EXHIBIT 10.20

FIFTH AMENDMENT

TO
CREDIT AGREEMENT

      THIS FIFTH AMENDMENT TO CREDIT AGREEMENT dated as of December 9, 2003 (the
“Fifth Amendment” or this “Amendment”) is among KIRBY CORPORATION, a Nevada
corporation (the “Borrower”), the banks named on the signature pages hereto (the
“Banks”), JPMORGAN CHASE BANK, (formerly known as The Chase Manhattan Bank,
successor by merger to Chase Bank of Texas, N.A., formerly known as Texas
Commerce Bank National Association), as Funds Administrator (the “Funds
Administrator”) and as Administrative Agent (the “Agent”), BANK OF AMERICA,
N.A., as Syndication Agent and WELLS FARGO BANK, N.A. as Documentation Agent.
J.P. Morgan Securities Inc. and Banc of America Securities LLC, although not
parties hereto, act as Co-Lead Arrangers and Joint Bookrunners for the Existing
Credit Agreement (as hereinafter defined).

PRELIMINARY STATEMENT

      Pursuant to that certain Credit Agreement dated as of September 19, 1997,
among the Borrower, the banks named therein, the Agent as the Funds
Administrator and the Agent, the parties named therein as Banks made a revolving
credit facility available to the Borrower upon the terms and conditions set
forth therein. Said Credit Agreement was amended by that certain First Amendment
to Credit Agreement dated as of January 30, 1998, that certain Second Amendment
to Credit Agreement dated November 30, 1998, that certain Third Amendment to
Credit Agreement dated November 5, 2001, and that certain Fourth Amendment to
Credit Agreement dated January 31, 2003, all of said Amendments among the
Borrower, the Banks named therein, the Agent, the Funds Administrator and the
other parties named therein as syndication agent or documentation agent (said
parties, in such capacities, together with the Agent, the “Agents”). Said Credit
Agreement as amended by said Amendments and as further amended from time to time
is herein referred to as the “Existing Credit Agreement”.

      The Borrower has now requested that certain provisions of the Existing
Credit Agreement be further amended, and the Banks, the Agent, the Funds
Administrator and the other parties named therein as syndication agent or
documentation agent have agreed to amend such provisions to the extent and in
the manner set forth herein.

      Accordingly, in consideration of the foregoing and the mutual covenants
set forth herein, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

      SECTION 1.01     Defined Terms. All capitalized terms defined in the
Existing Credit Agreement, and not otherwise defined herein shall have the same
meanings herein as in the Existing Credit Agreement. Upon the effectiveness of
this Amendment, each reference (a) in the Existing Credit Agreement to “this
Agreement,” “hereunder,” “herein” or words of like import shall mean and be a
reference to the Existing Credit Agreement, as amended hereby, (b) in the Notes
and the other Loan Documents to the Existing Credit Agreement shall mean and be
a reference to the Existing Credit Agreement, as amended hereby, and (c) in the
Loan Documents to any term defined by reference to the Existing Credit Agreement
shall mean and be a reference to such term as defined in the Existing Credit
Agreement, as amended hereby.

      SECTION 1.02     References, Etc. The words “hereof,” “herein” and
“hereunder” and words of similar import when used in this Amendment shall refer
to this Amendment as a whole and not to any particular provision of this
Amendment. In this Amendment, unless a clear contrary intention appears the word
“including” (and with correlative meaning “include”) means including, without
limiting the generality of any description preceding such term. No provision of
this Amendment shall be interpreted or constructed against any Person solely
because that Person or its legal representative drafted such provision.

