Document:

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                                                                    EXHIBIT 4.3

                      REVLON CONSUMER PRODUCTS CORPORATION

                        12% Senior Secured Notes Due 2005

                             REGISTRATION AGREEMENT

                                                              November 26, 2001

SALOMON SMITH BARNEY INC.
As Representative of the Initial Purchasers
388 Greenwich Street
New York, NY  10013

Dear Sirs:

          Revlon Consumer Products Corporation, a Delaware corporation ("Revlon"
or the "Issuer"), proposes to issue and sell to Salomon Smith Barney Inc. as
representative of certain initial purchasers (the "Initial Purchasers") listed
on  1 of a purchase agreement dated November 19, 2001 (the "Purchase
Agreement"), upon the terms set forth therein, its 12% Senior Secured Notes due
2005 (the "Notes"). Capitalized terms used but not specifically defined herein
are defined in the Purchase Agreement. As an inducement to the Initial
Purchasers to enter into the Purchase Agreement and in satisfaction of a
condition to your obligations thereunder, Revlon and the Guarantors agree with
you, for the benefit of the holders of the Notes (including the Initial
Purchasers) (the "Holders"), as follows:

          1. Registered Exchange Offer. Revlon and the Guarantors shall, at
their cost, prepare and, not later than 90 days after the Closing Date (or, if
the 90th day is not a business day, the first business day thereafter) (February
25, 2002, assuming the Closing Date is November 26, 2001), shall file with the
Securities and Exchange Commission (the "Commission") a registration statement
(the "Exchange Offer Registration Statement") on an appropriate form under the
Securities Act of 1933, as amended (the "1933 Act"), with respect to a proposed
offer (the "Registered Exchange Offer") to the Holders to issue and deliver to
such Holders, in exchange for the Notes, a like principal amount of debt
securities (the "Exchange Notes") of Revlon with terms substantially identical
in all material respects to the Notes (except that the Exchange Notes will not
contain terms with respect to transfer restrictions and interest rate
increases), shall use their respective best efforts to cause the Exchange Offer
Registration Statement to become effective under the 1933 Act by 180 days after
the Closing Date (or, if the 180th day is not a business day, the first business
day thereafter) (May 28, 2002, assuming the Closing Date is November 26, 2001)
and shall use their respective

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best efforts to keep the Exchange Offer Registration Statement effective under
the 1933 Act until the close of business on the 180th day following the
expiration of the Registered Exchange Offer (such period being called the
"Exchange Offer Registration Period") for use by Exchanging Dealers (as defined
below) as contemplated in Section 3(g) below. Revlon and the Guarantors shall be
deemed not to have used their respective best efforts to keep the Exchange Offer
Registration Statement effective during the Exchange Offer Registration Period
if Revlon or any Guarantor voluntarily takes any action that would result in
Exchanging Dealers not being able to use such Registration Statement as
contemplated in such Section 3(g), unless (i) such action is required by
applicable law or (ii) such action is taken by Revlon or a Guarantor in good
faith and for valid business reasons (not including avoidance of Revlon's and
the Guarantors' obligations hereunder), including, but not limited to, the
acquisition or divestiture of assets, so long as Revlon and the Guarantors
promptly thereafter comply with the requirements of Section 3(j) hereof, if
applicable. The Exchange Notes will be issued under the Indenture.

          Upon the effectiveness of the Exchange Offer Registration Statement,
the Issuer and the Guarantors shall promptly commence the Registered Exchange
Offer, it being the objective of such Registered Exchange Offer to enable each
Holder electing to exchange Notes for Exchange Notes (assuming that such Holder
is not an affiliate of Revlon within the meaning of the 1933 Act, acquires the
Exchange Notes in the ordinary course of such Holder's business and has no
arrangements with any person to participate in the distribution of the Exchange
Notes) to trade such Exchange Notes from and after their receipt without any
limitations or restrictions under the 1933 Act and without material restrictions
under the securities laws of a substantial proportion of the several states of
the United States. Notwithstanding the foregoing, the Initial Purchasers, Revlon
and the Guarantors acknowledge that, pursuant to current interpretations by the
Commission's staff of Section 5 of the 1933 Act, and in the absence of an
applicable exemption therefrom, (i) each Holder (including any Initial
Purchaser) which is a broker-dealer electing to exchange the Notes, acquired for
its own account as a result of market making activities or other trading
activities, for the Exchange Notes (an "Exchanging Dealer"), is required to
deliver a prospectus containing the information set forth in Annex A hereto on
the cover, in Annex B hereto in "The Exchange Offer" section, and in Annex C
hereto in the "Plan of Distribution" section of such prospectus in connection
with a sale of any such Exchange Notes received by such Exchanging Dealer
pursuant to the Registered Exchange Offer

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and (ii) each Initial Purchaser which elects to sell Exchange Notes acquired in
exchange for the Notes constituting any portion of an unsold allotment is
required to deliver a prospectus containing the information required by Items
507 and/or 508 of Regulation S-K under the 1933 Act, as applicable, in
connection with such a sale.

          If, upon consummation of the Registered Exchange Offer, any Initial
Purchaser holds the Notes constituting any portion of an unsold allotment
acquired by it as part of its initial distribution, the Issuer, simultaneously
with the delivery of the Exchange Notes pursuant to the Registered Exchange
Offer, shall issue and deliver to such Initial Purchaser upon the written
request of such Initial Purchaser, in exchange (the "Private Exchange") for the
Notes held by such Initial Purchaser, a like principal amount of the Exchange
Notes issued under the Indenture and identical in all material respects
(including the existence of restrictions on transfer under the 1933 Act and the
securities laws of the several states of the United States) to the Notes (the
"Private Exchange Notes"; the Notes, the Exchange Notes and the Private Exchange
Notes being hereinafter referred to collectively as the "Securities"). The
Issuer and the Guarantors will use reasonable efforts to cause the Private
Exchange Notes to bear the same CUSIP number as the Exchange Notes.

          In connection with the Registered Exchange Offer, the Issuer and the
Guarantors shall:

          (a) mail to each Holder a copy of the prospectus forming part of the
Exchange Offer Registration Statement, together with an appropriate letter of
transmittal and related documents;

          (b) keep the Registered Exchange Offer open for not less than 30 days
     after the date notice thereof is mailed to the Holders (or longer if
     required by applicable law);

          (c) utilize the services of a depositary for the Registered Exchange
     Offer with an address in the Borough of Manhattan, The City of New York;

          (d) permit Holders to withdraw tendered Notes at any time prior to the
     close of business, New York time, on the last business day on which the
     Registered Exchange Offer shall remain open; and

          (e) otherwise comply in all respects with all applicable laws.

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          As soon as practicable after the close of the Registered Exchange
Offer or the Private Exchange, as the case may be, the Issuer and the Guarantors
shall:

          (a) accept for exchange all Notes tendered and not validly withdrawn
     pursuant to the Registered Exchange Offer and the Private Exchange;

          (b) deliver to the Trustee for cancellation all Notes so accepted for
     exchange; and

          (c) cause the Trustee promptly to authenticate and deliver to each
     Holder of the Notes either Exchange Notes or Private Exchange Notes, as the
     case may be, equal in principal amount to the Notes of such Holder so
     accepted for exchange.

