Document:

THE ISSUANCE OF THIS NOTE HAS NOT BEEN  REGISTERED  UNDER THE  SECURITIES ACT OF
1933,  AS  AMENDED,  OR THE  SECURITIES  LAW  OF ANY  STATE.  THIS  NOTE  IS NOT
ASSIGNABLE OR TRANSFERRABLE AND MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
HYPOTHECATED  OR  OTHERWISE  DISPOSED  OF WITHOUT THE PRIOR  WRITTEN  CONSENT OF
MAKER,  AND WITHOUT THE  PRESENTATION TO MAKER OF AN OPINION OF COUNSEL OR OTHER
EVIDENCE  SATISFACTORY TO MAKER OF EVIDENCE THAT SUCH DISPOSITION IS EXEMPT FROM
REGISTRATION UNDER SUCH ACT AND LAWS.

                         SENIOR SECURED PROMISSORY NOTE

$5,000,000                                             August ___, 2000

     FOR VALUE RECEIVED, Global Technovations, Inc., a Delaware corporation (the
"Borrower"),  hereby  covenants  and promises to pay to the order of  Wilmington
Trust Company and George Jeff Mennen,  Co-Trustees  u/a dated  November 25, 1970
with George S. Mennen FBO John Henry Mennen, or its assigns (the "Holder"), FIVE
MILLION  and 00/100  DOLLARS  ($5,000,000)  together  with  interest  thereon as
described below.

     All principal,  accrued  interest and other costs, if any,  hereunder shall
due and  payable  to the  Holder of this  Senior  Secured  Promissory  Note (the
"Note") on August ____,  2008 (the "Due Date"),  with payments of interest to be
made as  provided  in the next  sentence.  The  Borrower  shall pay  interest in
arrears  (computed  on the basis of a 360-day  year) equal to 15% per annum,  of
which 12-1/2% per annum shall be paid in equal  installments  on the last day of
each month  beginning  September 30, 2000, and 2-1/2 % per annum shall accrue on
the outstanding principal balance only and be paid on the Due Date.

     If any amount  payable to the Holder under this Note is not received by the
Holder on or before the date when such  payment is due,  then such amount  shall
bear  interest  from and after  the due date of such  payment  until  paid at an
annual rate of interest equal to 18 %.

     This  Note  shall be  secured  by first  lien on all of the  assets  of the
Borrower  except  the  capital,  stock  and  assets  of [ * ]*,  [ * ]* and  any
subsidiaries, current or future, of [ * ]* or [ * ]*.

     Excepted as otherwise  provided in this Note,  the entire unpaid  principal
amount of this Note,  together with all accrued but unpaid interest  thereon and
other unpaid charges  hereunder,  shall become  immediately  all due and payable
without  further  notice at the option of the Holder upon any of the  following:
(i) the Borrower fails to make any payment  hereunder when such payment  becomes
first  due and such  failure  continues  for a period of 10 days  after  written
notice  from the Holder to the  Borrower;  (ii) the  occurrence  of an "Event of
Default"  under any loan or credit  agreement  including  any  promissory  notes
entered into by the Borrower and such default continues  unremedied for a period
of 30 days (or such shorter  period as provided in any loan or credit  agreement
or promissory  notes) after written  notice to the Borrower by any party to such
agreement; (iii) William C. Willis, Jr. ceases to be the chief executive officer
of the  Borrower  and Borrower  has not hired a  replacement  acceptable  to the
Holder within 90 days  following the date Mr. Willis is no longer  employed;  or
(iv) an Event of Default  under the Security  Agreement of even date between the
Borrower and the Holder.

     This Note is issued pursuant to a Security  Agreement  between the Borrower
and the Holder dated of even date. This Note may be prepaid in whole or in part,
at any time without  penalty.  Any  prepayment  must include all interest to the
date of prepayment.  Any payment  (whether  voluntary or  involuntary)  shall be
applied first to any accrued and unpaid interest due hereunder up to the date of
such prepayment,  and then to the principal sum outstanding  hereunder,  and the
acceptance of any such  prepayment when there is a default under this Note shall
not  constitute  a waiver,  release  or accord and  satisfaction  thereof or any
rights held by the Holder.

