Document:

<PAGE>   1
                                                                    EXHIBIT 10.3

                               AMENDMENT NO. 3 TO
                      AMENDED AND RESTATED CREDIT AGREEMENT

         THIS AMENDMENT NO. 3 TO AMENDED AND RESTATED CREDIT AGREEMENT (this
"Agreement") is made and entered into as of this 17th day of February, 2000 by
and between WINDMERE-DURABLE HOLDINGS, INC., a Florida corporation (the
"Borrower"), EACH OF THE SUBSIDIARIES OF THE BORROWER SIGNATORY HERETO
(collectively, the "Guarantors"), the LENDERS SIGNATORY HERETO (the "Lenders")
and BANK OF AMERICA, N.A. (D/B/A BANK OF AMERICA, N.A.) (formerly known as
NationsBank, National Association), a national banking association organized and
existing under the laws of the United States, in its capacity as agent for the
Lenders (the "Agent").

                              W I T N E S S E T H:

         WHEREAS, the Borrower, the Agent and the Lenders have entered into an
Amended and Restated Credit Agreement dated as of August 7, 1998, as amended
pursuant to that certain Amendment No. 1 to Amended and Restated Credit
Agreement dated as of December 29, 1998 and as amended pursuant to that certain
Amendment No. 2 to Amended and Restated Credit Agreement dated as of April 29,
1999 (as amended hereby and as from time to time further amended, supplemented
or replaced, the "Credit Agreement");

         WHEREAS, the Borrower, the Agent and the Lenders have agreed to amend
certain provisions contained in the Credit Agreement;

         NOW, THEREFORE, in consideration of the mutual covenants, promises and
conditions herein set forth, it is hereby agreed as follows:

         1. DEFINITIONS. The term "Credit Agreement" as used herein and in the
Credit Agreement and the other Loan Documents shall mean the Credit Agreement as
hereby amended and as from time to time further amended or modified. Unless the
context otherwise requires, all capitalized terms used herein without definition
shall have the respective meanings provided therefor in the Credit Agreement.

         2. AMENDMENT TO CREDIT AGREEMENT. Section 10.9 of the Credit Agreement
is hereby amended by deleting the dollar figure "$100,000,000" in the third line
thereof and inserting in replacement thereof the dollar figure "$200,000,000".

         3. ENTIRE AGREEMENT. This Agreement sets forth the entire understanding
and agreement of the parties hereto in relation to the subject matter hereof and
supersedes any prior

<PAGE>   2

negotiations and agreements among the parties relative to such subject matter.
None of the terms or conditions of this Agreement may be changed, modified,
waived or canceled orally or otherwise, except by writing, signed by all the
parties hereto, specifying such change, modification, waiver or cancellation of
such terms or conditions, or of any proceeding or succeeding breach thereof.

         4. FULL FORCE AND EFFECT OF AGREEMENT. Except as hereby specifically
amended, modified or supplemented, the Credit Agreement and all of the other
Loan Documents are hereby confirmed and ratified in all respects and shall
remain in full force and effect according to their respective terms.

         5. COUNTERPARTS. This Agreement may be executed in any number of
counterparts and all the counterparts taken together shall be deemed to
constitute one and the same instrument.

         6. ENFORCEABILITY. Should any one or more of the provisions of this
Agreement be determined to be illegal or unenforceable as to one or more of the
parties hereto, all other provisions nevertheless shall remain effective and
binding on the parties hereto.

                            [Signature pages follow.]

                                       2
<PAGE>   3

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their duly authorized officers, all as of the day and year
first above written.

                                           BORROWER:

                                           WINDMERE-DURABLE HOLDINGS, INC.

                                           By:  /s/ Terry Polistina
                                                -------------------------------
                                           Name:  Terry Polistina
                                                -------------------------------
                                           Title: SVP - Finance
                                                 ------------------------------

                                           AGENT:

                                           BANK OF AMERICA, N.A. (D/B/A BANK OF
                                           AMERICA, N.A., as Agent

                                           By:  /s/ Adam Kaplan
                                                -------------------------------
                                           Name:  Adam Kaplan
                                                -------------------------------
                                           Title: Vice President
                                                 ------------------------------

                                           LENDERS:

                                           BANK OF AMERICA, N.A. (D/B/A/
                                           NATIONSBANK, N.A.)

                                           By:  /s/ Adam Kaplan
                                                -------------------------------
                                           Name:  Adam Kaplan
                                                -------------------------------
                                           Title: Vice President
                                                 ------------------------------

                                           ABN AMRO BANK N.V.

                                           By:
                                                -------------------------------
                                           Name:
                                                -------------------------------
                                           Title:
                                                 ------------------------------

                                       3
<PAGE>   4

                                           BANK ATLANTIC

                                           By:  /s/ Ana C. Bolduc
                                                -------------------------------
                                           Name:  Ana C. Bolduc
                                                -------------------------------
                                           Title:  Senior Vice President
                                                 ------------------------------

                                           BANK LEUMI LE-ISRAEL

                                           By:  /s/ Joseph F. Realini
                                                -------------------------------
                                           Name:  Joseph F. Realini
                                                -------------------------------
                                           Title: Vice President
                                                 ------------------------------

                                           SCOTIABANC INC.

