Document:

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                                                                    EXHIBIT 4.4

                               HALLIBURTON COMPANY

                       SENIOR NOTES DUE JANUARY 26, 2007

                   EXCHANGE AND REGISTRATION RIGHTS AGREEMENT

                                                                January 26, 2004
Goldman, Sachs & Co.,
J.P. Morgan Securities Inc.
Citigroup Global Markets Inc.,
As representatives of the several Purchasers
   named in Schedule 1 to the Purchase Agreement
c/o Goldman, Sachs & Co.
85 Broad Street
New York, New York 10004

Ladies and Gentlemen:

         Halliburton Company, a Delaware corporation (the "Company"), proposes
to issue and sell to the Purchasers (as defined herein) upon the terms set forth
in the Purchase Agreement (as defined herein) $500,000,000 principal amount of
its Senior Notes due January 26, 2007. As an inducement to the Purchasers to
enter into the Purchase Agreement and in satisfaction of a condition to the
obligations of the Purchasers thereunder, the Company agrees with the Purchasers
for the benefit of holders (as defined herein) from time to time of the
Registrable Securities (as defined herein) as follows:

         1. Certain Definitions. For purposes of this Exchange and Registration
Rights Agreement, the following terms shall have the following respective
meanings:

         "Base Interest" shall mean the interest that would otherwise accrue on
     the Securities under the terms thereof and the Indenture, without giving
     effect to the provisions of this Agreement.

         The term "broker-dealer" shall mean any broker or dealer registered
     with the Commission under the Exchange Act.

         "Closing Date" shall mean the date on which the Securities are
     initially issued.

         "Commission" shall mean the United States Securities and Exchange
     Commission, or any other federal agency at the time administering the
     Exchange Act or the Securities Act, whichever is the relevant statute for
     the particular purpose.

         "Effective Time," in the case of (i) an Exchange Registration, shall
     mean the time and date as of which the Commission declares the Exchange
     Registration Statement effective or

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     as of which the Exchange Registration Statement otherwise becomes effective
     and (ii) a Shelf Registration, shall mean the time and date as of which the
     Commission declares the Shelf Registration Statement effective or as of
     which the Shelf Registration Statement otherwise becomes effective.

         "Electing Holder" shall have the meaning assigned thereto in Section
     3(f) hereof.

         "Exchange Act" shall mean the Securities Exchange Act of 1934, or any
     successor thereto, as the same shall be amended from time to time.

         "Exchange Offer" shall have the meaning assigned thereto in Section
     2(a) hereof.

         "Exchange Registration" shall have the meaning assigned thereto in
     Section 3(c) hereof.

         "Exchange Registration Statement" shall have the meaning assigned
     thereto in Section 2(a) hereof.

         "Exchange Securities" shall have the meaning assigned thereto in
     Section 2(a) hereof.

         The term "holder" shall mean each of the Purchasers and other persons
     who acquire Registrable Securities from time to time (including any
     successors or assigns), in each case for so long as such person owns any
     Registrable Securities.

         "Indenture" shall mean the Indenture, dated as of October 17, 2003
     between the Company and JPMorgan Chase Bank, as Trustee, as the same shall
     be supplemented or amended from time to time.

         The term "person" shall mean a corporation, association, partnership,
     organization, business, individual, government or political subdivision
     thereof or governmental agency.

         "Purchase Agreement" shall mean the Purchase Agreement, dated as of
     January 21, 2004 between the Purchasers and the Company relating to the
     Securities.

         "Purchasers" shall mean the Purchasers named in Schedule 1 to the
     Purchase Agreement.

         "Registrable Securities" shall mean the Securities; provided, however,
     that a Security shall cease to be a Registrable Security when (i) in the
     circumstances contemplated by Section 2(a) hereof, the Security has been
     exchanged for an Exchange Security in an Exchange Offer as contemplated in
     Section 2(a) hereof (provided that any Exchange Security that, pursuant to
     the last two sentences of Section 2(a), is included in a prospectus for use
     in connection with resales by broker-dealers shall be deemed to be a
     Registrable Security with respect to Sections 5 and 8 until resale of such
     Registrable Security has been effected within the 180-day period referred
     to in Section 2(a)); (ii) in the circumstances contemplated by Section 2(b)
     hereof, a Shelf Registration Statement registering such Security under the
     Securities Act has been declared or becomes effective and such Security has
     been sold or otherwise transferred by the holder thereof pursuant to and in
     a manner contemplated by such effective Shelf Registration Statement; (iii)
     such Security is sold pursuant to Rule 144 under circumstances in which any
     legend borne by such Security relating to restrictions on transferability
     thereof, under the Securities Act or otherwise, is removed by the Company
     or pursuant to the Indenture; (iv) such Security is eligible to be sold
     pursuant to paragraph (k) of Rule 144; or (v) such Security shall cease to
     be outstanding.

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         "Registration Default" shall have the meaning assigned thereto in
     Section 2(c) hereof.

         "Registration Expenses" shall have the meaning assigned thereto in
     Section 4 hereof.

         "Resale Period" shall have the meaning assigned thereto in Section
     2(a) hereof.

         "Restricted Holder" shall mean (i) a holder that is an affiliate of the
     Company within the meaning of Rule 405, (ii) a holder who acquires Exchange
     Securities outside the ordinary course of such holder's business, (iii) a
     holder who has arrangements or understandings with any person to
     participate in the Exchange Offer for the purpose of distributing Exchange
     Securities and (iv) a holder that is a broker-dealer, but only with respect
     to Exchange Securities received by such broker-dealer pursuant to an
     Exchange Offer in exchange for Registrable Securities acquired by the
     broker-dealer directly from the Company.

         "Rule 144," "Rule 405" and "Rule 415" shall mean, in each case, such
     rule promulgated under the Securities Act (or any successor provision), as
     the same shall be amended from time to time.

         "Securities" shall mean, the $500,000,000 principal amount of the
     Company's Senior Notes due January 26, 2007 to be issued and sold to the
     Purchasers, and securities issued in exchange therefor or in lieu thereof
     pursuant to the Indenture.

         "Securities Act" shall mean the Securities Act of 1933, or any
     successor thereto, as the same shall be amended from time to time.

         "Shelf Registration" shall have the meaning assigned thereto in
     Section 2(b) hereof.

         "Shelf Registration Statement" shall have the meaning assigned thereto
     in Section 2(b) hereof.

         "Special Interest" shall have the meaning assigned thereto in Section
     2(c) hereof.

         "Trust Indenture Act" shall mean the Trust Indenture Act of 1939, or
     any successor thereto, and the rules, regulations and forms promulgated
     thereunder, all as the same shall be amended from time to time.

         Unless the context otherwise requires, any reference herein to a
"Section" or "clause" refers to a Section or clause, as the case may be, of this
Exchange and Registration Rights Agreement, and the words "herein," "hereof" and
"hereunder" and other words of similar import refer to this Exchange and
Registration Rights Agreement as a whole and not to any particular Section or
other subdivision.

         2. Registration Under the Securities Act.

         (a) Except as set forth in Section 2(b) below, the Company agrees to
     file under the Securities Act, as soon as practicable, but no later than
     120 days after the Closing Date, a registration statement relating to an
     offer to exchange (such registration statement, the "Exchange Registration
     Statement", and such offer, the "Exchange Offer") any and all of the
     Securities for a like aggregate principal amount of debt securities issued
     by the Company which debt securities are substantially identical to the
     Securities (and are entitled to the benefits of a trust indenture which is
     substantially identical to the Indenture or is the

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     Indenture and which has been qualified under the Trust Indenture Act),
     except that they have been registered pursuant to an effective registration
     statement under the Securities Act and do not contain provisions for the
     additional interest contemplated in Section 2(c) below (such new debt
     securities hereinafter called "Exchange Securities"). The Company agrees to
     use its reasonable best efforts to cause the Exchange Registration
     Statement to become effective under the Securities Act as soon as
     practicable, but no later than 210 days after the Closing Date. The
     Exchange Offer will be registered under the Securities Act on the
     appropriate form and will comply with all applicable tender offer rules and
     regulations under the Exchange Act. The Company further agrees to use its
     reasonable best efforts to commence and complete the Exchange Offer
     promptly, but no later than 45 days after such registration statement has
     become effective, hold the Exchange Offer open for at least 30 days and
     exchange Exchange Securities for all Registrable Securities that have been
     properly tendered and not withdrawn on or prior to the expiration of the
     Exchange Offer. The Exchange Offer will be deemed to have been "completed"
     only if the debt securities received by holders other than Restricted
     Holders in the Exchange Offer for Registrable Securities are, upon receipt,
     transferable by each such holder without restriction under the Securities
     Act and the Exchange Act and without material restrictions under the blue
     sky or securities laws of a substantial majority of the States of the
     United States of America. The Exchange Offer shall be deemed to have been
     completed upon the earlier to occur of (i) the Company having exchanged the
     Exchange Securities for all outstanding Registrable Securities pursuant to
     the Exchange Offer and (ii) the Company having exchanged, pursuant to the
     Exchange Offer, Exchange Securities for all Registrable Securities that
     have been properly tendered and not withdrawn before the expiration of the
     Exchange Offer, which shall be on a date that is at least 30 days following
     the commencement of the Exchange Offer. The Company agrees (x) to include
     in the Exchange Registration Statement a prospectus for use in any resales
     by any holder of Exchange Securities that is a broker-dealer and (y) to
     keep such Exchange Registration Statement effective for a period (the
     "Resale Period") beginning when Exchange Securities are first issued in the
     Exchange Offer and ending upon the earlier of the expiration of the 180th
     day after the Exchange Offer has been completed or such time as such
     broker-dealers no longer own any Registrable Securities. With respect to
     such Exchange Registration Statement, such holders shall have the benefit
     of the rights of indemnification and contribution set forth in Sections
     5(a), (c), (d) and (e) hereof.

         (b) If (i) on or prior to the time the Exchange Offer is completed
     existing Commission interpretations are changed such that the debt
     securities received by holders other than Restricted Holders in the
     Exchange Offer for Registrable Securities are not or would not be, upon
     receipt, transferable by each such holder without restriction under the
     Securities Act, (ii) the Exchange Offer has not been completed within 255
     days following the Closing Date or (iii) the Exchange Offer is not
     available to any holder of the Securities, the Company shall, in lieu of
     (or, in the case of clause (iii), in addition to) conducting the Exchange
     Offer contemplated by Section 2(a), file under the Securities Act as soon
     as practicable, but no later than 60 days after the time such obligation to
     file arises, a "shelf" registration statement providing for the
     registration of, and the sale on a continuous or delayed basis by the
     holders of, all of the Registrable Securities, pursuant to Rule 415 or any
     similar rule that may be adopted by the Commission (such filing, the "Shelf
     Registration" and such registration statement, the "Shelf Registration
     Statement"). The Company agrees to use its reasonable best efforts (x) to
     cause the Shelf Registration Statement to become or be declared effective
     no later than 120 days after such Shelf Registration Statement is filed and
     to keep such Shelf Registration Statement continuously effective for a
     period ending on the earlier of the second anniversary of the Effective
     Time or such time as there are no longer any

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     Registrable Securities outstanding; provided, however, that no holder shall
     be entitled to be named as a selling securityholder in the Shelf
     Registration Statement or to use the prospectus forming a part thereof for
     resales of Registrable Securities unless such holder is an Electing Holder,
     and (y) after the Effective Time of the Shelf Registration Statement,
     promptly upon the request of any holder of Registrable Securities that is
     not then an Electing Holder, to take any action reasonably necessary to
     enable such holder to use the prospectus forming a part thereof for resales
     of Registrable Securities, including, without limitation, any action
     necessary to identify such holder as a selling securityholder in the Shelf
     Registration Statement; provided further, however, that nothing in this
     clause (y) shall relieve any such holder of the obligation to provide the
     information required by Section 3(f) hereof. The Company further agrees to
     supplement or make amendments to the Shelf Registration Statement, as and
     when required by the rules, regulations or instructions applicable to the
     registration form used by the Company for such Shelf Registration Statement
     or by the Securities Act or rules and regulations thereunder for shelf
     registration, and the Company agrees to furnish to each Electing Holder
     copies of any such supplement or amendment prior to its being used or
     promptly following its filing with the Commission.

         (c) In the event that (i) the Company has not filed the Exchange
     Registration Statement or Shelf Registration Statement on or before the
     date on which such registration statement is required to be filed pursuant
     to Section 2(a) or 2(b), respectively, or (ii) such Exchange Registration
     Statement or Shelf Registration Statement has not become effective or been
     declared effective by the Commission on or before the date on which such
     registration statement is required to become or be declared effective
     pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer
     has not been completed within 45 days after the initial effective date of
     the Exchange Registration Statement relating to the Exchange Offer (if the
     Exchange Offer is then required to be made), or (iv) any Exchange
     Registration Statement or Shelf Registration Statement required by Section
     2(a) or 2(b) hereof is filed and declared effective but shall thereafter
     cease to be effective or fail to be usable (provided that the
     unavailability of a Registration Statement for the use of a holder as a
     result of such holder's failure to provide information pursuant to Section
     3(f) hereof shall not be deemed to make the Registration Statement fail to
     be usable) (each such event referred to in clauses (i) through (iv), a
     "Registration Default" and each period during which a Registration Default
     has occurred and is continuing, a "Registration Default Period"), then, as
     liquidated damages for such Registration Default, subject to the provisions
     of Section 8(b)), special interest ("Special Interest"), in addition to the
     Base Interest, shall accrue at a per annum rate of 0.25% for the first 90
     days of the Registration Default Period and an additional 0.25% per annum
     from and after the 91st day following the commencement of the Registration
     Default until the Registration Default has been cured. In no event shall
     Special Interest exceed 0.50% per annum. The Company shall pay Special
     Interest to holders of the Registrable Securities in the same manner and at
     the same time as interest on the Securities is paid. In the event that the
     Company fails to perform any terms of this Exchange and Registration Rights
     Agreement with respect to which Special Interest pursuant to Section 2(c)
     hereof is expressly provided as a remedy, and the Company is not in default
     of payment of such Special Interest, payment of such Special Interest shall
     constitute the sole monetary damages for such failure.

         (d) The Company shall take all actions necessary or advisable to be
     taken by it to ensure that the transactions contemplated herein are
     effected as so contemplated.

         (e) Any reference herein to a registration statement as of any time
     shall be deemed to include any document incorporated, or deemed to be
     incorporated, therein by reference as

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     of such time and any reference herein to any post-effective amendment to a
     registration statement as of any time shall be deemed to include any
     document incorporated, or deemed to be incorporated, therein by reference
     as of such time.

         3. Registration Procedures.

         If the Company files a registration statement pursuant to Section 2(a)
or Section 2(b), the following provisions shall apply:

         (a) At or before the Effective Time of the Exchange Offer Registration
     Statement or the Shelf Registration Statement, as the case may be, the
     Company shall qualify the Indenture under the Trust Indenture Act of 1939.

         (b) In the event that such qualification would require the appointment
     of a new trustee under the Indenture, the Company shall appoint a new
     trustee thereunder pursuant to the applicable provisions of the Indenture.

