Document:

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                                                                 EXHIBIT 10.1(d)

                              MANAGEMENT AGREEMENT

         This Management Agreement (this "Agreement") is by and between Cinemark
USA, Inc., a Texas corporation ("Manager") with its principal place of business
located at 7502 Greenville Avenue, Suite 800-LB9, Dallas, Texas and Cinemark
Partners II, Ltd., a Texas limited partnership ("Owner") with its principal
place of business located at 7502 Greenville Avenue, Suite 800-LB9, Dallas,
Texas, and shall be effective as of September 1, 1994.

                                    RECITALS

         A. Owner is engaged in the business of developing, operating for
production of income, holding for investment and disposing of the Theatre (as
defined below).

         B. Manager has the qualified, experienced and necessary personnel to
manage the Theatre and Manager also has the qualified personnel necessary to
provide accounting and administrative services in connection with the operation
of the Theatre.

         C. Owner desires Manager to manage the Theatre and to render accounting
and administrative services to Owner in connection with the operation of the
Theatre.

         D. Manager desires, to provide Owner with the aforesaid services.

         NOW, THEREFORE, in consideration of the mutual covenants herein
contained and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

         1. Definitions. The terms defined in this Section 1 shall have the
following meanings, unless the context clearly requires a different
interpretation:

               (a) "Cash Expenditures" means all cash expenditures made by
Manager pursuant to or in accordance with this Agreement, or which Owner shall
otherwise authorize or approve, during any applicable or pertinent period in the
operation of the Theatre or in connection with the Theatre or any part thereof,
including, but not limited to, the "Management Fee" (as hereinafter defined),
film rental payments, rents under Theatre leases, payroll and payroll expenses
of whatsoever nature and taxes, concession expenses, advertising, supplies,
utility charges, repairs, maintenance and replacements (whether deemed to be a
capital item or expense for accounting purposes), and insurance premiums and all
other expenses of operation of the Theatre. Cash Expenditures shall also include
(i) real estate or other taxes, assessments, levies or charges and (ii) debt
service or any other sums or charges payable under any mortgage or deed of trust
affecting the Theatre or any part thereof.

               (b) "Excess Annual Return" means Net Cash remaining after
distribution to the Limited Partners in an amount equal to the Minimum Annual
Pre-Tax Return on Investment.

               (c) "Limited Partner" means any person who has been admitted as
limited partner of the Owner pursuant to the terms of this Limited Partnership
Agreement.

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               (d) "Minimum Annual Pre-Tax Return on Investment" means the
projected return to the Limited Partners derived from the distributions received
from available Net Cash from Operations attributable to a calendar year or from
available Net Cash from Other Sources divided by the Limited Partners' initial
capital contribution to the Owner as provided below:

<Table>
<Caption>
        (i) Year                           Minimum Annual Pre-Tax Return
        --------                           -----------------------------

<S>                                        <C>
         1995                                             5.93%
         1996                                            20.37%
         1997                                            20.32%
         1998                                            21.52%
         1999                                            22.67%
         2000                                            20.34%
         2001                                            19.08%
         2001-dissolution/
              refinancing                                15.00%
</Table>

or (ii) upon the sale of the Theatre or any subsequent refinancing of the
Partnership, 137.5% of the Limited Partners' initial capital contribution to the
Owner.

               (e) "Net Cash" means, for each month or any other period of the
Owner, the excess of all cash receipts of the Owner, including without
limitation, cash receipts from the operation of the Theatre and receipts from
the sale or refinancing of the Owner's assets, plus reserves set aside during
prior periods which are no longer necessary as reserves, less: (a) all
expenditures of the Owner, including fees and compensation, if any, payable to
the general partner of Owner; (b) amounts required for payment of all
outstanding current obligations of the Owner, including repayment of loans made
by Owner, and (c) amounts set aside for reserves as determined by the general
partner of Owner.

               (f) "Net Cash from Disposition of Partnership Property" means Net
Cash attributable to Disposition of Partnership Property, including all
principal and interest payments with respect to any note or other obligation
received by the Partnership in connection with the Disposition of Partnership
Property.

               (g) "Net Cash from Operations" means all Net Cash other than (a)
Net Cash from Refinancing and (b) Net Cash from Disposition of Partnership
Property.

               (h) "Net Cash from Other Sources" means Net Cash from Disposition
of Partnership Property and Net Cash from Refinancing.

               (i) "Net Cash from Refinancing" means Net Cash from the proceeds
of any refinancing of any existing or initial indebtedness secured by the
Theatre.

               (j) "Partnership Property" means the Owner's interest in the
Theatre and all improvements thereon and all repairs, replacements or renewals
thereof, together with all personal property acquired by the Partnership which
is located thereon or specifically used in connection therewith and all
interests in such property.

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               (k) "Revenues" means all revenue of Owner determined in
accordance with generally accepted accounting principles.

               (l) "Theatre" means that parcel of land upon which the motion
picture exhibition theatre to be operated by the Partnership shall be located,
as more specifically described in Exhibit "A" attached hereto, together with all
improvements constructed thereon.

         2. Management of Partnership Property. Manager shall operate and manage
the Partnership Property for Owner as a motion picture theatre under the
provisions set forth in this Agreement and in a manner consistent with the
practices, policies and standards employed by Manager in operating and managing
its own theatres. In addition, Manager shall be responsible for negotiating the
leases for the adjacent pad sites. In pursuance of the foregoing, Manager shall
perform the following services:

               (a) Management, Accounting, Administrative Services. Manager
shall provide or procure all management, accounting, administrative and other
services, licenses, permits, supplies and goods necessary for the orderly
operation and management of the Partnership Property in accordance with this
Agreement, including but not limited to the following:

                        (1) Book and license or cause to be licensed on Owner's
behalf, films and other attractions for exhibition in the Theatre. Manager is
hereby authorized by Owner to execute film license agreements on behalf of Owner
for the Theatre.

                        (2) Arrange for advertising for the Theatre.

                        (3) Render the necessary accounting and bookkeeping
services generally required in the management of the affairs and operation of
theatres. Owner shall cause the books and records of Owner to be audited
annually and shall prepare or cause to be prepared all federal, state and local
income tax returns required to be filed by the Owner. The cost and expense
attributable to such audits and tax returns shall be borne and paid by Owner.

                        (4) Owner shall be responsible for remitting when due to
the proper governmental authorities all taxes on box office admissions that are
not measured by net income, all sales taxes on other Partnership Property
revenues and all income taxes.

                        (5) Manager shall supervise the hiring, promotion,
discharge and work of the operating and service employees, including Theatre
managers, performing services in or about the Theatre, including the negotiation
and settlement of any labor disputes. It is acknowledged and agreed that
initially all on-site personnel shall be employees of Manager. Manager shall
procure and maintain adequate workers' compensation insurance or other similar
insurance as may be required by law, at the expense of Owner, covering all of
the employees performing services at the Theatre. Manager may at its option,
upon 60 days notice to Owner, elect to discontinue employing the on-site
personnel for the Theatre, in which event, Owner shall employ the on-site
personnel for the Theatre.

                        (6) Manager shall receive, consider and handle the
complaints of all guests and users of any of the services or facilities of the
Theatre.

