consist of either (1) Shares and one or more types of
                           Common Stock Equivalents or (2) more than one type of
                           Common Stock Equivalent, then the right of the
                           Tag-Along Stockholders to sell securities in such
                           Tag-Along Sale under this Section 3.4 shall be
                           exercisable as to such Shares and/or types of Common
                           Stock Equivalents only in the same proportion as such
                           types of securities are being sold by the Offering
                           Stockholders, and the calculation set forth in
                           Section 3.4(b)(ii)(A) shall be performed
                           independently as to each such type of security. For
                           purposes of the foregoing, there shall be no
                           distinction between the Class A Shares and the Class
                           B Shares.

                                    (C) The maximum aggregate number of Shares
                           and/or of each type of Common Stock Equivalent which
                           each Tag-Along Stockholder is

                                       19
<PAGE>
                           permitted to sell in a Tag-Along Sale under this
                           Section 3.4 are referred to herein collectively as
                           such Tag-Along Stockholder's "Tag-Along Securities".

                           (iii) With respect to any Shares or Common Stock
                           Equivalents of a Tag-Along Stockholder that are the
                           subject of a timely Participation Notice, such
                           Tag-Along Stockholder shall be irrevocably bound to
                           Transfer such Shares or Common Stock Equivalents to
                           the Buyer(s) upon the terms and conditions set forth
                           in the Tag-Along Notice conditioned only upon the
                           closing of the Tag-Along Sale.

                           (iv) (A) The Transfer of Shares and/or Common Stock
                           Equivalents to the Buyer(s) in the Tag-Along Sale by
                           the Tag-Along Stockholders shall be at the same price
                           and for the same type and amount of consideration per
                           Share (without distinction as between Class A Shares
                           and Class B Shares) or type of Common Stock
                           Equivalent, and on the same terms and conditions, as
                           are associated with the Transfer by the Offering
                           Stockholders.

                                    (B) If the Offering Stockholders have
                           delivered a Tag-Along Notice, they shall promptly
                           notify the Tag-Along Stockholders in writing if the
                           Offering Stockholders agree with the Buyer(s) in the
                           proposed Tag-Along Sale, prior to both the delivery
                           by any Tag-Along Stockholders of a Participation
                           Notice, and the lapse of the 10-day period following
                           the date of delivery of the Tag-Along Notice, to any
                           change to the price per Share or the price per Common
                           Stock Equivalent to be paid by the Buyer(s) therein
                           or otherwise materially modify the terms and
                           conditions of the Tag-Along Sale from those set forth
                           in the Tag-Along Notice, and the Tag-Along Notice
                           shall be deemed to have been amended for all purposes
                           of this Agreement to include such modified price or
                           terms and conditions. If the Offering Stockholders
                           have delivered a Tag-Along Notice, and the Offering
                           Stockholders thereafter agree with the Buyer(s) in
                           the proposed Tag-Along Sale, after the delivery by
                           any Tag-Along Stockholders of a Participation Notice
                           or, if no Participation Notice is delivered,
                           following the expiration of the 10-day period
                           following the delivery of the Tag-Along Notice, to
                           reduce the price per Share or Common Stock Equivalent
                           in, or to modify in a manner favorable to the
                           Buyer(s) any of the other material terms and
                           conditions of, the Tag-Along Sale from those set
                           forth in the Tag-Along Notice, then the Offering
                           Stockholders shall be required to deliver a new
                           Tag-Along Notice with respect to, and otherwise
                           comply with the provisions of this Section 3.4 in
                           connection with, such modified Tag-Along Sale;
                           provided, that for such purposes, (x) the 20 Business
                           Day period referred to in the first sentence of
                           Section 3.4 (a) shall be deemed to be a five Business
                           Day period and (y) the 10-day period referred to in
                           the first sentence of Section 3.4(b)(i) shall be
                           deemed to be a five day period.

                                       20
<PAGE>
                                    (C) Notwithstanding anything to the contrary
                           herein, subject to compliance with the provisions
                           hereof, nothing herein shall be deemed or construed
                           to restrict the ability of the Offering Stockholders
                           to determine in their sole and absolute discretion at
                           any time (1) whether to consummate or decline to
                           proceed with the Tag-Along Sale and/or (2) to amend,
                           supplement or otherwise modify any of the terms and
                           conditions (including the price per Share or of any
                           type of Common Stock Equivalent) associated with the
                           Tag-Along Sale. If the Offering Stockholders deliver
                           a Tag-Along Notice, at any time before the closing of
                           the related Tag-Along Sale, the Offering Stockholders
                           shall be entitled, in their sole and absolute
                           discretion and whether or not any Tag-Along
                           Stockholders have delivered a Participation Notice,
                           to give written notice (a "Withdrawal Notice") to the
                           Tag-Along Stockholders electing to withdraw the
                           Tag-Along Notice and not to proceed with the proposed
                           Tag-Along Sale. If the Offering Stockholders deliver
                           a Withdrawal Notice, any previously delivered
                           Participation Notice by any Tag-Along Stockholder and
                           the related exercise by such Tag-Along Stockholders
                           of their Tag-Along Right shall automatically be
                           deemed to be revoked.

                  (c) Sale Where No Tag-Along Exercise. If one or more Tag-Along
Stockholders does not give a timely Participation Notice with respect to all or
any portion of its Tag-Along Securities, then, subject to Section 3.4(b)(iv)(B),
the Offering Stockholders may transfer up to the number of Shares and/or Common
Stock Equivalents that were the subject of the Tag-Along Notice but which were
not the subject of timely Participation Notices for a period of 60 days
following the expiration of the 10 day period immediately following the delivery
of the Tag-Along Notice, on terms and conditions substantially equivalent to
those set forth in the Tag-Along Notice.

                  (d) Certain Covenants Concerning Tag-Along Sale. In connection
with any Tag-Along Sale in which Tag-Along Stockholders have elected to
participate pursuant to this Section 3.4, such participating Tag-Along
Stockholders shall take such actions as may be reasonably requested by the
Offering Stockholders as desirable or necessary to facilitate the consummation
of the Tag-Along Sale, including, without limitation, the execution and delivery
of such agreements and other documents, and the taking of such actions, as may
be reasonably necessary to (i) provide representations and warranties,
covenants, indemnities, and escrow arrangements relating to the Tag-Along Sale,
to the extent that the same are being provided by the Offering Stockholders and
(ii) effect the allocation and distribution of the aggregate net consideration
payable to the Offering Stockholders and the participating Tag-Along
Stockholders upon the closing of the Tag-Along Sale. Any representations,
warranties and indemnities to be provided by a Tag-Along Stockholder (other than
those relating to such Stockholder's existence, capacity, authorization,
execution and delivery and title to securities) shall be several in nature, and
such Person's liability in connection therewith shall be on a pro rata basis,
based upon the proportion that the aggregate gross proceeds received by such
Tag-Along Stockholder in the Tag-Along Sale for its Shares and/or Common Stock
Equivalents bears to the aggregate gross proceeds received by all Persons
selling Shares and/or Common Stock Equivalents therein.

                                       21
<PAGE>
                  (e) Closing of Tag-Along Sale. At or prior to the closing of
the Tag-Along Sale, each participating Tag-Along Stockholder shall deliver to
the Buyer(s) certificates evidencing the Tag-Along Securities to be conveyed by
Tag-Along Stockholder, duly endorsed or accompanied by stock powers or other
appropriate instruments of transfer duly executed in blank, free and clear of
all liens, encumbrances, security interests, adverse claims or other
restrictions (other than those created by this Agreement), against payment of
the purchase price therefor.

                  (f) Treatment of Shares Sold Buyer(s) in Tag-Along Sale. It
shall be a condition precedent to the closing of any Tag-Along Sale that each
Buyer execute and deliver to Onex Cinema, OCM and the Company a Stockholder
Joinder duly executed by such Buyer.

         3.5      Drag-Along Right; Company Asset Sales.

                  (a) Grant of Drag-Along Right. If at any time prior to the
occurrence of an Automatic Conversion Event, one or more members of the Onex
Group, individually or together (the "Selling Stockholders"), wish, in one or a
series of related transactions, to Transfer Shares and/or Common Stock
Equivalents held by them to an Independent Third Party or group of Independent
Third Parties in a bona fide arm's length transaction, whether by way of merger,
consolidation, sale of securities, exchange of securities or any other type of
business combination transaction (a "Drag-Along Sale"), then:

                           (i) the Selling Stockholders shall be entitled to
                  exercise the right (the "Drag-Along Right") provided in this
                  Section 3.5 to require each other Stockholder that is not a
                  member of the Onex Group (the "Drag-Along Stockholders") to
                  Transfer at the closing of such Drag-Along Sale to the
                  proposed Transferee (the "Drag-Along Transferee") Shares
                  and/or Common Stock Equivalents constituting the same
                  proportion of the Fully Diluted Shares then held by such
                  Stockholder as the Selling Stockholders are Transferring of
                  their Fully Diluted Shares (the "Drag-Along Securities");

                           (ii) the Drag-Along Stockholders shall receive the
                  same type and amount of consideration per Share (without
                  distinction as between Class A Shares and Class B Shares) and
                  the same type and amount of consideration for each type of
                  Common Stock Equivalent, in each case, as is paid or delivered
                  by the Drag-Along Transferee in the Drag-Along Sale to the
                  Selling Stockholders;

                           (iii) without limiting Section 3.5(a)(ii) above, any
                  and all consideration received by the Drag-Along Stockholders
                  must be in the form of cash or readily marketable securities
                  of U.S. issuers or readily marketable securities of one or
                  more non-U.S. issuers; the securities of each such non-U.S.
                  issuer must be listed or quoted on a U.S. stock exchange or
                  automatic quotation system or a major international stock
                  exchange or automatic quotation system, and each such non-U.S.
                  issuer must have a total market capitalization equal to the
                  equivalent of US$500,000,000 or more;

                                       22
<PAGE>
                           (iv) before delivering a Drag-Along Notice in
                  connection with a Drag-Along Sale that involves the Transfer
                  of less than 50% of the Fully-Diluted Shares then held by the
                  members of the Onex Group in the aggregate (any such Transfer,
                  a "Non-Qualifying Drag-Along Sale"), the Selling Stockholders
                  must first comply with Section 3.3 hereunder with respect to
                  the Shares and/or Common Stock Equivalents proposed to be
                  Transferred in such Drag-Along Sale by the Selling
                  Stockholders;

                           (v) the Drag-Along Stockholders shall otherwise
                  participate in the Drag-Along Sale on the same terms and
                  conditions as the Selling Stockholders, subject to Section
                  3.5(d) below;

                           (vi) No consideration or fees shall be paid or
                  provided to the Selling Stockholders or any of their
                  respective Affiliates or Related Persons in any manner
                  (including, without limitation, in connection with a
                  non-compete agreement, consulting arrangement or any other
                  agreement, arrangement or understanding) in connection with a
                  Drag-Along Sale, that would cause the Selling Stockholders or
                  any of their respective Affiliates or Related Persons to
                  receive a benefit (of any kind, in any form and/or at any
                  time) not available to the Drag-Along Stockholders on a
                  proportionate basis; and

                           (vii) All definitive agreements, whether written or
                  oral, between the Selling Stockholders or any of their
                  respective Affiliates or Related Persons, on the one hand, and
                  the Drag-Along Transferee or any of its Affiliates, on the
                  other hand, governing or relating to, or otherwise in
                  connection with a Drag-Along Sale shall be disclosed in
                  writing to the Selling Stockholders prior to any such party
                  entering into any such definitive agreements governing or
                  relating to, or otherwise in connection with such Drag-Along
                  Sale.

                  (b) Exercise of Drag-Along Right. To exercise the Drag-Along
Right, the Onex Group shall give Drag-Along Stockholders a written notice of
exercise (a "Drag-Along Notice") setting forth (i) to the extent then known, the
identity of the Drag-Along Transferee, (ii) the proposed type and amount of
consideration and the terms of payment associated with the Drag-Along Sale,
(iii) the number of Shares and the number of each type of Common Stock
Equivalent that each Drag-Along Stockholder will be required to Transfer in the
Drag-Along Sale as Drag-Along Securities, and (iv) the other material terms and
conditions of the Drag-Along Sale. Thereafter, the Drag-Along Stockholders shall
be obligated to Transfer the Drag-Along Securities to the Drag-Along Transferee
at the closing of the Drag-Along Sale, conditioned only upon the closing of the
Drag-Along Sale, and to otherwise comply with the provisions of this Section 3.5
in connection with the Drag-Along Sale.

                  (c) Drag-Along Stockholder Approval of Drag-Along Sale;
Company Asset Sales; Etc. The Drag-Along Stockholders shall consent to, and
shall raise no objections against a Drag-Along Sale or Company Asset Sale
effected in accordance with this Section 3.5. If any Company Asset Sale
requires, or the Drag-Along Sale is structured as a merger or consolidation of
the Company or other type business combination transaction which requires,
approval of the stockholders of the Company and/or if dissenters rights,
appraisal rights or similar rights may be

                                       23
<PAGE>
available, in connection with such Company Asset Sale or Drag-Along Sale, then
each Drag-Along Stockholder shall vote all Shares and other voting securities of
the Company held thereby to approve such merger, consolidation or other
transaction or Company Asset Sale, and shall waive any such dissenters rights,
appraisal rights or similar rights in connection with such merger or
consolidation or other transaction or Company Asset Sale.

                  (d) Agreements in Drag-Along Sale. In connection with any
Drag-Along Sale the Drag-Along Stockholders shall take such actions as may be
reasonably requested by the Onex Group as desirable or necessary to facilitate
the consummation of the Drag-Along Sale, including, without limitation, the
execution and delivery of such agreements and other documents, and the taking of
such actions, as may be reasonably necessary to (i) provide representations and
warranties, covenants, indemnities, and escrow arrangements relating to the
Drag-Along Sale, to the extent that the same are being provided by the Selling
Stockholders and (ii) effect the allocation and distribution of the aggregate
net consideration payable to the Selling Stockholders and the Drag-Along
Stockholders upon the closing of the Drag-Along Sale. Any representations,
warranties and indemnities to be provided by a Drag-Along Stockholder (other
than those relating to such Stockholder's existence, capacity, authorization,
execution and delivery and title to securities) shall be several in nature, and
such member's liability in connection therewith shall be on a pro rata basis,
based upon the proportion that the aggregate gross proceeds received by such
person in the Drag-Along Sale for its Shares and/or Common Stock Equivalents
bears to the aggregate gross proceeds received by all Persons selling Shares
and/or Common Stock Equivalents therein.

