Document:

Exhibit No. 10.18

                               AMENDMENT NO. 1 TO
                           LOAN AND SECURITY AGREEMENT

      AMENDMENT dated as of March 20, 2000 by and among Play By Play Toys &
Novelties, Inc., a Texas corporation ("Play By Play"), Ace Novelty Co., Inc., a
Texas corporation ("Ace"), Newco Novelty, Inc., a Texas corporation ("Newco",
together with Play By Play and Ace, collectively, "Borrowers"), Friends, Food &
Games, Inc., a Nevada corporation ("Guarantor"), and Congress Financial
Corporation (Southwest), a Texas corporation ("Lender").

                              W I T N E S S E T H
                              - - - - - - - - - -

      WHEREAS, Lender, Borrowers and Guarantor have entered into financing
arrangements pursuant to which Lender, has made and may make loans and advances
and provide other financial accommodations to Borrowers as set forth in the Loan
and Security Agreement, dated October 25, 1999, by and among Lender, Borrowers
and Guarantor, as the same may hereafter be further amended, modified,
supplemented, extended, renewed, restated or replaced, the "Loan Agreement") and
the agreements, documents and instruments at any time executed and/or delivered
in connection therewith or related thereto (collectively, together with the Loan
Agreement, the "Financing Agreements"); and

      WHEREAS, Borrowers and Guarantor have requested that Lender make certain
supplemental loans to Borrowers; and

      WHEREAS, Borrowers and Guarantor have requested that Lender further extend
their time to deliver certain post-closing items to Lender; and

      WHEREAS, Borrowers and Guarantor have requested that Lender agree to
certain amendments to the Loan Agreement and Lender is willing to agree to such
amendments, subject to the terms and conditions contained herein;

      NOW, THEREFORE, in consideration of the mutual conditions and agreements
and covenants set forth herein, and for other good and valuable consideration,
the adequacy and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

1.  DEFINITIONS.

      1.1 ADDITIONAL DEFINITIONS. As used herein, the following terms shall have
the respective meanings given to them below and the Loan Agreement shall be
deemed and is hereby amended to include, in addition and not in limitation of,
each of the following definitions:

                                       1
<PAGE>
            (a) "AMENDMENT NO. 1" shall mean this Amendment No. 1 to the Loan
and Security Agreement by and among Borrowers, Guarantor, and Lender.

            (b) "IRS" shall mean the United States Department of the Treasury
Internal Revenue Service.

            (c) "MARCH 2000 REFUND DOCUMENTS" shall mean all of the documents
and correspondence related to and including the March 2000 Refund Form, as the
same now exist and may hereafter be amended, modified, supplemented, extended,
renewed, restated or replaced.

            (d) "MARCH 2000 REFUND FORM" shall mean the IRS Form 1139
Corporation Application for Tentative Refund, dated March 3, 2000, as filed by
Play By Play with the IRS and seeking a refund in the amount of $2,825,777 in
respect of the application of the 1999 Net Operating Loss to the taxable income
reported by Play By Play for its 1997 and 1998 tax years which form is attached
hereto as Exhibit A.

            (e) "MARCH 2000 TAX REFUND" shall mean the tax refund in the amount
of approximately $2,825,777 due to Play By Play from the IRS, as set forth in
the March 2000 Refund Form.

            (f) "MR. TORRES" shall mean Arturo G. Torres, an individual whose
address is 4400 Tejasco, San Antonio, Texas 78218.

            (g) "SUBORDINATED NOTEHOLDERS CONSENT" shall mean the Limited Waiver
and Consent, dated of even date with Amendment No. 1, by and among the
Subordinated Note Agent, Renaissance Capital, Renaissance US Growth, Banc One
Capital and Play By Play.

            (h) "SUPPLEMENTAL LOAN LIMIT" shall mean $500,000, and shall be
reduced by $100,000 on the Friday of each week commencing the date two (2) weeks
after the Supplemental Loan Availability Date and until the Supplemental Loan
Termination Date, and shall mean zero at all times after the Supplemental Loan
Termination Date.

            (i) "SUPPLEMENTAL LOANS" shall mean the loans hereafter made by
Lender to or for the benefit of Borrowers on a revolving basis (involving
advances, repayments and readvances) as set forth in Section 3.1 of Amendment
No. 1.

            (j) "SUPPLEMENTAL LOAN AVAILABILITY DATE" shall mean the date on
which Lender receives evidence, in form and substance satisfactory to Lender,
that Mr. Torres has advanced to Play By Play the aggregate amount of $2,500,000
pursuant to the Torres Loan Documents.

