Document:

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                                                                    EXHIBIT 4.10

                   SUBSDIARY PLEDGE AGREEMENT (INTERNATIONAL)
                              (PPI Two Corporation)

                               (Note Obligations)

     PLEDGE AND SECURITY AGREEMENT, dated as of November 30, 2001, made by PPI
TWO CORPORATION, a Delaware corporation (the "Pledgor"), in favor of WILMINGTON
TRUST COMPANY, as collateral agent (in such capacity and as further defined
below, the "Note Collateral Agent"), for the holders of the Note Obligations (as
hereinafter defined).

                              W I T N E S S E T H :
                              - - - - - - - - - -

     WHEREAS, the Pledgor has guaranteed (the "Indenture Guarantee") the
obligations of Revlon Consumer Products Corporation (the "Company") under the
Indenture, dated as of November 26, 2001, among the Company, the Guarantors
identified on the signature pages thereto and Wilmington Trust Company, as
trustee (in such capacity, the "Trustee"), providing for the issuance of 12%
Senior Secured Notes Due 2005 of the Company; and

     WHEREAS, the Pledgor is a party to a Subsidiaries Guarantee (the "Bank
Guarantee") referred to in the Second Amended and Restated Credit Agreement
entered into by the Company on the date hereof ; and

     WHEREAS, (i) to secure the Pledgor's guarantee of the Bank Obligations (as
defined below) pursuant to the Bank Guarantee, the Pledgor has granted to the
Administrative Agent (as defined below), for the benefit of the holders of the
Bank Obligations, a first priority security interest in the Collateral (as
defined below) (the "First Pledge Lien"), and (ii) to secure the Pledgor's
guarantee of the Note Obligations pursuant to the Indenture Guarantee, the
Pledgor now intends hereby to grant to the Note Collateral Agent, for the
benefit of the holders of the Note Obligations, a second priority security
interest in the Collateral (it being understood that the relative rights and
priorities of the grantees in respect of the Collateral are governed by the
Collateral Agency Agreement referred to herein).

     NOW, THEREFORE, the Pledgor agrees with the Note Collateral Agent for the
benefit of the holders of the Note Obligations as follows:

     1. Defined Terms. The following terms shall have the following meanings:

     "Actionable Event" has the meaning assigned such term in the Collateral
Agency Agreement.

     "Administrative Agent" has the meaning assigned such term in the Collateral
Agency Agreement.

     "Bank Obligations" has the meaning assigned such term in the Collateral
Agency Agreement.

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     "Bankruptcy Event of Default" has the meaning assigned to such term in the
Collateral Agency Agreement.

     "Collateral" means all of the Pledgor's right, title and interest, whether
now owned or hereafter acquired, in the Pledged Stock, all Investment Property
and all Proceeds with respect thereto.

     "Collateral Account" has the meaning assigned such term in the Collateral
Agency Agreement.

     "Collateral Agency Agreement" means the Amended and Restated Collateral
Agency Agreement, dated as of May 30, 1997 and as further amended and restated
as of the date hereof, among the Pledgor, JPMorgan Chase Bank, as bank agent,
the Administrative Agent, the Trustee and the Note Collateral Agent, as the same
may be amended, supplemented or otherwise modified from time to time.

     "Contractual Obligation" means, with respect to any Person, any provision
of any material debt security or of any material preferred stock or other equity
interest issued by such Person or of any material indenture, mortgage,
agreement, instrument or undertaking to which such Person is a party or by which
it or any of its material property is bound.

     "Controlling Collateral Agent" means (i) with respect to Collateral that is
also subject to Liens granted under any First Lien Document: at all times prior
to the First Pledge Lien Termination Date, the Administrative Agent and,
thereafter, the Note Collateral Agent; and (ii) with respect to Collateral that
is not subject to any Lien granted under any First Lien Document: at all times,
the Note Collateral Agent.

     "Excluded Entities" means Madison (Services) Pty. Ltd.; Revlon (Aust.)
Services Pty. Ltd.; Revlon Professional Holding Company LLC; Revlon Pension
Trustee Company (U.K.) Limited; and Revlon (Maesteg)

     Pension Trustee Company Limited.

     "First Lien Documents" has the meaning assigned such term in the Collateral
Agency Agreement.

     "First Lien Termination Date" has the meaning assigned such term in the
Collateral Agency Agreement.

     "First Pledge Lien" has the meaning assigned such term in the recitals
hereto.

     "First Pledge Lien Termination Date" means either (a) the date on which the
First Pledge Lien is released in accordance with the terms of the Collateral
Agency Agreement or (b) the date on which all Bank Obligations are Fully
Satisfied (as defined in the Collateral Agency Agreement), whichever shall first
occur; provided, however, that if a First Lien Termination Date is deemed not to
have occurred under Section 5.2(f) of the Collateral Agency Agreement, any First
Pledge Lien Termination Date that has occurred shall likewise be deemed not to
have occurred, and such event shall be governed by the terms and provisions of
Section 5.2(f) of the Collateral Agency Agreement.

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     "Governmental Authority" means any nation or government, any state or other
political subdivision thereof and any entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government
(including, without limitation, any governmental department, commission, board,
bureau, agency or instrumentality, or other court or arbitrator, in each case
whether of the United States or foreign) and the National Association of
Insurance Commissioners.

     "Guarantee Obligations" means the obligations of the Pledgor under the
Indenture Guarantee.

     "Investment Property" shall mean the collective reference to (a) all
"investment property" as such term is defined in Section 9-102(a)(49) of the UCC
and (b) whether or not constituting "investment property" as so defined, all
Pledged Stock; provided, that in no event shall Investment Property include (i)
the capital stock or other equity interests of any Excluded Entity, (ii) any
"investment property" as so defined held by the Pledgor in respect of its
obligations pursuant to any employee benefit, welfare or pension plan or similar
arrangement of the Pledgor or any of its Subsidiaries, (iii) more than 66% of
the total outstanding Voting Stock of any Subsidiary of the Pledgor which is not
organized under the laws of a State within the United States, or (iv) any asset
pledged under or otherwise subject to any Security Document (as defined in the
Indenture) that is entitled Company Pledge Agreement (Domestic) or Subsidiary
Pledge Agreement (Domestic).

     "Liens" has the meaning assigned such term in the Indenture.

     "Non-Voting Stock" means outstanding shares of capital stock or other
ownership interests not entitled to vote (within the meaning of Treasury
Regulations (Section) 1.956-2(c)(2)).

     "Note Collateral Agent" means Wilmington Trust Company and any successors
thereof appointed in accordance with the terms of the Collateral Agency
Agreement, in each case as collateral agent for the holders of the Note
Obligations.

     "Note Obligation Document" has the meaning assigned such term in the
Collateral Agency Agreement.

     "Note Obligations" has the meaning assigned such term in the Collateral
Agency Agreement.

     "Notice of an Actionable Event" has the meaning assigned such term in the
Collateral Agency Agreement.

     "Permitted Liens" has the meaning assigned such term in the Indenture.

     "Person" has the meaning assigned such term in the Indenture.

     "Pledge Agreement" means this Pledge and Security Agreement, as amended,
supplemented or otherwise modified from time to time.

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     "Pledged Stock" means, subject to the last sentence of subsection 5(a) of
this Pledge Agreement, the shares of capital stock of the Issuers listed on
Schedule 1 hereto, together with the stock certificates representing such
shares, or stock dividends, options, warrants or rights of any nature whatsoever
that may be received or receivable by or otherwise distributed to the Pledgor in
respect of or in exchange for any or all of such shares, or otherwise in
accordance with the provisions of Section 5(a), while this Pledge Agreement is
in effect.

     "Proceeds" means all "proceeds" as such term is defined in Section
9-102(a)(64) of the UCC on the date hereof and, in any event, shall include,
without limitation, all dividends or other income from the Pledged Stock,
collections thereon or distributions with respect thereto.

     "Requirements of Law" means the Certificate of Incorporation and By-Laws or
other organizational or governing documents of the Pledgor, and any law, treaty,
rule or regulation, or determination of an arbitrator or a court or other
Governmental Authority, in each case applicable to or binding upon the Pledgor
or any of its material property or to which the Pledgor or any of its material
property is subject.

     "Secured Obligations" has the meaning assigned such term in the Collateral
Agency Agreement.

     "Subsidiary": as defined in the Indenture.

     "Termination Date" means the earlier of (a) the date on which, pursuant to
Section 8 of the Collateral Agency Agreement, the Note Collateral Agent is
required to release its security interest in all collateral security pledged or
otherwise granted to it by the Pledgor pursuant to this Pledge Agreement, or (b)
the date on which the Indenture Obligations have been Fully Satisfied (each as
defined in the Collateral Agency Agreement), whichever shall first occur.

     "UCC" means the Uniform Commercial Code from time to time in effect in the
State of New York.

     "Voting Stock," as to any issuer, shall mean the issued and outstanding
shares of each class of capital stock or other ownership interests of such
issuer entitled to vote (within the meaning of Treasury Regulations (Section)
1.956-2(c)(2)).

     2. Grant of Security Interest; Collateral Agency Agreement Controls.

         (a) Grant. The Pledgor hereby pledges to the Note Collateral Agent, for
the benefit of the holders of the Note Obligations, and delivers (or has
delivered) to the Controlling Collateral Agent, for the benefit of the holders
of the Note Obligations and the other Secured Obligations, all the Pledged Stock
and hereby grants to the Note Collateral Agent, for the benefit of the holders
of the Note Obligations, a second priority security interest in the Collateral,
as collateral security for the prompt and complete payment and performance when
due (whether at the stated maturity, by acceleration or otherwise) of the
Guarantee Obligations. Notwithstanding anything to the contrary contained
herein, the Collateral described herein shall constitute collateral security
only for those Guarantee Obligations with respect to which the

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Proceeds of such Collateral are applied pursuant to Section 4.2(b) (or, if
applicable, 4.8) and 4.2(e) of the Collateral Agency Agreement and the Lien and
security interest provided hereby shall encumber the Collateral only to the
extent of such Guarantee Obligations.

         (b) Collateral Agency Agreement Controls. Notwithstanding anything to
the contrary contained in this Pledge Agreement but subject to the last sentence
of this Section 2(b), all of the rights and obligations of the parties hereto
set forth herein are subject to the terms of the Collateral Agency Agreement,
which shall be controlling. Without limiting the generality of the foregoing,
the rights of the Note Collateral Agent and the holders of the Note Obligations
set forth herein relating to (i) the release of or realization upon Collateral
that is subject to Liens granted under the First Lien Documents, (ii) amendments
to or waivers in respect of this Pledge Agreement or any other Note Obligation
Document, (iii) the exercise of remedies with respect to Collateral that is
subject to Liens granted under the First Lien Documents, (iv) the right to
receive, hold and apply Proceeds that are subject to Liens granted under the
First Lien Documents and (v) all other matters addressed herein are granted
subject to, and shall be exercised in accordance with, the terms of the
Collateral Agency Agreement. The terms of this Section 2(b) shall not prevent
the Note Collateral Agent from taking such actions or reasonably requesting the
Pledgor to take such actions as are necessary to perfect or maintain the
perfection of the Note Collateral Agent's security interest in the Collateral,
nor shall such terms mitigate the Pledgor's obligations hereunder to take such
actions, provide such information and deliver such documents, instruments and
certificates as may be necessary to perfect or maintain the perfection of such
security interest.

     3. Stock Powers. Unless such stock power previously has been delivered to
the Controlling Collateral Agent, the Pledgor shall deliver an undated stock
power covering each certificate representing one or more shares of Pledged Stock
concurrently with the delivery to the Controlling Collateral Agent of such
certificate, duly executed in blank by the Pledgor with, if the Controlling
Collateral Agent so reasonably requests, signature guaranteed.

     4. Representations and Warranties. The Pledgor represents and warrants to
the Note Collateral Agent that:

         (a) the Pledgor has the corporate power and authority and the legal
right to execute and deliver, to perform its obligations under, and to grant the
Lien on the Collateral pursuant to this Pledge Agreement and has taken all
necessary corporate action to authorize its execution, delivery and performance
of, and grant of the Lien on the Collateral pursuant to this Pledge Agreement;

         (b) this Pledge Agreement constitutes a legal, valid and binding
obligation of the Pledgor enforceable in accordance with its terms, except as
enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforcement of creditors' rights
generally and general equitable principles;

         (c) the execution, delivery and performance of this Pledge Agreement
will not violate any Contractual Obligation or material Requirement of Law of
the Pledgor and will not result in the creation or imposition of any Liens on
any of the properties or assets of the

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Pledgor pursuant to the provisions of any Contractual Obligation, except as
contemplated hereby;

         (d) no consent or authorization of, filing with, or other act by or in
respect of, any arbitrator or Governmental Authority and no consent of any other
Person (including, without limitation, any stockholder or creditor of the
Pledgor), is required in connection with the execution, delivery, performance,
validity or enforceability of this Pledge Agreement, except for UCC-1 financing
statement filings with the appropriate Governmental Authorities and such
consents which have already been obtained;

         (e) no litigation, investigation or proceeding of or before any
arbitrator or Governmental Authority is pending or, to the knowledge of the
Pledgor, threatened against the Pledgor or against any of its properties or
assets with respect to this Pledge Agreement or any of the transactions
contemplated hereby;

         (f) the shares of Pledged Stock of each Issuer listed on Schedule 1,
together with any additional shares of stock delivered by the Pledgor to the
Controlling Collateral Agent in accordance with this Pledge Agreement,
constitute 66% (rounded downwards to avoid fractional shares) of the issued and
outstanding shares of all classes of Voting Stock and 100% of the issued and
outstanding shares of all classes of Non-Voting Stock of such Issuer that are
owned by the Pledgor;

         (g) all the shares of the Pledged Stock have been duly authorized and
validly issued and are fully paid and nonassessable;

         (h) the Pledgor is the record and beneficial owner of, and has good
title to, the Pledged Stock listed on Schedule I, together with any additional
shares of stock delivered by the Pledgor to the Controlling Collateral Agent in
accordance with this Pledge Agreement, free of any and all Liens or options in
favor of, or claims of, any other Person, except Permitted Liens;

         (i) upon delivery to the Controlling Collateral Agent of the stock
certificates evidencing the Pledged Stock, and the filing of a UCC-1 financing
statement in the filing office in which a secured party would be required to
file a financing statement under the UCC in order to perfect its security
interest in Investment Property, the Lien granted pursuant to this Pledge
Agreement will constitute a valid, perfected second priority Lien on the
Collateral subject to the Lien of a securities intermediary or commodities
intermediary (as each such term is defined in the UCC), if any, in Investment
Property and subject to other Permitted Liens, and enforceable as such against
all creditors of the Pledgor and any Persons purporting to purchase any
Collateral from the Pledgor, except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors' rights generally and by general equitable principles;

         (j) no Default or Event of Default has occurred and is continuing on
the date hereof and no Default or Event of Default will occur as a result of
consummation of the transactions contemplated hereby; and

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         (k) the pledge of the Collateral pursuant to this Pledge Agreement does
not violate Regulations T, U or X of the Federal Reserve Board or any successors
to such regulations as of the date hereof.