                  (e) Composition of Drag-Along Securities. Notwithstanding
anything to the contrary herein, if the Selling Stockholders exercise the
Drag-Along Right, the Selling Stockholders shall be entitled to require the
Drag-Along Stockholders to exercise, exchange or convert any Common Stock
Equivalents held by them into Shares, in connection with the closing of the
Drag-Along Sale and the sale of Drag-Along Securities to the Drag-Along
Transferee. If the securities that the Selling Stockholders are Transferring to
the Buyer(s) in a Drag-Along Sale in which the Onex Group is selling less than
all of its Fully Diluted Shares consist of either (1) Shares and one or more
types of Common Stock Equivalents or (2) more than one type of Common Stock
Equivalent, then the Drag-Along Securities of the Drag-Along Stockholders shall
include each such type of security in the same proportions as they are included
in the securities being sold by the Selling Stockholders in such Drag-Along
Sale.

                  (f) Purchaser Representative for Drag-Along Sale. If the
Selling Stockholders or their representatives enter into any negotiation or
transaction for which Regulation D under the Securities Act (or any similar rule
or regulation then in effect) may be available with respect to such negotiation
or transaction (including a merger, consolidation or other reorganization), each
Drag-Along Stockholder who is not an accredited investor (as such term is
defined in Rule 501 under the Securities Act) will, at the request of the
Selling Stockholders, appoint a purchaser representative (as such term is
defined in Rule 501 under the Securities Act) reasonably acceptable to the
Selling Stockholders.

                  (g) Alternative Consideration to Avoid Registration, Etc.
Notwithstanding anything to the contrary herein, in the event that all or a
portion of the purchase price to be paid by the Drag-Along Transferee in the
Drag-Along Sale consists of securities, and the sale of such

                                       24
<PAGE>
securities to the Drag-Along Stockholders (other than OCM or any member of the
Oaktree Group that is an Accredited Investor (as defined in Regulation D under
the Securities Act)) would require either a registration under the Securities
Act or the preparation of a disclosure document under Regulation D under the
Securities Act (or any successor regulation) or a similar provision of any state
securities laws, then, at the option of the Selling Stockholders, the Drag-Along
Stockholders (other than OCM or any member of the Oaktree Group that is an
Accredited Investor (as defined in Regulation D under the Securities Act)) may
receive, in lieu of such securities, the fair market value of such securities in
cash, as determined in good faith by the Board.

                  (h) Closing of Drag-Along Sale. At or prior to the closing of
a Drag-Along Sale, the Drag-Along Stockholders shall deliver to the Drag-Along
Transferee certificates representing the Drag-Along Securities to be conveyed,
duly endorsed or accompanied by stock powers or other appropriate instruments of
transfer duly executed in blank, free and clear of all liens, encumbrances,
security interests, adverse claims or other restrictions (other than those
created by this Agreement), against delivery by the Drag-Along Transferee of the
consideration for the Drag-Along Securities.

                  (i) The Onex Group shall not without exercising the Drag-Along
Right cause the Company to consummate a Change of Control Transaction that is
structured as a sale, merger, tender offer, consolidation or other business
combination or sale of all or substantially all the assets of the Company,
capable of being approved by the members of the Onex Group in their capacity as
stockholders of the Company without the approval of any other holder of Common
Stock (any of the foregoing, a "Statutory Drag-Along Sale"), unless such
Statutory Drag-Along Sale (x) is approved by the holders of a majority of the
outstanding shares of Common Stock held Persons other than the Onex Group or (y)
is in connection with a bona fide arm's length transaction with an Independent
Third Party or group of Independent Third Parties and would, if conducted as a
Drag-Along Sale, comply with Sections 3.5(a)(ii),(iii), (iv), (v), (vi) and
(vii) hereof.

                  (j) No Stockholder shall effect a Tag-Along Sale other than in
such a manner that such Tag-Along Sale would, if it were a Drag-Along Sale and
such Stockholder were a Selling Stockholder, comply with Sections 3.5(a)(ii),
(v), (vi) and (vii) hereof.

         3.6 Oaktree Put Right.

         Whether or not the "put" rights granted to the Oaktree Group under this
Section 3.6(a) shall be available with respect to any particular Shares held by
a member of the Oaktree Group shall be determined in accordance with Section
3.6(b) hereof, and all references in this Section 3.6(a) to "Shares" of a member
of the Oaktree Group shall constitute only references to Shares identified in
such Section 3.6(b).

                  (a) (1) During the 45-day period from and after the first
                  anniversary of the date of this Agreement (the "First
                  Anniversary Date"), the Oaktree Group shall have the right to
                  require the Onex Group to purchase an aggregate of 40,000
                  Shares owned by the Oaktree Group at a price equal to $2,345
                  per Share, in accordance with the second paragraph of Section
                  3.6(a)(ii) below.

                                       25
<PAGE>
                           (ii) During the 45-day period from and after each of
                  the third and fifth anniversaries of the date of this
                  Agreement (each, a "Subsequent Anniversary Date"), each member
                  of the Oaktree Group shall have the right to require the Onex
                  Group to purchase the Shares identified in the immediately
                  following paragraph of this Section 3.6(a)(ii) (the "Put
                  Shares") at a price per Put Share equal to the Oaktree
                  Purchase Price (subject to deferral of the payment of any
                  Unavailable EBITDA Amount as provided below).

                           Each member of the Oaktree Group other than OCM
                  shall, in connection with any exercise of the "put" right
                  granted under Section 3.6(a) be required to exercise such
                  "put" right as to all but not less than all of the Shares held
                  by such Person at the time of exercise (including all Shares
                  then capable of being acquired upon the exercise of Common
                  Stock Equivalents held thereby). OCM shall, in connection with
                  any exercise of the "put" right granted under Section 3.6(a)
                  be required to exercise such "put" right as to all but not
                  less than all of the Shares owned by OCM at the time of
                  exercise for the benefit of, or on behalf of any Person who
                  owns an interest in OCM (including all such Shares then
                  capable of being acquired upon the exercise of Common Stock
                  Equivalents owned by OCM for the benefit of, or on behalf of
                  any such Person). For avoidance of doubt and by way of example
                  only, if at the time of exercise of the "put" right granted
                  under this Section 3.6(a), OCM owns 100 Shares and the
                  outstanding interests in OCM owned by Persons for the benefit
                  of which or on behalf of which OCM owns Shares are owned by
                  four Persons (such interests in OCM allocated 35%, 25%, 30%
                  and 10% among such Persons), then OCM shall be entitled to
                  exercise such "put" right as to 35 Shares, 25 Shares, 30
                  Shares, 10 Shares or any sum of any of two or more of the
                  foregoing amounts of Shares.

                           (iii) In order to exercise the Oaktree Group's right
                  to require the purchase of Shares or Put Shares by the Onex
                  Group pursuant to Section 3.6(a)(i) or 3.6(a)(ii) above,
                  respectively, OCM, on behalf of the Oaktree Group, shall
                  deliver written notice of such election to Onex Cinema during
                  the 45-day period from and after the First Anniversary Date
                  (in the case of exercise under Section 3.6(a)(i)) or the
                  relevant Subsequent Anniversary Date (in the case of exercise
                  under Section 3.6(a)(ii)). Such notice shall specify the
                  members of the Oaktree Group from whom Shares or Put Shares
                  (as applicable) are to be purchased and the number of Shares
                  or Put Shares (as applicable) to be sold to the Onex Group
                  hereunder by each such member of the Oaktree Group.

                  The closing of the exercise by the Oaktree Group of its rights
                  under Section 3.6(a)(i) shall take place within the 30-day
                  period following receipt by Onex Cinema of the notice of such
                  exercise.

                  If OCM on behalf of the Oaktree Group delivers to Onex Cinema
                  a notice exercising its right pursuant to Section 3.6(a)(ii),
                  then as soon as practicable, but in any event within 45 days
                  after the date OCM delivers such notice, Onex Cinema shall
                  deliver to OCM on behalf of the Oaktree Group a written notice
                  (the "Pricing Notice") setting forth the Oaktree Purchase
                  Price and the calculation

                                       26
<PAGE>
                  thereof in reasonable detail, including the amount of any
                  Unavailable EBITDA Amount, the payment of which is to be
                  deferred as contemplated by this Section 3.6(a)(iii). During
                  the 45-day period following the delivery by Onex Cinema of the
                  Pricing Notice the Company shall provide OCM and its
                  authorized representatives with such reasonable access to the
                  books and records and personnel of the Company and its
                  Subsidiaries and, to the extent reasonably practicable, its
                  Partially Owned Persons, as OCM may reasonably request for the
                  purposes of verifying the accuracy of the Pricing Notice and
                  the Oaktree Purchase Price, the Unavailable EBITDA Amount and
                  other calculations set forth therein, and for the purpose of
                  otherwise participating in the dispute resolution procedure
                  provided in this Section 3.6(a)(iii), in each case, at
                  reasonable times and upon reasonable notice and subject to
                  such agreements regarding confidentiality and non-disclosure
                  in such form as the Company may reasonably request. If OCM on
                  behalf of the Oaktree Group does not deliver a notice (a
                  "Dispute Notice") to Onex Cinema within the 45-day period
                  following the delivery by Onex Cinema of the Pricing Notice,
                  which Dispute Notice sets forth the Oaktree Group's objections
                  to the Oaktree Purchase Price and/or Unavailable EBITDA Amount
                  set forth in the Pricing Notice, then upon the expiration of
                  such 45-day period the Pricing Notice and the Oaktree Purchase
                  Price and any Unavailable EBITDA Amount set forth therein
                  shall be conclusive and binding upon all parties to this
                  Agreement for all purposes.

                  If OCM gives a timely Dispute Notice, then OCM and Onex Cinema
                  shall for a period of five Business Days following the date
                  the Dispute Notice is delivered to Onex Cinema endeavor in
                  good faith to resolve any objections to, and agree upon the
                  final form of, the Pricing Notice and the Oaktree Purchase
                  Price and any Unavailable EBITDA Amount set forth therein. In
                  the event that Onex Cinema and OCM fail to resolve all
                  outstanding issues with respect to Pricing Notice within such
                  five Business Day period, then all remaining issues in dispute
                  will be submitted to a major certified public accounting firm
                  of national reputation mutually agreed upon by Onex Cinema and
                  OCM (the "Accountant") for resolution in accordance with the
                  terms and conditions of this Agreement not later than five
                  Business Days after the expiration of such five Business Days
                  period; provided that, if within five Business Days after the
                  expiration of the aforementioned five-Business Day negotiation
                  period the parties have failed to agree upon the selection of
                  the Accountant, Onex Cinema shall select a major certified
                  public accounting firm of national reputation from three such
                  firms proposed by OCM to Onex Cinema for such purpose within
                  five days thereafter. If issues in dispute are submitted to
                  the Accountant for resolution, (i) the Company will furnish to
                  the Accountant such work papers and other documents and
                  information relating to the disputed issues as the Accountant
                  may reasonably request and OCM and Onex Cinema will be
                  afforded the opportunity to present to the Accountant any
                  material relating to the determination and to discuss the
                  determination with the Accountant; (ii) the determination by
                  the Accountant, as set forth in a written notice which Onex
                  Cinema and OCM shall instruct the Accountant to deliver to
                  both of them within ten Business Days after the date of the
                  engagement of the Accountant, will be binding and conclusive
                  on the parties

                                       27
<PAGE>
                  for all purposes; and (iii) the Onex Group and the Oaktree
                  Group shall each bear 50% of the fees and expenses of the
                  engagement of the Accountant in connection with such
                  determination. As a condition to the engagement of the
                  Accountant, the Accountant may be required to enter into such
                  agreements regarding confidentiality and non-disclosure as the
                  Company may reasonably request.

                  If OCM does not deliver a Dispute Notice, then the closing of
                  the purchase and sale of Put Shares in connection with the
                  Oaktree Group's exercise of its rights under Section
                  3.6(a)(ii) shall occur within 30 days following the expiration
                  of the 45-day period following the date Onex Cinema delivers
                  the Pricing Notice or, if OCM delivers a written notice
                  waiving its right to deliver a Dispute Notice before the
                  expiration of such 45-day period, then within 30 days
                  following receipt by Onex Cinema of such written notice. If
                  OCM delivers a Dispute Notice, then the closing of the
                  purchase and sale of Put Shares in connection with the Oaktree
                  Group's exercise of its rights under Section 3.6(a)(ii) shall
                  occur as soon as practicable, but in no event later than ten
                  Business Days following the date on which all disputes
                  regarding the Pricing Notice and the Oaktree Purchase Price
                  and any Unavailable EBITDA Amount have been conclusively
                  resolved in accordance with this Section 3.6(a)(iii).

                  Notwithstanding anything to the contrary in the immediately
                  preceding paragraph, if as of the Subsequent Anniversary Date
                  as of which the Oaktree Group exercises its rights under
                  Section 3.6(a)(ii) there exists an Unavailable EBITDA Amount,
                  as finally determined pursuant to this Section 3.6(iii), then,
                  with respect to each Put Share purchased by the Onex Group,
                  that portion of the Oaktree Purchase Price payable with
                  respect to such Put Share equal to the Unavailable EBITDA
                  Amount will be deferred until, and paid without interest upon,
                  the earlier of (x) the occurrence of a Realization Event or
                  (y) the seventh anniversary of the date of this Agreement.

                  As used in this Agreement, the term "Realization Event" means
                  (a) an Initial Public Offering, (b) any Company Asset Sale or
                  sale by the Onex Group of equity securities of the Company,
                  (c) the declaration and payment of a dividend by the Company,
                  (d) a Change of Control Transaction or (e) any issuance of
                  additional equity of the Company, which in any of the cases
                  identified in clauses (a) through (e) results in the payment
                  to the Onex Group of net proceeds (whether in the form of cash
                  or other property) in an amount not less than the aggregate
                  Unavailable EBITDA Amount as to which the Onex Group has
                  deferred payment to the Oaktree Group as provided herein.