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<PAGE>
            (k) "SUPPLEMENTAL LOAN TERMINATION DATE" shall mean the earlier to
occur of (i) the date seven (7) weeks after the Supplemental Loan Availability
Date or (ii) the date that Borrowers receive the proceeds of the Val Verde Sale.

            (l) "TAX REFUND SUBORDINATION AGREEMENT" shall mean the
Subordination Agreement, dated of even date with Amendment No. 1, by and among
Mr. Torres, Lender, the Subordinated Note Agent, Renaissance Capital,
Renaissance US Growth, Banc One Capital and Play By Play, as the same now exist
and may hereafter be amended, modified, supplemented, extended, renewed,
restated or replaced.

            (m) "TORRES LOAN AGREEMENT" shall mean the Loan Agreement, dated of
even date with Amendment No. 1, by and between Play By Play and Mr. Torres, as
the same now exists and may hereafter be amended, modified, supplemented,
extended, renewed, restated or replaced.

            (n) "TORRES LOAN DOCUMENTS" shall mean all of the documents and
correspondence related to and including the Torres Loan Agreement including, but
not limited to, the Torres Note and the Torres Security Agreement, as the same
now exist and may hereafter be amended, modified, supplemented, extended,
renewed, restated or replaced.

            (o) "TORRES NOTE" shall mean the Promissory Note, dated of even date
with Amendment No. 1, issued by Play By Play and payable to Mr. Torres in the
original maximum principal amount of $2,500,000, as the same now exists and may
hereafter be amended, modified, supplemented, extended, renewed, restated or
replaced.

            (p) "TORRES PAYMENT AVAILABILITY" shall mean, as to Borrowers, the
US Dollar Equivalent of the amount as determined by Lender, calculated at any
time, equal to: (a) the lesser of (i) the amount of the Revolving Loans
available to Borrowers as of such time based on the applicable lending formulas
multiplied by the Net Amount of Eligible Accounts and the Value of Eligible
Inventory and subject to the sublimits and Availability Reserves from time to
time established by Lender hereunder and (ii) the Revolving Loan Limit, MINUS
(b) the sum of the amount of all then outstanding and unpaid Obligations of
Borrowers.

            (q) "TORRES PAYMENT DATE" shall mean each Monday during the period
beginning with (and including) the first Monday following the earlier to occur
of (i) the date Debtor's remit the cash proceeds of the March 2000 Tax Refund to
Mr. Torres or (ii) the date on which Debtor receives a final written
determination from the IRS that the amount of the March 2000 Tax Refund is zero;
PROVIDED, THAT, if such Monday is not a Business Day, the Torres Payment Date
shall be the next Business Day.

            (r) "TORRES SECURITY AGREEMENT" shall mean the Pledge, Security
Agreement & Assignment, dated of even date with Amendment No. 1, by Play By Play
in favor of Mr. Torres, as the same now exists and may hereafter be amended,
modified, supplemented, extended, renewed, restated or replaced.

                                       3
<PAGE>
            (s) "VAL VERDE" shall mean the Val Verde Vending division of Play By
Play and the assets related thereto.

            (t) "VAL VERDE SALE" shall mean the sale by Play By Play of any of
the assets of Val Verde.

            (u) "1999 NET OPERATING LOSS" shall mean the net operating loss in
the amount of ($17,358,736) reported by Play By Play to the IRS on Form 1120
U.S. Corporation Income Tax Return, dated March 3, 2000, for the tax year ended
July 31, 1999.

      1.2  AMENDMENT TO DEFINITIONS.

            (a) All references to the term "Loans" herein and in the Loan
Agreement shall be deemed and each such reference is hereby amended to include,
in addition and not in limitation, the Supplemental Loans.

            (b) All references to the term "Obligations" herein and in the Loan
Agreement shall be deemed and each such reference is hereby amended to include,
in addition and not in limitation, the Supplemental Loans as defined herein.

            (c) All references to the term "Maximum Credit" herein and in the
Loan Agreement shall be deemed and each such reference is hereby amended to mean
$35,000,000.

            (d) All references to the term "Revolving Loan Limit" herein and in
the Loan Agreement shall be deemed and each such reference is hereby amended to
mean $32,590,000.

      1.3 INTERPRETATION. For purposes of this Amendment, all terms used herein,
including but not limited to, those terms used and/or defined herein or in the
recitals hereto shall have the respective meanings assigned thereto in the Loan
Agreement.

      2. CONSENTS. Subject to the terms and conditions contained herein, Lender
hereby consents to the following:

      2.1 the Indebtedness of Play By Play to Mr. Torres as evidenced by the
Torres Note and the other Torres Loan Documents, as the same exist on the date
hereof;

      2.2 the lien and security interest granted by Play By Play for the benefit
of Mr. Torres as set forth in the Torres Security Agreement, as it exists on the
date hereof, with respect to the March 2000 Tax Refund as described in the March
2000 Tax Refund Form, as the same exists on the date hereof; and

      2.3 the further extension of Borrowers' and Guarantor's time to deliver
certain items set forth in Section 4 of Amendment No.1.

