Document:

<PAGE>

                                                                    EXHIBIT 10.1

                                 AMENDMENT NO. 7
                               TO CREDIT AGREEMENT

      THIS AMENDMENT NO. 7 TO CREDIT AGREEMENT (this "Amendment") is entered
into as of November 30, 2004, among LA PETITE ACADEMY, INC., a Delaware
corporation (the "Borrower"); LPA HOLDING CORP., a Delaware corporation
("Holdings"); the Lenders party hereto; U.S. BANK NATIONAL ASSOCIATION (the
"Resigning Administrative Agent"); and HERITAGE BANK, SSB (the "Successor
Administrative Agent"). Capitalized terms used herein and not otherwise defined
shall have the meanings ascribed thereto in the Credit Agreement (as defined
below).

                                    RECITALS

      WHEREAS, the Borrower, Holdings, the Lenders and certain other persons
signatory thereto entered into the Credit Agreement dated as of May 11, 1998 (as
previously amended and modified by Amendment No. 1, dated as of December 13,
1999; Amendment No. 2, dated as of June 29, 2000; Amendment No. 3, dated as of
November 14, 2002; Amendment No. 4, dated as of February 5, 2002; Amendment No.
5 dated as of February 10, 2003; and Amendment No. 6 dated as of July 31, 2003,
and as otherwise amended or modified from time to time, the "Credit Agreement");
and

      WHEREAS, the Lenders and the Loan Parties have agreed to modify the Credit
Agreement as more fully set forth herein.

      NOW, THEREFORE, in consideration of the premises and the mutual covenants
contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as set
forth below.

                                    SECTION 1
                         AMENDMENTS TO CREDIT AGREEMENT

      Effective as of the date hereof (or at such other time specified herein,
as applicable), the Credit Agreement is amended as set forth below.

      1.1 Existing Definitions.

      (a) 2003 Securities Purchase Agreement.The definition of "Securities
      Purchase Agreement" set forth in Section 1.01 of the Credit Agreement is
      amended and restated in its entirety to read as follows:

<PAGE>

            "2003 Securities Purchase Agreement" means the Securities Purchase
      Agreement dated as of February 10, 2003, among Holdings, LPA Investment
      and the other signatories thereto from time to time, as amended from time
      to time.

      (b) LIBO Rate. The definition of "LIBO Rate" set froth in Section 1.01 of
      the Credit Agreement is amended and restated in its entirety to read as
      follows:

            "LIBO Rate" means, with respect to any Eurodollar Borrowing for any
      Interest Period, the rate appearing on Page 3750 of the Telerate Service
      (or on any successor or substitute page of such Service, or any successor
      to or substitute for such Service, providing rate quotations comparable to
      those currently provided on such page of such Service, as determined by
      the Administrative Agent from time to time for purposes of providing
      quotations of interest rates applicable to dollar deposits in the London
      interbank market) at approximately 11:00 a.m., London time, two Business
      Days prior to the commencement of such Interest Period, as the rate for
      dollar deposits with a maturity comparable to such Interest Period. In the
      event that such rate is not available at such time for any reason, then
      the "LIBO Rate" with respect to such Eurodollar Borrowing for such
      Interest Period shall be the rate at which dollar deposits of $5,000,000
      and for a maturity comparable to such Interest Period are offered by the
      principal London office of the Administrative Agent in immediately
      available funds in the London interbank market at approximately 11:00
      a.m., London time, two Business Days prior to the commencement of such
      Interest Period (and if the Administrative Agent shall not have a London
      office, then the principal London office of the Syndication Agent).

      (c) Maturity Date. The definition of "Maturity Date" set forth in Section
      1.01 of the Credit Agreement is amended and restated in its entirety to
      read as follows:

            "Maturity Date" means November 15, 2007.

