Document:

<Page>

                                                            FINAL EXECUTION COPY

Exhibit 10.14              AMENDMENT NO. 3 AND WAIVER

          AMENDMENT NO. 3 AND WAIVER (this "AMENDMENT"), dated as of September
30, 2001, to that certain Revolving Credit Agreement, dated as of August 20,
1998 (as amended to the date hereof, the "CREDIT AGREEMENT"), among EVENFLO
COMPANY, INC., a Delaware corporation (the "BORROWER"), the Guarantors party
thereto, the Lenders party thereto (the "LENDERS"), MERRILL LYNCH & CO., MERRILL
LYNCH, PIERCE, FENNER & SMITH INCORPORATED, as Lead Arranger and Syndication
Agent, DLJ CAPITAL FUNDING, INC., as Documentation Agent, and BANK OF AMERICA,
NATIONAL ASSOCIATION (successor in interest to BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION), as Administrative Agent (the "ADMINISTRATIVE AGENT").

                                   WITNESSETH:

          WHEREAS, pursuant to Section 11.01 of the Credit Agreement, each of
the Obligors and each of the undersigned Lenders hereby agree to amend and waive
and/or otherwise modify certain provisions of the Credit Agreement as set forth
herein (the Credit Agreement, as amended pursuant to the terms of this
Amendment, being referred to as the "AMENDED CREDIT AGREEMENT");

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

     SECTION ONE: Definitions.

          (a)    CERTAIN DEFINITIONS. The following terms (whether or not
underscored) when used in this Amendment shall have the following meanings (such
meanings to be equally applicable to the singular and plural thereof):

          "ADMINISTRATIVE AGENT" has the meaning specified in the PREAMBLE
hereof.

          "AMENDED CREDIT AGREEMENT" has the meaning specified in the RECITALS
hereof.

          "AMENDMENT" has the meaning specified in the PREAMBLE hereof.

          "AMENDMENT EFFECTIVE DATE CERTIFICATE" means the amendment effective
date certificate executed and delivered by the Borrower pursuant to Section 4
hereof, substantially in the form of ANNEX I hereto.

          "BORROWER" has the meaning specified in the PREAMBLE hereof.

          "CREDIT AGREEMENT" has the meaning specified in the PREAMBLE hereof.

          "INTERCREDITOR AGREEMENT" means the Intercreditor Agreement dated as
of September 30, 2001 by and among (a) or for the express intended benefit of,
each of the Existing

<Page>

Lenders (as defined therein), (b) the Designated Lender (as defined therein) and
(c) Bank of America, N.A., as Administrative Agent on behalf the Existing
Lenders and Designated Lender.

          "LENDERS" has the meaning specified in the PREAMBLE hereof.

          "THIRD AMENDMENT EFFECTIVE DATE" has the meaning specified in Section
4 hereof.

          "WAIVER PERIOD" has the meaning specified in Section 3 hereof.

          (b)    OTHER DEFINITIONS. Terms for which meanings are provided in the
Amended Credit Agreement are, unless otherwise defined herein or the context
otherwise requires, used in this Amendment with such meanings.

     SECTION TWO: AMENDMENTS. Effective on (and subject to the occurrence of)
the Third Amendment Effective Date, certain provisions of the Credit Agreement
are hereby amended in accordance with this Section Two; except expressly as so
amended by this Amendment, the Credit Agreement shall continue in full force and
effect in accordance with its terms.

          (a)    AMENDMENTS TO DEFINITIONS. Subject to the conditions set forth
in Section Four below, Section 1.01 of the Credit Agreement designated "Certain
Defined Terms" is amended by (i) adding the following sentence at the end of the
definition of "Applicable Margin": "Notwithstanding anything herein, Applicable
Margin means, with respect to Liquidity Facility Loans, as of any date, 2.0% as
to Eurodollar Loans and 1.0% as to Base Rate Loans."; (ii) inserting the words
", a Liquidity Facility Loan" after the words "a Revolving Loan" in the
definition of "Base Rate Loan"; (iii) amending and restating the definition of
"Borrowing" in its entirety as follows: ""Borrowing" means a borrowing hereunder
consisting of (a) Revolving Loans of the same Type made to Borrower on the same
day by the Lenders under Article II or (b) Liquidity Facility Loans of the same
Type made to Borrower on the same day by the Liquidity Facility Lender under
Article II, and, in the case of Eurodollar Rate Loans, having the same Interest
Period"; (iv) inserting the words "or Liquidity Facility Loans" immediately
following the words "Revolving Loans" each time they appear in the definition of
"Conversion/Continuation Date"; (v) inserting the words "or any Liquidity
Facility Loan" after the second parenthesis in clause (a) of the definition of
"Credit Extension", (vi) amending and restating the definition of "Eurodollar
Loan" in its entirety as follows: ""Eurodollar Loan" means a Revolving Loan or a
Liquidity Facility Loan that bears interest based on the Eurodollar Rate"; (vii)
inserting the words "or Liquidity Facility Loan, respectively" immediately
following the words "Revolving Loan" each time they appear in the definition of
"Interest Period", and by replacing the period at the end of clause (iv) thereof
with a comma and adding the following words immediately following such comma
"and no Interest Period for any Liquidity Facility Loan shall extend beyond the
Liquidity Facility Commitment Termination Date."; (viii) amending and restating
the definition of "Obligations" in its entirety as follows: ""Obligations"
means, at any time, all monetary obligations of any type or description owing at
such time by Borrower and any other Obligor to any Lender, including the
Fronting Lender, the Liquidity Facility Lender, any Agent or any Indemnified
Person under this Agreement, any Letter of Credit, any Acceptance, any other
Loan Document or any Swap Contract, whether direct or

                                       -2-
<Page>

indirect (including those acquired by assignment), absolute or contingent, due
or to become due, now existing or hereafter arising."; (ix) amending and
restating the definition of "Type" in its entirety as follows: ""Type" has the
meaning specified in the definition of "Liquidity Facility Loan" or "Revolving
Loan", as applicable."; and (x) inserting the following definitions in
appropriate alphabetical order:

          "ACCOUNTS" means, as to the Borrower or any of its Subsidiaries, all
present and future rights of the Borrower or such Subsidiary to payment for
goods sold or leased or for services rendered, whether or not evidenced by
instruments or chattel paper, and whether or not earned by performance.

          "BORROWING BASE" means, at any date, the amount equal to (a) ninety
percent (90%) of the Net Amount of Accounts at such date plus (b) seventy-five
percent (75%) of the Value of the Inventory at such date.

          "BORROWING BASE CERTIFICATE" means a certificate substantially in the
form of Annex II to the Third Amendment, as such form may from time to time be
reasonably modified by the Administrative Agent, which is duly completed and
executed by the chief financial officer or other appropriate financial officer
of the Borrower and delivered to the Administrative Agent.

          "DETERMINATION DATE" has the meaning specified in Section 2.01(d).

          "INVENTORY" means, as to the Borrower or any of its Subsidiaries, all
of the Borrower's or such Subsidiary's now owned and hereafter existing or
acquired raw materials, work in process, finished goods and all other inventory
of whatsoever kind or nature, wherever located.

          "LIQUIDITY FACILITY COMMITMENT" has the meaning specified in Section
2.01(c).

          "LIQUIDITY FACILITY COMMITMENT TERMINATION DATE" means the earlier to
occur of:

          (a)  January 31, 2002; and

          (b)  the date on which the Liquidity Facility Commitment terminates
               in accordance with the provisions of this Agreement.

          "LIQUIDITY FACILITY LENDER" means Bank of America, and each permitted
successor or assign thereof.

          "LIQUIDITY FACILITY LOAN" and "LIQUIDITY FACILITY LOANS" have the
respective meanings specified in Section 2.01(c), and may be a Base Rate Loan or
a Eurodollar Loan (each a "Type" of Liquidity Facility Loan).

          "NET AMOUNT OF ACCOUNTS" shall mean the gross amount of Accounts less
(a) sales, excise or similar taxes (including value added taxes) included in the
amount thereof and (b) returns, discounts, claims, credits and allowances of any
nature at any time issued, owing, granted, outstanding or claimed with respect
thereto.

                                       -3-
<Page>

          "THIRD AMENDMENT" means Amendment No. 3 and Waiver, dated as of
September 30, 2001, to this Agreement.

          "THIRD AMENDMENT EFFECTIVE DATE" has the meaning specified in the
Third Amendment.

          "VALUE" means the amount, with respect to Inventory, equal to the
lower of (a) cost computed in accordance with GAAP under the methods used by the
Borrower and previously disclosed to the Administrative Agent or (b) market
value (calculated in accordance with GAAP), PROVIDED, THAT, for purposes of the
calculation of the Borrowing Base, the Value of the Inventory shall not include
the portion of the value of Inventory equal to the profit earned by any
Affiliate on the sale thereof to the Borrower.

