Document:

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                                                                     EXHIBIT 4.8

                                                                  EXECUTION COPY

                                    PLEDGE AGREEMENT dated as of May 20, 2003,
                           among JAFRA WORLDWIDE HOLDINGS (LUX) S.AR.L., a
                           Luxembourg societe a responsabilite limitee
                           ("Parent"), JAFRA COSMETICS INTERNATIONAL, INC., a
                           Delaware corporation ("JCI" or the "Borrower"), each
                           Subsidiary of the Borrower listed on Schedule I
                           hereto (each such Subsidiary individually a
                           "Subsidiary Pledgor" and collectively, the
                           "Subsidiary Pledgors"; the Borrower, Parent and the
                           Subsidiary Pledgors are referred to collectively
                           herein as the "Pledgors") and CREDIT SUISSE FIRST
                           BOSTON, a bank organized under the laws of
                           Switzerland, acting through its Cayman Islands
                           branch, as collateral agent (in such capacity, the
                           "Collateral Agent") for the Secured Parties (as
                           defined in the Credit Agreement referred to below).
                           Capitalized terms used herein without definition
                           shall have the respective meanings ascribed thereto
                           in the Credit Agreement referred to below.

         Reference is made to (a) the Credit Agreement dated as of May 20, 2003
(as amended, supplemented or otherwise modified from time to time, the "Credit
Agreement"), among Parent, the Borrower, the lenders from time to time party
thereto (the "Lenders"), the Issuing Bank and Credit Suisse First Boston, as
administrative agent for the Lenders (in such capacity, the "Administrative
Agent"), as swingline lender and as Collateral Agent, (b) the Parent Guarantee
Agreement, (c) the JCI Guarantee Agreement, (d) the DCJ Guarantee Agreement (the
JCI Guarantee Agreement and the DCJ Guarantee Agreement each, a "Cross Guarantee
Agreement" and, collectively, the "Cross Guarantee Agreements"), (e) the JCI
Subsidiary Guarantee Agreement and (f) the DCJ Subsidiary Guarantee Agreement
(together with the JCI Subsidiary Guarantee Agreement, the "Subsidiary Guarantee
Agreements").

         The Lenders have agreed to make Loans to the Borrower and the Issuing
Bank has agreed to issue Letters of Credit for the account of the Borrower
pursuant to, and upon the terms and subject to the conditions specified in, the
Credit Agreement. As set forth in the respective Guarantee Agreements, the
Guarantors have agreed to guarantee, among other things, the obligations of the
Borrower under the Credit Agreement. The obligations of the Lenders to make
Loans and of the Issuing Bank to issue Letters of Credit are conditioned upon,
among other things, the execution and delivery by the Pledgors of a Pledge
Agreement in the form hereof to secure:

                  (a) in the case of the Borrower, (i) the due and punctual
         payment by it of (A) the principal of and premium, if any, and interest
         (including interest accruing during the pendency of any bankruptcy,
         insolvency, receivership or other similar proceeding, regardless of
         whether allowed or allowable in such proceeding) on its Loans, when and
         as due, whether at maturity, by acceleration, upon one or more dates
         set for prepayment or otherwise, (B) each payment required to be made
         by it under the Credit Agreement in respect of any Letter of Credit
         issued for its benefit, when and as due, including payments in respect
         of reimbursement of disbursements, interest thereon and obligations to
         provide cash collateral and (C) all other monetary obligations,
         including fees, costs, expenses and indemnities, whether direct,
         contingent, fixed or otherwise (including monetary obligations incurred
         during the pendency of any bankruptcy, insolvency, receivership or
         other similar proceeding, regardless of whether allowed or allowable in
         such proceeding) if it to the Secured Parties under the Credit
         Agreement and the other Loan Documents, (ii) the due and punctual
         performance of all covenants, agreements, obligations and liabilities
         of it under or pursuant to the Credit Agreement, its respective Cross
         Guarantee Agreement and the other Loan Documents to which it is a
         party, (iii) unless otherwise agreed to in writing by the counterparty
         thereto, the due and punctual payment and performance of all its
         obligations under each Hedging Agreement entered into with any
         counterparty (whether or not a Lender or an Affiliate thereof), and
         (iv) the due and punctual payment and performance of all guarantee
         obligations of such Borrower referred to in Section 6.01(d)(ii) of the
         Credit Agreement as to which any Lender or any Affiliate

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         thereof is originally a beneficiary (in the case of JCI, the "JCI
         Secured Obligations" and in the case of DCJ, the "DCJ Secured
         Obligations"; the JCI Secured Obligations and the DCJ Secured
         Obligations are referred to collectively as the "Borrower Secured
         Obligations");

                  (b) in the case of Parent, the due and punctual payment and
         performance of all the covenants, agreements, obligations and
         liabilities of Parent under or pursuant to the Parent Guarantee
         Agreement and the other Loan Documents (the "Parent Secured
         Obligations"); and

                  (c) in the case of each Subsidiary Pledgor, the due and
         punctual payment and performance of all the covenants, agreements,
         obligations and liabilities of such Subsidiary Pledgor under or
         pursuant to the applicable Subsidiary Guarantee Agreement and the other
         Loan Documents to which it is a party (in the case of each such
         Subsidiary Pledgor, the "Individual Subsidiary Pledgor Secured
         Obligations"; all Individual Subsidiary Pledgor Secured Obligations are
         referred to collectively as the "Subsidiary Pledgor Secured
         Obligations" and the Borrower Secured Obligations, the Parent Secured
         Obligations and the Subsidiary Pledgor Secured Obligations are referred
         to collectively hereinafter as the "Obligations", such term when used
         with reference to a specific Pledgor being understood to refer to such
         Pledgor's respective monetary and other obligations referred to in the
         preceding clauses (a) through (c).

         Accordingly, the Pledgors and the Collateral Agent, on behalf of itself
and each Secured Party (and each of their respective successors or assigns),
hereby agree as follows:

         SECTION 1. Pledge. As security for the payment and performance, as the
case may be, in full of its respective Obligations, each Pledgor hereby
transfers, grants, bargains, sells, conveys, hypothecates, pledges, sets over
and delivers unto the Collateral Agent, its successors and assigns, and hereby
grants to the Collateral Agent, its successors and assigns, for the ratable
benefit of the Secured Parties, a security interest in and lien on all of the
Pledgor's right, title and interest in, to and under (a) the shares of capital
stock or other equity interests owned by it (assuming consummation of the
Transactions) and listed on Schedule II hereto and any shares of capital stock
of, or other equity interests in, the respective issuers listed on Schedule II
and, upon acquisition thereof, any other shares required to be pledged by a
Pledgor pursuant to Section 5.11 of the Credit Agreement obtained in the future
by the Pledgor and the certificates representing all such shares (the "Pledged
Stock"), provided that the Pledged Stock shall not include (i) more than 65% of
the issued and outstanding shares of stock of any Foreign Subsidiary of JCI or
of any Foreign Subsidiary of a Domestic Subsidiary of Parent, (ii) directors'
qualifying shares or shares held by nominees, or (iii) the capital stock of any
after acquired or organized Subsidiary of a Pledgor until such time as such
stock is required to be pledged pursuant to Section 5.11 of the Credit
Agreement; (b)(i) the debt securities listed opposite the name of the Pledgor on
Schedule II hereto, (ii) any debt securities in the future issued to a Pledgor
(other than intercompany debt securities) and (iii) the promissory notes and any
other instruments evidencing such debt securities (the "Pledged Debt
Securities"); (c) all other property that may be delivered to and held by the
Collateral Agent pursuant to the terms hereof; (d) subject to Section 5, all
payments of principal or interest, dividends, cash, instruments and other
property from time to time received, receivable or otherwise distributed, in
respect of, in exchange for or upon the conversion of the securities referred to
in clauses (a) and (b) above; (e) subject to Section 5, all rights and
privileges of the Pledgor with respect to the securities and other property
referred to in clauses (a), (b), (c) and (d) above; and (f) all proceeds of any
of the foregoing (the items referred to in clauses (a) through (f) above being
collectively referred to as the "Collateral"). Upon delivery to the Collateral
Agent, (a) any Pledged Stock or Pledged Debt Securities now or hereafter
included in the Collateral (the "Pledged Securities") shall be accompanied by
stock powers duly executed in blank (or in the case of shares of Mexican
companies, the endorsement in guaranty of each share certificate in favor of the
Collateral Agent in accordance with Mexican law) or other instruments of
transfer reasonably satisfactory to the Collateral Agent and by such other
instruments and

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documents as the Collateral Agent may reasonably request and (b) all other
property comprising part of the Collateral shall be accompanied by proper
instruments of assignment duly executed by the applicable Pledgor and such other
instruments or documents as the Collateral Agent may reasonably request. Each
delivery of Pledged Securities shall be accompanied by a schedule describing the
securities theretofore and then being pledged hereunder, which schedule shall be
attached hereto as Schedule II and made a part hereof. Each schedule so
delivered shall supersede any prior schedules so delivered.

         TO HAVE AND TO HOLD the Collateral, together with all right, title,
interest, powers, privileges and preferences pertaining or incidental thereto,
unto the Collateral Agent, its successors and assigns, for the ratable benefit
of the Secured Parties, forever; subject, however, to the terms, covenants and
conditions hereinafter set forth.

         SECTION 2. Delivery of the Pledged Securities. (a) Each Pledgor agrees
promptly to deliver or cause to be delivered to the Collateral Agent any and all
(i) Pledged Stock that is certificated and (x) issued by an entity organized
under the laws of the United States of America or a State thereof or (y) issued
by an entity organized under the laws of a jurisdiction other than the United
States or a State or territory thereof, to the extent required to perfect the
security interest in such Pledged Stock and (ii) all Pledged Debt Securities
which are evidenced by a promissory note.

         (b) Each Pledgor will cause any Indebtedness for borrowed money owed to
the Pledgor by any Person (other than intercompany debt) that is evidenced by a
duly executed promissory note to be pledged and delivered to the Collateral
Agent pursuant to the terms thereof.

         SECTION 3. Representations, Warranties and Covenants. Each Pledgor
hereby represents, warrants and covenants, as to itself and the Collateral
pledged by it hereunder, to and with the Collateral Agent that:

                  (a) after giving effect to the consummation of the
         Transactions, on the date hereof the Pledged Stock represents that
         percentage as set forth on Schedule II of the issued and outstanding
         shares of each class of the capital stock of the issuer with respect
         thereto;

                  (b) after giving effect to the consummation of the
         Transactions, except for the security interest granted hereunder and
         except as permitted under Section 6.02, 6.04 or 6.05 of the Credit
         Agreement, the Pledgor (i) is and will at all times continue to be the
         direct owner, beneficially and of record, of the Pledged Securities
         indicated on Schedule II, (ii) holds the same free and clear of all
         Liens, (iii) will make no assignment, pledge, hypothecation or transfer
         of, or create or permit to exist any security interest in or other Lien
         on, the Pledged Securities, other than pursuant hereto;

                  (c) the Pledgor (i) has the power and authority to pledge the
         Pledged Securities in the manner hereby done or contemplated and (ii)
         will defend its title or interest thereto or therein against any and
         all Liens (other than the Lien created by this Agreement or as
         otherwise permitted by the Credit Agreement), however arising, of all
         Persons whomsoever;

                  (d) on the date hereof when the Pledged Stock which is
         certificated and governed by the law of a State of the United States of
         America, together with stock powers, and the Pledged Debt Securities
         evidenced by notes, together with bond powers, are delivered to the
         Collateral Agent (assuming the continued possession of such Pledged
         Stock and Pledged Debt Securities by the Collateral Agent), the
         Collateral Agent will obtain a valid and perfected first lien upon and
         security interest in the Pledged Stock and Pledged Debt Securities;

                  (e) all of the Pledged Stock has been duly authorized and
         validly issued and is fully paid and nonassessable;

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                  (f) all information set forth herein relating to the Pledged
         Stock is accurate and complete in all material respects as of the date
         hereof; and

                  (g) upon the acquisition of any stock of a Subsidiary acquired
         after the Closing Date that is required to be pledged pursuant to
         Section 5.11 of the Credit Agreement, the respective Pledgor shall
         deliver a schedule of such additional stock to the Collateral Agent and
         such information shall be made a part of Schedule II hereof and such
         stock shall be deemed Pledged Stock.

         SECTION 4. Registration in Nominee Name; Denominations. If an Event of
Default shall occur and be continuing and the Collateral Agent shall give notice
of its intent to exercise the rights specified herein to the relevant Pledgor or
Pledgors, the Collateral Agent, on behalf of the Secured Parties, shall have the
right (in its sole and absolute discretion) to hold the Pledged Securities in
its own name as pledgee, the name of its nominee (as pledgee or as sub-agent) or
the name of the Pledgors, endorsed or assigned in blank or in favor of the
Collateral Agent.

         SECTION 5. Voting Rights; Dividends and Interest, etc. (a) Unless and
until an Event of Default shall have occurred and be continuing and the
Collateral Agent has given notice as specified in clause (b) or (c) below:

                  (i) Each Pledgor shall be entitled to exercise any and all
         voting and/or other consensual rights and powers inuring to an owner of
         Pledged Securities or any part thereof for any purpose; provided,
         however, that such Pledgor will not be entitled to exercise any such
         right (other than in connection with a transaction permitted by the
         Credit Agreement) which would result in any violation of any provision
         of the Credit Agreement, this Agreement or any other Loan Document.

                  (ii) The Collateral Agent shall promptly execute and deliver
         to each Pledgor, or cause to be promptly executed and delivered to each
         Pledgor, all such proxies, powers of attorney and other instruments as
         such Pledgor may reasonably request for the purpose of enabling such
         Pledgor to exercise the voting and/or consensual rights and powers it
         is entitled to exercise pursuant to subparagraph (i) above and to
         receive the cash dividends it is entitled to receive pursuant to
         subparagraph (iii) below.

                  (iii) Each Pledgor shall be entitled to receive and retain any
         and all cash dividends, interest and principal paid on the Pledged
         Securities to the extent such cash dividends, interest and principal
         are permitted by the Credit Agreement. All noncash dividends, interest
         and principal, and all dividends, interest and principal paid or
         payable in cash or otherwise in connection with a partial or total
         liquidation or dissolution, return of capital, capital surplus or
         paid-in surplus, and all other distributions (other than distributions
         referred to in the preceding sentence) made on or in respect of the
         Pledged Securities, whether paid or payable in cash or otherwise,
         whether resulting from a subdivision, combination or reclassification
         of the outstanding capital stock of the issuer of any Pledged
         Securities or received in exchange for Pledged Securities or any part
         thereof, or in redemption thereof, or as a result of any merger,
         consolidation, acquisition or other exchange of assets to which such
         issuer may be a party or otherwise, shall be and become part of the
         Collateral, and, if received by any Pledgor, shall not be commingled by
         such Pledgor with any of its other funds or property but shall be held
         separate and apart therefrom, shall be held in trust for the benefit of
         the Collateral Agent and shall be forthwith delivered to the Collateral
         Agent in the same form as so received (with any necessary endorsement).

