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Exhibit 10.24
                                                                  Execution Copy

                           FORM OF SECURITY AGREEMENT

            SECURITY AGREEMENT dated as of November 17, 1999, among EQUIVEST
      FINANCE, INC., a Delaware corporation (the "Borrower"), each Subsidiary of
      the Borrower listed on Schedule I hereto (each such subsidiary
      individually a "Subsidiary Guarantor" and collectively, the "Subsidiary
      Guarantors"; the Subsidiary Guarantors and the Borrower are referred to
      collectively herein as the "Grantors") and BANK OF AMERICA, N.A. (the
      "Lender").

            Reference is made to the Credit Agreement dated as of November 17,
      1999 (as amended, supplemented or otherwise modified from time to time,
      the "Credit Agreement"), among the Borrower, Peppertree Acquisition Corp.,
      a Delaware corporation, Peppertree Acquisition II Corp., a Delaware
      corporation, and the Lender.

            The Lender has agreed to make a Term Loan to the Borrower pursuant
      to, and upon the terms and subject to the conditions specified in, the
      Credit Agreement. Each of the Subsidiary Guarantors has agreed to
      guarantee, among other things, all the obligations of the Borrower under
      the Credit Agreement. The obligations of the Lender to make the Term Loan
      is conditioned upon, among other things, the execution and delivery by the
      Grantors of an agreement in the form hereof to secure the due and punctual
      payment and performance of the Obligations.

            Accordingly, the Grantors and the Lender hereby agree as follows:

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

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

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

            "Accounts" shall mean any and all right, title and interest of any
      Grantor to payment for goods and services sold or leased, including any
      such right evidenced by chattel paper, whether due or to become due,
      whether or not it has been earned by performance, and whether now or
      hereafter acquired or arising in the future, including accounts receivable
      from Affiliates of the Grantors.

            "Accounts Receivable" shall mean all Accounts and all right, title
      and interest in any returned goods, together with all rights, titles,
      securities and guarantees with respect thereto, including any rights to
      stoppage in transit, replevin, reclamation and resales, and all related
      security interests, liens and pledges, whether voluntary or involuntary,
      in each case whether now existing or owned or hereafter arising or
      acquired.

            "Chattel Paper" shall mean (a) a writing or writings which evidence
      both a monetary obligation and a security interest in or a lease of
      specific Equipment and (b) all other property now or hereafter
      constituting "chattel paper" under the Uniform Commercial Code as in
      effect in the State of New York or its equivalent in other jurisdictions,
      in each case that are now or hereafter owned by any Grantor.

            "Collateral" shall mean all (a) Accounts Receivable, (b) Documents,
      (c) Chattel Paper, (d) Equipment, (e) General Intangibles, (f) cash and
      cash accounts, (g) Investment Property, (h) Proceeds, and (i) Intellectual
      Property; provided, however, that any property which is subject to a (x)
      Permitted Lien or (y) a Lien as of the date of this Agreement (including
      by virtue of an after-acquired property clause in a security agreement in
      existence on the date hereof) shall not be deemed to be Collateral
      hereunder, it being the intention of the parties that the Collateral
      include only property which is unencumbered by Liens as of the date
      hereof; provided, further, that Notes Receivable, A&D Loans Receivable and
      loans secured by Notes Receivable shall not be deemed to be Collateral
      hereunder.

            "Commodity Account" shall mean an account maintained by a Commodity
      Intermediary in which a Commodity Contract is carried out for a Commodity
      Customer.

            "Commodity Contract" shall mean a commodity futures contract, an
      option on a commodity futures contract, a commodity option or any other
      contract that, in each case, is (a) traded on or subject to the rules of a
      board of trade that has been designated as a contract market for such a
      contract pursuant to the federal commodities laws or (b) traded on a
      foreign commodity board of trade, exchange or market, and is carried on
      the books of a Commodity Intermediary for a Commodity Customer.

            "Commodity Customer" shall mean a person for whom a Commodity
      Intermediary carries a Commodity Contract on its books.

            "Commodity Intermediary" shall mean (a) a person who is registered
      as a futures commission merchant under the federal commodities laws or (b)
      a person who in the ordinary course of its business provides clearance or
      settlement services for a board of trade that has been designated as a
      contract market pursuant to federal commodities laws.

            "Copyright License" shall mean any written agreement, now or
      hereafter in effect, granting any right to any third party under any
      Copyright now or hereafter owned by any Grantor or which such Grantor
      otherwise has the right to license, or granting any right to such Grantor
      under any copyright now or hereafter owned by any third party, and all
      rights of such Grantor under any such agreement.

            "Copyrights" shall mean all of the following now owned or hereafter
      acquired by any Grantor: (a) all copyright rights in any work subject to
      the copyright laws of the United States or any other country, whether as
      author, assignee, transferee or otherwise, and (b) all registrations and
      applications for registration of any such copyright in the United States
      or any other country, including registrations, recordings, supplemental
      registrations and pending applications for registration in the United
      States Copyright Office, including those listed on Schedule II.

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

            "Documents" shall mean all instruments, files, records, ledger
      sheets and documents covering or relating to any of the Collateral.

            "Entitlement Holder" shall mean a person identified in the records
      of a Securities Intermediary as the person having a Security Entitlement
      against the Securities Intermediary. If a person acquires a Security
      Entitlement by virtue of Section 8-501(b)(2) or (3) of the Uniform
      Commercial Code, such person is the Entitlement Holder.

            "Equipment" shall mean all equipment, furniture and furnishings, and
      all tangible personal property similar to any of the foregoing, including
      tools, parts and supplies of every kind and description, and all
      improvements, accessions or appurtenances thereto, that are now or
      hereafter owned by any Grantor.

            "Financial Asset" shall mean (a) a Security, (b) an obligation of a
      person or a share, participation or other interest in a person or in
      property or an enterprise of a person, which is, or is of a type, dealt
      with in or traded on financial markets, or which is recognized in any area
      in which it is issued or dealt in as a medium for investment or (c) any
      property that is held by a Securities Intermediary for another person in a
      Securities Account if the Securities Intermediary has expressly agreed
      with the other person that the property is to be treated as a Financial
      Asset under Article 8 of the Uniform Commercial Code. As the context
      requires, the term Financial Asset shall mean either the interest itself
      or the means by which a person's claim to it is evidenced, including a
      certificated or uncertificated Security, a certificate representing a
      Security or a Security Entitlement.

            "General Intangibles" shall mean all choses in action and causes of
      action and all other assignable intangible personal property of any
      Grantor of every kind and nature (other than Accounts Receivable) now
      owned or hereafter acquired by any Grantor, including all rights and
      interests in partnerships, limited partnerships, limited liability
      companies and other unincorporated entities, corporate or other business
      records, indemnification claims, contract rights (including rights under
      leases, whether entered into as lessor or lessee, Hedge Agreements, all of
      the rights of any Grantor under the Transaction Documents and other
      agreements), Intellectual Property, goodwill, registrations, franchises,
      tax refund claims and any letter of credit, guarantee, claim, security
      interest or other security held by or granted to any Grantor to secure
      payment by an Account Debtor of any of the Accounts Receivable.

            "Intellectual Property" shall mean all intellectual and similar
      property of any Grantor of every kind and nature now owned or hereafter
      acquired by any Grantor, including inventions, designs, Patents,
      Copyrights, Licenses, Trademarks, trade secrets, confidential or
      proprietary technical and business information, know-how, show-how or
      other data or information, software and databases and all embodiments or
      fixations thereof and related documentation, registrations and franchises,
      and all additions, improvements and accessions to, and books and records
      describing or used in connection with, any of the foregoing.

            "Investment Property" shall mean all Securities (other than
      Securities representing the Capital Stock of the Borrower or any of its
      Affiliates or Subsidiaries) (whether certificated or uncertificated),
      Security Entitlements, Securities Accounts, Commodity Contracts and
      Commodity Accounts of any Grantor, whether now owned or hereafter acquired
      by any Grantor.

            "License" shall mean any Patent License, Trademark License,
      Copyright License or other license or sublicense to which any Grantor is a
      party, including those listed on Schedule III (other than those (i)
      license agreements in existence on the date hereof which are subject to a
      prior lien of a creditor listed on Schedule III and (ii) those license
      agreements entered into after the date hereof, which, in either case, by
      their terms prohibit assignment or a grant of a security interest by such
      Grantor as licensee thereunder).

            "Patent License" shall mean any written agreement, now or hereafter
      in effect, granting to any third party any right to make, use or sell any
      invention on which a Patent, now or hereafter owned by any Grantor or
      which any Grantor otherwise has the right to license, is in existence, or
      granting to any Grantor any right to make, use or sell any invention on
      which a patent, now or hereafter owned by any third party, is in
      existence, and all rights of any Grantor under any such agreement.

            "Patents" shall mean all of the following now owned or hereafter
      acquired by any Grantor: (a) all letters patent of the United States or
      any other country, all registrations and recordings thereof, and all
      applications for letters patent of the United States or any other country,
      including registrations, recordings and pending applications in the United
      States Patent and Trademark Office or any similar offices in any other
      country, including those listed on Schedule IV, and (b) all reissues,
      continuations, divisions, continuations-in-part, renewals or extensions
      thereof, and the inventions disclosed or claimed therein, including the
      right to make, use and/or sell the inventions disclosed or claimed
      therein.

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

            "Proceeds" shall mean any consideration received from the sale,
      exchange, license, lease or other disposition of any asset or property
      that constitutes Collateral, any value received as a consequence of the
      possession of any Collateral and any payment received from any insurer or
      other person or entity as a result of the destruction, loss, theft, damage
      or other involuntary conversion of whatever nature of any asset or
      property which constitutes Collateral, and shall include , (a) any claim
      of any Grantor against any third party for (and the right to sue and
      recover for and the rights to damages or profits due or accrued arising
      out of or in connection with) (i) past, present or future infringement of
      any Patent now or hereafter owned by any Grantor, or licensed under a
      Patent License, (ii) past, present or future infringement or dilution of
      any Trademark now or hereafter owned by any Grantor or licensed under a
      Trademark License or injury to the goodwill associated with or symbolized
      by any Trademark now or hereafter owned by any Grantor, (iii) past,
      present or future breach of any License and (iv) past, present or future
      infringement of any Copyright now or hereafter owned by any Grantor or
      licensed under a Copyright License and (b) any and all other amounts from
      time to time paid or payable under or in connection with any of the
      Collateral.

            "Securities" shall mean any obligations of an issuer or any shares,
      participations or other interests in an issuer or in property or an
      enterprise of an issuer which (a) are represented by a certificate
      representing a security in bearer or registered form, or the transfer of
      which may be registered upon books maintained for that purpose by or on
      behalf of the issuer, (b) are one of a class or series or by its terms is
      divisible into a class or series of shares, participations, interests or
      obligations and (c) (i) are, or are of a type, dealt with or traded on
      securities exchanges or securities markets or (ii) are a medium for
      investment and by their terms expressly provide that they are a security
      governed by Article 8 of the Uniform Commercial Code.

            "Securities Account" shall mean an account to which a Financial
      Asset is or may be credited in accordance with an agreement under which
      the person maintaining the account undertakes to treat the person for whom
      the account is maintained as entitled to exercise rights that comprise the
      Financial Asset.

            "Securities Intermediary" shall mean (a) a clearing corporation or
      (b) a person, including a bank or broker, that in the ordinary course of
      its business maintains Securities Accounts for others and is acting in
      that capacity.

            "Security Entitlements" shall mean the rights and property interests
      of an Entitlement Holder with respect to a Financial Asset.

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

            "Trademark License" shall mean any written agreement, now or
      hereafter in effect, granting to any third party any right to use any
      Trademark now or hereafter owned by any Grantor or which any Grantor
      otherwise has the right to license, or granting to any Grantor any right
      to use any trademark now or hereafter owned by any third party, and all
      rights of any Grantor under any such agreement.

            "Trademarks" shall mean all of the following now owned or hereafter
      acquired by any Grantor: (a) all trademarks, service marks, trade names,
      corporate names, company names, business names, fictitious business names,
      trade styles, trade dress, logos, other source or business identifiers,
      designs and general intangibles of like nature, now existing or hereafter
      adopted or acquired, all registrations and recordings thereof, and all
      registration and recording applications filed in connection therewith,
      including registrations and registration applications in the United States
      Patent and Trademark Office, any State of the United States or any similar
      offices in any other country or any political subdivision thereof, and all
      extensions or renewals thereof, including those listed on Schedule V, (b)
      all goodwill associated therewith or symbolized thereby and (c) all other
      assets, rights and interests that uniquely reflect or embody such
      goodwill.