     5. Covenants. The Pledgor covenants and agrees with the Note Collateral
Agent that, from and after the date of this Pledge Agreement until the
Termination Date:

         (a) If the Pledgor shall, as a result of its ownership of the Pledged
Stock, become entitled to receive or shall receive any stock certificate
(including, without limitation, any certificate representing a stock dividend or
a distribution in connection with any reclassification, increase or reduction of
capital or any certificate issued in connection with any reorganization), option
or rights, whether in addition to, in substitution of, as a conversion of, or in
exchange for any shares of the Pledged Stock, or otherwise in respect thereof,
the Pledgor shall accept the same as the agent of the Controlling Collateral
Agent and the holders of the Secured Obligations (or, if the Note Collateral
Agent is the Controlling Collateral Agent, the Note Obligations), hold the same
in trust for the Controlling Collateral Agent and the holders of the Secured
Obligations (or, if the Note Collateral Agent is the Controlling Collateral
Agent, the Note Obligations), and deliver the same forthwith to the Controlling
Collateral Agent in the exact form received, duly indorsed by the Pledgor to the
Controlling Collateral Agent, if required, together with an undated stock power
covering such certificate duly executed in blank by the Pledgor and with, if the
Controlling Collateral Agent so reasonably requests, signature guaranteed, to be
held by the Controlling Collateral Agent, subject to the terms hereof and the
terms of the Collateral Agency Agreement, as additional collateral security for
the Secured Obligations (or, if the Note Collateral Agent is the Controlling
Collateral Agent, the Guarantee Obligations). Except as otherwise permitted by
the Indenture, any sums paid upon or in respect of the Pledged Stock upon the
liquidation or dissolution of any Issuer and any sums paid in connection with
the redemption of, or in exchange for, collateral, shall be paid over to the
Controlling Collateral Agent for deposit by it in the Collateral Account, until
such monies are disbursed in accordance with the Collateral Agency Agreement,
and in case any distribution of capital shall be made on or in respect of the
Pledged Stock or any property shall be distributed upon or with respect to the
Pledged Stock pursuant to the recapitalization or reclassification of the
capital of any Issuer or pursuant to the reorganization thereof, the property so
distributed shall be delivered to the Controlling Collateral Agent to be held by
it hereunder as additional collateral security for the Secured Obligations (or,
if the Note Collateral Agent is the Controlling Collateral Agent, the Guarantee
Obligations), subject to the terms of the Collateral Agency Agreement. If any
sums of money or property so paid or distributed in respect of the Pledged Stock
shall be received by the Pledgor, the Pledgor shall, until such money or
property is paid or delivered to the Controlling Collateral Agent, hold such
money or property in trust for the Controlling Collateral Agent and the holders
of the Secured Obligations (or, if the Note Collateral Agent is the Controlling
Collateral Agent, the Note Obligations), subject to the Collateral Agency
Agreement, segregated from other funds of the Pledgor, as additional collateral
security for the Secured Obligations (or, if the Note Collateral Agent is the
Controlling Collateral Agent, the Guarantee Obligations). Notwithstanding the
foregoing provisions of this Section 5(a) or any other provision of this
Agreement, in no event shall more than 66% (rounded downwards to avoid
fractional shares) of the issued and outstanding shares of all classes of Voting
Stock and 100% of the issued and outstanding shares of all classes of Non-Voting
Stock of any Issuer owned by the Pledgor constitute Pledged Stock or Collateral
hereunder; and, if at

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any time the Pledgor delivers to the Controlling Collateral Agent stock
certificates representing more than 66% (rounded downwards to avoid fractional
shares) of the issued and outstanding shares of all classes of Voting Stock
owned by the Pledgor, such excess shares of Voting Stock shall not constitute
Pledged Stock.

         (b) The Pledgor will not (i) vote to enable, or take any other action
to permit, any Issuer to issue any stock or other equity securities of any
nature or to issue any other securities convertible into or granting the right
to purchase or exchange for any stock or other equity securities of any nature
of any Issuer which in any such case would be in violation of the terms of the
Indenture, (ii) sell, assign, transfer, exchange, or otherwise dispose of, or
grant any option with respect to, the Collateral in violation of the terms of
the Indenture, or (iii) create, incur or permit to exist any Lien or option in
favor of, or any claim of any Person with respect to, any of the Collateral, or
any interest therein, except for the Lien provided for by this Pledge Agreement
and Permitted Liens. The Pledgor will defend the right, title and interest of
the Note Collateral Agent and the holders of the Note Obligations in and to the
Collateral against the claims and demands of all Persons whomsoever, other than
in the case of Permitted Liens.

         (c) At any time and from time to time, upon the written request of the
Note Collateral Agent, and at the sole expense of the Pledgor, the Pledgor will
promptly and duly execute and deliver such further instruments and documents and
take such further actions as may be necessary or that the Note Collateral Agent
may reasonably request for the purposes of perfecting or protecting any security
interest granted hereby or to enable the Note Collateral Agent to obtain or
preserve the full benefits of this Pledge Agreement and of the rights and powers
herein granted.

         (d) The Pledgor agrees to pay, and to save the Note Collateral Agent
and the holders of the Note Obligations harmless from, any and all liabilities
with respect to, or resulting from any delay in paying, any and all stamp,
excise, sales or other taxes which may be payable or determined to be payable
with respect to any of the Collateral or in connection with any of the
transactions contemplated by this Pledge Agreement.

     6. Dividends; Voting Rights. Unless a Notice of an Actionable Event shall
have been given and remains outstanding and the Controlling Collateral Agent
shall have given notice to the Pledgor of the Controlling Collateral Agent's
intent to exercise its corresponding rights pursuant to paragraph 7 (except in
the case of a Bankruptcy Event of Default, in which case no such notice shall be
required), the Pledgor shall be permitted to receive all dividends (whether in
cash or evidenced by a note or chattel paper but other than stock dividends)
free of the Lien created by this Pledge Agreement, to the extent that such
dividends are permitted under the Indenture, in respect of the Pledged Stock and
to exercise all voting and corporate rights with respect to the Pledged Stock;
provided, however, that no vote shall be cast or corporate right exercised or
other action taken which, in the Controlling Collateral Agent's reasonable
judgment, would impair the Collateral or which would be inconsistent with or
result in any violation of any provision of this Pledge Agreement or the
Indenture.

     7. Rights of the Controlling Collateral Agent and the Holders of the Note
Obligations. (a) If a Notice of an Actionable Event shall have been given and
remains outstanding and the Controlling Collateral Agent shall have given notice
of its intent to exercise

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such rights to the Pledgor (except in the case of a Bankruptcy Event of Default,
in which case no such notice shall be required), (i) the Controlling Collateral
Agent shall have the right to receive any and all dividends (whether in cash or
evidenced by a note or chattel paper) paid in respect of the Pledged Stock and
shall, pursuant to the Collateral Agency Agreement, deposit the proceeds of such
cash dividends in the Collateral Account, until such monies are disbursed in
accordance with the Collateral Agency Agreement, and (ii) all shares of the
Pledged Stock shall be registered in the name of the Controlling Collateral
Agent or its nominee, and the Controlling Collateral Agent or its nominee may
thereafter exercise (A) all voting, corporate and other rights pertaining to
such shares of the Pledged Stock at any meeting of shareholders of the Issuers
or otherwise and (B) any and all rights of conversion, exchange, subscription
and any other rights, privileges or options pertaining to such shares of the
Pledged Stock as if it were the absolute owner thereof (including, without
limitation, the right to exchange at its discretion any and all of the Pledged
Stock upon the merger, consolidation, reorganization, recapitalization or other
fundamental change in the corporate structure of the Issuers, or upon the
exercise by the Pledgor or the Controlling Collateral Agent of any right,
privilege or option pertaining to such shares of the Pledged Stock, and in
connection therewith, the right to deposit and deliver any and all of the
Pledged Stock with any committee, depositary, transfer agent, registrar or other
designated agency upon such terms and conditions as it may determine), all
without liability except to account for property actually received by it, but
the Controlling Collateral Agent shall have no duty to the Pledgor to exercise
any such right, privilege or option and shall not be responsible for any failure
to do so or delay in so doing.

         (b) In order to permit the Controlling Collateral Agent to exercise the
voting and other rights which it is entitled to exercise pursuant to paragraph
7(a)(ii) and to receive the dividends and distributions which it is authorized
to receive and retain pursuant to paragraph 7(a)(i), the Pledgor shall, if
necessary, upon written notice from the Controlling Collateral Agent (except in
the case of a Bankruptcy Event of Default, in which case no such notice shall be
required), from time to time execute and deliver (or cause to be executed and
delivered) to the Controlling Collateral Agent all such proxies, dividend
payment orders and other instruments as the Controlling Collateral Agent may
reasonably request.

         (c) The rights of the Note Collateral Agent and the holders of the Note
Obligations hereunder shall not be conditioned or contingent upon the pursuit by
the Note Collateral Agent or any holder of the Note Obligations of any right or
remedy against the Issuers or against any other Person which may be or become
liable in respect of all or any part of the Note Obligations or against any
collateral security therefor, guarantee thereof or right of offset with respect
thereto. Neither the Note Collateral Agent nor any holder of the Note
Obligations shall be liable for any failure to demand, collect or realize upon
all or any part of the Collateral or for any delay in doing so, nor shall the
Note Collateral Agent be under any obligation to sell or otherwise dispose of
any Collateral upon the request of the Pledgor or any other Person or to take
any other action whatsoever with regard to the Collateral or any part thereof.

     8. Remedies. If a Notice of an Actionable Event shall have been given and
remains outstanding, the Controlling Collateral Agent, on behalf of the holders
of the Secured Obligations (or, if the Note Collateral Agent is the Controlling
Collateral Agent, the Note Obligations), may exercise, in addition to all other
rights and remedies granted in this Pledge Agreement and in any other instrument
or agreement securing, evidencing or relating to the

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Guarantee Obligations, but subject to the terms of the Collateral Agency
Agreement, all rights and remedies of a secured party under the UCC. Without
limiting the generality of the foregoing, the Controlling Collateral Agent,
without demand of performance or other demand, presentment, protest,
advertisement or notice of any kind (except any notice required by law referred
to below) to or upon the Pledgor, the Issuers or any other Person (all and each
of which demands, defenses, advertisements and notices are hereby waived, to the
extent permitted by applicable law), may in such circumstances, but subject to
the terms of the Collateral Agency Agreement, forthwith collect, receive,
appropriate and realize upon the Collateral, or any part thereof, and/or may
forthwith sell, assign, give option or options to purchase or otherwise dispose
of and deliver the Collateral or any part thereof (or contract to do any of the
foregoing), in one or more parcels at public or private sale or sales, in the
over-the-counter market, at any exchange, broker's board or office of the
Controlling Collateral Agent or elsewhere upon such terms and conditions as it
may deem advisable and at such prices as it may deem best, for cash or on credit
or for future delivery without assumption of any credit risk. The Controlling
Collateral Agent or any holder of the Secured Obligations (or, if the Note
Collateral Agent is the Controlling Collateral Agent, the Note Obligations)
shall have the right upon any such public sale or sales, and, to the extent
permitted by law, upon any such private sale or sales, to purchase the whole or
any part of the Collateral so sold, free of any right or equity of redemption in
the Pledgor, which right or equity is hereby waived or released. The Controlling
Collateral Agent shall, pursuant to the Collateral Agency Agreement, deposit any
Proceeds from time to time held by it and the net proceeds of any such
collection, recovery, receipt, appropriation, realization or sale, in the
Collateral Account, until such monies are disbursed in accordance with the
Collateral Agency Agreement. In the absence of gross negligence or willful
misconduct, neither the Controlling Collateral Agent nor any holder of Note
Obligations shall be deemed to assume any responsibility for or obligation or
duty with respect to any part or all of the Pledged Stock and the other
Collateral of any nature or kind or any matter or proceeding arising out of or
related thereto, but the same shall be at the Pledgor's sole risk at all times.
The Pledgor hereby releases the Controlling Collateral Agent, the Note
Collateral Agent, and the holders of Note Obligations from any claims, causes of
action and demands at any time arising out of or with respect to this Pledge
Agreement, the Pledged Stock and the other Collateral and/or any actions taken
or omitted to be taken by the Controlling Collateral Agent, the Note Collateral
Agent, and/or the holders of Note Obligations with respect thereto and the
Pledgor hereby agrees to hold the Controlling Collateral Agent, the Note
Collateral Agent, and/or such holder of Note Obligations, as the case may be,
harmless from and with respect to any and all such claims, causes of action and
demands, except in the case of the Controlling Collateral Agent, the Note
Collateral Agent, or any holder of Note Obligations, to the extent of any gross
negligence or willful misconduct on the part of the Controlling Collateral
Agent, the Note Collateral Agent, or such holder of Note Obligations, as the
case may be, subject in each case to the terms of the Collateral Agency
Agreement. If any notice of a proposed sale or other disposition of Collateral
shall be required by law, such notice shall be deemed reasonable and proper if
given at least 10 days before such sale or other disposition. All waivers by the
Pledgor of rights (including rights to notice), and all rights and remedies
afforded the Controlling Collateral Agent herein, and all other provisions of
this Pledge Agreement, are expressly made subject to any applicable mandatory
provisions of law limiting, or imposing conditions (including conditions as to
reasonableness) upon, such waivers or the effectiveness thereof or any such
rights and remedies. Any sale or other disposition of the Collateral and the
possession thereof by the Controlling Collateral Agent shall

<PAGE>

                                                                              11

be in compliance with all provisions of applicable law (including applicable
securities laws and applicable provisions of the UCC). The Pledgor shall remain
liable for any deficiency if the proceeds of any sale or other disposition of
Collateral are insufficient to pay the Guarantee Obligations and the reasonable
fees and disbursements of any attorneys employed by the Controlling Collateral
Agent, the Note Collateral Agent or any holder of the Note Obligations to
collect such deficiency.