         (b) Upon the occurrence and during the continuance of an Event of
Default and subsequent notice by the Collateral Agent to the relevant Pledgor or
Pledgors of its intent to exercise such rights, all rights of any Pledgor to
dividends, interest or principal that such Pledgor is authorized to receive
pursuant to paragraph (a)(iii) above shall cease, and all such rights shall

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thereupon become vested in the Collateral Agent, which shall have the sole and
exclusive right and authority to receive and retain such dividends, interest or
principal. All dividends, interest or principal received by any Pledgor contrary
to the provisions of this Section 5 shall be held in trust for the benefit of
the Collateral Agent, shall be segregated from other property or funds of such
Pledgor and shall be forthwith delivered to the Collateral Agent upon demand in
the same form as so received (with any necessary endorsement). Any and all money
and other property paid over to or received by the Collateral Agent pursuant to
the provisions of this paragraph (b) shall be retained by the Collateral Agent
in an account to be established by the Collateral Agent upon receipt of such
money or other property and shall be applied in accordance with the provisions
of Section 7. After all Events of Default have been cured or waived, the
Collateral Agent shall, within five Business Days after all such Events of
Default have been cured or waived, repay to each Pledgor all cash dividends,
interest or principal (without interest), that such Pledgor would otherwise be
permitted to retain pursuant to the terms of paragraph (a)(iii) above and which
remain in such account.

         (c) Upon the occurrence and during the continuance of an Event of
Default and subsequent notice by the Collateral Agent to the relevant Pledgor or
Pledgors of its intent to exercise such rights, all rights of any Pledgor to
exercise the voting and consensual rights and powers it is entitled to exercise
pursuant to paragraph (a)(i) of this Section 5, and the obligations of the
Collateral Agent under paragraph (a)(ii) of this Section 5, shall cease, and all
such rights shall thereupon become vested in the Collateral Agent, which shall
have the sole and exclusive right and authority to exercise such voting and
consensual rights and powers, provided that, unless otherwise directed by the
Required Lenders, the Collateral Agent shall have the right from time to time
following and during the continuance of an Event of Default to permit the
Pledgors to exercise such rights. After all Events of Default have been cured or
waived, such Pledgor will have the right to exercise the voting and consensual
rights and powers that it would otherwise be entitled to exercise pursuant to
the terms of paragraph (a)(i) above.

         SECTION 6. Remedies upon Default. Upon the occurrence and during the
continuance of an Event of Default, subject to applicable regulatory and legal
requirements, the Collateral Agent may sell the Collateral, or any part thereof,
at public or private sale or at any broker's board or on any securities
exchange, for cash, upon credit or for future delivery as the Collateral Agent
shall deem appropriate. The Collateral Agent shall be authorized at any such
sale (if it deems it advisable to do so) to restrict the prospective bidders or
purchasers to Persons who will represent and agree that they are purchasing the
Collateral for their own account for investment and not with a view to the
distribution or sale thereof, and upon consummation of any such sale the
Collateral Agent shall have the right to assign, transfer and deliver to the
purchaser or purchasers thereof the Collateral so sold. Each such purchaser at
any such sale shall hold the property sold absolutely free from any claim or
right on the part of any Pledgor, and, to the extent permitted by applicable
law, the Pledgors hereby waive all rights of redemption, stay, valuation and
appraisal any Pledgor now has or may at any time in the future have under any
rule of law or statute now existing or hereafter enacted.

         The Collateral Agent shall give a Pledgor at least 10 days' prior
written notice (which each Pledgor agrees is reasonable notice within the
meaning of Section 9-611 of the Uniform Commercial Code as in effect in the
State of New York or its equivalent in other jurisdictions) of the Collateral
Agent's intention to make any sale of such Pledgor's Collateral. Such notice, in
the case of a public sale, shall state the time and place for such sale and, in
the case of a sale at a broker's board or on a securities exchange, shall state
the board or exchange at which such sale is to be made and the day on which the
Collateral, or portion thereof, will first be offered for sale at such board or
exchange. Any such public sale shall be held at such time or times within
ordinary business hours and at such place or places as the Collateral Agent may
fix and state in the notice of such sale. At any such sale, the Collateral, or
portion thereof, to be sold may be sold in one lot as an entirety or in separate
parcels, as the Collateral Agent may (in its sole and absolute discretion)
determine. The Collateral Agent shall not be obligated to make any sale of any
Collateral if it

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shall determine not to do so, regardless of the fact that notice of sale of such
Collateral shall have been given. The Collateral Agent may, without notice or
publication, adjourn any public or private sale or cause the same to be
adjourned from time to time by announcement at the time and place fixed for
sale, and such sale may, without further notice, be made at the time and place
to which the same was so adjourned. In case any sale of all or any part of the
Collateral is made on credit or for future delivery, the Collateral so sold may
be retained by the Collateral Agent until the sale price is paid in full by the
purchaser or purchasers thereof, but the Collateral Agent shall not incur any
liability in case any such purchaser or purchasers shall fail to take up and pay
for the Collateral so sold and, in case of any such failure, such Collateral may
be sold again upon like notice. At any public (or, to the extent permitted by
applicable law, private) sale made pursuant to this Section 6, any Secured Party
may bid for or purchase, free from any right of redemption, stay or appraisal on
the part of any Pledgor (all said rights being also hereby waived and released),
the Collateral or any part thereof offered for sale and may make payment on
account thereof by using any claim then due and payable to it from such Pledgor
as a credit against the purchase price, and it may, upon compliance with the
terms of sale, hold, retain and dispose of such property without further
accountability to such Pledgor therefor. For purposes hereof, (a) a written
agreement to purchase the Collateral entered into with a Person (other than a
Lender or an affiliate thereof) or any portion thereof shall be treated as a
sale thereof, (b) the Collateral Agent shall be free to carry out such sale
pursuant to such agreement and (c) such Pledgor shall not be entitled to the
return of the Collateral or any portion thereof subject thereto, notwithstanding
the fact that after the Collateral Agent shall have entered into such an
agreement all Events of Default shall have been remedied and the Obligations
paid in full. As an alternative to exercising the power of sale herein conferred
upon it, the Collateral Agent may proceed by a suit or suits at law or in equity
to foreclose upon the Collateral and to sell the Collateral or any portion
thereof pursuant to a judgment or decree of a court or courts having competent
jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale
pursuant to the provisions of this Section 6 shall be deemed to conform to the
commercially reasonable standards as provided in Section 9-610 of the Uniform
Commercial Code as in effect in the State of New York or its equivalent in other
jurisdictions.

         Certain rights and remedies of the Collateral Agent hereunder, may with
respect to Collateral issued by a Person not organized under the laws of a
jurisdiction of the United States of America, be limited. The Collateral Agent,
with respect to such Collateral, acknowledges such limitations and agrees to
comply with applicable laws with respect thereto.

         SECTION 7. Application of Proceeds of Sale. The proceeds of any sale of
Collateral pursuant to Section 6, as well as any Collateral consisting of cash,
may, in the sole discretion of the Collateral Agent, be applied by the
Collateral Agent against the respective Obligations of the relevant Pledgor then
due and owing in the following order of priority:

                  FIRST, to the payment of all reasonable costs and expenses
         incurred by the Collateral Agent in connection with such sale or
         otherwise in connection with this Agreement, any other Loan Document or
         any of the Obligations of the relevant Pledgor, including all court
         costs and the reasonable fees and expenses of the Collateral Agent's
         agents and legal counsel, the repayment of all advances made by the
         Collateral Agent hereunder or under any other Loan Document on behalf
         of such Pledgor and any other reasonable costs or expenses incurred in
         connection with the exercise of any right or remedy hereunder or under
         any other Loan Document;

                  SECOND, to the payment in full of the Obligations of the
         relevant Pledgor (the amounts so applied to be distributed among the
         Secured Parties pro rata in accordance with the amounts of such
         Obligations owed to them on the date of any such distribution); and

                  THIRD, to the relevant Pledgor, its successors or assigns or
         to whomsoever may be lawfully entitled to receive the same, or as a
         court of competent jurisdiction may otherwise direct.

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         The Collateral Agent shall have absolute discretion as to the time of
application of any such proceeds, moneys or balances in accordance with this
Agreement. Upon any sale of the Collateral by the Collateral Agent (including
pursuant to a power of sale granted by statute or under a judicial proceeding),
the receipt of the purchase money by the Collateral Agent or of the officer
making the sale shall be a sufficient discharge to the purchaser or purchasers
of the Collateral so sold and such purchaser or purchasers shall not be
obligated to see to the application of any part of the purchase money paid over
to the Collateral Agent or such officer or be answerable in any way for the
misapplication thereof.

         SECTION 8. Collateral Agent Appointed Attorney-in-Fact. Each Pledgor
hereby appoints the Collateral Agent the attorney-in-fact of such Pledgor for
the purpose of carrying out the provisions of this Agreement and taking any
action and executing any instrument that the Collateral Agent may reasonably
deem necessary or advisable to accomplish the purposes hereof, which appointment
is irrevocable and coupled with an interest; provided that the Collateral Agent
agrees not exercise such power except upon the occurrence and during the
continuance of an Event of Default. Without limiting the generality of the
foregoing, the Collateral Agent shall have the right, upon the occurrence and
during the continuance of an Event of Default, with full power of substitution
either in the Collateral Agent's name or in the name of such Pledgor, to ask
for, demand, sue for, collect, receive and give acquittance for any and all
moneys due or to become due under and by virtue of any applicable Collateral, to
endorse checks, drafts, orders and other instruments for the payment of money
payable to the Pledgor representing any interest or dividend or other
distribution payable in respect of the Collateral or any part thereof or on
account thereof and to give full discharge for the same, to settle, compromise,
prosecute or defend any action, claim or proceeding with respect thereto, and to
sell, assign, endorse, pledge, transfer and to make any agreement respecting, or
otherwise deal with, the same; provided, however, that nothing herein contained
shall be construed as requiring or obligating the Collateral Agent to make any
commitment or to make any inquiry as to the nature or sufficiency of any payment
received by the Collateral Agent, or to present or file any claim or notice, or,
except as otherwise provided herein, to take any action with respect to the
Collateral or any part thereof or the moneys due or to become due in respect
thereof or any property covered thereby. The Collateral Agent and the other
Secured Parties shall be accountable only for amounts actually received as a
result of the exercise of the powers granted to them herein, and neither they
nor their officers, directors, employees or agents shall be responsible to any
Pledgor for any act or failure to act hereunder, except for their own gross
negligence or wilful misconduct.

         SECTION 9. Waivers; Amendment. (a) No failure or delay of the
Collateral Agent in exercising any power or right hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right or
power, or any abandonment or discontinuance of steps to enforce such a right or
power, preclude any other or further exercise thereof or the exercise of any
other right or power. The rights and remedies of the Collateral Agent hereunder
and of the other Secured Parties under the other Loan Documents are cumulative
and are not exclusive of any rights or remedies that they would otherwise have.
No waiver of any provisions of this Agreement or consent to any departure by any
Pledgor therefrom shall in any event be effective unless the same shall be
permitted by paragraph (b) below, and then such waiver or consent shall be
effective only in the specific instance and for the purpose for which given. No
notice or demand on any Pledgor in any case shall entitle such Pledgor to any
other or further notice or demand in similar or other circumstances.

         (b) Neither this Agreement nor any provision hereof may be waived,
amended or modified except pursuant to a written agreement entered into between
the Collateral Agent and the Pledgor or Pledgors with respect to which such
waiver, amendment or modification is to apply, subject to any consent required
in accordance with Section 9.01 of the Credit Agreement.

         SECTION 10. Securities Act, etc. In view of the position of the
Pledgors in relation to the Pledged Securities, or because of other current or
future circumstances, a question may arise under the Securities Act of 1933, as
now or hereafter in effect, or any similar statute hereafter enacted

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analogous in purpose or effect (such Act and any such similar statute as from
time to time in effect being called the "Federal Securities Laws") with respect
to any disposition of the Pledged Securities permitted hereunder. Each Pledgor
understands that compliance with the Federal Securities Laws might very strictly
limit the course of conduct of the Collateral Agent if the Collateral Agent were
to attempt to dispose of all or any part of the Pledged Securities, and might
also limit the extent to which or the manner in which any subsequent transferee
of any Pledged Securities could dispose of the same. Similarly, there may be
other legal restrictions or limitations affecting the Collateral Agent in any
attempt to dispose of all or part of the Pledged Securities under applicable
Blue Sky or other state securities laws or similar laws analogous in purpose or
effect. Each Pledgor recognizes that in light of such restrictions and
limitations the Collateral Agent may, with respect to any sale of the Pledged
Securities, limit the purchasers to those who will agree, among other things, to
acquire such Pledged Securities for their own account, for investment, and not
with a view to the distribution or resale thereof. Each Pledgor acknowledges and
agrees that in light of such restrictions and limitations, the Collateral Agent,
in its sole and absolute reasonable discretion, (a) may proceed to make such a
sale whether or not a registration statement for the purpose of registering such
Pledged Securities or part thereof shall have been filed under the Federal
Securities Laws and (b) may approach and negotiate with a single potential
purchaser to effect such sale. Each Pledgor acknowledges and agrees that any
such sale might result in prices and other terms less favorable to the seller
than if such sale were a public sale without such restrictions. In the event of
any such sale, the Collateral Agent shall incur no responsibility or liability
for selling all or any part of the Pledged Securities at a price that the
Collateral Agent, in its reasonable discretion, may in good faith deem
reasonable under the circumstances, notwithstanding the possibility that a
substantially higher price might have been realized if the sale were deferred
until after registration as aforesaid or if more than a single purchaser were
approached. The provisions of this Section 10 will apply notwithstanding the
existence of a public or private market upon which the quotations or sales
prices may exceed substantially the price at which the Collateral Agent sells.

         SECTION 11. Registration, etc. Each Pledgor agrees that, upon the
occurrence and during the continuance of an Event of Default hereunder, if for
any reason the Collateral Agent shall determine to sell any of the Pledged Stock
of the respective Pledgor at a public sale, it will, at any time and from time
to time, upon the written request of the Collateral Agent, use its reasonable
best efforts to take or to cause the issuer of such Pledged Stock to (a) execute
and deliver, and use its best efforts to cause the directors and officers of
such issuer 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 Collateral Agent, necessary or advisable to register such Pledged Stock, or
that portion thereof to be sold, under the provisions of the Federal Securities
Laws, (b) use its best efforts to cause the registration statement relating
thereto to become effective and to remain effective for a period of not more
than one year from the date of the first public offering of such Pledged Stock,
or that portion thereof to be sold and (c) make all amendments thereto and/or to
the related prospectus which, in the reasonable opinion of the Collateral Agent,
are necessary or advisable, all in conformity with the requirements of the
Federal Securities Laws and the rules and regulations of the Securities and
Exchange Commission applicable thereto. The respective Pledgor further agrees,
upon such written request referred to above, to use its reasonable best efforts
to qualify, file or register, or cause the issuer of such Pledged Stock to
qualify, file or register, any of the Pledged Stock under the Blue Sky or other
securities laws of such states of the United States as may be reasonably
requested by the Collateral Agent and keep effective, or cause to be kept
effective, all such qualifications, filings or registrations. Each Pledgor will
bear all costs and expenses of carrying out its obligations under this Section
11. Each Pledgor acknowledges that there is no adequate remedy at law for
failure by it to comply with the provisions of this Section 11 and that such
failure would not be adequately compensable in damages, and therefore agrees
that its agreements contained in this Section 11 may be specifically enforced.

