Document:

EXHIBIT 10.25

                                                --------------------------------
                                                      CONFIDENTIAL TREATMENT
                                                          REQUESTED BY
                                                 PLAY BY PLAY TOYS & NOVELTIES,
                                                            INC.
                                                --------------------------------

            CERTAIN PORTIONS OF THIS EXHIBIT, MARKED AS "*REDACTED*,"
                 HAVE BEEN OMITTED HEREFROM AND FILED SEPARATELY
                  WITH THE COMMISSION BASED UPON A REQUEST FOR
                             CONFIDENTIAL TREATMENT.

                                November 10, 2000
                                  AMENDMENT #2

Raymond Braun
PLAY-BY-PLAY TOYS & NOVELTIES, INC.
4400 Tejasco
San Antonio,  TX  78218

RE:  WARNER BROS. LICENSE AGREEMENT #90266

Gentlemen:

This letter when fully executed shall formally amend the above-referenced
License Agreement, dated January 26, 1999, as amended, relative to certain
rights owned and controlled by Warner Bros.

By our mutual execution hereof, it is agreed as follows:

1.    PARAGRAPH 1 (A) "LICENSED PROPERTY":  is hereby amended as follows:

      Notwithstanding anything to the contrary contained herein, the "Licensed
      Property" shall be limited to the specific properties listed in Exhibit 1
      attached to this Amendment and incorporated herein by reference.

2.    PARAGRAPH 1 (C ) "LICENSED PRODUCT(S): is hereby amended by adding the
      following Licensed Products:

      (i)   *REDACTED*

      (ii)  The following novelty items:

            *REDACTED*

3.    PARAGRAPH 1(D) "GUARANTEED CONSIDERATION:  is hereby amended as follows:

      Licensor hereby acknowledges receipt of ($*REDACTED*) of the original
      ($*REDACTED*) Guaranteed Consideration. The remaining balance of the
      Guaranteed Consideration of ($*REDACTED*) shall constitute a flat fee (the
      "Flat Fee"), and shall be payable in United States dollars as follows:

      ($*REDACTED*) payable on or before December 31, 2000;

      ($*REDACTED*) payable on or before March 31, 2001;

<PAGE>
                                                --------------------------------
                                                      CONFIDENTIAL TREATMENT
                                                          REQUESTED BY
                                                 PLAY BY PLAY TOYS & NOVELTIES,
                                                            INC.
                                                --------------------------------

      ($*REDACTED*) payable on or before June 30, 2001;

      ($*REDACTED*) payable on or before September 30, 2001;

      ($*REDACTED*) payable on or before December 31, 2001;

      ($*REDACTED*) payable on or before March 31, 2002;

      ($*REDACTED*) payable on or before June 30, 2002; and

      ($*REDACTED*) payable on or before September 30, 2002;

4.    PARAGRAPH 1 (E) "TERM": The Term is hereby extended for an additional two
      (2) year period, *REDACTED*

5.    PARAGRAPH 1 (G) "ROYALTY RATE":  is hereby deleted in its entirety.

6.    PARAGRAPH 4 "CONSIDERATION": is hereby deleted in its entirety and
      replaced with the following:

      (a)   "The Flat Fee paid by Licensee shall not be applied or accrue
            against any royalties. No part of the Flat Fee shall be repayable to
            Licensee.

      (b)   Intentionally omitted.

      (c)   Sales shall be reported as set forth in Paragraph 5 (a). It is a
            material term and condition of this Agreement that sales be broken
            down by (1) Licensed Product, (2) country, (3) Licensed Property,
            and (4) Distribution Channel. In the event Licensee fails to do so,
            Licensor shall have the right to terminate this Agreement. Licensor
            shall also have the right to require Licensee to report sales on a
            retailer-by-retailer basis.

      (d)   Licensee shall pay all taxes, customs, duties, assessments and other
            charges levied upon the importation of or assessed against the
            Licensed Products under this Agreement, as well as all Licensee's
            costs of doing business and Licensor shall have no liability
            therefor.

      (e)   Intentionally omitted."

