EXHIBIT 10.3

FOURTH AMENDMENT
TO
LOAN DOCUMENTS

                    This Fourth Amendment to Loan Documents is entered into as
of September 30, 2004 (the “Amendment”), by and between COMERICA BANK (“Bank”),
ALLIANCE CONSULTING GROUP ASSOCIATES, INC. (“Consulting”) and ALLIANCE HOLDINGS,
INC., (“Holdings”; Consulting and Holdings are referred to herein individually
as a “Borrower” and collectively, the “Borrowers”).

RECITALS

                    Borrowers and Bank are parties to that certain Loan and
Security Agreement dated as of September 25, 2003, as amended, including without
limitation by that certain First Amendment to Loan and Security Agreement dated
as of December 12, 2003, that certain Second Amendment to Loan and Security
Agreement dated as of May 27, 2004 and that certain Third Amendment to Loan
Documents dated as of August 9, 2004 (collectively, the “Agreement”) and that
certain LIBOR Addendum to Loan and Security Agreement dated as of September 25,
2003 (the “LIBOR Addendum”). The parties desire to amend the Agreement in
accordance with the terms of this Amendment.

                    NOW, THEREFORE, the parties agree as follows:

                    1.           The following defined terms in Section 1.1 of
the Agreement are hereby amended to read as follows:

                              “Revolving Line” means a credit extension of up to
Twenty Million Dollars ($20,000,000).

                              “Revolving Maturity Date” means February 28, 2006.

                    2.           Section 2.5(a) of the Agreement is hereby
amended in its entirety to read as follows:

                              (a)           Facility Fee. Borrower shall pay to
Bank (i) on or before September 30, 2004, a Commitment Fee equal to $50,000 and
(ii) on October 1, 2005, an additional Commitment Fee equal to $20,833;

                    3.           Exhibit C to the Agreement is hereby amended
and replaced in its entirety by Exhibit C attached hereto.

                    4.           Unless otherwise defined, all initially
capitalized terms in this Amendment shall be as defined in the Agreement. The
Agreement, as amended hereby, shall be and remains in full force and effect in
accordance with its terms and hereby is ratified and confirmed in all respects.
Except as expressly set forth herein, the execution, delivery, and performance
of this Amendment shall not operate as a waiver of, or as an amendment of, any
right, power, or remedy of Bank under the Agreement, as in effect prior to the
date hereof. Each Borrower ratifies and reaffirms the continuing effectiveness
of all promissory notes, guaranties, security agreements, mortgages, deeds of
trust, environmental agreements, and all other instruments, documents and
agreements entered into in connection with the Agreement.

                    5.           Except as set forth in the Schedule of
Exceptions originally provided by Borrower to Bank in connection with the
Agreement and the updated Schedule of Exceptions provided by Borrower to Bank in
connection with this Amendment, each Borrower represents and warrants that the
representations and warranties contained in the Agreement are true and correct
as of the date of this Amendment, and that no Event of Default has occurred and
is continuing.

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                    6.           This Amendment may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one instrument.

                    7.           As a condition to the effectiveness of this
Amendment, Bank shall have received, in form and substance satisfactory to Bank,
the following:

                                      (a)           this Amendment, duly
executed by Borrowers;

                                      (b)           Affirmation of
Subordination;

                                      (c)           Unconditional Guaranty and
Corporate Resolutions to Guaranty from each guarantor;

                                      (d)           a certificate of the
Secretary of each Borrower with respect to incumbency and resolutions
authorizing the execution and delivery of this Amendment;

                                      (e)           disbursement instructions,
agreement to provide insurance, and automatic debit authorization; and

                                      (f)           such other documents, and
completion of such other matters, as Bank may reasonably deem necessary or
appropriate.

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                    IN WITNESS WHEREOF, the undersigned have executed this
Amendment as of the first date above written.

              ALLIANCE HOLDINGS, INC.
 
       
 
       
 
  By:   /s/ Steve Grenfell
 
     

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  Title:   Vice President
 
     

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            ALLIANCE CONSULTING GROUP ASSOCIATES, INC.
 
       
 
       
 
  By:   /s/ Steve Grenfell
 
     

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  Title:   Assistant Treasurer
 
     

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            COMERICA BANK
 
       
 
       
 
  By:   /s/ Talene Salmastlian
 
     

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  Title:   Corporate Banking Officer
 
     

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EXHIBIT C

BORROWING BASE CERTIFICATE

 

   Borrower: ALLIANCE CONSULTING GROUP ASSOCIATES, INC. & ALLIANCE HOLDINGS,
INC. Lender: Comerica Bank

   Commitment Amount: $20,000,000

 

                      ACCOUNTS RECEIVABLE                
1.
  Accounts Receivable Book Value as of                    $  
 
                 

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2.
  Additions (please explain on reverse)             $  
 
                 

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3.
  TOTAL ACCOUNTS RECEIVABLE             $  
 
                 

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  ACCOUNTS RECEIVABLE DEDUCTIONS (without duplication)                
4.
  Amounts over 90 days due*     $          
 
         

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5.
  Balance of 35% over 90 day accounts     $          
 
         

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  Balance of 50% over 90 day accounts (for account debtors listed on Appendix 1)
    $          
 
         

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6.
  Concentration Limits                
7.
  Foreign Accounts     $          
 
         

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8.
  Governmental Accounts     $          
 
         

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9.
  Contra Accounts     $          
 
         

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10.
  Demo Accounts     $          
 
         

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11.
  Intercompany/Employee Accounts     $          
 
         

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12.
  Other (please explain on reverse)     $          
 
         

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13.
  TOTAL ACCOUNTS RECEIVABLE DEDUCTIONS             $  
 
                 

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14.
  Eligible Accounts (#3 minus #13)             $  
 
                 

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15.
  LOAN VALUE OF ACCOUNTS (85% of #14)             $  
 
                 

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*or, in the case of Accounts for which an invoice has not been sent, within
forty five (45) days after the date on which an obligation owing to a Borrower
arises with respect to such Account

                  BALANCES            
16.
  Maximum Loan Amount         $ 20,000,000
17.
  Total Funds Available [Lesser of #16 or #15]         $  
 
             

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18.
  Present balance owing on Line of Credit         $  
 
             

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19.
  Outstanding under Sublimits (ACH)         $  
 
             

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20.
  RESERVE POSITION (#17 minus #18 and #19)         $  
 
             

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The undersigned each represents and warrants that the foregoing is true,
complete and correct, and that the information reflected in this Borrowing Base
Certificate complies with the representations and warranties set forth in the
Loan and Security Agreement between the undersigned and Comerica Bank.

                  ALLIANCE CONSULTING GROUP ASSOCIATES, INC.     ALLIANCE
HOLDINGS, INC.
 
               
 
               
By:
          By:    
 
 

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  Authorized Signer           Authorized Signer