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ARTICLE II

AMENDMENTS TO EXISTING CREDIT AGREEMENT

      SECTION 2.01     New Section 2.16. A new Section 2.16 is hereby added to
the Existing Credit Agreement to read as follows:

      “SECTION 2.16     Increase of Commitments. (a) If no Default, Event of
Default or Material Adverse Effect shall have occurred and be continuing, the
Borrower may at any time and from time to time request an increase of the
aggregate Commitments by notice to the Agent in writing, in a form reasonably
satisfactory to the Agent, of the amount of such proposed increase (such notice,
a “Commitment Increase Notice”); provided, however, that (i) each such increase
shall be at least $5,000,000, (ii) the cumulative increase in Commitments
pursuant to this Section 2.16 shall not exceed $75,000,000, (iii) the Commitment
of any Bank may not be increased without such Bank’s consent, and (iv) the
aggregate amount of the Banks’ Commitments shall not exceed $225,000,000 without
the approval of the Majority Banks. Any such Commitment Increase Notice must
offer each Bank the opportunity to subscribe for its pro rata share of the
increased Commitment. If any portion of the increased Commitment is not
subscribed for by such Banks, the Borrower may, in its sole discretion, but with
the consent of the Agent as to any Person that is not at such time a Bank (which
consent shall not be unreasonably withheld or delayed), offer to any existing
Bank or to one or more additional banks or financial institutions the
opportunity to participate in all or a portion of such unsubscribed portion of
the increased Commitments pursuant to paragraph (b) or (c) below, as applicable.

      (b) Any additional bank or financial institution that the Borrower selects
to offer participation in the increased Commitment shall become a party to this
Agreement by executing and delivering to the Agent a New Bank Agreement setting
forth its Commitment, whereupon such bank or financial institution (a “New
Bank”) shall become a Bank for all purposes and to the same extent as if
originally a party hereto and shall be bound by and entitled to the benefits of
this Agreement, and the signature pages hereof shall be deemed to be amended to
add the name of such New Bank and the definition of Commitment in Annex A of the
Credit Agreement hereof shall be deemed amended to increase the aggregate
Commitments of the Banks by the Commitment of such New Bank, provided that the
Commitment of any New Bank shall be an amount not less than $5,000,000.

      (c) Any Bank that accepts an offer to it by the Borrower to increase its
Commitment pursuant to this Section 2.16 shall, in each case, execute a
Commitment Increase Agreement with the Borrower and the Agent, whereupon such
Bank shall be bound by and entitled to the benefits of this Agreement with
respect to the full amount of its Commitment as so increased, and the definition
of Commitment in Annex A hereof shall be deemed to be amended to reflect such
increase.

      (d) The effectiveness of any New Bank Agreement or Commitment Increase
Agreement shall be contingent upon receipt by the Agent of such corporate
resolutions of the Borrower and legal opinions of counsel to the Borrower as the
Agent shall reasonably request with respect thereto, in each case in form and
substance reasonably satisfactory to the Agent.

      (e) If any bank or financial institution becomes a New Bank pursuant to
Section 2.16(b) or any Bank’s Commitment is increased pursuant to
Section 2.16(c), additional Loans made on or after the effectiveness thereof
(the “Re-Allocation Date”) shall be made pro rata based on their respective
Commitments in effect on or after such Re-Allocation Date (except to the extent
that any such pro rata borrowings would result in any Bank making an aggregate
principal amount of Loans in excess of its Commitment, in which case such excess
amount will be allocated to, and made by, such New Bank and/or Banks with such
increased Commitments to the extent of, and pro rata based on, their respective
Commitments), and continuations of Loans outstanding on such Re-Allocation Date
shall be effected by repayment of such Loans on the last day of the Interest
Period applicable thereto and the making of new Loans of the same Type pro rata
based on the respective Commitments in effect on and after such Re-Allocation
Date.

      (f) If on any Re-Allocation Date there is an unpaid principal amount of
Fixed Rate Loans or Prime Rate Loans, (i) any such Prime Rate Loans shall be
reallocated immediately among the Banks (including any New Banks and any Banks
that have executed a Commitment Increase Agreement) so that all Borrowing and
Loans that are outstanding are pro rated based on each Bank’s Commitment, after
giving effect to the Re-Allocation Date, and (ii) any such Fixed Rate Loans
shall remain outstanding with the respective holders

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thereof until the expiration of their respective Interest Periods (unless the
Borrower elects to prepay any thereof in accordance with the applicable
provisions of this Agreement), and interest on and repayments of all Loans will
be paid thereon to the respective Banks holding same pro rata based on the
respective principal amounts thereof outstanding.”