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

      Security Interest

                  Security Interest. As security for the payment or performance,
      as the case may be, in full of the Obligations, and any extensions,
      renewals, modifications or refinancings of the Obligations, each Grantor
      hereby bargains, sells, conveys, assigns, sets over, mortgages, pledges,
      hypothecates and transfers to the Lender, its successors and assigns, and
      hereby grants to the Lender, its successors and assigns, a security
      interest in, all of such Grantor's right, title and interest in, to and
      under the Collateral (the "Security Interest"). Without limiting the
      foregoing, the Lender is hereby authorized to file one or more financing
      statements (including fixture filings), continuation statements, filings
      with the United States Patent and Trademark Office or United States
      Copyright Office (or any successor office or any similar office in any
      other country) or other documents for the purpose of perfecting,
      confirming, continuing, enforcing or protecting the Security Interest
      granted by each Grantor, without the signature of any Grantor, and naming
      any Grantor or the Grantors as debtors and the Lender as secured party.

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

      Representations and Warranties

            The Grantors jointly and severally represent and warrant to the
      Lender and the Secured Parties that:

                  Title and Authority. Each Grantor has good and valid rights in
      and title to the Collateral, subject only to Liens expressly permitted
      pursuant to the Credit Agreement, with respect to which it has purported
      to grant a Security Interest hereunder and has full power and authority to
      grant to the Lender the Security Interest in such Collateral pursuant
      hereto and to execute, deliver and perform its obligations in accordance
      with the terms of this Agreement, without the consent or approval of any
      other person other than any consent or approval which has been obtained.

                  Filings. a) The Perfection Certificate has been duly prepared,
      completed and executed and the information set forth therein is correct
      and complete as of the date hereof. Fully executed Uniform Commercial Code
      financing statements (including fixture filings, as applicable) or other
      appropriate filings, recordings or registrations containing a description
      of the Collateral have been delivered to the Lender for filing in each
      governmental, municipal or other office specified in Schedule 6 to the
      Perfection Certificate, which are all the filings, recordings and
      registrations (other than filings required to be made in the United States
      Patent and Trademark Office and the United States Copyright Office in
      order to perfect the Security Interest in Collateral consisting of United
      States Patents, Trademarks and Copyrights) that are necessary to publish
      notice of and protect the validity of and to establish a legal, valid and
      perfected security interest in favor of the Lender in respect of all
      Collateral in which the Security Interest may be perfected by filing,
      recording or registration in the United States (or any political
      subdivision thereof) and its territories and possessions, and no further
      or subsequent filing, refiling, recording, rerecording, registration or
      reregistration is necessary in any such jurisdiction, except as provided
      under applicable law with respect to the filing of continuation statements
      or with respect to the filing of amendments or new filings to reflect the
      change of any Grantor's name, location, identity or corporate structure.

                  Each Grantor shall ensure that fully executed security
      agreements in the form hereof and containing a description of all
      Collateral consisting of Intellectual Property shall have been received
      and recorded within one month after the execution of this Agreement with
      respect to United States Patents and United States registered Trademarks
      (and Trademarks for which United States registration applications are
      pending) and United Sates registered Copyrights by the United States
      Patent and Trademark Office and the United States Copyright Office
      pursuant to 35 U.S.C. ss. 261, 15 U.S.C. ss. 1060 or 17 U.S.C. ss. 205 and
      the regulations thereunder, as applicable, and otherwise as may be
      required pursuant to the laws of any other necessary jurisdiction, to
      protect the validity of and to establish a legal, valid and perfected
      security interest in favor of the Lender in respect of all Collateral
      consisting of Patents, Trademarks and Copyrights in which a security
      interest may be perfected by filing, recording or registration in the
      United States (or any political subdivision thereof) and its territories
      and possessions, or in any other necessary jurisdiction, and no further or
      subsequent filing, refiling, recording, rerecording, registration or
      reregistration is necessary (other than such actions as are necessary to
      perfect the Security Interest with respect to any Collateral consisting of
      Patents, Trademarks and Copyrights (or registration or application for
      registration thereof) acquired or developed after the date hereof).

                  Validity of Security Interest. The Security Interest
      constitutes (a) a legal and valid security interest in all the Collateral
      securing the payment and performance of the Obligations, (b) subject to
      the filings described in Section 3.02 above, a perfected security interest
      in all Collateral in which a security interest may be perfected by filing,
      recording or registering a financing statement or analogous document in
      the United States (or any political subdivision thereof) and its
      territories and possessions pursuant to the Uniform Commercial Code or
      other applicable law in such jurisdictions and (c) a security interest
      that shall be perfected in all Collateral in which a security interest may
      be perfected upon the receipt and recording of this Agreement with the
      United States Patent and Trademark Office and the United States Copyright
      Office, as applicable, within the one month period (commencing as of the
      date hereof) pursuant to 35 U.S.C. ss. 261 or 15 U.S.C. ss. 1060 or 17
      U.S.C. ss. 205 and otherwise as may be required pursuant to the laws of
      any other necessary jurisdiction. The Security Interest is and shall be
      prior to any other Lien on any of the Collateral, other than Permitted
      Liens.

                  Absence of Other Liens. The Collateral is owned by the
      Grantors free and clear of any Lien, except for Liens expressly permitted
      pursuant to the Credit Agreement. The Grantor has not filed or consented
      to the filing of (a) any financing statement or analogous document under
      the Uniform Commercial Code or any other applicable laws covering any
      Collateral, (b) any assignment in which any Grantor assigns any Collateral
      or any security agreement or similar instrument covering any Collateral
      with the United States Patent and Trademark Office or the United States
      Copyright Office or (c) any assignment in which any Grantor assigns any
      Collateral or any security agreement or similar instrument covering any
      Collateral with any foreign governmental, municipal or other office, which
      financing statement or analogous document, assignment, security agreement
      or similar instrument is still in effect, except, in each case, for Liens
      expressly permitted pursuant to the Credit Agreement.

      Covenants

                  Change of Name; Location of Collateral; Records; Place of
      Business. b) Each Grantor agrees promptly to notify the Lender in writing
      of any change (i) in its corporate name or in any trade name used to
      identify it in the conduct of its business or in the ownership of its
      properties, (ii) in the location of its chief executive office, its
      principal place of business, any office in which it maintains books or
      records relating to Collateral owned by it or any office or facility at
      which Collateral owned by it is located (including the establishment of
      any such new office or facility), (iii) in its identity or corporate
      structure or (iv) in its Federal Taxpayer Identification Number. Each
      Grantor agrees not to effect or permit any change referred to in the
      preceding sentence unless all filings have been made under the Uniform
      Commercial Code or otherwise that are required in order for the Lender to
      continue at all times following such change to have a valid, legal and
      perfected first priority security interest in all the Collateral. Each
      Grantor agrees promptly to notify the Lender if any material portion of
      the Collateral owned or held by such Grantor is damaged or destroyed.

                  Each Grantor agrees to maintain, at its own cost and expense,
      such complete and accurate records with respect to the Collateral owned by
      it as is consistent with its current practices and in accordance with such
      prudent and standard practices used in industries that are the same as or
      similar to those in which such Grantor is engaged, but in any event to
      include complete accounting records indicating all payments and proceeds
      received with respect to any part of the Collateral, and, at such time or
      times as the Lender may reasonably request, promptly to prepare and
      deliver to the Lender a duly certified schedule or schedules in form and
      detail reasonably satisfactory to the Lender showing the identity, amount
      and location of any and all Collateral.

                  Periodic Certification. Each year, at the time of delivery of
      annual financial statements with respect to the preceding fiscal year
      pursuant to the Credit Agreement, the Borrower shall deliver to the Lender
      a certificate executed by a Authorized Signatory and the chief legal
      officer of the Borrower (a) setting forth the information required
      pursuant to Section 2 of the Perfection Certificate or confirming that
      there has been no change in such information since the date of such
      certificate or the date of the most recent certificate delivered pursuant
      to Section 4.02 and (b) certifying that all Uniform Commercial Code
      financing statements (including fixture filings, as applicable) or other
      appropriate filings, recordings or registrations, including all refilings,
      rerecordings and reregistrations, containing a description of the
      Collateral have been filed of record in each governmental, municipal or
      other appropriate office in each jurisdiction identified pursuant to
      clause (a) above to the extent necessary to protect and perfect the
      Security Interest for a period through the Maturity Date (except as noted
      therein with respect to any continuation statements to be filed within
      such period). Each certificate delivered pursuant to this Section 4.02
      shall identify in the format of Schedule II, III, IV or V, as applicable,
      all Intellectual Property of any Grantor in existence on the date thereof
      and not then listed on such Schedules or previously so identified to the
      Lender.

                  Protection of Security. Each Grantor shall, at its own cost
      and expense, take any and all actions necessary to defend title to the
      Collateral against all persons and to defend the Security Interest of the
      Lender in the Collateral and the priority thereof against any Lien not
      expressly permitted pursuant to the Credit Agreement.

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

            Without limiting the generality of the foregoing, each Grantor
      hereby authorizes the Lender, with prompt notice thereof to the Grantors,
      to supplement this Agreement by supplementing Schedule II, III, IV or V
      hereto or adding additional schedules hereto to specifically identify any
      asset or item that may constitute Copyrights, Licenses, Patents or
      Trademarks; provided, however, that any Grantor shall have the right,
      exercisable within 10 days after it has been notified by the Lender of the
      specific identification of such Collateral, to advise the Lender in
      writing of any inaccuracy of the representations and warranties made by
      such Grantor hereunder with respect to such Collateral. Each Grantor
      agrees that it will use its best efforts to take such action as shall be
      necessary in order that all representations and warranties hereunder shall
      be true and correct with respect to such Collateral within 30 days after
      the date it has been notified by the Lender of the specific identification
      of such Collateral.

                  Inspection and Verification. The Lender and such persons as
      the Lender may reasonably designate shall at reasonable intervals during
      normal business hours and upon reasonable prior notice have the right, at
      the Grantors' own cost and expense, to inspect the Collateral, all records
      related thereto (and to make extracts and copies from such records) and
      the premises upon which any of the Collateral is located, to discuss the
      Grantors' affairs with the officers of the Grantors and their independent
      accountants and to verify under reasonable procedures the validity,
      amount, quality, quantity, value, condition and status of, or any other
      matter relating to, the Collateral, including, in the case of Accounts or
      Collateral in the possession of any third person, by contacting Account
      Debtors or the third person possessing such Collateral for the purpose of
      making such a verification.

                  Taxes; Encumbrances. At its option, upon prior written notice
      to the applicable Grantor, the Lender may discharge past due taxes,
      assessments, charges, fees, Liens, security interests or other
      encumbrances at any time levied or placed on the Collateral and not
      permitted pursuant to the Credit Agreement, and may pay for the
      maintenance and preservation of the Collateral to the extent any Grantor
      fails to do so as required by the Credit Agreement or this Agreement, and
      each Grantor jointly and severally agrees to reimburse the Lender on
      demand for any payment made or any expense incurred by the Lender pursuant
      to the foregoing authorization; provided, however, that nothing in this
      Section 4.06 shall be interpreted as excusing any Grantor from the
      performance of, or imposing any obligation on the Lender to cure or
      perform, any covenants or other promises of any Grantor with respect to
      taxes, assessments, charges, fees, liens, security interests or other
      encumbrances and maintenance as set forth herein or in the other Loan
      Documents.

                  Assignment of Security Interest. If at any time any Grantor
      shall take a security interest in any property of an Account Debtor or any
      other person to secure payment and performance of an Account, such
      interest shall become part of the Collateral without further action by any
      party. Such assignment need not be filed of public record unless necessary
      to continue the perfected status of the security interest against
      creditors of and transferees from the Account Debtor or other person
      granting the security interest.

                  Continuing Obligations of the Grantors. Each Grantor shall
      remain liable to observe and perform all the conditions and obligations to
      be observed and performed by it under each contract, agreement or
      instrument relating to the Collateral, all in accordance with the terms
      and conditions thereof, and each Grantor jointly and severally agrees to
      indemnify and hold harmless the Lender from and against any and all
      liability for Grantor's performance.

