Document:

Second Amendment to Revolving Loan Agreement

AMSCAN HOLDINGS, INC.

SECOND AMENDMENT

AND LIMITED WAIVER

TO AMENDED AND RESTATED REVOLVING LOAN CREDIT
AGREEMENT

                
This  SECOND   AMENDMENT  TO  AMENDED  AND  RESTATED  REVOLVING  LOAN  CREDIT
AGREEMENT  (this  “Amendment”) is dated as of September 19, 2000 and entered
into by and among AMSCAN HOLDINGS, INC., a Delaware corporation (“Company”), the
financial institutions listed on the signature pages hereof (“Lenders”), GOLDMAN
SACHS  CREDIT  PARTNERS  L.P.,  as arranger  and  syndication  agent for Lenders
(“Arranger”),  and FLEET  NATIONAL  BANK,  as  administrative  agent for Lenders
(“Administrative Agent”), and is made with reference to that certain Amended and
Restated  Revolving  Loan Credit  Agreement  dated as of September  17, 1998, as
amended to the date hereof (as so amended,  the “Credit Agreement”) by and among
Company,  Lenders,  Arranger and  Administrative  Agent.  Capitalized terms used
herein without  definition  shall have the same meanings  herein as set forth in
the Credit Agreement.

RECITALS

                
WHEREAS, Company and Lenders desire to amend certain provisions of the Credit Agreement and to waive certain other
provisions of the credit agreement in connection with Company's proposed development, construction and financing of the New Chester
Distribution Center (as hereinafter defined on the terms and conditions set forth herein):

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

              
  Section 1.    AMENDMENTS TO THE CREDIT AGREEMENT

	 	1.1	Amendments to Section 1: Provisions Relating to
Defined Terms

                
A.      Subsection 1.1 of the Credit Agreement is hereby amended by adding thereto the following definitions, which shall be
inserted in proper alphabetical order:

	 	           “Disbursement
Letter” means the Letter Agreement regarding Chester Distribution
Center dated as of September 19, 2000, entered into by the Company for the
benefit of the Agents and Lenders and attached hereto as Exhibit A. 

	 	           “New
Chester Distribution Center” means the new distribution center to be
built by Company or one of its Subsidiaries in Chester, New York on land
acquired after the date hereof. 

	 	           “New Chester
Distribution Center Collateral” means the land and improvements comprising the New Chester
Distribution Center. 

	AMENDED AND RESTATED
REVOLVING LOAN CREDIT AGREEMENT	 	 	 	EXECUTION

	 	           “New
Chester Distribution Center Permanent Financing” means Indebtedness,
including Indebtedness to the New York Jobs Development Authority d/b/a Empire
State Development Corporation and Fleet Bank or another institutional lender,
the proceeds of which are used to repay Indebtedness (including Revolving Loans)
incurred to finance a portion of the construction and development of the New
Chester Distribution Center, provided that
(i) such Indebtedness is secured only by liens permitted under subsection
7.2(A)(vi), (ii) the aggregate amount of such Indebtedness does not exceed
$21,000,000 at any time (reduced by any principal payments thereon), (iii) the
proceeds thereof are applied to repay Revolving Loans dollar for dollar to the
extent there are Revolving Loans outstanding and (iv) the other terms thereof
are reasonably acceptable to Administrative Agent and Arranger. 

                
B.      Subsection 1.1 of the Credit Agreement is hereby further amended by restating the following definitions contained therein,
in their entirety, as follows:

	 	           “Applicable
Revolving Base Rate Margin” means, as at any date of determination, a
rate per annum equal to the percentage set forth below opposite the Applicable
Leverage Ratio in effect as of such date of determination with any change in the
Applicable Revolving Base Rate Margin to be effective on the date of any
corresponding change in the Applicable Leverage Ratio. 

	Applicable Leverage Ratio	Applicable Revolving Base Rate Margin
	5.25:1.00 or greater	1.50%
	4.75:1.00 or greater, but less than
5.25:1.00	1.25%
	4.25:1.00 or greater, but less than
4.75:1.00	1.00%
	3.75:1.00 or greater, but less than
4.75:1.00	0.75%
	3.25:1.00 or greater, but less than
4.25:1.00	0.50%
	less than 3.25:1.00	0.25%

	AMENDED AND RESTATED
REVOLVING LOAN CREDIT AGREEMENT	 	2	 	EXECUTION

	 	           
“Applicable   Revolving  Eurodollar  Rate  Margin”  means,  as  at  any  date  of
determination,  with respect to any Eurodollar Rate Loans a rate per annum equal
to the  percentage  set forth below  opposite the  Applicable  Leverage Ratio in
effect as of the first  day of the  Interest  Period  for such  Eurodollar  Rate
Loans: 

	Applicable Leverage Ratio	Applicable Revolving Eurodollar Rate Margin
	5.25:1.00 or greater	2.50%
	4.75:1.00 or greater, but less than 5.25:
1.00	2.50%
	4.25:1.00 or greater, but less than
4.75:1.00	2.00%
	3.75:1.00 or greater, but less than
4.25:1.00	1.75%
	3.25:1.00 or greater, but less than
3.75:1.00	1.125%
	less than 2.75:1.00	0.875%

	 	           “Consolidated
Fixed Charges” means, for any period, the sum (without duplication) of
the amounts for such period of (i) Consolidated Cash Interest Expense,
(ii) provisions for taxes based on income, (iii) scheduled repayments of
principal on the Loans and other Indebtedness, and (iv) Consolidated
Capital Expenditures (other than Consolidated Capital Expenditures permitted
under clause (ii) of the last paragraph of subsection 7.8 for the acquisition of
land for, and the development and construction of, the New Chester Distribution
Center and capitalized interest in respect thereof) to the extent paid for in
cash, all of the foregoing as determined on a consolidated basis for Company and
its Subsidiaries in conformity with GAAP. 

	 	1.2	Amendments to Section 2: Amount and Terms of
Commitments and Loans

                Subsection 2.4A(iii) of the Credit Agreement is hereby amended by adding a new clause (g) to read in its entirety as
follows:

	 	“(g)      Permanent Financing.

	 	           Upon the incurrence of any New Chester Distribution Center Permanent Financing, Company shall apply all
proceeds of such New Chester Distribution

	AMENDED AND RESTATED
REVOLVING LOAN CREDIT AGREEMENT	 	3	 	EXECUTION

	 	Center
Permanent Financing (net of fees and expenses incurred in connection with such
financing) to repay the Revolving Loans then outstanding.”

	 	1.3	Amendments to Section 4:  Conditions to Effectiveness; Conditions to Loans and Letters of Credit

                Section 4 of the Credit  Agreement is hereby  amended by adding a new subsection
4.4 to read in its entirety as follows:

	 	“4.4	New Chester Development Facility Revolving Loans

	 	           In
addition to the conditions to all Revolving Loans set forth in subsection 4.2,
above, the obligations of Lenders to make Revolving Loans with respect to the
acquisition, construction or development of the New Chester Distribution Center
shall be subject to compliance with the terms of the Disbursement Letter.” 

	 	1.4	Amendments to Section 6: Company’s
Affirmative Covenants

                Section 6 of the Credit  Agreement is hereby amended by adding a new subsections
6.14 to read in their entirety as follows:

	 	“6.14	New Chester Permanent Financing

	 	             Company
shall use its best efforts to consummate the New Chester Distribution Center
Permanent Financing by August 30, 2001;
provided, that such date may be extended by
Company by written notice to Administrative Agent and Arranger, to a date not
later than December 31, 2001, to the extent the commitments for the New Chester
Distribution Center Permanent Financing have been extended to such later
date.” 

