Document:

<PAGE>

                             AMENDMENT NO. 3 AND WAIVER dated as of March 31,
                        2000 (this "Amendment") to the Amended and Restated
                        Credit, Security, Guaranty and Pledge Agreement dated as
                        of December 2, 1998 as amended and restated as of
                        October 15, 1999 (as the same may be further amended,
                        supplemented and otherwise modified from time to time,
                        the "Credit Agreement") by and among FAMILY GOLF
                        CENTERS, INC., a Delaware corporation (the "Company"),
                        the GUARANTORS name therein, the LENDERS named therein
                        and THE CHASE MANHATTAN BANK, a New York banking
                        corporation, as Agent for the lenders (in such capacity,
                        the "Agent").

WHEREAS, subject to the terms and conditions hereof, the Credit Parties, the
Lenders and the Agent desire to amend certain Sections of the Credit Agreement,
and the Lenders and the Agent desire to waive compliance by the Credit Parties
with certain Sections of the Credit Agreement.

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

         1. AMENDMENTS. Subject to the satisfaction of the conditions precedent
set forth in Section 4 hereof, the Credit Agreement is hereby amended as of the
Effective Date as follows:

              (a) Section 1.01 of the Credit Agreement is hereby amended by
         inserting in the correct alphabetical sequence the following new
         definition:

              "Budget' shall mean the six-week cash forecast prepared by the
         Company attached hereto as Schedule 2, which forecast sets forth, among
         other things, the Company's anticipated receipts and disbursements for
         the period commencing the week ending March 31, 2000 through and
         including the week ending May 5, 2000."

         (b) Section 3.03(b) of the Credit Agreement is hereby amended by adding
to the end thereof the following sentence:

         "Notwithstanding the foregoing or anything else herein to the contrary,
         during the period from April 1, 2000 through May 5, 2000, (x) the
         Company may retain fifty percent (50%) of Net Cash Proceeds derived
         from the sale of the capital stock of Eagle Quest Golf Centers, Inc. to
         American Golf Corporation received during such period (unless pursuant
         to the formula set forth above the Company is entitled to retain less
         than fifty percent (50%) of such Net Cash Proceeds, in which case the
         Company may retain such lesser

                                      -1-
<PAGE>

         amount) and shall use such amount to prepay Tranche A Loans until the
         Tranche A Loans are repaid in full, and the Company shall pay fifty
         percent (50%) (unless pursuant to the formula set forth above the
         Company is required to pay more than fifty percent (50%) of such Net
         Cash Proceeds, in which case the Company shall pay such higher amount)
         of such Net Cash Proceeds to the Lenders to permanently prepay Tranche
         B Loans then outstanding and (y) except as set forth in clause (x) of
         this Section, the Company may retain sixty percent (60%) of Net Cash
         Proceeds received during such period (unless pursuant to the formula
         set forth above the Company is entitled to retain less than sixty
         percent (60%) of such Net Cash Proceeds, in which case the Company may
         retain such lesser amount) and shall use such amount to prepay Tranche
         A Loans until the Tranche A Loans are repaid in full, and the Company
         shall pay forty percent (40%) (unless pursuant to the formula set forth
         above the Company is required to pay more than forty percent (40%) of
         such Net Cash Proceeds, in which case the Company shall pay such higher
         amount) of such Net Cash Proceeds to the Lenders to permanently prepay
         Tranche B Loans then outstanding."

         (c) Section 3.03(d) of the Credit Agreement is hereby amended by adding
to the chart set forth therein the following:

              "Date                        Principal Amount
              -----                        ----------------

              May 5, 2000                  $5,500,000"

         (d) Article VI of the Credit Agreement is hereby amended by adding to
the end thereof the following new Section 6.27 and Section 6.28:

                  "Section 6.27. Compliance with Budget. Comply with and in all
         respects operate in strict accordance with the disbursements set forth
         in the Budget, including, without limitation, by not disbursing for any
         line item on a cumulative basis during the Budget period any amounts in
         excess of the forecasted disbursements for such line item.

                  Section 6.28. Amendment to Keen Realty Agreement. No later
         than April 5, 2000, deliver to the Agent a fully executed amendment to
         the agreement between the Company and Keen Realty Consultants Inc.
         which amendment shall set forth the release price for each property
         subject to the agreement."

         (e) The Credit Agreement is hereby amended by inserting in the correct
numerical sequence a new Schedule 2 in the form of Exhibit A hereto.

                                      -2-
<PAGE>

         2. WAIVERS.

         (a) Compliance with (i) Sections 7.13(a) and (c) of the Credit
Agreement, (ii) Section 6.16 of the Credit Agreement, but only with respect to
the Company's obligation thereunder to add additional directors to its board of
directors by March 31, 2000 and (iii) Section 8.01(f)(vii) of the Credit
Agreement is hereby waived for the period commencing April 1, 2000 to and
including 5:00 p.m. (New York City time) on May 5, 2000 (the "Waiver Period");
provided that (i) any breach during the Waiver Period in the timely performance,
observance or fulfillment of any of the terms or conditions contained in this
Amendment shall constitute an Event of Default under the Credit Agreement and,
unless the Agent and the requisite number of Lenders otherwise agree in writing,
shall result in an immediate termination of the effectiveness of the waivers
contained herein; and (ii) an Event of Default shall be deemed to have occurred
as of the close of business on the Waiver Termination Date (as defined below) if
the Company is not in compliance as of such date with Sections 7.13(a) and (c)
of the Credit Agreement at the levels set forth in the Credit Agreement as of
the date hereof without giving effect to the waivers contained herein. In
addition, the waivers provided for above shall automatically terminate upon the
failure by the Company to comply in any respect with Section 6.27 of the Credit
Agreement. As used herein, the term "Waiver Termination Date" shall mean 5:00
p.m. on May 5, 2000 (New York City time), or such later date as may be agreed
upon in writing by the Agent and the Required Lenders. Upon the occurrence of
any Event of Default, the Agent and the Lenders shall have all rights and
remedies available to them under the Loan Documents, at law or otherwise with
respect to each Event of Default, which rights and remedies are hereby expressly
reserved.