                                           By:  /s/ Frank F. Sandler
                                                -------------------------------
                                           Name: Frank F. Sandler
                                                -------------------------------
                                           Title: Director
                                                 ------------------------------

                                           PARIBAS

                                           By:
                                                -------------------------------
                                           Name:
                                                -------------------------------
                                           Title:
                                                 ------------------------------

                                           By:
                                                -------------------------------
                                           Name:
                                                -------------------------------
                                           Title:
                                                 ------------------------------

                                           BARCLAYS BANK PLC

                                           By:  /s/ Gregory Roll
                                                -------------------------------
                                           Name: Gregory Roll
                                                -------------------------------
                                           Title: Vice President
                                                 ------------------------------

                                       4
<PAGE>   5

                                           ERSTE BANK NEW YORK

                                           By:  /s/ Arcinee Rovanession
                                                -------------------------------
                                           Name:  Arcinee Rovanession
                                                -------------------------------
                                           Title: Vice President
                                                 ------------------------------

                                           By:  /s/ John S. Runnion
                                                -------------------------------
                                           Name:  John S. Runnion
                                                -------------------------------
                                           Title: First Vice President
                                                 ------------------------------

                                           IMPERIAL BANK, A CALIFORNIA BANKING
                                           CORPORATION

                                           By:
                                                -------------------------------
                                           Name:
                                                -------------------------------
                                           Title:
                                                 ------------------------------

                                           THE LONG-TERM CREDIT BANK OF JAPAN,
                                           LTD.

                                           By:
                                                -------------------------------
                                           Name:
                                                -------------------------------
                                           Title:
                                                 ------------------------------

                                           THE MITSUBISHI TRUST AND BANKING
                                           CORPORATION

                                           By:  /s/ Toshihiro Hayashi
                                                -------------------------------
                                           Name: Toshihiro Hayashi
                                                -------------------------------
                                           Title: Senior Vice President
                                                 ------------------------------

                                           NATIONAL BANK OF CANADA

                                           By:  /s/ Michael Bloomenfeld
                                                -------------------------------
                                           Name: Michael Bloomenfeld
                                                -------------------------------
                                           Title: Vice President
                                                 ------------------------------

                                       5
<PAGE>   6

                                           SUMMIT BANK

                                           By:  /s/ Timothy E. Doyle
                                                -------------------------------
                                           Name:  Timothy E. Doyle
                                                -------------------------------
                                           Title:  VP/Director
                                                 ------------------------------

                                           CITIZENS BANK OF MASSACHUSETTS (as
                                           sucessor to US Trust)

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

                                           ALLIANCE INVESTMENT OPPORTUNITIES
                                           FUND, L.L.C.

                                           By: ALLIANCE INVESTMENT OPPORTUNITIES
                                               MANAGEMENT, L.L.C., as Managing
                                               Member

                                               By: ALLIANCE CAPITAL MANAGEMENT
                                                   L.P., as Managing Member

                                               By: ALLIANCE CAPITAL MANAGEMENT
                                                   CORPORATION, as General
                                                   Partner

                                           By:
                                                -------------------------------
                                           Name:
                                                -------------------------------
                                           Title:
                                                 ------------------------------

                                       6
<PAGE>   7

                                           ALLIANCE CAPITAL MANAGEMENT L.P., as
                                           Manager on behalf of ALLIANCE CAPITAL
                                           FUNDING, L.L.C.

                                           By: ALLIANCE CAPITAL MANAGEMENT
                                               CORPORATION, General Partner of
                                               Alliance Capital Management L.P.

                                           By:
                                                -------------------------------
                                           Name:
                                                -------------------------------
                                           Title:
                                                 ------------------------------

                                           BALANCED HIGH-YIELD FUND II LTD

                                           By: BHF (USA) Capital Corporation,
                                               acting through its New York
                                               Branch, as attorney-in-fact

                                           By:  /s/ Dana L. McDougall
                                                -------------------------------
                                           Name:  Dana L. McDougall
                                                -------------------------------
                                           Title: Vice President
                                                 ------------------------------

                                           By:  /s/ Christopher Dugger
                                                -------------------------------
                                           Name:  Christopher Dugger
                                                -------------------------------
                                           Title: Associate
                                                 ------------------------------

                                           BHF (USA) CAPITAL CORPORATION

                                           By:  /s/ Dana L. McDougall
                                                -------------------------------
                                           Name:  Dana L. McDougall
                                                -------------------------------
                                           Title: Vice President
                                                 ------------------------------

                                           By:  /s/ Christopher Dugger
                                                -------------------------------
                                           Name:  Christopher Dugger
                                                -------------------------------
                                           Title: Associate
                                                 ------------------------------

                                           INDOSUEZ CAPITAL FUNDING III, LIMITED

                                           By: INDOSUEZ CAPITAL as Portfolio
                                               Advisor

                                           By:  /s/ Melissa Marano
                                                -------------------------------
                                           Name:  Melissa Marano
                                                -------------------------------
                                           Title: Vice President
                                                 ------------------------------

                                       7
<PAGE>   8

                                           BANK AUSTRIA CREDITANSTALT CORPORATE
                                           FINANCE, INC., f.k.a. Creditanstalt
                                           Corporate Finance, Inc.