     9. Registration Rights; Private Sales. (a) If the Controlling Collateral
Agent shall determine to exercise its right to sell any or all of the Pledged
Stock pursuant to paragraph 8 hereof, and if in the opinion of the Controlling
Collateral Agent it is necessary or advisable to have the Pledged Stock, or that
portion thereof to be sold, registered under the provisions of the Securities
Act of 1933, as amended, or the applicable laws of any jurisdiction outside of
the United States (such Act and such other applicable laws collectively, the
"Securities Act"), the Pledgor will cause the Issuers to (i) execute and
deliver, and use its best efforts to cause the directors and officers of the
Issuers to execute and deliver, all such instruments and documents, and do or
cause to be done all such other acts as may be, in the reasonable opinion of the
Controlling Collateral Agent, necessary or advisable to register the Pledged
Stock, or that portion thereof to be sold, under the provisions of the
Securities Act, (ii) use its best efforts to cause the registration statement
relating thereto to become effective and to remain effective for a period of one
year from the date of the first public offering of the Pledged Stock, or that
portion thereof to be sold, and (iii) make all amendments thereto and/or to the
related prospectus which, in the reasonable opinion of the Controlling
Collateral Agent, are necessary or advisable, all in conformity with the
requirements of the Securities Act and the rules and regulations of the
Securities and Exchange Commission (or applicable regulatory body under the laws
of any jurisdiction outside of the United States) applicable thereto. The
Pledgor agrees to cause the Issuers to comply with the provisions of the
securities or "Blue Sky" laws of any and all jurisdictions (including foreign
jurisdictions) which the Controlling Collateral Agent shall reasonably designate
and to make available to its security holders, as soon as practicable, an
earnings statement (which need not be audited) which will satisfy the provisions
of Section 11(a) of the Securities Act.

         (b) The Pledgor recognizes that the Controlling Collateral Agent may be
unable to effect a public sale of any or all the Pledged Stock, by reason of
certain prohibitions contained in the Securities Act and applicable state
securities laws or otherwise, and may be compelled to resort to one or more
private sales thereof to a restricted group of purchasers which will be obliged
to agree, among other things, to acquire such securities for their own account
for investment and not with a view to the distribution or resale thereof. The
Pledgor acknowledges and agrees that any such private sale may result in prices
and other terms less favorable than if such sale were a public sale and,
notwithstanding such circumstances, agrees that any such private sale shall be
deemed to have been made in a commercially reasonable manner. The Controlling
Collateral Agent shall be under no obligation to delay a sale of any of the
Pledged Stock for the period of time necessary to permit the Issuers to register
such securities for public sale under the Securities Act, or under applicable
state or foreign securities laws, even if the Issuers would agree to do so.

         (c) The Pledgor further agrees to use its best efforts to do or cause
to be done all such other acts as may be necessary to make such sale or sales of
all or any portion of

<PAGE>

                                                                              12

the Pledged Stock pursuant to this paragraph 9 valid and binding and in
compliance with any and all other applicable Requirements of Law. The Pledgor
further agrees that a breach of any of the covenants contained in this paragraph
9 will cause irreparable injury to the Controlling Collateral Agent, the Note
Collateral Agent, and the holders of the Note Obligations, that the Controlling
Collateral Agent, the Note Collateral Agent, and the holders of the Note
Obligations have no adequate remedy at law in respect of such breach and, as a
consequence, that each and every covenant contained in this paragraph 9 shall,
subject to the Collateral Agency Agreement, be specifically enforceable against
the Pledgor, and the Pledgor hereby waives and agrees not to assert any defenses
against an action for specific performance of such covenants (to the extent
permitted by applicable law) except for a defense that no Actionable Event or
Bankruptcy Event of Default had occurred and was continuing at the time the
Controlling Collateral Agent gave notice pursuant to paragraph 7(a) hereof.

     10. Amendments, etc. with Respect to the Note Obligations. The Pledgor
shall remain obligated hereunder, and the Collateral shall remain subject to the
Lien granted hereby, notwithstanding that, without any reservation of rights
against the Pledgor, and without notice to or further assent by the Pledgor, any
demand for payment of any of the Note Obligations made by the Note Collateral
Agent or any holder thereof may be rescinded by the Note Collateral Agent or
such holder, and any of the Note Obligations continued, and the Note
Obligations, or the liability of the Pledgor or any other Person upon or for any
part thereof, or any collateral security or guarantee therefor or right of
offset with respect thereto, may, from time to time, in whole or in part, be
renewed, extended, amended, modified, accelerated, compromised, waived,
surrendered, or released by the Note Collateral Agent or any holder of the Note
Obligations, and the Note Obligation Documents executed and delivered in
connection therewith may be amended, modified, supplemented or terminated, in
whole or part, in accordance with the provisions of the Indenture and the
Collateral Agency Agreement, and any guarantee, right of offset or other
collateral security at any time held by the Note Collateral Agent or any holder
of the Note Obligations for the payment of the Note Obligations may be sold,
exchanged, waived, surrendered or released. Neither the Note Collateral Agent
nor any holder of the Note Obligations shall have any obligation to protect,
secure, perfect or insure this or any other Lien at any time held by it as
security for the Note Obligations or any property subject thereto. The Pledgor
waives any and all notice of the creation, renewal, extension or accrual of any
of the Note Obligations and notice of or proof of reliance by the Note
Collateral Agent or any holder of the Note Obligations upon this Pledge
Agreement. The Pledgor waives diligence, presentment, protest, demand for
payment and notice of default or nonpayment to or upon any Issuer or the Pledgor
with respect to the Note Obligations.

     11. Limitation on Duties Regarding Collateral. The Note Collateral Agent's
sole duty with respect to the custody, safekeeping and physical preservation of
the Collateral in its possession, under Section 9-207 of the UCC or otherwise,
shall be to deal with it in the same manner as the Note Collateral Agent deals
with similar securities and property for its own account. Neither the Note
Collateral Agent, any holder of the Note Obligations nor any of their respective
directors, officers, employees, agents or advisors shall be liable for failure
to demand, collect or realize upon any of the Collateral or for any delay in
doing so or shall be under any obligation to sell or otherwise dispose of any
Collateral upon the request of the Pledgor or otherwise.

<PAGE>

                                                                              13

     12. Powers Coupled with an Interest. All authorizations and agencies herein
contained with respect to the Collateral are irrevocable and constitute powers
coupled with an interest.

     13. Severability. Any provision of this Pledge Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     14. Attorney-in-Fact. Pledgor does hereby constitute the Note Collateral
Agent, its successors and assigns, such Pledgor's true and lawful attorney,
irrevocably, with full power (in the name of Pledgor or otherwise) to file any
claims or take any action (in law or equity or as otherwise deemed appropriate
by the Note Collateral Agent) which the Note Collateral Agent may deem
reasonably necessary or advisable in the premises to protect its security
interest pursuant to this Pledge Agreement but only after a Notice of an
Actionable Event has been given and remains outstanding or after Pledgor has
failed to take such action within a reasonable time after request therefor and
in each case subject to the terms of the Collateral Agency Agreement. The
Pledgor also hereby authorizes the Note Collateral Agent to file any financing
or continuation statements which the Note Collateral Agent in its sole and
reasonable discretion shall determine to be necessary, without the signature of
the Pledgor to the extent permitted by applicable law. The Note Collateral Agent
shall send a copy of each such financing or continuation statement to the
Pledgor. A carbon, photographic or other reproduction of this Pledge Agreement
shall be sufficient as a financing statement for filing in any jurisdiction.

     15. Paragraph Headings. The paragraph headings used in this Pledge
Agreement are for convenience of reference only and are not to affect the
construction hereof or be taken into consideration in the interpretation hereof.

     16. No Waiver; Cumulative Remedies. Neither the Note Collateral Agent nor
any holder of the Note Obligations shall by any act (except as provided in
paragraph 17 hereof) be deemed to have waived any right or remedy hereunder or
to have acquiesced in any Actionable Event or Bankruptcy Event of Default or in
any breach of any of the terms and conditions hereof. No failure to exercise,
nor any delay in exercising, on the part of the Note Collateral Agent or any
holder of the Note Obligations, any right, power or privilege hereunder shall
operate as a waiver thereof. No single or partial exercise of any right, power
or privilege hereunder shall preclude any other or further exercise thereof or
the exercise of any other right, power or privilege. A waiver by the Note
Collateral Agent or any holder of the Note Obligations of any right or remedy
hereunder on any one occasion shall not be construed as a bar to any right or
remedy which the Note Collateral Agent or such holder of the Note Obligations
would otherwise have on any future occasion. The rights and remedies herein
provided are cumulative, may be exercised singly or concurrently and are not
exclusive of any other rights or remedies provided by law.

     17. Waivers and Amendments; Successors and Assigns. None of the terms or
provisions of this Pledge Agreement may be waived, amended, supplemented or
otherwise

<PAGE>

                                                                              14

modified except in accordance with the terms of the Indenture and the Collateral
Agency Agreement. Without limiting the generality of the foregoing, amendments,
waivers and consents effected in respect of certain provisions of the First Lien
Documents shall, upon their effectiveness but only to the extent provided in the
Collateral Agency Agreement, apply with equal force to the comparable provisions
of this Pledge Agreement and become effective with respect thereto without the
consent of or any other action on the part of any Person. This Pledge Agreement
shall be binding upon the successors and assigns of the Pledgor and shall inure
to the benefit of the Controlling Collateral Agent, the Note Collateral Agent
and the holders of the Note Obligations and their respective successors and
assigns.

     18. GOVERNING LAW. THIS PLEDGE AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     19. Notices. Notices by the Note Collateral Agent to the Pledgor or any
Issuer may be given by mail, hand delivery or by facsimile transmission,
addressed or transmitted to the Pledgor, Note Collateral Agent and to any
Issuer, respectively, as follows:

                    if to the Pledgor:

                    625 Madison Avenue
                    New York, New York  10022
                    Attention:  Senior Vice President and General Counsel
                    Facsimile:  212-527-5693;

                    if to the Note Collateral Agent:

                    Wilmington Trust Company
                    Rodney Square North
                    1100 N. Market Street
                    Wilmington, DE  19890
                    Attention:  Corporate Trust Administration
                    Facsimile:  302-651-7772; and

if to the Issuer at its address or transmission number set forth under its
signature on the Acknowledgement and Consent attached hereto and shall be
effective (a) in the case of mail or hand delivery, when delivered, and (b) in
the case of facsimile notices, when sent. The Pledgor and any Issuer may change
their respective addresses and transmission numbers by written notice to the
Note Collateral Agent.

     20. Irrevocable Authorization and Instruction to Issuers. The Pledgor
hereby authorizes and instructs any Issuer to comply with any instruction
received by it from the Controlling Collateral Agent in writing that (a) states
that a Notice of an Actionable Event has been given and is outstanding and (b)
is otherwise in accordance with the terms of this Pledge Agreement and the
Collateral Agency Agreement, without any other or further instructions from the
Pledgor, and the Pledgor agrees that any Issuer shall be fully protected in so
complying.

<PAGE>

                                                                              15

     21. Authority of Administrative Agent. The Pledgor acknowledges that the
rights and responsibilities of the Note Collateral Agent under this Pledge
Agreement with respect to any action taken by the Note Collateral Agent or the
exercise or non-exercise by the Note Collateral Agent of any option, voting
right, request, judgment or other right or remedy provided for herein or
resulting or arising out of this Pledge Agreement shall, as between the Note
Collateral Agent and the holders of the Note Obligations, be governed by the
Indenture and by the Collateral Agency Agreement, but, as between the Note
Collateral Agent and the Pledgor, the Note Collateral Agent shall be
conclusively presumed to be acting with full and valid authority so to act or
refrain from acting, and neither the Pledgor nor any Issuer shall be under any
obligation, or entitlement, to make any inquiry respecting such authority.

     22. Release of Collateral and Termination. The Collateral shall be released
from the Lien created hereby, and this Pledge Agreement and all obligations of
the Note Collateral Agent and the Pledgor hereunder shall terminate, in
accordance with the provisions of Sections 8 and 10.6 of the Collateral Agency
Agreement.

<PAGE>

                                                                              16

     IN WITNESS WHEREOF, the undersigned has caused this Pledge Agreement to be
duly executed and delivered as of the date first above written.