          (b)  AMENDMENTS TO SECTION 2.01. Section 2.01 of the Credit
Agreement designated "Amounts and Terms of Commitments" is hereby amended by (i)
inserting the following proviso at the end of the last sentence of clause (a)
thereof: "; provided, however, in the event that the Borrower requests Revolving
Loans such that after giving effect to such Borrowings, the aggregate principal
amount of all outstanding Revolving Loans PLUS all outstanding Swing Line Loans
PLUS all outstanding Special Facility Obligations would exceed $90,000,000, the
Borrower hereby acknowledges and agrees that such excess Borrowings shall
consist of at all times an equal amount of Revolving Loans and Liquidity
Facility Loans to the extent that such additional Liquidity Facility Loans are
available therefor (it being further understood and agreed that the aggregate
amount of such additional Revolving Loans in excess of $90,000,000 shall not in
any event exceed $5,000,000)" and (ii) inserting new clauses (c) and (d) at the
end thereof as follows:

               "(c)  THE LIQUIDITY FACILITY. The Liquidity Facility Lender
     agrees, on the terms and conditions set forth herein, to make loans to
     Borrower (each such loan, a "LIQUIDITY FACILITY LOAN"; collectively, the
     "LIQUIDITY FACILITY LOANS") from time to time on any Business Day during
     the period from the Third Amendment Effective Date to the Liquidity
     Facility Commitment Termination Date in an aggregate amount not to exceed
     $10,000,000 at any time outstanding (the "LIQUIDITY FACILITY COMMITMENT").
     Within the limits of the Liquidity Facility Commitment, and subject to the
     other terms and conditions hereof, the Borrower may borrow under this
     Section 2.01(c), prepay under Section 2.07 and reborrow from time to time
     under this Section 2.01(c) provided, that, notwithstanding any of the
     foregoing, after giving effect to any such prepayment(s), the outstanding
     principal amount of Revolving Loans and Liquidity Facility Loans shall be
     in accordance with the proviso at the end of Section 2.01(a).
     Notwithstanding anything to the contrary contained in this Agreement or the
     Loan Documents, the Borrower shall not terminate or permanently reduce the
     Liquidity Facility Commitment without the consent of the Administrative
     Agent and the Required Lenders.

               (d)   BORROWING BASE. From and after the Third Amendment
     Effective Date until the Revolving Commitment Termination Date, the
     Borrower shall deliver to the Administrative Agent by the fifteenth day of
     each month (such date being referred to herein as the "Determination Date")
     commencing on October 15, 2001 a Borrowing Base Certificate which shall set
     forth the Borrowing Base determined for the last day of the immediately
     preceding month. The Borrowing Base specified in each Borrowing Base

                                       -4-
<Page>

     Certificate shall constitute the applicable Borrowing Base for the
     thirty-day period immediately succeeding the applicable Determination Date.
     Notwithstanding anything herein or otherwise, the Borrower hereby covenants
     and agrees that the aggregate principal amount of all outstanding Revolving
     Loans PLUS all outstanding Swing Line Loans PLUS all outstanding Special
     Facility Obligations, shall not at any time exceed the Borrowing Base
     applicable at such date."

          (c)  Section 2.03 of the Credit Agreement designated "Procedure for
Borrowing" is hereby amended and restated in its entirety as follows:

          "SECTION 2.03. PROCEDURE FOR BORROWING.

               (a)   Each Borrowing shall be made upon Borrower's irrevocable
     written or telephonic notice delivered to the Administrative Agent (and to
     the Swing Line Lender if a Swing Line Loan is requested or to the Liquidity
     Facility Lender if a Liquidity Facility Loan is requested, as the case may
     be) (if in writing) in the form of a Notice of Borrowing (any such notice
     to be received by the Administrative Agent (and by the Swing Line Lender if
     a Swing Line Loan is requested or by the Liquidity Facility Lender if a
     Liquidity Facility Loan is requested, as the case may be) not later than
     (i) 11:00 a.m. (New York City time) three Business Days prior to the
     requested Borrowing Date (if telephonic, promptly confirmed thereafter in
     writing in the form of a Notice of Borrowing), in the case of Eurodollar
     Loans and (ii) 11:00 a.m. (New York City time) (or 1:00 p.m. (New York City
     time) in the case of Swing Line Loans or Liquidity Facility Loans) on the
     requested Borrowing Date (if telephonic, confirmed thereafter in writing in
     the form of a Notice of Borrowing), in the case of Base Rate Loans,
     specifying:

          (A)  the amount of the Borrowing, which shall (1) in the case of
     Revolving Loans, be in an aggregate minimum of $500,000 for both Eurodollar
     Loans and Base Rate Loans or any multiple of $100,000 in excess thereof,
     (2) in the case of Swing Line Loans (except for Swing Line Loans made in
     accordance with Section 3.04), be in an aggregate minimum amount of
     $100,000 of Base Rate Loans or any multiple of $100,000 in excess thereof
     and (3) in the case of Liquidity Facility Loans, be in an aggregate minimum
     of $500,000 for Eurodollar Loan and $100,000 for Base Rate Loans or any
     multiple of $100,000 in excess thereof in the case of either such loans.

          (B)  the requested Borrowing Date, which shall be a Business Day;

          (C)  the Type of Revolving Loans and Liquidity Facility Loans
     comprising the Borrowing (PROVIDED that all Swing Line Loans shall be Base
     Rate Loans); and

          (D)  the duration of the Interest Period applicable to Eurodollar
     Loans included in such notice. If the Notice of Borrowing fails to specify
     the duration of the Interest Period for any Borrowing comprised of
     Eurodollar Loans, such Interest Period shall be one month.

               (b)   If Revolving Loans (other than Swing Line Loans and
     Liquidity Facility Loans) are requested, the Administrative Agent will
     promptly notify each Lender

                                       -5-
<Page>

     of its receipt of any Notice of Borrowing and of the amount of such
     Lender's Revolving Loan Percentage of that Borrowing.

               (c)  (i)   In the case of Revolving Loans (other than Swing Line
     Loans and Liquidity Facility Loans), each Lender will make the amount of
     its Revolving Loan Percentage of each Borrowing available to the
     Administrative Agent for the account of Borrower at the Administrative
     Agent's Payment Office by 1:00 p.m. (New York City time) on the Borrowing
     Date requested by Borrower in funds immediately available to the
     Administrative Agent. The proceeds of all such Revolving Loans will then be
     made available to Borrower by the Administrative Agent at such office by
     crediting the account of Borrower on the books on the Administrative Agent
     with the aggregate of the amounts made available to the Administrative
     Agent by the Lenders or by wire transfer in accordance with written
     instructions provided to the Administrative Agent by Borrower, in each case
     in like funds as received by the Administrative Agent.

                    (ii)  In the case of Swing Line Loans and Liquidity Facility
     Loans, the Swing Line Lender and the Liquidity Facility Lender, as the case
     may be, will make available to Borrower at its account at the Swing Line
     Lender or the Liquidity Facility Lender, not later than 2:00 p.m. (New York
     City time) on the requested Borrowing Date, in immediately available funds,
     the proceeds of the Swing Line Loan or the Liquidity Facility Loan being
     made on such date.

               (d)   Without in any way limiting the obligation of Borrower to
     confirm in writing any notice it may give hereunder by telephone, the
     Administrative Agent (and the Swing Line Lender and the Liquidity Facility
     Lender) may act prior to receipt of written confirmation without liability
     upon the basis of such telephonic notice believed by the Administrative
     Agent (and the Swing Line Lender and the Liquidity Facility Lender) in good
     faith to be from a Responsible Officer of Borrower (or a designee of such
     Responsible Officer). In each such case Borrower hereby waives the right to
     dispute the Administrative Agent's (and the Swing Line Lender's and the
     Liquidity Facility Lender's) record of the terms of any such telephonic
     notice.

          (d)  Section 2.04 designated "Conversion and Continuation Elections"
is hereby amended and restated in its entirety as follows:

          "Section 2.04. CONVERSION AND CONTINUATION ELECTIONS.

          (a)  Borrower may, upon irrevocable telephonic notice to the
Administrative Agent or, in the case of Liquidity Facility Loans, to the
Liquidity Facility Lender (in each case promptly confirmed thereafter in
writing) in accordance with Section 2.04(b):

               (i)   elect, as of any Business Day, in the case of Base Rate
     Loans, or as of the last day of the applicable Interest Period, in the case
     of Eurodollar Loans, to convert any such Revolving Loans or Liquidity
     Facility Loans (or any part thereof in an amount not less than $500,000 in
     the case of conversions of Revolving Loans or Liquidity Facility Loans to
     Eurodollar Loans or Base Rate Loans, or in each case that is in an

                                       -6-
<Page>

     integral multiple of $100,000 in excess thereof) into Revolving Loans or
     Liquidity Facility Loans of any other Type; or

               (ii)  elect, as of the last day of the applicable Interest
     Period, to continue any Revolving Loans or Liquidity Facility Loans having
     Interest Periods expiring on such day (or any part thereof in an amount not
     less than $500,000 for Eurodollar Loans or, in each case, any multiple of
     $100,000 in excess thereof).