         SECTION 12. Security Interest Absolute. All rights of the Collateral
Agent hereunder, the grant of a security interest in the Collateral and all
obligations of each Pledgor hereunder, shall

<PAGE>

                                                                               9

be absolute and unconditional irrespective of (a) any lack of validity or
enforceability of the Credit Agreement, any other Loan Document, any agreement
with respect to any of the Obligations or any other agreement or instrument
relating to any of the foregoing, (b) any change in the time, manner or place of
payment of, or in any other term of, all or any of the Obligations, or any other
amendment or waiver of or any consent to any departure from the Credit
Agreement, any other Loan Document or any other agreement or instrument relating
to any of the foregoing, (c) any exchange, release or nonperfection of any other
collateral, or any release or amendment or waiver of or consent to or departure
from any guaranty, for all or any of the Obligations or (d) any other
circumstance that might otherwise constitute a defense available to, or a
discharge of, any Pledgor in respect of its Obligations or in respect of this
Agreement (other than the performance or payment in full of all the Obligations,
as the case may be).

         SECTION 13. Termination or Release. (a) This Agreement and the security
interests granted hereby shall terminate when all the Obligations have been paid
in full and the Lenders have no further commitment to lend under the Credit
Agreement, the L/C Exposure has been reduced to zero and the Issuing Bank has no
further obligation to issue Letters of Credit under the Credit Agreement.

         (b) Upon any sale or other transfer by any Pledgor of any Collateral
that is permitted under the Credit Agreement to any Person (unless sold or
transferred to a Person that is required to pledge such Collateral to the
Collateral Agent pursuant to Section 5.11 of the Credit Agreement), or, upon the
effectiveness of any written consent to the release of the security interest
granted hereby in any Collateral pursuant to Section 9.01(d) of the Credit
Agreement, the security interest in such Collateral shall be automatically
released.

         (c) If all of the capital stock of a Pledgor is sold, transferred or
otherwise disposed of to a Person that is not an Affiliate of the Borrower
pursuant to a transaction permitted by Section 6.05 of the Credit Agreement,
such Pledgor shall be released from its obligations under this Agreement without
further action and the security interest in the Collateral of such Pledgor shall
be automatically released.

         (d) In connection with any termination or release pursuant to paragraph
(a), (b) or (c), the Collateral Agent shall execute and deliver to any Pledgor,
at such Pledgor's expense, all documents that such Pledgor shall reasonably
request to evidence such termination or release and shall deliver to such
Pledgor all related Collateral of such Pledgor held by the Collateral Agent. Any
execution and delivery of documents pursuant to this Section 13 shall be without
recourse to or warranty by the Collateral Agent.

         SECTION 14. Notices. All communications and notices hereunder shall be
in writing and given as provided in Section 9.02 of the Credit Agreement. All
communications and notices hereunder to any Subsidiary Pledgor shall be given to
it in care of JCI.

         SECTION 15. Further Assurances. Each Pledgor agrees to do such further
reasonable acts and things, and to execute and deliver such additional
conveyances, assignments, agreements and instruments, as the Collateral Agent
may at any time reasonably request in connection with the administration and
enforcement of this Agreement or with respect to the Collateral or any part
thereof or in order better to assure and confirm unto the Collateral Agent its
rights and remedies hereunder.

         SECTION 16. Binding Effect; Several Agreement; Assignments. Whenever in
this Agreement any of the parties hereto is referred to, such reference shall be
deemed to include the successors and assigns of such party; and all covenants,
promises and agreements by or on behalf of any Pledgor that are contained in
this Agreement shall bind and inure to the benefit of its successors and
assigns. This Agreement shall become effective as to any Pledgor when a
counterpart hereof executed on behalf of such Pledgor shall have been delivered
to the Collateral Agent and a counterpart hereof shall have been executed on
behalf of the Collateral Agent, and

<PAGE>

                                                                              10

thereafter shall be binding upon such Pledgor and the Collateral Agent and their
respective successors and assigns, and shall inure to the benefit of such
Pledgor, the Collateral Agent and the other Secured Parties, and their
respective successors and assigns, except that no Pledgor shall have the right
to assign its rights hereunder or any interest herein or in the Collateral (and
any such attempted assignment shall be void), except with the consent of the
Collateral Agent or as expressly contemplated by this Agreement or the other
Loan Documents. This Agreement shall be construed as a separate agreement with
respect to each Pledgor and may be amended, modified, supplemented, waived or
released with respect to any Pledgor without the approval of any other Pledgor
and without affecting the obligations of any other Pledgor hereunder.

         SECTION 17. Survival of Agreement; Severability. (a) All covenants,
agreements, representations and warranties made by each Pledgor herein shall
survive the making by the Lenders of the Loans and the issuance of the Letters
of Credit by the Issuing Bank.

         (b) 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.

         SECTION 18. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK,
WITHOUT GIVING EFFECT TO ITS PRINCIPLES OR RULES OF CONFLICTS OF LAWS TO THE
EXTENT THAT THE SAME ARE NOT MANDATORILY APPLICABLE BY STATUTE AND THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

         SECTION 19. Counterparts. This Agreement may be executed by one or more
parties to this Agreement on any number of separate counterparts (including by
facsimile transmission), and all of said counterparts taken together shall be
deemed to constitute one and the same instrument, and shall become effective as
provided in Section 16. Delivery of an executed counterpart of a signature page
to this Agreement by facsimile transmission shall be as effective as delivery of
a manually executed counterpart of this Agreement.

         SECTION 20. Rules of Interpretation. The rules of interpretation
specified in Section 1.02 of the Credit Agreement shall be applicable to this
Agreement. Section headings used herein are for convenience of reference only,
are not part of this Agreement and are not to affect the construction of, or to
be taken into consideration in interpreting this Agreement.

         SECTION 21. Jurisdiction; Consent to Service of Process. Each party
hereto hereby irrevocably and unconditionally:

         (a) submits for itself and its property in any legal action or
proceeding relating to this Agreement, or for recognition and enforcement of any
judgment in respect thereof, to the non-exclusive general jurisdiction of the
courts of the State of New York, the courts of the United States of America for
the Southern District of New York, and appellate courts of any thereof;

         (b) consents that any such action or proceeding may be brought in such
courts and waives any objection that it may now or hereafter have to the venue
of any such action or proceeding in any such court or that such action or
proceeding was brought in an inconvenient forum and agrees not to plead or claim
the same;

         (c) agrees that service of process in any such action or proceeding may
be effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail),

<PAGE>

                                                                              11

postage prepaid, to the applicable party at its address set forth in Section 14
or at such other address of which the parties hereto shall have been notified
pursuant thereto;

         (d) agrees that nothing herein shall affect the right to effect service
of process in any other manner permitted by law or shall limit the right to sue
in any other jurisdiction; and

         (e) waives, to the maximum extent not prohibited by law, any right it
may have to claim or recover in any legal action or proceeding referred to in
this Section 21 any punitive damages.

         SECTION 22. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY
AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM
THEREIN.

         SECTION 23. Additional Pledgors. Pursuant to Section 5.11 of the Credit
Agreement, the stock (or a portion thereof) of certain Subsidiaries that were
not Subsidiaries on the Closing Date must be pledged to the Collateral Agent for
the benefit of the Secured Parties. Upon execution and delivery by the
Collateral Agent and such holder of stock of an instrument in the form of Annex
1, such holder shall become a Pledgor and, if applicable, a Subsidiary Pledgor
hereunder with the same force and effect as if originally named as a Pledgor
and, if applicable, a Subsidiary Pledgor herein. The execution and delivery of
such instrument shall not require the consent of any Pledgor hereunder. The
rights and obligations of each Pledgor hereunder shall remain in full force and
effect notwithstanding the addition of any new Pledgor and, if applicable, a
Subsidiary Pledgor as a party to this Agreement.

         SECTION 24. Execution of Financing Statements. Pursuant to Section
9-509 of the Uniform Commercial Code as in effect in the State of New York or
its equivalent in other jurisdictions, each Pledgor authorizes the Collateral
Agent to file financing statements with respect to the Collateral owned by it
without the signature of such Pledgor in such form and in such filing offices as
the Collateral Agent reasonably determines appropriate to perfect the security
interests of the 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. Promptly upon any such filing, the
Collateral Agent shall deliver a copy of such filing to the respective Pledgor.

         SECTION 25. Integration. This Agreement represent the agreement among
the parties with respect to the subject matter hereof, and there are no
promises, undertakings, representations or warranties by any of the parties
hereto relative to the subject matter hereof not expressly set forth or referred
to herein.

<PAGE>

                                                                              12

         IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the day and year first above written.

                           JAFRA WORLDWIDE HOLDINGS (LUX) S.AR.L.,

                             By: /s/ Ralph S. Mason, III
                                 -------------------------------
                                Name: Ralph S. Mason, III
                                Title: Executive Vice President

                             By: /s/ Michael DiGregorio
                                 -------------------------------
                                 Name: Michael DiGregorio
                                 Title: Senior Vice President

                           JAFRA COSMETICS INTERNATIONAL, INC.,

                             By: /s/ Ralph S. Mason, III
                                 -------------------------------
                                 Name: Ralph S. Mason, III
                                 Title: Executive Vice President

                           CREDIT SUISSE FIRST BOSTON, acting through its Cayman
                           Islands branch, as Collateral Agent,

                             By: /s/ Karl M. Studer
                                 -------------------------------
                                 Name: Karl M. Studer
                                 Title: Director

                             By: /s/ Jay Chall
                                 -------------------------------
                                 Name: Jay Chall
                                 Title: Director

<PAGE>

                                                               Schedule I to the
                                                                Pledge Agreement

                               SUBSIDIARY PLEDGORS

<TABLE>
<CAPTION>
Name                                Address
----                                -------
<S>                                 <C>
None as of the Closing Date.
</TABLE>

<PAGE>

                                                              Schedule II to the
                                                                Pledge Agreement

                                  CAPITAL STOCK

<TABLE>
<CAPTION>
            Number of      Registered       Number and        Percentage
Issuer     Certificate       Owner        Class of Shares      of Shares
------     -----------     ----------     ---------------     ----------
<S>        <C>             <C>            <C>                 <C>
[DEBEVOISE TO COMPLETE]
</TABLE>

                                 DEBT SECURITIES

<TABLE>
<CAPTION>
Issuer     Principal Amount     Payee     Date of Note     Maturity Date
------     ----------------     -----     ------------     -------------
<S>        <C>                  <C>       <C>              <C>
[DEBEVOISE TO COMPLETE]
</TABLE>

<PAGE>

                                                                  Annex 1 to the
                                                                Pledge Agreement

                                    SUPPLEMENT NO. dated as of , to the PLEDGE
                           AGREEMENT dated as of May 20, 2003 (as the same may
                           be amended, supplemented or otherwise modified from
                           time to time, the "Pledge Agreement"), among JAFRA
                           WORLDWIDE HOLDINGS (LUX) S.A.R.L., a Luxembourg
                           societe a responsabilite limitee ("Parent"), JAFRA
                           COSMETICS INTERNATIONAL, INC., a Delaware corporation
                           ("JCI" or the "Borrower"), each subsidiary of the
                           Borrower listed on Schedule I hereto (each such
                           subsidiary individually a "Subsidiary Pledgor" and
                           collectively, the "Subsidiary Pledgors"; the
                           Borrower, Parent and the Subsidiary Pledgors are
                           referred to collectively herein as the "Pledgors")
                           and CREDIT SUISSE FIRST BOSTON, a bank organized
                           under the laws of Switzerland, acting through its
                           Cayman Islands branch, as collateral agent (in such
                           capacity, the "Collateral Agent") for the Secured
                           Parties (as defined in the Credit Agreement referred
                           to below). Capitalized terms used herein without
                           definition shall have the respective meanings
                           ascribed thereto in the Credit Agreement referred to
                           below.

         A. Reference is made to (a) the Credit Agreement dated as of May 20,
2003 (as amended, supplemented or otherwise modified from time to time, the
"Credit Agreement"), among Parent, the Borrower, the lenders from time to time
party thereto (the "Lenders"), the Issuing Bank and Credit Suisse First Boston,
as administrative agent for the Lenders (in such capacity, the "Administrative
Agent"), as swingline lender and as Collateral Agent, (b) the Parent Guarantee
Agreement, (c) the JCI Guarantee Agreement, (d) the DCJ Guarantee Agreement (the
JCI Guarantee Agreement and the DCJ Guarantee Agreement each a "Cross Guarantee
Agreement" and, collectively, the "Cross Guarantee Agreements"), (e) the JCI
Subsidiary Guarantee Agreement and (f) the DCJ Subsidiary Guarantee Agreement
(together with the JCI Subsidiary Guarantee Agreement, the "Subsidiary Guarantee
Agreements").

         B. The Pledgors have entered into the Pledge Agreement in order to
induce the Lenders to make Loans and the Issuing Bank to issue Letters of
Credit. Pursuant to Section 5.11 of the Credit Agreement, the stock (or a
portion thereof) of certain Subsidiaries that were not Subsidiaries on the
Closing Date must be pledged to the Collateral Agent for the benefit of the
Secured Parties, and the Subsidiary which owns such stock (if not already a
party) is required to enter into the Pledge Agreement as a Pledgor, and if
applicable, a Subsidiary Pledgor. Section 23 of the Pledge Agreement provides
that such Subsidiaries may become Pledgors, and if applicable, Subsidiary
Pledgors under the Pledge Agreement by execution and delivery of an instrument
in the form of this Supplement. The undersigned Subsidiary (the "New Pledgor")
is executing this Supplement in accordance with the requirements of the Credit
Agreement to become a Subsidiary Pledgor under the Pledge Agreement in order to
induce the Lenders to make additional Loans and the Issuing Bank to issue
additional Letters of Credit and as consideration for Loans previously made and
Letters of Credit previously issued.

         Accordingly, the Collateral Agent and the New Pledgor agree as follows:

         SECTION 1. In accordance with Section 23 of the Pledge Agreement, the
New Pledgor by its signature below becomes a Pledgor under the Pledge Agreement
with the same force and effect as if originally named therein as a Pledgor and
the New Pledgor hereby agrees (a) to all the terms and provisions of the Pledge
Agreement applicable to it as a Pledgor thereunder and (b) represents and
warrants that the representations and warranties made by it as a Pledgor
thereunder are true and correct on and as of the date hereof. In furtherance of
the foregoing, the New Pledgor, as security for the payment and performance in
full of its respective Obligations (as defined in the Pledge Agreement), does
hereby create and grant to the Collateral Agent, its successors and assigns, for
the benefit of the Secured Parties, their successors and assigns, a security
interest in and lien on all of the New Pledgor's right, title and interest in
and to the Collateral (as defined in the Pledge Agreement) of the New Pledgor.
Each reference to a

<PAGE>

                                                                               2

"Subsidiary Pledgor" or a "Pledgor", as applicable, in the Pledge Agreement
shall be deemed to include the New Pledgor. The Pledge Agreement is hereby
incorporated herein by reference.

         [If New Pledgor is not a Subsidiary Pledgor, add relevant information
with respect to its "Obligations" and incorporate such into the definition of
"Obligations" in the Pledge Agreement.]

