Document:

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                                                                    EXHIBIT 4.11

                             P & F INDUSTRIES, INC.

                                 AMENDMENT NO. 8
                                       TO
                                CREDIT AGREEMENT

     THIS AMENDMENT NO. 8 TO CREDIT AGREEMENT, is entered into as of August 13,
2002 (the "Amendment"), by and among P&F INDUSTRIES, INC., a Delaware
corporation ("P&F"), FLORIDA PNEUMATIC MANUFACTURING CORPORATION, a Florida
corporation ("Florida Pneumatic"), EMBASSY INDUSTRIES, INC., a New York
corporation ("Embassy"), GREEN MANUFACTURING, INC., a Delaware corporation
("Green"), COUNTRYWIDE HARDWARE, INC., a Delaware corporation ("Countrywide"),
and NATIONWIDE INDUSTRIES, INC., a Florida corporation ("Nationwide") (P&F,
Florida Pneumatic, Embassy, Green, Countrywide and Nationwide, the
"Co-Borrowers"), and CITIBANK, N.A. (successor-in-interest to European American
Bank), a New York banking corporation (the "Bank").

                                   BACKGROUND

     The Co-Borrowers and the Bank are parties to a Credit Agreement, dated as
of July 23, 1998 (as same has been and may be further amended, restated,
supplemented or modified, from time to time, the "Credit Agreement"), pursuant
to which the Bank provides the Co-Borrowers with certain financial
accommodations.

     The Co-Borrowers have requested that the Bank revise the definition of
Consolidated EBITDA in the Credit Agreement and the Bank is willing to do so on
the terms and conditions hereinafter set forth. Capitalized terms used herein
and not defined herein shall have the meanings given to them in the Credit
Agreement.

     Accordingly, in consideration of the premises and of the mutual covenants
and agreements hereinafter set forth, the parties hereto agree as follows:

                                    ARTICLE I
                         AMENDMENT TO CREDIT AGREEMENT.

     Section 1.1 The definition of "Consolidated EBITDA" in Section 1.01 of the
Credit Agreement is hereby amended in its entirety to provide as follows:

        "Consolidated EBITDA" shall mean for P&F and its Subsidiaries for any
        period, the Consolidated Net Income (or Consolidated net loss) of P&F
        and its Subsidiaries for such period, plus the sum, without duplication,
        of (a) gross interest expense, (b) depreciation and amortization
        expenses or charges, (c) all income taxes to any government or
        governmental instrumentality, expenses on P&F's or its Subsidiaries'
        books (whether paid or accrued) and (d) non-cash charges relating to the
        write-down of goodwill associated with the purchase of Green, minus the
        sum of (a) all extraordinary gains, (b) all interest income and (c) all

                                        1
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        non-cash income or gain, in each case determined on a Consolidated basis
        for P&F and its Subsidiaries in accordance with GAAP.

                                   ARTICLE II.
                          CONDITIONS OF EFFECTIVENESS.

     Section 2.1. This Amendment shall become effective as of the date hereof,
upon receipt by the Bank of this Amendment, duly executed by each Co-Borrower
and each Corporate Guarantor.

                                  ARTICLE III.
           REPRESENTATIONS AND WARRANTIES; EFFECT ON CREDIT AGREEMENT.

     Section 3.1. Each Co-Borrower hereby represents and warrants as follows:

          a. This Amendment and the Credit Agreement, as amended hereby,
constitute legal, valid and binding obligations of the Co-Borrowers and are
enforceable against the Co-Borrowers in accordance with their respective terms.

          b. Upon the effectiveness of this Amendment, the Co-Borrowers hereby
reaffirm all covenants, representations and warranties made in the Credit
Agreement to the extent that the same are not amended hereby and each
Co-Borrower agrees that all such covenants, representations and warranties shall
be deemed to have been remade as of the date hereof.

          c. No Default or Event of Default has occurred and is continuing or
would exist after giving effect to this Amendment.

          d. No Co-Borrower has any defense, counterclaim or offset with respect
to the Credit Agreement.

     Section 3.2.   Effect on Credit Agreement.

          a. Upon the effectiveness of this Amendment, each reference in the
Credit Agreement to "this Agreement", "hereunder", "hereof", "herein" or words
of like import shall mean and be a reference to the Credit Agreement as amended
hereby.

          b. Except as specifically amended herein, the Credit Agreement, and
all other documents, instruments and agreements executed and/or delivered in
connection therewith, shall remain in full force and effect, and are hereby
ratified and confirmed.

          c. Except as expressly provided herein, the execution, delivery and
effectiveness of this Amendment shall not operate as a waiver of any right,
power or remedy of the Bank, nor constitute a waiver of any provision of the
Credit Agreement, or any other documents, instruments or agreements executed
and/or delivered under or in connection therewith.