      1.2 Loans and Borrowings. Section 2.02(c) of the Credit Agreement is
amended and restated to read as follows:

            At the commencement of each Interest Period for any Eurodollar
      Borrowing, such Borrowing shall be in an aggregate amount that is an
      integral multiple of $100,000 and not less than $250,000. At the time that
      each ABR Revolving Borrowing is made, such Borrowing shall be in an
      aggregate amount that is an integral multiple of $100,000 and not less
      than $250,000, provided that an ABR Revolving Borrowing may be in an
      aggregate amount that is equal to the entire unused balance of the total
      Revolving Commitments or that is required to finance the reimbursement of
      an LC Disbursement as contemplated by Section 2.05(e). Each Swingline Loan
      shall be in an amount that is an integral multiple of $50,000 and not less
      than $250,000. Borrowings of more than one Type and Class may be
      outstanding at the same time, provided that there shall not at any time be
      more than a total of eight Eurodollar Borrowings outstanding.

      1.3 Amortization of Term Loans. Section 2.10(a) of the Credit Agreement is
amended and restated to read as follows:

                                       2
<PAGE>

            (a) Subject to adjustment pursuant to paragraph (c) of this Section,
      the Borrower shall repay Term Borrowings on the last day of each month set
      forth below in the aggregate principal amount set forth opposite such
      month:

<TABLE>
<CAPTION>
     Date                     Amount
-------------             --------------
<S>                       <C>
November 2004             $      100,000
February 2005             $      100,000
May 2005                  $      100,000
August 2005               $      100,000
November 2005             $      100,000
February 2006             $      100,000
May 2006                  $      100,000
August 2006               $      100,000
November 2006             $      100,000
February 2007             $      100,000
May 2007                  $      100,000
August 2007               $      100,000
Maturity Date             $31,552,174.50
</TABLE>

      1.4 Leverage Ratio. Section 6.13 of the Credit Agreement is amended and
restated in its entirety to read as follows:

          SECTION 6.13. Leverage Ratio. The Borrower will not permit the
      Leverage Ratio, as of the last day of any fiscal quarter ending closest to
      the date set forth below, to be in excess of the ratio set forth opposite
      such date:

<TABLE>
<CAPTION>
Quarter Ending Closest To:         Maximum Ratio
-------------------------          -------------
<S>                                <C>
September 30, 2004                 7.25 to 1.00
December 31, 2004                  7.25 to 1.00
March 31, 2005                     7.25 to 1.00
June 30, 2005                      7.25 to 1.00
September 30, 2005                 6.75 to 1.00
December 31, 2005                  6.75 to 1.00
March 31, 2006                     6.25 to 1.00
June 30, 2006                      6.25 to 1.00
September 30, 2006                 6.00 to 1.00
December 31, 2006                  6.00 to 1.00
March 31, 2007                     5.50 to 1.00
June 30, 2007                      5.50 to 1.00
September 30, 2007                 5.50 to 1.00
</TABLE>

      1.5 Consolidated Fixed Charge Coverage Ratio. Section 6.14(a) of the
Credit Agreement is amended and restated in its entirety to read as follows:

                                       3
<PAGE>

      SECTION 6.14. Consolidated Fixed Charge Coverage Ratio.

            (a) The Borrower will not permit the Consolidated Fixed Charge
      Coverage Ratio for the four fiscal quarter period ending closest to each
      date set forth below to be less than the ratio set forth opposite such
      date:

<TABLE>
<CAPTION>
Period:                       Minimum Ratio
------------------            -------------
<S>                           <C>
September 30, 2004            1.00 to 1.00
December 31, 2004             0.95 to 1.00
March 31, 2005                0.95 to 1.00
June 30, 2005                 0.95 to 1.00
September 30, 2005            0.95 to 1.00
December 31, 2005             1.00 to 1.00
March 31, 2006                1.00 to 1.00
June 30, 2006                 1.00 to 1.00
September 30, 2006            1.00 to 1.00
December 31, 2006             1.00 to 1.00
March 31, 2007                1.00 to 1.00
June 30, 2007                 1.00 to 1.00
September 30, 2007            1.00 to 1.00
</TABLE>

      1.6 Minimum Consolidated EBITDA. Section 6.15 of the Credit Agreement is
amended and restated in its entirety to read as follows:

          SECTION 6.15. Minimum Consolidated EBITDA. The Borrower will not
      permit Consolidated EBITDA for any period set forth below to be less than
      the amount set forth below opposite such period:

<TABLE>
<CAPTION>
                                      Minimum
                                   Consolidated
Period:                               EBITDA
-------                            ------------
<S>                                <C>
For the four fiscal quarter
period ending closest to each
date set forth below:

September 30, 2004                 $ 26,750,000
December 31, 2004                  $ 27,000,000
March 31, 2005                     $ 27,250,000
June 30, 2005                      $ 27,250,000
September 30, 2005                 $ 28,250,000
December 31, 2005                  $ 28,750,000
March 31, 2006                     $ 29,250,000
June 30, 2006                      $ 30,000,000
</TABLE>

                                       4
<PAGE>

<TABLE>
<S>                                <C>
September 30, 2006                 $ 30,250,000
December 31, 2006                  $ 31,250,000
March 31, 2007                     $ 32,250,000
June 30, 2007                      $ 33,250,000
September 30, 2007                 $ 33,750,000
</TABLE>

1.7 Swingline Loans. The parties to this Amendment hereby agree that any and all
Swingline Loans are hereby terminated in all respects, and any references to the
Swingline Lender or to the Swingline Loans thereto in any Loan Document are, on
an after the date hereof, of no further effect, except with respect to required
participations in any Swingline Loan currently outstanding by the Lenders or
repayment thereof by the Borrower. Notwithstanding the foregoing, the
obligations of the Lenders to make Revolving Loans shall remain in full force
and effect.

                                    SECTION 2
                              CONDITIONS PRECEDENT

      This Amendment shall not be effective until the conditions set forth below
have been satisfied (or waived by the Lenders).

            (a) Documentation. Receipt by the Administrative Agent of
      counterparts of this Amendment executed by each of the Loan Parties and
      the Lenders.

            (b) Authority. Receipt by the Administrative Agent of a certificate
      of the secretary of each of the Borrower, Holdings and the Subsidiary Loan
      Parties dated as of the date hereof certifying as to (i) resolutions duly
      adopted by the Board of Directors approving this Amendment (and any Loan
      Documents to be executed in connection herewith) and the transactions
      contemplated herein and authorizing the execution, delivery and
      performance hereof and thereof; (ii) its respective certificate or
      articles of incorporation and by-laws; and (iii) the incumbency of its
      officers executing this Amendment and any Loan Documents to be executed in
      connection herewith on its behalf.

            (c) Good Standing. Receipt by the Administrative Agent of copies of
      certificates of good standing, existence or its equivalent with respect to
      each Loan Party certified as of a recent date by the appropriate
      Governmental Authority of the state or other jurisdiction of its formation
      and the state of its chief executive office and principal place of
      business.

            (d) Fees and Expenses. (i) The payment by the Borrower of an
      amendment fee in an aggregate amount equal to $200,000 distributed to each
      Lender pro rata in accordance with its respective aggregate Commitments;
      (ii) the payment by the Borrower to Dallas Lease & Finance, L.P. of an
      arrangement fee equal to $300,000; and (iii) the payment by Borrower to
      Haynes and Boone, L.L.P., counsel to the Administrative Agent and Dallas
      Lease & Finance, L.P., of all legal fees incurred by such Persons in
      connection with the Credit Agreement, including an advance for anticipated
      expenses to

                                       5
<PAGE>

      be incurred in connection with collateral matters, to the extent an
      invoice for such fees and expenses is sent to the Borrower or its counsel
      prior to the date hereof.

            (e) Amendment No. 2 to 2003 Securities Purchase Agreement. Amendment
      No. 2 to the 2003 Securities Purchase Agreement ("Amendment No. 2"), in
      form and substance reasonably satisfactory to the Administrative Agent,
      shall have been executed by Holdings and LPA Investment. The
      Administrative Agent shall have received a copy, certified by an officer
      of Holdings as true and complete, of Amendment No. 2.

            (f) Legal Opinion. Receipt by the Administrative Agent of an opinion
      from O'Melveny & Myers LLP, counsel to the Loan Parties, relating to this
      Amendment and the transactions contemplated herein, in form and substance
      satisfactory to the Administrative Agent.