                                            PPI TWO CORPORATION

                                            By: /s/ Michael T. Sheehan
                                                --------------------------------
                                                Name:  Michael Sheehan
                                                Title: Assistant Secretary

                                            WILMINGTON TRUST COMPANY,
                                            as Note Collateral Agent

                                            By: /s/ James P. Lawler
                                                --------------------------------
                                                Name:  James P. Lawler
                                                Title: Vice President

<PAGE>

                                                        SCHEDULE 1 to Subsidiary
                                                Pledge Agreement (International)
                                                --------------------------------

                          DESCRIPTION OF PLEDGED STOCK
                          ----------------------------

                                                     Stock
                                   Class of           Cert.           No. of
           Issuer                    Stock             No.            Shares
           ------                    -----             ---            ------

Revlon (Cayman) Limited             Common              5               726

<PAGE>

                           ACKNOWLEDGEMENT AND CONSENT

     The undersigned, being one of the Issuers referred to in the foregoing
Pledge Agreement, hereby acknowledges receipt of a copy thereof and agrees to be
bound thereby and to comply with the terms thereof insofar as such terms are
applicable to it. The undersigned agrees to notify the Controlling Collateral
Agent and the Note Collateral Agent promptly in writing of the occurrence of any
of the events described in paragraph 5(a) of the Pledge Agreement. The
undersigned further agrees that the terms of paragraph 9(c) of the Pledge
Agreement shall apply to it, mutatis mutandis, with respect to all actions that
may be required of it under or pursuant to or arising out of paragraph 9 of the
Pledge Agreement.

     The undersigned will comply with any instruction received by it from the
Controlling Collateral Agent that (a) states that a Notice of an Actionable
Event has been given and remains outstanding and (b) is otherwise in accordance
with the terms of the applicable Pledge Agreement and the Collateral Agency
Agreement, without any other or further instructions from the Pledgor of its
capital stock. Compliance with such instructions shall include, if so requested,
without limitation, making any dividend or other payments with respect to the
Pledged Stock of the undersigned directly to the Controlling Collateral Agent,
for the benefit of the holders of the Secured Obligations (or, if the Note
Collateral Agent is the Controlling Collateral Agent, the Note Obligations).

                                        REVLON (CAYMAN) LIMITED

                                        By: /s/ Michael T. Sheehan
                                            ------------------------------------
                                            Name: Michael Sheehan
                                            Title: Assistant Secretary

                                        Address for Notices:
                                        c/o Revlon Consumer Products Corporation
                                        625 Madison Avenue
                                        New York, New York 10022
                                        Attn: Senior Vice President and
                                              General Counsel
                                        Facsimile: (212) 527-5693<PAGE>

                                                                    EXHIBIT 4.11

                           COMPANY SECURITY AGREEMENT

                               (Note Obligations)

     SECURITY AGREEMENT, dated as of November 30, 2001, made by REVLON CONSUMER
PRODUCTS CORPORATION (the "Grantor") in favor of Wilmington Trust Company, as
collateral agent (in such capacity and as further defined below, the "Note
Collateral Agent") for holders of the Note Obligations (as hereinafter defined).

                              W I T N E S S E T H:
                              - - - - - - - - - -

     WHEREAS, the Grantor and Wilmington Trust Company, as trustee (in such
capacity, the "Trustee"), are parties to the Indenture dated as of November 26,
2001 (as amended, supplemented or otherwise modified from time to time, the
"Indenture") among the Grantor, the Guarantors identified on the signature pages
thereto and the Trustee, providing for the issuance of the Grantor's 12% Senior
Secured Notes Due 2005 (the "Notes"); and

     WHEREAS, the Grantor is party to the Second Amended and Restated Credit
Agreement dated as of the date hereof (as amended, supplemented or otherwise
modified from time to time, the "Credit Agreement") among the Grantor, the local
borrowing subsidiaries party thereto, the financial institutions party thereto,
JPMorgan Chase Bank ("Chase"), as administrative agent (in such capacity, the
"Bank Agent"), the other agents party thereto and the arranger party thereto;
and

     WHEREAS, (i) to secure the Bank Obligations (as defined below), the Grantor
has granted to the Administrative Agent, for the benefit of the holders of the
Bank Obligations, a first priority security interest in the Collateral (as
defined below), and (ii) to secure the Note Obligations, the Grantor now intends
hereby to grant to the Note Collateral Agent, for the benefit of the holders of
the Note Obligations, a second priority security interest in the Collateral (it
being understood that the relative rights and priorities of the grantees in
respect of the Collateral are governed by the Collateral Agency Agreement
referred to herein).

     NOW, THEREFORE, the Grantor agrees with the Note Collateral Agent, for the
benefit of the holders of the Note Obligations, as follows:

     1. Defined Terms.

     (a) Definitions. (i) The following terms which are defined in the Uniform
Commercial Code in effect in the State of New York on the date hereof are used
herein as so defined: Accounts, Chattel Paper, Documents, Equipment, Farm
Products, General Intangibles, Instruments, Inventory and Proceeds (other than
(i) those rights or assets which are not located in or created by, and do not
arise or exist under, the laws of the United States or any State or any
political subdivision thereof, with it being understood that Accounts and
General Intangibles shall be deemed to be located in the jurisdiction of the
filing office in which a secured party would be required to file a financing
statement under the UCC in order to perfect its security interest therein and
(ii) any interest in any Excluded Entity).

<PAGE>

     (ii) The following terms shall have the following meanings:

     "Actionable Event": as defined in the Collateral Agency Agreement.

     "Administrative Agent": as defined in the Collateral Agency Agreement.

     "Agreement": this Security Agreement, as the same may be amended, modified
or otherwise supplemented from time to time.

     "Bank Agent": as defined in the Recitals hereto.

     "Bank Obligations": as defined in the Collateral Agency Agreement.

     "Collateral": as defined in Section 2(a) of this Agreement.

     "Collateral Account": as defined in the Collateral Agency Agreement.

     "Collateral Agency Agreement": the Amended and Restated Collateral Agency
Agreement, dated as of May 30, 1997 and as further amended and restated as of
the date hereof, among the Grantor, the Bank Agent, the Administrative Agent,
the Trustee and the Note Collateral Agent, as the same may be amended,
supplemented or otherwise modified from time to time.

     "Contracts": with respect to the Grantor, the license agreements listed in
Schedule 1 attached hereto to which the Grantor has any rights, as the same may
be amended, modified or otherwise supplemented from time to time, including,
without limitation, (a) all rights of the Grantor to receive moneys due and to
become due to it thereunder or in connection therewith, (b) all rights of the
Grantor to receive proceeds of any insurance, indemnity, warranty or guarantee
with respect thereto, (c) all rights of the Grantor to damages arising out of or
for breach or default in respect thereof and (d) all rights of the Grantor to
exercise all remedies thereunder.

     "Contractual Obligation": of any Person, any provision of any material debt
security or of any material preferred stock or other equity interest issued by
such Person or of any material indenture, mortgage, agreement, instrument or
undertaking to which such Person is a party or by which it or any of its
material property is bound.

     "Controlling Collateral Agent": (i) with respect to Collateral that is also
subject to Liens granted under any First Lien Document: at all times prior to
the First Lien Termination Date, the Administrative Agent and, thereafter, the
Note Collateral Agent; and (ii) with respect to Collateral that is not subject
to any Lien granted under any First Lien Document: at all times, the Note
Collateral Agent.

     "Copyrights": with respect to the Grantor, (a) all copyrights, whether
registered or unregistered, and whether or not the underlying works of
authorship have been published, and all works of authorship and other rights
therein or derived therefrom, all copyrights of works based on, incorporated in,
derived from or relating to works covered by such copyrights, all right, title
and interest to make and exploit all derivative

                                       2
<PAGE>

works based upon or adopted from works covered by such copyright and all
copyright registrations and copyright applications, and any renewals or
extensions thereof, including without limitation, each copyright registration
and copyright application, if any, identified in Schedule 4 hereto, and
including, without limitation, (a) the right to print, publish and distribute
any of the foregoing, (b) the right to sue or otherwise recover for any and all
past, present and future infringements and misappropriations thereof, (c) all
income, royalties, damages and other payments now and hereafter due and/or
payable with respect thereto (including, without limitation, payments under all
licenses entered into in connection therewith, and damages and payments for past
or future infringements thereof) and (d) all rights of the Grantor corresponding
thereto throughout the United States and all other rights of any kind whatsoever
of the Grantor accruing thereunder or pertaining thereto; provided that, for
purposes hereof, the term "Copyrights" shall not include those rights which are
not created by, or do not arise or exist under, the laws of the United States or
any State or political subdivision thereof.

     "Copyright Licenses": with respect to the Grantor, all license agreements
with any other Person in connection with any of the Copyrights of the Grantor,
or such other Person's copyrights, whether the Grantor is a licensor or licensee
under any such license agreement, including, without limitation, the license
agreements listed on Schedule 4 hereto, subject in each case to the terms of
such license agreements, including, without limitation, terms requiring consent
to a grant of a security interest; provided that, for purposes hereof, the term
"Copyright Licenses" shall not include those rights which are not created by, or
do not arise or exist under, the laws of the United States or any State or
political subdivision thereof.

     "Credit Documents": as defined in the Collateral Agency Agreement.

     "Excluded Entities" means Madison (Services) Pty. Ltd.; Revlon (Aust.)
Services Pty. Ltd.; Revlon Professional Holding Company LLC; Revlon Pension
Trustee Company (U.K.) Limited; and Revlon (Maesteg) Pension Trustee Company
Limited.

     "First Lien Documents": as defined in the Collateral Agency Agreement.

     "First Lien Termination Date": as defined in the Collateral Agency
Agreement.

     "Governmental Authority": any nation or government, any state or other
political subdivision thereof and any entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government
(including, without limitation, any governmental department, commission, board,
bureau, agency or instrumentality, or other court or arbitrator, in each case
whether of the United States or foreign) and the National Association of
Insurance Commissioners.

     "Intellectual Property Security Agreements": a collective reference to each
Company Copyright Security Agreement, Company Patent Security Agreement and
Company Trademark Security Agreement, made by the Grantor in favor of the Note
Collateral Agent.

                                       3
<PAGE>

     "Liens": as defined in the Indenture.

     "Note Collateral Agent": Wilmington Trust Company and any successors
thereof appointed in accordance with the terms of the Collateral Agency
Agreement, in each case as collateral agent for the holders of the Note
Obligations.

     "Note Obligation Documents": as defined in the Collateral Agency Agreement.

     "Note Obligations": as defined in the Collateral Agency Agreement.

     "Notice of an Actionable Event": as defined in the Collateral Agency
Agreement.

     "Patents": with respect to the Grantor, all patents, patent applications
and patentable inventions, including, without limitation, each patent and patent
application identified in Schedule 2 attached hereto and made a part hereof, and
including without limitation (i) all inventions and improvements described and
claimed therein, (ii) the right to sue or otherwise recover for any
misappropriations thereof, (iii) all income, royalties, damages and other
payments now and hereafter due and/or payable with respect thereto (including,
without limitation, payments under all licenses entered into in connection
therewith, and damages and payments for past and future infringements thereof),
and (iv) all rights corresponding thereto throughout the United States and all
reissues, divisions, continuations, continuations-in-part, substitutes,
renewals, and extensions thereof, all improvements thereon and all other rights
of any kind whatsoever of the Grantor accruing thereunder or pertaining thereto;
provided that, for purposes hereof, the term "Patents" shall not include those
rights which are not created by, or do not arise or exist under, the laws of the
United States or any State or political subdivision thereof.

     "Patent Licenses": with respect to the Grantor, all license agreements with
any other Person in connection with any of the Patents of the Grantor, or such
other Person's patents, whether the Grantor is a licensor or licensee under any
such license agreement, including, without limitation, the license agreements
listed on Schedule 2 hereto, subject, in each case, to the terms of such license
agreements, including, without limitation, terms requiring consent to the grant
of a security interest; provided that, for purposes hereof, the term "Patent
Licenses" shall not include those rights which are not created by, or do not
arise or exist under, the laws of the United States or any State or political
subdivision thereof.

     "Permitted Liens": as defined in the Indenture.

     "Person": as defined in the Indenture.

     "Requirement of Law": the Certificate of Incorporation and By-Laws or other
organizational or governing documents of a Grantor, and any law, treaty, rule or
regulation, or determination of an arbitrator or a court or other Governmental
Authority, in each case applicable to or binding upon a Grantor or any of its
material property or to which such Grantor or any of its material property is
subject.

                                       4
<PAGE>

     "Secured Obligations": as defined in the Collateral Agency Agreement.

     "Trademarks": with respect to the Grantor, all trademarks, service marks,
trade names, trade dress or other indicia of trade origin, trademark and service
mark registrations, and applications for trademark or service mark registrations
and any renewals thereof, including, without limitation, each registration and
application identified in Schedule 3 attached hereto and made a part hereof, and
including without limitation (i) the right to sue or otherwise recover for any
and all past, present and future infringements and misappropriations thereof,
(ii) all income, royalties, damages and other payments now and hereafter due
and/or payable with respect thereto (including, without limitation, payments
under all licenses entered into in connection therewith, and damages and
payments for past or future infringements thereof), and (iii) all rights
corresponding thereto throughout the United States and all other rights of any
kind whatsoever of the Grantor accruing thereunder or pertaining thereto,
together in each case with the goodwill of the business connected with the use
of, and symbolized by, each such trademark, service mark, trade name, trade
dress or other indicia of trade origin; provided that, for purposes hereof, the
term "Trademarks" shall not include those rights which are not created by, or do
not arise or exist under, the laws of the United States or any State or
political subdivision thereof.