                                           By:
                                                -------------------------------
                                           Name:
                                                -------------------------------
                                           Title:
                                                 ------------------------------

                                           By:
                                                -------------------------------
                                           Name:
                                                -------------------------------
                                           Title:
                                                 ------------------------------

                                           NATIONSBANC MONTGOMERY SECURITIES LLC

                                           By:
                                                -------------------------------
                                           Name:
                                                -------------------------------
                                           Title:
                                                 ------------------------------

                                           ARES LEVERAGED INVESTMENT FUND, L.P.

                                           By: ARES Management, L.P.
                                           Its: General Partner

                                           By:  /s/ Merritt S. Hooper
                                                -------------------------------
                                           Name:   Merritt S. Hooper
                                           Title:  Vice President

                                           ARES LEVERAGED INVESTMENT FUND II,
                                           L.P.

                                           By: ARES Management II, L.P.
                                           Its: General Partner

                                           By:  /s/ Merritt S. Hooper
                                                -------------------------------
                                           Name:   Merritt S. Hooper
                                           Title:  Vice President

                                           ARES III CLO LTD.

                                           By: ARES CLO Management, LLC
                                           Its: General Partner

                                           By:  /s/ Merritt S. Hooper
                                                -------------------------------
                                           Name:   Merritt S. Hooper
                                           Title:  Vice President

                                       8
<PAGE>   9

                                           FLEET BANK, N.A.

                                           By:  /s/ Thomas J. Levy
                                                -------------------------------
                                           Name:  Thomas J. Levy
                                                -------------------------------
                                           Title: Vice President
                                                 ------------------------------

                                           FLEET BUSINESS CREDIT CORPORATION

                                           By:
                                                -------------------------------
                                           Name:
                                                -------------------------------
                                           Title:
                                                 ------------------------------

                                           CANADIAN IMPERIAL BANK OF COMMERCE

                                           By:
                                                -------------------------------
                                           Name:
                                                -------------------------------
                                           Title:
                                                 ------------------------------

                                           OAK MOUNTAIN LIMITED

                                           By: Alliance Capital Management,
                                               L.P., as Investment Manager

                                           By: Alliance Capital Management
                                               Corporation, as General Partner

                                           By:
                                                -------------------------------
                                           Name:
                                                -------------------------------
                                           Title:
                                                 ------------------------------

                                       9
<PAGE>   10

                                           THE INTERNATIONAL BANK OF MIAMI

                                           By:  /s/ Caridad Errazquin
                                                -------------------------------
                                           Name:  Caridad Errazquin
                                                -------------------------------
                                           Title: Vice President
                                                 ------------------------------

                                           DRESDNER BANK LATEINAMERIKA AG, MIAMI
                                           AGENCY

                                           By:  /s/ Carlos Lamourtte
                                                -------------------------------
                                           Name: Carlos Lamourtte
                                                -------------------------------
                                           Title:  Assistant Vice President
                                                 ------------------------------

                                           By:  /s/ F. Huthnance
                                                -------------------------------
                                           Name:  Frank Huthnance
                                                -------------------------------
                                           Title:  Vice President
                                                 ------------------------------

                                           GE CAPITAL COMMERCIAL FINANCE, INC.

                                           By:
                                                -------------------------------
                                           Name:
                                                -------------------------------
                                           Title:
                                                 ------------------------------

                                           HARCH CAPITAL

                                           By:
                                                -------------------------------
                                           Name:
                                                -------------------------------
                                           Title:
                                                 ------------------------------

                                       10
<PAGE>   11

THE UNDERSIGNED GUARANTORS HEREBY ACKNOWLEDGE AND CONSENT TO THIS AMENDMENT OF
THE CREDIT AGREEMENT AND REAFFIRM THEIR OBLIGATIONS UNDER THE FACILITY GUARANTY
THIS 17th DAY OF FERUARY, 2000:

                                           WINDMERE CORPORATION

                                           By:  /s/ Terry Polistina
                                                -------------------------------
                                           Name:  Terry Polistina
                                                -------------------------------
                                           Title: SVP -- Finance
                                                 ------------------------------

                                           WINDMERE HOLDINGS CORPORATION

                                           By:  /s/ Terry Polistina
                                                -------------------------------
                                           Name:  Terry Polistina
                                                -------------------------------
                                           Title: SVP -- Finance
                                                 ------------------------------

                                           WINDMERE HOLDINGS CORPORATION II

                                           By:  /s/ Terry Polistina
                                                -------------------------------
                                           Name:  Terry Polistina
                                                -------------------------------
                                           Title: SVP -- Finance
                                                 ------------------------------

                                           WINDMERE FAN PRODUCTS, INC.