                  At the closing of any purchase of Shares or Put Shares by the
                  Onex Group upon an exercise by the Oaktree Group of its rights
                  under Section 3.6(a)(i) or Section 3.6(a)(ii), respectively,
                  the Oaktree Group shall deliver the certificates evidencing
                  the Shares or Put Shares to be conveyed, duly endorsed or
                  accompanied by stock powers or other appropriate instruments
                  of Transfer duly executed in blank, free and clear of all
                  liens, encumbrances, security interests, adverse claims of
                  other restrictions (other than those created by this
                  Agreement),

                                       28
<PAGE>
                  against payment by the Onex Group of the purchase price
                  therefor (excluding any portion of the Oaktree Purchase Price
                  deferred as provided above), determined in accordance with
                  this Agreement. At such closing, the Oaktree Group shall
                  exercise any then unexercised Common Stock Equivalents to the
                  extent that the underlying Shares constitute Put Shares as to
                  which the Oaktree Group has exercised its rights under Section
                  3.6(a)(ii) and sell such Put Shares received upon such
                  exercise to the Onex Group as provided herein.

                  (b) The "put" right granted to the Oaktree Group under Section
3.6(a) shall be exercisable with respect to only the following Shares of the
Oaktree Group:

                           (i) any Class A Shares held on the date hereof by OCM
                  or any other member of the Oaktree Group exercising the "put"
                  right with respect to those Class A Shares (including any
                  Class A Shares issuable upon the conversion of any Common
                  Stock Equivalent held thereby on the date hereof) (the
                  "Initial Class A Shares");

                           (ii) any other shares of Common Stock, as well as any
                  shares of the capital stock or other securities of the Company
                  which OCM or the member of the Oaktree Group exercising the
                  "put" right with respect to those shares or other securities
                  acquires in respect of its Initial Class A Shares, whether on
                  conversion thereof, in connection with any stock split, stock
                  dividend, exchange, merger, reclassification,
                  recapitalization, consolidation, reorganization or other
                  transaction to which the Company is a party; and

                           (iii) any shares of the capital stock or other
                  securities of any Person other than the Company, which OCM or
                  the member of the Oaktree Group exercising the "put" right
                  with respect to those shares or other securities acquires in
                  respect of its Initial Class A Shares (and any shares or other
                  securities acquired thereby under clause (b)(ii) above) in (A)
                  a Statutory Drag-Along Sale or (B) a Drag-Along Sale with
                  respect to which the Drag-Along Right is exercised; provided,
                  that this Section 3.6(b)(iii) shall not apply to any such
                  shares or other securities on any Subsequent Anniversary Date
                  if, the members of the Oaktree Group, in the aggregate, own
                  10% or less of the total number of such shares or other
                  securities then outstanding and such shares of other
                  securities are then (other than as a result of any action or
                  state of facts beyond acquisition and holding of such shares
                  or other securities (e.g., representation on the board of
                  directors or comparable governing body of the issuer thereof))
                  able to be freely Transferred by the members of the Oaktree
                  Group without limitation as to volume or manner of sale under
                  Rule 144(k) under the Securities Act or any such limitation
                  under any comparable provision of any foreign securities laws.

                  (c) The "put" right granted to the Oaktree Group under Section
3.6(a) shall, subject to Section 3.6(b), survive the termination of this
Agreement as well as any Transfer by the Onex Group of any Shares held by them.

                                       29
<PAGE>
         SECTION 4. PREEMPTIVE RIGHTS.

         4.1 Grant of Preemptive Right. Subject to Section 4.6, if the Company
authorizes the issuance or sale of any Common Stock or Common Stock Equivalents
(the "Participation Securities") to any Person, the Company shall, on the terms
and conditions of this Section 4, offer to the Stockholders the right to
purchase or subscribe for up to an aggregate number of Participation Securities
(subject to any election to purchase Excess Participation Securities as
contemplated in Section 4.3 below) equal to the product of (a) the total number
of Participation Securities to be issued or sold by the Company and (b) a
fraction, the numerator of which is the aggregate number of Fully Diluted Shares
held by such Stockholder, and the denominator of which is the aggregate number
of Fully Diluted Shares outstanding, in each case, determined as of the date of
the Preemptive Notice. For the purpose of this Section 4, "Stockholder
Participation Securities" means, with respect to any Stockholder in connection
with any proposed issuance or sale of Participation Securities by the Company,
that number of Participation Securities as to which such Stockholder is entitled
to exercise its preemptive rights hereunder, calculated under the preceding
clause (a) and clause (b) of this Section 4.1. For the purposes of this Section
4, "Third Party Participation Securities" means, in connection with any proposed
issuance or sale of Participation Securities by the Company any Participation
Securities that are not Stockholder Participation Securities.

         4.2 Delivery of Preemptive Notice by Company. If the Company proposes
to issue or sell any Participation Securities in a transaction giving rise to
the preemptive rights provided for in this Section 4, at least 30 Business Days
before the proposed date of such issuance or sale, the Company shall send a
written notice (the "Preemptive Notice") to each Stockholder, setting forth (a)
the terms and conditions, rights and privileges associated with the
Participation Securities, (b) the number of Participation Securities that the
Company proposes to sell or issue, (c) the price (before any commission or
discount) at which such Participation Securities are proposed to be issued or
sold (or, in the case of an underwritten or privately placed offering in which
the price is not known at the time the Preemptive Notice is given, the method of
determining such price and an estimate thereof), (d) the other material terms of
the transaction, and (e) the aggregate number of Stockholder Participation
Securities which may be purchased by such Stockholder (determined under Section
4.1 above). Following delivery by the Company of a Preemptive Notice, the
Company shall provide such additional information as the Stockholders may
reasonably request in order to evaluate the proposed sale of the Participation
Securities.

         4.3 Delivery of Exercise Notice; Waiver of Preemptive Right. At any
time within the ten Business Days following the date the Company delivers the
Preemptive Notice, a Stockholder may exercise the preemptive rights provided
under this Section 4 by delivering written notice to the Company (an "Exercise
Notice") exercising such Stockholder's preemptive rights as to all or a portion
of it's Stockholder Participation Securities; provided, that any Stockholder may
give specify in its Exercise Notice any number of Stockholder Participation
Securities of other Stockholders (in addition to such Stockholder's own
Stockholder Participation Securities) that such Stockholder would be willing to
purchase if and to the extent such other Stockholder Participation Securities
are not the subject of timely Exercise Notices delivered by other Stockholders
hereunder ("Excess Participation Securities") because one or more Stockholders
does not deliver a timely Exercise Notice or delivers a timely exercise notice
that covers a number of Participation Securities that is less than all of such
Stockholder's number

                                       30
<PAGE>
of Stockholder Participation Securities. If any Stockholder does not deliver a
timely Exercise Notice, such Stockholder shall be deemed to have irrevocably
waived the preemptive rights provided by this Section 4 with respect to all
Participation Securities that are the subject of the Preemptive Notice, and the
Company shall be permitted to issue such Stockholder's Stockholder Participation
Securities free from the preemptive rights provided under this Section 4.1. Each
Stockholder shall first be entitled to purchase up to its number of Stockholder
Participation Securities determined in accordance with clause (a) and clause (b)
of Section 4.1. Thereafter, if there exist Excess Participation Securities and
one or more Stockholders (each, an "Excess Participation Security Stockholder")
has delivered an Exercise Notice which indicates, based on the number of
Participation Securities covered by such Exercise Notice that such Excess
Participation Security Stockholder would be willing to purchase all or a portion
of such Excess Participation Securities, then such Excess Participation
Securities shall be allocated to such Excess Participation Security Stockholders
pro rata based upon the proportion that the number of Fully Diluted Shares owned
by each such Excess Participation Security Stockholder bears to the number of
Fully Diluted Shares owned by all Excess Participation Security Stockholders;
provided, that no such Excess Participation Security Stockholder shall purchase
by operation of the allocation procedure contemplated by this sentence, a number
of Participation Securities in the aggregate that is greater than the number of
Participation Securities covered by the Exercise Notice delivered by or on
behalf of such Excess Participation Security Stockholder. The allocation
procedure contemplated by the immediately preceding sentence shall be applied
repeatedly until all Excess Participation Securities are allocated to Excess
Participation Security Stockholders that have delivered Exercises Notices
entitling them to purchase such Excess Participation Securities, or until no
Excess Participation Security Stockholder is entitled to purchase such Excess
Participation Securities based on the number of Participation Securities covered
by its Exercise Notices.

         4.4      Terms of Issuance of Sale of Participation Securities.

                  (a) Subject to Section 4.4(b), (c) and (d) below, the purchase
of, or subscription for Participation Securities by the Stockholders who
exercise preemptive rights under this Section 4, shall be at the same price and
on the same terms and conditions, including the date of sale or issuance, as are
applicable to the proposed issuance or sale by the Company of the Third Party
Participation Securities to other Persons.

                  (b) If the Company determines in good faith that the delay
occasioned by complying with the procedures contemplated by this Section 4 would
be prejudicial to the Company or its financial condition or business and
operations, then the Company may before delivering the Preemptive Notice or
after delivering the Preemptive Notice (but in such case before observing the
time periods and other procedures set forth in this Section 4), (i) issue or
sell all or any part of the Onex Group's Stockholder Participation Securities to
the Onex Group without issuing or selling all or any part the Stockholder
Participation Securities of some or all of the other Stockholders to any such
Stockholders, (ii) issue or sell all or any part the Onex Group's Stockholder
Participation Securities to the Onex Group and also issue to the Onex Group all
or any part of the Stockholder Participation Securities of some or all of the
other Stockholders, (iii) issue or sell all or any part the Oaktree Group's
Stockholder Participation Securities to the Oaktree Group without issuing or
selling all or any part the Stockholder Participation Securities of some or all
of the other Stockholders to any such Stockholders,

                                       31
<PAGE>
(iv) issue or sell all or any part of the Oaktree Group's Participation
Securities to the Oaktree Group and also issue to the Oaktree Group all or any
part of the Stockholder Participation Securities of some or all of the other
Stockholders or (v) issue or sell to the Oaktree Group and the Onex Group all or
any part of their respective Stockholder Participation Securities with, or
without also issuing or selling all or any part of the Stockholder Participation
Securities of some or all other Stockholders to either the Onex Group or the
Oaktree Group (or a combination of both such Stockholder Groups).

         If the Company elects to issue Participation Securities to the Oaktree
Group and/or the Onex Group under this Section 4.4(b) before it delivers a
Preemptive Notice, then the Company shall deliver the Preemptive Notice to each
Stockholder to which it has not so issued or sold some or all of such
Stockholder's Participation Securities (any such Stockholder, an "Excluded
Stockholder") no later than three Business Days after the date on which the
Participation Securities are issued or sold to the Onex Group and/or the Oaktree
Group (as applicable). If at the time any Excluded Stockholder delivers a timely
Exercise Notice, the Company has not yet issued or sold some or all of the
Stockholder Participation Securities that such Excluded Stockholder is entitled
to purchase hereunder to either the Onex Group or the Oaktree Group, then such
unissued Stockholder Participation Securities shall be issued or sold by the
Company to such Excluded Stockholder as promptly as practicable, but in no event
later than five days following the date of delivery of the Exercise Notice, at
the same price, and on the same terms and conditions, as were applicable to the
issuance or sale of the Onex Group's Stockholder Participation Securities or the
Oaktree Group's Stockholder Participation Securities (as applicable) to the
members of the Onex Group or the Oaktree Group (as applicable).

                  (c) If at the time any Excluded Stockholder delivers a timely
Exercise Notice, the Company has issued or sold some or all of the Stockholder
Participation Securities that such Excluded Stockholder is entitled to purchase
hereunder to either the Onex Group or the Oaktree Group, then any such
Stockholder Participation Securities shall be sold by the Onex Group or Oaktree
Group (as applicable) to such Excluded Stockholder as promptly as is
practicable, but in no event later than five days following the date of delivery
of the Exercise Notice, at a price per Participation Security equal to the price
paid by the members of the Onex Group or Oaktree Group (as applicable) therefor,
plus interest on such amount from the date of purchase by the members of the
Onex Group or Oaktree Group (as applicable) through the date of sale to the
Excluded Stockholder, at a rate per annum equal to the then-effective prime
rate, as announced by Citibank N.A. At the closing of any such sale by the
members of the Onex Group or the members of the Oaktree Group (as applicable),
such Persons shall deliver to the Excluded Stockholder certificates representing
the Stockholder Participation Securities to be conveyed, duly endorsed or
accompanied by stock powers or other appropriate instruments of Transfer duly
executed in blank, free and clear of all liens, encumbrances, security
interests, adverse claims or other restrictions (other than those created by
this Agreement), against payment of the purchase price therefor calculated
hereunder.

                  (d) If Participation Securities issued or sold by the Company
consist of multiple types or classes of securities, then the Stockholders who
elect to exercise their preemptive right shall purchase such types or classes of
securities (whether from the Company or from the Onex Group or Oaktree Group) in
the same relative proportions as do Persons other than the Stockholders.
Further, if any Participation Securities to be issued or sold by the

                                       32
<PAGE>
Company are to be issued or sold by the Company as part of a unit that includes,
or otherwise together with other securities (including debt securities) of the
Company that are not Participation Securities ("Other Securities"), then any
Stockholder exercising preemptive rights provided under this Section 4 must in
connection therewith also purchase such Other Securities of the Company that are
part of such unit or otherwise being issued or sold by the Company together with
the Participation Securities, and the definitions of "Participation Securities,"
"Stockholder Participation Securities" and "Third Party Participation
Securities" shall for all purposes of this Section 4 be deemed to include any
such Other Securities of the Company.

                  (e) Nothing set forth in this Section 4 shall be deemed to
restrict, limit or delay the ability of the Company to consummate the issuance
and sale of Third Party Participation Securities to Persons other than the
Stockholders.