                                        4
<PAGE>
      3. AMENDMENTS TO LOAN AGREEMENT.

      3.1 SUPPLEMENTAL LOANS.

            (a) In addition to the Loans which may be made by Lenders to
Borrowers pursuant to Sections 2.1 and 2.2 of the Loan Agreement on or after the
date hereof, upon the request of Borrowers made at any time after the
Supplemental Loan Availability Date and prior to the Supplemental Loan
Termination Date, and subject to and upon the terms and conditions contained
herein and in the Loan Agreement and the other Financing Agreements, Lender
agrees to make the Supplemental Loans to Borrowers from time to time after the
Supplemental Loan Availability Date and prior to the Supplemental Loan
Termination Date, in an amount requested by Borrowers, up to the amount equal to
the Supplemental Loan Limit as then in effect. In the event that the
Supplemental Loan Availability Date does not occur prior to April 10, 2000, no
Supplemental Loans shall be available to Borrowers.

            (b) Except in Lender's discretion, Borrowers shall not have any
right to request, and Lender shall not make any Supplemental Loans in excess of
the Supplemental Loan Limit or at any time before the Supplemental Loan
Availability Date or on or after the Supplemental Loan Termination Date.

            (c) The Supplemental Loans shall be secured by all Collateral.
Notwithstanding anything to the contrary contained herein or in the Loan
Agreement or the other Financing Agreements, (i) on each date when any reduction
in the Supplemental Loan Limit becomes effective, Borrowers agree absolutely and
unconditionally to automatically and without notice or demand to make a payment
in respect of the Supplemental Loans in an amount equal to the excess, if any,
of the aggregate unpaid principal amount of the Supplemental Loans over the
Supplemental Loan Limit as so reduced in immediately available funds and (ii)
unless sooner demanded by Lender in accordance with terms of the Loan Agreement
or the other Financing Agreements, Borrowers further agree that all outstanding
and unpaid Obligations arising pursuant to the Supplemental Loans (including
without limitation, principal, interest, fees, costs, expenses and other charges
in respect thereof payable by Borrowers to Lender) shall automatically, without
notice or demand, be absolutely and unconditionally due and payable and
Borrowers shall pay to Lender in immediately available funds all such
Obligations on the Supplemental Loan Termination Date. Interest shall accrue and
be due, until and including the next business day, if amount paid by Borrowers
to the bank account designated by Lender for such purpose is received in such
bank account later than 11:00 a.m., Dallas time.

            (d) Borrowers and Guarantor each acknowledge and agree that,
notwithstanding anything to the contrary contained in the Loan Agreement or the
Financing Agreements, the failure of Borrowers to pay such Obligations arising
pursuant to the Supplemental Loans on the effective date of any reduction in the
Supplemental Loan Limit to the extent set forth in Section

                                       5
<PAGE>
3.1(c) above or all of such Obligations arising pursuant to the Supplemental
Loans on or before the Supplemental Loan Termination Date, shall constitute an
Event of Default.

      3.2 ENCUMBRANCES. Section 9.8 of the Loan Agreement is hereby amended by
adding a new Section 9.8(k) thereto as follows:

            "(k) security interests in and liens upon the March 2000 Tax Refund
      granted by Play By Play in favor of Mr. Torres to secure the obligations
      of Play By Play to Mr. Torres arising pursuant to the Torres Note (as in
      effect on the date of Amendment No.1 ), as permitted in Section 9.9 (n)
      hereof."