         SECTION 2. The New Pledgor represents and warrants to the Collateral
Agent and the other Secured Parties that this Supplement has been duly
authorized, executed and delivered by it and constitutes its legal, valid and
binding obligation, enforceable against it in accordance with its terms, except
as may be limited by applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium, or similar laws relating to or affecting creditors'
rights generally, general equitable principles (regardless of whether
enforcement is sought in a proceeding in equity or at law) and an implied
covenant of good faith and fair dealing.

         SECTION 3. This Supplement may be executed in counterparts, each of
which shall constitute an original, but all of which when taken together shall
constitute a single contract. This Supplement shall become effective when the
Collateral Agent shall have received counterparts of this Supplement that, when
taken together, bear the signatures of the New Pledgor and the Collateral Agent.
Delivery of an executed signature page to this Supplement by facsimile
transmission shall be as effective as delivery of a manually signed counterpart
of this Supplement.

         SECTION 4. The New Pledgor hereby represents and warrants that, on the
date hereof, set forth on Schedule I attached hereto is a true and correct
schedule of all its Pledged Securities.

         SECTION 5. Except as expressly supplemented hereby, the Pledge
Agreement shall remain in full force and effect.

         SECTION 6. THIS SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO
ITS PRINCIPLES OR RULES OF CONFLICTS OF LAWS TO THE EXTENT THAT THE SAME ARE NOT
MANDATORILY APPLICABLE BY STATUTE AND THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY.

         SECTION 6. In case any one or more of the provisions contained in this
Supplement should be held invalid, illegal or unenforceable in any respect,
neither party hereto shall be required to comply with such provision for so long
as such provision is held to be invalid, illegal or unenforceable, but the
validity, legality and enforceability of the remaining provisions contained
herein and in the Pledge Agreement shall not in any way be affected or impaired.
The parties hereto shall endeavor in good-faith negotiations to replace the
invalid, illegal or unenforceable provisions with valid provisions the economic
effect of which comes as close as possible to that of the invalid, illegal or
unenforceable provisions.

         SECTION 7. All communications and notices hereunder shall be in writing
(including by facsimile transmission) and given as provided in Section 14 of the
Pledge Agreement. All communications and notices hereunder to the New Pledgor
shall be given to it in care of JCI.

         IN WITNESS WHEREOF, the New Pledgor and the Collateral Agent have duly
executed this Supplement to the Pledge Agreement as of the day and year first
above written.

<PAGE>

                                                                               3

                                             [Name of New Pledgor],

                                               by ______________________________
                                                 Name:
                                                 Title:
                                                 Address:

                                             CREDIT SUISSE FIRST BOSTON, acting
                                             through its Cayman Islands branch,
                                             as Collateral Agent,

                                               by ______________________________
                                                 Name:
                                                 Title:

                                               by ______________________________
                                                 Name:
                                                 Title:

<PAGE>

                                                                   Schedule I to
                                                                  Supplement No.
                                                         to the Pledge Agreement

                      Pledged Securities of the New Pledgor

                                  CAPITAL STOCK

<TABLE>
<CAPTION>
            Number of      Registered       Number and        Percentage
Issuer     Certificate       Owner        Class of Shares      of Shares
------     -----------     ----------     ---------------     ----------
<S>        <C>             <C>            <C>                 <C>

</TABLE>

                                 DEBT SECURITIES

<TABLE>
<CAPTION>
Issuer     Principal Amount     Payee     Date of Note     Maturity Date
------     ----------------     -----     ------------     -------------
<S>        <C>                  <C>       <C>              <C>

</TABLE><PAGE>

                                                                     EXHIBIT 4.9

                                                                  EXECUTION COPY

                                    SECURITY AGREEMENT dated as of May 20, 2003,
                           among JAFRA COSMETICS INTERNATIONAL, INC., a Delaware
                           corporation ("JCI" or the "Grantor"), each subsidiary
                           of JCI listed on Schedule I hereto (each such
                           subsidiary individually a "Subsidiary Grantor" and
                           collectively, the "Subsidiary Grantors"; the
                           Subsidiary Grantors and JCI are referred to
                           collectively herein as the "Grantors") and CREDIT
                           SUISSE FIRST BOSTON, a bank organized under the laws
                           of Switzerland, acting through its Cayman Islands
                           branch, as collateral agent (in such capacity, the
                           "Collateral Agent") for the Secured Parties (as
                           defined herein).

         Reference is made to (a) the Credit Agreement dated as of May 20, 2003
(as amended, supplemented or otherwise modified from time to time, the "Credit
Agreement"), among Jafra Worldwide Holdings (Lux) S.AR.L., a Luxembourg societe
a responsabilite limitee ("Parent"), Distribuidora Comercial Jafra, S.A. de
C.V., a sociedad anonima de capital variable organized under the laws of the
United Mexican States ("DCJ" and, together with JCI, the "Borrowers"), the
lenders from time to time party thereto (the "Lenders"), the Issuing Bank (as
defined therein) and Credit Suisse First Boston, as administrative agent for the
Lenders (in such capacity, the "Administrative Agent"), as swingline lender and
as Collateral Agent and (b) the JCI Guarantee Agreement.

         The Lenders have agreed to make Loans to the Borrowers and the Issuing
Bank has agreed to issue Letters of Credit for the account of the Borrowers
pursuant to, and upon the terms and subject to the conditions specified in, the
Credit Agreement. JCI has agreed to guarantee, among other things, all the
obligations of DCJ under the Credit Agreement. The Subsidiary Grantors will
agree to guarantee, among other things, all the obligations of JCI under the
Credit Agreement and the JCI Guarantee Agreement. The obligations of the Lenders
to make Loans and of the Issuing Bank to issue Letters of Credit are conditioned
upon, among other things, the execution and delivery by the Grantors of an
agreement in the form hereof to secure their respective obligations under the
Credit Agreement, the JCI Subsidiary Guarantee Agreement and the other Loan
Documents, including (a) in the case of JCI, (i) the due and punctual payment by
JCI of (A) the principal of and premium, if any, and interest (including
interest accruing during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, regardless of whether allowed or
allowable in such proceeding) on the Loans of JCI, when and as due, whether at
maturity, by acceleration, upon one or more dates set for prepayment or
otherwise, (B) each payment required to be made by JCI under the Credit
Agreement in respect of any Letter of Credit issued for its account, when and as
due, including payments in respect of reimbursement of disbursements, interest
thereon and obligations to provide cash collateral and (C) all other monetary
obligations, including fees, costs, expenses and indemnities, whether direct,
contingent, fixed or otherwise (including monetary obligations incurred during
the pendency of any bankruptcy, insolvency, receivership or other similar
proceeding, regardless of whether allowed or allowable in such proceeding), of
JCI to the Secured Parties under the Credit Agreement, the JCI Guarantee
Agreement and the other Loan Documents, (ii) the due and punctual performance of
all covenants, agreements, obligations and liabilities of JCI under or pursuant
to the Credit Agreement, the JCI Guarantee Agreement and the other Loan
Documents, (iii) unless otherwise agreed to in writing by the applicable
counterparty thereto, the due and punctual payment and performance of all
obligations of JCI under each Hedging Agreement entered into with any
counterparty (whether or not a Lender or an Affiliate thereof) and (iv) the due
and punctual payment and performance of all guarantee obligations of JCI
referred to in Section 6.01(d)(ii) of the Credit Agreement as to which any
Lender or any Affiliate thereof is originally a beneficiary (all the monetary
and other obligations described in the preceding clauses (i) through (iv) being
collectively called the "JCI Obligations") and (b) in the case of any Subsidiary
Grantor, its respective obligations under the JCI Subsidiary Guarantee Agreement
and the other Loan Documents to which such Subsidiary Grantor is a party (the
"Subsidiary Grantor Obligations" and, together with the JCI Obligations, the
"Obligations").

<PAGE>

                                                                               2

         Accordingly, each Grantor and the Collateral Agent, on behalf of itself
and each Secured Party (and each of their respective successors or assigns),
hereby agree as follows:

                                    ARTICLE I

                                   Definitions

         SECTION 1.01. Definition of Terms Used Herein. Unless the context
otherwise requires, all capitalized terms used but not defined herein shall have
the meanings set forth in the Credit Agreement and all references to the Uniform
Commercial Code shall mean the Uniform Commercial Code in effect in the State of
New York as of the date hereof.

         SECTION 1.02. Definition of Certain Terms Used Herein. As used herein,
the following terms shall have the following meanings:

         "Account Debtor" shall mean any Person who is or who may become
obligated to any Grantor under, with respect to or on account of an Account.

         "Accounts" shall have the meaning set forth in the Uniform Commercial
Code.

         "Chattel Paper" shall have the meaning set forth in the Uniform
Commercial Code.

         "Collateral" shall mean, with respect to each Grantor, all (a)
Accounts, (b) Contracts, (c) Documents, (d) Equipment, (e) General Intangibles,
(f) Inventory, (g) cash and cash accounts, (h) Intellectual Property, (i)
Investment Property, (j) Instruments, (k) Chattel Paper and (l) Proceeds of the
foregoing, excluding the Specified Securities.

         "Contracts" shall mean, with respect to any Grantor, all contracts,
agreements, instruments and indentures in any form, and portions thereof, to
which such Grantor is a party or under which such Grantor has any right, title
or interest or to which such Grantor or any property of such Grantor is subject,
as the same may from time to time be amended, supplemented or otherwise
modified, including, without limitation, (a) all rights of such Grantor to
receive moneys due and to become due to it thereunder or in connection
therewith, (b) all rights of such Grantor to damages arising thereunder and (c)
all rights of such Grantor to perform and to exercise all remedies thereunder.

         "Copyright Licenses" shall mean, with respect to any Grantor, all
United States written license agreements of such Grantor with any Person who is
not an Affiliate or a Subsidiary providing for the grant by such Grantor of any
right to use any Copyright of such Grantor, subject, in each case, to the terms
of such license agreements, and the right to prepare for sale, sell and
advertise for sale, all Inventory now or hereafter covered by such licenses.

         "Copyrights" shall mean, with respect to any Grantor, all of such
Grantor's right, title and interest in and to all United States copyrights,
whether or not the underlying works of authorship have been published or
registered, United States copyright registrations and copyright applications and
(a) all renewals thereof, (b) all income, royalties, damages and payments now
and hereafter due and/or payable with respect thereto, including payments under
all licenses entered into in connection therewith, and damages and payments for
past, present or future infringements thereof and (c) the right to sue or
otherwise recover for past, present and future infringements thereof.

         "Credit Agreement" shall have the meaning assigned to such term in the
preliminary statement of this Agreement.

<PAGE>

                                                                               3

         "Documents" shall have the meaning set forth in the Uniform Commercial
Code.

         "Equipment" shall have the meaning set forth in the Uniform Commercial
Code (other than all cars, trucks, trailers, construction and earth moving
equipment and other vehicles covered by a certificate of title law of any state
and all liens and other appurtenances to any of the foregoing).

         "General Intangibles" shall have the meaning specified in the Uniform
Commercial Code, excluding the Specified Securities.

         "Instruments" shall have the meaning specified in the Uniform
Commercial Code, excluding the Specified Securities.

         "Intellectual Property" shall mean, with respect to any Grantor, the
collective reference to such Grantor's Copyrights, Copyright Licenses, Patents,
Patent Licenses, Trade Secrets, Trademarks and Trademark Licenses.

         "Inventory" shall mean, with respect to any Grantor, all inventory (as
defined in the Uniform Commercial Code) of such Grantor.

         "Investment Property" shall have the meaning specified in the Uniform
Commercial Code, excluding the Specified Securities.

         "IP Collateral" shall mean, with respect to any Grantor, the collective
reference to such Grantor's Patents, Patent Licenses, Trademarks, Trademark
Licenses, General Intangibles connected with the use of or symbolized by the
Trademarks and Patents and, to the extent not otherwise included, all Proceeds
and products of any and all of the foregoing and all collateral security and
guarantees given by any Person with respect to any of the foregoing.

         "License" shall mean any Patent License, Trademark License or Copyright
License to which any Grantor is a party, including those listed on Schedule II.

         "Obligations" shall have the meaning assigned to such term in the
preliminary statement of this Agreement.

         "Patent Licenses" shall mean with respect to any Grantor, all United
States written license agreements of such Grantor with any Person who is not an
Affiliate or a Subsidiary in connection with any of the Patents of such Grantor
or such other Person's patents, whether such Grantor is a licensor or a licensee
under any such agreement, subject, in each case, to the terms of such license
agreements, and the right to prepare for sale, sell and advertise for sale, all
Inventory now or hereafter covered by such licenses.

         "Patents" shall mean with respect to any Grantor, all of such Grantor's
right, title and interest in and to all United States patents, patent
applications and patentable inventions, including all patents and patent
applications identified in Schedule III and including (a) all inventions and
improvements described and claimed therein, (b) the right to sue or otherwise
recover for any and all past, present and future infringements thereof, (c) all
income, royalties, damages and other payments now and hereafter due and/or
payable with respect thereto (including payments under all licenses entered into
in connection therewith, and damages and payments for past, present or future
infringements thereof) and (d) all other rights corresponding thereto in 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 such Grantor accruing thereunder or
pertaining thereto.

<PAGE>

                                                                               4

         "Perfection Certificate" shall mean a certificate substantially in the
form of Annex 1 hereto, completed and supplemented with the schedules and
attachments contemplated thereby, and duly executed by a Financial Officer and
the chief legal officer of JCI.

         "Proceeds" shall have the meaning set forth in the Uniform Commercial
Code.

         "Secured Parties" shall mean (a) the Lenders, (b) the Administrative
Agent, (c) the Collateral Agent, (d) the Issuing Bank, (e) unless otherwise
agreed to in writing by the applicable counterparty thereto, each counterparty
to a Hedging Agreement entered into with JCI (whether or not a Lender or an
Affiliate of a Lender) at the time the Hedging Agreement was entered into, (f)
the beneficiaries of each indemnification obligation undertaken by any Grantor
under any Loan Document and (g) the successors and assigns of each of the
foregoing.

         "Security Interest" shall have the meaning assigned to such term in
Section 2.01.

         "Specified Securities" shall mean, collectively, (a) all Pledged
Securities (as defined in the Pledge Agreement) constituting certificated
securities (as defined in the Uniform Commercial Code), the certificates for
which have been delivered to and are held by the Collateral Agent under the
Pledge Agreement, and (b) all properties and assets specifically excluded from
the definition of "Pledged Securities" in the Pledge Agreement (including
without limitation, any Capital Stock of any Foreign Subsidiary in excess of 65%
of any series of such stock and intercompany indebtedness).

         "Trade Secrets" shall mean, with respect to any Grantor, all of such
Grantor's right, title and interest in and to all United States trade secrets,
including know-how, processes, formulae, compositions, designs and confidential
business and technical information, and all rights of any kind whatsoever
accruing thereunder or pertaining thereto, including (a) all income, royalties,
damages and payments now and hereafter due and/or payable with respect thereto,
including payments under all licenses, non-disclosure agreements and memoranda
of understanding entered into in connection therewith and damages and payments
for past or future misappropriations thereof and (b) the right to sue or
otherwise recover for past, present or future misappropriations thereof.

