Document:

EXHIBIT 10.93

HSBC

September 23, 2002

Jean Philippe Fragrances, LLC.
551 Fifth Avenue
New York, N.Y. 10176

Attention Russell Greenberg, Chief Financial Officer/Executive Vice President

Ladies and Gentlemen:

         We are pleased to confirm that we are extending to you a line of credit
of up to an aggregate amount of $12,000,000 outstanding at any one time, which
line may be used by your company for direct borrowings and acceptance and sight
letters of credit exposure for working capital purposes provided, however, the
outstanding amount as to which our Bank is liable, directly or contingently, on
behalf of your company in respect of letter of credit and acceptance financings
cannot in the aggregate at any one time exceed $2,500,000 and $2,500,000
respectively. This line is subject to the provisions set forth herein and in the
other documents entered into in connection with this facility.

           Borrowings under this line of credit shall be evidenced by a Demand
Grid Note, a copy of which is enclosed. Under this facility borrowings may be
made from time to time and shall be repayable on demand, but may be prepaid in
whole or in part with accrued interest to the date of prepayment. Any amounts
outstanding shall bear interest, payable monthly in arrears, at a variable rate
per annum equal to 0% above our Bank's Reference Rate established from time to
time, all as more fully set forth in the Demand Grid Note.

           Or, at your option, you may borrow under a LIBOR Pricing Revolving
Note up to the maximum amount of $12,000,000 in $100,000 increments, provided
however, the amount outstanding under LIBOR Pricing Revolving Notes is no less
than $500,000, with advances priced at your option of one month, two months,
three months or six months LIBOR plus 1.75% for each LIBOR rate advance and
subject to the terms of the LIBOR Pricing Revolving Note; a copy of the LIBOR
Pricing Revolving Note is attached herewith. Please note that the advances under
the LIBOR Pricing Revolving Note may be prepaid, but only subject to the terms
and conditions set forth in that note.

           Each letter of credit issued for your account shall be issued only
pursuant to our standard form of application for commercial letter of credit
(the "Application"), as executed by you from time to time. You shall pay a fee
of 1/8 of 1% when we issue any letter of credit for your account

<PAGE>

and each time we amend any such letter of credit. In addition, you shall pay a
fee of 1/8 of 1% of the face amount of any sight draft presented to us in
accordance with the terms of any letter of credit we issue for your account.
Such fee shall be payable when such draft is presented to us and honored by us,
all as more fully set forth in the Application. Any amounts due to us from you
under the Application shall bear interest payable on demand at a variable rate
per annum equal to the rate from time to time in effect under the Demand Grid
Note. At our option such amounts may be deemed additional advances evidenced by
and repayable in accordance with the Demand Grid Note. In place of the foregoing
demand reimbursement obligation, we may from time to time accept your time
drafts of up to 180 days presented to us by you. When such time draft is
accepted by us it will be discounted from its date of maturity at a rate per
annum equal to 2% plus our acceptance rate for commercial drafts or bills of
exchange of comparable amounts and maturities.

           Your obligations under this line of credit shall be guaranteed by
your Parent, Inter Parfums, Inc.

           This facility may be utilized by you for the period ending July 31,
2003; provided, however, THE CONTINUING AVAILABILITY OF THIS FACILITY IS AT ALL
TIMES SUBJECT TO OUR CONTINUING SATISFACTION, AS DETERMINED BY OUR BANK IN ITS
SOLE AND ABSOLUTE DISCRETION, WITH THE BUSINESS, AFFAIRS AND FINANCIAL CONDITION
OF YOUR COMPANIES AND OF EACH GUARANTOR AND TO YOUR COMPLIANCE, AND THAT OF EACH
OTHER PARTY EXECUTING AND DELIVERING DOCUMENTS TO US HEREUNDER OR OTHERWISE IN
CONNECTION WITH THIS FACILITY, WITH THE TERMS AND PROVISIONS OF THIS LETTER AND
EACH OF THE DOCUMENTS REFERRED TO HEREIN. In addition, the continuing
availability of this facility is subject to your furnishing us, (i) within 120
days after the close of your fiscal year, with your audited financial statements
certified by your independent certified public accountants as of the end of such
period, including a balance sheet and related income statements; and (ii) such
other information, including interim financial statements, concerning your
business, affairs or financial condition as we may from time to time request.