      3.3 INDEBTEDNESS. Section 9.9 of the Loan Agreement is hereby amended by
adding a new Section 9.9(n) thereto as follows:

             "(n) Indebtedness of Play By Play to Mr. Torres arising pursuant to
      or in connection with the loan to be made by Mr. Torres to Play By Play
      and evidenced by the Torres Note, as it exists on the date of Amendment
      No. 1; PROVIDED, THAT, (i) such Indebtedness is and shall only be secured
      by a lien and security interest in the March 2000 Tax Refund, (ii) the
      terms and conditions of such Indebtedness shall be acceptable in all
      respects to Lender, (iii) the principal amount of such Indebtedness shall
      not exceed approximately $2,500,000 at any time outstanding (less the
      aggregate amount of all repayments in respect thereof), (iv) Borrowers,
      Guarantor or any Subsidiary shall not directly or indirectly, make any
      payments with respect to such Indebtedness, EXCEPT THAT (A) Play By Play
      may make payments in respect of such Indebtedness using the cash proceeds
      of the March 2000 Tax Refund; PROVIDED, THAT, in the event that the amount
      of the March 2000 Tax Refund exceeds the unpaid principal amount of the
      Torres Note plus accrued interest thereon, as determined by Lender, such
      excess amount shall be immediately remitted to Lender for application to
      the Loans in accordance with the Financing Agreements, and (B) Play By
      Play may make additional payments in respect of such Indebtedness on a
      Torres Payment Date so long as each such payment is in an amount not to
      exceed seventy-five (75%) percent of the average Torres Payment
      Availability calculated for the Business Days occurring during the
      immediately preceding week, as calculated by Lender, PROVIDED, THAT, on
      such Torres Payment Date and after giving effect to such payment, Torres
      Payment Availability shall not be less than $1, (v) Borrowers shall not,
      directly or indirectly, without the prior written consent of Lender: (A)
      amend, modify, alter or change any terms of such Indebtedness or the
      Torres Loan Documents or any other provisions of any agreement, document
      or instruments to the extent such provision governs or affects the
      Indebtedness without the prior written consent of Lender; PROVIDED, THAT,
      Borrowers may amend or modify the March 2000 Refund Form so long as Play
      By Play provides Lender with copies of any such amendment or modification
      within five (5) days of the filing thereof with the IRS,

                                       6
<PAGE>
      or (B) redeem, retire, defease, purchase or otherwise acquire such
      Indebtedness, or set aside or otherwise deposit or invest any sums for
      such purpose, and (vi) Borrowers shall furnish to Lender a copy of all
      notices, correspondence or demands in connection with such Indebtedness
      either received by Borrowers or on their behalf, including written notice
      of receipt by Play By Play of the cash proceeds of the March 2000 Tax
      Refund, within two (2) days after the receipt thereof or sent by Borrowers
      or on their behalf concurrently with the sending thereof, as the case may
      be."

      4. ADDITIONAL TIME TO DELIVER CERTAIN POST-CLOSING ITEMS. Borrowers and
Guarantor hereby agree that, in addition to all other terms, conditions and
provisions set forth in the other Financing Agreements, Borrowers and Guarantor
shall deliver or cause to be delivered to Lender, the following, in form and
substance satisfactory to Lender, as soon as possible, but in any event, by no
later than April 15, 2000 for the delivery of:

      4.1 the Pledge and Security Agreement by PBP Europe in favor of Lender
with respect to certain of shares of the capital stock of PBP UK, duly
authorized, executed and delivered by PBP Europe;

      4.2 the original stock certificates representing sixty-five (65%) percent
of the issued and outstanding shares of capital stock of PBP UK together with
the original stock powers, duly executed in blank with respect to such shares
and the appropriate corporate authorizations with respect thereto;

      4.3 the opinion letters of Spanish and British counsel to Play By Play and
its subsidiaries with respect to the enforcement of the pledge of certain shares
of the capital stock of PBP UK;

      4.4 evidence of the establishment of a separate depository account at a
bank located in Canada and evidence that Borrowers have sent an instruction
letter to such depository bank by certified mail return receipt requested;

      4.5 Collateral Access Agreements, with respect to the premises of Play By
Play owned or controlled by the following parties (in each case, duly
authorized, executed and delivered by such owner and lessor or warehouse
operator): (A) Spieker Properties, L.P., (B) Alpha Beta Company; and (C)
Distribution 2000;

      4.6 Credit Card Acknowledgments from each of First Financial Bank, United
Merchant Services, Paymentech Merchant Services, LLC and American Express Travel
Related Services, Inc., duly authorized, executed and delivered by such parties
and Play By Play; and

      4.7 certificate issued by the Secretary of State of Illinois indicating
that Play By Play is a foreign corporation duly qualified to conduct business in
such states and is in good standing in such state.

                                       7
<PAGE>
      5. REPRESENTATIONS, WARRANTIES AND COVENANTS. In addition to the
continuing representations, warranties and covenants heretofore or hereafter
made by Borrowers to Lender pursuant to the other Financing Agreements,
Borrowers hereby represent, warrant and covenants with and to Lender as follows
(which representations, warranties and covenants are continuing and shall
survive the execution and delivery of Amendment No.1 and shall be incorporated
into and made a part of the Financing Agreements):

      5.1 TORRES LOAN. Play By Play has received cash proceeds in the amount of
$1,000,000 from Mr. Torres pursuant to the Torres Loan Documents and, as of the
date hereof, the total Indebtedness owed by Play By Play to Mr. Torres pursuant
to the Torres Loan Documents is $1,000,000. This Indebtedness and any further
loans and advances by Mr. Torres to Play By Play pursuant to the terms of the
Torres Loan Documents (as the same exist on the date hereof) is the only
Indebtedness evidenced by the Torres Note.