         (c) In connection with the Company's obligations with respect to the
     registration of Exchange Securities as contemplated by Section 2(a) (the
     "Exchange Registration"), if applicable, the Company shall, as soon as
     practicable (or as otherwise specified):

               (i) prepare and file with the Commission, as soon as practicable
          but no later than 120 days after the Closing Date, an Exchange
          Registration Statement on any form which may be utilized by the
          Company and which shall permit the Exchange Offer and resales of
          Exchange Securities by broker-dealers during the Resale Period to be
          effected as contemplated by Section 2(a), and use its reasonable best
          efforts to cause such Exchange Registration Statement to become
          effective as soon as practicable thereafter, but no later than 210
          days after the Closing Date;

               (ii) prepare and file with the Commission such amendments and
          supplements to such Exchange Registration Statement and the prospectus
          included therein as may be necessary to effect and maintain the
          effectiveness of such Exchange Registration Statement for the periods
          and purposes contemplated in Section 2(a) hereof and as may be
          required by the applicable rules and regulations of the Commission and
          the instructions applicable to the form of such Exchange Registration
          Statement, and promptly provide each broker-dealer holding Exchange
          Securities with such number of copies of the prospectus included
          therein (as then amended or supplemented), in conformity in all
          material respects with the requirements of the Securities Act and the
          Trust Indenture Act and the rules and regulations of the Commission
          thereunder, as such broker-dealer reasonably may request prior to the
          expiration of the Resale Period, for use in connection with resales of
          Exchange Securities;

               (iii) promptly notify each broker-dealer that has requested or
          received copies of the prospectus included in such registration
          statement, and confirm such advice in writing, (A) when such Exchange
          Registration Statement or the prospectus included therein or any
          prospectus amendment or supplement or post-effective amendment has
          been filed, and, with respect to such Exchange Registration Statement
          or any post-effective amendment, when the same has become effective,
          (B) of any comments by the Commission and by the blue sky or
          securities commissioner or regulator of any state with respect thereto
          or any request by the Commission for amendments or supplements to such
          Exchange Registration Statement or

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          prospectus or for additional information, (C) of the issuance by the
          Commission of any stop order suspending the effectiveness of such
          Exchange Registration Statement or the initiation or threatening of
          any proceedings for that purpose, (D) the receipt by the Company of
          any notification with respect to the suspension of the qualification
          of the Exchange Securities for sale in any jurisdiction or the
          initiation or threatening of any proceeding for such purpose, or (E)
          at any time during the Resale Period when a prospectus is required to
          be delivered under the Securities Act, that such Exchange Registration
          Statement, prospectus, prospectus amendment or supplement or
          post-effective amendment does not conform in all material respects to
          the applicable requirements of the Securities Act and the Trust
          Indenture Act and the rules and regulations of the Commission
          thereunder or contains an untrue statement of a material fact or omits
          to state any material fact required to be stated therein or necessary
          to make the statements therein not misleading in light of the
          circumstances then existing;

               (iv) in the event that the Company would be required, pursuant to
          Section 3(c)(iii)(E) above, to notify any broker-dealers holding
          Exchange Securities, without delay prepare and furnish to each such
          holder a reasonable number of copies of a prospectus supplemented or
          amended so that, as thereafter delivered to purchasers of such
          Exchange Securities during the Resale Period, such prospectus shall
          conform in all material respects to the applicable requirements of the
          Securities Act and the Trust Indenture Act and the rules and
          regulations of the Commission thereunder and shall not contain an
          untrue statement of a material fact or omit to state a material fact
          required to be stated therein or necessary to make the statements
          therein not misleading in light of the circumstances then existing;
          each broker-dealer agrees that upon receipt of any notice from the
          Company pursuant to Section 3(c)(iii)(E) hereof, such broker-dealer
          shall forthwith discontinue the disposition of Registrable Securities
          pursuant to the Exchange Registration Statement applicable to such
          Registrable Securities until such broker-dealer shall have received
          copies of such amended or supplemented prospectus, and if so directed
          by the Company, such broker-dealer shall deliver to the Company (at
          the Company's expense) all copies, other than permanent file copies,
          then in such broker-dealer's possession of the prospectus covering
          such Registrable Securities at the time of receipt of such notice;

               (v) use its reasonable best efforts to obtain the withdrawal of
          any order suspending the effectiveness of such Exchange Registration
          Statement or any post-effective amendment thereto at the earliest
          practicable date;

               (vi) use its reasonable best efforts to (A) register or qualify
          the Exchange Securities under the securities laws or blue sky laws of
          such jurisdictions as are contemplated by Section 2(a) no later than
          the commencement of the Exchange Offer, (B) keep such registrations or
          qualifications in effect and comply with such laws so as to permit the
          continuance of offers, sales and dealings therein in such
          jurisdictions until the expiration of the Resale Period and (C) take
          any and all other actions as may be reasonably necessary or advisable
          to enable each broker-dealer holding Exchange Securities to consummate
          the disposition thereof in such jurisdictions; provided, however, that
          the Company shall not be required for any such purpose to (1) qualify
          as a foreign corporation in any jurisdiction wherein it would not
          otherwise be required to qualify but for the requirements of this
          Section 3(c)(vi), (2) consent to general service of process in any
          such jurisdiction or (3) make any

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          changes to its certificate of incorporation or by-laws or any
          agreement between it and its stockholders;

               (vii) use its reasonable best efforts to obtain the consent or
          approval of each governmental agency or authority, whether federal,
          state or local, which may be required to effect the Exchange
          Registration, the Exchange Offer and the offering and sale of Exchange
          Securities by broker-dealers during the Resale Period;

               (viii) provide a CUSIP number for all Exchange Securities, not
          later than the applicable Effective Time;

               (ix) comply with all applicable rules and regulations of the
          Commission, and make generally available to its securityholders as
          soon as practicable but no later than eighteen months after the
          effective date of such Exchange Registration Statement, an earning
          statement of the Company and its subsidiaries complying with Section
          11(a) of the Securities Act (including, at the option of the Company,
          Rule 158 thereunder).

          (d) In connection with the Company's obligations with respect to the
     Shelf Registration, if applicable, the Company shall, as soon as
     practicable (or as otherwise specified):

               (i) prepare and file with the Commission, as soon as practicable
          but in any case within the time periods specified in Section 2(b), a
          Shelf Registration Statement on any form which may be utilized by the
          Company and which shall register all of the Registrable Securities for
          resale by the holders thereof in accordance with such method or
          methods of disposition as may be specified by such of the holders as,
          from time to time, may be Electing Holders and use its reasonable best
          efforts to cause such Shelf Registration Statement to become effective
          as soon as practicable but in any case within the time periods
          specified in Section 2(b);

               (ii) prepare and file with the Commission such amendments and
          supplements to such Shelf Registration Statement and the prospectus
          included therein as may be necessary to effect and maintain the
          effectiveness of such Shelf Registration Statement for the period
          specified in Section 2(b) hereof and as may be required by the
          applicable rules and regulations of the Commission and the
          instructions applicable to the form of such Shelf Registration
          Statement, and furnish to the Electing Holders copies of any such
          supplement or amendment simultaneously with or prior to its being used
          or filed with the Commission;

               (iii) comply with the provisions of the Securities Act with
          respect to the disposition of all of the Registrable Securities
          covered by such Shelf Registration Statement in accordance with the
          intended methods of disposition by the Electing Holders provided for
          in such Shelf Registration Statement;

               (iv) provide (A) the Electing Holders, (B) the underwriters
          (which term, for purposes of this Exchange and Registration Rights
          Agreement, shall include a person deemed to be an underwriter within
          the meaning of Section 2(a)(11) of the Securities Act), if any,
          thereof, (C) any sales or placement agent therefor, (D) counsel for
          any such underwriter or agent and (E) not more than one counsel for
          all the Electing Holders the opportunity to participate in the
          preparation of such Shelf

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          Registration Statement, each prospectus included therein or filed with
          the Commission and each amendment or supplement thereto;

               (v) for a reasonable period prior to the filing of such Shelf
          Registration Statement, and throughout the period specified in Section
          2(b), make available at reasonable times at the Company's principal
          place of business or such other reasonable place for inspection by the
          persons referred to in Section 3(d)(iv) who shall certify to the
          Company that they have a current intention to sell the Registrable
          Securities pursuant to the Shelf Registration such financial and other
          information and books and records of the Company, and cause the
          officers, employees, counsel and independent certified public
          accountants of the Company to respond to such inquiries, as shall be
          reasonably necessary, in the judgment of the respective counsel
          referred to in such Section, to conduct a reasonable investigation
          within the meaning of Section 11 of the Securities Act; provided,
          however, that each such party shall be required to maintain in
          confidence and not to disclose to any other person any information or
          records reasonably designated by the Company as being confidential,
          until such time as (A) such information becomes a matter of public
          record (whether by virtue of its inclusion in such registration
          statement or otherwise), or (B) such person shall be required so to
          disclose such information pursuant to a subpoena or order of any court
          or other governmental agency or body having jurisdiction over the
          matter (subject to the requirements of such order, and only after such
          person shall have given the Company prompt prior written notice of
          such requirement), or (C) such information is required to be set forth
          in such Shelf Registration Statement or the prospectus included
          therein or in an amendment to such Shelf Registration Statement or an
          amendment or supplement to such prospectus in order that such Shelf
          Registration Statement, prospectus, amendment or supplement, as the
          case may be, complies with applicable requirements of the federal
          securities laws and the rules and regulations of the Commission and
          does not contain an untrue statement of a material fact or omit to
          state therein a material fact required to be stated therein or
          necessary to make the statements therein not misleading in light of
          the circumstances then existing;

               (vi) promptly notify each of the Electing Holders, any sales or
          placement agent therefor and any underwriter thereof (which
          notification may be made through any managing underwriter that is a
          representative of such underwriter for such purpose) and confirm such
          advice in writing, (A) when such Shelf Registration Statement or the
          prospectus included therein or any prospectus amendment or supplement
          or post-effective amendment has been filed, and, with respect to such
          Shelf Registration Statement or any post-effective amendment, when the
          same has become effective, (B) of any comments by the Commission and
          by the blue sky or securities commissioner or regulator of any state
          with respect thereto or any request by the Commission for amendments
          or supplements to such Shelf Registration Statement or prospectus or
          for additional information, (C) of the issuance by the Commission of
          any stop order suspending the effectiveness of such Shelf Registration
          Statement or the initiation or threatening of any proceedings for that
          purpose, (D) if at any time the representations and warranties of the
          Company contemplated by Section 3(d)(xv) cease to be true and correct
          in all material respects, (E) of the receipt by the Company of any
          notification with respect to the suspension of the qualification of
          the Registrable Securities for sale in any jurisdiction or the
          initiation or threatening of any proceeding for such purpose, or (F)
          if at any time when a prospectus is required to be delivered under the
          Securities Act,

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          that such Shelf Registration Statement, prospectus, prospectus
          amendment or supplement or post-effective amendment does not conform
          in all material respects to the applicable requirements of the
          Securities Act and the Trust Indenture Act and the rules and
          regulations of the Commission thereunder or contains an untrue
          statement of a material fact or omits to state any material fact
          required to be stated therein or necessary to make the statements
          therein not misleading in light of the circumstances then existing;

               (vii) use its reasonable best efforts to obtain the withdrawal of
          any order suspending the effectiveness of such registration statement
          or any post-effective amendment thereto at the earliest practicable
          date;

               (viii) if requested by any managing underwriter or underwriters,
          any placement or sales agent or any Electing Holder, promptly
          incorporate in a prospectus supplement or post-effective amendment
          such information as is required by the applicable rules and
          regulations of the Commission and as such managing underwriter or
          underwriters, such agent or such Electing Holder specifies should be
          included therein relating to the terms of the sale of such Registrable
          Securities, including information with respect to the principal amount
          of Registrable Securities being sold by such Electing Holder or agent
          or to any underwriters, the name and description of such Electing
          Holder, agent or underwriter, the offering price of such Registrable
          Securities and any discount, commission or other compensation payable
          in respect thereof, the purchase price being paid therefor by such
          underwriters and with respect to any other terms of the offering of
          the Registrable Securities to be sold by such Electing Holder or agent
          or to such underwriters; and make all required filings of such
          prospectus supplement or post-effective amendment promptly after
          notification of the matters to be incorporated in such prospectus
          supplement or post-effective amendment;

               (ix) furnish to each Electing Holder, each placement or sales
          agent, if any, therefor, each underwriter, if any, thereof and the
          respective counsel referred to in Section 3(d)(iv) a conformed copy of
          such Shelf Registration Statement, each amendment and supplement
          thereto (in each case including all exhibits thereto (in the case of
          an Electing Holder of Registrable Securities, upon request) and
          documents incorporated by reference therein) and such number of copies
          of such Shelf Registration Statement (excluding exhibits thereto and
          documents incorporated by reference therein unless specifically so
          requested by such Electing Holder, agent or underwriter, as the case
          may be) and of the prospectus included in such Shelf Registration
          Statement (including each preliminary prospectus and any summary
          prospectus), in conformity in all material respects with the
          applicable requirements of the Securities Act and the Trust Indenture
          Act and the rules and regulations of the Commission thereunder, and
          such other documents, as such Electing Holder, agent, if any, and
          underwriter, if any, may reasonably request in order to facilitate the
          offering and disposition of the Registrable Securities owned by such
          Electing Holder, offered or sold by such agent or underwritten by such
          underwriter and to permit such Electing Holder, agent and underwriter
          to satisfy the prospectus delivery requirements of the Securities Act;
          and the Company hereby consents to the use of such prospectus
          (including such preliminary and summary prospectus) and any amendment
          or supplement thereto by each such Electing Holder and by any such
          agent and underwriter, in each case in the form most recently provided
          to such person by the Company, in connection with the offering and
          sale of the Registrable

                                       10
<PAGE>

          Securities covered by the prospectus (including such preliminary and
          summary prospectus) or any supplement or amendment thereto;

               (x) use its reasonable best efforts to (A) register or qualify
          the Registrable Securities to be included in such Shelf Registration
          Statement under such securities laws or blue sky laws of such
          jurisdictions as any Electing Holder and each placement or sales
          agent, if any, therefor and underwriter, if any, thereof shall
          reasonably request, (B) keep such registrations or qualifications in
          effect and comply with such laws so as to permit the continuance of
          offers, sales and dealings therein in such jurisdictions during the
          period the Shelf Registration is required to remain effective under
          Section 2(b) above and for so long as may be necessary to enable any
          such Electing Holder, agent or underwriter to complete its
          distribution of Securities pursuant to such Shelf Registration
          Statement and (C) take any and all other actions as may be reasonably
          necessary or advisable to enable each such Electing Holder, agent, if
          any, and underwriter, if any, to consummate the disposition in such
          jurisdictions of such Registrable Securities; provided, however, that
          the Company shall not be required for any such purpose to (1) qualify
          as a foreign corporation in any jurisdiction wherein it would not
          otherwise be required to qualify but for the requirements of this
          Section 3(d)(x), (2) consent to general service of process in any such
          jurisdiction or (3) make any changes to its certificate of
          incorporation or by-laws or any agreement between it and its
          stockholders;

               (xi) use its reasonable best efforts to obtain the consent or
          approval of each governmental agency or authority, whether federal,
          state or local, which may be required to effect the Shelf Registration
          or the offering or sale in connection therewith or to enable the
          selling holder or holders to offer, or to consummate the disposition
          of, their Registrable Securities;

               (xii) unless any Registrable Securities shall be in book-entry
          only form, cooperate with the Electing Holders and the managing
          underwriters, if any, to facilitate the timely preparation and
          delivery of certificates representing Registrable Securities to be
          sold, which certificates, if so required by any securities exchange
          upon which any Registrable Securities are listed, shall be penned,
          lithographed or engraved, or produced by any combination of such
          methods, on steel engraved borders, and which certificates shall not
          bear any restrictive legends; and, in the case of an underwritten
          offering, 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 the Registrable Securities;