          (b)  Borrower shall deliver a Notice of Conversion/Continuation to be
received by the Administrative Agent or, in the case of Liquidity Facility
Loans, by the Liquidity Facility Lender not later than 11:00 a.m. (New York City
time) (i) at least three Business Days in advance of the Conversion/Continuation
Date, if the Revolving Loans or the Liquidity Facility Loans are to be converted
into or continued as Eurodollar Loans and (ii) on the Conversion/Continuation
Date, if the Revolving Loans or the Liquidity Facility Loans are to be converted
into Base Rate Loans, specifying:

          (A)  the proposed Conversion/Continuation Date;

          (B)  the aggregate amount of Revolving Loans or Liquidity Facility
               Loans to be converted or continued;

          (C)  the Type of Revolving Loans or Liquidity Facility Loans resulting
               from the proposed conversion or continuation; and

          (D)  other than in the case of conversions into Base Rate Loans, the
               duration of the requested Interest Period.

          (c)  If upon the expiration of any Interest Period applicable to
Eurodollar Loans, Borrower has failed to select timely a new Interest Period to
be applicable to such Eurodollar Loans, Borrower shall be deemed to have elected
to convert such Eurodollar Loans into Eurodollar Loans having an Interest Period
of one month effective as of the expiration date of such Interest Period.

          (d)  The Administrative Agent will promptly notify each Lender of its
receipt of a Notice of Conversion/Continuation, or, if no timely notice is
provided by Borrower, the Administrative Agent will promptly notify each Lender
of the details of any automatic conversion. All conversions and continuations
shall be made ratably according to the respective outstanding principal amounts
of the Revolving Loans with respect to which the notice was given held by each
Lender.

          (e)  If any Event of Default or payment Default is in existence at the
time of any proposed continuation of, or conversion into, any Eurodollar Loans
and the Administrative Agent or the Liquidity Facility Lender, as the case may
be, has, or the Required Lenders have, determined in its or their sole
discretion not to permit such continuation or conversion and have notified
Borrower telephonically or in writing thereof, Borrower may not elect to have a
Revolving Loan or Liquidity Facility Loan, as applicable, converted into or
continued as a Eurodollar Loan and any outstanding Eurodollar Loans shall be
automatically converted on the last day of the current Interest Period
applicable thereto into Base Rate Loans.

                                       -7-
<Page>

          (f)  Without in any way limiting the obligation of Borrower to confirm
in writing any notice it may give hereunder by telephone, the Administrative
Agent may act prior to receipt of written confirmation without liability upon
the basis of such telephonic notice believed by the Administrative Agent in good
faith to be from a Responsible Officer of Borrower (or a designee of such
Responsible Officer). In each such case Borrower hereby waives the right to
dispute the Administrative Agent's record of the terms of any such telephonic
notice.

          (g)  No Swing Line Loans may be converted to Eurodollar Loans."

     (e)  Section 2.06 designated "Voluntary Termination or Reduction of
Revolving, Swing Line and/or Special Facility Commitments" is hereby amended and
restated in its entirety as follows:

               "Section 2.06. VOLUNTARY TERMINATION OR REDUCTION OF REVOLVING,
     SWING LINE, SPECIAL FACILITY COMMITMENTS, AND/OR LIQUIDITY FACILITY
     COMMITMENTS. Borrower may, upon not less than three Business Days' prior
     written notice to the Administrative Agent or, in the case of the Liquidity
     Facility Commitment, the Liquidity Facility Lenders, terminate the
     Revolving Commitments and/or the Swing Line Commitment and/or the Special
     Facility Commitment and/or the Liquidity Facility Commitment, or
     permanently reduce the Revolving Commitments and/or the Swing Line
     Commitment and/or the Special Facility Commitment and/or the Liquidity
     Facility Commitment by an aggregate minimum amount of $1,000,000 or any
     multiple of $100,000 in excess thereof; unless, after giving effect thereto
     and to any prepayments of Revolving Loans made on the effective date
     thereof, the then-outstanding principal amount of the Revolving Loans,
     Swing Line Loans, Special Facility Obligations and Liquidity Facility Loans
     would exceed, respectively, the amount of the Revolving Commitments, the
     Swing Line Commitment, the Special Facility Commitment and the Liquidity
     Facility Commitment then in effect. Once reduced in accordance with this
     Section, the Revolving Commitments and/or the Swing Line Commitment and/or
     the Special Facility Commitment and/or the Liquidity Facility Commitment
     may not be increased. Any reduction of the Revolving Commitments and/or the
     Fronting Lender's Special Facility Commitment shall be applied to each
     Lender according to its Revolving Loan Percentage. All accrued commitment
     fees to but not including the effective date of any termination in full of
     all Revolving Commitments and/or the Swing Line Commitment and/or the
     Liquidity Facility Commitment shall be paid on the effective date of such
     termination."

          (f)  Section 2.07 of the Credit Agreement designated "Optional
Prepayments" is hereby amended by inserting the words "or Liquidity Facility
Loans" immediately following the words "Special Facility Obligations" each time
such words appear therein.

          (g)  Section 2.08 of the Credit Agreement designated "Mandatory
Prepayments of Revolving Loans and Reductions of Commitments" is hereby amended
by deleting the heading thereof and clauses (a), (b) and (c) thereof and
inserting in replacement thereof the following:

          "Section 2.08. MANDATORY PREPAYMENT OF REVOLVING LOANS, LIQUIDITY
FACILITY LOANS AND REDUCTIONS OF COMMITMENTS.

                                       -8-
<Page>

          (a)  ASSET DISPOSITIONS. Prior to the Second Amendment Effective Date,
     if Borrower or any Restricted Subsidiary shall at any time make a
     Disposition (other than a Disposition permitted pursuant to clause (a), (b)
     or (c) of Section 8.02), then (i) Borrower or such Restricted Subsidiary
     may, within 360 days after the receipt by Borrower or such Restricted
     Subsidiary of the Net Disposition Proceeds of such Disposition, (A)
     reinvest (subject to Section 8.03) up to 100% of such Net Disposition
     Proceeds in the businesses described in Section 7.13 (including, subject to
     the provisions of clause (h) of Section 8.03, making an Acquisition in such
     businesses), unless at the time of such reinvestment an Event of Default or
     payment Default has occurred and is then continuing (except in the case
     where Borrower or such Restricted Subsidiary is subject to a definitive
     agreement that has been duly and fully executed at a time when no Event of
     Default or payment Default existed and pursuant to which it is obligated to
     use such Net Disposition Proceeds for a purpose permitted by this Section
     2.08(a)) or (B) retain the amount of such Net Disposition Proceeds not so
     applied pending such application, and (ii) to the extent such Net
     Disposition Proceeds are not so applied during such 360-day period, the
     Revolving Commitments shall be immediately reduced in accordance with
     Section 2.08(c) in an aggregate amount equal to the portion of such Net
     Disposition Proceeds not so applied. From and after the Second Amendment
     Effective Date, (i) if Borrower or any Restricted Subsidiary shall at any
     time make a Disposition of a Non-Fixed Asset (other than (I) a Disposition
     permitted pursuant to clause (a), (b) or (c) of Section 8.02 or (II)
     Dispositions generating Net Proceeds of less than $50,000 in the aggregate
     for all such Dispositions for any Fiscal Year less the amount of
     Disposition Proceeds generated by Dispositions of Fixed Assets referred to
     in subclause (II) in the parenthetical contained in Section 2.08(a)(iii)
     hereof for such Fiscal Year), then Borrower or such Restricted Subsidiary
     shall, concurrently with the receipt of the Net Disposition Proceeds of
     such Non-Fixed Asset, apply 100% of the Net Disposition Proceeds of such
     Non-Fixed Asset, FIRST to immediately reduce the outstanding Revolving
     Loans and permanently reduce the Revolving Commitments in accordance with
     Section 2.08(c) in an aggregate amount equal to such Net Disposition
     Proceeds, and SECOND, in the event that there are no outstanding Revolving
     Loans, Swing Line Loans and/or Special Facility Obligations and the
     Commitments of the Lenders in respect of Revolving Loans, Swing Line Loans
     and/or Special Facility Obligations have all been terminated, to
     immediately reduce the outstanding Liquidity Facility Loans and permanently
     reduce the Liquidity Facility Commitment in accordance with Section 2.08(c)
     in an aggregate amount equal to such Net Disposition Proceeds; (ii) if the
     Borrower or any Restricted Subsidiary shall at any time make a Disposition
     of a Fixed Asset (other than a Disposition permitted pursuant to clause
     (a), (b) or (c) of Section 8.02) and (A) the Designated Performance Trigger
     Event has occurred for the most recently completed Test Period, (B) no
     Event of Default or payment Default has occurred and is then continuing and
     (C) a Designated Performance Trigger Event Certificate duly executed by a
     Responsible Officer has been furnished to the Administrative Agent, then
     (x) Borrower or such Restricted Subsidiary may, within 360 days after the
     receipt by Borrower or such Restricted Subsidiary of the Net Disposition
     Proceeds of such Disposition of Fixed Assets, (A) reinvest (subject to
     Section 8.03) up to 100% of such Net Disposition Proceeds in the businesses
     described in Section 7.13 (including, subject to the provisions of clause
     (h) of Section 8.03, making an Acquisition in such businesses) or (B)
     retain the amount of such Net Disposition Proceeds not so applied