      5.2 INTEREST PAYMENT ON SUBORDINATED NOTES . Borrowers agree to make a
payment in the total aggregate amount of $398,125 in respect of the unpaid
current interest obligation of Play By Play pursuant to the Subordinated
Creditor Agreements for the months of December 1999, January 2000 and February
2000. Borrowers acknowledge that upon the making of such payment, no default or
event of default, or event which with notice or the passage of time or both
would constitute an event of default exists under the Subordinated Creditor
Agreements.

      5.3 NO DEFAULT. No Event of Default exists on the date of Amendment No. 1
(after giving effect to the amendment to the Loan Agreement made by the
provisions of Amendment No. 1).

      5.4 CORPORATE POWER AND AUTHORITY. This Amendment has been duly executed
and delivered by Borrowers and Guarantor and is in full force and effect as of
the date of Amendment No. 1 and the agreements and obligations of Borrowers and
Guarantor contained herein constitute legal, valid and binding obligations of
Borrowers and Guarantor enforceable against Borrowers and Guarantor in
accordance with their respective terms.

      5.5 CONSENTS. Borrowers and Guarantor have received all necessary consents
and approvals of third parties to the transactions contemplated by Amendment No.
1, including the Torres Loan.

      60 CONDITIONS PRECEDENT. The effectiveness of the consents, waivers and
other terms and conditions contained herein shall be subject to the receipt by
Lender of the following in form and substance satisfactory to Lender:

      6.1 evidence that Play By Play has received from Mr. Torres the minimum
amount of the Torres Loan, approximately $1,000,000, in immediately available
funds;

                                       8
<PAGE>
      6.2 true, correct and complete copies of the Torres Loan Documents, each
duly authorized, executed and delivered by Play By Play and Mr. Torres;

      6.3 a true correct and complete copy of the Tax Refund Subordination
Agreement, duly authorized, executed and delivered by the parties thereto;

      6.4 a true correct and complete copy of the Subordinated Noteholders
Consent, duly authorized, executed and delivered by the parties thereto;

      6.5 true, correct and complete copies of the March 2000 Refund Documents,
each duly authorized, executed and delivered by Play By Play; and

      6.6 a true correct and complete copy of Amendment No. 1, duly authorized,
executed and delivered by Borrowers and Guarantors.

      70 ADDITIONAL EVENTS OF DEFAULT. The parties hereto acknowledge, confirm
and agree that the failure of Borrowers, Guarantor or any Subsidiary to comply
with the covenants, conditions and agreements contained herein shall constitute
an Event of Default under the Financing Agreements (subject to the applicable
cure period, if any, with respect thereto provided for in the Loan Agreement as
in effect on the date hereof).

      80 EFFECT OF THIS AMENDMENT. Except as modified pursuant hereto, no other
waivers, changes or modifications to the Financing Agreements are intended or
implied, and in all other respects, the Financing Agreements are hereby
specifically ratified, restated and confirmed by all parties hereto as of
effective date hereof. Any acknowledgment or consent or waiver contained herein
shall not be construed to constitute a consent or waiver to any other or further
action by Borrowers or to entitle Borrowers to any other consent or waiver. The
Loan Agreement and this Amendment shall be read and construed as one agreement.
To the extent of conflict between the terms of this Amendment and the other
Financing Agreements, the terms of this Amendment shall control.

      90 FURTHER ASSURANCES. The parties hereto shall execute and deliver such
additional documents and take such additional actions as may be necessary to
effectuate the provisions and purposes of this Amendment.

      100 GOVERNING LAW. The rights and obligations hereunder of each of the
parties hereto shall be governed by and interpreted and determined in accordance
with the laws of the State of Texas.

      110 BINDING EFFECT. This Amendment shall be binding upon and inure to the
benefit of each of the parties hereto and their respective successors and
assigns.

                                       9
<PAGE>
      120 COUNTERPARTS. This Amendment may be executed in any number of
counterparts, but all of such counterparts shall together constitute but one and
the same agreement. In making proof of this Amendment, it shall not be necessary
to produce or account for more than one counterpart thereof signed by each of
the parties thereto.

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

                                    Very truly yours,

                                    PLAY BY PLAY TOYS & NOVELTIES, INC.

                                    By:_________________________________________

                                    Title:______________________________________

                                    ACE NOVELTY CO., INC.

                                    By:_________________________________________

                                    Title:______________________________________

                                    NEWCO NOVELTY, INC.

                                    By:_________________________________________

                                    Title:______________________________________

                                    FRIENDS, FOOD & GAMES, INC.