     All rights, remedies, and undertakings,  obligations,  options,  covenants,
conditions  and  agreements  contained in this Note are cumulative and no one of
them will be exclusive of any other.

     The  Borrower  for itself  and its legal  representatives,  successors  and
assigns,  expressly waives  presentment,  protest,  demand,  notice of dishonor,
notice of nonpayment, notice of maturity, notice of protest, presentment for the
purpose of accelerating maturity, and diligence in collection, and consents that
the Holder may extend the time for payment or otherwise  modify the terms of the
payment or any part or the whole of the debt  evidenced  hereby.  To the fullest
extent  permitted by law, the Borrower  waives the statute of limitations in any
action  brought  by the Holder in  connection  with this Note and the right to a
trial by jury.

     In  the  event  the  Holder  brings  an  action  in a  court  of  competent
jurisdiction  against the  Borrower to enforce  collection  of any  principal or
interest  due under this Note,  the Holder shall also be entitled to collect its
cost of collection, including reasonable attorney's fees and expenses.

     This Note shall be interpreted in accordance  with Delaware law,  including
all matters of  construction,  validity,  performance and  enforcement,  without
giving  effect  to any  principles  of  conflict  of laws.  The  holding  of any
provision  of this Note to be invalid or  unenforceable  by a court of competent
jurisdiction  shall not affect any other  provisions and the other provisions of
this Note shall remain in full force and effect.

     This Note may not be changed, modified, amended or terminated orally.

                                   GLOBAL TECHNOVATIONS, INC.

                                  By:  ---------------------------------
                                       William C. Willis, Jr., President

--------
* Filed under application for confidential treatment.SECURITY AGREEMENT

     THIS  SECURITY  AGREEMENT  (the  "Agreement")  is  made  and  entered  into
effective  as of August __, 2000 by and  between  Wilmington  Trust  Company and
George  Jeff  Mennen,  Co-Trustees  u/a dated  November  25, 1970 with George S.
Mennen FBO John Henry Mennen, and its assigns (the "Secured Party"),  and Global
Technovations, Inc., a Delaware corporation (the "Debtor").

     WHEREAS, the Secured Party has extended certain credit to the Debtor, which
is to be  repaid  with  interest  in  accordance  with the  terms  of a  Secured
Promissory  Note of even date  herewith  executed  by the Debtor in favor of the
Secured Party and in the original principal amount of Five Million  ($5,000,000)
(the "Note");

     WHEREAS,  in order to induce the Secured  Party to extend the credit to the
Debtor  referred  to above,  and to secure the  payment of the Note,  the Debtor
enters  into this  Agreement  providing  for,  among  other  things,  a security
interest  in  favor of the  Secured  Party in the  Collateral  (as such  term is
defined below);

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

     Section 1. Grant of Security  Interest.  As security for the payment of the
indebtedness  of the Debtor to the Secured  Party  evidenced by the Note and for
the payment and/or  performance of all other obligations of the Debtor under the
Note (collectively,  the "Obligations"),  the Debtor hereby grants,  pledges and
assigns to the Secured Party, and creates in favor of the Secured Party, a first
security  interest  subordinate  only to statutory  liens in all of the Debtor's
right, title and interest in and to the Collateral.

     Section 2. References to the Debtor and Definitions.  All capitalized terms
not otherwise defined herein shall have the meanings set forth below:

     "Collateral"  shall mean all of the Debtor's  right,  title and interest in
and to all accounts,  contract rights,  goods,  inventory,  general intangibles,
equipment  and personal  property of every kind and nature  whatsoever,  whether
tangible or  intangible,  now or  hereafter  acquired  (including  replacements,
substitutions,  and proceeds and products  thereof) now or hereafter (1) located
at, (2)  utilized in  connection  with or (3)  arising  from the  ownership  and
operation of the Debtor's business and including,  without limitation,  all such
items listed on Exhibit A attached  hereto,  but excluding the capital stock and
assets of [ * ]* or [ * ]* including their current and future subsidiaries.