           All payments of principal, interest and fees payable by you under
this facility shall be made in immediately available funds at our office at 452
Fifth Avenue, New York, New York 10018 and may be charged to any account you
maintain with us.

           Our agreement to extend to you this facility, on the terms set forth
herein, is further subject to our receipt in form satisfactory to us of (a) a
certified copy of resolutions of your Board of Directors authorizing your
execution, delivery and performance of this agreement (and the documents
hereinafter referred to); (b) signature cards for your authorized signatories;
(c) an executed copy of our Demand Grid Note signed by your duly authorized
officer on your behalf; (d) executed copy of our standard form of Guarantee
signed by Inter Parfums, Inc.

           NO AMENDMENT, MODIFICATION OR WAIVER OF ANY PROVISION OF THIS
AGREEMENT NOR CONSENT TO ANY DEPARTURE BY OUR BANK THEREFROM SHALL BE EFFECTIVE,
IRRESPECTIVE OF ANY COURSE OF DEALING, UNLESS THE

<PAGE>

SAME SHALL BE IN WRITING AND SIGNED BY OUR BANK AND THEN SUCH WAIVER OR CONSENT
SHALL BE EFFECTIVE ONLY IN THE SPECIFIC INSTANCE AND FOR THE SPECIFIC PURPOSE
FOR WHICH GIVEN.

           This agreement shall be governed by and construed in accordance with
the laws of the State of New York. Please note that to the extent any of the
terms or provisions of this agreement conflict with those contained in the
Demand Grid Note or any of the above-mentioned documents, the terms and
provisions of such Note and of such other documents shall govern.

           YOU AND OUR BANK AGREE THAT ANY ACTION, SUIT OR PROCEEDING IN RESPECT
OF OR ARISING OUT OF THIS AGREEMENT, THE NOTE OR ANY OTHER DOCUMENTS RELATING TO
THIS FACILITY MAY BE INITIATED AND PROSECUTED IN THE STATE OR FEDERAL COURTS, AS
THE CASE MAY BE, LOCATED IN NEW YORK COUNTY, NEW YORK.

           YOU FURTHER AGREE THAT ANY ACTION, DISPUTE, PROCEEDING, CLAIM OR
CONTROVERSY BETWEEN OR AMONG YOU AND US WHETHER SOUNDING IN CONTRACT, TORT OR
OTHERWISE ("DISPUTE" OR "DISPUTES") SHALL, AT OUR ELECTION, WHICH ELECTION MAY
BE MADE AT ANY TIME PRIOR TO THE COMMENCEMENT OF A JUDICIAL PROCEEDING BY OUR
BANK, OR IN THE EVENT OF A JUDICIAL PROCEEDING INSTITUTED BY YOU AT ANY TIME
PRIOR TO THE LAST DAY TO ANSWER AND/OR RESPOND TO A SUMMONS AND/OR COMPLAINT
MADE BY YOU, BE RESOLVED BY ARBITRATION IN NEW YORK, NEW YORK IN ACCORDANCE WITH
THE PROVISIONS OF THIS PARAGRAPH AND SHALL, AT THE ELECTION OF OUR BANK, INCLUDE
ALL DISPUTES ARISING OUT OF OR IN CONNECTION WITH (I) THIS AGREEMENT, THE DEMAND
GRID NOTE, OR ANY OTHER RELATED AGREEMENTS OR INSTRUMENTS, (II) ALL PAST,
PRESENT AND FUTURE AGREEMENTS INVOLVING THE PARTIES, (III) ANY TRANSACTION
CONTEMPLATED HEREBY AND ALL PAST, PRESENT AND FUTURE TRANSACTIONS INVOLVING THE
PARTIES AND (IV) ANY ASPECT OF THE PAST, PRESENT OR FUTURE RELATIONSHIP OF THE
PARTIES. We may elect to require arbitration of any Dispute with us without
thereby being required to arbitrate all Disputes between you and us. Any such
Dispute shall be resolved by binding arbitration in accordance with Article 75
of the New York Civil Practice Law and Rules and the Commercial Arbitration
Rules of the American Arbitration Association ("AAA"). In the event of any
inconsistency between such Rules and these arbitration provisions, these
provisions shall supersede such Rules. All statutes of limitations which would
otherwise be applicable shall apply to any arbitration proceeding under this
paragraph. In any arbitration proceeding subject to these provisions, the
arbitration panel (the "arbitrator") is specifically empowered to decide (by
documents only, or with a hearing, at the arbitrator's sole discretion)
pre-hearing motions which are substantially similar to pre-hearing motions to
dismiss and motions for summary adjudication. In any such arbitration
proceeding, the arbitrator shall not have the power or authority to award
punitive damages to any party. Judgment upon the award rendered may be entered
in any court having jurisdiction. Whenever an arbitration is required, the
parties shall select an arbitrator in the manner provided in this paragraph. No
provision of, nor the exercise of any rights under, this paragraph shall limit
the