                  Use and Disposition of Collateral. None of the Grantors shall
      make or permit to be made an assignment, pledge or hypothecation of the
      Collateral or shall grant any other Lien in respect of the Collateral,
      except as expressly permitted by the Credit Agreement. None of the
      Grantors shall make or permit to be made any transfer of the Collateral
      and each Grantor shall remain at all times in possession (which possession
      shall include in the case of Investment Property, possession through one
      or more Securities Intermediaries) of the Collateral owned by it, except
      that unless and until the Lender shall notify the Grantors that an Event
      of Default shall have occurred and be continuing and that during the
      continuance thereof the Grantors shall not sell, convey, lease, assign,
      transfer or otherwise dispose of any Collateral (which notice may be given
      by telephone if promptly confirmed in writing), the Grantors may use and
      dispose of the Collateral in the ordinary course of business in or in any
      lawful manner not inconsistent with the provisions of this Agreement, the
      Credit Agreement or any other Loan Document.

                  Limitation on Modification of Accounts. None of the Grantors
      will, without the Lender's prior written consent, grant any extension of
      the time of payment of any of the Accounts Receivable, compromise,
      compound or settle the same for less than the full amount thereof,
      release, wholly or partly, any person liable for the payment thereof or
      allow any credit or discount whatsoever thereon, other than extensions,
      credits, discounts, compromises or settlements granted or made in the
      ordinary course of business and consistent with its current practices and
      in accordance with such prudent and standard practices used in industries
      that are the same as or similar to those in which such Grantor is engaged.

                  Insurance. The Grantors, at their own expense, shall maintain
      or cause to be maintained insurance covering physical loss or damage to
      the Equipment in accordance with the Credit Agreement. Each Grantor
      irrevocably makes, constitutes and appoints the Lender (and all officers,
      employees or agents designated by the Lender) as such Grantor's true and
      lawful agent (and attorney-in-fact) for the purpose, during the
      continuance of an Event of Default, of making, settling and adjusting
      claims in respect of Collateral under policies of insurance, endorsing the
      name of such Grantor on any check, draft, instrument or other item of
      payment for the proceeds of such policies of insurance and for making all
      determinations and decisions with respect thereto. In the event that any
      Grantor at any time or times shall fail to obtain or maintain any of the
      policies of insurance required hereby or to pay any premium in whole or
      part relating thereto, the Lender may, following written notice to the
      Grantors, without waiving or releasing any obligation or liability of the
      Grantors hereunder or any Event of Default, in its sole discretion, obtain
      and maintain such policies of insurance and pay such premium and take any
      other actions with respect thereto as the Lender deems advisable. All sums
      disbursed by the Lender in connection with this Section 4.11, including
      reasonable attorneys' fees, court costs, expenses and other charges
      relating thereto, shall be payable, upon demand, by the Grantors to the
      Lender and shall be additional Obligations secured hereby.

                  Covenants Regarding Patent, Trademark and Copyright
      Collateral. c) Each Grantor agrees that it will not, nor will it permit
      any of its licensees to, do any act, or omit to do any act, whereby any
      Patent which is material to the conduct of such Grantor's business may
      become invalidated or dedicated to the public, and agrees that it shall
      continue to mark any products covered by a Patent with the relevant patent
      number as necessary and sufficient to establish and preserve its maximum
      rights under applicable patent laws.

                  Each Grantor (either itself or through its licensees or its
      sublicensees) will, for each Trademark material to the conduct of such
      Grantor's business, (i) maintain such Trademark in full force free from
      any claim of abandonment or invalidity for non-use, (ii) maintain the
      quality of products and services offered under such Trademark, (iii)
      display such Trademark with notice of Federal or foreign registration to
      the extent necessary and sufficient to establish and preserve its maximum
      rights under applicable law and (iv) not knowingly use or knowingly permit
      the use of such Trademark in violation of any third party rights.

                  Each Grantor (either itself or through licensees) will, for
      each work covered by a material Copyright, continue to publish, reproduce,
      display, adopt and distribute the work with appropriate copyright notice
      as necessary and sufficient to establish and preserve its maximum rights
      under applicable copyright laws.

                  Each Grantor shall notify the Lender immediately if it knows
      or has reason to know that any Patent, Trademark or Copyright material to
      the conduct of its business may become abandoned, lost or dedicated to the
      public, or of any adverse determination or development (including the
      institution of, or any such determination or development in, any
      proceeding in the United States Patent and Trademark Office, United States
      Copyright Office or any court or similar office of any country) regarding
      such Grantor's ownership of any Patent, Trademark or Copyright, its right
      to register the same, or to keep and maintain the same.

                  Each Grantor shall, within ten days after the end of each
      calendar month, inform the Lender of each application for any Patent,
      Trademark or Copyright (or for the registration of any Trademark or
      Copyright) with the United States Patent and Trademark Office, United
      States Copyright Office or any office or agency in any political
      subdivision of the United States or in any other country or any political
      subdivision thereof filed during such calendar month by such Grantor,
      either itself or through any agent, employee, licensee or designee and,
      upon request of the Lender, each Grantor shall execute and deliver any and
      all agreements, instruments, documents and papers as the Lender may
      request to evidence the Lender's security interest in such Patent,
      Trademark or Copyright, and each Grantor hereby appoints the Lender as its
      attorney-in-fact to execute and file such writings for the foregoing
      purposes, all acts of such attorney being hereby ratified and confirmed;
      such power, being coupled with an interest, is irrevocable.

                  Each Grantor will take all necessary steps that are consistent
      with the practice in any proceeding before the United States Patent and
      Trademark Office, United States Copyright Office or any office or agency
      in any political subdivision of the United States or in any other country
      or any political subdivision thereof, to maintain and pursue each material
      application relating to the Patents, Trademarks and/or Copyrights (and to
      obtain the relevant grant or registration) and to maintain each issued
      Patent and each registration of the Trademarks and Copyrights that is
      material to the conduct of any Grantor's business, including timely
      filings of applications for renewal, affidavits of use, affidavits of
      incontestability and payment of maintenance fees, and, if consistent with
      good business judgment, to initiate opposition, interference and
      cancellation proceedings against third parties.

                  In the event that any Grantor has reason to believe that any
      Collateral consisting of a Patent, Trademark or Copyright material to the
      conduct of any Grantor's business has been or is about to be infringed,
      misappropriated or diluted by a third party, such Grantor promptly shall
      notify the Lender and shall, if consistent with good business judgment,
      promptly sue for infringement, misappropriation or dilution and to recover
      any and all damages for such infringement, misappropriation or dilution,
      and take such other actions as are appropriate under the circumstances to
      protect such Collateral.

                  Upon and during the continuance of an Event of Default, each
      Grantor shall use its best efforts to obtain all requisite consents or
      approvals by the licensor of each Copyright License, Patent License or
      Trademark License to effect the assignment of all of such Grantor's right,
      title and interest thereunder to the Lender or its designee.

      Power of Attorney

            Each Grantor irrevocably makes, constitutes and appoints the Lender
      (and all officers, employees or agents designated by the Lender) as such
      Grantor's true and lawful agent and attorney-in-fact, and in such capacity
      the Lender shall have the right, with power of substitution for each
      Grantor and in each Grantor's name or otherwise, for the use and benefit
      of the Lender, upon the occurrence and during the continuance of an Event
      of Default (a) to receive, endorse, assign and/or deliver any and all
      notes, acceptances, checks, drafts, money orders or other evidences of
      payment relating to the Collateral or any part thereof; (b) to demand,
      collect, receive payment of, give receipt for and give discharges and
      releases of all or any of the Collateral; (c) to sign the name of any
      Grantor on any invoice or bill of lading relating to any of the
      Collateral; (d) to send verifications of Accounts Receivable to any
      Account Debtor; (e) to commence and prosecute any and all suits, actions
      or proceedings at law or in equity in any court of competent jurisdiction
      to collect or otherwise realize on all or any of the Collateral or to
      enforce any rights in respect of any Collateral; (f) to settle,
      compromise, compound, adjust or defend any actions, suits or proceedings
      relating to all or any of the Collateral; (g) to notify, or to require any
      Grantor to notify, Account Debtors to make payment directly to the Lender;
      and (h) to use, sell, assign, transfer, pledge, make any agreement with
      respect to or otherwise deal with all or any of the Collateral, and to do
      all other acts and things necessary to carry out the purposes of this
      Agreement, as fully and completely as though the Lender were the absolute
      owner of the Collateral for all purposes; provided, however, that nothing
      herein contained shall be construed as requiring or obligating the Lender
      to make any commitment or to make any inquiry as to the nature or
      sufficiency of any payment received by the Lender, or to present or file
      any claim or notice, or to take any action with respect to the Collateral
      or any part thereof or the moneys due or to become due in respect thereof
      or any property covered thereby, and no action taken or omitted to be
      taken by the Lender with respect to the Collateral or any part thereof
      shall give rise to any defense, counterclaim or offset in favor of any
      Grantor or to any claim or action against the Lender. It is understood and
      agreed that the appointment of the Lender as the agent and
      attorney-in-fact of the Grantors for the purposes set forth above is
      coupled with an interest and is irrevocable. The provisions of this
      Section shall in no event relieve any Grantor of any of its obligations
      hereunder or under any other Loan Document with respect to the Collateral
      or any part thereof or impose any obligation on the Lender to proceed in
      any particular manner with respect to the Collateral or any part thereof,
      or in any way limit the exercise by the Lender of any other or further
      right which it may have on the date of this Agreement or hereafter,
      whether hereunder, under any other Loan Document, by law or otherwise.

      Remedies

            Remedies upon Default. Upon the occurrence and during the
      continuance of an Event of Default, each Grantor agrees to deliver each
      item of Collateral to the Lender on demand, and it is agreed that the
      Lender shall have the right to take any of or all the following actions at
      the same or different times: (a) with respect to any Collateral consisting
      of Intellectual Property, on demand, to cause the Security Interest to
      become an assignment, transfer and conveyance of any of or all such
      Collateral by the applicable Grantors to the Lender, or to license or
      sublicense, whether general, special or otherwise, and whether on an
      exclusive or non-exclusive basis, any such Collateral throughout the world
      on such terms and conditions and in such manner as the Lender shall
      determine (other than in violation of any then-existing licensing
      arrangements to the extent that waivers cannot be obtained), and (b) with
      or without legal process and with or without prior notice or demand for
      performance, to take possession of the Collateral and without liability
      for trespass to enter any premises where the Collateral may be located for
      the purpose of taking possession of or removing the Collateral, exercise
      any Grantor's right to bill and receive payment for completed work and,
      generally, to exercise any and all rights afforded to a secured party
      under the Uniform Commercial Code or other applicable law. Without
      limiting the generality of the foregoing, each Grantor agrees that the
      Lender shall have the right, subject to the mandatory requirements of
      applicable law, to sell or otherwise dispose of all or any part of the
      Collateral, at public or private sale or at any broker's board or on any
      securities exchange, for cash, upon credit or for future delivery as the
      Lender shall deem appropriate. The Lender shall be authorized at any such
      sale (if it deems it advisable to do so) to restrict the prospective
      bidders or purchasers to persons who will represent and agree that they
      are purchasing the Collateral for their own account for investment and not
      with a view to the distribution or sale thereof, and upon consummation of
      any such sale the Lender shall have the right to assign, transfer and
      deliver to the purchaser or purchasers thereof the Collateral so sold.
      Each such purchaser at any such sale shall hold the property sold
      absolutely, free from any claim or right on the part of any Grantor, and
      each Grantor hereby waives (to the extent permitted by law) all rights of
      redemption, stay and appraisal which such Grantor now has or may at any
      time in the future have under any rule of law or statute now existing or
      hereafter enacted.