7.    PARAGRAPH 5 "PERIODIC STATEMENTS":  is hereby amended as follows:

   Notwithstanding anything to the contrary contained herein, Licensee shall not
   be required to include any references to royalties in the periodic statements
   hereunder. Licensee shall continue to report all sales in the manner required
   hereunder.

In all other respects, other than as noted above the subject License Agreement
and all of its terms and conditions shall continue to govern our relationship.
Capitalized terms used herein and not otherwise defined herein shall have the
meaning set forth in the License Agreement.

This letter shall have no legal effect unless and until (a) it is signed by
Licensee and delivered to Licensor no later than November 14, 2000, and (b) it
is thereafter signed by Licensor.

LICENSOR                               LICENSEE:
WARNER BROS. CONSUMER PRODUCTS         PLAY-BY-PLAY TOYS & NOVELTIES
A division of Time Warner              INC.
Entertainment Company L.P., on
Behalf of itself and as Agent
For Warner Bros.  A Division of
Time Warner Entertainment Company
L.P.
By: ________________________________   By: ______________________________
      Gary R. Simon
      Senior Vice President            Its: _____________________________
      Business and Legal Affairs
Date: ______________________________   Date: ____________________________

<PAGE>
                                                --------------------------------
                                                      CONFIDENTIAL TREATMENT
                                                          REQUESTED BY
                                                 PLAY BY PLAY TOYS & NOVELTIES,
                                                            INC.
                                                --------------------------------

                                    EXHIBIT 1

                 (I) LOONEY TUNES (as defined in Schedule A-1);
                 (II) SCOOBY-DOO (as defined in Schedule B-3);
                (III) TOM & JERRY (as defined in Schedule B-4);
               (IV) THE FLINTSTONES (as defined in Schedule B-5);
                (V) YOGI BEAR (as defined in Schedule B-6); and
                 (VI) WACKY RACES as defined in Schedule B-9).EXHIBIT 10.26

                              AMENDMENT NO. 3 TO
                           LOAN AND SECURITY AGREEMENT

     AMENDMENT dated as of November 10, 2000 by and among Play By Play Toys &
Novelties, Inc., a Texas corporation ("Play By Play"), Ace Novelty Co., Inc., a
Texas corporation ("Ace"), Newco Novelty, Inc., a Texas corporation ("Newco",
together with Play By Play and Ace, collectively, "Borrowers"), Friends, Food &
Games, Inc., a Nevada corporation ("Guarantor"), and Congress Financial
Corporation (Southwest), a Texas corporation ("Lender").

                               W I T N E S S E T H

      WHEREAS, Lender, Borrowers and Guarantor have entered into financing
arrangements pursuant to which Lender, has made and may make loans and advances
and provide other financial accommodations to Borrowers as set forth in the Loan
and Security Agreement, dated October 25, 1999, by and among Lender, Borrowers
and Guarantor, as amended by Amendment No. 1, dated March 21, 2000, by and among
Lender, Borrowers and Guarantor and Amendment No. 2, dated May 31, 2000, by and
among Lender, Borrowers and Guarantor(as the same may hereafter be further
amended, modified, supplemented, extended, renewed, restated or replaced, the
"Loan Agreement") and the agreements, documents and instruments at any time
executed and/or delivered in connection therewith or related thereto
(collectively, together with the Loan Agreement, the "Financing Agreements");
and

      WHEREAS, Borrowers and Guarantor have requested that Lender (i) agree to
certain amendments to the Loan Agreement, and (ii) waive an existing Event of
Default and Lender is willing to agree to such amendments and waiver, subject to
the terms and conditions contained herein;

      NOW, THEREFORE, in consideration of the mutual conditions and agreements
and covenants set forth herein, and for other good and valuable consideration,
the adequacy and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

      1.  DEFINITIONS.

      1.1 ADDITIONAL DEFINITION. As used herein, the following terms shall have
the respective meanings given to them below and the Loan Agreement shall be
deemed and is hereby amended to include, in addition and not in limitation of,
the following definition:

      (a) "AMENDMENT NO. 3" shall mean this Amendment No. 3 to Loan Agreement,
by and among Lender and Borrowers, as the same now exist or may hereafter be
further amended, modified, supplemented, extended, renewed, restated or
replaced.