<PAGE>

right of any party (i) to foreclose against any real or personal property
collateral through judicial foreclosure, by the exercise of a power of sale
under a deed of trust, mortgage or other security agreement or instrument,
pursuant to applicable provisions of the Uniform Commercial Code, or otherwise
pursuant to applicable law, (ii) to exercise self help remedies including but
not limited to setoff and repossession, or (iii) to request and obtain from a
court having jurisdiction before, during or after the pendency of any
arbitration, provisional or ancillary remedies and relief including but not
limited to injunctive or mandatory relief or the appointment of a receiver. The
institution and maintenance of an action or judicial proceeding for, or pursuit
of, provisional or ancillary remedies or exercise of self help remedies shall
not constitute a waiver of our right, even if we are the plaintiff, to submit
the Dispute to arbitration if we would otherwise have such right. We may require
arbitration of any Dispute(s) concerning the lawfulness, unconscionableness,
propriety, or reasonableness of any exercise by us of our right to take or
dispose of any collateral or our exercise of any other right in connection with
collateral including, without limitation, judicial foreclosure, exercising a
power of sale under a deed of trust or mortgage, obtaining or executing a writ
of attachment, taking or disposing of property with or without judicial process
pursuant to Article 9 of the Uniform Commercial Code or otherwise as permitted
by applicable law, notwithstanding any such exercise by us. Whenever an
arbitration is required under this paragraph, the arbitrator shall be selected,
except as otherwise herein provided, in accordance with the Commercial
Arbitration Rules of the AAA. A single arbitrator shall decide any claim of
$100,000 or less and he or she shall be an attorney with at least five years'
experience. Where the claim of any party exceeds $100,000, the Dispute shall be
decided by a majority vote of three arbitrators, at least two of whom shall be
attorneys (at least one of whom shall have not less than five years' experience
representing commercial banks). In the event of any Dispute governed by this
paragraph, each of the parties shall, subject to the award of the arbitrator,
pay an equal share of the arbitrator's fees. The arbitrator shall have the power
to award recovery of all costs and fees (including attorneys' fees,
administrative fees, arbitrator's fees, and court costs) to the prevailing
party.

           ANYTHING IN THIS AGREEMENT, THE NOTE OR ANY OTHER DOCUMENTS RELATING
TO THIS FACILITY TO THE CONTRARY NOTWITHSTANDING, THE ENUMERATION IN THIS
AGREEMENT, THE NOTE OR IN SUCH OTHER DOCUMENTS OF SPECIFIC OBLIGATIONS TO OUR
BANK AND/OR CONDITIONS TO THE AVAILABILITY OF THIS FACILITY AND THE NOTE SHALL
NOT BE CONSTRUED TO QUALIFY, DEFINE OR OTHERWISE LIMIT OUR RIGHT, POWER OR
ABILITY, AT ANY TIME, UNDER APPLICABLE LAW, TO MAKE DEMAND FOR PAYMENT OF THE
ENTIRE OUTSTANDING PRINCIPAL OF AND INTEREST DUE UNDER THIS FACILITY AND THE
NOTE OR OUR RIGHT NOT TO MAKE ANY EXTENSION OF CREDIT UNDER THIS FACILITY AND
YOU AGREE THAT YOUR BREACH OF OR DEFAULT UNDER ANY SUCH ENUMERATED OBLIGATIONS
OR CONDITIONS IS NOT THE ONLY BASIS FOR DEMAND TO BE MADE OR FOR A REQUEST FOR
AN EXTENSION OF CREDIT TO BE DENIED, AS YOUR OBLIGATION TO MAKE PAYMENT SHALL AT
ALL TIMES REMAIN A DEMAND OBLIGATION. NOTWITHSTANDING ANYTHING IN THIS AGREEMENT
TO THE CONTRARY, THIS AGREEMENT DOES NOT CREATE A COMMITMENT OR OBLIGATION TO
LEND BY THE BANK AND YOU ACKNOWLEDGE THAT THE BANK HAS NO OBLIGATION TO LEND.