          The Indenture will provide that the Exchange Notes will not be subject
to the transfer restrictions applicable to the Notes set forth in the Indenture
and that all Securities issued under the Indenture will vote and consent
together on all matters as one class and that none of the Securities issued
under the Indenture will have the right to vote or consent as a class separate
from one another on any matter.

          Notwithstanding any other provisions hereof, the Issuer and the
Guarantors shall ensure that (i) any Exchange Offer Registration Statement and
any amendment thereto and any prospectus forming part thereof and any supplement
thereto complies in all material respects with the 1933 Act and the rules and
regulations thereunder, (ii) any Exchange Offer Registration Statement and any
amendment thereto does not, when it becomes effective, contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading and
(iii) any prospectus forming part of any Exchange Offer Registration Statement,
and any supplement to such prospectus, does not include an untrue statement of a
material fact or omit to state a material fact necessary in order to make the
statements, in the light of the circumstances under which they were made, not
misleading.

          Each Holder participating in the Registered Exchange Offer shall be
required to represent to the Issuer that at the time of the consummation of the
Registered Exchange Offer (i) any Exchange Notes received by such Holder will be
acquired in the ordinary course of business, (ii) such Holder will have no
arrangements or understanding with any person to participate in the distribution
of the

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Notes or the Exchange Notes within the meaning of the 1933 Act, (iii) such
Holder is not an "affiliate", as defined in Rule 405 of the 1933 Act, of Revlon
or if it is an affiliate, such Holder acknowledges that it must comply with the
registration and prospectus delivery requirements of the 1933 Act to the extent
applicable, (iv) if such Holder is not a broker-dealer, that it is not engaged
in, and does not intend to engage in, a distribution of the Exchange Notes and
(v) if such Holder is a broker-dealer, that it will receive Exchange Notes for
its own account in exchange for the Notes that were acquired as a result of
market-making activities or other trading activities and that it will be
required to acknowledge that it will deliver a prospectus in connection with any
resale of such Exchange Notes.

          2. Shelf Registration. If, (i) because of any change in law or
applicable interpretations thereof by the Commission's staff, the Issuer
determines that it is not permitted to effect the Registered Exchange Offer as
contemplated by Section 1 hereof, (ii) for any other reason the Registered
Exchange Offer is not consummated by the 210th day after the Closing Date (or,
if such day is not a business day, the first business day thereafter) (June 24,
2002, assuming the Closing Date is November 26, 2001), (iii) any Initial
Purchaser so requests with respect to the Notes (or Private Exchange Notes) held
by it following consummation of the Registered Exchange Offer, (iv) any Holder
(other than an Exchanging Dealer) is not eligible to participate in the
Registered Exchange Offer or, in the case of any Holder (other than an
Exchanging Dealer) or Initial Purchaser that participates in the Registered
Exchange Offer, such Holder or Initial Purchaser does not receive freely
tradeable Exchange Notes in exchange for the exchanged Notes (in the case of an
Initial Purchaser constituting any portion of an unsold allotment) (it being
understood that the requirement that an Initial Purchaser deliver a prospectus
in connection with sales of the Exchange Notes acquired in the Registered
Exchange Offer in exchange for the Notes acquired as a result of market-making
activities or other trading activities, shall not result in such Exchange Notes
not being "freely tradeable" for purposes of this Section 2) or (v) if the
Issuer so elects, the following provisions shall apply:

          (a) The Issuer and the Guarantors shall, at their cost, as promptly as
practicable file with the Commission and thereafter shall use their best efforts
to cause to be declared effective a shelf registration statement on an
appropriate form under the 1933 Act relating to the offer and sale of the Notes
by the Holders or the Exchange Notes or the Private Exchange Notes by the
Initial Purchasers, as

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applicable, from time to time in accordance with the methods of distribution
elected by such Holders or the Initial Purchasers, as applicable, and set forth
in such registration statement (hereafter, a "Shelf Registration Statement" and,
together with any Exchange Offer Registration Statement, a "Registration
Statement").

          (b) The Issuer and the Guarantors shall use their best efforts to keep
the Shelf Registration Statement continuously effective in order to permit the
prospectus forming part thereof to be usable by Holders or the Initial
Purchasers, as applicable, for a period of two years from the date the Shelf
Registration Statement is declared effective by the Commission or such shorter
period that will terminate when all the Notes covered by the Shelf Registration
Statement have been sold pursuant to the Registration Statement or when, in the
opinion of outside counsel to the Issuer, which is reasonably satisfactory in
form and substance to counsel for the Initial Purchasers, all such Notes may be
sold without registration under the 1933 Act and unlegended certificates
representing the Securities may be given to the holders thereof (in any such
case, such period being called the "Shelf Registration Period"). The Issuer and
the Guarantors shall be deemed not to have used their best efforts to keep the
Shelf Registration Statement effective during the requisite period if Revlon or
any Guarantor voluntarily takes any action that would result in Holders of
Securities covered thereby not being able to offer and sell such Securities
during that period, unless (i) such action is required by applicable law, or
(ii) such action is taken by Revlon or a Guarantor in good faith and for valid
business reasons (not including avoidance of Revlon's and the Guarantors'
obligations hereunder), including, but not limited to, the acquisition or
divestiture of assets, so long as the Issuer and the Guarantors promptly
thereafter comply with the requirements of Section 3(j) hereof, if applicable.

          (c) Notwithstanding any other provisions hereof, the Issuer and the
Guarantors shall ensure that (i) any Shelf Registration Statement and any
amendment thereto and any prospectus forming part thereof and any supplement
thereto complies in all material respects with the 1933 Act and the rules and
regulations thereunder, (ii) any Shelf Registration Statement and any amendment
thereto does not, when it becomes effective, contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading and (iii) any prospectus
forming part of any Shelf Registration Statement, and any supplement to such
prospectus, does not include an untrue statement of a

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material fact or omit to state a material fact necessary in order to make the
statements, in the light of the circumstances under which they were made, not
misleading.

          3. Registration Procedures. In connection with any Shelf Registration
Statement and, to the extent applicable, any Exchange Offer Registration
Statement, the following provisions shall apply:

          (a) The Issuer and the Guarantors shall (i) furnish to each Initial
Purchaser, prior to the filing thereof with the Commission, a copy of the
Registration Statement and each amendment thereof and each supplement, if any,
to the prospectus included therein and shall use its best efforts to reflect in
each such document, when so filed with the Commission, such comments as the
Initial Purchasers reasonably may propose; (ii) include the information set
forth in Annex A hereto on the cover, in Annex B hereto in "The Exchange Offer"
section, and in Annex C hereto in the "Plan of Distribution" section of the
prospectus forming a part of the Exchange Offer Registration Statement, and
include the information set forth in Annex D hereto in the Letter of Transmittal
delivered pursuant to the Registered Exchange Offer; (iii) if requested by an
Initial Purchaser, include the information required by Items 507 and/or 508 of
Regulation S-K under the 1933 Act, as applicable, in the prospectus forming a
part of the Registration Statement; and (iv) in the case of a Shelf Registration
Statement, include the names of the Holders who propose to sell Securities
pursuant to the Shelf Registration Statement, as selling security holders.

