Document:

<PAGE>
                                                                    EXHIBIT 10.4

                           SECOND AMENDMENT AND WAIVER
                 TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT
                           DATED AS OF APRIL 28, 2003

         This SECOND AMENDMENT AND WAIVER TO THIRD AMENDED AND RESTATED CREDIT
AGREEMENT (together with all Exhibits, Schedules and Annexes hereto, this
"Amendment") is among CORRECTIONS CORPORATION OF AMERICA, a Maryland corporation
(the "Borrower"), the Lenders (as defined below), DEUTSCHE BANK SECURITIES INC.,
as Syndication Agent, and SOCIETE GENERALE, as Documentation Agent, LEHMAN
BROTHERS INC., as Arranger, and LEHMAN COMMERCIAL PAPER INC., as administrative
agent for the Lenders (in such capacity, the "Administrative Agent").

                             PRELIMINARY STATEMENTS:

         A. The Borrower, the lenders party thereto (the "Lenders"), the
Administrative Agent, Lehman Brothers Inc., as lead arranger and sole
book-running manager, Deutsche Bank Securities Inc. and UBS Warburg LLC, as
co-syndication agents, and Societe Generale, as documentation agent, have
entered into a Third Amended and Restated Credit Agreement, dated as of May 3,
2002, as amended (together with all Annexes, Exhibits and Schedules thereto, the
"Credit Agreement"; capitalized terms used and not otherwise defined herein
shall have the meanings ascribed to such terms in the Credit Agreement);

         B. The Borrower has advised the Lenders that it desires to consummate
the Capital Markets Transactions (as defined below) and apply the proceeds
thereof (plus, to the extent necessary, cash on hand) as follows (collectively,
the "Agreed Use of Proceeds"): (i) up to $107.5 million to purchase, repurchase
or redeem shares of its issued and outstanding series A preferred stock, (ii) up
to $110.0 million to purchase, repurchase or redeem shares of its issued and
outstanding series B preferred stock, (iii) up to $17.0 million to pay accrued
interest, contingent interest and other sums with respect to the MDP Notes, (iv)
up to the amount which would be necessary to purchase, repurchase or redeem the
common stock issued to holders of the MDP Notes upon conversion of the MDP Notes
(the "MDP Stock") at the greater of (x) the price per share of the Borrower's
common stock issued as part of the Capital Markets Transactions and (y) a price
per share of $16.83, and (v) up to $50.0 million to prepay Term Loans;

         C. The Borrower has advised the Lenders that it desires to amend
certain provisions of the PMI Note Purchase Agreement to provide for a reduction
in the interest rate, an extension of the period during which the PMI Notes are
not subject to redemption at the option of the Borrower and a waiver by the
noteholders thereunder of certain registration rights regarding the underlying
securities (the "PMI Note Purchase Agreement Amendment") and certain contingent
interest and conversion provisions of the MDP Note Purchase Agreement (the "MDP
Note Purchase Agreement Amendment") in connection with the transactions
contemplated hereby; and

         D. The Borrower has requested that the Lenders amend the Credit
Agreement to, among other things, provide for the issuance of the 2Q 2003 Senior
Notes (as defined below) and modify or waive, as appropriate, (i) the prepayment
requirements of Section 2.12(a) of the Credit Agreement to permit the Agreed Use
of Proceeds, (ii) the restrictions contained in Section 7.6 of the Credit
Agreement to permit the purchase, repurchase or redemption of the Borrower's
series A

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preferred stock, the Borrower's series B preferred stock and the MDP Stock and
(iii) the restrictions contained in Section 7.9 of the Credit Agreement to
permit the payment of accrued interest, contingent interest and other sums on
the MDP Notes and the consummation of the PMI Note Purchase Agreement Amendment
and the MDP Note Purchase Agreement Amendment.

         NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

1.       DEFINITIONS.

                  "Capital Markets Transactions": the issuance and sale during
the second calendar quarter of 2003 of (i) up to 7,000,000 shares of the
Borrower's common stock and (ii) up to $250,000,000 in aggregate principal
amount of high yield bonds of the Borrower (the "2Q 2003 Senior Notes"), each on
customary terms and conditions and otherwise satisfactory to the Administrative
Agent.

2.       WAIVER.

         Subject to the satisfaction of the conditions set forth in Section 5
hereof, the requisite Lenders hereby waive Sections 2.12(a), 7.6 and 7.9 of the
Credit Agreement to the limited extent necessary to permit the Capital Markets
Transactions, the substantially contemporaneous Agreed Use of Proceeds and the
payment from cash on hand of any additional amounts required to cause the
holders of MDP Notes to receive in connection with the purchase, repurchase or
redemption of the MDP Stock as required pursuant to the terms of the MDP Note
Purchase Agreement Amendment the greater of (x) the price per share of the
Borrower's common stock issued as part of the Capital Markets Transactions and
(y) a price per share of $16.83; provided that any portion of the proceeds of
the Capital Markets Transactions in excess of the amounts specified in the
definition of "Capital Market Transactions" that are not used for the Agreed Use
of Proceeds shall promptly be applied by the Borrower to repay the Loans in
accordance with Section 2.12(d).