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                        (7) Manager shall, in the name and on behalf of Owner,
enter into contracts for the furnishing to the Theatre of electricity, gas,
water, telephone, cleaning (including window cleaning), vermin exterminators,
maintenance of heating, ventilating and air conditioning systems, and other
necessary utilities and services, materials and supplies.

                        (8) Manager shall arrange for the making or installing,
in the name of Owner, of all alterations, renovations, repairs, decorations,
replacements, and equipment installations as may be reasonably necessary for the
continued operation of the Theatre in a manner consistent with the standards
required of and maintained by the other theatres owned, leased or managed by
Manager (regardless of whether owned or managed by Manager or any of its
affiliates), and otherwise as may be appropriate, in the reasonable judgment of
Manager.

                        (9) Manager shall, in the name and on behalf of Owner,
contract for all merchandise, materials, supplies and accessories to be used in
connection with the operation and maintenance of the Theatre and their
concessions.

                        (10) Manager shall obtain and maintain, for itself or on
behalf of Owner, as the case may be, all licenses, permits and authorizations
from any governmental authorities which are necessary for the operation of the
Partnership Property in the manner contemplated by this Agreement. Owner shall
cooperate with Manager in obtaining all consents, authorizations, approvals,
permits and licenses necessary to operate the Partnership Property. Manager
shall be at all times and at its expense, qualified and licensed to do business
and be in good standing in all jurisdictions where such qualification or license
is required to enable Manager to manage the Partnership Property as contemplated
by the terms of this Agreement.

                        (11) Manager shall use its reasonable efforts to cause
the Partnership Property to comply in all material respects with all statutes,
ordinances, laws, rules, regulations, orders and determinations affecting the
Partnership Property and issued by any governmental authority having
jurisdiction thereof. Further, Manager shall not unreasonably refuse or delay
compliance with any specific instructions that are given by Owner and that are
reasonably necessary to cause the Partnership Property to comply with such
statutes, ordinances, laws, rules, regulations, orders and determinations. Owner
shall cooperate with Manager in complying with such statutes, ordinances, laws,
rules, regulations, orders and determinations, including paying all costs of
such compliance.

                        (12) To the extent Manager deems necessary in connection
with this Agreement, Manager shall enter into contracts on commercially
reasonable terms on behalf of Owner with architects, engineers, tradesmen and
other independent contractors to perform services and supervise the
administration and monitor the performance of all work to be performed and
services to be rendered under all such contracts.

                        (13) Manager shall operate the Theatre under the name of
Cinemark, and in connection therewith Manager shall use the Cinemark name,
trademark and logo, as the foregoing may be changed from time to time, to
identify the Theatre as a Cinemark theatre consistent with the manner in which
Manager so identifies other properties as Cinemark theatres. Manager shall also
include the name of the Theatre in Manager's institutional advertising, on the
same basis as any other similar Cinemark theatres owned or managed by Manager or
any of

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Manager's affiliates. Owner acknowledges that it is acquiring no rights or
interest in or license with respect to or other right to use the name Cinemark
or such other trademarks or service marks or other intellectual property in
which Manager has an ownership or other proprietary interest and will permit
Manager, at the expense of Owner, to remove from the Theatre the name Cinemark
or such other trademarks or service marks or other intellectual property in
which Manager has an ownership or other proprietary interest upon the
termination of this Agreement. In no event shall Owner be entitled to use the
Cinemark name, trademark or logo, respectively, after this Agreement has been
terminated by either party for whatever reason.

                        (14) Manager shall have the sole and exclusive authority
to negotiate, enter into and settle, in the name and on behalf of Owner, all
contracts and agreements relating to or arising out of the day-to-day business
and affairs of Owner, including, without limitation, booking agreements and
agreements with suppliers, all on terms as Manager, in the good faith exercise
of its judgment, deems appropriate.

               (b) Insurance.

                        (1) During the Term of this Agreement, Manager shall
maintain at Owner's own selection, insurance of such kinds and amounts as may be
reasonably necessary and appropriate for the Partnership Property, as well as
any other insurance that Owner or Manager may reasonably request.

                        (2) Upon Owner's request, Manager shall not unreasonably
refuse to provide insurance coverage for the Partnership Property through
inclusion of the Partnership Property in Manager's multi-theatre policy, if any,
in which event Owner shall reimburse Manager for the actual cost of such
insurance, or, if not reasonably determinable, for a prorata share of the total
cost of such insurance. If the insurance coverage is provided through inclusion
in Manager's multi-theatre policy, upon request by Owner, Manager shall furnish
Owner with a schedule setting forth the kinds and amounts of insurance in place
in connection with the operation of the Partnership Property. Promptly following
the receipt of such schedule, Owner shall notify Manager of any changes which
Owner shall elect to make in such schedule and, unless Owner advises Manager
that Owner will secure such insurance coverage, Manager shall thereupon
forthwith apply for all such insurance, at Owner's expense.

                        (3) All policies insuring against liability, damage to
the Partnership Property or portion thereof or interruptions of business, or the
like shall name Owner, Manager, or any mortgagee or beneficiary under any
mortgage or other similar agreement, as the insureds thereunder, as their
respective interests may appear. All policies of hazard insurance shall include
loss payment clauses in the form reasonably required by any mortgage or other
agreement.

                        (4) Manager shall immediately notify Owner of any
casualty, disaster, loss, damage or injury occurring at the Partnership Property
whether covered by insurance or not. Manager shall not use the Partnership
Property, or permit the same to be used, for any purpose which will make void or
voidable any of such insurance policies, and shall not keep or allow to be kept
at the Partnership Property any material, machinery, equipment, substance or
other thing which may make void or voidable any of such insurance policies.
Manager shall, upon the

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request of Owner, assist Owner in any reasonable manner, as Owner may request,
in the settlement of any claim under any of such insurance policies.

               (c) Maintenance and Repair of the Theatre. Manager shall
maintain, or cause to be maintained the buildings, appurtenances and grounds of
the Theatre in substantial compliance with all applicable laws, statutes,
ordinances and regulations, federal, state and local, and in accordance with
standards reasonably acceptable to Owner, including within such maintenance,
without limitation thereof, interior and exterior cleaning, painting and
decorating, plumbing, equipment, carpentry and such other normal maintenance and
repair work as may be reasonably necessary. For any other individual item of
repair or replacement, the expense incurred shall not exceed the sum of $50,000
unless specifically authorized by Owner, except, however, that emergency repairs
immediately necessary for the preservation and safety of the Theatre or to avoid
the suspension of any service to the Theatre or danger of life or property may
be made by Manager without the approval of Owner. Standards established by Owner
under this Section 2(c) may not be so low as to expose Manager to risk of
liability to other persons. Manager shall not be obligated by this Section 2(c)
to institute any major capital improvements. In the event Manager fails for any
reason to perform its obligations hereunder to maintain and repair, and funds
are available therefore, after 30 days' prior written notice from Owner to do
so, then, Owner may make the necessary repairs.

