Document:

<PAGE>   1
                                                                    Exhibit 4.41

            AMENDMENT NO. 3 AND WAIVER TO LOAN AND SECURITY AGREEMENT
            ---------------------------------------------------------

                                          As of May 1, 2000

Congress Financial Corporation
1133 Avenue of the Americas
New York, New York 10036

Ladies and Gentlemen:

         Congress Financial Corporation ("Lender"), Waxman Consumer Products
Group Inc., a Delaware corporation ("Waxman Group"), WOC Inc., a Delaware
corporation ("WOC"), Western American Manufacturing, Inc., a Delaware
corporation ("WAMI"), WAMI Sales, Inc., a Delaware corporation ("WAMI Sales",
and together with Waxman Group, WOC and WAMI, each individually, a "Borrower"
and collectively, "Borrowers"), Waxman Industries, Inc., a Delaware corporation
("Waxman Industries"), Waxman USA Inc., a Delaware corporation ("Waxman USA")
and TWI, International, Inc., a Delaware corporation ("TWI", and together with
Waxman Industries and Waxman USA, each individually, a "Guarantor" and
collectively, "Guarantors") have entered into certain financing arrangements
pursuant to which Lender may make loans and advances and provide other financial
accommodations to Borrowers as set forth in the Loan and Security Agreement,
dated as of June 17, 1999, by and among Lender, Borrowers and Guarantors (as
amended by Amendment No. 1 to Loan and Security Agreement dated as of December
8, 1999, as amended by Amendment No. 2 to Loan and Security Agreement dated as
of March 29, 2000, as amended hereby and as the same may hereafter be further
amended, modified, supplemented, extended, renewed, restated or replaced, the
"Loan Agreement"), and other agreements, documents and instruments referred to
therein or at any time executed and/or delivered in connection therewith or
related thereto (all of the foregoing, together with the Loan Agreement, as the
same now exist or may hereafter be amended, modified, supplemented, extended,
renewed, restated or replaced, being collectively referred to herein as the
"Financing Agreements").

         Borrowers and Guarantors have requested that Lender (a) waive the Event
of Default arising from the failure of Waxman Industries and its Subsidiaries to
comply with Section 9.15 of the Loan Agreement prior the date hereof and (b)
amend the Adjusted Net Worth covenant set forth in the Loan Agreement. Lender is
willing to agree to such requests, subject to the terms and conditions contained
herein.

<PAGE>   2

         In consideration of the foregoing, and the agreements and covenants
contained herein, and other good and valuable consideration, the adequacy and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

         1.  AMENDMENTS.

         1.1 AMENDMENT TO DEFINITION OF ADJUSTED NET WORTH. Section 1.3 of the
Loan Agreement is amended by deleting the parenthetical phrase "(including all
prepaid assets)" and replacing it with "(including all prepaid assets but
excluding all intangible assets)".

         1.2 AMENDMENT TO SECTION 9.15. Section 9.15 of the Loan Agreement is
amended and restated as follows:

               "9.15 ADJUSTED NET WORTH. Waxman Industries and its Subsidiaries
shall have Adjusted Net Worth of not less than $(88,000,000) at all times."

         1.3 INTERPRETATION. For purposes of this Amendment, unless otherwise
defined herein, all terms used herein, including, but not limited to, those
terms used in the recitals above, shall have the respective meanings assigned to
such terms in the Loan Agreement.

         2. WAIVER. Lender hereby waives the Event of Default arising from the
failure of Waxman Industries and its Subsidiaries to comply with Section 9.15 of
the Loan Agreement at any time prior to the date hereof.

         3. AMENDMENT FEE. In addition to all other fees, charges, interests and
expenses payable by Borrowers to Lender under the Loan Agreement and the other
Financing Agreements, Borrowers shall jointly and severally pay to Lender a fee
for entering into this Amendment in the amount of $25,000, which amount is fully
earned and payable as of the date hereof and may be charged directly to any
Borrower's loan account(s) maintained by Lender.

