<PAGE>

                                                                    Exhibit 10.2
                                                                    ------------

                          AMENDMENT TO LIMITED WAIVER
                          ---------------------------


          This Amendment to Limited Waiver (the "Amendment") is entered into as
of September 27, 2001 by and among:

     Cybex International, Inc., a New York corporation, having a place of
     business at 10 Trotter Drive, Medway, Massachusetts 02053 (the "Borrower");

     Cybex Financial Corp., Eagle Performance Systems, Inc., General Medical
     Equipment, Ltd., Lumex Bed Systems, Inc., Cybex Fitness Gerate Vertriebs
     GmBH, and Tectrix Fitness Equipment, Inc.  (individually, a "Guarantor" and
     collectively, the "Guarantors");

     The Lenders party to the Credit Agreement (defined below) (hereinafter
     collectively, the "Lenders"); and

     First Union National Bank, as Administrative Agent for the Lenders
     (hereinafter, in such capacity, the "Administrative Agent"), having a
     principal place of business at One First Union Center, 301 South College
     Street, TW-5, Charlotte, North Carolina 28288-0537;

in consideration of the mutual covenants herein contained and benefits to be
derived herefrom.

                                  WITNESSETH:
                                  ----------

1.   Background.  On July 25, 2001, the Administrative Agent, the Lenders, the
     ----------
Borrower and the Guarantors entered into a certain Limited Waiver agreement (the
"Limited Waiver") with respect to certain terms and conditions of that certain
Credit Agreement, (as defined in the Limited Waiver) by and among others, the
Administrative Agent, the Lenders, the Borrower and the Guarantors.  The
Borrowers and the Guarantors have asked that the Lenders and the Administrative
Agent amend certain provisions of the Limited Waiver, and the Lenders and the
Administrative Agent are willing to amend the Limited Waiver, on the terms and
conditions set forth herein.

2.   Definitions.   All capitalized terms used herein and not otherwise defined
     -----------
shall have the same meaning herein as in the Limited Waiver and the Credit
Agreement, as applicable.

3.   Waiver of Claims
     ----------------

     a.   The Borrower and the Guarantors each acknowledge and agree that they
          do not have any offsets, defenses, or counterclaims against the
          Administrative Agent, the Issuing Lender, or the Lenders with respect
          to the Credit Agreement, the Guaranties, the Limited Waiver any other
          Credit Documents, or otherwise. To the extent that any such offsets,
          defenses or counterclaims may exist, the Borrower
<PAGE>

          and each Guarantor hereby WAIVES and RELEASES the Administrative
                                    ------     --------
          Agent, the Issuing Lender, the Lenders and their respective officers,
          representatives, counsel, trustees, and directors from any and all
          actions, causes of action, claims, demands, damages, and liabilities
          of whatever kind or nature, in law or in equity, now known or unknown,
          suspected or unsuspected. The Borrower and each Guarantor shall
          execute and deliver to the Administrative Agent, the Issuing Lender
          and each Lender such releases as the Administrative Agent, the Issuing
          Lender or any Lender may request to confirm the foregoing.

     b.   The Borrower and each Guarantor hereby ratifies and confirms that the
          Obligations (as modified hereby) are, and will continue to be, secured
          by the Collateral and the Guarantor Collateral.

4.   Amendment to Limited Waiver.  The Limited Waiver is hereby amended as
     ---------------------------
follows:

     a.   The term "Payment Event", as defined in the Limited Waiver, shall also
          include the failure of the Borrower make certain principal payments
          which were or will be due on August 31 or September 30, 2001.

     b.   Paragraph 4(a) of the Limited Waiver is hereby amended by inserting
          the words "and August and September" after the word "July" in the 3rd
          line thereof.

     c.   Paragraph 4(a)(ii) of the Limited Waiver is hereby deleted in its
          entirety, and the following substituted in its stead:

          ii.  Any regularly scheduled payments of  principal on the Term Loan
               due and payable through September 30, 2001, to the extent not
               previously paid, shall be paid on October 12, 2001.

     d.   Paragraph 4(c) of the Limited Waiver is hereby amended by deleting the
          reference to "August 16, 2001" in subclause (i) thereof and
          substituting "October 12, 2001" in its stead.

     e.   Paragraph 5 of the Limited Waiver is hereby deleted in its entirety,
          and the Administrative Agent and the Lenders hereby waive any default
          caused by the failure of the Borrower to consummate the sale-leaseback
          transaction therein described.

5.   Conditions to Effectiveness. This Amendment shall not be effective until
     ---------------------------
     each of the following conditions precedent have been fulfilled to the
     satisfaction of the Administrative Agent and the Lenders:

     a.   This Amendment shall have been duly executed and delivered by the
          respective parties hereto and shall be in form and substance
          satisfactory to the Administrative Agent and each of the Lenders.

