<PAGE>

                                            WAIVER dated as of August 12, 1999
                                    (this "Waiver") to the Credit Agreement
                                    dated as of December 2, 1998, as amended by
                                    and among FAMILY GOLF CENTERS, INC., a New
                                    York corporation (the "Company"), THE CHASE
                                    MANHATTAN BANK, a New York banking
                                    corporation ("Chase"), as Agent and as a
                                    Lender, and the Lenders party thereto (the
                                    "Credit Agreement").

         WHEREAS, the Company has requested a waiver of certain provisions of
the Credit Agreement for the period from May 1, 1999 through October 5, 1999,
and the Agent and the Lenders have agreed, subject to the terms and conditions
of this Waiver, to grant such waiver set forth herein;

         WHEREAS, capitalized terms used herein and not otherwise defined herein
shall have the same meanings as defined in the Credit Agreement.

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

1.       Waivers. Compliance with each of Sections 7.13(a), 7.13(b), 7.13(c),
7.13(d), 7.13(e), 7.13(g) and 7.13(h) is hereby waived for the period commencing
May 1, 1999 through October 5, 1999 (the "Waiver Period"); provided that (i) any
breach during the Waiver Period in the timely performance, observance or
fulfillment of any of the terms or conditions contained herein shall constitute
an Event of Default under the Credit Agreement and, unless the Agent and the
requisite number of Lenders otherwise agree in writing, shall result in an
immediate termination of the effectiveness of the waivers contained herein; and
(ii) an Event of Default shall be deemed to have occurred as of the close of
business on the Waiver Termination Date (as hereinafter defined) if the Company
is not in compliance with any of the financial covenants contained in Section
7.13 of the Credit Agreement as of such date. As used herein, the term "Waiver
Termination Date" shall mean the close of business on October 5, 1999 or such
later date as may be agreed to in writing by the Agent and the requisite number
of Lenders. Upon the occurrence of any Event of Default, the Agent and the
Lenders shall have all rights and remedies available to them under the Loan
Documents, at law or otherwise with respect to each Event of Default, which
rights and remedies are hereby expressly reserved.








<PAGE>

2.       Requirements During Waiver Period.

         To induce the Agent and the Lenders to enter into this Waiver, the
Company agrees as follows:

         (a) Notwithstanding anything to the contrary contained in the Credit
         Agreement or any other Loan Document, during the Waiver Period, the
         Company shall not be entitled to receive, nor shall the Company give a
         notice pursuant to Section 2.01 or Section 2.05 of the Credit Agreement
         requesting or otherwise seeking to obtain, (i) any Revolving Credit
         Loans or (ii) the issuance of any Letter of Credit.

         (b) Notwithstanding anything to the contrary contained in the Credit
         Agreement or any other Loan Document, during the Waiver Period, all
         fees payable under the Credit Agreement (other than interest which
         shall be paid in accordance with paragraph (c) below) shall be payable
         monthly in arrears on the first Business Day of each month.

         (c) Notwithstanding anything to the contrary contained in the Credit
         Agreement or any other Loan Document, during the Waiver Period, neither
         the Company nor any of its Subsidiaries shall (i) pay any dividends or
         make any distributions, (ii) prepay any Indebtedness or other
         obligations in advance of the dates on which such amounts are due and
         payable, (iii) make any further loans to or investments in any Foreign
         Subsidiaries other than to fund $600,000 in the aggregate during the
         Waiver Period in respect of the Coquitlam Project in Vancouver, B.C.
         and to fund in the ordinary course of business, operations in Canada,
         (iv) engage in any Affiliate Transactions or (v) make any loans or
         advances of the type specified in Sections 7.06(a)(ii), 7.06(d),
         7.06(f) or 7.06(g) of the Credit Agreement.

         (d) Notwithstanding anything to the contrary contained in the Credit
         Agreement or any other Loan Document, interest in respect of the
         Revolving Credit Loans shall be payable as follows: (i) interest for
         the period to but excluding August 1, 1999 in the amount of $88,959.90
         shall be payable in cash on the Waiver Termination Date; (ii) interest
         from (A) August 1, 1999 to but excluding the Effective Date (as
         hereinafter defined) shall accrue at the then applicable contract rate
         and (B) the Effective Date through August 31, 1999 shall accrue at the
         Alternate Base Rate plus 2% per annum, provided, however, that 50% of
         the sum of the amounts referenced in subparagraphs (A) and (B) above
         shall be payable in cash on September 1, 1999 and the remaining 50%


<PAGE>

         shall be payable in cash on the Waiver Termination Date; (iii) interest
         from September 1, 1999 through September 30, 1999 shall accrue at the
         Alternate Base Rate plus 2% per annum; provided, however, that 50% of
         such amount shall be payable in cash on October 1, 1999 and the
         remaining 50% shall be payable in cash on the Waiver Termination Date
         and (iv) interest from October 1, 1999 through the Waiver Termination
         Date shall be payable in cash on the Waiver Termination Date.

