Document:

Exhibit 10.5

                                LICENSE AGREEMENT

         THIS LICENSE AGREEMENT (this "Agreement") is entered into effective as
of the 11th day of September, 2003 (the "Effective Date"), by and between The
Bank of New York, a New York banking corporation ("Licensor"), World Gold
Council, a not-for-profit association established under Swiss law and World Gold
Trust Services, LLC, a Delaware limited liability company and wholly-owned
subsidiary of World Gold Council (collectively "Licensee").

         WHEREAS, Licensor and Licensee (each a "Party," and collectively, the
"Parties") are entering into this Agreement, together with a certain Settlement
Agreement dated September 11, 2003 (the "Settlement Agreement"), in connection
with the settlement of certain claims between the Parties; and

         WHEREAS, in connection with such settlement, Licensee wishes to obtain
a license under certain of Licensor's patent rights, and Licensor wishes to
grant such license subject to the terms and conditions of this Agreement.

         NOW THEREFORE, for the sum of $1.00 and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Parties agree as follows:

1.       CERTAIN DEFINITIONS.

         For the purposes of this Agreement, the following terms have the
following meanings:

         "Licensor Patent Rights" means any patents and patent applications (and
         all related know-how and trade secrets) of Licensor, anywhere in the
         world, that cover securitized gold products and that exist as of the
         Effective Date or are filed or issued thereafter, including but not
         limited to U.S. Provisional Patent Application Serial No. [redacted],
         filed on [redacted], and entitled "[redacted]."

         "Licensed Product" means any securitized gold financial product that is
         sold, sponsored or issued by: (I) Licensee, or (II) any entity over
         which Licensee has ownership or control, directly or indirectly, of
         more than fifty percent (50%) of the voting securities of such entity
         (or, in the case of a noncorporate entity, equivalent interests). For
         the purposes of clarity, the Licensed Products do not include any
         products involving the securitization of any commodity other than gold.

2.       LICENSE.

         Subject to the terms and conditions of this Agreement, Licensor grants
         Licensee a perpetual, world-wide, non-exclusive, non-transferable
         (except as provided in Section 7.2) license under the Licensor Patent
         Rights solely for the purposes of establishing, operating and marketing
         Licensed Products (the "License"). The License includes the limited
         right of Licensee to grant sublicenses to its partners, joint
         venturers, trustees, custodians and agents, but only in connection with
         their establishment, operation and marketing of Licensed Products.
         Except as expressly provided in this Section 2, no

         license or other rights with respect to the Licensor Patent Rights or
         other intellectual property rights of Licensor are granted to Licensee.

3.       LICENSE BACK TO LICENSOR.

         Subject to the terms and conditions of this Agreement, Licensee grants
         Licensor a perpetual, world-wide, non-exclusive, non-transferable
         license under Licensee's patents, patent applications and other
         intellectual property rights, with the right to grant sublicenses,
         solely for the purposes of establishing, operating and marketing
         financial products involving the securitization of any commodity,
         including but not limited to gold. Except as expressly provided in this
         Section 3, no license or other rights with respect to the patents,
         patent applications or other intellectual property rights of Licensee
         are granted to Licensor.

4.       COVENANT AND ACKNOWLEDGEMENT OF RIGHTS.

         4.1.  Promptly after the Effective Date, Licensee will formally abandon
               any attempt to file any United States or foreign patent
               applications based on U.S. Provisional Patent Application Serial
               No. 60/429,489 filed on November 27, 2002, as well as any other
               patent applications based thereon.