	 	1.5	Amendments to Section 7: Company’s
Negative Covenants

	 	A.	Subsection 7.1 – Indebtedness and Issuance
of Disqualified Stock

                Subsection 7.1 of the Credit  Agreement is hereby amended by adding a new clause
(xii) to read in its entirety as follows:

	 	“(xii)  Company and any of its Subsidiaries may become liable for the New Chester Distribution Center Permanent
                  Financing.”

	 	B.	Subsection 7.2 – Liens and Related Matters

                Subsection  7.2A of the Credit  Agreement is amended by adding a new clause (vi)
to read in its entirety as follows:

	 	
“(vi)  
Liens on the New Chester Distribution Center Collateral securing the New Chester
Distribution Center Permanent Financing,
provided that such Liens attach only to the
New Chester Distribution Center Collateral.”

	AMENDED AND RESTATED
REVOLVING LOAN CREDIT AGREEMENT	 	4	 	EXECUTION

	 	C.	Subsection 7.6 - Financial Covenants

                1.      Subsection 7.6A of the Credit Agreement is
hereby amended by restating it in its entirety as follows:

	 	          
“A.      Minimum Fixed Charge Coverage  Ratio.  Company shall not permit the ratio of
(i)  Consolidated  Adjusted  EBITDA to (ii)  Consolidated  Fixed Charges for any
four-Fiscal Quarter period ending on any of the dates set forth below to be less
than the correlative ratio indicated:”

	Period
Ending	Minimum
Fixed Charge
Coverage Ratio
	September 30, 1998	1.00:1.00
	December 31, 1998	1.00:1.00
	March 31, 1999	1.00:1.00
	June 30, 1999	1.00:1.00
	September 30, 1999	1.00:1.00
	December 31, 1999	1.00:1.00
	March 31, 2000	1.10:1.00
	June 30, 2000	1.10:1.00
	September 30, 2000	1.10:1.00
	December 31, 2000	1.10:1.00
	March 31, 2001	1.10:1.00
	June 30, 2001	1.10:1.00
	September 30, 2001	1.10:1.00
	December 31, 2001	1.10:1.00
	March 31, 2002	1.10:1.00
	June 30, 2002	1.10:1.00
	September 30, 2002	1.10:1.00
	December 31, 2002	1.15:1.00

         
       2.      
Subsection 7.6B of the Credit Agreement is
hereby amended by restating it in its entirety as follows:

	AMENDED AND RESTATED
REVOLVING LOAN CREDIT AGREEMENT	 	5	 	EXECUTION

	 	           
“B.      Minimum Consolidated Adjusted EBITDA.  Company shall not permit Consolidated
Adjusted EBITDA for any four Fiscal Quarter period ending on the dates set forth
below to be less than the correlative amount indicated:”

	Period
Ending	Minimum
Consolidated
Adjusted
EBITDA
	September 30, 1998	41,735,000
	December 31, 1998	45,560,000
	March 31, 1999	46,750,000
	June 30, 1999	47,090,000
	September 30, 1999	49,300,000
	December 31, 1999	52,360,000
	March 31, 2000	53,520,000
	June 30, 2000	54,680,000
	September 30, 2000	55,840,000
	December 31, 2000	53,000,000
	March 31, 2001	53,250,000
	June 30, 2001	54,000,000
	September 30, 2001	55,500,000
	December 31, 2001	57,000,000
	March 31, 2002	57,500,000
	June 30, 2002	58,500,000
	September 30, 2002	59,500,000
	December 31, 2002	60,000,000

                
3.      Subsection 7.6C of the Credit  Agreement is hereby amended by restating it in
its entirety as follows:

	 	           
“C.      Consolidated Leverage Ratio.  Company shall not permit the Consolidated Leverage Ratio as of the
last day of any four Fiscal Quarter period

	AMENDED AND RESTATED
REVOLVING LOAN CREDIT AGREEMENT	 	6	 	EXECUTION

	 	Ending on any of the
        dates set forth below to exceed the correlative ratio indicated:”	

	Period
Ending	Minimum
Debt to EBITDA
Ratio
	September 30, 1998	6.60:1.00
	December 31, 1998	6.40:1.00
	March 31, 1999	6.20:1.00
	June 30, 1999	6.00:1.00
	September 30, 1999	5.80:1.00
	December 31, 1999	5.50:1.00
	March 31, 2000	5.40:1.00
	June 30, 2000	5.25:1.00
	September 30, 2000	5.10:1.00
	December 31, 2000	5.30:1.00
	March 31, 2001	5.30:1.00
	June 30, 2001	5.25:1.00
	September 30, 2001	5.20:1.00
	December 31, 2001	5.00:1.00
	March 31, 2002	4.90:1.00
	June 30, 2002	4.80:1.00
	September 30, 2002	4.70:1.00
	December 31, 2002	4.45:1.00

	 	D.	Subsection 7.8 - Consolidated Capital Expenditures

                
The last paragraph of subsection  7.8 of the Credit  Agreement is hereby amended
by restating it in its entirety as follows:

	 	      “Notwithstanding
the  foregoing,   Company  and  its   Subsidiaries  may  fund
Consolidated Capital Expenditures in excess of the foregoing limits (i) from any
proceeds of an additional issuance of Company Common Stock in a private

	AMENDED AND RESTATED
REVOLVING LOAN CREDIT AGREEMENT	 	7	 	EXECUTION

	 	issuance  after the  Restatement  Effective  Date and (ii) in an  amount  not to
exceed $27,000,000  (exclusive of capitalized interest) to purchase a fee simple
interest  in the  land  for  the New  Chester  Distribution  Center  and for the
development and construction of improvements  thereon,  provided that $6,000,000
of such  expenditures  shall be funded from the issuance of  additional  Company
common stock in a private issuance after the date hereof.”

                
Section 2.      LIMITED WAIVER

                
A.      In order to facilitate the take-out financing for the Revolving Loans used to
develop and construct the New Chester Distribution Center,  subject to the terms
and conditions  hereof,  Requisite  Lenders hereby waive compliance with Section
6.9 of the Credit Agreement to the extent, but only to the extent necessary,  to
permit  Collateral  Agent  to  release  all of its  Liens  on  the  New  Chester
Distribution   Center   Collateral  upon  the  incurrence  of  the  New  Chester
Distribution  Center  Permanent  Financing  provided  no  Event  of  Default  or
Potential  Event of Default  shall then exist and be  continuing or would result
from such  financing.  Requisite  Lenders  further  consent to Collateral  Agent
entering into any documents  reasonably  required upon the incurrence of the New
Chester  Distribution  Center  Permanent  Financing,  to  release  the  lien  of
Collateral  Agent on behalf of Lenders on the New  Chester  Distribution  Center
Collateral to the extent provided for in the immediately proceeding sentence.

                
B.      Without limiting the generality of Section 10.6 of the Credit Agreement,  the
waiver set forth in this  Section 2 shall be limited  precisely  as written  and
relates solely to the  non-compliance  by Company and its Subsidiaries  with the
provisions  of subsection  6.9 of the Credit  Agreement in the manner and to the
extent set forth above and nothing herein shall be deemed to constitute a waiver
of compliance with respect to subsection 6.9 except to the extent  expressly set
forth in this Section or in any other  instance or to constitute a waiver of any
other  provision of the Credit  Agreement or any other  instrument  or agreement
referred to therein.