<PAGE>
      1.2  AMENDMENTS TO DEFINITIONS.

            (a) The definition of "APPLICABLE SEASONAL ADVANCE RATE PERCENTAGE"
in Section 1.5 of the Loan Agreement shall be deleted in its entirety and
replaced with the following:

      "1.5 "APPLICABLE SEASONAL ADVANCE RATE PERCENTAGE" shall mean, for
      purposes of Section 2.1(a)(ii) hereof, the following percentages for the
      periods indicated below:

            "(a) fifty (50%) percent from the date of Amendment No. 3 through
            and including November 19, 2000;

            (b) fifty-three (53%) percent from the period commencing November
            20, 2000 through and including November 30, 2000;

            (c) fifty-five (55%) percent for period commencing December 1
            (commencing with calendar year 2000) of any calendar year through
            and including May 31 of the immediately succeeding calendar year;
            and

            (d) fifty (50%) percent for the period commencing June 1 of any
            calendar year (commencing with the calendar year 2001) through and
            including November 30, of the same calendar year; PROVIDED, THAT, in
            the event that each of the following has been delivered to Lender,
            in form and substance satisfactory to Lender, as soon as possible
            but in any event not later than the date indicated below, the
            Applicable Seasonal Advance Rate Percentage shall be fifty-five
            (55%) percent for such period in any calendar year: (i) updated
            semi-annual full physical inventory appraisal, in form, scope and
            methodology acceptable to Lender and by an appraiser acceptable to
            Lender, addressed to Lender and upon which Lender is expressly
            permitted to rely, by no later than March 31, 2000; (ii) sixty
            percent of the net proceeds of the Val Verde Sale, in cash or
            immediately available funds for application to the Term Loans by no
            later than June 1, 2001; and (iii) an extension of the current
            maturity date of the Subordinated Notes, in accordance with Section
            9.9(f) of the Loan Agreement, so long as such extension is not less
            than twenty-two (22) months beyond the current maturity date or the
            refinancing of the Subordinated Notes prior to the current maturity
            date of the Subordinated Notes, upon Lender's written consent and on
            terms and conditions in all respects acceptable to Lender."

            (b) The definition of "BASE CONSOLIDATED ADJUSTED NET WORTH" in
Section 1.8 of the Loan Agreement shall be amended to delete the reference to
July 31, 1999 and replace it with "July 31, 2000".

            (c) The definition of "BASE DOMESTIC ADJUSTED NET WORTH" in Section
1.9 of the Loan Agreement shall be amended to delete the reference to July 31,
1999 and replace it with "July 31, 2000".

                                       2
<PAGE>
            (d) The definition of "CONSOLIDATED ADJUSTED NET WORTH" in Section
1.22 of the Loan Agreement shall be deleted in its entirety and replaced with
the following:

      "1.22 "CONSOLIDATED ADJUSTED NET WORTH" shall mean as to any Person, at
      any time, in accordance with GAAP (except as otherwise specifically set
      forth below), on a consolidated basis for such Person and its Subsidiaries
      (if any), the amount equal to: (a) the aggregate net book value of all
      assets (including all prepaid assets) of such Person and its Subsidiaries,
      calculating the book value of inventory on a basis consistent with the
      prior year, after deducting from such book values all appropriate reserves
      in accordance with GAAP (including all reserves for doubtful receivables,
      obsolescence, depreciation and amortization) minus (b) the sum of (i) the
      amount equal to the aggregate amount of the Indebtedness and other
      liabilities of such Person and its Subsidiaries (including tax and other
      proper accruals) plus (ii) any loss arising from the Val Verde Sale."