         3. Payment of Expenses.

               (a) All costs, expenses, fees and charges with respect to the
use, operation or management of the Partnership Property, including, but not
limited to, the costs incurred by Manager in performing its duties under Section
2 hereof and the cost of film rental payments, advertising, legal or
professional cost, salaries of managers and all other on-site employees,
utilities and insurance shall be borne by Owner. In the event Revenue is not
sufficient to cover the cost of all such expenses and upon the receipt of notice
of such event, Owner shall promptly advance to Manager such sums as may from
time to time be required. Manager shall not be required or obligated to provide
or advance any moneys for any such costs, charges or expenses. However, Manager
shall bear and pay all of its own overhead including the, salaries of its own
officers, regional supervisory, administrative or accounting personnel.

               (b) Manager shall collect the Revenues of the Partnership
Property and deposit such Revenues into one or more of Owner's bank accounts, as
specified by Owner. Manager shall prepare and deliver to Owner checks written on
such bank accounts for all Cash Expenditures of the Partnership Property,
including the Management Fee, and for other sums required to be paid by Owner
under this Agreement.

               (c) Owner shall reimburse Manager within 30 days of written
demand for any sums expended by Manager which are required by this Agreement to
be borne by Owner and for which Manager has not been otherwise reimbursed.

         4. Management Fee. For the services to be rendered by Manager
hereunder, Owner agrees to pay Manager an annual management fee (the "Management
Fee") equal to five percent (5%) of the Revenues in each year. On or before the
30th day following the last day of each month, Owner shall pay Manager the
portion of the Management Fee earned during the

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preceding month based upon the financial statements of Owner prepared by
Manager. Three percent (3%) of such Management Fee shall be subordinated on an
annual basis to the Minimum Annual Pre-Tax Return on Investment (the
"Subordinated Management Fee"). Any unpaid Subordinated Management Fee shall
accumulate and be payable in any year to the extent Net Cash from Operations and
Net Cash from Other Sources exceeds the distributable amount required to provide
the Limited Partners the Minimum Annual Pre-Tax Return on Investment. Upon the
sale of the Theatre or any subsequent refinancing of the Partnership, any
Subordinated Management Fee shall be payable from the Net Cash from Other
Sources which exceed 137.5% of the Limited Partners' initial capital
contribution. Upon the distribution to the Limited Partners of any proceeds of
at least 137.5% of the Limited Partners' initial capital contribution from any
subsequent refinancing, Cinemark USA shall no longer subordinate its management
fee and thereafter shall receive a management fee, payable monthly in arrears,
in an amount equal to 5% of all Partnership revenues determined in accordance
with generally accepted accounting principles. Within 30 days after the audited
financial statements of Owner for the preceding fiscal year are delivered to
Manager and Owner, the parties shall calculate the amount of the Management Fee
for such fiscal year and any adjustments between the parties shall be made.

         5. Term of Agreement.

               (a) Term. The term of this Agreement shall be for a period of ten
years beginning September 1, 1994 and ending on September 1, 2004. Thereafter,
this Agreement shall remain in effect until either the Owner or Manager gives
the other 30 days' prior written notice of termination specifying the effective
date of termination. Notwithstanding the foregoing, this Agreement may be
terminated by either the Manager or Owner upon the sale of the Theatre after the
party electing to terminate this Agreement gives 30 days' written notice to the
other party.

               (b) Termination by Owner. Owner may seek to terminate this
Agreement only in accordance with the provisions of this Section. The term
"Cause" shall mean that (A) Manager has breached the terms of this Agreement by
committing any act or acts of bad faith, willful misconduct or gross negligence
which have, individually or in the aggregate, had a materially adverse effect on
the business or operations of Owner, taken as a whole, or (B) Manager has
materially breached this Agreement or failed to satisfy its obligations
hereunder in any material respect and such breach or default shall be within the
power of Manager to cure.

         (2) At any time Owner determines that there is Cause, Owner shall give
Manager written notice (the "Termination Notice"), specifying in reasonable
detail the Cause and giving Manager at least thirty (30) days to cure such
Cause. If Manager has not cured the Cause within the time allowed in the
Termination Notice, the Termination Notice shall be effective and the Agreement
shall terminate in accordance with the provisions of such notice. If Manager
cures the Cause within the time allowed in Termination Notice, the Termination
Notice shall be ineffective and the term of this Agreement shall continue as
though the Termination Notice had not been given. However, if a longer period is
actually necessary in order to cure the Cause, the effectiveness of the
Termination Notice shall be suspended beyond such time until the earlier of (A)
the cure of the Cause, in which case the Termination

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Notice shall be ineffective and the term of this Agreement shall continue as
though the Termination Notice had not been given or (B) Manager discontinuing
diligently pursuing a cure for the Cause in which case the Termination Notice
shall be effective and the Agreement shall terminate in accordance with the
provisions of such notice. (c) Termination by Manager. Subject to the further
provisions of this Section, Manager may terminate this Agreement at any time
upon ten (10) days notice to Owner in the event that Owner breaches or defaults
in the performance of any material covenant or obligation of Owner hereunder.
Such termination shall not prejudice any other rights or remedies available to
Manager as a result of such breach or default. At any time that Manager
determines that there has, been a breach or default in the performance by Owner
of any material covenant or obligation of Owner hereunder, Manager shall give
Owner a Termination Notice, specifying in reasonable detail the breach or
default and giving Manager at least thirty (30) days to cure such breach or
default. If Owner has not cured the breach or default within the time allowed in
the Termination Notice, the Termination Notice shall be effective and the
Agreement shall terminate in accordance with the provisions of such notice. If
Owner cures the breach or default within the time allowed in Termination Notice,
the Termination Notice shall be ineffective and the term of this Agreement shall
continue as though the Termination Notice had not been given. However, if a
longer period is actually necessary in order to cure the breach or default, the
effectiveness of the Termination Notice shall be suspended beyond such time
until the earlier of (A) the cure of the breach or default, in which case the
Termination Notice shall be ineffective and the term of this Agreement shall
continue as though the Termination Notice had not been given or (B) Owner
discontinuing diligently pursuing a cure for the breach or default in which case
the Termination Notice shall be effective and the Agreement shall terminate in
accordance with the provisions of such notice.

               (d) Management Fee Upon Termination. Upon termination of this
Agreement, for whatever reason, the Management Fee (as set forth in Section 4
hereof) accrued but not yet paid to Manager shall be payable by Owner at the
time of such termination.

               (e) Obligations Upon Termination. Following termination of this
Agreement, neither Owner nor Manager shall thereafter have any obligation or
liability to the other except any obligation or liability (i) resulting from any
default or breach of this Agreement occurring prior to the effective date of
termination, and (ii) settlement of compensation in accordance with this
Section. Upon termination of this Agreement for any reason, Manager shall
deliver to Owner the originals of the books, records and all other documents
relating to the Theatre.

         6. Indemnification.

               (a) Indemnification by Owner. Owner shall indemnify and hold
Manager, its officers, directors, shareholders, employees, and representatives
harmless from and against all claims, damages and costs (including counsel fees)
arising out of or in connection with (i) any breach by Owner of any
representation, warranty or covenant made in this Agreement or (ii) the
management of the Theatre and any other Partnership Property and the operation
thereof, including, without limitation, those based upon negligence, strict
negligence, sole negligence, contractual comparative negligence or concurrent
negligence, but specifically excluding Manager's own gross negligence, bad faith
or willful misconduct.