         (b) Compliance with Section 6.03(a) of the Credit Agreement, but only
with respect to the requirement therein that the report of Richard A. Eisner &
Company, LLC or other certified public accountants shall be unqualified, is
hereby waived only with respect to the report accompanying the financial
statements of the Company and its Consolidated Subsidiaries for the fiscal year
ending December 31, 1999.

         3. REPRESENTATIONS AND WARRANTIES. The Credit Parties represent and
warrant that, after giving effect to this Amendment:

         (a) the representations and warranties contained in the Credit
Agreement are true and correct in all material respects on and as of the date
hereof as if such representations and warranties had been made on and as of the
date hereof (except to the extent that any such representations and warranties
specifically relate to an earlier date); and

         (b) no Default or Event of Default will have occurred and be continuing
on and as of the date hereof.

         4. CONDITIONS PRECEDENT. The effectiveness of this Amendment is subject
to the satisfaction in full of each of the conditions precedent set forth in
this Section 4 (the date on which all such conditions have been satisfied being
herein called the "Effective Date"):

                                      -3-
<PAGE>

         (a) the Agent shall have received counterparts of this Amendment which,
when taken together, bear the signatures of the Company, each Guarantor, the
Agent and each of the requisite number of Lenders;

         (b) all legal matters incident to this Amendment shall be satisfactory
to Morgan, Lewis & Bockius LLP, counsel to the Agent; and

         (c) all fees and disbursements of Morgan, Lewis & Bockius LLP, counsel
to the Agent, PricewaterhouseCoopers LLC, professional adviser to the Agent's
counsel and other fees, costs and expenses of the Agent and the Lenders which
are owing from the Company and the Guarantors under the Credit Agreement or
otherwise shall have been paid in full.

         5. MISCELLANEOUS.

         (a) Capitalized terms used herein and not otherwise defined herein
shall have the meanings assigned to them in the Credit Agreement.

         (b) Except as expressly amended hereby, the Credit Agreement shall
remain in full force and effect in accordance with the original terms thereof.

         (c) The amendments and waivers herein contained are limited
specifically to the matters set forth above and do not constitute directly or by
implication an amendment or waiver of any other provision of Credit Agreement or
any default which may occur or may have occurred under the Credit Agreement.

         (d) Should there be a need for further amendments or waivers with
respect to the matters addressed herein or any other matters, requests for such
amendments or waivers shall be evaluated by the Lenders when formally requested,
in writing, by the Company, and the Lenders may deny any such requests for any
reason in their sole discretion.

         (e) This Amendment may be executed in one or more counterparts, each of
which shall constitute an original, but all of which when taken together shall
constitute but one Amendment. Facsimile signatures at the foot hereof shall be
given the same effect as originals.

         (f) This Amendment shall constitute a Loan Document.

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

         (h) The Company agrees to pay all out-of-pocket expenses incurred by
the Agent in connection with the preparation, execution and delivery of this
Amendment, including, but not limited to, the reasonable fees and disbursements
of counsel for the Agent.

                                      -4-
<PAGE>

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

                                      -5-
<PAGE>

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

                              FAMILY GOLF CENTERS, INC.

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

                              TPT EL SEGUNDO, INC.
                              GLOBAL GOLF/GAVILAN
                              INDIAN RIVER FAMILY GOLF CENTERS, INC.
                              TUCSON FAMILY GOLF CENTERS, INC.
                              CINCINNATI FAMILY GOLF CENTERS, INC.
                              ST. LOUIS FAMILY GOLF CENTERS, INC.
                              WEST PALM BEACH FAMILY GOLF CENTERS, INC.
                              SAN JOSE FAMILY GOLF CENTERS, INC.
                              EASTON FAMILY GOLF CENTERS, INC.
                              RANDALL'S ISLAND FAMILY GOLF CENTERS, INC.
                              PRIVATIZATION PLUS, INC.
                              WESTMINSTER FAMILY GOLF CENTERS, INC.
                              CAROLINA SPRINGS FAMILY GOLF CENTERS, INC.
                              ORIENT ASSOCIATES INTERNATIONAL, INC.
                              SKYDRIVE ALLEY POND COMPANY, INC.
                              SKYDRIVE GREENBURGH CO., INC.
                              SKYCON CONSTRUCTION CO., INC.
                              SKYDRIVE WILLOWBROOK, NJ, INC.
                              SKYDRIVE CO., INC.
                              PELHAM FAMILY GOLF CENTERS, INC.
                              RICHMOND FAMILY GOLF CENTERS, INC.
                              PEACHTREE FAMILY GOLF CENTERS, INC.
                              ALPHARETTA FAMILY GOLF CENTERS, INC.
                              VALLEY VIEW FAMILY GOLF CENTERS, INC.
                              MESA FAMILY GOLF CENTERS, INC.