            (e) The definition of "DOMESTIC ADJUSTED NET WORTH" in Section 1.33
of the Loan Agreement shall be deleted in its entirety and replaced with the
following:

      "1.33 "DOMESTIC ADJUSTED NET WORTH" shall mean as to any Person, at any
      time, in accordance with GAAP (except as otherwise specifically set forth
      below), on a consolidated basis for such Person and its Subsidiaries (if
      any), the amount equal to: (a) the aggregate net book value of all assets
      (including all prepaid assets) of such Person and its Subsidiaries
      (excluding Foreign Subsidiaries), calculating the book value of inventory
      for this purpose on a basis consistent with the prior year, after
      deducting from such book values all appropriate reserves in accordance
      with GAAP (including all reserves for doubtful receivables, obsolescence,
      depreciation and amortization) minus (b) the sum of: (i) the amount equal
      to the aggregate amount of the Indebtedness and other liabilities of such
      Person and its Subsidiaries excluding its Foreign Subsidiaries (including
      tax and other proper accruals) plus (ii) any loss arising from the Val
      Verde Sale, minus (c) the dollar amount of the general ledger account for
      corporate overhead charged to Foreign Subsidiaries by Play By Play,
      PROVIDED, THAT, for the purposes of calculating the Domestic Adjusted Net
      Worth of Play By Play and it Subsidiaries, any income of any Foreign
      Subsidiary or any other Subsidiary which is not incorporated in any state
      of the United States of America or does not have is chief executive office
      in the United States of America shall not be included in the calculation.

            (f) The definition of "VAL VERDE SALE" shall be deleted in its
entirety and replaced with the following:

      "VAL VERDE SALE" shall mean a sale by Play By Play of all or substantially
      all of the assets of Val Verde upon Lender's written consent and on terms
      and conditions in all respects acceptable to Lender."

                                       3
<PAGE>
      1.3 INTERPRETATION. For purposes of this Amendment, all terms used herein,
including but not limited to, those terms used and/or defined herein or in the
recitals hereto shall have the respective meanings assigned thereto in the Loan
Agreement.

      2.  AMENDMENTS.

      2.1 Section 9.16 of the Loan Agreement is amended as follows:

            (a) to delete the chart contained in Section 9.16(a) and replace it
with the following:

                                              MINIMUM CONSOLIDATED
                    "PERIOD                    ADJUSTED NET WORTH

     (i)   through and including October     Base Consolidated Adjusted
                   31, 2000                  Net Worth LESS $1,500,000

     (ii)  for the period commencing         Base Consolidated Adjusted
                November 1, 2000             Net Worth LESS $4,500,000
                through and including
                January  31, 2001

     (iii) for the period commencing         Base Consolidated
                February 1, 2001             Adjusted Net Worth LESS $4,500,000
                through and including
                April 30, 2001

     (iv)  for the period commencing May     Base Consolidated
                1, 2001 through and          Adjusted Net Worth LESS $500,000
                including July 31, 2001

     (v)   for the period commencing         Base Consolidated
                August 1, 2001               Adjusted Net Worth LESS $1,250,000
                through and
                including October 31, 2001

     (vi)  for the period commencing         Base Consolidated
                November 1, 2001             Adjusted Net Worth LESS $3,750,000
                through and including
                January 31, 2002

     (vii) for the period commencing         Base Consolidated
                February 1, 2002             Adjusted Net Worth LESS $3,750,000
                through and including
                April 30, 2002

                                       4
<PAGE>
    (viii) for the period commencing May 1,  Base Consolidated
                2002 through and             Adjusted Net Worth
                including July 31, 2002

      for the period commencing August 1, 2002 and at all times thereafter, Play
      By Play and its Subsidiaries shall maintain a Consolidated Adjusted Net
      Worth at least equal to the sum of (i) Base Consolidated Adjusted Net
      Worth, and (ii) fifty (50%) percent of Play By Play and its Subsidiaries'
      actual net income (but not less than zero) shown on their quarterly
      unaudited financial statements for the relevant fiscal quarter or for the
      last fiscal quarter of any fiscal year, as shown on the audited financial
      statements for the applicable fiscal year end."