     "Trademark Licenses": with respect to the Grantor, all license agreements
with any other Person in connection with any of the Trademarks of the Grantor,
or such other Person's trademarks, whether the Grantor is a licensor or licensee
under any such license agreement, including, without limitation, the license
agreements listed on Schedule 3 hereto, subject, in each case, to the terms of
such license agreements, including, without limitation, terms requiring consent
to the grant of a security interest; provided that, for purposes hereof, the
term "Trademark Licenses" shall not include those rights which are not created
by, or do not arise or exist under, the laws of the United States or any State
or political subdivision thereof.

     "UCC": the Uniform Commercial Code as from time to time in effect in the
State of New York.

     (b) Other Definitional Provisions. (i) The words "hereof," "herein" and
"hereunder" and words of similar import when used in this Agreement shall refer
to this Agreement as a whole and not to any particular provision of this
Agreement, and section and paragraph references are to this Agreement unless
otherwise specified.

     (ii) The meanings given to terms defined herein shall be equally applicable
to both the singular and plural forms of such terms.

     2. Grant of Security Interest; Collateral Agency Agreement Controls.

     (a) Grant. As collateral security for the prompt and complete payment and
performance when due (whether at the stated maturity, by acceleration or
otherwise) of the Note Obligations, the Grantor hereby grants to the Note
Collateral Agent, for the benefit of the holders of the Note Obligations, a
security interest in all of the following property now owned or at any

                                       5
<PAGE>

time hereafter acquired by the Grantor or in which the Grantor now has or at any
time in the future may acquire any right, title or interest, which is located in
or exists under the laws of the United States or any State thereof
(collectively, the "Collateral"):

          (i)      all Accounts;

          (ii)     all Chattel Paper;

          (iii)    all Contracts;

          (iv)     all Copyrights;

          (v)      all Copyright Licenses;

          (vi)     all Documents;

          (vii)    all Equipment;

          (viii)   all General Intangibles;

          (ix)     all Instruments;

          (x)      all Inventory;

          (xi)     all Patents;

          (xii)    all Patent Licenses;

          (xiii)   all Trademarks;

          (xiv)    all Trademark Licenses;

          (xv)     all books and records pertaining to the Collateral; and

          (xvi) to the extent not otherwise included, all Proceeds (including,
     to the extent not otherwise included therein, all (a) payments under
     insurance (whether or not the Note Collateral Agent is the loss payee
     thereunder) or any indemnity, warranty or guarantee payable by reason of
     loss or damage to or otherwise with respect to any of the foregoing
     Collateral and (b) cash) and products of any and all of the foregoing.

Notwithstanding anything to the contrary contained herein, the Collateral
described herein shall constitute collateral security only for those Note
Obligations with respect to which the Proceeds of such Collateral are applied
pursuant to Section 4.2(b) (or, if applicable, 4.8) and 4.2(e) of the Collateral
Agency Agreement and the Lien and security interest provided hereby shall
encumber the Collateral only to the extent of such Note Obligations.

     (b) Collateral Agency Agreement Controls. Notwithstanding anything to the
contrary contained in this Agreement but subject to the last sentence of this
Section 2(b), all of the rights and obligations of the parties hereto set forth
herein are subject to the terms of the

                                       6
<PAGE>

Collateral Agency Agreement, which shall be controlling. Without limiting the
generality of the foregoing, the rights of the Note Collateral Agent and the
holders of the Note Obligations set forth herein relating to (i) the release of
or realization upon Collateral that is subject to Liens granted under the First
Lien Documents, (ii) amendments to or waivers in respect of this Agreement or
any other Note Obligation Document, (iii) the exercise of remedies with respect
to Collateral that is subject to Liens granted under the First Lien Documents,
(iv) the right to receive, hold and apply Proceeds that are subject to Liens
granted under the First Lien Documents and (v) all other matters addressed
herein are granted subject to, and shall be exercised in accordance with, the
terms of the Collateral Agency Agreement. The terms of this Section 2(b) shall
not prevent the Note Collateral Agent from taking such actions or reasonably
requesting the Grantor to take such actions as are necessary to perfect or
maintain the perfection of the Note Collateral Agent's security interest in the
Collateral, nor shall such terms mitigate the Grantor's obligations hereunder to
take such actions, provide such information and deliver such documents,
instruments and certificates as may be necessary to perfect or maintain the
perfection of such security interest.

     3. Representations and Warranties. The Grantor hereby represents and
warrants that:

     (a) Enforceable Obligation; Perfected, Second Priority Security Interests.
This Agreement constitutes a legal, valid and binding obligation of the Grantor,
enforceable in accordance with its terms. Upon the "timely" (as defined in a
manner consistent with the provisions of Section 205 of 17 U.S.C., Section 1060
of 15 U.S.C. and Section 261 of 35 U.S.C.) filing from time to time of the
relevant Intellectual Property Security Agreements with the United States Patent
and Trademark Office and the United States Copyright Office and the filing of
all necessary UCC financing statements with the appropriate Governmental
Authorities, the security interests (other than those in Proceeds, to the extent
that such security interests may be perfected under the UCC only by possession)
granted pursuant to this Agreement (i) will constitute second priority,
perfected security interests in the Collateral in favor of the Note Collateral
Agent, for the benefit of the holders of the Note Obligations, subject to
Permitted Liens, and (ii) will be enforceable as such against all creditors of
and purchasers from the Grantor (except purchasers of Inventory in the ordinary
course of business), in each case subject to the Collateral Agency Agreement,
and except as enforceability is affected by bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other similar laws relating to or
affecting creditors' rights generally, general equitable principles (whether
considered in a proceeding in equity or at law) and an implied covenant of good
faith and fair dealing.

     (b) Inventory. All Inventory which constitutes Collateral has been produced
in accordance with all requirements of the Fair Labor Standards Act.

     (c) Chief Executive Office. On the date hereof, the chief executive office
and chief place of business of the Grantor hereunder is set forth on Schedule 5.

     (d) Farm Products. None of the Collateral constitutes, or is the Proceeds
of, Farm Products.

                                       7
<PAGE>

     4. Covenants. The Grantor covenants and agrees with the Note Collateral
Agent for the benefit of the holders of Note Obligations that, from and after
the date of this Agreement until this Agreement is terminated and the security
interests created hereby are released:

     (a) Delivery of Instruments and Chattel Paper. If any amount payable under
or in connection with any of the Collateral shall be or become evidenced by any
Instrument or Chattel Paper, such Instrument or Chattel Paper shall be
immediately delivered to the Controlling Collateral Agent, duly indorsed in a
manner satisfactory to the Controlling Collateral Agent, to be held as
Collateral pursuant to this Agreement and the Collateral Agency Agreement.

     (b) Maintenance of Property. The Grantor will keep its Inventory in good
saleable order and condition in accordance with its past practice.

     (c) Inspection of Property; Books and Records; Discussions. The Grantor
will keep proper books of records and account in which full, true and correct
entries in conformity with GAAP and all material Requirements of Law shall be
made of all dealings and transactions in relation to the Collateral. Upon
reasonable advance notice and during normal business hours, the Grantor will
permit representatives of the Note Collateral Agent to visit and inspect any of
the Grantor's properties where any of such Collateral or any of the Grantor's
books and records relating to such Collateral are located and to inspect such
Collateral and to examine and make abstracts from any of its books and records
as often as may reasonably be desired and to discuss the condition and operation
of such Collateral with officers and employees of the Grantor and with its
independent certified public accountants.

     (d) Marking of Records. To the extent necessary to provide the Note
Collateral Agent with a perfected security interest in the Collateral, the
Grantor will mark its books and records pertaining to the Collateral granted by
it to evidence this Agreement and the security interests created hereby.

     (e) Maintenance of Insurance. The Grantor will maintain, with financially
sound and reputable companies, insurance on its property and against such
liabilities in at least such amounts and against at least such risks as are
usually insured against in the same general area by companies engaged in the
same or a similar business. All such insurance shall (A) provide that no
cancellation, material reduction in amount or material change in coverage
thereof shall be effective until at least 30 days after receipt by the
Controlling Collateral Agent of written notice thereof, (B) name the
Administrative Agent, for the benefit of the holders of the Bank Obligations,
and the Note Collateral Agent, for the benefit of the holders of the Note
Obligations, as insured parties, as their interests may appear (without any
representation or warranty by, or obligation upon, the Administrative Agent, any
holder of the Bank Obligations, the Note Collateral Agent or any holder of the
Note Obligations) and (C) be reasonably satisfactory in all other respects to
the Controlling Collateral Agent. The Grantor shall at any time and from time to
time upon the reasonable request of the Note Collateral Agent promptly deliver
to the Note Collateral Agent a report of a reputable insurance broker with
respect to such insurance maintained by it.

                                       8
<PAGE>

     (f) Payment of Obligations. The Grantor will pay and discharge or otherwise
satisfy at or before maturity or before they become delinquent, as the case may
be, all taxes, assessments and governmental charges or levies (other than
maintenance payments for Patents, to the extent that the Grantor is permitted to
abandon such Patent in accordance with the terms of the Credit Documents imposed
upon the Collateral granted by it or in respect of income or profits therefrom,
as well as all claims of any kind (including, without limitation, claims for
labor, materials and supplies) against or with respect to such Collateral,
except that no such tax, assessment, charge or levy need be paid if the amount
or validity thereof is currently being contested in good faith by appropriate
proceedings, reserves (if required) in conformity with GAAP with respect thereto
have been provided on the books of the Grantor and such proceedings do not
involve any material danger of the sale, forfeiture or loss of any of such
Collateral or any interest therein.

     (g) Limitation on Dispositions and Liens; Further Documentation.

          (i) The Grantor will not sell, transfer, lease or otherwise dispose of
     any of the Collateral granted by it in violation of the terms of the
     Indenture.

          (ii) The Grantor (A) will not create, incur or permit to exist any
     Lien or claim on or to the Collateral granted by it, other than the Liens
     created hereby and Permitted Liens, (B) will maintain the security interest
     created by this Agreement as a second priority, perfected security
     interest, subject to Permitted Liens and (C) will defend such security
     interest against claims and demands of all Persons whomsoever, other than
     in the case of Permitted Liens.

          (iii) At any time and from time to time, upon the written request of
     the Note Collateral Agent, and at the sole expense of the Grantor, the
     Grantor will promptly and duly execute and deliver such further instruments
     and documents and take such further action as the Note Collateral Agent may
     reasonably request for the purpose of obtaining or preserving the full
     benefits of this Agreement and of the rights and powers herein granted,
     including, without limitation, the filing of any financing or continuation
     statements under the Uniform Commercial Code in effect in any jurisdiction
     with respect to the security interests created hereby and the filing of the
     relevant Intellectual Property Security Agreement with the United States
     Patent and Trademark Office and the United States Copyright Office (which
     financing statements have been delivered to the Note Collateral Agent in
     form suitable for filing prior to or on the date hereof).

          (iv) Nothing contained herein shall obligate the Grantor to pay any
     maintenance fee, renewal fee, annuity or take any steps to maintain any
     Patent, Trademark or Copyright which the Grantor reasonably determines is
     of no or negligible value to the Grantor and its Subsidiaries.

     (h) Change of Name, etc. The Grantor will not change its name, identity or
corporate structure, or the jurisdiction of its incorporation or organization to
such an extent that any financing statement filed by the Note Collateral Agent
in connection with this Agreement would become seriously misleading, unless it
shall have given the Note Collateral Agent at least 30 days' prior written
notice of such change.

                                       9
<PAGE>

     (i) Further Identification of Collateral. The Grantor will furnish to the
Note Collateral Agent from time to time statements and schedules further
identifying and describing the Collateral granted by it and such other reports
in connection with such Collateral as the Note Collateral Agent may reasonably
request, all in reasonable detail.

     (j) Notices. The Grantor will advise the Note Collateral Agent promptly, in
reasonable detail, at the Note Collateral Agent's address set forth in the
Collateral Agency Agreement or at such other address as the Note Collateral
Agent may provide to the Grantor by notice as provided in Section 13, of:

          (i) any Lien (other than Liens created hereby and Permitted Liens) on,
     or claim (other than claims arising in the ordinary course of business
     which are not reasonably likely to have a material adverse effect on the
     value of the Collateral granted by the Grantor) asserted against, any of
     the Collateral granted by it; and

          (ii) of the occurrence of any other event which could reasonably be
     expected to have a material adverse effect on the aggregate value of the
     Collateral granted by it or on the security interests created hereby.

     (k) Indemnification. The Grantor agrees to pay, and to save the Note
Collateral Agent and the holders of the Note Obligations from, any and all
liabilities, costs and expenses (including, without limitation, reasonable and
documented legal fees, charges and expenses) (A) with respect to, or resulting
from any delay by the Grantor in paying, any and all excise, sales or other
taxes which may be payable or determined to be payable with respect to any of
the Collateral granted by it, (B) with respect to, or resulting from, any delay
by the Grantor in complying with any Requirement of Law applicable to any of the
Collateral granted by it and (C) in connection with any of the transactions
contemplated by this Agreement (including, without limitation, the enforcement
of this Agreement in accordance with the Collateral Agency Agreement).

     5. Provisions Relating to Accounts.

     (a) Grantor Remains Liable under Accounts. Anything herein to the contrary
notwithstanding, the Grantor shall remain liable under each of the Accounts to
which it is a party to observe and perform all the conditions and obligations to
be observed and performed by it thereunder, all in accordance with the terms of
any agreement giving rise to each such Account. Neither the Note Collateral
Agent nor any holder of the Note Obligations shall have any obligation or
liability under any such Account (or any agreement giving rise thereto) by
reason of or arising out of this Agreement or the receipt by the Note Collateral
Agent or such holder of the Note Obligations of any payment relating to such
Account pursuant hereto, nor shall the Note Collateral Agent or any holder of
the Note Obligations be obligated in any manner to perform any of the
obligations of the Grantor under or pursuant to any Account to which the Grantor
is a party (or any agreement giving rise thereto), to make any payment, to make
any inquiry as to the nature or the sufficiency of any payment received by it or
as to the sufficiency of any performance by any party under any such Account (or
any agreement giving rise thereto), to present or file any claim, to take any
action to enforce any performance or to collect the payment

                                       10
<PAGE>

of any amounts which may have been assigned to it or to which it may be entitled
at any time or times.