      SECTION 2.02     Amendment to Section 6.01(c). Section 6.01(c) is hereby
deleted and the following substituted therefor:

      (c) Minimum Net Worth. Permit Net Worth, measured as of the last day of
any calendar quarter, to be less than the sum of (i) $250,000,000, plus
(ii) (A) a cumulative amount (calculated as of the end of the most recently
completed fiscal year as of the time of the calculation) equal to fifty percent
(50%), if positive, zero percent (0%), if negative, of Net Income for each full
fiscal year after the date of the Fifth Amendment during the term of this
Agreement, commencing with the year 2004, and (B) 100% of the net cash proceeds
from the issuance and sale, other than to a Subsidiary of Borrower, of any of
Borrower’s capital stock after the date of the Fifth Amendment, minus (iii) the
actual amount paid by the Borrower, up to a maximum of $25,000,000, for the
repurchase of its capital stock after the date of the Fifth Amendment.

      SECTION 2.03     Amendment to Article VIII and Addition of New
Section 8.11. Article VIII is hereby retitled to be called “The Agents and the
Funds Administrator”. A new Section 8.11 is hereby added to the Credit Agreement
to read as follows:

        “SECTION 8.11     Duties of Syndication Agent and Documentation Agent.
The Syndication Agent and the Document Agent shall have no duties under this
Agreement other than those of a Bank.”

      SECTION 2.04     Definitions. (a) The following definitions are hereby
deleted and the following substituted therefor:

        (i) “Termination Date” means December 9, 2007, or the earlier
termination in whole of the Commitments pursuant to Sections 2.04 or 7.01.    
      (ii) “Commitment” means as to any Bank, the amount of such Bank’s
Commitment set forth on Schedule 2.01 (as revised in the Fifth Amendment), as
the same may be increased pursuant to Section 2.16 or reduced or terminated
pursuant to Sections 2.04 or 7.01.”

      (b) The following additional definitions are hereby added to Annex A:

        (i) “Commitment Increase Agreement” means an Agreement, substantially in
the form of Exhibit A to the Fifth Amendment, executed by a Bank that has
increased its Commitment pursuant to Section 2.16 hereof.          
(ii) “Commitment Increase Notice” has the meaning specified in Section 2.16(a).
          (iii) “New Bank” has the meaning specified in Section 2.16(b).    
      (iv) “New Bank Agreement” means an agreement, substantially in the form of
Exhibit B to the Fifth Amendment, executed by any Person who becomes a new Bank
pursuant to Section 2.16(b).           (v) “Re-Allocation Date” has the meaning
specified in Section 2.16(e).

ARTICLE III

CONDITIONS TO EFFECTIVENESS

      SECTION 3.01     Conditions to Effectiveness. This Amendment shall become
effective upon receipt by the Agent on the date of such receipt (the “Effective
Date”) of the following, each in form and substance reasonably satisfactory to
the Agent and in such number of counterparts as may be reasonably requested by
the Agent:

        (a) this Amendment duly executed by the Borrower and each of the Banks;
          (b) to the extent requested, notes for each Bank evidencing any new or
increased Commitment of said Bank upon entry of new Banks into the Existing
Credit Agreement or an increase in the Commitments pursuant to Section 2.16;

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        (c) a certificate of the secretary or an assistant secretary of the
Borrower certifying (i) true and correct copies of resolutions adopted by the
Board of Directors of the Borrower (A) authorizing the execution, delivery and
performance by the Borrower of this Amendment, and (B) authorizing officers of
the Borrower to execute and deliver this Amendment, and (ii) the incumbency and
specimen signatures of the officers of the Borrower executing this Amendment or
any other document on behalf of the Borrower;           (d) certificates of
appropriate public officials as to the existence, good standing and/or authority
to do business of the Borrower and Kirby Inland Marine, LP, in the state of the
respective incorporation of each and in Texas; and           (e) the Borrower
having paid to the Administrative Agent all fees, costs and expenses due in
connection herewith.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

      In order to induce the Bank Group to enter into this Amendment, the
Borrower hereby represents and warrants to the Bank Group as follows:

      SECTION 4.01     Existing Credit Agreement. After giving effect to the
execution and delivery of this Amendment and the consummation of the
transactions contemplated hereby, and with this Amendment constituting one of
the Loan Documents, the representations and warranties set forth in Article IV
of the Existing Credit Agreement are true and correct on the date hereof as
though made on and as of such date.

