Document:

<PAGE>

                                                                   Exhibit 10.19

                        SECOND AMENDMENT AND FIRST WAIVER

                  SECOND AMENDMENT AND FIRST WAIVER, dated as of February 5,
2003 (this "Amendment"), to the Second Amended and Restated Credit Agreement
dated as of November 30, 2001 (as amended, supplemented or otherwise modified,
the "Credit Agreement"), among Revlon Consumer Products Corporation, a Delaware
corporation (the "Company"), the Local Borrowing Subsidiaries from time to time
parties thereto (together with the Company, the "Borrowers"), the financial
institutions from time to time parties thereto (the "Lenders"), Citibank, N.A.,
as documentation agent, J.P. Morgan Securities Inc., as arranger, and JPMorgan
Chase Bank, as administrative agent (in such capacity, the "Administrative
Agent").

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

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

                  WHEREAS, MacAndrews & Forbes Holdings Inc., a Delaware
corporation, and/or an Affiliate thereof ("M&FH"), have agreed to extend
financing to the Company (the "M&FH Financing") in the form of (i) a
$100,000,000 senior unsecured multiple-draw term loan facility, (ii) the
purchase of up to $50,000,000 in aggregate purchase price of preferred stock of
Revlon, Inc. ("Revlon"), the net proceeds of which will be received by the
Company in the form of a Capital Contribution which preferred stock shall be
mandatorily redeemed upon the consummation of the rights offering described in
clause (iii) below and (iii) an investment in the capital stock of Revlon
pursuant to a rights offering, the net proceeds of which (to the extent paid in
cash in excess of the amount necessary to redeem in cash any Revlon preferred
stock previously purchased by M&FH as described in clause (ii) above) will be
received by the Company in the form of a Capital Contribution;

                  WHEREAS, in connection with the M&FH Financing, the Company
has requested that the Lenders amend certain provisions of the Credit Agreement
and waive certain Defaults and Events of Default that may occur under the Credit
Agreement; and

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

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

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

<PAGE>

                                                                              2

                  Section 2. Waivers of Defaults and Events of Default. Subject
to the occurrence of the Second Amendment Effective Date, the Lenders hereby
waive:

                  (a) any Default or Event of Default (which shall be deemed not
to be continuing for all purposes of the Credit Agreement and the other Credit
Documents) arising by reason of the Company's failure to comply with the
Leverage Ratio set forth in subsection 11.1(a) of the Credit Agreement for the
four consecutive fiscal quarter period ended on December 31, 2002;

                  (b) until January 31, 2004, any Default or Event of Default
(which shall be deemed not to be continuing for all purposes of the Credit
Agreement and the other Credit Documents) arising by reason of the Company's
failure to comply with the Leverage Ratio set forth in subsection 11.1(a) of the
Credit Agreement for the four consecutive fiscal quarter period ending on
December 31, 2003;

                  (c) any Default or Event of Default (which shall be deemed not
to be continuing for all purposes of the Credit Agreement and the other Credit
Documents) arising by reason of the Company's failure to maintain the minimum
EBITDA set forth in subsection 11.1(c) of the Credit Agreement for the four
consecutive fiscal quarter period ended on December 31, 2002; and

                  (d) until January 31, 2004, any Default or Event of Default
(which shall be deemed not to be continuing for all purposes of the Credit
Agreement and the other Credit Documents) arising by reason of the Company's
failure to maintain the minimum EBITDA set forth in subsection 11.1(c) of the
Credit Agreement for the four consecutive fiscal quarter period ending on
December 31, 2003.

                  Section 3. Amendments to Subsection 1.1 (Defined Terms).
Subsection 1.1 of the Credit Agreement is hereby amended by:

                  (a) deleting therefrom the defined terms for "Applicable
Margin" and "Equity Offering" in their entireties and substituting in lieu
thereof the following new definitions:

                   ""Applicable Margin" shall mean (a) with respect to Alternate
         Base Rate Loans, 4.25% per annum and (b) with respect to all other
         Loans, 5.25% per annum;

                  "Equity Offering" shall mean each sale, transfer, issuance or
         other disposition (whether public or private) by the Company or any
         Affiliate thereof of all or any portion of the capital stock or other
         equity interests in any Person (other than a Subsidiary of the Company)
         which has the assets of the Company or one or more Pledged Subsidiaries
         as its only substantial operating assets, excluding the Revlon Rights
         Offering and the Revlon Preferred Stock Subscription;" and

                  (b) deleting the second parenthetical that appears in the
definition of "Affiliate Subordination Letter" in its entirety and substituting
in lieu thereof the following new parenthetical:

                  "(including, without limitation, any Indebtedness under
         subsection 11.2(n) incurred prior to the Second Amendment Effective
         Date, but other than trade credit in the

<PAGE>

                                                                              3

         ordinary course of business, any Subordinated Intercompany Note, any
         Capital Contribution Note, any Capital Gains Note, or on or after the
         Second Amendment Effective Date, any Indebtedness in respect of the
         Interim Financing, the M&FH Multiple-Draw Term Loan or any Indebtedness
         permitted to be incurred pursuant to subsection 11.2(n))";

                  (c) deleting clause (a)(i) from the definition of "Net
Proceeds Event" in its entirety and substituting in lieu thereof the following
new clause (a)(i):

                  "(i) the incurrence by the Company or any of its Subsidiaries
         of any Indebtedness for borrowed money (other than Indebtedness
         permitted pursuant to paragraphs (a), (b) and (d) through (s) of
         subsection 11.2, provided, that in the case of such Indebtedness
         permitted under paragraph (s), a portion of the proceeds from the M&FH
         Multiple-Draw Term Loan is applied to repay in full any borrowing
         under, and to permanently reduce to zero any commitments then
         outstanding under, the Interim Financing, if any);"; and

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

                  ""Interim Financing" shall mean the unsecured interim
         financing of up to $40,000,000, if any, provided to the Company by the
         M&FH Lender prior to the Second Amendment Effective Date pursuant to
         subsection 11.2(n);

                  "Liquidity" shall mean, at any time, the sum of the following
         available amounts at such time: (a) Unrestricted Cash of the Company
         and its Subsidiaries, (b) the funds available under the Multi-Currency
         Commitments under this Agreement to the extent no Default or Event of
         Default has occurred and is continuing hereunder, (c) funds available
         under Indebtedness permitted pursuant to subsection 11.2(n) of this
         Agreement to the extent such Indebtedness, including the commitment
         with respect thereto, is evidenced by documentation reasonably
         acceptable to the Administrative Agent, (d) funds available under the
         M&FH Multiple-Draw Term Loan to the extent no default or event of
         default has occurred and is continuing thereunder and (e) funds
         available under the Revlon Preferred Stock Subscription to the extent
         the conditions to the obligations of the M&FH Lender with respect
         thereto are then being satisfied;

                  "M&FH Lender" shall mean M&FH, and/or an Affiliate thereof
         (other than REV Holdings), that provides financing to the Company
         pursuant to the Revlon Preferred Stock Subscription Agreement, the
         Interim Financing, if any, or the M&FH Multiple-Draw Term Loan;

                  "M&FH Multiple-Draw Term Loan" shall mean the senior unsecured
         multiple-draw term loan in an aggregate principal amount of up to
         $100,000,000 provided to the Company by the M&FH Lender pursuant to the
         Multiple-Draw Term Loan Agreement, substantially on the same terms as
         those contained in the term sheet attached as Exhibit A to the Second
         Amendment, between the Company and the M&FH Lender, as the same may be
         amended, supplemented or otherwise modified from time to time to the
         extent permitted by subsection 11.9;

<PAGE>

                                                                             4

                  "Revlon Preferred Stock" shall mean 500 shares of Series C
         non-voting, non-convertible, non-dividend preferred stock, par value
         $0.01 per share, of Revlon that the M&FH Lender shall be obligated to
         purchase (prior to and as an advance against the consummation of the
         Revlon Rights Offering) upon Revlon's request pursuant to the Revlon
         Preferred Stock Subscription Agreement, which preferred stock is
         mandatorily redeemable upon the consummation of the Revlon Rights
         Offering;

                  "Revlon Preferred Stock Subscription" shall mean the
         obligation of the M&FH Lender to purchase from time to time prior to
         the consummation of the Revlon Rights Offering the Revlon Preferred
         Stock pursuant to the Revlon Preferred Stock Subscription Agreement for
         an aggregate purchase price of up to $50,000,000 the net proceeds of
         which shall be received by the Company in the form of a Capital
         Contribution;

                  "Revlon Preferred Stock Subscription Agreement" shall mean the
         agreement among Revlon, the Company and the M&FH Lender set forth in
         the provisions of Section 2.6 of the Investment Agreement among Revlon,
         the Company and the M&FH Lender providing for the Revlon Preferred
         Stock Subscription, substantially on the same terms as those contained
         in the term sheet attached as Exhibit B to the Second Amendment, as
         such provisions may be amended, supplemented or otherwise modified from
         time to time to the extent permitted by subsection 11.9;

                  "Revlon Rights Offering" shall mean the investment by M&FH,
         and/or an Affiliate thereof (other than REV Holdings), and others in
         the class A common stock of Revlon pursuant to a rights offering of up
         to $50,000,000, the net proceeds of which (to the extent paid in cash
         in excess of the amount necessary to redeem in cash any Revlon
         Preferred Stock previously purchased by the M&FH Lender in accordance
         with the Revlon Preferred Stock Subscription Agreement) shall be
         received by the Company in the form of a Capital Contribution;

                  "Second Amendment" shall mean the Second Amendment and First
         Waiver, dated as of February 5, 2003, to and under this Agreement;

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

                  "Unrestricted Cash" shall mean cash and Cash Equivalents which
         the Company or its Subsidiaries may utilize to fund working capital
         requirements and which is not subject to a lien that restricts the
         ability of the Company or its relevant Subsidiary to withdraw and use
         such cash or Cash Equivalents (other than the Liens governed by the
         Collateral Agency Agreement) and which does not consist of compensating
         balances for Indebtedness permitted under this Agreement;".

                  Section 4. Amendment to Subsection 8.28 (Indebtedness Owing to
Affiliates). Subsection 8.28 of the Credit Agreement is hereby amended by
deleting therefrom the second parenthetical that appears therein in its entirety
and substituting in lieu thereof the following new parenthetical:

<PAGE>

                                                                            5

                  "(not including any trade credit in the ordinary course of
         business, any Subordinated Intercompany Note, any Capital Contribution
         Note, any Capital Gains Note, or on or after the Second Amendment
         Effective Date, any Indebtedness in respect of the Interim Financing,
         the M&FH Multiple-Draw Term Loan or any Indebtedness permitted to be
         incurred pursuant to subsection 11.2(n))".

                  Section 5.        Amendment to Subsection 10.1 (Financial
 Statements). Subsection 10.1 of the Credit Agreement is hereby amended by:

                  (a) adding (i) immediately after the phrase "at the end of
such fiscal year" in paragraph (a) thereof and (ii) at end of clause (i) in
paragraph (c) thereof, the following new parenthetical:

                  "(including a schedule setting forth the book value of all
         domestic receivables, inventory, fixed assets and intellectual property
         owned by the Company and the Grantors, on a consolidated basis)"; and

                  (b) deleting in clauses (ii) and (iii) of paragraph (b)
thereof "five-year model" and substituting in lieu thereof "two-year model".