     (b) Analysis of Accounts. After the First Lien Termination Date, the Note
Collateral Agent shall have the right to make test verifications of the Accounts
in any manner and through any medium that it reasonably considers advisable, and
the Grantor shall furnish all such assistance and information as the Note
Collateral Agent reasonably may require in connection with such test
verifications. At any time and from time to time, upon the Note Collateral
Agent's request (at reasonable intervals) and at the expense of the Grantor, the
Grantor shall furnish to the Note Collateral Agent reports showing
reconciliations, aging and test verifications of, and trial balances for, the
Accounts to which the Grantor is a party. After the First Lien Termination Date,
the Note Collateral Agent in its own name or in the name of others may
communicate with account debtors on the Accounts to verify with them to the Note
Collateral Agent's reasonable satisfaction the existence, amount and terms of
any Accounts; provided that, during such time as no Notice of an Actionable
Event has been given and remains outstanding, the Note Collateral Agent may
communicate with any such account debtors only in coordination with the Grantor
and the Grantor hereby agrees to coordinate and effectuate any such
communication which reasonably is requested by the Note Collateral Agent within
15 days following the Note Collateral Agent's request therefor.

     (c) Collections on Accounts. (i) The Grantor is authorized to collect the
Accounts to which the Grantor is a party, subject to the Controlling Collateral
Agent's direction and control, and the Controlling Collateral Agent may curtail
or terminate said authority at any time after a Notice of an Actionable Event
has been given and remains outstanding and may direct that payments on the
Accounts be made directly to the Controlling Collateral Agent in accordance with
the provisions of Section 8(a). If required by the Controlling Collateral Agent
at any time after a Notice of an Actionable Event has been given and remains
outstanding, any payments of Accounts, when collected by the Grantor, (A) shall
be forthwith (and, in any event, within two Business Days) deposited by the
Grantor in the exact form received, duly indorsed by the Grantor to the
Controlling Collateral Agent, if required, in the Collateral Account, subject to
withdrawal by the Controlling Collateral Agent only as provided in subsection
8(c), and (B) until so turned over, shall be held by the Grantor in trust for
the Controlling Collateral Agent and the other holders of the Secured
Obligations (or, if the Note Collateral Agent is the Controlling Collateral
Agent, the Note Obligations), segregated from other funds of the Grantor.

          (ii) Each such deposit of Proceeds of Accounts shall be accompanied by
     a report identifying in reasonable detail the nature and source of the
     payments included in the deposit.

          (iii) At the Controlling Collateral Agent's request at any time when a
     Notice of an Actionable Event has been given and remains outstanding, the
     Grantor shall deliver to the Controlling Collateral Agent all original and
     other documents evidencing, and relating to, the agreements and
     transactions which gave rise to the Accounts to which the Grantor is a
     party, including, without limitation, all original orders, invoices and
     shipping receipts.

                                       11
<PAGE>

     (d) Representations and Warranties. The Grantor hereby represents and
warrants that:

          (i) No amount payable to the Grantor under or in connection with any
     Account is evidenced by any Instrument or Chattel Paper which has not been
     delivered to the Controlling Collateral Agent.

          (ii) The place where the Grantor keeps its records concerning the
     Accounts on the date hereof is the location set forth on Schedule 5 hereto
     with respect to the Grantor.

          (iii) None of the obligors on any Accounts to which the Grantor is a
     party on the date hereof is a Governmental Authority, other than as set
     forth on Schedule 7.

     (e) Covenants. The Grantor covenants and agrees with the Note Collateral
Agent for the benefit of the holders of the Note Obligations that, from and
after the date of this Agreement until this Agreement is terminated and the
security interests created hereby are released:

          (i) The amount represented by the Grantor to the Controlling
     Collateral Agent from time to time in any report required to be delivered
     hereunder by each account debtor or by all account debtors in respect of
     the Accounts to which the Grantor is a party will at such time be the
     correct amount actually owing by such account debtor or debtors thereunder.

          (ii) The Grantor will not amend, modify, terminate or waive any
     agreement giving rise to an Account to which it is a party in any manner
     which could reasonably be expected to materially adversely affect the value
     of such Account as Collateral.

          (iii) The Grantor will not fail to exercise promptly and diligently
     each and every material right which it may have under each agreement giving
     rise to an Account to which it is a party (other than any right of
     termination and other than such rights as the Grantor might reasonably
     elect to forego in the ordinary course of business in accordance with past
     practice when all such failures to exercise such rights would not, in the
     aggregate, be reasonably likely to materially impair the value of the
     Collateral provided by the Grantor hereunder).

          (iv) The Grantor will not fail to deliver to the Controlling
     Collateral Agent a copy of each material demand, notice or document
     received by it relating in any way to any agreement giving rise to an
     Account to which the Grantor is a party, except to the extent that the
     matters contained in such demand, notice or document would not be
     reasonably likely to have a material adverse effect on the Collateral
     provided by the Grantor hereunder.

          (v) Other than in the ordinary course of business as generally
     conducted by the Grantor over a period of time, the Grantor will not grant
     any extension of the time of payment of any of the Accounts to which it is
     a party, compromise, compound or settle the same for less than the full
     amount thereof, release, wholly or partially, any Person liable for the
     payment thereof, or allow any credit or discount whatsoever thereon.

                                       12
<PAGE>

          (vi) The Grantor will not remove its books and records from the
     location specified in paragraph 5(d)(ii), unless the Grantor shall have
     provided 30 days' prior written notice to the Note Collateral Agent and
     duly completed UCC financing statements shall have been filed in any filing
     offices necessary to provide the Note Collateral Agent with a second
     priority, perfected security interest, subject to Permitted Liens, in such
     books and records in the jurisdiction to which they have been removed.

          (vii) In any suit, proceeding or action brought by the Note Collateral
     Agent pursuant to Section 8 or 9 hereof under any Account to which the
     Grantor is a party for any sum owing thereunder, or to enforce any
     provisions of any Contract to which it is a party, the Grantor will save,
     indemnify and keep the Note Collateral Agent and the holders of the Note
     Obligations harmless from and against all expense (including, without
     limitation, the reasonable and documented fees, charges and expenses of
     counsel), loss or damage suffered by reason of any defense, setoff,
     counterclaim, recoupment or reduction or liability whatsoever of the
     account debtor thereunder, arising out of a breach by the Grantor of any
     obligation thereunder or arising out of any other agreement, indebtedness
     or liability at any time owing to or in favor of such account debtor or its
     successors from the Grantor.

     6. Provisions Relating to Contracts.

     (a) Grantor Remains Liable under Contracts. Anything herein to the contrary
notwithstanding, the Grantor shall remain liable under each of the Contracts to
which it is a party to observe and perform all the conditions and obligations to
be observed and performed by it thereunder, all in accordance with and pursuant
to the terms and provisions of each such Contract. Neither the Note Collateral
Agent nor any holder of the Note Obligations shall have any obligation or
liability under any Contract by reason of or arising out of this Agreement or
the receipt by the Note Collateral Agent or any such holder of the Note
Obligations of any payment relating to such Contract pursuant hereto, nor shall
the Note Collateral Agent or any holder of the Note Obligations be obligated in
any manner to perform any of the obligations of the Grantor under or pursuant to
any such Contract, to make any payment, to make any inquiry as to the nature or
the sufficiency of any payment received by it or as to the sufficiency of any
performance by any party under any such Contract, to present or file any claim,
to take any action to enforce any performance or to collect the payment of any
amounts which may have been assigned to it or to which it may be entitled at any
time or times.

     (b) Communication With Contracting Parties. After the First Lien
Termination Date, the Note Collateral Agent in its own name or in the name of
others may communicate with parties to the Contracts to verify with them to the
Note Collateral Agent's satisfaction the existence, amount and terms of any
Contracts; provided that, during such time after the First Lien Termination Date
as no Notice of an Actionable Event has been given and remains outstanding, the
Note Collateral Agent may communicate with any such parties only in coordination
with the Grantor party to such Contract and the Grantor hereby agrees to
coordinate and effectuate any such communication which reasonably is requested
by the Note Collateral Agent within 15 days following the Note Collateral
Agent's request therefor.

                                       13
<PAGE>

     (c) Representations and Warranties. The Grantor hereby represents and
warrants that:

          (i) No consent of any party (other than the Grantor) to any Contract
     to which the Grantor is a party is required, or purports to be required, in
     connection with the execution, delivery and performance of this Agreement.

          (ii) Except to the extent permitted pursuant to Section 6(d)(ii), each
     Contract to which the Grantor is a party is in full force and effect and
     constitutes a valid and legally enforceable obligation of the Grantor and
     (to the knowledge of the Grantor) the other parties thereto, except as
     affected by bankruptcy, insolvency, fraudulent conveyance, reorganization,
     moratorium and other similar laws relating to or affecting creditors'
     rights generally, general equitable principles (whether considered in a
     proceeding in equity or at law) and an implied covenant of good faith and
     fair dealing.

          (iii) No consent or authorization of, filing with or other act by or
     in respect of any Governmental Authority is required in connection with the
     execution, delivery, performance, validity or enforceability of any of the
     Contracts to which the Grantor is a party by the Grantor or (to the
     knowledge of the Grantor) any other party thereto other than those which
     have been duly obtained, made or performed, are in full force and effect
     and do not subject the scope of any such Contract to any material adverse
     limitation, either specific or general in nature.

          (iv) Neither the Grantor nor (to the best of its knowledge) any other
     party to any Contract to which the Grantor is a party is in default or is
     reasonably likely to become in default in the performance or observance of
     any of the terms thereof, except to the extent that such default would not
     be reasonably likely to have a material adverse effect on the Collateral
     provided by the Grantor hereunder.

          (v) The Grantor has performed in all material respects in accordance
     with the terms thereof all obligations of the Grantor under each Contract
     to which it is a party.

          (vi) The right, title and interest of the Grantor in, to and under
     each Contract to which the Grantor is a party are not subject to any
     defense, offset, counterclaim or claim which would materially adversely
     affect the value of the Collateral provided by the Grantor hereunder.

          (vii) No amount payable to the Grantor under or in connection with any
     Contract to which the Grantor is a party is evidenced by any Instrument or
     Chattel Paper which has not been delivered to the Controlling Collateral
     Agent.

          (viii) None of the parties to any Contracts to which the Grantor is a
     party is a Governmental Authority.

     (d) Covenants. The Grantor covenants and agrees with the Note Collateral
Agent for the benefit of the holders of the Note Obligations that, from and
after the date of this Agreement until this Agreement is terminated and the
security interests created hereby are released:

                                       14
<PAGE>

          (i) The Grantor will perform and comply in all material respects with
     all its obligations under the Contracts to which it is a party and all its
     other Contractual Obligations relating to the Collateral.

          (ii) Except in the ordinary course of its business in accordance with
     past practice, the Grantor will not amend, modify, terminate or waive any
     provision of any Contract to which it is a party in any manner which could
     reasonably be expected to materially adversely affect the value of such
     Contract as Collateral.

          (iii) The Grantor will not fail to exercise promptly and diligently
     each and every material right which it may have under each Contract to
     which it is a party (other than any right of termination and other than
     such rights as the Grantor might reasonably elect to forego in the ordinary
     course of business in accordance with past practice when all such failures
     to exercise such rights would not, in the aggregate, be reasonably likely
     to materially impair the value of the Collateral provided by the Grantor
     hereunder).

          (iv) The Grantor will not fail to deliver to the Controlling
     Collateral Agent a copy of (A) each Contract of which the Controlling
     Collateral Agent reasonably has so requested, including all amendments,
     supplements and other modifications thereto (subject to any confidentiality
     or other similar restrictions contained therein) and (B) each material
     demand, notice or document received by it relating in any way to any
     Contract to which it is a party, except (in the case of this clause (B)
     only) to the extent that the matters contained in such demand, notice or
     document would not be reasonably likely to have a material adverse effect
     on the Collateral provided by the Grantor hereunder.

          (v) In any suit, proceeding or action brought by the Note Collateral
     Agent pursuant to Section 8 or 9 hereof under any Contract to which the
     Grantor is a party for any sum owing thereunder, or to enforce any
     provisions of any such Contract, the Grantor will save, indemnify and keep
     the Note Collateral Agent and the holders of the Note Obligations harmless
     from and against all expense (including, without limitation, the reasonable
     and documented fees, charges and expenses of counsel), loss or damage
     suffered by reason of any defense, setoff, counterclaim, recoupment or
     reduction or liability whatsoever of the obligor thereunder, arising out of
     a breach by the Grantor of any obligation thereunder or arising out of any
     other agreement, indebtedness or liability at any time owing to or in favor
     of such obligor or its successors from the Grantor.

7. Provisions Relating to Patents, Trademarks and Copyrights.

     (a) Representations and Warranties. The Grantor hereby represents and
warrants that:

          (i) Schedule 2 hereto includes all registered Patents and Patent
     applications, and all Patent Licenses, owned by the Grantor in its own name
     as of the date hereof. The Grantor has made all necessary filings and
     recordations to protect and maintain its interest in the Patents set forth
     in Schedule 2, including, without limitation, all necessary

                                       15
<PAGE>

     filings and recordings, and payment of all maintenance fees, in the United
     States Patent and Trademark Office.

