Document:

<PAGE>   1
                                                                    Exhibit 10.1

                                                                       EXECUTION

                          BALDWIN PIANO & ORGAN COMPANY

                 FOURTH AMENDMENT AND LIMITED WAIVER AND CONSENT
                                       TO
                                CREDIT AGREEMENT

                  This FOURTH AMENDMENT AND LIMITED WAIVER AND CONSENT TO CREDIT
AGREEMENT (this "AMENDMENT") is dated as of March 2, 2001 and entered into by
and among BALDWIN PIANO & ORGAN COMPANY, a Delaware corporation ("BORROWER"),
GENERAL ELECTRIC CAPITAL CORPORATION, as agent for itself and Lenders ("AGENT"),
the financial institutions listed on the signature pages hereof ("LENDERS"),
and, for purposes of Section 5 hereof, the Credit Parties listed on the
signature pages hereof, and is made with reference to that certain Credit
Agreement dated as of March 24, 2000, by and among Borrower, the other Credit
Parties party thereto, Lenders and Agent (as modified by the First Amendment and
Limited Waiver thereto dated as of August 11, 2000, the Limited Waiver and
Consent thereto dated as of September 28, 2000, the Extension of Limited Waiver
thereto dated as of October 30, 2000, the Second Amendment and Limited Waiver
thereto dated as of December 15, 2000, the Third Amendment and Limited Waiver
and Consent thereto dated as of January 26, 2001, the Extension of Limited
Waiver thereto dated as of February 16, 2001 and as such agreement may have
otherwise been amended, restated, supplemented or otherwise modified from time
to time prior to the date hereof, the "CREDIT AGREEMENT"). Capitalized terms
used herein without definition shall have the same meanings herein as set forth
in the Credit Agreement.

                                 R E C I T A L S
                                 - - - - - - - -

                  WHEREAS, Borrower has requested that Agent and Lenders amend
the Credit Agreement and waive certain provisions of the Credit Agreement in the
manner set forth herein, and Agent and Requisite Lenders have agreed to such
request, but only on the terms and conditions hereinafter set forth.

                  NOW, THEREFORE, in consideration of the premises and the terms
and conditions herein contained, Borrower, Agent and Requisite Lenders hereby
agree pursuant to Section 11.2 of the Credit Agreement as follows:

                                   SECTION 1.
                       AMENDMENTS TO THE CREDIT AGREEMENT

                  On the basis of the representations and warranties contained
in this Amendment, and subject to the terms and the satisfaction of the
conditions set forth in this Amendment, Agent and Requisite Lenders hereby agree
as follows:

                  A. AMENDMENT TO SECTION 1.6. Section 1.6(s) of the Credit
Agreement is hereby amended and restated in its entirety as follows:

<PAGE>   2

                  "(s) with respect to any Account owing by Biasco Musical
         Instrument Co., to the extent such Account, together with all other
         Accounts owing by Biasco Musical Instrument Co. and its Affiliates, as
         at any date of determination exceeds twenty percent (20%) of all
         Eligible Accounts; provided that, to the extent that such Accounts
         exceed twenty percent (20%) of all Eligible Accounts, Agent may elect
         to nevertheless treat all or a portion of such excess Accounts as
         Eligible Accounts on such terms, including advance rates and Reserves,
         as the Agent shall determine in its discretion, it being understood
         that, from and after the Fourth Amendment Effective Date and
         notwithstanding any advance rate percentage set forth in clause (a) of
         the definition of Borrowing Base, (x) until May 29, 2001, the advance
         rate for such excess Accounts shall be 85% of such excess Accounts to
         the extent such excess Accounts are otherwise Eligible Accounts and (y)
         from and after May 30, 2001, the advance rate for such excess Accounts
         shall be 51.5% of such excess Accounts to the extent such excess
         Accounts are otherwise Eligible Accounts."

                  B. AMENDMENT TO SECTION 6.19. Section 6.19(A) of the Credit
Agreement is hereby amended and restated in its entirety as follows:

                  "(A) No Credit Party shall, or shall permit any of its
         Subsidiaries to (i) terminate, modify, amend or supplement or waive any
         of its rights or obligations under, any Material Contract (in addition
         to and not by way of limitation of the restrictions contained in clause
         (b) below) in any way which would be materially adverse to the
         interests of such Credit Party, such Subsidiary, Agent or any Lender,
         (ii) enter into any new Material Contracts pursuant to which any Credit
         Party or Subsidiary thereof could be obligated to make payments in
         excess of $3,000,000 in any twelve- (12) month period, (iii) terminate,
         modify, amend or supplement or waive any of its rights or obligations
         under the Headquarters Lease or (iv) terminate, modify, amend or
         supplement or waive any of its rights or obligations, including,
         without limitation, any provisions relating to the timing or amount of
         any payments that may be owing under the Hendricks Employment Agreement
         or Hendricks Change in Control Agreement without, in the case of
         clauses (i) through (iv) above, obtaining the prior written consent of
         Agent to such termination, modification, amendment, supplement waiver
         or new Material Contract."

                  C. AMENDMENT TO ANNEX A. Annex A of the Credit Agreement is
hereby amended by inserting the following definitions therein in alphabetical
order:

                  "`DFS LETTER OF CREDIT' means that certain Irrevocable Standby
         Letter of Credit No. SM412194P issued by First Union National Bank for
         the account of GE Capital acting for Borrower.

                  `FOURTH AMENDMENT' means that certain Fourth Amendment and
         Limited Waiver to Credit Agreement dated as of March 2, 2001 by and
         among Borrower, the Lenders signatory thereto, Agent and other Credit
         Parties signatory thereto.

                  `FOURTH AMENDMENT EFFECTIVE DATE' means the Fourth Amendment
         Effective Date as defined in the Fourth Amendment.