                                   ARTICLE IV.
                                 MISCELLANEOUS.

     Section 4.1. This Amendment shall be governed by and construed in
accordance with the laws of the State of New York.

                                        2
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     Section 4.2. Section headings in this Amendment are included herein for
convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.

     Section 4.3. This Amendment may be executed in one or more counterparts,
each of which shall constitute an original, and all of which, taken together,
shall be deemed to constitute one and the same agreement.

[next page is signature page]

                                        3
<Page>

IN WITNESS WHEREOF, the Co-Borrowers and the Bank have caused this Amendment to
be duly executed by their duly authorized officers as of the day and year first
above written.

P&F INDUSTRIES, INC.                            FLORIDA PNEUMATIC
                                        MANUFACTURING CORPORATION

By:                                     By:
    -----------------------                 -----------------------
Name: Joseph A. Molino. Jr.             Name: Joseph A. Molino. Jr.
Title: Vice President                   Title: Vice President

EMBASSY INDUSTRIES, INC.                GREEN MANUFACTURING, INC.

By:                                     By:
    -----------------------                 -----------------------
Name: Joseph A. Molino. Jr.             Name: Joseph A. Molino. Jr.
Title: Vice President                   Title: Vice President

NATIONWIDE INDUSTRIES, INC.             COUNTRYWIDE HARDWARE, INC.

By:                                     By:
    -----------------------                 -----------------------
Name: Joseph A. Molino. Jr.             Name: Joseph A. Molino. Jr.
Title: Vice President                   Title: Vice President

CITIBANK, N.A.

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

ACKNOWLEDGED AND ACCEPTED:

STATE BANK OF LONG ISLAND

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

                                        4<Page>

                                                                   EXHIBIT 10.01

              AMENDMENT TO THE CITIGROUP INC. AMENDED AND RESTATED
           COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS (THE "PLAN")
                      (EFFECTIVE AS OF SEPTEMBER 17, 2002)
--------------------------------------------------------------------------------

1.    The first sentence of Section 6 (a) of the Plan is hereby deleted and
      replaced with the following:

      As of each date that a quarterly installment of the Annual Fixed
      Director Compensation would otherwise be payable, there shall be
      credited to the Director's Account the number of full shares of
      the Company's Common Stock obtained by multiplying the
      percentage such Eligible Director has elected to receive in
      shares of Common Stock by the total amount of Annual Fixed
      Director Compensation allocable to such calendar quarter, and
      then by dividing the result by the average of the closing price
      of the Company's Common Stock on the New York Stock Exchange
      Inc. on the first ten (10) trading days of the last month of the
      calendar quarter for which such Common Stock would otherwise be
      payable.

2.    Except as specifically modified herein, all of the terms and conditions
of the Plan shall remain in full force and effect.<Page>

                                                                     EXHIBIT 4.1

                         CONSENT OF INDEPENDENT AUDITORS

         We consent to the reference to our firm under the caption
"Experts-Independent Auditors" and to the use of our report dated November 13,
2002 in the Amendment No. 1 to the Registration Statement (Form S-6 No.
333-101012) and related Prospectus of Claymore Securities Defined Portfolios,
Series 139.

                                                      /s/ GRANT THORNTON LLP
                                                          GRANT THORNTON LLP

Chicago, Illinois
November 13, 2002QuickLinks
 -- Click here to rapidly navigate through this document

 
 

EXHIBIT 4.1    
  

Montreal,
June 14th, 2002 

WATER
PIK TECHNOLOGIES CANADA INC.

35, Grand Marshall Drive

Scarborough, Ontario

M1B SN9 

hereafter
referred to as the "Borrower" 

Attention: Victor C. Streufert  

	Subject:	 	Revolving Line of Credit facility in the amount of CAD 11,000,000 and Bulge Facility In the amount of CAD 1,000,000 and Forward exchange contract facility in the amount of CAD 2,000,000

Dear
Sir: 

We
are pleased to confirm the availability of credit facilities totaling CAD 14,000,000, according to the terms and conditions set forth below, as amended, without novation. This confirmation is based
on the representations, information and documents that you provided. 

1.    Amount and nature of the credit:

	1.1.	Revolving credit of CAD 11,000,000 or its US dollar equivalent;
	

1.2.	

Bulge revolving credit of CAD 1,000,000 or its US dollar equivalent, available only for the months of March, April and May of each year;
	

1.3.	