                  Section 6. Amendment to Subsection 10.2 (Certificates; Other
Information). Subsection 10.2 of the Credit Agreement is hereby amended by
deleting "and" at the end of paragraph (e) thereof, re-lettering paragraph (f)
thereof as paragraph (h) and adding the following new paragraphs (f) and (g)
immediately after paragraph (e) therein:

                  "(f) promptly after the delivery of the same to the M&FH
           Lender, any request for a purchase by the M&FH Lender of Revlon
           Preferred Stock under the Revlon Preferred Stock Subscription
           Agreement or a borrowing (i) under the M&FH Multiple-Draw Term Loan
           or (ii) of Indebtedness permitted to be incurred pursuant to
           subsection 11.2(n) on or after the Second Amendment Effective Date;
           and

                  (g) within five Business Days following the last day of each
           month in 2003, a certificate of a Responsible Officer of the Company
           substantially in the form of Exhibit V; and".

                  Section 7.        Amendment to Subsection 10.7 (Notices).
Subsection 10.7 of the Credit Agreement is hereby amended by deleting paragraph
(a) therefrom and adding the following new paragraph (a) in lieu thereof:

                  "(a) of the occurrence of any Default or Event of Default;
           provided however, that with respect to any Default or Event of
           Default arising under (i) Section 12(c) for failure to comply with
           subsection 11.1(d) or (ii) Section 12(s), the Company will give
           notice thereof to the Administrative Agent no later than the first
           Business Day after its becoming aware of the occurrence of any
           Default or Event of Default thereunder;".

                  Section 8.        Amendment to Subsection 11.1 (Financial
Covenants). Subsection 11.1 of the Credit Agreement is hereby amended by:

<PAGE>
                                                                            6

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

                           "Period                   Ratio
                            ------                   -----

                  12/31/01 through 12/31/02          1.40:1.00

                  12/31/03 and thereafter            1.10:1.00";

                  (b) deleting the phrase immediately preceding the first
proviso contained in paragraph (b) thereof and substituting in lieu thereof the
following new phrase:

                  "(b) Maximum Capital Expenditures. Permit the aggregate amount
           of Capital Expenditures of the Company and its Subsidiaries during
           any fiscal year of the Company to be more than $100,000,000, except
           for the period from the Second Amendment Effective Date to and
           including December 31, 2003, during which period the aggregate amount
           of Capital Expenditures of the Company and its Subsidiaries shall not
           exceed $115,000,000;";

                  (c) deleting the table contained in paragraph (c) thereof in
its entirety and substituting in lieu thereof the following new table:

                           "Period                   Amount
                            ------                   ------

                  12/31/01 through 3/31/02           $180,000,000

                  6/30/02 through 9/30/02            $185,000,000

                  12/31/02                           $210,000,000

                  12/31/03 through 9/30/04           $230,000,000

                  12/31/04 and thereafter            $250,000,000"; and

                  (d)  adding the following new paragraphs (d) and (e) at the
         end thereof:

                  "(d) Maintenance of Minimum Liquidity. Permit Liquidity of the
         Company and its Subsidiaries as of the close of business on any
         Business Day in the period from the Second Amendment Effective Date to
         and including January 31, 2004 to be less than $20,000,000.

                  (e) Certificate of Compliance with Financial Covenants in
         2003. Fail to deliver to the Administrative Agent prior to January 31,
         2004, a certificate of a Responsible Officer of the Company certifying
         the Company's compliance with the financial covenants contained in this
         subsection 11.1 for the four consecutive fiscal quarter period ending
         on December 31, 2003.".

                  Section 9.        Amendment to Subsection 11.2 (Indebtedness).
Subsection 11.2 of the Credit Agreement is hereby amended by:

<PAGE>

                                                                           7

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

                  "(n) Indebtedness of the Company to Affiliates in respect of
         working capital loans actually received in cash by the Company in an
         aggregate principal amount not to exceed $65,000,000 at any one time
         outstanding; provided that (i) at the time of any incurrence of any
         such Indebtedness on or after the Second Amendment Effective Date, the
         M&FH Multiple-Draw Term Loan shall be fully drawn and the M&FH Lender
         shall have purchased all shares of Revlon Preferred Stock pursuant to
         the Revlon Preferred Stock Subscription (if the Revlon Rights Offering
         shall not have been consummated), (ii) the rate of interest payable on
         account of such Indebtedness shall be less than the rate then payable
         on Eurodollar Loans hereunder and (iii) any such Indebtedness shall not
         be repayable (and, in any event, shall not be repaid) prior to January
         31, 2004 at any time when, after giving effect to such repayment, the
         Company would not be in compliance with subsection 11.1(d);"; and

                  (b) deleting therefrom "and" at the end of paragraph (q) and
adding the following new paragraph (s) immediately after paragraph (r) thereof:

                  "(s) unsecured Indebtedness of the Company to the M&FH Lender
         in respect of the M&FH Multiple-Draw Term Loan (and any increase in the
         amount outstanding thereunder due to the accrual and capitalization of
         interest in accordance with its terms);".

                  Section 10.       Amendments to Subsection 11.9 (Limitation
on Payments on Account of Debt; Synthetic Purchase Agreements). Subsection 11.9
of the Credit Agreement is hereby amended by:

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

                  "(a) amend, waive, supplement or otherwise modify in any
         material respect (including without limitation, amendments of the
         interest rate or payment terms thereof) (i) any Indenture or any
         agreement governing the Subordinated Notes, (ii) the interest rate,
         maturity date or other tenor, financial provisions or any other
         provision, if the proposed amendment, waiver or supplement to such
         other provision is adverse to the Lenders, of the Revlon Preferred
         Stock Subscription Agreement (other than the termination of the
         commitment thereunder in connection with the consummation of the Revlon
         Rights Offering) or any agreement governing the Interim Financing
         (other than its termination upon the closing of the M&FH Multiple-Draw
         Term Loan), the M&FH Multiple-Draw Term Loan or Indebtedness permitted
         to be incurred pursuant to subsection 11.2(n) on or after the Second
         Amendment Effective Date, (iii) any Indebtedness permitted pursuant to
         subsection 11.2(c) or (iv) any other Indebtedness not permitted
         pursuant to the terms of this Agreement as in effect on the date hereof
         but entered into with the consent of the Required Lenders;"; and

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

<PAGE>

                                                                           8

                  "(b) amend, waive, supplement or otherwise modify any
         Subordinated Intercompany Note, any Capital Gains Note, any Capital
         Contribution Note or any Affiliate Subordination Letter, provided that
         any Affiliate Subordination Letter previously delivered by the M&FH
         Lender in connection with the Interim Financing shall be terminated
         automatically on the Second Amendment Effective Date, and provided
         further that the terms of any Affiliate Subordination Letter may be
         amended to the extent necessary to provide that such Affiliate
         Subordination Letter shall not govern Indebtedness in respect of the
         M&FH Multiple-Draw Term Loan or any Indebtedness permitted to be
         incurred pursuant to subsection 11.2(n) on or after the Second
         Amendment Effective Date;".

                  Section 11. Amendment to Subsection 11.13 (Limitation on
Negative Pledge Clauses). Subsection 11.13 of the Credit Agreement is hereby
amended by deleting therefrom the first parenthetical that appears therein in
its entirety and substituting in lieu thereof the following new parenthetical:

                  "(other than the Credit Documents and documents related to the
         M&FH Multiple-Draw Term Loan and Indebtedness permitted to be incurred
         pursuant to subsection 11.2(n) on or after the Second Amendment
         Effective Date)".

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

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

                  "(c) Certain Covenants. Default by the Company in the
         observance or performance of any negative covenant or agreement
         contained in Section 11 or the observance of any covenant or agreement
         contained in subsection 10.13, provided however that in the case of any
         default by the Company in the observance of subsection 11.1(d), such
         default shall continue unremedied for a period of two Business Days;
         or";

                  (b) deleting therefrom "; or" at the end paragraph (o),
substituting "," in lieu thereof and adding the following new proviso
immediately thereafter:

                  "provided that an Affiliate Subordination Letter shall not be
         required to be delivered with respect to the M&FH Multiple-Draw Term
         Loan or Indebtedness permitted to be incurred pursuant to subsection
         11.2(n) on or after the Second Amendment Effective Date and any
         Affiliate Subordination Letter previously delivered by the M&FH Lender
         in connection with the Interim Financing shall be terminated
         automatically on the Second Amendment Effective Date; or";

                  (c) deleting therefrom paragraph (q) in its entirety and
substituting in lieu thereof the following new paragraph (q):

                  "(q) Capital Contributions. (a) Revlon shall fail to make
         Capital Contributions to the Company in a timely manner in the amount
         equal to the Net Proceeds of (i) any Equity Offering, (ii) the Revlon
         Preferred Stock Subscription and (iii) the Revlon Rights

<PAGE>

                                                                             9

         Offering (but in the case of this clause (iii), only to the extent that
         the Net Proceeds therefrom paid in cash exceed the amount necessary to
         redeem in cash any Revlon Preferred Stock previously purchased by the
         M&FH Lender in accordance with the Revlon Preferred Stock Subscription
         Agreement); provided, however, that for purposes of this Section 12(q),
         the term "Equity Offering" shall not include any Equity Offering made
         by any Person (other than Revlon) of all or any portion of the capital
         stock or other equity interests of Revlon;"; and

                  (d) adding "or" at the end of paragraph (r) thereof and adding
the following new paragraph (s) immediately after paragraph (r) thereof:

                  "(s) M&FH Multiple-Draw Term Loan, Indebtedness under
         Subsection 11.2(n) and Revlon Preferred Stock. The M&FH Lender shall
         have failed to fund (i) the M&FH Multiple-Draw Term Loan, (ii) any
         binding commitments by the M&FH Lender to provide Indebtedness
         permitted to be incurred pursuant to subsection 11.2(n) on or after the
         Second Amendment Effective Date or (iii) a purchase of Revlon Preferred
         Stock requested by Revlon on the date such funds are required to be
         provided to the Company or Revlon, whichever the case may be, pursuant
         to the documentation with respect to clause (i), (ii) or (iii) hereof,
         whichever the case may be, which request shall be sent promptly to the
         Administrative Agent pursuant to subsection 10.2(f) hereof;".

                  Section 13. New Exhibit V. The Credit Agreement is hereby
amended by adding a new Exhibit V thereto in the form attached hereto as
Exhibit C.

                  Section 14. Representations and Warranties. The Company, as of
the date hereof and after giving effect to the amendments contained herein,
hereby confirms, reaffirms and restates the representations and warranties made
by it in Section 8 of the Credit Agreement and otherwise in the Credit Documents
to which it is a party; provided that each reference to the Credit Agreement
therein shall be deemed a reference to the Credit Agreement after giving effect
to this Amendment.

                  Section 15. Conditions to Effectiveness. This Amendment shall
become effective as of the date (the "Second Amendment Effective Date") on which
(a) the Administrative Agent shall have received (i) counterparts of this
Amendment duly executed by the Company and the Required Lenders and duly
acknowledged and consented to by each Guarantor, Grantor and Pledgor, (ii)
executed copies of the Revlon Preferred Stock Subscription Agreement and the
M&FH Multiple-Draw Term Loan, with respect to which the conditions precedent
thereunder shall have been or shall be concurrently fully satisfied with respect
to the borrowing made to repay the Interim Financing, if any, (iii) for the
account of each Lender that approves this Amendment prior to 4:00 pm (New York
City time) on February 5, 2003, an amendment fee equal to 0.75% of the sum of
such Lender's Multi-Currency Commitment and such Lender's Term Loans outstanding
and (iv) an executed legal opinion from counsel to the Company, in form and
substance reasonably acceptable to the Administrative Agent and (b) the Interim
Financing, if any, shall have been or shall be concurrently repaid in full and
the commitments thereunder shall have been permanently reduced to zero. The
execution and delivery of this Amendment by any Lender shall be binding upon
each of its successors and assigns (including Transferees of its Commitments and
Loans in whole or in part prior to

<PAGE>

                                                                             10

effectiveness hereof) and binding in respect of all of its Commitments and
Loans, including any acquired subsequent to its execution and delivery hereof
and prior to the effectiveness hereof.