               (b) Indemnification by Manager. Manager shall indemnify and hold
Owner and its respective officers, directors, shareholders, employees and
representatives harmless from

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and against all claims, damages and casts (including counsel fees) arising out
of or in connection with Manager's own gross negligence, bad faith or willful
misconduct.

               (c) Effect of Insurance; Waiver of Subrogation. The indemnities
herein contained shall not apply to any claims with respect to which the
indemnified party is covered by insurance, provided that the foregoing exclusion
does not invalidate the indemnified party's insurance coverage. Each party shall
endeavor to secure from its insurer waivers of subrogation with respect to
claims against the other parties under policies in which the other parties are
not named insureds, and shall promptly notify the other parties in the event
that any such waiver is unobtainable or is obtainable only upon payment of an
additional premium. If such waiver is obtainable only upon payment of an
additional premium, the other parties shall have the right, at its option, to
pay such additional premium.

               (d) Limitation on Liability of Manager. Nothing contained in this
Section 6 shall limit either party's rights and remedies for breach of any
provision of this Agreement by the other party, provided that Manager shall have
no liability to Owner if Manager's action was taken or omitted to be taken in
the operation and management of the business and affairs of Owner, including the
operation of the Theatre, unless such action or omission resulted from Manager's
own gross negligence, bad faith or willful misconduct. For purposes of this
Agreement, any action taken by Manager which has been expressly approved or
authorized by Owner or which is in accordance with customary practices of the
motion picture theatre industry shall not be deemed to constitute gross
negligence, bad faith or willful misconduct.

         7. Delegation of Duties. Notwithstanding anything to the contrary
contained in this Agreement, Manager shall have the right to delegate or
subcontract its duties under this Agreement to any person, corporation or
partnership; provided, however, that no such delegation or subcontracting shall
relieve Manager of liability under this Agreement and further provided that
Manager shall supervise the activities of such subcontractor.

         8. No Restriction on Other Businesses; Future Expansion.

               (a) Manager shall not be required to spend its full time and
attention in the management and operation of the Theatre or other Partnership
Property. Manager shall inform Owner in due course of any bona fide offer or
inquiry concerning the purchase of the Theatre or other Partnership Property.
Nothing contained herein shall preclude, prevent or be a limitation upon either
party acting for itself or for others, or being a partner in a partnership or a
stockholder in a corporation engaged in other real estate or business ventures.
Nothing in this Agreement shall be construed so as to deem Manager a partner or
joint venturer with Owner.

               (b) Manager and Owner acknowledge that they are both in the
business of developing and acquiring motion picture exhibition theatres and
other real estate and business ventures and that both parties may in the future
be presented with opportunities to develop new theatres and acquire existing
theatres or enter into other competitive real estate or business ventures.
Manager and Owner hereby agree that neither party (nor any of their respective
affiliates) is precluded from acquiring or developing other theatre facilities,
or other businesses ancillary thereto, in competition with the Theatre.

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         9. No Right of Set-off. Owner shall not be entitled to set-off the
Management Fee which Owner is obligated to pay to Manager against any claims
that Owner may have against Manager. Nothing contained in this Agreement shall
be construed to limit Owner's ability to pursue an action against Manager for a
breach of its obligations hereunder.

         10. Film Settlement Policies. Owner acknowledges that, subject to the
next sentence, (i) with respect to booking services, numerous subjective and
nonquantifiable matters of judgment go into the decision of which films to book
and the terms of such booking and that Manager, for a variety of reasons, may
find it necessary to book films of certain distributors and not book films of
other distributors; (ii) separate geographic areas may be unique and involve
factors relevant to policies employed in the negotiation and effectuation of
film settlements ("Settlement Policies") that are not of equal importance to
other geographical areas, (iii) Settlement Policies for one area may not
necessarily be evaluated against or compared to the Settlement Policies Manager
or its affiliates employ or employed in other geographic areas or markets, and
(iv) Manager will not be required to employ the same or similar Settlement
Policies hereunder as it or its affiliates follow in other geographic areas or
markets or for other theatres owned, leased or managed by Manager in the same
geographical area; provided that Manager shall conduct the Settlement Policies
in a good and businesslike manner. Owner confirms that Manager has made no
representation or covenant as to the Settlement Policies or booking policies it
has or will have with respect to any theatres which are owned, leased or managed
by Manager or its affiliates or which are to be managed pursuant to this
Agreement other than that Manager will employ the same policies and practices in
respect thereof on behalf of the Theatre as it does on behalf of Manager's
theatres and that Manager will act in good faith in respect thereof.

         11. No Restrictions on Payment of Management Fee. Owner agrees not,
directly or indirectly, to create or otherwise cause or suffer to exist or
become effective any consensual encumbrance or restriction on the ability of
Owner to pay to Manager any fees or other amounts payable under this Agreement
without the prior written consent of Manager.

         12. Transfer of the Theatre Pursuant to a Third Party Offer.

               (a) Notice of Proposed Transfer. In the event Owner receives an
offer (the "Third Party Offer") to sell, assign, transfer or convey the Theatre
to a person, firm or entity not a party (or an affiliate of a party) to this
Agreement, the Owner shall give written notice thereof (the "Offering Notice")
to Manager. The Offering Notice shall be accompanied by a true and correct copy
of the Third Party Offer, if in writing, or by a detailed explanation of the
Third Party Offer, if the Third Party Offer was communicated orally, containing
the identity of the proposed transferee and all terms and conditions of the
sale.

               (b) Manager's Option to Purchase the Theatre. Manager shall have
the first option to purchase the Theatre at the price and upon the terms
substantially similar to the terms specked in the Offering Notice. Manager shall
have 30 days after the receipt of the Offering Notice to exercise its option,
and shall do so by giving notice of such exercise to Owner.

               (c) Payment of Purchase Price. The purchase of the Theatre shall
be paid for in accordance with the terms and conditions of payment set forth in
the Third Party Notice.

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         13. Governing Law. This Agreement shall be governed by, construed and
enforced pursuant to the laws of the State of Texas.

         14. Assignment. This Agreement may not be assigned by either party
without the consent of the other party except that (i) Manager may assign this
Agreement to any successor in interest or assignee of all or substantially all
of the business, assets, or operations of Manager, (ii) Manager may assign this
Agreement to a subsidiary of Manager and (iii) either party to this Agreement
may grant a lien to a lender in and to such party's right pursuant to this
Agreement and such lender shall have the right to exercise all of such party's
rights and remedies hereunder. All terms and provisions herein contained shall
extend to and be binding upon the parties and their permitted successors and
assigns.

         15. Authority; Binding Agreement.

               (a) Manager represents and warrants that (i) it is a corporation
duly organized, validly existing and in good standing under the laws of the
State of Texas, (ii) it has the corporate power to execute, deliver and perform
this Agreement, (iii) the execution, delivery and performance by it of this
Agreement have been duly and validly authorized by all necessary corporate
action and (iv) this Agreement constitutes the legal, valid and binding
obligations of Manager, enforceable in accordance with its terms, except as the
same may be limited by bankruptcy, insolvency, reorganization or other laws
affecting the enforcement of creditors' rights generally.