Forward exchange contract facility for a maximum overall amount of CAD 2,000,000, not exceeding a risk equivalent of CAD 220,000 and for terms of no longer than 12 months. The risk equivalent is determined by the Bank by evaluating the forward
exchange contracts at their market value, taking particular note of the time remaining on each forward exchange contract.

2.    Purpose of the credit:

To
finance the Borrower's import and export business and its current operations needs as well as hedge currency risk. 

3.    Credit mechanisms and limit:

	3.1.	The Borrower may utilize the revolving and bulge credits by using one of the mechanisms indicated below or a combination thereof not exceeding the limit determined for each credit:

	

 	
 	

3.1.1.	
 	

overdraft advances;
	

 	
 	

3.1.2.	
 	

letters of credit with merchandise consigned to the Bank;
	

 	
 	

3.1.3.	
 	

letters of credit with merchandise consigned to the Borrower for a global amount not exceeding CAD 500,000;
	

 	
 	

3.1.4.	
 	

documentary acceptances with terms not exceeding 90 days for a global amount not exceeding CAD 500,000;

	

 	
 	

3.1.5.	
 	

letters of guarantee for a global amount not exceeding CAD 500,000 and for terms not exceeding 12 months (except for the letters of guarantee already issued in favor of Gaz Metropolitain and Hydro-Quebec that have longer terms than
12 months);
	

 	
 	

3.1.6.	
 	

discounting of documentary credits and drafts ("Receivables") having a term no longer than 180 days and for an aggregate amount no greater than CAD 500,000.

	

3.2.	

The aggregate amount of letters of credit with merchandise consigned to the Borrower, documentary acceptances and letters of guarantee cannot, at any time, exceed the amount of CAD 500,000.
	

3.3.	

The aggregate amount of utilization by means of letters of credit with merchandise consigned to the Bank, calculated at 20%, and of the utilizations of the letters of credit with merchandise consigned to the Borrower, calculated at 100%, shall not
exceed the sum of:
	

 	

(i)    80% of the Borrower's domestic, American and European accounts receivable duly insured by the Export Development Corporation ("EDC"), of less than 90 days deemed acceptable by the Bank, and
	

 	

(ii)    75% of the forward dating for the months of October to May inclusively, payable on June 30th at the latest, based on the Borrower's accounts receivable deemed acceptable by the Bank.
	

3.4.	

In addition, the aggregate amount of utilization of the revolving and bulge credits by means of overdraft advances, letters or guarantee and documentary acceptances, shall not exceed the sum of the following amounts:
	

 	

(i)    80% of the Borrower's domestic, American and European accounts receivable, duly insured by the EDC, of less than 90 days deemed acceptable to the Bank. Accounts receivable already used to margin utilizations defined in
section 3.3, are furthermore excluded;
	

 	

and
	

 	

(ii)    75% of the forward dating for the months of October to May inclusively, payable on June 3dh at the latest, based on the Borrower's accounts receivable deemed acceptable by the Bank but excluding the ones already used
to margin utilizations defined in section 3.3;
	

 	

and
	

 	

(iii)    40% of the Borrower's inventory of raw materials or finished products of its Olympic division evaluated at cost or market value, whichever is the lesser;
	

 	

and
	

 	

(iv)    70% of the Borrower's inventory of aluminum or resin evaluated at cost or market value, whichever is the lesser, of its Olympic division, for a maximum global amount of CAD 1,000,000;
	

 	

and
	

 	

(v)    30% of the Borrower's inventory of non-finished products evaluated at cost or market value, whichever is the lesser, of its Olympic division, for a maximum global amount of CAD 300,000.
	

 	

The sum of (iii) to (v) shall not exceed, at any time, a maximum global amount of CAD 1,500,000 (MAXIMUM inventory financing).
	

 	

less
	

 	

(vi)    the liabilities to be deducted as entered on the Bank's "Monthly Declaration of Borrowing Limit" (see Appendix B);

	

 	

The above limits are also known as "financing ratios."

4.    Particular terms:

	

4.1.	

Forward exchange contracts are contracted at a rate and under conditions to be mutually agreed between the Bank and the Borrower;
	

4.2.	

The maximum term of each letter of credit and each letter of guarantee shall be 12 months or otherwise agreed to by the Bank;
	

4.3.	

Only documentary credits issued or confirmed by a financial institution acceptable to the Bank, or drafts drawn on an acceptable drawee or guaranteed by a financial institution acceptable to the Bank may be discounted by the Bank; the relevant
documents will have, on a best effort basis, to be negotiated with the Bank;
	

4.4.	

The Bank may discount 100% of the value of each Receivable, and each discount will be made with recourse against the Borrower.

5.    Interest rates and fees:

	

5.1.	