                
Section 3.      CONDITIONS TO EFFECTIVENESS

                
Sections  1 and 2 of  this  Amendment  shall  become  effective  only  upon  the
satisfaction  of  all  of  the  following  conditions  precedent  (the  date  of
satisfaction  of  such  conditions  being  referred  to  herein  as the  “Second
Amendment Effective Date”):

                
A.      On or before the Second Amendment Effective Date, Company shall deliver to Lenders (or to Administrative Agent for Lenders
with sufficient originally executed copies, where appropriate, for each Lender and its counsel) the following, each, unless otherwise
noted, dated the Second Amendment Effective Date:

	 	           
1.      A certificate of the corporate secretary of Company certifying as of the Second Amendment
Effective Date that its Certificate of Incorporation delivered on the Restatement Effective Date pursuant to subsection 4.1
of the Credit Agreement is in full force and effect without modification or amendment, together with a good standing
certificate from the Secretary of State of the State of Delaware dated a recent date prior to the Second Amendment Effective
Date;

	AMENDED AND RESTATED
REVOLVING LOAN CREDIT AGREEMENT	 	8	 	EXECUTION

	 	           
2.      A certificate of the corporate secretary of Company certifying as of the Second Amendment
         Effective Date that its Bylaws delivered on the Restatement Effective Date pursuant to subsection 4.1 of the Credit
         Agreement are in full force and effect without modification or amendment;

	 	           3.      Resolutions of its Board of Directors approving and authorizing the execution, delivery, and
         performance of this Amendment, certified as of the Second Amendment Effective Date by its corporate secretary or an
         assistant secretary as being in full force and effect without modification or amendment;

	 	           4.      
Signature and incumbency certificates of its officers executing this Amendment; and

	 	           5.      Executed copies
of this Amendment.

                
B.      On or before the Second Amendment Effective Date, all corporate and other proceedings taken or to be taken in connection
with the transactions contemplated hereby and all documents incidental thereto not previously found acceptable by Administrative
Agent, acting on behalf of Lenders, and by Arranger and its counsel shall be satisfactory in form and substance to Administrative
Agent and to Arranger and its counsel, and Administrative Agent and Arranger and its counsel shall have received all such counterpart
originals or certified copies of such documents as Administrative Agent and Arranger may reasonably request.

                
C.      On or before the Second Amendment Effective Date AXEL Lenders shall have entered into an amendment and waiver of the AXEL
Credit Agreement in the form of Exhibit A hereto and such amendment shall have become effective.

                
D.      On or before the Second Amendment Effective Date, Company shall have delivered to Administrative Agent and Arranger
commitment letters for the New Chester Distribution Center Permanent Financing in an amount equal to $20,000,000 and otherwise in
form and substance satisfactory to Administrative Agent and Arranger.  Approval of any such commitment letters for purposes of this
condition shall not be deemed to be approval of the terms of any Indebtedness described therein which shall remain subject to
approval under the terms of the definition of New Chester Distribution Center Permanent Financing.

                
E.      On or before the Second Amendment Effective Date, Company shall have paid to each Lender which has delivered to
Administrative Agent  an executed counterpart of the Amendment on or before such date an amendment fee of 0.25% of the amount of such
Lender's outstanding Revolving Loan Commitment.

                
F.      On or before the Second Amendment Effective Date, Lenders shall have received originally executed copies of one or more
favorable written opinions of counsel reasonably acceptable to Agents, dated the Second Amendment Effective Date, regarding the (i)
due incorporation and good standing of Borrower (ii) due authorization, execution and delivery of this Amendment, (iii)
enforceability of this Amendment and the Amended Agreement (as defined in Section 4.A below) under New York law and (iv) the absence
of any violation or conflicts with New York law, any charter documents or bylaws or any injunction, order or

	AMENDED AND RESTATED
REVOLVING LOAN CREDIT AGREEMENT	 	9	 	EXECUTION

decrees, resulting from the execution, delivery or performance of this Amendment or the Amended Agreement, and
otherwise in form and substance reasonably satisfactory to Agents.

                
Section 4.    COMPANY'S REPRESENTATIONS AND WARRANTIES

                In order to induce Lenders to enter into this Amendment and to amend the Credit Agreement and provide waivers
thereunder in the manner provided herein, Company represents and warrants to each Lender that the following statements are true,
correct and complete:

                
A.      Corporate Power and Authority.  Company has all requisite corporate power and authority to enter into this Amendment and to
carry out the transactions contemplated by, and perform its obligations under, the Credit Agreement as amended by this Amendment (the
“Amended Agreement”).

                
B.      Authorization of Agreements.  The execution and delivery of this Amendment and the performance of the Amended Agreement have
been duly authorized by all necessary corporate action on the part of Company.

                
C.      No Conflict.  The execution and delivery by Company of this Amendment and the performance by Company of the Amended
Agreement do not and will not (i) violate any provision of any law or any governmental rule or regulation applicable to Company or
any of its Subsidiaries, the Certificate or Articles of Incorporation or Bylaws of Company or any of its Subsidiaries or any order,
judgment or decree of any court or other agency of government binding on Company or any of its Subsidiaries, (ii) conflict with,
result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation of Company
or any of its Subsidiaries, except for any breach or default which could not reasonably be expected to have a Material Adverse
Effect, (iii) result in or require the creation or imposition of any Lien upon any of the properties or assets of Company or any of
its Subsidiaries (other than Liens created under any of the Loan Documents in favor of Administrative Agent on behalf of Lenders), or
(iv) require any approval of stockholders or any approval or consent of any Person under any Contractual Obligation of Company or any
of its Subsidiaries, except for such approvals or consents which have been obtained on or before the Second Amendment Effective Date
and disclosed in writing to Lenders and such consents the failure of which to receive could not reasonably be expected to have a
Material Adverse Effect.

                
D.      Governmental Consents.  The execution and delivery by Company of this Amendment and the performance by Company of the
Amended Agreement do not and will not require any registration with, consent or approval of, or notice to, or other action to, with
or by, any federal, state or other governmental authority or regulatory body the failure of which to receive could not reasonably be
expected to cause a Material Adverse Effect.

                
E.      Binding Obligation.  This Amendment and the Amended Agreement have been duly executed and delivered by Company and are the
legally valid and binding obligations of Company, enforceable against Company in accordance with their respective terms, except as
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws

	AMENDED AND RESTATED
REVOLVING LOAN CREDIT AGREEMENT	 	10	 	EXECUTION

relating to or limiting  creditors' rights generally or by equitable  principles
relating to enforceability.

                
F.      Incorporation of Representations and Warranties From Credit Agreement.  The representations and warranties contained in
Section 4 of the Credit Agreement are and will be true, correct and complete in all material respects on and as of the Second
Amendment Effective Date to the same extent as though made on and as of that date, except to the extent such representations and
warranties specifically relate to an earlier date, in which case they were true, correct and complete in all material respects on and
as of such earlier date.

                
G.      Absence of Default.  No event has occurred and is continuing or will result from the consummation of the transactions
contemplated by this Amendment that would constitute an Event of Default or a Potential Event of Default.