                                       -6-
<PAGE>

                              VIRGINIA BEACH FAMILY GOLF CENTERS, INC.
                              DENVER FAMILY GOLF CENTERS, INC.
                              FLANDERS FAMILY GOLF CENTERS, INC.
                              MARGATE FAMILY GOLF CENTERS, INC.
                              BROOKLYN FAMILY GOLF CENTERS, INC.
                              LAKE GROVE FAMILY GOLF CENTERS, INC.
                              GOLDEN SPIKES, INC.
                              WHITEHALL FAMILY GOLF CENTERS, INC.
                              SPORTS PLUS PROPERTIES, INC.
                              SPORTS PLUS PROPERTIES, LLC
                              GENPROP, LLC
                              ICEWORKS OF AMERICA, INC.
                              COMMACK FAMILY GOLF CENTERS, INC.
                              GREENVILLE FAMILY GOLF CENTERS, INC.
                              CHICAGO FAMILY GOLF CENTERS, INC.
                              FLEMINGTON FAMILY GOLF CENTERS, INC.
                              YORKTOWN FAMILY GOLF CENTERS, INC.
                              THE PRACTICE TEE, INC.
                              THE SEVEN IRON, INC.
                              C.B. FAMILY GOLF CENTERS, INC.
                              DARLINGTON FAMILY GOLF CENTERS, INC.
                              MAINEVILLE FAMILY GOLF CENTERS, INC.
                              MILWAUKEE FAMILY GOLF CENTERS, INC.
                              OLNEY FAMILY GOLF CENTERS, INC.
                              PALM DESERT FAMILY GOLF CENTERS, INC.
                              BROWARD FAMILY GOLF CENTERS, INC.
                              ENGLEWOOD FAMILY GOLF CENTERS, INC.
                              RALEIGH FAMILY GOLF CENTERS, INC.
                              TEMPE FAMILY GOLF CENTERS, INC.
                              FEDERAL WAY FAMILY GOLF CENTERS, INC.
                              COUNTY LINE FAMILY GOLF CENTERS, INC.
                              FAIRFIELD FAMILY GOLF CENTERS, INC.
                              CONFIDENCE GOLF, INC.
                              KANSAS FAMILY GOLF CENTERS, INC.
                              ELK GROVE FAMILY GOLF CENTERS, INC.
                              SPORTS PLUS CINCINNATI, INC.
                              WICHITA FAMILY GOLF CENTERS, INC.
                              BLUE EAGLE OF FLORIDA, INC.
                              SPORTS PLUS RALEIGH, INC.
                              SPORTS PLUS WOODBRIDGE, INC.
                              METROGOLF INCORPORATED
                              METROGOLF VIRGINIA, INC.

                                      -7-
<PAGE>

                              METROGOLF NEW YORK, INC.
                              FAMILY GOLF ACQUISITION, INC.
                              BRONX FAMILY GOLF CENTERS, INC.
                              MILPITAS FAMILY GOLF CENTERS, INC.
                              SAN BRUNO FAMILY GOLF CENTERS, INC.
                              INTERBAY FAMILY GOLF CENTERS, INC.
                              CARVER FAMILY GOLF CENTERS, INC.
                              PALM FAMILY GOLF CENTERS, INC.
                              CERRITOS FAMILY GOLF CENTERS, INC.
                              PHILADELPHIA FAMILY GOLF CENTERS, INC.,
                                 AS SUCCESSOR BY MERGER TO PINLEY
                                 ENTERPRISES LTD.
                              ENCINO/BALBOA FAMILY GOLF CENTERS, INC.
                              HOLBROOK FAMILY GOLF CENTERS, INC.
                              SHELTON FAMILY GOLF CENTERS, INC.
                              SPORTS PLUS NEW ROCHELLE, INC.
                              METROGOLF SAN DIEGO INC.
                              METROGOLF ILLINOIS CENTER, INC.
                              METROGOLF MANAGEMENT, INC.
                              FAMILY GOLF VENDING, INC.
                              OVERLAND FAMILY GOLF CENTERS, INC.
                              PARDOC VENDING CORP.
                              EAGLE QUEST GOLF CENTERS (TEXAS II) INC.
                              EAGLE QUEST GOLF CENTERS (CALIFORNIA) INC.
                              EAGLE QUEST GOLF CENTERS (H.P.) INC.
                              EAGLE QUEST GOLF CENTERS (WASHINGTON) INC.
                              GOLF PARK, INC.
                              GOOSE CREEK GOLF PARTNERS
                                 LIMITED PARTNERSHIP
                              VINTAGE NEW YORK GOLF, LLC
                              SACRAMENTO FAMILY GOLF CENTERS, INC.
                              PORTLAND FAMILY GOLF CENTERS, INC.
                              CARLSBAD FAMILY GOLF CENTERS, INC.
                              EVERGREEN FAMILY GOLF CENTERS, INC.
                              OVERLAND PARK, LLC
                              EAGLE QUEST GOLF CENTERS (TEXAS) INC.
                              PRECISION COURSES, INC.
                              IMG PROPERTIES, INC.
                              EAGLE QUEST GOLF CENTERS ENTERTAINMENT, INC.
                              EAGLE QUEST GOLF CENTERS (U.S.) INC.