         4. REPRESENTATIONS, WARRANTIES AND COVENANTS. Each Borrower and
Guarantor, jointly and severally, represents, warrants and covenants with and to
Lender as follows, which representations, warranties and covenants are
continuing and shall survive the execution and delivery hereof, the truth and
accuracy of, or compliance with each, together with the representations,
warranties and covenants in the other Financing Agreements, being a continuing
condition of the making or providing of any Loans or Letter of Credit
Accommodations by Lender to Borrowers:

         4.1 This Amendment has been duly authorized, executed and delivered by
Borrowers and Guarantors, and the agreements and obligations of Borrowers and
Guarantors contained herein and in the Loan Agreement as amended hereby
constitute legal, valid and binding obligations of Borrowers and Guarantors
enforceable against Borrowers and Guarantors in accordance with their respective
terms.

                                       -2-

<PAGE>   3

         4.2 Neither the execution and delivery of this Amendment, or any other
agreements, documents or instruments in connection herewith, nor the
consummation of the transactions herein or therein contemplated, nor compliance
with the provisions hereof or thereof are in contravention of any law or
regulation or any order or decree of any court or Governmental Authority
applicable to Borrowers or Guarantors or any of their respective Subsidiaries in
any respect, or conflicts with or result in the breach of, or constitutes a
default in any respect under any mortgage, deed of trust, security agreement,
agreement or instrument (including, but not limited to, the Senior Note
Indenture and the Senior Deferred Coupon Note Indenture) to which any Borrower
or Guarantor is a party or may be bound, or violates any provision of the
Certificate of Incorporation or By-Laws of any Borrower or Guarantor.

         4.3 After giving effect to this Amendment, no Event of Default or act,
condition or event which with notice or passage or time or both would constitute
an Event of Default, exists or has occurred and is continuing.

         4.4 Each Borrower and each Guarantor is and, after giving effect to the
transactions contemplated hereby, will be solvent.

         5. CONDITIONS PRECEDENT. The amendments and waiver set forth herein
shall be effective upon the satisfaction of each of the following conditions
precedent in a manner satisfactory to Lender:

         5.1 the receipt by Lender of an original of this Amendment, duly
authorized, executed and delivered by Borrowers and Guarantors; and

         5.2 all requisite corporate action and proceedings in connection with
this Amendment shall be satisfactory in form and substance to Lender, and Lender
shall have received all information and copies of all documents, including
records of requisite corporate action and proceedings which Lender may have
requested in connection therewith, such documents where requested by Lender or
its counsel to be certified by appropriate corporate officers or governmental
authorities.

         6.   GENERAL.

         6.1 EFFECT OF THIS AMENDMENT. Except as modified and waived pursuant
hereto, no other changes or modifications to the Financing Agreements are
intended or implied and in all other respects the Financing Agreements are
hereby specifically ratified, restated and confirmed by all parties hereto as of
the date hereof. To the extent of conflict between the terms of this Amendment
and the Financing Agreements, the terms of this Amendment shall control.

         6.2 FURTHER ASSURANCES. The parties hereto shall execute and deliver
such additional documents and take such additional action as may be necessary to
effectuate the provisions and purposes of this Amendment.

                                       -3-

<PAGE>   4

         6.3 GOVERNING LAW. The rights and obligations hereunder of each of the
parties hereto shall be governed by and interpreted and determined in accordance
with the internal laws of the State of New York (without giving effect to
principles of conflicts of laws).

         6.4 BINDING EFFECT. This Amendment is binding upon and shall inure to
the benefit of Lender, Borrowers, Guarantors and their respective successors and
assigns. The Loan Agreement and this Amendment shall be read and construed as
one agreement. This Amendment shall be deemed to be one of the Financing
Agreements.