     "Event of Default" or "Default"  shall include the occurrence of any of the
following if not cured or abated within applicable grace or cure periods:

(a)  default under the Note;

(b)  to the best of the Debtor's  knowledge,  any representation,  warranty,  or
     statement  made or  furnished  to the Secured  Party by or on behalf of the
     Debtor in connection  with this Agreement  shall be untrue or misleading in
     any material respect as of the date when made or furnished, or any covenant
     of the Debtor under this Agreement shall be breached; or

(c)  the  dissolution  or  termination  of existence of the Debtor  except where
     caused by rule on annual or similar  report with the  Secretary of State or
     similar  authority  where the Debtor is  domiciled;  or the  insolvency  or
     business  failure of the Debtor,  or the admission by the Debtor in writing
     of any  inability  to pay the  Debtor's  debts as they  become  due; or the
     appointment of a receiver or trustee for all or any part of the property of
     the Debtor unless vacated within 10 days, or an assignment by the Debtor of
     all or a substantial  portion of its assets for the benefit of the Debtor's
     creditors;  or the commencement of any proceeding under any insolvency laws
     against the Debtor if such  proceeding is not dismissed  within a period of
     30 days after commencement.

     "Uniform  Commercial Code" and "applicable  Uniform Commercial Code," shall
mean the Florida Uniform  Commercial Code, except in the case of remedies of the
Secured Party, in which case it shall include the Uniform  Commercial Code under
which such remedies arise or which governs the exercise of such remedies.

     Section 3.  Representations,  Warranties  and Covenants of the Debtor.  The

Debtor represents, warrants and covenants that:

(a)  The Debtor's Title.  The Debtor is, as to all of the Collateral,  the owner
     of the  Collateral,  which is free from any  lien,  security  interest,  or
     encumbrance,  except for immaterial  statutory  liens, and the Debtor shall
     defend the Collateral and proceeds and products thereof against any and all
     claims and demands adverse to the interests of the Secured Party.

(b)  Filing of Financing  Statements  and  Preservation  of  Perfected  Security
     Interests.  The Debtor hereby authorizes the Secured Party, to file in such
     office or offices as the Secured  Party deems  necessary or desirable  such
     financing and continuation statements and amendments thereof or supplements
     thereto,  and such other  documents  as the Secured  Party may from time to
     time require to perfect, preserve and protect the security interest granted
     herein. The Debtor shall immediately notify the Secured Party in writing of
     any change of address  from that shown in this  Agreement  and shall  also,
     upon  demand,  furnish to the Secured  Party such further  information  and
     shall  execute and deliver to the Secured Party such  financing  statements
     and other  documents  and shall pay any and all filing  fees and costs with
     respect  thereto and shall do all such acts as the Secured Party may at any
     time or from time  reasonably  request to establish and maintain  perfected
     security interests in the Collateral.

(c)  Taxes and  Assessments.  The Debtor shall  promptly pay, as they become due
     and payable, any taxes and assessments imposed upon the Collateral.

(d)  Authority  or  Signer  to  Execute  Security  Agreement.   The  undersigned

     representative  of the Debtor  warrants  that he has the authority to enter
     into and bind the Debtor to the terms of this Agreement.

(e)  Key  Man  Insurance.  Within  30  days  following  the  execution  of  this
     Agreement,  the Debtor shall obtain a renewable  term  `key-man'  insurance
     policy on the life of William C. Willis, Jr., President and Chief Executive
     Officer of the Debtor, which policy shall have an original insured value of
     $5,000,000, and shall be in form and substance acceptable to the Debtor and
     the Secured Party.

     Section 4.  Remedies  Upon  Default.  Upon the  occurrence  of any Event of
Default and at any time thereafter the Secured Party may, at its option, declare
the Note  immediately due and payable without demand or notice,  and the Secured
Party  may  reduce  the Note to  judgment,  and in  addition  may seek  judicial
foreclosure of its security interest in the Collateral or, if applicable, assert
its  secured  position  with  respect  to  the  Collateral  in  any  bankruptcy,
receivership,  or similar  proceeding with respect to the Debtor or the Debtor's
assets,

     Section 5. Governing Law. This Agreement shall be interpreted in accordance
with Delaware law, including all matters of construction,  validity, performance
and  enforcement,  without  giving effect to any principles of conflict of laws.
This Agreement may not be changed, modified, amended or terminated orally.