         4.2.  Licensee will not directly or indirectly: (I) oppose any of the
               Licensor Patent Rights (including, but not limited to, by
               directly or indirectly initiating or participating in any action
               of any kind challenging any of the Licensor Patent Rights,
               claiming any right or interest in any of the Licensor Patent
               Rights (other than the License), or otherwise interfering with
               Licensor's use and enjoyment of any of the Licensor Patent
               Rights), (II) dispute the validity or enforceability of any
               patent within the Licensor Patent Rights or any of the claims
               thereof, (III) assist any other person to do any of the foregoing
               (except if required by court order or subpoena), or (IV) initiate
               or participate in any action of any kind against Licensor or any
               third party who is partner, joint venturer, licensee, agent or
               employee of Licensor based on their establishing, operating
               and/or marketing products anywhere in the world involving the
               securitization of any commodity, including gold. Any violation of
               this Section 4.2 will constitute a material breach of this
               Agreement.

5.       TERM AND TERMINATION.

         The term of this Agreement is perpetual, provided, however, that either
         Party may terminate this Agreement on thirty (30) days prior, written
         notice to the other Party in the event that such other Party materially
         breaches this Agreement or the Settlement Agreement and fails to cure
         such other breach within such thirty (30) day period. Upon any
         termination or expiration of this Agreement, all rights and obligations
         under this Agreement (including Licensee's rights under the License)
         will immediately terminate.

6.       WARRANTIES.

         Licensor and Licensee each represents and warrants to the other: (I)
         that it has the requisite power and authority to enter into this
         Agreement; (II) that it has duly executed and delivered this Agreement;
         and (III) that this Agreement constitutes its valid and binding
         obligation enforceable against it, in accordance with the terms of this
         Agreement. EACH PARTY DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED,
         OTHER THAN THOSE EXPRESSLY STATED IN THIS ARTICLE 6.

7.       MISCELLANEOUS PROVISIONS.

         7.1.  TECHNOLOGY TRANSFER. Neither party shall have any obligation
               under this Agreement to provide the other with any transfer of
               technology, know-how or information, or any training or
               consulting of any kind, with respect to the patents and other
               intellectual property licensed by it hereunder.

         7.2.  ASSIGNMENT. Licensee may not assign or otherwise transfer any
               right or obligation under this Agreement without the prior
               written consent of Licensor, except that Licensee may assign or
               otherwise transfer the entire Agreement and all rights and
               obligations hereunder in connection with: (I) the merger or
               consolidation of Licensee with or into a third-party trade
               association primarily engaged in the business of stimulating
               demand for a precious metal commodity, (II) the sale to such a
               trade association of a controlling interest in Licensee's stock
               or other equity interests, (III) the sale of all or substantially
               all of Licensee's assets to such a trade association, and (IV) a
               restructuring of Licensee pursuant to which World Gold Council
               (and not any successor or assign of them) continue to own more
               than 50% of the voting securities of (or, in the case of a
               noncorporate entity, equivalent interests), and the economic
               interest in, the assignee or transferee. This Agreement is
               binding on and inures to the benefit of the Parties and their
               permitted successors and assigns. Any attempted assignment or
               other transfer of rights under this Agreement in violation of
               this Section 7.2 will be void.

         7.3.  GOVERNING LAW. This Agreement will be governed by and construed
               under the laws of the State of New York, without reference to any
               choice of law rules (except that questions affecting the
               construction and effect of any patent will be determined by the
               law of the country in which the patent was granted).

         7.4.  EXCLUSIVE JURISDICTION AND VENUE. Any action brought by either
               Party that arises out of or relates to this Agreement will be
               filed only in the state or federal courts located in New York
               County, New York. Each Party irrevocably submits to the
               jurisdiction of those courts. Each Party waives any objections
               that it may have now or in the future to the jurisdiction of
               those courts, and also waives any claim that it may have now or
               in the future that litigation brought in those courts has been
               brought in an inconvenient forum.

         7.5.  ENTIRE AGREEMENT. This Agreement together with the Settlement
               Agreement sets forth the entire agreement of the Parties as to
               its subject matter and supercedes all prior agreements,
               negotiations, representations, and promises between them with
               respect to its subject matter. To the extent that there is a
               conflict between the terms of this Agreement and the terms the
               Settlement Agreement, then the terms of this Agreement shall
               govern.