          (b) (1) The Issuer and the Guarantors shall advise you (which notice
pursuant to clause (ii) shall be accompanied by an instruction to suspend the
use of the prospectus until the requisite changes have been made) and, in the
case of a Shelf Registration Statement, the Holders of Securities included
therein, and, in the case of an Exchange Offer Registration Statement, any
Exchanging Dealer which has provided in writing to the Issuer a telephone or
facsimile number or address for notices, and, if requested by you or any such
Holder or Exchanging Dealer, confirm such advice in writing:

               (i) when any Registration Statement and any amendment thereto has
          been filed with the Commission and when the Registration Statement or
          any post-effective amendment thereto has become effective; and

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               (ii) of any request by the Commission for amendments or
          supplements to the Registration Statement or the prospectus included
          therein or for additional information.

          (2) The Issuer and the Guarantors shall advise you and, in the case of
     a Shelf Registration Statement, Holders of Securities included therein,
     and, in the case of an Exchange Offer Registration Statement, any
     Exchanging Dealer which has provided in writing to the Issuer a telephone
     or facsimile number or address for notices, and, if requested by you or any
     such Holder or Exchanging Dealer, confirm such advice in writing;

               (i) of the issuance by the Commission of any stop order
          suspending the effectiveness of the Registration Statement or the
          initiation of any proceedings for that purpose;

               (ii) of the receipt by the Issuer of any notification with
          respect to the suspension of the qualification of the Securities
          included therein for sale in any jurisdiction or the initiation or
          threatening of any proceeding for such purpose; and

               (iii) of the happening of any event that requires the making of
          any changes in the Registration Statement or the prospectus so that,
          as of such date, the statements therein are not misleading and do not
          omit to state a material fact required to be stated therein or
          necessary to make the statements therein (in the case of the
          prospectus, in light of the circumstances under which they were made)
          not misleading (which advice shall be accompanied by an instruction to
          suspend the use of the prospectus until the requisite changes have
          been made).

          (c) The Issuer and the Guarantors shall make every reasonable effort
     to obtain the withdrawal of any order suspending the effectiveness of any
     Registration Statement at the earliest possible time.

          (d) The Issuer and the Guarantors shall furnish to each Holder of
     Securities included within the coverage of any Shelf Registration Statement
     (including any Exchanging Dealer which so requests in writing or any
     Initial Purchaser), without charge, at least one copy of such Shelf
     Registration Statement and any post-effective amendment thereto, including
     financial statements and schedules, and, if the Holder so requests in
     writing, all exhibits (including those incorporated by reference).

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          (e) The Issuer and the Guarantors shall, during the Shelf Registration
     Period, deliver to each Holder of Securities included within the coverage
     of any Shelf Registration Statement, without charge, as many copies of the
     prospectus (including each preliminary prospectus) included in such Shelf
     Registration Statement and any amendment or supplement thereto as such
     Holder may reasonably request; and the Issuer and the Guarantors consent to
     the use of the prospectus or any amendment or supplement thereto by each of
     the selling Holders of Securities in connection with the offering and sale
     of the Securities covered by the prospectus or any amendment or supplement
     thereto.

          (f) The Issuer and the Guarantors shall furnish to each Exchanging
     Dealer or Initial Purchaser, as applicable, which so requests, without
     charge, at least one copy of the Exchange Offer Registration Statement and
     any post-effective amendment thereto, including financial statements and
     schedules, and, if the Exchanging Dealer or Initial Purchaser, as
     applicable, so requests in writing, all exhibits (including those
     incorporated by reference).

          (g) The Issuer and the Guarantors shall, during the Exchange Offer
     Registration Period, promptly deliver to each broker-dealer that is the
     beneficial owner (as defined in Rule 13d-3 under the Securities Exchange
     Act of 1934, as amended (the "1934 Act")) of Exchange Notes received by
     such broker-dealer in the Registered Exchange Offer (a "Participating
     Broker-Dealer") and such other persons as may be required to deliver a
     prospectus following the Registered Exchange Offer, without charge, as many
     copies of the prospectus included in such Exchange Offer Registration
     Statement and any amendment or supplement thereto as such person may
     reasonably request for delivery by such person in connection with a sale of
     Exchange Notes received by it pursuant to the Registered Exchange Offer;
     and the Issuer and the Guarantors consent to the use of the prospectus or
     any amendment or supplement thereto by any such Participating Broker-Dealer
     or other person as aforesaid.

          (h) Prior to any public offering of Securities pursuant to any
     Registration Statement, the Issuer and the Guarantors shall register or
     qualify or cooperate with the Holders of Securities included therein and
     their respective counsel in connection with the registration or
     qualification of such Securities for offer and sale under the securities or
     blue sky laws of such jurisdictions as any such Holder reasonably requests
     in writing and do any and all other acts or things necessary or advisable
     to enable the offer and sale in such jurisdictions of the Securities
     covered by such

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Registration Statement; provided, however, that Revlon and the Guarantors shall
not be required to qualify generally to do business in any jurisdiction where it
is not then so qualified or to take any action which would subject it to general
service of process or to taxation in any such jurisdiction where it is not then
so subject.

          (i) The Issuer and the Guarantors shall cooperate with the Holders of
Securities to facilitate the timely preparation and delivery of certificates
representing the Securities to be sold pursuant to any Shelf Registration
Statement free of any restrictive legends and in such denominations and
registered in such names as Holders may request prior to sales of the Securities
pursuant to such Shelf Registration Statement.

          (j) Upon the occurrence of any event contemplated by paragraph
(b)(2)(iii) above, the Issuer and the Guarantors shall promptly prepare a
post-effective amendment to the Registration Statement or a supplement to the
related prospectus or file any other required document so that, as thereafter
delivered to purchasers of the Securities included therein, the prospectus will
not include an untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading. If the Issuer notifies the Initial
Purchasers, the Holders and any known Participating Broker-Dealer in accordance
with paragraphs (1)(ii) or (2)(i) through (iii) of Section 3(b) above to suspend
the use of the prospectus until the requisite changes to the prospectus have
been made, then the Initial Purchasers, the Holders and any such Participating
Broker-Dealers shall suspend use of such prospectus.

          (k) Not later than the effective date of the applicable Registration
Statement, the Issuer and the Guarantors shall provide a CUSIP number for the
Notes, the Exchange Notes or the Private Exchange Notes, as the case may be, and
provide the trustee with printed certificates for the Notes, the Exchange Notes
or the Private Exchange Notes, as the case may be, in a form eligible for
deposit with The Depository Trust Company (it being expressly understood that
the Exchange Notes will continue to be held in book-entry form in the same
manner as the Notes).

          (l) The Issuer and the Guarantors shall comply with all applicable
rules and regulations of the Commission and shall make generally available to
its security holders as soon as practicable after the effective date of the

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applicable Registration Statement an earnings statement satisfying the
provisions of Section 11(a) of the 1933 Act.

          (m) The Issuer and the Guarantors shall cause the Indenture to be
qualified under the Trust Indenture Act of 1939, as amended, in a timely manner.
In the event that such qualification would require the appointment of a new
trustee under the Indenture, the Issuer and the Guarantors shall appoint a new
trustee thereunder pursuant to the applicable provisions of the Indenture.

          (n) The Issuer may require each Holder of Securities to be sold
pursuant to any Shelf Registration Statement to furnish to the Issuer such
information regarding the Holder and the distribution of such Securities as the
Issuer may from time to time reasonably require for inclusion in such
Registration Statement, and the Issuer may exclude from such Registration
Statement the Securities of any Holder that fails to furnish such information
within a reasonable time after receiving such request.