            (g) List of Owned Real Property. Receipt by the Administrative Agent
      of a list of all owned real property of the Loan Parties.

                                    SECTION 3
                              ADMINISTRATIVE AGENT

      3.1 Resignation. The Resigning Administrative Agent hereby resigns as
Administrative Agent, Documentation Agent, Collateral Agent, Issuing Bank, and
Swingline Lender.

      3.2 Appointment.

            (a) The Required Lenders appoint the Successor Administrative Agent
to succeed Resigning Administrative Agent as Administrative Agent, Documentation
Agent, Collateral Agent, Issuing Bank, and Swingline Lender under the Credit
Agreement and the other Loan Documents.

            (b) Notwithstanding the appointment of Successor Administrative
Agent, in order to minimize the administrative cost and expense associated with
the transfer of certain of the duties and responsibilities of Issuing Bank under
the Credit Agreement and other Loan Documents from Resigning Administrative
Agent to Successor Administrative Agent, the parties hereby agree as follows:

      (i)   Resigning Administrative Agent shall continue to be the issuer of
            the existing Letters of Credit issued and outstanding on the date
            hereof under the Credit Agreement as listed on Schedule 1 attached
            hereto (the "Existing Letters of Credit") until the earlier to occur
            of (i) the expiry of the Existing Letters of Credit or (ii) the date
            upon which Successor Administrative Agent has issued replacement
            Letters of Credit therefor which have been accepted by the
            beneficiary thereof (and such beneficiary has returned the originals
            of the Existing Letters of Credit to Resigning Administrative Agent.
            Resigning Administrative Agent shall provide such reports and other
            information to Borrower, Successor Administrative Agent, and the
            Lenders consistent with their respective past practice for these
            activities. Resigning Administrative Agent shall be entitled to all
            rights as Issuing Bank under the Credit Agreement with respect to
            the

                                       6
<PAGE>

            Existing Letters of Credit, including, without limitation, (x)
            reimbursement by Borrower for draws under any such outstanding
            Existing Letters of Credit issued by it, and (y) if not previously
            reimbursed or repaid by Borrower, require each Lender to fund its
            participation in such Existing Letter of Credit, all in accordance
            with the applicable terms and provisions of the Credit Agreement
            (with Resigning Administrative Agent being deemed to be the
            "Administrative Agent" for such purposes).

      (ii)  Resigning Administrative Agent and Borrower shall cooperate with
            Successor Administrative Agent to properly reflect the change of
            Collateral Agent with respect to the Collateral and shall promptly
            execute and deliver any documentation reasonably requested from time
            to time by Successor Administrative Agent in order to preserve and
            protect the Liens in favor of the Lenders on such Collateral;
            provided, however, that at the request of Successor Administrative
            Agent, (i) Resigning Administrative Agent shall remain the
            mortgagee, assignee, and secured party of record as the Collateral
            Agent for the benefit of the Secured Parties with respect to all or
            any portion of the Collateral, (ii) any and all mortgages, security
            agreements, financing statements, control agreements, and other
            documents, instruments, and agreements creating, evidencing, or
            relating to any Liens on such Collateral held by Resigning
            Administrative Agent as Collateral Agent for the Lenders shall be,
            and be deemed to be, modified and supplemented such that such Liens
            shall be held by Successor Administrative Agent as Collateral Agent
            for the Lenders, and (iii) Resigning Administrative Agent shall take
            such actions as directed by Successor Administrative Agent with
            respect to the release or modification of, or the exercise of any
            rights or remedies regarding any such Collateral consistent with the
            terms of the Loan Documents. Resigning Administrative Agent and
            Borrower shall promptly execute and deliver any documentation
            requested from time to time by Successor Administrative Agent to
            evidence such Resigning Administrative Agent's capacity as
            Collateral Agent for the Lenders.

      (iii) Resigning Administrative Agent shall deliver all possessory
            Collateral to Successor Administrative Agent as soon as possible,
            but no later than December 15, 2004. Until the delivery of such
            possessory Collateral to Successor Administrative Agent, Resigning
            Administrative Agent shall hold such possessory Collateral in trust
            for Successor Administrative Agent.