                  Section 16. Reference to and Effect on the Credit Documents;
Limited Effect. On and after the date hereof and the satisfaction of the
conditions contained in Section 15 of this Amendment, each reference in the
Credit Agreement to "this Agreement", "hereunder", "hereof" or words of like
import referring to the Credit Agreement, and each reference in the other Credit
Documents to "the Credit Agreement", "thereunder", "thereof" or words of like
import referring to the Credit Agreement, shall mean and be a reference to the
Credit Agreement as amended hereby. The execution, delivery and effectiveness of
this Amendment shall not, except as expressly provided herein, operate as a
waiver of any right, power or remedy of any Lender or the Agents under any of
the Credit Documents, nor constitute a waiver of any provisions of any of the
Credit Documents. Except as expressly amended herein, all of the provisions and
covenants of the Credit Agreement and the other Credit Documents are and shall
continue to remain in full force and effect in accordance with the terms thereof
and are hereby in all respects ratified and confirmed.

                  Section 17. Counterparts. This Amendment may be executed by
one or more of the parties hereto in any number of separate counterparts (which
may include counterparts delivered by facsimile transmission) and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument. Any executed counterpart delivered by facsimile transmission shall
be effective as an original for all purposes hereof. The execution and delivery
of this Amendment by any Lender shall be binding upon each of its successors and
assigns (including Transferees of its Commitments and Loans in whole or in part
prior to effectiveness hereof) and binding in respect of all of its Commitments
and Loans, including any acquired subsequent to its execution and delivery
hereof and prior to the effectiveness hereof.

                  Section 18. GOVERNING LAW, ETC. THIS AMENDMENT SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK.

                  Section 19. Expenses. The Company agrees to pay or reimburse
the Administrative Agent for all of its out-of-pocket costs and expenses
incurred in connection with the preparation, negotiation and execution of this
Amendment, including, without limitation, the fees and disbursements of counsel
to the Administrative Agent.

<PAGE>

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

              REVLON CONSUMER PRODUCTS CORPORATION, as a Borrower

              By: /s/ Robert K. Kretzman
                 --------------------------------
                 Name:  Robert K. Kretzman
                 Title: Senior Vice President, General Counsel and Secretary

              REVLON INTERNATIONAL
              CORPORATION (UK Branch), as a Local Borrowing Subsidiary

              By: /s/ Robert K. Kretzman
                 --------------------------------
                 Name:  Robert K. Kretzman
                 Title: Vice President and Secretary

              REVLON AUSTRALIA PTY LIMITED, as a Local Borrowing
              Subsidiary

              By: /s/ Robert K. Kretzman
                 --------------------------------
                 Name:  Robert K. Kretzman
                 Title: Attorney-in-Fact

              EUROPEENNE DE PRODUITS DE BEAUTE, as a Local Borrowing
              Subsidiary

              By: /s/ Robert K. Kretzman
                 --------------------------------
                 Name:  Robert K. Kretzman
                 Title: Attorney-in-Fact

              REVLON K.K., as a Local Borrowing Subsidiary

              By: /s/ Robert K. Kretzman
                 --------------------------------
                 Name:  Robert K. Kretzman
                 Title: Attorney-in-Fact
<PAGE>

              REVLON CANADA, INC., as a Local Borrowing Subsidiary

              By: /s/ Robert K. Kretzman
                 --------------------------------
                 Name:  Robert K. Kretzman
                 Title: Vice President and Secretary

              REVLON (HONG KONG) LIMITED, as a Local Borrowing Subsidiary

              By: /s/ Robert K. Kretzman
                 --------------------------------
                 Name:  Robert K. Kretzman
                 Title: Attorney-in-Fact

              REVLON S.p.a., as a Local Borrowing Subsidiary

              By: /s/ Robert K. Kretzman
                 --------------------------------
                 Name:  Robert K. Kretzman
                 Title: Director

<PAGE>

              JPMORGAN CHASE BANK, as Administrative Agent and as a Lender

              By: /s/ Neil R. Boylan
                 --------------------------------
                 Name:  Neil R. Boylan
                 Title: Managing Director

<PAGE>

              CITIBANK, N.A., as Documentation Agent and as a Lender

              By: /s/ F. R. Lowe
                 --------------------------------
                 Name:  F. R. Lowe
                 Title: Vice President

<PAGE>

               TRANSAMERICA BUSINESS CAPITAL CORPORATION
               -----------------------------------------
               Name of Lender

               By: /s/ Perry Vavoules
                  --------------------------------
                  Name:  Perry Vavoules
                  Title: Executive Vice President

<PAGE>

                Allied Irish Banks, p.l.c
                ----------------------------------
                Name of Lender

                By: /s/ Germaine Reusch
                    --------------------------------
                    Name:  Germaine Reusch
                    Title: Senior Vice President

                By: /s/ Denise Magyer
                   --------------------------------
                   Name:  Denise Magyer
                   Title: Vice President

<PAGE>

                                      Bank of America, N.A
                                      ------------------------------------------
                                      Name of Lender

                                      By: /s/ Michael J. McKenney
                                          --------------------------------------
                                          Name:  Michael J. McKenney
                                          Title: Managing Director

<PAGE>

                                      BLACK DIAMOND CLO 1998-1 LTD.
                                      ------------------------------------------
                                      Name of Lender

                                      By: /s/ Paul Cope
                                          --------------------------------------
                                          Name:  Paul Cope
                                          Title: Director

<PAGE>

                                      BLACK DIAMOND CLO 2000-1 LTD.
                                      ------------------------------------------
                                      Name of Lender

                                      By: /s/ Paul Cope
                                          --------------------------------------
                                          Name:  Paul Cope
                                          Title: Director

<PAGE>

                                      BLACK DIAMOND INTERNATIONAL FUNDING, LTD.
                                      ------------------------------------------
                                      Name of Lender

                                      By: /s/ David Dyer
                                          --------------------------------------
                                          Name:  David Dyer
                                          Title: Director

<PAGE>

                                      LONG LANE MASTER TRUST IV

                                      By: Fleet National Bank as Trust
                                          Administrator
                                          --------------------------------------
                                          Name of Lender

                                      By: /s/ Renee Nadler
                                          --------------------------------------
                                          Name:  Renee Nadler
                                          Title: Managing Director

<PAGE>

                                       TRS 1 LLC

                                       By: /s/ Rosemary F. Dunne
                                           -------------------------------------
                                           Name:  Rosemary F. Dunne
                                           Title: Vice President

<PAGE>

                                           Credit Suisse First Boston
                                           -------------------------------------
                                           Name of Lender

                                           By: /s/ SoVonna Day-Goins
                                               ---------------------------------
                                               Name:  SoVonna Day-Goins
                                               Title: Vice President

                                           By: /s/ Cassandra Droogan
                                               ---------------------------------
                                               Name:  Cassandra Droogan
                                               Title: Associate

<PAGE>

                                    Fidelity Advisor Series II: Fidelity
                                    Advisor Floating Rate High Income Fund
                                    --------------------------------------------
                                    Name of Lender

                                    By: /s/ John H. Costello
                                        ----------------------------------------
                                        Name:  John H. Costello
                                        Title: Assistant Treasurer

<PAGE>

                                    --------------------------------------------
                                    Fleet National Bank

                                    By: /s/ J.D. Smith
                                        ----------------------------------------
                                        Name:  J.D. Smith
                                        Title: Vice President

<PAGE>

                                    General Electric Capital Corporation
                                    --------------------------------------------
                                    Name of Lender

                                    By: /s/ William S. Richardson
                                        ----------------------------------------
                                        Name:  William S. Richardson
                                        Title: Duly Authorized Signatory

<PAGE>

                                    GoldenTree High Yield Master Fund, Ltd.
                                    By: GoldenTree Asset Management, L.P.

                                    By: /s/ Frederick S. Haddad
                                        ----------------------------------------
                                        Name:  Frederick S. Haddad
                                        Title:

<PAGE>

                                    GoldenTree High Yield Opportunities I, L.P.
                                    By: GoldenTree Asset Management, L.P.

                                    By: /s/ Frederick S. Haddad
                                        ----------------------------------------
                                        Name:  Frederick S. Haddad
                                        Title:

<PAGE>

                                    GoldenTree High Yield Opportunities II, L.P.
                                    By: GoldenTree Asset Management, L.P.

                                    By: /s/ Frederick S. Haddad
                                        ----------------------------------------
                                        Name:  Frederick S. Haddad
                                        Title:

<PAGE>

                                    GOLDMAN SACHS CREDIT PARTNERS, L.P.

                                    By: /s/ Sandra Stulberger
                                        ----------------------------------------
                                        Name:  Sandra Stulberger
                                        Title: Authorized Signatory

<PAGE>

                                    NATEXIS BANQUES POPULAIRES
                                    --------------------------------------------
                                    Name of Lender

                                    By: /s/ Frank H. Madden, Jr.
                                        ----------------------------------------
                                        Name:  Frank H. Madden, Jr.
                                        Title: Vice President & Group Manager

                                    By: /s/ Joseph A. Miller
                                        ----------------------------------------
                                        Name:  Joseph A. Miller
                                        Title: Associate

<PAGE>

                                    OAK HILL CREDIT PARTNERS I, LIMITED

                                    By: Oak Hill CLO Management I, LLC
                                        As Investment Manager

                                    By: /s/ Scott D. Krase
                                        ----------------------------------------
                                        Name:  Scott D. Krase
                                        Title: Vice President

<PAGE>

                                    OAK HILL SECURITIES FUND, L.P.

                                    By: Oak Hill Securities GenPar, L.P.
                                        its General Partner

                                    By: Oak Hill Securities MGP, Inc.,
                                        its General Partner

                                    By: /s/ Scott D. Krase
                                        ----------------------------------------
                                        Name:  Scott D. Krase
                                        Title: Vice President

<PAGE>

                                    OAK HILL SECURITIES FUND II, L.P.