         "Trademark Licenses" shall mean, with respect to any Grantor, all
United States written license agreements of such Grantor with any Person who is
not an Affiliate or a Subsidiary in connection with any of the Trademarks of
such Grantor or such other Person's names or trademarks, whether such Grantor is
a licensor or a licensee under any such agreement, subject, in each case, to the
terms of such license agreements, and the right to prepare for sale, sell and
advertise for sale, all Inventory now or hereafter covered by such licenses.

         "Trademarks" shall mean with respect to any Grantor, all of such
Grantor's right, title and interest in and to all United States trademarks,
service marks, trade names, trade dress or other indicia of trade origin or
business identifiers, trademark and service mark registrations, and applications
for trademark or service mark registrations (except for "intent to use"
applications for trademark or service mark registrations filed pursuant to
Section 1(b) of the Lanham Act, 15 U.S.C. ss. 1051, unless and until an
Amendment to Allege Use or a Statement of Use under Sections 1(c) and 1(d) of
said Act has been filed), and any renewals thereof, including each registration
and application identified in Schedule IV, and including (a) the right to sue or
otherwise recover for any and all past, present and future infringements or
dilutions thereof, (b) all income, royalties, damages and other payments now and
hereafter due and/or payable with respect thereto (including payments under all
licenses entered into in connection therewith, and damages and payments for
past, present or future infringements thereof) and (c) all other rights
corresponding thereto in the United States and all other rights of any kind
whatsoever of such Grantor accruing thereunder or pertaining thereto in the
United States, together in each case with

<PAGE>

                                                                               5

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 or business identifiers.

         SECTION 1.03. Rules of Interpretation. The rules of interpretation
specified in Section 1.02 of the Credit Agreement shall be applicable to this
Agreement.

                                   ARTICLE II

                                Security Interest

         SECTION 2.01. Security Interest. Subject to Section 2.03, each Grantor,
as security for the payment or performance, as the case may be, in full of the
Obligations, hereby grants to the Collateral Agent, its successors and assigns,
for the ratable benefit of the Secured Parties, a security interest in, all of
such Grantor's right, title and interest in, to and under its respective
Collateral (the "Security Interest"). Without limiting the foregoing, the
Collateral Agent is hereby authorized to file one or more financing statements,
continuation statements, filings with the United States Patent and Trademark
Office or United States Copyright Office (or any successor office) or other
documents for the purpose of perfecting, confirming, continuing, enforcing or
protecting the Security Interest granted by each Grantor, without the signature
of such Grantor, and naming such Grantor as debtor and the Collateral Agent as
secured party (in each case, to the extent permitted by applicable law). The
Collateral Agent shall provide copies of each such filing to the Grantors
promptly upon the filing or recordation of any such filing.

         SECTION 2.02. No Assumption of Liability. The Security Interest is
granted as security only and shall not subject the Collateral Agent or any other
Secured Party to, or in any way alter or modify, any obligation or liability of
any Grantor with respect to or arising out of the Collateral.

         SECTION 2.03. Certain Exceptions. No Security Interest is or will be
granted pursuant hereto in (and the term "Collateral" shall not include) the
right, title and interest of any Grantor under or in:

                  (a) any Instruments, Contracts, Chattel Paper, Documents,
         General Intangibles, Licenses or other contracts or agreements with or
         issued by Persons other than Parent, the Subsidiaries or the Borrowers
         (collectively, "Excluded Agreements") that would otherwise be included
         in the Collateral (and such Excluded Agreements shall not be deemed to
         constitute a part of the Collateral) for so long as, and to the extent
         that, the granting of such a Security Interest pursuant hereto would
         result in a breach, default or termination of such Excluded Agreements;

                  (b) any Equipment that would otherwise be included in the
         Collateral (and such Equipment shall not be deemed to constitute a part
         of the Collateral) if such Equipment is subject to a Lien permitted by
         Section 6.02(g) of the Credit Agreement; or

                  (c) any Specified Securities.

<PAGE>

                                                                               6

                                  ARTICLE III

                         Representations and Warranties

         Each Grantor represents and warrants to the Collateral Agent and the
Secured Parties that:

         SECTION 3.01. Title and Authority. Such Grantor has good and valid
rights in and title to its Collateral with respect to which it has purported to
grant a Security Interest hereunder and has full power and authority to grant to
the Collateral Agent the Security Interest in such Collateral pursuant hereto
and to execute, deliver and perform its obligations in accordance with the terms
of this Agreement, without the consent or approval of any other Person other
than any consent or approval which has been obtained.

         SECTION 3.02. Perfected Liens. (a) This Agreement is effective to
create, as collateral security for the Obligations of such Grantor, valid and
enforceable Liens on such Grantor's Collateral in favor of the Collateral Agent,
for the benefit of the Secured Parties, except as enforceability may be 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) Except with regard to Liens (if any) on Specified Assets, upon the
completion of the Filings, and the delivery to and continuing possession by the
Collateral Agent of all Instruments, Chattel Paper and Documents, a security
interest in which is perfected by possession, and the assumption and retention
of control by the Collateral Agent of Electronic Chattel Paper, the Liens
created pursuant to this Agreement will constitute valid Liens on and (to the
extent provided herein) a perfected Security Interest in such Grantor's
Collateral in favor of the Collateral Agent for the benefit of the Secured
Parties, and will be prior to all other Liens of all other Persons other than
Permitted Liens, and which Liens are enforceable as such as against all other
Persons other than Ordinary Course Buyers, except to the extent that the
recording of an assignment or other transfer of title to the Collateral Agent or
the recording of other applicable documents in the United States Patent and
Trademark Office, the United States Copyright Office or the Commonwealth of
Puerto Rico may be necessary for perfection or enforceability, and except as
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors' rights generally and by general equitable principles (whether
enforcement is sought by proceedings in equity or at law) or by an implied
covenant of good faith and fair dealing. As used in this Section 3.02, the
following terms shall have the following meanings:

                  (i) "Filings" shall mean the filing or recording of the
         Financing Statements, the Mortgages, and this Agreement as set forth in
         Section 3.20 of the Credit Agreement, and any filings after the Closing
         Date in any other jurisdiction as may be necessary under any
         Requirement of Law.

                  (ii) "Financing Statements" shall mean the financing
         statements delivered to the Collateral Agent by each Grantor on the
         Closing Date for filing in the jurisdictions listed on Schedule 3.20 to
         the Credit Agreement (which Financing Statements are in proper form for
         filing in such jurisdictions).

                  (iii) "Ordinary Course Buyers" shall mean, with respect to
         goods only, buyers in the ordinary course of business to the extent
         provided in Section 9-320 of the Uniform Commercial Code as in effect
         from time to time in the applicable jurisdiction and, with respect to
         general intangibles only, licensees in the ordinary course of business
         to the
<PAGE>

                                                                               7

         extent provided in Section 321 of the Uniform Commercial Code as in
         effect from time to time in the applicable jurisdiction.

                  (iv) "Permitted Liens" shall mean Liens permitted pursuant to
         the Loan Documents, including those permitted to exist pursuant to
         Section 6.02 of the Credit Agreement.

                  (v) "Specified Assets" shall mean the following property and
         assets of each Grantor:

                  (A) Equipment constituting Fixtures;

                  (B) Patents, Patent Licenses, Trademarks and Trademark
         Licenses to the extent that (1) Liens thereon cannot be perfected by
         the filing of financing statements under the Uniform Commercial Code or
         by the filing and acceptance thereof in the United States Patent and
         Trademark Office or (2) such Patents, Patent Licenses, Trademarks and
         Trademarks Licenses as are not, individually or in the aggregate,
         material to the business of the Parent, the Borrowers and the
         Subsidiaries taken as a whole;

                  (C) Copyrights and Copyright Licenses and Accounts or
         receivables arising therefrom only to the extent that the Uniform
         Commercial Code as in effect from time to time in the relevant
         jurisdiction is not applicable to the creation or perfection of Liens
         thereon;

                  (D) uncertificated securities;

                  (E) Collateral for which the perfection of Liens thereon
         requires filings in or other actions under the laws of jurisdictions
         outside the United States of America, any State, territory or
         dependency thereof or the District of Columbia;

                  (F) Contracts, Accounts or receivables on which the United
         States of America or any department, agency or instrumentality thereof
         is the obligor, and property or assets subject to any rights reserved
         in favor of the United States government as required under law;

                  (G) goods included in Collateral received by any Person for
         "sale or return" within the meaning of Section 2-326 of the Uniform
         Commercial Code of the applicable jurisdiction, to the extent of claims
         of creditors of such Person; and

                  (H) Proceeds of Accounts or Inventory which proceeds do not
         themselves constitute Collateral or which have not been transferred to
         the Collateral Agent.

         SECTION 3.03. IP Collateral. Schedules II, III and IV together list all
material Trademarks and Patents in each case registered in the United States
Patent and Trademark Office and owned by such Grantor in its own name as of the
date hereof, and all material Trademark Licenses and Patent Licenses (including
material Trademark Licenses for registered Trademarks and Patent Licenses for
registered Patents) owned by such Grantor in its own name as of the date hereof.

         SECTION 3.04. Farm Products. None of such Grantor's Collateral
constitutes, or is the Proceeds of, Farm Products.

         SECTION 3.05. Accounts. The amount represented by such Grantor to the
Collateral Agent or the other Secured Parties from time to time as owing by each
account debtor or by all

<PAGE>

                                                                               8

account debtors in respect of such Grantor's Accounts will at such time be the
correct amount, in all material respects, actually owing by such account debtor
or debtors thereunder, except to the extent that appropriate reserves therefor
have been established on the books of such Grantor in accordance with GAAP.
Unless otherwise indicated in writing to the Collateral Agent, each Account of
such Grantor arises out of a bona fide sale and delivery of goods or rendition
of services by such Grantor. Such Grantor has not given any account debtor any
deduction in respect of the amount due under any such Account, except in the
ordinary course of business or as such Grantor may otherwise advise the
Collateral Agent in writing.

                                   ARTICLE IV

                                   Covenants

         SECTION 4.01. Change of Name; Location of Collateral; Records; Place of
Business. (a) Each Grantor agrees promptly to notify the Collateral Agent in
writing of any change (i) in its corporate name or in any trade name used to
identify it in the conduct of its business or in the ownership of its properties
to the extent that any financing statement filed in connection with this
Agreement would become seriously misleading, (ii) in the jurisdiction of its
incorporation or organization, (iii) in its identity or corporate structure to
the extent that any financing statement filed in connection with this Agreement
would become seriously misleading or (iv) in its Organizational Identification
Number, if any. Each Grantor agrees to make all filings (other than in the
Commonwealth of Puerto Rico) under the Uniform Commercial Code or otherwise that
are required in order for the Collateral Agent to continue at all times
following such change to have a perfected security interest in all the
Collateral (other than Specified Assets).

         (b) Each Grantor agrees to maintain, at its own cost and expense, such
complete and accurate records with respect to the Collateral owned by it as is
consistent with its current practices and in accordance with such prudent and
standard practices used in industries that are the same as or similar to those
in which such Grantor is engaged.

         SECTION 4.02. Protection of Security. Each Grantor shall, at its own
cost and expense, take any and all reasonable actions necessary to defend title
to the Collateral against all Persons and to defend the Security Interest of the
Collateral Agent in the Collateral as a perfected security interest having at
least the priority described in Section 3.02 against any Lien not permitted
pursuant to Section 6.02 of the Credit Agreement.

         SECTION 4.03. Further Assurances. Each Grantor agrees, at its own
expense, to execute, acknowledge, deliver and cause to be duly filed all such
further instruments and documents and take all such actions as the Collateral
Agent may from time to time reasonably request to better assure, preserve,
protect and perfect the Security Interest and the rights and remedies created
hereby, including the payment of any fees and taxes required in connection with
the execution and delivery of this Agreement, the granting of the Security
Interest and the filing of any financing statements (including fixture filings)
or other documents in connection herewith or therewith. If any amount payable
under or in connection with any of the Collateral shall be or become evidenced
by any promissory note or other instrument, such note or instrument shall be
immediately pledged and delivered to the Collateral Agent, duly endorsed in a
manner satisfactory to the Collateral Agent.

         SECTION 4.04. Inspection and Verification. At any time during the
occurrence and continuance of an Event of Default, the Collateral Agent and such
Persons as the Collateral Agent may reasonably designate shall have the right,
at each Grantor's own cost and expense, to inspect such Grantor's Collateral,
all records related thereto (and to make extracts and copies from such records)
and the premises upon which any of such Grantor's Collateral is located, to
discuss such Grantor's affairs with the officers of such Grantor and its
independent accountants and to verify

<PAGE>

                                                                               9

under reasonable procedures the validity, amount, quality, quantity, value,
condition and status of, or any other matter relating to, such Grantor's
Collateral, excluding, however, in the case of Accounts or Collateral in the
possession of any third Person, by contacting Account Debtors or the third
Person possessing such Collateral for the purpose of making such a verification.
The Collateral Agent shall have the absolute right to share any information it
gains from such inspection or verification with any Lender (it being understood
that any such information shall be deemed to be "Confidential Information"
subject to the provisions of Section 9.17 of the Credit Agreement).

         SECTION 4.05. Taxes; Encumbrances. At its option, the Collateral Agent
may discharge past due taxes, assessments, charges, fees, Liens, security
interests or other encumbrances at any time levied or placed on the Collateral
that are not permitted pursuant to the Credit Agreement, and may pay for the
maintenance and preservation of any Grantor's Collateral to the extent such
Grantor fails to do so as required by the Credit Agreement or this Agreement,
and each Grantor severally agrees to reimburse the Collateral Agent on demand
for any reasonable payment made or any reasonable expense incurred by the
Collateral Agent pursuant to the foregoing authorization on such Grantor's
behalf; provided, however, that nothing in this Section 4.05 shall be
interpreted as excusing any Grantor from the performance of, or imposing any
obligation on the Collateral Agent or any Secured Party to cure or perform, any
covenants or other promises of any Grantor with respect to taxes, assessments,
charges, fees, liens, security interests or other encumbrances and maintenance
as set forth herein or in the other Loan Documents.

         SECTION 4.06. Continuing Obligations of the Grantors. Each Grantor
shall remain liable to observe and perform all the conditions and obligations to
be observed and performed by it under each contract, agreement or instrument
relating to the Collateral.

         SECTION 4.07. Use and Disposition of Collateral. None of the Grantors
shall grant any Lien in respect of the Collateral, except as permitted by the
Credit Agreement. Each Grantor agrees that if any Inventory is in the possession
or control of any warehouseman, bailee, agent or processor and the Collateral
Agent reasonably requests, such Grantor shall inform such warehouseman, bailee,
agent or processor of the Security Interest and shall use good faith efforts to
obtain from such warehouseman, bailee, agent or processor its agreement to hold
the Inventory subject to the Security Interest and to waive and release any Lien
held by it with respect to such Inventory (unless such Lien is permitted by the
Credit Agreement or other Loan Document), whether arising by operation of law or
otherwise.

         SECTION 4.08. Limitation on Modification of Accounts. None of the
Grantors will, without the Collateral Agent's prior written consent, grant any
extension of the time of payment of any of the Accounts, compromise, compound or
settle the same for less than the full amount thereof, release, wholly or
partly, any Person liable for the payment thereof or allow any credit or
discount whatsoever thereon, other than extensions, credits, releases,
discounts, compromises or settlements granted that would not reasonably be
expected to materially adversely affect the value of the Accounts constituting
Collateral taken as a whole.