      (iv)  All expenses and costs incurred by Resigning Administrative Agent in
            connection with this Agreement or in the performance thereof,
            whether now or in the future, including reasonable attorney fees,
            shall, upon demand, be paid by Borrower or if not paid by Borrower
            shall be paid by Successor Administrative Agent on behalf of the
            Lenders.

      3.3 Consent. Borrower consents to such appointment of Successor
Administrative Agent as Administrative Agent, Documentation Agent, Collateral
Agent, Issuing Bank, and Swingline Lender.

      3.4 Acceptance. Successor Administrative Agent accepts such appointment as
Administrative Agent, Documentation Agent, Collateral Agent, Issuing Bank, and
Swingline Lender.

                                       7
<PAGE>

      3.5 Assignment. Resigning Administrative Agent transfers, assigns, and
conveys to Successor Administrative Agent, for the benefit of the Secured
Parties, all right, title, and interest in the Collateral.

      3.6 Amendment.

      (a) The Credit Agreement and each other applicable Loan Document is deemed
amended to reflect the appointment of Successor Administrative Agent as
Administrative Agent, Documentation Agent, Collateral Agent, Issuing Bank
(except with regard to the Existing Letters of Credit), and Swingline Lender
under the Credit Agreement, and all references therein to Administrative Agent,
Documentation Agent, Collateral Agent and Issuing Bank (except with regard to
the Existing Letters of Credit) shall be to Successor Administrative Agent.

      (b) The applicable notice provisions in the Loan Documents are amended by
replacing the contact information for Administrative Agent, Documentation Agent,
Collateral Agent, Issuing Bank, and Swingline Lender with the following:

                             Heritage Bank, SSB
                             13455 Noel Road, Suite 2220
                             Dallas, TX 75240
                             Attention: Davis Deadman

                                    SECTION 4
                                  MISCELLANEOUS

      4.1 Mortgages. The Loan Parties, as applicable, shall execute and deliver
to the Collateral Agent, within five Business Days following receipt of such
document from the Collateral Agent, a Mortgage and such other documents,
financing statements, agreements and instruments, that may be required under any
applicable law, or which the Collateral Agent may reasonably request, to grant,
preserve, protect or perfect a Lien on the real property identified in Section
2(g).

      4.2 Ratification of Loan Documents. The terms "Credit Agreement" and
"Agreement" as used in each of the Loan Documents shall hereafter mean the
Credit Agreement as amended by this Amendment. The Borrower and Holdings each
(a) ratifies and confirms all provisions of the Credit Agreement, as amended by
this Amendment, and the other Loan Documents; (b) ratifies and confirms that all
guaranties, assurances, and liens granted, conveyed, or assigned to Lender under
the Loan Documents are not released, reduced, or otherwise adversely affected by
this Amendment and continue to guarantee and secure full payment and performance
of its obligations under the Credit Agreement and the other Loan Documents; and
(c) agrees to perform such reasonable acts and duly authorize, execute,
acknowledge, deliver, file and record such additional documents, and
certificates as the Administrative Agent or Required Lenders may reasonably
request in order for the Lenders to create, perfect, preserve and protect those
guaranties, assurances and liens. Except to the extent amended hereby, all
terms, provisions and conditions of the Credit Agreement, the other Loan
Documents and all documents

                                       8
<PAGE>

executed in connection therewith, shall continue in full force and effect and
shall remain enforceable and binding in accordance with their respective terms.

      4.3 Authority/Enforceability. Each of the Loan Parties, the Administrative
Agent and the Lenders party hereto represents and warrants as set forth below.

            (a) It has taken all necessary action to authorize the execution,
      delivery and performance of this Amendment.

            (b) This Amendment has been duly executed and delivered by such
      Person and constitutes such Person's legal, valid and binding obligations,
      enforceable in accordance with its terms, except as such enforceability
      may be subject to (i) bankruptcy, insolvency, reorganization, fraudulent
      conveyance or transfer, moratorium or similar laws affecting creditors'
      rights generally and (ii) general principles of equity (regardless of
      whether such enforceability is considered in a proceeding at law or in
      equity).