                                       -9-
<Page>

     pending such application, and (y) to the extent such Net Disposition
     Proceeds are not so applied during such 360-day period, such Net
     Disposition Proceeds shall immediately reduce, FIRST, the outstanding
     Revolving Loans and permanently reduce the Revolving Commitments in
     accordance with Section 2.08(c) in an aggregate amount equal to the portion
     of such Net Disposition Proceeds not so applied; and SECOND in the event
     that there are no outstanding Revolving Loans, Swing Line Loans and/or
     Special Facility Obligations and the Commitments of the Lenders in respect
     of Revolving Loans, Swing Line Loans and/or Special Facility Obligations
     have all been terminated, the Liquidity Facility Commitment shall be
     immediately reduced in accordance with Section 2.08(c) ) in an aggregate
     amount equal to the portion of such Net Disposition Proceeds not so
     applied, and (iii) if the Borrower or any Restricted Subsidiary shall at
     any time make a Disposition of a Fixed Asset (other than (I) a Disposition
     permitted pursuant to clause (a), (b) or (c) of Section 8.02 or (II)
     Dispositions generating Net Proceeds of less than $50,000 in the aggregate
     for all such Dispositions for any Fiscal Year less the amount of
     Disposition Proceeds generated by Dispositions of Non-Fixed Assets referred
     to in subclause (II) in the parenthetical contained in Section 2.08(a)(i)
     hereof for such Fiscal Year) and the Designated Performance Trigger Event
     has not occurred, then (x) Borrower or such Restricted Subsidiary shall,
     concurrently with the receipt of the Net Disposition Proceeds of such Fixed
     Asset, apply the first $5,000,000 and 50% of the balance of the Net
     Disposition Proceeds of such Fixed Asset to prepay, FIRST, the outstanding
     Revolving Loans in accordance with Section 2.08(d) without permanently
     reducing the Revolving Commitments, and SECOND, in the event that there are
     no outstanding Revolving Loans, Swing Line Loans and/or Special Facility
     Obligations and the Commitments of the Lenders in respect of Revolving
     Loans, Swing Line Loans and/or Special Facility Obligations have all been
     terminated, the outstanding Liquidity Facility Loans in accordance with
     Section 2.08(d) without permanently reducing the Liquidity Facility
     Commitment, and (y) (A) reinvest (subject to Section 8.03) up to 50% of the
     balance of such Net Disposition Proceeds (after applying the first
     $5,000,000 and 50% of the balance of such Net Disposition Proceeds in
     accordance with the immediately preceding clause (x)) in the businesses
     described in Section 7.13 (including, subject to the provisions of clause
     (h) of Section 8.03, making an Acquisition in such businesses), unless at
     the time of such reinvestment an Event of Default or payment Default has
     occurred and is then continuing (except in the case where Borrower or such
     Restricted Subsidiary is subject to a definitive agreement that has been
     duly and fully executed at a time when no Event of Default or payment
     Default existed and pursuant to which it is obligated to use such Net
     Disposition Proceeds for a purpose permitted by this Section 2.08(a)) or
     (B) retain the amount of such Net Disposition Proceeds not so applied
     pending such application, and (z) to the extent such Net Disposition
     Proceeds are not so applied during such 360-day period, such Net
     Disposition Proceeds shall, FIRST, immediately reduce the outstanding
     Revolving Loans and permanently reduce the Revolving Commitments in
     accordance with Section 2.08(c) in an aggregate amount equal to the portion
     of such Net Disposition Proceeds not so applied, and SECOND, in the event
     that there are no outstanding Revolving Loans, Swing Line Loans and/or
     Special Facility Obligations and the Commitments of the Lenders in respect
     of Revolving Loans, Swing Line Loans and/or Special Facility Obligations
     have all been terminated, immediately reduce the outstanding Li-

                                      -10-
<Page>

     quidity Facility Loans and permanently reduce the Liquidity Facility
     Commitment in accordance with Section 2.08(c) ) in an aggregate amount
     equal to the portion of such Net Disposition Proceeds not so applied."

          (b)  INDEBTEDNESS ISSUANCE. If Borrower shall issue Indebtedness under
     clause (h) of Section 8.04 or, subject to the written consent of the
     Required Lenders, if Borrower or any Restricted Subsidiary shall issue or
     incur indebtedness for borrowed money or incur Capitalized Lease
     Liabilities not otherwise permitted to be issued or incurred pursuant to
     Section 8.04, (i) the Revolving Commitments shall be immediately reduced in
     accordance with Section 2.08(c) by an amount equal to the Net Issuance
     Proceeds of such issuance or incurrence, or (ii) in the event that there
     are no outstanding Revolving Loans, Swing Line Loans and/or Special
     Facility Obligations and the Commitments of the Lenders in respect of
     Revolving Loans, Swing Line Loans and/or Special Facility Obligations have
     all been terminated, the Liquidity Facility Commitment shall be immediately
     reduced in accordance with Section 2.08(c) by an amount equal to the Net
     Issuance Proceeds of such issuance or incurrence not utilized to reduce the
     Revolving Commitments.

          (c)  MANDATORY REDUCTION OF COMMITMENT AND PREPAYMENTS OF REVOLVING
     LOANS AND LIQUIDITY FACILITY LOANS. Any reductions in Revolving Commitments
     made pursuant to clauses (a) and (b) of this Section 2.08 shall be made in
     the amounts so required in each case as and when applicable so that at all
     times the Revolving Commitments are not reduced below the amount of Special
     Facility Obligations then outstanding. All such reductions shall be applied
     to the Lenders' Revolving Commitments pro rata. The Revolving Commitments
     shall be automatically and permanently terminated in their entirety on the
     Revolving Commitment Termination Date. Borrower shall immediately prepay
     the outstanding Revolving Loans to the extent that the amount thereof plus
     the Special Facility Obligations then outstanding then exceeds the
     Revolving Commitments then in effect. Any reductions in the Liquidity
     Facility Commitment made pursuant to clauses (a) and (b) of this Section
     2.08 shall be made in the amounts so required in each case as and when
     applicable. The Liquidity Facility Commitment shall be automatically and
     permanently terminated in its entirety on the Liquidity Facility Commitment
     Termination Date. Borrower shall immediately prepay the outstanding
     Liquidity Facility Loans to the extent that the amount thereof then
     outstanding exceeds the Liquidity Facility Commitments then in effect."

          (h)  Section 2.09 of the Credit Agreement designated "Repayment" is
hereby amended by adding a new clause (c) at the end thereof as follows:

               "(c)  THE LIQUIDITY FACILITY CREDIT. Borrower shall repay to the
     Liquidity Facility Lender on the Liquidity Facility Commitment Termination
     Date the aggregate principal amount of Liquidity Facility Loans outstanding
     on such date, provided, that, such payment is expressly conditioned upon,
     and subject to, the aggregate outstanding principal amount of all
     outstanding Revolving Loans PLUS all outstanding Swing Line Loans PLUS all
     outstanding Special Facility Obligations being less than or equal to
     $90,000,000 after giving effect to such repayment."

          (i)  Section 2.10 of the Credit Agreement designated "Interest" is
hereby amended as follows:

                                      -11-
<Page>

               (i)   Clause (a) thereof designated "Rate" is hereby amended by
     inserting the words "and Liquidity Facility Loan" immediately after the
     words "Revolving Loan" in the first line thereof and inserting the words
     "and Liquidity Facility Loans" immediately following the words "Revolving
     Loans" in the fourth line thereof.

               (ii)  Clause (b) thereof designated "Payment Dates" is hereby
     amended by (x) inserting the words "and Liquidity Facility Loan"
     immediately following the words "of Acceptances") on the third line
     thereof, (y) inserting the words "and Liquidity Facility Loans" immediately
     following the words "the Revolving Loans" in the second sentence thereof,
     and (z) inserting the words "or a Liquidity Facility Loan" immediately
     following the words "a Revolving Loan" in the second sentence thereof.

               (iii) Clause (c) thereof is amended by inserting the words "or
     any Liquidity Facility Loan" immediately following the words "any Revolving
     Loan" in the second line thereof.

          (j)  Section 2.11 designated "Fees" is hereby amended by inserting a
new clause (c) at the end thereof as follows:

               "(c)  LIQUIDITY FACILITY COMMITMENT FEES. Borrower shall pay to
the Liquidity Facility Lender a commitment fee on the daily unused portion of
the Liquidity Facility Commitment, computed and payable on a quarterly basis in
arrears on the last Business Day of each calendar quarter based upon the daily
utilization for the quarter, at a rate PER ANNUM equal to 0.500%. Such
commitment fee shall accrue from the Third Amendment Effective Date to the
Liquidity Facility Commitment Termination Date, with the final payment to be
made in any event on the Liquidity Facility Commitment Termination Date. The
commitment fees provided in this clause shall accrue at all times after the
above-mentioned commencement date, including at any time during which one or
more conditions in Article V are not met."

          (k)  Section 5.02 of the Credit Agreement designated "Conditions to
All Credit Extensions" is hereby amended by (i) inserting the words "and the
obligation of the Liquidity Facility Lender to make any Liquidity Facility
Loan," immediately following the words "to make any Swing Line Loan, in the
third line thereof; and (ii) inserting the words "or, in the case of any
Liquidity Facility Loan, the Liquidity Facility Lender shall have received a
Notice of Borrower" at the end thereof.