                                    By:_________________________________________

                                    Title:______________________________________

AGREED TO:
---------

CONGRESS FINANCIAL CORPORATION
      (SOUTHWEST)

By:_________________________________

Title:________________________________

                                       10Exhibit No. 10.19

                                                                     [06/1/2000]

                               AMENDMENT NO. 2 TO

                           LOAN AND SECURITY AGREEMENT

      AMENDMENT dated as of May 31, 2000 by and among Play By Play Toys &
Novelties, Inc., a Texas corporation ("Play By Play"), Ace Novelty Co., Inc.,
a Texas corporation ("Ace"), Newco Novelty, Inc., a Texas corporation
("Newco", together with Play By Play and Ace, collectively, "Borrowers"),
Friends, Food & Games, Inc., a Nevada corporation ("Guarantor"), and Congress
Financial Corporation (Southwest), a Texas corporation ("Lender").

                               W I T N E S S E T H

      WHEREAS, Lender, Borrowers and Guarantor have entered into financing
arrangements pursuant to which Lender, has made and may make loans and advances
and provide other financial accommodations to Borrowers as set forth in the Loan
and Security Agreement, dated October 25, 1999, by and among Lender, Borrowers
and Guarantor, as amended by Amendment No.1, dated March 21, 2000, by and among
Lender, Borrowers and Guarantor (as the same may hereafter be further amended,
modified, supplemented, extended, renewed, restated or replaced, the "Loan
Agreement") and the agreements, documents and instruments at any time executed
and/or delivered in connection therewith or related thereto (collectively,
together with the Loan Agreement, the "Financing Agreements"); and

      WHEREAS, Borrowers and Guarantor have requested that Lender (i) agree to
certain amendments to the Loan Agreement, and (ii) waive certain existing Events
of Default and Lender is willing to agree to such amendments and waiver, subject
to the terms and conditions contained herein;

      NOW, THEREFORE, in consideration of the mutual conditions and agreements
and covenants set forth herein, and for other good and valuable consideration,
the adequacy and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

1.  DEFINITIONS.

      1.1  AMENDMENT TO DEFINITIONS.

            (a) The definition of "Interest Rate" in the Loan Agreement shall be
deleted in its entirety and replaced with the following:

      "1.61 "INTEREST RATE" shall mean,

                                       1
<PAGE>
            (i) as to Prime Rate Loans, a rate of one (1%) percent per annum in
            excess of the Prime Rate and, as to Eurodollar Rate Loans, a rate of
            three and one-half (3 1/2%) percent per annum in excess of the
            Adjusted Eurodollar Rate (based on the Eurodollar Rate applicable
            for the Interest Period selected by a Borrower as in effect three
            (3) Business Days after the date of receipt by Lender of the request
            of a Borrower for such Eurodollar Rate Loans in accordance with the
            terms hereof, whether such rate is higher or lower than any rate
            previously quoted to a Borrower);

            (ii) notwithstanding anything to the contrary contained herein, the
            Interest Rate applicable to Prime Rate Loans and Eurodollar Rate
            Loans shall be reduced, one time only, by one-quarter of one (1/4%)
            percent effective as as of the first day of the month after each of
            the following conditions is satisfied as determined by Lender: (A)
            Play By Play and its Subsidiaries satisfy the covenants contained in
            Section 9.16(a) and (b) of the Loan Agreement for two (2)
            consecutive fiscal quarters, as set forth in the unaudited
            consolidated financial statements of Play By Play and its
            Subsidiaries for such fiscal quarters delivered to Lender in
            accordance with Section 9.6 hereof; and (B) no Event of Default or
            act, condition or event which, with notice or passage of time, or
            both, would constitute an Event of Default, shall exist or have
            occurred and be continuing, PROVIDED, THAT, in the event that the
            Interest Rate applicable to Prime Rate Loans and Eurodollar Rate
            Loans is reduced as provided in this clause (ii), if at the end of
            any subsequent fiscal quarter after the condition set forth in
            clause (ii)(A) is not satisfied, effective as of the first day of
            the month after the receipt by Lender of the consolidated financial
            statements of Borrower and its Subsidiaries for such fiscal quarter,
            the Interest Rate shall increase to the rate set forth in clause (i)
            above; and

            (iii) notwithstanding anything to the contrary contained herein, the
            Interest Rate shall mean the rate of three (3%) percent per annum in
            excess of the Prime Rate as to Prime Rate Loans and the rate of five
            and one-half (5 1/2%) percent per annum in excess of the Adjusted
            Eurodollar Rate as to Eurodollar Rate Loans, at Lender's option,
            without notice, (i) for the period (A) from and after the date of
            termination or non-renewal hereof until Lender has received full and
            final payment of all obligations hereof (notwithstanding entry of a
            judgment against a Borrower) and (B) from and after the date of the
            occurrence of an Event of Default for so long as such Event of
            Default is continuing as determined by Lender, and (ii) on the Loans
            to a Borrower at any time outstanding in excess of the amounts
            available to such Borrower under Section 2 (whether or not such
            excess(es), arise or are made with or without Lender's knowledge or
            consent and whether made before or after an Event of Default)."