          (o) The Issuer and the Guarantors shall enter into such customary
agreements (including if requested an underwriting agreement in customary form)
and take all such other action, if any, as any Holder shall reasonably request
in order to facilitate the disposition of the Securities pursuant to any Shelf
Registration Statement.

          (p) In the case of any Shelf Registration Statement, the Issuer and
the Guarantors shall (i) make reasonably available for inspection by the
Holders, and any underwriter participating in any disposition pursuant to a
Registration Statement, and any attorney, accountant or other agent retained by
the Holders or any such underwriter, all relevant financial and other records,
pertinent corporate documents and properties of the Issuer and the Guarantors
and (ii) cause the Issuer's and the Guarantors' respective officers, directors
and employees to supply all relevant information reasonably requested by the
Holders or any such underwriter, attorney, accountant or agent in connection
with any such Registration Statement.

          (q) In the case of any Exchange Offer Registration Statement, the
Issuer and the Guarantors shall (i) make reasonably available for inspection by
the Initial Purchasers, but in each case only in such firm's capacity as an
Exchanging Dealer and with the express understanding that each such firm shall
be acting solely for itself and not on behalf of any other party, including,
without limitation, any other Exchanging Dealer, all relevant financial and
other records, pertinent corporate documents and properties

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                                                                              12

of the Issuer and the Guarantors and (ii) cause the Issuer's and the Guarantors'
respective officers, directors and employees to supply all information
reasonably requested by any of them.

          (r) In the case of any Shelf Registration Statement, the Issuer and
the Guarantors, if requested by any Holder, shall cause (x) their counsel to
deliver an opinion relating to the Securities included within the coverage of
such Shelf Registration Statement in customary form, (y) their respective
officers to execute and deliver all customary documents and certificates
requested by any underwriters of the Securities and (z) their independent public
accountants to provide to the selling Holders and any underwriter therefor a
comfort letter in customary form.

          (s) In the case of any Exchange Offer Registration Statement, the
Issuer and the Guarantors, if requested by the Initial Purchasers, but in each
case only in such firm's capacity as an Exchanging Dealer and with the express
understanding that each such firm shall be acting solely for itself and not on
behalf of any other party, including, without limitation, any other Exchanging
Dealer, in connection with any prospectus delivery as contemplated in paragraph
(g) above, shall use their best efforts to cause, on and as of the effective
date of the Exchange Offer Registration Statement, (x) their counsel to deliver
an opinion relating to the Exchange Offer Registration Statement and the
Exchange Notes in customary form, (y) their respective officers to execute and
deliver all customary documents and certificates requested and (z) their
independent public accountants to provide a comfort letter in customary form,
subject to receipt of appropriate documentation (including the delivery of a
customary representation letter), as contemplated by Statement on Auditing
Standards No. 72.

          (t) If a Registered Exchange Offer or a Private Exchange is to be
consummated, upon delivery of the Notes by Holders to the Issuer (or to such
other person as directed by the Issuer) in exchange for the Exchange Notes or
the Private Exchange Notes, as the case may be, the Issuer shall mark, or cause
to be marked, on the Notes so exchanged that such Notes are being canceled in
exchange for the Exchange Notes or the Private Exchange Notes, as the case may
be; in no event shall the Notes be marked as paid or otherwise satisfied.

          (u) The Issuer shall pay interest on the Notes for failure to comply
with its and the Guarantors'

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                                                                              13

obligations under Section 1 or Section 2, as applicable, in accordance with the
terms of the Notes.

          4. Registration Expenses. Revlon and the Guarantors shall bear all
expenses incurred in connection with the performance of its obligations under
Sections 1, 2 and 3 hereof and, in the event of any Shelf Registration
Statement, shall reimburse the Holders for the reasonable fees and disbursements
of one firm or counsel designated by the Holders of a majority in principal
amount of the Securities to be registered thereunder to act as counsel for the
Holders in connection therewith, and, in the case of any Exchange Offer
Registration Statement, shall reimburse the Initial Purchasers, as applicable,
for the reasonable fees and disbursements of counsel in connection therewith,
whether or not the Exchange Offer Registration Statement or a Shelf Registration
Statement is filed or becomes effective.

          5. Indemnification. (a) In the event of a Shelf Registration or in
connection with any prospectus delivery pursuant to a Registered Exchange Offer
by an Exchanging Dealer as contemplated in Section 3(g) above, Revlon and the
Guarantors shall indemnify and hold harmless each Holder and each person, if
any, who controls such Holder within the meaning of Section 15 of the 1933 Act
or Section 20 of the 1934 Act as follows:

          (i) against any and all loss, liability, claim, damage and expense
     whatsoever, as incurred, arising out of any untrue statement or alleged
     untrue statement of a material fact contained in any such Registration
     Statement or any prospectus forming part thereof or the omission or alleged
     omission therefrom of a material fact required to be stated therein or
     necessary to make the statements therein (in the case of any prospectus, in
     the light of the circumstances under which they were made) not misleading;

          (ii) against any and all loss, liability, claim, damage and expense
     whatsoever, as incurred, to the extent of the aggregate amount paid in
     settlement of any litigation, or any investigation or proceeding by any
     governmental or regulatory agency or body, commenced or threatened, or of
     any claim whatsoever based upon any such untrue statement or omission, or
     any such alleged untrue statement or omission; and

          (iii) against any and all expense whatsoever, as incurred (including,
     subject to Section 5(c) hereof, the fees and disbursements of counsel
     chosen by the

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                                                                              14

          indemnified party reasonably incurred in investigating, preparing or
          defending against any litigation, or any investigation or proceeding
          by any governmental or regulatory agency or body, commenced or
          threatened, or any claim whatsoever based upon any such untrue
          statement or omission, or any such alleged untrue statement or
          omission);

     provided, however, that (i) this indemnity shall not apply to any loss,
     liability, claim, damage or expense to the extent arising out of any untrue
     statement or omission or alleged untrue statement or omission made in
     reliance upon and in conformity with written information furnished to the
     Issuer by the indemnified party expressly for use in such Registration
     Statement and (ii) such indemnity with respect to any preliminary
     prospectus shall not inure to the benefit of any Holder (or any person
     controlling such Holder) from whom the person asserting any such loss,
     claim, damage or liability purchased the Securities which are the subject
     thereof if such person did not receive a copy of the final prospectus (or
     the final prospectus as supplemented) at or prior to the confirmation of
     the sale of such Securities to such person and (A) the untrue statement or
     omission of a material fact contained in such preliminary prospectus was
     corrected in the final prospectus (or the final prospectus as supplemented)
     and (B) such Holder had previously been furnished by or on behalf of the
     Issuer (prior to the date of mailing by such Holder of the applicable
     confirmation) with a sufficient number of copies of the final prospectus as
     so amended or supplemented.

          (b) In the event of a Shelf Registration Statement, each Holder shall
     indemnify and hold harmless the Issuer and the Guarantors, their respective
     directors and officers and each person, if any, who controls the Issuer or
     any Guarantor within the meaning of Section 15 of the 1933 Act or Section
     20 of the 1934 Act against any and all loss, liability, claim, damage and
     expense described in the indemnity contained in Section 5(a) hereof, as
     incurred, but only with respect to untrue statements or omissions, or
     alleged untrue statements or omissions, made in the Registration Statement
     (or any amendment or supplement thereto) in reliance on and in conformity
     with written information furnished to the Issuer by such Holder expressly
     for use in the Registration Statement (or in such amendment or supplement);
     provided, however, that no such Holder shall be liable for any indemnity
     claims hereunder in excess of the amount of net proceeds received by such
     Holder from the sale of Securities pursuant to the Registration Statement.