          (l)  Section 9.01 of the Credit Agreement designated "Event of
Default" is hereby amended by (i) inserting the words "or Liquidity Facility
Loan" immediately following the words "Revolving Loan" in clause (a) thereof,
and (ii) inserting the words "Section 2.01(d) or" immediately following the
words "contained in any of" in clause (c) thereof.

          (m)  Section 9.02 of the Credit Agreement designated "Remedies" is
hereby amended by (i) inserting the words ", any obligation of the Liquidity
Facility Lender to make Liquidity Facility Loans" immediately following the
words "Swing Line Loans" in clause (a) thereof; (ii) inserting the words "and
Liquidity Facility Loans" immediately following the words "Revolving Loans" in
subclause (ii) of clause (b) thereof; (iii) inserting the words "and any
obligation of the Liquidity Facility Lender to make Liquidity Facility Loans"
immediately following

                                      -12-
<Page>

the words "or create Acceptances" in clause (c) thereof; and (iv) inserting the
words "and Liquidity Facility Loans" immediately following the words
"outstanding Revolving Loans" in clause (c) thereof.

          (n)  Section 11.01 of the Credit Agreement designated "Amendments and
Waivers" is hereby amended by (i) inserting a new clause (c) immediately
following clause (b) thereof to read as follows: "(c) no amendment, waiver or
consent shall, unless in writing and signed by the Liquidity Facility Lender (in
addition to the Lenders required under this Section to sign such amendment,
waiver or consent), adversely affect the rights or duties of the Liquidity
Facility Lender under this Agreement or any other Loan Document." and (ii)
relettering clauses (c) and (d) thereof as clauses "(d)" and "(e)",
respectively.

          (o)  Section 11.04 of the Credit Agreement designated "Costs and
Expenses" is hereby amended by (i) inserting the words ", the Liquidity Facility
Lender" immediately following the words "Swing Line Lender" in clause (a)
thereof; and (ii) inserting the words "or the Liquidity Facility Loans"
immediately following the words "Revolving Loans" each time such words appear in
clause (b) thereof.

     SECTION Three:  WAIVER. The Administrative Agent and the Required Lenders
hereby waive compliance by the Borrower with the financial covenants contained
in Sections 8.06(a) and (b) of the Credit Agreement from the date hereof to and
including January 31, 2002 (the "Waiver Period"). To the extent that any Default
or Event of Default would have arisen and would be continuing under the Section
of the Credit Agreement referred to above during the Waiver Period in the
absence of this Amendment, such Default or Event of Default will automatically
be reinstated as of January 31, 2002 unless otherwise agreed to in writing by
the Required Lenders.

     SECTION Four:   (a) AMENDMENT EFFECTIVE DATE. This Amendment, and the
waivers, amendments and modifications contained herein, shall be and become
effective as of the date hereof (the "THIRD AMENDMENT EFFECTIVE DATE") when each
of the conditions set forth in this Section 4 shall have been fulfilled to the
satisfaction of the Administrative Agent.

          (b)  EXECUTION OF COUNTERPARTS. The Administrative Agent shall have
received counterparts of this Amendment, duly executed and delivered on behalf
of the Borrower and each of the Required Lenders.

          (c)  RESOLUTIONS; INCUMBENCY. The Administrative Agent shall have
received (i) copies of the resolutions of the board of directors of the Borrower
authorizing the execution, delivery and performance of this Amendment, each
other Loan Document to be delivered by the Borrower in connection herewith and
the transactions contemplated hereby and thereby, certified as of the Third
Amendment Effective Date by the Secretary or an Assistant Secretary of the
Borrower, together with a certificate of the Secretary or Assistant Secretary of
the Borrower dated the Third Amendment Effective Date, certifying the names and
true signatures of the officers of the Borrower authorized to execute, deliver
and perform, as applicable, this Amendment, and such other Loan Documents to be
delivered by it in connection herewith; and (ii) copies of the resolutions of
the board of directors of each Subsidiary authorizing the delivery, execution
and performance by such Subsidiary of the Loan Documents to be delivered by it
in connection

                                      -13-
<Page>

herewith, certified as of the Third Amendment Effective Date by the Secretary or
an Assistant Secretary of such Subsidiary, together with a certificate of the
Secretary or an Assistant Secretary of such Subsidiary dated the Third Amendment
Effective Date, certifying the names and true signatures of the officers of such
Subsidiary authorized to execute, deliver and perform the Loan Documents.

          (d)  ORGANIZATION DOCUMENTS. The Administrative Agent shall have
received the articles or certificate of incorporation and the bylaws of each of
Obligors for which such documents have not previously been delivered and
certified, in each case, as in effect on the Third Amendment Effective Date,
certified by the Secretary or Assistant Secretary of such Person as of the Third
Amendment Effective Date, together with a certification that any documents that
were previously delivered are in full force and effect and have not, since the
date of such delivery, been amended.

          (e)  APPROVALS. All necessary material governmental, shareholders' and
third-party approvals in connection with the execution, delivery and performance
of this Amendment and the other Loan Documents delivered in connection herewith.

          (f)  OTHER LOAN DOCUMENTS. The Administrative Agent shall have
received an affirmation and consent by each of the Guarantors.

          (g)  AMENDMENT EFFECTIVE DATE CERTIFICATE. The Administrative Agent
shall have received, with counterparts for each Agent, the Amendment Effective
Date Certificate, dated the Third Amendment Effective Date and duly executed and
delivered by a Responsible Officer of the Borrower, in which certificate the
Borrower shall agree and acknowledge that the statements made therein shall be
deemed to be true and correct (in all material respects) representations and
warranties of the Borrower made as of such date, and, at the time each such
certificate is delivered, such statements shall in fact be true and correct.

          (h)  LEGAL OPINIONS. The Administrative Agent shall have received a
favorable legal opinion of (i) Simpson, Thacher & Bartlett, special counsel to
the Obligors and (ii) the General Counsel to the Borrower, in each case,
addressed to the Administrative Agent and the Lenders and dated the Third
Amendment Effective Date, substantially in the forms of ANNEX A-1 and ANNEX A-2,
respectively.

          (i)  AMENDMENT FEE. The Administrative Agent shall have received, for
the benefit of each Lender actually approving this Third Amendment by duly
executing the signature pages hereto on or prior to October 11, 2001 by 5:00
p.m., Eastern Standard Time, an amendment fee equal to .15% of such Lender's
outstanding Revolving Commitment (whether used or unused on such date).

          (j)  ARRANGEMENT FEE. The Administrative Agent shall have received the
Arrangement Fee required to be paid to it in accordance with the Side Letter,
dated as of September 30, 2001, on or prior to the Third Amendment Effective
Date.

          (k)  FEES AND EXPENSES. The Administrative Agent shall have received
all expenses due and payable pursuant to Section 7 hereof (to the extent then
invoiced) and pursuant to the Credit Agreement (including all previously
invoiced fees and expenses).

                                      -14-
<Page>

          SECTION FIVE: REPRESENTATIONS AND WARRANTIES; COVENANTS. In order to
induce the Lenders and the Agents to enter into this Amendment, each Obligor
represents and warrants to each of the Lenders and the Agents that, after giving
effect to this Amendment, (a) no Default or Event of Default has occurred and is
continuing; and (b) all of the representations and warranties in the Credit
Agreement are true and complete in all material respects on and as of the date
hereof as if made on the date hereof (or, if any such representation or warranty
is expressly stated to have been made as of a specific date, as of such specific
date).

          SECTION SIX: REFERENCE TO AND EFFECT ON THE CREDIT AGREEMENT AND THE
NOTES. On and after the Effective Date, each reference in the Credit Agreement
to "this Agreement", "hereunder", "hereof" or words of like import referring to
the Credit Agreement, and each reference in the Notes and each of 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
Credit Agreement, as amended by this Amendment. The Credit Agreement, the Notes
and each of the other Loan Documents, as specifically amended by this Amendment,
are and shall continue to be in full force and effect and are hereby in all
respects ratified and confirmed. The execution, delivery and effectiveness of
this Amendment shall not, except as expressly provided herein, operate as a
waiver of any right, power or remedy of any Lender or any Agent under any of the
Loan Documents, nor constitute a waiver of any provision of any of the Loan
Documents. This Amendment is a Loan Document executed pursuant to the Credit
Agreement and shall be construed, administered and applied in accordance with
all of the terms and provisions of the Credit Agreement (and, following the date
hereof, the Amended Credit Agreement). Any breach of any representation or
warranty or covenant or agreement contained in this Amendment shall be deemed to
be an Event of Default for all purposes of the Credit Agreement and the other
Loan Documents. Each Guarantor ratifies and confirms its Guarantee as in full
force and effect after giving effect to the amendments herein set forth and to
any prior amendment or waiver to the Credit Agreement.