         6.5 COUNTERPARTS, ETC. This Amendment may be executed in one or more
counterparts, each of which when so executed shall be deemed to be an original
but all of which when taken together shall constitute one and the same
instrument. In making proof of this Amendment, it shall not be necessary to
produce or account for more than one counterpart hereof signed by each of the
parties hereto. This Amendment may be executed and delivered by telecopier with
the same force and effect as if it were a manually executed and delivered
counterpart.

                                        Very truly yours,

                                        WESTERN AMERICAN  MANUFACTURING,
                                          INC.

                                        By:   /S/ Mark Wester
                                             ---------------------------------
                                        Title:    Secretary and Treasurer

                                        WAXMAN CONSUMER PRODUCTS
                                         GROUP, INC.

                                        By:   /S/ Mark Wester
                                             ---------------------------------
                                        Title:    Treasurer

                                        WAXMAN USA INC.

                                        By:   /S/ Mark Wester
                                             ---------------------------------
                                        Title:   Vice President-Finance

                       [SIGNATURES CONTINUE ON NEXT PAGE]

                                       -4-

<PAGE>   5

                    [SIGNATURES CONTINUED FROM PREVIOUS PAGE]

                                        WOC INC.

                                        By:   /S/ Mark Wester
                                             ---------------------------------
                                        Title:    Secretary and Treasurer

                                        WAMI SALES, INC.

                                        By:   /S/ Mark Wester
                                             ---------------------------------
                                        Title:    Secretary and Treasurer

                                        WAXMAN INDUSTRIES, INC.

                                        By:   /S/ Mark Wester
                                             ---------------------------------
                                        Title:   Vice President-Finance and
                                                 Chief Financial Officer

                                        TWI, INTERNATIONAL, INC.

                                        By:   /S/ Mark Wester
                                             ---------------------------------
                                        Title:    Secretary and Treasurer

ACCEPTED AND AGREED:

CONGRESS FINANCIAL CORPORATION

By:   Cindy Denbaum
------------------------------
Title:   VP

                                       -5-<PAGE>   1
                                                                    EXHIBIT 4.42

           AMENDMENT NO. 4 AND CONSENT TO LOAN AND SECURITY AGREEMENT
           ----------------------------------------------------------

                                                             As of July 10, 2000

Congress Financial Corporation
1133 Avenue of the Americas
New York, New York 10036

Ladies and Gentlemen:

         Congress Financial Corporation ("Lender"), Waxman Consumer Products
Group Inc., a Delaware corporation ("Waxman Group"), Medal of Pennsylvania,
Inc., a Delaware corporation formerly known as WOC Inc. ("Medal"), Western
American Manufacturing, Inc., a Delaware corporation ("WAMI"), WAMI Sales, Inc.,
a Delaware corporation ("WAMI Sales", and together with Waxman Group, Medal and
WAMI, each individually, a "Borrower" and collectively, "Borrowers"), Waxman
Industries, Inc., a Delaware corporation ("Waxman Industries"), Waxman USA Inc.,
a Delaware corporation ("Waxman USA") and TWI, International, Inc., a Delaware
corporation ("TWI", and together with Waxman Industries and Waxman USA, each
individually, a "Guarantor" and collectively, "Guarantors") have entered into
certain financing arrangements pursuant to which Lender may make loans and
advances and provide other financial accommodations to Borrowers as set forth in
the Loan and Security Agreement, dated as of June 17, 1999, by and among Lender,
Borrowers and Guarantors (as amended by Amendment No. 1 to Loan and Security
Agreement dated as of December 8, 1999, as amended by Amendment No. 2 to Loan
and Security Agreement dated as of March 29, 2000, as amended by Amendment No. 3
and Waiver to Loan and Security Agreement dated as of May 1, 2000, as amended
hereby and as the same may hereafter be amended, modified, supplemented,
extended, renewed, restated or replaced, the "Loan Agreement"), and other
agreements, documents and instruments referred to therein or at any time
executed and/or delivered in connection therewith or related thereto (all of the
foregoing, together with the Loan Agreement, as the same now exist or may
hereafter be amended, modified, supplemented, extended, renewed, restated or
replaced, being collectively referred to herein as the "Financing Agreements").