<PAGE>

           EACH OF YOU AND WE HEREBY WAIVE TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM BROUGHT BY OR AGAINST IT ON ANY MATTERS WHATSOEVER,
IN CONTRACT OR IN TORT, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS
AGREEMENT, THE NOTE OR ANY OTHER DOCUMENTS RELATING TO THIS FACILITY. YOU ALSO
HEREBY WAIVE THE RIGHT TO INTERPOSE ANY DEFENSE BASED UPON ANY CLAIM OF LACHES
OR SET-OFF OR COUNTERCLAIM OF ANY NATURE OR DESCRIPTION, ANY OBJECTION BASED ON
FORUM NON CONVENIENS OR VENUE, AND ANY CLAIM FOR CONSEQUENTIAL, PUNITIVE OR
SPECIAL DAMAGES.

           If this agreement is acceptable to you, please sign and return to us
one copy each of the enclosed copy of this letter and the other documents
referred to above on or before October 23, 2002.

                                        Very truly yours,

                                        HSBC USA Bank

                                        By: /s/ Andrew Ross
                                            ----------------------------
                                        Title: First Vice President

Agreed to and Accepted:

Jean Philippe Fragrances, LLC.

By: /s/ Russell Greenberg
    ----------------------------------
Title: Executive Vice President
March 13, 2003<PAGE>

                                  Exhibit 10.20

                 WAIVER AND FIRST AMENDMENT TO CREDIT AGREEMENT

     THIS WAIVER AND FIRST AMENDMENT TO CREDIT AGREEMENT ("Amendment"), dated as
of May 7, 2002 (the "Amendment Date"), is among ENCORE MEDICAL CORPORATION,
ENCORE MEDICAL GP, INC., ENCORE MEDICAL ASSET CORPORATION, ENCORE MEDICAL, L.P.,
CHATTANOOGA GROUP, INC., and BANK OF AMERICA, NATIONAL ASSOCIATION (in its
capacity as administrative agent under the Credit Agreement referenced below and
as the sole Lender under the Credit Agreement referenced below).

                                    RECITALS:

     A. The Borrowers, the Agent, and the Lenders have entered into that certain
Credit Agreement dated as of February 8, 2002 (the "Credit Agreement") pursuant
to which the Lenders have provided certain credit facilities to the Borrowers.

     B. The Borrowers have requested that the Agent and the Lenders amend
certain provisions of the Credit Agreement and waive an Event of Default under
the Credit Agreement.

     C. Subject to satisfaction of the conditions set forth herein, Agent and
the Lenders are willing to amend the Credit Agreement and provide the requested
waiver of an Event of Default as specifically provided herein.

     NOW, THEREFORE, in consideration of the premises herein contained and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

                                    ARTICLE 1

                                   Definitions

     Section 1.1   Definitions. Capitalized terms used in this Amendment, to the
extent not otherwise defined herein, shall have the same meanings as in the
Credit Agreement, as amended hereby.

                                    ARTICLE 2

                           Waiver of Event of Default

     Section 2.1   Waiver of Event of Default. Pursuant to Section 7.23 of the
Credit Agreement, the Borrowers were required to cause the Parent and its
Subsidiaries to maintain a minimum EBITDA for the twelve (12) Fiscal Periods
ended on the last day of the first Fiscal Quarter of the Fiscal Year ending
December 31, 2002 (the "Measurement Date") of not less than $15,782,000. As of
the Measurement Date, the EBITDA of the Parent and its Subsidiaries for the

WAIVER AND FIRST AMENDMENT TO CREDIT AGREEMENT - Page 1

<PAGE>

preceding twelve (12) Fiscal Periods was less than the required amount. The
Borrowers' failure to cause the Parent and its Subsidiaries to maintain the
EBITDA Covenant as required by the Credit Agreement, constitutes an Event of
Default under Section 9.1(c)(i) of the Credit Agreement (the "Existing
Default"). Effective as of the date of this Amendment, and subject to the
conditions precedent contained herein, the Lenders hereby waive the Event of
Default resulting from the Existing Default.