                
Section 5.   ACKNOWLEDGEMENT AND CONSENT

                
Company is a party to the Company Pledge Agreement,  Company Security  Agreement
and the Auxiliary Pledge Agreements,  in each case as amended through the Second
Amendment  Effective Date,  pursuant to which Company has created Liens in favor
of Administrative  Agent on certain  Collateral to secure the Obligations.  Each
Subsidiary  Guarantor  is a party  to  Subsidiary  Guaranty,  Subsidiary  Pledge
Agreement,  Subsidiary  Security  Agreement and Subsidiary  Patent and Trademark
Security  Agreement,  in each  case as  amended  through  the  Second  Amendment
Effective Date,  pursuant to which such Subsidiary  Guarantor has (i) guarantied
the  Obligations  and (ii)  created  Liens in favor of  Administrative  Agent on
certain Collateral to secure the obligations of such Subsidiary  Guarantor under
the  Subsidiary  Guaranty.  Company and Subsidiary  Guarantors are  collectively
referred to herein as the “Credit Support Parties”, and the Collateral Documents
referred to above are  collectively  referred  to herein as the “Credit  Support
Documents”.

                Each Credit Support Party hereby acknowledges that it has reviewed the terms and
provisions  of the Credit  Agreement  and this  Amendment  and  consents  to the
amendment of the Credit  Agreement  effected  pursuant to this  Amendment.  Each
Credit Support Party hereby confirms that each Credit Support  Document to which
it is a party or  otherwise  bound and all  Collateral  encumbered  thereby will
continue  to  guaranty  or  secure,  as the case may be, to the  fullest  extent
possible  the  payment  and  performance  of all  “Guarantied  Obligations”  and
“Secured  Obligations,”  as the  case  may be (in each  case as such  terms  are
defined in the applicable Credit Support Document), including without limitation
the payment and  performance of all such  “Guarantied  Obligations”  or “Secured
Obligations,”  as the case may be, in respect of the  Obligations of Company now
or hereafter existing under or in respect of the Amended Agreement.

                Each Credit Support Party acknowledges and agrees that any of the Credit Support
Documents to which it is a party or otherwise bound shall continue in full force
and  effect  and  that all of its  obligations  thereunder  shall  be valid  and
enforceable   and  shall  not  be  impaired  or  limited  by  the  execution  or
effectiveness  of this  Amendment.  Each Credit  Support  Party  represents  and
warrants  that all  representations  and  warranties  contained  in the  Amended
Agreement and the Credit  Support  Documents to which it is a party or otherwise
bound are true,

	AMENDED AND RESTATED
REVOLVING LOAN CREDIT AGREEMENT	 	11	 	EXECUTION

correct and complete in all material  respects on and as of the Second Amendment
Effective Date to the same extent as though made on and as of that date,  except
to the extent such  representations  and  warranties  specifically  relate to an
earlier date, in which case they were true, correct and complete in all material
respects on and as of such earlier date.

                Each Credit Support Party acknowledges and agrees that (i)  notwithstanding  the
conditions to  effectiveness  set forth in this  Amendment,  such Credit Support
Party is not  required  by the terms of the Credit  Agreement  or any other Loan
Document to consent to the amendments to the Credit Agreement  effected pursuant
to this  Amendment and (ii) nothing in the Credit  Agreement,  this Amendment or
any other Loan  Document  shall be deemed to require  the consent of such Credit
Support Party to any future amendments to the Credit Agreement.

           
     Section 6.   MISCELLANEOUS

         
       A.      
Reference to and Effect on the Credit Agreement and the Other Loan Documents.

	 	(i)      On   and  after  the   Second   Amendment
Effective  Date,  each  reference in the Credit  Agreement to “this  Agreement”,
“hereunder”,  “hereof”, “herein” or words of like import referring to the Credit
Agreement,  and each  reference  in the  other  Loan  Documents  to the  “Credit
Agreement”,  “thereunder”,  “thereof”  or words of like import  referring to the
Credit Agreement shall mean and be a reference to the Amended Agreement.

	 	(ii)      Except as specifically amended by this Amendment, the Credit Agreement and the other Loan Documents shall remain in full
                  force and effect and are hereby ratified and confirmed.

	 	(iii)      The execution, delivery and performance of this Amendment shall not, except as expressly provided herein, constitute a
                  waiver of any provision of, or operate as a waiver of any right, power or remedy of Administrative Agent or any
                  Lender under, the Credit Agreement or any of the other Loan Documents.

                B.      Fees                             and
Expenses.  Company  acknowledges  that  all  costs,  fees  and
expenses as described in  subsection  10.2 of the Credit  Agreement  incurred by
Administrative  Agent, Arranger and their counsel with respect to this Amendment
and the documents and transactions  contemplated hereby shall be for the account
of Company.

                C.      Headings.  Section
and subsection headings in this Amendment are included herein for convenience of
reference  only and shall not  constitute a part of this Amendment for any other
purpose or be given any substantive effect.

                D.      Applicable  Law.  THIS AMENDMENT
AND THE RIGHTS AND  OBLIGATIONS OF THE PARTIES  HEREUNDER  SHALL BE GOVERNED BY,
AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE
STATE OF NEW YORK (INCLUDING  WITHOUT  LIMITATION  SECTION 5-1401 OF THE GENERAL
OBLIGATIONS  LAW OF THE STATE OF NEW YORK),  WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES.

	AMENDED AND RESTATED
REVOLVING LOAN CREDIT AGREEMENT	 	12	 	EXECUTION

                E.      Counterparts;
Effectiveness.  This  Amendment  may be executed in any number
of counterparts and by different parties hereto in separate  counterparts,  each
of which when so executed and  delivered  shall be deemed an  original,  but all
such  counterparts  together shall  constitute but one and the same  instrument;
signature pages may be detached from multiple separate counterparts and attached
to a single  counterpart so that all signature pages are physically  attached to
the same document. This Amendment shall become effective upon the execution of a
counterpart hereof by Company,  Requisite Lenders and each of the Credit Support
Parties and receipt by Company and Administrative Agent of written or telephonic
notification of such execution and authorization of delivery thereof.

[Remainder of page intentionally left blank]

	AMENDED AND RESTATED
REVOLVING LOAN CREDIT AGREEMENT	 	13	 	EXECUTION

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

	 	AMSCAN HOLDINGS, INC.

	 	By:	/S/ JAMES M. HARRISON
	 	 	
James M. Harrison, President

	 	AMSCAN INC., (for purposes of Section 4 only) as a Credit Support Party

	 	By:	/S/ JAMES M. HARRISON
	 	 	
James M. Harrison,Executive Vice President

	 	AM-SOURCE, INC., (for purposes of Section 4 only) as a Credit Support Party

	 	By:	/S/ GERALD C. RITTENBERG
	 	 	
Gerald C. Rittenberg, President

	 	TRISAR, INC., (for purposes of Section 4 only) as a Credit Support Party

	 	By:	/S/ GERALD C. RITTENBERG
	 	 	
Gerald C. Rittenberg, President

	AMENDED AND RESTATED
REVOLVING LOAN CREDIT AGREEMENT	 	S-1	 	EXECUTION

	 	JCS REALTY CORP., (for purposes of Section 4 only) as a Credit Support Party

	 	By:	/S/ GERALD C. RITTENBERG
	 	 	
Title:  Gerald C. Rittenberg, President

	 	SSY REALTY CORP., (for purposes of Section 4 only) as a Credit Support Party

	 	By:	/S/ GERALD C. RITTENBERG
	 	 	
Gerald C. Rittenberg, President

	 	ANAGRAM INTERNATIONAL, INC.,, (for purposes of Section 4 only) as a Credit Support Party