               (b) Owner represents and warrants that (i) it is a limited
partnership duly formed and validly existing, (ii) it has the power to execute,
deliver and perform this Agreement, (iii) the execution, delivery and
performance by it of this Agreement have been duly and validly authorized by all
necessary action and (iv) this Agreement constitutes the legal, valid and
binding obligations of Owner, enforceable in accordance with its terms, except
as the same may be limited by bankruptcy, insolvency, reorganization or other
laws affecting the enforcement of creditors' rights generally.

         16. Construction and Interpretation. This Agreement may be executed in
any number of counterparts which together shall constitute the contract of the
parties. The section headings herein contained are for the purposes of
identification only and shall not be considered in construing this Agreement.
Time is of the essence of this Agreement. If either party obtains a judgment
against the other party by reason of breach of this Agreement, a reasonable
attorney's fee as fixed by the court shall be included in such judgment. The
waiver by either party of a default or breach hereunder shall not be construed
as a waiver of any other default or breach hereunder by such party.

                                       11
<PAGE>

         INTENDING to be legally bound, the parties hereto have executed this
Agreement to be effective as of the date first above written.

                              CINEMARK PARTNERS II, LTD.

                              By:      CINEMARK PARTNERS I, INC.,
                                       its General Partner

                              By:      /s/ Randy Hester
                                 ----------------------------------------
                              Name:    Randy Hester
                                   --------------------------------------
                              Title:   Vice President
                                    -------------------------------------

                              CINEMARK USA, INC.

                              By:      /s/ Alan W. Stock
                                 ----------------------------------------
                              Name:    Alan W. Stock
                                   --------------------------------------
                              Title:   President
                                    -------------------------------------

                                       12<PAGE>
                                                                 EXHIBIT 10.1(e)

                          MANAGEMENT SERVICES AGREEMENT

         This Management Services Agreement (the "Agreement") is dated December
  , 2000 (the "Effective Date") between Cinema Properties, Inc., a Delaware
corporation, (the "Owner"), and Cinemark USA, Inc., a Texas corporation (the
"Operator").

                                   BACKGROUND

         A. The Owner is engaged in the business of owning real estate in the
locations specified on Exhibit "A" hereto upon which multiplex movie theatres
are constructed (the "Theatres"). Operator has expertise in the construction,
management and operation of multiplex movie theatres and related activities.

         B. The Owner desires to retain Operator to provide management services
with respect to all aspects of operating, maintaining and managing the Theatres,
and Operator is willing to provide such management services, upon the terms and
subject to the conditions set forth in this Agreement.

         NOW, THEREFORE, in consideration of the mutual promises and covenants
contained in this Agreement and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, Owner and Operator,
intending to be legally bound, agree as follows:

                                   ARTICLE I
                               TERM OF AGREEMENT

         1.1 INITIAL PERIOD. This Agreement commences on the Effective Date and
shall continue through December 31, 2005 (the "Initial Period") unless earlier
terminated as provided herein.

         1.2 ADDITIONAL PERIODS. This Agreement shall be extended at the option
of either party hereto for one or more additional periods of five (5) years each
(each an "Additional Period") unless the Owner and Operator have delivered
written notice to the other at least 180 days but not more than 365 days prior
to the end of the then current period, electing not to extend this Agreement for
an Additional Period.

                                   ARTICLE II
                             MANAGEMENT OF THEATRES

         2.1 ENGAGEMENT OF OPERATOR. Subject to the terms and conditions of this
Agreement, (a) the Owner hereby engages Operator as its sole and exclusive agent
for operating, maintaining and managing the Theatres during the Term, and (b)
Operator hereby accepts such engagement and agrees to fulfill its duties
hereunder and to operate, manage, direct, maintain and supervise the Theatres
during the Term in a good, businesslike manner and at a standard comparable to
the theatres operated by Operator on its own behalf or for Persons other than
the Owner.

<PAGE>

         2.2 SPECIFIC DUTIES OF OPERATOR. Operator shall have the sole
responsibility and sole authority to make any and all decisions with respect to
the day-to-day operations at the Theatres. Without limiting the generality of
the foregoing, Operator shall have the following duties and authority, all at
the expense of the Owner:

               (a) Operator shall determine and put into effect all policies
with respect to performance at the Theatres, including, without limitation,
showtimes, hours of operation, ticket prices and "goodwill" tickets.

               (b) Operator shall keep Owner advised concerning all material
aspects of Operator's activities with respect to the management and operation of
the Theatres.

               (c) Operator shall train theatre managers, assistant managers,
management trainees and other employees (collectively, the "Employees")
sufficient to direct, supervise and staff the Theatres' operation. Operator
shell determine the compensation, fringe benefits and employment duration of all
Employees and the assignment of duties to be performed by such Employees, and
shall negotiate and settle any labor disputes. Operator shall procure and
maintain adequate workers' compensation insurance or other similar insurance as
may be required by law covering the Employees.

               (d) Operator shall contract for and purchase on behalf of and in
the name of the Owner, all merchandise, materials, supplies and accessories to
be used in connection with the operation and maintenance of the Theatres,
including without limitation, concessions used in connection with the Theatres.

               (e) Operator shall remit when due to the proper governmental
authorities all taxes on box office admissions that are not measured by net
income and all sales taxes on other Theatre revenues on behalf of the Owner.
Operator shall also remit all other taxes payable with respect to operation of
the Theatres, including without limitation payroll taxes, and file such tax
returns as are required with respect to such taxes. Operator shall timely
provide to the Owner copies of all such tax returns filed and give the Owner
access to all financial or other records concerning such taxes.

               (f) Operator shall obtain and maintain, for itself or on behalf
of and in the name of the Owner, as the case may be, all licenses, permits and
authorizations from any governmental authorities that are necessary for the
operation of the Theatres in the manner required by this Agreement. The Owner
agrees to execute and deliver any and all applications and other documents and
to otherwise cooperate to the fullest extent with Operator in applying for,
obtaining and maintaining all such licenses, permits and authorizations.
Operator shall at all times, and at its expense, remain qualified and licensed
to do business and be in good standing in the states in which the Theatres are
located.

               (g) Operator shall have the right and duty on behalf of and in
the name of the Owner to contract for and purchase concessions and concession
supplies for the Theatres and to set prices for and sell such concessions and
concession supplies; to determine and put into effect advertising and all
business policies with respect thereto; and to do and perform any and all things
ordinarily required in the operation thereof, all without limitation or
prejudice to the right

                                       2

<PAGE>

and duty of Operator generally to supervise and manage the operations of the
Theatres concessions.

               (h) Operator shall maintain all insurance coverage customarily
carried for comparable theatres in each jurisdiction where the Theatres are
located or which may be required by each Owner's lenders, which shall include,
but not be limited to, terms, conditions and provisions typically contained in
the policies covering the theatres Operator owns or leases; provided, however,
such insurance coverage may not be less than is required under any of Owner's
mortgages on the real property listed on Exhibit "A". Each policy shall cover
the Owner or any mortgagee or beneficiary under any mortgage on the Theatres as
a named insured and shall waive any rights of subrogation against any named
insured. All insurance policies shall include loss payment clauses in the term
reasonably required by any mortgage or other agreement. Operator shall have the
right to maintain such coverage pursuant to policies covering other properties
of Operator, provided that the cost of such coverage is allocated to the
Theatres in a manner reasonably acceptable to the Owner and Operator.