Overdraft advances shall bear interest at the Bank's prevailing annual Canadian or U.S. prime rate, plus 0.50%. The interest shall be paid monthly, on the first day of the month:
	

5.2.	

The discount is based on a discount rate equivalent to the Bank's prevailing annual Canadian or U.S. prime rate, plus 0.50%. The Borrower must also pay all other reasonable fees and expenses related to the discount;
	

5.3.	

A fee of 1.5% per annum shall be charged on all letters of guarantee, payable quarterly in advance; in addition, fixed issuance fees of CAD 50 shall be paid upon issuance;
	

5.4.	

In the event that the Bank tolerates the utilization of credit exceeding the maximum approved amount, an overdrawing fee of 0.5% (with a minimum of CAD 250) shall be paid, calculated on the highest amount overdrawn during the month in question. This
fee shall be charged to the account on the last day of the month;
	

5.5.	

In the event that the Bank observes that the agreed financing ratios are not maintained, the Borrower shall pay an overdrawing fee of 0.5% (with a minimum of CAD 250) on the coverage deficit resulting from the financing ratios as determined on the
last day of the month. This fee shall be charged to the account during the succeeding month;
	

5.6.	

Any credit balance in the Borrower's Canadian account shall bear interest at the Bank's annual prime rate, less 4%;
	

5.7.	

Any credit balance in the Borrower's US account shall bear interest at the Bank's annual prime rate, less 4.5%.
	

5.8.	

A study fee of CAD 7,500 shall be charged upon acceptance of this confirmation letter.

6.    Conditions to utilization:

	

6.1.	

Before each discount transaction, the following conditions must be satisfied:

	

 	
 	

6.1.1.	
 	

An Application for the Discounting of a Receivable, incorporating the assignment of its proceeds, accompanying by all related documentation, must be duly completed, signed by the Borrower and submitted to the Bank;
	

 	
 	

6.1.2.	
 	

Submission to the Bank of any document related to the transaction that the Bank may reasonably request and performance by the Borrower of any other necessary formalities.

7.    Reimbursement:

All
sums owing under the credit facilities are repayable on demand. Any total reimbursement effected after 11 00 a.m. is deemed to have been made on the next working day. Moreover, the Bank may
terminate the forward exchange facility upon reasonable notice to the Borrower. 

8.    Security:

	

8.1.	

As security for the fulfillment of the Borrower's obligations, the Bank already holds the following security:

	

 	
 	

8.1.1.	
 	

Pledge in favour of the Bank of the documents referred to in the letters of credit and documentary acceptances;
	

 	
 	

8.1.2.	
 	

First ranking security under the Bank Act covering all the Borrower's inventory;
	

 	
 	

8.1.3.	
 	

First ranking moveable hypothec covering the universality of the Borrower's present and future inventory, accounts receivable and other debts, to be registered in the Province of Quebec;
	

 	
 	

8.1.4.	
 	

Security Agreement covering the universality of the Borrower's present and future inventory, accounts receivable and other debts and claims to be registered in the Province of Ontario;
	

 	
 	

8.1.5.	
 	

Certified copy of the Borrower's insurance against fire and all other risks covering all the Borrower's inventory and all of its other assets, for their full insurable value; the Bank must be named an additional Beneficiary with the Borrower of the
policy covering the inventory;
	

 	
 	

8.1.6.	
 	

As security for the fulfilment of its obligations under letters of credit, the Borrower shall provide a certified copy of the Borrower's maritime insurance policy or reasonable equivalent; the Bank shall be named beneficiary of this
policy;

	

8.2.	

As security for the fulfilment of its obligations, the Borrower shall provide the following additional security:

	

 	
 	

8.2.1	
 	

A copy of the EDC insurance policy covering the Borrower's European accounts receivable of its Olympic division. The policy must clearly mention the Bank as loss payee for said accounts receivables through a direction of payment acceptable to the
Bank.

9.    Covenants:

The
Borrower must:

	

9.1.	

submit to the Bank, within 20 days from the end of each month, the "Monthly Declaration of Borrowing Limit" duly filled out and signed, accompanied by a list of accounts receivable broken down chronologically by billing date and a list of
accounts payable; and, on request from the Bank, but at least once a year I at the end of its fiscal year, submit a detailed list of its accounts receivable, including the names, addresses, telephone numbers and banking domiciliation of its clients,
and including any other breakdown the Bank may demand;
	

 	

In the event that the specified documents are not received by the due date, monthly charges in the amount of CAD 250 shall be paid by the Borrower for any delay during the month for each month in which there is non-compliance with the provisions
herein;

	

9.2.	