                                           By:  /s/ Terry Polistina
                                                -------------------------------
                                           Name:  Terry Polistina
                                                -------------------------------
                                           Title: SVP -- Finance
                                                 ------------------------------

                                           JERDON PRODUCTS, INC.

                                           By:  /s/ Terry Polistina
                                                -------------------------------
                                           Name:  Terry Polistina
                                                -------------------------------
                                           Title: SVP -- Finance
                                                 ------------------------------

                                       11
<PAGE>   12

                                           CONSUMER PRODUCTS AMERICAS, INC.

                                           By:  /s/ Terry Polistina
                                                -------------------------------
                                           Name:  Terry Polistina
                                                -------------------------------
                                           Title: SVP -- Finance
                                                 ------------------------------

                                           EDI MASTERS, INC.

                                           By:  /s/ Terry Polistina
                                                -------------------------------
                                           Name:  Terry Polistina
                                                -------------------------------
                                           Title: SVP -- Finance
                                                 ------------------------------

                                           WINDMERE INNOVATIVE PET PRODUCTS,
                                           INC.

                                           By:  /s/ Terry Polistina
                                                -------------------------------
                                           Name:  Terry Polistina
                                                -------------------------------
                                           Title: SVP -- Finance
                                                 ------------------------------

                                           BAY BOOKS & TAPES, INC.

                                           By:  /s/ Terry Polistina
                                                -------------------------------
                                           Name:  Terry Polistina
                                                -------------------------------
                                           Title: SVP -- Finance
                                                 ------------------------------

                                           FORTUNE PRODUCTS, INC.

                                           By:  /s/ Terry Polistina
                                                -------------------------------
                                           Name:  Terry Polistina
                                                -------------------------------
                                           Title: SVP -- Finance
                                                 ------------------------------

                                       12
<PAGE>   13

                                           HOUSEHOLD PRODUCTS, INC.

                                           By:  /s/ Terry Polistina
                                                -------------------------------
                                           Name:  Terry Polistina
                                                -------------------------------
                                           Title: SVP -- Finance
                                                 ------------------------------

                                           HP DELAWARE, INC.

                                           By:  /s/ Terry Polistina
                                                -------------------------------
                                           Name:  Terry Polistina
                                                -------------------------------
                                           Title: SVP -- Finance
                                                 ------------------------------

                                           HP AMERICAS, INC.

                                           By:  /s/ Terry Polistina
                                                -------------------------------
                                           Name:  Terry Polistina
                                                -------------------------------
                                           Title: SVP -- Finance
                                                 ------------------------------

                                           HPG LLC

                                           By:  /s/ Terry Polistina
                                                -------------------------------
                                           Name:  Terry Polistina
                                                -------------------------------
                                           Title: SVP -- Finance
                                                 ------------------------------

                                           HP INTELLECTUAL CORP

                                           By:  /s/ Terry Polistina
                                                -------------------------------
                                           Name:  Terry Polistina
                                                -------------------------------
                                           Title: SVP -- Finance
                                                 ------------------------------

                                           WD DELAWARE, INC.

                                           By:  /s/ Terry Polistina
                                                -------------------------------
                                           Name:  Terry Polistina
                                                -------------------------------
                                           Title: SVP -- Finance
                                                 ------------------------------

                                           WD DELAWARE II, INC.

                                           By:  /s/ Terry Polistina
                                                -------------------------------
                                           Name:  Terry Polistina
                                                -------------------------------
                                           Title: SVP -- Finance
                                                 ------------------------------

                                       13<PAGE>   1
                                                                    EXHIBIT 10.4

                         CONSENT AND AMENDMENT NO. 4 TO
                      AMENDED AND RESTATED CREDIT AGREEMENT

         THIS CONSENT AND AMENDMENT NO. 4 TO AMENDED AND RESTATED CREDIT
AGREEMENT (this "Amendment Agreement") is made and entered into as of this 30th
day of June, 2000, by and between APPLICA INCORPORATED f/k/a Windmere-Durable
Holdings, Inc., a Florida corporation (the "Borrower"), BANK OF AMERICA, N.A.,
f/k/a NationsBank, National Association, as Agent (the "Agent") and as a Lender,
and the other Lenders party thereto (together with the Agent, the "Lenders").
Unless the context requires otherwise, all capitalized terms used herein without
definition shall have the respective meanings assigned thereto in the Credit
Agreement (as defined below).