<PAGE>

                                                                              15

          (c) Each indemnified party shall give notice as promptly as reasonably
     practicable to each indemnifying party of any action commenced against it
     in respect of which indemnity may be sought hereunder, but failure to so
     notify an indemnifying party shall not relieve such indemnifying party from
     any liability which it may have otherwise than on account of this indemnity
     agreement, except to the extent actually prejudiced thereby. If any such
     claim or action shall be brought against an indemnified party, the
     indemnified party shall notify the indemnifying party thereof, the
     indemnifying party shall be entitled to participate therein and, to the
     extent that it wishes, jointly with any other similarly notified
     indemnifying party, to assume the defense thereof with counsel reasonably
     satisfactory to the indemnified party. After notice from the indemnifying
     party to the indemnified party of its election to assume the defense of
     such claim or action, the indemnifying party shall not be liable to the
     indemnified party under this Section 5 for any legal or other expenses
     subsequently incurred by the indemnified party in connection with the
     defense thereof (other than reasonable costs of investigation); provided,
     however, if the defendants in any such action include both an indemnified
     party and an indemnifying party and the indemnified party shall have
     reasonably concluded that there may be legal defenses available to it
     and/or other indemnified parties that are different from or additional to
     those available to the indemnifying party, the indemnified party or parties
     under this Section 5 shall have the right to employ not more than one
     counsel (in addition to any local counsel) to represent them and, in that
     event, the fees and expenses of not more than one such separate counsel (in
     addition to any local counsel) shall be paid by the indemnifying party, as
     such expenses are incurred. No indemnifying party shall be liable for any
     settlement effected without its written consent. An indemnifying party
     shall not, without the prior written consent of the indemnified party,
     settle or compromise or consent to the entry of any judgment with respect
     to any pending or threatened claim, action, suit or proceeding in respect
     of which indemnification or contribution may be sought hereunder (whether
     or not the indemnified parties are actual or potential parties to such
     claim or action) unless such settlement, compromise or consent includes an
     unconditional release of each indemnified party from all liability arising
     out of such claim, action, suit or proceeding.

          (d) To provide for just and equitable contribution in circumstances in
     which the indemnity provided for in Sections 5(a) through (c) hereof is for
     any reason held to be unenforceable by the indemnified parties

<PAGE>

                                                                              16

     although applicable in accordance with its terms, Revlon and the
     Guarantors, on the one hand, and the applicable Holder or Holders, on the
     other hand, shall contribute to the aggregate losses, liabilities, claims,
     damages and expenses of the nature contemplated by said indemnity incurred
     by Revlon and the Guarantors and such Holder or Holders, as incurred, in
     such proportions that Revlon and the Guarantors are responsible for that
     portion represented by the percentage that the aggregate consideration
     received by Revlon from the sale by it of the Securities sold by such
     Holder bears to the aggregate principal amount of Securities sold by such
     Holder and such Holder is responsible for the balance; provided, however,
     that no person found guilty of fraudulent misrepresentation (within the
     meaning of Section 11(f) of the 1933 Act) by a court of competent
     jurisdiction shall be entitled to contribution from any person who was not
     guilty of such fraudulent misrepresentation. For purposes of this Section
     5, each person, if any, who controls a Holder within the meaning of Section
     15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights
     to contribution as such Holder and each director and officer of Revlon and
     each person, if any, who controls Revlon within the meaning of Section 15
     of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to
     contribution as Revlon.

          (e) The agreements contained in this Section 5 shall survive the sale
     of the Securities pursuant to a Registration Statement and shall remain in
     full force and effect, regardless of any termination or cancelation of this
     Agreement or any investigation made by or on behalf of any indemnified
     party.

          6. Underwritten Registrations. (a) "Transfer Restricted Notes" means
     each Security until (i) the date on which such Transfer Restricted Note has
     been exchanged by a person other than a broker-dealer for a freely
     transferable Exchange Note in the Registered Exchange Offer, (ii) following
     the exchange by a broker-dealer in the Registered Exchange Offer of a
     Transfer Restricted Note for an Exchange Note, the date on which such
     Exchange Note is sold to a purchaser who receives from such broker-dealer
     on or prior to the date of such sale a copy of the prospectus contained in
     the Exchange Offer Registration Statement, (iii) the date on which such
     Transfer Restricted Note has been effectively registered under the 1933 Act
     and disposed of in accordance with the Shelf Registration Statement or (iv)
     the date on which such Transfer Restricted Note is distributed to the
     public pursuant to Rule 144 under the 1933 Act or is saleable pursuant to
     Rule 144(k) under the 1933 Act.

<PAGE>

                                                                              17

               (b) If any of the Transfer Restricted Notes covered by any Shelf
     Registration are to be sold in an underwritten offering, the investment
     banker or investment bankers and manager or managers that will administer
     the offering ("Managing Underwriters") will be selected by the Holders of a
     majority in aggregate principal amount of such Transfer Restricted Notes to
     be included in such offering.

               No person may participate in any underwritten registration
     hereunder unless such person (i) agrees to sell such person's Transfer
     Restricted Notes on the basis reasonably provided in any underwriting
     arrangements approved by the persons entitled hereunder to approve such
     arrangements and (ii) completes and executes all questionnaires, powers of
     attorney, indemnities, underwriting agreements and other documents
     reasonably required under the terms of such underwriting arrangements.

               7. Miscellaneous. (a) Amendment and Waivers. The provisions of
     this Agreement may not be amended, modified or supplemented, and waivers or
     consents to departures from the provisions hereof may not be given, unless
     Revlon has obtained the written consent of Holders of a majority in
     aggregate principal amount of the Securities.

               (b) Notices. All notices and other communications provided for or
     permitted hereunder shall be made in writing by hand-delivery, first-class
     mail, telex, telecopier, or air courier guaranteeing overnight delivery:

               (i) if to a Holder, at the most current address given by such
          Holder to the Issuer in accordance with the provisions of this Section
          7(b), which address initially is, with respect to each Holder, the
          address of such Holder maintained by the Registrar under the
          Indenture, with a copy in like manner to the Initial Purchasers;

               (ii) if to the Initial Purchasers, initially at the respective
          addresses set forth in the Purchase Agreement with copies to the
          parties specified therein; and

               (iii) if to the Issuer or any Guarantor, initially at the address
          of the Issuer set forth in the Purchase Agreement, with copies to the
          parties specified therein.

               All such notices and communications shall be deemed to have been
     duly given when received.

<PAGE>

                                                                              18

               The Initial Purchasers or Revlon by notice to the other may
     designate additional or different addresses for subsequent notices or
     communications.

               (c) Successors and Assigns. This Agreement shall be binding upon
     Revlon and the Guarantors and their respective successors and assigns.

               (d) Counterparts. This agreement may be executed in any number of
     counterparts and by the parties hereto in separate counterparts, each of
     which when so executed shall be deemed to be an original and all of which
     taken together shall constitute one and the same agreement.

               (e) Headings. The headings in this agreement are for convenience
     of reference only and shall not limit or otherwise affect the meaning
     hereof.