provide the Bank with its annual audited financial statements, and related financial covenants' certificate of compliance (see Appendix C hereto), as well as the audited financial statements of its parent Water Pik Technologies Inc. and
affiliated companies within 120 days following the end of each of their respective fiscal year;
	

9.3.	

provide the Bank with its quarterly unaudited financial statements, and related financial covenants' certificate of compliance (see Appendix C hereto), as well as the unaudited quarterly financial statements of its parent Water Pik
Technologies Inc., within 45 days following the end of each quarter;
	

9.4.	

provide the Bank with monthly financial statements within 30 days of the end of each month;
	

9.5.	

provide the Bank, within 90 days of the beginning of each new fiscal year, with its annual monthly budgeted cash flow statements and operating budget;
	

9.6.	

at all times maintain its inventory at: 240, boul. Industriel, Boucherville, Quebec; 110, Lauzon, Boucherville, Quebec: 35, Grand Marshall Drive, Scarborough, Ontario; and 480 S. Service Road, West Oakville, Ontario: and immediately notify the Bank
in writing of any new place of business and any change of location;
	

9.7.	

provide additional security, satisfactory to the Bank, if the risk equivalent of the outstanding term financial instruments, evaluated at their market value, exceeds the agreed amount of risk equivalent by 10% or more;
	

9.8.	

not pay dividends, not purchase or repurchase its shares, reduce its capital nor proceed to distributions to its shareholders or advance funds to related parties and companies, without the consent of the Bank, which consent shall not reasonably be
withheld; however nothing contained herein shall prohibit the payment of a reasonable management fee to Water Pik Technologies Inc.
	

9.9.	

maintain its current assets to current liability ratio, as calculated by the Bank, to a minimum of 1.30 to 1.
	

9.10.	

maintain its effective equity, as calculated by the Bank, to a minimum of CAD 7,500,000 (amount to be revised annually) and maintain a effective equity/total net assets ratio of a minimum of 35%. Effective equity is the shareholders' equity (capital
and retained earnings) plus loans subordinated and postponed to the Bank and payable long-term deferred taxes.

10.  Professional fees:

	10.1.	The Bank shall select the legal counsel to be mandated to prepare and set up the legal documentation, which shall be to the reasonable satisfaction of the Bank. The Borrower shall submit to said counsel all documentation
and information required for this purpose. If the mandated counsel is also the Borrower's counsel, the Bank reserves the right to have its own legal counsel review the legal documentation.
	

10.2.	

Reasonable legal fees (to generally exclude in-house council) and all other reasonable costs incurred by the Bank and the Borrower for implementing the credits (including the legal documentation review mentioned above) and obtaining the security
shall be paid by the Borrower, regardless of whether or not the credits are used, as well as all reasonable expenses and fees (to generally exclude in-house council) for amendments and renewals thereof.
	

10.3.	

In the event of default by the Borrower or a material adverse change in the Borrower's financial situation or business, the reasonable fees and expenses incurred by the Bank in auditing the Borrower's financial situation and the assets encumbered in
favour of the Bank, as the case may be, and in realizing the security shall be at the Borrower's cost.

If
you are in agreement with this offer, kindly confirm your acceptance by signing and returning the enclosed copy on or before 5:00 P.M. on the June 30th 2002, failing which this offer
will become null, void and without effect. 

Cette
lettre d'offre est rédigée en anglais à la demande expresse de I'emprunteur et la Banque, à cause de cette demande, exprime la
même volonté. This commitment letter is drawn up in English at the express request of the Borrower and, in view of such request, the Bank expresses the same intention. 

	Yours very truly,	 	 
	 	 	 
	BNP PARIBAS (CANADA)	 	 
	 	 	 
	 	 	 
	/s/ JEAN ROLM
 Jean Rolm

Vice President

Export Finance Montreal	 	/s/ ANTOINETTE ALBESIS
 Antoinette Albesis

Vice President

Export and Technology

ACCEPTED
THIS            DAY OF                        2002. 

WATER PIK TECHNOLOGIES CANADA INC.

	

By:	

/s/ SUSAN L. MAIN
	
 	

And	
 	

	Name:	S.L. Main, Vice President Controller	 	Name:	 	 

ACKNOWLEDGED THIS 9th DAY OF SEPTEMBER 2002. 

APPENDIX A
  to the offer of BNP Paribas (Canada) dated July 30th, 2001  

Definitions  

        The terms defined below shall be used for the purposes of calculating the financing ratios:

 Accounts receivable  

refers to amounts owed to the Borrower, within its current operations, as of the date of invoicing resulting from a delivery of
merchandise accepted by its client.