     Section 6. Assignment.  Except as otherwise  provided  herein,  the Secured
Party  may not  assign  or  transfer  this  Agreement  and any or all  rights or
obligations hereunder without prior written consent of the Debtor and the Senior
Lender.

     Section 7. Benefit. Except as provided herein, the rights and privileges of
the parties under this Agreement shall inure to the benefit of their  successors
and assigns. All promises,  covenants and agreements contained in this Agreement
shall be  binding  upon the  personal  representatives,  heirs,  successors  and
assigns of the parties.

     Section 8.  Notices.  All notices,  offers,  acceptance  and any other acts
under  this  Agreement  (except  payment)  shall  be in  writing,  and  shall be
sufficiently  given if delivered to the addressees in person, by Federal Express
or similar  receipted  delivery,  by facsimile  delivery or, if mailed,  postage
prepaid, by certified mail, return receipt requested, as follows:

The Company:
                            GLOBAL TECHNOVATIONS, INC.
                            William C. Willis, Jr. President
                            7108 Fairway Drive, Suite 200
                            Palm Beach Gardens, FL 33418

                            Facsimile (561) 691-5220

with a copy to:             Michael D. Harris, Esq.
                            Michael Harris, P.A.
                            1645 Palm Beach Lakes Blvd.
                            Suite 550
                            West Palm Beach, FL  33401
                            Facsimile (561) 478-1817

Secured Party:              Wilmington Trust Company
                            Rodney Square North
                            1100 North Market Street
                            Wilmington, DE 19890-0001

with a copy to:             George Jeff Mennen
                            c/o TMF Investments, Inc.

                            25B Hanover Road
                            Florhen Park, NJ 07932

or to such other address as either of them, by notice to the other may designate
from time to time.  Time shall be counted  to, or from,  as the case may be, the
date of delivery.

     Section 9. Severability. If a court of competent jurisdiction makes a final
determination  that any provision of this Agreement (or any portion  thereof) is
invalid,  illegal or unenforceable for any reason whatsoever:  (i) the validity,
legality and enforceability of the remaining  provisions of this Agreement shall
not in any way be affected or impaired  thereby;  and (ii) to the fullest extent
possible,  the  provisions  of this  Agreement  shall be construed so as to give
effect to the  intent  manifested  by the  provision  held  invalid,  illegal or
unenforceable.

     Section 10.  Non-Waiver.  The  failure of the Secured  Party to insist upon
strict  performance of any provision hereof shall not constitute a waiver of, or
estoppel against asserting, the right to require such performance in the future,
nor shall it be a waiver or estoppel  with  respect to later breach of a similar
nature or otherwise.

     Section 11.  Entire  Agreement.  The terms and  conditions of this Security
Agreement set forth the entire  understanding  and agreement between the parties
hereto,  and supersede all other  communications  negotiations and prior oral or
written statements regarding the subject matter hereof, No change, modification,
rescission,  discharge,  abandonment  or waiver  of the  terms of this  Security
Agreement  shall be binding  upon the Secured  Party  unless made in writing and
signed on its behalf by an authorized representatives of the Secured Party.

     Section 12. Miscellaneous.  The headings and subheadings herein are for the
convenience  of the  parties  only,  and shall not  affect the  construction  or
interpretation  of  any of the  provisions  of  this  Security  Agreement.  This
Security  Agreement may be executed in one or more  counterparts,  each of which
shall for all  purposes  be deemed to be an original  but all of which  together
shall constitute one and the same Security Agreement.  Only one such counterpart
signed by the party against whom  enforceability  is sought needs to be produced
to evidence the existence of this Security Agreement.

     IN WITNESS WHEREOF,  the parties hereto have caused this Security Agreement
to be executed by their respective duly authorized  representatives effective as
of the date first written above.

                                          Global Technovations, Inc.

                                          By:  ---------------------------
                                               William C. Willis, President
------------------------------------

                                          Wilmington Trust Company, Trustee

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

                                          By:  ---------------------------
                                               George Jeff Mennen, Trustee
------------------------------------

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* Confidential portions omitted and filed separately with the Commission.

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