         7.6.  UNENFORCEABLE PROVISIONS. If any provision of this Agreement is
               held unenforceable by a court of competent jurisdiction, the
               other provisions will remain in full force and effect. If legally
               permitted, the unenforceable provision will be replaced with an
               enforceable provision that as nearly as possible gives effect to
               the Parties' intent.

         7.7.  RELATIONSHIP OF THE PARTIES. Each Party is an independent
               contractor of the other Party. Nothing in this Agreement creates
               a partnership, joint venture or agency relationship between the
               Parties.

         7.8.  NOTICES. A notice under this Agreement is not sufficient unless
               it is: (I) in writing; (II) addressed using the contact
               information listed below for the Party to which the notice is
               being given (or using updated contact information which that
               Party has specified by written notice in accordance with this
               Section); and (III) sent by hand delivery, facsimile
               transmission, registered or certified mail (return receipt
               requested), or reputable express delivery service with tracking
               capabilities (such as Federal Express).

               Contact Information                 Contact Information
                 for Licensor:                       for Licensee:

               The Bank of New York                World Gold Council
               One Wall Street                     45 Pall Mall
               New York, NY  10286                 London SW1Y 5JG
               Attn:  Timothy Keaney               United Kingdom
                                                   Attn:  James E. Burton

         7.9.  AMENDMENTS. This Agreement may not be amended unless the
               amendment is in writing and signed by authorized representatives
               of both Parties.

         7.10. WAIVERS. A waiver of rights under this Agreement will not be
               effective unless it is in writing and signed by an authorized
               representative of the Party that is waiving the rights.

         7.11. COUNTERPARTS. The Parties may execute this Agreement by signing
               separate copies of the signature page. A facsimile copy of the
               signature page will have the same effect as the original.

                            (signature page follows)

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by
their duly authorized representatives.

THE BANK OF NEW YORK

By: /s/ Allen R. Murray
   -----------------------------------

Name: Allen R. Murray
     ---------------------------------

Title: Managing Director
      --------------------------------

Date: September 12, 2003
     ---------------------------------

WORLD GOLD COUNCIL

By:/s/ James E. Burton
   -----------------------------------

Name: James E. Burton
     ---------------------------------

Title: CEO
      --------------------------------

Date: September 11, 2003
     ---------------------------------

WORLD GOLD TRUST SERVICES, LLC

By: /s/ J. Stuart Thomas
   -----------------------------------

Name: J. Stuart Thomas
     ---------------------------------

Title: Managing Director
      --------------------------------

Date: September 11, 2003
     ---------------------------------<PAGE>

                                                                   EXHIBIT 10.47

                                 AMENDMENT NO. 6
                         TO CREDIT AGREEMENT AND WAIVER

         THIS AMENDMENT NO. 6 TO CREDIT AGREEMENT AND WAIVER (this "Amendment")
is entered into as of July 31, 2003, among LA PETITE ACADEMY, INC., a Delaware
corporation (the "Borrower"); LPA HOLDING CORP., a Delaware corporation
("Holdings"); the Lenders party hereto; and U.S. BANK NATIONAL ASSOCIATION, as
Administrative Agent, Documentation Agent and Collateral Agent for the Lenders
and as Issuing Bank and Swingline Lender (in such capacities, the
"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; and Amendment
No. 5 dated as of February 10, 2003, and as otherwise amended or modified from
time to time, the "Credit Agreement");

         WHEREAS, as set forth on Annex I hereto, Events of Default exist under
the Credit Agreement as a result of the failure of the Borrower to comply with
certain terms of Sections 5.01 and 5.10 of the Credit Agreement (as specifically
set forth on Annex I hereto) through the date hereof (the "Existing Defaults");

         WHEREAS, the Borrower has requested that the Lenders waive the Existing
Defaults and that the Lenders agree to modify certain terms of the Credit
Agreement;

         WHEREAS, the Lenders are willing to provide a waiver of the Existing
Defaults based upon and subject to the terms and conditions specified in this
Amendment; 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.