         4.5 Sale by Company Absent Exercise of Preemptive Right. If, with
respect to any issuance or sale of Participation Securities in connection with
which the Company has delivered Preemptive Notices, no Stockholder has delivered
a timely Exercise Notice covering some or all Stockholder Participation
Securities that are the subject of such Preemptive Notices (after giving effect
to the allocation procedure in Section 4.3), the Company shall, unless the
Company has already done so in reliance on Section 4.4(b), have 60 days
following the expiration of the 10 day period following the date of delivery of
the Preemptive Notice in which to sell all or any part of those Stockholder
Participation Securities which Stockholders have not so elected to purchase, at
a price not less than the price (or, if applicable, the estimated price) set
forth in the Preemptive Notice, and on other terms and conditions no more
favorable to the purchaser thereof than those set forth in the Preemptive
Notice. If, at the end of such 60 day period, the Company has not completed the
sale or issuance of any such Participation Securities in accordance with the
terms provided in the Preemptive Notice, the Company shall again be obligated to
comply with the provisions of this Section 4 with respect to, and deliver a
Preemptive Notice in connection with, any proposed sale or issuance of such
Participation Securities.

         4.6 Securities Excluded from Preemptive Right. The provisions of this
Section 4 and the preemptive rights contemplated hereby shall terminate and
cease to be effective upon the consummation of an Initial Public Offering and
shall not, prior to the consummation of an Initial Public Offering, apply to (i)
capital stock issued in connection with a pro rata stock dividend, stock split
or recapitalization or the like, (ii) Common Stock issued upon exercise of any
Common Stock Equivalent, (iii) shares of Common Stock and Common Stock
Equivalents issued to employees of, and consultants to, the Company and its
Subsidiaries in connection with incentive, bonus or other compensatory
arrangements approved by the Board, (iv) securities issued to the public in
connection with an Initial Public Offering or other public offering by the
Company or in connection with the issuance or exercise of warrants or shares
granted to underwriters in connection with an Initial Public Offering or any
such other public offering, (v) securities issued to Independent Third Parties
in connection with corporate or strategic partnerships or alliances approved by
the Board, (vi) securities issued to lenders or lessors, in each instance who
are Independent Third Parties in transactions approved by the Board, in
connection with financing or leasing transactions involving the Company and its
Subsidiaries and (vii) securities issued to Independent Third Parties in
connection with acquisitions approved by the Board involving the Company or its
Subsidiaries.

                                       33
<PAGE>
         SECTION 5. FINANCIAL STATEMENTS.

         Prior to an Initial Public Offering, the Company shall deliver to each
Stockholder:

                  (a) within 120 days after the end of each fiscal year of the
Company, consolidated balance sheets of the Company and its Subsidiaries as at
the end of such fiscal year, and consolidated statements of income and of cash
flow of the Company and its Subsidiaries for such fiscal year, accompanied by a
report thereon of independent certified public accountants; and

                  (b) within 60 days after the end of each of the first three
fiscal quarters of each fiscal year of the Company, consolidated balance sheets
of the Company and its Subsidiaries as at the end of such quarter, and
consolidated statements of income and of cash flow for such quarter.

         SECTION 6. TERMINATION.

         6.1 Termination of this Agreement. This Agreement shall terminate upon
the earliest to occur of (a) the dissolution, liquidation or winding up of the
Company; (b) the written agreement of Onex Cinema and OCM; (c) except with
respect to Section 2.4, the consummation of an Initial Public Offering; and (d)
the 20-year anniversary of the date hereof. Notwithstanding the foregoing, so
long as Section 2.4 of this Agreement survives, Section 1, this Section 6 and
Sections 7 and 8 shall survive any termination of this Agreement.

         6.2 Effect of Termination. Upon the termination of this Agreement, the
restrictions and obligations set forth herein shall terminate and be of no
further effect, except (a) as otherwise expressly set forth herein and (b) that
such termination shall not affect any rights perfected or obligations incurred
under this Agreement prior to such termination.

         6.3 Termination as to Particular Stockholder. Subject to Section 3.6(b)
and 3.6(c), as to any particular Stockholder, this Agreement shall no longer be
binding or of further force or effect as to such Stockholder as of the date such
Stockholder has Transferred all of such Stockholder's interest in any of the
Shares or Common Stock Equivalents; provided, that no such termination shall be
effective if such Stockholder is in breach of this Agreement immediately before
or after giving effect to such Transfer(s) and with respect to the members of
the Onex Group, no such Transfer(s) shall limit or otherwise mitigate their
respective obligations under Section 3.6. Notwithstanding the foregoing, so long
as any obligation under Section 3.6 survives, Section 1, this Section 6 and
Sections 7 and 8 shall survive any termination of this Agreement.

         SECTION 7. APPOINTMENT OF REPRESENTATIVES.

         7.1 Oaktree Group Representative. Each member of the Oaktree Group
hereby irrevocably appoints OCM as its representative and attorney-in-fact to
receive and give on such member's behalf all notices, to make on such member's
behalf all elections and determinations and to take on such member's behalf all
other actions, in each case, as may be contemplated to be so received, given,
made or taken by any member of the Oaktree Group by the provisions of this
Agreement. Each notice given to OCM under this Agreement by the Company or any

                                       34
<PAGE>
member of the Onex Group shall be deemed to have also been given to each other
Person who is at the time of such notice member of the Oaktree Group. In the
event Agreement calls for OCM to deliver to the Company and/or any member(s) of
the Onex Group a notice which sets forth an election of any member of the
Oaktree Group or otherwise purports to deal with or bind any member of the
Oaktree Group or any securities held thereby, the Company and/or such member(s)
of the Onex Group shall be entitled to rely conclusively for all purposes of
this Agreement on such notice as conclusive and binding as to such member of the
Oaktree Group.

         7.2 Onex Group Representative. Each member of the Onex Group hereby
irrevocably appoints Onex Cinema as its representative and attorney-in-fact to
receive and give on such member's behalf all notices, to make on such member's
behalf all determinations, and to take on such member's behalf all other
actions, in each case, as may be contemplated to be so received, given, made or
taken by any member of the Onex Group by the provisions of this Agreement. Each
notice given to Onex Cinema under this Agreement by the Company or any member of
the Oaktree Group shall be deemed to have also been given to each other Person
who is at the time of such notice member of the Onex Group. In the event
Agreement calls for Onex Cinema to deliver to the Company and/or any member(s)
of the Oaktree Group a notice which sets forth an election of any member of the
Onex Group or otherwise purports to deal with or bind any member of the Onex
Group or any securities held thereby, the Company and/or such member(s) of the
Oaktree Group shall be entitled to rely conclusively for all purposes of this
Agreement on such notice as conclusive and binding as to such member of the Onex
Group.

         SECTION 8. MISCELLANEOUS.

         8.1 Remedies. Each of the parties hereto acknowledges and agrees that
no remedy at law would be adequate in the event of any breach of this Agreement.
Accordingly, if any dispute arises concerning the sale or other disposition of
any of the securities of the Company subject to this Agreement or concerning any
other provisions hereof or the obligations of the parties hereunder, each party
hereto agrees that, in addition to any other remedy to which they may be
entitled at law or in equity, the other parties hereto shall be entitled to a
decree of specific performance to enforce this Agreement (without bond or other
security being required unless the party seeking such remedy fails to
demonstrate to an appropriate court having jurisdiction that such party has a
likelihood of success on the merits), and each party hereto waives the defense
in any action or proceeding brought to enforce this Agreement that there exists
an adequate remedy at law. Such remedies shall be cumulative and non-exclusive
and shall be in addition to any other rights and remedies the parties may have
under this Agreement or otherwise.

         8.2 No Conflicting Agreements. No Stockholder shall enter into, and
each Stockholder represents and warrants that it is not on the date hereof a
party to, any stockholders agreements, option agreements, voting agreements,
proxies or other arrangements of any kind with any Person with respect to any
Shares, Common Stock Equivalents or other securities of the Company on terms
inconsistent with the provisions of this Agreement (whether or not such
agreements or arrangements are with other Stockholders or with Persons that are
not party to this Agreement), including, without limitation, agreements or
arrangements with respect to the acquisition, Transfer or voting of any such
securities in a manner that is inconsistent with this Agreement.

                                       35
<PAGE>
         8.3 Further Assurances. Each party hereto shall do and perform or cause
to be done and performed all such further acts and things, and shall execute and
deliver all such further agreements, certificates, instruments and documents, as
any other party hereto reasonably may request in order to carry out the
provisions of this Agreement and the consummation of the transactions
contemplated hereby.

         8.4      Recapitalizations, Exchange, Etc.

                  (a) Subject to Section 3.6(b), the provisions of this
Agreement shall apply, to the full extent set forth herein with respect to the
Shares and the Common Stock Equivalents, to any and all shares of capital stock
of the Company, Common Stock Equivalents or other securities of the Company that
may be issued in respect of, in exchange for, or in substitution of the Shares
or Common Stock Equivalents, and shall be appropriately adjusted for any stock
dividends, splits, reverse splits, combinations, reclassifications,
recapitalizations and the like occurring after the date of this Agreement.

                  (b) Subject to Section 3.6(b), if, and as often as, there are
any changes in the Shares or the Common Stock Equivalents, by way of any stock
dividends, splits, reverse splits, combinations, or reclassifications, or
through merger, consolidation, reorganization or recapitalization or by any
other means occurring after the date of this Agreement, appropriate adjustment
shall be made to the provisions of this Agreement, as may be required, so that
the rights, privileges, duties and obligations hereunder shall continue with
respect to the Shares and Common Stock Equivalents as so changed.

         8.5 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS MADE
AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE.

         8.6 Consent to Jurisdiction. Each party irrevocably submits to the
non-exclusive jurisdiction of (i) the courts of the State of Delaware, and (ii)
the United States District Court for the District of Delaware, for the purposes
of any suit, action or other proceeding arising out of this Agreement or any
transaction contemplated hereby. Each party agrees to commence any such action,
suit or proceeding either in the United States District Court for the District
of Delaware or, if such suit, action or other proceeding may not be brought in
such court for jurisdictional reasons, in the courts of the State of Delaware.
Each party that at any time after the date hereof is not a resident of the State
of Delaware or does not maintain an agent for service of process in the State of
Delaware hereby irrevocably designates, appoints and empowers The Corporation
Trust Company, having its address at the date hereof at 1209 Orange Street,
Wilmington, Delaware (New Castle County) U.S.A., as its agent for service of
process to receive for and on its behalf service of process in the State of
Delaware in any legal action, suit or proceeding with respect to this Agreement.
It is understood that a copy of any such process served on such process agent
shall be promptly forwarded by air mail by such process agent and the person
commencing such proceeding to the relevant party at its address specified in
Section 8.7, but the failure of the relevant party to receive such copy shall
not affect in any way the service of such process as aforesaid. Nothing in this
Agreement will affect the right of any party to this Agreement to serve process
in any other manner permitted by law. Each party irrevocably and unconditionally
waives any objection to the laying of venue of any action, suit or

                                       36
<PAGE>
proceeding arising out of this Agreement or the transactions contemplated hereby
in (A) the courts of the State of Delaware, or (B) the United States District
Court for the District of Delaware, and hereby further irrevocably and
unconditionally waives and agrees not to plead or claim in any such court that
any such action, suit or proceeding brought in any such court has been brought
in an inconvenient forum. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY
HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR
ANY TRANSACTION CONTEMPLATED HEREBY.

         8.7 Notices. All notices, consents and other communications required,
or contemplated under this Agreement shall be in writing and shall be delivered
in the manner specified herein or, in the absence of such specification, shall
be deemed to have been duly given and delivered (i) when delivered by hand, (ii)
upon confirmation of receipt by telecopy, or (iii) one day after sending by
overnight delivery service, to the respective addresses or telecopy numbers of
the parties set forth below:

                  (a)      For notices and communications to the Company:

                           Loews Cineplex Entertainment Corporation
                           711 Fifth Avenue, 11th Floor
                           New York, NY  10022
                           Attention:  Chief Executive Officer
                           Telecopy:  (212) 385-6291

                           with copies to:

                           Loews Cineplex Entertainment Corporation
                           711 Fifth Avenue, 11th Floor
                           York, NY 10022
                           Attention:    John Wilkes, CFO
                           Telecopy:     (212) 385-6291

                           and

                           Loews Cineplex Entertainment Corporation
                           711 Fifth Avenue, 11th Floor
                           New York, NY  10022
                           Attention:    John McBride
                                         General Counsel

                  A copy of any notices or communications given to the Company
under this Agreement shall also be given to each of Onex Cinema and OCM in the
manner contemplated by Section 8.7(b) and (c) below.

                                       37
<PAGE>
                  (b) For notices and communications to Onex Cinema or any other
member of the Onex Group:

                           Onex Investment Corp.
                           712 Fifth Avenue
                           40th Floor
                           New York, NY  10019
                           Attention:  Eric Rosen
                           Telecopy:  (212) 582-0909

                           with copies to:

                           Onex Corporation
                           161 Bay Street
                           Toronto, Ontario  M5J 2S1
                           Canada
                           Attention:  Gerald W. Schwartz
                           Telecopy:  (416) 362-5765

                           and

                           Kaye Scholer LLP
                           425 Park Avenue
                           New York, NY  10022-3598
                           Attention:  Joel I. Greenberg, Esq.
                           Telecopy:  (212) 836-8689

                  (c) For notices and communications to OCM or any other member
of the Oaktree Group:

                           OCM Cinema Holdings, LLC
                           c/o Oaktree Capital Management LLC
                           333 South Grand Avenue
                           28th Floor
                           Los Angeles, CA  90071
                           Attention:  Mariusz Mazurek
                           Telecopy: (213) 830-6494

                           and

                           Oaktree Capital Management LLC
                           333 South Grand Avenue
                           28th Floor
                           Los Angeles, CA  90071
                           Attention:  Kenneth Liang
                           Telecopy:  (213) 830-8522

                                       38
<PAGE>
                           and

                           Paul, Weiss, Rifkind, Wharton & Garrison
                           1285 Avenue of the Americas
                           New York, New York  10019
                           Attention:  Kenneth M. Schneider
                           Telecopy:  (212) 757-3990

                  (d) For notices and communications to any Stockholder other
than a member of the Onex Group or Oaktree Group, in accordance with the notice
information provided by such Stockholder in its Stockholder Joinder.

By notice complying with the foregoing provisions of this Section 8.7, each
party shall have the right to change the mailing address or telecopy numbers for
future notices and communications to such party.