                                    ARTICLE 3

                                   Amendments

     Section 3.1   Amendment to Section 7.23 of the Credit Agreement. Effective
as of the Amendment Date, Section 7.23 of the Credit Agreement is hereby amended
and restated in its entirety to read as follows:

          Section 7.23   Minimum EBITDA. The Borrowers shall not permit EBITDA,
     determined for the Parent and its Subsidiaries on a consolidated basis, for
     the preceding twelve (12) Fiscal Periods, to be less than the amounts
     specified for the applicable dates as follows:

          ----------------------------------------------------------------------
                                                                    Minimum
          Fiscal Quarter End                                        EBITDA
          ----------------------------------------------------------------------
          The last day of the second Fiscal Quarter of the Fiscal   $14,900,000
          Year ending December 31, 2002
          ----------------------------------------------------------------------
          The last day of the third Fiscal Quarter of the Fiscal    $14,300,000
          Year ending December 31, 2002
          ----------------------------------------------------------------------
          December 31, 2002                                         $14,800,000
          ----------------------------------------------------------------------
          The last day of the first Fiscal Quarter of the Fiscal    $16,038,000
          Year ending December 31, 2003
          ----------------------------------------------------------------------
          The last day of the second Fiscal Quarter of the Fiscal   $16,942,000
          Year ending December 31, 2003
          ----------------------------------------------------------------------
          The last day of the third Fiscal Quarter of the Fiscal    $17,574,000
          Year ending December 31, 2003
          ----------------------------------------------------------------------
          December 31, 2003                                         $17,966,000
          ----------------------------------------------------------------------
          The last day of the first Fiscal Quarter of the Fiscal    $18,597,000
          Year ending December 31, 2004
          ----------------------------------------------------------------------
          The last day of the second Fiscal Quarter of the Fiscal   $19,244,000
          Year ending December 31, 2004
          ----------------------------------------------------------------------

WAIVER AND FIRST AMENDMENT TO CREDIT AGREEMENT - Page 2

<PAGE>

          ----------------------------------------------------------------------
                                                                    Minimum
          Fiscal Quarter End                                        EBITDA
          ----------------------------------------------------------------------
          The last day of the third Fiscal Quarter of the Fiscal    $19,910,000
          Year ending December 31, 2004
          ----------------------------------------------------------------------
          December 31, 2004 and each Fiscal Quarter ending          $20,600,000
          thereafter
          ----------------------------------------------------------------------

     Section 3.2   Amendment to Annex A of the Credit Agreement. Effective as of
the Amendment Date, the definition of "Borrowing Base" in Annex A of the Credit
Agreement is hereby amended and restated in its entirety to read as follows:

          "Borrowing Base" means, at any time, an amount equal to (a) the sum of
     (i) eighty-five percent (85.0%) of the Net Amount of Eligible Accounts;
     plus (ii) (A) prior to August 7, 2002, sixty percent (60.0%) of the lower
     of cost (on a first-in, first-out basis) or market value of Eligible
     Finished Goods Inventory and (B) from August 7, 2002 and thereafter the
     lesser of (1) sixty percent (60.0%) of the lower of cost (on a first-in,
     first-out basis) or market value of Eligible Finished Goods Inventory or
     (2) seventy-five percent (75.0%) of the Orderly Liquidation Value of
     Finished Goods Inventory plus (iii) (A) prior to August 7, 2002,
     thirty-five percent (35.0%) of the lower of cost (on a first-in, first-out
     basis) or market value of Eligible Generic Raw Materials Inventory and (B)
     from August 7, 2002 and thereafter the lesser of (1) thirty-five percent
     (35.0%) of the lower of cost (on a first-in, first-out basis) or market
     value of Eligible Generic Raw Materials Inventory or (2) seventy-five
     percent (75.0%) of the Orderly Liquidation Value of Generic Raw Materials
     Inventory, minus (b) from August 7, 2002 and thereafter, $500,000, minus
     (c) Reserves from time to time established by the Agent in its reasonable
     credit judgment.