         SECTION 4.09. Insurance. The Grantors, at their own expense, shall
maintain or cause to be maintained insurance covering physical loss or damage in
accordance with Section 5.06 of the Credit Agreement. Each Grantor irrevocably
makes, constitutes and appoints the Collateral Agent (and all officers,
employees or agents designated by the Collateral Agent) as such Grantor's true
and lawful agent (and attorney-in-fact) for the purpose, during the continuance
of an Event of Default specified in Section 7.01(a) or 7.02(a), of making,
settling and adjusting claims in respect of such Grantor's Collateral under
policies of insurance, endorsing the name of such Grantor on any check, draft,
instrument or other item of payment for the proceeds of such policies of
insurance and for making all determinations and decisions with respect thereto.
In the event that any Grantor at any time or times shall fail to obtain or
maintain any of the policies of

<PAGE>

                                                                              10

insurance required hereby or to pay any premium in whole or part relating
thereto, the Collateral Agent may, without waiving or releasing any obligation
or liability of such Grantor hereunder, in its sole discretion, obtain and
maintain such policies of insurance and pay such premium and take any other
actions with respect thereto as the Collateral Agent reasonably deems advisable.
All sums disbursed by the Collateral Agent in connection with this Section 4.09,
including reasonable attorneys' fees, court costs, expenses and other charges
relating thereto, shall be payable, upon demand, by the respective Grantor to
the Collateral Agent and shall be additional Obligations secured hereby.

         SECTION 4.10. Covenants Regarding Copyrights, Patents, and Trademarks.
(a) Within 90 days after the end of each calendar year, such Grantor will notify
the Collateral Agent of any acquisition by such Grantor of any registration of
any material Copyright, Patent or Trademark or any exclusive right under a
material License, in each case constituting Collateral and shall take such
actions as may be reasonably requested by the Collateral Agent (but only to the
extent such actions are within such Grantor's control) to perfect the Security
Interest granted to the Collateral Agent and the other Secured Parties therein
to the extent provided in respect of Copyrights, Patents or Trademarks
constituting Collateral on the date hereof (including without limitation by (x)
the execution and delivery of a Security Agreement (or amendments to any such
agreement previously executed or delivered by such Grantor) and/or (y) the
making of appropriate filings in the United States Patent and Trademark Office
or the United States Copyright Office and/or appropriate Uniform Commercial Code
filings).

         (b) Except as permitted in the Loan Documents, such Grantor agrees to
take all reasonably necessary steps, including in the United States Patent and
Trademark Office or in any court, to (i) maintain each trademark registration
and each Trademark License identified on Schedule II or IV hereto, as the case
may be, and (ii) pursue each trademark application now or hereafter identified
in Schedule V hereto, 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, the filing of affidavits under Sections 8
and 15 of the United States Trademark Act, and the participation in opposition,
cancelation, infringement and dilution proceedings, except, in each case in
which such Grantor has reasonably determined that any of the foregoing is not of
material economic value to it. Such Grantor agrees to take corresponding steps
with respect to each new or acquired trademark or service mark registration, or
application for trademark or service mark registration, or any rights obtained
under any Trademark License, in each case, to which it is now or later becomes
entitled, except in each case in which such Grantor has reasonably determined
that any of the foregoing is not of material economic value to it. Any expenses
incurred in connection with such activities shall be borne by such Grantor.

         (c) Except as permitted in the Loan Documents, such Grantor agrees to
take all necessary steps, including in the United States Patent and Trademark
Office or in any court, to (i) maintain each patent and each Patent License
identified on Schedule II or III, as applicable, and (ii) pursue each patent
application, now or hereafter identified in Schedule III including the filing of
divisional, continuation, continuation-in-part and substitute applications, the
filing of applications for reissue, renewal or extensions, the payment of
maintenance fees, and the participation in interference, reexamination,
opposition or infringement and misappropriation proceedings, except, in each
case in which such Grantor has reasonably determined that any of the foregoing
is not of material economic value to it. Such Grantor agrees to take
corresponding steps with respect to each new or acquired patent, patent
application, or any rights obtained under any Patent License, in each case,
which it is now or later becomes entitled, except in each case in which such
Grantor has reasonably determined that any of the foregoing is not of material
economic value to it. Any expenses incurred in connection with such activities
shall be borne by such Grantor.

         (d) Except as provided in subsection (f) hereof, such Grantor shall
take all additional steps not set forth in subsections (b) and (c) hereof which
it or the Collateral Agent deems

<PAGE>

                                                                              11

reasonably appropriate under the circumstances to preserve and protect its
material Copyrights, Copyright Licenses, Trademarks, Trademark Licenses, Patents
and Patent Licenses.

         (e) Such Grantor shall not abandon any trademark registration, patent
or any pending trademark or patent application, in each case listed on Schedule
III or IV, without the written consent of the Collateral Agent, unless such
Grantor shall have previously determined that such use or the pursuit or
maintenance of such trademark registration, patent or pending trademark or
patent application is not of material economic value to it, in which case, such
Grantor will, at least annually, give notice of any such abandonment to the
Collateral Agent in writing, in reasonable detail, at its address set forth in
the Credit Agreement.

         (f) In the event that any Grantor becomes aware that any of such
Grantor's IP Collateral which such Grantor has reasonably determined to be
material to its business is infringed or misappropriated by a third party, which
infringement or misappropriation would reasonably be expected to have a Material
Adverse Effect, such Grantor shall notify the Collateral Agent promptly and in
writing, in reasonable detail, at its address set forth in the Credit Agreement,
and shall take such actions as such Grantor or the Collateral Agent deems
reasonably appropriate under the circumstances to protect such IP Collateral
including suing for damages and/or for an injunction against such infringement
or misappropriation. Any expense incurred in connection with such activities
shall be borne by such Grantor. Such Grantor will advise the Collateral Agent
promptly and in writing, in reasonable detail, at its address set forth in the
Credit Agreement, of any adverse determination or the institution of any
proceeding (including, without limitation, the institution of any proceeding in
the United States Patent and Trademark Office or any court) regarding any item
of such Grantor's IP Collateral which could reasonably result in a Material
Adverse Effect.

         (g) Such Grantor shall mark its products with the trademark
registration symbol (R), the numbers of all appropriate patents, the common law
trademark symbol (TM), or the designation "patent pending", as the case may be,
to the extent that it is reasonably and commercially practicable.

         (h) Such Grantor will not create, incur or permit to exist, will defend
such Grantor's IP Collateral against, and will take such other action as is
reasonably necessary to remove, any material Lien or material adverse claim on
or to any of such Grantor's IP Collateral other than Liens created hereby and
other than as permitted pursuant to the Loan Documents (including any Liens
permitted to exist on such Grantor's IP Collateral pursuant to Section 6.02 of
the Credit Agreement), and will defend the right, title and interest of the
Collateral Agent and the other Secured Parties in and to any of the IP
Collateral against the claims and demands of all Persons whomsoever, except
where failure to defend would not have a Material Adverse Effect.

         (i) Without the prior written consent of the Collateral Agent, such
Grantor will not sell, assign, transfer, exchange or otherwise dispose of, or
grant any option with respect to, such Grantor's IP Collateral, or attempt,
offer or contract to do so, except with respect to licenses in the ordinary
course of business or as permitted by this Agreement or the Loan Documents.

         (j) Such Grantor will advise the Collateral Agent promptly and in
writing, in reasonable detail, at its address set forth in the Credit Agreement,
(i) of any Lien (other than Liens created hereby or permitted under the Loan
Documents, including, without limitation, any Liens permitted to exist on such
Grantor's Patents or Trademarks pursuant to Section 6.02 of the Credit
Agreement) on any of such Grantor's IP Collateral and (ii) of the occurrence of
any other event which would reasonably be expected in the aggregate to have a
material adverse effect on the aggregate value of the IP Collateral as a whole
or the Liens created hereunder.

<PAGE>

                                                                              12

         SECTION 4.11. Protection of Trade Secrets. Such Grantor shall take all
steps which it deems commercially reasonable to preserve and protect the secrecy
of all material Trade Secrets of such Grantor.

                                    ARTICLE V

                                   Collections

         SECTION 5.01. Power of Attorney. Each Grantor irrevocably makes,
constitutes and appoints the Collateral Agent (and all officers and employees of
the Collateral Agent designated by the Collateral Agent) as such Grantor's true
and lawful agent and attorney-in-fact, and in such capacity the Collateral Agent
shall have the right, with power of substitution for each Grantor and in each
Grantor's name or otherwise, for the use and benefit of the Collateral Agent and
the Secured Parties, but only upon the occurrence and during the continuance of
an Event of Default (a) to receive, endorse, assign and/or deliver any and all
notes, acceptances, checks, drafts, money orders or other evidences of payment
relating to such Grantor's Collateral or any part thereof; (b) to demand,
collect, receive payment of, give receipt for and give discharges and releases
of all or any of such Grantor's Collateral; (c) to sign the name of such Grantor
on any invoice or bill of lading relating to any of such Grantor's Collateral;
(d) to send verifications of such Grantor's Accounts to any Account Debtor; (e)
to commence and prosecute any and all suits, actions or proceedings at law or in
equity in any court of competent jurisdiction to collect or otherwise realize on
all or any of such Grantor's Collateral or to enforce any rights in respect of
any such Collateral; (f) to settle, compromise, compound, adjust or defend any
actions, suits or proceedings relating to all or any of such Grantor's
Collateral; (g) to notify, or to require such Grantor to notify, Account Debtors
to make payment directly to the Collateral Agent; and (h) subject to any
existing reserved rights or licenses, to use, sell, assign, transfer, pledge,
make any agreement with respect to or otherwise deal with all or any of such
Grantor's Collateral, and to do all other acts and things necessary to carry out
the purposes of this Agreement, as fully and completely as though the Collateral
Agent were the absolute owner of such Grantor's Collateral for all purposes;
provided, however, that nothing herein contained shall be construed as requiring
or obligating the Collateral Agent to make any commitment or to make any inquiry
as to the nature or sufficiency of any payment received by the Collateral Agent,
or to present or file any claim or notice, or, except as otherwise provided
herein, to take any action with respect to the Collateral or any part thereof or
the moneys due or to become due in respect thereof or any property covered
thereby, and no action taken or omitted to be taken by the Collateral Agent with
respect to the Collateral or any part thereof shall give rise to any defense,
counterclaim or offset in favor of any Grantor or to any claim or action against
the Collateral Agent. It is understood and agreed that the appointment of the
Collateral Agent as the agent and attorney-in-fact of each Grantor for the
purposes set forth above is coupled with an interest and is irrevocable. The
provisions of this Section shall in no event relieve any Grantor of any of its
obligations hereunder or under any other Loan Document with respect to the such
Grantor's Collateral or any part thereof or, such Grantor's impose any
obligation on the Collateral Agent or any Secured Party to proceed in any
particular manner with respect to the Collateral or any part thereof, or, except
as otherwise provided herein, in any way limit the exercise by the Collateral
Agent or any Secured Party of any other or further right which it may have on
the date of this Agreement or hereafter, whether hereunder, under any other Loan
Document, by law or otherwise. Anything in this Section 5.01 to the contrary
notwithstanding, the Collateral Agent agrees that it will not exercise any
rights under the power of attorney provided for in this Section 5.01 unless an
Event of Default shall have occurred and be continuing.

<PAGE>

                                                                              13

                                   ARTICLE VI

                                    Remedies

         SECTION 6.01. Remedies upon Default. Upon the occurrence and during the
continuance of an Event of Default, each Grantor agrees that the Collateral
Agent shall have the right to take any of or all the following actions at the
same or different times: (a) in the case of any Copyright, Patent or Trademark
constituting Collateral of such Grantor, execute and deliver any and all
agreements, instruments, documents and papers as the Collateral Agent may
reasonably request to evidence the Collateral Agent's and the other Secured
Parties' security interest in such Copyright, Patent or Trademark and the
goodwill and general intangibles of such Grantor relating thereto or represented
thereby and, subject to any existing reserved rights or licenses, assign any
Copyright, Patent or Trademark constituting Collateral of such Grantor (along
with the goodwill of the business to which any such Copyright, Patent or
Trademark pertains), for such term or terms, on such conditions, and in such
manner, as the Collateral Agent shall in its sole discretion determine, and (b)
with or without legal process and with or without prior notice or demand for
performance, to take possession of such Grantor's Collateral and without
liability for trespass to enter any premises where such Grantor's Collateral may
be located for the purpose of taking possession of or removing such Grantor's
Collateral and, generally, to exercise any and all rights afforded to a secured
party under the Uniform Commercial Code or other applicable law. Without
limiting the generality of the foregoing, each Grantor agrees that the
Collateral Agent shall have the right, subject to the mandatory requirements of
applicable law, to sell or otherwise dispose of all or any part of such
Grantor's Collateral, at public or private sale or at any broker's board or on
any securities exchange, for cash, upon credit or for future delivery as the
Collateral Agent shall reasonably deem appropriate. The Collateral Agent shall
be authorized at any such sale of any Grantor's Collateral subject to
restrictions on sales under the Securities Act of 1933, as amended (if it
reasonably deems it advisable to do so), to restrict the prospective bidders or
purchasers to Persons who will represent and agree that they are purchasing such
Collateral for their own account for investment and not with a view to the
distribution or sale thereof, and upon consummation of any such sale the
Collateral Agent shall have the right to assign, transfer and deliver to the
purchaser or purchasers thereof the Collateral so sold. Each such purchaser at
any such sale shall hold the property sold absolutely, free from any claim or
right on the part of any Grantor, and each Grantor hereby waives (to the extent
permitted by law) all rights of redemption, stay and appraisal which such
Grantor now has or may at any time in the future have under any rule of law or
statute now existing or hereafter enacted.