               (f) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
     CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT
     GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS TO THE EXTENT
     THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED
     THEREBY. Specified times of day refer to New York City time.

               (g) Severability. If any one or more of the provisions contained
     herein, or the application thereof in any circumstance, is held invalid,
     illegal or unenforceable, the validity, legality and enforceability of any
     such provision in every other respect and of the remaining provisions
     contained herein shall not be affected or impaired thereby.

               (h) Securities Held by the Issuer. Whenever the consent or
     approval of Holders of a specified percentage of principal amount of
     Securities is required hereunder, Securities held by the Issuer or any of
     its affiliates (other than subsequent Holders of Securities if such
     subsequent Holders are deemed to be affiliates solely by reason of their
     holdings of such Securities) shall not be counted in determining whether
     such consent or approval was given by the Holders of such required
     percentage.

               (i) No Inconsistent Agreements. Revlon and the Guarantors have
     not, as of the date hereof, entered into, nor shall they, on or after the
     date hereof, enter into, any agreement with respect to their respective
     securities that is inconsistent with the rights granted to the Holders
     herein or otherwise conflicts with the provisions hereof.

<PAGE>

                                                                              19

               (j) Copies of Agreement. Revlon shall provide a copy of this
     Agreement to prospective purchasers of the Notes identified to them by the
     Initial Purchasers upon request.

<PAGE>

                                                                              20

               Please confirm that the foregoing correctly sets forth the
     agreement between Revlon, the Guarantors and you.

                                           Very truly yours,

                                           REVLON CONSUMER PRODUCTS
                                                           CORPORATION

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

                                           REVLON, INC., as Parent
                                                             Guarantor

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

                                           ALMAY, INC.
                                           CARRINGTON PARFUMS, LTD.
                                           CHARLES OF THE RITZ GROUP LTD.
                                           CHARLES REVSON INC.
                                           COSMETICS & MORE INC.
                                           NORTH AMERICA REVSALE INC.
                                           PACIFIC FINANCE & DEVELOPMENT
                                              CORP.
                                           PPI TWO CORPORATION
                                           PRESTIGE FRAGRANCES, LTD.
                                           REVLON CONSUMER CORP.
                                           REVLON GOVERNMENT SALES, INC.
                                           REVLON INTERNATIONAL
                                           CORPORATION
                                           REVLON PRODUCTS CORP.
                                           REVLON REAL ESTATE CORPORATION
                                           RIROS CORPORATION
                                           RIROS GROUP INC.
                                           RIT INC.
                                           as the other Guarantors

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

<PAGE>

                                                                              21

CONFIRMED AND ACCEPTED
    as of the date first above written:

SALOMON SMITH BARNEY INC.

By:   /s/ Marco Habert
    -----------------------------------------
    Name: Marco Habert
    Title: Vice President

<PAGE>

                                                                      ANNEX A TO
                                                          REGISTRATION AGREEMENT

                  Each broker-dealer that receives Exchange Notes for its own
account pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Notes. The Letter of
Transmittal states that by so acknowledging and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the 1933 Act. This Prospectus, as it may be amended or supplemented
from time to time, may be used by a broker-dealer in connection with resales of
Exchange Notes received in exchange for the Notes where such Notes were acquired
by such broker-dealer as a result of market-making activities or other trading
activities. The Issuer has agreed that, for a period of 180 days after the
Expiration Date (as defined herein), it will make this Prospectus available to
any broker-dealer for use in connection with any such resale. See "Plan of
Distribution".

<PAGE>

                                                                     ANNEX B TO
                                                         REGISTRATION AGREEMENT

                  Each broker-dealer that receives Exchange Notes for its own
account in exchange for the Notes, where such Notes were acquired by such
broker-dealer as a result of market-making activities or other trading
activities, must acknowledge that it will deliver a prospectus in connection
with any resale of such Exchange Notes. See "Plan of Distribution".

<PAGE>

                                                                     ANNEX C TO
                                                         REGISTRATION AGREEMENT

                              PLAN OF DISTRIBUTION

                  Each broker-dealer that receives Exchange Notes for its own
account pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Notes. This
Prospectus, as it may be amended or supplemented from time to time, may be used
by a broker-dealer in connection with resales of Exchange Notes received in
exchange for Existing Notes where such Existing Notes were acquired as a result
of market-making activities or other trading activities. The Issuer has agreed
that for a period of 180 days after the Expiration Date, it will make this
Prospectus, as amended or supplemented, available to any broker-dealer for use
in connection with any such resale. In addition, until      , 200 , all dealers
effecting transactions in the Exchange Notes may be required to deliver a
prospectus. 1/

                  The Issuer will not receive any proceeds from any sale of
Exchange Notes by broker-dealers. Exchange Notes received by broker-dealers for
their own account pursuant to the Exchange Offer may be sold from time to time
in one or more transactions in the over-the-counter market, in negotiated
transactions, through the writing of options on the Exchange Notes or a
combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or negotiated
prices. Any such resale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or
concessions from any such broker-dealer and/or the purchasers of any such
Exchange Notes. Any broker-dealer that resells Exchange Notes that were received
by it for its own account pursuant to the Exchange Offer and any broker or
dealer that participates in a distribution of such Exchange Notes may be deemed
to be an "underwriter" within the meaning of the 1933 Act and any profit on any
such resale of Exchange Notes and any commissions or concessions received by any
such persons may be deemed to be underwriting compensation under the 1933 Act.
The Letter of Transmittal states that by acknowledging that it will deliver and
by delivering a prospectus, a broker-dealer will not be deemed to admit that it
is an "underwriter" within the meaning of the 1933 Act.

--------
     1/ The legend required by Item 502(e) of Regulation S-K must appear on the
back page of the Exchange Offer Prospectus.

<PAGE>

                  For a period of 180 days after the Expiration Date, the Issuer
will promptly send additional copies of this Prospectus and any amendment or
supplement to this Prospectus to any broker-dealer that requests such documents
in the Letter of Transmittal. The Issuer has agreed to pay all expenses incident
to the Exchange Offer other than commissions or concessions of any brokers or
dealers and will indemnify the holders of the Notes (including any
broker-dealers) against certain liabilities, including liabilities under the
1933 Act.

<PAGE>

                                                                     ANNEX D TO
                                                         REGISTRATION AGREEMENT

                                     Rider A

    [  ] CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL
         COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS
         THERETO.

         Name:
         Address:

                                     Rider B

         If the undersigned is not a broker-dealer, the undersigned represents
         that it is not engaged in, and does not intend to engage in, a
         distribution of Exchange Notes. If the undersigned is a broker-dealer
         that will receive Exchange Notes for its own account in exchange for
         Notes, it represents that the Notes to be exchanged for Exchange Notes
         were acquired by it as a result of market-making or other trading
         activities and acknowledges that it will deliver a prospectus in
         connection with any resale of such Exchange Notes; however, by so
         acknowledging and by delivering a prospectus, the undersigned will not
         be deemed to admit that it is an "underwriter" within the meaning of
         the 1933 Act.EXHIBIT 4.5, MEGO FINANICAL CORP.

 

NEITHER THIS SECURITY NOR THE SHARES OF STOCK ISSUABLE UPON EXERCISE HEREOF
HAVE BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”) OR ANY OTHER SECURITIES LAWS AND HAVE BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR
DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN
EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A
FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER
THE SECURITIES ACT OR ANY OTHER SECURITIES LAWS.