         (e) Notwithstanding anything to the contrary contained in the Credit
         Agreement or any other Loan Document, during the Waiver Period, the
         Company shall not request any Interest Periods with respect to Adjusted
         Libor Loans.

         (f) Notwithstanding Section 8.01(e) of the Credit Agreement, during the
         Waiver Period, it shall constitute an Event of Default if there is any
         default in the payment, performance or compliance under any agreement
         in respect of any Indebtedness of the Company or any of its
         Subsidiaries (other than under the Credit Agreement and the other Loan
         Documents) (which Indebtedness exceeds $250,000 in the aggregate) or in
         respect of any material contract of the Company or any of its
         Subsidiaries (except for (i) payments under construction contracts with
         respect to which the Borrower or any of its Subsidiaries contests, in
         good faith, the timing, validity, or amounts, if any claimed and (ii)
         payments due to Golden Bear Golf, Inc. under the license agreement).

         (g) The Company shall deliver to the Lenders as promptly as possible,
         but no later than September 7, 1999, its proposed business and
         strategic plans for approximately the 3 year period following the
         Waiver Period and any related restructuring proposal, all in form
         reasonably acceptable to the Agent.

3.       Ratification of Agreement.

         (a) To induce the Agent and the Lenders to enter into this Waiver, the
         Company hereby represents and warrants that (i) after giving effect to
         this Waiver, no violation of the terms of the Credit Agreement exist
         and all representations and warranties by the Company and each of its
         Subsidiaries pursuant to the Credit Agreement and the Loan Documents to
         which each is a party are true, correct and complete in all material
         respects as of the date hereof with the same effect as those such
         representations and warranties have been made on and as of such date,
         unless such representation is as of

                                      -3-
<PAGE>

         a specific date, in which case, as of such date, and (ii) after giving
         effect to this Waiver, no Default or Event of Default has occurred and
         is continuing.

         (b) The waivers herein contained are limited specifically to the
         matters set forth above and do not constitute directly or by
         implication an amendment or waiver of any other provision of Credit
         Agreement or any default which may occur or may have occurred under the
         Credit Agreement or any other Loan Document. Except as expressly set
         forth in this Waiver, the terms, provisions and conditions of the
         Credit Agreement and the Loan Documents are unchanged, and said
         agreements, as amended, shall remain in full force and effect and are
         hereby confirmed and ratified. In the event of inconsistencies between
         this Waiver and the Credit Agreement, the terms of this Waiver shall
         govern.

         (c) Should there be a need for further waivers with respect to these
         covenants or any other provisions of the Loan Documents, those requests
         shall be evaluated by the Lenders when formally requested, in writing,
         by the Company, and the Lenders may deny any such requests for any
         reason in their sole discretion.

         (d) The Company and the Subsidiaries acknowledge that they have no
         existing defense, counterclaim, offset, cross-complaint, claim or
         demand of any kind or nature whatsoever that can be asserted to reduce
         or eliminate all or any part of their respective liability to pay the
         Obligations under or in respect of the Credit Agreement and all other
         Loan Documents. The Company and the Subsidiaries hereby release and
         forever discharge the Agent, the Lenders and all of their officers,
         directors, employees, agents, advisors and attorneys from any and all
         actions, causes of action, debts, dues, claims, demands, liabilities
         and obligations of every kind and nature, both in law and in equity,
         known or unknown, whether matured or unmatured, absolute or contingent.

4.       Effectiveness. This Waiver shall become effective upon the occurrence
of all of the following (the "Effective Date"):

         (i) the execution and delivery (by facsimile or otherwise) of
         counterparts of this Waiver by the Company, the Agent and the Required
         Lenders;

                                      -4-

<PAGE>

         (ii) the execution and delivery to the Agent of the Consent attached
         hereto by each party listed therein;

         (iii) the Company=s payment to the Agent of a Waiver Fee in the amount
         of $250,000 for the ratable benefit of those Lenders which shall have
         consented to this Waiver;

         (iv) the Company shall have received and provided to the Agent written
         evidence satisfactory to the Agent of the extension through October 5,
         1999 of the maturity of the mortgage loan made to the Company by the
         NationsBank N.A. (now known as Bank of America).