          SECTION SEVEN: COSTS, EXPENSES AND TAXES. Borrower agrees to pay all
reasonable costs and expenses of the Agents in connection with the preparation,
execution and delivery of this Amendment and the other instruments and documents
to be delivered hereunder, if any (including, without limitation, the reasonable
fees and expenses of Wachtell, Lipton, Rosen & Katz) in accordance with the
terms of Section 11.04 of the Credit Agreement. In addition, Borrower shall pay
or reimburse any and all stamp and other taxes payable or determined to be
payable in connection with the execution and delivery of this Amendment and the
other instruments and documents to be delivered hereunder, if any, and agrees to
save each Agent and each Lender harmless from and against any and all
liabilities with respect to or resulting from any delay in paying or omission to
pay such taxes.

          SECTION EIGHT: FURTHER ASSURANCES. The Borrower hereby agrees that it
will take any action that from time to time may be reasonably necessary to
effectuate the agreements contemplated herein.

          SECTION NINE: AUTHORITY TO EXECUTE INTERCREDITOR AGREEMENT. The
Required Lenders hereby authorize the Administrative Agent to execute, for the
benefit of the Lenders, the Intercreditor Agreement, dated as of date hereof.
The Intercreditor Agreement, and compliance by any party thereto of its
obligations thereunder, may at any time and from time to time be

                                      -15-
<Page>

amended, supplemented, modified or waived, in accordance with the terms and
provisions of the Intercreditor Agreement, only by an instrument or instruments
in writing signed by each of the parties thereto; PROVIDED, HOWEVER, that the
Required Lenders shall have consented to and approved such amendment,
supplement, modification or waiver.

          SECTION TEN: HEADINGS. The various headings of this Amendment are
inserted for convenience only and shall not affect the meaning or interpretation
of this Amendment or any provisions thereof.

          SECTION ELEVEN: EXECUTION IN COUNTERPARTS. This Amendment may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute but one and the same
agreement. Delivery of an executed counterpart of a signature page to this
Amendment by telecopier shall be effective as delivery of a manually executed
counterpart of this Amendment.

          SECTION TWELVE: SUCCESSORS AND ASSIGNS. This Amendment shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns.

          SECTION THIRTEEN: NO THIRD PARTIES BENEFITED. This Amendment is made
and entered into for the sole protection and legal benefit of the Borrower, the
Lenders, each Agent and the Agent-Related Persons, and their permitted
successors and assigns, and no other Person shall be a direct or indirect legal
beneficiary of, or have any direct or indirect cause of action or claim in
connection with, this Amendment or any of the other Loan Documents.

          SECTION FOURTEEN: GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT
GIVING EFFECT TO ANY PROVISIONS THEREOF RELATING TO CONFLICTS OF LAW).

                                      -16-
<Page>

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

                                       BORROWER:

                                       EVENFLO COMPANY, INC.

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

                                       GUARANTORS:

                                       LISCO FURNITURE, INC.

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

                                       LISCO FEEDING, INC.

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

                                       AGENT:

                                       BANK OF AMERICA, NATIONAL
                                          ASSOCIATION (successor in interest to
                                          BANK OF AMERICA NATIONAL
                                          TRUST AND SAVINGS ASSOCIATION),
                                          as Administrative Agent

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

                                      S-1
<Page>

                                       LENDERS:

                                       BANK OF AMERICA, NATIONAL
                                          ASSOCIATION (successor in interest to
                                          BANK OF AMERICA NATIONAL
                                          TRUST AND SAVINGS ASSOCIATION),
                                          as Fronting Lender and as a Lender

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

                                      S-2
<Page>

                                       BANK OF AMERICA, NATIONAL
                                          ASSOCIATION (successor in interest to
                                          BANK OF AMERICA NATIONAL
                                          TRUST AND SAVINGS ASSOCIATION),
                                          as Liquidity Facility Lender

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

                                      S-3
<Page>

                                       CHASE MANHATTAN BANK, as a Lender

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

                                      S-4
<Page>

                                       PAM CAPITAL FUNDING, L.P., as a Lender
                                          By Highland Capital Management, L.P.
                                          as Collateral Manager

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

                                      S-5
<Page>

                                       MERRILL LYNCH CAPITAL CORPORATION,
                                       as a Lender

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

                                      S-6
<Page>

                                       TRANSAMERICA BUSINESS CREDIT CORPORATION,
                                       as a Lender

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

                                      S-7
<Page>

                                       BANK OF NOVA SCOTIA, as a Lender

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

                                      S-8
<Page>

                                       MORGAN STANLEY SENIOR FUNDING, INC.,
                                       as a Lender

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

                                      S-9
<Page>

                                       SOVEREIGN BANK, as a Lender

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

                                      S-10
<Page>

                                       PAMCO CAYMAN LTD., as a Lender
                                            By Highland Capital Management, L.P.
                                            as Collateral Manager

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

                                      S-11Prepared by MERRILL CORPORATION

QuickLinks
 -- Click here to rapidly navigate through this document

 
 

EXHIBIT 4.1    
  

 
 

AMENDMENT NO. 12 TO THIRD AMENDED AND RESTATED
  REDUCING REVOLVING LOAN AGREEMENT    
  

    This Amendment No. 12 to Third Amended and Restated Reducing Revolving Loan Agreement (this "Amendment") dated as of October  , 2001 is entered
into among Palace Station Hotel & Casino, Inc. ("Palace"), Boulder Station, Inc. ("Boulder"), Texas Station, LLC ("Texas"), Sunset Station, Inc. ("Sunset"), Santa Fe Station, Inc ("Santa Fe"), Fiesta
Station, Inc. ("Fiesta Station") and Lake Mead Station, Inc. ("Lake Mead Station"; and collectively, the "Borrowers"), Station Casinos, Inc. ("Parent") (but only for the purpose of making the
covenants set forth in Articles 8 and 9 of the Loan Agreement (as defined below)), and Bank of America, N.A., as Administrative Agent, with reference to the Third Amended and Restated Reducing
Revolving Loan Agreement dated as of August 25, 1999 originally among Palace, Boulder, Sunset, Texas Station, Inc. ("Old Texas"), St. Charles Riverfront Station, Inc. ("St. Charles") and Kansas City
Station Corporation ("Kansas City"), Parent, the Lenders party thereto, and the Administrative Agent (as amended, the "Loan Agreement"). Capitalized terms used but not defined herein are used with the
meanings set forth for those terms in the Loan Agreement. 

 
 

Agreement    
  

    Borrowers, Parent and the Administrative Agent, acting with the consent of the Lenders pursuant to Section 14.2 of the Loan Agreement, agree as follows: 

    1.  Amendment to Section 1.1—Additional Defined Terms.  The following defined terms are
hereby added to the Loan Agreement: 

    "Durango" means Durango Station, Inc., a Nevada corporation, successor by merger to St. Charles Riverfront Station, Inc., a Missouri
corporation. 

    "Fiesta Holdings" means Fiesta Station Holdings, LLC, a Nevada limited liability company. 

    "GV Ranch Station" means GV Ranch Station, Inc., a Nevada limited liability company. 

    "Lake Mead Station" means Lake Mead Station, Inc., a Nevada corporation. 

    "Lake Mead Holdings" means Lake Mead Station Holdings, LLC, a Nevada limited liability company. 

    "Red Rock Holdings" means Red Rock Station Holdings, LLC, a Nevada limited liability company. 

    "Required Support Payments" means, for any period, the aggregate amount of the payments which are required to be made by Parent, the
Borrowers and their respective Subsidiaries to other Persons pursuant to Contractual Obligations constituting suretyship arrangements, including without limitation the Completion Guaranty and Make
Well Agreements heretofore executed by Parent in favor of the lenders to Green Valley Ranch Gaming, LLC and any similar arrangements which may hereafter be executed in favor of lenders to the Auburn
Tribe, provided that such amount shall be reduced, in any period, for amounts recouped by Parent, the Borrowers and their respective Subsidiaries in
cash from the primary obligors or co-sureties by reason of any reimbursement, indemnification or contribution rights held by them. 

    "Palm Station" means Palm Station, LLC, a Nevada limited liability company. 

    "Station Holdings" means Station Holdings, Inc., a Nevada corporation, successor by merger to Kansas City Station Corporation, a
Missouri corporation. 

    "Stock Repurchases" means repurchases or redemption by Parent of Common Stock and Permitted Preferred Stock. 

 

    2.  Amendment to Section 1.1—Amended Defined Terms.  The following defined terms are hereby
amended in full to read as follows: 

    "Fiesta Station" means Fiesta Station, Inc, a Nevada corporation. 

    "Texas" means Texas Station, LLC, a Nevada limited liability company, successor by merger to Texas Station, Inc., a Nevada corporation. 

    3.  Section 6.7(f)—Permitted Swaps.  Section 6.7(f) of the Loan Agreement is hereby amended
to read in full as follows: 

    "(f)
Indebtedness consisting of one or more Swap Agreements or Guaranty Obligations with respect to obligations of any of Borrowers or of Parent under one or more Swap Agreements;  provided, that the
aggregate notional amount of Indebtedness covered by all Secured Swap Agreements incurred prior to September 30, 2001 does not exceed
$300,000,000 and the aggregate notional amount of Indebtedness covered by all Secured Swap Agreements incurred following such date does not exceed $200,000,000." 