	 	By:	/S/ JAMES M. HARRISON
	 	 	
James M. Harrison, Senior Vice President

	 	ANAGRAM INTERNATIONAL HOLDINGS, INC., (for purposes of Section 4 only) as a Credit Support Party

	 	By:	/S/ JAMES M. HARRISON
	 	 	
James M. Harrison, Senior Vice President

	AMENDED AND RESTATED
REVOLVING LOAN CREDIT AGREEMENT	 	S-2	 	EXECUTION

	 	ANAGRAM INTERNATIONAL, LLC, (for purposes of Section 4 only) as a Credit Support Party

	 	By:	Anagram International, Inc., Member

	 	By:	/S/ JAMES M. HARRISON
	 	 	
James M. Harrison, Senior Vice President

	 	And	 

	 	By:	Anagram International Holdings, Inc., Member

	 	By:	/S/ JAMES M. HARRISON
	 	 	
James M. Harrison, Senior Vice President

	 	ANAGRAM EDEN PRAIRIE PROPERTY HOLDINGS LLC, (for purposes of Section 4 only) as a Credit Support Party

	 	By:	Anagram International Holdings, Inc., Sole Member

	 	By:	/S/ JAMES M. HARRISON
	 	 	
James M. Harrison, Senior Vice President

	 	GOLDMAN SACHS CREDIT PARTNERS L.P., individually and as Arranger and Syndication
                                                     Agent

	 	By:	/S/ ELIZABETH FISCHER
	 	 	
Title: Authorized Signatory

	AMENDED AND RESTATED
REVOLVING LOAN CREDIT AGREEMENT	 	S-3	 	EXECUTION

	 	FLEET NATIONAL BANK, individually and as Administrative Agent

	 	By:	/S/ STEPHEN M. CURRAN
	 	 	
Stephen M. Curran, Vice President

	 	GENERAL ELECTRIC CAPITAL CORPORATION, as a Lender

	 	By:	/S/ THOMAS E. JOHNSONSTONE
	 	 	
Thomas E. Johnstone, Duly Authorized Signatory

	 	SOUTHERN PACIFIC BANK, as a Lender

	 	By:	/S/ CHERYL A. WASILEWSKI
	 	 	
Cheryl A. Wasilewski, Senior Vice President

	 	TRANSAMERICA BUSINESS CREDIT CORPORATION, as a Lender

	 	By:	/S/ PEG VARONLES
	 	 	
        V-P

	AMENDED AND RESTATED
REVOLVING LOAN CREDIT AGREEMENT	 	S-4	 	EXECUTIONAMSCAN 10Q

AMSCAN HOLDINGS, INC.

FIRST AMENDMENT

AND LIMITED WAIVER

TO AMENDED AND RESTATED AXEL CREDIT AGREEMENT

                
This FIRST  AMENDMENT  TO AMENDED  AND  RESTATED  AXEL  CREDIT  AGREEMENT  (this
“Amendment”)  is dated as of  September  19, 2000 and entered  into by and among
AMSCAN  HOLDINGS,  INC.,  a  Delaware  corporation  (“Company”),  the  financial
institutions  listed on the signature  pages hereof  (“Lenders”),  GOLDMAN SACHS
CREDIT   PARTNERS   L.P.,  as  arranger  and   syndication   agent  for  Lenders
(“Arranger”),  and FLEET  NATIONAL  BANK,  as  administrative  agent for Lenders
(“Administrative Agent”), and is made with reference to that certain Amended and
Restated Axel Credit Agreement dated as of September 17, 1998, as amended to the
date  hereof (as so  amended,  the  “Credit  Agreement”)  by and among  Company,
Lenders,  Arranger  and  Administrative  Agent.  Capitalized  terms used  herein
without  definition  shall  have the same  meanings  herein  as set forth in the
Credit Agreement.

RECITALS

                
WHEREAS,  Company and Lenders  desire to amend certain  provisions of the Credit
Agreement  and to waive  certain  other  provisions  of the credit  agreement in
connection with Company's  proposed  development,  construction and financing of
the New Chester  Distribution  Center (as  hereinafter  defined on the terms and
conditions set forth herein):

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

                Section 1.    
AMENDMENTS TO THE CREDIT AGREEMENT

                1.1     Amendments to Section 1: Provisions Relating to
Defined Terms

                Subsection 1.1 of the Credit Agreement is hereby amended by adding thereto the following definitions, which shall be
inserted in proper alphabetical order:

	 	        “New
Chester Distribution Center” means the new distribution center to be
built by Company or one of its Subsidiaries in Chester, New York on land
acquired after the date hereof. 

	 	        “New Chester Distribution Center Collateral” means the land and improvements comprising the New Chester
                  Distribution Center.
 

	 	        “New
Chester Distribution Center Permanent Financing” means Indebtedness,
including Indebtedness to the New York Jobs Development Authority d/b/a Empire
State Development Corporation and Fleet Bank or another institutional lender,
the proceeds of which are used to repay Indebtedness (including Revolving Loans)
incurred to finance the construction and 

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT	 	 	 	EXECUTION

	 	development
of the New Chester Distribution Center, provided that (i) such Indebtedness is
secured only by liens permitted under subsection 6.2(iv), (ii) the aggregate
amount of such Indebtedness does not exceed $21,000,000 at any time (reduced by
any principal payments thereon) and (iii) the proceeds thereof are applied to
repay Revolving Loans dollar for dollar to the extent there are Revolving Loans
outstanding and (iv) the other terms thereof are reasonably acceptable to
Administrative Agent and Arranger. 

                
1.2    Amendment to Subsection 2.2: Interest on the Loans

                The last sentence of Subsection 2.2A of the Credit Agreement is hereby amended by restating it in its entirety as
follows:

	 	        
“Subject to the provisions of subsections 2.2E and 2.7, the AXELs shall
bear interest through maturity as follows:

	 	(i)    if a Base Rate AXEL,
then at the sum of the Base Rate plus 1-5/8% per annum; or

	 	(ii)    if a Eurodollar Rate AXEL,
then at the sum of the Adjusted Eurodollar Rate plus 2-5/8% per annum.”

                
1.3    Amendments to Section 6:  Company's Negative Covenants

                
A.    Subsection 6.1 – Indebtedness and Issuance
of Disqualified Stock

                                  Subsection 6.1 of the Credit Agreement is hereby amended by adding a new clause (xiii) to read in its entirety as
follows:

	 	“(xiii) Company and any of its Subsidiaries may become liable for the New Chester Distribution Center Permanent
                  Financing.”

                
B.    
Subsection 6.2 – Liens and Related Matters

                
Subsection  6.2A of the Credit  Agreement is amended by adding a new clause (iv)
to read in its entirety as follows:

	 	
“and
(iv) Liens on the New Chester Distribution Center Collateral securing the New
Chester Distribution Center Permanent Financing,
provided that such Liens attach only to the
New Chester Distribution Center Collateral.”

                
Section 2.    LIMITED WAIVER

                A.
    In order to facilitate the take-out financing for the
Revolving Loans used to develop and construct the New Chester Distribution
Center, subject to the terms and conditions hereof, Requisite AXEL Lenders
hereby waive compliance with Section 5.9 of the Credit Agreement to the extent,
but only to the extent necessary, to permit Collateral Agent to release all of
its Liens on the New Chester Distribution Center Collateral upon the incurrence
of

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
2	 
	
EXECUTION

the New Chester  Distribution  Center Permanent  Financing  provided no Event of
Default or  Potential  Event of Default  shall then exist and be  continuing  or
would result from such  financing.  Requisite  AXEL Lenders  further  consent to
Collateral  Agent  entering  into any  documents  reasonably  required  upon the
incurrence  of the New  Chester  Distribution  Center  Permanent  Financing,  to
release  the lien of  Collateral  Agent on  behalf  of AXEL  Lenders  on the New
Chester  Distribution  Center  Collateral  to  the  extent  provided  for in the
immediately proceeding sentence.