                                    By: Oak Hill Securities GenPar II, L.P.
                                        its General Partner

                                    By: Oak Hill Securities MGP II, Inc.,
                                        its General Partner

                                    By: /s/ Scott D. Krase
                                        ----------------------------------------
                                        Name:  Scott D. Krase
                                        Title: Vice President

<PAGE>

                                    PRESIDENT & FELLOWS OF HARVARD COLLEGE

                                    By: Regiment Capital Management, LLC
                                        as its Investment Advisor

                                    By: Regiment Capital Advisors, LLC
                                        its Manager and pursuant to delegated
                                        authority

                                    By: /s/ Timothy S. Peterson
                                        ----------------------------------------
                                        Timothy S. Peterson
                                        President

<PAGE>

                                    REGIMENT CAPITAL, LTD

                                    By: Regiment Capital Management, LLC
                                        as its Investment Advisor

                                    By: Regiment Capital Advisors, LLC
                                        its Manager and pursuant to delegated
                                        authority

                                    By: /s/ Timothy S. Peterson
                                        ----------------------------------------
                                        Timothy S. Peterson
                                        President

<PAGE>

                                    VAN KAMPEN
                                    PRIME RATE INCOME TRUST

                                    By: Van Kampen Investment Advisory Corp.
                                    --------------------------------------------
                                    Name of Lender

                                    By: /s/ Christina Jamieson
                                        ----------------------------------------
                                        Name:  Christina Jamieson
                                        Title: Vice President

<PAGE>

                                    VAN KAMPEN
                                    SENIOR INCOME TRUST

                                    By: Van Kampen Investment Advisory Corp.
                                    --------------------------------------------
                                    Name of Lender

                                    By: /s/ Christina Jamieson
                                        ----------------------------------------
                                        Name:  Christina Jamieson
                                        Title: Vice President

<PAGE>

                           ACKNOWLEDGEMENT AND CONSENT

                                                  Dated as of February 5, 2003

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

                                        ALMAY, INC.
                                        CHARLES OF THE RITZ GROUP LTD.
                                        CHARLES REVSON INC.
                                        COSMETICS & MORE INC.
                                        NORTH AMERICA REVSALE INC.
                                        PPI TWO CORPORATION
                                        REVLON CONSUMER CORP.
                                        REVLON DEVELOPMENT CORP.
                                        REVLON GOVERNMENT SALES, INC.
                                        REVLON INTERNATIONAL CORPORATION
                                        REVLON PRODUCTS CORP.
                                        REVLON REAL ESTATE CORPORATION
                                        RIROS CORPORATION
                                        RIROS GROUP INC.
                                        RIT INC.

                                        By: /s/ Robert K. Kretzman
                                           --------------------------------
                                           Name:  Robert K. Kretzman
                                           Title: Vice President and Secretary

                                        REVLON, INC.

                                        By: /s/ Robert K. Kretzman
                                           --------------------------------
                                           Name:  Robert K. Kretzman
                                           Title: Senior Vice President, General
                                                  Counsel, and Secretary

<PAGE>

                                                                       Exhibit A

                      REVLON CONSUMER PRODUCTS CORPORATION

                               SUMMARY TERM SHEET

         $100,000,000 SENIOR UNSECURED MULTIPLE-DRAW TERM LOAN FACILITY

THE TERM LOAN FACILITY
----------------------

Borrower:                      Revlon Consumer Products Corporation (the
                               "Company").

Lender:                        MacAndrews & Forbes Holdings Inc.

Amount:                        $100,000,000 multiple-draw term loan facility
                               (the "Term Loan Facility;" each loan made under
                               the Term Loan Facility, a "Loan" and
                               collectively, the "Loans").

Ranking:                       The Loans will be senior unsecured debt (i)
                               ranking pari passu in right of payment with (but
                               subject to the prior rights in collateral of) the
                               Company's existing bank credit agreement (the
                               "Bank Credit Agreement") and secured senior note
                               indenture, (ii) ranking pari passu in right of
                               payment with the Company's existing unsecured
                               senior note indentures, and (iii) constituting
                               "Senior Debt" under the Company's existing senior
                               subordinated note indenture.

Maturity Date:                 December 1, 2005 (the "Maturity Date").

Use of Proceeds:               To provide working capital for the Company and
                               its subsidiaries and for other general corporate
                               purposes.

Availability:                  The Term Loan Facility will be available for
                               borrowings from time to time during the period
                               from the date on which the conditions precedent
                               to the initial loan are satisfied (the "Closing
                               Date") through the Maturity Date so long as the
                               aggregate principal amount of Loans (excluding
                               any capitalized interest) (the "Base Principal")
                               made under the Term Loan Facility does not exceed
                               $100,000,000; provided, that no Loan shall be
                               made if the Aggregate Multi-Currency Commitment
                               (as defined in the Bank Credit Agreement)
                               (excluding any undrawn portions of the Currency
                               Sublimits (as defined in the Bank Credit
                               Agreement) in an aggregate amount not to exceed
                               the amount reasonably determined by the Company
                               to be advisable to be maintained in order to
                               provide the flexibility the Local Borrowers (as
                               defined in the Bank Credit Agreement) require
                               from time to time to borrow in non-Dollar
                               currencies) has not been substantially drawn
                               after giving effect to any revolving loans to be
                               made

<PAGE>
                                                                               2

                               under the Bank Credit Agreement, and any
                               letters of credit to be issued under the Bank
                               Credit Agreement, substantially concurrently with
                               such Loan.

Interest Rate and Payment:     The aggregate principal amount of the Loans
                               outstanding from time to time (as the same may be
                               increased in accordance with the next sentence)
                               will bear interest at a rate per annum equal to
                               12.0%. Accrued interest will not be payable in
                               cash prior to the Maturity Date, but instead will
                               be added to the outstanding principal balance of
                               the Loans quarterly on March 31, June 30,
                               September 30 and December 31 of each year. All
                               accrued interest and principal will be payable in
                               full in cash on the Maturity Date. Interest will
                               be computed on the basis of a 365 (or 366, as the
                               case may be) day year for the actual days
                               elapsed. If any amount owing under the Term Loan
                               Facility is not paid when due, such amount will
                               bear interest at a rate per annum equal to 14.0%
                               until paid in full.

Amortization:                  None

Optional Prepayment:           Loans may be prepaid in whole or in part at any
                               time without premium or penalty unless such
                               prepayment is prohibited under the terms of the
                               Bank Credit Agreement. Any amount of any Loan so
                               prepaid may not be reborrowed.

Mandatory Prepayment:          Upon the occurrence of a Change of Control (as
                               defined in the indenture for the Company's 9%
                               Senior Notes due 2006 as in effect on the date
                               hereof) the Loans shall be prepaid in full,
                               together with all capitalized interest and
                               accrued and unpaid interest thereon.

Fees:                          None

Collateral:                    None

Guaranties:                    None

CERTAIN CONDITIONS AND REPRESENTATIONS AND WARRANTIES:
------------------------------------------------------

Conditions to
Effectiveness:                 The effectiveness of the Term Loan Facility will
                               be subject to the following:

<PAGE>

                                                                               3

                               (a)   negotiation and execution of a definitive
                                     loan agreement mutually acceptable to the
                                     Lender and the Company (the "Loan
                                     Agreement");

                               (b)   approval of the Board of Directors of
                                     Revlon, Inc. upon the recommendation of the
                                     Special Committee thereof; and

                               (c)   receipt of an amendment to the Bank Credit
                                     Agreement to the extent necessary to permit
                                     the Company to enter into and borrow under
                                     the Loan Agreement.

Conditions to all Loans:       In addition to the conditions set forth under
                               "Availability" above, the making of each Loan
                               will be conditioned only upon (a) all
                               representations and warranties in the Loan
                               Agreement being true and correct in all material
                               respects and (b) there being no Event of Default
                               (as defined below) in existence at the time of,
                               or after giving effect to, the making of such
                               Loan.

Representations and
Warranties:                    The representations and warranties will be
                               limited to the following:

                               o     Due incorporation and good standing;

                               o     Due authorization, execution and delivery
                                     of the Loan Agreement;

                               o     Enforceability of the Loan Agreement;

                               o     No consent, approval or filing necessary
                                     for the Loan Agreement which has not been
                                     obtained; and

                               o     No conflict of the Loan Agreement with laws
                                     or other existing agreements to which the
                                     Company is subject or bound, to the extent
                                     any such conflict would cause the Company
                                     to be in breach of, or to violate, such
                                     laws or other agreements.

CERTAIN COVENANTS AND EVENTS OF DEFAULT: The Loan Agreement will include the
following affirmative and negative covenants and events of default applicable to
the Company and its subsidiaries (which will be subject, in each case, to
exceptions and baskets to be mutually agreed upon and be substantially identical
to those set forth in the indenture for the Company's 9% Senior Notes due 2006
as in effect on the date hereof):

Covenants:                     1.  Limitation on debt;
                               2.  Limitation on liens;
                               3.  Limitation on restricted payments;

<PAGE>

                                                                               4

                               4.  Limitation on restrictions on distributions
                                   from subsidiaries;
                               5.  Limitation on sales of assets and subsidiary
                                   stock;
                               6.  Limitation on transactions with affiliates;
                               7.  Change of control;
                               8.  Successor company; and
                               9.  Further assurances.

Events of Default:             o     Nonpayment of principal when due or
                                     interest within 30 days after due;

                               o     Failure to comply with covenant described
                                     in clause (8) above;

                               o     Failure to comply with covenants described
                                     in clauses (1) through (7) above, which
                                     failure continues for 30 days after notice;

                               o     Failure to comply with any other material
                                     covenant or agreement under the Loan
                                     Agreement, which failure continues for 60
                                     days after notice;

                               o     Debt of the Company or any significant
                                     subsidiary in excess of $25,000,000 is not
                                     paid at maturity or is accelerated because
                                     of a default, and such default continues
                                     for 10 days after notice;

                               o     Certain bankruptcy events with respect to
                                     the Company or any significant subsidiary;
                                     and

                               o     Any judgment for payment of money in excess
                                     of $25,000,000 is entered against the
                                     Company or a significant subsidiary and is
                                     not discharged, unless certain conditions
                                     are met.

CERTAIN OTHER TERMS
-------------------

Assignments:                   The Lender may not assign any of its rights or
                               obligations under the Loan Agreement.

Governing Law:                 State of New York.

Fees and Expenses:             The Company will reimburse the Lender for its
                               legal expenses relating to the Term Loan Facility
                               and the Loan Agreement.

Indemnification:               The Company will indemnify the Lender for any
                               claims arising as a result of the financing
                               contemplated hereby subject to customary
                               limitations.

<PAGE>

                                                                       Exhibit B

                                  REVLON, INC.

                               SUMMARY TERM SHEET
                               ------------------

                    $50,000,000 Series C Preferred Investment
                    -----------------------------------------

Investor:                      MacAndrews & Forbes Holdings Inc. (the
                               "Investor")

Issuer:                        Revlon, Inc. (the "Company")

Type of Security:              Shares of the Company's Series C Preferred Stock,
                               $0.01 par value per share (the "Series C
                               Preferred").

Definitive Documentation:      The Series C Preferred shall be issued and sold
                               in the manner contemplated by an investment
                               agreement (the "Investment Agreement"), by and
                               among the Company, Revlon Consumer Products
                               Corporation ("RCPC") and the Investor.

                               The rights, preferences and privileges of the
                               Series C Preferred will be set forth in a
                               Certificate of Designations in form and substance
                               reasonably acceptable to the Investor.

Maximum Amount of Investment:  $50,000,000

Price Per Share:               $100,000

Conditions Precedent:          The Investor shall not be required to purchase
                               the Series C Preferred (each purchase, an
                               "Advance Purchase") unless (i) the Aggregate
                               Multi-Currency Commitment (as defined in RCPC's
                               credit agreement (the "Bank Credit Agreement"))
                               (excluding any undrawn portions of the Currency
                               Sublimits (as defined in the Bank Credit
                               Agreement) in an aggregate amount not to exceed
                               the amount reasonably determined by RCPC to be
                               advisable to be maintained in order to provide
                               the flexibility the Local Borrowers (as defined
                               in the Bank Credit Agreement)

<PAGE>

                               require from time to time to borrow in non-Dollar
                               currencies) has been substantially drawn after
                               giving effect to any revolving loans to be made
                               under the Bank Credit Agreement, and any letters
                               of credit to be issued under the Bank Credit
                               Agreement, substantially concurrently with such
                               issuance of Series C Preferred, (ii) the
                               availability under the $100,000,000 multi-draw
                               term loan facility extended by the Investor to
                               the Company (the "Term Loan Facility"), after
                               giving effect to any loan to be made under the
                               Term Loan Facility substantially concurrently
                               with such issuance of Series C Preferred, is not
                               greater than zero, (iii) all approvals necessary
                               for the consummation of the transactions
                               contemplated by the Investment Agreement,
                               including the issuance of the Series C Preferred,
                               shall have been obtained, (iv) the Company shall
                               have performed each of its obligations under the
                               Investment Agreement required to be performed by
                               it at or prior to the applicable Advance Purchase
                               Date (as defined below) and the representations
                               and warranties of the Company contained in the
                               Investment Agreement shall be true and correct at
                               and as of the applicable Advance Purchase Date as
                               if made at and as of such applicable Advance
                               Purchase Date, and (v) there shall not have
                               occurred and be occurring an Event of Default (as
                               such term is defined in the Term Loan Facility),
                               either before or after giving effect to such
                               Advance Purchase, under the Term Loan Facility.