               (xiii) provide a CUSIP number for all Registrable Securities, not
          later than the applicable Effective Time;

               (xiv) enter into one or more underwriting agreements, engagement
          letters, agency agreements, "best efforts" underwriting agreements or
          similar agreements, as appropriate, including customary provisions
          relating to indemnification and contribution, and take such other
          actions in connection therewith as any Electing Holders aggregating at
          least 33 1/3% in aggregate principal amount of the Registrable
          Securities at the time outstanding shall request in order to expedite
          or facilitate the disposition of such Registrable Securities;

               (xv) whether or not an agreement of the type referred to in
          Section 3(d)(xiv) hereof is entered into and whether or not any
          portion of the offering contemplated by

                                       11
<PAGE>

          the Shelf Registration is an underwritten offering or is made through
          a placement or sales agent or any other entity, (A) make such
          representations and warranties to the Electing Holders and the
          placement or sales agent, if any, therefor and the underwriters, if
          any, thereof in form, substance and scope as are customarily made in
          connection with an offering of debt securities covering matters
          similar to those contained in the Purchase Agreement; (B) use
          reasonable best efforts to obtain an opinion of counsel to the Company
          in customary form and covering matters similar to those set forth in
          Sections 7(b) and 7(c) of the Purchase Agreement, as the managing
          underwriters, if any, or as any Electing Holders of at least 33 1/3%
          in aggregate principal amount of the Registrable Securities at the
          time outstanding may reasonably request, addressed to such Electing
          Holder or Electing Holders and the placement or sales agent, if any,
          therefor and the underwriters, if any, thereof and dated the effective
          date of such Shelf Registration Statement (and if such Shelf
          Registration Statement contemplates an underwritten offering of a part
          or all of the Registrable Securities, dated the date of the closing
          under the underwriting agreement relating thereto); (C) use reasonable
          best efforts to obtain a "cold comfort" letter or letters from the
          independent certified public accountants of the Company addressed to
          the selling Electing Holders, the placement or sales agent, if any,
          therefor or the underwriters, if any, thereof, dated (i) the effective
          date of such Shelf Registration Statement and (ii) the effective date
          of any prospectus supplement to the prospectus included in such Shelf
          Registration Statement or post-effective amendment to such Shelf
          Registration Statement which includes unaudited or audited financial
          statements as of a date or for a period subsequent to that of the
          latest such statements included in such prospectus (and, if such Shelf
          Registration Statement contemplates an underwritten offering pursuant
          to any prospectus supplement to the prospectus included in such Shelf
          Registration Statement or post-effective amendment to such Shelf
          Registration Statement which includes unaudited or audited financial
          statements as of a date or for a period subsequent to that of the
          latest such statements included in such prospectus, dated the date of
          the closing under the underwriting agreement relating thereto), such
          letter or letters to be in customary form and covering such matters of
          the type customarily covered by letters of such type; (D) deliver such
          documents and certificates, including officers' certificates, as may
          be reasonably requested by any Electing Holders of at least 33 1/3% in
          aggregate principal amount of the Registrable Securities at the time
          outstanding or the placement or sales agent, if any, therefor and the
          managing underwriters, if any, thereof to evidence the accuracy of the
          representations and warranties made pursuant to clause (A) above
          hereof and the compliance with or satisfaction of any agreements or
          conditions contained in the underwriting agreement or other agreement
          entered into by the Company and (E) undertake such obligations
          relating to expense reimbursement, indemnification and contribution as
          are provided in Section 5 hereof;

               (xvi) notify in writing each holder of Registrable Securities of
          any proposal by the Company to amend or waive any provision of this
          Exchange and Registration Rights Agreement pursuant to Section 8(h)
          hereof and of any amendment or waiver effected pursuant thereto, each
          of which notices shall contain the text of the amendment or waiver
          proposed or effected, as the case may be;

               (xvii) in the event that any broker-dealer registered under the
          Exchange Act shall underwrite any Registrable Securities or
          participate as a member of an underwriting syndicate or selling group
          or "assist in the distribution" (within the meaning of the

                                       12
<PAGE>

          Conduct Rules (the "Conduct Rules") of the National Association of
          Securities Dealers, Inc. ("NASD") or any successor thereto, as amended
          from time to time) thereof, whether as a holder of such Registrable
          Securities or as an underwriter, a placement or sales agent or a
          broker or dealer in respect thereof, or otherwise, assist such
          broker-dealer in complying with the requirements of such Conduct
          Rules, including by (A) if such Conduct Rules shall so require,
          engaging a "qualified independent underwriter" (as defined in such
          Conduct Rules) to participate in the preparation of the Shelf
          Registration Statement relating to such Registrable Securities, to
          exercise usual standards of due diligence in respect thereto and, if
          any portion of the offering contemplated by such Shelf Registration
          Statement is an underwritten offering or is made through a placement
          or sales agent, to recommend the yield of such Registrable Securities,
          (B) indemnifying any such qualified independent underwriter to the
          extent of the indemnification of underwriters provided in Section 5
          hereof (or to such other customary extent as may be requested by such
          underwriter), and (C) providing such information to such broker-dealer
          as may be required in order for such broker-dealer to comply with the
          requirements of the Conduct Rules; and

               (xviii) comply with all applicable rules and regulations of the
          Commission, and make generally available to its securityholders as
          soon as practicable but in any event not later than eighteen months
          after the effective date of such Shelf Registration Statement, an
          earning statement of the Company and its subsidiaries complying with
          Section 11(a) of the Securities Act (including, at the option of the
          Company, Rule 158 thereunder).

          (e) In the event that the Company would be required, pursuant to
     Section 3(d)(vi)(F) above, to notify the Electing Holders, the placement or
     sales agent, if any, therefor and the managing underwriters, if any,
     thereof, the Company shall without delay prepare and furnish to each of the
     Electing Holders, to each placement or sales agent, if any, and to each
     such underwriter, if any, a reasonable number of copies of a prospectus
     supplemented or amended so that, as thereafter delivered to purchasers of
     Registrable Securities, such prospectus shall conform in all material
     respects to the applicable requirements of the Securities Act and the Trust
     Indenture Act and the rules and regulations of the Commission thereunder
     and shall not contain an untrue statement of a material fact or omit to
     state a material fact required to be stated therein or necessary to make
     the statements therein not misleading in light of the circumstances then
     existing. Each Electing Holder agrees that upon receipt of any notice from
     the Company pursuant to Section 3(d)(vi)(F) hereof, such Electing Holder
     shall forthwith discontinue the disposition of Registrable Securities
     pursuant to the Shelf Registration Statement applicable to such Registrable
     Securities until such Electing Holder shall have received copies of such
     amended or supplemented prospectus, and if so directed by the Company, such
     Electing Holder shall deliver to the Company (at the Company's expense) all
     copies, other than permanent file copies, then in such Electing Holder's
     possession of the prospectus covering such Registrable Securities at the
     time of receipt of such notice.

          (f) Notwithstanding the foregoing, no holder of Registrable Securities
     may include any of its Registrable Securities in any Shelf Registration
     Statement pursuant to this Exchange and Registration Rights Agreement
     unless and until such holder furnishes to the Company in writing, within 10
     days after receipt of a request therefor, the information specified in Item
     507 or 508 of Regulation S-K, as applicable, of the Securities Act for use
     in connection with any Shelf Registration Statement (each such holder
     furnishing such information and electing

                                       13
<PAGE>

     to participate in a Shelf Registration, an "Electing Holder"). No Electing
     Holder shall be entitled to Special Interest pursuant to Section 2(c)
     hereof unless and until such Electing Holder shall have provided all such
     information which is required by rules of the Commission to be included in
     the Shelf Registration Statement prior to the time it is declared
     effective. Each selling Electing Holder agrees to promptly furnish
     additional information required to be disclosed in order to make the
     information previously furnished to the Company by such holder not
     materially misleading.

          (g) Until the expiration of two years after the Closing Date, the
     Company will not, and will not permit any of its "affiliates" (as defined
     in Rule 144) to, resell any of the Securities that have been reacquired by
     any of them except pursuant to an effective registration statement under
     the Securities Act.

     4. Registration Expenses.

         The Company agrees to bear and to pay or cause to be paid promptly all
expenses incident to the Company's performance of or compliance with this
Exchange and Registration Rights Agreement, including (a) all Commission and any
NASD registration, filing and review fees and expenses including fees and
disbursements of counsel for the placement or sales agent or underwriters in
connection with such registration, filing and review, (b) all fees and expenses
in connection with the qualification of the Securities for offering and sale
under the State securities and blue sky laws referred to in Section 3(d)(x)
hereof and determination of their eligibility for investment under the laws of
such jurisdictions as any managing underwriters or the Electing Holders may
designate, including any fees and disbursements of counsel for the Electing
Holders or underwriters in connection with such qualification and determination,
(c) all expenses relating to the preparation, printing, production, distribution
and reproduction of each registration statement required to be filed hereunder,
each prospectus included therein or prepared for distribution pursuant hereto,
each amendment or supplement to the foregoing, the expenses of preparing the
Securities for delivery and the expenses of printing or producing any
underwriting agreements, agreements among underwriters, selling agreements and
blue sky or legal investment memoranda and all other documents in connection
with the offering, sale or delivery of Securities to be disposed of (including
certificates representing the Securities), (d) messenger, telephone and delivery
expenses relating to the offering, sale or delivery of Securities and the
preparation of documents referred in clause (c) above, (e) internal expenses
(including all salaries and expenses of the Company's officers and employees
performing legal or accounting duties), (f) fees, disbursements and expenses of
counsel and independent certified public accountants of the Company (including
the expenses of any opinions or "cold comfort" letters required by or incident
to such performance and compliance), (g) fees, disbursements and expenses of any
"qualified independent underwriter" engaged pursuant to Section 3(d)(xvii)
hereof, (h) fees, disbursements and expenses of one counsel for the Electing
Holders retained in connection with a Shelf Registration, as selected by the
Electing Holders of at least a majority in aggregate principal amount of the
Registrable Securities held by Electing Holders (which counsel shall be
reasonably satisfactory to the Company), (i) any fees charged by securities
rating services for rating the Securities, and (j) fees, expenses and
disbursements of any other persons, including special experts, retained by the
Company in connection with such registration (collectively, the "Registration
Expenses"). To the extent that any Registration Expenses are incurred, assumed
or paid by any holder of Registrable Securities or any placement or sales agent
therefor or underwriter thereof, the Company shall reimburse such person for the
full amount of the Registration Expenses so incurred, assumed or paid promptly
after receipt of a request therefor. Notwithstanding the foregoing, the holders
of the Registrable Securities being registered shall pay all agency fees and
commissions and underwriting

                                       14
<PAGE>

discounts and commissions attributable to the sale of such Registrable
Securities and the fees and disbursements of any counsel or other advisors or
experts retained by such holders (severally or jointly), other than the counsel
and experts specifically referred to above.

          5. Indemnification.

          (a) Indemnification by the Company. The Company will indemnify and
     hold harmless each of the holders of Registrable Securities included in an
     Exchange Registration Statement, each of the Electing Holders of
     Registrable Securities included in a Shelf Registration Statement and each
     person who participates as a placement or sales agent or as an underwriter
     in any offering or sale of such Registrable Securities against any losses,
     claims, damages or liabilities, joint or several, to which such holder,
     agent or underwriter may become subject under the Securities Act or
     otherwise, insofar as such losses, claims, damages or liabilities (or
     actions in respect thereof) arise out of or are based upon an untrue
     statement or alleged untrue statement of a material fact contained in any
     Exchange Registration Statement or Shelf Registration Statement, as the
     case may be, under which such Registrable Securities were registered under
     the Securities Act, or any preliminary, final or summary prospectus
     contained therein or furnished by the Company to any such holder, Electing
     Holder, agent or underwriter, or any amendment or supplement thereto, or
     arise out of or are based upon the omission or alleged omission to state
     therein a material fact required to be stated therein or necessary to make
     the statements therein not misleading, and will reimburse such holder, such
     Electing Holder, such agent and such underwriter for any legal or other
     expenses reasonably incurred by them in connection with investigating or
     defending any such action or claim as such expenses are incurred; provided,
     however, that the Company shall not be liable to any such person in any
     such case to the extent that any such loss, claim, damage or liability
     arises out of or is based upon an untrue statement or alleged untrue
     statement or omission or alleged omission made in such registration
     statement, or preliminary, final or summary prospectus, or amendment or
     supplement thereto, in reliance upon and in conformity with written
     information furnished to the Company by such holder, agent or underwriter
     expressly for use therein.

          (b) Indemnification by the Holders and any Agents and Underwriters. As
     a condition to including any Registrable Securities in any registration
     statement filed pursuant to this Agreement and to entering into any
     underwriting agreement with respect thereto, each holder of such
     Registrable Securities to be included and each underwriter named in any
     such underwriting agreement, severally and not jointly, agrees to (i)
     indemnify and hold harmless the Company, its directors, officers who sign
     any registration statement, each person, if any, who controls the Company
     within the meaning of either Section 15 of the Securities Act or Section 20
     of the Exchange Act and all other holders of Registrable Securities,
     against any losses, claims, damages or liabilities to which the Company or
     such other holders of Registrable Securities may become subject, under the
     Securities Act or otherwise, insofar as such losses, claims, damages or
     liabilities (or actions in respect thereof) arise out of or are based upon
     an untrue statement or alleged untrue statement of a material fact
     contained in such registration statement, or any preliminary, final or
     summary prospectus contained therein or furnished by the Company to any
     such holder, agent or underwriter, or any amendment or supplement thereto,
     or arise out of or are based upon the omission or alleged omission to state
     therein a material fact required to be stated therein or necessary to make
     the statements therein not misleading, in each case to the extent, but only
     to the extent, that such untrue statement or alleged untrue statement or
     omission or alleged omission was made in reliance upon and in conformity
     with written information furnished to the Company by such holder or
     underwriter expressly for use therein, and (ii)

                                       15
<PAGE>

     reimburse the Company for any legal or other expenses reasonably incurred
     by the Company in connection with investigating or defending any such
     action or claim as such expenses are incurred; provided, however, that no
     such holder shall be required to undertake liability to any person under
     this Section 5(b) for any amounts in excess of the dollar amount of the
     proceeds to be received by such holder from the sale of such holder's
     Registrable Securities pursuant to such registration.

          (c) Notices of Claims, Etc. Promptly after receipt by an indemnified
     party under subsection (a) or (b) above of written notice of the
     commencement of any action, such indemnified party shall, if a claim in
     respect thereof is to be made against an indemnifying party pursuant to the
     indemnification provisions of or contemplated by this Section 5, notify
     such indemnifying party in writing of the commencement of such action; but
     the omission so to notify the indemnifying party shall not relieve it from
     any liability which it may have to any indemnified party otherwise than
     under the indemnification provisions of or contemplated by Section 5(a) or
     5(b) hereof. In case any such action shall be brought against any
     indemnified party and it shall notify an indemnifying party of the
     commencement thereof, such indemnifying party shall be entitled to
     participate therein and, to the extent that it shall wish, jointly with any
     other indemnifying party similarly notified, to assume the defense thereof,
     with counsel reasonably satisfactory to such indemnified party (who shall
     not, except with the consent of the indemnified party, be counsel to the
     indemnifying party), and, after notice from the indemnifying party to such
     indemnified party of its election so to assume the defense thereof, such
     indemnifying party shall not be liable to such indemnified party for any
     legal expenses of other counsel or any other expenses, in each case
     subsequently incurred by such indemnified party, in connection with the
     defense thereof other than reasonable costs of investigation. No
     indemnifying party shall, without the written consent of the indemnified
     party, effect the settlement or compromise of, or consent to the entry of
     any judgment with respect to, any pending or threatened action or claim in
     respect of which indemnification or contribution may be sought hereunder
     (whether or not the indemnified party is an actual or potential party to
     such action or claim) unless such settlement, compromise or judgment (i)
     includes an unconditional release of the indemnified party from all
     liability arising out of such action or claim and (ii) does not include a
     statement as to or an admission of fault, culpability or a failure to act
     by or on behalf of any indemnified party.