      SECTION 4.02     No Default. After giving effect to the execution and
delivery of this Amendment and the consummation of the transactions contemplated
hereby, no Default or Event of Default has occurred and is continuing as of the
date hereof.

ARTICLE V

BANKS, AGENTS AND COMMITMENTS

      SECTION 5.01     Banks, Agents and Commitments. Upon execution of the
Fifth Amendment, (i) only the Banks listed on the revised Schedule 2.01 thereto
will be Banks with rights and obligations under the Credit Agreement, and
(ii) the Commitment of each Bank shall be as shown on said Schedule 2.01. The
Company has, this date, executed new Notes to each Bank in the amount of its
commitment as shown on said Schedule 2.01, which, in the case of any Bank
previously holding a Note under the Credit Agreement, will supercede and
substitute for said prior Note. Any Person previously a Bank under the Credit
Agreement but not listed on Schedule 2.01 is released as a Bank and agrees that
it has no further rights under the Credit Agreement. Any Person listed as a Bank
on Schedule 2.01 that was not previously a Bank, by its execution of this Fifth
Amendment, hereby accepts the duties of a Bank hereunder and the Agent, the
Banks and the Borrower acknowledge said Persons as parties to the Credit
Agreement with all of the rights and duties of a Bank thereunder. HSH Nordbank
AG, successor by merger to Landesbank Schleswig-Holstein Girozentrale, Wachovia
Bank, National Association, f/k/a/ First Union National Bank, and Mizuho
Corporate Bank Ltd., f/k/a The Industrial Bank of Japan, Ltd., each execute this
Amendment for the sole purpose of acknowledging that they are no longer Banks
under the Credit Agreement as of the date hereof.

ARTICLE VI

MISCELLANEOUS

      SECTION 6.01     Affirmation of Loan Documents. The Borrower hereby
acknowledges and agrees that all of its obligations under the Existing Credit
Agreement, as amended hereby, and the other Loan Documents shall remain in full
force and effect following the execution and delivery of this Amendment, and
such obligations are hereby affirmed, ratified and confirmed by the Borrower.

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      SECTION 6.02     Costs and Expenses. The Borrower agrees to pay on demand
all reasonable costs and expenses incurred by the Agent and the Funds
Administrator in connection with the preparation, execution, delivery, filing,
administration and recording of this Amendment and any other agreements
delivered in connection with or pursuant to this Amendment, including, without
limitation, the reasonable fees and out-of-pocket expenses of Andrews Kurth LLP,
special counsel to the Agent.

      SECTION 6.03     Successors and Assigns. This Amendment shall be binding
upon and inure to the benefit of the Borrower and the Bank Group and their
respective successors and assigns.

      SECTION 6.04     Captions. The captions in this Amendment have been
inserted for convenience only and shall be given no substantive meaning or
significance whatsoever in construing the terms and provisions of this
Amendment.

      SECTION 6.05     Counterparts. This Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered either in original, facsimile or
electronic form, shall be deemed to be an original but all of which taken
together shall constitute but one and the same instrument.