                B.    Without limiting the generality of Section 9.6 of the
Credit Agreement, the waiver set forth in this Section 2 shall be limited
precisely as written and relates solely to the non-compliance by Company and its
Subsidiaries with the provisions of subsection 5.9 of the Credit Agreement in
the manner and to the extent set forth above and nothing herein shall be deemed
to constitute a waiver of compliance with respect to subsection 5.9 in any other
instance of to constitute a waiver of any other provision of the Credit
Agreement or any other instrument or agreement referred to therein.

                
Section 3.    CONDITIONS TO EFFECTIVENESS

                                  Sections 1 and 2 of this Amendment shall become effective only upon the satisfaction of all of the following
conditions precedent (the date of satisfaction of such conditions being referred to herein as the
“First Amendment Effective Date”):

                
A.    On or before the First Amendment Effective Date,
Company shall deliver to Lenders (or to Administrative Agent for Lenders with
sufficient originally executed copies, where appropriate, for each Lender and
its counsel) the following, each, unless otherwise noted, dated the First
Amendment Effective Date:

	 	                1.      A certificate of the corporate secretary of Company certifying as of the First Amendment Effective
         Date that its Certificate of Incorporation delivered on the Restatement Effective Date pursuant to subsection 4.1 of the
         Credit Agreement is in full force and effect without modification or amendment, together with a good standing certificate
         from the Secretary of State of the State of Delaware dated a recent date prior to the First Amendment Effective Date;

	 	                2.      A certificate of the corporate secretary of Company certifying as of the First Amendment Effective
         Date that its Bylaws delivered on the Restatement Effective Date pursuant to subsection 4.1 of the Credit Agreement are in
         full force and effect without modification or amendment;

	 	                3.      Resolutions of its Board of Directors approving and authorizing the execution, delivery, and
         performance of this Amendment, certified as of the First Amendment Effective Date by its corporate secretary or an assistant
         secretary as being in full force and effect without modification or amendment;

	 	                4.      Signature and incumbency certificates of its officers executing this Amendment; and   4.
Signature and incumbency certificates of its officers executing this Amendment; and4.       Signature and incumbency certificates of its officers executing this Amendment; and

	 	                
5.      Executed copies of this Amendment.

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
3	 
	
EXECUTION

                
B.    On or before the First Amendment Effective Date, all corporate and other proceedings taken or to be taken in
connection with the transactions contemplated hereby and all documents incidental thereto not previously found acceptable by
Administrative Agent, acting on behalf of Lenders, and by Arranger and its counsel shall be satisfactory in form and substance to
Administrative Agent and to Arranger and its counsel, and Administrative Agent and Arranger and its counsel shall have received all
such counterpart originals or certified copies of such documents as Administrative Agent and Arranger may reasonably request.

                C.    On or before the First Amendment Effective Date,
Company shall have paid to each Lender which has delivered to Administrative
Agent an executed counterpart of the Amendment on or before such date an
amendment fee of 0.05% of such Lender’s AXELs then outstanding.

                D.    On or before the First Amendment Effective Date,
Lenders shall have received originally executed copies of one or more favorable
written opinions of counsel reasonably acceptable to Agents, dated the First
Amendment Effective Date, regarding the (i) due incorporation and good standing
of Borrower (ii) due authorization, execution and delivery of this Amendment,
(iii) enforceability of this Amendment and the Amended Agreement (as defined in
Section 4.A below) under New York law and (iv) the absence of any violation or
conflict with New York law, any charter documents or bylaws or any injunction,
order or decrees, resulting from the execution, delivery or performance of this
Amendment or the Amended Agreement, and otherwise in form and substance
reasonably satisfactory to Agents.

                
Section 4.  COMPANY’S REPRESENTATIONS AND WARRANTIES

                In order to induce  Lenders to enter into this Amendment and to amend the Credit
Agreement and provide waivers thereunder in the manner provided herein,  Company
represents  and warrants to each Lender that the following  statements are true,
correct and complete:

                
A.    Corporate Power and Authority.    Company has all requisite corporate power and authority to enter into this Amendment and to
carry out the transactions contemplated by, and perform its obligations under, the Credit Agreement as amended by this Amendment (the
“Amended Agreement”).

                
B.    Authorization of Agreements.    The execution and delivery of this Amendment and the performance of the Amended Agreement have
been duly authorized by all necessary corporate action on the part of Company.

                
C.    No         Conflict.    The
execution  and  delivery by Company of this  Amendment  and the  performance  by
Company of the Amended  Agreement do not and will not (i) violate any  provision
of any law or any governmental  rule or regulation  applicable to Company or any
of its  Subsidiaries,  the Certificate or Articles of Incorporation or Bylaws of
Company or any of its Subsidiaries or any order, judgment or decree of any court
or other  agency of  government  binding on Company or any of its  Subsidiaries,
(ii)  conflict  with,  result in a breach of or  constitute  (with due notice or
lapse of time or both) a default under any Contractual  Obligation of Company or
any of its  Subsidiaries,  except  for any  breach or  default  which  could not
reasonably  be expected to have a Material  Adverse  Effect,  (iii) result in or
require the creation or

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
4	 
	
EXECUTION

imposition of any Lien upon any of the properties or assets of Company or any of
its  Subsidiaries  (other than Liens created under any of the Loan  Documents in
favor of  Administrative  Agent on  behalf  of  Lenders),  or (iv)  require  any
approval of  stockholders  or any  approval  or consent of any Person  under any
Contractual  Obligation of Company or any of its  Subsidiaries,  except for such
approvals or consents which have been obtained on or before the First  Amendment
Effective Date and disclosed in writing to Lenders and such consents the failure
of which to receive could not reasonably be expected to have a Material  Adverse
Effect.

                
D.    Governmental  Consents.    The execution and delivery by Company of this Amendment
and the  performance  by Company of the  Amended  Agreement  do not and will not
require any  registration  with,  consent or approval of, or notice to, or other
action to, with or by, any  federal,  state or other  governmental  authority or
regulatory body the failure of which to receive could not reasonably be expected
to cause a Material Adverse Effect.

                
E.    Binding  Obligation.    This Amendment and the Amended Agreement have been duly
executed  and  delivered  by  Company  and are the  legally  valid  and  binding
obligations of Company,  enforceable  against  Company in accordance  with their
respective  terms,   except  as  may  be  limited  by  bankruptcy,   insolvency,
reorganization,  moratorium or similar laws  relating to or limiting  creditors'
rights generally or by equitable principles relating to enforceability.

                F.    Incorporation of Representations and Warranties
From Credit Agreement.    The representations and warranties contained in
Section 4 of the Credit Agreement are and will be true, correct and
complete in all material respects on and as of the First Amendment Effective
Date to the same extent as though made on and as of that date, except to the
extent such representations and warranties specifically relate to an earlier
date, in which case they were true, correct and complete in all material
respects on and as of such earlier date.