         Borrowers and Guarantors have requested that Lender consent to the
transfer, assignment and contribution by TWI to Waxman USA of all of TWI's
right, title and interest in and to all of the issued and outstanding shares of
capital stock of WAMI Sales (the "WAMI Sales Contribution"). Lender is willing
to consent to the WAMI Sales Contribution, subject to the terms and conditions
contained herein.

<PAGE>   2

         In consideration of the foregoing, and the agreements and covenants
contained herein, and other good and valuable consideration, the adequacy and
sufficiency of which are hereby acknowledge, the parties hereto agree as
follows:

         1.   DEFINITIONS.

         1.1 ADDITIONAL DEFINITIONS. As used herein, the term "Amendment No. 1
to Pledge Agreement" shall mean Amendment No. 1 to Pledge and Security
Agreement, dated as of the date hereof, by Waxman USA in favor of Lender, and
the term "TWI Pledge Agreement" shall mean the Pledge and Security Agreement,
dated as of June 17, 1999, made by TWI in favor of Lender.

         1.2 AMENDMENTS TO DEFINITIONS. (a) Section 1 of the Loan Agreement is
hereby amended by adding the following definitions in their proper alphabetical
order:

                  "1.7A 'Borrowing Base' shall mean, as to each Borrower, an
              amount equal to (a) eighty-five (85%) percent of the Net Amount of
              Eligible Accounts of such Borrower, PLUS (b) sixty (60%) percent
              of the Value of Eligible Inventory of such Borrower, PLUS (c)
              solely with respect to the Borrowing Base of Waxman USA, the
              Pledged Share Availability, MINUS (d) any Availability Reserves."

                  "1.46A 'Loan Limit' shall mean, as to each Borrower, the
              amount equal to the Maximum Credit less the then outstanding
              amount of Loans and Letter of Credit Accommodations to the other
              Borrowers."

                  "1.73A 'Unused Availability' shall mean, as to any Borrower,
              the amount calculated at any time, equal to: (a) the lesser of (i)
              the amount of the Loans available to such Borrower as of such time
              based on the applicable lending formulas multiplied by the Net
              Amount of Eligible Accounts and the Value of Eligible Inventory of
              such Borrower and subject to the sublimits and Availability
              Reserves from time to time established by Lender hereunder and
              (ii) the Loan Limit of such Borrower, MINUS (b) the sum of: (i)
              the amount of all then outstanding and unpaid Obligations of such
              Borrower (other than the Obligations arising pursuant to the
              guarantee by such Borrower of the Obligations of the other
              Borrowers), plus (ii) the aggregate amount of all trade payables
              of such Borrower which are more than sixty (60) days past due as
              of such time and other obligations of such Borrower which are past
              due longer than is consistent with the current practices of such
              Borrower as of the date hereof plus (iii) the amount of checks
              issued by such Borrower to pay trade payables and other
              obligations which are more than sixty (60) days past due, but not
              yet sent (without duplication of amounts included in clause
              (b)(ii) of this definition)."

              (b) The definition of "Maximum Credit" in Section 1.48 of the Loan
Agreement is hereby amended by deleting "July 31, 2000" and replacing it with
"November 30, 2000".

                                       -2-

<PAGE>   3

         1.3 AMENDMENT TO SECTION 2.1(a). Section 2.1(a) of the Loan Agreement
is hereby amended by deleting such Section in its entirety and replacing it with
the following:

              "(a) Subject to and upon the terms and conditions contained
         herein, Lender agrees to make Loans to any Borrower from time to time
         in amounts requested by such Borrower or on its behalf by Waxman
         Industries up to the amount equal to the lesser of (i) the Loan Limit
         of such Borrower and (ii) the Borrowing Base of such Borrower."