      SECTION 6.06     Release. To the maximum extent allowed, or not
prohibited, by applicable law, each of the Borrower and each Guarantor does
hereby release and forever discharge the Agent and each of the Banks and each
affiliate thereof and each of their respective employees, officers, directors,
trustees, agents, attorneys, successors, assigns or other representatives from
any and all claims, demands, damages, actions, cross-actions, causes of action,
costs and expenses (including legal expenses), of any kind or nature whatsoever,
whether based on law or equity, which any of said parties has held or may now or
in the future own or hold, whether known or unknown, for or because of any
matter or thing done, omitted or suffered to be done on or before the actual
date upon which this Amendment is signed by any of such parties (a) arising
directly or indirectly out of the Loan Documents, or any other documents,
instruments or any other transactions relating thereto and/or (b) relating
directly or indirectly to all transactions by and between the Borrower, its
Subsidiaries, or their representatives and the Agent and each Bank or any of
their respective directors, officers, agents, employees, attorneys or other
representatives. Such release, acquittal and discharge shall and does include,
without limitation, any claims of usury, fraud, duress, misrepresentation,
lender liability, control, exercise of remedies and all similar items and
claims, which may, or could be, asserted by the Borrower or the Guarantors. Such
release shall include a release of items, whether or not liability is strictly
imposed by statute and whether or not caused by the negligence of the party so
released, unless caused by the gross negligence or willful misconduct of said
party.

      SECTION 6.07     Governing Law. This Amendment shall be governed by, and
construed in accordance with, the laws of the State of Texas.

      SECTION 6.08     FINAL AGREEMENT OF THE PARTIES. THE EXISTING CREDIT
AGREEMENT (INCLUDING THE EXHIBITS THERETO), AS AMENDED BY THIS AMENDMENT, THE
NOTES AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS AMONG THE PARTIES.

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

BORROWER

  KIRBY CORPORATION

  By: 

 

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  Name:        Norman W. Nolen

  Title: Executive Vice President, Treasurer

  and Chief Financial Officer

BANKS

  JPMORGAN CHASE BANK (formerly known as The Chase Manhattan Bank, successor by
merger to Chase Bank of Texas, N.A., formerly known as Texas Commerce Bank
National Association), as Funds Administrator, as Agent, and individually as one
of the Banks     By:   

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  Name:   

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  Title:   

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    WELLS FARGO BANK, N.A., as Documentation Agent and individually as one of
the Banks     By:   

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  Name:   

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  Title:   

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  BANK OF AMERICA, N.A., as Syndication Agent and individually as one of the
Banks     By:   

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  Name:   

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  Title:   

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    BANK ONE, NA     By:   

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  Name:   

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  Title:   

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    THE BANK OF TOKYO-MITSUBISHI, LTD.     By:   

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  Name:   

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  Title:   

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    FLEET NATIONAL BANK     By:   

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  Name:   

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  Title:   

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    DEN NORSKE BANK     By:   

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  Name:   

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  Title:   

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  BNP PARIBAS     By:   

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  Name:   

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  Title:   

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    COMERICA BANK     By:   

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  Name:   

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  Title:   

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    THE NORTHERN TRUST COMPANY     By:   

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  Name:   

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  Title:   

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    SOUTHWEST BANK OF TEXAS, N.A.     By:   

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  Name:   

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  Title:   

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    HIBERNIA NATIONAL BANK     By:   

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  Name:   

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  Title:   

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  MIZUHO CORPORATE BANK, LTD.   f/k/a The Industrial Bank of Japan, Ltd.    
By:   

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  Name:   

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  Title:   

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    HSH NORDBANK AG, successor by merger   to LANDESBANK SCHLESWIG-HOLSTEIN  
GIROZENTRALE     By:   

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  Name:   

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  Title:   

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    WACHOVIA BANK NATIONAL ASSOCIATION, formerly known as FIRST UNION NATIONAL
BANK, as successor to CoreStates Bank, N.A.     By:   

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  Name:   

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  Title:   

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SCHEDULE 2.01

ALLOCATION AND LENDER NAMES

             
 1.
  JPMorgan Chase Bank             Allocation:   $ 16,500,000.00      
     JPMorgan Chase Bank
712 Main Street
Houston, Texas 77002
Attention: Carl Luna

Telephone: (713) 216-5376
Telecopier: (713) 216-2339
carl.luna@jpmchase.com        
 2.
  Bank of America, N.A.             Allocation:   $ 16,500,000.00      
     Bank of America, N.A.
700 Louisiana, 8th Floor
Houston, Texas 77002
Attention: Claire Liu