                                      -8-
<PAGE>

                              SOLANO GOLF CENTER, LP
                              ILLINOIS CENTER GOLF PARTNERS, L.P.
                              GBGC FAMILY GOLF CENTERS, INC.
                              VOORHEES FAMILY GOLF CENTERS, INC.
                              EL CAJON FAMILY GOLF CENTERS, INC.
                              BLUE EAGLE OF KANSAS, INC.
                              BLUE EAGLE (OP) INC.
                              SKATENATION, INC.
                              RECREATIONAL MANAGEMENT CORPORATION
                              SKATENATION OF RICHMOND WEST, LLC
                              SKATENATION OF PRINCE WILLIAM, LLC
                              SKATENATION OF PINEY ORCHARD, LLC
                              82ND AVENUE GOLF RANGE, INC.
                              EVERGREEN GOLF COURSE, LLC
                              EAGLE QUEST GOLF CENTERS  (WASHINGTON II), INC.
                              KANSAS CITY FAMILY GOLF CENTERS, INC.
                              BLUE EAGLE OF FLORIDA, INC.
                              PINNACLE ENTERTAINMENT, INC.
                              RECREATIONAL MANAGEMENT
                                SERVICES CORPORATION
                              RECREATIONAL MANAGEMENT SERVICES
                                CORPORATION OF NEW JERSEY, INC.
                              SKATENATION OF RICHMOND SOUTH, LLC
                              SKATENATION OF RESTON, LLC
                              INTERNATIONAL SKATING CENTER OF
                                CONNECTICUT, LLC
                              RMSC OF CALIFORNIA, INC.
                              LODI FAMILY GOLF CENTERS, INC.

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

                              THE CHASE MANHATTAN BANK,
                              as Agent and as a Lender

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

                                      -9-
<PAGE>

                              CIBC, INC., as a Lender

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

                              BANK OF AMERICA, N.A., as a Lender

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

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

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

                              THE MERCHANTS BANK OF NEW YORK,
                              as a Lender

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

                                      -10-
<PAGE>

                                                                       EXHIBIT A

                                   SCHEDULE 2

                                 [Attach Budget]<PAGE>   1
                                                                     EXHIBIT 4.4

                      SECOND AMENDMENT TO CREDIT AGREEMENT

         THIS SECOND AMENDMENT TO CREDIT AGREEMENT, dated as of March 30, 2000
(this "Amendment"), is among APCOA/STANDARD PARKING, INC., a Delaware
corporation (the "Company"), the Lenders set forth on the signature pages hereof
(collectively, the "Lenders") and BANK ONE, NA, as agent for the Lenders (in
such capacity, the "Agent").

                                    RECITALS

                  A. The Company, the Guarantors, the Agent and the Lenders are
parties to a Credit Agreement dated as of March 30, 1998 (as clarified by letter
agreement dated March 30, 1999, and amended by a First Amendment to Credit
Agreement dated as of November 12, 1999, the "Credit Agreement").

                  B. The Company desires to amend the Credit Agreement, and the
Agent and the Lenders are willing to do so in accordance with the terms hereof.

                                      TERMS

                  In consideration of the premises and of the mutual agreements
herein contained, the parties agree as follows:

                  ARTICLE I. AMENDMENTS. Upon fulfillment of the conditions set
forth in Article III hereof, the Credit Agreement shall be amended as follows:

                  1.1      The definition of "Applicable Margin" in Section 1.1
shall be amended by deleting the table set forth therein and the paragraph
following such table and inserting the table and paragraph set forth below in
place thereof:

<TABLE>
<CAPTION>
                                       APPLICABLE MARGIN FOR ALL ADVANCES AND FEES
                                       --------------------------------------------------------------------------
Adjusted Total Debt to                 Adjusted Corporate Base       LIBOR Loan and Letter of
Adjusted EBITDA Ratio                  Rate Loan                     Credit Fees                  Commitment Fees
----------------------                 -----------------------       ------------------------     ---------------
<S>                                    <C>                            <C>                           <C>
> or = to 6.5:1.0                      225 bps                       350 bps                      75 bps
> or = to 6.0:1.0 but < 6.50:1.0       175 bps                       300 bps                      62.5 bps
> or = to 5.5:1.0 but < 6.0:1.0        150 bps                       275 bps                      62.5 bps
> or = to 5.0:1.0 but < 5.5:1.0        125 bps                       250 bps                      62.5 bps
> or = to 4.5:1.0 but < 5.0:1.0        100 bps                       225 bps                      50 bps
     <    4.5:1.0                      75 bps                        200 bps                      50 bps
</TABLE>

Notwithstanding anything in this Agreement to the contrary, as of the Second
Amendment Effective Date the Applicable Margin shall be based on an Adjusted
Total Debt to Adjusted EBITDA Ratio of greater than or equal to 6.5:1.0 pursuant
to the above table until adjusted for the first time after the Second Amendment
Effective Date.

                  1.2      The following definitions are hereby added to
Section 1.1 in appropriate alphabetical order:

<PAGE>   2

                           "Second  Amendment" shall mean the Second Amendment
to this Agreement dated as of March 30, 2000.

                           "Second Amendment Effective Date" shall mean the date
of the Second Amendment.

                  1.3      Section 2.1(c) is amended by adding the following to
the end thereof: "and (iii) the aggregate principal amount of Revolving Credit
Loans shall not exceed $35,000,000 at any time."

                  1.4      Section 5.1(g) is amended by adding the following to
the end thereof: "At all times on and after the date requested by the Agent in
its discretion and to the extent practical as determined by the Agent, the
Company and the Guarantors shall direct all clients and other account debtors to
make all payments in connection with any obligations of the Company or any
Guarantor directly to a lock-box account, which account shall be a non-interest
bearing account over which the Agent shall have the power of application and
withdrawal, and all amounts received in such lock-box account shall be applied
to the Lender Indebtedness on such terms required by the Agent, and the Company
and the Guarantors shall promptly execute such lock-box agreements, dominion of
funds agreements and related agreements in connection therewith, each in form
and substance satisfactory to the Agent.