         8.8 Entire Agreement. This Agreement constitutes the entire agreement
of the parties with respect to the subject matter hereof, and supersedes any and
all prior written or oral agreements, contracts, negotiations, discussions,
understandings, undertakings or arrangements among the parties with respect to
such subject matter.

         8.9 Amendment; Waiver. This Agreement may be amended only by a written
agreement duly executed on behalf of Onex Cinema and OCM. Any waiver of any of
the terms or conditions of this Agreement must be in writing and must be duly
executed by or on behalf of the party to be charged with such waiver (which, in
the case of any member of the Oaktree Group may be OCM on such member's behalf
and in the case of any member of the Onex Group may be Onex Cinema on such
member's behalf). The failure of a party to exercise any of its rights hereunder
or to insist upon strict adherence to any term or condition hereof on any one
occasion shall not be construed as a waiver or deprive that party of the right
thereafter to insist upon strict adherence to the terms and conditions of this
Agreement at a later date. Further, no waiver of any of the terms and conditions
of this Agreement shall be deemed to or shall constitute a waiver of any other
term of condition hereof (whether or not similar).

         8.10 Binding Effect; Assignment. This Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective permitted
Transferees, successors, assigns, heirs and administrators; provided, that the
this Agreement and the rights hereunder may not be assigned or assumed
(including by operation of law) except as and to the extent expressly provided
herein.

         8.11 Severability. It is the desire and intent of the parties hereto
that the provisions of this Agreement be enforced to the fullest extent
permissible under the laws and public policies applied in each jurisdiction in
which enforcement is sought. Accordingly, if any particular provision of this
Agreement shall be adjudicated by a court of competent jurisdiction to be
invalid, prohibited or unenforceable for any reason, such provision, as to such
jurisdiction, shall be ineffective, without invalidating the remaining
provisions of this Agreement or affecting the validity or enforceability of such
provision in any other jurisdiction. Notwithstanding the foregoing, if such
provision could be more narrowly drawn so as not to be invalid, prohibited or

                                       39
<PAGE>
unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so
narrowly drawn, without invalidating the remaining provisions of this Agreement
or affecting the validity or enforceability of such provision in any other
jurisdiction.

         8.12 Reproduction of Documents. This Agreement and all documents
relating thereto, including, without limitation, (i) consents, waivers and
modifications which may hereafter be executed and (ii) documents received by
each Stockholder or the Company pursuant hereto, may be reproduced by each party
hereto by a photographic, photostatic, microfilm, microcard, miniature
photographic or other similar process and each party may destroy any original
document so reproduced. All parties hereto agree and stipulate that any such
reproduction shall be admissible in evidence as the original itself in any
judicial or administrative proceeding (whether or not the original is in
existence and whether or not such reproduction was made by each party in the
regular course of business) and that any enlargement, facsimile or further
reproduction of such reproduction shall likewise be admissible in evidence.

         8.13 Titles; Construction. Titles and Section references are provided
herein for convenience only, and are not to serve as a basis for interpretation
or construction of this Agreement. The masculine pronoun shall include the
feminine and neuter and the singular shall include the plural, when the context
so indicates. References in this Agreement to any "Section" are references to
the relevant Sections of this Agreement. As used in this Agreement, the word
"including" is not limiting, and the word "or" is not exclusive. The words "this
Agreement", "hereto", "herein", "hereunder", "hereof", and words or phrases of
similar import refer to this Agreement as a whole, together with any and all
Schedules and Exhibits hereto, and not to any particular article, section,
subsection, paragraph, clause or other portion of this Agreement. Where specific
language is used to clarify by example a general statement contained herein,
such specific language shall not be deemed to modify, limit or restrict in any
manner the construction of the general statement to which it relates. The
language used in this Agreement shall be deemed to be the language chosen by the
parties to express their mutual intent, and no rule of strict construction shall
be applied against any party.

         8.14 Counterparts and Facsimile Execution. This Agreement may be
executed in two or more counterparts, all of which shall be considered one and
the same agreement and shall become effective when one or more counterparts have
been signed by each of the parties and delivered (by facsimile or otherwise) to
the other party, it being understood that all parties need not sign the same
counterpart. Any counterpart or other signature hereupon delivered by facsimile
shall be deemed for all purposes as constituting good and valid execution and
delivery of this Agreement by such party. The failure of any Stockholder to
execute this Agreement does not make it invalid as against any other
Stockholder.

         8.15 Expenses. The fees and expenses (including attorneys' fees and
expenses) incurred by the parties pursuant to, relating to or otherwise in
connection with the Plan of Reorganization and any transactions related thereto
shall be paid by the Company.

                            [Signature page follows]

                                       40
<PAGE>
         IN WITNESS WHEREOF, the parties have caused this Stockholders Agreement
to be duly executed on their behalf as of the date first written above.

                                     LOEWS CINEPLEX ENTERTAINMENT

                                       CORPORATION

                                    By:  /s/ John C. McBride, Jr.
                                    --------------------------------------------
                                        Name: John C. McBride, Jr.
                                        Title: Senior Vice President and General
                                    Counsel

                                    OCM CINEMA HOLDINGS, LLC

                                    By:  Oaktree Capital management, LLC,
                                         its Manger

                                           By:  /s/ Kenneth Liang
                                               ---------------------------------
                                               Name:  Kenneth Liang
                                               Title: Managing Director

                                           By:  /s/ Mariusz J. Mazurek
                                               ---------------------------------
                                               Name:  Mariusz J. Mazurek
                                               Title:   Senior Vice President

                                     1363880 ONTARIO INC.

                                    By:  /s/ Seth M. Mersky
                                    --------------------------------------------
                                       Name: Seth M. Mersky
                                       Title: President

                                    Solely for the purposes of Section 3.2(d) of
                                        this Agreement

                                    ONEX CORPORATION

                                    By: /s/ Seth M. Mersky
                                    --------------------------------------------
                                       Name: Seth M. Mersky
                                       Title:  Vice President

                                       41
<PAGE>
                                    OAKTREE CAPITAL MANAGEMENT, LLC

                                           By: /s/ Kenneth Liang
                                               ---------------------------------
                                               Name:  Kenneth Liang
                                               Title:   Managing Director

                                           By: /s/ Mariusz J. Mazurek
                                               ---------------------------------
                                               Name:  Mariusz J. Mazurek
                                               Title:   Senior Vice President

                                       42
<PAGE>
                                   SCHEDULE 1

                 Individuals Designated as Directors by Oaktree

MATTHEW S. BARRETT
Managing Director
Oaktree Capital Management, LLC
333 South Grand Ave., 28th Floor
Los Angeles, CA  90071
Tel:  (213) 830-6407
Fax:  (213) 830-6494
E-mail:  mbarrett@oaktreecap.com

BRUCE A. KARSH
President
Oaktree Capital Management, LLC
333 South Grand Ave., 28th Floor
Los Angeles, CA  90071
Tel:  (213) 830-6302
Fax:  (213) 830- 6494
E-mail:  bkarsh@oaktreecap.com

KENNETH LIANG
Managing Director
Oaktree Capital Management, LLC
333 South Grand Ave., 28th Floor
Los Angeles, CA  90071
Tel:  (213) 830-6422
Fax:  (213) 830-8522
E-mail:  kliang@oaktreecap.com

MARIUSZ J. MAZUREK
Senior Vice President
Oaktree Capital Management, LLC
333 South Grand Ave., 28th Floor
Los Angeles, CA  90071
Tel:  (213) 830-6405
Fax:  (213) 830-6494
E-mail: mmazurek@oaktreecap.com
<PAGE>
               Individuals Designated as Directors by Onex Cinema

TIMOTHY A. R. DUNCANSON
Principal
Onex Corporation
161 Bay Street, 49th Floor
Toronto, ON  M5J 2S1
Tel:  (416) 362-7711
Fax:  (416) 362-5765
E-mail:  tduncanson@onex.com

EWOUT R. HEERSINK
Chief Financial Officer
Onex Corporation
161 Bay Street, 49th Floor
Toronto, ON  M5J 2S1
Tel:  (416) 362-7711
Fax:  (416) 362-5765
E-mail:  eheersink@onex.com

DONALD LEWTAS
Vice President
Onex Corporation
161 Bay Street, 49th Floor
Toronto, ON  M5J 2S1
Tel:  (416) 362-7711
Fax:  (416) 362-5765
E-mail:  dlewtas@onex.com

ANTHONY MUNK
Managing Director
Onex Corporation
712 Fifth Avenue, 40th Floor
New York, NY 10019
Tel:  (212) 582-2211
Fax:  (212) 582-0909
E-mail:  amunk@onexcorp.com

ERIC ROSEN
Managing Director
Onex Corporation
712 Fifth Avenue, 40th Floor
New York, NY 10019
Tel:  (212) 582-2211
Fax:  (212) 582-0909
E-mail:  erosen@onex.com
<PAGE>
GERALD W. SCHWARTZ
Chairman, President and Chief Executive Officer
Onex Corporation
161 Bay Street, 49th Floor
Toronto, ON  M5J 2S1
Tel:  (416) 362-7711
Fax:  (416) 362-5765
E-mail:  gschwartz@onex.com
<PAGE>
                                     Annex A

                                     Form of

            Onex Group Member/Oaktree Group Member Joinder Agreement

         Reference is made to the Stockholders Agreement (as amended,
supplemented or otherwise modified from time to time, the "Stockholders
Agreement"), dated as of March 21, 2002, among Loews Cineplex Entertainment
Corporation, a Delaware corporation, 1363880 Ontario Inc., a corporation
organized and existing under the laws of Ontario, Canada, and OCM Cinema
Holdings, LLC, a Delaware limited liability company. Capitalized terms used but
not otherwise defined in this Stockholder Joinder Agreement have the respective
meanings given to them in the Stockholders Agreement.

         The undersigned is a member of the [Onex Group] [Oaktree Group]. This
[Onex Group Member] [Oaktree Group Member] Joinder Agreement is being delivered
by the undersigned as required by Section __ of the Stockholders Agreement.

         Substantially simultaneously with the execution and delivery of this
Stockholder Joinder Agreement, the undersigned is acquiring Shares and/or Common
Stock Equivalents from a member of the [Onex Group] [Oaktree Group] [Stockholder
other than a member of the Onex Group or the Oaktree Group]. The undersigned
hereby represents and warrants to the Company, Onex Cinema and OCM that the
undersigned is a member of [Onex Group] [Oaktree Group].

         Accordingly, the undersigned, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, intending to be
legally bound, hereby agrees, as of the date hereof to join in and become a
party to the Stockholders Agreement and to be bound by the terms, conditions,
restrictions and provisions of the Stockholders Agreement as a member of the
[Onex Group] [Oaktree Group] thereunder, entitled to all of the rights available
thereto and subject to all of the burdens imposed thereon.

         IN WITNESS WHEREOF, the undersigned has executed this [Onex Group
Member] [Oaktree Group Member] Joinder Agreement as of the ___ day of
______________, 20__.

                                           [                        ]

                                           By:
                                              ----------------------------------
                                              Name:
                                              Title:
<PAGE>
                                     Annex B

                      Form of Stockholder Joinder Agreement

         Reference is made to the Stockholders Agreement (as amended,
supplemented or otherwise modified from time to time, the "Stockholders
Agreement"), dated as of March 21, 2002, among Loews Cineplex Entertainment
Corporation, a Delaware corporation, 1363880 Ontario Inc., a corporation
organized and existing under the laws of Ontario, Canada, and OCM Cinema
Holdings, LLC, a Delaware limited liability company. Capitalized terms used but
not otherwise defined in this Stockholder Joinder Agreement have the respective
meanings given to them in the Stockholders Agreement.

         The undersigned is neither a member of the Onex Group nor a member of
the Oaktree Group. This Stockholder Joinder Agreement is being delivered by the
undersigned as required by Section __ of the Stockholders Agreement.

         Substantially simultaneously with the execution and delivery of this
Stockholder Joinder Agreement, the undersigned is acquiring Shares and/or Common
Stock Equivalents from a Person (a "Transferee") that is a party to the
Stockholders Agreement in the capacity of a Stockholder [(and not a member of
the Onex Group or a member of the Oaktree Group)]. The undersigned hereby
represents and warrants to the Company, Onex Cinema and OCM that the undersigned
[is a member of the Stockholder Group of the Transferee] [is acquiring the
Shares and/or Common Stock Equivalents giving rise to the requirement to execute
and deliver this Stockholder Joinder Agreement in a transaction in which all of
the applicable requirements of the Stockholders Agreement have been complied
with].

         Accordingly, the undersigned, for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, intending to be
legally bound, hereby agrees, as of the date hereof to join in and become a
party to the Stockholders Agreement and to be bound by the terms, conditions,
restrictions and provisions of the Stockholders Agreement as a Stockholder (but
not a member of the Onex Group or the Oaktree Group) thereunder [as a member of
the Stockholder Group of the Transferee], entitled to all of the rights
available thereto and subject to all of the burdens imposed thereon.

         IN WITNESS WHEREOF, the undersigned has executed this Stockholder
Joinder Agreement as of the ___ day of ______________, 20__.

                                           [                             ]

                                           By:
                                              ----------------------------------
                                              Name:
                                              Title:
<PAGE>
                                    Exhibit A

                              Oaktree Group Members

OCM Opportunities Fund III LP
OCM Opportunities Fund II, LP
Columbia/HCA Master Retirement Trust (Separate Account II)
Weyerhaeuser Master Retirement Trust (Gryphon Domestic VI, LLC)

<PAGE>

                              1363880 ONTARIO INC.
                              c/o Onex Corporation
                                 161 Bay Street
                            Toronto, Ontario M5J 2S1
                                     Canada

March 21, 2002

OCM Cinema Holdings, LLC
c/o Oaktree Capital Management LLC
333 South Grand Avenue
28th Floor
Los Angeles, CA 90071

       Re:  Loews Cineplex Entertainment Corporation.
            ----------------------------------------

Ladies and Gentlemen:

     We refer to the Stockholders Agreement (as amended, supplemented or
otherwise modified from time to time, the "Stockholders Agreement"), being
entered into substantially contemporaneously with the execution and delivery of
this letter agreement, among Loews Cineplex Entertainment Corporation ("Loews"),
1363880 Ontario Inc. ("Onex Cinema") and OCM Cinema Holdings, LLC ("OCM").
Capitalized terms used but not otherwise defined in this letter agreement have
the respective meanings given to them in the Stockholders Agreement.