         1.4 AMENDMENT TO SECTION 2.1(c). Section 2.1(c) of the Loan Agreement
is hereby amended by:

              (a) inserting after "$1,500,000" the phrase "and (iv) the
         aggregate outstanding amount of the Loans and Letter of Credit
         Accommodations that are based on Eligible Inventory of all Borrowers at
         any time shall not exceed $10,000,000"; and

              (b) inserting ", any Loan Limit" after "the lending formulas."

         1.5 AMENDMENT TO SECTION 2.1(d). Section 2.1(d) of the Loan Agreement
is hereby amended by deleting "Sections 2.1(a)(ii) hereof" and replacing it with
"Section 2.1(c)(iv) hereof".

         1.6 AMENDMENT TO SECTION 2.2(c). Section 2.2(c) of the Loan Agreement
is hereby amended by deleting such Section in its entirety and replacing it with
the following:

              "(c) No Letter of Credit Accommodations for the account of any
         Borrower shall be available unless on the date of the proposed issuance
         of any Letter of Credit Accommodations, the Loans available to such
         Borrower (subject to the Loan Limit, the Maximum Credit and any
         Availability Reserves) are equal to or greater than: (i) if the
         proposed Letter of Credit Accommodation is for the purpose of
         purchasing Eligible Inventory, the sum of (A) forty (40%) percent
         multiplied by the Value of such Eligible Inventory, plus (B) freight,
         taxes, duty and other amounts that Lender reasonably estimates must be
         paid in connection with such Inventory upon arrival and for delivery to
         one of such Borrower's locations for Eligible Inventory within the
         United States of America and (ii) if the proposed Letter of Credit
         Accommodation is for any other purpose, an amount equal to one hundred
         (100%) percent of the face amount thereof and all other commitments and
         obligations made or incurred by Lender with respect thereto. Effective
         on the issuance of each Letter of Credit Accommodation, an Availability
         Reserve shall be established in the applicable amount set forth in
         Section 2.2(c)(i) or Section 2.2(c)(ii)."

                                       -3-

<PAGE>   4

         1.7 AMENDMENT TO SECTION 9.10(f). Section 9.10(f) of the Loan Agreement
is hereby amended by:

              (i) deleting "and" at the end of clause (ii) thereof and
         replacing it with a comma; and

              (ii) adding the following immediately before the semicolon at the
         end of such Section: ", (iv) as of the date of each such loan and after
         giving effect thereto, the Borrower making such loan shall be solvent,
         (v) as of the date of each such loan and after giving effect thereto,
         no Event of Default or act, condition or event which with notice or
         passage of time or both would constitute an Event of Default shall
         exist or have occurred and (vi) as of the date of each such loan and
         after giving effect thereto, the Unused Availability of the Borrower
         making such loan shall not be less than $250,000 in the case of Waxman
         Group, $100,000 in the case of WOC and $100,000 in the case of WAMI
         Sales; PROVIDED, that notwithstanding anything to the contrary
         contained in this Agreement, WAMI shall not make any loans pursuant to
         this Section 9.10(f)."

         1.8 INTERPRETATION. For purposes of this Amendment, unless otherwise
defined herein, all terms used herein, including, but not limited to, those
terms used and/or defined in the recitals above, shall have the respective
meanings assigned to such terms in the Loan Agreement.

         2. CONSENTS. Notwithstanding anything to the contrary contained in
Section 9.7(b) or 9.12(a) of the Loan Agreement or in the TWI Pledge Agreement,
subject to the terms and conditions contained herein, the Lender hereby consents
to the WAMI Sales Contribution; PROVIDED that the lien and security interest of
Lender shall continue in all of the issued and outstanding shares of capital
stock of WAMI Sales and all proceeds thereof.

         3. AMENDMENT FEE. In addition to all other fees, charges, interests and
expenses payable by Borrowers to Lender under the Loan Agreement and the other
Financing Agreements, Borrowers shall jointly and severally pay to Lender a fee
for entering into this Amendment and the transactions referred to herein in the
amount of $5,000, which amount is fully earned and payable as of the date hereof
and may be charged directly to any Borrower's loan account(s) maintained by
Lender.