          (d) Contribution. If for any reason the indemnification provisions
     contemplated by Section 5(a) or Section 5(b) are unavailable to or
     insufficient to hold harmless an indemnified party in respect of any
     losses, claims, damages or liabilities (or actions in respect thereof)
     referred to therein, then each indemnifying party shall contribute to the
     amount paid or payable by such indemnified party as a result of such
     losses, claims, damages or liabilities (or actions in respect thereof) in
     such proportion as is appropriate to reflect the relative fault of the
     indemnifying party and the indemnified party in connection with the
     statements or omissions which resulted in such losses, claims, damages or
     liabilities (or actions in respect thereof), as well as any other relevant
     equitable considerations. The relative fault of such indemnifying party and
     indemnified party shall be determined by reference to, among other things,
     whether the untrue or alleged untrue statement of a material fact or
     omission or alleged omission to state a material fact relates to
     information supplied by such indemnifying party or by such indemnified
     party, and the parties' relative intent, knowledge, access to information
     and opportunity to correct or prevent such statement or omission. The
     parties hereto agree that it would not be just and equitable if
     contributions pursuant to this Section 5(d) were determined by pro rata
     allocation (even if the holders or any agents or underwriters or all of
     them were treated as one entity

                                       16
<PAGE>

     for such purpose) or by any other method of allocation which does not take
     account of the equitable considerations referred to in this Section 5(d).
     The amount paid or payable by an indemnified party as a result of the
     losses, claims, damages or liabilities (or actions in respect thereof)
     referred to above shall be deemed to include any legal or other fees or
     expenses reasonably incurred by such indemnified party in connection with
     investigating or defending any such action or claim. Notwithstanding the
     provisions of this Section 5(d), no holder shall be required to contribute
     any amount in excess of the amount by which the dollar amount of the
     proceeds received by such holder from the sale of any Registrable
     Securities (after deducting any fees, discounts and commissions applicable
     thereto) exceeds the amount of any damages which such holder has otherwise
     been required to pay by reason of such untrue or alleged untrue statement
     or omission or alleged omission, and no underwriter shall be required to
     contribute any amount in excess of the amount by which the total price at
     which the Registrable Securities underwritten by it and distributed to the
     public were offered to the public exceeds the amount of any damages which
     such underwriter 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. The
     holders' and any underwriters' obligations in this Section 5(d) to
     contribute shall be several in proportion to the principal amount of
     Registrable Securities registered or underwritten, as the case may be, by
     them and not joint.

          (e) The obligations of the Company under this Section 5 shall be in
     addition to any liability which the Company may otherwise have and shall
     extend, upon the same terms and conditions, to each officer, director and
     partner of each holder, agent and underwriter and each person, if any, who
     controls any holder, agent or underwriter within the meaning of the
     Securities Act; and the obligations of the holders and any agents or
     underwriters contemplated by this Section 5 shall be in addition to any
     liability which the respective holder, agent or underwriter may otherwise
     have and shall extend, upon the same terms and conditions, to each officer
     and director of the Company (including any person who, with his consent, is
     named in any registration statement as about to become a director of the
     Company) and to each person, if any, who controls the Company within the
     meaning of the Securities Act.

          6. Underwritten Offerings.

          (a) Selection of Underwriters. If any of the Registrable Securities
     covered by the Shelf Registration are to be sold pursuant to an
     underwritten offering, the managing underwriter or underwriters thereof
     shall be designated by Electing Holders holding at least a majority in
     aggregate principal amount of the Registrable Securities to be included in
     such offering, provided that such designated managing underwriter or
     underwriters is or are reasonably acceptable to the Company.

          (b) Participation by Holders. Each holder of Registrable Securities
     hereby agrees with each other such holder that no such holder may
     participate in any underwritten offering hereunder unless such holder (i)
     agrees to sell such holder's Registrable Securities on the basis provided
     in any underwriting arrangements approved by the persons entitled hereunder
     to approve such arrangements 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.

                                       17
<PAGE>

          7. Rule 144.

          The Company covenants to the holders of Registrable Securities that to
the extent it shall be required to do so under the Exchange Act, the Company
shall timely file the reports required to be filed by it under the Exchange Act
or the Securities Act (including the reports under Section 13 and 15(d) of the
Exchange Act referred to in subparagraph (c)(1) of Rule 144 adopted by the
Commission under the Securities Act) and the rules and regulations adopted by
the Commission thereunder, and shall take such further action as any holder of
Registrable Securities may reasonably request, all to the extent required from
time to time to enable such holder to sell Registrable Securities without
registration under the Securities Act within the limitations of the exemption
provided by Rule 144 under the Securities Act, as such Rule may be amended from
time to time, or any similar or successor rule or regulation hereafter adopted
by the Commission. Upon the request of any holder of Registrable Securities in
connection with that holder's sale pursuant to Rule 144, the Company shall
deliver to such holder a written statement as to whether it has complied with
such requirements.

          8. Miscellaneous.

          (a) No Inconsistent Agreements. The Company represents, warrants,
     covenants and agrees that it has not granted, and shall not grant,
     registration rights with respect to Registrable Securities or any other
     securities which would be inconsistent with the terms contained in this
     Exchange and Registration Rights Agreement.

          (b) Specific Performance. The parties hereto acknowledge that there
     would be no adequate remedy at law if the Company fails to perform any of
     its obligations hereunder and that the Purchasers and the holders from time
     to time of the Registrable Securities may be irreparably harmed by any such
     failure, and accordingly agree that the Purchasers and such holders, in
     addition to any other remedy to which they may be entitled at law or in
     equity, shall be entitled to compel specific performance of the obligations
     of the Company under this Exchange and Registration Rights Agreement in
     accordance with the terms and conditions of this Exchange and Registration
     Rights Agreement, in any court of the United States or any State thereof
     having jurisdiction.

          (c) Notices. All notices and other communications provided for or
     permitted hereunder shall be given as provided in the Indenture.

          (d) Parties in Interest. All the terms and provisions of this Exchange
     and Registration Rights Agreement shall be binding upon, shall inure to the
     benefit of and shall be enforceable by the parties hereto and the holders
     from time to time of the Registrable Securities and the respective
     successors and assigns of the parties hereto and such holders. In the event
     that any transferee of any holder of Registrable Securities shall acquire
     Registrable Securities, in any manner, whether by gift, bequest, purchase,
     operation of law or otherwise, such transferee shall, without any further
     writing or action of any kind, be deemed a beneficiary hereof for all
     purposes and such Registrable Securities shall be held subject to all of
     the terms of this Exchange and Registration Rights Agreement, and by taking
     and holding such Registrable Securities such transferee shall be entitled
     to receive the benefits of, and be conclusively deemed to have agreed to be
     bound by all of the applicable terms and provisions of this Exchange and
     Registration Rights Agreement. If the Company shall so request, any such
     successor, assign or transferee shall agree in writing to acquire and hold
     the Registrable Securities subject to all of the applicable terms hereof.

                                       18
<PAGE>

          (e) Survival. The respective indemnities, agreements, representations,
     warranties and each other provision set forth in this Exchange and
     Registration Rights Agreement or made pursuant hereto shall remain in full
     force and effect regardless of any investigation (or statement as to the
     results thereof) made by or on behalf of any holder of Registrable
     Securities, any director, officer or partner of such holder, any agent or
     underwriter or any director, officer or partner thereof, or any controlling
     person of any of the foregoing, and shall survive delivery of and payment
     for the Registrable Securities pursuant to the Purchase Agreement and the
     transfer and registration of Registrable Securities by such holder and the
     consummation of an Exchange Offer.

          (f) Governing Law. This Exchange and Registration Rights Agreement
     shall be governed by and construed in accordance with the laws of the State
     of New York.

          (g) Headings. The descriptive headings of the several Sections and
     paragraphs of this Exchange and Registration Rights Agreement are inserted
     for convenience only, do not constitute a part of this Exchange and
     Registration Rights Agreement and shall not affect in any way the meaning
     or interpretation of this Exchange and Registration Rights Agreement.

          (h) Entire Agreement; Amendments. This Exchange and Registration
     Rights Agreement, together with the Purchase Agreement, the Indenture and
     the form of Securities, and the other writings delivered pursuant hereto
     which form a part hereof contain the entire understanding of the parties
     with respect to its subject matter. This Exchange and Registration Rights
     Agreement supersedes all prior agreements and understandings between the
     parties with respect to its subject matter. This Exchange and Registration
     Rights Agreement may be amended and the observance of any term of this
     Exchange and Registration Rights Agreement may be waived (either generally
     or in a particular instance and either retroactively or prospectively) only
     by a written instrument duly executed by the Company and the holders of at
     least a majority in aggregate principal amount of the Registrable
     Securities at the time outstanding. Each holder of any Registrable
     Securities at the time or thereafter outstanding shall be bound by any
     amendment or waiver effected pursuant to this Section 8(h), whether or not
     any notice, writing or marking indicating such amendment or waiver appears
     on such Registrable Securities or is delivered to such holder.

          (i) Counterparts. This agreement may be executed by the parties in
     counterparts, each of which shall be deemed to be an original, but all such
     respective counterparts shall together constitute one and the same
     instrument.

                                       19
<PAGE>

         Please confirm that the foregoing correctly sets forth the agreement
between the Company and you.

                                   Very truly yours,

                                   HALLIBURTON COMPANY

                                   By: /s/ C. Christopher Gaut
                                      -----------------------------------------
                                      Name: C. Christopher Gaut
                                      Title: Executive Vice President and Chief
                                             Financial Officer

Accepted as of the date hereof for
themselves and as Representatives
of the several Purchasers named in
Schedule 1 to the Purchase Agreement:

By: Goldman, Sachs & Co.

By:      /s/ Goldman, Sachs & Co.
         -----------------------------
         (Goldman, Sachs & Co.)

By: Citigroup Global Markets Inc.

By:      /s/ Sean Dolan
         -----------------------------
         Name:  Sean Dolan
         Title: Vice President

By: J.P. Morgan Securities Inc.

By:      /s/ Marla Sramek
         -----------------------------
         Name:  Marla Sramek
         Title: Vice President

                                       20Exhibit
4.32

FOURTH AMENDMENT

FOURTH AMENDMENT, dated as of
February 18, 2004 (this
"Amendment"), to and under the
Second Amended and Restated Credit Agreement, dated as of November 30,
2001 (as heretofore amended, supplemented or otherwise modified, the
"Credit Agreement"), among Revlon
Consumer Products Corporation, a Delaware corporation (the
"Company"), the Local Borrowing
Subsidiaries from time to time parties thereto (together with the
Company, the "Borrowers"), the
financial institutions from time to time parties thereto (the
"Lenders"), Citibank, N.A., as
documentation agent, J.P. Morgan Securities Inc., as arranger, and
JPMorgan Chase Bank, as administrative agent (in such capacity, the
"Administrative Agent").

W I
T N E S S E T H:

WHEREAS, pursuant to the Credit Agreement, the
Lenders have agreed to make, and have made, certain loans and other
extensions of credit to the Borrowers;

WHEREAS, the Lenders have
agreed to permit an incremental term loan to the Company in an
aggregate principal amount equal to $64,400,000;

WHEREAS,
Revlon, Inc. ("Revlon") has agreed
to conduct an exchange of indebtedness of the Company for cash or
common stock of Revlon (the "Proposed
Exchange");

WHEREAS, MacAndrews & Forbes
Holdings Inc., a Delaware corporation
("M&FH"), has extended financing
to the Company in the form of a (i) $100,000,000 senior unsecured
multiple-draw term loan (the "M&FH Multiple-Draw
Term Loan"), (ii) $65,000,000 supplemental line of
credit (the "M&FH Supplemental Line of
Credit") and (iii) $125,000,000 senior unsecured
multiple-draw term loan facility (the "New M&FH
Multiple-Draw Term Loan");

WHEREAS, in
connection with the Proposed Exchange, the commitments under the
M&FH Multiple-Draw Term Loan, the M&FH Supplemental Line of
Credit and the New M&FH Multiple-Draw Term Loan will be reduced to
their respective undrawn amounts; and

WHEREAS, the Lenders are
willing to agree to the requested amendments on the terms and
conditions contained herein;

NOW THEREFORE, in consideration of
the premises and mutual covenants contained herein, the parties hereto
hereby agree as follows:

Section 1.     Defined
Terms. Unless otherwise defined herein, capitalized terms used
herein which are defined in the Credit Agreement are used herein as
therein defined. Unless otherwise identified herein, Section and
subsection references refer to Sections and subsections of the Credit
Agreement.

Section 2.     Amendments to Subsection
1.1 (Defined Terms). Subsection 1.1 of the Credit Agreement is
hereby amended by:

(a)     deleting therefrom the
defined terms for "Aggregate Commitment",
"Exchange", "Leverage
Ratio", "Loan",
"M&FH Supplemental Line of Credit
Agreement", "Syndicated Loan"
and "Term Loan Note" in their entireties and
substituting in lieu thereof the following new definitions:

"Aggregate
Commitment" shall mean, at any date, the sum of (a)
on the Closing Date, the Aggregate Term Loan Commitment then in effect
and, at any time after the Closing Date, the aggregate principal amount
of the Term Loans and the Term A Loans then outstanding and (b) the
Aggregate Multi-Currency Commitment then in effect (or, if no Aggregate
Multi-Currency Commitment is then in effect, the Aggregate Outstanding
Multi-Currency Extensions of Credit then outstanding);

"Exchange"
shall mean, collectively, (a) the exchange of no less than (i)
$438,000,000 in aggregate outstanding principal amount of the
Company's 8 1/8% Senior Notes due 2006, 9% Senior
Notes due 2006 and 8 5/8% Senior Subordinated Notes due 2008,
(ii) the aggregate outstanding principal amount under the M&FH
Multiple-Draw Term Loan, New M&FH Multiple-Draw Term Loan and
M&FH Supplemental Line of Credit Agreement on the Exchange Date
(iii) $24,000,000 in aggregate outstanding principal amount under
certain non-interest bearing subordinated promissory notes payable to
the Company, for shares of Class A common stock of Revlon or cash and
(b) the contribution by M&FH of up to $150,000,000 in cash to
Revlon in exchange for shares of Class A common stock of Revlon (but in
no case shall the aggregate of the amounts described in clauses (a) and
(b) be less than $750,000,000), in each case on substantially the terms
contained and substantially pursuant to the agreements described in the
term sheet attached as Exhibit I to the Fourth Amendment;

"Leverage
Ratio" shall mean, at any date, the amount equal to
the ratio of (a) the Aggregate Actual Outstanding Multi-Currency
Extensions of Credit plus the outstanding Term Loans and Term A Loans
of the Company and its Subsidiaries on a consolidated basis at such
date to (b) EBITDA of the Company and its Subsidiaries for the period
of four consecutive fiscal quarters ended on the last day of the most
recent fiscal quarter for which the Administrative Agent has received
the financial statements required to be delivered pursuant to
subsection 10.1(a) or (c), as the case may be, and the compliance
certificate required pursuant to subsection 10.2(b) with respect to
such financial statements (such period of four fiscal quarters, the
"calculation period"); provided, however,
that, for purposes of the above calculation, the amount outstanding on
account of Multi-Currency Loans shall be deemed to be the amount equal
to the lesser of (x) the aggregate principal amount of Multi-Currency
Loans outstanding on the last day of the calculation period and (y) the
average daily principal amount of Multi-Currency Loans outstanding
during the calculation period;

"Loan" shall
mean a Term Loan, a Term A Loan, a Revolving Credit Loan, a Swing Line
Loan, a Local Loan or an Acceptance, as the context shall require;
collectively, the "Loans";

"M&FH Supplemental Line of
Credit Agreement" shall mean the Senior Unsecured
Supplemental Line of Credit Agreement, dated as of February 5, 2003,
between the Company and M&FH, as the same may be amended,
supplemented or otherwise modified from time to time to the extent
permitted by subsection 11.9, including the required reduction in the
commitment thereunder on the Exchange Date so that the commitment
thereunder shall then equal the undrawn amount thereof at the Exchange
Date;

"Syndicated
Loan" shall mean a Term Loan, the Term A Loan, a
Revolving Credit Loan or a Swing Line Loan, as the context shall
require; collectively, the "Syndicated
Loans";

"Term Loan
Note" shall mean a promissory note of the Company,
substantially in the form of Exhibit A with appropriate insertions as
to date and principal, payable to a Term Loan Lender or a Term A Loan
Lender, as the case may be;".