                                       2
<PAGE>   3

                  `HENDRICKS EMPLOYMENT AGREEMENT' shall mean that certain
         Amended and Restated Agreement of Employment made and entered into as
         of September 1, 1999 by and between Borrower and Karen Hendricks, as
         such agreement may be amended, supplemented or otherwise modified in
         accordance with Section 6.19.

                  `HENDRICKS CHANGE IN CONTROL AGREEMENT' shall mean that
         certain Change in Control Agreement dated June 26, 1996 by and between
         Borrower and Karen Hendricks, as amended by the Amendment to Change in
         Control Agreement made effective as of September 17, 1999, as such
         agreement may be further amended, supplemented or otherwise modified in
         accordance with Section 6.19."

                  D. AMENDMENT TO ANNEX F (COLLATERAL REPORTS). Annex F of the
Credit Agreement is hereby amended by deleting Paragraphs (a) and (b) thereof in
their entirety and inserting new Paragraphs (a) and (b) thereto as follows:

                  "(a) To Agent, upon its request, and in no event less
         frequently than on a weekly basis to be delivered no later than
         Wednesday of each calendar week (together with a copy of all or any
         part of such delivery requested by any Lender in writing after the
         Closing Date), each of the following, in each case as of the Friday of
         the calendar week immediately preceding such Wednesday:

                  (i) a Borrowing Base Certificate calculating Eligible
         Accounts, accompanied by such supporting detail and documentation as
         shall be requested by Agent in its reasonable discretion;

                  (ii) collateral reports with respect to Borrower, Baldwin
         Trading and Baldwin Canada, including all additions and reductions
         (cash and non-cash) with respect to Accounts of Borrower and Baldwin
         Canada, in each case accompanied by such supporting detail and
         documentation as shall be requested by Agent in its reasonable
         discretion;

                  (iii) with respect to Borrower and its Subsidiaries, a weekly
         trial balance showing Accounts outstanding aged from invoice due date
         as follows: 1 to 30 days, 31 to 60 days, 61 to 90 days and 91 days or
         more, accompanied by such supporting detail and documentation as shall
         be requested by Agent in its reasonable discretion;

                  (iv) a Borrowing Base Certificate calculating Borrower's and
         Baldwin Trading's Eligible Inventory and Borrower's Eligible Raw
         Materials and Eligible Fixed Assets, accompanied by such supporting
         detail and documentation as shall be requested by Agent in its
         reasonable discretion;

                  (v) with respect to Borrower and its Subsidiaries, a summary
         of Inventory by location and type with a supporting perpetual Inventory
         report, in each case accompanied by such supporting detail and
         documentation as shall be requested by Agent in its reasonable
         discretion; and

                  (vi) with respect to Borrower and its Subsidiaries, a summary
         of Raw Materials by location and type with a supporting perpetual Raw
         Materials report, in

                                       3
<PAGE>   4

         each case accompanied by such supporting detail and documentation as
         shall be requested by Agent in its reasonable discretion.

                  (b) To Agent, upon its request, and in no event less
         frequently than on a weekly basis to be delivered no later than the
         second Business Day of each calendar week (together with a copy of all
         or any part of such delivery requested by any Lender in writing after
         the Closing Date), an update of projections of cash-flows of Borrower
         and its Subsidiaries and of availability under the Borrowing Base for
         the two month's forward-looking period as of the Friday of the calendar
         week immediately preceding such second Business Day;"

         E. AMENDMENT TO ANNEX G (FINANCIAL COVENANTS). Annex G of the Credit
Agreement is hereby amended by amending and restating Paragraphs (a), (b), (c)
and (d) thereof in their entirety as follows:

                  "(a) MAXIMUM CAPITAL EXPENDITURES. Borrower and its
         Subsidiaries on a consolidated basis shall not make Capital
         Expenditures during the following periods that exceed in the aggregate
         the amounts set forth opposite each of such periods:

<TABLE>
<CAPTION>
                                     Period                                       Maximum Capital
                                     ------                                        Expenditures
                                                                                    per Period
                                                                                    ----------

<S>                                                                                             <C>
         January 1, 2001 to February 28, 2001                                                     $100,000
         January 1, 2001 to March 31, 2001                                                        $150,000
         January 1, 2001 to April 30, 2001                                                        $200,000
         January 1, 2001 to May 31, 2001                                                          $250,000
         January 1, 2001 to June 30, 2001                                                         $300,000
         January 1, 2001 to July 31, 2001                                                         $350,000
         January 1, 2001 to August 31, 2001                                                       $400,000
         January 1, 2001 to September 30, 2001                                                    $450,000
         January 1, 2001 to October 31, 2001                                                      $500,000
         January 1, 2001 to November 30, 2001                                                     $550,000
         January 1, 2001 to December 31, 2001                                                     $600,000
         January 1, 2002 to March 31, 2002                                                        $750,000
         January 1, 2002 to June 30, 2002                                                       $1,500,000
         January 1, 2002 to September 30, 2002                                                  $2,250,000
         January 1, 2002 to December 31, 2002                                                   $3,000,000
</TABLE>

                                       4
<PAGE>   5
<TABLE>
<CAPTION>
                                     Period                                       Maximum Capital
                                     ------                                        Expenditures
                                                                                    per Period
                                                                                    ----------

<S>                                                                                             <C>
         January 1, 2003 to December 31, 2003 and each Fiscal Year                              $3,000,000
         thereafter
</TABLE>

                  (b) MINIMUM FIXED CHARGE COVERAGE RATIO. Borrower and its
         Subsidiaries shall have on a consolidated basis (i) at the end of each
         Fiscal Month set forth below through and including the Fiscal Month
         ending December 31, 2001, in each case for the corresponding period set
         forth below and (ii) at the end of each Fiscal Quarter set forth below
         commencing with the Fiscal Quarter ending March 31, 2002, in each case
         for the 12-month period then ended, a Fixed Charge Coverage Ratio of
         not less than the following:

<TABLE>
<CAPTION>
                                     Period                               Minimum Fixed Charge Coverage
                                     ------                               -----------------------------
                                                                                       Ratio
                                                                                       -----
<S>                                                                                <C>
         January 1, 2001 to February 28, 2001                                      (1.83) to 1.00
         January 1, 2001 to March 31, 2001                                         (1.48) to 1.00
         January 1, 2001 to April 30, 2001                                         (1.39) to 1.00
         January 1, 2001 to May 31, 2001                                           (1.06) to 1.00
         January 1, 2001 to June 30, 2001                                          (0.74) to 1.00
         January 1, 2001 to July 31, 2001                                          (0.80) to 1.00
         January 1, 2001 to August 31, 2001                                        (0.64) to 1.00
         January 1, 2001 to September 30, 2001                                     (0.42) to 1.00
         January 1, 2001 to October 31, 2001                                       (0.05) to 1.00
         January 1, 2001 to November 30, 2001                                        0.15 to 1.00
         January 1, 2001 to December 31, 2001                                        0.50 to 1.00
         For the Fiscal Quarter ending March 31, 2002 and for each                   1.25 to 1.00
         Fiscal Quarter thereafter
</TABLE>

                  (c) MINIMUM EBITDA. Borrower and its Subsidiaries on a
         consolidated basis shall have, (i) at the end of each Fiscal Month set
         forth below through and including the Fiscal Month ending December 31,
         2001, in each case for the corresponding period set forth below and
         (ii) at the end of each Fiscal Quarter set forth below commencing with
         the Fiscal Quarter ending March 31, 2002, in each case for the 12-month
         period then ended, EBITDA of not less than the following:

                                       5
<PAGE>   6

<TABLE>
<CAPTION>
                                     Period                                       Minimum EBITDA
                                     ------                                       --------------
<S>                                                                                  <C>
         January 1, 2001 to February 28, 2001                                         ($1,324,000)
         January 1, 2001 to March 31, 2001                                            ($1,524,000)
         January 1, 2001 to April 30, 2001                                            ($1,872,000)
         January 1, 2001 to May 31, 2001                                              ($1,755,000)
         January 1, 2001 to June 30, 2001                                             ($1,438,000)
         January 1, 2001 to July 31, 2001                                             ($1,794,000)
         January 1, 2001 to August 31, 2001                                           ($1,628,000)
         January 1, 2001 to September 30, 2001                                        ($1,178,000)
         January 1, 2001 to October 31, 2001                                            ($162,000)
         January 1, 2001 to November 30, 2001                                             $507,000
         January 1, 2001 to December 31, 2001                                           $1,729,000
         For the Fiscal Quarter ending March 31, 2002 and for each                      $7,500,000
         Fiscal Quarter thereafter
</TABLE>

                  (d) MINIMUM TANGIBLE NET WORTH. Borrower and its Subsidiaries
         shall have on a consolidated basis at the end of each Fiscal Month set
         forth below, a Tangible Net Worth of not less than the following:

<TABLE>
<CAPTION>

                             Period                                      Minimum Tangible Net Worth
                             ------                                      --------------------------
<S>                                                                               <C>
         Fiscal Month ending February 28, 2001                                    $48,939,000
         Fiscal Month ending March 31, 2001                                       $49,374,000
         Fiscal Month ending April 30, 2001                                       $48,788,000
         Fiscal Month ending May 31, 2001                                         $48,486,000
         Fiscal Month ending June 30, 2001                                        $48,321,000
         Fiscal Month ending July 31, 2001                                        $47,738,000
         Fiscal Month ending August 31, 2001                                      $47,499,000
         Fiscal Month ending September 30, 2001                                   $47,449,000
         Fiscal Month ending October 31, 2001                                     $47,753,000
         Fiscal Month ending November 30, 2001                                    $47,850,000
         Fiscal Month ending December 31, 2001 and each Fiscal Month              $48,350,000
         thereafter
</TABLE>

                                       6
<PAGE>   7

                                   SECTION 2.
               LIMITED WAIVER AND CONSENT TO THE CREDIT AGREEMENT

                  A. LIMITED WAIVER. On the basis of the representations and
warranties contained in this Amendment, and subject to the terms and conditions
of this Amendment, Agent and Requisite Lenders hereby agree to waive any Default
or Event of Default which may have occurred, or may hereafter occur under
Section 8.1(c) of the Credit Agreement:

                     (1) solely as a result of Borrower's failure to deliver not
later than February 5, 2001:

                         (a) pursuant to Paragraph (a) of Annex E (Financial
Statements and Projections - Reporting) of the Credit Agreement, financial
information regarding Borrower and its Subsidiaries, certified by the Chief
Financial Officer of Borrower, consisting of consolidated and consolidating (i)
unaudited balance sheets as of the close of the Fiscal Month of December 2000
and the related statements of income and cash flow for that portion of the
Fiscal Year ending as of the close of such Fiscal Month; (ii) unaudited
statements of income and cash flows for such Fiscal Month, setting forth in
comparative form the figures for the corresponding period in the prior year and
the figures contained in the Projections for such Fiscal Year, all prepared in
accordance with GAAP (subject to normal year-end adjustments); and (iii) a
summary of the outstanding balance of all Intercompany Notes as of the last day
of that Fiscal Month; and

                         (b) pursuant to Paragraph (c) of Annex E (Financial
Statements and Projections - Reporting) of the Credit Agreement, an annual
operating plan for Borrower and its Subsidiaries, approved by the Board of
Directors of Borrower, for the Fiscal Year 2001, that includes a statement of
all of the material assumptions on which such plan is based, includes monthly
balance sheets and a monthly budget for the Fiscal Year 2001 and integrates
sales, gross profits, operating expenses, operating profit, cash flow
projections and Borrowing Availability projections all prepared on the same
basis and in similar detail as that on which operating results are reported (and
in the case of cash flow projections, representing management's good faith
estimates of future financial performance based on historical performance), and
includes plans for personnel, Capital Expenditures and facilities; and

                     (2) solely as a result of Borrower's failure to comply with
the Net Borrowing Availability test set forth in Section 6.3(a)(v)(G) of the
Credit Agreement for the period commencing on December 1, 2000 and continuing
through the Fourth Amendment Effective Date.