            (b) The definition of "APPLICABLE SEASONAL ADVANCE RATE Percentage"
in the Loan Agreement shall be deleted in its entirety and replaced with the
following:

                                       2
<PAGE>
      "1.5 "APPLICABLE SEASONAL ADVANCE RATE PERCENTAGE" shall mean, for
      purposes of Secion 2.1(a)(ii) hereof, the following percentages for the
      periods indicated below:

            (i)  fifty-five (55%) percent for the period commencing October
            24, 1999 through and including June 30, 2000;

            (ii) fifty-four and three-quarters (54 3/4%) percent for the week
            beginning July 3, 2000 and such Applicable Seasonal Advance Rate
            Percentage shall be reduced by one-quarter (1/4%) percent on the
            Monday of each of the three (3) weeks following July 3, 2000;

            (iii) fifty-three and one-half (53 1/2%) percent for the week
            beginning July 31, 2000 and such Applicable Seasonal Advance Rate
            Percentage shall be reduced by one-half (1/2%) percent on the Monday
            of each of the seven (7) weeks following July 31, 2000; such that
            the Applicable Seasonal Advance Rate Percentage commencing September
            18, 2000 through and including November 30, 2000 shall be fifty
            (50%) percent;

            (iv) fifty-five (55%) percent for period commencing December 1
            (commencing with calendar year 2000) of any calendar year through
            and including May 31 of the immediately succeeding calendar year;
            and

            (v) fifty (50%) percent for the period from and including June 1 of
            any calendar year (commencing with the calendar year 2001) through
            and including November 30, of the same calendar year."

      1.2 INTERPRETATION. For purposes of this Amendment, all terms used herein,
including but not limited to, those terms used and/or defined herein or in the
recitals hereto shall have the respective meanings assigned thereto in the Loan
Agreement.

      2.  WAIVER.

      2.1  Subject to the terms and conditions contained herein, Lender
hereby waives:

            (a) the Event of Default arising under Section 10.1(a) of the Loan
Agreement as a result of the failure of Play By Play and its Subsidiaries to
comply with Section 9.16(a) of the Loan Agreement as of April 30, 2000;
PROVIDED, THAT, such waiver shall only apply to the failure of Play By Play and
its Subsidiaries to comply with such covenant for the period through and
including April 30, 2000; and

            (b) the delivery of the Pledge and Security Agreement by PBP Europe
in favor of Lender with respect to certain of shares of the capital stock of PBP
UK and the delivery of the Pledge and Security Agreement by PBP Far East in
favor of Lender with respect to certain of

                                       3
<PAGE>
shares of the capital stock of Caribe and any documents or instruments related
to either of the foregoing.

       2.2 Lender has not waived, is not by this Amendment waiving, and has no
intention of waiving any Events of Default that may have occurred on or before
the date hereof (other than the Events of Default enumerated in Section 2.1
hereof), whether or not continuing on the date hereof, or that may occur after
the date hereof (whether the same or similar to the Event of Default referred to
in Section 2.2 or otherwise).

      2.3 The foregoing waiver shall not be construed as a bar to or a waiver of
any other or further defaults or Events of Default on any future occasion,
whether similar in kind or otherwise and shall not constitute a waiver, express
or implied of any of the rights and remedies of Lender arising under the terms
of the Financing Agreements on any future occasion or otherwise. Nothing
contained herein should be construed to entitle Borrowers to any other or
further waiver with respect to any defaults under the Loan Agreement at any time
after the date hereof or otherwise.

      3. REPRESENTATIONS, WARRANTIES AND COVENANTS. In addition to the
continuing representations, warranties and covenants heretofore or hereafter
made by Borrowers to Lender pursuant to the other Financing Agreements,
Borrowers hereby represent, warrant and covenants with and to Lender as follows
(which representations, warranties and covenants are continuing and shall
survive the execution and delivery of this Amendment and shall be incorporated
into and made a part of the Financing Agreements):

      3.1 NO DEFAULT. No Event of Default or condition or event which with
notice or passage of time or both would constitute an Event of Default exists or
has occurred as of the date of this Amendment (after giving effect to the
amendments made and waivers granted by Lender pursuant to this Amendment).