	 	 	 
	Date of Issuance: February 19, 2002	 	
Number of Shares: 175,000

(subject to adjustment)

MEGO FINANCIAL CORP.

Common Stock Purchase Warrant

     Mego Financial Corp., a New York corporation (the “Company”), for value
received, hereby certifies that Roan/Meyers Associates, L.P., (the “Registered
Holder”) is entitled, subject to the terms set forth below, to purchase from
the Company, at such time and under such conditions as set forth below, 175,000
shares (as adjusted from time to time pursuant to the provisions of this
Warrant) of Common Stock of the Company, par value $.01 per share, at a
purchase price of $4.00 per share. The shares purchasable upon the exercise of
this Warrant and the purchase price per share, as adjusted from time to time
pursuant to the provisions of this Warrant, are hereinafter referred to as the
“Warrant Stock” and the “Purchase Price,” respectively. This Warrant is issued
pursuant to and is subject to the terms of a letter agreement dated as of
February 19, 2002 (the “Services Agreement”), between the Company and the
Registered Holder.

     1. Exercisability. This Warrant shall be exercisable from the Date of
Issuance set forth above and shall be exercised in full on or before the date
that is fifteen (15) days after the effective date of a Registration Statement
on Form S-3 covering the resale of Warrant Stock to the Public; provided,
however, that, if the closing price of the Company’s Common Stock on the day
preceding that date is not in excess of the Warrant Price, the exercise may be
delayed until the closing price has exceeded the Warrant Price for five (5)
consecutive trading days.

     2. Exercise.

          (a) Manner of Exercise. This Warrant shall be exercised by the Registered
Holder, in whole but not in part, by surrendering this Warrant, with the
purchase form appended hereto as Exhibit A duly executed by such Registered
Holder or by such Registered Holder’s duly authorized attorney, at the
principal office of the Company, or at such other office or agency as the
Company may designate, accompanied by payment in full of the Purchase Price
payable in respect of the number of shares of Warrant Stock purchased upon such
exercise. The Purchase Price may be paid by cash or wire transfer.

 

Exhibit 4.5 - Page 1

 

          (b) Effective Time of Exercise. The exercise of this Warrant shall be
deemed to have been effected immediately prior to the close of business on the
day on which this Warrant shall have been surrendered to the Company as
provided in Section 2(a). At such time, the Registered Holder shall be deemed
to have become the holder of record of the Warrant Stock represented by such
certificates.

          (c) Delivery to Holder. As soon as practicable after the exercise of this
Warrant in whole or in part, and in any event within ten (10) days thereafter,
the Company at its expense will cause to be issued in the name of, and
delivered to, the Registered Holder a certificate or certificates for the
shares of Warrant Stock.

     3. Adjustments.

          (a) Stock Splits and Dividends. If outstanding shares of the Company’s
Common Stock shall be subdivided into a greater number of shares or a dividend
in Common Stock shall be paid in respect of Common Stock, the Purchase Price in
effect immediately prior to such subdivision or at the record date of such
dividend shall simultaneously with the effectiveness of such subdivision or
immediately after the record date of such dividend be proportionately reduced.
If outstanding shares of Common Stock shall be combined into a smaller number
of shares, the Purchase Price in effect immediately prior to such combination
shall, simultaneously with the effectiveness of such combination, be
proportionately increased. When any adjustment is required to be made in the
Purchase Price, the number of shares of Warrant Stock purchasable upon the
exercise of this Warrant shall be changed to the number determined by dividing
(i) an amount equal to the number of shares issuable upon the exercise of this
Warrant immediately prior to such adjustment, multiplied by the Purchase Price
in effect immediately prior to such adjustment, by (ii) the Purchase Price in
effect immediately after such adjustment.

          (b) Reclassification, Etc. In case of any reclassification or change of
the outstanding securities of the Company or of any reorganization of the
Company (or any other corporation the stock or securities of which are at the
time receivable upon the exercise of this Warrant) or any similar corporate
reorganization on or after the date hereof, then and in each such case the
holder of this Warrant, upon the exercise hereof at any time after the
consummation of such reclassification, change, reorganization, merger or
conveyance, shall be entitled to receive, in lieu of the stock or other
securities and property receivable upon the exercise hereof prior to such
consummation, the stock or other securities or property to which such holder
would have been entitled upon such consummation if such holder had exercised
this Warrant immediately prior thereto, all subject to further adjustment as
provided in Section 3(a); and in each such case, the terms of this Section 3
shall be applicable to the shares of stock or other securities properly
receivable upon the exercise of this Warrant after such consummation.

          (c) Adjustment Certificate. When any adjustment is required to be made in
the Purchase Price, the Company shall promptly mail to the Registered Holder a
certificate setting forth the Purchase Price after such

 

Exhibit 4.5 - Page 2

 

adjustment and setting forth a brief statement of the facts requiring such
adjustment. Such certificate shall also set forth the kind and amount of stock
or other securities or property into which this Warrant shall be exercisable
following the occurrence of any of the events specified in Section 3(a) or
3(b).

     4. Transfers. The Registered Holder acknowledges that this Warrant is
issued for services rendered to the Company, is personal to the Registered
Holder and may not be sold, pledged, distributed, offered for sale, transferred
or otherwise disposed of. The Registered Holder further acknowledges that the
Warrant Stock has not been registered under the Securities Act, and agrees not
to sell, pledge, distribute, offer for sale, transfer or otherwise dispose of
any Warrant Stock issued upon its exercise in the absence of (i) an effective
registration statement under the Securities Act as to the Warrant Stock and
registration or qualification of such Warrant Stock under any applicable United
States federal or state securities law then in effect or (ii) an opinion of
counsel, satisfactory to the Company, that such registration and qualification
are not required. Each certificate or other instrument for Warrant Stock
issued upon the exercise of this Warrant shall bear a legend substantially to
the foregoing effect.

     5. Representations and Warranties of Holder. The Registered Holder hereby
represents and warrants to the Company as follows:

          (a) Purchase Entirely for Own Account. The Registered Holder acknowledges
that this Warrant is given to the Registered Holder in reliance upon the
Registered Holder’s representation to the Company, which by its acceptance of
this Warrant the Registered Holder hereby confirms, that the Warrant and the
Warrant Stock issuable upon exercise of the Warrant being acquired by the
Registered Holder are being acquired for investment for the Registered Holder’s
own account, not as a nominee or agent, and not with a view to the resale or
distribution of any part thereof, and that the Registered Holder has no present
intention of selling, granting any participation in, or otherwise distributing
the same. By executing this Warrant, the Registered Holder further represents
that the Registered Holder does not presently have any contract, undertaking,
agreement or arrangement with any person to sell, transfer or grant
participations to such person or to any third person, with respect this Warrant
or the Warrant Stock. The Registered Holder represents that it has full power
and authority to enter into this Warrant. The Registered Holder has not been
formed for the specific purpose of acquiring this Warrant or the Warrant Stock.

          (b) Disclosure of Information. The Registered Holder has examined the
Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2001,
and all other documents filed by the Company with the Securities and Exchange
Commission thereafter. The Registered Holder has had an opportunity to discuss
the Company’s business, management, financial affairs and the terms and
conditions of this Warrant and the Warrant Stock with the Company’s management
and has had an opportunity to review the Company’s facilities. The Registered
Holder understands that such discussions, as well as the written information
issued by the Company, were

 

Exhibit 4.5 - Page 3

 

 intended to describe the aspects of the Company’s business which it
believes to be material.