         The Collateral Agent shall give the Grantors at least 10 days' written
notice (which each Grantor agrees is reasonable notice within the meaning of
Section 9-611 of the Uniform Commercial Code as in effect in the State of New
York or its equivalent in other jurisdictions) of the Collateral Agent's
intention to make any sale of such Grantor's Collateral. Such notice, in the
case of a public sale, shall state the time and place for such sale and, in the
case of a sale at a broker's board or on a securities exchange, shall state the
board or exchange at which such sale is to be made and the day on which the
Collateral, or portion thereof, will first be offered for sale at such board or
exchange. Any such public sale shall be held at such time or times within
ordinary business hours and at such place or places as the Collateral Agent may
fix and state in the notice (if any) of such sale. At any such sale, the
Collateral, or portion thereof, to be sold may be sold in one lot as an entirety
or in separate parcels, as the Collateral Agent may in its sole and absolute
discretion determine. The Collateral Agent shall not be obligated to make any
sale of any Collateral if it shall reasonably determine not to do so, regardless
of the fact that notice of sale of such Collateral shall have been given. The
Collateral Agent may, without notice or publication, adjourn any public or
private sale or cause the same to be adjourned from time to time by announcement
at the time and place fixed for sale, and such sale may, without further notice,
be made at the time and place to which the same was so adjourned. In case any
sale of all or any part of the Collateral is made on credit or for future
delivery, the Collateral so sold may be

<PAGE>

                                                                              14

retained by the Collateral Agent until the sale price is paid by the purchaser
or purchasers thereof, but the Collateral Agent shall not incur any liability in
case any such purchaser or purchasers shall fail to take up and pay for the
Collateral so sold and, in case of any such failure, such Collateral may be sold
again upon like notice. At any public (or, to the extent permitted by law,
private) sale made pursuant to this Section, any Secured Party may bid for or
purchase, free (to the extent permitted by law) from any right of redemption,
stay, valuation or appraisal on the part of any Grantor (all said rights being
also hereby waived and released to the extent permitted by law), such Grantor's
Collateral or any part thereof offered for sale and may make payment on account
thereof by using any claim then due and payable to such Secured Party from such
Grantor as a credit against the purchase price, and such Secured Party may, upon
compliance with the terms of sale, hold, retain and dispose of such property
without further accountability to such Grantor therefor. For purposes hereof, a
written agreement with any Person (other than a Secured Party or affiliate
thereof) to purchase the Collateral or any portion thereof shall be treated as a
sale thereof; the Collateral Agent shall be free to carry out such sale pursuant
to such agreement and no Grantor shall be entitled to the return of such
Grantor's Collateral or any portion thereof subject thereto, notwithstanding the
fact that after the Collateral Agent shall have entered into such an agreement
all Events of Default shall have been remedied and the Obligations paid in full.
As an alternative to exercising the power of sale herein conferred upon it, the
Collateral Agent may proceed by a suit or suits at law or in equity to foreclose
this Agreement and to sell the Collateral or any portion thereof pursuant to a
judgment or decree of a court or courts having competent jurisdiction or
pursuant to a proceeding by a court-appointed receiver.

         SECTION 6.02. Application of Proceeds. The Collateral Agent may, in the
sole discretion of the Collateral Agent, apply the proceeds of any collection or
sale of the Collateral, as well as any Collateral consisting of cash against the
respective Obligations of the relevant Grantor then due and owing in the
following order of priority:

                  FIRST, to the payment of all reasonable costs and reasonable
         expenses incurred by the Collateral Agent hereunder in connection with
         such collection or sale or otherwise in connection with this Agreement
         or any of the Obligations of the relevant Grantor then due and owing,
         including all court costs and the reasonable fees and expenses of its
         agents and legal counsel, the repayment of all reasonable advances made
         by the Collateral Agent hereunder on behalf of such Grantor and any
         other reasonable costs or expenses incurred in connection with the
         exercise of any right or remedy hereunder;

                  SECOND, to the payment in full of the Obligations of the
         relevant Grantor then due and owing (the amounts so applied to be
         distributed among the Secured Parties pro rata in accordance with the
         amounts of such Obligations then due and owing to them on the date of
         any such distribution); and

                  THIRD, to the relevant Grantor, its successors or assigns, or
         to whomsoever may be lawfully entitled to receive the same or as a
         court of competent jurisdiction may otherwise direct.

The Collateral Agent shall have absolute discretion as to the time of
application of any such proceeds, moneys or balances in accordance with this
Agreement. Upon any sale of the Collateral by the Collateral Agent (including
pursuant to a power of sale granted by statute or under a judicial proceeding),
the receipt of the Collateral Agent or of the officer making the sale shall be a
sufficient discharge to the purchaser or purchasers of the Collateral so sold
and such purchaser or purchasers shall not be obligated to see to the
application of any part of the purchase money paid over to the Collateral Agent
or such officer or be answerable in any way for the misapplication thereof.

<PAGE>

                                                                              15

                                  ARTICLE VII

                                  Miscellaneous

         SECTION 7.01. Notices. All communications and notices hereunder shall
(except as otherwise expressly permitted herein) be in writing and given as
provided in Section 9.02 of the Credit Agreement. All communications and notices
hereunder to any Subsidiary Grantor shall be given to it in care of JCI.

         SECTION 7.02. Security Interest Absolute. All rights of the Collateral
Agent hereunder, the Security Interest and all obligations of the Grantors
hereunder shall be absolute and unconditional irrespective of (a) any lack of
validity or enforceability of the Credit Agreement, any other Loan Document, any
agreement with respect to any of the Obligations or any other agreement or
instrument relating to any of the foregoing, (b) any change in the time, manner
or place of payment of, or in any other term of, all or any of the Obligations,
or any other amendment or waiver of or any consent to any departure from the
Credit Agreement, any other Loan Document or any other agreement or instrument,
(c) any exchange, release or non-perfection of any Lien on other collateral, or
any release or amendment or waiver of or consent under or departure from any
guarantee, securing or guaranteeing all or any of the Obligations, or (d) any
other circumstance that might otherwise constitute a defense available to, or a
discharge of, any Grantor in respect of the Obligations or this Agreement.

         SECTION 7.03. Survival of Agreement. All covenants and agreements, made
by any Grantor herein shall survive the making by the Lenders of the Loans, and
the execution and delivery to the Lenders of any notes evidencing such Loans.

         SECTION 7.04. Binding Effect; Several Agreement. This Agreement shall
become effective as to any Grantor when a counterpart hereof executed on behalf
of such Grantor shall have been delivered to the Collateral Agent and a
counterpart hereof shall have been executed on behalf of the Collateral Agent,
and thereafter shall be binding upon such Grantor and the Collateral Agent and
their respective successors and assigns, and shall inure to the benefit of such
Grantor, the Collateral Agent and the other Secured Parties and their respective
successors and assigns, except that no Grantor shall have the right to assign or
transfer its rights or obligations hereunder or any interest herein except with
the consent of the Collateral Agent or as contemplated by this Agreement or the
Credit Agreement. This Agreement shall be construed as a separate agreement with
respect to each Grantor and may be amended, modified, supplemented, waived or
released with respect to any Grantor without the approval of any other Grantor
and without affecting the obligations of any other Grantor hereunder.

         SECTION 7.05. Successors and Assigns. Whenever in this Agreement any of
the parties hereto is referred to, such reference shall be deemed to include the
successors and assigns of such party; and all covenants, promises and agreements
by or on behalf of any Grantor or the Collateral Agent that are contained in
this Agreement shall bind and inure to the benefit of their respective
successors and assigns.

         SECTION 7.06. Governing Law. THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK, WITHOUT GIVING EFFECT TO ITS PRINCIPLES OR RULES OF CONFLICTS OF LAWS TO
THE EXTENT THAT THE SAME ARE NOT MANDATORILY APPLICABLE BY STATUTE AND THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

<PAGE>

                                                                              16

         SECTION 7.07. Waivers; Amendment. (a) No failure or delay of the
Collateral Agent in exercising any power or right hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right or
power, or any abandonment or discontinuance of steps to enforce such a right or
power, preclude any other or further exercise thereof or the exercise of any
other right or power. The rights and remedies of the Collateral Agent hereunder
are cumulative and are not exclusive of any rights or remedies that they would
otherwise have. No waiver of any provisions of this Agreement or consent to any
departure by any Grantor therefrom shall in any event be effective unless the
same shall be permitted by paragraph (b) below, and then such waiver or consent
shall be effective only in the specific instance and for the purpose for which
given. No notice to or demand on any Grantor in any case shall entitle such
Grantor or any other Grantor to any other or further notice or demand in similar
or other circumstances.

         (b) Neither this Agreement nor any provision hereof may be waived,
amended or modified except pursuant to an agreement or agreements in writing
entered into by the Collateral Agent and the Grantor or Grantors with respect to
which such waiver, amendment or modification is to apply, subject to any consent
required in accordance with Section 9.01 of the Credit Agreement.

         SECTION 7.08. Waiver of Jury Trial. EACH PARTY HERETO HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY
COUNTERCLAIM THEREIN.

         SECTION 7.09. 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.

         SECTION 7.10. Counterparts. This Agreement may be executed by one or
more parties to this Agreement on any number of separate counterparts (including
by facsimile transmission), and all of said counterparts taken together shall be
deemed to constitute one and the same instrument and shall become effective as
provided in Section 7.04. Delivery of an executed signature page to this
Agreement by facsimile transmission shall be effective as delivery of a manually
executed counterpart hereof.

         SECTION 7.11. Headings. Article and Section headings used herein are
for the purpose of reference only, are not part of this Agreement and are not to
affect the construction of, or to be taken into consideration in interpreting,
this Agreement.

         SECTION 7.12. Jurisdiction; Consent to Service of Process. Each party
hereto hereby irrevocably and unconditionally:

                  (a) submits for itself and its property in any legal action or
         proceeding relating to this Agreement, or for recognition and
         enforcement of any judgment in respect thereof, to the non-exclusive
         general jurisdiction of the courts of the State of New York, the courts
         of the United States of America for the Southern District of New York,
         and appellate courts of any thereof;

                  (b) consents that any such action or proceeding may be brought
         in such courts and waives any objection that it may now or hereafter
         have to the venue of any such action or proceeding in any such court or
         that such action or proceeding was brought in an inconvenient forum and
         agrees not to plead or claim the same;

<PAGE>

                                                                              17

                  (c) agrees that service of process in any such action or
         proceeding may be effected by mailing a copy thereof by registered or
         certified mail (or any substantially similar form of mail), postage
         prepaid, to applicable party at the address specified in Section 7.01
         or at such other address of which the parties hereto shall have been
         notified pursuant thereto.

                  (d) agrees that nothing herein shall affect the right to
         effect service of process in any other manner permitted by law or shall
         limit the right to sue in any other jurisdiction; and

                  (e) waives, to the maximum extent not prohibited by law, any
         right it may have to claim or recover in any legal action or proceeding
         referred to in this Section 7.12 any punitive damages.

         SECTION 7.13. Termination. This Agreement shall terminate and the
Security Interest shall be automatically released, all without delivery of any
instrument or performance of any act by any party, (a) when all the Obligations
have been paid in full, the Lenders have no further commitment to lend, the L/C
Exposure has been reduced to zero and the Issuing Bank has no further commitment
to issue Letters of Credit under the Credit Agreement, at which time the
Collateral Agent shall execute and deliver to the Grantors, at the Grantors'
expense, all Uniform Commercial Code termination statements and similar
documents which the Grantors shall reasonably request to evidence such
termination, (b) upon any sale or other transfer by any Grantor of any
Collateral that is permitted under the Credit Agreement to any Person (unless
such sold Collateral is to a Person that is required to pledge such Collateral
to the Collateral Agent pursuant to Section 5.11 of the Credit Agreement) or (c)
upon the effectiveness of any written consent to the release of the security
interest granted hereby in any Collateral pursuant to Section 9.01(d) of the
Credit Agreement. Any execution and delivery of termination statements or
documents pursuant to this Section 7.13 shall be without recourse to or warranty
by the Collateral Agent. A Subsidiary Grantor shall automatically be released
from its obligations hereunder and the Security Interest in the Collateral of
such Subsidiary Grantor shall be automatically released in the event that all
the capital stock of such Subsidiary Grantor shall be sold, transferred or
otherwise disposed of to a Person that is not an Affiliate of JCI in accordance
with the terms of the Credit Agreement.

         SECTION 7.14. Additional Grantors. Pursuant to Section 5.11 of the
Credit Agreement, certain Domestic Subsidiaries of JCI are required to become
Subsidiary Grantors hereunder. Upon execution and delivery by the Collateral
Agent and such Domestic Subsidiary of an instrument in the form of Annex 2
hereto, such Domestic Subsidiary shall become a Subsidiary Grantor hereunder
with the same force and effect as if originally named as a Subsidiary Grantor
herein. The execution and delivery of any such instrument shall not require the
consent of any Grantor hereunder. The rights and obligations of each Grantor
hereunder shall remain in full force and effect notwithstanding the addition of
any new Subsidiary Grantor as a party to this Agreement.

<PAGE>

                                                                              18

         IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the day and year first above written.

                                            JAFRA COSMETICS INTERNATIONAL, INC.,

                                              By: /s/ Ralph S. Mason, III
                                                 ------------------------------
                                                 Name: Ralph S. Mason, III
                                                 Title: Executive Vice President

                                            CREDIT SUISSE FIRST BOSTON, acting
                                            through its Cayman Islands branch,
                                            as Collateral Agent,

                                              By: /s/ Karl M. Studer
                                                 ------------------------------
                                                 Name: Karl M. Studer
                                                 Title: Director

                                              By: /s/ Jay Chall
                                                 ------------------------------
                                                 Name: Jay Chall
                                                 Title: Director

<PAGE>

                                                                      SCHEDULE I
                                                       to the Security Agreement

                               SUBSIDIARY GRANTORS

None as of the Closing Date.

<PAGE>

                                                                     SCHEDULE II
                                                       to the Security Agreement

                                    LICENSES

1.       Letter Agreements, dated July 24, 2000, September 20, 2001 and February
         22, 2002, between JCI, Kevin L. Boyle and KoWell LLC.

2.       Software License, Services and Maintenance Agreement, dated November
         29, 2001, between JCI and J.D. Edwards World Solutions Company, J.D.
         Edwards Europe, Ltd. and J.D. Edwards (Asia Pacific) Pte. Ltd..

3.       Software License and Services Agreement, dated September 29, 2000,
         between Blue Martini Software, Inc. and JCI.

4.       Form of License and Services Agreement, dated January 29, 2002, between
         Oracle and JCI.

5.       Software License and Services Agreement, undated, between eGain
         Communications Corporation and JCI.

6.       Software License Agreement, dated as of November 15, 1998 and
         Amendment, dated as of December 23, 1998, between Hyperion Solutions
         Corporation and JCI.

7.       License Agreement, dated January 23, 2002, between Digisoft Computers,
         Inc. and JCI.

8.       Services and Software License Agreement, dated May 1, 1998, between
         ProBusiness Services, Inc. and JCI.

9.       Software License Agreement, dated March 27, 2002, between Vertex Inc.
         and JCI.

10.      CyberSource e-Commerce Solutions Agreement, dated February 7, 2001, and
         First Amendment dated February 7, 2001, Second Amendment dated May 17,
         2002, Transaction Services Addendums dated February 7, 2001, and
         Enterprise Software License Addendum, dated May 17, 2002, between
         CyberSource Corporation and JCI.

11.      Sales Agreement, dated as of May 14, 1999, between JCI and Periphonics
         Corporation.

12.      License and Support Agreement and Service Agreement, dated as of March
         7, 2000, by and between Witness System, Inc. and JCI.

13.      Manufacturing Agreement, dated June 10, 1999, between JCI and Universal
         Packaging Systems, Inc.

14.      Engagement Letter, dated December 18, 2001, as amended by letter dated
         May, 17, 2003, between JCI and Deloitte & Touche, regarding software
         implementation.

15.      JCI routinely uses patents and trademarks embedded in or otherwise a
         part of software and other components of its business operations which
         are subject to shrink-wrap, on-screen acceptance or other similar forms
         of licensing.

<PAGE>

                                                                    SCHEDULE III
                                                       to the Security Agreement

                                     PATENTS

Patents

                                             STATUS: Granted
  United States                                      REGULAR
    APPLN. DT/NO: 29MY1992 891293
    PATENT NO./GRNT DT: 5234132 10AU1993
    TITLE: ACTUATOR FOR DISPENSING CAP (COSMETIC DISPENSER)
    EXPIRATION DATE: 29MY2012
    NEXT TAX DUE: 10FE2005
    OWNER: Jafra Cosmetics International, Inc.