5.       Consultant. The Company acknowledges and agrees that the Agent will
cause its counsel to retain PricewaterhouseCoopers LLP (or a similar financial
consultant) as an independent business consultant (the "Consultant") to assess
on behalf of the Agent, its counsel and the Lenders the operations, finances,
and business affairs of the Company and its Subsidiaries and to furnish a report
of its findings and recommendations solely to the Agent, its counsel and the
Lenders. The Company agrees to pay all reasonable fees, costs and out-of-pocket
expenses of the Consultant incurred in connection with the performance by the
Consultant of its duties described in this paragraph. The Company shall, and
shall cause all Subsidiaries, to cooperate fully and in a timely manner with the
Consultant, including its agents and employees.

6.        Miscellaneous.

         (a) This Waiver shall be governed by, and shall be construed and
         enforced in accordance with, the laws of the State of New York without
         regard to the principles of conflicts of law.

         (b) This Waiver may be executed in one or more counterparts, each of
         which shall constitute an original, but all of which when taken
         together shall constitute but one Waiver.

         (c) This Waiver shall constitute a Loan Document.


                            [Signature pages follow.]


                                      -5-

<PAGE>



         IN WITNESS WHEREOF, the Company, the Agent and the Required Lenders
have caused this Waiver to be duly executed by their duly authorized officers,
all as of the day and year first above written.


                                        FAMILY GOLF CENTERS, INC.


                                        By: s/ Krishnan P. Thampi
                                            --------------------------------
                                        Name: Krishnan P. Thampi
                                        Title: President


                                        THE CHASE MANHATTAN BANK,
                                        as Agent and as a Lender


                                        By: s/ Billie J. Prue
--------------------------                  --------------------------------
                                        Name: Billie J. Prue
                                        Title: Vice President


                                        CIBC, Inc., as a Lender


                                        By: s/ Dean J. Decker
--------------------------                  --------------------------------
                                        Name: Dean J. Decker
                                        Title: Executive Director
                                               CIBC World Markets Corp.,
                                               AS AGENT


                                        BANK OF AMERICA, as a Lender


                                        By: s/ Reinhard Freimuth
                                            --------------------------------
                                        Name: Reinhard Freimuth
                                        Title: Vice President





<PAGE>



                                        THE DIME SAVINGS BANK OF NEW YORK
                                        FSB, as a Lender


                                        By: s/ Gary R. Olson
---------------------------                 --------------------------------
                                        Name: Gary R. Olson
                                        Title: Vice President


                                        THE MERCHANTS BANK OF NEW YORK,
                                        as a Lender


                                        By: s/ Andrew S. Baron
---------------------------                 --------------------------------
                                        Name: Andrew S. Baron
                                        Title: Vice President




                                      -6-



<PAGE>




                                     CONSENT

Each of the undersigned, not parties to the Credit Agreement but each a
Guarantor under a Guaranty dated as of December 2, 1998, hereby acknowledges the
terms of the Waiver contained herein and confirms that its Guaranty is in full
force and effect.

<TABLE>
<CAPTION>

----------------------------------------------------------- --------------------------------------------------------
<S>                                                         <C>
ORIENT ASSOCIATES                                           TPT SEGUNDO, INC.
INTERNATIONAL, INC.
----------------------------------------------------------- --------------------------------------------------------

SKYDRIVE ALLEY POND COMPANY, INC.                           GLOBAL GOLF/GAVILAN
----------------------------------------------------------- --------------------------------------------------------

SKYDRIVE GREENBURGH CO., INC.                               INDIAN RIVER FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

SKYCON CONSTRUCTION CO., INC.                               TUSCON FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

SKYDRIVE WILLOWBROOK, NJ, INC.                              CINCINNATI FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

SKYDRIVE CO., INC.                                          ST. LOUIS FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

PELHAM FAMILY GOLF CENTERS, INC.                            WEST PALM BEACH FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

RICHMOND FAMILY GOLF CENTERS, INC.                          SAN JOSE FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

PEACHTREE FAMILY GOLF CENTERS, INC.                         EASTON FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

ALPHARETTA FAMILY GOLF CENTERS, INC.                        RANDALL'S ISLAND FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

VALLEY VIEW FAMILY GOLF CENTERS, INC.                       PRIVATIZATION PLUS, INC.
----------------------------------------------------------- --------------------------------------------------------

MESA FAMILY GOLF CENTERS, INC.                              WESTMINSTER FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

VIRGINIA BEACH FAMILY GOLF CENTERS, INC.                    CAROLINA SPRINGS FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