            (c) No material consent, approval, authorization or order of, or
      filing, registration or qualification with, any court or Governmental
      Authority or third party is required in connection with the execution,
      delivery or performance by such Person of this Amendment.

      4.4 Representation and Warranties. Each of the Borrower and Holdings
represents and warrants to the Lenders as set forth below.

            (a) The representations and warranties of the Borrower and Holdings
      set forth in Article III of the Credit Agreement qualified as to
      materiality are true and correct as of the date hereof and those not so
      qualified are true and correct as of the date hereof in all material
      respects, except, in each case, for those that specifically relate to an
      earlier date.

            (b) No event has occurred and is continuing which constitutes a
      Default or an Event of Default.

            (c) The Security Documents create a valid security interest in, and
      Lien upon, the Collateral.

            (d) The Loan Documents, as amended hereby, are valid and binding
      obligations of the Loan Parties, enforceable in accordance with their
      respective terms, subject to applicable bankruptcy, insolvency,
      reorganization, moratorium or other laws affecting creditors' rights
      generally and subject to general principles of equity, regardless of
      whether considered in a proceeding in equity or law.

            (e) The execution and delivery of this Amendment and the performance
      of the transactions contemplated hereby (a) do not require any consent or
      approval of, registration or filing with, or any other action by, any
      Governmental Authority, except such as have been obtained or made and are
      in full force and effect or, if not obtained or made, would not,
      individually or in the aggregate, be reasonably likely to have a Material
      Adverse Effect; (b) will not violate any applicable law or regulation or
      the charter, by-

                                       9
<PAGE>

      laws or other organizational documents of Holdings, the Borrower or any of
      the Subsidiaries or any order of any Governmental Authority, except, with
      respect to any violation of applicable law or regulation or any order of
      any Governmental Authority, to the extent any such violation would not,
      individually or in the aggregate, be reasonably likely to have a Material
      Adverse Effect; and (c) will not violate or result in a default under any
      indenture, agreement or other instrument binding upon Holdings, the
      Borrower or any of the Subsidiaries or its assets, or give rise to a right
      thereunder to require any payment to be made by Holdings, the Borrower or
      any of the Subsidiaries, except to the extent any such violation, default
      or right would not, individually or in the aggregate, be reasonably likely
      to have a Material Adverse Effect.

      4.5 General Release. In consideration of the Lenders entering into this
Amendment, the Loan Parties hereby release the Administrative Agent, the
Lenders, and the Administrative Agent's and the Lenders' respective officers,
employees, representatives, agents, counsel and directors from any and all
actions, causes of action, claims, demands, damages and liabilities of whatever
kind or nature, in law or in equity, now known or unknown, suspected or
unsuspected to the extent that any of the foregoing arises from any action or
failure to act under the Credit Agreement on or prior to the date hereof.

      4.6 Counterparts/Telecopy. This Amendment may be executed in any number of
counterparts, each of which when so executed and delivered shall be an original,
but all of which shall constitute one and the same instrument. Delivery of
executed counterparts by telecopy shall be effective as an original and shall
constitute a representation that an original will be delivered if requested.

      4.7 Further Assurances. The Borrower agrees to promptly take such action,
upon the reasonable request of the Administrative Agent or the Required Lenders,
as is reasonably necessary to carry out the intent of this Amendment, the
Security Documents and the Loan Documents, including, but not limited to, such
actions as are necessary to ensure that the Lenders have a perfected security
interest in the Collateral subject to no Liens other than the Liens permitted by
Section 6.02 of the Credit Agreement.

      4.8 GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                  [remainder of page intentionally left blank]

                                       10
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their proper and duly authorized officers or
attorneys-in-fact as of the day and year first above written.

BORROWER:                                         LA PETITE ACADEMY, INC.

                                                  By: /s/ Gary A. Graves
                                                      --------------------------
                                                  Name: Gary A. Graves
                                                  Title: President

HOLDINGS:                                         LPA HOLDING CORP.