(b)     adding the following new
definitions in the appropriate alphabetical order:

"Exchange Date"
shall mean the date of the consummation of the Exchange.

"Fidelity Support
Agreement" shall mean the Exchange Support Letter
Agreement dated February 11, 2004 between Fidelity Management &
Research Co. and Revlon, as amended, supplemented and otherwise
modified from time to time;

"Fourth
Amendment" shall mean the Fourth Amendment, dated as
of February 18, 2004, to and under this Agreement;

"Fourth Amendment Effective
Date" shall mean the Fourth Amendment Effective Date
as defined in the Fourth Amendment;

"Mafco Support
Agreement" shall have the meaning assigned to such
term in the term sheet attached as Exhibit I to the Fourth
Amendment;

"New Lender
Supplement" shall mean a supplement substantially in
the form of Exhibit X.

"Public Rights
Offerings" shall mean , collectively, the
"Public Rights Offering" and the
"Rights Offering", as each such term is
defined in the term sheet attached as Exhibit I to the Fourth
Amendment;

"Term A
Loan" shall have the meaning assigned to such term in
subsection 2A.1;

"Term A Loan
Activation Notice" shall mean a notice substantially
in the form of Exhibit W.

"Term A Loan Borrowing
Date" shall have the meaning assigned to such term in
subsection  2A.1;

"Term
A Loan Commitment" of any Term A Loan Lender, shall
mean the obligation of such Term A Loan Lender to make Term A Loans to
the Company pursuant to the Term A Loan Activation Notice;
collectively, as to all such Term A Loan Lenders, the
"Term A Loan Commitments";

"Term A Loan
Lender" shall have the meaning assigned to such term
in subsection 2A.1;".

Section
3.     Amendment to Section 2 (Amounts and Terms of Term
Loan Commitment). Section  2 of the Credit Agreement is
hereby amended by adding the following new Section 2A immediately after
Section 2 thereof:

"SECTION 2A. AMOUNT AND TERMS OF
TERM A LOAN COMMITMENT

2A.1    Term A
Loan Commitments. So long as no Event of Default shall be in
existence, the Company and any one or more Lenders or additional banks,
financial institutions or other entities which become Lenders pursuant
to this subsection 2A.1 (individually, a "Term A Loan
Lender" and collectively, the "Term
A Loan Lenders"), may from time to time agree that
such Term A Loan Lenders shall each make a term loan in Dollars (each,
a "Term A
Loan";

collectively, the
"Term A Loans") to the Company by
executing and delivering to the Administrative Agent a Term A Loan
Activation Notice specifying (i)  the amount of such Term A Loan
and (ii) the date on which such Term A Loan shall be made (the
"Term A Loan Borrowing Date"). The
aggregate amount of borrowings of the Term A Loans shall not exceed
$64,400,000, which borrowings shall all be made on the Term A Loan
Borrowing Date. Any additional bank, financial institution or other
entity which, with the consent of the Company and the Administrative
Agent (which consent shall not be unreasonably withheld), elects to
become a "Lender" under this Agreement in
connection with the making of any Term A Loan shall execute a New
Lender Supplement, whereupon such bank, financial institution or other
entity shall become a Lender for all purposes and to the same extent as
if originally a party hereto and shall be bound by and entitled to the
benefits of this Agreement. Subject to the terms and conditions of this
Agreement and the Term A Loan Activation Notice, on the Term A Loan
Borrowing Date each Term A Loan Lender will make available to the
Administrative Agent in immediately available funds at the office of
the Administrative Agent specified in subsection 14.3 (or at such other
location as the Administrative Agent may direct), by 1:00 P.M., New
York City time, an amount equal to such Term A Loan Lender's Term
A Loan Commitment. The proceeds of the Term A Loan received by the
Administrative Agent hereunder on the Term A Loan Borrowing Date shall
promptly be made available to the Company by the Administrative
Agent's crediting the account of the Company designated to the
Administrative Agent with the aggregate amount actually received by the
Administrative Agent from the Term A Loan Lenders and in like funds as
received by the Administrative Agent.

2A.2    Amortization of Term A Loans.
(a) On November 30, 2004, the Company shall repay $650,000 in aggregate
principal amount of the Term A Loan.

(b) The
aggregate principal amount of the Term A Loan then outstanding shall be
paid in full (together with accrued interest and other amounts owing on
account thereof) on the Termination Date.

2A.3    Term Loan Notes. The Company
agrees, that upon the request of any Term A Loan Lender at any time,
the Term A Loan of such Term A Loan Lender shall be evidenced by a Term
Loan Note, payable to the order of such Term A Loan Lender and
representing the obligation of the Company to pay a principal amount
equal to the amount of the Term A Loan Commitment of such Term A Loan
Lender or, if less, the aggregate unpaid principal amount thereof from
time to time outstanding under such Term Loan Note as prescribed in
subsection 7.6. Upon the request to the Administrative Agent by any
Term A Loan Lender at any time, the Company shall execute and deliver
to such Term A Loan Lender two Term Loan Notes, one of which shall
evidence the Eurodollar Loans of such Term A Loan Lender, and the other
of which shall evidence the Alternate Base Rate Loans of such Term A
Loan Lender.

2A.4    Use of Proceeds of
Term A Loans. The proceeds of the Term A Loans hereunder shall be
used by the Company to repay borrowings under the Multi-Currency
Revolving Credit Facility and for general corporate
purposes.".

Section 4.     Amendment to
Subsection 2.2 (Obligations of the Company). Subsection 2.2 of the
Credit Agreement is hereby amended by deleting the first sentence of
paragraph (c) thereof and substituting in lieu thereof the following
new sentence:

"(c) The Company
agrees that, upon the request to the Administrative Agent by any Term
Loan Lender at any time, the Term Loan of such Term Loan Lender shall
be evidenced by a Term Loan Note, payable to the order of such Term
Loan Lender and representing the obligation

of the Company to pay a
principal amount equal to the amount of the Term Loan Commitment of
such Term Loan Lender or, if less, the aggregate unpaid principal
amount of the Term Loan made by such Term Loan Lender, with interest on
the unpaid principal amount thereof from time to time outstanding under
such Term Loan Note as prescribed in subsection 7.6."

Section 5.     Amendments to Subsection 7.2 (Optional
Prepayments). Subsection 7.2 of the Credit Agreement is hereby
amended by:

(a)    adding in paragraph (a) thereof the phrase
"Term A Loans," immediately after the phrase
"Term Loans," wherever it appears therein
except in the last sentence thereof; and

(b)    deleting the
last sentence of paragraph (a) thereof in its entirety and substituting
in lieu thereof the following new sentence:

"Any such optional prepayments of the
Term Loans or Term A Loans shall be applied to the remaining
installments thereof in inverse order of their scheduled maturities (to
be applied ratably first to the payments due under (i) subsection
2.4(b) with respect to the Term Loans and (ii) subsection 2A.2(b), with
respect to the Term A Loans).".

Section
6.     Amendment to Subsection 7.3 (Mandatory
Prepayments). Subsection 7.3 of the Credit Agreement is hereby
amended by deleting paragraph (c) thereof in its entirety and
substituting in lieu thereof the following new paragraph (c):

"(c) The Term Loans and Term A Loans
owing to each Term Loan Lender and Term A Loan Lender, respectively,
shall be repaid to the extent required by subsection 7.5(a);
provided that any Term Loan Lender or Term A Loan Lender, as
the case may be, may elect to waive its rights to any payment owing to
it pursuant to this subsection 7.3(c) and, if any Term Loan Lender or
Term A Loan Lender so elects, the amounts otherwise payable to such
Term Loan Lender or Term A Loan Lender, as the case may be, shall
instead be applied to repay the other Term Loan Lenders and Term A Loan
Lenders on a ratable basis.".

Section
7.     Amendments to Subsection 7.4 (Mandatory Commitment
Reductions). Subsection 7.4 of the Credit Agreement is hereby
amended by:

(a)    adding to clause (i) of paragraph (b)
thereof the following new parenthetical at the end thereof:

"(other than Term A Loans)"; and

(b)    deleting the parenthetical in clause (iii) of paragraph (b)
thereof in its entirety and substituting in lieu thereof the following
new parenthetical:

"(other than (i)
those otherwise described in this subsection 7.4, (ii) a Net Proceeds
Event constituting a disposition of assets listed on Schedule XV of the
Company and (iii) a Net Proceeds Event constituting an Equity Offering
to the extent that Net Proceeds therefrom are required to be used to
repurchase or repay Indebtedness in connection with the Exchange or the
Public Rights Offerings)".

Section
8.     Amendments to Subsection 7.5 (Application of
Payments and Commitment Reductions). Subsection 7.5 of the Credit
Agreement is hereby amended by:

(a)    deleting paragraph (a) thereof in
its entirety and substituting in lieu thereof the following new
paragraph (a):

"(a) Any reduction
of the Aggregate Commitment required pursuant to subsection 7.4 shall
be applied (i) ratably to the repayment of the Term Loans and the Term
A Loans then outstanding and to a permanent reduction of the Aggregate
Multi-Currency Commitment then in effect and (ii) to the extent that no
Term Loans or Term A Loans remain outstanding, to a permanent reduction
of the Aggregate Multi-Currency Commitment then in
effect."; and

(b)    deleting paragraph (d)
thereof in its entirety and substituting in lieu thereof the following
new paragraph (d):

"(d) Any
prepayment of the Term Loans or the Term A Loans required pursuant to
subsection 7.3 or 7.4 shall be applied to the then outstanding
installments thereof in inverse order of their scheduled maturities (to
be applied ratably first to the payment due under (i) subsection
2.4(b), with respect to Term Loans and (ii) subsection 2A.2(b), with
respect to the Term A Loans).".

Section
9.     Amendment to Subsection 7.13 (Taxes).
Subsection 7.13 of the Credit Agreement is hereby amended by adding to
clause (y) of paragraph (b) thereof the phrase "or any
Term A Loan Lender" immediately after the phrase
"Term Loan Lender" wherever it appears
therein.

Section 10.     Amendment to Subsection
7.16 (Pro Rata Treatment and Payments). Subsection 7.16 of the
Credit Agreement is hereby amended by deleting the first sentence of
paragraph (a) thereof in its entirety and substituting in lieu thereof
the following new sentence:

"(a)
Each borrowing by the Company of Term Loans shall be made ratably from
the Term Loan Lenders in accordance with their then respective Term
Loan Commitment Percentages thereof and the borrowing by the Company of
the Term A Loans shall be made ratably from the Term A Loan Lenders in
accordance with their Term A Loan Commitments.".

Section 11.     Amendments to Subsection 11.2
(Indebtedness). Subsection 11.2 of the Credit Agreement is hereby
amended by amending by:

(a)    deleting the first
parenthetical in paragraph (n) thereof in its entirety and substituting
in lieu thereof the following new parenthetical:

"(and (i) any increase in the amount
outstanding thereunder due to the accrual and capitalization of
interest in accordance with its terms or (ii) the required decrease in
the commitment thereunder on the Exchange Date so that the commitment
thereunder shall then equal the undrawn amount thereof at the Exchange
Date)"; and

(b)    amending paragraph (n) thereof
by (i) deleting the period at the end of clause (B)(y) thereof and
substituting in lieu thereof "; and" and (ii)
and adding immediately after clause (B)(y) thereof the following new
clause (C):

"(C) in the case of
Indebtedness incurred pursuant to clause (i) or (ii), at the time of
any incurrence of any such Indebtedness, or Indebtedness in respect of
subsection 11.2(s) on or after the Fourth Amendment Effective Date, the
Term Loans and the Term A Loans then committed to be made shall be
fully drawn."; and

(c)    deleting the first parenthetical
in paragraph (s) thereof in its entirety and substituting in lieu
thereof the following new parenthetical:

"(and (i)
any increase in the amount outstanding thereunder due to the accrual
and capitalization of interest in accordance with its terms or (ii) the
required decrease in the commitment thereunder on the Exchange Date so
that the commitment thereunder shall then equal the undrawn amount
thereof at the Exchange Date)".

Section
12.     Amendments to Subsection 11.9 (Limitation on
Payments on Account of Debt; Synthetic Purchase Agreements).
Subsection 11.9 of the Credit Agreement is hereby amended by:

(a)    amending paragraph (a) thereof by deleting the proviso
after the comma at the end of clause (ii) thereof in its entirety and
substituting in lieu thereof the following new proviso:

"provided that the Company and
its Subsidiaries may amend, waive, supplement or otherwise modify any
agreement governing (x) Indebtedness permitted to be incurred pursuant
to subsection 11.2(n) on or after the Third Amendment Effective Date in
order to extend the maturity date of such Indebtedness and (y) the New
M&FH Multiple-Draw Term Loan, the M&FH Multiple-Draw Term Loan
and the M&FH Supplemental Line of Credit Agreement in order to
reduce the commitments thereunder to the respective undrawn amounts
thereof at the Exchange Date,"; and

(b)    amending paragraph (c) thereof by (i) deleting
"and" at the end of clause (iv) thereof, (ii)
deleting "or" at the end of clause (v)
thereof and substituting in lieu thereof
"and" and (iii) and adding immediately after
clause (v) thereof the following new clause (vi):

"(vi) Indebtedness defeased, prepaid or
otherwise repurchased with the proceeds of any Capital Contribution to
the extent such Capital Contribution is made to the Company by Revlon
in connection with the Exchange or the Public Rights Offerings;
provided that (i) within 30 days of receipt by the Company of
the proceeds of such Capital Contribution, the Company shall have (x)
defeased, prepaid or repurchased such Indebtedness or (y) taken action
(other than any action already taken in connection with the Exchange or
the Public Rights Offerings) to defease, prepay or repurchase such
Indebtedness (which action may include, without limitation, delivering
a notice of redemption, preparation of documentation relating to an
exchange offer, a tender offer or a private transaction for the
repurchase of Indebtedness or board of director action authorizing any
such action) and (ii) the Company shall take such action as reasonably
shall be necessary or as the Administrative Agent shall request to
grant to the Administrative Agent a first priority security interest in
all proceeds of such Capital Contribution pending such use of the
proceeds (with provision made to grant a second priority security
interest therein to secure Indebtedness issued under the Senior Secured
Notes Indenture pursuant to substantially identical documentation);
or".