    4.  Section 6.11—Maintenance Capital Expenditures.  Section 6.11 of the Loan Agreement is
hereby amended to read in full as follows: 

    "6.11  Maintenance Capital Expenditures.  Permit the aggregate amount of Maintenance Capital Expenditures
made by Borrowers and their Subsidiaries during the twelve month period ending on the last day of any Fiscal Quarter ending on or after September 30, 2001, to be less than $20,000,000." 

    5.  Section 6.12—Capital Expenditures.  Section 6.12 of the Loan Agreement is hereby amended
to read in full as follows: 

    "6.12  Capital Expenditures Generally.  (a) Make, or enter into any legally binding commitment to make,
any Capital Expenditure if, giving effect thereto: 

    (i)
in the case of the twelve month period ending on December 31, 2002 and each of the twelve month periods ending on December 31 of each subsequent year, the aggregate amount of the
Capital Expenditures made or committed to be made during that Fiscal Year period, would thereby exceed $75,000,000 minus the amount of any Stock
Repurchases and Required Support Payments theretofore made during that Fiscal Year period; 

    (ii)
in the case of the twelve month period beginning on October 1, 2001 and ending on September 30, 2002, the aggregate amount of the Capital Expenditures made or committed to be
made during that period, would thereby exceed $75,000,000 minus the amount of any Stock Repurchases and Required Support Payments theretofore made
during that period; or 

    (iii)
the effect of making or committing to make such Capital Expenditure would result in the Borrowers being prospectively unable to comply with Section 6.11 without exceeding the
limit in clause (i) above, in each case without the prior written consent of the Majority Lenders; 

    (b)
Make, or enter into any legally binding commitment to make, any Expansion Capital Expenditure if the aggregate Expansion Capital Expenditures reasonably anticipated with respect
thereto will exceed $25,000,000 without the prior written consent of the Majority Lenders (and the Lenders agree to use their best efforts to respond to any request by Borrowers within ten Banking
Days after the date such request is made, but without any implication that the failure of any Lender to respond within such period shall be construed as consent); and 

    (c)
Make, or enter into any legally binding commitment to make, any Expansion Capital Expenditure if a Default or Event of Default then
exists or would result therefrom (except an 

–2–

 

Expansion Capital Expenditure made pursuant to a legally binding commitment entered into prior thereto in compliance with the other provisions of this Section 6.12)." 

    6.  Section 9.5(e): Stock Repurchases.  Section 9.5(e) of the Loan Agreement is hereby amended to read in
full as follows: 

    "(e)
Stock Repurchases made when no Default or Event of Default then exists or would result therefrom in an aggregate amount not to exceed $25,000,000 following September 30, 2001,  provided that the
aggregate amount of such repurchases or redemptions may be increased by an additional $25,000,000 to the extent that, giving effect to
the consummation thereof, the aggregate principal amount of the outstanding Obligations does not exceed $100,000,000; provided further that no Stock
Repurchases made pursuant to this clause (e) shall result in the aggregate amount of Stock Repurchases, Required Support Payments and Capital Expenditures made or committed to be made during (i) the
twelve month period ending September 30, 2002, being in excess of $75,000,000 or (ii) the Fiscal Year ending December 31, 2002 or any subsequent Fiscal Year being in excess of $75,000,000." 

    7.  Section 9.9(e): Parent Funded Debt Ratio.  Section 9.9(e) of the Loan Agreement is hereby amended to
read in full as follows: 

    "(e)
Permitted Subordinated Debt and Senior Parent Unsecured Indebtedness in as aggregate principal amount not in excess of $400,000,000, in each case incurred prior to September 30,
2001 (and any refinancings of such Indebtedness consisting of Indebtedness of the same character and which do not increase the outstanding principal amount thereof), and additional Permitted
Subordinated Debt and Senior Parent Unsecured Indebtedness thereafter incurred in an aggregate principal amount not to exceed $300,000,000, provided
that the aggregate principal amount of the Senior Parent Unsecured Indebtedness so incurred shall not exceed $100,000,000." 

    8.  Section 9.12—Waiver and Amendment re: Parent Funded Debt Ratio.  Parent and the Borrowers
hereby represent to the Administrative Agent and the Lenders that as of the last day of the Fiscal Quarter ended September 30, 2001, the Parent Funded Debt Ratio was not in excess of 5.50:1.00. In
reliance upon this representation, the Administrative Agent and the Lenders hereby waive compliance with Section 9.12 of the Loan Agreement for the Fiscal Quarter ended September 30, 2001, only. This
is a one time waiver and the Administrative Agent and the Lenders shall be entitled to full compliance with Section 9.12 (as amended hereby) in respect of each later Fiscal Quarter. 

    In
furtherance of the foregoing, the matrix set forth in Section 9.12 of the Loan Agreement is hereby amended so that, for each Fiscal Quarter ending during a period set forth below,
the maximum permitted Parent Funded Debt Ratio for that Fiscal Quarter is as set forth below: 

	Fiscal Quarters Ended
 
	 	Maximum Ratio

	December 31, 2001 through June 30, 2002	 	6.00:1.00
	

September 30, 2002 through December 31, 2002	
 	

5.75:1.00
	

March 31, 2003 through June 30, 2003	
 	

5.25:1.00
	

September 30, 2003	
 	

5.00:1.00

    9.  Periodic Fee—Increased Leverage.  Borrowers hereby agree that if, as of the last day of
any Fiscal Quarter, the Parent Funded Debt Ratio is in excess of 5.50:1.00, then Borrowers shall pay to the Lenders an additional fee in respect of the Loans and Letters of Credit outstanding during
the Pricing Period
which commences immediately following such Fiscal Quarter (the "Leverage Fee"). The Leverage Fee for each Pricing Period shall be payable on the last day of that Pricing Period or upon any earlier
termination of the Commitment, and shall be in an amount which is equal to (a) the daily sum of outstanding principal balance of the Loans and the outstanding effective face amount of all 

–3–

 

Letters of Credit during that Pricing Period, times (b) the Leverage Fee Rate for that Pricing Period. For each relevant Pricing Period in which the
Borrowers' Funded Debt Ratio is (y) less than 1.50:1.00, the Leverage Fee Rate shall be 12.50 basis points per annum, and (z) in excess of equal to or greater than 1.50:1.00, the Leverage Fee Rate
shall be 25.00 basis points per annum. 

    10.  Borrowers and Sibling Guarantors:  Parent hereby represents and warrants as follows: 

    (a) On
or about September 7, 2001, St. Charles was merged (the "St. Charles Merger") with and into Durango Station, Inc., a Nevada corporation ("Durango") in accordance
with all applicable Laws; 

    (b) On
or about September  , 2001, Kansas City was merged (the "Kansas City Merger") with and into Station Holdings, Inc., a Nevada corporation
("Station Holdings") in accordance with all applicable Laws; 

    (c) Pursuant
to the Articles of Merger filed in the office of the Nevada Secretary of State on September 27, 2001, Old Texas was merged with and into Texas (the "Texas
Merger") in accordance with all applicable Laws; 

    (d) In
accordance with the terms of the Loan Agreement, on October 1, 2001, Parent sold one hundred percent (100%) of the shares of Southwest Gaming Services, Inc., to
Blake L. Sartini and Delise F. Sartini, as trustees of The Blake L. Sartini and Delise F. Sartini Family Trust; and 

    (e) set
forth on Exhibit A hereto is a true, complete and correct listing of the Borrowers and the Sibling Guarantors as of the date hereof, and no Subsidiary of Parent
is omitted from Exhibit A. 

    11.  Existing Borrowers.  Parent, Borrowers and the Lenders hereby agree and acknowledge that: 

    (a) Santa
Fe has become a Borrower pursuant to the terms of the Joinder Agreement dated as of October 2, 2000 (the "Santa Fe Joinder") and such joinder is hereby
ratified and confirmed. Notwithstanding any provision contained in the Loan Documents or any amendments thereto, Parent, Borrowers and the Lenders agree and acknowledge that the Santa Fe Joinder was
effective and Santa Fe became a Borrower as of October 2, 2000. 

    (b) Texas
has become a Borrower pursuant to the terms of the Joinder Agreement effective as of July 25, 2001 and such joinder is hereby ratified and confirmed. 

    (c) Pursuant
to that certain Request for Release and Release of Sibling Guarantor (the "Guarantor Release") dated as of October 1, 2001, Southwest Gaming Services, Inc.
is no longer a Sibling Guarantor and has been released from its "Guarantied Obligations" under the Sibling Guaranty and such Guarantor Release is hereby ratified and confirmed. 

    (d) Each
of Amendments 1-11 to the Loan Agreement are hereby ratified and confirmed; provided, however, that in the event that any provision contained in this Amendment
shall conflict with any provision of the Loan Agreement or any amendment thereto, the provisions of this Amendment shall govern. 

    12.  Consents, Approvals and Agreements of the Lenders.  The Lenders hereby agree as follows: 

    (a) The
Lenders hereby consent to: 

    (i)
the St. Charles Merger and the concurrent joinder of Durango as a Sibling Guarantor. 