Terms of Investment            Prior to the consummation of the Company's rights
                               offering (the "Rights Offering"), from time to
                               time on one or more occasions, the Company may
                               request that the Investor purchase, and the
                               Investor shall purchase, shares of Series C
                               Preferred; provided, that the Company shall
                               deliver to the Investor written notice (an
                               "Advance Purchase Notice") no less than three (3)
                               business days prior to the date of the Advance
                               Purchase (the "Advance Purchase Date").

                               On each Advance Purchase Date, the Investor will
                               make an Advance Purchase equal to the lesser of
                               (i) the purchase price set forth in such Advance
                               Purchase Notice, and (ii) $50,000,000 less the
                               aggregate purchase price of all previous Advance
                               Purchases.

                                       2
<PAGE>

Ranking:                       The Series C Preferred shall, with respect to
                               rights to distributions upon the liquidation,
                               winding-up or dissolution of the Company, rank
                               senior to all classes of common stock, par value
                               $0.01 per share of the Company (the "Common
                               Stock"), pari passu with the Company's Series A
                               Preferred Stock, par value $0.01 per share, and
                               junior to the Company's Series B Preferred Stock,
                               par value $0.01 per share.

Conversion:                    The Series C Preferred is not convertible.

Rights, Preferences,           (1) Dividend Provisions:  The holders of Series C
Privileges and Restrictions    Preferred shall not be entitled to receive any
of Series C Preferred:         dividends.

                               (2) Liquidation Rights: (a) Upon any liquidation,
                               dissolution or winding up of the affairs of the
                               Company, whether voluntary or involuntary
                               (collectively, a "Liquidation"), no distribution
                               shall be made to the holders of the Common Stock
                               or any other class or series of capital stock of
                               the Company ranking junior to the Series C
                               Preferred (collectively referred to as the
                               "Junior Stock") unless, prior to any such
                               distribution, the holders of the Series C
                               Preferred shall have received in cash, out of the
                               assets of the Company available for distribution
                               to its stockholders, after satisfaction of the
                               Company's indebtedness and other liabilities (the
                               "net assets"), whether such assets are capital or
                               surplus and whether any dividends as such are
                               declared, the amount of $100,000 per share for
                               each outstanding share of Series C Preferred. In
                               the event of any Liquidation of the Company,
                               after payment in cash shall have been made to the
                               holders of shares of Series C Preferred of the
                               full amount to which they shall be entitled as
                               aforesaid, the holders of any class of Junior
                               Stock shall be entitled, to the exclusion of the
                               holders of shares of Series C Preferred Stock, to
                               share according to their respective rights and
                               preference in all remaining assets of the Company
                               available for distribution to its stockholders.
                               (b) If the net assets distributable in any
                               Liquidation to the holders of Series C Preferred
                               or any class or series of stock on a parity with
                               the Series C Preferred as to Liquidation (the
                               "Liquidation Parity Stock") are insufficient to
                               permit the payment to such holders of the full
                               preferential amounts to which they may be
                               entitled,

                                       3
<PAGE>

                               such assets shall be distributed ratably among
                               the holders of the Series C Preferred and such
                               Liquidation Parity Stock in proportion to the
                               full preferential amount each such holder would
                               otherwise be entitled to receive. Neither a
                               merger or consolidation of the Company with or
                               into any other company or companies nor a sale,
                               conveyance, exchange or transfer of all or any
                               part of the assets of or property of the Company
                               shall be deemed to be a Liquidation.

                               (3) Optional Redemption by Company: The Company
                               may, at its option, by resolution of its Board,
                               redeem at any time or from time to time, all or a
                               portion of the outstanding shares of Series C
                               Preferred at a cash redemption price equal to
                               $100,000 per share; provided, however, that no
                               such redemption shall be permitted at such time
                               as the terms and provisions of any financing or
                               working capital agreement of the Company or by
                               which the Company is bound specifically prohibit
                               such redemption, or if such redemption would
                               constitute a breach thereof or a default
                               thereunder or if such redemption would, upon the
                               giving of notice or passage of time or both,
                               constitute such breach or default.

                               (4) Voting Rights: Except as otherwise provided
                               by law, the holders of Series C Preferred shall
                               not be entitled to vote on any matters submitted
                               for a vote of the holders of the Common Stock or
                               of any other class of capital stock.

Mandatory Redemption:          Each issued and outstanding share of Series C
                               Preferred shall be mandatorily redeemed by the
                               Company upon consummation of the Rights Offering
                               at a cash redemption price (the "Redemption
                               Price") equal to $100,000 per share.

                               In lieu of paying cash to satisfy its obligations
                               to exercise its basic subscription privilege (the
                               "Basic Subscription Privilege") in the Rights
                               Offering and to back-stop the Rights Offering
                               (the "Back-stop"; such obligations together, the
                               "Investor Obligations"), at the consummation of
                               the Rights Offering, the Investor may elect, by
                               written notice delivered to the Company, to
                               satisfy all or part of the Investor Obligations
                               by

                                       4
<PAGE>

                               offsetting such obligations against the
                               Investor's right to receive from the Company the
                               Redemption Price of the Series C Preferred the
                               Investor then holds, if any, and if such notice
                               is given, (i) the Company shall credit an amount
                               equal to the aggregate Redemption Price specified
                               in the notice for all shares of Series C
                               Preferred held by the Investor, if any, against,
                               and reduce accordingly, the Investor Obligations
                               to the extent specified in such notice and (ii)
                               to the extent the aggregate Redemption Price
                               payable to the Investor exceeds the amount of
                               Investor Obligations offset as specified in such
                               notice, the Company shall pay cash in the amount
                               of such excess to the Investor upon the
                               consummation of the Rights Offering.

Use of Proceeds:               The net proceeds shall be contributed to RCPC in
                               the form of a capital contribution or in such
                               other form as the Company and RCPC may agree and
                               as may be permitted by the Bank Credit Agreement.

Governing Law:                 State of New York

Fees and Expenses:             The Company will reimburse the Investor for its
                               legal expenses relating to its investment in
                               Series C Preferred.

                                       5
<PAGE>

                                    EXHIBIT C
                               TO SECOND AMENDMENT

                                                                    Exhibit V to
                                                                Credit Agreement
                                                                ----------------

                                     FORM OF

                    MINIMUM LIQUIDITY COMPLIANCE CERTIFICATE

To:      JPMorgan Chase Bank, as Administrative Agent under the Second Amended
         and Restated Credit Agreement dated as of November 30, 2001 (as
         amended, supplemented or otherwise modified from time to time, the
         "Credit Agreement"), among Revlon Consumer Products Corporation (the
         "Company"), the Local Borrowing Subsidiaries named therein, the
         financial institutions from time to time parties thereto, the Arranger
         named therein, the Documentation Agent named therein and the
         Administrative Agent; unless otherwise defined herein, all capitalized
         terms used herein have the meanings assigned thereto in the Credit
         Agreement.

Ladies and Gentlemen:

         The undersigned, ____________ (a "Responsible Officer"), does hereby
certify pursuant to subsection 10.2(g) of the Credit Agreement that, to the best
knowledge of the undersigned, the Company, during the most recently ended
calendar month, has observed and performed in all material respects its covenant
under subsection 11.1(d) thereunder.

         In support of the statement above, the undersigned does hereby certify
as follows (with all monetary amounts being expressed in millions of U.S.
Dollars):

         For the calendar month beginning on __________ and ended on
____________, Liquidity was, as of the close of business on each Business Day in
such calendar month, at least $20,000,000, and Liquidity as of the close of
business on the last Business Day of such month was $________________, with such
Liquidity being determined as follows:

<PAGE>

                                                                               2

--------------------------------------------------------------------------------
                                    LIQUIDITY
--------------------------------------------------------------------------------
(a)      Unrestricted Cash of the Company and its Subsidiaries
--------------------------------------------------------------------------------
(b)      funds available under the Multi-Currency Commitments
         to the extent no Default or Event of Default has
         occurred and is continuing under the Credit Agreement
--------------------------------------------------------------------------------
(c)      funds available under Indebtedness permitted pursuant
         to subsection 11.2(n) of the Credit Agreement to the
         extent such Indebtedness, including the commitment
         with respect thereto, is evidenced by documentation
         reasonably acceptable to the Administrative Agent
--------------------------------------------------------------------------------
(d)      funds available under the M&FH Multiple-Draw Term Loan
         to the extent no default or event of default has
         occurred and is continuing thereunder
--------------------------------------------------------------------------------
(e)      funds available under the Revlon Preferred Stock
         Subscription to the extent the conditions to the
         obligations of the M&FH Lender with respect thereto
         are then being satisfied
--------------------------------------------------------------------------------
(f)      Sum of (a) through (e)
--------------------------------------------------------------------------------

         IN WITNESS WHEREOF, the undersigned has caused this Minimum Liquidity
Compliance Certificate to be executed and delivered as of the date first set
forth above.

                                            REVLON CONSUMER PRODUCTS
                                              CORPORATION

                                            By:
                                               ---------------------------------
                                               Name:
                                               Title:<PAGE>
                                                                     EXHIBIT 4.4

                                                                      NO. FSVK 1

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER THE SECURITIES LAWS OF ANY STATE.
THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND
MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE
APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN
FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED
TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE
SECURITIES LAWS.

                         QUESTCOR PHARMACEUTICALS, INC.

               WARRANT FOR THE PURCHASE OF SHARES OF COMMON STOCK

July 31, 2000                                                      20,000 Shares

For Value Received, Questcor Pharmaceuticals, Inc. a California corporation (the
"Company"), with its principal office at 26118 Research Road, Hayward,
California 94545, hereby certifies that First Security Van Kasper ("Holder"), or
its assigns, in consideration for entering into a exclusive advisor contract
signed May 18, 2000 entitled, subject to the provisions of this Warrant, to
purchase from the Company, at any time before 5:00 p.m. (Pacific Standard Time)
May 18, 2004 (the "Expiration Date); the number of fully paid and non assessable
shares of Common Stock of the Company set forth above, subject to adjustment as
hereinafter provided.

Holder may purchase such number of shares of Common Stock at a purchase price
per share (as appropriately adjusted pursuant to Section 6 hereof) of One Dollar
and thirty one and twenty five/0000 Cents ($1.3125) (the "Exercise Price"). The
term "Common Stock" shall mean the aforementioned Common Stock of the Company,
together with any other equity securities that may be issued by the Company in
addition thereto or in substitution therefore as provided herein.

The number of shares of Common Stock to be received upon the exercise of this
Warrant and the price to be paid for a share of Common Stock are subject to
adjustment from time to time as hereinafter set forth. The shares of Common
Stock deliverable upon such exercise, as adjusted from time to time, are
hereinafter sometimes referred to as "Warrant Shares."
<PAGE>
SECTION 1.  EXERCISE OF WARRANT.