                              W I T N E S S E T H:

         WHEREAS, the Lenders and the Borrower have entered into that certain
Amended and Restated Credit Agreement dated as of August 7, 1998 (as heretofore
and hereby amended, and as further amended, supplemented or restated from time
to time, the "Credit Agreement"); and

         WHEREAS, the Borrower has undertaken certain corporate reorganizational
actions (the "Reorganization") described in the memorandum from Lisa R.
Carstarphen, Vice President - Legal Affairs of the Borrower, dated May 19, 2000
attached hereto as Exhibit A (the "Memorandum") and has requested that the
Lenders consent to the Reorganization and agree to amend certain provisions of
the Credit Agreement and the Loan Documents as a result of the Reorganization;
and

         WHEREAS, the Lenders are willing to consent to the Reorganization and
the amendments to the Credit Agreement requested by the Borrower, as more fully
set forth herein; and

         NOW, THEREFORE, in consideration of the premises, the terms, covenants
and conditions hereinafter appearing, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to
be legally bound, the parties hereto agree as follows:

         1. CONSENT. Subject to the conditions set forth in Section 4 herein,
each Lender signatory hereto hereby consents to the Reorganization.

         2. AMENDMENT TO CREDIT AGREEMENT. Subject to the conditions set forth
in Section 4 hereof, the Credit Agreement is hereby amended as follows:

                  (a) All references to "Windmere-Durable Holdings, Inc." and
"the Borrower" are amended to refer to "Applica Incorporated"; and

                  (b) All references to "Windmere Corporation" are amended to
refer to "Applica Consumer Products, Inc."

<PAGE>   2

                  (c) All references to "HP Americas, Inc." are amended to refer
to "Applica Americas, Inc."

                  (d) The reference in Schedule 8.4 to the authorized shares of
the Borrower is amended from 40,000,000 to 75,000,000.

                  (e) The reference to Newtech Electronics Industries, Inc.,
together with all related information, shall be deleted from (1) Schedule I to
Exhibit C to the Opinion Letter by Greenberg Traurig dated August 7, 1998
(Exhibit O to the Credit Agreement), and (2) Schedule 8.4 to the Credit
Agreement.

                  (f) The definition of "Stock Pledge Agreement" in Section 1.2
is hereby deleted in its entirety and the following is inserted in replacement
thereof:

                  "Stock Pledge Agreement" means, collectively (or individually
                  as the context may indicate), (i) that certain Stock Pledge
                  Agreement dated as of June 26, 1998 among the Borrower,
                  certain Guarantors and the Agent for the benefit of the
                  Lenders, as amended and restated by that certain Amended and
                  Restated Stock Pledge Agreement dated as of June 30, 2000
                  among the Borrower, certain Guarantors and the Agent for the
                  benefit of the Lenders, and (ii) any additional Stock Pledge
                  Agreement delivered to the Agent (whether executed
                  individually or jointly and severally with other
                  Subsidiaries), substantially in the form attached hereto as
                  Exhibit G hereto, as each such Stock Pledge Agreement may be
                  amended, supplemented or replaced from time to time.

         3. REPRESENTATIONS, WARRANTIES AND COVENANTS.

                  (a) By its execution and delivery hereof, the Borrower
certifies that:

                           (i) all of the representations and warranties made by
the Borrower in the Credit Agreement and in each of the other Loan Documents are
true and correct as of the date hereof as if each of said representations and
warranties were set out in full herein and made as of the date of execution and
delivery hereof, except that all representations and warranties that refer to
the financial statements of the Borrower shall be deemed to refer to the
financial statements of the Borrower most recently delivered in accordance with
SECTION 9.1 of the Credit Agreement; and

                           (ii) no event has occurred and no condition exists
which, upon the consummation of the transaction contemplated hereby, will
constitute a Default or an Event of Default on the part of the Borrower under
the Credit Agreement or any other Loan Document either immediately or with the
lapse of time or the giving of notice, or both; and

                           (iii) set forth on Exhibit A hereto is a correct and
complete corporate organizational chart of the Borrower and its Subsidiaries
after giving effect to the Reorganization (including those actions set forth
under Section 7 of the Memorandum).

                                       2
<PAGE>   3

                  (b) The Borrower further covenants and agrees that the
representations and warranties contained in the Credit Agreement and the other
Loan Documents, as hereby reaffirmed, and the representations and warranties
made herein shall survive the execution and delivery of this Amendment
Agreement.

         4. CONDITIONS PRECEDENT. The effectiveness of this Amendment Agreement
shall be subject to the receipt by the Agent of (a) replacement Revolving Notes,
Term Notes and Swing Line Note reflecting the name change of the Borrower from
the Borrower, (b) stock certificates and executed stock powers from the Borrower
reflecting the name changes and new shareholders described in the Memorandum,
(c) an Amended and Restated Stock Pledge Agreement executed by the Borrower and
each Subsidiary owning shares of any Domestic Subsidiary after giving effect to
the Reorganization, (d) Uniform Commercial Code amendments on form UCC-3
amending all existing financing statements naming "Windmere-Durable Holdings,
Inc.", "Windmere Corporation" or "HP Americas, Inc." as Debtors and reflecting
the name changes of those entities described in SECTION 2 herein, (e) twenty-six
(26) counterparts of this Amendment Agreement duly executed by all signatories
hereto, and (f) all fees payable by the Borrower to the Agent and the Lenders on
or before the date hereof.

         5. EXPENSES. The Borrower agrees to reimburse the Agent and the Lenders
for all costs and out-of-pocket expenses, including, without limitation,
attorneys' fees and disbursements, incurred in connection with the negotiation,
preparation, execution and delivery of this Amendment Agreement.