<PAGE>

                                    AGREEMENT

                                    SECTION 1
                              REAFFIRMATION/WAIVERS

         1.1      Reaffirmation of Existing Debt and Liens. The Borrower
acknowledges and confirms that: (a) as of the date hereof, the outstanding
principal amount of Revolving Loans and issued Letters of Credit is $25,000,000
and the outstanding principal amount of Term Loans is $34,493,589.39; (b) the
Lenders have a Lien on all Collateral and the Collateral is not subject to any
Lien other than those specifically permitted under the Loan Documents; (c) all
obligations under the Loan Documents will be due and payable in full on the
Maturity Date if not accelerated sooner pursuant to the terms of the Credit
Agreement; (d) the Borrower's obligation to repay the outstanding principal
amount of the Loans and to reimburse the Issuing Bank for any drawing on a
Letter of Credit is unconditional and, as of the date hereof, is not subject to
any offsets, defenses or counterclaims; (e) the Administrative Agent and the
Lenders have performed fully all of their respective obligations to the Loan
Parties under the Credit Agreement and the other Loan Documents; and (f) by
entering into this Amendment, the Lenders party hereto do not waive, modify or
release (except as specifically set forth herein) any term or condition of the
Credit Agreement or any of the other Loan Documents or any of their rights or
remedies under such Loan Documents or applicable law or any of the obligations
of the Loan Parties thereunder.

         1.2      Waiver.

         (a)      The Borrower acknowledges the existence and continuation of
the Existing Defaults. The Lenders hereby permanently waive the Existing
Defaults subject to the satisfaction of the terms and conditions set forth in
Article III (unless such terms and conditions are otherwise waived by the
Lenders).

         (b)      Except for the specific waiver set forth above, nothing
contained herein shall be deemed to constitute a waiver of (i) any rights or
remedies the Administrative Agent or any Lender may have under the Credit
Agreement or any other Loan Document or under applicable law or (ii) the Loan
Parties' obligation to comply fully with any duty, term, condition, obligation
or covenant contained in the Credit Agreement and the other Loan Documents not
specifically waived.

         (c)      The specific waiver set forth herein is a one-time waiver and
shall be effective only in this specific instance, and shall not obligate the
Lenders to waive any Default or Event of Default other than the Existing
Defaults, now existing or hereafter arising.

                                    SECTION 2
                         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.

         Section 1.01 of the Credit Agreement is hereby amended to add the
following new definition of "Amendment No. 1 to Securities Purchase Agreement"
in the appropriate alphabetical order:

                                       2

<PAGE>

                  "'Amendment No. 1 to Securities Purchase Agreement' means
         Amendment No. 1 to the 2003 Securities Purchase Agreement dated as of
         July 31, 2003, among Holdings, LPA Investment and the other signatories
         thereto from time to time .

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

                  "'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 by Amendment No. 1 to Securities Purchase Agreement and as
         otherwise amended from time to time."

                  The definition of "Consolidated EBITDA" set forth in Section
         1.01 of the Credit Agreement is amended and restated in its entirety as
         follows:

                  "`Consolidated EBITDA' means, for any period, Consolidated Net
         Income for such period, plus, without duplication and to the extent
         deducted from revenues in determining Net Income for such period, the
         sum of (a) the aggregate amount of Consolidated Interest Expense for
         such period, (b) the aggregate amount of letter of credit fees paid
         during such period, (c) the aggregate amount of income tax expense for
         such period, (d) all amounts attributable to depreciation, amortization
         and other non-cash charges or losses for such period, (e) (i) all fees,
         costs and expenses to be paid by the Loan Parties (including, but not
         limited to, the fees, costs and expenses to be reimbursed by the Loan
         Parties to the Administrative Agent and the Lenders) in connection with
         the negotiation, execution and delivery of Amendment No. 3, Amendment
         No. 4 and Amendment No. 5 and (ii) all fees, costs and expenses
         associated with the New Equity Issuance, the Equity Commitment and the
         2003 Equity Commitment (including, but not limited to, legal fees) ((i)
         and (ii) collectively referred to as the "Amendment Expenses"); (f)
         proceeds received by Holdings, if any, from time to time pursuant to
         the transactions contemplated by the 2003 Securities Purchase
         Agreement; (g) all fees, costs and expenses of any consultants or
         advisors engaged by the Borrower from time to time and incurred prior
         to July 31, 2003 (including, but not limited to, Argus Management
         Corporation, J. Alix and Barrier Advisors, L.P.); (h) any non-recurring
         charges associated with the closing of any Academy owned, leased or
         operated by the Borrower or any of its Subsidiaries; and (i) non-cash
         expenses resulting from the grant of stock options to any director,
         officer or employee of Holdings, the Borrower or any Subsidiary
         pursuant to a written plan or agreement, all as determined on a
         consolidated basis with respect to Holdings, the Borrower and the
         Subsidiaries in accordance with GAAP."

         Article VII of the Credit Agreement is amended to add the following
paragraph immediately following the final paragraph thereof:

                  "Notwithstanding anything to the contrary contained herein,
         any Default of Event of Default arising out clause (a) or (b) above (a
         "Payment Default") shall be automatically waived by the Lenders at such
         time as (i) Holdings receives proceeds from the 2003 Equity Commitment
         equal to the applicable Payment Default Amount (as defined in the 2003
         Securities Purchase Agreement) in accordance with the terms of the

                                       3

<PAGE>

         2003 Securities Purchase Agreement and (ii) such proceeds are used to
         pay to the Lenders the full amount of any portion of the Obligations
         then past-due and owing."

                                    SECTION 3
                              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)      Expenses. The payment by the Borrower to Haynes and
         Boone, L.L.P., counsel to the Administrative Agent and Highland Capital
         Management, L.P., of all legal fees incurred by such Persons in
         connection with the Credit Agreement to the extent an invoice for such
         fees and expenses is sent to the Borrower or its counsel prior to the
         date hereof.

                                    SECTION 4
                                  MISCELLANEOUS

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

         4.2      Consent to Amendment No. 1 to Securities Purchase Agreement.
The Administrative Agent and the Lenders each hereby consent to the execution
and delivery of Amendment No. 1 to the Securities Purchase Agreement by the
parties thereto.

         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.

                                       4

<PAGE>

                  (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 (other than as
         specifically waived hereby).

                  (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-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

                                       5

<PAGE>

         extent any such violation, default or right would not, individually or
         in the aggregate, be reasonably likely to have a Material Adverse
         Effect.

                  (f)      The information required to be delivered to the
         Administrative Agent and the Lenders, as applicable, prior to the date
         hereof pursuant to Section 5.01 of the Credit Agreement has been
         provided to the Administrative Agent and the Lenders, as applicable,
         prior to the date hereof.

         4.5      Covenants. Each of Holdings and the Borrower covenants to file
with the Securities and Exchange Commission on or before August 31, 2003, its
quarterly reports on form 10-Q for the fiscal quarters ended October, 19, 2002,
January 11, 2003 and April 5, 2003.

         4.6      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.

         4.7 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.

         4.8      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.

         4.9      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]

                                       6

<PAGE>

                                                                         ANNEX I

                                EXISTING DEFAULTS

<TABLE>
<CAPTION>
SECTION OF
CREDIT AGREEMENT                                                  DEFAULT
------------------           -----------------------------------------------------------------------------------
<S>                          <C>
5.01(k), 5.01(l)             Failure to provide financial information for the 36-week period ended March 8, 2003
                             on a timely basis.