The following are excluded from accounts receivable: dating, 90-day-old accounts, doubtful accounts, inter-company accounts and accounts subject to
set—off; for the latter only to the extent of the amount subject to set—off.

 Dating  

refers to accounts receivable as described in the above paragraph but with extended payment terms. They represent the delivery of merchandise from October to May and payable on
June 3Oth at the latest

The following are excluded from dating: inter-company accounts and accounts subject to set-off:

 Borrower's inventory  

refers to all of the Borrower's inventory purchased and received, or produced by the Borrower over the preceding twelve months, including goods in transit outside Canada if
they are supported by shipping documents issued to the order of the Bank and paid for or accepted by the Bank.

The following are excluded: merchandise held outside Canada other than those stipulated above, packaging materials, and non-transformed goods for which amounts are
owed to suppliers for deliveries to the Borrower over the preceding 30 days.

Utilization limits  

	a)
	The Bank reserves the right to limit its financing ratios for specific clients, or to lower the financing ratios assigned to the inventory, accounts receivable
and dating, in which case the Borrower shall be notified in advance: if the Borrower is not in breach of its covenants under this commitment letter, and if this change in the ratios is not triggered
by an event of adverse change in the financial situation in the Borrower's business or financial situation, the notice shall be of a minimum of 30  days,

	b)
	In addition, the Bank may, at its sole discretion, and with reasonable advance notice, conduct an audit of the
Borrower's financial situation, accounts receivable, dating and inventory, either directly or by mandating a consultant or any other professional for such purpose,' unless the Borrower is in breach of
its covenants under this commitment letter or if an event of adverse change in the Borrower's business or financial situation occurred, the audits shall be conducted only once per year and at the
Bank's costs and expenses.

Particular terms  

	a)
	Letters of credit and letters of guarantee are issued under terms and conditions to be mutually agreed between the Bank and the
Borrower,

	b)
	Any payment by the Bank of a letter of credit or of guarantee or a banker's acceptance shall be deemed to be an overdraft advance to the
Borrower.

	c)
	The discount is subject to all other terms and conditions agreed to by the Bank and by the Borrower. and to the authentication of signatures. The Bank is under
no obligation to discount a Receivable and each discount must be specifically approved by the Bank.

Interest rates and fees  

	a)
	All interest is charged on the daily balance, with unpaid interest bearing interest at the same rate and compounded monthly.

	b)
	Where advances are granted in USD, the interest on such advances shall be calculated on a 360-day
annual basis; the annual equivalent rate shall be determined by multiplying the rate calculated on 360 days by the actual number of days included in the year and dividing the result by
360.

	c)
	A fee is payable on issuance of all letters of guarantee and letters of credit. and all documentary acceptances according to the Bank's prevailing rate
schedule; the Borrower shall also pay all other related charges and fees.

Conditions of utilization  

	a)
	Each letter of credit or documentary acceptance shall pertain to a purchase of merchandise for an amount at least equal to that of the letter of credit or
documentary acceptance and the documents required
thereto shall include documents attesting the value of this merchandise and its shipping, as well as an insurance policy endorsed in the Bank's favour.

	b)
	The conditions of utilization are for the sole benefit of the Bank, which may waive them in whole or in part, without restricting its rights. including its
recourse by virtue of any guarantee, as the case may be.

Other covenants  

        The Borrower also undertakes to:

	a)
	continually insure its assets against fire and all other risks that a prudent administrator would insure against, for the full value of the
assets;

	b)
	keep its inventory and accounts receivable free of any priority lien in favour of a third patty subject to liens ensuing from the normal course of the business.
the Borrower being however obliged to pay all sums due to any preferred or prioritary creditor to the Bank on a timely basis;

	c)
	not grant a third party any priority rights on the documents referred to in the letters of credit or documentary acceptances. or the merchandise covered by
these documents;

	d)
	make no material changes in the nature of its business. sell substantially all of its assets or merge with another corporation, and ensure there are no direct
or indirect changes in the Borrower's control, without consent of the Bank;

	e)
	respect in all material respects all the standards, laws and regulations governing the Borrower's business and assets, including environmental laws and
regulations, and hold at all times all permits and authorizations required by these laws and regulations;

immediately notify the Bank of any notice, complaint, order or fine that it may receive or be ordered to pay concerning
environmental requirements regarding its business or its assets, and indemnify the Bank and hold it harmless from all liability, loss or damages the Bank could suffer as a result of the environmental
risk that it may incur, including the costs and charges of any decontamination. as well as repay the Bank for all costs and fees that it could incur as the result of any claim, demand, lawsuit or
judgment against it regarding the environmental risk incurred by the Borrower;

	f)
	provide the Bank with all information that it may reasonably request;

	g)
	make no investment in other companies, related or not to the Borrower, nor acquire or create any subsidiary, without notifying the Bank in advance at
least 30 days prior to said event;

	h)
	give no financial assistance to a third party, without the consent of the Bank, outside the normal course of its business or affecting its financial
situation;

	i)
	present to the Bank for discounting only Receivables which stem from valid commercial transactions in the Borrower's normal course of
business;

	j)
	fulfill all obligations stemming from transactions related to discounted Receivables, and to notify the Bank immediately of any occurrence which may lead to
non-payment of same. The Borrower also agrees to take all necessary measures, including any measure requested by the Bank, to prevent any loss to the Bank.