Telephone: (713) 247-7235
Telecopier: (713) 247-7286
claire.liu@bankofamerica.com        
 3.
  Fleet National Bank             Allocation:   $ 8,500,000.00            Fleet
National Bank
100 Federal Street
MADE 10009G
Boston, Massachusetts 02110
Attention: William N. Latham

Telephone: (617) 434-0916
Telecopier: (617) 434-1955
william_nelson_latham@fleet.com        
 4.
  Wells Fargo Bank, N.A.             Allocation:   $ 16,500,000.00      
     Wells Fargo Bank, N.A.
Preston L. Massey
Vice President and Relationship Manager
Wells Fargo U.S. Corporate Banking
1445 Ross Ave, Suite 2320
Dallas, Texas 75202

Telephone: (214) 661-1225
Telecopier: (214) 661 1221
masseypl@wellsfargo.com        
 5.
  Den norske Bank             Allocation:   $ 8,500,000.00            Den Norske
Bank
200 Park Avenue, 31st Floor
New York, New York 10166
Attention: Sanjiv Nayer

Telephone: (212) 381-3876
Telecopier: (212) 681-3900
sanjiv.nayar@dnb.no        

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 6.
  Bank One, NA             Allocation:   $ 16,500,000.00            Bank One, NA
910 Travis, 7th Floor
Houston, Texas 77002
Attention: Steven Kreuger or Gail Waggoner
Steven_Kreuger@bankone.com
Gail_Waggoner@bankone.com

Telephone: Steve Krueger (713) 751-3713
Telephone: Gail Waggoner (713) 751-3845
Telecopier: (713) 751-6199        
 7.
  BNP Paribas             Allocation:   $ 16,500,000.00            BNP Paribas
1200 Smith Street, Suite 3100
Houston, Texas 77002
Attention: Craig Pierce

Telephone: (713) 659-4811
Telecopier: (713) 659-5228
craig.pierce@americas.bnpparibas.com        
 8.
  The Bank of Tokyo-Mitsubishi, Ltd.             Allocation:   $ 16,500,000.00  
         The Bank of Tokyo-Mitsubishi, Ltd.
1100 Louisiana Street, Suite 2800
Houston, Texas 77002
Attention: Joey Powell

Telephone: (713) 655-3831
Telecopier: (713) 655-3855
Jpowell@btmna.com        
 9.
  Comerica Bank             Allocation:   $ 8,500,000.00            Comerica
Bank
910 Louisiana Street, Suite 300
Houston, Texas 77002
William S. Rogers

Telephone: (713) 220-5662
Telecopier: (713) 220-5540
wsrogers@comerica.com        
10.
  The Northern Trust Company             Allocation:   $ 8,500,000.00      
     The Northern Trust Company
50 South LaSalle Street B-2
Chicago, Illinois 60675
Attention: Paul H. Theiss

Telephone: (312) 557-1791
Telecopier: (312) 444-7028
Pht1@ntrs.com        

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11.
  Southwest Bank of Texas, N.A.             Allocation:   $ 8,500,000.00      
     Southwest Bank of Texas, N.A.
4400 Post Oak Parkway
Houston, Texas 77027
Attention: Gary Tolbert
Senior Vice President

Telephone: (713) 235-8855
Telecopier: (713) 561-0343
gtolbert@swbanktx.com        
12.
  Hibernia National Bank             Allocation:   $ 8,500,000.00      
     Hibernia National Bank
313 Carondelet Street
New Orleans, Louisiana 70130
Attention: S. John Castellano
jcastellano@Hibernia.com

Telephone: (504) 533-3484
Telecopier: (504) 533-5434
Total Allocation:   $ 150,000,000.00            

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      The following Banks are no longer party to the Credit Agreement and their
Commitments thereunder have been reduced to zero:

      1. Mizuho Corporate Bank, Ltd., f/k/a The Industrial Bank of Japan, Ltd.

      2. HSH Nordbank AG, successor by merger to Landesbank Schleswig–Holstein
Girozentrale

      3. Wachovia Bank, National Association, f/k/a First Union National bank