                                                  By: /s/ Gary A. Graves
                                                      --------------------------
                                                  Name: Gary A. Graves
                                                  Title: President

<PAGE>

      Each of the undersigned are unconditional guarantors of all obligations of
the Borrower under the Loan Documents and acknowledge and agree that (a) this
Amendment does not modify or waive any of its obligations under the Loan
Documents, including the Guarantee Agreements and (b) all Liens granted by it to
support its obligations remain in full force and effect.

                                                       LPA HOLDING CORP.

                                                       By: /s/ Gary A. Graves
                                                           ---------------------
                                                       Name: Gary A. Graves
                                                       Title: President

                                                       LPA SERVICES, INC.

                                                       By: /s/ Gary A. Graves
                                                           ---------------------
                                                       Name: Gary A. Graves
                                                       Title: President

                                                       BRIGHT START, INC.

                                                       By: /s/ Gary A. Graves
                                                           ---------------------
                                                       Name: Gary A. Graves
                                                       Title: President

                                       12
<PAGE>

                                                  U.S. BANK NATIONAL ASSOCIATION

                                                  By: /s/ David L. Orf
                                                        ------------------------
                                                  Name: David L. Orf
                                                  Title: Vice President

                                       13
<PAGE>

                                                  HERITAGE BANK, SSB

                                                  By: /s/ Davis Deadman
                                                      --------------------------
                                                  Name: Davis Deadman
                                                  Title: Chief Executive Officer

                                       14
<PAGE>

                                                   BANK OF AMERICA STRATEGIC
                                                   SOLUTIONS, INC.

                                                   By: /s/ John W. Woodiel
                                                       -------------------------
                                                   Name: John W. Woodiel
                                                   Title: Senior Vice President

                                       15
<PAGE>

                                           ML CBO IV CAYMAN
                                           By: Highland Capital Management, L.P.
                                           as Collateral Manager

                                           By: /s/ Todd Travers
                                               ----------------------------
                                           Name: Todd Travers
                                           Title: Senior Portfolio Manager

                                       16
<PAGE>

                                           HIGHLAND LEGACY, LTD
                                           By: Highland Capital Management, L.P.
                                               as Collateral Manager

                                           By: /s/ Todd Travers
                                               ---------------------------
                                           Name: Todd Travers
                                           Title: Senior Portfolio Manager

                                       17
<PAGE>

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

                                          By: /s/ Todd Travers
                                              ---------------------------
                                          Name: Todd Travers
                                          Title: Senior Portfolio Manager

                                       18
<PAGE>

                                                KZH - HIGHLAND 2 LLC

                                                By: /s/ Todd Travers
                                                    ---------------------------
                                                Name: Todd Travers
                                                Title: Senior Portfolio Manager

                                       19
<PAGE>

                                               SRV - HIGHLAND, INC

                                               By: /s/ Todd Travers
                                                   --------------------------
                                               Name: Todd Travers
                                               Title: Senior Portfolio Manager

                                     20<PAGE>

                                                                    EXHIBIT 10.2

                              AMENDMENT NO. 2, dated as of November 30, 2004
                        (this "Amendment No. 2"), to the Securities Purchase
                        Agreement dated as of February 10, 2003 (as amended from
                        time to time, the "Original Agreement"), among LPA
                        HOLDING CORP., a Delaware corporation (the
                        "Corporation"), LPA INVESTMENT LLC, a Delaware limited
                        liability company ("LPA Investment"), and the parties
                        signatory thereto (each, an "Other Purchaser"). Each
                        Other Purchaser and LPA Investment are collectively
                        referred to as the "Purchasers."

            The Corporation and the Purchasers agree to amend the Original
Agreement, on the terms and subject to the conditions set forth herein.

            NOW, THEREFORE, in consideration of the premises and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as set forth below.

      Section 1. Defined Terms. Unless otherwise defined herein, terms defined
in the Original Agreement are used herein as therein defined.

      Section 2. Amendments to the Original Agreement.