Representations  

	a)
	The Borrower declares and guarantees to the Bank that, as of the date of this document, it is in compliance, in all material respects, with all environmental
laws and regulations governing its business and its assets, and that it holds all of the relevant permits and authorizations required under these laws and regulations.

	b)
	The Borrower also declares and guarantees that, as of the date of this document, and to the best of its knowledge, it has been served with no complaint, lawsuit
or order regarding environmental protection, other than those already notified to the Bank in writing.

Other conditions  

	a)
	If the credit facility granted may be used in a currency other than CAD and the balance owed by the Borrower, due to fluctuations in the exchange rate, exceeds
the approved amount of utilization, the Borrower shall repay the excess or provide additional security that is satisfactory to the Bank.

	b)
	Where a guarantee from a company or corporation is included under the heading "Security" in the offer to which this document is appended, each guarantor shall
produce in support of its guarantee, upon signing and annually thereafter, its audited annual financial statements within the 120 days following the end
of each fiscal year.

APPENDIX B

MONTHLY DECLARATION OF BORROWING LIMIT  

TO:    BNP
Paribas (Canada), (the "Bank") 

According
to the authorized line of credit (under the terms and conditions of the commitment letter dated June 14th, 2002, accepted
on                        ) the Borrower hereby informs the Bank that
the maximum amount available to it in the next month, as calculated by itself, has been calculated as indicated below with all reports attached hereto as
at                        . 

	ACCOUNTS RECEIVABLE	 
	 	 	Total accounts receivable (aged list attached)	 	$	 	 	 	 	 	 
	 	 	Subtract the following accounts:	 	 	 	 	 	 	 	 
	 	 	•	 	Uninsured accounts that are partly or entirely unpaid after 90 days	 	 	 	 	 	 	 	 
	 	 	•	 	Uninsured accounts from non-major accounts (as identified by the Bank)	 	 	 	 	 	 	 	 
	 	 	•	 	holdbacks/accounts excluded from margin provisions/credit

notes/intercompany accounts/sums due from management	 	 	 	 	 	 	 	 
	 	 	•	 	lesser amounts due from or owed to suppliers on receivable list	 	 	 	 	 	 	 	 
	 	 	•	 	doubtful accounts	 	 	 	 	 	 	 	 
	 	 	•	 	any other accounts excluded by the Bank and specified in writing to the Borrower	 	 	 	 	 	 	 	 
	 	 	Total admissible accounts receivable	 	 	 	=	 	$	 	 
	 	 	Margin percentage applicable:	 	× 80%	 	=	 	 	 	 	 	 	 	 	 	 
	 	 	Admissible dating	 	× 75%	 	=	 	+	 	 	 	 	 	 	 	 
	

 	
 	
Leading value of accounts receivable	
 	

 	
 	

=	
 	
$	

 	
(1)
	INVENTORY	 	 	 	 
	 	 	Aluminum	 	 	 	 	 	 	 	 
	 	 	Resine	 	+	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Total admissible	 	 	 	 	 	× 70%	 	 	 	 	 	 	 	=	 	$	 	(2)
	 	 	Maximum admissible for aluminum and resine	 	 	 	=	 	$	1,000,000	(3)
	

 	
 	

Leading value of aluminum and resine, the lesser of (2) or (3)	
 	

 	
 	

=	
 	
$	

 	
(4)
	 	 	Other Raw materials:	 	 	 	$	 	 	 	 	 	 
	 	 	Subtract the following inventory:	 	 	 	 	 	 	 	 
	 	 	•	 	inventory subject to other security interest;	 	 	 	 	 	 	 	 
	 	 	•	 	unusable stock or inventory dated six months or more

(including packaging materials);	 	 	 	 	 	 	 	 
	 	 	•	 	received within less than 30 days not purchased via

documentary credit	 	 	 	 	 	 	 	 
	 	 	•	 	ordered or manufactured on special request, cancelled since	 	 	 	 	 	 	 	 
	 	 	Other admissible raw material	 	 	 	×40%=	 	$	 	(5)
	