                                             STATUS: Granted
  United States                                       DESIGN
    APPLN. DT/NO: 28MY1992 07/889745
    PATENT NO./GRNT DT: DES347165 24MY1994
    TITLE: COMBINED DISPENSER & CAP DESIGN
    EXPIRATION DATE: 24MY2008
    NEXT TAX DUE:
    OWNER: Jafra Cosmetics International, Inc.

                                             STATUS: Granted
  United States                                      REGULAR
    APPLN. DT/NO: 29MY1992 891348
    PATENT NO./GRNT DT: 5238131 24AU1993
    TITLE: TWO-PART PLASTIC CAP FOR CONTAINER
    EXPIRATION DATE: 29MY2012
    NEXT TAX DUE: 24FE2005
    OWNER: Jafra Cosmetics International, Inc.

                                             STATUS: Granted
  United States                                       DESIGN
    APPLN. DT/NO: 29MY1992 894798
    PATENT NO./GRNT DT: DES351560 18OC1994
    TITLE: SKIN PROGRAMMER DESIGN
    EXPIRATION DATE: 18OC2008
    NEXT TAX DUE:
    OWNER: Jafra Cosmetics International, Inc.

<PAGE>

                                                                    SCHEDULE III
                                                       to the Security Agreement

                                             STATUS: Granted
  United States                                       DESIGN
    APPLN. DT/NO: 15MR1994 19925
    PATENT NO./GRNT DT: DES358332 16MY1995
    TITLE: PERFUME BOTTLE DESIGN (TRIANGULAR SHAPE)
    EXPIRATION DATE: 16MY2009
    NEXT TAX DUE:
    OWNER: Jafra Cosmetics International, Inc.

                                             STATUS: Granted
  United States                                       DESIGN
    APPLN. DT/NO: 15MR1994 29/019957
    PATENT NO./GRNT DT: DES361270 15AU1995
    TITLE: V-SHAPE COSMETIC BOTTLE
    EXPIRATION DATE: 15AU2009
    NEXT TAX DUE:
    OWNER: Jafra Cosmetics International, Inc.

                                             STATUS: Granted
  United States                                       DESIGN
    APPLN. DT/NO: 06FE1996 29/050058
    PATENT NO./GRNT DT: DES379766 10JE1997
    TITLE: PERFUME BOTTLE & CAP DESIGN (SQUARE SHAPE)
    EXPIRATION DATE: 10JE2011
    NEXT TAX DUE:
    OWNER: Jafra Cosmetics International, Inc.

                                             STATUS: Granted
  United States                                       DESIGN
    APPLN. DT/NO: 25MR1997 29/068510
    PATENT NO./GRNT DT: DES390783 17FE1998
    TITLE: PERFUME BOTTLE & CAP DESIGN (OVAL SHAPE)
    EXPIRATION DATE: 17FE2012
    NEXT TAX DUE:
    OWNER: Jafra Cosmetics International, Inc.

<PAGE>

                                                                     SCHEDULE IV
                                                       to the Security Agreement

                                   TRADEMARKS

United States CHOSEN
  Class: 3
  Status: Registered Renewal Due: 28AU2011
  Reg Date/No.: 28AU2001 2482445
  Appln Date/No.: 22SE2000 76/133453
  Owner: Jafra Cosmetics International, Inc.

United States I BREATH, I LOVE, I LIVE, I DREAM
  Class: 03
  Status: Allowed--statement of use registration review complete Renewal Due:
  Reg Date/No.:
  Appln Date/No.: 09JA2002 76/356781
  Owner: Jafra Cosmetics International, Inc.

United States TENDER MOMENTS
  Class: 3
  Status: Allowed Renewal Due:
  Reg Date/No.:
  Appln Date/No.: 15JE2000 76/070940
  Owner: Jafra Cosmetics International, Inc.

United States TENDER MOMENTS AND DESIGN
  Class: 3
  Status: Registered Renewal Due: 30AP2012
  Reg Date/No.: 30AP2002 2565217
  Appln Date/No.: 26FE2001 76/215851
  Owner: Jafra Cosmetics International, Inc.

United States TODAY, I DECIDED, IS GOING TO BE DIFFERENT
  Class: 03
  Status: Registered Renewal Due: 13MAY2013
  Reg Date/No.: 13MAY2003 2716506
  Appln Date/No.: 09JA2002 76/356605
  Owner: Jafra Cosmetics International, Inc.

United States ROYAL GINGER
  Class: 03
  Status: Allowed Renewal Due:
  Reg Date/No.:
  Appln Date/No.: 76/392,619 09APR2002
  Owner: Jafra Cosmetics International, Inc.

<PAGE>

                                                                         Annex 1
                                                       to the Security Agreement

                         FORM OF PERFECTION CERTIFICATE

         Reference is made to the Credit Agreement dated as of May 20, 2003 (as
amended, supplemented or otherwise modified from time to time, the "Credit
Agreement"), among Jafra Worldwide Holdings (Lux) S.AR.L., a Luxembourg societe
a responsabilite limitee ("Parent"), Jafra Cosmetics International, Inc., a
Delaware corporation ("JCI"), Distribuidora Comercial Jafra, S.A. de C.V., a
sociedad anonima organized under the laws of the United Mexican States ("DCJ"
and, together with JCI, the "Borrowers"), the lenders from time to time party
thereto (the "Lenders"), the Issuing Bank (as defined therein), Credit Suisse
First Boston, as administrative agent for the Lenders (in such capacity, the
"Administrative Agent"), as swingline lender and Collateral Agent. Capitalized
terms used herein without definition shall have the respective meanings ascribed
thereto in the Credit Agreement and the Security Documents referred to therein,
as applicable.

         The undersigned, a Financial Officer and [______________],
respectively, of each Grantor, hereby certify to the Administrative Agent and
each other Secured Party as of the date hereof as follows:

1. Names. (a) The exact legal name of each Grantor, as such name appears in its
respective certificate of formation, is as follows:

(b) Set forth below is each other legal name of each Grantor has had in the past
five years, together with the date of the relevant change:

(c) Except as set forth in Schedule 1 hereto, no Grantor has changed its
identity or corporate structure in any way within the past five years. Changes
in identity or corporate structure would include mergers, consolidations and
acquisitions, as well as any change in the form, nature or jurisdiction of
organization. If any such change has occurred, include in Schedule 1 the
information required by Sections 1 and 2 of this certificate as to each acquiree
or constituent party to a merger or consolidation.

(d) The following is a list of all other names (including trade names or similar
appellations) used by each Grantor or any of its divisions or other business
units in connection with the conduct of its business or the ownership of its
properties at any time during the past five years:

(e) Set forth below is the Organizational Identification Number, if any, issued
by the jurisdiction of formation of each Grantor that is a registered
organization:

(f) Set forth below is the Federal Taxpayer Identification Number of each
Grantor: [only necessary for filing in North Dakota and South Dakota.]

2. Current Locations. (a) The chief executive office of each Grantor is located
at the address set forth opposite its name below:

         Grantor         Mailing Address         County         State

(b) Set forth below opposite the name of each Grantor are all locations where
such Grantor maintains any books or records relating to any accounts receivable
(with each location at which chattel paper, if any, is kept being indicated by
an "*"):

         Grantor         Mailing Address         County         State

<PAGE>

                                                                               2

(c) The jurisdiction of formation of each Grantor that is a registered
organization is set forth opposite its name below:

                Grantor:                               Jurisdiction:

(d) Set forth below opposite the name of each Grantor are all the locations
where such Grantor maintains any Equipment or other Collateral not identified
above:

         Grantor         Mailing Address         County         State

(e) Set forth below opposite the name of each Grantor are all the places of
business of such Grantor not identified in paragraph (a), (b), (c) or (d) above:

         Grantor         Mailing Address         County         State

(f) Set forth below opposite the name of each Grantor are the names and
addresses of all Persons other than such Grantor that have possession of any of
the Collateral of such Grantor:

         Grantor         Mailing Address         County         State

3. Unusual Transactions. All Accounts have been originated by the Grantors and
all Inventory has been acquired by the Grantors in the ordinary course of
business.

4. UCC Filings. Financing statements in substantially the form of Schedule 5
hereto have been prepared for filing in the proper Uniform Commercial Code
filing office in the jurisdiction in which each Grantor is located.

6. Schedule of Filings. Attached hereto as Schedule 6 is a schedule setting
forth, with respect to the filings described in Section 5 above, each filing and
the filing office in which such filing is to be made.

7. Stock Ownership and other Equity Interests. Attached hereto as Schedule 7 is
a true and correct list of all the issued and outstanding stock, partnership
interests, limited liability company membership interests or other equity
interest of the Borrowers and each Subsidiary and the record and beneficial
owners of such stock, partnership interests, membership interests or other
equity interests. Also set forth on Schedule 7 is each equity investment of
Parent, the Borrowers or any Subsidiary that represents 50% or less of the
equity of the entity in which such investment was made.

<PAGE>

                                                                               3

IN WITNESS WHEREOF, the undersigned have duly executed this certificate on this
_____ day of May 2003.

                                            JAFRA COSMETICS INTERNATIONAL, INC.,

                                              by
                                                 _________________________
                                                 Name:
                                                 Title:

                                              by
                                                 _________________________
                                                 Name:
                                                 Title:

<PAGE>

                                                                         Annex 2
                                                       to the Security Agreement

                                    SUPPLEMENT NO. ____ dated as of     , to the
                           Security Agreement dated as of May 20, 2003 (as the
                           same may be amended, supplemented or otherwise
                           modified from time to time, the "Security Agreement")
                           among JAFRA COSMETICS INTERNATIONAL, INC., a Delaware
                           corporation ("JCI"), each subsidiary of JCI listed on
                           Schedule I thereto and each Domestic Subsidiary
                           acquired or organized after the date thereof that has
                           become a party to the Security Agreement as a Grantor
                           (each such subsidiary individually a "Subsidiary
                           Grantor" and collectively, the "Subsidiary Grantors";
                           the Subsidiary Grantors and JCI are referred to
                           collectively herein as the "Grantors"), and CREDIT
                           SUISSE FIRST BOSTON, a bank organized under the laws
                           of Switzerland, acting through its Cayman Islands
                           branch, as collateral agent (in such capacity, the
                           "Collateral Agent") for the Secured Parties (as
                           defined herein).

         A. Reference is made to the Credit Agreement dated as of May 20, 2003
(as amended, supplemented or otherwise modified from time to time, the "Credit
Agreement"), among Jafra Worldwide Holdings (Lux) S.AR.L. a Luxembourg societe a
responsabilite limitee ("Parent"), JCI, Distribuidora Comercial Jafra, S.A. de
C.V., a sociedad anonima de capital variable organized under the laws of the
United Mexican States ("DCJ" and, together with JCI, the "Borrowers"), the
lenders from time to time party thereto (the "Lenders"), the Issuing Bank (as
defined therein) and Credit Suisse First Boston, as administrative agent for the
Lenders (in such capacity, the "Administrative Agent"), as swingline lender and
as Collateral Agent.

         B. Capitalized terms used herein and not otherwise defined herein shall
have the meanings assigned to such terms in the Security Agreement and the
Credit Agreement.

         C. The Grantors have entered into the Security Agreement in order to
induce the Lenders to make Loans and the Issuing Bank to issue Letters of
Credit. Section 7.15 of the Security Agreement provides that additional Domestic
Subsidiaries of JCI may become Grantors under the Security Agreement by
execution and delivery of an instrument in the form of this Supplement. The
undersigned Domestic Subsidiary (the "New Grantor") is executing this Supplement
in accordance with the requirements of the Credit Agreement to become a Grantor
under the Security Agreement in order to induce the Lenders to make additional
Loans and the Issuing Bank to issue additional Letters of Credit and as
consideration for Loans previously made and Letters of Credit previously issued.

         Accordingly, the Collateral Agent and the New Grantor agree as follows:

         SECTION 1. In accordance with Section 7.15 of the Security Agreement,
the New Grantor by its signature below becomes a Grantor under the Security
Agreement with the same force and effect as if originally named therein as a
Grantor and the New Grantor hereby (a) agrees to all the terms and provisions of
the Security Agreement applicable to it as a Grantor thereunder and (b)
represents and warrants that the representations and warranties made by it as a
Grantor thereunder are true and correct on and as of the date hereof. In
furtherance of the foregoing, the New Grantor, as security for the payment and
performance in full of its respective Obligations (as defined in the Security
Agreement), does hereby grant to the Collateral Agent, its successors and
assigns, for the benefit of the Secured Parties, their successors and assigns, a
security interest in all of the New Grantor's right, title and interest in and
to the Collateral (as defined in the Security Agreement) of the New Grantor.
Each reference to a "Grantor" in the Security Agreement shall be deemed to
include the New Grantor. The Security Agreement is hereby incorporated herein by
reference.

         SECTION 2. The New Grantor represents and warrants to the Collateral
Agent and the other Secured Parties that this Supplement has been duly
authorized, executed and delivered by it

<PAGE>

                                                                               2

and constitutes its legal, valid and binding obligation, enforceable against it
in accordance with its terms, except as enforceability may be 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.

         SECTION 3. This Supplement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a
single contract. This Supplement shall become effective when the Collateral
Agent shall have received counterparts of this Supplement that, when taken
together, bear the signatures of the New Grantor and the Collateral Agent.
Delivery of an executed signature page to this Supplement by facsimile
transmission shall be as effective as delivery of a manually signed counterpart
of this Supplement.

         SECTION 4. The New Grantor hereby represents and warrants that (a) set
forth on Schedule I attached hereto is a true and correct schedule of the
location of any and all Collateral of the New Grantor, (b) set forth under its
signature hereto, is (i) the true and correct location of the chief executive
office and (ii) the jurisdiction of organization of the New Grantor. Such
information, to the extent applicable, shall be added to the Schedules to the
Security Agreement.

         SECTION 5. Except as expressly supplemented hereby, the Security
Agreement shall remain in full force and effect.

         SECTION 6. THIS SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO
ITS PRINCIPLES OR RULES OF CONFLICTS OF LAWS TO THE EXTENT THAT THE SAME ARE NOT
MANDATORILY APPLICABLE BY STATUTE AND THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY.

         SECTION 7. Any provision of this Supplement 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.

         SECTION 8. All communications and notices hereunder shall be in writing
and given as provided in Section 7.01 of the Security Agreement. All
communications and notices hereunder to the New Grantor shall be given to it
care of JCI.

<PAGE>

                                                                               3

         IN WITNESS WHEREOF, the New Grantor and the Collateral Agent have duly
executed this Supplement to the Security Agreement as of the day and year first
above written.

                                            [Name of New Grantor],

                                              by_______________________________
                                                Name:
                                                Title:
                                                Address:

                                            CREDIT SUISSE FIRST BOSTON, acting
                                            through its Cayman Islands branch,
                                            as Collateral Agent,

                                              by_______________________________
                                                Name:
                                                Title:

                                              by_______________________________
                                                Name:
                                                Title:

<PAGE>

                                                                      SCHEDULE I
                                                          to Supplement No. ____
                                                       to the Security Agreement

Description                         Location

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