     Onex Cinema and OCM hereby agree that as soon as practicable, but no more
than ten Business Days, after the date on which Oaktree and the other members of
the Oaktree Group receive a gross cash distribution (the "Plan Distribution")
under the Plan of Reorganization in respect of the $177.3 million principal
amount of 8 7/8% Senior Subordinated Notes (the "Notes") of the pre-reorganized
Loews held by Oaktree and the other members of the Oaktree Group (including in
respect of all accrued and unpaid interest thereon):

         1. Transfer of Class A Shares. Onex Cinema shall sell to OCM 3,450
     Class A Shares (the "Additional Shares") by converting a like number of
     Class B Shares held by Onex Cinema into Class A Shares and selling the
     Class A Shares received upon such conversion to OCM in exchange for payment
     to Onex Cinema of a cash purchase price equal to 60% of the aggregate
     amount of the Plan Distribution actually received by Oaktree and the other
     members of the Oaktree Group.

         2. Warrant Agreement and Issuance of Warrant. Onex Cinema and OCM shall
     take all actions, including voting any Shares held thereby, as may be
     necessary to cause Loews, concurrently with the consummation of the sale of
     the Additional Shares, to authorize, execute and deliver the Warrant
     Agreement in the form attached as Exhibit A hereto (the "Warrant
     Agreement"), and to issue to OCM a Warrant in the form attached to the
     Warrant Agreement to purchase 2,302

<PAGE>

     Class A Shares at an exercise price of $5,025 per Class A Share (the
     "Oaktree Warrant"), as contemplated by the Warrant Agreement.

         3. Amendments to Stockholders Agreement. Upon consummation of the
     transactions described in paragraphs 1 and 2, Onex Cinema and OCM shall
     cause such amendments to be made to the Stockholders Agreement as may be
     necessary to provide that (A) the Additional Shares and the Oaktree
     Warrant shall be  considered  for all purposes of the Stockholders
     Agreement to have been held by OCM as of the date hereof and (B) the
     Additional Shares shall be considered for all purposes of the Stockholders
     Agreement not to have been owned by Onex Cinema as of the date hereof.

     Onex Cinema's agreements set forth herein are subject to and made in
reliance upon OCM's representation and warranty that Oaktree Capital and the
other members of the Oaktree Group own at least $177.3 million in principal
amount of the Notes and will be entitled to receive a distribution under the
Plan of Reorganization with respect thereto and with respect to all accrued and
unpaid interest thereon.

     This letter agreement may be executed in one or more counterparts, each of
which shall constitute an original, and all of which shall constitute one and
the same instrument. This letter agreement (together with the Stockholders
Agreement) sets forth and represents the entire agreement between the parties
(and their respective Affiliates) with respect to the subject matter hereof and
thereof, supersedes (together with the Stockholders Agreement) any and all prior
written or oral agreements, understandings, undertakings, negotiations and
arrangements between the parties (and their respective Affiliates) with respect
to such subject matter, and may be amended, supplemented or otherwise modified
only by a written agreement executed by the parties hereto. The failure of a
party to exercise any of its rights hereunder or to insist upon strict adherence
to any term or condition hereof on any one occasion shall not be construed as a
waiver or deprive that party of the right thereafter to insist upon strict
adherence to the terms and conditions of this letter agreement at a later date.
Further, no waiver of any of the terms and conditions of this letter agreement
shall be deemed to or shall otherwise constitute a waiver of any other term or
condition hereof (whether or not similar).

     This letter agreement shall be binding and inure to the benefit of the
parties  hereto  and their  respective  successors,  assigns,  heirs and
administrators; provided, that neither this letter agreement nor any rights
hereunder may be assigned by any party hereto without the prior written consent
of the other party hereto.

     This letter agreement shall be governed by and construed in accordance with
the laws of the State of Delaware applicable to contracts made and to be
performed entirely within such State, and the parties hereby agree that the
provisions of Section 8.6 of the Stockholders Agreement shall apply in
connection with any suit, action or other proceeding arising out of this letter
agreement or any transaction contemplated hereby.

     All notices,  demands or other communications to be given or delivered
under or by reason of this letter agreement shall be in writing, and shall be
given or delivered in the manner

                                       2
<PAGE>

and to the Persons set forth in Section 8.7 of the Stockholders Agreement. Any
such notices, demands or other communications shall be deemed to have been duly
given or delivered at the time determined under Section 8.7 of the Stockholders
Agreement.

                                            Very truly yours,

                                            1363880 ONTARIO INC.

                                            By: /s/ Seth M. Mersky
                                                --------------------------------
                                                Name:  Seth M. Mersky
                                                Title: President

Accepted and agreed as of the
21st day of March 2002

OCM CINEMA HOLDINGS, LLC

By:  Oaktree Capital Management, LLC,
     its Manager

     By: /s/ Kenneth Liang
         --------------------------------
         Name:  Kenneth Liang
         Title: Managing Director

     By: /s/ Mariusz J. Mazurek
         --------------------------------
         Name:  Mariusz J. Mazurek
         Title:   Senior Vice President

                                       3
<PAGE>
                                                                       Exhibit A
                                                     Kaye Scholer DRAFT 03/19/02

         This WARRANT AGREEMENT, dated as of __________ __, 2002, between Loews
Cineplex Entertainment Corporation, a Delaware corporation (the "Corporation"),
and OCM Cinema Holdings, LLC, a Delaware limited liability company (the
"Holder").

         The Corporation proposes to issue a Warrant, in the form of Exhibit A
(together with any Warrants issued in connection with the exchange, surrender or
exercise thereof as provided herein, the "Warrant"), which evidences the right
of the Holder to acquire shares of the Corporation's Class A Common Stock, $.01
par value per share (the "Class A Shares"), in accordance with the terms
contained herein and in the Warrant.

         The parties, intending to be legally bound, hereby agree as follows:

Section 1.  Warrant.

         (a) Concurrently with the execution of this Agreement, the Corporation
shall issue and deliver to the Holder a Warrant to acquire 2,302 Class A Shares
(the "Warrant Shares").

         (b) The Warrant shall be signed on behalf of the Corporation by the
chairman of the board of directors of the Corporation (the "Board of
Directors"), or the Corporation's president, vice president or treasurer who, in
any case, shall be duly authorized to sign.

Section 2.  Registration and Registration of Transfers.

         (a) The Warrant shall be registered in the name of the Holder. The
Corporation may deem and treat the Holder of the Warrant as the absolute owner
thereof (notwithstanding any notation of ownership or other writing on the
Warrant made by anyone) for the purpose of any exercise thereof, and for all
other purposes, and the Corporation shall not be affected by any notice to the
contrary, until presentation of the Warrant for registration of transfer.

         (b) Subject to Section 4 hereof, the Corporation shall register the
transfer of the Warrant upon records to be maintained by it for that purpose,
upon surrender of the Warrant to the Corporation at the address referred to in
Section 11 hereof or such other place designated by the Corporation in a writing
delivered to the Holder, accompanied (if so required by the Corporation) by a
written instrument or instruments of transfer in form attached to the Warrant,
duly executed by the Holder thereof or by the duly appointed legal
representative thereof. Upon any such registration of transfer, a new Warrant
evidencing such transferred Warrant shall be issued to the transferee(s) and the
surrendered Warrant shall be canceled.

         (c) Subject to Section 4 hereof, the Warrant may be exchanged at the
option of the Holder thereof, when surrendered to the Corporation at the address
referred to in Section 11 hereof or such other place designated by the
Corporation in a writing delivered to the Holder, for another Warrant or other
Warrants of like tenor and representing in the aggregate a like number of
Warrants. A Warrant surrendered for exchange shall be canceled.

Section 3.  Exercise.

         (a) The Warrant issued hereunder may be exercised by the Holder, in
whole or in part, at any time or from time to time during normal business hours
on any business day on or

<PAGE>

prior to the earlier to occur of (i) 5:00 p.m. (New York City
time) on __________ __, 2007 (or if such date is not a business day, the next
business day thereafter) and (ii) the date and time of the consummation of a
consolidation or merger to which the Corporation is a party or the sale or
conveyance of the property of the Corporation as an entirety or substantially as
an entirety which, in each case, is effected in such a manner that the holders
of Class A Shares are entitled to receive cash or other property (other than
stock or other securities) with respect to or in exchange for their Class A
Shares (the date and time of the earlier to occur of such events is, the
"Expiration Date"), by surrender of the Warrant to the Corporation at the
address referred to in Section 11 hereof or such other place designated by the
Corporation in writing delivered to the Holder, accompanied by a form of Warrant
Exercise, in substantially the form attached as Exhibit A to the Warrant (or a
reasonable facsimile thereof), duly executed by the Holder and, unless the
Holder is exercising the Warrant using the "cashless exercise" provisions of
Section 3(e) below, accompanied by payment, in cash (including by wire transfer)
or by certified or official bank check payable to the order of the Corporation
in the amount obtained by multiplying (a) the number of Class A Shares
designated in such Warrant Exercise by (b) the Exercise Price (as defined
below), and the Holder shall thereupon be entitled to receive the number of duly
authorized, validly issued, fully paid and nonassessable Class A Shares
determined as provided in Section 4 hereof. The Corporation shall deliver
written notice to any Holder at least 10 business days prior to the anticipated
date of consummation of any transaction described in clause (ii) of this Section
3(a) and, at the option of such Holder, any exercise thereby of this Warrant may
be made conditional upon the occurrence of the transaction described in any such
notice, and any such exercise may be rescinded if such transaction is not
consummated. Delivery by the Corporation of the written notice contemplated by
the immediately preceding sentence in connection with any transaction described
in clause (ii) of this Section 3(a) shall be a condition to the occurrence of
the Expiration Date under such clause (ii) as a result of the consummation of
such transaction.

     (b) Subject to Section 3(e) hereof, each exercise of the Warrant
under Section 3(a) hereof shall be deemed to have been effected when the
Warrant shall have been surrendered to the Corporation as provided in such
Section 3(a) accompanied by the items required by such Section 3(a) hereof, and
at such time the party in whose name any certificate for Class A Shares
shall be issuable upon such exercise as provided in Section 3(c) hereof
shall be deemed to have become the holder of record thereof.

     (c) As soon as practicable after each exercise of the Warrant, in
whole or in part (but no later than five business days thereafter), the
Corporation will cause to be issued in the name of and delivered to the Holder,
the following:

      (i) Certificates. A certificate or certificates for the
number of duly authorized, validly issued, fully paid and nonassessable Class
A Shares to which the Holder shall be entitled upon such exercise.

      (ii) Warrant. In case such exercise is in part only, a new Warrant
of like tenor dated the date of the original Warrant, evidencing the right
to purchase the number of Class A Shares equal to the number of such Class A
Shares called for on the face of the Warrant, minus the number of such Class A
Shares designated by the Holder upon such exercise as provided in Section 3(a)
hereof, which new Warrant shall in all other respects be identical to the
Warrant.

                                       2
<PAGE>
         (d) Any Warrant not exercised on or prior to the Expiration Date will
become null and void, and all rights thereunder and all rights in respect
thereof under this Agreement will cease as of such time.

         (e) The Holder may elect, in connection with the exercise of the
Warrant under Section 3(a), to exercise the Warrant without payment of the
Exercise Price, in the manner provided in this Section 3(e). Where the Holder so
elects, the Holder shall not be required to deliver any payment to the
Corporation at the time the Holder surrenders the Warrant and executed form of
Warrant Exercise, as provided in Section 3(a) hereof. The Board of Directors
shall, as promptly as practicable after a Holder has surrendered the Warrant and
executed form of Warrant Exercise as contemplated by Section 3(a) hereof, but in
no event more than 10 days thereafter, in good faith determine the current Fair
Market Value (as defined below) of a Class A Share on the date such items are
received by the Corporation (the "Date of Determination") and cause a written
notice thereof showing the calculation thereof in reasonable detail (the
"Pricing Notice") to be delivered to the Holder that has exercised its Warrants
under this Section 3(e). During the 20-day period immediately following the
delivery of the Pricing Notice, and, if the exercising Holder delivers a Dispute
Notice, following such 20-day period, the Corporation shall provide the
exercising Holder and its authorized representatives with such reasonable access
to the books and records and personnel of the Corporation and its subsidiaries
as the Holder may reasonably request for the purposes of verifying the accuracy
of the Pricing Notice and the Fair Market Value of a Class A Share set forth
therein, and for the purpose of otherwise participating in the dispute
resolution procedure provided in this Section 3.1(e), in each case, at
reasonable times and upon reasonable notice and subject to agreements regarding
confidentiality and non-disclosure in such form as the Corporation may
reasonably request. The Holder may deliver a written notice (a "Dispute Notice")
to the Corporation within the 20-day period immediately following the date of
delivery of the Pricing Notice, objecting to the Fair Market Value determined by
the Board of Directors and setting forth in reasonable detail the basis for such
objections. If the exercising Holder does not deliver a timely Dispute Notice,
then the Fair Market Value of a Class A Share as set forth in the Pricing Notice
delivered by the Corporation shall be conclusive and binding upon all parties
for all purposes hereof. If the exercising Holder delivers a timely Dispute
Notice, then promptly, but in no event more than five days following the date of
delivery of such Dispute Notice, the Holder and the Corporation shall jointly
appoint a single appraiser (the "FMV Appraiser"), which shall be a major
nationally recognized investment banking or valuation firm. If the exercising
Holder and the Corporation fail to jointly appoint an appraiser, then the
Corporation shall appoint one appraiser which shall be a major nationally
recognized investment banking or valuation firm as the FMV Appraiser from three
such appraisers proposed to the Corporation for such purpose by the Holder. The
FMV Appraiser shall, within 30 days of appointment, separately investigate the
Fair Market Value of a Class A Share as of the Date of Determination, and shall
submit a written notice of its determination of such Fair Market Value to the
Corporation and to the exercising Holder. The FMV Appraiser shall be instructed
to determine Fair Market Value in connection with the definition set forth
below. The exercising Holder and the Corporation shall share equally the costs
and expenses of the FMV Appraiser.