            The Lender shall give the Grantors 10 days' written notice (which
      each Grantor agrees is reasonable notice within the meaning of Section
      9-504(3) of the Uniform Commercial Code as in effect in the State of New
      York or its equivalent in other jurisdictions) of the Lender's intention
      to make any sale of Collateral. Such notice, in the case of a public sale,
      shall state the time and place for such sale and, in the case of a sale at
      a broker's board or on a securities exchange, shall state the board or
      exchange at which such sale is to be made and the day on which the
      Collateral, or portion thereof, will first be offered for sale at such
      board or exchange. Any such public sale shall be held at such time or
      times within ordinary business hours and at such place or places as the
      Lender may fix and state in the notice (if any) of such sale. At any such
      sale, the Collateral, or portion thereof, to be sold may be sold in one
      lot as an entirety or in separate parcels, as the Lender may (in its sole
      and absolute discretion) determine. The Lender shall not be obligated to
      make any sale of any Collateral if it shall determine not to do so,
      regardless of the fact that notice of sale of such Collateral shall have
      been given. The Lender may, without notice or publication, adjourn any
      public or private sale or cause the same to be adjourned from time to time
      by announcement at the time and place fixed for sale, and such sale may,
      without further notice, be made at the time and place to which the same
      was so adjourned. In case any sale of all or any part of the Collateral is
      made on credit or for future delivery, the Collateral so sold may be
      retained by the Lender until the sale price is paid by the purchaser or
      purchasers thereof, but the Lender shall not incur any liability in case
      any such purchaser or purchasers shall fail to take up and pay for the
      Collateral so sold and, in case of any such failure, such Collateral may
      be sold again upon like notice. At any public (or, to the extent permitted
      by law, private) sale made pursuant to this Section, the Lender may bid
      for or purchase, free (to the extent permitted by law) from any right of
      redemption, stay, valuation or appraisal on the part of any Grantor (all
      said rights being also hereby waived and released to the extent permitted
      by law), the Collateral or any part thereof offered for sale and may make
      payment on account thereof by using any claim then due and payable to the
      Lender from any Grantor as a credit against the purchase price, and the
      Lender may, upon compliance with the terms of sale, hold, retain and
      dispose of such property without further accountability to any Grantor
      therefor. For purposes hereof, a written agreement to purchase the
      Collateral or any portion thereof shall be treated as a sale thereof; the
      Lender shall be free to carry out such sale pursuant to such agreement and
      no Grantor shall be entitled to the return of the Collateral or any
      portion thereof subject thereto, notwithstanding the fact that after the
      Lender shall have entered into such an agreement all Events of Default
      shall have been remedied and the Obligations paid in full. As an
      alternative to exercising the power of sale herein conferred upon it, the
      Lender may proceed by a suit or suits at law or in equity to foreclose
      this Agreement and to sell the Collateral or any portion thereof pursuant
      to a judgment or decree of a court or courts having competent jurisdiction
      or pursuant to a proceeding by a court-appointed receiver.

            Application of Proceeds. The Lender shall apply the proceeds of any
      collection or sale of the Collateral, as well as any Collateral consisting
      of cash, as follows:

            FIRST, to the payment of all costs and expenses incurred by the
      Lender in connection with such collection or sale or otherwise in
      connection with this Agreement or any of the Obligations, including all
      court costs and the fees and expenses of its agents and legal counsel, the
      repayment of all advances made by the Lender hereunder or under any other
      Loan Document on behalf of any Grantor and any other costs or expenses
      incurred in connection with the exercise of any right or remedy hereunder
      or under any other Loan Document;

            SECOND, to the payment in full of the Obligations; and

            THIRD, to the Grantors, their successors or assigns, or as a court
      of competent jurisdiction may otherwise direct.

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

            Grant of License to Use Intellectual Property. For the purpose of
      enabling the Lender to exercise rights and remedies under this Article at
      such time as the Lender shall be lawfully entitled to exercise such rights
      and remedies, each Grantor hereby grants to the Lender an irrevocable,
      non-exclusive license (exercisable without payment of royalty or other
      compensation to the Grantors) to use, license or sub-license any of the
      Collateral consisting of Intellectual Property now owned or hereafter
      acquired by such Grantor, to the extent granting such license or
      sub-license would not violate any agreement applicable to such
      Intellectual Property, and wherever the same may be located, and including
      in such license reasonable access to all media in which any of the
      licensed items may be recorded or stored and to all computer software and
      programs used for the compilation or printout thereof. The use of such
      license by the Lender may be exercised, at the option of the Lender, upon
      the occurrence and during the continuation of an Event of Default;
      provided that any license, sub-license or other transaction entered into
      by the Lender in accordance herewith shall be binding upon the Grantors
      notwithstanding any subsequent cure of an Event of Default.

      Miscellaneous

            Notices. All communications and notices hereunder shall (except as
      otherwise expressly permitted herein) be in writing and given as provided
      in the Credit Agreement. All communications and notices hereunder to any
      Subsidiary Guarantor shall be given to it at its address or fax number set
      forth on Schedule I, with a copy to the Borrower.

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

            Survival of Agreement. All covenants, agreements, representations
      and warranties made by any Grantor herein and in the certificates or other
      instruments prepared or delivered in connection with or pursuant to this
      Agreement shall be considered to have been relied upon by the Lender and
      shall survive the making by the Lender of the Term Loan, and the execution
      and delivery to the Lender of any note evidencing such Term Loan,
      regardless of any investigation made by the Lenders or on their behalf,
      and shall continue in full force and effect until this Agreement shall
      terminate.

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

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

            Lender's Fees and Expenses; Indemnification. d) Each Grantor jointly
      and severally agrees to pay upon demand to the Lender the amount of any
      and all reasonable expenses, including the reasonable fees, disbursements
      and other charges of its counsel and of any experts or agents, which the
      Lender may incur in connection with (i) the administration of this
      Agreement, (ii) the custody or preservation of, or the sale of, collection
      from or other realization upon any of the Collateral, (iii) the exercise,
      enforcement or protection of any of the rights of the Lender hereunder or
      (iv) the failure of any Grantor to perform or observe any of the
      provisions hereof.

            Without limitation of its indemnification obligations under the
      other Loan Documents, each Grantor jointly and severally agrees to
      indemnify the Lender and the other Indemnitees against, and hold each of
      them harmless from, any and all losses, claims, damages, liabilities and
      related expenses, including reasonable fees, disbursements and other
      charges of counsel, incurred by or asserted against any of them arising
      out of, in any way connected with, or as a result of, the execution,
      delivery or performance of this Agreement or any claim, litigation,
      investigation or proceeding relating hereto or to the Collateral, whether
      or not any Indemnitee is a party thereto; provided that such indemnity
      shall not, as to any Indemnitee, be available to the extent that such
      losses, claims, damages, liabilities or related expenses are determined by
      a court of competent jurisdiction by final and nonappealable judgment to
      have resulted from the gross negligence or willful misconduct of such
      Indemnitee.

            Any such amounts payable as provided hereunder shall be additional
      Obligations secured hereby. The provisions of this Section 7.06 shall
      remain operative and in full force and effect regardless of the
      termination of this Agreement or any other Loan Document, the consummation
      of the transactions contemplated hereby, the repayment of any of the Term
      Loan, the invalidity or unenforceability of any term or provision of this
      Agreement or any other Loan Document, or any investigation made by or on
      behalf of the Lender. All amounts due under this Section 7.06 shall be
      payable on written demand therefor.

            GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
      AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, EXCEPT THAT THE LAW OF
      THEIR LOCATION SHALL GOVERN WITH RESPECT TO THE CREATION, PERFECTION AND
      ENFORCEMENT OF SECURITY INTERESTS IN FIXTURES AND THE EXERCISE OF REMEDIES
      WITH RESPECT THERETO (IF APPLICABLE).

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

            Neither this Agreement nor any provision hereof may be waived,
      amended or modified except pursuant to an agreement or agreements in
      writing entered into by the Lender and the Grantor or Grantors with
      respect to which such waiver, amendment or modification is to apply.

            WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE
      FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
      TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING
      OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER
      LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
      AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
      OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
      SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
      OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND
      THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE
      MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.09.

            Severability. In the event any one or more of the provisions
      contained in this Agreement should be held invalid, illegal or
      unenforceable in any respect, the validity, legality and enforceability of
      the remaining provisions contained herein shall not in any way be affected
      or impaired thereby (it being understood that the invalidity of a
      particular provision in a particular jurisdiction shall not in and of
      itself affect the validity of such provision in any other jurisdiction).
      The parties shall endeavor in good-faith negotiations to replace the
      invalid, illegal or unenforceable provisions with valid provisions the
      economic effect of which comes as close as possible to that of the
      invalid, illegal or unenforceable provisions.

            Counterparts. This Agreement may be executed in two or more
      counterparts, each of which shall constitute an original but all of which
      when taken together shall constitute but one contract (subject to Section
      7.04), and shall become effective as provided in Section 7.04. Delivery of
      an executed signature page to this Agreement by facsimile transmission
      shall be effective as delivery of a manually executed counterpart hereof.

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

            Jurisdiction; Consent to Service of Process. f) Each Grantor hereby
      irrevocably and unconditionally submits, for itself and its property, to
      the nonexclusive jurisdiction of any New York State court or any Federal
      court of the United States of America sitting in New York, and any
      appellate court from any thereof, in any action or proceeding arising out
      of or relating to this Agreement or the other Loan Documents, or for
      recognition or enforcement of any judgment, and each of the parties hereto
      hereby irrevocably and unconditionally agrees that all claims in respect
      of any such action or proceeding may be heard and determined in such New
      York State or, to the extent permitted by law, in such Federal court. Each
      of the parties hereto agrees that a final judgment in any such action or
      proceeding shall be conclusive and may be enforced in other jurisdictions
      by suit on the judgment or in any other manner provided by law. Nothing in
      this Agreement shall affect any right that the Lender may otherwise have
      to bring any action or proceeding relating to this Agreement or the other
      Loan Documents against any Grantor or its properties in the courts of any
      jurisdiction.

            Each Grantor hereby irrevocably and unconditionally waives, to the
      fullest extent it may legally and effectively do so, any objection which
      it may now or hereafter have to the laying of venue of any suit, action or
      proceeding arising out of or relating to this Agreement or the other Loan
      Documents in any New York State or Federal court sitting in New York. Each
      of the parties hereto hereby irrevocably waives, to the fullest extent
      permitted by law, the defense of an inconvenient forum to the maintenance
      of such action or proceeding in any such court.

            Each party to this Agreement irrevocably consents to service of
      process in the manner provided for notices in Section 7.01. Nothing in
      this Agreement will affect the right of any party to this Agreement to
      serve process in any other manner permitted by law.

            Termination. This Agreement and the Security Interest shall
      terminate when all the Obligations (other than wholly contingent
      indemnification obligations) then due and owing have been indefeasibly
      paid in full, the Lender has no further commitment to lend under the
      Credit Agreement, at which time the Lender shall execute and deliver to
      the Grantors, at the Grantors' expense, all Uniform Commercial Code
      termination statements and similar documents which the Grantors shall
      reasonably request to evidence such termination. Any execution and
      delivery of termination statements or documents pursuant to this Section
      7.14 shall be without recourse to or warranty by the Lender. A Subsidiary
      Guarantor shall automatically be released from its obligations hereunder
      and the Security Interest in the Collateral of such Subsidiary Guarantor
      shall be automatically released in the event that all the capital stock of
      such Subsidiary Guarantor shall be sold, transferred or otherwise disposed
      of to a person that is not an Affiliate of the Borrower in accordance with
      the terms of the Credit Agreement.

            Additional Grantors. Upon execution and delivery by the Lender and a
      Subsidiary of an instrument in the form of Annex 2 hereto, such Subsidiary
      shall become a Grantor hereunder with the same force and effect as if
      originally named as a Grantor herein. The execution and delivery of any
      such instrument shall not require the consent of any Grantor hereunder.
      The rights and obligations of each Grantor hereunder shall remain in full
      force and effect notwithstanding the addition of any new Grantor as a
      party to this Agreement.

<PAGE>

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

                                         EQUIVEST FINANCE, INC.

                                         By:
                                               Name:
                                               Title:

                                         RESORT FUNDING, INC.

                                         By:
                                               Name:
                                               Title:

                                         EASTERN RESORTS CORPORATION

                                         By:
                                               Name:
                                               Title:

                                         LONG WHARF MARINA RESTAURANT, INC.

                                         By:
                                               Name:
                                               Title:

                                         BLUEBEARD'S CASTLE, INC.

                                         By:
                                               Name:
                                               Title:

                                         CASTLE ACQUISITION INC.

                                         By:
                                               Name:
                                               Title:

                                         AVENUE PLAZA LLC

                                         By:
                                               Name:
                                               Title:

                                         OCEAN CITY COCONUT MALORIE, INC.

                                         By:
                                               Name:
                                               Title:

                                         ST. AUGUSTINE RESORT DEVELOPMENT
                                         GROUP, INC.