            (b) to delete the chart contained in Section 9.16(a) and replace it
with the following:

                                               MINIMUM DOMESTIC
                   "PERIOD                    ADJUSTED NET WORTH

    (i)   through and including October   Base Domestic Adjusted
                   31, 2000               Net Worth LESS $2,500,000

    (ii)  for the period commencing       Base Domestic Adjusted
                  November 1, 2000        Net Worth LESS $7,000,000
                  through and
                  including January
                  31, 2001

    (iii) for the period commencing       Base Domestic Adjusted
                  February 1, 2001        Net Worth LESS $8,000,000
                  through and
                  including April 30,
                  2001

    (iv)  for the period commencing May   Base Domestic Adjusted
                  1, 2001 through and     Net Worth LESS $6,500,000
                  including July 31,
                  2001

    (v)   for the period commencing       Base Domestic Adjusted
                  August 1, 2001          Net Worth LESS $2,250,000
                  through and
                  including October
                  31, 2001

                                       5
<PAGE>
    (vi)  for the period commencing          Base Domestic Adjusted
                  November 1, 2001           Net Worth LESS $6,500,000
                  through and
                  including January
                  31, 2002

    (vii) for the period commencing          Base Domestic Adjusted
                  February 1, 2002           Net Worth LESS $7,000,000
                  through and
                  including April 30,
                  2002

    (viii) for the period commencing May 1,   Base Domestic Adjusted
                  2002 through and            Net Worth LESS $5,500,000
                  including July 31,
                  2002

      for the period commencing August 1, 2002 and at all times thereafter, Play
      By Play and its Subsidiaries shall maintain a minimum Domestic Adjusted
      Net Worth at least equal to the sum of (i) Base Domestic Adjusted Net
      Worth less $5,500,000, and (ii) fifty (50%) percent of Play By Play and
      its Subsidiaries' (exclusive of Foreign Subsidiaries) actual net income
      (but not less than zero and before the allocation of overhead by Play By
      Play to its Foreign Subsidiaries) shown on their quarterly unaudited
      financial statements for the relevant fiscal quarter for the last fiscal
      quarter of any fiscal year, as shown on the audited financial statements
      for the applicable fiscal year end."

      2.2 Section 12.1(c) of the Loan Agreement is amended by deleting the chart
contained in this section and replacing it with the following:

                 "AMOUNT                      PERIOD

          (a)   Two (2%)
                        percent       From the date hereof to and
                        of            including October 25, 2001; and
                        Maximum
                        Credit

          (b)   One (1%)              From October 26, 2001 to and including
                        percent       October 24, 2002 or if of the term hereof
                        of            is extended, at Maximuany time prior to
                        Maximum       the end of the current term."
                        Credit
                                       7
<PAGE>
      3.  WAIVER.

      3.1 Subject to the terms and conditions contained herein, Lender hereby
waives the Event of Default arising under Section 10.1(a) of the Loan Agreement
as a result of the failure of Play By Play and its Subsidiaries to comply with
Section 9.16 of the Loan Agreement as of July 31, 2000; PROVIDED, THAT, such
waiver shall only apply to the failure of Play By Play and its Subsidiaries to
comply with such covenant for the period through and including July 31, 2000.

       3.2 Lender has not waived, is not by this Amendment waiving, and has no
intention of waiving any Events of Default that may have occurred on or before
the date hereof (other than the Events of Default identified in Section 3.1
hereof), whether or not continuing on the date hereof, or that may occur after
the date hereof (whether the same or similar to the Event of Default referred to
in Section 3.1 or otherwise).

      3.3 The foregoing waiver shall not be construed as a bar to or a waiver of
any other or further defaults or Events of Default on any future occasion,
whether similar in kind or otherwise and shall not constitute a waiver, express
or implied of any of the rights and remedies of Lender arising under the terms
of the Financing Agreements on any future occasion or otherwise. Nothing
contained herein should be construed to entitle Borrowers to any other or
further waiver with respect to any defaults under the Loan Agreement at any time
after the date hereof or otherwise.

      4. REPRESENTATIONS, WARRANTIES AND COVENANTS. In addition to the
continuing representations, warranties and covenants heretofore or hereafter
made by Borrowers to Lender pursuant to the other Financing Agreements,
Borrowers hereby represent, warrant and covenants with and to Lender as follows
(which representations, warranties and covenants are continuing and shall
survive the execution and delivery of this Amendment and shall be incorporated
into and made a part of the Financing Agreements):

      4.1 NO DEFAULT. No Event of Default or condition or event which with
notice or passage of time or both would constitute an Event of Default exists or
has occurred as of the date of this Amendment (after giving effect to the
amendments made and waivers granted by Lender pursuant to this Amendment).