               (i) Operator shall immediately notify the Owner of any casualty,
disaster, loss, damage or injury occurring at the Theatres whether covered by
insurance or not. Operator shall not use the Theatres, or permit the same to be
used, for any purpose which will make void or voidable any such insurance
policies. Operator shall, upon request of the Owner, assist the Owner in any
reasonable manner, as the Owner may request, in the settlement of any claim
under any such insurance policies.

               (j) Operator shall manage the operations of the Theatres in
substantial compliance with all applicable laws, regulations and other
requirements of all governmental and regulatory entities having jurisdiction
over the Theatres (collectively, "Regulatory Requirements"). Operator shall not
unreasonably refuse or delay compliance with any specific instructions of the
Owner that are reasonably necessary to cause the Theatres to comply with
Regulatory Requirements. The Owner shall cooperate with Operator in complying
with Regulatory Requirements, including paying all costs of compliance,
including, without limitation, the costs of third party consultants and
reasonable attorneys' fees.

               (k) Operator shall keep, maintain and make available for
inspection by any authorized representatives of the Owner upon its request, at
the principal office of Operator and at reasonable times and intervals,
sufficient records and other data and books of account reflecting accurately all
cash receipts and disbursements and income and expenditures in the management
and operation of the Theatres.

               (l) To the extent Operator deems necessary in connection with
this Agreement, Operator shall enter into contracts on behalf of and in the name
of the Owner with architects, engineers, tradesmen and other independent
contractors to perform services with respect to the Theatres and supervise the
administration, and monitor the performance, of all work to be performed and
services to be rendered under all such contracts.

               (m) On behalf of and in the name of the Owner, Operator shall
enter into such service, maintenance and other contracts, or otherwise obtain or
provide such service or maintenance as shall be necessary or appropriate for the
operation and maintenance of the

                                       3

<PAGE>

Theatres, including without limitation, the equipment and systems located in or
servicing such Theatres, contracts for utilities, elevator maintenance,
telephone service, interior cleaning, window cleaning, landscape maintenance,
rubbish removal, parking lot maintenance, fuel, heating and air conditioning
maintenance, security and vermin and insect extermination, provided that no such
action by Operator in the name of Owner shall result in a default by Owner under
Section 4.2 of the mortgages and deeds of trust from Owner to or for the benefit
of Lehman Brothers Bank FSB.

               (n) On behalf of the Owner, Operator shall refurbish, remodel and
renovate the Theatres, including all landscaping and parking fields, replace or
supplement operating equipment and fixtures and make repairs, in each case as it
deems reasonably necessary from time to time to preserve the Theatres in good
working order and condition. The items of furnishings, fixtures and equipment so
replaced or added shall be and become, forthwith upon acquisition and
installation and without further act or action, the property of the Owner and
part of the Theatres (except as may otherwise be provided by the applicable
lease or state law), provided that no such action by Operator in the name of
Owner shall result in a default by Owner under Section 4.2 of the mortgages and
deeds of trust from Owner to or for the benefit of Lehman Brothers Bank FSB. All
such replacements and additions shall be purchased by Operator, on behalf of and
in the name of the Owner, at competitive prices, and the Owner shall reimburse
Operator for such expenses within five days of written request therefore.

               (o) On behalf of Owner, Operator shall obtain the software for
all necessary management information systems and the necessary computer hardware
for such systems.

               (p) Operator shall manage the Theatres in a manner that is
consistent with and does not violate or cause a default under any leases,
reciprocal easement agreements, covenants, common area maintenance agreements
and other agreements to which the Owner is a party affecting the Theatres,
including any mortgage on the Theatres (the "Realty Documents") or any
covenants, easements or other restrictions on the use of the Theatres.

               (q) Operator shall set programming times and location for the
Theatres, subject to the terms of any film licenses restricting Operator's
discretion with respect thereto.

               (r) Operator shall receive, consider and respond to the
complaints of all guests and users of any of the services or facilities of the
Theatres.

               (s) Operator shall book and license or cause to be licensed on
Owner's behalf, films and other attractions for exhibition in the Theatres,
including any cooperative advertising with film distributors.

               (t) Operator shall render the necessary accounting and
bookkeeping services generally required in the management of the affairs and
operation of theatres.

                                  ARTICLE III
                               COSTS AND EXPENSES

         3.1 BANK ACCOUNTS. Subject to all documents executed by the Owner in
connection with a mortgage on the Theatres, including without limitation, a cash
management agreement

                                       4

<PAGE>

relating to the Owner Account (hereinafter defined), all monies advanced to the
Theatres by the Owner and all Theatre revenues and all other funds of the Owner
with respect thereto shall be deposited in a bank account or bank accounts (the
"Owner Accounts") designated by the Owner, and Operator shall have unrestricted
use of such funds as are reasonably required to be maintained in the Owner
Accounts to reimburse Operator for any costs to be borne by the Owner hereunder,
to carry on the operation of the Theatres and to make payments, on a basis
substantially the same as that of Operator in the conduct of its business, of
the expenses incurred to carry on the operation of the Theatres. The Owner
acknowledges that the operation of the Theatres will require sufficient cash
availability on an ongoing basis to enable the business to be properly conducted
and that the Owner will maintain sufficient funds in the Owner Accounts for such
purpose.

         3.2 DISBURSEMENTS. Subject to all documents executed by Owner in
connection with a mortgage on the Theatres, including without limitation, a cash
management agreement relating to the Owner Account, Operator shall pay from the
Owner Accounts, on behalf of the Owner, the costs and expenses of operating the
Theatres. Checks or other documents of withdrawal drawn upon the Operating
Accounts shall be signed by representatives of the Owner or Operator, as agent
for the Owner, which representatives shall be bonded or otherwise insured by
Operator.

         3.3 EXPENSES. Subject to all documents executed by the Owner in
connection with a mortgage on the Theatres, including without limitation, a cash
management agreement relating to the Owner Account, all costs, expenses, fees
and charges with respect to the use, operation or management of the Theatres,
including, but not limited to, the costs incurred by Operator in performing its
duties under Article II hereof and the cost of film rental payments,
advertising, legal or professional cost, salaries of managers and all other
on-site employees shall be borne by the Owner. Operator shall not be required or
obligated to provide or advance any moneys for any such costs, charges or
expenses. However, Operator shall bear and pay all of its own overhead,
including the salaries of its own officers, regional supervisory, administrative
or accounting personnel.

                                   ARTICLE IV
                   MANAGEMENT FEES AND REMITTANCE TO OPERATOR

         4.1 BASE MANAGEMENT FEE. For the services rendered by Operator
hereunder, the Owner agrees to pay the Operator an annual base management fee
(the "Base Management Fee") equal to four percent (4%) of the aggregate Revenues
of the Theatres in each year. On or before the last day of each month, the Owner
shall pay Operator the portion of the Base Management Fee earned during the
preceding month based upon the monthly financial statements of the Owner. Within
thirty days of the end of each Owner's fiscal year, the Owner and Operator will
calculate the amount of the Base Management Fee for the preceding fiscal year
and any adjustments at December 31 of such year shall be promptly settled by the
parties.