         The exercise of the Warrant shall be effective immediately following
the date of final determination of the Fair Market Value of a Class A Share in
accordance with this Section 3(e), at which time the Corporation shall issue to
the Holder that number of Class A Shares that has an

                                       3
<PAGE>
aggregate Fair Market Value equal to the difference between (i) the aggregate
Fair Market Value of the number of Class A Shares in respect of which the
Warrant has been exercised and (ii) the aggregate Exercise Price in respect of
such number of Class A Shares. Where an election under this Section 3(e) is made
by the Holder, without further payment the Holder shall thereupon be entitled to
receive the number of duly authorized, validly issued, fully paid and
non-assessable Class A Shares determined as provided in this Section 3(e) and
Section 4 hereof. The right specified in this Section 3(e) may be exercised by
the Holder on any business day on or prior to the Expiration Date by surrender
of the Warrant to the Corporation.

         For the purposes of this Section 3(e), the "Fair Market Value" of a
Class A Share as of any date, shall be equal to the product of (i) the then fair
market value of the fully-diluted common equity of the Corporation (i.e., giving
effect to the exercise, conversion or exchange of all then issued and
outstanding Common Stock Equivalents (as defined in the Stockholders Agreement
(as defined below)) as a going concern as of such date and (ii) the percentage
of the fully-diluted common equity of the Corporation (i.e., giving effect to
the exercise, conversion or exchange of all then issued and outstanding Common
Stock Equivalents) then represented by such Class A Share, and shall be
determined without regard to any "control premium" or "minority interest
discount" that might otherwise be associated with the number of Class A Shares
with respect to which Fair Market Value is then being determined hereunder.

Section 4.  Adjustment of the Exercise Price and Number of Class A Shares
            Issuable.

         (a) The exercise price (the "Exercise Price") and the number of Class A
Shares issuable upon the exercise of the Warrant are subject to adjustment from
time to time as set forth in this Section 4. The initial Exercise Price upon the
exercise of any Warrant will be $[4,981.50] per Class A Share.

         (b) In the event any of the following, other than any of the following
which results in the occurrence of the Expiration Date as contemplated by
Section 3(a)(ii) above (each, a "Transaction"), shall occur:

            (i) any reclassification or change in the outstanding Class A Shares
(other than a change in par value, or from par value to no par value, or from no
par value to par value, or as a result of a subdivision or combination or other
transaction described in Section 4(c) hereof);

            (ii) any capital reorganization, consolidation or merger to which
the Corporation is a party; or

            (iii) any sale or conveyance to another corporation of the property
of the Corporation as an entirety or substantially as an entirety (other than a
sale/leaseback, mortgage or other similar financing transaction),

then, in each such case, the Warrant will, effective as of the effective date of
any such Transaction, be exercisable, upon the terms and conditions specified in
this Agreement, for the kind and amount of shares of stock and other securities
receivable upon the consummation of such

                                       4
<PAGE>
Transaction by a holder of the number of Class A Shares which would have been
purchasable upon exercise of the Warrant immediately prior to the consummation
of such Transaction, and in any such case, if necessary, the provisions set
forth in this Section 4 with respect to the rights and interests thereafter of
the Holder will be appropriately adjusted so as to be applicable, as nearly as
may be practicable, to any shares of stock or other securities thereafter
deliverable on the exercise of the Warrant. In connection with the foregoing,
the Corporation shall execute and deliver to the Holder at least ten business
days prior to effecting a Transaction, a certificate stating that the Holder
shall have the right thereafter to exercise the Warrant for the kind and amount
of shares of stock or other securities receivable upon the consummation of a
Transaction by a holder of the number of Class A Shares into which the Warrant
could have been exercised immediately prior to the consummation of such
Transaction, and provision shall be made therefor in the agreement, if any,
relating to such Transaction. Such certificate shall provide for adjustments
which shall be as nearly equivalent a may be practicable to the adjustments
provided for in this Section 4. The provisions of this Section 4(b) and any
equivalent thereof in any such certificate similarly shall apply to successive
Transactions.

         (c) In the event the Corporation shall (i) declare a dividend, or make
a distribution, on the outstanding Class A Shares payable in Class A Shares,
(ii) subdivide or reclassify the outstanding Class A Shares into a greater
number of Class A Shares, (iii) combine or reclassify the outstanding Class A
Shares into a smaller number of Class A Shares or (iv) issue any Class A Shares
in a reclassification of the Class A Shares (other than any such event for which
an adjustment is made pursuant to another clause of this Section 4), then, and
in each such case, (A) the aggregate number of Warrant Shares for which the
Warrant is exercisable (the "Warrant Share Number") immediately prior to such
event shall be adjusted (and any other appropriate actions shall be taken by the
Corporation) so that the Holder shall be entitled to receive upon exercise of
the Warrant the number of Class A Shares that it would have owned or would have
been entitled to receive upon or by reason of any of the events described above,
had the Warrant been exercised immediately prior to the occurrence of such event
and (B) the Exercise Price payable upon the exercise of the Warrant shall be
adjusted by multiplying such Exercise Price immediately prior to such adjustment
by a fraction, the numerator of which shall be the number of Warrant Shares
issuable upon the exercise of the Warrant immediately prior to such adjustment,
and the denominator of which shall be the number of Warrant Shares issuable
immediately thereafter. An adjustment made pursuant to this Section 4(c) shall
become effective retroactively (x) in the case of any such dividend or
distribution, to a date immediately following the close of business on the
record date for the determination of holders of Class A Shares entitled to
receive such dividend or distribution or (y) in the case of any such
subdivision, combination or reclassification, to the close of business on the
day upon which such corporate action becomes effective. Such adjustment shall be
made successively whenever any event specified above shall occur.

         (d) In case the Corporation shall at any time or from time to time,
after the issuance of the Warrant but prior to the exercise thereof, distribute
to all holders of Class A Shares (including any such distribution made in
connection with a merger or consolidation in which the Corporation is the
resulting or surviving person and Class A Shares are not changed or exchanged)
cash, evidences of indebtedness of the Corporation or another issuer, securities
of the Corporation or another issuer or other assets (excluding dividends or
distributions payable in shares of capital stock of the Corporation for which
adjustment is made under Section 4(c) and regular periodic cash dividends), or
rights or warrants to subscribe for or purchase any of the foregoing, then, and
in each such case, the Holder shall be entitled to participate in any such

                                       5
<PAGE>
distribution based on the number of Class A Shares it would have been entitled
to receive had the Warrant been exercised immediately prior to the occurrence of
such distribution, as if the Holder were the owner of such Class A Shares at the
time of such distribution.

         (e) Upon any adjustment in the Exercise Price or the number of Class A
Shares issuable upon exercise of the Warrant, the Corporation shall within a
reasonable period (not to exceed 5 business days) following any adjustment
deliver to the Holder a certificate, signed by (i) the Chief Executive Officer
of the Corporation and (ii) the Chief Financial Officer of the Corporation,
setting forth in reasonable detail the event requiring the adjustment and the
method by which such adjustment was calculated and specifying the adjusted
Exercise Price and the number of Class A Shares issuable upon exercise of the
Warrant then in effect following such adjustment.

Section 5.  Restrictions of Transfers.

         The Holder agrees, for itself and for each subsequent holder of the
Warrant, that such Warrant and the Class A Shares issuable upon exercise of such
Warrant may not be sold or transferred except in compliance with the Securities
Act of 1933, as amended ("Securities Act"), and the Stockholders Agreement,
dated as of March __, 2002, among the Corporation and the Holder, among others
(the "Stockholders Agreement"), and that the certificates issued to evidence the
Warrant and the Class A Shares issued under the Warrant shall bear the legend
specified in the Stockholders Agreement to the extent required thereby.

Section 6.  Payment of Taxes.

         The Corporation shall pay all documentary stamp taxes attributable to
the issuance of Class A Shares upon the exercise of the Warrant; provided,
however, that the Corporation will not be required to pay any tax or taxes which
may be payable in respect of any transfer involved in the issue of any Warrant
or any certificates for Class A Shares in a name other than that of the Holder
of a Warrant surrendered upon the exercise of a Warrant, and the Corporation
will not be required to issue or deliver any certificate for any Warrants or any
such Class A Shares unless and until the Holder requesting the issuance thereof
has paid to the Corporation the amount of any such tax or has produced evidence
reasonably satisfactory to the Corporation that any such tax has been paid to
the appropriate taxing authority.

Section 7.  Mutilated or Missing Warrant.

         In the event that the Warrant will be mutilated, lost, stolen or
destroyed, the Corporation will, at the request of the Holder thereof, issue and
deliver, in exchange and substitution for and upon cancellation of the mutilated
Warrant, or in lieu of and substitution for the Warrant lost, stolen or
destroyed, a new Warrant of like tenor and representing an equivalent right or
interest, but only upon receipt of evidence reasonably satisfactory to the
Corporation of such loss, theft, or destruction of such Warrant and indemnity,
if requested, also reasonably satisfactory the Corporation. Applicants for such
substitute Warrant will also comply with such other reasonable regulations and
pay such other reasonable charges as the Corporation may prescribe.

                                       6
<PAGE>

Section 8.  Reservation of Shares.

         The Corporation will at all times have authorized and reserved and
shall keep available, free from preemptive rights, out of the aggregate of its
authorized but unissued shares or its authorized and issued shares held in its
treasury, for the purpose of enabling it to satisfy any obligation to issue
Class A Shares upon exercise of the Warrant, the full number of Class A Shares
deliverable upon the exercise of the Warrant. All Class A Shares that are issued
upon the exercise of Warrant shall, upon issuance, be duly authorized, validly
issued and upon issuance, be free of preemptive rights and validly issued, fully
paid and nonassessable.

Section 9.  No Voting Rights.

         Nothing contained in this Agreement or in any Warrant shall entitle the
Holder to any voting rights or other rights as a stockholder of the Corporation.

Section 10.  Notices.

         All notices, demands or other communications to be given or delivered
under or by reason of the provisions of this Agreement shall be in writing, and
shall be given or delivered in the manner, to the addresses and facsimile
numbers, and to the persons or entities, set forth in the Stockholders
Agreement. Any such notices, demands or other communications shall be deemed to
have been duly given or delivered at the times determined under the Stockholders
Agreement.

Section 11.  Amendments.

         This Agreement supersedes all prior agreements (whether written or
oral) among the parties with respect to its subject matter, is intended as a
complete and exclusive statement of the terms of this Agreement among the
parties with respect thereto and cannot be changed or terminated orally. The
Corporation may at any time, with the prior written consent of the Holders of
Warrants representing a majority of the outstanding Warrants at such time, amend
or supplement this Agreement and each Holder of Warrants shall be bound by any
amendment or supplement so approved. Notwithstanding the immediately preceding
sentence, the prior written consent of a Holder shall be required in connection
with any amendment or supplement to this Agreement, if such amendment or
supplement would affect such Holder adversely in a manner that is different from
the manner in which it so affects the Holders of Warrants approving such
amendment or supplement as contemplated by the immediately preceding sentence.

Section 12.  Successors.

         All the covenants and provisions of this Agreement by or for the
benefit of the Corporation will bind and inure to the benefit of its successors
and assigns hereunder. For the purposes of this Agreement, all references to the
"Holder" shall, unless the context otherwise requires, constitute references to
the Holder and to any other holder of Warrants subject to this Agreement,
whether as a transferee of the Holder or otherwise.

                                       7
<PAGE>

Section 13.  Termination.

         This Agreement will terminate at the close of business on the
Expiration Date unless the Holder has exercised the Warrant in whole or in part
on or prior to such date, in which case this Agreement will terminate only after
the obligations of the parties resulting from such exercise have been fully
performed.

Section 14.  Governing Law.

         This Agreement and each Warrant issued hereunder will be deemed to be a
contract made under the laws of the State of Delaware and for all purposes will
be construed in accordance with, and governed by, the internal laws of the State
of Delaware.

Section 15.  Benefits of This Agreement.

         Nothing in this Agreement will be construed to give to any person,
corporation or other entity other than the Corporation and the Holder any legal
or equitable right, remedy or claim under this Agreement.

Section 16.  Counterparts.

         This Agreement may be executed in any number of counterparts and each
of such counterparts shall for all purposes be deemed to be an original, and
such counterparts will together constitute but one and the same instrument.

Section 17.  Captions.

         The captions in this Agreement are for convenience of reference only
and shall not be given any effect in the interpretation of this Agreement.

Section 18.  Jurisdiction.

         Each party hereto irrevocably submits to the non-exclusive jurisdiction
of (i) the courts of the State of Delaware, and (ii) the United States District
Court for the District of Delaware, for the purposes of any suit, action or
other proceeding arising out of this Agreement or any transaction contemplated
hereby. Each party hereto agrees to commence any such action, suit or proceeding
either in the United States District Court for the District of Delaware or, if
such suit, action or other proceeding may not be brought in such court for
jurisdictional reasons, in the courts of the State of Delaware. Each party
hereto that at any time after the date hereof is not a resident of the State of
Delaware or does not maintain an agent for service of process in the State of
Delaware hereby irrevocably designates, appoints and empowers The Corporation
Trust Company, having its address at the date hereof at 1209 Orange Street,
Wilmington, Delaware (New Castle County) U.S.A., as its agent for service of
process to receive for and on its behalf service of process in the State of
Delaware in any legal action, suit or proceeding with respect to this Agreement.
It is understood that a copy of any such process served on such process agent
shall be promptly forwarded by air mail by such process agent and the person
commencing such proceeding to the relevant party hereto at its address specified
in the Stockholders Agreement, but the failure of the relevant party to receive
such copy shall not affect in any way the service of

                                       8
<PAGE>

such process as aforesaid. Nothing in this Agreement will affect the right of
any party to this Agreement to serve process in any other manner permitted by
law. Each party hereto irrevocably and unconditionally waives any objection to
the laying of venue of any action, suit or proceeding arising out of this
Agreement or the transactions contemplated hereby in (A) the courts of the State
of Delaware, or (B) the United States District Court for the District of
Delaware, and hereby further irrevocably and unconditionally waives and agrees
not to plead or claim in any such court that any such action, suit or proceeding
brought in any such court has been brought in an inconvenient forum. EACH PARTY
HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN
CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY.