                  1.5      Sections 5.2(a), (b) and (c) shall be amended and
restated as follows:

                           (a) Adjusted Total Debt to Adjusted EBITDA Ratio.
         Permit or suffer the Adjusted Total Debt to Adjusted EBITDA Ratio to be
         greater than (i) 6.95 to 1.0 at any time from and including the
         Effective Date to and including September 29, 1999, (ii) 6.75 to 1.0 at
         any time from and including September 30, 1999 to and including
         December 31, 1999, (iii) 8.0 to 1.0 at any time from and including
         January 1, 2000 to and including September 30, 2000, (iv) 6.50 to 1.0
         at any time from and including October 1, 2000 to and including March
         30, 2001, (v) 6.35 to 1.00 at any time from and including March 31,
         2001 to and including June 29, 2001, (vi) 6.20 to 1.00 at any time from
         and including June 30, 2001 to and including September 29, 2001, (vii)
         6.00 to 1.00 at any time from and including September 30, 2001 to and
         including December 30, 2001, (viii) 5.80 to 1.00 at any time from and
         including December 31, 2001 to and including March 30, 2002 or (ix)
         5.50 to 1.0 at any time thereafter.

                           (b) Interest Coverage Ratio. Permit or suffer the
         Interest Coverage Ratio to be less than (i) 1.5 to 1.0 as of the end of
         any fiscal quarter of the Company ending on or before December 31,
         1999, (ii) 1.30 to 1.0 as of the end of the fiscal quarter of the
         Company ending March 31, 2000, (iii) 1.27 to 1.0 as of the end of each
         of the fiscal quarters of the Company ending June 30, 2000 and
         September 30, 2000, (iv) 1.45 to 1.0 as of the end of the fiscal
         quarter of the Company ending December 31, 2000, (v) 1.6 to 1.0 as of
         the end of each of the fiscal quarters of the Company ending March 31,
         2001 and June 30, 2001, (vi) 1.65 to 1.0 as of the end of any fiscal
         quarter of the Company ending on or after September 30, 2001 but on or
         before March 31, 2002, or (vii) 1.75 to 1.0 as of the end of any fiscal
         quarter of the Company ending thereafter.

                           (c) Fixed Charge Coverage Ratio. Permit or suffer the
         Fixed Charge Coverage Ratio to be less than (i) 0.9 to 1.0 as of the
         end of any fiscal quarter of the Company ending on or before March 31,
         1999, (ii) 1.0 to 1.0 as of the end of any fiscal quarter ending on or
         after June 30, 1999 but on or before December 31, 1999, (iii) 0.92 to
         1.0 as of the end of the fiscal quarter of the Company ending March 31,
         2000, (iv) 0.91 to

<PAGE>   3
         1.0 as of the end of each of the fiscal quarters of the Company ending
         June 30, 2000 and September 30, 2000, (v) 1.05 to 1.0 as of the end of
         any fiscal quarter of the Company ending on or after December 31, 2000
         but on or before March 31, 2002 or (vi) 1.10 to 1.0 as of the end of
         any fiscal quarter of the Company ending thereafter.

                  1.6      Section  5.2(d)(x) is amended by deleting reference
therein to "14%" and substituting "5%" in place thereof.

                  1.7      Section 5.2(f) shall be amended and restated as
follows:

                           (f) Merger; Acquisitions; Etc. Make any Acquisition;
         nor merger or consolidate or amalgamate with any other Person or take
         any other action having a similar effect; provided, however, that this
         Section 5.2(f) shall not prohibit (i) any merger of any Subsidiary with
         or into another Subsidiary or any merger of any Subsidiary into the
         Company, provided that (A) there is no Unmatured Event or Event of
         Default either before or after such merger, (B) if any such merger
         involves the Company or a Guarantor, the Company shall be the surviving
         corporation and (C) any such merger involves the Company or any
         Guarantor, the net worth of the Company or such Guarantor involved in
         such merger immediately after the merger would be equal to or greater
         than its net worth immediately preceding such merger, or (ii) any
         Acquisition completed prior to the Second Amendment Effective Date and
         identified on Schedule 5.2(f) hereto.

                  1.8      Section 5.2(g)(i) is amended by deleting reference
therein to "10%" and substituting "1%" in place thereof.

                  1.9      Section 5.2(i) is amended by adding the following
after the phrase "covenants and conditions in this Agreement" in each place such
phrase appears: "without giving effect to any amendment or modification of
Sections 5.2(a), (b) or (c) made at any time after the Effective Date which
would make the covenants contained therein less restrictive on the Company and
its Subsidiaries".