          (ii) Schedule 3 hereto includes all registered Trademarks, Trademark
     applications, and Trademark Licenses, owned by the Grantor in its own name
     as of the date hereof (other than the registered Trademarks and Trademark
     applications which have been abandoned as of the date hereof). The Grantor
     has made all necessary filings and recordations to protect and maintain its
     interest in the Trademarks set forth in Schedule 3, including, without
     limitation, all necessary filings and recordings in the United States
     Patent and Trademark Office.

          (iii) Schedule 4 hereto includes all Copyright registrations owned by
     the Grantor in its own name as of the date hereof which are in use on the
     date hereof or have been in use at any time during the immediately
     preceding four years. The Grantor has made all necessary filings and
     recordations to protect and maintain its interest in the Copyrights set
     forth in Schedule 4, including, without limitation, all necessary filings
     and recordings in the United States Copyright Office.

          (iv) Except to the extent disclosed in Schedule 2, 3 or 4,
     respectively, as of the date hereof, each such Patent, Trademark and
     Copyright set forth in Schedule 2, 3, or 4, respectively (but other than
     any applications listed on such Schedules), is subsisting and has not been
     abandoned, and, to the best of the Grantor's knowledge, is valid and
     enforceable.

          (v) As of the date hereof, except for the Patent Licenses, Trademark
     Licenses and Copyright Licenses set forth in Schedule 2, 3, or 4,
     respectively, the Grantor has not made a previous assignment, license,
     sale, transfer or agreement constituting a present or future assignment or
     encumbrance of any of or on any of the Patents, Trademarks or Copyrights,
     except for Permitted Liens. Except to the extent disclosed in Schedule 2, 3
     or 4, respectively, the Grantor has not granted any release, covenant not
     to sue, or non-assertion assurance to any Person with respect to any
     material Patent, Patent License, Trademark, Trademark License, Copyright or
     Copyright License.

          (vi) No holding, decision or judgment has been rendered by any
     Governmental Authority which would limit, cancel or question the validity,
     registrability or enforceability of any material Patent, Trademark or
     Copyright.

          (vii) The Grantor has no knowledge of the existence of any right or
     any claim that is likely to be made under or against any material Patent,
     Trademark or Copyright set forth in Schedule 2, 3 or 4.

          (viii) To the best knowledge of the Grantor, no claim has been made
     and is continuing or threatened that the use by the Grantor of any material
     Patent, Trademark or Copyright is invalid or unenforceable or that the use
     by the Grantor of any Patent, or any Trademark or Copyright which
     constitutes a material portion of the Collateral of the Grantor, does or
     may violate the rights of any Person. To the best of the Grantor's
     knowledge, there is currently no infringement or unauthorized use of any
     material Patent,

                                       16
<PAGE>

     Trademark or Copyright set forth in Schedule 2, 3 or 4, other than any such
     infringement or unauthorized use which is set forth in Schedule 2, 3 or 4.

          (ix) No action or proceeding is pending (A) seeking to limit, cancel
     or question the validity of any such material Patent, Trademark or
     Copyright set forth in Schedule 2, 3 or 4, or (B) which, if adversely
     determined, would be reasonably likely to have a material adverse effect on
     the value of any such Patent, Trademark or Copyright.

     (b) Covenants. The Grantor covenants and agrees with the Note Collateral
Agent for the benefit of the holders of the Note Obligations that, from and
after the date of this Agreement until this Agreement is terminated and the
security interests created hereby are released:

          (i) The Grantor (either itself or through licensees) will, except with
     respect to any Trademark that the Grantor shall reasonably determine is of
     negligible economic value to it or (during such time as no Notice of an
     Actionable Event has been given and remains outstanding) to the extent
     consistent with its ordinary course of business in accordance with past
     practice, (A) continue to use each Trademark on each and every trademark
     class of goods applicable to its current line as reflected in its current
     catalogs, brochures and price lists in order to maintain such Trademark in
     full force free from any claim of abandonment for non-use, (B) maintain as
     in the past the quality of products and services offered under such
     Trademark, (C) employ such Trademark with any appropriate notice of
     registration, (D) not adopt or use any mark in the United States which is
     confusingly similar or a colorable imitation of such Trademark unless the
     Note Collateral Agent, for the benefit of the holders of the Note
     Obligations, shall obtain a perfected security interest in such mark
     pursuant to this Agreement, and (E) not (and not permit any licensee or
     sublicensee thereof to) do any act or knowingly omit to do any act whereby
     any Trademark would be reasonably likely to become invalid or
     unenforceable.

          (ii) The Grantor will not, except with respect to any Patent that the
     Grantor shall reasonably determine is of negligible economic value to it,
     do any act, or omit to do any act, whereby any Patent may become invalid,
     unenforceable, abandoned or dedicated.

          (iii) The Grantor will not, except with respect to any registered
     Copyright that the Grantor shall reasonably determine is of negligible
     economic value to it, do any act, or omit to do any act, whereby any
     registered Copyright may become invalid, unenforceable, abandoned or
     dedicated.

          (iv) The Grantor will notify the Note Collateral Agent promptly if it
     knows, or has reason to know, that any application or registration relating
     to any material Patent, Trademark or Copyright may become abandoned or
     dedicated, and of any adverse determination or material adverse development
     (including, without limitation, the institution of, or any such
     determination or development in, any proceeding in the United States Patent
     and Trademark Office, the United States Copyright Office or any court or
     tribunal) regarding the Grantor's ownership of any Patent, Trademark or
     Copyright or its right to register the same or to keep and maintain the
     same.

                                       17
<PAGE>

          (v) The Grantor agrees that, in the event that it shall at any time
     and from time to time obtain an ownership interest in any Patent, Trademark
     or Copyright, the provisions of Section 2 shall automatically apply thereto
     and any such Patent, Trademark or Copyright, as the case may be, shall
     automatically become part of the Collateral.

          (vi) Whenever (i) the Grantor, either by itself or through any agent,
     employee, licensee or designee, shall file an application for the
     registration of any Patent or Trademark with the United States Patent and
     Trademark Office, or for the registration of any Copyright with the United
     States Copyright Office, or shall acquire any Patent, Trademark or
     Copyright, and (ii) if the First Lien Termination Date has not occurred,
     the Grantor executes and delivers any agreements, instruments, documents or
     papers to evidence the Administrative Agent's security interest in any such
     application, Patent, Trademark or Copyright, the Grantor shall report such
     filing or acquisition to the Note Collateral Agent within twenty Business
     Days after the last day of the fiscal quarter in which such filing or
     acquisition occurs and shall execute and deliver any and all agreements,
     instruments, documents, and papers as may be necessary (or as the Note
     Collateral Agent otherwise may reasonably request) to evidence the Note
     Collateral Agent's security interest in any Patent, Trademark or Copyright,
     and the goodwill and general intangibles of the Grantor relating thereto or
     represented thereby, which security interest shall be subject to the terms
     of the Collateral Agency Agreement.

          (vii) Except with respect to any Patent, Trademark or Copyright which
     the Grantor reasonably determines is of negligible economic value, the
     Grantor will take all reasonable and necessary steps, including, without
     limitation, in any proceeding before the United States Patent and Trademark
     Office or the United States Copyright Office, or any court or tribunal, to
     maintain and pursue each application (and to obtain the relevant
     registration) and to maintain each registration of the Patents, Trademarks
     and Copyrights, including, without limitation, the filing of responses to
     office actions issued by the United States Patent and Trademark Office, the
     filing of applications for renewal, reissue or extension, affidavits of use
     and affidavits of incontestability and the participation in opposition,
     cancellation, interference, reexamination, infringement and
     misappropriation proceedings, and the payment of maintenance fees.

          (viii) In the event that any material Patent, Trademark or Copyright
     included in the Collateral is infringed or misappropriated by a third
     party, the Grantor shall promptly notify the Note Collateral Agent of such
     infringement or misappropriation and shall, unless the Grantor shall
     reasonably determine that such Patent, Trademark or Copyright is of
     negligible economic value to the Grantor (which determination the Grantor
     shall promptly report to the Note Collateral Agent), promptly sue for
     infringement or misappropriation, to seek injunctive relief where
     appropriate and seek to recover any and all damages for such infringement
     or misappropriation, or take such other actions as the Grantor shall
     reasonably deem appropriate under the circumstances to protect such Patent,
     or Trademark or Copyright.

          (ix) Notwithstanding anything to the contrary contained in this
     Section 7(b), the Grantor shall have the right to license its Patents and
     Trademarks to third parties on an arms' length basis (and, during such time
     as no Notice of an Actionable Event has

                                       18
<PAGE>

     been given and remains outstanding, to retain the proceeds thereof);
     provided, except with respect to Trademarks and Patents which constitute an
     asset permitted to be sold, transferred or otherwise disposed of pursuant
     to the Credit Documents or with respect to which the only substantial use
     by the Grantor and its Subsidiaries is in connection with a business
     permitted to be sold, transferred or otherwise disposed of pursuant to the
     Credit Documents, that any such license of (i) a Trademark shall be for use
     with respect to products which are not reasonably likely to be competitive
     with those produced and/or marketed by the Grantor and its Subsidiaries and
     (ii) a Patent shall be for applications which would not be reasonably
     likely to diminish the value of any product line of the Grantor and its
     Subsidiaries. The Note Collateral Agent and each holder of a Note
     Obligation by its acceptance of such Note Obligation acknowledges and
     agrees that any security interest held by the Note Collateral Agent
     hereunder in any Patent or Trademark which is licensed in accordance with
     the provisions of this clause (ix) shall be subordinate to such license
     agreement.

8. Remedies.

     (a) Notice to Account Debtors and Contract Parties. Upon the request of the
Controlling Collateral Agent at any time after a Notice of an Actionable Event
has been given and remains outstanding, the Grantor shall notify account debtors
on the Accounts to which the Grantor is a party and parties to the Contracts to
which the Grantor is a party that such Accounts and Contracts have been assigned
to the Controlling Collateral Agent and that payments in respect thereof shall
be made directly to the Controlling Collateral Agent.

     (b) Proceeds to be Turned Over To Controlling Collateral Agent. In addition
to the rights specified in subsection (c) with respect to payments of Accounts,
if a Notice of an Actionable Event shall have been given and remain outstanding
all Proceeds consisting of cash, checks and other near-cash items received by
the Grantor on account of any Collateral shall be held by the Grantor in trust
for the Controlling Collateral Agent and the holders of the Secured Obligations
(or, if the Note Collateral Agent is the Controlling Collateral Agent, the Note
Obligations), segregated from other funds of the Grantor, and shall, forthwith
upon receipt by the Grantor, be turned over to the Controlling Collateral Agent
in the exact form received by the Grantor (duly indorsed by the Grantor to the
Controlling Collateral Agent, if required) and held by the Controlling
Collateral Agent in the Collateral Account. All Proceeds while held by the
Controlling Collateral Agent in the Collateral Account (or by the Grantor in
trust for the Controlling Collateral Agent and the holders of the Secured
Obligations (or, if the Note Collateral Agent is the Controlling Collateral
Agent, the Note Obligations)) shall continue to be held as collateral security
for all the Secured Obligations (or, if the Note Collateral Agent is the
Controlling Collateral Agent, the Note Obligations) and shall not constitute
payment thereof until applied as provided in subsection 8(c).

     (c) Application of Proceeds. The application of Proceeds held in the
Collateral Account shall be made in accordance with and governed by the terms of
the Collateral Agency Agreement.

     (d) UCC Remedies. If a Notice of an Actionable Event has been given and
remains outstanding, the Controlling Collateral Agent, on behalf of the holders
of the Secured

                                       19
<PAGE>

Obligations (or, if the Note Collateral Agent is the Controlling Collateral
Agent, the Note Obligations), may exercise, in addition to all other rights and
remedies granted to them in this Agreement and in any other instrument or
agreement securing, evidencing or relating to the Note Obligations, but subject
to the terms of the Collateral Agency Agreement, all rights and remedies of a
secured party under the UCC. Without limiting the generality of the foregoing,
the Controlling Collateral Agent, without demand of performance or other demand,
presentment, protest, advertisement or notice of any kind (except any notice
required by law referred to below) to or upon the Grantor or any other Person
(all and each of which demands, defenses, advertisements and notices are hereby
waived), when Notice of an Actionable Event has been given and remains
outstanding, subject to the terms of the Collateral Agency Agreement, forthwith
may collect, receive, appropriate and realize upon the Collateral, or any part
thereof, and/or may forthwith sell, lease, assign, give option or options to
purchase, or otherwise dispose of and deliver the Collateral or any part thereof
(or contract to do any of the foregoing), in one or more parcels at public or
private sale or sales, at any exchange, broker's board or office of the
Controlling Collateral Agent or elsewhere upon such terms and conditions as it
may deem advisable and at such prices as it may deem best, for cash or on credit
or for future delivery without assumption of any credit risk. The Controlling
Collateral Agent or any other holder of the Secured Obligations (or, if the Note
Collateral Agent is the Controlling Agent, the Note Obligations) shall have the
right upon any such public sale or sales, and, to the extent permitted by law,
upon any such private sale or sales, to purchase the whole or any part of the
Collateral so sold, free of any right or equity of redemption in the Grantor,
which right or equity is hereby waived or released. The Grantor further agrees,
at the Controlling Collateral Agent's request, to assemble the Collateral and
make it available to the Controlling Collateral Agent at places which the
Controlling Collateral Agent shall reasonably select, whether at the Grantor's
premises or elsewhere. The Controlling Collateral Agent shall apply the proceeds
of any such collection, recovery, receipt, appropriation, realization or sale in
accordance with the Collateral Agency Agreement. To the extent permitted by
applicable law, the Grantor waives all claims, damages and demands it may
acquire against the Controlling Collateral Agent arising out of the exercise by
them of any rights hereunder, except to the extent arising out of the gross
negligence or willful misconduct of the Controlling Collateral Agent. If any
notice of a proposed sale or other disposition of Collateral shall be required
by law, such notice shall be deemed reasonable and proper if given at least 10
days before such sale or other disposition. All waivers by the Grantor of rights
(including rights to notice), and all rights and remedies afforded the
Controlling Collateral Agent herein, and all other provisions of this Agreement,
are expressly made subject to any applicable mandatory provisions of law
limiting, or imposing conditions (including conditions as to reasonableness)
upon, such waivers or the effectiveness thereof or any such rights and remedies.