                                         By:
                                               Name:
                                               Title:

                                         EFI D.C. ACQUISITION, INC.

                                         By:
                                               Name:
                                               Title:

                                         EFI ST. THOMAS ACQUISITION, INC.

                                         By:
                                               Name:
                                               Title:

                                         EFI LOUISIANA ACQUISITION, INC.

                                         By:
                                               Name:
                                               Title:

                                         EFI MARYLAND ACQUISITION, INC.

                                         By:
                                               Name:
                                               Title:

                                         EFI FLORIDA ACQUISITION, INC.

                                         By:
                                               Name:
                                               Title:

                                         PEPPERTREE ACQUISITION CORP.

                                         By:
                                               Name:
                                               Title:

                                         PEPPERTREE ACQUISITION II CORP.

                                         By:
                                               Name:
                                               Title:

                                         PEPPERTREE RESORTS, LTD.

                                         By:
                                               Name:
                                               Title:

                                         PEPPERTREE REALTY, INC.

                                         By:
                                               Name:
                                               Title:

                                         PEPPERTREE RESORT VILLAS, INC.

                                         By:
                                               Name:
                                               Title:

                                         PEPPERTREE RESORTS MANAGEMENT, INC.

                                         By:
                                               Name:
                                               Title:

                                         BANK OF AMERICA, N.A.

                                         By:   _____________________
                                               Name:
                                               Title:

<PAGE>

                                                                                SCHEDULE I

                              SUBSIDIARY GUARANTORS

-------------------------------------------------------------------------
Name
-------------------------------------------------------------------------
-------------------------------------------------------------------------

-------------------------------------------------------------------------
-------------------------------------------------------------------------
Resort Funding, Inc.
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Eastern Resorts Corporation
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Long Wharf Marina Restaurant, Inc.
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Bluebeard's Castle, Inc.
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Castle Acquisition Inc.
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Avenue Plaza LLC
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Ocean City Coconut Malorie, Inc.
-------------------------------------------------------------------------
-------------------------------------------------------------------------
St. Augustine Resort Development
Group, Inc.
-------------------------------------------------------------------------
-------------------------------------------------------------------------
EFI D.C. Acquisition, Inc.
-------------------------------------------------------------------------
-------------------------------------------------------------------------
EFI St. Thomas Acquisition, Inc.
-------------------------------------------------------------------------
-------------------------------------------------------------------------
EFI Louisiana Acquisition, Inc.
-------------------------------------------------------------------------
-------------------------------------------------------------------------
EFI Maryland Acquisition, Inc.
-------------------------------------------------------------------------
-------------------------------------------------------------------------
EFI Florida Acquisition, Inc.
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Peppertree Acquisition II Corp.
Peppertree Resorts, Ltd.
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Peppertree Realty, Inc.
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Peppertree Resort Villas, Inc.
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Peppertree Resorts Management, Inc.
-------------------------------------------------------------------------
-------------------------------------------------------------------------

-------------------------------------------------------------------------
-------------------------------------------------------------------------

-------------------------------------------------------------------------

<PAGE>

                                                                               SCHEDULE II

COPYRIGHTS OWNED BY [NAME OF GRANTOR]

   [Make    a separate Schedule II for each Grantor, and if no copyrights owned,
            so state. List in numerical order by copyright
            registration/application no.]

                          U.S. Copyright Registrations

       Title                Class             Reg. Date           Reg. No.
       -----                -----             ---------           --------

                   Pending U.S. Copyright Applications for Registration

           Title                      Class             Date Application Filed

                        Non-U.S. Copyright Registrations

    Country           Title           Class         Reg. Date       Reg. No.
    -------           -----           -----         ---------       --------

                 Non-U.S. Pending Copyright Applications for Registration

Country              Title               Class             Date Application Filed

<PAGE>

Exhibit 10.24
                                                                    SCHEDULE III

                                    LICENSES

[Make a separate Schedule III for each Grantor, and if not a licensor/licensee
in a license/sublicense so state]

                                     PART I

                 LICENSES/SUBLICENSES OF [NAME OF GRANTOR] ON DATE HEREOF

                                  A. Copyrights

[List First U.S. copyrights in numerical order by Reg. No., followed by non-U.S.
copyrights by country in alphabetical order, Reg. Nos. in numerical order.]

   Licensee Name      Date of License/         Title of
    and Address          Sublicense        U.S. Copyrights      Class     Reg. Date   Reg. No.
    -----------          ----------        ---------------      -----     ---------   --------

                        Date of        Title of
   Licensee Name       License/        Non-U.S.
    and Address       Sublicense      Copyrights      Country    Class    Reg. Date   Reg. No.
    -----------       ----------      ----------      -------    -----    ---------   --------

                                   B. Patents

[List first in numerical order by U.S. patent nos. followed by U.S. patent application
nos., followed in alphabetical order by country, non-U.S. patent nos. followed by
non-U.S. application nos. in numerical order.]

                                                                 Application
                      Date of                                       Date
   Licensee Name      License/     Title of U.S.                Filed/Issue      Application/
                                   --------------               ------------
   and Address       Sublicense        Patent         Class         Date          Patent No.
   -----------       ----------        ------         -----         ----          ----------

<PAGE>

                      Date of       Title of                       Application
  Licensee Name       License/     Non- U.S.                       Date Field/    Application/
                                        -----
   and Address       Sublicense      Patent     Country    Class   Issue Date      Patent No.
   -----------       ----------      ------     -------    -----   ----------      ----------

                                  C. Trademarks

[List first in numerical order by U.S. trademark nos., followed by U.S. trademark
application nos., followed in alphabetical order by country, non-U.S. application nos. in
numerical order.]

  Licensee Name    Date of License/                           Application Date    Application/
   and Address        Sublicense       U.S. Mark     Class     Filed/Reg. Date      Reg. No.
   -----------        ----------       ---------     -----     ---------------      --------

                   Date of                                         Application
 Licensee Name     License/      Title of                          Date Filed/    Application/
  and Address     Sublicense   Non-U.S. Mark   Country    Class     Reg. Date       Reg. No.
  -----------     ----------   -------------   -------    -----     ---------       --------

                                    D. Others

                                              Date of License/
        Licensee Name and Address                 Sublicense            Subject Matter

                                     PART 2

           LICENSES/SUBLICENSES OF [NAME OF GRANTOR] AS LICENSEE ON DATE HEREOF
           --------------------------------------------------------------------

                                  A. Copyrights

[List first U.S. copyrights in numerical order by Reg. No., followed by non-U.S.
copyright by country in alphabetical order, Reg. Nos. in numerical order.]

  Licensor Name    Date of License/       Title of
   and Address        Sublicense       U.S. Copyright     Class    Reg. Date    Reg. No.
   -----------        ----------       --------------     -----    ---------    --------

                      Date of        Title of
  Licensor Name       License/      Non-U.S.
                                    --------
   and Address       Sublicense     Copyrights    Country     Class     Reg. Date     Reg. No.
   -----------       ----------     ----------    -------     -----     ---------     --------

                                   B. Patents

[List first in numerical order by U.S. Patent nos. followed by U.S. patent application
nos., followed in alphabetical order by country, non-U.S. patent nos. followed by
non-U.S. application nos. in numerical order.]

                        Date of                                 Application
   Licensor Name        License/       Title of                 Date/Filed/      Application/
    and Address        Sublicense     U.S. Patent    Class      Issue Date        Patent No.
    -----------        ----------     -----------    -----      ----------        ---------

                      Date of      Title of                       Application
  Licensor Name       License/     Non-U.S.                       Date/Filed/     Application/
   and Address       Sublicense     Patent     Country   Class    Issue Date       Patent No.
   -----------       ----------     ------     -------   -----    ----------       ----------

                                  C. Trademarks

[List first in numerical order by U.S. trademark nos., followed by U.S. trademark
application nos., followed in alphabetical order by country, non-U.S. trademark nos.
followed by non-U.S. application nos. in numerical order.]

                       Date of                             Application
   Licensor Name      License/                                Date           Application
    and Address      Sublicense     U.S. Mark    Class   Filed/Reg. Date       Reg. No.
    -----------      ----------     ---------    -----   ---------------       --------

                      Date of                                         Application
  Licensor Name       License/       Title of                            Date       Application/
   and Address       Sublicense   Non-U.S. Mark   Country    Class  Filed/Reg. Date   Reg. No.
   -----------       ----------   -------------   -------    -----  ---------------   --------

                                    D. Others

                                               Date of License/
       Licensor Name and Address                   Sublicense                Subject Matter

<PAGE>

                                                                     SCHEDULE IV

                       PATENTS OWNED BY [NAME OF GRANTOR]

[Make a separate Schedule IV for each Grantor and if no patents owned so state.
List in numerical order by Patent No./Patent Application No.]

                            U.S. Patent Registrations

    Patent Name             Class            Issue Date          Patent No.
    -----------             -----            ----------          ----------

                            U.S. Patent Applications

    Patent Name             Class         Filing Date    Patent Application No.
    -----------             -----         -----------    ----------------------

                              Non-U.S. Patent Registrations [List in
          alphabetical order by country/numerical order by Patent No.]

    Country        Patent Name        Class        Issue Date      Patent No.
    -------        -----------        -----        ----------      ----------

                          Non-U.S. Patent Applications

                                                            Patent Application
    Country        Patent Name       Class     Filing Date          No.
    -------        -----------       -----     -----------          ---

<PAGE>

                                                                                SCHEDULE V

                     TRADEMARK/TRADE NAMES OWNED BY [NAME OF GRANTOR]

  [Make                                   a separate Schedule V for each Grantor
                                          and if no trademarks/trade names owned
                                          so state.
            List in numerical order by trademark registration/application no.]

                          U.S. Trademark Registrations

        Mark                Class             Reg. Date           Reg. No.
        ----                -----             ---------           --------

                           U.S. Trademark Applications

        Mark                Class            Filing Date       Application No.
        ----                -----            -----------       ---------------

                          State Trademark Registrations
          [List in alphabetical order by State/numerical order by trademark no.]

     State            Mark            Class         Reg. Date       Reg. No.
     -----            ----            -----         ---------       --------

                               State Trademark Applications [List in
                alphabetical order by trademark application no.]

     State            Mark            Class        Filing Date   Application No.
     -----            ----            -----        -----------   ---------------

                             Non-U.S. Trademark Registrations [List in
         alphabetical order by Country/numerical order by trademark no.]

    Country           Mark            Class         Reg. Date       Reg. No.
    -------           ----            -----         ---------       --------

                         Non-U.S. Trademark Applications
        [List in alphabetical order by Country/numerical order by application
no.]

    Country           Mark            Class        Filing Date   Application No.
    -------           ----            -----        -----------   ---------------

                                   Trade Names

Country(s) Where Used                    Trade Names

<PAGE>

Exhibit 10.24

                                                                  Annex 1 to the
                                                              Security Agreement

                                    [Form Of]
                             PERFECTION CERTIFICATE

Reference is made to (a) the Credit Agreement dated as of November 17, 1999 (as
amended, supplemented or otherwise modified from time to time, the "Credit
Agreement"), among Equivest Finance, Inc., a Delaware corporation (the
"Borrower"), Peppertree Acquisition Corp., a Delaware corporation, Peppertree
Acquisition II Corp., a Delaware corporation, and Bank of America, N.A. (the
"Lender"). Capitalized terms used but not defined herein have the meanings
assigned in the Credit Agreement or the Security Agreement referred to therein,
as applicable.

The undersigned, a Authorized Signatory and the chief legal officer,
respectively, of the Borrower, hereby certifies to the Lender:

            Names.

            The exact corporate name of each Grantor, as such name appears in
      its respective certificate of incorporation, is as follows:

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

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

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

            Set forth below is the Federal Taxpayer Identification Number of
each Grantor:

            Current Locations.

            The chief executive office of each Grantor is located at the address
      set forth opposite its name below:

      Grantor          Mailing Address         County               State

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

      Grantor          Mailing Address         County               State

            Set forth below opposite the name of each Grantor are all the
      locations where such Grantor maintains any Collateral not identified
      above:

      Grantor          Mailing Address         County               State

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

      Grantor          Mailing Address         County               State

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

      Grantor          Mailing Address         County               State

            Unusual Transactions. All Accounts Receivable have been originated
      by the Grantors in the ordinary course of business.