                  1.10     Sections 5.2 (j) is amended and restated as
follows:

                           (j) Investments, Loans and Advances. Purchase or
         otherwise acquire any Capital Stock of or other ownership interest in,
         or debt securities of or other evidence of Indebtedness of, any other
         Person; nor make any loan or advance of any of its funds or property or
         make any other extension of credit to, or make any other investment or
         contribution or acquire any interest whatsoever in, any other Person;
         nor incur any Contingent Liability except to the extent permitted under
         Section 5.2(d); nor permit any Subsidiary to do any of the foregoing;
         other than:

                  (i) extensions of trade credit made in the ordinary course of
         business on customary

<PAGE>   4

         credit terms and commission, relocation, travel and similar advances
         made to officers and employees in the ordinary course of business,
         provided that advances to officers and employees for purposes other
         than commission, relocation and travel shall not exceed $250,000 in
         aggregate amount outstanding at any time,

                  (ii)  investments in Cash Equivalents,

                  (iii) investments, loans and advances in and to any existing
         Guarantor,

                  (iv)  those investments, loans, advances and other
         transactions described in Schedule 5.2(j) hereto, having the same
         terms as existing on the date of this Agreement, but no extension or
         renewal thereof shall be permitted,

                  (v)   investments, loans and advances in an aggregate amount
         outstanding not to exceed $1,000,000 to Affiliates of the Company
         (excluding, among others, Holberg and its Affiliates other than the
         Company or a Guarantor, and such investments, loans and advances may
         not be sent directly or indirectly to or for the benefit of Holberg or
         its Affiliates other than the Company or a Guarantor) described on
         Schedule 5.2(j)-2 or otherwise approved by the Agent, provided that
         both before and after giving effect to any such investment, loan and
         advance (w) no Unmatured Event or Event of Default shall exist or shall
         have occurred and be continuing, (x) the representations and warranties
         contained in the Loan Documents shall be true and correct in all
         material respects as if made on the date such investment, loan or
         advance is made, and (y) the aggregate amount of cash and Cash
         Equivalents on hand of the Company plus the amount that the Company is
         able to borrow in Revolving Credit Loans after giving effect to such
         investment, loan or advance is and will be at least $5,000,000 above
         the amount of working capital required for the Company over such twelve
         month period of time, as demonstrated to the Agent's reasonable
         satisfaction by such pro forma financial statements and projections as
         required by the Agent, and

                  (vi)  acquiring and owning stock, obligations or securities
         received in settlement of debts owing to the Company or its
         Subsidiaries or as consideration for Asset Sales otherwise permitted
         under Section 5.2(g).

                  1.11     Section 5.2(p) is amended (a) by adding the
         following: "Without giving effect to any amendment or modifications of
         Sections 5.2 (a), (b), (c) made at anytime after the effective date
         which would make the covenants contained therein less restrictive on
         the Company and its Subsidiaries." After the phrase "Sections 5.2 (a),
         (b), (c) "appearing in Section 5.2 (p) and (b) by adding the following
         to the end thereof. In addition to the foregoing the Company also will
         not pay, or permit any Subsidiary or, to the extent the Company is able
         to do so, any other Affiliate, to pay, directly or indirectly, any
         management, consulting, investment banking, advisory or other fees or
         payments under any leases, any expense reimbursement or similar
         payments or any other payments of any kind (including, without
         limitation, any amounts paid or payable by the Company or any of its
         Subsidiaries to Holberg in respect of overhead expense allocations
         among members of the affiliate corporate group) to Holberg or any
         Affiliates thereof other than the Company or any Guarantor: provided,
         however, that the  Company and its Subsidiaries may reimburse Holberg
         for any payments made by Holberg for out of pocket expenses actually
         incurred by the Company and which reimbursements are in the ordinary
         course of business and consistent with past practices.

                  1.12     Section 5.2(q) shall be amended by adding the
following to the end thereof: "Notwithstanding anything in this Section 5.2(q)
to the contrary, the Net Capital Expenditures (i) for the four consecutive
fiscal quarters of the Company ending March 31, 2000 shall be allowed up to, but
not in excess of, $5,638,000, (ii) for the four consecutive fiscal quarters of
the Company ending June 30, 2000 shall be allowed up to, but not in excess of,
$5,010,000, and (iii) for the four consecutive fiscal quarters of the Company
ending September 30, 2000 shall be allowed up to, but not in excess of,
$5,333,000.

<PAGE>   5

                  1.13     Schedule 5.2(j) attached hereto is substituted for
Schedule 5.2(j) to the Credit Agreement and Schedule 5.2(j)-2 attached hereto is
added as Schedule 5.2(j)-2 to the Credit Agreement.

                  1.14     The restructuring charges taken in connection with
the Standard Acquisition to the extent such charges do not exceed $18,500,000
for the Calculation Period ending December 31, 1998, do not exceed $5,577,000
for the Calculation Period ending December 31, 1999 and do not exceed $700,000
for the Calculation Period ending December 31, 2000 shall be deemed "consistent
with the restructuring charges identified in the Pro Forma Financial
Statements" for purposes of clause I(xii)(A) of the definition of Adjusted
EBITDA contained in Section 1.1 of the Credit Agreement, provided that no other
restructuring charges shall be deemed "consistent with the restructuring
charges identified in the Pro Forma Financial Statements" for purposes of clause
I(xii)(A) of such definition of Adjusted EBITDA or for any other purpose without
the prior written approval of the Required Lenders.

                  ARTICLE II. REPRESENTATIONS AND AGREEMENTS. The Company
represents and warrants to, and agrees with, the Agent and the Lenders that:

                  2.1      The execution, delivery and performance of this
Amendment are within its powers, have been duly authorized and are not in
contravention of any statute, law or regulation known to it or of any terms of
its Articles of Incorporation or By-laws, or of any material agreement or
undertaking to which it is a party or by which it is bound.

                  2.2      This Amendment is the legal, valid and binding
obligations of the Company and each Guarantor enforceable against each in
accordance with the respective terms thereof.