                G.    Absence of Default.
    No event has occurred and is continuing or will result from the consummation of the transactions
contemplated by this Amendment that would constitute an Event of Default or a Potential Event of Default.

                
Section 5.    ACKNOWLEDGEMENT AND CONSENT

                Company is a party to the Company Pledge Agreement,  Company Security  Agreement
and the Auxiliary Pledge  Agreements,  in each case as amended through the First
Amendment  Effective Date,  pursuant to which Company has created Liens in favor
of Administrative  Agent on certain  Collateral to secure the Obligations.  Each
Subsidiary  Guarantor  is a party  to  Subsidiary  Guaranty,  Subsidiary  Pledge
Agreement,  Subsidiary  Security  Agreement and Subsidiary  Patent and Trademark
Security  Agreement,  in each  case  as  amended  through  the  First  Amendment
Effective Date,  pursuant to which such Subsidiary  Guarantor has (i) guarantied
the  Obligations  and (ii)  created  Liens in favor of  Administrative  Agent on
certain Collateral to secure the obligations of such Subsidiary  Guarantor under
the  Subsidiary  Guaranty.  Company and Subsidiary  Guarantors are  collectively
referred to herein as the “Credit Support Parties”, and the Collateral Documents
referred to above are  collectively  referred  to herein as the “Credit  Support
Documents”.

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
5	 
	
EXECUTION

                Each Credit Support Party hereby acknowledges that it has reviewed the terms and
provisions  of the Credit  Agreement  and this  Amendment  and  consents  to the
amendment of the Credit  Agreement  effected  pursuant to this  Amendment.  Each
Credit Support Party hereby confirms that each Credit Support  Document to which
it is a party or  otherwise  bound and all  Collateral  encumbered  thereby will
continue  to  guaranty  or  secure,  as the case may be, to the  fullest  extent
possible  the  payment  and  performance  of all  “Guarantied  Obligations”  and
“Secured  Obligations,”  as the  case  may be (in each  case as such  terms  are
defined in the applicable Credit Support Document), including without limitation
the payment and  performance of all such  “Guarantied  Obligations”  or “Secured
Obligations,”  as the case may be, in respect of the  Obligations of Company now
or hereafter existing under or in respect of the Amended Agreement.

                Each Credit Support Party acknowledges and agrees that any of the Credit Support
Documents to which it is a party or otherwise bound shall continue in full force
and  effect  and  that all of its  obligations  thereunder  shall  be valid  and
enforceable   and  shall  not  be  impaired  or  limited  by  the  execution  or
effectiveness  of this  Amendment.  Each Credit  Support  Party  represents  and
warrants  that all  representations  and  warranties  contained  in the  Amended
Agreement and the Credit  Support  Documents to which it is a party or otherwise
bound are true,  correct and complete in all material  respects on and as of the
First  Amendment  Effective  Date to the same extent as though made on and as of
that date, except to the extent such representations and warranties specifically
relate to an earlier date, in which case they were true, correct and complete in
all material respects on and as of such earlier date.

                Each Credit Support Party acknowledges and agrees that (i)  notwithstanding  the
conditions to  effectiveness  set forth in this  Amendment,  such Credit Support
Party is not  required  by the terms of the Credit  Agreement  or any other Loan
Document to consent to the amendments to the Credit Agreement  effected pursuant
to this  Amendment and (ii) nothing in the Credit  Agreement,  this Amendment or
any other Loan  Document  shall be deemed to require  the consent of such Credit
Support Party to any future amendments to the Credit Agreement.

                
Section 6. MISCELLANEOUS

                
A.    Reference to and Effect on the Credit Agreement and the Other Loan Documents.

	 	
(i)      
On and after the First Amendment Effective Date, each reference in the Credit
Agreement to “this Agreement”, “hereunder”,
“hereof”, “herein” or words of like import referring to the
Credit Agreement, and each reference in the other Loan Documents to the
“Credit Agreement”, “thereunder”, “thereof” or
words of like import referring to the Credit Agreement shall mean and be a
reference to the Amended Agreement.

	 	
(ii)      
Except as specifically amended by this Amendment, the Credit Agreement and the
other Loan Documents shall remain in full force and effect and are hereby
ratified and confirmed.

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
6	 
	
EXECUTION

	 	
(iii)      
The execution, delivery and performance of this Amendment shall not, except as
expressly provided herein, constitute a waiver of any provision of, or operate
as a waiver of any right, power or remedy of Administrative Agent or any Lender
under, the Credit Agreement or any of the other Loan Documents.

                
B.    Fees
and  Expenses.    Company  acknowledges that all costs, fees
and expenses as described in subsection 9.2 of the Credit Agreement  incurred by
Administrative  Agent, Arranger and their counsel with respect to this Amendment
and the documents and transactions  contemplated hereby shall be for the account
of Company.

                C.    Headings.    Section and subsection headings in this Amendment are included herein for convenience of
reference only and shall
not constitute a part of this Amendment for any other purpose or be given any substantive effect.

                D.    Applicable Law.    THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF
THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

                E.    Counterparts; Effectiveness.    This Amendment may
be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be
deemed an original, but all such counterparts together shall constitute but one
and the same instrument; signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages
are physically attached to the same document. This Amendment shall become
effective upon the execution of a counterpart hereof by Company, Requisite
Lenders and each of the Credit Support Parties and receipt by Company and
Administrative Agent of written or telephonic notification of such execution and
authorization of delivery thereof.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
7	 
	
EXECUTION

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

	 	AMSCAN HOLDINGS, INC.

	 	By:	/S/ JAMES M. HARRISON
	 	 	
James M. Harrison, President

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-1	 
	
EXECUTION

	 	AMSCAN INC., (for purposes of Section 4 only) as a Credit Support Party

	 	By:	/S/ JAMES M. HARRISON
	 	 	
James M. Harrison,Executive Vice President

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-2	 
	
EXECUTION

	 	AM-SOURCE, INC., (for purposes of Section 4 only) as a Credit Support Party

	 	By:	/S/ GERALD C. RITTENBERG
	 	 	
Gerald C. Rittenberg, President

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-3	 
	
EXECUTION

	 	TRISAR, INC., (for purposes of Section 4 only) as a Credit Support Party

	 	By:	/S/ GERALD C. RITTENBERG
	 	 	
Gerald C. Rittenberg, President

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-4	 
	
EXECUTION

	 	JCS REALTY CORP., (for purposes of Section 4 only) as a Credit Support Party

	 	By:	/s/ GERALD C. RITTENBERG
	 	 	
Gerald C. Rittenberg, President

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-5	 
	
EXECUTION

	 	SSY REALTY CORP., (for purposes of Section 4 only) as a Credit Support Party

	 	By:	/S/ GERALD C. RITTENBERG
	 	 	
Gerald C. Rittenberg, President

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-6	 
	
EXECUTION

	 	ANAGRAM INTERNATIONAL, INC.,, (for purposes of Section 4 only) as a Credit Support Party

	 	By:	/S/ JAMES M. HARRISON
	 	 	
James M. Harrison, Senior Vice President

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-7	 
	
EXECUTION

	 	ANAGRAM INTERNATIONAL HOLDINGS, INC., (for purposes of Section 4 only) as a Credit Support Party

	 	By:	/S/ JAMES M. HARRISON
	 	 	
James M. Harrison, Senior Vice President

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-8	 
	
EXECUTION

	 	ANAGRAM INTERNATIONAL, LLC, (for purposes of Section 4 only) as a Credit Support Party