            File Search Reports. The Lender has received true copies of file
      search reports and each financing statement or other filing identified in
      such file search reports from the Uniform Commercial Code filing offices
      where filings described in Section 2 hereof are to be made.

            UCC Filings. Duly signed financing statements on Form UCC-1 in
      substantially the form of Schedule 5 hereto have been prepared for filing
      in the Uniform Commercial Code filing office in each jurisdiction where a
      Grantor has Collateral as identified in Section 2 hereof.

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

            Filing Fees. All filing fees and taxes payable in connection with
      the filings described in Section 5 above have been paid.

            Stock Ownership and other Equity Interests. Attached hereto as
      Schedule 8 is a true and correct list of all the duly authorized, issued
      and outstanding stock, partnership interests, limited liability company
      membership interests or other equity interests of the Borrower and of each
      Subsidiary and the record and beneficial owners of such stock, partnership
      interests, membership interests or other equity interests. Also set forth
      on Schedule 8 is each equity investment of the Borrower and each
      Subsidiary that represents 50% or less of the equity of the entity in
      which such investment was made.

            Debt Instruments. Attached hereto as Schedule 9 is a true and
      correct list of all promissory notes and all other evidence of
      indebtedness between the Borrower and each Subsidiary of the Borrower and
      between each Subsidiary of the Borrower and each other such Subsidiary.

            Advances. Attached hereto as Schedule 10 is (a) a true and correct
      list of all advances made by the Borrower to any Subsidiary of the
      Borrower or made by any Subsidiary of the Borrower to the Borrower or any
      other Subsidiary of the Borrower, and (b) a true and correct list of all
      unpaid intercompany transfers of goods sold and delivered by or to the
      Borrower or any Subsidiary of the Borrower.

            [Reserved].

            Intellectual Property. Attached hereto as Schedule 12(A) in proper
      form for filing with the United States Patent and Trademark Office is a
      schedule setting forth all of each Grantor's Patents, Patent Licenses,
      Trademarks and Trademark Licenses, including the name of the registered
      owner, the registration number and the expiration date of each Patent,
      Patent License, Trademark and Trademark License owned by any Grantor.
      Attached hereto as Schedule 12(B) in proper form for filing with the
      United States Copyright Office is a schedule setting forth all of each
      Grantor's Copyrights and Copyright Licenses, including the name of the
      registered owner, the registration number and the expiration date of each
      Copyright or Copyright License owned by any Grantor.

<PAGE>

IN WITNESS WHEREOF, the undersigned have duly executed this certificate on this
[ ] day of [ ], 1999.

                                    EQUIVEST FINANCE, INC.,

                                    by:
                                      Name:
                                     Title:

                                    by:
                                      Name:
                                     Title:

<PAGE>

Exhibit 10.24

                                                                  Annex 2 to the
                                                              Security Agreement

            SUPPLEMENT NO. __ dated as of , to the Security Agreement dated as
      of November __, 1999, among EQUIVEST FINANCE, INC., a Delaware corporation
      (the "Borrower"), each subsidiary of the Borrower listed on Schedule I
      thereto (each such subsidiary individually a "Subsidiary Guarantor" and
      collectively, the "Subsidiary Guarantors"; the Subsidiary Guarantors and
      the Borrower are referred to collectively herein as the "Grantors") and
      BANK OF AMERICA, N.A. (the "Lender").

            A. Reference is made to (a) the Credit Agreement dated as of
      November __, 1999 (as amended, supplemented or otherwise modified from
      time to time, the "Credit Agreement"), among the Borrower, Peppertree
      Acquisition Corp., a Delaware corporation, Peppertree Acquisition II
      Corp., a Delaware corporation, and the Lender.

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

            C. The Grantors have entered into the Security Agreement in order to
      induce the Lender to make the Term Loan. Section 7.15 of the Security
      Agreement provides that additional Subsidiaries of the Borrower may become
      Grantors under the Security Agreement by execution and delivery of an
      instrument in the form of this Supplement. The undersigned Subsidiary (the
      "New Grantor") is executing this Supplement in accordance with the
      requirements of the Credit Agreement to become a Grantor under the
      Security Agreement as consideration for the Term Loan.

            Accordingly, the Lender and the New Grantor agree as follows:

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

                  The New Grantor represents and warrants to the Lender that
      this Supplement has been duly authorized, executed and delivered by it and
      constitutes its legal, valid and binding obligation, enforceable against
      it in accordance with its terms.

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

                  The New Grantor hereby represents and warrants that (a) set
      forth on Schedule I attached hereto is a true and correct schedule of the
      location of any and all Collateral of the New Grantor and (b) set forth
      under its signature hereto, is the true and correct location of the chief
      executive office of the New Grantor.

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

                  THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
      ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, EXCEPT THAT THE LAW OF
      THEIR LOCATION SHALL GOVERN WITH RESPECT TO THE CREATION, PERFECTION AND
      ENFORCEMENT OF SECURITY INTERESTS IN FIXTURES AND THE EXERCISE OF REMEDIES
      WITH RESPECT THERETO (IF APPLICABLE).

                  In case any one or more of the provisions contained in this
      Supplement should be held invalid, illegal or unenforceable in any
      respect, the validity, legality and enforceability of the remaining
      provisions contained herein and in the Security Agreement shall not in any
      way be affected or impaired thereby (it being understood that the
      invalidity of a particular provision in a particular jurisdiction shall
      not in and of itself affect the validity of such provision in any other
      jurisdiction). The parties hereto shall endeavor in good-faith
      negotiations to replace the invalid, illegal or unenforceable provisions
      with valid provisions the economic effect of which comes as close as
      possible to that of the invalid, illegal or unenforceable provisions.

                  All communications and notices hereunder shall be in writing
      and given as provided in Section 7.01 of the Security Agreement. All
      communications and notices hereunder to the New Grantor shall be given to
      it at the address set forth under its signature below.

                  The New Grantor agrees to reimburse the Lender for its
      reasonable out-of-pocket expenses in connection with this Supplement,
      including the reasonable fees, other charges and disbursements of counsel
      for the Lender.

<PAGE>

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

                             [Name Of New Grantor],

                                    by:
                                       Name:
                                       Title:
                                    Address:

                                    BANK OF AMERICA, N.A.,
                                    as Lender,

                                    By:
                                       Name:
                                       Title:

<PAGE>

Exhibit 10.24

                                                                      SCHEDULE I
                                                     to Supplement No.___ to the
                                                              Security Agreement

                             LOCATION OF COLLATERAL

            Description                         Location

</TABLE><TABLE>
<S>  <C>

Exhibit 10.25

                                                                  Execution Copy

                            FORM OF PLEDGE AGREEMENT

            PLEDGE AGREEMENT, dated as of November 17, 1999 among EQUIVEST
      FINANCE, INC., a Delaware corporation (the "Borrower"), Peppertree
      Resorts, Ltd., a North Carolina corporation ("Peppertree") PEPPERTREE
      ACQUISITION II CORP., a Delaware corporation ("Newco II"), (the Borrower,
      Peppertree and Newco II referred to herein as the "Pledgors"), and Bank of
      America, N.A. (the "Lender").

            Reference is made to the Credit Agreement, dated as of November 17,
      1999 (as amended, supplemented or otherwise modified from time to time,
      the "Credit Agreement"), among the Borrower, Peppertree Acquisition Corp.,
      Peppertree Acquisition II Corp. and the Lender. Capitalized terms used
      herein and not defined herein shall have meanings assigned to such terms
      in the Credit Agreement.

            The Lender has agreed to make a Term Loan to the Borrower, pursuant
      to, and upon the terms and subject to the conditions specified in, the
      Credit Agreement. The obligation of the Lender to make the Term Loan is
      conditioned upon, among other things, the execution and delivery by the
      Pledgors of a Pledge Agreement in the form hereof to secure the due and
      punctual payment and performance by each Obliger of the Obligations.

            Accordingly, the Pledgors hereby agree as follows:

                  Pledge. As security for the payment and performance, as the
      case may be, in full of the Obligations, each Pledgor hereby transfers,
      grants, bargains, sells, conveys, hypothecates, pledges, sets over,
      assigns as security and delivers unto the Lender, its successors and
      assigns, and hereby grants to the Lender, its successors and assigns, a
      security interest in all of the Pledgor's right, title and interest in, to
      and under (a) the Capital Stock owned by it and listed on Schedule I
      hereto and the certificates representing all such Capital Stock (the
      "Pledged Stock"); (b) (i) the debt securities listed opposite the name of
      the Pledgor on Schedule II hereto, and (ii) the promissory notes and other
      instruments evidencing such debt securities (the "Pledged Debt
      Securities"); (c) all other property that may be delivered to and held by
      the Lender pursuant to the terms hereof; (d) subject to Section 5, all
      payments of principal or interest, dividends, cash, instruments and other
      property from time to time received, receivable or otherwise distributed,
      in respect of, in exchange for or upon the conversion of the securities
      referred to in clauses (a) and (b) above; (e) subject to Section 5, all
      rights and privileges of the Pledgor with respect to the securities and
      other property referred to in clauses (a), (b), (c) and (d) above; and (f)
      all proceeds of any of the foregoing (the items referred to in clauses (a)
      through (f) above being collectively referred to as the "Collateral").
      Upon delivery to the Lender, (a) any stock certificates, notes or other
      securities now or hereafter included in the Collateral (the "Pledged
      Securities") shall be accompanied by stock powers duly executed in blank
      or other instruments of transfer satisfactory to the Lender and by such
      other endorsements, instruments and documents as the Lender may reasonably
      request and (b) all other property comprising part of the Collateral shall
      be accompanied by proper instruments of assignment duly executed by the
      applicable Pledgor and such other endorsements, instruments or documents
      as the Lender may reasonably request. Each delivery of Pledged Securities
      shall be accompanied by a schedule describing the securities theretofore
      and then being pledged hereunder, which schedule shall be attached hereto
      as Schedule I and made a part hereof. Each schedule so delivered shall
      supersede any prior schedules so delivered.

                  Delivery of the Collateral. g) Each Pledgor agrees promptly to
      deliver or cause to be delivered to the Lender any and all Pledged
      Securities, and any and all certificates or other instruments or documents
      representing the Collateral.

                  Each Pledgor will cause any Indebtedness for borrowed money
      owed to the Pledgor by any person to be evidenced by a duly executed
      promissory note that is pledged and delivered to the Lender pursuant to
      the term thereof.

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

                  the Pledged Stock represents that percentage as set forth on
      Schedule I of the issued and outstanding Capital Stock of the issuer with
      respect thereto;

                  except for the security interest granted hereunder, the
      Pledgor (i) is and will at all times continue to be the direct owner,
      beneficially and of record, of the Pledged Securities indicated on
      Schedule I, (ii) holds the same free and clear of all Liens except those
      permitted by the Credit Agreement or any other Loan Document, (iii) will
      make no assignment, pledge, hypothecation or transfer of, or create or
      permit to exist any security interest in or other Lien on, the Collateral,
      other than pursuant hereto, or as permitted by the Credit Agreement or any
      other Loan Document and (iv) subject to Section 5, will cause any and all
      Collateral, whether for value paid by the Pledgor or otherwise, to be
      forthwith deposited with the Lender and pledged or assigned hereunder;

                  the Pledgor (i) has the power and authority to pledge the
      Collateral in the manner hereby done or contemplated and (ii) will defend
      its title or interest thereto or therein against any and all Liens (other
      than the Liens created by this Agreement or permitted by the Credit
      Agreement or any other Loan Document), however arising, of all persons
      whomsoever;

                  no consent of any other person (including stockholders or
      creditors of any Pledgor) and no consent or approval of any Tribunal or
      any securities exchange was or is necessary to the validity of the pledge
      effected hereby;

                  by virtue of the execution and delivery by the Pledgors of
      this Agreement, when the Pledged Securities, certificates or other
      documents representing or evidencing the Collateral are delivered to the
      Lender in accordance with this Agreement or, if a security interest in any
      of such Collateral may not under applicable law be perfected by
      possession, then upon the filing of appropriate financing statements, the
      Lender will obtain a valid and perfected first lien upon and security
      interest in such Pledged Securities as security for the payment and
      performance of the Obligations;

            the pledge effected hereby is effective to vest in the Lender the
      rights of the Lender in the Collateral as set forth herein;

            all of the Pledged Stock has been duly authorized and validly issued
      and is fully paid and nonassessable and is in certificated form;

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

                  the pledge of the Pledged Stock pursuant to this Agreement
      does not violate Regulation T, U or X of the Federal Reserve Board or any
      successor thereto as of the date hereof;

                  the Collateral shall not be represented by any certificates,
      notes, securities, documents or other instruments other than those
      delivered hereunder; and

                  the terms of the governing documentation for the capital stock
      or interests of each partnership or limited liability company whose
      capital stock or interests are pledged under Section 1 above will at all
      times expressly provide that the capital stock or interests of such
      partnership or limited liability company are securities governed by of the
      Uniform Commercial Code as in effect in New York and that such capital
      stock or interests will at all times be represented by a certificate or
      certificates duly delivered to the Lender under Section 1 above.