                  B. DFS PAYABLE RESERVE. On the basis of the representations
and warranties contained in this Amendment, and subject to the terms and
conditions of this Amendment, Agent and Requisite Lenders hereby agree, at
Borrower's request, that the current Reserve established by Agent for DFS
payables (the "DFS PAYABLE RESERVE") in the amount of $1,800,000 shall be
reduced for a period commencing as of the Fourth Amendment Effective

                                       7
<PAGE>   8

Date and continuing through May 29, 2001, by $1,000,000 and shall be further
reduced for the remainder of such period by the amount, if any, equal to the
product of (a) the amount of any reduction in the then current stated amount of
the DFS Letter of Credit divided by the original stated amount of the DFS Letter
of Credit as of the date of issuance thereof multiplied by (b) the then current
DFS Payable Reserve. From and after May 30, 2001, the DFS Payable Reserve shall
be increased to $1,800,000.

                                   SECTION 3.
                              LIMITATION OF WAIVER

                  Without limiting the generality of the provisions of Section
11.2 of the Credit Agreement, the waiver set forth above shall be limited
precisely as written and relates solely to noncompliance by Borrower with the
provisions of Sections 6.3(a)(v)(G) and 8.1(c) and Paragraphs (a) and (c) of
Annex E of the Credit Agreement in the manner and to the extent described above
and nothing in this Amendment shall be deemed to:

                  (a) constitute a waiver of compliance by Borrower with respect
to (i) the Sections 6.3(a)(v)(G) and 8.1(c) and Paragraphs (a) and (c) of Annex
E of Credit Agreement in any other instance or (ii) any other term, provision or
condition of the Credit Agreement or any other instrument or agreement referred
to therein; or

                  (b) prejudice any right or remedy that Agent or any Lender may
now have (except to the extent such right or remedy was based upon existing
defaults that will not exist after giving effect to this Amendment) or may have
in the future under or in connection with the Credit Agreement or any other
instrument or agreement referred to therein.

                  Except as expressly set forth herein, the terms, provisions
and conditions of the Credit Agreement and the other Loan Documents shall remain
in full force and effect and in all other respects are hereby ratified and
confirmed.

                                   SECTION 4.
                         REPRESENTATIONS AND WARRANTIES

                  In order to induce Agent and Lenders to enter into this
Amendment, Borrower hereby represents and warrants to Agent and Lenders that:

                  A. AUTHORIZATION; BINDING OBLIGATIONS. Each Credit Party has
all requisite corporate power and authority to enter into this Amendment. The
execution, delivery and performance of this Amendment have been duly authorized
by all necessary corporate action by each Credit Party. This Amendment has been
duly executed and delivered by each Credit Party and is the legal, valid and
binding obligation of each Credit Party, enforceable against each Credit Party
in accordance with its terms, except to the extent that the enforceability
thereof may be limited by applicable bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or similar laws generally affecting
creditors' rights and by equitable principles (regardless of whether enforcement
is sought in equity or at law). As of the Fourth Amendment Effective Date (as
hereinafter defined), the Credit Agreement, as amended by this Amendment, will
constitute the legal, valid and binding obligation of each

                                       8
<PAGE>   9

Credit Party, enforceable against each Credit Party in accordance with its
terms, except to the extent that the enforceability thereof may be limited by
applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or similar laws generally affecting creditors' rights and by
equitable principles (regardless of whether enforcement is sought in equity or
at law).

                  B. INCORPORATION OF REPRESENTATIONS. Each representation and
warranty of each Credit Party contained in each of the Loan Documents is true,
correct and complete in all material respects on and as of the Fourth Amendment
Effective Date to the same extent as though made on and as of the Fourth
Amendment Effective Date, except to the extent such representations and
warranties relate to an earlier date, in which case they were true, correct and
complete in all material respects as of such earlier date.

                  C. ABSENCE OF DEFAULTS. No event has occurred and is
continuing or would result from the execution, delivery or performance of this
Amendment that constitutes or would constitute a Default or Event of Default
after giving effect to this Amendment.

                  D. PERFORMANCE. Borrower has performed in all material
respects all agreements to be performed on its part on or before the date hereof
as set forth in the Credit Agreement.

                                   SECTION 5.
                  ACKNOWLEDGEMENT AND CONSENT BY CREDIT PARTIES

                  Borrower and each other Credit Party executing a counterpart
hereto agree to and acknowledge the terms and provisions of this Amendment and
confirm that each Loan Document to which such Credit Party is a party shall
continue in full force and effect and that all of its obligations thereunder
shall be valid and enforceable and shall not be impaired or affected by the
execution of this Amendment, except as specifically provided herein. Borrower
and each other Credit Party executing a counterpart hereof represent and warrant
that, all representations and warranties contained in each Loan Document to
which such Credit Party is a party are true, correct and complete in all
material respects as of the date hereof to the same extent as though made on
each such date and that Borrower and each such Credit Party has performed in all
material respects all agreements to be performed on its part on or before the
date hereof as set forth in the Loan Documents.

                                   SECTION 6.
                           CONDITIONS TO EFFECTIVENESS

                  This Amendment shall become effective (the "FOURTH AMENDMENT
EFFECTIVE DATE") only upon receipt of the following items by Agent:

                  (a) counterparts hereof duly executed by each Credit Party and
Requisite Lenders (or, in the case of any Lender, telex or telephone
confirmation from such Lender of its execution hereof);

                                       9
<PAGE>   10

                  (b) duly executed originals of an officer's certificate dated
the Fourth Amendment Effective Date certifying that attached thereto is a true,
correct and complete copy of the Hendricks Employment Agreement and Hendricks
Change in Control Agreement, which Agreements are in full force and effect and
have not been amended, supplemented or otherwise modified;

                  (c) evidence satisfactory to Agent that Borrower has
completed, or in the event not completed, a written action plan detailing how
Borrower intends to complete (including an estimated time frame), any
environmental due diligence required for the proposed sale of Borrower's real
property at 1101 South Beechwood Avenue, Fayetteville, Washington County,
Arkansas;

                  (d) an amendment fee equal to $75,000 payable to Agent for the
ratable benefit of Lenders; and

                  (e) such other documents as Agent may reasonably request.