         4.2 INCENTIVE MANAGEMENT FEE. From the date hereof until a Triggering
Event, the Owner agrees to pay the Operator an incentive management fee (the
"Incentive Management Fee") not to exceed ten and one-half percent (10.5%) of
the aggregate Revenues of the Theatres. Such Incentive Management Fee will only
be paid out of cash currently available in the Owner Account. The cash available
to pay the Incentive Management Fee shall be determined after

                                       5

<PAGE>

deducting all cash operating expenses for the current period and accrued but
unpaid operating costs, including accruals for property taxes and insurance, and
other cash expenditures estimated to be currently payable by the Owner. In such
determination, Operator and Owner agree to include a minimum cash reserve of
$300,000 as a reserve fund in addition to current accruals. On or before the
last day of each month, the Owner shall pay Operator the portion of the
Incentive Management Fee earned during the preceding month based upon the
monthly financial statements of the Owner. In the event there is insufficient
cash available to pay such fee at the end of a month, the Owner may pay such fee
out of excess available cash in any subsequent month. Within thirty days of the
end of Owner's fiscal year, the Owner and Operator will calculate the amount of
the Incentive Management Fee for the preceding fiscal year and any adjustments
at December 31 of such year shall be promptly settled by the parties.

         4.3 DEFINITIONS. For purposes of this Agreement, the following
definitions shall apply:

                  "ICR" shall have the meaning attributed to such term in the
         Loan Agreement dated December ____, 2000 between the Owner and Lehman
         Brothers Bank FSB.

                  "ICR Determination Date" shall have the meaning attributed to
         such term in the Loan Agreement dated December ____, 2000 between the
         Owner and Lehman Brothers Bank FSB.

                  "Revenues" shall mean the aggregate of all revenues generated
         at the Theatres determined in accordance with generally accepted
         accounting principles.

                  "Triggering Event" shall mean the earlier to occur of (i)
         January 1, 2003, (ii) the ICR Determination Date on which the ICR falls
         below 1.5 to 1 during the period from the date hereof through December
         31, 2002, or (iii) an event of default occurs and continues beyond all
         cure periods under any note, security agreement or deed of trust
         against the Theatres.

                                   ARTICLE V
                                  TERMINATION

         This Agreement may be terminated only in accordance with this Article.

         5.1 TERMINATION FOR CAUSE BY OWNER. The Owner may terminate this
Agreement for Cause in accordance with this Section 5.1. The term "Cause" shall
mean that (i) Operator has breached the terms of this Agreement by committing
any act or acts of bad faith, willful misconduct or gross negligence that have,
individually or in the aggregate, had a materially adverse effect on the
business or operations of the Owner, taken as a whole; or (ii) Operator has
breached this Agreement or failed to satisfy its obligations hereunder in any
material respect and such breach or default was not cured with thirty (30) days
of receipt of written notice from the Owner of such breach or default. However,
if a longer period is actually necessary in order to cure the Cause, Operator
must have commenced to cure the Cause and is diligently pursuing a cure for the
Cause.

                                       6
<PAGE>

         5.2 TERMINATION UPON OTHER EVENTS. The Owner may terminate this
Agreement upon thirty (30) days' prior written notice to Operator for the
following events.

               (a) an event of default occurs and is continuing under the terms
of any note, security agreement or deed of trust against the Theatres; or

               (b) the ICR, on an ICR Determination Date, falls below (i) 1.25
to 1 during the period from the date hereof to December 31, 2002, (ii) 1.30 to 1
during 2003, (iii) 1.4 to 1 during 2004 or (iv) 1.5 to 1 during 2005.

         5.3 EFFECT OF TERMINATION. If this Agreement is terminated for any
reason, any amounts accrued but not yet paid to Operator hereunder shall be
payable by the Owner at the time of such termination, and Operator shall deliver
to the Owner the originals of all books, records, contracts and all other
documents, certificates, permits or instruments relating to the Theatres.

                                   ARTICLE VI
                             SUCCESSORS AND ASSIGNS

         6.1 ASSIGNMENT BY OPERATOR. Operator shall not assign its rights and
obligations under this Agreement without the approval of the Owner or any lender
in connection with any note, security agreement or deed of trust affecting the
Theatres, which may be withheld in the Owner's or Owner's lender's sole and
absolute discretion. After an assignment of this Agreement after receipt of
approval for any assignment as provided for in the preceding sentence,
Operator's liability hereunder shall terminate for any of its obligations after
the date of such assignment. It is understood and agreed that any approval given
by the Owner to any assignment shall not be deemed a waiver of the covenant
herein contained against assignment in any subsequent case.

         6.2 ASSIGNMENT BY OWNER. Owner shall not assign its rights and
obligations under this Agreement without the approval of the Operator, which may
be withheld in Operator's sole and absolute discretion; provided, however, the
Owner may, without the Operator's prior written consent, assign its rights and
obligations to a lender in connection with any note, security agreement or deed
of trust affecting the Theatres. After an assignment of this Agreement after
receipt of approval for any assignment as provided for in the preceding
sentence, the Owner's liability hereunder shall terminate for any of its
obligations after the date of such assignment. It is understood and agreed that
any approval given by Operator to any assignment shall not be deemed a waiver of
the covenant herein contained against assignment in any subsequent case.

         6.3 BINDING ON SUCCESSORS. Except as otherwise provided herein, the
terms, provisions, covenants, undertakings, agreements, obligations and
conditions of this Agreement shall be binding upon and shall inure to the
benefit of the successors in interest and the permitted assigns of the parties
hereto with the same effect as if mentioned in each instance where the party
hereto is named or referred to and shall be appurtenant to and run with the
Theatres and shall be binding on any subsequent owner of any interest in the
Theatres.

                                       7

<PAGE>

                                  ARTICLE VII
                               GENERAL COVENANTS

         7.1 RELEASE OF OPERATOR. Operator, its directors, agents, officers,
employees and Affiliates, as agents of the Owner, shall not be liable to the
Owner or to any other person or entity for any act or omission committed in the
performance of this Agreement unless such act constitutes bad faith, gross
negligence, fraud or willful and wanton misconduct. Notwithstanding any other
provision of this Agreement, in no event shall the Owner make any claims against
Operator on account of any alleged errors of judgment made in good faith in the
operation of the Theatres.

         7.2 INDEMNIFICATION OF OWNER. Operator hereby agrees to defend,
indemnify and hold harmless the Owner, its agents, directors, employees,
officers and Affiliates from and against any claim, liability, loss, damage,
cost or expense (including reasonable attorneys' fees) arising out of or
incurred in connection with (a) Operator's operation of the Theatres in a
grossly negligent manner, or arising from Operator's bad faith, material
misrepresentation, or fraudulent or willful and wanton misconduct, or (b)
Operator's breach of this Agreement.

                                  ARTICLE VIII
                                     NOTICES

         All notices to be given hereunder shall be given in writing and shall
be deemed given (i) when delivered by messenger with receipt obtained, (ii) when
received if sent by overnight delivery service with receipt retained, (iii) when
sent by telecopy if notice is also sent the same day by overnight delivery
service, or (iv) by the United States mails (and, if mailed, shall be deemed
received five (5) business days after the postmarked date thereof) with postage
prepaid, registered or certified; and delivered or addressed to:

If to Owner:               3900 Dallas Parkway, Suite 500
                           Plano, Texas 75093
                           Attn: Chief Financial Officer

If to Operator:            Cinemark USA, Inc.
                           3900 Dallas Parkway, Suite 500
                           Plano, Texas 75093
                           Attn: President

                           Cinemark USA, Inc.
                           3900 Dallas Parkway, Suite 500
                           Plano, Texas 75093
                           Attn: Vice President - General Counsel

Either party hereto may change the address for notices hereunder by such party
giving notice of such change to the other party hereto in the manner hereinabove
provided.