	 	By:	Anagram International, Inc., Member

	 	By:	/S/ JAMES M. HARRISON
	 	 	
James M. Harrison, Senior Vice President

	 	And	 

	 	By:	Anagram International Holdings, Inc., Member

	 	By:	/S/ JAMES M. HARRISON
	 	 	
James M. Harrison, Senior Vice President

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-9	 
	
EXECUTION

	 	ANAGRAM EDEN PRAIRIE PROPERTY HOLDINGS LLC, (for purposes of Section 4 only) as a Credit Support Party

	 	By:	Anagram International Holdings, Inc., Sole Member

	 	By:	/S/ JAMES M. HARRISON
	 	 	
James M. Harrison, Senior Vice President

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-10	 
	
EXECUTION

	 	GOLDMAN SACHS CREDIT PARTNERS L.P., individually and as Arranger and Syndication
                                                     Agent

	 	By:	/S/ ELIZABETH FISCHER
	 	 	
Elizabeth Fischer, Authorized Signatory

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-11	 
	
EXECUTION

	 	FLEET NATIONAL BANK, individually and as Administrative Agent

	 	By:	/S/ STEPHEN M. CURRAN
	 	 	
Stephen M. Curran, Vice President

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-12	 
	
EXECUTION

	 	GENERAL ELECTRIC CAPITAL CORPORATION, as a Lender

	 	By:	/S/ THOMAS E. JOHNSONSTONE
	 	 	
Thomas E. Johnstone, Duly Authorized Signatory

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-13	 
	
EXECUTION

	 	SOUTHERN PACIFIC BANK, as a Lender

	 	By:	/S/ CHERYL A. WASILEWSKI
	 	 	
Cheryl A. Wasilewski, Senior Vice President

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-14	 
	
EXECUTION

	 	TRANSAMERICA BUSINESS CREDIT CORPORATION, as a Lender

	 	By:	/S/ PEG VARONLES
	 	 	
       SVP

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-15	 
	
EXECUTION

	 	MORGAN STANLEY DEAN WITTER PRIME INCOME TRUST, as a Lender

	 	By:	/S/ SHEILA A. FINNERTY
	 	 	
Sheila A. Finnerty, Senior Vice President

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-16	 
	
EXECUTION

	 	MERRILL LYNCH SENIOR FLOATING RATE FUND, INC., as a Lender

	 	By:	 
	 	 	
Title:

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-17	 
	
EXECUTION

	 	CRESCENT/MACH I PARTNERS, L.P., as a Lender

	 	By:	TCW Asset Management Company, Its Investment Manager

	 	By:	 
	 	 	
Title:

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-18	 
	
EXECUTION

	 	SENIOR DEBT PORTFOLIO, as a Lender

	 	By:	Boston Management and Research, as Investment Advisor

	 	By:	 
	 	 	
Title:

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-19	 
	
EXECUTION

	 	CYPRESS TREE INVESTMENT PARTNERS I LTD., as a Lender

	 	By: /s/ 	Cypress Tree Investment Management Company, Inc., as Portfolio Manager

	 	By:	 
	 	 	
Title:       PRINCIPAL

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-20	 
	
EXECUTION

	 	KZH ING-2 L.L.C., as a Lender

	 	By:	 
	 	 	
Title:

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-21	 
	
EXECUTION

	 	NORTHERN LIFE INSURANCE COMPANY, as a Lender

	 	By:	ING Capital Advisors, LLC as Investment Advisors

	 	By:	 
	 	 	
Title:

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-22	 
	
EXECUTION

	 	KZH CRESCENT-2 LLC, as a Lender

	 	By:	/S/ SHARI GOLDSTEIN
	 	 	
Title:  Shari Goldstein, Authorized Agent

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-23	 
	
EXECUTION

	 	INDOSUEZ CAPITAL FUNDING IV, L.P., as a Lender

	 	By:	 
	 	 	
Title:

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-24	 
	
EXECUTION

	 	KZH CYPRESS TREE I LLC, as a Lender

	 	By:	/S/ SHARI GOLDSTEIN
	 	 	
Title: Shari Goldstein, Authorized Agent

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-25	 
	
EXECUTION

	 	WADDELL & REED FINANCIAL, INC., as a Lender

	 	By:	/S/ JOHN E. SUNDER, JR.  8/3/00
	 	 	
Title:  Sr. Vice President

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-26	 
	
EXECUTION

	 	THE TORONTO DOMINION BANK, as a Lender

	 	By:	/S/ DAVID G. PARKER
	 	 	
David G. Parker, Vice President

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-27	 
	
EXECUTION

	 	CYPRESS TREE INSTITUTIONAL FUND, LLC, as a Lender

	 	By:	Cypress Tree Investment Management Company, Inc., Its Managing Member

	 	By:	/S/ 
	 	 	
Title:  PRINCIPAL

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-28	 
	
EXECUTION

	 	CYPRESS TREE SENIOR FLOATING RATE FUND, as a Lender

	 	By:	Cypress Tree Investment Management Company, Inc., as Portfolio Manager

	 	By:	/S/ 
	 	 	
Title:  PRINCIPAL

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-29	 
	
EXECUTION

	 	KZH CRESCENT 3 LLC, as a Lender

	 	By:	/S/ SHARI GOLDSTEIN
	 	 	
Title:  Shari Goldstein, Authorized Agent

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-30	 
	
EXECUTION

	 	KZH ING 3 LLC, as a Lender

	 	By:	 
	 	 	
Title:

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-31	 
	
EXECUTION

	 	PILGRIM PRIME RATE TRUST, as a Lender

	 	By:	Pilgrim Investments, Inc. as its investment manager

	 	By:	/s/ JASON GROOM
	 	 	
Title: Jason Groom
Vice President

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-32	 
	
EXECUTION

	 	TCW LEVERAGE INCOME TRUST II, L.P., as a Lender

	 	By:	TCW Advisers (Bermuda), Ltd., as General Partner

	 	By:	
	 	 	
Name:    Mark L. Gold
Title:       Managing Director

	 	By:	TCW Investment Management Company, as Investment Adviser

	 	By:	
	 	 	
Title:  

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-33	 
	
EXECUTION

	 	PILGRIM AMERICA HIGH INCOME INVESTMENT LTD., as a Lender

	 	By:	Pilgrim Investments, Inc. as its investment manager

	 	By:	/s/ JASON GROOM
	 	 	
Title:  Jason Groom
Vice President

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-34	 
	
EXECUTION

	 	ARCHIMEDES FUNDING II LTD., as a
Lender

	 	By:	 
	 	 	
Title:

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-35	 
	
EXECUTION

	 	CYPRESS TREE INVESTMENT
PARTNERS II LTD., as a Lender

	 	By:	Cypress Tree Investment Management Company, Inc., as Portfolio Manager

	 	By:	
	 	 	
Title:     PRINCIPAL

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-36	 
	
EXECUTION

	 	MERRILL LYNCH PRIME RATE 
PORTFOLIO, as a Lender

	 	By:	Merrill Lynch Asset Management L.P., as Investment Adviser;

	 	By:	 
	 	 	
Title:

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-37	 
	
EXECUTION

	 	HARCH CLO I LTD., as a Lender

	 	By:	/S/ MICHAEL E. LEWITT
	 	 	
Michael E. Lewitt, Authorized Signatory

	AMENDED AND RESTATED

AXEL CREDIT AGREEMENT
	 
	
S-38	 
	
EXECUTION

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00017-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00017-of-00352.parquet"}]]