      4.2 CORPORATE POWER AND AUTHORITY. This Amendment has been duly executed
and delivered by Borrowers and Guarantor and is in full force and effect as of
the date of this Amendment and the agreements and obligations of Borrowers and
Guarantor contained herein constitute legal, valid and binding obligations of
Borrowers and Guarantor enforceable against Borrowers and Guarantor in
accordance with their respective terms.

      4.3 MATERIAL CONTRACTS. The execution and delivery and performance of this
Amendment by Borrower and Guarantors will not violate any material agreement,
instrument or undertaking by which it is bound, and will not result in, or
require, the creation or imposition of any lien, charge, security interest or
other encumbrance on any of its properties or revenues.

      4.4 SUBORDINATED CREDITOR AGREEMENTS. No default or event of default, or
condition or event which with notice or the passage of time or both would
constitute an event of default exists or has occurred as of the date of this
Amendment under the Subordinated Creditor Agreements.

      5. AMENDMENT FEE. In consideration of the Amendment set forth herein,
Borrowers shall on the date hereof, pay to Lender, and Lender may, at its
option, charge the account of Borrowers maintained by Lender, a fee in the
amount of $50,000, which fee shall constitute part of the Obligations and is
fully earned as of the date hereof.

      6. CONDITIONS PRECEDENT. The effectiveness of the amendments and waiver
pursuant to this Amendment shall be subject to the satisfaction of each of the
following conditions precedent in a manner satisfactory to Lender:

      6.1 Lender shall have received, in form and substance satisfactory to
Lender, an original of this Amendment, duly authorized, executed and delivered
by Borrowers and Guarantor;

      6.2 Lender shall have received the fee referred to in Section 4 hereof;
and

      6.3 After giving effect to the amendments to the Loan Agreement provided
in this Amendment, no Event of Default shall exist or have occurred and no
event, act or condition shall have occurred or exist which with notice or
passage of time or both would constitute an Event of Default.

      7. ADDITIONAL EVENTS OF DEFAULT. The parties hereto acknowledge, confirm
and agree that the failure of Borrowers, Guarantor or any Subsidiary to comply
with the covenants, conditions and agreements contained herein shall constitute
an Event of Default under the Financing Agreements (subject to the applicable
cure period, if any, with respect thereto provided for in the Loan Agreement as
in effect on the date hereof).

      8. EFFECT OF THIS AMENDMENT. Except as modified pursuant hereto, no other
waivers, 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
effective date hereof. Any acknowledgment or consent or waiver contained herein
shall not be construed to constitute a consent or waiver to any other or further
action by Borrowers or to entitle Borrowers to any other consent or waiver. The
Loan Agreement and this Amendment shall be read and construed as one agreement.
To the extent of conflict between the terms of this Amendment and the other
Financing Agreements, the terms of this Amendment shall control.

                                       8
<PAGE>
      90 FURTHER ASSURANCES. The parties hereto shall execute and deliver such
additional documents and take such additional actions as may be necessary to
effectuate the provisions and purposes of this Amendment.

      100 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 laws of the State of Texas.

      110 BINDING EFFECT. This Amendment shall be binding upon and inure to the
benefit of each of the parties hereto and their respective successors and
assigns.

      120 COUNTERPARTS. This Amendment may be executed in any number of
counterparts, but all of such counterparts shall together constitute but one and
the same agreement. In making proof of this Amendment, it shall not be necessary
to produce or account for more than one counterpart thereof signed by each of
the parties thereto.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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

                                    Very truly yours,

                                    PLAY BY PLAY TOYS & NOVELTIES, INC.

                                    By: ___________________________________

                                    Title: __________________________________

                                    ACE NOVELTY CO., INC.

                                    By: ___________________________________

                                    Title: __________________________________

                                    NEWCO NOVELTY, INC.

                                    By: ___________________________________

                                    Title: __________________________________

                                    FRIENDS, FOOD & GAMES, INC.

                                    By: ___________________________________

                                    Title: __________________________________

AGREED TO:

CONGRESS FINANCIAL CORPORATION
      (SOUTHWEST)

By:_________________________________

Title:________________________________

                                       10

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