                                       2
<PAGE>

     b.   All action on the part of the Borrower and each Guarantor necessary
          for the valid execution, delivery and performance by the Borrower and
          each Guarantor of this Amendment shall have been duly and effectively
          taken and evidence thereof satisfactory to the Administrative Agent
          and the Lenders shall have been provided to the Administrative Agent
          and each of the Lenders.

     c.   The Borrower shall have paid to the Administrative Agent and Lenders
          all expenses (including reasonable attorneys fees) and other amounts
          then due and owing pursuant to the Credit Documents for which invoices
          have been presented as of the date of execution hereof.

     d.   The Borrower and the Guarantors shall have provided such additional
          instruments and documents to the Administrative Agent and the Lenders
          as the Administrative Agent and the Administrative Agent's counsel may
          have reasonably requested.

6.   General.
     -------

     a.   This Amendment shall be binding upon the Borrower and the Guarantors
          and their respective successors and assigns and shall enure to the
          benefit of the Administrative Agent, the Lenders, and their respective
          successors and assigns.

     b.   Any determination that any provision of this Amendment or any
          application thereof is invalid, illegal, or unenforceable in any
          respect in any instance shall not affect the validity, legality, or
          enforceability of such provision in any other instance, or the
          validity, legality, or enforceability of any other provision of this
          Amendment.

     c.   No delay or omission by the Administrative Agent or any Lender in
          exercising or enforcing any of its rights and remedies shall operate
          as, or constitute, a waiver thereof. No waiver by the Administrative
          Agent or any Lender of any of its rights and remedies on any one
          occasion shall be deemed a waiver on any subsequent occasion, nor
          shall it be deemed a continuing waiver.

     d.   This Amendment incorporates all discussions and negotiations among the
          Borrower, the Guarantors, the Administrative Agent and the Lenders,
          either express or implied, concerning the matters included herein, any
          custom, usage, or course of dealings to the contrary notwithstanding.
          No such discussions, negotiations, custom, usage, or course of
          dealings shall limit, modify, or otherwise affect the provisions
          hereof. No modification, amendment, or waiver of any provision of this
          Amendment or of any provision of any other agreement between the
          Borrower, the Guarantors, the Administrative Agent or any Lender shall
          be effective unless executed in writing by the party to be charged
          with such modification, amendment and waiver.

                                       3
<PAGE>

     e.   Except as modified hereby, all terms and conditions of the Credit
          Agreement, the Limited Waiver, the Existing Waiver, and the other
          Credit Documents remain in full force and effect, and the Borrower and
          Guarantors hereby ratify and confirm all of the terms and conditions
          and warranties and representations set forth therein, and shall
          continue to comply therewith.

     f.   This Amendment shall be deemed to constitute a "Credit Document" for
          all purposes under the Credit Agreement.

     g.   The Borrower and each Guarantor shall execute such instruments and
          documents as the Administrative Agent and the Lenders may from time to
          time request in connection with the Credit Agreement and the other
          Credit Documents, this Agreement and the arrangements contemplated
          hereby.

                       [signature blocks on next pages]

                                       4
<PAGE>

     It is intended that this Amendment take effect as a sealed instrument.

                                       CYBEX INTERNATIONAL, INC.

                                       By  /S/ John Aglialoro
                                         ---------------------------------

                                       Print Name:  John Aglialoro
                                                  ------------------------

                                       Title:   CEO
                                             -----------------------------

                                       CYBEX FINANCIAL CORP.

                                       By  /S/ John Aglialoro
                                         ---------------------------------

                                       Print Name:  John Aglialoro
                                                  ------------------------

                                       Title:   CEO
                                             -----------------------------

                                       EAGLE PERFORMANCE SYSTEMS, INC.

                                       By  /S/ John Aglialoro
                                          --------------------------------

                                       Print Name:  John Aglialoro
                                                  ------------------------

                                       Title:  CEO
                                             -----------------------------

                                       GENERAL MEDICAL EQUIPMENT, LTD.

                                       By  /S/ John Aglialoro
                                         ---------------------------------

                                       Print Name:  John Aglialoro
                                                  ------------------------

                                       Title:  CEO
                                             -----------------------------


                                       LUMEX BED SYSTEMS, INC.

                                       By  /S/ John Aglialoro
                                         ---------------------------------

                                       Print Name:  John Aglialoro
                                                  ------------------------

                                       Title:  CEO
                                             -----------------------------


                                       5
<PAGE>

                                       CYBEX FITNESS GERATE VERTRIEBS, GMBH

                                       By  /S/ John Aglialoro
                                        ----------------------------------

                                       Print Name:  John Aglialoro
                                                  ------------------------

                                       Title:  CEO
                                             -----------------------------


                                       TECTRIX FITNESS EQUIPMENT, INC.

                                       By  /S/ John Aglialoro
                                         ---------------------------------

                                       Print Name:  John Aglialoro
                                                  ------------------------

                                       Title:  CEO
                                             -----------------------------

AGREED AND ACCEPTED BY

FIRST UNION NATIONAL BANK

By:  /S/ Ron R. Ferguson
   -------------------------------

Print Name: Ron R. Ferguson
           -----------------------

Title:  Senior Vice President
      ----------------------------

FLEET NATIONAL BANK

By:  /S/ Kevin M. Behan
   -------------------------------

Print Name: Kevin M. Behan
           -----------------------

Title:  Vice President
      ----------------------------

                                       6