         6. ENTIRE AGREEMENT. This Amendment Agreement sets forth the entire
understanding and agreement of the parties hereto in relation to the subject
matter hereof and supersedes any prior negotiations and agreements among the
parties relative to such subject matter. No promise, condition, representation
or warranty, express or implied, not herein set forth shall bind any party
hereto, and none of them has relied on any such promise, condition,
representation or warranty. Each of the parties hereto acknowledges that, except
as set forth in this Amendment Agreement or otherwise expressly stated, no
representations, warranties or commitments, express or implied, have been made
by any party. None of the terms or conditions of this Amendment Agreement may be
changed, modified, waived or canceled orally or otherwise, except by writing,
signed by all the parties hereto, specifying such change, modification, waiver
or cancellation of such terms or conditions, or of any preceding or succeeding
breach thereof.

         7. FULL FORCE AND EFFECT OF AGREEMENT. Except as hereby specifically
amended, modified or supplemented, the Credit Agreement and all of the other
Loan Documents are hereby confirmed and ratified in all respects and shall
remain in full force and effect according to their respective terms.

         8. GOVERNING LAW. This Amendment Agreement shall in all respects be
governed by, and construed in accordance with, the laws of the state of New
York.

         9. ENFORCEABILITY. Should any one or more of the provisions of this
Amendment Agreement be determined to be illegal or unenforceable as to one or
more of the parties hereto, all other provisions nevertheless shall remain
effective and binding on the parties hereto.

                                       3
<PAGE>   4

         10. COUNTERPARTS. This Amendment Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an original as
against any party whose signature appears thereon, and all of which shall
together constitute one and the same instrument.

                            [Signature pages follow.]

                                       4
<PAGE>   5

         IN WITNESS WHEREOF, the Borrower and the Lenders have caused this
Amendment Agreement to be duly executed under seal by their duly authorized
officers, all as of the day and year first above written.

                                           BORROWER:

ATTEST:                                    APPLICA INCORPORATED, FORMERLY KNOWN
                                           AS WINDMERE-DURABLE HOLDINGS, INC.,
                                           as Borrower

                                           By:  /s/ Cindy Solovei
--------------------                            -------------------------------
                                           Name:  Cindy Solovei
--------------------                            -------------------------------
                                           Title: Asst. Vice President - Finance
                                                 ------------------------------

(CORPORATE SEAL)

                                           AGENT:

                                           BANK OF AMERICA, N.A., FORMERLY KNOWN
                                           AS NATIONSBANK, NATIONAL ASSOCIATION,
                                           as Agent

                                           By:  /s/ Richard M. Starke
                                                -------------------------------
                                           Name:   Richard M. Starke
                                                -------------------------------
                                           Title:  M.D.
                                                 ------------------------------

                                           LENDERS:

                                           BANK OF AMERICA, N.A., FORMERLY KNOWN
                                           AS NATIONSBANK, NATIONAL ASSOCIATION

                                           By:  /s/ Richard M. Starke
                                                -------------------------------
                                           Name:   Richard M. Starke
                                                -------------------------------
                                           Title:  M.D.
                                                 ------------------------------

                                           ABN AMRO BANK N.V.

                                           By:  /s/ Steven L. Hissman
                                                -------------------------------
                                           Name:  Steven L. Hissman
                                                -------------------------------
                                           Title: Vice President
                                                 ------------------------------

                                           By:  /s/ Patrick A. Thom
                                                -------------------------------
                                           Name: Patrick A. Thom
                                                -------------------------------
                                           Title: Vice President
                                                 ------------------------------

                                       5
<PAGE>   6

                                           ALLIANCE CAPITAL MANAGEMENT L.P., as
                                           Manager on behalf of ALLIANCE CAPITAL
                                           FUNDING, L.L.C.

                                           By: ALLIANCE CAPITAL MANAGEMENT
                                               CORPORATION, General Partner of
                                               Alliance Capital Management L.P.

                                           By:   /s/ Joel Serebransky
                                                -------------------------------
                                           Name:     Joel Serebransky
                                                -------------------------------
                                           Title:    Senior Vice President
                                                 ------------------------------

                                           OAK MOUNTAIN LIMITED

                                           By: ALLIANCE CAPITAL MANAGEMENT L.P.,
                                           as Investment Manager

                                           By: ALLIANCE CAPITAL MANAGEMENT
                                           CORPORATION, as General Partner

                                           By:   /s/ Joel Serebransky
                                                -------------------------------
                                           Name:     Joel Serebransky
                                                -------------------------------
                                           Title:    Senior Vice President
                                                 ------------------------------

                                           ARES LEVERAGED INVESTMENT FUND, L.P.

                                           By:   ARES Management, L.P.
                                           Its:  General Partner

                                           By:   /s/ Merritt S. Hooper
                                                -------------------------------
                                           Name:
                                                -------------------------------
                                           Title:
                                                 ------------------------------

                                       6
<PAGE>   7

                                           ARES LEVERAGED INVESTMENT FUND II,
                                           L.P.