3.       WAIVER OF SECTION 7.9.

         Subject to the satisfaction of the conditions set forth in Section 5
hereof (except as expressly provided therein), the requisite Lenders hereby
waive Section 7.9 of the Credit Agreement to the limited extent necessary to
permit the payment of contingent interest on the MDP Notes, the PMI Note
Purchase Agreement Amendment and the MDP Note Purchase Agreement Amendment, each
on terms and conditions and pursuant to documentation satisfactory to the
Administrative Agent.

4.       AMENDMENTS TO CREDIT AGREEMENT. Subject to the satisfaction of the
conditions set forth in Section 5 hereof, the Credit Agreement is amended as
follows:

                  (a) The following new definitions are hereby added to Section
1.1 of the Credit Agreement in the appropriate alphabetical order:

                      "2Q 2003 Senior Note Documentation": the 2Q 2003 Senior
         Note Indenture and the 2Q 2003 Senior Note Purchase Agreement, together
         with any other instruments and

                                        2
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         agreements entered into by the Borrower or its Subsidiaries in
         connection therewith, as the same may be amended, supplemented,
         replaced or otherwise modified from time to time in accordance with
         this Agreement.

                      "2Q 2003 Senior Note Indenture": the Indenture, to be
         dated on or about April 2003, entered into by the Borrower, certain of
         its Subsidiaries and U.S. Bank, National Association, as Trustee, in
         connection with the issuance of the 2Q 2003 Senior Notes, as the same
         may be amended, supplemented, replaced or otherwise modified from time
         to time in accordance with this Agreement.

                      "2Q 2003 Senior Note Purchase Agreement": the Purchase
         Agreement, to be dated on or about April 2003, entered into by the
         Borrower and Lehman Brothers Inc., as the same may be amended,
         supplemented, replaced or otherwise modified from time to time in
         accordance with this Agreement.

                      "2Q 2003 Senior Notes": the notes of the Borrower due 2011
         issued from time to time pursuant to the 2Q 2003 Senior Note Indenture.

                      "Second Amendment":  the Second Amendment and Waiver to
         the Third Amended and Restated Credit Agreement, dated as of April
         28, 2003.

                      "Second Amendment Effective Date":  the "Amendment
         Effective Date", as defined in the Second Amendment.

                  (b) The definition of Excluded Proceeds" contained in Section
1.1 of the Credit Agreement is hereby amended and restated in its entirety as
follows:

                      "Excluded Proceeds": (1) the Net Cash Proceeds received in
         connection with the issuance and sale of Indebtedness permitted under
         Section 7.2(h)(ii) to the extent such Net Cash Proceeds are used for
         Capital Expenditures in respect of the Webb County, Houston or Stewart
         facilities and (2) the Net Cash Proceeds (a) received in connection
         with the issuance and sale of Capital Stock upon the exercise of any
         (i) warrants outstanding on the Restatement Effective Date and (ii)
         options issued to employees in the ordinary course of business, and (b)
         not to exceed $10,000,000 over the life of this Agreement received from
         any individual issuances of Capital Stock the Net Cash Proceeds of
         which do not exceed $1,000,000.

                  (c) The definition of "L/C Commitment" contained in Section
1.1 of the Credit Agreement is hereby amended by replacing the number
"$35,000,000" with "$50,000,000".

                  (d) The definition of "Material Debt Instruments" contained in
Section 1.1 of the Credit Agreement is hereby amended by (i) replacing the "and"
immediately preceding the phrase "the documentation" on the third line thereof
with "," and (ii) adding "and the 2Q 2003 Senior Note Documentation" immediately
after the phrase "Sections 7.2(h) or (i)".

                  (e) The definition of "Total Revolving Credit Commitments"
contained in Section 1.1 of the Credit Agreement is hereby amended by inserting
the clause ", as such amount

                                        3
<PAGE>

may be increased in accordance with Section 2.4(c)" after the number
"$75,000,000" on the last line thereof.