Section 13.     Amendment to
Section 12 (Events of Default). Section 12 of the Credit Agreement
is hereby amended by:

(a)    Deleting
"(a)" from paragraph (q) thereof and adding
the following new parenthetical immediately at the end of clause (i)
thereof:

"(other than any proceeds
from an Equity Offering relating to the Exchange to the extent proceeds
therefrom are used by Revlon in connection with the
Exchange)"; and

(b)    deleting the first parenthetical
from paragraph (r) thereof in its entirety and substituting in lieu
thereof the following new parenthetical:

"(other than any Capital Gains Notes,
Capital Contribution Notes or rights with respect to the Exchange and
the Public Rights Offerings pursuant to the Fidelity Support Agreement,
the Mafco Support Agreement and other ancillary agreements implementing
the transactions contemplated by Exhibit I to the Fourth
Amendment)".

Section 14.     Amendment
to Subsection 14.7 (Successors and Assigns; Loan Participations).
Subsection 14.7 of the Credit Agreement is hereby amended by adding to
clauses (ii) and (iii) of paragraph (c) thereof the phrase
"or a Term A Loan" immediately after the
phrase "Term Loan" wherever it appears
therein.

Section 15.     Amendment to Subsection
14.11(QFL Notes). Subsection 14.11 of the Credit Agreement is
hereby amended by adding to paragraph (c) thereof the phrase
"or Term A Loans" immediately after the
phrase "Term Loans" therein.

Section
16.     New Exhibit A. The Credit Agreement is hereby
amended by deleting Exhibit A thereto in its entirety and substituting
in lieu thereof a new Exhibit A in the form attached hereto as Exhibit
II.

Section 17.     New Exhibit U-2. The Credit
Agreement is hereby amended by deleting Exhibit U-2 thereto in its
entirety and substituting in lieu thereof a new Exhibit U-2 in the form
attached hereto as Exhibit III.

Section 18.     New
Exhibit W. The Credit Agreement is adding a new Exhibit W thereto
in the form attached hereto as Exhibit IV.

Section
19.     New Exhibit X. The Credit Agreement is hereby
amended by adding a new Exhibit X thereto in the form attached hereto
as Exhibit V.

Section 20.     Representations and
Warranties. The Company, as of the date hereof and after giving
effect to the amendments contained herein, hereby confirms, reaffirms
and restates the representations and warranties made by it in Section 8
of the Credit Agreement and otherwise in the Credit Documents to which
it is a party; provided that each reference to the Credit
Agreement therein shall be deemed a reference to the Credit Agreement
after giving effect to this Amendment.

Section
21.     Conditions to Effectiveness. This Amendment
shall become effective as of the date (the "Fourth
Amendment Effective Date") on which (a) the
Administrative Agent shall have received (i) counterparts of this
Amendment and any amendments to the Security Documents to the extent
required to reflect the Term A Loan, duly executed by the Company and
the Required Lenders and duly acknowledged and consented to by each
Guarantor, Grantor and Pledgor and (ii)     an executed legal opinion
from counsel to the Company, in form and substance reasonably
acceptable to the Administrative Agent and (b) the Exchange shall have
been completed, which date must be on or prior to June 30, 2004.

Section 22.     Reference to and Effect on the Credit
Documents; Limited Effect. On and after the date hereof and the
satisfaction of the conditions contained in Section 21 of this
Amendment, each reference in the Credit Agreement to "this
Agreement", "hereunder",
"hereof" or words of like import referring to
the Credit Agreement, and each reference in the other Credit

Documents to "the
Credit Agreement", "thereunder",
"thereof" or words of like import referring
to the Credit Agreement, shall mean and be a reference to the Credit
Agreement as amended hereby. The execution, delivery and effectiveness
of this Amendment shall not, except as expressly provided herein,
operate as a waiver of any right, power or remedy of any Lender or the
Agents under any of the Credit Documents, nor constitute a waiver of
any provisions of any of the Credit Documents. Except as expressly
amended herein, all of the provisions and covenants of the Credit
Agreement and the other Credit Documents are and shall continue to
remain in full force and effect in accordance with the terms thereof
and are hereby in all respects ratified and confirmed.

Section
23.     Counterparts.  This Amendment may be executed
by one or more of the parties hereto in any number of separate
counterparts (which may include counterparts delivered by facsimile
transmission) and all of said counterparts taken together shall be
deemed to constitute one and the same instrument. Any executed
counterpart delivered by facsimile transmission shall be effective as
an original for all purposes hereof. The execution and delivery of this
Amendment by any Lender shall be binding upon each of its successors
and assigns (including Transferees of its Commitments and Loans in
whole or in part prior to effectiveness hereof) and binding in respect
of all of its Commitments and Loans, including any acquired subsequent
to its execution and delivery hereof and prior to the effectiveness
hereof.

Section 24.     GOVERNING LAW, ETC.
THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

Section
25.     Expenses.  The Company agrees to pay or
reimburse the Administrative Agent for all of its out-of-pocket costs
and expenses incurred in connection with the preparation, negotiation
and execution of this Amendment, including, without limitation, the
fees and disbursements of counsel to the Administrative
Agent.

IN WITNESS WHEREOF, the parties hereto
have caused this Amendment to be executed and delivered by their duly
authorized officers as of the date first written above.

											
	 		REVLON
CONSUMER PRODUCTS CORPORATION, as a Borrower
	 		By:		/s/
Robert K. Kretzman
	 		 		Name:  Robert K.
Kretzman
	 		 		Title:
  Executive Vice President and Chief Legal
Officer
	 		REVLON INTERNATIONAL
CORPORATION (UK Branch), as a Local Borrowing Subsidiary
	 		By:		/s/
Robert K.
Kretzman
	 		 		Name:  Robert
K. Kretzman
	 		 		Title:  Vice President and
Secretary
	 		REVLON AUSTRALIA PTY
LIMITED, as a Local Borrowing Subsidiary
	 		By:		/s/
Robert K. Kretzman
	 		 		Name:  Robert K.
Kretzman
	 		 		Title:  Attorney-in-fact
	 		EUROPEENNE DE PRODUITS
DE BEAUTE, S.A.S., as a Local Borrowing Subsidiary
	 		By:		/s/
Robert K. Kretzman
	 		 		Name:  Robert K.
Kretzman
	 		 		Title:  Attorney-in-fact
	 		REVLON K.K., as a
Local Borrowing Subsidiary
	 		By:		/s/
Robert K. Kretzman
	 		 		Name:  Robert K.
Kretzman
	 		 		Title:  Attorney-in-fact
	

											
	 		REVLON
CANADA INC., as a Local Borrowing Subsidiary
	 		By:		/s/
Robert K. Kretzman
	 		 		Name:  Robert K.
Kretzman
	 		 		Title:  Vice President and
Secretary
	 		REVLON (HONG KONG)
LIMITED, as a Local Borrowing Subsidiary
	 		By:		/s/
Robert K.
Kretzman
	 		 		Name:  Robert
K. Kretzman
	 		 		Title:  Attorney-in-fact
	 		REVLON S.p.A., as a
Local Borrowing Subsidiary
	 		By:		/s/
Robert K. Kretzman
	 		Name:  Robert K.
Kretzman
	 		Title:  Director
	

											
	 		JPMORGAN
CHASE BANK, as Administrative Agent and as a Lender
	 		By:		/s/  Neil
R. Boylan
	 		Name:  Neil R.
Boylan
	 		Title:    Managing
Director
	

											
	 		CITIBANK,
N.A., as Documentation Agent and as a Lender
	 		By:		/s/  Frank
R. Lowe
	 		Name:  Frank R.
Lowe
	 		Title:    Managing
Director
	

											
	 		BLACK
DIAMOND CLO1988-1, LTD.
	 		Name of
Lender
	 		By:		/s/  Alan
Corkish
	 		Name:  Alan
Corkish
	 		Title:    Director
	 		BLACK
DIAMOND CLO2000-1, LTD.
	 		Name of
Lender
	 		By:		/s/  Alan
Corkish
	 		Name:  Alan
Corkish
	 		Title:    Director
	

											
	 		BLACK
DIAMOND INTERNATIONAL FUNDING, INC.
	 		By:		/s/  Alan
Corkish
	 		Name:  Alan
Corkish
	 		Title:    Director
	 		COOKSMILL
	 		By:		/s/  John
R.M. Campbell
	 		Name:  John R.M.
Campbell
	 		Title:    Authorized
Signatory
	 		CSAM
FUNDING I.
	 		By:		/s/  David
H. Lerner
	 		Name:  David H.
Lerner
	 		Title:    Authorized
Signatory
	 		FIDELITY
ADVISOR SERIES II: FIDELITY ADVISOR FLOATING RATE HIGH INCOME
FUND
	 		By:		/s/  John
H. Costello
	 		Name:  John H.
Costello
	 		Title:    Assistant
Treasurer
	 		GENERAL
ELECTRIC CAPITAL CORPORATION.
	 		By:		/s/  William
Magee
	 		Name:  William
Magee
	 		Title:    Duly
Authorized
Signatory
	 		LONG
LANE MASTER TRUST IV
By Fleet National Bank as Trust
Administrator
	 		By:		/s/  Michael
J. Sullivan
	 		Name:  Michael J.
Sullivan
	 		Title:    Director
	

											
	 		NATEXIS
BANKQUES POPULAIRES
	 		By:		/s/  Frank
H. Madden, Jr.
	 		Name:  Frank H.
Madden, Jr.
	 		Title:    Vice President & Group
Manager
	 		By:		/s/  Jordan
H. Levy
	 		Name:  Jordan H.
Levy
	 		Title:    Assistant
Vice President
	 		TRANSAMERICA
BUSINESS CAPITAL CORPORATION.
	 		By:		/s/  William
Magee
	 		Name:  William
Magee
	 		Title:    Duly
Authorized
Signatory
	 		TRS
1 LLC.
	 		By:		/s/  Deborah
O'Keefe
	 		Name:  Deborah
O'Keefe
	 		Title:    Vice
President
	 		VAN
KAMPEN SENIOR INCOME TRUST.
	 		By:		Van Kampen
Investment Advisory Corp.
	 		By:		/s/  Brad
Langs
	 		Name:  Brad
Langs
	 		Title:    Executive
Director
	 		VAN
KAMPEN SENIOR LOAN FUND.
	 		By:		Van Kampen
Investment Advisory Corp.
	 		By:		/s/  Brad
Langs
	 		Name:  Brad
Langs
	 		Title:    Executive
Director
	

ACKNOWLEDGEMENT AND CONSENT

Dated as of February 18, 2004

Each of the
undersigned (in its capacity as a Guarantor, Grantor and/or Pledgor, as
the case may be, under the Security Documents to which it is a party)
does hereby (a) consent, acknowledge and agree to the transactions
described in the foregoing Fourth Amendment and (b) after giving effect
to such Fourth Amendment, (i) confirms, reaffirms and restates the
representations and warranties made by it in each Credit Document to
which it is a party, (ii) ratifies and confirms each Security Document
to which it is a party and (iii) confirms and agrees that each such
Security Document is, and shall continue to be, in full force and
effect, with the Collateral described therein securing, and continuing
to secure, the payment of all obligations of the undersigned referred
to therein; provided that each reference to the Credit
Agreement therein and in each of the other Credit Documents shall be
deemed to be a reference to the Credit Agreement after giving effect to
such Fourth Amendment.

											
	 		ALMAY, INC.
 CHARLES OF THE RITZ GROUP
LTD.
 CHARLES REVSON INC.
 COSMETICS & MORE INC.
 PPI
TWO CORPORATION
 REVLON CONSUMER CORP.
 REVLON DEVELOPMENT
CORP.
 REVLON GOVERNMENT SALES, INC.
 REVLON INTERNATIONAL
CORPORATION
 REVLON PRODUCTS CORP.
 REVLON REAL ESTATE
CORPORATION*
 RIROS CORPORATION
 RIROS GROUP INC.
 RIT
INC.
	 		By:		/s/
Robert K. Kretzman
	 		Name:  Robert K.
Kretzman
	 		Title:  Vice President and
Secretary
 *President and Secretary
	 		REVLON,
INC.
	 		By:		/s/
Robert K. Kretzman
	 		Name:  Robert K.
Kretzman
	 		Title:  Executive Vice
President and Chief Legal Officer
	 		NORTH AMERICA REVSALE
INC.
	 		By:		/s/
Michael T. Sheehan
	 		Name:  Michael T.
Sheehan
	 		Title:  Vice President and
Secretary
	

Exhibit I
to Fourth Amendment

TERMS OF
 EXCHANGE OFFER FOR ANY AND
ALL

			
	I.    Exchange
Offer		Revlon, Inc.
("Revlon") agrees, in reliance on the
exemption from the registration requirements of the Securities Act of
1933, as amended (the "Securities Act"),
provided by Section 3(a)(9) thereof, to conduct an exchange offer (the
"Exchange Offer"), pursuant to which Revlon
will offer holders of certain series of notes issued by its wholly
owned subsidiary, Revlon Consumer Products Corporation
("Products Corporation"), and guaranteed by
Revlon, the option to receive (i) shares of Class A common stock of
Revlon, par value $0.01 per share ("Revlon Class A common
stock"), or (ii) cash, subject to proration as described
below, in exchange for their notes and guaranties.
			

			
			As
described below, Fidelity and M&F (as such terms are defined below)
agree to exchange notes and guaranties thereof and, in the case of
M&F, certain other debt obligations of Products Corporation and
preferred stock of Revlon for shares of Revlon Class A common
stock.
			

			
	    Exchange Offer
Consideration		For each $1,000 principal amount of notes
tendered in the Exchange Offer, holders of Products Corporation's
8 1/8% Senior Notes due 2006 (the
"8 1/8% Senior Notes")
and 9% Senior Notes due 2006 (the "9% Senior
Notes") (together, the "Senior
Notes") may elect to
receive:
			

				
			•	400 shares of Revlon
Class A common stock; or
			

				
			•	$830,
in the case of the 8 1/8% Senior Notes, in cash;
or
			

				
			•	$800, in the case of the
9% Senior Notes, in
cash;
			

				
			•	plus, in each case,
accrued and unpaid interest, which will be paid in Revlon Class A
common stock or cash at the option of the holder (without regard to
whether such holder has elected to receive Revlon Class A common stock
or cash in exchange for its Notes).
			

			
			For each $1,000
principal amount of notes tendered in the Exchange Offer, holders of
Products Corporation's 8 5/8% Senior
Subordinated Notes due 2008 (the "Subordinated
Notes" and, together with the Senior Notes, the
"Notes") may elect to
receive:
			

				
			•	300 shares of Revlon
Class A common stock; or
			

				
			•	$620
in cash;
			

				
			•	plus, in each case,
accrued and unpaid interest, which will be paid in Revlon Class A
common stock or cash at the option of the holder (without regard to
whether such holder has elected to receive Revlon Class A common stock
or cash in exchange for its Notes).
			

			
			Notwithstanding the foregoing,
Fidelity, with respect to the Initial Fidelity Notes (as such term is
defined below), and M&F agree to receive Revlon Class A common
stock in exchange for the principal amount of Notes tendered and
M&F agrees to receive Revlon Class A common stock with respect to
accrued and unpaid interest, in each case as described below in the
section entitled "Support
Agreements."
			