      (a) The first sentence of Section 1.4(a)(iii) of the Original Agreement is
amended and restated in its entirety as follows:

            "(iii) If the Corporation fails to make interest or principal
      payments (A) under the Credit Agreement or (B) the Senior Secured Notes
      Indenture, in each case in accordance with the terms thereof (a "Payment
      Default"), on the date of such Payment Default the Corporation shall
      notify each Purchaser of the amount of funds necessary to cure such
      Payment Default (the "Payment Default Amount") and the number of shares of
      Series B Preferred Stock required to be issued by the Corporation and
      purchased by the Purchasers on the date which is no later than five (5)
      Business Days following the date of delivery of such notification (the
      date of each such purchase a "Payment Default Settlement Date"; and the
      aggregate shares of Series B Preferred Stock to be purchased on such date,
      the "Payment Default Shares")."

      (b) Section 1.8 of the Original Agreement is amended and restated in its
entirety as follows:

            "The obligations of each Purchaser hereunder shall automatically
      terminate without further action from any party hereto on the earlier of
      (a) the date such Purchaser purchases an aggregate amount of shares of
      Series B

<PAGE>

      Preferred Stock hereunder equal to its Maximum Share Amount; (b) the date
      the obligations (other than contingent obligations and liabilities) of the
      Corporation under (i) the Credit Agreement and (ii) the Indenture dated as
      of May 11, 1998, among the Corporation and certain of its subsidiaries and
      PNC Bank, National Association as trustee (as amended), are terminated;
      and (c) after the obligations (other than contingent obligations and
      liabilities) of the Corporation under the Credit Agreement are terminated,
      the date the holders representing a majority of the Corporation's then
      outstanding 10% Senior Notes due 2008 agree to release the Corporation and
      each Purchaser from their respective obligations hereunder."

      Section 3. References to the Original Agreement. From and after the date
hereof, all references in the Original Agreement and each of the other
Transaction Documents to the Original Agreement shall be deemed to be references
to the Original Agreement after giving effect to this Amendment No. 2.

      Section 4. No Other Amendments. Except as expressly set forth herein, the
Original Agreement remains in full force and effect in accordance with its terms
and nothing contained herein shall be deemed (a) to be a waiver, amendment,
modification or other change of any term, condition or provision of the Original
Agreement or any Transaction Document (or a consent to any such waiver,
amendment, modification or other change); (b) to be a consent to any
transaction; or (c) to prejudice any right or rights which the Purchasers or the
Corporation may have under the Original Agreement and/or any Transaction
Document.

      Section 5. Headings. The headings used herein are for convenience of
reference only and shall not affect the construction of, nor shall they be taken
into consideration in interpreting, this Amendment No. 2.

      Section 6. Counterparts. This Amendment No. 2 may be executed in one or
more counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument. Facsimile execution and
delivery of this Amendment No. 2 is legal, valid and binding for all purposes.

      Section 7. Applicable Law. THIS AMENDMENT NO. 2 SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE DOMESTIC LAWS OF THE STATE OF NEW YORK, WITHOUT
GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF
THE STATE OF NEW YORK, OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF
ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK TO BE APPLIED. IN FURTHERANCE
OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF NEW YORK WILL CONTROL THE
INTERPRETATION AND CONSTRUCTION OF THIS AMENDMENT NO. 2, EVEN IF UNDER SUCH
JURISDICTION'S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF
SOME OTHER JURISDICTION WOULD ORDINARILY APPLY.

                            [Signature Pages Follow]

                                     - 2 -
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to
the Securities Purchase Agreement to be duly executed and delivered as of the
day and year first above written.

                                            LPA HOLDING CORP.

                                            By: /s/ Gary A. Graves
                                                --------------------------------
                                                Name: Gary A. Graves
                                                Title: President

                                            LPA INVESTMENT LLC

                                            By: /s/ Stephen Murray
                                                --------------------------------
                                                Name: Stephen Murray
                                                Title: Assistant Secretary

                                            ------------------------------------
                                            Joetta D. Camp

                                            ------------------------------------
                                            Rebecca L. Perry

                                            ------------------------------------
                                            Kathryn J. Shubert

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