                                           By:  ARES Management II, L.P.
                                           Its: General Partner

                                           By:   /s/ Merritt S. Hooper
                                                -------------------------------
                                           Name:
                                                -------------------------------
                                           Title:
                                                 ------------------------------

                                           ARES III CLO LTD.

                                           By:  ARES CLO Management, LLC
                                           Its: General Partner

                                           By:   /s/ Merritt S. Hooper
                                                -------------------------------
                                           Name:
                                                -------------------------------
                                           Title:
                                                 ------------------------------

                                           BALANCED HIGH-YIELD FUND II LTD

                                           By: BHF (USA) Capital Corporation,
                                               acting through its New York
                                               Branch, as attorney-in-fact

                                           By:
                                                -------------------------------
                                           Name:
                                                -------------------------------
                                           Title:
                                                 ------------------------------

                                           BHF (USA) CAPITAL CORPORATION

                                           By:
                                                -------------------------------
                                           Name:
                                                -------------------------------
                                           Title:
                                                 ------------------------------

                                           BANKATLANTIC

                                           By:  /s/ Ana C. Bolduc
                                                -------------------------------
                                           Name:    Ana C. Bolduc
                                                -------------------------------
                                           Title:   Senior Vice President
                                                 ------------------------------

                                       7
<PAGE>   8

                                           BANK AUSTRIA CREDITANSTALT CORPORATE
                                           FINANCE, INC.

                                           By:  /s/ Robert M. Biringer
                                                -------------------------------
                                           Name:    Robert M. Biringer
                                                -------------------------------
                                           Title:   Executive Vice President
                                                 ------------------------------

                                           By: /s/ William E. McCollum, Jr.
                                              ---------------------------------
                                           Name: William E. McCollum, Jr.
                                                -------------------------------
                                           Title: Vice President
                                                 ------------------------------

                                           BANK LEUMI LE-ISRAEL B.M.

                                           By:  /s/ Ofer Koren
                                                -------------------------------
                                           Name:    Ofer Koren
                                                -------------------------------
                                           Title:   Senior Vice President
                                                 ------------------------------

                                           BARCLAYS BANK PLC

                                           By:  /s/ Gregory Roll
                                                -------------------------------
                                           Name:    Gregory Roll
                                                -------------------------------
                                           Title:   Vice President
                                                 ------------------------------

                                           CIBC (F/K/A CANADIAN IMPERIAL BANK)

                                           By:
                                                -------------------------------
                                           Name:
                                                -------------------------------
                                           Title:
                                                 ------------------------------

                                           CITIZENS BANK OF MASSACHUSETTS
                                           (AS SUCCESSOR TO US TRUST)

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

                                       8
<PAGE>   9

                                           DRESDNER BANK LATEINAMERIKA AG, MIAMI
                                           AGENCY

                                           By:  /s/ Alan Hills
                                                -------------------------------
                                           Name:    Alan Hills
                                                -------------------------------
                                           Title:   VP, CCB-NA
                                                 ------------------------------

                                           By:  /s/ Frank Huthnance
                                                -------------------------------
                                           Name:    Frank Huthnance
                                                -------------------------------
                                           Title:   VP, CCB-NA
                                                 ------------------------------

                                           ERSTE BANK NEW YORK

                                           By:  /s/ Arcinee Hovanessian
                                                -------------------------------
                                           Name:    Arcinee Hovanessian
                                                -------------------------------
                                           Title:   Vice President
                                                 ------------------------------

                                           By:  /s/ Rima Terradista
                                                -------------------------------
                                           Name:    Rima Terradista
                                                -------------------------------
                                           Title:   Vice President
                                                 ------------------------------

                                           FLEET BANK, N.A.

                                           By:  /s/ Thomas J. Levy
                                                -------------------------------
                                           Name:    Thomas J. Levy
                                                -------------------------------
                                           Title:   Vice President
                                                 ------------------------------

                                           FLEET BUSINESS CREDIT CORPORATION

                                           By:  /s/ Wes Manus
                                                -------------------------------
                                           Name:    Wes Manus
                                                -------------------------------
                                           Title:   Vice President
                                                 ------------------------------

                                           GENERAL ELECTRIC CAPITAL CORPORATION

                                           By:  * No longer a Lender in the
                                                  Facility.
                                                -------------------------------
                                           Name:
                                                -------------------------------
                                           Title:
                                                 ------------------------------

                                           HARCH CLO I, LTD.