          (c) Restricted Securities. The Registered Holder understands that this
Warrant and the Warrant Stock have not been registered under the Securities
Act, by reason of a specific exemption from the registration provisions of the
Securities Act which depends upon, among other things, the bona fide nature of
the investment intent and the accuracy of the Registered Holder’s
representations as expressed herein. The Registered Holder understands that
this Warrant and the Warrant Stock are characterized as “restricted securities”
under the federal securities laws inasmuch as they are being acquired from the
Company in a transaction not involving a public offering and that under such
laws and applicable regulations and the Services Agreement, this Warrant may
not be resold or transferred at all and the Warrant Stock may be resold without
registration under the Securities Act only in certain limited circumstances.

          (d) Legends. The Registered Holder understands that the Securities, and
any securities issued in respect thereof or in exchange therefor, may bear the
following legends:

               (i) “THE SHARES REPRESENTED BY THIS CERTIFICATE
HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”) OR ANY OTHER SECURITIES LAWS AND HAVE BEEN
ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE
OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT
AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN
A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER
THE SECURITIES ACT OR ANY OTHER SECURITIES LAWS.”

               (ii) Any legend required by the Blue Sky laws of any state to the extent
such laws are applicable to the shares represented by the certificate so
legended.

          (e) Accredited Investor. The Registered Holder is an accredited investor
as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.

     6. Covenants of the Company.

          (a) Registration under the Securities Act. The Company will, within
ninety (90) days of the Date of Issuance, file with the Securities and Exchange
Commission a Registration Statement on Form S-3 covering the resale of the
Warrant Stock and shall use its best efforts to have the Registration Statement
declared effective as soon as possible and to maintain its effectiveness until
the date that the Warrant Stock may be sold pursuant to Rule 144(k).

          (b) No Impairment. The Company will not, by amendment of its charter or
through reorganization, consolidation, merger, dissolution, sale of assets or
any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at

 

Exhibit 4.5 - Page 4

 

 all times in good faith assist in the carrying out of all such terms and
in the taking of all such action as may be necessary or appropriate in order to
protect the rights of the holder of this Warrant against impairment.

     7. Notices of Certain Transactions. In case:

          (a) the Company shall take a record of the holders of its Common Stock (or
other stock or securities at the time deliverable upon the exercise of this
Warrant) for the purpose of entitling or enabling them to receive any dividend
or other distribution, or to receive any night to subscribe for or purchase any
shares of stock of any class or any other securities, or to receive any other
right, to subscribe for or purchase any shares of stock of any class or any
other securities, or to receive any other right, or

          (b) of any capital reorganization of the Company, any reclassification of
the capital stock of the Company, any consolidation or merger of the Company,
any consolidation or merger of the Company with or into another corporation
(other than a consolidation or merger in which the Company is the surviving
entity), or any transfer of all or substantially all of the assets of the
Company, or

          (c) of the voluntary or involuntary dissolution, liquidation or winding-up
of the Company, then, and in each such case, the Company will mail or cause to
be mailed to the Registered Holder of this Warrant a notice specifying, as the
case may be, (i) the date on which a record is to be taken for the purpose of
such dividend, distribution or right, and stating the amount and character of
such dividend, distribution or right, or (ii) the effective date on which such
reorganization, reclassification, consolidation, merger, transfer, dissolution,
liquidation or winding-up is to take place, and the time, if any is to be
fixed, as of which the holders of record of Common Stock (or such other stock
or securities at the time deliverable upon such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation or
winding-up) are to be determined. Such notice shall be mailed at least ten
(10) days prior to the record date or effective date for the event specified in
such notice.

     8. Reservation of Stock. The Company will at all times reserve and keep
available, solely for the issuance and delivery upon the exercise of this
Warrant, such shares of Warrant Stock and other stock, securities and property,
as from time to time shall be issuable upon the exercise of this Warrant.

     9. Replacement of Warrants. Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and (in the case of loss, theft or destruction) upon delivery of
an indemnity agreement (with surety if reasonably required) in an amount
reasonably satisfactory to the Company, or (in the case of mutilation) upon
surrender and cancellation of this Warrant, the Company will issue, in lieu
thereof, a new Warrant of like tenor.

 

Exhibit 4.5 - Page 5

 

     10. Notices. Any notice required or permitted by this Warrant shall be in
writing and shall be deemed sufficient upon receipt, when delivered personally
or by courier, overnight delivery service or confirmed facsimile, or
forty-eight (48) hours after being deposited in the regular mail as certified
or registered mail (airmail if sent internationally) with postage prepaid,
addressed (a) if to the Registered Holder, to the address of the Registered
Holder most recently furnished in writing to the Company and (b) if to the
Company, to 4310 Paradise Road, Las Vegas, Nevada 89109.

     11. No Rights as Shareholder. Until the exercise of this Warrant, the
Registered Holder of this Warrant shall not have or exercise any rights by
virtue hereof as a shareholder of the Company.

     12. No Fractional Shares. No fractional shares of Common Stock will be
issued in connection with any exercise hereunder. In lieu of any fractional
shares which would otherwise be issuable, the Company shall pay cash equal to
the product of such fraction multiplied by the closing price of the Common
Stock on the Nasdaq National Market on the date of exercise.

     13. Amendment or Waiver. Any term of this Warrant may be amended or
waived only by an instrument in writing signed by the party against which
enforcement of the amendment or waiver is sought.

     14. Headings. The headings in this Warrant are for purposes of reference
only and shall not limit or otherwise affect the meaning of any provision of
this Warrant.

     15. Governing Law. This Warrant shall be governed, construed and
interpreted in accordance with the laws of the State of New York, without
giving effect to principles of conflicts of law.

     The parties hereto have executed this Warrant as of the Date of Issuance
set forth above.

	 	 	 
	 	
MEGO FINANCIAL CORP.,

a New York corporation
	 
	 
	 	By:
	 	

	 	 	

	 	 	
Floyd W. Kephart

Its: President

 

Exhibit 4.5 - Page 6

 

	 	 	 
	 	
ROAN/MEYERS ASSOCIATES, L.P.
	 
	 
	 	By:	
Meyers Janson Securities
 Corp.,
its General Partner
	 
	 
	 	By:

	 	 	

	 	 	Bruce Meyers

Its: President

 

Exhibit 4.5 - Page 7

 

EXHIBIT A

PURCHASE FORM

	To: Mego Financial Corp.	 Dated: ________________

     The undersigned, pursuant to the provisions set forth in the attached
Warrant, hereby irrevocably elects to purchase 175,000 shares of Common Stock
covered by such Warrant and herewith makes payment of $700,000, representing
the full purchase price for such shares at the price per share provided for in
such Warrant.

     The undersigned further acknowledges that it has reviewed the
representations and warranties contained in Section 5 of the Warrant and by its
signature below hereby makes such representations and warranties to the Company
and agrees to be bound by all the terms and conditions contained in such
Warrant.

	 	 	 
	 	
ROAN/MEYERS ASSOCIATES, L.P.
	 
	 
	 	By:	
Meyers Janson Securities
 Corp.,
its General Partner
	 
	 
	 	By:

	 	 	

	 	 	 

Its: 

 

Exhibit 4.5 - Page 8

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