                                    ARTICLE 4

                                   Conditions

     Section 4.1   Conditions Precedent. The effectiveness of this Amendment is
subject to the satisfaction of the following conditions precedent:

          (a) the representations and warranties contained herein and in all
     other Loan Documents, as amended hereby, shall be true and correct in all
     material respects as of the date hereof as if made on the date hereof,
     except for such representations and warranties limited by their terms to a
     specific date;

          (b) no Default or Event of Default shall be in existence after giving
     effect to the waiver set forth in Section 2.1 of this Amendment;

WAIVER AND FIRST AMENDMENT TO CREDIT AGREEMENT - Page 3

<PAGE>

          (c) the Borrowers and the Lenders shall have delivered to the Agent an
     executed original copy of this Amendment and each other agreement,
     document, or instrument reasonably requested by the Agent in connection
     with this Amendment;

          (d) the Borrower shall have paid to the Agent all fees, costs, and
     expenses owed to and/or incurred by the Agent arising in connection with
     the Credit Agreement or this Amendment, including, without limitation, the
     reasonable fees, costs, and expenses of the Agent's legal counsel, Jenkens
     & Gilchrist, a Professional Corporation;

          (e) In consideration of the amendments contained herein, the Borrower
     shall have paid to the Agent on the Amendment Date, for the ratable benefit
     of the Lenders, a fee in an amount equal to $50,000; and

          (f) all proceedings taken in connection with the transactions
     contemplated by this Amendment and all documentation and other legal
     matters incident thereto shall be satisfactory to (i) the Agent, (ii) the
     Lenders, and (iii) the Agent's legal counsel, Jenkens & Gilchrist, a
     Professional Corporation.

                                    ARTICLE 5

                  Ratifications, Representations and Warranties

     Section 5.1   Ratifications. The terms and provisions set forth in this
Amendment shall modify and supersede all inconsistent terms and provisions set
forth in the Credit Agreement and, except as expressly modified and superseded
by this Amendment, the terms and provisions of the Credit Agreement and the
other Loan Documents are ratified and confirmed and shall continue in full force
and effect. The Borrowers, the Agent, and the Lenders agree that the Credit
Agreement as amended hereby and the other Loan Documents shall continue to be
legal, valid, binding, and enforceable in accordance with their respective
terms.

     Section 5.2   Representations and Warranties. Each of the Borrowers hereby
represents and warrants to the Agent and the Lenders that (a) the execution,
delivery, and performance of this Amendment and any and all other Loan Documents
executed and/or delivered in connection herewith have been authorized by all
requisite action on the part of each Borrower and will not violate the articles
of incorporation or bylaws of any Borrower, (b) the representations and
warranties contained in the Credit Agreement, as amended hereby, and any other
Loan Document are true and correct on and as of the date hereof as though made
on and as of the date hereof (except to the extent that such representations and
warranties were expressly, in the Credit Agreement, made only in reference to a
specific date), (c) after giving effect to this Amendment, no Default or Event
of Default has occurred and is continuing, and (d) each Borrower is in full
compliance with all covenants and agreements contained in the Credit Agreement,
as amended hereby, and the other Loan Documents.

WAIVER AND FIRST AMENDMENT TO CREDIT AGREEMENT - Page 4

<PAGE>

                                    ARTICLE 6

                                  Miscellaneous

     Section 6.1   Survival of Representations and Warranties. All
representations and warranties made in this Amendment or any other Loan Document
including any Loan Document furnished in connection with this Amendment shall
survive the execution and delivery of this Amendment and the other Loan
Documents, and no investigation by the Agent or any Lender shall affect the
representations and warranties or the right of the Agent or any Lender to rely
upon them.

     Section 6.2   Reference to Credit Agreement. Each of the Loan Documents,
including the Credit Agreement and any and all other agreements, documents, or
instruments now or hereafter executed and delivered pursuant to the terms hereof
or pursuant to the terms of the Credit Agreement as amended hereby, are hereby
amended so that any reference in such Loan Documents to the Credit Agreement
shall mean a reference to the Credit Agreement as amended hereby.

     Section 6.3   Severability. Any provision of this Amendment held by a court
of competent jurisdiction to be invalid or unenforceable shall not impair or
invalidate the remainder of this Amendment and the effect thereof shall be
confined to the provision so held to be invalid or unenforceable.