                  2.3      After giving effect to the amendments contained
herein, the representations and warranties contained in Article IV of the Credit
Agreement are true in all material respects on and as of the date hereof with
the same force and effect as if made on and as of the date hereof.

                  2.4      After giving effect to the amendments contained
herein, no Event of Default or Unmatured Default exists or has occurred and is
continuing on the date hereof.

                  2.5      The Company and Parent have not, and will not
without the prior written consent of the Lenders, consummate the Company
Acquisition.

                  2.6      The aggregate amount of any payment, transfer or
other consideration paid or otherwise transferred in any way to Holberg or any
of Holberg's Affiliates (other than the Company or Guarantor), whether directly
or indirectly, and whether constituting any management, consulting, investment
banking, advisory or other fees or payments under any leases or any expense
reimbursement or similar payments or any other payments of any kind (including,
without limitation, any amounts paid or payable by the Company or any of its
Subsidiaries in respect of overhead expense allocations among the members of the
affiliate corporate group) or constituting any loans, advances, dividends,
distributions, forgiveness of debt or other transfer of any kind to Holberg or
any of Holberg's Affiliates (other than the Company or Guarantor) since
September 30, 1999 is equal to $570,000.

                  ARTICLE III. CONDITIONS OF EFFECTIVENESS. This Amendment
shall become effective as of the date hereof when each of the following
conditions is satisfied or waived by the Lenders:

                  3.1      The Company, the Guarantors and the required Lenders
shall have signed this Amendment.

                  3.2      The Company and the Guarantors shall have delivered
such resolutions, officer's certificates and legal opinions as the Agent may
request.

                  3.3      The Company shall have paid to the Agent, for the
benefit of the Lenders, an amendment fee equal to 15 basis points on the amount
of the Commitment of each Lender.

                  3.4      The Company and the Guarantors and Firstar Bank
shall have executed such agreements satisfactory to the Agent pursuant to which
the Agent is granted a first priority security interest in all bank accounts of
the Company and the Guarantors and such other rights with respect thereto as
required by the Agent.

<PAGE>   6

                  3.5      The Company shall have delivered to the Agent such
other documents and satisfied such other conditions, if any, as requested by the
Agent.

                  ARTICLE IV. MISCELLANEOUS.

                  4.1      References in the Credit Agreement or in any other
Loan Document to the Credit Agreement shall be deemed to be references to the
Credit Agreement as amended hereby and as further amended from time to time.

                  4.2      The Company agrees to pay and to save the Agent
harmless for the payment of all reasonable documented costs and expenses arising
in connection with this Amendment, including the reasonable documented fees of
counsel to the Agent in connection with preparing this Amendment and the related
documents.

                  4.3      The Company and each Guarantor acknowledge and agree
that, to the best of their knowledge, the Agent and the Lenders have fully
performed all of their obligations under all documents executed in connection
with the Credit Agreement. The Company and each Guarantor represent and warrant
that they are not aware of any claims or causes of action against the Agent or
any Lender.

                  4.4      The Lenders and the Agent waive the Event of Default
(the "Existing Default") caused by the breach of Section 5.2(a), (b) and (j)
which occurred prior to the date hereof to the extent described by the Company
to the Lenders prior to the date hereof, provided that it is acknowledged and
agreed that this is a one time waiver only for the Existing Default, and shall
not waive any other breach at any other time of Section 5.2(a), (b) or (j) or
any other term or covenant of the Credit Agreement.

                  4.5      Except as expressly amended hereby, the Company and
each Guarantor agree that the Credit Agreement, the Notes, the Security
Documents and all other documents and agreements executed by the Company in
connection with the Credit Agreement in favor of the Agent or any Lender are
ratified and confirmed, as amended hereby, and shall remain in full force and
effect in accordance with their terms and that they are not aware of any set
off, counterclaim, defense or other claim or dispute with respect to any of the
foregoing. Terms used but not defined herein shall have the respective meanings
ascribed thereto in the Credit Agreement. This Amendment may be signed upon any
number of counterparts with the same effect as if the signatures thereto and
hereto were upon the same instrument, and telecopied signatures shall be
effective as originals.

<PAGE>   7

                  IN WITNESS WHEREOF, the parties signing this Amendment have
caused this Amendment to be executed and delivered as of the day and year first
above written.

                                              APCOA/STANDARD PARKING, INC.

                                              By:
                                                 ------------------------------
                                              Its:
                                                  -----------------------------

                                              BANK ONE, NA, as a Lender and as
                                              Agent, formerly known as The
                                              First National Bank of Chicago

                                              By:
                                                 ------------------------------
                                              Its:
                                                  -----------------------------

                                              LASALLE BANK NATIONAL ASSOCIATION

                                              By:
                                                 ------------------------------
                                              Its:
                                                  -----------------------------

<PAGE>   8
                              CONSENT AND AGREEMENT

                  As of the date and year first above written, each of the
undersigned hereby:

         (a)      fully consents to the terms and provisions of the above
Amendment and the consummation of the transactions contemplated hereby and
agrees to all terms and provisions of the above Amendment applicable to it;

         (b)      agrees that each Guaranty and all other agreements executed
by any of the undersigned in connection with the Credit Agreement or otherwise
in favor of the Agent or the Lenders (collectively, the "Security Documents")
are hereby ratified and confirmed and shall remain in full force and effect, and
each of the undersigned acknowledges that it has no setoff, counterclaim or
defense with respect to any Security Document;

         (c)      acknowledges that its consent and agreement hereto is a
condition to the Banks' obligation under this Amendment and it is in its
interest and to its financial benefit to execute this consent and agreement;