			
	    Proration		The
maximum aggregate principal amount of Notes that may be tendered for
cash (the "Cash Exchange Amount") in the
Exchange Offer will be limited to $150 million, which amount will be
reduced by the aggregate principal amount of Additional Tendered Notes
(as such term is defined below) tendered and exchanged for Revlon Class
A common stock. In the event that holders of Notes with an aggregate
principal amount in excess of the Cash Exchange Amount elect to receive
cash, the cash consideration will be apportioned pro rata first, among
the tendering holders of Subordinated Notes that elected to receive
cash consideration and then, to the extent that any portion of the Cash
Exchange Amount has not been allocated, pro rata among the tendering
holders of Senior Notes that elected to receive cash
consideration.
			

			
			Holders that have elected to receive cash
consideration may further elect, in the event that they are subject to
proration, to have the portion of their tendered Notes for which they
will not receive cash returned to them. If they do not make such
election, holders will receive Revlon Class A common stock for the
portion of their tendered Notes for which they will not receive
cash.
			

			
	    Withdrawal
Rights		None.
			

			
	    Support
Agreements		Fidelity Management & Research Co. and
its affiliates and consolidated funds, (collectively,
"Fidelity") hold $155.06 million aggregate
principal amount of Notes (the "Initial Fidelity
Notes"). Fidelity will enter into a Support Agreement with
Revlon, whereby it will agree to exchange the Initial Fidelity Notes in
the Exchange Offer, for shares of Revlon Class A common stock. Fidelity
may elect to receive either cash or Revlon Class A common stock in
exchange for accrued and unpaid interest (at the applicable rate) on
such tendered Notes.
			

			
			Mafco Holdings Inc. and its affiliates
other than Revlon or any of its subsidiaries (collectively,
"M&F") hold $285.77 million aggregate
principal amount of Notes (the "Initial M&F
Notes" and, together with the Initial Fidelity Notes, the
"Initial Notes"). M&F will enter into a
Support Agreement with Revlon, whereby it will agree to exchange in the
Exchange Offer the Initial M&F Notes, together with any additional
Notes acquired by it from the date of the Support Agreement through the
closing of the 
			

			
			
Exchange Offer, in exchange for shares of
Revlon Class A common stock, including with respect to accrued and
unpaid interest (at the applicable rate) on such tendered
Notes.
			

			
			In addition, pursuant to the Support Agreement,
M&F will agree to exchange (x) any and all amounts outstanding
(including accrued and unpaid interest thereon at the applicable rate),
as of the date of the closing of the Exchange Offer, under each of (i)
the $100 Million Senior Unsecured Multiple-Draw Term Loan Agreement,
dated as of February 5, 2003, between Products Corporation and M&F,
as amended, (ii) the $65 Million Senior Unsecured Supplemental Line of
Credit Agreement, dated as of February 5, 2003, between Products
Corporation and M&F, as amended (the "M&F $65
Million Line of Credit"), and (iii) the $125 Million 2004
Senior Unsecured Multiple-Draw Term Loan Agreement, dated as of January
28, 2004, between Products Corporation and M&F (the
"M&F $125 Million Loan"), each at an
exchange ratio of 400 shares of Revlon Class A common stock for each
$1,000 of indebtedness outstanding thereunder, and (y) an aggregate of
$24.1 million outstanding under certain non-interest bearing
subordinated promissory notes payable by Products Corporation, at an
exchange ratio of 300 shares of Revlon Class A common stock for each
$1,000 of indebtedness outstanding thereunder. This exchange will be
consummated simultaneously with the Exchange Offer.
			

			
			In
addition, pursuant to the Support Agreement, M&F will agree to (i)
exchange all 546 outstanding shares of Series A preferred stock of
Revlon, par value $0.01 per share, having an aggregate liquidation
preference of $54.6 million, for shares of Revlon Class A common stock
at an exchange ratio of 160 shares of Revlon Class A common stock for
each $1,000 of liquidation preference outstanding, and (ii) convert all
4,333 outstanding shares of Series B convertible preferred stock of
Revlon, par value $0.01 per share, into 433,333 shares of Revlon Class
A common stock in accordance with the terms of the certificate of
designations for such Series B convertible preferred stock. This
exchange and conversion will be consummated simultaneously with the
Exchange Offer.
			

			
			In addition, pursuant to the Support
Agreement, M&F will vote in favor of, or consent to, the issuance
of shares of Revlon Class A common stock in the Exchange Offer and
pursuant to the Support Agreements with Fidelity and M&F and the
other transactions contemplated by this term sheet and will agree to
take all actions reasonably necessary to facilitate or otherwise
support the Exchange Offer and the transactions contemplated by this
term sheet.
			

			
	    MacAndrews & Forbes
Equity     Contribution		Promptly following the
expiration of the Exchange Offer, M&F agrees to subscribe for
additional shares of Revlon Class A common stock at a purchase price of
$2.50 per share in an aggregate subscription amount equal to the sum of
(x) $150 million less the aggregate principal amount of the Additional
Tendered Notes (the "M&F Equity
Contribution", which amount shall not be less than zero)
plus (y) the amount, if any, of cash to be paid by Revlon in exchange
for Notes tendered in the Exchange Offer, excluding cash to be paid
with respect to accrued interest at the applicable rate (the
"M&F Stock
Subscription").
			

			
			The "Additional
Tendered Notes" are those Notes validly tendered by any
party and accepted by Revlon in the Exchange Offer in excess of the
aggregate principal amount of the Initial
Notes.
			

			
	    Use of Proceeds		The net
cash proceeds received by Revlon as the M&F Equity Contribution, if
any, will be contributed to Products Corporation. Revlon will cause
Products Corporation to use any such amounts to reduce outstanding
indebtedness, other than revolving indebtedness unless there is a
corresponding commitment reduction.
			

			
			Any cash received by
Revlon as the M&F Stock Subscription will be used for the cash
consideration in the Exchange Offer.
			

			
	II.    Public
Rights Offering		As soon as reasonably practicable
after the consummation of the Exchange Offer, Revlon agrees to
consummate a rights offering (the "Public Rights
Offering") pursuant to which Revlon will distribute, on a
pro rata basis and at no charge, non-transferable rights (the
"Public Rights") to each holder of record, as
of a date prior to the expiration of the Exchange Offer, of Revlon
Class A common stock and the Class B common stock of Revlon, par value
$0.01 per share ("Revlon Class B common
stock" and, together with the Revlon Class A common stock,
the "Common Stock"), to purchase its pro rata
number of shares ("Public Rights Shares") of
Revlon Class A common stock (the "Public Basic
Subscription Privilege") at a price per Public Rights
Share equal to $2.50 (the "Public Subscription
Price"), such that the aggregate number of Public Rights
Shares to be offered in the Public Rights Offering multiplied by the
Public Subscription Price will equal the Public Offering Amount. The
"Public Offering Amount" shall be equal to
(A) the sum of (i) the M&F Equity Contribution, if any, and (ii)
the M&F Stock Subscription, divided by (B) the M&F Ownership
Percentage.
			

			
			The "M&F Ownership
Percentage" means the percentage of Common Stock owned by
M&F on the record date of the Public Rights
Offering.
			

			
			Although M&F will receive Public
Rights, it will agree in its Support Agreement not to exercise such
Public Rights.
			

			
			Each holder of Public Rights who exercises
in full its Public Basic Subscription Privilege will be entitled, on a
pro rata basis, to subscribe for additional Public Rights Shares at the
Public Subscription Price, to the extent that other holders of Public
Rights do not exercise all of their Public Rights in the Public Basic
Subscription Privilege; provided that such oversubscription privilege
will be limited, in the aggregate, to those Public Rights Shares
underlying the Public Rights of holders other than
M&F.
			

			
	    Use of Proceeds		The net
cash proceeds received by Revlon as payment for the Public Subscription
Price in the Public Rights Offering will be contributed to Products
Corporation. Revlon will cause Products Corporation to use any such
amounts to reduce outstanding indebtedness, other than revolving
indebtedness unless there is a corresponding commitment
reduction.
			

			
	III.    Second Rights
Offering		On or prior to December 31, 2004, Revlon
agrees to have closed an additional rights offering (the
"Rights Offering") pursuant to which Revlon
will distribute, on a pro rata basis and at no charge, rights (the
"Rights") to each holder of record of the
Common Stock, to purchase its pro rata number of shares
("Rights Shares") of Revlon Class A common
stock (the "Basic Subscription Privilege") at
a price per Rights Share to be determined by the Board of Directors of
Revlon at the time of the Rights Offering (the
"Subscription Price"), such that the
aggregate number of Rights Shares to be offered in the Rights Offering
multiplied by the Subscription Price will equal the Aggregate Offering
Amount. The "Aggregate Offering Amount" shall
be equal to the positive excess, if any, of $200 million over the sum
of (i) the aggregate principal amount of the Additional Tendered Notes,
(ii) the M&F Equity Contribution, if any, and (iii) the aggregate
proceeds of the Public Rights Offering (such excess, if any, being the
"Aggregate Back-Stop
Amount").
			

			
			Each of M&F and Fidelity may
exercise their Basic Subscription Privilege and their Over-Subscription
Privilege.
			

			
			Each holder of Rights who exercises in full its
Basic Subscription Privilege will be entitled, on a pro rata basis, to
subscribe for additional Rights Shares at the Subscription Price (the
"Over-Subscription Privilege"), to the extent
that other holders of Rights do not exercise all of their Rights in the
Basic Subscription Privilege.
			

			
	    MacAndrews & Forbes
Back-Stop		In the event the Rights Offering is not fully
subscribed, M&F shall, on or prior to December 31, 2004, on the
same terms as the Rights Offering, purchase all of the Back-Stop Shares
(as such term is defined below).
			

			
			"Back-Stop
Shares" shall mean such number of shares of Revlon Class A
common stock as equals all of the Rights Shares that are not otherwise
subscribed and paid for by the holders of Rights under either their
Basic Subscription Privilege or their Over-Subscription Privilege,
provided, however, that the maximum number of Back-Stop Shares shall
not exceed:
			

				
			•	(x) the Aggregate
Back-Stop Amount
			

				
			•	divided by (y)
the Subscription Price.
			

			
	    Use of
Proceeds		The net cash proceeds received by Revlon as
payment for the Subscription Price in the Rights Offering will be
contributed to Products Corporation. Revlon will cause Products
Corporation to use any such amounts to reduce outstanding indebtedness,
other than revolving indebtedness unless there is a corresponding
commitment reduction.
			

			
	IV.    Additional Equity
Offerings		To the extent that the sum of (i) the
aggregate principal amount of the Additional Tendered Notes, (ii) the
M&F Equity Contribution, if any, (iii) the aggregate proceeds of
the Public Rights Offering, (iv) the aggregate proceeds of the Rights
Offering (including the Aggregate Back-Stop Amount) and (v) the
aggregate proceeds of any other equity offering(s) consummated after
the Exchange Offer and used by Products Corporation to reduce
outstanding indebtedness, other than revolving indebtedness unless
there is a corresponding commitment reduction, is less than $300
million (such shortfall, if any, the "Aggregate Additional
Offering Amount"), Revlon will agree to consummate, on or
prior to March 31, 2006, one or more offerings (which may be rights
offerings and/or issuances of Revlon Class A common stock in a public
offering or private placement or other exempt transactions either for
cash or in exchange for outstanding indebtedness of Products
Corporation) in order to reduce the outstanding indebtedness of
Products Corporation, other than revolving indebtedness unless there is
a corresponding commitment reduction, by the Aggregate Additional
Offering Amount (the "Additional
Offerings").
			

			
			The offering price and terms of
any Additional Offerings shall be determined by the Board of Directors
of Revlon at the time of the Additional Offerings.
			

			
			In the
event that by March 31, 2006 the proceeds (or aggregate principal
amount of notes tendered in any exchange) of the Additional Offerings
are less than the Aggregate Additional Offering Amount, M&F will
agree 
			

			
			
to purchase shares (the
"Aggregate Additional Back-Stop Amount") of
Revlon Class A common stock for an amount of cash such that Products
Corporation reduces indebtedness, other than revolving indebtedness
unless there is a corresponding commitment reduction, in an aggregate
principal amount equal to the Aggregate Additional Offering
Amount.
			

			
			M&F may satisfy its obligations by making an
investment in Revlon Class A common stock in an amount equal to the
Aggregate Additional Back-Stop Amount pursuant to any transaction
approved by Revlon's Board of Directors, which may include a
rights offering.
			

			
	    Use of
Proceeds		The net cash proceeds received by Revlon in
the Additional Offerings (including the Aggregate Additional Back-Stop
Amount) will be contributed to Products Corporation. Revlon will cause
Products Corporation to use any such amounts to reduce outstanding
indebtedness, other than revolving indebtedness unless there is a
corresponding commitment
reduction.
			

			
	    Amendments,
Waivers		The terms will not be amended or waived
without the written consent of each of Fidelity, M&F and
Revlon.
			

			
	V.    Corporate
Governance		As of the date of the closing of the
Exchange Offer, Revlon, M&F and Fidelity shall enter into a
shareholders agreement pursuant to which the parties will agree
that:
			

				
			•	Revlon will maintain a
majority of Independent Directors on its Board of Directors.
"Independent Directors" shall be those
directors who satisfy the "independence"
criteria set forth in the New York Stock Exchange
("NYSE") listing rules; provided, however,
that any Fidelity Appointees (as such term is defined below) shall be
deemed to be Independent Directors for purposes of the shareholders
agreement;
			

				
			•	Fidelity shall be
entitled to nominate to the Board of Directors (i) two directors for so
long as Fidelity holds at least 10% of the outstanding voting
stock of Revlon or (ii) one director for so long as Fidelity holds at
least 5% but less than 10% of the outstanding voting
stock of Revlon (each a "Fidelity Appointee"
and, collectively, the "Fidelity
Appointees");
			

				
			•	One
Fidelity Appointee, to be designated by Fidelity, shall be entitled to
sit on all standing committees of the Board of Directors of Revlon,
subject to satisfaction of applicable listing standards and other
applicable laws, rules and
regulations;
			

				
			•	Fidelity, M&F
and all controlled affiliates of M&F will vote their respective
shares of Common Stock to give effect to the agreements referred to in
the prior three bullet points;
			

				
			•	Revlon
shall establish within 30 days after the consummation of the Exchange
Offer and maintain a Nominating and Corporate Governance Committee of
the Board of Directors;
			

				
			•	Revlon
shall not conduct any business or enter into any transaction or series
of similar transactions with any affiliate of Revlon (other than
Revlon's subsidiaries) or a legal or beneficial owner of
10% or more of the voting power of the voting stock of Revlon or
an affiliate of such owner (other than any transaction (i) contemplated
herein or pursuant to agreements or arrangements entered into prior to
the date hereof and disclosed to Fidelity or (ii) specifically
permitted by the indentures pursuant to which the Notes were issued)
unless: (a) with respect to a transaction or series of related
transactions, other than the purchase or sale of inventory in the
ordinary course of business, involving aggregate payments or other
consideration in excess of $5.0 million, such transaction or series of
related transactions has been approved by all the Independent Directors
of the Board of Directors of Revlon, and (b) with respect to a
transaction or series of related transactions, other than the purchase
or sale of inventory in the ordinary course of business, involving
aggregate payments or other consideration in excess of $20.0 million,
such transaction or series of related transactions has been determined,
in the written opinion of a nationally recognized, investment banking
firm, to be fair, from a financial point of view, to
Revlon.
			