      (a)   Exercise Procedures. This Warrant may be exercised in whole or in
part, on any business day prior to the Expiration Date by presentation and
surrender hereof to the Company at its principal office at the address set forth
in the initial paragraph hereof (or at such other address as the Company may
hereafter notify Holder in writing) with the Purchase Form annexed hereto duly
executed. If this Warrant should be exercised in part only, the Company shall,
upon surrender of this Warrant, execute and deliver a new Warrant dated as of
the date hereof and evidencing the rights of Holder thereof to purchase the
balance of the Warrant Shares purchasable hereunder. Upon receipt by the Company
of this Warrant and such Purchase Form, together with proper payment of the
Exercise Price, at the principal office of the Company, Holder shall be deemed
to be the holder of record of the Warrant Shares, notwithstanding that the stock
transfer books of the Company shall then be closed or that certificates
representing such Warrant Shares shall not then be actually delivered to Holder.

      (b)  Cash or Net Exercise. The Holder may elect to exercise this Warrant
by cash exercise or a net exercise as described below.

           (A)  In the case of a cash exercise, the Purchase Form delivered
under Section 1(a) shall be accompanied by proper payment of the Exercise Price
in lawful money of the United States of America, in cash or by certified check,
for the number of Warrant Shares specified in the Purchase Form.

           (B)  In the case of a net exercise, the Holder may elect to exercise
this Warrant and receive shares on a "net exercise" basis in an amount equal to
the value of this Warrant by delivery of a written request by the Holder, the
Purchase Form and surrender of this Warrant, in which event the Company shall
issue to Holder a number of shares computed using the following formula:

            X=  (P)(Y)(A-B)
                -----------
                    A

   Where:   X=  the number of shares of Common Stock to be issued to Holder.

            P=  the percentage of the Warrant being exercised.

            Y=  the number of shares of Common Stock issuable upon exercise of
                this Warrant.

            A=  the Current Market Price (as determined pursuant to Section 3)
                of one share of Common Stock.

            B=  Exercise Price.
<PAGE>
Provided, however, that no fractional shares shall be issuable upon such
exchange, and if the number of shares of Common Stock determined in accordance
with the foregoing formula is other than a whole number, the Company shall pay
Holder an amount by check, determined in accordance with the provisions of
Section 3.

     SECTION 2.     RESERVATION OF SHARES.  The Company hereby agrees that at
all times there shall be reserved for issuance and delivery upon exercise of
this Warrant all shares of its Common Stock or other shares of capital stock of
the Company from time to time issuable upon exercise of this Warrant. All such
shares shall be duly authorized and, when issued upon such exercise in
accordance with the terms of this Warrant, shall be validly issued, fully paid
and nonassessable, free and clear of all liens, security interests, charges and
other encumbrances or restrictions on sale (other than as provided in the
Company's certificate of incorporation and any restrictions on sale set forth
herein or pursuant to applicable federal and state securities laws) and free and
clear of all preemptive rights.

     SECTION 3.     FRACTIONAL INTEREST.  The Company will not issue a
fractional share of Common Stock upon exercise of a Warrant. Instead, the
Company will deliver its check for the current market value of the fractional
share. The current market value of a fraction of a share is determined as
follows: multiply the current market price of a full share by the fraction of a
share and round the result to the nearest cent.

The Current Market Price of a share of Common Stock for purposes of this Section
3 is the last reported sales price of the Common Stock on the last trading day
prior to the exercise date, as reported by the Nasdaq National Market, or the
primary national securities exchange on which the Common Stock is then quoted;
provided, however, that if the Common Stock is neither traded on the Nasdaq
National Market nor on a national securities exchange, the price referred to
above shall be the price reflected in the over-the-counter market as reported by
the National Quotation Bureau, Inc. or any organization performing a similar
function.

     SECTION 4.     TRANSFERS; ASSIGNMENT OR LOSS OF WARRANT.

          (a)  Subject to the terms and conditions contained in Section 10
hereof, this Warrant and all rights hereunder are transferable in whole or in
part by Holder and any successor transferee; provided that prior to such
transfer Holder shall give thirty (30) days prior written notice of any such
transfer to the Company, and the Company shall have the right to acquire the
Warrant under the identical provisions contained in such notice by giving Holder
written notice within fifteen (15) days of receipt of such notice. The Company's
failure to respond to said notice within said fifteen (15) days shall be deemed
a waiver of this right of first refusal. The transfer shall be recorded on the
books of the Company upon receipt by the Company of the Transfer Notice annexed
hereto, at its principal offices and the payment to the Company of all transfer
taxes and other governmental charges imposed on such transfer.
<PAGE>
          (b)  Holder shall not, without obtaining the prior written consent of
the Company, which consent shall not be unreasonably withheld, assign its
interest in this Warrant in whole or in part to any person or persons. Subject
to the provisions of Section 9, upon surrender of this Warrant to the Company or
at the office of its stock transfer agent or warrant agent, with the Assignment
Form annexed hereto duly executed and funds sufficient to pay any transfer tax,
the Company shall, without charge, execute and deliver a new Warrant or Warrants
in the name of the assignee or assignees named in such instrument of assignment
(any such assignee will then be a "Holder" for purposes of this Warrant) and, if
Holder's entire interest is not being assigned, in the name of Holder, and this
Warrant shall promptly be canceled.

          (c)  Upon receipt of evidence satisfactory to the Company of the loss,
theft, destruction or mutilation of this Warrant, and (in the case of loss,
theft or destruction) of indemnification satisfactory to the Company, and upon
surrender and cancellation of this Warrant, if mutilated, the Company shall
execute and deliver a new Warrant of like tenor and date. In the event that this
Warrant is lost, stolen, destroyed or mutilated, Holder shall pay all reasonable
attorneys' fees and expenses incurred by the Company in connection with the
replacement of this Warrant and the issuance of a new Warrant.

     SECTION 5. RIGHTS OF HOLDER. Holder shall not, by virtue hereof, be
entitled to any rights of a stockholder in the Company, either at law or equity,
and the rights of Holder are limited to those expressed in this Warrant. Nothing
contained in this Warrant shall be construed as conferring upon Holder hereof
the right to vote or to consent or to receive notice as a stockholder of the
Company on any matters or with respect to any rights whatsoever as a stockholder
of the Company. No dividends or interest shall be payable or accrued in respect
of this Warrant or the interest represented hereby or the Warrant Shares
purchasable hereunder until, and only to the extent that, this Warrant shall
have been exercised in accordance with its terms.

     SECTION 6. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF SHARES. The number
and kind of securities purchasable upon the exercise of this Warrant and the
Exercise Price shall be subject to adjustment from time to time upon the
beginning of certain events, as follows:

          (a)  Adjustment for Change in Capital Stock. If at any time after the
date hereof the Company:

               (A)  pays a dividend in Common Stock or makes a distribution on
its Common Stock in shares of its Common Stock;

               (B)  subdivides its outstanding shares of Common Stock into a
greater number of shares;

               (C)  combines its outstanding shares of Common Stock into a
smaller number of shares;

<PAGE>
          (D)  makes a distribution on its Common Stock in shares of its
capital stock other than Common Stock; or

          (E)  issues by reclassification of its Common Stock any shares of its
capital stock;

then the Exercise Price and the number of shares of Common Stock issuable upon
exercise of the Warrant in effect immediately prior to such action shall be
adjusted so that Holder may receive upon exercise of this Warrant and payment
of the same aggregate consideration the number of shares of capital stock of the
Company which Holder would have owned immediately following such action if
Holder had exercised this Warrant immediately prior to such action.

The adjustment shall become effective immediately after the record date in the
case of a dividend or distribution and immediately after the effective date in
the case of a subdivision, combination or reclassification.

     (b)  Minimum Adjustment. No adjustment in the Exercise Price shall be
required pursuant to this Section 6 unless such adjustment would require an
increase or decrease of at least twenty-five ($.25) in such Exercise Price;
provided, however, that any adjustments which by reason of this subsection are
not required to be made, shall be carried forward and taken into account in any
subsequent adjustment. All calculations under this Section 6 shall be made to
the nearest cent or to the nearest share, as the case may be.

     (c)  Deferral of Issuance or Payment. In any case in which an event
covered by this Section 6 shall require that an adjustment in the Exercise
Price be made effective as of a record date, the Company may elect to defer
until the occurrence of such event (i) issuing to Holder, if this Warrant is
exercised after such record date, the shares of Common Stock and other capital
stock of the Company, if any, issuable upon such exercise over and above the
shares of Common Stock or other capital stock of the Company, if any, issuable
upon such exercise on the basis of the Exercise Price in effect prior to such
adjustment, and (ii) paying to Holder by check any amount in lieu of the
issuance of fractional shares pursuant to Section 3.

     (d)  When No Adjustment Required. No adjustment shall be required for a
change in the par value or no par value of the Common Stock. To the extent this
Warrant becomes exercisable into cash, no adjustment shall be required
thereafter as to the cash, and interest will not accrue on the cash.

     (e)  Notice of Certain Actions. In the event that:

          (A)  the Company shall authorize the issuance to all holders of its
Common Stock of rights, warrants, options or convertible securities to subscribe
for or purchase shares of its Common Stock or of any other subscription rights,
warrants, options or convertible

<PAGE>
securities; or

                 (B)  the Company shall authorize the distribution to all
holders of its Common Stock of evidences of its indebtedness or assets (other
than dividends paid in or distributions of the Company's capital stock for which
the Exercise Price shall have been adjusted pursuant to subsection (a) of this
Section 6 or cash dividends or cash distributions payable out of consolidated
current or retained earnings as shown on the books of the Company and paid in
the ordinary course of business); or

                 (C)  the Company shall authorize any capital reorganization or
reclassification of the Common Stock (other than a subdivision or combination of
the outstanding Common Stock and other than a change in par value of the Common
Stock) or of any consolidation or merger to which the Company is a party and for
which approval of any stockholders of the Company is required (other than a
consolidation or merger in which the Company is the continuing corporation and
that does not result in any reclassification or change of the Common Stock
outstanding), or of the conveyance or transfer of the properties and assets of
the Company as an entirety or substantially as an entirety; or

                 (D)  the Company is the subject of a voluntary or involuntary
dissolution, liquidation or winding-up procedure.

then the Company shall cause to be mailed by first-class mail to Holder, at
least ten (10) days prior to the applicable record or effective date hereinafter
specified, a notice stating (x) the date as of which the holders of Common Stock
of record to be entitled to receive any such rights, warrants or distributions
are to be determined, or (y) the date on which any such consolidation, merger,
conveyance, transfer, dissolution, liquidation or winding-up is expected to
become effective, and the date as of which it is expected that holders of Common
Stock of record shall be entitled to exchange their shares of Common Stock for
securities or other property, if any, deliverable upon such reorganization,
reclassification, consolidation, merger, conveyance, transfer, dissolution,
liquidation or winding-up; provided, however, that Holder shall make a best
efforts attempt to respond to such notice (to the extent any such response is
required or permitted hereunder or is reasonably requested by the Company) as
early as possible after the receipt thereof.

                 (E)  No Adjustment After Exercise of Warrant. No adjustments
shall be made under any Section herein in connection with the issuance of
Warrant Shares after exercise of this Warrant.