 	
 	

Unfinished goods	
 	

 	
 	

 	
 	
 	

 	
 
	 	 	Total admissible	 	 	 	× 30%	 	 	 	 	 	 	 	=	 	$	 	(6)
	 	 	Maximum admissible for unfinished goods	 	 	 	=	 	$	300,000	(7)
	 	 	Lending value of unfinished goods, the lesser of (6) or (7)	 	 	 	=	 	$	 	(8)
	 	 	Finished goods	 	 	 	 	 	 	 	 
	 	 	Total admissible	 	× 40%	 	 	 	 	 	 	 	=	 	$	 	(9)
	

 	
 	
Sum of admissible inventory (4)+(5)+(8)+(9)	
 	

 	
 	

=	
 	
$	

 	
(10)
	 	 	Maximum amount of inventory allowed for margin calculations	 	 	 	=	 	$	1,500,000	(11)
	 	 	Lending value of inventory (the lesser of (10) and (11)):	 	 	 	=	 	$	 	(12)
	 	 	Total lending value of accounts receivable and inventory	 	((13) = (1)+(12))	 	=	 	$	 	(13)

	CLAIMS TO BE DEDUCTED	 	 	 	 
	 	 	Wages;	 	$	 	 	 	 	 	 
	 	 	Rent;	 	+	 	 	 	 	 	 
	 	 	Total contributions to a social plan (unemployment insurance, pension plan, medical plan, worker's compensation, etc.);	 	+	 	 	 	 	 	 
	 	 	Fiscal obligations (income tax, deductions at source, sales tax, etc)	 	+	 	 	 	 	 	 
	 	 	Other sums payable to the government or one of its agencies	 	 	 	 	 	 	 	 
	 	 	
(Identify:                                        )
	 	+	 	 	 	 	 	 
	

 	
 	
Total claims to be deducted	
 	

 	
 	

=	
 	
$	

 	
(14)
	BORROWING LIMIT	 	 	 	 
	 	 	Net lending value of accounts receivable and inventory	 	((15) = (13)-(14))	 	=	 	$	 	(15)
	 	 	Authorized credit amount	 	 	 	=	 	$	14,000,000	(16)
	 	 	Global Borrowing limit (the lesser of (15) or (16)) as per condition 1.2.	 	 	 	=	 	$	 	(17)
	

ACCOUNTS PAYABLE	
 	

 	
 	

=	
 	
$	

 	
 
	SALES—CURRENT MONTH	 	 	 	=	 	$	 	 
	SALES—YEAR TO DATE	 	 	 	=	 	$	 	 
	ORDERS ON HAND—THIS SEASON	 	 	 	=	 	$	 	 
	ORDERS ON HAND—NEXT SEASON	 	 	 	=	 	$	 	 

The
Borrower hereby certifies to the Bank that all of the information provided herein and on any accompanying reports is complete and accurate in all respects. In addition, the Borrower certifies that
all sums owed to federal and provincial governments and their agencies have been paid and that the sums specified above as claims to be deducted are current amounts owing. 

	Date:	 	    
	 	 	 	 
	
WATER PIK TECHNOLOGIES CANADA, INC.

(The Borrower)	
 	

Date:	
 	

    

	

 	
 	

 	
 	

 	
 	

 
	

As Per:	
 	

    
 (authorized signature)

	
 	

 	
 	

 

 
 

APPENDIX C    
  

TO:    BNP
PARIBAS (CANADA) (the "Bank") 

 
 

CERTIFICATE OF COMPLIANCE    
  

In
consideration of the credit granted by the Bank to the undersigned (the Borrower) in accordance with the offer dated June 14th, 2002 and accepted by the Borrower
on                        (the
"Offer"), the Borrower hereby certifies to the Bank that during the [*months or fiscal
year] ending *, as follows: 

	•
	the
 current assets to current liabilities ratio, as defined in the Offer, has been maintained at no less
 than                        on a consolidated basis; its
value, upon                        (date) was
of                        ;

	•
	effective
equity. as defined in the Offer, has been maintained at no less than $                        on a consolidated basis; its value,
upon                        
(date) was of $                        ;

	•
	the
effective equity/total net assets ratio. as defined in the Offer, has been maintained at no less than $                        on
a consolidated basis: its
value, upon                        (date) was of
$                        . 

Signed
in              on this                        day
of                        ,            .
 

WATER PIK TECHNOLOGIES CANADA INC.  

	By:	 	 	 	And:	 	 
	 	 	
	 	 	 	

QuickLinks

EXHIBIT 4.1

APPENDIX C

CERTIFICATE OF COMPLIANCE

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