                                   SECTION 7.
                                  MISCELLANEOUS

                  A. EFFECT OF AMENDMENT. Except as specifically provided
herein, this Amendment does not in any way waive, amend, modify, affect or
impair the terms and conditions of the Credit Agreement or the other Loan
Documents, and all terms and conditions of the Credit Agreement and the other
Loan Documents are hereby ratified and confirmed and shall remain in full force
and effect unless otherwise specifically amended, waived, modified or changed
pursuant to the terms and conditions of this Amendment.

                  On and after the Fourth Amendment Effective Date, each
reference in the Credit Agreement to "this Agreement", "hereunder", "hereof",
"herein" or words of like import referring to the Credit Agreement, and each
reference in the other Loan Documents to the "Credit Agreement", "thereunder",
"thereof", or words of like import referring to the Credit Agreement shall mean
and be a reference to the Credit Agreement as modified by this Amendment.

                  B. FEES AND EXPENSES. Borrower acknowledges that all costs,
fees and expenses as described in Section 11.3 of the Credit Agreement incurred
by Agent, Lenders and their respective counsel with respect to this Amendment
and the documents and transactions contemplated hereby shall be for the account
of Borrower.

                  C. HEADINGS. Section and subsection headings in this Amendment
are included herein for convenience of reference only and shall not constitute a
part of this Amendment for any other purpose or be given any substantive effect.

                  D. APPLICABLE LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND
SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO CONTRACTS MADE AND

                                       10
<PAGE>   11

PERFORMED IN THAT STATE AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

                  E. COUNTERPARTS. This Amendment may be executed in any number
of counterparts, including by telecopy, and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be
deemed an original, but all such counterparts together shall constitute but one
and the same instrument; signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages
are physically attached to the same document.

                                       11
<PAGE>   12

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

                           BORROWER:

                           BALDWIN PIANO & ORGAN COMPANY

                           By:  /s/ Duane D. Kimble
                                -----------------------------------------------
                                Name:   Duane D. Kimble
                                        ---------------------------------------
                                Title:  Chief Financial Officer
                                        ---------------------------------------

                           AGENT AND LENDERS:

                           GENERAL ELECTRIC CAPITAL
                           CORPORATION, AS AGENT FOR ITSELF AND
                           LENDERS

                           By:  /s/ James DeSantis
                                -----------------------------------------------
                                Name:   James DeSantis
                                        ---------------------------------------
                                Title:  Its Duly Authorized Signatory
                                        ---------------------------------------

                           OTHER CREDIT PARTIES:

                           THE WURLITZER COMPANY

                           By:  /s/ Duane D. Kimble
                                -----------------------------------------------
                                Name:   Duane D. Kimble
                                        ---------------------------------------
                                Title:  Chief Financial Officer
                                        ---------------------------------------

                                      S-1

<PAGE>   13

                           BALDWIN TRADING COMPANY

                           By:  /s/ Duane D. Kimble
                                -----------------------------------------------
                                Name:   Duane D. Kimble
                                        ---------------------------------------
                                Title:  Chief Financial Officer
                                        ---------------------------------------

                           THE BALDWIN PIANO COMPANY (CANADA) LIMITED

                           By:  /s/ Duane D. Kimble
                                -----------------------------------------------
                                Name:   Duane D. Kimble
                                        ---------------------------------------
                                Title:  Chief Financial Officer
                                        ---------------------------------------

                                      S-2<PAGE>   1
                                                                    Exhibit 10.2

                                                                       EXECUTION

                          BALDWIN PIANO & ORGAN COMPANY

                 FIFTH AMENDMENT AND LIMITED WAIVER AND CONSENT
                                       TO
                                CREDIT AGREEMENT

                  This FIFTH AMENDMENT AND LIMITED WAIVER AND CONSENT TO CREDIT
AGREEMENT (this "AMENDMENT") is dated as of March 21, 2001 and entered into by
and among BALDWIN PIANO & ORGAN COMPANY, a Delaware corporation ("BORROWER"),
GENERAL ELECTRIC CAPITAL CORPORATION ("GE CAPITAL"), as agent for itself and
Lenders ("AGENT"), the financial institutions listed on the signature pages
hereof ("LENDERS"), and, for purposes of Section 5 hereof, the Credit Parties
listed on the signature pages hereof, and is made with reference to: (i) that
certain Credit Agreement dated as of March 24, 2000, by and among Borrower, the
other Credit Parties party thereto, Lenders and Agent (as modified by the First
Amendment and Limited Waiver thereto dated as of August 11, 2000, the Limited
Waiver and Consent thereto dated as of September 28, 2000, the Extension of
Limited Waiver thereto dated as of October 30, 2000, the Second Amendment and
Limited Waiver thereto dated as of December 15, 2000, the Third Amendment and
Limited Waiver and Consent thereto dated as of January 26, 2001, the Extension
of Limited Waiver thereto dated as of February 16, 2001, the Fourth Amendment
and Limited Waiver and Consent thereto dated as of March 2, 2001, and as such
agreement may have otherwise been amended, restated, supplemented or otherwise
modified from time to time prior to the date hereof, the "CREDIT AGREEMENT");
and (ii) that certain Security Agreement dated as of March 24, 2000 (as
heretofore amended, restated, supplemented or otherwise modified from time to
time, the "SECURITY AGREEMENT") by and among Borrower, the Grantors party
thereto and GE Capital, as Agent for itself and Lenders. Capitalized terms used
herein without definition shall have the same meanings herein as set forth in
the Credit Agreement or the Security Agreement, as applicable.