         4. REPRESENTATIONS, WARRANTIES AND COVENANTS. Each Borrower and each
Guarantor, jointly and severally, individually and collectively, represents,
warrants and covenants with and to Lender as follows, which representations,
warranties and covenants are continuing and shall survive the execution and
delivery hereof, the truth and accuracy of, or compliance with each, together
with the representations, warranties and covenants in the other Financing
Agreements, being a continuing condition of the making or providing of any Loans
or Letter of Credit Accommodations by Lender to Borrowers:

                                       -4-

<PAGE>   5

         4.1 This Amendment has been duly authorized, executed and delivered by
Borrowers and Guarantors, and the agreements and obligations of Borrowers and
Guarantors contained herein constitute legal, valid and binding obligations of
Borrowers and Guarantors enforceable against Borrowers and Guarantors in
accordance with their respective terms.

         4.2 Amendment No. 1 to Pledge Agreement has been duly authorized,
executed and delivered by Waxman USA, and the agreements and obligations of
Waxman USA contained in the Pledge and Security Agreement, dated as of June 17,
1999, by Waxman USA in favor of Lender as amended by Amendment No. 1 to Pledge
Agreement constitute legal, valid and binding obligations of Waxman USA
enforceable against Waxman USA in accordance with their respective terms.

         4.3 Neither the execution and delivery of this Amendment or Amendment
No. 1 to Pledge Agreement, or any other agreements, documents or instruments in
connection herewith, nor the consummation of the transactions herein or therein
contemplated, nor compliance with the provisions hereof or thereof are in
contravention of any law or regulation or any order or decree of any court or
governmental instrumentality applicable to Borrowers or Guarantors or any of
their respective Subsidiaries in any respect, or conflicts with or result in the
breach of, or constitutes a default in any respect under any mortgage, deed of
trust, security agreement, agreement or instrument (including, but not limited
to, the Senior Note Indenture and the Senior Deferred Coupon Note Indenture) to
which any Borrower is a party or may be bound, or violates any provision of the
Certificates of Incorporation or By-Laws of Borrowers or Guarantors.

         4.4 No Event of Default or act, condition or event which with notice or
passage or time or both would constitute an Event of Default, exists or has
occurred and is continuing, except for the Event of Default under Section
10.1(i) of the Loan Agreement arising solely as a result of the failure by
Waxman Industries to make a $5,915,808.75 interest payment under the Senior
Deferred Coupon Note Indenture that was due on June 1, 2000 (the "Existing
Default").

         4.5 After giving effect to the WAMI Sales Contribution, Waxman USA will
be the legal and beneficial owner of 100 shares of common stock of WAMI Sales,
which will represent all of the issued and outstanding shares of WAMI Sales.

         4.6 After giving effect to the WAMI Sales Contribution, Lender will
have a first priority, perfected lien on and security interest in all of the
issued and outstanding shares of capital stock of WAMI Sales.

         5. CONDITIONS PRECEDENT. The amendments and consent set forth herein
shall be effective upon the satisfaction of each of the following conditions
precedent in a manner satisfactory to Lender:

         5.1 the receipt by Lender of an original of this Amendment, duly
authorized, executed and delivered by Borrowers and Guarantors;

                                       -5-

<PAGE>   6

         5.2 the receipt by Lender of an original of Amendment No. 1 to Pledge
Agreement, duly authorized, executed and delivered by Waxman USA;

         5.3 the receipt by Lender of original stock certificates representing
ownership by Waxman USA of 100 shares of Capital Stock of WAMI Sales, together
with stock powers with respect to such stock certificates executed in blank by
Waxman USA in respect thereof;

         5.4 the receipt by Lender of such reports as to the Collateral and the
lending formulas of each Borrower as Lender shall reasonably request, which
shall be in form and substance satisfactory to Lender;

         5.5 all requisite corporate action and proceedings in connection with
this Amendment shall be satisfactory in form and substance to Lender, and Lender
shall have received all information and copies of all documents, including
records of requisite corporate action and proceedings which Lender may have
requested in connection therewith, such documents where requested by Lender or
its counsel to be certified by appropriate corporate officers or governmental
authorities; and

         5.6 no Event of Default shall have occurred and be continuing and no
event shall have occurred or condition be existing and continuing which, with
notice or passage of time or both, would constitute an Event of Default, except
for the Existing Default.