                                       8
<PAGE>

                                   ARTICLE IX
                                  MISCELLANEOUS

         9.1 REPORTS AND NOTICES OF OPERATOR.

               (a) Operator shall deliver to Owner's lenders the following:

                  (i) Not later than 90 days after the end of each fiscal year,
         a copy of the audited consolidated balance sheet of the Operator and
         its consolidated subsidiaries as at the end of such year and the
         related consolidated statements of income, shareholders' equity and
         cash flows for such fiscal year, setting forth in each case in
         comparative form the figures for the previous year, and accompanied by
         the report of its independent public accounting firm, which report
         shall state that such consolidated financial statements present fairly
         the financial position for the periods indicated in conformity with
         GAAP applied on a basis consistent with prior years except to the
         extent set forth therein. Such opinion shall not be qualified or
         limited because of a restricted or limited examination by such
         accountant of any material portion of the Operator's or any
         consolidated subsidiary's records; and

                  (ii) Not later than 45 days after the end of each of the first
         three fiscal quarters of each year, a copy of the unaudited
         consolidated balance sheet of the Operator and its consolidated
         subsidiaries as of the end of such quarter and the related consolidated
         statements of income, shareholders' equity and cash flows for the
         period commencing on the first day and ending on the last day of such
         quarter, and certified by an appropriate officer of the Operator as
         fairly presenting, in accordance with GAAP (subject to normal year-end
         adjustments), the financial position and the results of operations of
         the Operator and its subsidiaries.

            (b) Operator shall deliver to Owner's Lender copies of all other
filings of Operator with the Securities and Exchange Commission within 30 days
after any such filing.

            (c) Operator shall deliver to Owner's lender copies of any notices
of default received by Operator under its Second Amended and Restated Reducing
Revolving Credit Agreement dated February 12, 1998, as amended, between Operator
and Bank of America, N.A. ("BofA"), as agent for various banks that are parties
thereto (the "Credit Agreement") and copies of all compliance certificates
delivered by Operator to BofA under the Credit Agreement.

         9.2 SPECIFIC PERFORMANCE. The parties declare that it is impossible to
measure in money the damages that will accrue to a party hereto by reason of a
breach of this Agreement by a party hereto or a failure of a party hereto to
otherwise perform any of the obligations under this Agreement. Therefore, if any
party shall institute any action or proceeding to enforce the provisions hereof,
any person against whom any such action or proceeding is brought hereby waives
the claim or defense therein that such party has or had an adequate remedy at
law, and such person shall not urge in any such action or proceeding the claim
or defense that such remedy at law exists. Further, the parties hereto expressly
agree that any non-breaching party shall have the right to injunctive relief for
breach of any of the terms hereof, plus damages for such breach to the maximum
extent permitted by law.

                                       9

<PAGE>

         9.3 NO WAIVER. No failure by Operator or the Owner to insist upon the
strict performance of any covenant, agreement, terms or conditions of this
Agreement, or to exercise any right or remedy consequent upon a breach thereof,
shall constitute a waiver of any such breach of such covenant, agreement, term
or condition. No waiver of any breach shall affect or alter this Agreement, but
each and every covenant, agreement, term and condition of this Agreement shall
continue in full force and effect with respect to any other then existing or
subsequent breach thereof.

         9.4 FURTHER ASSURANCES. Each party hereto shall further execute and
deliver all such other appropriate supplemental agreements and other instruments
and take such other action as may be necessary to make this Agreement fully and
legally effective, binding and enforceable as between the parties hereto and as
against third parties, or as the other party may reasonably request.

         9.5 GOVERNING LAW. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of Texas applicable to agreements made
and to be performed entirely within such State.

         9.6 PARTIAL INVALIDITY. If any term or provision of this Agreement or
the application thereof to any person or circumstance shall, to any extent, be
invalid or unenforceable, the remainder of this Agreement and the application of
such term or provision to persons or circumstances other than those as to which
it is held invalid or unenforceable, as the case may be, shall not be affected
thereby, and each term and provision of this Agreement shall be valid and
enforceable to the fullest extent permitted by law.

         9.7 ENTIRE AGREEMENT. This instrument, together with the exhibits
hereto, shall constitute the entire agreement between the parties with respect
to the management of the Theatres.

         9.8 AMENDMENTS. Neither this Agreement nor any term or provision hereof
may be changed, waived or discharged or terminated orally, except by an
instrument in writing signed by the party against which the enforcement of the
change, waiver, discharge or termination is sought.

         9.9 CAPTIONS. The captions to the sections of this Agreement are for
the convenience of reference only and in no way define, limit or describe the
scope or intent of this Agreement or any party thereof, nor in any other way
affect this Agreement or any part thereof.

         9.10 COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which when so executed and delivered shall be deemed an
original and all of which, when taken together, shall constitute one and the
same Agreement.

         9.11 AUTHORITY, BINDING AGREEMENT. Each party to this Agreement
represents and warrants that (i) it is a corporation duly organized, validly
existing and in good standing under the laws of its respective jurisdiction of
organization, (ii) it has the requisite power to execute, deliver and perform
this Agreement, (iii) the execution, delivery and performance by it of this
Agreement has been duly and validly authorized by all necessary corporate
actions, and (iv) this Agreement constitutes the legal, valid and binding
obligations of such party, enforceable against

                                       10

<PAGE>

such party in accordance with its terms, except as the same may be limited by
bankruptcy, insolvency, reorganization or other laws affecting the enforcement
of creditor's rights generally.

                            [SIGNATURE PAGE FOLLOWS]

                                       11

<PAGE>

         IN WITNESS WHEREOF, this Agreement has been duly executed by the
parties hereto as of the date first above written.

                                    OPERATOR:

                                    CINEMARK USA, INC.

                                    By:  /s/ Michael Cavalier
                                         --------------------------------------
                                    Name:  Michael Cavalier
                                           ------------------------------------
                                    Title:  Vice President and General Counsel
                                            -----------------------------------

                                    OWNER:

                                    CINEMA PROPERTIES, INC.

                                    By:  /s/ Robert Copple
                                         --------------------------------------
                                    Name:  Robert Copple
                                           ------------------------------------
                                    Title:  Vice President
                                            -----------------------------------

                                       12

<PAGE>

                                   EXHIBIT A

1. Plano (Tinseltown) theatre located at 3800 Dallas Parkway, Plano, Texas 75093

2. Legacy (Plano, TX) theatre located at 7201 Central Expressway, Plano, Texas
   75025

3. Lancaster, CA theatre located at 2600 West Avenue I, Lancaster, CA 93536

4. College Station, TX theatre located at 1401 E. Bypass, College Station, TX
   77845

5. Grapevine, TX theatre located at 911 State Hwy. 114 West, Grapevine, TX 76051

6. Shreveport, LA theatre located at 8400 Millicent Way, Shreveport, LA 71105

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