                  Registration in Nominee Name; Denominations. The Lender shall
      have the right (in its sole and absolute discretion) following an Event of
      Default which is continuing to hold the Pledged Securities in its own name
      as pledgee, the name of its nominee (as pledgee or as sub-agent) or the
      name of the Pledgors, endorsed or assigned in blank or in favor of the
      Lender. Each Pledgor will promptly give to the Lender copies of any
      notices or other communications received by it with respect to Pledged
      Securities registered in the name of such Pledgor. The Lender at all times
      following an Event of Default which is continuing have the right to
      exchange the certificates representing Pledged Securities for certificates
      of smaller or larger denominations for any purpose consistent with this
      Agreement.

                  Voting Rights; Dividends and Interest, etc. (a) Unless and
      until an Event of Default shall have occurred and be continuing:

                  Each Pledgor shall be entitled to exercise any and all voting
      and/or other consensual rights and powers inuring to an owner of Pledged
      Securities or any part thereof for any purpose not inconsistent with the
      terms of this Agreement, the Credit Agreement and the other Loan
      Documents; provided, however, that such Pledgor will not be entitled to
      exercise any such right if the result thereof could reasonably be expected
      to materially and adversely affect the rights inuring to a holder of the
      Pledged Securities or the rights and remedies of the Lender under this
      Agreement or the Credit Agreement or any other Loan Document or the
      ability of the Lender to exercise the same.

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

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

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

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

                  Remedies upon Default. Upon the occurrence and during the
      continuance of an Event of Default, subject to applicable regulatory and
      legal requirements, the Lender may sell the Collateral, or any part
      thereof, at public or private sale or at any broker's board or on any
      securities exchange, for cash, upon credit or for future delivery as the
      Lender shall deem appropriate. The Lender shall be authorized at any such
      sale (if it deems it advisable to do so) to restrict the prospective
      bidders or purchasers to persons who will represent and agree that they
      are purchasing the Collateral for their own account for investment and not
      with a view to the distribution or sale thereof or to impose other
      restrictions necessary in its reasonable judgment to ensure compliance
      with applicable securities laws, as more fully set forth in Section 11,
      and upon consummation of any such sale the Lender shall have the right to
      assign, transfer and deliver to the purchaser or purchasers thereof the
      Collateral so sold. Each such purchaser at any such sale shall hold the
      property sold absolutely free from any claim or right on the part of any
      Pledgor, and, to the extent permitted by applicable law, the Pledgors
      hereby waive all rights of redemption, stay, valuation and appraisal any
      Pledgor now has or may at any time in the future have under any rule of
      law or statute now existing or hereafter enacted.

            The Lender shall give a Pledgor 10 days' prior written notice (which
      each Pledgor agrees is reasonable notice within the meaning of Section
      9-504(3) of the Uniform Commercial Code as in effect in the State of New
      York or its equivalent in other jurisdictions) of the Lender's intention
      to make any sale of such Pledgor's Collateral. Such notice, in the case of
      a public sale, shall state the time and place for such sale and, in the
      case of a sale at a broker's board or on a securities exchange, shall
      state the board or exchange at which such sale is to be made and the day
      on which the Collateral, or portion thereof, will first be offered for
      sale at such board or exchange. Any such public sale shall be held at such
      time or times within ordinary business hours and at such place or places
      as the Lender may fix and state in the notice of such sale. At any such
      sale, the Collateral, or portion thereof, to be sold may be sold in one
      lot as an entirety or in separate parcels, as the Lender may (in its sole
      and absolute discretion) determine. The Lender shall not be obligated to
      make any sale of any Collateral if it shall determine not to do so,
      regardless of the fact that notice of sale of such Collateral shall have
      been given. The Lender may, without notice or publication, adjourn any
      public or private sale or cause the same to be adjourned from time to time
      by announcement at the time and place fixed for sale, and such sale may,
      without further notice, be made at the time and place to which the same
      was so adjourned. In case any sale of all or any part of the Collateral is
      made on credit or for future delivery, the Collateral so sold may be
      retained by the Lender until the sale price is paid in full by the
      purchaser or purchasers thereof, but the Lender shall not incur any
      liability in case any such purchaser or purchasers shall fail to take up
      and pay for the Collateral so sold and, in case of any such failure, such
      Collateral may be sold again upon like notice. At any public (or, to the
      extent permitted by applicable law, private) sale made pursuant to this
      Section 6, the Lender may bid for or purchase, free from any right of
      redemption, stay or appraisal on the part of any Pledgor (all said rights
      being also hereby waived and released), the Collateral or any part thereof
      offered for sale and may make payment on account thereof by using any
      claim then due and payable to it from such Pledgor as a credit against the
      purchase price, and it may, upon compliance with the terms of sale, hold,
      retain and dispose of such property without further accountability to such
      Pledgor therefor. For purposes hereof, (a) a written agreement to purchase
      the Collateral or any portion thereof shall be treated as a sale thereof,
      (b) the Lender shall be free to carry out such sale pursuant to such
      agreement and (c) such Pledgor shall not be entitled to the return of the
      Collateral or any portion thereof subject thereto, notwithstanding the
      fact that after the Lender shall have entered into such an agreement all
      Events of Default shall have been remedied and the Obligations paid in
      full. As an alternative to exercising the power of sale herein conferred
      upon it, the Lender may proceed by a suit or suits at law or in equity to
      foreclose upon the Collateral and to sell the Collateral or any portion
      thereof pursuant to a judgment or decree of a court or courts having
      competent jurisdiction or pursuant to a proceeding by a court-appointed
      receiver. Any sale in accordance with the provisions of this Section 6
      shall be deemed to conform to the commercially reasonable standards as
      provided in Section 9-504(3) of the Uniform Commercial Code as in effect
      in the State of New York or its equivalent in other jurisdictions.

                  Application of Proceeds of Sale. The proceeds of any sale of
      Collateral pursuant to Section 6, as well as any Collateral consisting of
      cash, shall be applied by the Lender as follows:

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

            SECOND, to the payment in full of the Obligations; and

            THIRD, to the Pledgors, their successors or assigns, or as a court
      of competent jurisdiction may otherwise direct.

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

                  Reimbursement of Lender. h) Each Pledgor agrees to pay upon
      demand to the Lender the amount of any and all reasonable expenses,
      including the reasonable fees, other charges and disbursements of its
      counsel and of any experts or agents, that the Lender may incur in
      connection with (i) the administration of this Agreement, (ii) the custody
      or preservation of, or the sale of, collection from, or other realization
      upon, any of the Collateral, (iii) the exercise or enforcement of any of
      the rights of the Lender hereunder or (iv) the failure by such Pledgor to
      perform or observe any of the provisions hereof.

                  Without limitation of its indemnification obligations under
      the other Loan Documents, each Pledgor agrees to indemnify the Lender and
      the Indemnitees against, and hold each Indemnitee harmless from, any and
      all losses, claims, damages, liabilities and related expenses, including
      reasonable counsel fees, other charges and disbursements, incurred by or
      asserted against any Indemnitee arising out of, in any way connected with,
      or as a result of (i) the execution or delivery of this Agreement or any
      other Loan Document or any agreement or instrument contemplated hereby or
      thereby, the performance by the parties hereto of their respective
      obligations thereunder or the consummation of the Transactions and the
      other transactions contemplated thereby or (ii) any claim, litigation,
      investigation or proceeding relating to any of the foregoing, whether or
      not any Indemnitee is a party thereto, provided that such indemnity shall
      not, as to any Indemnitee, be available to the extent that such losses,
      claims, damages, liabilities or related expenses are determined by a court
      of competent jurisdiction by final and nonappealable judgment to have
      resulted from the gross negligence or willful misconduct of such
      Indemnitee.

                  Any amounts payable as provided hereunder shall be additional
      Obligations secured hereby. The provisions of this Section 8 shall remain
      operative and in full force and effect regardless of the termination of
      this Agreement or any other Loan Document, the consummation of the
      transactions contemplated hereby, the repayment of any of the Obligations,
      the invalidity or unenforceability of any term or provision of this
      Agreement or any other Loan Document or any investigation made by or on
      behalf of the Lender. All amounts due under this Section 8 shall be
      payable on written demand therefor and shall bear interest at the Default
      Rate.

                  Lender Appointed Attorney-in-Fact. Each Pledgor hereby
      appoints the Lender the attorney-in-fact of such Pledgor following an
      Event of Default which is continuing for the purpose of carrying out the
      provisions of this Agreement and taking any action and executing any
      instrument that the Lender may deem necessary or advisable to accomplish
      the purposes hereof, which appointment is irrevocable and coupled with an
      interest. Without limiting the generality of the foregoing, the Lender
      shall have the right, upon the occurrence and during the continuance of an
      Event of Default, with full power of substitution either in the Lender's
      name or in the name of such Pledgor, to ask for, demand, sue for, collect,
      receive and give acquittance for any and all moneys due or to become due
      under and by virtue of any Collateral, to endorse checks, drafts, orders
      and other instruments for the payment of money payable to the Pledgor
      representing any interest or dividend or other distribution payable in
      respect of the Collateral or any part thereof or on account thereof and to
      give full discharge for the same, to settle, compromise, prosecute or
      defend any action, claim or proceeding with respect thereto, and to sell,
      assign, endorse, pledge, transfer and to make any agreement respecting, or
      otherwise deal with, the same; provided, however, that nothing herein
      contained shall be construed as requiring or obligating the Lender to make
      any commitment or to make any inquiry as to the nature or sufficiency of
      any payment received by the Lender, or to present or file any claim or
      notice, or to take any action with respect to the Collateral or any part
      thereof or the moneys due or to become due in respect thereof or any
      property covered thereby. The Lender shall be accountable only for amounts
      actually received as a result of the exercise of the powers granted to
      them herein, and neither they nor their officers, directors, employees or
      agents shall be responsible to any Pledgor for any act or failure to act
      hereunder, except for their own gross negligence or willful misconduct.

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

                  Neither this Agreement nor any provision hereof may be waived,
      amended or modified except pursuant to a written agreement entered into
      between the Lender and the Pledgor or Pledgors with respect to which such
      waiver, amendment or modification is to apply.

                  Securities Act, etc. In view of the position of the Pledgors
      in relation to the Pledged Securities, or because of other current or
      future circumstances, a question may arise under the Securities Act of
      1933, as now or hereafter in effect, or any similar statute hereafter
      enacted analogous in purpose or effect (such Act and any such similar
      statute as from time to time in effect being called the "Federal
      Securities Laws") with respect to any disposition of the Pledged
      Securities permitted hereunder. Each Pledgor understands that compliance
      with the Federal Securities Laws might very strictly limit the course of
      conduct of the Lender if the Lender were to attempt to dispose of all or
      any part of the Pledged Securities, and might also limit the extent to
      which or the manner in which any subsequent transferee of any Pledged
      Securities could dispose of the same. Similarly, there may be other legal
      restrictions or limitations affecting the Lender in any attempt to dispose
      of all or part of the Pledged Securities under applicable Blue Sky or
      other state securities laws or similar laws analogous in purpose or
      effect. Each Pledgor recognizes that in light of such restrictions and
      limitations the Lender may, with respect to any sale of the Pledged
      Securities, limit the purchasers to those who will agree, among other
      things, to acquire such Pledged Securities for their own account, for
      investment, and not with a view to the distribution or resale thereof.
      Each Pledgor acknowledges and agrees that in light of such restrictions
      and limitations, the Lender, in its sole and absolute discretion, (a) may
      proceed to make such a sale whether or not a registration statement for
      the purpose of registering such Pledged Securities or part thereof shall
      have been filed under the Federal Securities Laws and (b) may approach and
      negotiate with a single potential purchaser to effect such sale. Each
      Pledgor acknowledges and agrees that any such sale might result in prices
      and other terms less favorable to the seller than if such sale were a
      public sale without such restrictions. In the event of any such sale, the
      Lender shall incur no responsibility or liability for selling all or any
      part of the Pledged Securities at a price that the Lender may in good
      faith deem reasonable under the circumstances, notwithstanding the
      possibility that a substantially higher price might have been realized if
      the sale were deferred until after registration as aforesaid or if more
      than a single purchaser were approached. The provisions of this Section 11
      will apply notwithstanding the existence of a public or private market
      upon which the quotations or sales prices may exceed substantially the
      price at which the Lender sells.