     SECTION 7.  NOTICE OF ADJUSTMENT.  Upon any adjustment of the Exercise
Price or any increase or decrease in the number of shares of Common Stock
purchasable upon the exercise of this Warrant, the Company shall give written
notice thereof, by certified or registered mail, postage prepaid and return
receipt requested, addressed to the registered Holder at the address of such
Holder as shown on the books of the Company. The notice shall be signed by the
Company's
<PAGE>
chief financial officer and shall state the Exercise Price resulting from such
adjustment and the increase or decrease, if any, in the number of shares
purchasable at such price upon the exercise of this Warrant, setting forth in
reasonable detail the method of calculation and the facts upon which such
calculation is based.

     SECTION 8.   RECLASSIFICATION, REORGANIZATION, CONSOLIDATION OR MERGER. In
the event of any reclassification, capital reorganization or other change of
outstanding shares of Common Stock of the Company (other than a subdivision or
combination of the outstanding Common Stock and other than a change in the par
value of the Common Stock) or in the event of any consolidation or merger of the
Company with or into another corporation (other than a merger in which the
Company is the continuing corporation and that does not result in any
reclassification, capital reorganization or other change of outstanding shares
of Common Stock of the class issuable upon exercise of this Warrant) or in the
event of any sale, lease, transfer or conveyance to another corporation of the
property and assets of the Company as an entirety or substantially as an
entirety, the Company shall, as a condition precedent to such transaction, cause
effective provisions to be made so that Holder shall have the right thereafter,
by exercising this Warrant, (in lieu of the shares of the Common Stock of the
Company immediately theretofore purchasable and receivable upon exercise of the
rights represented hereby) to purchase the kind and amount of shares of stock
and other securities and property (including cash) receivable upon such
reclassification, capital reorganization and other change, consolidation,
merger, sale or conveyance by a holder of the number of shares of Common Stock
that might have been received upon exercise of this Warrant immediately prior to
such reclassification, capital reorganization, change, consolidation, merger,
sale or conveyance; provided, however, that in the event (a) the value of the
stock, securities or other assets or property (determined in good faith by the
Board of Directors of the Company) issuable or payable with respect to one share
of the Common Stock of the Company immediately theretofore purchasable and
receivable upon the exercise of the rights represented hereby is in excess of
the Exercise Price hereof effective at the time of the merger (after giving
effect to any adjustment in such Exercise Price required to be made under the
terms of this Warrant), and (b) the securities received in such reorganization,
if any, are publicly traded, then this Warrant shall expire unless exercised
prior to the reorganization. Any such provision shall include provisions for
adjustments in respect of such shares of stock and other securities and property
that shall be as nearly equivalent as may be practicable to the adjustments
provided for in this Warrant. The foregoing provisions of this Section 8 shall
similarly apply to successive reclassifications, capital reorganizations and
changes of shares of Common Stock and to successive consolidations, mergers,
sales or conveyances. In the event that in connection with any such capital
reorganization or reclassification, consolidation, merger, sale or conveyance,
additional shares of Common Stock shall be issued in exchange, conversion,
substitution or payment, in whole or in part, for or of, a security of the
Company other than Common Stock, any such issue shall be treated as an issue of
Common Stock covered by the provisions of subsection (a) of Section 6.

     SECTION 9.   TRANSFER TO COMPLY WITH THE SECURITIES ACT OF 1933.  This
Warrant may not be exercised and neither this Warrant nor any of the Warrant
Shares, nor any interest in
<PAGE>
either, may be offered, sold, assigned, pledged, hypothecated, encumbered or in
any other manner transferred or disposed of, in whole or in part, except in
compliance with applicable United States federal and state securities or blue
sky laws and the terms and conditions hereof. Each Warrant shall bear a legend
in substantially the same form as the legend set forth on the first page of this
Warrant. Each certificate for Warrant Shares issued upon exercise of this
Warrant, unless at the time of exercise such Warrant Shares are acquired
pursuant to a registration statement that has been declared effective under the
Securities Act of 1933, as amended (the "Securities Act"), and applicable blue
sky laws, shall bear a legend substantially in the following form:

          THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
          SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER THE
          SECURITIES LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT TO
          RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED
          OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE
          SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. THE
          ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM
          AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY
          PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY
          APPLICABLE STATE SECURITIES LAWS.

Any certificate for any Warrant Shares issued at any time in exchange or
substitution for any certificate for any Warrant Shares bearing such legend
(except a new certificate for any Warrant Shares issued after the acquisition of
such Warrant Shares pursuant to a registration statement that has been declared
effective under the Securities Act) shall also bear such legend unless, in the
opinion of counsel for the Company, the Warrant Shares represented thereby need
no longer be subject to the restriction contained herein. The provisions of this
Section 9 shall be binding upon all subsequent holders of certificates for
Warrant Shares bearing the above legend and all subsequent holders of this
Warrant, if any.

     SECTION 10. REPRESENTATIONS AND COVENANTS OF HOLDER. This Warrant has been
entered into by the Company in reliance upon the following representations and
covenants of Holder, which by its execution hereof Holder hereby confirms:

          (a)  Investment Purpose. The right to acquire Common Stock, and any
Common Stock issued upon exercise of Holder's rights contained herein, will be
acquired for investment and not with a view to the sale or distribution of any
part thereof, and Holder has no present intention of selling or engaging in any
public distribution of the same except pursuant to a registration or exemption.

          (b)  Private Issue. Holder understands (i) that the Common Stock
issuable upon

<PAGE>
exercise of Holder's rights contained herein is not registered under the
Securities Act or qualified under applicable state securities laws on the
ground that the issuance contemplated by this Warrant will be exempt from the
registration and qualification requirements thereof, and (ii) that the
Company's reliance on such exemption is predicated on the representations set
forth in this Section 10.

     (c)  Disposition of Holder's Rights. In no event will Holder make a
disposition of any of its rights to acquire Common Stock, or of any Common
Stock issued upon exercise of such rights, unless and until (i) it shall have
notified the Company of the proposed disposition, and (ii) if requested by the
Company, it shall have furnished the Company with an opinion of counsel (which
counsel may either be inside or outside counsel to Holder) satisfactory to the
Company and its counsel to the effect that (A) appropriate action necessary for
compliance with the Securities Act has been taken, or (B) an exemption from the
registration requirements of the Securities Act is available. Notwithstanding
the foregoing, the restrictions imposed upon the transferability of any of its
rights to acquire Common Stock, or of any Common Stock issued on the exercise
of such rights do not apply to transfers from the beneficial owner of any of
the aforementioned securities to its nominee or from such nominee to its
beneficial owner, and shall terminate as to any particular share of Common
Stock when (1) such security shall have been effectively registered under the
Act and sold by the holder thereof in accordance with such registration, (2)
such security shall have been sold without registration in compliance with Rule
144 under the Securities Act, or (3) a letter shall have been issued to Holder
at its request by the staff of the Securities and Exchange Commission or a
ruling shall have been issued to Holder at its request by such Commission
stating that no action shall be recommended by such staff or taken by such
Commission, as the case may be, if such security is transferred without
registration under the Securities Act in accordance with the conditions set
forth in such letter or ruling, and such letter or ruling specifies that no
subsequent restrictions on transfer are required. Whenever the restrictions
imposed hereunder shall terminate, as hereinabove provided, Holder or a holder
of a share of Common Stock then outstanding as to which such restrictions have
terminated shall be entitled to receive from the Company, without expense to
such holder, one or more new certificates for the Warrant or for such shares of
Common Stock not bearing any restrictive legend.

     (d)  Financial Risk. Holder has such knowledge and experience in financial
and business matters as to be capable of evaluating the merits and risks of its
investment and has the ability to bear the economic risks of its investment.

     (e)  Risk of No Registration. Holder understands that it may be required
to hold the Warrant and the shares of Common Stock issuable upon exercise of
the Warrant for an indefinite period. Holder also understands that any sale of
the Warrant or the shares of Common Stock issuable upon exercise of the warrant
which might be made by it is reliance upon Rule 144 under the Securities Act
may be made only in accordance with the terms and conditions of that Rule:

<PAGE>
          (f)  Accredited Investor. Holder is an "accredited investor" within
the meaning of the Securities and Exchange Rule 501 of Regulation D, as
presently in effect.

          SECTION 11.    REGISTRATION RIGHTS

          (a)  If at any time the Company shall determine to register any of its
securities under the Securities Act either for its own account or the account of
a security holder or holders, other than the Company's initial public offering
of its Common Stock or a registration relating solely to employee benefit plans,
or a registration relating solely to a Rule 145 transaction, or a registration
on any registration form that does not permit secondary sales, then the Company
will:

               (A)  promptly give to Holder a written notice thereof, and

               (B)  use its best efforts to include in such registration (and
any related qualification under blue sky laws or other compliance), except as
set forth in Section 11(b) below, and in any underwriting involved therein, all
of the Warrant Shares specified in a written request or requests made by Holder
and received by the Company within ten (10) days after the written notice from
the Company described in clause (A) above is mailed or delivered by the Company.
Such written request may specify all or a part of the Warrant Shares.

          (b)  If the registration of which the Company gives notice to Holder
is for a registered public offering involving an underwriting, the Company shall
so advise Holder as a part of the written notice given pursuant to Section
11(a)(A). In such event, the right of Holder to registration pursuant to Section
11(a) shall be conditioned upon Holder's participation in such underwriting and
the inclusion of all or any part of the Warrant Shares specified in Holder's
notice in the underwriting to the extent provided herein. Holder shall (together
with the Company and the other holders of securities of the Company with
registration rights to participate therein distributing their securities through
such underwriting) enter into an underwriting agreement in customary form with
the representative of the underwriter or underwriters selected by the Company.

          Notwithstanding any other provision of Sections 11(a) or (b), if the
representative of the underwriters advises the Company in writing that marketing
factors require a limitation on the number of shares to be underwritten, the
representative may (subject to the limitations below) exclude all of the Warrant
Shares from, or limit the number of Warrant Shares to be included in, the
registration and underwriting. The Company shall 30 advise Holder and Other
holders of securities requesting registration, end the number of shares that are
entitled to be included in the registration and underwriting shall be allocated
first to the Company for securities being sold for its own account and
thereafter the number of shares that are entitled to be included in the
registration shall be allocated among Holder and other holders requesting
inclusion of shares on a pro rata basis, subject to any prior agreements among
the Company and its other stockholders,

<PAGE>
but only to the extent that such other agreements provide for additional
limitations on the number of shares such other stockholders or the Company will
be entitled to include in the registration, which agreements are in effect as of
the date hereof. If Holder or any other person does not agree to the terms of
any such underwriting, Holder and any other such person shall be excluded
therefrom by written notice from the Company or the underwriter. Any Warrant
Shares or other securities excluded or withdrawn from such underwriting shall
also be withdrawn from such registration.

          (c)  As used herein, "Registration Expenses" shall mean all expenses
incurred by the Company in complying with this Section 11, including, without
limitation, all registration, qualification and filing fees; printing expenses;
fees and disbursements of counsel for the Company (and the fees and
disbursements of counsel for the Company in its capacity as counsel to Holder
and other holders hereunder; if Company counsel does not make itself available
for this purpose, the Company will pay the reasonable fees and disbursements of
one counsel for Holder and other holders as mutually agreed upon by all such
holders) and of the Company's independent accounting firm blue sky foes and
expenses; and the expense of any special audits incident to or required by any
such registration (but excluding the compensation of regular employees of the
Company which shall be paid in any event by the Company). All Registration
Expenses in connection with any registration pursuant to Section 11(a) hereof
shall be borne by the Company; provided, however, that (A) any incremental
filing fees or other expenses incurred by the Company solely by reason of
Holder's exercise of registration rights pursuant to Section 11(a), and (B) any
underwriting discounts and commissions payable in connection with Holder's
exercise of registration rights pursuant to Section 11(a) shall be borne by
Holder.