      3.2 CORPORATE POWER AND AUTHORITY. This Amendment has been duly executed
and delivered by Borrowers and Guarantor and is in full force and effect as of
the date of this Amendment and the agreements and obligations of Borrowers and
Guarantor contained herein constitute legal, valid and binding obligations of
Borrowers and Guarantor enforceable against Borrowers and Guarantor in
accordance with their respective terms.

      3.3 MATERIAL CONTRACTS. The execution and delivery and performance of this
Amendment by Borrower and Guarantors will not violate any material agreement,
instrument or undertaking by which it is bound, and will not result in, or
require, the creation or imposition of any lien, charge, security interest or
other encumbrance on any of its properties or revenues.

      3.4 SUBORDINATED CREDITOR AGREEMENTS. No default or event of default, or
condition or event which with notice or the passage of time or both would
constitute an event of default exists or has occurred as of the date of this
Amendment under the Subordinated Creditor Agreements.

                                       4
<PAGE>
      4. AMENDMENT FEE. In consideration of the Amendment set forth herein,
Borrowers shall on the date hereof, pay to Lender, and Lender may, at its
option, charge the account of Borrowers maintained by Lender, a fee in the
amount of $65,000, which fee shall constitute part of the Obligations and is
fully earned as of the date hereof and is payable in the amounts and on the
dates set forth below:

            FEE AMOUNT                          PAYMENT DATE
            ----------                          ---------------
            $30,000                             June 1, 2000
            $11,000                             June 30, 2000
            $12,000                             July 31, 2000
            $12,000                             August 31, 2000

      5.  CONDITIONS PRECEDENT.   The effectiveness of the amendments and
waiver pursuant to this Amendment shall be subject to the satisfaction of
each of the following conditions precedent in a manner satisfactory to Lender:

      5.1 Lender shall have received, in form and substance satisfactory to
Lender, an original of this Amendment, duly authorized, executed and delivered
by Borrowers and Guarantor;

      5.2  Lender shall have received the fee referred to in Section 4
hereof; and

      5.3 After giving effect to the amendments to the Loan Agreement provided
in this Amendment, no Event of Default shall exist or have occurred and no
event, act or condition shall have occurred or exist which with notice or
passage of time or both would constitute an Event of Default.

      6. ADDITIONAL EVENTS OF DEFAULT. The parties hereto acknowledge, confirm
and agree that the failure of Borrowers, Guarantor or any Subsidiary to comply
with the covenants, conditions and agreements contained herein shall constitute
an Event of Default under the Financing Agreements (subject to the applicable
cure period, if any, with respect thereto provided for in the Loan Agreement as
in effect on the date hereof).

      7. EFFECT OF THIS AMENDMENT. Except as modified pursuant hereto, no other
waivers, changes or modifications to the Financing Agreements are intended or
implied, and in all other respects, the Financing Agreements are hereby
specifically ratified, restated and confirmed by all parties hereto as of
effective date hereof. Any acknowledgment or consent or waiver contained herein
shall not be construed to constitute a consent or waiver to any other or further
action by Borrowers or to entitle Borrowers to any other consent or waiver. The
Loan Agreement and this Amendment shall be read and construed as one agreement.
To the extent of conflict between the terms of this Amendment and the other
Financing Agreements, the terms of this Amendment shall control.

                                       5
<PAGE>
      8.  FURTHER ASSURANCES.  The parties hereto shall execute and deliver
such additional documents and take such additional actions as may be
necessary to effectuate the provisions and purposes of this Amendment.

      9.  GOVERNING LAW.  The rights and obligations hereunder of each of the
parties hereto shall be governed by and interpreted and determined in
accordance with the laws of the State of Texas.

      10.  BINDING EFFECT.  This Amendment shall be binding upon and inure to
the benefit of each of the parties hereto and their respective successors and
assigns.

      11.  COUNTERPARTS.  This Amendment may be executed in any number of
counterparts, but all of such counterparts shall together constitute but one
and the same agreement.  In making proof of this Amendment, it shall not be
necessary to produce or account for more than one counterpart thereof signed
by each of the parties thereto.

                 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       6
<PAGE>
      IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their authorized officers as of the date and year
first above written.

                                    Very truly yours,

                                    PLAY BY PLAY TOYS & NOVELTIES, INC.

                                    By:_________________________________________

                                    Title:______________________________________

                                    ACE NOVELTY CO., INC.

                                    By:_________________________________________

                                    Title:______________________________________

                                    NEWCO NOVELTY, INC.

                                    By:_________________________________________

                                    Title:______________________________________

                                    FRIENDS, FOOD & GAMES, INC.

                                    By:_________________________________________

                                    Title:______________________________________

AGREED TO:
---------

CONGRESS FINANCIAL CORPORATION
      (SOUTHWEST)

By:___________________________

Title:________________________

                                       7

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