Exhibit 10(29)


                                                                  Execution Copy


                             AMERICAN BILTRITE INC.
                               K&M ASSOCIATES L.P.

                                CREDIT AGREEMENT

                                 Amendment No. 4

      This Agreement, dated as of January 27, 2005 (this "Agreement"), is among
American Biltrite Inc., a Delaware corporation ("American Biltrite"), K&M
Associates L.P., a Rhode Island limited partnership ("K&M"; American Biltrite
and K&M being collectively but jointly and severally, the "Borrower"), the
Lenders under the Credit Agreement (as defined below) and Fleet National Bank (a
Bank of America company), as Agent for itself and such Lenders. The parties
agree as follows:

      1. Reference to Credit Agreement and Definitions. Reference is made to the
Credit Agreement dated as of October 14, 2003, as amended by Amendment No. 1
dated as of January 24, 2004, Amendment No. 2 dated April 13, 2004 and Amendment
No. 3 dated November 3, 2004, among the parties (as in effect prior to giving
effect to this Agreement, the "Credit Agreement").

      2. Credit Agreement; Definitions. This Agreement amends the Credit
Agreement. Terms defined in the Credit Agreement as amended hereby (the "Amended
Credit Agreement") and not otherwise defined herein are used with the meaning so
defined.

      3. Amendment of Credit Agreement. Effective upon the date hereof, Section
1 of the Credit Agreement is amended as follows:

            3.1. The definition of "Consolidated Adjusted EBITDA" is amended in
      its entirety as follows:

                  "'Consolidated Adjusted EBITDA' means, for any period, the
                  total of:

                  (a) Consolidated EBITDA; minus

                  (b) Capital Expenditures except (i) to the extent attributable
                  to Capitalized Lease Obligations or (ii) financed with the
                  proceeds of Financing Debt; minus

                  (c) any dividends paid or payable in cash by the Company or
                  any of its Subsidiaries to third parties; minus

                  (d) the aggregate amount paid by the Company and its
                  Subsidiaries to repurchase shares of capital stock and options
                  to purchase shares of capital stock, in each case excluding
                  any such payments made prior to June 30, 2003; minus

<PAGE>

                  (e) any net income taxes paid or payable in cash by the
                  Company or any of its Subsidiaries after subtracting any
                  income tax refunds paid or payable in cash to the Company or
                  any of its Subsidiaries; provided, however, that the foregoing
                  shall not include any cash taxes paid or payable in connection
                  with the sale by Tullahoma Properties, L.L.C. of the warehouse
                  facility located at 102 Parham Boulevard, Tullahoma, TN on or
                  about January 31, 2005."

            3.2. The definition of "Consolidated EBITDA" is amended in its
      entirety as follows:

                  "'Consolidated EBITDA' means, for any period, the total of:

                  (a) Consolidated Net Income; plus

                  (b) all amounts deducted in computing such Consolidated Net
                  Income in respect of:

                        (i) depreciation, amortization and unusual noncash
                        charges (other than the write-down of current assets),

                        (ii) interest expense, and

                        (iii) income tax expense, minus

                  (c) all cash payments made during such period on account of
                  reserves, restructuring charges and other noncash charges
                  added back to Consolidated EBITDA in a previous period;
                  provided, however that the foregoing shall not include any
                  cash payments made on account of the reserve for environmental
                  liabilities for the 10.33 acres of land bordering on Old
                  Estill Springs Road, Tullahoma, TN owned by Tullahoma
                  Properties, L.L.C., minus

                  (d) all amounts included in Consolidated Net Income in respect
                  of deferred income tax benefits and other noncash income
                  items, except such amounts that have been deducted from
                  Consolidated EBITDA in a previous period."