         (d)      agrees that it will not make any payment, transfer or give or
transfer any other consideration in any way to Holberg or any of Holberg's
Affiliates (other than the Company or Guarantor), whether directly or
indirectly, and whether constituting any management, consulting, investment
banking, advisory or other fees or payments under any leases or any expense
reimbursement or similar payments or any other payments of any kind (including,
without limitation, any amounts paid or payable by the Company or any of its
Subsidiaries in respect of overhead expense allocations among the members of the
affiliate corporate group) or constituting any loans, advances, dividends,
distributions, forgiveness of debt or other transfer of any kind to Holberg or
any of Holberg's Affiliates (other than the Company or Guarantor): provided,
however, that the Parent may make payments or transfers to Holberg if such
payments or transfers are solely from new common equity proceeds or new
Indebtedness (which new Indebtedness incurred by the Parent after the Second
Amendment Effective Date shall not exceed $3,000,000 in aggregate amount until
the Company is in compliance with all covenants contained in the Credit
Agreement without giving effect to the above Amendment or any amendment or
modification thereafter and no Event of Default or Unmatured Event has occurred
and in continuing) received by the Parent after the Second Amendment Effective
Date from the owners of the Parent or other Persons (but not from the Company or
any Guarantor, directly or indirectly) and that any such transaction could not
result in the Company or any Guarantor making any additional payments or
transfers of any kind to the Parent or incurring any additional obligations of
any kind; and

         (e)      the Parent agrees that it will not incur any Indebtedness
(except as described above in clause (d) in excess of $3,000,000 until after
the Company is in compliance with all covenants contained in the Credit
Agreement without giving effect to the above Amendment or any amendment or
modification thereafter and no Event of Default or Unmatured Event has occurred
and is continuing or grant any Liens on any of its assets other than in favor
of the Company.

                                               A-1 AUTO PARK, INC.

                                               By:
                                                  ------------------------------
                                                   Name:   Michael J. Celebrezze
                                                   Title:  Vice President

                                              AP HOLDINGS, INC.

                                              By:
                                                 ------------------------------
                                                  Name:   Michael J. Celebrezze
                                                  Title:  Treasurer

                                              APCOA CAPITAL CORPORATION

                                              By:
                                                 ------------------------------
                                                  Name:   Michael J. Celebrezze
                                                  Title:  Vice President

<PAGE>   9

                                              APCOA-HAWAII, INC.

                                              By:
                                                 ------------------------------
                                                 Name:    Michael J. Celebrezze
                                                 Title:   Vice President

                                              EVENTS PARKING CO., INC.

                                              By:
                                                 ------------------------------
                                                 Name:    Michael J. Celebrezze
                                                 Title:   Treasurer

                                              HAWAII PARKING MAINTENANCE, INC.

                                              By:
                                                 ------------------------------
                                                 Name:    Michael J. Celebrezze
                                                 Title:   Vice President

                                              METROPOLITAN PARKING SYSTEM, INC.

                                              By:
                                                 ------------------------------
                                                 Name:    Michael J. Celebrezze
                                                 Title:   Treasurer

                                              SENTINEL PARKING CO. OF OHIO, INC.

                                              By:
                                                 ------------------------------
                                                 Name:    Michael J. Celebrezze
                                                 Title:   Vice President

                                              TOWER PARKING, INC.

                                              By:
                                                 ------------------------------
                                                 Name:    Michael J. Celebrezze
                                                 Title:   Vice President

                                              STANDARD AUTO PARK, INC.

                                              By:
                                                  -----------------------------
                                                  Name:   Michael J. Celebrezze
                                                  Title:  Vice President

<PAGE>   10

                                              STANDARD PARKING CORPORATION

                                              By:
                                                  -----------------------------
                                                  Name:   Michael J. Celebrezze
                                                  Title:  Vice President

                                              APCOA LASALLE PARKING, LLC

                                              By: APCOA/Standard Parking Inc.
                                                  as Manager

                                              By:
                                                  -----------------------------
                                                  Name:   Michael J. Celebrezze
                                                  Title:  Senior Vice President

                                              S & S PARKING, INC.

                                              By:
                                                 ------------------------------
                                                 Name:    Michael J. Celebrezze
                                                 Title:   Vice President

                                              STANDARD PARKING CORPORATION, IL

                                              By:
                                                 ------------------------------
                                                 Name:    Michael J. Celebrezze
                                                 Title:   Vice President

                                              CENTURY PARKING, INC.

                                              By:
                                                 ------------------------------
                                                 Name:    Michael J. Celebrezze
                                                 Title:   Vice President

                                              SENTRY PARKING CORPORATION

                                              By:
                                                 ------------------------------
                                                 Name:    Michael J. Celebrezze
                                                 Title:   Vice President

                                              VIRGINIA PARKING SERVICES, INC.

                                              By:
                                                 ------------------------------
                                                 Name:    Michael J. Celebrezze
                                                 Title:   Vice President

<PAGE>   11

Schedule 5.2(j)

Investments, Loans, and Advances

Investments existing as of the Second Amendment Effective Date in Joint Ventures
in an aggregate amount of $273,200
<PAGE>   12
Schedule 5.2(j)-2

Permitted Affiliates

Joint Ventures of the Company, provided that such Joint Venture shall exclude
Holberg, the Parent or any Person in which Holberg or the Parent has any direct
or indirect interest other than solely due to any ownership interest in the
Company.

                                      -12-

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