                                 R E C I T A L S
                                 - - - - - - - -

                  WHEREAS, Borrower has informed Agent and Lenders that Borrower
has proposed to enter into a Retail Store Agreement (the "RETAIL STORE
AGREEMENT") with Biasco Piano Acquisitions, Inc., an Illinois corporation
("BIASCO PIANO ACQUISITIONS"), pursuant to which Borrower has agreed to sell to
Biasco Piano Acquisitions certain assets (as more particularly described in
Section 1.1 of the Retail Store Agreement) of Borrower that constitute its
retail stores operation (the "SUBJECT ASSETS").

                  WHEREAS, in connection with the Closing under the Retail Store
Agreement, Borrower and Biasco Piano Acquisitions have agreed to enter into a
Lease Agreement regarding the premises of Borrower located at 1871 Cobb Parkway,
Marietta, Georgia (the "MARIETTA LEASE") together with the Retail Store
Agreement, collectively, the "RETAIL STORE SALE DOCUMENTS").

<PAGE>   2

                  WHEREAS, Borrower has requested that Agent and Requisite
Lenders waive the restrictions contained in Sections 5.1, 6.7 and 6.8 of the
Credit Agreement to the extent necessary to permit the sale of the Subject
Assets to Biasco Piano Acquisitions for a gross cash purchase price of not less
than $4,905,885 (the "RETAIL STORE SALE") and consent to the release of liens
created by the Security Agreement on the Subject Assets pursuant to the terms
thereof.

                  WHEREAS, Agent and Requisite Lenders have agreed to make
certain amendments and waive certain requirements of the Credit Agreement and
consent to the release of liens created by the Security Agreement on the Subject
Assets, but only on the terms and conditions hereinafter set forth.

                  NOW, THEREFORE, in consideration of the premises and the terms
and conditions herein contained, Borrower, Agent and Requisite Lenders hereby
agree pursuant to Section 11.2 of the Credit Agreement as follows:

                                   SECTION 1.
                       AMENDMENTS TO THE CREDIT AGREEMENT

                  On the basis of the representations and warranties contained
in this Amendment, and subject to the terms and the satisfaction of the
conditions set forth in this Amendment, Agent and Requisite Lenders hereby agree
as follows:

                  A. AMENDMENT TO SECTION 3. Section 3 of the Credit Agreement
is hereby amended by inserting a new Section 3.29 at the end thereof as follows:

                  "3.29 RETAIL STORE SALE DOCUMENTS. As of the Fifth Amendment
         Effective Date, Borrower has delivered to Agent a complete and correct
         copy of the Retail Store Sale Documents (including all schedules,
         exhibits, amendments, supplements, modifications, assignments and all
         other documents delivered pursuant thereto or in connection therewith).
         No Credit Party and no other Person party thereto is in default in the
         performance or compliance with any provisions thereof. Each of the
         Retail Store Sale Documents complies with, and the Retail Store Sale
         has been consummated in accordance with, all applicable laws. Each of
         the Retail Store Sale Documents is in full force and effect as of the
         Fifth Amendment Effective Date and has not been terminated, rescinded
         or withdrawn. All requisite approvals by Governmental Authorities
         having jurisdiction over Biasco Piano Acquisitions, any Credit Party
         and other Persons referenced therein, with respect to the transactions
         contemplated by the Retail Store Sale Documents, have been obtained,
         and no such approvals impose any conditions to the consummation of the
         transactions contemplated by the Retail Store Sale Documents or to the
         conduct by any Credit Party of its business thereafter. To the best of
         each Credit Party's knowledge, none of the representations or
         warranties of Biasco Piano Acquisitions in the Retail Store Agreement
         contain any untrue statement of a material fact. Each of the
         representations and warranties given by each applicable Credit Party in
         the Retail Store Agreement is true and correct in all material respects
         and does not omit any fact necessary to make the statements therein not
         misleading. Notwithstanding anything

                                       2
<PAGE>   3

         contained in the Retail Store Agreement to the contrary, such
         representations and warranties of the Credit Parties are incorporated
         into this Agreement by this SECTION 3.29 and shall, solely for purposes
         of this Agreement and the benefit of Agent and Lenders, survive the
         consummation of the Retail Store Sale."

                  B. AMENDMENT TO ANNEX A. Annex A of the Credit Agreement is
hereby amended by inserting the following definitions therein in alphabetical
order:

                  "`BIASCO PIANO ACQUISITIONS" means Biasco Piano Acquisitions,
         Inc., an Illinois corporation, and its successors and assigns.

                  `FIFTH AMENDMENT' means that certain Fifth Amendment and
         Limited Waiver and Consent to Credit Agreement dated as of March 21,
         2001 by and among Borrower, the Lenders signatory thereto, Agent and
         other Credit Parties signatory thereto.

                  `FIFTH AMENDMENT EFFECTIVE DATE' means the Fifth Amendment
         Effective Date as defined in the Fifth Amendment."

                  `MARIETTA LEASE' means that certain Lease Agreement made and
         entered into as of March 21, 2001 by and between by Borrower and Biasco
         Piano Acquisitions in connection with the Retail Store Sale, as such
         agreement may be amended, supplemented or otherwise modified in
         accordance with Section 6.19.

                  `RETAIL STORE AGREEMENT' means that certain Retail Store
         Agreement dated as of March 21, 2001 by and between Borrower and Biasco
         Piano Acquisitions, as such agreement may be amended, supplemented or
         otherwise modified in accordance with Section 6.19.

                  `RETAIL STORE SALE' means the sale by Borrower to Biasco Piano
         Acquisitions of certain assets (as more particularly described in
         Section 1.1 of the Retail Store Agreement) of Borrower relating to and
         used by Borrower in its retail stores operation.