          (d)  The rights conferred upon Holder under this Section 11 may be
assigned by Holder to any permitted transferee of the Warrant Shares; provided
that such transfer complies with Section 9 hereof.

          (e)  In the event any Warrant Shares are included in a registration
statement under Section 11(a):

               (A)  To the extent permitted by law, the Company will indemnify
and hold harmless Holder, the partners, officers, directors and legal counsel of
Holder, any underwriter (as defined in the Securities Act) for Holder and each
person if any, who controls Holder or such underwriter within the meaning of the
Securities Act or the Exchange Act, against any losses, claims, damages, or
liabilities (join or several) to which they may become subject under the
Securities Act, the Exchange Act or other federal or state law, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out
of or are based upon any of the following statements, omissions or violations
(collectively a "Violation") by the Company, (i) any untrue statement or alleged
untrue statement of a material fact contained in such registration statement,
including any preliminary prospectus or final prospectus contained therein or
any amendments or supplements thereto, (ii) the omission or alleged omission to
state therein a
<PAGE>
material fact required to be stated therein, or necessary to make the statements
therein not misleading, or (iii) any violation or alleged violation by the
Company of the Securities Act, the Exchange Act, any state securities law or any
rule or regulation promulgated under the Securities Act, the Exchange Act or any
state securities law in connection with the offering covered by such
registration statement; and the Company will reimburse Holder and each partner,
officer or director, underwriter or controlling person for any legal or other
expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action; provided however,
that the indemnity agreement contained in this Section 11(e)(A) shall not apply
to amounts paid in settlement of any such loss, claim, damage, liability or
action if such settlement is effected without the consent of the Company, which
consent shall not be unreasonably withheld, nor shall the Company be liable in
any such case for any such loss, claim, damage, liability or action to the
extent that it arises out of or is based upon a Violation which occurs in
reliance upon and in conformity with written information furnished expressly for
use in connection with such registration by Holder or such partner, officer,
director, underwriter or controlling person of Holder.

               (B)  To the extent permitted by law, Holder will indemnify and
hold harmless the Company, each of its directors, its officers and legal counsel
and each person, if any, who controls the Company within the meaning of the
Securities Act, any underwriter and any other person selling securities under
such registration statement or any of such other person's partners, directors or
officers or any person who controls such person, against any losses, claims,
damages or liabilities (joint or several) to which the Company or any such
director, officer, controlling person, underwriter or other such person, or
partner, director, officer or controlling person of such person may become
subject under the Securities Act the Exchange Act or other federal or state law,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereto) arise out of or are based upon any Violation, in each case to the
extent (and only to the extent) that such Violation occurs in reliance upon and
in conformity with written information furnished by Holder under an instrument
duly executed by Holder and stated to be specifically for use in connection with
such registration; and Holder will reimburse any legal or other expenses
reasonably incurred by the Company or any such director, officer, controlling
person, underwriter or other person, or partner, officer, director or
controlling person of such other person in connection with investigating or
defending any such loss, claim, damage, liability or action if it is judicially
determined that there was such a Violation, provided, however, that the
indemnity agreement contained in this Section 11(e)(B) shall not apply to
amounts paid in settlement of any such loss, claim, damage, liability or action
if such settlement is effected without the consent of Holder, which consent
shall not be unreasonably withheld; provided further that in no event shall any
indemnity under this Section 11(e)(B) exceed the net proceeds from the offering
received by such Holder.

               (C)  Promptly after receipt by an indemnified party under this
Section 11(e) of notice of the commencement of any action (including any
governmental action), such indemnified party will, if a claim in respect thereof
is to be made against any indemnifying party
<PAGE>
under this Section 11(e), deliver to the indemnifying party a written notice
of the commencement thereof and the indemnifying party shall have the right to
participate in, and, to the extent the indemnifying party so desires, jointly
with any other indemnifying party similarly noticed, to assume the defense
thereof with counsel mutually satisfactory to the parties provided, however,
that an indemnified party shall have the right to retain its own counsel, with
the fees and expenses to be paid by the indemnifying party, if representation
of such indemnified party by the counsel retained by the indemnifying party
would be inappropriate due to actual, or potential differing interests between
such indemnified party and any other party represented by such counsel in such
proceeding. The failure to deliver written notice to the indemnifying party
within a reasonable time of the commencement of any such action, if materially
prejudicial to its ability to defend such action, shall relieve such
indemnifying party of any liability to the indemnified party under this Section
11(e) but the omission so to deliver written notice to the indemnifying party
will not relieve it of any liability that it may have to any indemnified party
otherwise than under this Section 11(e).

               (D)  If the indemnification provided for in this Section 11(e)
is held by a court of competent jurisdiction to be unavailable to an
indemnified party with respect to any losses, claims, damages or liabilities
referred to herein, the indemnifying party, in lieu of indemnifying such
indemnified party thereunder, shall to the extent permitted by applicable law
contribute to the amount paid or payable by such indemnified party as a result
of such loss, claim, damage or liability in such proportion as is appropriate
to reflect the relative fault of the indemnifying party on the one hand and of
the indemnified party on the other in connection with the Violation(s) that
resulted in such loss, claim, damage or liability, as well as any other
relevant equitable considerations. The relative fault of the indemnifying party
and of the indemnified party shall be determined by a court of law by reference
to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party and the parties'
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission; provided, that in no event shall any
contribution by Holder hereunder exceed the proceeds from the offering received
by Holder.

               (E)  The obligations of the Company and Holder under this
Section 11(e) shall survive completion of any offering of securities in a
registration statement pursuant to Section 11. No indemnifying party in the
defense of any such claim or litigation, shall, except with the consent of each
indemnified party consent to entry of any judgment or cater into any settlement
which does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such indemnified party of a release from all liability
in respect to such claim or litigation.

     SECTION 12. SATURDAYS, SUNDAYS AND HOLIDAYS. If the last or appointed day
for the taking of any action or the expiration of any right required or granted
herein shall be a Saturday or a Sunday or shall be a legal holiday in the State
of California, then such action may be taken or such

<PAGE>
right may be exercised on the next succeeding day not a Saturday, Sunday or
legal holiday in the State of California.

     SECTION 13. ISSUE TAX. The issuance of certificates for Common Stock upon
the exercise of the Warrant shall be made without charge to the holder of the
Warrant for any issue tax (other than any applicable income taxes) in respect
thereof; provided, however, that the Company shall not be required to pay any
tax which may be payable in respect of any transfer involved in the issuance and
delivery of any certificates in a name other than that of the then Holder of the
Warrant being exercised.

     SECTION 14. MODIFICATION AND WAIVER. Neither this Warrant nor any term
hereof may be changed, waived, discharged or terminated other than by an
instrument in writing signed by the Company and by Holder.

     SECTION 15. NOTICES. Unless otherwise specified herein, any notice,
request or other document required or permitted to be given or delivered to
Holder or the Company shall be given in writing and shall be deemed
effectively given (i) upon personal delivery to the party to be notified, (ii)
three (3) days after deposit in the United States mail if sent by registered or
certified mail, postage prepaid, or (iii) on (1) day after deposit with an
overnight courier, specifying next day delivery, with written verification of
receipt. All communications shall be sent to Holder at its address as shown on
the books of the Company, or to the Company at the address indicated therefor
in the first paragraph of this Warrant.

     SECTION 16. DESCRIPTIVE HEADINGS AND GOVERNING LAW. The description
headings of the several sections and paragraphs of this Warrant are inserted
for convenience only and do not constitute a part of this Warrant. This Warrant
shall be construed and enforced in accordance with, and the rights of the
parties shall be governed by, the laws of the State of California, without
regard to its conflicts of laws principles.

     SECTION 17. ATTORNEYS' FEES. In any litigation, arbitration or court
proceeding between the Company and Holder relating hereto, the prevailing party
shall be entitled to attorneys' fees and expenses and all costs of proceedings
incurred in enforcing this Warrant.

     SECTION 18. SURVIVAL. The representations, warranties, covenants and
conditions of the respective parties contained herein or made pursuant to this
Warrant shall survive the execution and delivery of this Warrant.

     SECTION 19. SEVERABILITY. In the event any one or more of the provisions
of this Warrant shall for any reason be held invalid, illegal or unenforceable,
the remaining provisions of this Warrant shall be unimpaired, and the invalid,
illegal or unenforceable provision shall be replaced by a mutually acceptable
valid, legal and enforceable provision, which comes closest to the intention of
the parties underlying the invalid, illegal or unenforceable provision.

<PAGE>
      IN WITNESS WHEREOF, the Company has duly caused this Warrant to be signed
by its duly authorized officer and to be dated as of July 31, 2000.

                                       COMPANY:

                                       QUESTCOR PHARMACEUTICALS, INC.

                                       By: /s/ Charles J. Casamento
                                          ------------------------------------
                                          Charles J. Casamento
                                          Chief Executive Officer

                                       HOLDER:

                                       FIRST SECURITY VAN KASPER

                                       By:
                                          -------------------------------------

                                       Print Name:
                                                  -----------------------------

                                       Title:
                                             ----------------------------------

                                    WARRANT
                                 SIGNATURE PAGE
<PAGE>
                                 PURCHASE FORM

                                                          Dated__________, _____

The undersigned hereby irrevocably elects to exercise the within Warrant to
purchase ________ shares of Common Stock and hereby makes payment of $__________
in payment of the exercise price thereof, together with all applicable transfer
taxes, if any.

In exercising its rights to purchase the Common Stock of Questcor
Pharmaceuticals, Inc., the undersigned hereby confirms and acknowledges the
investment representations and warranties made in Section 10 of the Warrant.

Please issue a certificate or certificates representing said shares of Common
Stock in the name of the undersigned or in such other name as is specified
below.

                                                      __________________________
                                                      (Name)

                                                      __________________________
                                                      (Address)

                                                      __________________________

                                                      HOLDER:

                                                      FIRST SECURITY VAN KASPER

                                                      By:_______________________

                                                      Print Name:_______________

                                                      Title:____________________
<PAGE>
                                ASSIGNMENT FORM

                                                        Dated ____________, ____

FOR VALUE RECEIVED, First Security Van Kasper, hereby sells, assigns and
transfers unto _______________________________________ (the "Assignee"),
               (please type or print in block letters)

________________________________________________________________________________
                                (insert address)

its right to purchase up to ______________ shares of Common Stock represented by
this Warrant and does hereby irrevocably constitute and appoint ________________
attorney, to transfer the same on the books of the Company, with full power of
substitution in the premises.

                                        FIRST SECURITY VAN KASPER

                                        By: ____________________________________

                                        Print Name: ____________________________

                                        Title: _________________________________

<PAGE>
                               TRANSFER NOTICE

          (To transfer or assign the foregoing Warrant, execute this form and
          supply required information. Do not use this form to purchase shares.)

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are
hereby transferred and assigned to:

_______________________________________________________________________________
                                (Please Print)

whose address is
                 ______________________________________________________________

_______________________________________________________________________________

                                       Dated __________________________________

                                       Holder's Signature _____________________

                                       Holder's Address _______________________

                                       ________________________________________

Note:  The signature to this Transfer Notice must correspond with the name as it
       appears on the face of the Warrant, without alteration or enlargement or
       any change whatever. Officers of corporations and those acting in a
       fiduciary or other representative capacity should file proper evidence of
       authority to assign the foregoing Warrant.

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