By: s/ Pamela S. Charles                                    By: s/ Pamela S. Charles
    ------------------------------------------------            ------------------------------------------------
Title:  Vice President of the foregoing corporations        Title:  Vice President of the foregoing corporations
----------------------------------------------------------- --------------------------------------------------------

FLEMINGTON FAMILY GOLF CENTERS, INC.                        DENVER FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

YORKTOWN FAMILY GOLF CENTERS, INC.                          FLANDERS FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------


<PAGE>


----------------------------------------------------------- --------------------------------------------------------

THE PRACTICE TEE, INC.                                      MARGATE FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

THE SEVEN IRON, INC.                                        BROOKLYN FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

C.B. FAMILY GOLF CENTERS, INC.                              LAKE GROVE FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

DARLINGTON FAMILY GOLF CENTERS, INC.                        GOLDEN SPIKES, INC.
----------------------------------------------------------- --------------------------------------------------------

MAINEVILLE FAMILY GOLF CENTERS, INC.                        WHITEHALL FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------
----------------------------------------------------------- --------------------------------------------------------

MILWAUKEE FAMILY GOLF CENTERS, INC.                         SPORTS PLUS PROPERTIES, INC.
----------------------------------------------------------- --------------------------------------------------------

OLNEY FAMILY GOLF CENTERS, INC.                             SPORTS PLUS PROPERTIES, LLC
----------------------------------------------------------- --------------------------------------------------------

PALM DESERT FAMILY GOLF CENTERS, INC.                       GENPROP, LLC
----------------------------------------------------------- --------------------------------------------------------

BROWARD FAMILY GOLF CENTERS, INC.                           ICEWORKS OF AMERICA, INC.
----------------------------------------------------------- --------------------------------------------------------

ENGLEWOOD FAMILY GOLF CENTERS, INC.                         COMMACK FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

RALEIGH FAMILY GOLF CENTERS, INC.                           GREENVILLE FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

TEMPE FAMILY GOLF CENTERS, INC.                             THE GOLF ACADEMY OF HILTON HEAD ISLAND, INC.
----------------------------------------------------------- --------------------------------------------------------

GREEN OAK GOLF PRACTICE CENTER, INC.                        CHICAGO FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

By: s/ Pamela S. Charles                                    By: s/ Pamela S. Charles
    ------------------------------------------------            ------------------------------------------------
Title:  Vice President of the foregoing corporations        Title:  Vice President of the foregoing corporations
----------------------------------------------------------- --------------------------------------------------------

BRONX FAMILY GOLF CENTERS, INC.                             FEDERAL WAY FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

MILPITAS FAMILY GOLF CENTERS, INC.                          COUNTY LINE FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

SAN BRUNO FAMILY GOLF CENTERS, INC.                         FAIRFIELD FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

INTERBAY FAMILY GOLF CENTERS, INC.                          CONFIDENCE GOLF, INC.
----------------------------------------------------------- --------------------------------------------------------

CARVER FAMILY GOLF CENTERS, INC.                            KANSAS FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------


<PAGE>

----------------------------------------------------------- --------------------------------------------------------

PALM FAMILY GOLF CENTERS, INC.                              ELK GROVE FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

CERRITOS FAMILY GOLF CENTERS, INC.                          SPORTS PLUS CINCINNATI, INC.
----------------------------------------------------------- --------------------------------------------------------

PHILADELPHIA FAMILY GOLF CENTERS, INC.                      WICHITA FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

ENCINO/BALBOA FAMILY GOLF CENTERS, INC.                     STUART FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

HOLBROOK FAMILY GOLF CENTERS, INC.                          SPORTS PLUS RALEIGH, INC.
----------------------------------------------------------- --------------------------------------------------------

SHELTON FAMILY GOLF CENTERS, INC.                           SPORTS PLUS WOODBRIDGE, INC.
----------------------------------------------------------- --------------------------------------------------------

SPORTS PLUS NEW ROCHELLE, INC.                              METROGOLF INCORPORATED
----------------------------------------------------------- --------------------------------------------------------

METROGOLF SAN DIEGO INCORPORATED                            METROGOLF VIRGINIA, INC.
----------------------------------------------------------- --------------------------------------------------------

METROGOLF ILLINOIS CENTER, INC.                             METROGOLF NEW YORK, INC.
----------------------------------------------------------- --------------------------------------------------------

METROGOLF MANAGEMENT, INC.                                  FAMILY GOLF ACQUISITION, INC.
----------------------------------------------------------- --------------------------------------------------------