                  `RETAIL STORE SALE DOCUMENTS" shall mean the Retail Store
         Agreement and Marietta Lease.

                  C. AMENDMENT TO DISCLOSURE SCHEDULE A. Disclosure Schedule A
of the Credit Agreement is hereby amended by inserting the following at the end
thereof:

                  "14. Retail Store Agreement

                  15. Marietta Lease".

                                       3
<PAGE>   4

                                   SECTION 2.
               LIMITED WAIVER AND CONSENT TO THE CREDIT AGREEMENT

                  On the basis of the representations and warranties contained
in this Limited Waiver, and subject to the terms and conditions of this Limited
Waiver, Agent and Requisite Lenders hereby agree to waive the restrictions
contained in Sections 5.1, 6.7 and 6.8 of the Credit Agreement solely to the
extent necessary to permit Borrower and Biasco Piano Acquisitions to consummate
the Retail Store Sale pursuant to the terms of the Retail Store Sale Documents;
PROVIDED that concurrently with the consummation of the Retail Store Sale,
Borrower shall deposit proceeds received in connection with the Retail Store
Sale to the Collection Account and one hundred percent (100%) of such proceeds
shall be used to prepay the Loans, it being understood that such prepayment
shall not permanently reduce the Commitments. Requisite Lenders hereby authorize
Agent to, at Borrower's sole cost and expense, execute and deliver such partial
releases of its security interest in and Liens on such Collateral which
constitutes Subject Assets as may be reasonably requested by Borrower in
connection with the Retail Store Sale, including, without limitation, any UCC-3
termination statements and other full or partial release instruments, as
applicable. Notwithstanding anything contained herein to the contrary, this
Limited Waiver shall cease to be of any force or effect if the Retail Store Sale
has not been consummated on or before March 30, 2001.

                                   SECTION 3.
                              LIMITATION OF WAIVER

                  Without limiting the generality of the provisions of Section
11.2 of the Credit Agreement, the waiver set forth above shall be limited
precisely as written and relates solely to noncompliance by Borrower with the
provisions of Sections 5.1, 6.7 and 6.8 of the Credit Agreement in the manner
and to the extent described above and nothing in this Amendment shall be deemed
to:

                   (a) constitute a waiver of compliance by Borrower with
respect to (i) Sections 5.1, 6.7 and 6.8 of Credit Agreement in any other
instance or (ii) any other term, provision or condition of the Credit Agreement,
Security Agreement or any other instrument or agreement referred to therein; or

                   (b) prejudice any right or remedy that Agent or any Lender
may now have (except to the extent such right or remedy was based upon existing
defaults that will not exist after giving effect to this Amendment) or may have
in the future under or in connection with the Credit Agreement, Security
Agreement or any other instrument or agreement referred to therein.

                  Except as expressly set forth herein, the terms, provisions
and conditions of the Credit Agreement, Security Agreement and the other Loan
Documents shall remain in full force and effect and in all other respects are
hereby ratified and confirmed.

                                       4
<PAGE>   5

                                   SECTION 4.
                         REPRESENTATIONS AND WARRANTIES

                  In order to induce Agent and Lenders to enter into this
Amendment, Borrower hereby represents and warrants to Agent and Lenders that:

                  A. AUTHORIZATION; BINDING OBLIGATIONS. Each Credit Party has
all requisite corporate power and authority to enter into this Amendment. The
execution, delivery and performance of this Amendment have been duly authorized
by all necessary corporate action by each Credit Party. This Amendment has been
duly executed and delivered by each Credit Party and is the legal, valid and
binding obligation of each Credit Party, enforceable against each Credit Party
in accordance with its terms, except to the extent that the enforceability
thereof may be limited by applicable bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or similar laws generally affecting
creditors' rights and by equitable principles (regardless of whether enforcement
is sought in equity or at law). As of the Fifth Amendment Effective Date (as
hereinafter defined), the Credit Agreement, as amended by this Amendment, will
constitute the legal, valid and binding obligation of each Credit Party,
enforceable against each Credit Party in accordance with its terms, except to
the extent that the enforceability thereof may be limited by applicable
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or
similar laws generally affecting creditors' rights and by equitable principles
(regardless of whether enforcement is sought in equity or at law).

                  B. INCORPORATION OF REPRESENTATIONS. Each representation and
warranty of each Credit Party contained in each of the Loan Documents is true,
correct and complete in all material respects on and as of the Fifth Amendment
Effective Date to the same extent as though made on and as of the Fifth
Amendment Effective Date, except to the extent such representations and
warranties relate to an earlier date, in which case they were true, correct and
complete in all material respects as of such earlier date.

                  C. ABSENCE OF DEFAULTS. No event has occurred and is
continuing or would result from the execution, delivery or performance of this
Amendment that constitutes or would constitute a Default or Event of Default
after giving effect to this Amendment.

                  D. PERFORMANCE. Borrower has performed in all material
respects all agreements to be performed on its part on or before the date hereof
as set forth in the Credit Agreement.

                                   SECTION 5.
                  ACKNOWLEDGEMENT AND CONSENT BY CREDIT PARTIES

                  Borrower and each other Credit Party executing a counterpart
hereto agree to and acknowledge the terms and provisions of this Amendment and
confirm that each Loan Document to which such Credit Party is a party shall
continue in full force and effect and that all of its obligations thereunder
shall be valid and enforceable and shall not be impaired or affected by the
execution of this Amendment, except as specifically provided herein. Borrower
and each other Credit Party executing a counterpart hereof represent and warrant

                                       5
<PAGE>   6

that, all representations and warranties contained in each Loan Document to
which such Credit Party is a party are true, correct and complete in all
material respects as of the date hereof to the same extent as though made on
each such date and that Borrower and each such Credit Party has performed in all
material respects all agreements to be performed on its part on or before the
date hereof as set forth in the Loan Documents.