         6.   GENERAL.

         6.1 EFFECT OF THIS AMENDMENT. Except as modified and consented pursuant
hereto, no other changes or modifications to the Financing Agreements are
intended or implied and in all other respects the Financing Agreements are
hereby specifically ratified, restated and confirmed by all parties hereto as of
the date hereof. To the extent of conflict between the terms of this Amendment
and the Financing Agreements, the terms of this Amendment shall control.

         6.2 FURTHER ASSURANCES. The parties hereto shall execute and deliver
such additional documents and take such additional action as may be necessary to
effectuate the provisions and purposes of this Amendment.

         6.3 GOVERNING LAW. The rights and obligations hereunder of each of the
parties hereto shall be governed by and interpreted and determined in accordance
with the internal laws of the State of New York (without giving effect to
principles of conflicts of laws).

         6.4 BINDING EFFECT. This Amendment is binding upon and shall inure to
the benefit of Lender, Borrowers, Guarantors and their respective successors and
assigns. Any acknowledgment or consent contained herein shall not be construed
to constitute a consent any other or further action by Borrowers or Guarantors
or to entitle Borrowers or Guarantors to any other consent. The Loan Agreement
and this Amendment shall be read and construed as one agreement. This Amendment
shall be deemed to be one of the Financing Agreements.

                                       -6-

<PAGE>   7

         6.5 COUNTERPARTS. This Amendment may be executed in one or more
counterparts, each of which when so executed shall be deemed to be an original
but all of which when taken together shall constitute one and the same
instrument. In making proof of this Amendment, it shall not be necessary to
produce or account for more than one counterpart thereof signed by

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       -7-

<PAGE>   8

each of the parties hereto. This Amendment may be executed and delivered by
telecopier with the same force and effect as if it were a manually executed and
delivered counterpart.

                                         Very truly yours,

                                         WESTERN AMERICAN  MANUFACTURING,
                                           INC.

                                         By:   /s/ Mark Wester
                                            ----------------------------------
                                         Title:   Secretary and Treasurer

                                         WAXMAN CONSUMER PRODUCTS
                                          GROUP, INC.

                                         By:   /s/ Mark Wester
                                            ----------------------------------
                                         Title:   Treasurer

                                         WAXMAN USA INC.

                                         By:   /s/ Mark Wester
                                            ----------------------------------
                                         Title: Vice President-Finance

                                         MEDAL OF PENNSYLVANIA, INC.,
                                         formerly known as WOC Inc.

                                         By:   /s/ Mark Wester
                                            ----------------------------------
                                         Title: Vice President-Finance

                                         WAMI SALES, INC.

                                         By:   /s/ Mark Wester
                                            ----------------------------------
                                         Title:   Secretary and Treasurer

                       [SIGNATURES CONTINUE ON NEXT PAGE]

                                       -8-

<PAGE>   9

                                      [SIGNATURES CONTINUED FROM PRIOR PAGE]

                                         WAXMAN INDUSTRIES, INC.

                                         By:   /s/ Mark Wester
                                            ----------------------------------
                                         Title: Vice President-Finance

                                         TWI, INTERNATIONAL, INC.

                                         By:   /s/ Mark Wester
                                            ----------------------------------
                                         Title:   Secretary and Treasurer

ACCEPTED AND AGREED:

CONGRESS FINANCIAL CORPORATION

By:   Josephine Norris
   --------------------------
Title:   First VP

                                       -9-

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