By: s/ Pamela S. Charles                                    By: s/ Pamela S. Charles
    ------------------------------------------------            ------------------------------------------------
Title:  Vice President of the foregoing corporations        Title:  Vice President of the foregoing corporations
----------------------------------------------------------- --------------------------------------------------------


<PAGE>


----------------------------------------------------------- --------------------------------------------------------

CARLSBAD FAMILY GOLF CENTERS, INC.                          FAMILY GOLF VENDING, INC.
----------------------------------------------------------- --------------------------------------------------------

EVERGREEN FAMILY GOLF CENTERS, INC.                         OVERLAND FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

OVERLAND PARK, LLC                                          GREEN VALLEY FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

GREEN VALLEY RANCH GOLF COURSE, LLC                         PARDOC VENDING CORP.
----------------------------------------------------------- --------------------------------------------------------

EAGLE QUEST GOLF CENTERS (TEXAS) INC.                       EAGLE QUEST GOLF CENTERS (TEXAS II) INC.
----------------------------------------------------------- --------------------------------------------------------

PRECISION COURSES, INC.                                     EAGLE QUEST GOLF CENTERS (CALIFORNIA) INC.
----------------------------------------------------------- --------------------------------------------------------

IMG PROPERTIES, INC.                                        EAGLE QUEST GOLF CENTERS (H.P.) INC.
----------------------------------------------------------- --------------------------------------------------------

EAGLE QUEST GOLF CENTERS ENTERTAINMENT INC.                 EAGLE QUEST GOLF CENTERS (WASHINGTON) INC.
----------------------------------------------------------- --------------------------------------------------------

EAGLE QUEST GOLF CENTERS (U.S.) INC.                        GOLF PARK, INC.
----------------------------------------------------------- --------------------------------------------------------

SOLANO GOLF CENTER, LP                                      GOOSE CREEK GOLF PARTNERS LIMITED PARTNERSHIP
----------------------------------------------------------- --------------------------------------------------------

ILLINOIS CENTER GOLF PARTNERS, L.P.                         VINTAGE NEW YORK GOLF, LLC
----------------------------------------------------------- --------------------------------------------------------

GBGC FAMILY GOLF CENTERS, INC.                              SACRAMENTO FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

VOORHEES FAMILY GOLF CENTERS, INC.                          PORTLAND FAMILY GOLF CENTERS, INC.
----------------------------------------------------------- --------------------------------------------------------

By: s/ Pamela S. Charles                                    By: s/ Pamela S. Charles
    ------------------------------------------------            ------------------------------------------------
Title:  Vice President of the foregoing corporations        Title:  Vice President of the foregoing corporations
----------------------------------------------------------- --------------------------------------------------------

KANSAS CITY FAMILY GOLF CENTERS, INC.                       BLUE EAGLE OF KANSAS, INC.
----------------------------------------------------------- --------------------------------------------------------

BLUE EAGLE OF FLORIDA, INC.                                 BLUE EAGLE (OP) INC.
----------------------------------------------------------- --------------------------------------------------------

PINNACLE ENTERTAINMENT, INC.                                SKATENATION, INC.
----------------------------------------------------------- --------------------------------------------------------

RECREATIONAL MANAGEMENT SERVICES CORPORATION                RECREATIONAL MANAGEMENT CORPORATION
----------------------------------------------------------- --------------------------------------------------------

RECREATIONAL MANAGEMENT SERVICES CORPORATION OF NEW         SKATENATION OF RICHMOND WEST, LLC
JERSEY, INC.
----------------------------------------------------------- --------------------------------------------------------

<PAGE>

----------------------------------------------------------- --------------------------------------------------------

SKATENATION OF RICHMOND SOUTH, LLC                          SKATENATION OF PRINCE WILLIAM, LLC
----------------------------------------------------------- --------------------------------------------------------

SKATENATION OF RESTON, LLC                                  SKATENATION OF PINEY ORCHARD, LLC
----------------------------------------------------------- --------------------------------------------------------

INTERNATIONAL SKATING CENTER OF CONNECTICUT, LLC            82ND AVENUE GOLF RANGE, INC.
----------------------------------------------------------- --------------------------------------------------------

RMSC OF CALIFORNIA, INC.
----------------------------------------------------------- --------------------------------------------------------

By: s/ Pamela S. Charles                                    By: s/ Pamela S. Charles
    ------------------------------------------------            ------------------------------------------------
Title:  Vice President of the foregoing corporations        Title:  Vice President of the foregoing corporations
----------------------------------------------------------- --------------------------------------------------------

</TABLE>