                                   SECTION 6.
                           CONDITIONS TO EFFECTIVENESS

                  This Amendment shall become effective (the "FIFTH AMENDMENT
EFFECTIVE DATE") only upon receipt of the following items by Agent:

                  (a) counterparts hereof duly executed by each Credit Party and
Requisite Lenders (or, in the case of any Lender, telex or telephone
confirmation from such Lender of its execution hereof);

                  (b) the form and substance of the Retail Store Sale Documents,
which form and substance shall in all respects be satisfactory to Agent and
Requisite Lenders (which satisfaction shall be evidenced by such Lenders
executing a counterpart hereof);

                  (c) the final form of the Retail Store Sale Documents which
shall be in the form approved by Agent and Requisite Lenders with such changes
thereto as may be acceptable to Agent, together with duly executed originals of
an officer's certificate dated the Fifth Amendment Effective Date certifying
that: (i) attached thereto is a true, correct and complete copy of the Retail
Store Sale Documents (including all schedules, exhibits, amendments,
supplements, modifications, assignments and all other documents delivered
pursuant thereto or in connection therewith); (ii) no Credit Party and no other
Person party to the Retail Store Sale Documents is in default in the performance
or compliance with any provisions thereto; (iii) each of the Retail Store Sale
Documents complies with, and the Retail Store Sale has been consummated in
accordance with, all applicable laws; (iv) each of the Retail Store Sale
Documents is in full force and effect as of the Fifth Amendment Effective Date
and has not been terminated, rescinded or withdrawn; (v) all requisite approvals
by Governmental Authorities having jurisdiction over Biasco Piano Acquisitions,
any Credit Party and other Persons referenced in the Retail Store Sale
Documents, with respect to the transactions contemplated by the Retail Store
Sale Documents, have been obtained, and no such approvals impose any conditions
to the consummation of the transactions contemplated by the Retail Store Sale
Documents or to the conduct by any Credit Party of its business thereafter; (vi)
to the best of each Credit Party's knowledge, none of the representations or
warranties of Biasco Piano Acquisitions in the Retail Store Agreement contain
any untrue statement of a material fact; and (vii) each of the representations
and warranties given by each applicable Credit Party in the Retail Store
Agreement is true and correct in all material respects and does not or omit any
fact necessary to make the statements therein not misleading;

                  (d) a Borrowing Base Certificate reflecting the sale of the
retail stores and reduction in inventory and the application of proceeds to the
Loans; and

                                       6
<PAGE>   7

                  (e) such other documents as Agent may reasonably request.

                                   SECTION 7.
                                  MISCELLANEOUS

                  A. EFFECT OF AMENDMENT. Except as specifically provided
herein, this Amendment does not in any way waive, amend, modify, affect or
impair the terms and conditions of the Credit Agreement or the other Loan
Documents, and all terms and conditions of the Credit Agreement and the other
Loan Documents are hereby ratified and confirmed and shall remain in full force
and effect unless otherwise specifically amended, waived, modified or changed
pursuant to the terms and conditions of this Amendment.

                  On and after the Fifth Amendment Effective Date, each
reference in the Credit Agreement to "this Agreement", "hereunder", "hereof",
"herein" or words of like import referring to the Credit Agreement, and each
reference in the other Loan Documents to the "Credit Agreement", "thereunder",
"thereof", or words of like import referring to the Credit Agreement shall mean
and be a reference to the Credit Agreement as modified by this Amendment.

                  B. FEES AND EXPENSES. Borrower acknowledges that all costs,
fees and expenses as described in Section 11.3 of the Credit Agreement incurred
by Agent, Lenders and their respective counsel with respect to this Amendment
and the documents and transactions contemplated hereby shall be for the account
of Borrower.

                  C. HEADINGS. Section and subsection headings in this Amendment
are included herein for convenience of reference only and shall not constitute a
part of this Amendment for any other purpose or be given any substantive effect.

                  D. APPLICABLE LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND
SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE AND ANY APPLICABLE
LAWS OF THE UNITED STATES OF AMERICA.

                  E. COUNTERPARTS. This Amendment may be executed in any number
of counterparts, including by telecopy, and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be
deemed an original, but all such counterparts together shall constitute but one
and the same instrument; signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages
are physically attached to the same document.

                  [Remainder of page left blank intentionally.]

                                       7
<PAGE>   8

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

                              BORROWER:

                              BALDWIN PIANO & ORGAN COMPANY

                              By: /s/ Duane D. Kimble
                                  ------------------------------------------
                                  Name:  Duane D. Kimble
                                         -----------------------------------
                                  Title: Chief Financial Officer
                                         -----------------------------------

                              AGENT AND LENDERS:

                              GENERAL ELECTRIC CAPITAL
                              CORPORATION, AS AGENT FOR ITSELF AND
                              LENDERS

                              By: /s/ James DeSantis
                                  ------------------------------------------
                                  Name:  James DeSantis
                                         -----------------------------------
                                  Title: Its Duly Authorized Signatory
                                         -----------------------------------

                              OTHER CREDIT PARTIES:

                              THE WURLITZER COMPANY

                              By: /s/ Duane D. Kimble
                                  ------------------------------------------
                                  Name:  Duane D. Kimble
                                         -----------------------------------
                                  Title: Chief Financial Officer
                                         -----------------------------------

                                      S-1

<PAGE>   9

                              BALDWIN TRADING COMPANY

                              By: /s/ Duane D. Kimble
                                  ------------------------------------------
                                  Name:  Duane D. Kimble
                                         -----------------------------------
                                  Title: Chief Financial Officer
                                         -----------------------------------

                              THE BALDWIN PIANO COMPANY (CANADA) LIMITED

                              By: /s/ Duane D. Kimble
                                  ------------------------------------------
                                  Name:  Duane D. Kimble
                                         -----------------------------------
                                  Title: Chief Financial Officer
                                         -----------------------------------

                                      S-2

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