5.01(k), 5.01(l)             Failure to provide financial information for the fiscal quarter ended October 19,
                             2002 on a timely basis.

5.01(k), 5.01(l)             Failure to provide financial information for the fiscal quarter ended January 11,
                             2003 on a timely basis.

5.01(c), 5.01(j), 5.01(l)    Failure to provide financial information for each four-week fiscal period
                             (except for a period ending on the last day of each fiscal quarter) from February
                             10, 2003 to May 31, 2003 on a timely basis.

5.01(f)                      Failure to deliver a detailed consolidated budget for fiscal year 2004 on a timely
                             basis within the first 15 days of the fiscal year.

5.01(i)                      Failure to provide a 13 week forecast of cash flows on March 15, 2003 and within 30
                             days after the end of each four-week fiscal period through the date hereof on a
                             timely basis.

5.01(m)                      Failure to provide a list of all material assets acquired during the four- week
                             fiscal period ended March 8, 2003 and within 30 days after the end of each four-week
                             fiscal period through the date hereof on a timely basis.

5.10                         Failure to file by April 15, 2003, quarterly reports on form 10Q for the fiscal
                             quarters ended October 19, 2002 and January 11, 2003.

5.10                         Failure to file a quarterly report on form 10Q for the fiscal quarter ended April 5,
                             2003.
</TABLE>

                                       7

<PAGE>

                                 Signature Page
                 Amendment No. 6 to Credit Agreement and Waiver
                             La Petite Academy, Inc.

         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/ Michael Czlonka
                               -----------------------------------
                               Name: Michael Czlonka
                               Title: Senior Vice President and C.F.O.

HOLDINGS:                  LPA HOLDING CORP.

                           By: /s/ Michael Czlonka
                               -----------------------------------
                               Name: Michael Czlonka
                               Title: Senior Vice President and C.F.O.

<PAGE>

                                 Signature Page
                 Amendment No. 6 to Credit Agreement and Waiver
                             La Petite Academy, Inc.

         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/ Michael Czlonka
                               ----------------------------------
                               Name: Michael Czlonka
                               Title: Senior Vice President and C.F.O.

                           LPA SERVICES, INC.

                           By: /s/ Michael Czlonka
                               ----------------------------------
                               Name: Michael Czlonka
                               Title: Senior Vice President and C.F.O.

                           BRIGHT START, INC.

                           By: /s/ Michael Czlonka
                               ---------------------------------
                               Name: Michael Czlonka
                               Title: Senior Vice President and C.F.O.

<PAGE>

LENDERS:                   U.S. BANK NATIONAL ASSOCIATION

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

<PAGE>

                           BANK OF AMERICA STRATEGIC SOLUTIONS, INC.

                           By: /s/ Therese Fontaine
                               --------------------------------
                               Name: Therese Fontaine
                               Title: Managing Director

<PAGE>

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

                           By: /s/ Mark Okada
                               --------------------------------
                               Name: Mark Okada
                               Title: Chief Investment Officer

<PAGE>

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

                           By: /s/ Mark Okada
                               --------------------------------
                               Name: Mark Okada
                               Title: Chief Investment Officer

<PAGE>

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

                           By: /s/ Mark Okada
                               --------------------------------
                               Name: Mark Okada
                               Title: Chief Investment Officer

<PAGE>

                           KZH - HIGHLAND 2 LLC

                           By: /s/ Hi Hua
                               --------------------------------
                               Name: Hi Hua
                               Title: Authorized Agent

<PAGE>

                           SRV - HIGHLAND, INC

                           By: /s/ Ann Morris
                               --------------------------------
                               Name: Ann Morris
                               Title: Assistant Vice-President

<PAGE>

                           HIGHLAND CRUSADER OFFSHORE PARTNERS, L.P.

                           By: /s/ Mark Okada
                               -------------------------------
                               Name: Mark Okada
                               Title: Chief Investment Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00056-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00056-of-00352.parquet"}]]