			
			The shareholders agreement shall terminate at such
time as Fidelity ceases to hold at least 5% of the outstanding
voting stock of Revlon. From the date hereof, Revlon shall not enter
into any material transaction pending the appointment of the Fidelity
Appointees as set forth above.
			

			
			Without the consent of
Fidelity, Revlon, Inc. will not permit Products Corporation to have
outstanding aggregate borrowings under the M&F $125 Million Loan
and the M&F $65 Million Line of Credit at any time in excess of (i)
$190 million minus (ii) the principal amount of borrowings under the
M&F $125 Million Loan and the M&F $65 Million Line of Credit
exchanged for Revlon Class A common stock in the Exchange Offer minus
(iii) the original commitment amount of the Additional Credit
Facility.
			

			
	VI.    Additional Credit
Facility		UBS or a lender under Products
Corporation's bank credit agreement shall provide $65 million of
additional liquidity to Products Corporation by becoming part of
Products Corporation's bank credit agreement or increasing such
lender's commitment thereunder, as the case may
be.
			

			
	VII.    Press Release		The
text of any press release describing the Exchange Offers or other
transactions contemplated by this Term Sheet shall be reasonably
satisfactory to Fidelity, except as required by applicable
law.
			

Exhibit II
to Fourth Amendment

Exhibit A to

Credit Agreement

FORM OF
TERM LOAN NOTE

	$[                              ]	New
York, New York

[              ],
200[  ]

FOR VALUE RECEIVED, the
undersigned, REVLON CONSUMER PRODUCTS CORPORATION, a Delaware
corporation (the "Company"),
unconditionally promises to pay to the order of
[                ]
(the "Lender"), on the dates and in
the manner set forth in subsection [2.2][2A.2](a)
of the Credit Agreement referred to below, the lesser of (a) the
principal amount of
                          
DOLLARS
($                          )
and (b) the aggregate unpaid principal amount of the Term [A]
Loan made by the Lender to the Company pursuant to subsection
[2.1][2A.1] of the Credit Agreement. The Company
further agrees to pay interest on the unpaid principal amount hereof on
the dates and at the applicable rates per annum as provided in
subsections 7.6(a), (b) and (f) of the Credit Agreement until any such
amount shall be due and payable (whether at the stated maturity, by
acceleration or otherwise), and thereafter on such overdue amount at
the rate per annum as provided in subsection 7.6(e) of the Credit
Agreement until paid in full (both before and after judgment).

The holder of this Note is authorized to endorse on the schedules
annexed hereto and made a part hereof or on a continuation thereof
which shall be attached hereto and made a part hereof the date, type
and amount of the Term [A] Loan made pursuant to the Credit
Agreement and the date and amount of each payment or prepayment of
principal thereof, each continuation thereof, each conversion of all or
a portion thereof to another type and, in the case of Eurodollar Loans,
the length of each Interest Period with respect thereto. Each such
endorsement shall constitute prima facie evidence of
the accuracy of the information endorsed: provided that the
failure of the Lender to make any such endorsement shall not affect the
obligations of the Company in respect of such Term [A]
Loan.

This Note (a) is one of the Term Loan Notes referred to in
the Second Amended and Restated Credit Agreement, dated as of November
30, 2001 (as the same may from time to time be amended, modified or
supplemented, the "Credit
Agreement"), among the Company, the Local Borrowing
Subsidiaries from time to time parties thereto, the Lender, the other
financial institutions from time to time parties thereto and JPMorgan
Chase Bank, as Administrative Agent, (b) is subject to the provisions
of the Credit Agreement and (c) is subject to optional and mandatory
prepayment in whole or in part as provided in the Credit Agreement.
This Note is secured and guaranteed as provided in the Credit
Documents. Reference is hereby made to the Credit Documents for a
description of the properties and assets in which a security interest
has been granted, the nature and extent of the security and the
guarantees, the terms and conditions upon which the security interests
and each guarantee were granted and the rights of the holder of this
Note in respect thereof.

Upon the occurrence of any one or more
of the Events of Defaults specified in the Credit Agreement, all
amounts then remaining unpaid on this Note may become, or be declared
to be, immediately due and payable as provided in the Credit
Agreement.

Unless otherwise defined herein, terms
defined in the Credit Agreement and used herein shall have the meanings
given to them in the Credit Agreement.

The Company and holders
of this Note, whether maker, principal, surety, guarantor, endorser or
otherwise, hereby waive presentment, demand, protest and all other
notices of any kind.

THE NOTE SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK.

											
	 		REVLON CONSUMER
PRODUCTS
CORPORATION
	 		By:		                                                            
	 		 		Title:
	

Schedule A to

Term
Loan Note

LOANS, CONVERSIONS AND REPAYMENTS OF
ALTERNATE
BASE RATE ("ABR")
LOANS

																											
	Date		Amount
of
ABR Loans		Amount
Converted to
ABR
Loans		Amount of
Principal of
ABR Loans
Repaid		Amount of
ABR Loans
Converted
to
Eurodollar
Loans		Unpaid
Principal
Balance
of
ABR Loans		Notation
Made
By
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	

Schedule B to

Term
Loan Note

LOANS, CONTINUATIONS, CONVERSIONS AND
REPAYMENTS
OF EURODOLLAR
LOANS

																															
	Date		Amount
of
Eurodollar
Loans		Amount
Converted
to
Eurodollar
Loans		Interest
Period
and
Eurodollar
Rate with
Respect
Thereto		Amount
of
Principal of
Eurodollar
Loans Repaid		Amount
of
Eurodollar
Loans
Converted to
ABR
Loans		Unpaid
Principal
Balance
of
Eurodollar
Loans		Notation
Made
By
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	

Exhibit III
to Fourth Amendment

Exhibit U-2 to

Credit Agreement

FORM OF
QFL TERM LOAN NOTE

THIS QFL TERM
LOAN NOTE MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS
AND PROVISIONS OF THE CREDIT AGREEMENT REFERRED TO BELOW. TRANSFERS OF
THIS QFL TERM LOAN NOTE MUST BE RECORDED IN THE REGISTER MAINTAINED BY
THE ADMINISTRATIVE AGENT PURSUANT TO THE TERMS OF SUCH CREDIT
AGREEMENT.

	$[                          ]	New
York, New
York
[                  ],
200[  ]

FOR VALUE RECEIVED, the
undersigned, REVLON CONSUMER PRODUCTS CORPORATION, a Delaware
corporation (the "Company"), hereby
unconditionally promises to pay
[                          ]
or its registered assigns (the
"Lender") at the office of JPMorgan
Chase Bank, located at 270 Park Avenue, New York, New York 10017, in
lawful money of the United States of America and in immediately
available funds, on the Termination Date (as defined in the Credit
Agreement referred to below), (a) the principal amount of
[$                            ],
or, if less, (b) the aggregate unpaid principal amount of the Term
[A] Loans made by the Lender pursuant to subsection
[2.1][2A.1] of the Credit Agreement, as hereinafter
defined. The Company further agrees to pay interest to Lender in like
money at such office on the unpaid principal amount hereof from time to
time outstanding at the rates and on the dates specified in subsection
7.6 of such Credit Agreement.

The holder of this Note is
authorized to endorse on the schedules annexed hereto and made a part
hereof or on a continuation thereof which shall be attached hereto and
made a part hereof, the date, type and amount of the Term [A]
Loan and the date and amount of each payment or prepayment of principal
with respect thereto, each conversion of all or a portion thereof to
another type, each continuation of all or a portion thereof as the same
type and, in the case of Eurodollar Loans, the length of each Interest
Period with respect thereto. Each such endorsement shall constitute
prima facie evidence of the accuracy of the
information endorsed. The failure to make any such endorsement shall
not affect the obligations of the Company in respect of such Term
[A] Loan.

This Note (a) is one of the QFL Term Loan
Notes referred to in the Second Amended and Restated Credit Agreement,
dated as of November 30, 2001 (as amended, supplemented or otherwise
modified from time to time, the "Credit
Agreement"), among the Company, the Local Borrowing
Subsidiaries from time to time parties thereto, the Lender, the other
financial institutions from time to time parties thereto and JPMorgan
Chase Bank, as Administrative Agent, (b) is subject to the provisions
of the Credit Agreement and (c) is subject to optional and mandatory
prepayment in whole or in part as provided in the Credit Agreement.
This Note is secured and guaranteed as provided in the Credit
Documents. Reference is hereby made to the Credit Documents for a
description of the properties and assets in which a security interest
has been granted, the nature and extent of the security and the
guarantees, the terms and conditions upon which the security interests
and each guarantee were granted and the rights of the holder of this
Note in respect thereof.

Upon the occurrence of any one or more of
the Events of Default, all amounts then remaining unpaid on this Note
shall become, or may be declared to be, immediately due and payable,
all as provided in the Credit Agreement.

All parties now and
hereafter liable with respect to this Note, whether maker, principal,
surety, guarantor, endorser or otherwise, hereby waive presentment,
demand, protest and all other notices of any kind.

Unless
otherwise defined herein, terms defined in the Credit Agreement and
used herein shall have the meanings given to them in the Credit
Agreement.

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

											
	 		REVLON
CONSUMER
PRODUCTS
CORPORATION
	 		By:		 
	 		 		Title:
	

Schedule A to

QFL
Term Loan Note

LOANS, CONVERSIONS AND
REPAYMENTS OF ALTERNATE BASE RATE ("ABR")
LOANS

																											
	Date		Amount
of
 ABR Loans		Amount
 Converted to
 ABR
Loans		Amount of
 Principal of
 ABR Loans

Repaid		Amount of
 ABR Loans
 Converted to

Eurodollar Loans		Unpaid
 Principal
 Balance
 of
ABR
 Loans		Notation
Made by
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	

Schedule B to

QFL
Term Loan Note

LOANS, CONTINUATIONS,
CONVERSIONS AND REPAYMENTS OF EURODOLLAR LOANS

																															
	Date		Amount
of
 Eurodollar
Loans		Amount
 Converted to

Eurodollar
Loans		Interest
Period
and
Eurodollar
Rate with
Respect
Thereto		Amount
of
 Principal of
 Eurodollar
Loans

Repaid		Amount of
 Eurodollar
Loans
 Converted
to
 ABR Loans		Unpaid
 Principal
 Balance
of
Eurodollar
 Loans		Notation
Made by
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 
	

Exhibit IV
to Fourth Amendment

Exhibit W to

Credit Agreement

FORM OF TERM A LOAN ACTIVATION
NOTICE

		
	To: 	JPMORGAN CHASE
BANK,
as Administrative Agent under the Credit Agreement referred
to below

Reference is hereby made to the Credit Agreement, dated
as of November 30, 2001 (as amended, supplemented or otherwise modified
from time to time, the "Credit
Agreement"), among Revlon Consumer Products
Corporation (the "Company"), the
Local Borrowing Subsidiaries from time to time parties thereto, the
financial institutions from time to time parties thereto (the
"Lenders"), Citibank, N.A., as
documentation agent, J.P. Morgan Securities Inc., as arranger, and
JPMorgan Chase Bank, as administrative agent (in such capacity, the
"Administrative Agent"). Terms
defined in the Credit Agreement shall have their defined meanings when
used herein.

This notice is a Term A Loan Activation Notice
referred to in the Credit Agreement, and the Company and each of the
Lenders party hereto hereby notify you
that:

		
	1. 	Each Lender party hereto agrees to
make a Term A Loan in the amount set forth opposite such Lender's
name below under the caption "Term A Loan
Amount."

		
	2. 	The Term A Loan
Borrowing Date shall be
                      ,
200    .

IN WITNESS WHEREOF, the undersigned have
executed this Term A Loan Activation Notice this
       day of
                            ,
200    .

															
	 		 		REVLON CONSUMER PRODUCTS

CORPORATION
	 		 		By:		 
	 		 		Name:
Title:
	Term A Loan
Amount		[INSERT NAME OF LENDER]
	$		By:		 
	 		 		Name:
Title:
	CONSENTED TO:	
	JPMORGAN CHASE BANK,
as
Administrative Agent	
	By:		 	
	 		Name:

Title:	
	

Exhibit V
to Fourth Amendment

Exhibit X

to Credit Agreement

FORM OF NEW LENDER SUPPLEMENT

NEW LENDER SUPPLEMENT
(this "New Lender Supplement"),
dated             ,
200  , to the Credit Agreement, dated as of November 30,
2001 (as amended, supplemented or otherwise modified from time to time,
the "Credit Agreement"), among
Revlon Consumer Products Corporation (the
"Company"), the Local Borrowing
Subsidiaries from time to time parties thereto, the financial
institutions from time to time parties thereto (the
"Lenders"), Citibank, N.A., as
documentation agent, J.P. Morgan Securities Inc., as arranger, and
JPMorgan Chase Bank, as administrative agent (in such capacity, the
"Administrative Agent").

W I T N E S S E T H :

WHEREAS, the Credit Agreement
provides in Section 2A.1 thereof that any bank, financial institution
or other entity may become a party to the Credit Agreement with the
consent of the Company and the Administrative Agent (which consent
shall not be unreasonably withheld) by executing and delivering to the
Company and the Administrative Agent a supplement to the Credit
Agreement in substantially the form of this New Lender Supplement;
and

WHEREAS, the undersigned now desires to become a party to
the Credit Agreement;

NOW, THEREFORE, the undersigned hereby
agrees as follows:

1. The undersigned agrees
to be bound by the provisions of the Credit Agreement, and agrees that
it shall, on the date this New Lender Supplement is accepted by the
Company and the Administrative Agent, become a Lender for all purposes
of the Credit Agreement to the same extent as if originally a party
thereto, with Term A Loans of
$                    .

2. The undersigned (a) represents and warrants
that it is legally authorized to enter into this New Lender Supplement;
(b) confirms that it has received a copy of the Credit Agreement,
together with copies of the financial statements referred to in
subsection 8.9 thereof and such other documents and information as it
has deemed appropriate to make its own credit analysis and decision to
enter into this New Lender Supplement; (c) agrees that it has made and
will, independently and without reliance upon any Agent or any other
Lender and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in
taking or not taking action under the Credit Agreement or any
instrument or document furnished pursuant hereto or thereto; (d)
appoints and authorizes the Administrative Agent to take such action as
agent on its behalf and to exercise such powers and discretion under
the Credit Agreement or any instrument or document furnished pursuant
hereto or thereto as are delegated to the Administrative Agent by the
terms thereof, together with such powers as are incidental thereto; and
(e) agrees that it will be bound by the provisions of the Credit
Agreement and will perform in accordance with its terms all the
obligations which by the terms of the Credit Agreement are required to
be performed by it as a Lender including, without limitation, if it is
organized under the laws of a jurisdiction outside the United States,
its obligation pursuant to Section 7.13(b) of the Credit
Agreement.

3. The address of the
undersigned for notices for the purposes of the Credit Agreement is as
follows:

4. Terms defined in the Credit
Agreement shall have their defined meanings when used
herein.

IN WITNESS WHEREOF, the undersigned has
caused this New Lender Supplement to be executed and delivered by a
duly authorized officer on the date first above written.

															
	 		 		[INSERT NAME OF
LENDER]
	 		By		                                                                
	 		 		 		Name:
 Title:
	Accepted this
           day of

                            ,
200  .	
	REVLON CONSUMER PRODUCTS

CORPORATION	
	By		                                                        	
	 		Name:
 Title:	
	Accepted this
         day of

                            ,
200  .	
	JPMORGAN CHASE BANK,
 as
Administrative Agent	
	By		                                                        	
	 		Name:

Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00061-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00061-of-00352.parquet"}]]