                  Registration, etc. Each Pledgor agrees that, upon the
      occurrence and during the continuance of an Event of Default hereunder, if
      for any reason the Lender desires to sell any of the Pledged Securities of
      the Borrower at a public sale, it will, at any time and from time to time,
      upon the written request of the Lender, use its reasonable best efforts to
      take or to cause the issuer of such Pledged Securities to take such action
      and prepare, distribute and/or file such documents, as are required or
      advisable in the reasonable opinion of counsel for the Lender to permit
      the public sale of such Pledged Securities. Each Pledgor further agrees to
      indemnify, defend and hold harmless the Lender any underwriter and their
      respective officers, directors, affiliates and controlling persons from
      and against all loss, liability, expenses, costs of counsel (including,
      without limitation, reasonable fees and expenses to the Lender of legal
      counsel), and claims (including the costs of investigation) that they may
      incur insofar as such loss, liability, expense or claim arises out of or
      is based upon any alleged untrue statement of a material fact contained in
      any prospectus (or any amendment or supplement thereto) or in any
      notification or offering circular, or arises out of or is based upon any
      alleged omission to state a material fact required to be stated therein or
      necessary to make the statements in any thereof not misleading, except
      insofar as the same may have been caused by any untrue statement or
      omission based upon information furnished in writing to such Pledgor or
      the issuer of such Pledged Securities by the Lender expressly for use
      therein. Each Pledgor further agrees, upon such written request referred
      to above, to use its reasonable best efforts to qualify, file or register,
      or cause the issuer of such Pledged Securities to qualify, file or
      register, any of the Pledged Securities under the Blue Sky or other
      securities laws of such states as may be requested by the Lender and keep
      effective, or cause to be kept effective, all such qualifications, filings
      or registrations. Each Pledgor will bear all costs and expenses of
      carrying out its obligations under this Section 12. Each Pledgor
      acknowledges that there is no adequate remedy at law for failure by it to
      comply with the provisions of this Section 12 and that such failure would
      not be adequately compensable in damages, and therefore agrees that its
      agreements contained in this Section 12 may be specifically enforced.

                  Security Interest Absolute. All rights of the Lender
      hereunder, the grant of a security interest in the Collateral and all
      obligations of each Pledgor hereunder, shall be absolute and unconditional
      irrespective of (a) any lack of validity or enforceability of the Credit
      Agreement, any other Loan Document, any agreement with respect to any of
      the Obligations or any other agreement or instrument relating to any of
      the foregoing, (b) any change in the time, manner or place of payment of,
      or in any other term of, all or any of the Obligations, or any other
      amendment or waiver of or any consent to any departure from the Credit
      Agreement, any other Loan Document or any other agreement or instrument
      relating to any of the foregoing, (c) any exchange, release or
      nonperfection of any other collateral, or any release or amendment or
      waiver of or consent to or departure from any guaranty, for all or any of
      the Obligations or (d) any other circumstance that might otherwise
      constitute a defense available to, or a discharge of, any Pledgor in
      respect of the Obligations or in respect of this Agreement (other than the
      indefeasible payment in full of all the Obligations).

                  Termination or Release. j) This Agreement and the security
      interests granted hereby shall terminate when all the Obligations (other
      than wholly contingent indemnification obligations) then due and owing
      have been indefeasibly paid in full and the Lender has no further
      commitment to lend under the Credit Agreement.

                  Upon any sale or other transfer by any Pledgor of any
      Collateral that is permitted under the Credit Agreement to any person that
      is not a Pledgor, or, upon the effectiveness of any written consent to the
      release of the security interest granted hereby in any Collateral, the
      security interest in such Collateral shall be automatically released.

                  In connection with any termination or release pursuant to
      paragraph (a) or (b), the Lender shall execute and deliver to any Pledgor,
      at such Pledgor's expense, all documents that such Pledgor shall
      reasonably request to evidence such termination or release. Any execution
      and delivery of documents pursuant to this Section 14 shall be without
      recourse to or warranty by the Lender.

                  Notices. All communications and notices hereunder shall be in
      writing and given as provided in the Credit Agreement. All communications
      and notices hereunder to any Pledgor other than the Borrower shall be
      given to it in care of the Borrower.

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

                  Binding Effect; Several Agreement; Assignments. Whenever in
      this Agreement any of the parties hereto is referred to, such reference
      shall be deemed to include the successors and assigns of such party; and
      all covenants, promises and agreements by or on behalf of any Pledgor that
      are contained in this Agreement shall bind and inure to the benefit of its
      successors and assigns. This Agreement shall become effective as to any
      Pledgor when a counterpart hereof executed on behalf of such Pledgor shall
      have been delivered to the Lender and a counterpart hereof shall have been
      executed on behalf of the Lender, and thereafter shall be binding upon
      such Pledgor and the Lender and their respective successors and assigns,
      and shall inure to the benefit of such Pledgor, the Lender and their
      respective successors and assigns, except that no Pledgor shall have the
      right to assign its rights hereunder or any interest herein or in the
      Collateral (and any such attempted assignment shall be void), except as
      expressly contemplated by this Agreement or the other Loan Documents. If
      all the Capital Stock of a Pledgor is sold, transferred or otherwise
      disposed of to a person that is not an Affiliate of the Borrower pursuant
      to a transaction permitted by the Credit Agreement, such Pledgor shall be
      released from its obligations under this Agreement without further action.
      This Agreement shall be construed as a separate agreement with respect to
      each Pledgor and may be amended, modified, supplemented, waived or
      released with respect to any Pledgor without the approval of any other
      Pledgor and without affecting the obligations of any other Pledgor
      hereunder.

                  Survival of Agreement; Severability. k) All covenants,
      agreements, representations and warranties made by each Pledgor herein and
      in the certificates or other instruments prepared or delivered in
      connection with or pursuant to this Agreement or any other Loan Document
      shall be considered to have been relied upon by the Lender and shall
      survive the making by the Lender of the Term Loan, regardless of any
      investigation made by the Lender and shall continue in full force and
      effect as long as the principal of or any accrued interest on the Term
      Loan or any other fee or amount payable under this Agreement or other Loan
      Document is outstanding and unpaid and as long as the Commitment has not
      been terminated.

                  In the event any one or more of the provisions contained in
      this Agreement should be held invalid, illegal or unenforceable in any
      respect, the validity, legality and enforceability of the remaining
      provisions contained herein shall not in any way be affected or impaired
      thereby (it being understood that the invalidity of a particular provision
      in a particular jurisdiction shall not in and of itself affect the
      validity of such provision in any other jurisdiction). The parties shall
      endeavor in good-faith negotiations to replace the invalid, illegal or
      unenforceable provisions with valid provisions the economic effect of
      which comes as close as possible to that of the invalid, illegal or
      unenforceable provisions.

                  Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
      ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                  Counterparts. This Agreement may be executed in two or more
      counterparts, each of which shall constitute an original, but all of
      which, when taken together, shall constitute a single contract, and shall
      become effective as provided in Section 17. Delivery of an executed
      counterpart of a signature page to this Agreement by facsimile
      transmission shall be as effective as delivery of a manually executed
      counterpart of this Agreement.

                  Rules of Interpretation. The rules of interpretation specified
      in Section 1.3 of the Credit Agreement shall be applicable to this
      Agreement. Section headings used herein are for convenience of reference
      only, are not part of this Agreement and are not to affect the
      construction of, or to be taken into consideration in interpreting this
      Agreement.

                  Jurisdiction; Consent to Service of Process. l) Each Pledgor
      hereby irrevocably and unconditionally submits, for itself and its
      property, to the nonexclusive jurisdiction of any New York State court or
      any Federal court of the United States of America sitting in New York, and
      any appellate court from any thereof, in any action or proceeding arising
      out of or relating to this Agreement or the other Loan Documents, or for
      recognition or enforcement of any judgment, and each of the parties hereto
      hereby irrevocably and unconditionally agrees that, to the extent
      permitted by applicable law, all claims in respect of any such action or
      proceeding may be heard and determined in such New York State or, to the
      extent permitted by law, in such Federal court. Each of the parties hereto
      agrees that a final judgment in any such action or proceeding shall be
      conclusive and may be enforced in other jurisdictions by suit on the
      judgment or in any other manner provided by law. Nothing in this Agreement
      shall affect any right that the Lender may otherwise have to bring any
      action or proceeding relating to this Agreement or the other Loan
      Documents against any Pledgor or its properties in the courts of any
      jurisdiction.

                  Each Pledgor hereby irrevocably and unconditionally waives, to
      the fullest extent it may legally and effectively do so, any objection
      that it may now or hereafter have to the laying of venue of any suit,
      action or proceeding arising out of or relating to this Agreement or the
      other Loan Documents in any New York State or Federal court sitting in New
      York. Each of the parties hereto hereby irrevocably waives, to the fullest
      extent permitted by law, the defense of an inconvenient forum to the
      maintenance of such action or proceeding in any such court.

                  Each party to this Agreement irrevocably consents to service
      of process in the manner provided for notices in Section 15. Nothing in
      this Agreement will affect the right of any party to this Agreement to
      serve process in any other manner permitted by law.
                  Waiver Of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE
      FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
      TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING
      OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY HERETO (A)
      CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
      REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN
      THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)
      ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
      ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
      CERTIFICATIONS IN THIS SECTION.

                  [Reserved]

                  Execution of Financing Statements. To the extent permitted by
      applicable law, pursuant to Section 9-402 of the Uniform Commercial Code
      as in effect in the State of New York or its equivalent in other
      jurisdictions, each Pledgor authorizes the Lender to file financing
      statements with respect to the Collateral owned by it without the
      signature of such Pledgor in such form and in such filing offices as the
      Lender reasonably determines appropriate to perfect the security interests
      of the Lender under this Agreement. To the extent permitted by applicable
      law, a carbon, photographic or other reproduction of this Agreement shall
      be sufficient as a financing statement for filing in any jurisdiction.

<PAGE>

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

                                    EQUIVEST FINANCE, INC.

                                       By:
                                      Name:
                                     Title:

                                    PEPPERTREE RESORTS, LTD.

                                       By:
                                      Name:
                                     Title:

                                    PEPPERTREE ACQUISITION II CORP.

                                       By:
                                      Name:
                                     Title:

                                    BANK OF AMERICA, N.A., as Lender

                                       By:
                                      Name:
                                     Title:

<PAGE>

                                        2
Exhibit 10.25

                                                               Schedule I to the
                                                                Pledge Agreement

                                  CAPITAL STOCK

                                                         umber and
                     umber of                           Nlass         ercentage
                    NertificatRegistered                Cf Shares    Pf Shares
                     ---------                           ---------      ------
Issuer              C         Owner                     o            o
------              -         -----                     -
I.    Peppertree               quivest Finance, Inc                   00%
   Acquisition Corp.          E                    .                 1
II.   Peppertree              Peppertree Resorts,                     00%
   Vacation Club              Ltd.                                   1
III.  Peppertree              Peppertree Resorts,                     00%
   Resorts Villas             Ltd.                                   1
IV.   Peppertree               eppertree Acquisition II               00%
   Realty,
   Inc.                       P                         Corp.        1
V.    Peppertree               eppertree Resorts,                     00%
   Resorts                    Ptd.
   Management                 L                                      1
VI.   Peppertree               quivest Finance, Inc                   00%
     Acquisition
     II Corp.                 E                    .                 1

<PAGE>

                                 DEBT SECURITIES

    Holder           Issuer      Principal Amount  Date of Note    Maturity Date
    ------           ------      ----------------  ------------    -------------
Equivest        Great Smokies                     November 17,    December 31,
Finance, Inc.   Hotel Association $3,600,000      1999            1999
</TABLE>

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