            3.3. The definition of "Consolidated Net Income" is amended in its
      entirety as follows:


                                       -2-
<PAGE>

                  "'Consolidated Net Income' means, for any period, net income
                  (or loss) from continuing operations (excluding in all events,
                  net income (or loss) relating to Janus Flooring Corporation)
                  of the Company and its Subsidiaries reporting Congoleum on the
                  equity method, excluding:

                  (a) extraordinary gains (net of any extraordinary losses up to
                  the amount of any extraordinary gains),

                  (b) net income of any Person (other than a Subsidiary) in
                  which the Company or any of its Subsidiaries has an ownership
                  interest, unless those net earnings have actually been
                  received in the form of cash for distributions,

                  (c) any portion of the net income of any Subsidiary which for
                  any reason is unavailable to pay dividends to the Company or
                  any other Subsidiary,

                  (d) any aggregate net gain (in excess of any net losses)
                  arising from the sale, exchange or other disposition of
                  capital assets (such term to include all fixed assets, whether
                  tangible or intangible, all inventory sold in conjunction with
                  the disposition of fixed assets, and all securities),

                  (e) any write-up of any asset,

                  (f) any gain arising from the acquisition of any securities of
                  the Company or any of its Subsidiaries,

                  (g) net income or gain (but not any loss) resulting from a
                  change in accounting, an extraordinary event or prior period
                  adjustments,

                  (h) the income (or loss) of any Person accrued to the date it
                  becomes a Subsidiary, and

                  (i) the reserve for environmental liabilities for the 10.33
                  acres of land bordering on Old Estill Springs Road, Tullahoma,
                  TN owned by Tullahoma Properties, L.L.C."

      4. Representations and Warranties. In order to induce the Agent to enter
into this Agreement, each of the Borrowers jointly and severally represents and
warrants that, immediately after giving effect to this Agreement, no Default
exists.

      5. General. The Amended Credit Agreement and all of the Credit Documents
are each confirmed as being in full force and effect. This Agreement, the
Amended Credit


                                       -3-
<PAGE>

Agreement and the other Credit Documents referred to herein or therein
constitute the entire understanding of the parties with respect to the subject
matter hereof and thereof and supersede all prior and current understandings and
agreements, whether written or oral. Each of this Agreement and the Amended
Credit Agreement is a Credit Document and may be executed in any number of
counterparts (including by way of facsimile transmission), which together shall
constitute one instrument, and shall bind and inure to the benefit of the
parties and their respective successors and assigns, including as such
successors and assigns all holders of any Credit Obligation. This Agreement
shall be governed by and construed in accordance with the laws (other than the
conflict of law rules) of The Commonwealth of Massachusetts.



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<PAGE>

      Each of the undersigned has caused this Agreement to be executed and
delivered by its duly authorized officer as an agreement under seal as of the
date first above written.


                               AMERICAN BILTRITE INC.


                               By /s/ Howard N. Feist III
                                  ------------------------------------
                                  Name: Howard N. Feist III
                                  Title: Vice President and
                                         Chief Financial Officer


                               K&M ASSOCIATES L.P.

                               By: AIMPAR, INC., its General Partner


                               By /s/ Howard N. Feist III
                                  ------------------------------------
                                  Name: Howard N. Feist III
                                  Title: Vice President


                               FLEET NATIONAL BANK, as
                               Agent and Lender under the Credit Agreement


                               By
                                  ------------------------------------
                                  Name: Thomas F. Brennan
                                  Title: Senior Vice President



              Signature Page to Amendment No. 4 to Credit Agreement

<PAGE>

      Each of the undersigned has caused this Agreement to be executed and
delivered by its duly authorized officer as an agreement under seal as of the
date first above written.


                               AMERICAN BILTRITE INC.


                               By
                                  ------------------------------------
                                  Name: Howard N. Feist III
                                  Title: Vice President and
                                         Chief Financial Officer


                               K&M ASSOCIATES L.P.

                               By: AIMPAR, INC., its General Partner


                               By
                                  ------------------------------------
                                  Name: Howard N. Feist III
                                  Title: Vice President


                               FLEET NATIONAL BANK, as
                               Agent and Lender under the Credit Agreement


                               By /s/ Thomas F. Brennan
                                  ------------------------------------
                                  Name: Thomas F. Brennan
                                  Title: Senior Vice President



              Signature Page to Amendment No. 4 to Credit Agreement