    (ii)
the Kansas City Merger and the concurrent joinder of Station Holdings as a Sibling Guarantor; 

    (iii)
the joinder of Fiesta Station and Lake Mead Station as Borrowers; and 

–4–

 

    (iv) the joinder of Fiesta Holdings, Lake Mead Holdings, Red Rock Holdings, Palm Station and GV Ranch Station as Sibling Guarantors. 

    (b) The
Lenders hereby confirm that Kansas City and St. Charles (i) shall no longer be Borrowers and (ii) are each released from their respective Obligations under the
Loan Agreement; provided, however, that the Deeds of Trust executed by St. Charles prior to the date hereof shall continue in effect and shall be amended, in a manner acceptable to the Administrative
Agent, to reflect the assumption thereof by Durango. 

    13.  Conditions Precedent to Amendment.  The effectiveness of this Amendment is conditioned upon receipt
by the Administrative Agent of the following: 

    (a) Counterparts
of this Amendment executed by all parties hereto; 

    (b) payment
to the Administrative Agent of a fee of 10 basis points times the amount of the Commitment for the account of those Lenders which have signed consents
hereto on or prior to October 26, 2001 together with an arrangement fee for the sole account of the Administrative Agent in an amount set forth in a letter agreement with the Administrative Agent; 

    (c) Written
consents of each of the Sibling Guarantors to the execution, delivery and performance hereof, substantially in the form of Exhibit B hereto; 

    (d) Written
consent of the Lenders as required under Section 14.2 of the Loan Agreement, substantially in the form of Exhibit C hereto; 

    (e) Counterparts
of the Omnibus Borrowers Joinder, substantially in the form of Exhibit D hereto, executed by all parties thereto; 

    (f)  Counterparts
of the Omnibus Sibling Guarantor Joinder, substantially in the form of Exhibit E hereto, executed by all parties thereto; 

    (g) Counterparts
of the Amendment to Trademark Assignment Agreement, in the form of Exhibit F to this Amendment, duly executed by each of the parties thereto; 

    (h) the
certificates representing 100% of the issued and outstanding shares of Fiesta Station and Lake Mead Station (to be held in pledge by the Administrative Agent
within the State of Nevada) together with corresponding stock powers duly executed in blank; 

    (i)  such
deeds of trust, landlord consents, amendments to title policies and other documents as the Administrative Agent may require in connection with the encumbrance
of the assets of Borrowers and Sibling Guarantors designated herein; 

    (j)  Evidence
that Parent and the Borrowers have obtained all required approvals of the Gaming Board for the transactions described herein, including, without
limitation, the pledge, by Parent, of its equity interest in Lake Mead Station and Fiesta Station; 

    (k) legal
opinions of Milbank, Tweed, Hadley & McCloy, LLP and of Schreck Brigone Godfrey, as to such matters as the Administrative Agent may reasonably request; 

    (l)  with
respect to each of Fiesta Station, Lake Mead Station, Station Holdings, Durango, Fiesta Holdings, Lake Mead Holdings, Red Rock Holdings, Palm Station and GV
Ranch Station, an incumbency certificate together with certified copies of such authorizing resolutions, articles of incorporation, articles of organization, by laws, operating agreements, good
standing certificates and representations and warranties, as the Lenders shall reasonably require; and 

    (m) Such
other assurances, certificates, documents, consents or opinions as the Administrative Agent or the Lenders reasonably may require. 

–5–

 

    14.  Representations and Warranties.  Borrowers hereby represent and warrant that no Default or Event of
Default has occurred and remains continuing and that no Material Adverse Effect has occurred since December 31, 2000. 

    15.  Consent of Parent.  The execution of this Amendment by Parent shall constitute its consent, in its
capacity as guarantor under the Parent Guaranty, to this Amendment. 

    16.  Confirmation.  In all other respects, the terms of the Loan Agreement and the other Loan Documents
are hereby confirmed. 

    17.  Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the
State of California. 

    18.  Counterparts.  This Amendment may be executed in any number of counterparts each of which, when
taken together, will be deemed to be a single instrument. 

[THIS
SPACE INTENTIONALLY LEFT BLANK—

SIGNATURE PAGES TO FOLLOW] 

–6–

 

    IN WITNESS WHEREOF, Borrowers and the Administrative Agent have executed this Amendment as of the date first above written by their duly authorized representatives. 

	 	 	PALACE STATION HOTEL & CASINO, INC.

BOULDER STATION, INC.

TEXAS STATION, LLC

SUNSET STATION, INC.

SANTA FE STATION, INC.

FIESTA STATION, INC.

LAKE MEAD STATION, INC.
	

 	
 	

By:	
 	

 Glenn C. Christenson

Senior Vice President
	

 	
 	

STATION CASINOS, INC.
	

 	
 	

By:	
 	

 Glenn C. Christenson

Executive Vice President

and Chief Financial Officer
	

 	
 	

BANK OF AMERICA, N.A., as Administrative Agent
	

 	
 	

By:	
 	

 Janice Hammond

Vice President

–7–

 
 
 

Exhibit A
  
    CURRENT ORGANIZATION OF BORROWERS AND SIBLING GUARANTORS    
  

–8–

 
 
 

Exhibit B
  
    CONSENT OF SIBLING GUARANTORS    
  

    Reference is hereby made to that certain Third Amended and Restated Reducing Revolving Loan Agreement dated as of August 25, 1999 originally among Palace
Station Hotel & Casino, Inc., Boulder Station, Inc., Texas Station, Inc., St. Charles Riverfront Station, Inc., Kansas City Station Corporation and Sunset Station, Inc., as borrowers, Station Casinos,
Inc. ("Parent") (but only for the purpose of making the covenants set forth in Articles 8 and 9 of the Loan Agreement (as defined below)), the Lenders party thereto, and Bank of America, N.A., as
Administrative Agent, (as amended, the "Loan Agreement"). Capitalized terms not otherwise defined herein shall have the meanings set forth in the Loan Agreement. 

    Each
of the undersigned hereby consents to the execution, delivery and performance by Borrowers of Amendment No. 12 to the Third Amended and Restated Reducing Revolving Loan
Agreement. 

    Each
of the undersigned represents and warrants to the Administrative Agent and the Lenders that the Sibling Guaranty remains in full force and effect in accordance with its terms. 

Dated:            ,
2001 

GREEN
VALLEY STATION, INC.

TROPICANA STATION, INC.

SUNSET STATION LEASING COMPANY, LLC

STATION HOLDINGS, INC.

DURANGO STATION, INC.

FIESTA STATION HOLDINGS, LLC

LAKE MEAD STATION HOLDINGS, LLC

RED ROCK STATION HOLDINGS, LLC

PALM STATION, LLC

GV RANCH STATION, INC. 

	By:	 	
 Glenn C. Christenson

Senior Vice President	 	 
	

SOUTHWEST SERVICES, INC.	
 	

 
	

By:	
 	

 Name:

Title:	
 	

 

–9–

 
 
 

Exhibit C
  
    CONSENT OF LENDER    
  

    Reference is hereby made to that certain Third Amended and Restated Reducing Revolving Loan Agreement dated as of August 25, 1999 originally among Palace
Station Hotel & Casino, Inc., Boulder Station, Inc., Texas Station, Inc., St. Charles Riverfront Station, Inc., Kansas City Station Corporation and Sunset Station, Inc., as Borrowers, Station Casinos,
Inc. (but only for the purpose of making the covenants set forth in Articles 8 and 9 of the Loan Agreement (as defined below)), the Lenders party thereto, and Bank of America, N.A., as Administrative
Agent, (as amended, the "Loan Agreement"). Capitalized terms not otherwise defined herein shall have the meanings set forth in the Loan Agreement. 

    The
undersigned Lender hereby consents to the execution and delivery of Amendment No. 12 to Third Amended and Restated Reducing Revolving Loan Agreement, by the Administrative Agent
on its behalf, substantially in the form of the most recent draft presented to the undersigned Lender. 

Dated:            ,
2001 

	 	 	
 [Name of Lender]

	

 	
 	

By:

Name:

Title:	
 	

–10–

 
 
 

Exhibit D
  
    OMNIBUS JOINDER AGREEMENT (BORROWERS)    
  

 
 

Exhibit E
  
    OMNIBUS JOINDER AGREEMENT (SIBLING GUARANTORS)    
  

 
 

Exhibit F
  
    TRADEMARK ASSIGNMENT AMENDMENT    
  

–11–

QuickLinks

EXHIBIT 4.1

AMENDMENT NO. 12 TO THIRD AMENDED AND RESTATED REDUCING REVOLVING LOAN AGREEMENT

Agreement

Exhibit A CURRENT ORGANIZATION OF BORROWERS AND SIBLING GUARANTORS

Exhibit B CONSENT OF SIBLING GUARANTORS

Exhibit C CONSENT OF LENDER

Exhibit D OMNIBUS JOINDER AGREEMENT (BORROWERS)

Exhibit E OMNIBUS JOINDER AGREEMENT (SIBLING GUARANTORS)

Exhibit F TRADEMARK ASSIGNMENT AMENDMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}]]