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                                                                    EXHIBIT 10.4


                          COPYRIGHT SECURITY AGREEMENT

                  COPYRIGHT SECURITY AGREEMENT, dated as of March 24, 2000, by
and among the Grantors identified as such on the signature pages hereof (each a
"Grantor" and collectively "Grantors"), in favor of GENERAL ELECTRIC CAPITAL
CORPORATION, a New York corporation, in its capacity as Agent for Lenders.

                              W I T N E S S E T H:

                  WHEREAS, pursuant to that certain Credit Agreement dated as of
the date hereof by and among Baldwin, the Persons named therein as Credit
Parties, Agent and the Persons signatory thereto from time to time as Lenders
(including all annexes, exhibits or schedules thereto, as from time to time
amended, restated, supplemented or otherwise modified, the "Credit Agreement"),
Lenders have agreed to make the Loans and to incur Letter of Credit Obligations
on behalf of Baldwin;

                  WHEREAS, Agent and Lenders are willing to make the Loans and
to incur Letter of Credit Obligations as provided for in the Credit Agreement,
but only upon the condition, among others, that Grantors shall have executed and
delivered to Agent, for itself and the ratable benefit of Lenders, that certain
Security Agreement dated as of the date herewith (including all annexes,
exhibits or schedules thereto, as from time to time amended, restated,
supplemented or otherwise modified, the "Security Agreement");

                  WHEREAS, pursuant to the Security Agreement, Grantors are
required to execute and deliver to Agent, for itself and the ratable benefit of
Lenders, this Copyright Security Agreement;

                  NOW, THEREFORE, in consideration of the premises and mutual
covenants herein contained and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby
agrees as follows:

                  1. DEFINED TERMS. All capitalized terms used but not otherwise
defined herein have the meanings given to them in Annex A to the Credit
Agreement.

                  2. GRANT OF SECURITY INTEREST IN COPYRIGHT COLLATERAL.
Grantors hereby grant to Agent, on behalf of itself and Lenders, a continuing
first priority security interest in all of Grantors' right, title and interest
in, to and under the following, whether presently existing or hereafter created
or acquired (collectively, the "Copyright Collateral"):

                  (a) all of its Copyrights and Copyright Licenses to which it
is a party including those referred to on Schedule I hereto;

                  (b) all reissues, continuations or extensions of the
foregoing; and

                  (c) all products and proceeds of the foregoing, including,
without limitation, any claim by Grantors against third parties for past,
present or future


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infringement or dilution of any Copyright or any Copyright licensed under any
Copyright License.


                  3. SECURITY AGREEMENT. The security interests granted pursuant
to this Copyright Security Agreement are granted in conjunction with the
security interests granted to Agent, on behalf of itself and Lenders, pursuant
to the Security Agreement. Grantors hereby acknowledge and affirms that the
rights and remedies of Agent with respect to the security interest in the
Copyright Collateral made and granted hereby are more fully set forth in the
Security Agreement, the terms and provisions of which are incorporated by
reference herein as if fully set forth herein.


                            [signature page follows]



                                       2
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                  IN WITNESS WHEREOF, each of the parties has caused this
Copyright Security Agreement to be executed and delivered by its duly authorized
officer as of the date first set forth above.



                         "Grantors"

                         BALDWIN PIANO & ORGAN COMPANY, a Delaware
                         corporation


                         By: /s/ DUANE D. KIMBLE
                            ------------------------
                             Duane D. Kimble
                             Executive Vice President and Chief Financial
                              Officer

                         Address for Notices:
                         --------------------

                         4680 Parkway Drive
                         Mason, OH  45040-5301
                         Attention: Chief Financial Officer
                         Telecopier No.: (513) 754-4579
                         Telephone No.: (513) 754-4647


                         THE WURLITZER COMPANY, a Delaware corporation


                         By: /s/ DUANE D. KIMBLE
                            ------------------------
                             Duane D. Kimble
                             Vice President and Chief Financial Officer


                         Address for Notices:
                         --------------------

                         c/o Baldwin Piano & Organ Company
                         4680 Parkway Drive
                         Mason, OH  45040-5301
                         Attention: Chief Financial Officer
                         Telecopier No.: (513) 754-4579
                         Telephone No.: (513) 754-4647





                                      S-1

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                         "Agent"
                         -------

                         GENERAL ELECTRIC CAPITAL CORPORATION

                         By: /s/ CHARLES CHIODO
                            --------------------------
                            Charles Chiodo
                            A Duly Authorized Signatory


                         Address for Notices:
                         --------------------

                         800 Connecticut Avenue, Two North
                         Norwalk, Connecticut 06854
                         Attention: Account Manager - Baldwin Piano
                         Telecopier No.: (203) 852-3630
                         Telephone No.: (203) 852-3616




                                      S-2


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ACKNOWLEDGMENT OF GRANTOR
STATE OF NEW YORK   )
                    )       ss.
COUNTY OF NEW YORK  )

                  On this 24th day of March, 2000 before me personally appeared
Duane D. Kimble, proved to me on the basis of satisfactory evidence to be the
person who executed the foregoing instrument on behalf of Baldwin Piano & Organ
Company, who being by me duly sworn did depose and say that he is an authorized
officer of said corporation, that the said instrument was signed on behalf of
said corporation as authorized by its Board of Directors and that he
acknowledged said instrument to be the free act and deed of said corporation.


                                                /s/ MARIA C. SANTIAGO
                                                ---------------------------
                           {seal}               Notary Public



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ACKNOWLEDGMENT OF GRANTOR
STATE OF NEW YORK          )
                           )       ss.
COUNTY OF NEW YORK         )

                  On this 24th day of March, 2000 before me personally appeared
Duane D. Kimble, proved to me on the basis of satisfactory evidence to be the
person who executed the foregoing instrument on behalf of The Wurlitzer Company,
who being by me duly sworn did depose and say that he is an authorized officer
of said corporation, that the said instrument was signed on behalf of said
corporation as authorized by its Board of Directors and that he acknowledged
said instrument to be the free act and deed of said corporation.


                                            /s/ MARIA C. SANTIAGO
                                            --------------------------------
                           {seal}           Notary Public