     (e) Intellectual Property. In the event of any sale, assignment or other
disposition of any of the Patents, Patent Licenses, Trademarks, Trademark
Licenses, Copyrights or Copyright Licenses of the Grantor pursuant to this
Section 8, the goodwill of the business connected with and symbolized by any
Trademarks subject to such disposition shall be included, and the Grantor shall
supply to the Controlling Collateral Agent or its designee the Grantor's
know-how and expertise, and any documents and things embodying the same,
relating to the manufacture, distribution, advertising and sale of products or
the provision of services relating to any Patent, Patent License, Trademark,
Trademark License, Copyright or Copyright License subject to such disposition,
and the Grantor's customer lists and other records and documents

                                       20
<PAGE>

relating to such Patent, Patent License, Trademark, Trademark License, Copyright
or Copyright License and to the manufacture, distribution, advertising and sale
of such products and services.

     (f) Deficiency. The Grantor shall remain liable for any deficiency if the
proceeds of any sale or other disposition of the Collateral granted by it are
insufficient to pay the Note Obligations and the reasonable and documented fees,
charges and disbursements of any attorneys employed by the Note Collateral Agent
to collect such deficiency.

     9. Note Collateral Agent's Appointment as Attorney-in-Fact; Note Collateral
Agent's Performance of Grantor's Obligations.

     (a) Powers. The Grantor hereby irrevocably constitutes and appoints the
Note Collateral Agent and any officer or agent thereof, with full power of
substitution, as its true and lawful attorney-in-fact with full irrevocable
power and authority in the place and stead of the Grantor and in the name of the
Grantor or in its own name, from time to time in the Note Collateral Agent's
reasonable discretion, for the purpose of carrying out the terms of this
Agreement, to take any and all appropriate action and to execute any and all
documents and instruments which may be necessary or desirable to accomplish the
purposes of this Agreement, and, without limiting the generality of the
foregoing, the Grantor hereby gives the Note Collateral Agent the power and
right, on behalf of the Grantor, without notice to or assent by the Grantor, to
do the following, subject to the terms of the Collateral Agency Agreement:

          (i) at any time when a Notice of an Actionable Event has been given
     and remains outstanding, in the name of the Grantor or its own name, or
     otherwise, to take possession of and indorse and collect any checks,
     drafts, notes, acceptances or other instruments for the payment of moneys
     due under any Account, Instrument, General Intangible or Contract or with
     respect to any other Collateral and to file any claim or to take any other
     action or proceeding in any court of law or equity or otherwise reasonably
     deemed appropriate by the Note Collateral Agent for the purpose of
     collecting any and all such moneys due under any Account, Instrument,
     General Intangible or Contract or with respect to any other Collateral
     whenever payable;

          (ii) in the case of any Patents, Trademarks or Copyrights, to execute
     and deliver any and all agreements, instruments, documents, and papers as
     the Note Collateral Agent reasonably may request to evidence the Note
     Collateral Agent's security interest in any Patent, Trademark or Copyright
     and the goodwill and general intangibles of the Grantor relating thereto or
     represented thereby;

          (iii) to pay or discharge taxes and Liens levied or placed on or
     threatened against the Collateral granted by the Grantor, to effect any
     repairs or any insurance called for by the terms of this Agreement and to
     pay all or any part of the premiums therefor and the costs thereof;

          (iv) to execute, in connection with the sale provided for in Section
     (d) hereof, any indorsements, assignments or other instruments of
     conveyance or transfer with respect to the Collateral granted by the
     Grantor; and

                                       21
<PAGE>

          (v) at any time when a Notice of an Actionable Event has been given
     and remains outstanding, (A) to direct any party liable for any payment
     under any of the Collateral granted by the Grantor to make payment of any
     and all moneys due or to become due thereunder directly to the Note
     Collateral Agent or as the Note Collateral Agent shall direct; (B) to ask
     or demand for, collect, receive payment of and receipt for, any and all
     moneys, claims and other amounts due or to become due at any time in
     respect of or arising out of any Collateral granted by the Grantor; (C) to
     sign and indorse any invoices, freight or express bills, bills of lading,
     storage or warehouse receipts, drafts against debtors, assignments,
     verifications, notices and other documents in connection with any of the
     Collateral granted by the Grantor; (D) to commence and prosecute any suits,
     actions or proceedings at law or in equity in any court of competent
     jurisdiction to collect the Collateral granted by the Grantor or any
     thereof and to enforce any other right in respect of any such Collateral;
     (E) to defend any suit, action or proceeding brought against the Grantor
     with respect to any Collateral granted by it; (F) to settle, compromise or
     adjust any such suit, action or proceeding and, in connection therewith, to
     give such discharges or releases as the Note Collateral Agent may deem
     appropriate; (G) to assign any Patent, Trademark or Copyright (along with
     the goodwill of the business to which any such Patent, Trademark or
     Copyright pertains), for such term or terms, on such conditions, and in
     such manner, as the Note Collateral Agent shall in its sole discretion
     determine; and (H) generally, to sell, transfer, pledge and make any
     agreement with respect to or otherwise deal with any of the Collateral
     granted by the Grantor as fully and completely as though the Note
     Collateral Agent were the absolute owner thereof for all purposes, and to
     do, at the Note Collateral Agent's option and the Grantor's expense, at any
     time, or from time to time, all acts and things which the Note Collateral
     Agent reasonably deems necessary to protect, preserve or realize upon the
     Collateral granted by the Grantor and the Note Collateral Agent's security
     interests therein and to effect the intent of this Agreement, all as fully
     and effectively as the Grantor might do.

     (b) Performance by Note Collateral Agent of Grantor's Obligations. If the
Grantor fails to perform or comply with any of its agreements contained herein,
the Note Collateral Agent, at its option, but without any obligation so to do
and subject to the terms of the Collateral Agency Agreement, may perform or
comply, or otherwise cause performance or compliance, with such agreement.

     (c) Grantor's Reimbursement Obligation. The reasonable and documented
expenses of the Note Collateral Agent incurred in connection with actions
undertaken as provided in this Section, together with interest thereon at a rate
per annum equal to 5-3/4% above the Alternate Base Rate (as defined in the
Credit Agreement) (or, if the Credit Agreement is not in effect, 12%) from the
date of payment by the Note Collateral Agent to the date reimbursed by the
Grantor shall be payable by the Grantor to the Note Collateral Agent on demand.

     (d) Ratification; Power Coupled With An Interest. The Grantor hereby
ratifies all that said attorneys shall lawfully do or cause to be done by virtue
hereof. All powers, authorizations and agencies contained in this Agreement are
coupled with an interest and are irrevocable until this Agreement is terminated
and the security interests created hereby are released.

                                       22
<PAGE>

     10. Duty of Note Collateral Agent. The Note Collateral Agent's sole duty
with respect to the custody, safekeeping and physical preservation of the
Collateral in its possession, under Section 9-207 of the UCC or otherwise, shall
be to deal with it in the same manner as the Note Collateral Agent deals with
similar property for its own account. Neither the Note Collateral Agent, any
holder of the Note Obligations nor any of their respective directors, officers,
employees or agents shall be liable for failure to demand, collect or realize
upon any of the Collateral or for any delay in doing so or shall be under any
obligation to sell or otherwise dispose of any Collateral upon the request of
the Grantor or any other Person or to take any other action whatsoever with
regard to the Collateral or any part thereof. The powers conferred on the Note
Collateral Agent and the holders of the Note Obligations hereunder are solely to
protect the Note Collateral Agent's and the holders of the Note Obligations'
interests in the Collateral and shall not impose any duty upon the Note
Collateral Agent or any holder of the Note Obligations to exercise any such
powers. The Note Collateral Agent and the holders of the Note Obligations shall
be accountable only for amounts that they actually receive as a result of the
exercise of such powers, and neither they nor any of their officers, directors,
employees or agents shall be responsible to the Grantor for any act or failure
to act hereunder, except for their own gross negligence or willful misconduct.

     11. Execution of Financing Statements. Pursuant to Section 9-509 of the
UCC, the Grantor authorizes the Note Collateral Agent to file financing
statements and continuations thereof with respect to the Collateral granted by
the Grantor without the signature of the Grantor in such form and in such filing
offices as the Note Collateral Agent reasonably determines appropriate to
perfect the security interests of the Note Collateral Agent under this
Agreement. A carbon, photographic or other reproduction of this Agreement shall
be sufficient as a financing statement for filing in any jurisdiction. During
such time as no Notice of an Actionable Event has been given and remains
outstanding, the Note Collateral Agent shall provide to the Grantor a
file-stamped copy of such financing statement or continuation thereof promptly
following its return to the Note Collateral Agent by the relevant filing
officer; provided that the failure to provide such financing statement or
continuation thereof shall not impair the validity thereof and shall not subject
the Note Collateral Agent to any liability to the Grantor.

     12. Authority of Note Collateral Agent. The Grantor acknowledges that the
rights and responsibilities of the Note Collateral Agent under this Agreement
with respect to any action taken by the Note Collateral Agent or the exercise or
non-exercise by the Note Collateral Agent of any option, voting right, request,
judgment or other right or remedy provided for herein or resulting or arising
out of this Agreement shall, as between the holders of the Note Obligations, be
governed by the Indenture, the Collateral Agency Agreement and by such other
agreements with respect thereto as may exist from time to time among them, but,
as between the Note Collateral Agent and the Grantor, the Note Collateral Agent
shall be conclusively presumed to be acting as agent for the holders of the Note
Obligations with full and valid authority so to act or refrain from acting, and
the Grantor shall be under no obligation, or entitlement, to make any inquiry
respecting such authority.

     13. Notices. All notices, consents, requests and demands to or upon the
Note Collateral Agent or the Grantor to be effective shall be in writing and,
unless otherwise expressly provided herein, shall be deemed to have been duly
given or made when delivered by hand or by

                                       23
<PAGE>

mail, or, in the case of telecopy notice, when sent, addressed to the Note
Collateral Agent or the Grantor, as the case may be, as follows:

             if to the Grantor:
             625 Madison Avenue
             New York, New York  10022
             Attention:  Senior Vice President and

                          General Counsel

             if to the Note Collateral Agent:
             Wilmington Trust Company
             Rodney Square North
             1100 N. Market Street
             Wilmington, DE 19890
             Attention:  Corporate Trust Administration
             Facsimile:  302-651-7772

     The Note Collateral Agent and the Grantor may change their addresses and
transmission numbers for notices by notifying the other parties hereto of such
change in the manner provided in this Section.

     14. Severability. Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

     15. Amendments; No Waiver; Cumulative Remedies. (a) Amendments. None of the
terms or provisions of this Agreement may be waived, amended, supplemented or
otherwise modified except in accordance with the terms of the Indenture and the
Collateral Agency Agreement. Without limiting the generality of the foregoing,
amendments, waivers and consents effected in respect of certain provisions of
the First Lien Documents shall, upon their effectiveness but only to the extent
provided in the Collateral Agency Agreement, apply with equal force to the
comparable provisions of this Agreement and become effective with respect
thereto without the consent of or any other action on the part of any Person.

     (b) No Waiver by Course of Conduct. Neither the Note Collateral Agent nor
any other holder of the Note Obligations shall by any act, delay, indulgence,
omission or otherwise be deemed to have waived any right or remedy hereunder or
to have acquiesced in any Actionable Event or in any breach of any of the terms
and conditions hereof, except as otherwise provided in subsection 15(a) hereof.
No failure to exercise, nor any delay in exercising, on the part of the Note
Collateral Agent or any holder of the Note Obligations, any right, power or
privilege hereunder shall operate as a waiver thereof. No single or partial
exercise of any right, power or privilege hereunder shall preclude any other or
further exercise thereof or the exercise of any other right, power or privilege.
A waiver by the Note Collateral Agent or any other holder of the Note
Obligations of any right or remedy hereunder on any one occasion shall not be

                                       24
<PAGE>

construed as a bar to any right or remedy which the Note Collateral Agent or
such holder of the Note Obligations would otherwise have on any future occasion.

     (c) Remedies Cumulative. The rights and remedies herein provided are
cumulative, may be exercised singly or concurrently and are not exclusive of any
other rights or remedies provided by law.

     16. Section Headings. The section and subsection headings used in this
Agreement are for convenience of reference only and are not to affect the
construction hereof or be taken into consideration in the interpretation hereof.

     17. Successors and Assigns. This Agreement shall be binding upon the
successors and assigns of the Grantor and shall inure to the benefit of the
Controlling Collateral Agent, the Note Collateral Agent and the holders of the
Note Obligations and their successors and assigns.

     18. Release of Collateral and Termination. Collateral shall be released
from the Lien created hereby, and this Security Agreement and all obligations of
the Note Collateral Agent and the Grantor hereunder shall terminate, in
accordance with the provisions of Sections 8 and 10.6 of the Collateral Agency
Agreement.

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

                                       25
<PAGE>

     IN WITNESS WHEREOF, each of the undersigned has caused this Security
Agreement to be duly executed and delivered as of the date first above written.

                               REVLON CONSUMER PRODUCTS CORPORATION

                               By: /s/ Michael T. Sheehan
                                  -----------------------------------------
                               Name: Michael Sheehan

                               Title: Vice President

                               WILMINGTON TRUST COMPANY,as Note Collateral Agent

                               By: /s/ James P. Lawler
                                  -----------------------------------------
                               Name: James P. Lawler

                               Title: Vice President

                                       26

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