Section 19.  Severability.

         The provisions of this Agreement are intended to be and shall be deemed
severable. The invalidity or unenforceability of any particular provision of
this Agreement shall not affect the other provisions hereof, and this Agreement
shall be construed in all respects as if such invalid or unenforceable provision
were omitted.

                                       9
<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Warrant Agreement to
be executed by their respective officers thereunto duly authorized, as of the
date first above written.

                                      LOEWS CINEPLEX ENTERTAINMENT CORPORATION

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

                                      OCM CINEMA HOLDINGS, LLC

                                      By:   Oaktree Capital Management, LLC, its
                                            Manager

                                      By:
                                            ------------------------------------
                                            Name:  Kenneth Liang
                                            Title: Managing Director

                                      By:
                                            ------------------------------------
                                            Name:  Mariusz J. Masurek
                                            Title: Senior Vice President

                                       10
<PAGE>

                                   EXHIBIT A

                               [FORM OF WARRANT]

                            [_________] [__], 200[_]

No. W-___ Warrant

          WARRANT TO PURCHASE CLASS A COMMON STOCK, .01 PAR VALUE PER
               SHARE OF LOEWS CINEPLEX ENTERTAINMENT CORPORATION

         This Warrant certifies that [____________], or registered assigns
thereof, is the registered holder of [____________] Warrants (the "Warrants") to
purchase shares of Class A Common Stock, $.01 par value per share (the "Class A
Shares"), of Loews Cineplex Entertainment Corporation, a Delaware corporation
(the "Corporation"). Each Warrant evidenced hereby entitles the holder to
purchase from the Corporation on or before 5:00 p.m., New York City time, on the
Expiration Date, one fully paid and nonassessable Class A Share at the initial
Exercise Price, subject to adjustment in certain events, of $[____________] upon
surrender of this Warrant and payment of the Exercise Price at the address of
the Corporation as set out in Section 11 of the Warrant Agreement, dated as of
March [__], 2002 between the Corporation and the holder hereof, among others
(the "Warrant Agreement"), or such other place specified in a writing by the
Corporation delivered to the Holder, but only subject to the conditions set
forth herein and in the Warrant Agreement.

         All capitalized terms used but not defined herein have the meanings set
forth in the Warrant Agreement.

         Subject to Section 3(e) of the Warrant Agreement, payment of the
Exercise Price may be made in cash (including by wire transfer) or by certified
or official bank check payable to the order of the Corporation.

         This Warrant is part of a duly authorized issue of Warrants issued
pursuant to the Warrant Agreement, which Warrant Agreement is hereby
incorporated by reference in and made a part of this instrument and is hereby
referred to for a description of the rights, limitation of rights, obligations,
duties and immunities thereunder of the Corporation and the Holder.

         The Holder of Warrants evidenced by this Warrant may exercise them by
surrendering the Warrant, with the form of Warrant Exercise set forth hereon
properly completed and executed, together with payment of the Exercise Price and
any applicable transfer taxes at the office of the Corporation. In the event
that upon any exercise of Warrants evidenced hereby, the number of Class A
Shares purchased will be less than the total number of Class A Shares
purchasable hereunder, there will be issued to the Holder hereof or the Holder's
assignee a new Warrant evidencing the number of Class A Shares not purchased.
This Warrant may be exercised without payment of the Exercise Price in the
circumstances and manner described in Section 3(e) of the Warrant Agreement.

                                       11
<PAGE>

         The Warrant Agreement also provides that in the event of certain
reclassifications or changes in outstanding Class A Shares, certain
consolidations or mergers to which the Corporation is a party and certain sales
or conveyances of the property of the Corporation as an entirety or
substantially as an entirety, each Warrant would thereupon become exercisable
for the number of shares of stock or other securities which would have been
receivable upon such transaction by the Holder of the number of Class A Shares
which would have been purchasable upon exercise of such Warrant immediately
prior to such transactions.

         The Corporation may deem and treat the Holder hereof as the absolute
owner of this Warrant (notwithstanding any notation of ownership or other
writing hereon made by anyone), for the purpose of any exercise hereof, and of
any distribution to the Holder hereof, and for all other purposes, and the
Corporation will not be affected by any notice to the contrary.

         IN WITNESS WHEREOF, the Corporation has caused this Warrant to be duly
executed as of the date first above written.

                                LOEWS CINEPLEX ENTERTAINMENT CORPORATION

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

                                       12

<PAGE>

                           [FORM OF WARRANT EXERCISE]

                   (To be executed upon exercise of Warrant)

         The undersigned hereby irrevocably(1) elects to exercise the right,
represented by this Warrant, to acquire ________ Class A Shares and hereby
elects to exercise in accordance with section 3(e) of the Warrant Agreement, or
herewith tenders in payment for such Class A Shares cash or a certified or
official bank check payable to the order of Loews Cineplex Entertainment
Corporation, in the amount of $ ________.

         All in accordance with the terms of the Warrant Agreement, dated
___________ __, 2002, entered into by Loews Cineplex Entertainment Corporation
in favor of certain other parties, as amended. The undersigned requests that a
certificate for the Class A Shares to be issued pursuant to this exercise of
warrant be registered in the name of ___________________ ___________________
whose address is  _______________________________________  and that such
certificate be delivered to ___________________________________, whose address
is _______________________________________. If said number of Class A share is
less than all the Class A Shares purchasable hereunder, the undersigned requests
that a new Warrant representing Warrants to purchase the remaining balance of
the Class A Shares be registered in the name of
__________________________________________, whose address is
_____________________________________________, and that such certificate be
delivered to  ________________________________whose address is
______________________________.

Dated:

Signature: __________________________________________________
           (Signature must conform in all respects to name
           of Holder as specified on the face of the Warrant)

Signature Guaranteed:

___________________________
(1)  If this Warrant Exercise is delivered in connection with a transaction
     described in Section 3(a)(ii) of the Warrant Agreement as to which the
     Company has delivered the written  notice  contemplated  by the
     penultimate sentence of Section 3(a), then the exercise of the Warrant
     contemplated hereby may be made conditional upon the occurrence of the
     transaction described in any such notice, and any such exercise may be
     rescinded if such transaction is not consummated.

                                       13

<PAGE>

                              [FORM OF ASSIGNMENT]

  (To be executed by the Holder if the Holder desires to transfer the Warrant)

FOR VALUE RECEIVED hereby sells, assigns and transfers unto

         (Please print name and address of transferee)

[all] [ ] of the Warrants evidenced by this Warrant, together with all right,
title and interest therein, and does hereby irrevocably constitute and
appoint              Attorney, to transfer the within Warrant on the books of
the within-named Corporation, with full power of substitution.

Dated:

                           Signature:__________________________________________
                                     (Signature must conform in all respects to
                                     name of Holder as specified on the face
                                     of the Warrant)

Signature Guaranteed:

                                       14

<PAGE>

                            OCM CINEMA HOLDINGS, LLC
                      c/o Oaktree Capital Management, LLC
                             333 South Grand Avenue
                                   28th Floor
                             Los Angeles, CA 90071

as of March 21, 2002

1363880 Ontario Inc.
c/o Onex Corporation
161 Bay Street
Toronto, Ontario M5J 2S1
Canada

Re:   Second Letter Agreement Loews Cineplex Entertainment Corporation.
      ----------------------------------------------------------------

Ladies and Gentlemen:

         We refer to the (i) Stockholders Agreement (as amended, supplemented or
otherwise modified from time to time, the "Stockholders Agreement"), which is
being entered into immediately prior to the execution and delivery of this
letter  agreement,  among Loews Cineplex  Entertainment Corporation, a Delaware
corporation ("Loews"), 1363880 Ontario Inc., an Ontario corporation ("Onex
Cinema"), and OCM Cinema Holdings, LLC, a Delaware limited liability company
("OCM"), and (ii) First Letter Agreement (as amended, supplemented or otherwise
modified from time to time, the "First Letter Agreement"), which is being
entered into immediately prior to the execution and delivery of this letter
agreement, among Onex Cinema and OCM, which such First Letter Agreement grants
to OCM the right, on the terms and conditions provided therein, to purchase
3,450 Class A Shares from Onex Cinema and receive the Oaktree Warrant (as
defined in the First Letter Agreement) (to purchase 2,302 Class A Shares at an
exercise price of $5,025 per share) from Loews. Capitalized terms used but not
otherwise defined in this letter agreement have the respective meanings given to
them in the Stockholders Agreement.

         Substantially simultaneously with the sale of Class A Shares to OCM
by Onex Cinema, and the issuance by Loews of the Oaktree Warrant under the
First Letter Agreement, OCM shall sell, assign and convey to Onex Cinema, and
Onex Cinema shall buy and accept from OCM, OCM's right (i) to purchase under the
First Letter Agreement 1,816 Class A Shares from Onex Cinema and (ii) to
receive an Oaktree Warrant from Loews to purchase 727 Class A Shares (the
"Sale"), for consideration equal to $7.4 million (the "Purchase Price"), less
the amount (the "High Yield Return") of the Plan Distribution paid to the
Oaktree group in respect of the $56.0 million principal amount of the Notes (as
defined in the First Letter Agreement) held by the high yield debt funds and
accounts managed by Oaktree that are listed on Annex A to this letter agreement.
The Purchase Price, less the High Yield Return, shall be paid by Onex Cinema by
wire transfer of immediately available funds to an account designated by OCM
substantially

<PAGE>
simultaneously with the consummation of the transactions contemplated by the
First Letter Agreement. Onex Cinema and OCM shall take all actions, including
voting any Shares held thereby, as may be necessary to cause Loews, concurrently
with the consummation of the Sale, to take all actions necessary (including the
issuance of new share certificates and Oaktree Warrants) in connection with the
transactions contemplated hereby.

         Upon consummation of the transactions described in the foregoing
paragraph, Onex Cinema and OCM shall cause such amendments to be made to the
Stockholders Agreement as may be necessary to give effect to this letter
agreement and the First Letter Agreement so that (i) the Additional Shares (as
defined in the First Letter Agreement) and Oaktree Warrants owned by OCM after
giving effect to the transactions contemplated in this letter agreement and by
the First Letter Agreement shall be considered for all purposes of the
Stockholders Agreement to have been owned by OCM as of March 21, 2002, (ii) the
Additional Shares and Oaktree Warrants received by Onex Cinema after giving
effect to the transactions contemplated in this letter agreement and by the
First Letter Agreement shall be considered for all purposes of the Stockholders
Agreement to have been owned by Onex Cinema as of March 21, 2002 and (iii) the
Additional Shares transferred by Onex Cinema to OCM under the First Letter
Agreement shall be considered for all purposes of the Stockholders Agreement not
to have been owned by Onex Cinema as of March 21, 2002.

         For avoidance of doubt, the transfer by OCM to Onex Cinema of its right
to receive an Oaktree Warrant for 727 Class A Shares reduces the number of Class
A Shares underlying the Oaktree Warrant to be issued to OCM after giving effect
to the transactions contemplated hereby and by the First Letter Agreement to
1,575 Class A Shares.

         Notwithstanding anything to the contrary provided in the First Letter
Agreement, in connection with the consummation of the transactions contemplated
hereby and by this letter agreement, the amount payable by OCM to Onex Cinema
under the first paragraph of the First Letter Agreement shall be reduced by an
amount equal to the High Yield Return.

         Notwithstanding anything to the contrary provided in the First Letter
Agreement, the parties agree that the transactions contemplated by the First
Letter Agreement and by this letter agreement shall be consummated
contemporaneously, and that such transactions shall be consummated as soon as
practicable after the receipt of the Plan Distribution by the members of the
Oaktree Group.

         This letter agreement may be executed in one or more counterparts, each
of which shall constitute an original, and all of which shall constitute one and
the same instrument. This letter agreement (together with the Stockholders
Agreement and the First Letter Agreement) sets forth and represents the entire
agreement between the parties (and their respective Affiliates) with respect to
the subject matter hereof and thereof, supersedes (together with the
Stockholders Agreement and the First Letter Agreement) any and all prior written
or oral agreements, understandings, undertakings, negotiations and arrangements
between the parties (and their respective Affiliates) with respect to such
subject matter, and may be amended, supplemented or otherwise modified only by a
written agreement executed by the parties hereto. The failure of a

                                       2
<PAGE>
party to exercise any of its rights hereunder or to insist upon strict
adherence to any term or condition hereof on any one occasion shall not be
construed as a waiver or deprive that party of the right thereafter to insist
upon strict adherence to the terms and conditions of this letter agreement at a
later date. Further, no waiver of any of the terms and conditions of this
letter agreement shall be deemed to or shall otherwise constitute a waiver of
any other term or condition hereof (whether or not similar).

         This letter agreement shall be binding and inure to the benefit of the
parties hereto and their respective successors, assigns, heirs and
administrators; provided, that neither this letter agreement nor any rights
hereunder may be assigned by any party hereto without the prior written consent
of the other party hereto.

         This letter agreement shall be governed by and construed in accordance
with the laws of the State of Delaware applicable to contracts made and to be
performed entirely within such State, and the parties hereby agree that the
provisions of Section 8.6 of the Stockholders Agreement shall apply in
connection with any suit, action or other proceeding arising out of this letter
agreement or any transaction contemplated hereby.

                                       3
<PAGE>
         All notices, demands or other communications to be given or delivered
under or by reason of this letter agreement shall be in writing, and shall be
given or delivered in the manner and to the Persons set forth in Section 8.7 of
the Stockholders Agreement. Any such notices, demands or other communications
shall be deemed to have been duly given or delivered at the time determined
under Section 8.7 of the Stockholders Agreement.

                               OCM CINEMA HOLDINGS, LLC

                               By: Oaktree Capital Management, LLC, its Manager

                               By: /s/ Mariusz J. Mazurek
                                  --------------------------------
                                  Name: Mariusz J. Mazurek
                                  Title Senior Vice President

                               By: /s/ Kenneth Liang
                                  --------------------------------
                                  Name: Kenneth Liang
                                  Title: Managing Director

                               1363880 ONTARIO INC.

                               By: /s/ D.W. Lewtas
                                  --------------------------------
                                  Name: D.W. Lewtas
                                  Title: Vice President

                                       4

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