                                           By:  /s/ Michael E. Lewitt
                                                -------------------------------
                                           Name:    Michael E. Lewitt
                                                -------------------------------
                                           Title:   Authorized Signatory
                                                 ------------------------------

                                       9
<PAGE>   10

                                           INDOSUEZ CAPITAL FUNDING III, LIMITED

                                           By: INDOSUEZ CAPITAL, as Portfolio
                                               Advisor

                                           By:  /s/ Melissa Marano
                                                -------------------------------
                                           Name:    Melissa Marano
                                                -------------------------------
                                           Title:   Vice President
                                                 ------------------------------

                                           INTERNATIONAL BANK OF MIAMI

                                           By:  /s/ C. Errazquin
                                                -------------------------------
                                           Name:    Caridad C. Errazquin
                                                -------------------------------
                                           Title:   Vice President
                                                 ------------------------------

                                           THE MITSUBISHI TRUST AND BANKING
                                           CORPORATION

                                           By:  /s/ Toshihiro Hayashi
                                                -------------------------------
                                           Name:    Toshihiro Hayashi
                                                -------------------------------
                                           Title:   Senior Vice President
                                                 ------------------------------

                                           NATIONAL BANK OF CANADA

                                           By:  /s/ Michael Bloomenfeld
                                                -------------------------------
                                           Name:    Michael Bloomenfeld
                                                -------------------------------
                                           Title:   Vice President & Manager
                                                 ------------------------------

                                           By:  /s/ Jean Page
                                                -------------------------------
                                           Name:    Jean Page
                                                -------------------------------
                                           Title:   Vice President
                                                 ------------------------------

                                           NATIONAL CITY BANK OF KENTUCKY

                                           By:  /s/ Todd W. Ethington
                                                -------------------------------
                                           Name:    Todd W. Ethington
                                                -------------------------------
                                           Title:   Vice President
                                                 ------------------------------

                                       10
<PAGE>   11

                                           SCOTIABANC INC.

                                           By:  /s/ P.M. Brown
                                                -------------------------------
                                           Name:    P.M. Brown
                                                -------------------------------
                                           Title:   Director
                                                 ------------------------------

                                           SUMMIT BANK

                                           By:  /s/ Seiji P. Nakamura
                                                -------------------------------
                                           Name:    Seiji P. Nakamura
                                                -------------------------------
                                           Title:   Vice President
                                                 ------------------------------

                                       11
<PAGE>   12

THE UNDERSIGNED GUARANTORS HEREBY ACKNOWLEDGE AND CONSENT TO THE CONSENT AND
AMENDMENT NO. 4 TO THE AMENDED AND RESTATED CREDIT AGREEMENT AND REAFFIRM THEIR
OBLIGATIONS UNDER THE FACILITY GUARANTY THIS 30TH DAY OF JUNE, 2000.

                                           APPLICA CONSUMER PRODUCTS, INC. F/K/A
                                           WINDMERE CORPORATION

                                           By:  /s/ Cindy Solovei
                                                --------------------------------
                                           Name: Cindy Solovei
                                                --------------------------------
                                           Title: Asst. Vice President - Finance
                                                 -------------------------------

                                           WINDMERE HOLDINGS CORPORATION

                                           By:  /s/ Cindy Solovei
                                                --------------------------------
                                           Name: Cindy Solovei
                                                --------------------------------
                                           Title: Asst. Vice President - Finance
                                                 -------------------------------

                                           WINDMERE HOLDINGS CORPORATION II

                                           By:  /s/ Cindy Solovei
                                                --------------------------------
                                           Name: Cindy Solovei
                                                --------------------------------
                                           Title: Asst. Vice President - Finance
                                                 -------------------------------

                                           BAY BOOKS & TAPES, INC.

                                           By:  /s/ Cindy Solovei
                                                --------------------------------
                                           Name: Cindy Solovei
                                                --------------------------------
                                           Title: Asst. Vice President - Finance
                                                 -------------------------------

                                           FORTUNE PRODUCTS, INC.

                                           By:  /s/ Cindy Solovei
                                                --------------------------------
                                           Name: Cindy Solovei
                                                --------------------------------
                                           Title: Asst. Vice President - Finance
                                                 -------------------------------

                                       12
<PAGE>   13

                                           HP DELAWARE, INC.

                                           By:  /s/ Cindy Solovei
                                                --------------------------------
                                           Name: Cindy Solovei
                                                --------------------------------
                                           Title: Asst. Vice President - Finance
                                                 -------------------------------

                                           APPLICA AMERICAS, INC. F/K/A HP
                                           AMERICAS, INC.

                                           By:  /s/ Cindy Solovei
                                                --------------------------------
                                           Name: Cindy Solovei
                                                --------------------------------
                                           Title: Asst. Vice President - Finance
                                                 -------------------------------

                                           HPG LLC

                                           By:  /s/ Cindy Solovei
                                                --------------------------------
                                           Name: Cindy Solovei
                                                --------------------------------
                                           Title: Asst. Vice President - Finance
                                                 -------------------------------

                                           HP INTELLECTUAL CORP

                                           By:  /s/ Cindy Solovei
                                                --------------------------------
                                           Name: Cindy Solovei
                                                --------------------------------
                                           Title: Asst. Vice President - Finance
                                                 -------------------------------

                                           WD DELAWARE, INC.

                                           By:  /s/ Cindy Solovei
                                                --------------------------------
                                           Name: Cindy Solovei
                                                --------------------------------
                                           Title: Asst. Vice President - Finance
                                                 -------------------------------

                                       13

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