     Section 6.4   Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS AND THE APPLICABLE
LAWS OF THE UNITED STATES OF AMERICA.

     Section 6.5   Successors and Assigns. This Amendment is binding upon and
shall inure to the benefit of the Borrowers, the Agent, and the Lenders and
their respective successors and assigns, except no Borrower may assign or
transfer any of its respective rights or obligations hereunder without the prior
written consent of the Lenders.

     Section 6.6   Counterparts. This Amendment may be executed in one or more
counterparts, and on telecopy counterparts each of which when so executed shall
be deemed to be an original, but all of which when taken together shall
constitute one and the same agreement.

     Section 6.7   Effect of Waiver and Amendment. The waiver specifically
described in Section 2.1 of this Amendment shall not constitute and shall not be
deemed a waiver of any other Default or Event of Default, whether arising as a
result of the further violation of Section 7.23 of the Credit Agreement or
otherwise, or a waiver of any rights or remedies arising as a result of any such
other Defaults or Events of Default. No consent or waiver, express or implied,
by the Agent or any Lender to or for any breach of or deviation from any
covenant, condition, or duty by any Borrower shall be deemed a consent or waiver
to or of any other breach of the same or any other covenant, condition, or duty.
Each of the Borrowers (individually, a "subject Borrower") hereby (a) consents
to the execution and delivery of this Amendment by the other Borrowers, (b)
agrees that this Amendment shall not limit or diminish the obligations of the
subject Borrower under its certain Loan Documents delivered in connection with
the Credit Agreement, executed or joined in by the subject

WAIVER AND FIRST AMENDMENT TO CREDIT AGREEMENT - Page 5

<PAGE>

Borrower and delivered to the Agent, (c) reaffirms the subject Borrower's
obligations under each of such Loan Documents, and (d) agrees that each of such
Loan Documents remains in full force and effect and is hereby ratified and
confirmed.

     Section 6.8   Headings. The headings, captions, and arrangements used in
this Amendment are for convenience only and shall not affect the interpretation
of this Amendment.

     Section 6.9   Entire Agreement. THIS AMENDMENT AND ALL OTHER INSTRUMENTS,
DOCUMENTS, AND AGREEMENTS EXECUTED AND DELIVERED IN CONNECTION WITH THIS
AMENDMENT EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND
SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND
UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THIS AMENDMENT, AND MAY NOT
BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL
AGREEMENTS AMONG THE PARTIES HERETO.

                  [remainder of page intentionally left blank]

WAIVER AND FIRST AMENDMENT TO CREDIT AGREEMENT - Page 6

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment effective as of the date first written above.

                                BORROWERS:

                                ENCORE MEDICAL CORPORATION

                                By: /s/ Harry L. Zimmerman
                                        Harry L. Zimmerman
                                        Executive Vice President and General
                                        Counsel

                                ENCORE MEDICAL GP, INC.

                                By: /s/ Harry L. Zimmerman
                                        Harry L. Zimmerman
                                        Executive Vice President and General
                                        Counsel

                                ENCORE MEDICAL ASSET CORPORATION

                                By: /s/ Harry L. Zimmerman
                                        Harry L. Zimmerman
                                        Executive Vice President and General
                                        Counsel

                                ENCORE MEDICAL, L.P.

                                By: Encore Medical GP, Inc., its sole
                                    General Partner

                                    By: /s/ Harry L. Zimmerman
                                            Harry L. Zimmerman
                                            Executive Vice President and General
                                            Counsel

                                AGENT:

WAIVER AND FIRST AMENDMENT TO CREDIT AGREEMENT - Page 7

<PAGE>

                                    BANK OF AMERICA, NATIONAL ASSOCIATION

                                    By: /s/ Kevin R. Kelly
                                    Name: Kevin R.  Kelly
                                    Title: Sr. Vice President

WAIVER AND FIRST AMENDMENT TO CREDIT AGREEMENT - Page 8

<PAGE>

                                    LENDERS:

                                    BANK OF AMERICA, NATIONAL ASSOCIATION

                                    By: /s/ Kevin R. Kelly
                                    Name: Kevin R.  Kelly
                                    Title: Sr. Vice President

WAIVER AND FIRST AMENDMENT TO CREDIT AGREEMENT - Page 9

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