                  (f) Section 2.4 of the Credit Agreement is hereby amended by
adding the following new clause (c):

                      "(c) Provided that no Default or Event of Default shall
         have occurred and be continuing and the Revolving Credit Commitments
         have not been terminated, the Borrower shall be entitled, at any time
         on or after the Second Amendment Effective Date, with the written
         consent of the Administrative Agent but without any consent from the
         Lenders, except the Lenders providing all or part of such increased
         amount, to request an increase in the Total Revolving Credit
         Commitments of up to $35,000,0000 in the aggregate during the term of
         this Credit Agreement; and this Credit Agreement may be amended by an
         agreement between the Borrower and the Administrative Agent, without
         the need for any further approval or consent from the Lenders or the
         other Agents, to the extent the Administrative Agent determines to be
         necessary to effectuate such increase and to cause all Revolving Credit
         Lenders to have extended their pro rata share of the Revolving
         Extensions of Credit after giving effect to any increase in the Total
         Revolving Credit Commitments effected hereby".

                  (g) Section 6.15 of the Credit Agreement is hereby amended by
replacing the second parenthetical in clause (a) thereof with the following:
"(other than the incurrence and repayment of the Indebtedness permitted by
Section 7.2(a), (b), (f), (n) and (p))".

                  (h) Section 7.2(c) of the Credit Agreement is hereby amended
by replacing the number "$5,000,000" therein with "$15,000,000".

                  (i) Section 7.2(g) of the Credit Agreement is hereby amended
by replacing the number "$25,000,000" therein with "$50,000,000".

                  (j) Section 7.2(h) of the Credit Agreement is hereby amended
by replacing clause (ii) thereof with the following:

                      "(ii) to make Capital Expenditures with respect to the
         Webb County, Houston or Stewart facilities permitted by Section 7.7 in
         an aggregate amount not exceeding $15,000,000 per fiscal year;"

                  (k) Section 7.2(j) of the Credit Agreement is hereby amended
by adding the following text at the end thereof "and any Indebtedness refunding
or refinancing the Indebtedness incurred under the PMI Note Purchase Agreement
or the MDP Note Purchase Agreement; provided that (i) such Indebtedness does not
increase the principal amount thereof, (ii) such Indebtedness is issued on terms
and conditions satisfactory to the Administrative Agent and (iii) no Default or
Event of Default exists and is continuing at the time of issuance thereof (both
before and after giving effect thereto)"

                  (l) Section 7.2(p) of the Credit Agreement is hereby amended
by replacing the number "$10,000,000" therein with "$50,000,000".

                                        4
<PAGE>

                  (m) Section 7.2 of the Credit Agreement is hereby amended by
(i) deleting the word "and" at the end of clause (o), (ii) re-lettering clause
"(p)" thereof as clause "(q)" and (iii) adding the following new clause (p) in
alphabetical sequence:

                      "(p) unsecured Indebtedness of the Borrower created
         under the 2Q 2003 Senior Note Indenture in respect of the 2Q 2003
         Senior Notes in an aggregate principal amount not to exceed
         $300,000,000 and Guarantee Obligations of any Subsidiary Guarantor in
         respect of such Indebtedness; and".

                  (n) Section 7.5(d) of the Credit Agreement is hereby amended
by (i) replacing the word "and" immediately preceding clause (ii) thereof with
"," and (ii) adding the following new clause (iii) immediately after clause (ii)
thereof "and (iii) for cash of any Prison Facility to the United States Bureau
of Prisons or any other federal, state or local governmental agency in
connection with a management contract with such entity with respect to such
Prison Facility, such Disposition to be for fair market value, as determined in
good faith by the board of directors of the Borrower and certified in writing by
the board of directors to the Administrative Agent;"

                  (o) Section 7.6 of the Credit Agreement is hereby amended by
(i) deleting the word "and" at the end of clause (f) thereof, (ii) replacing the
"." at the end of clause (g) thereof with "; and" and (iii) adding the following
new clauses (h) and (i):

                      "(h) so long as no Default or Event of Default shall have
         occurred and be continuing, the Borrower may purchase, repurchase or
         redeem any of its outstanding series A preferred stock and series B
         preferred stock; and

                      (i) so long as no Default or Event of Default shall have
         occurred and be continuing, the Borrower may repurchase its common
         stock at market prices in an aggregate amount not to exceed $5,000,000
         for any fiscal year (without reduction for any purchases of the
         Borrower's common stock constituting an Agreed Use of Proceeds, as
         defined in the Second Amendment)."

                  (p) Section 7.7(a) of the Credit Agreement is deleted in its
entirety and replaced with the following:

                      "(a) Capital Expenditures by the Borrower and its
         Subsidiaries in an aggregate amount not to exceed $75,000,000 per
         fiscal year to maintain or expand existing Prison Facilities; provided,
         that the Borrower may use up to $20,000,000 of such amount per fiscal
         year in the Borrower's discretion for any other Capital Expenditures;
         provided, further, that (x) up to $40,000,000 of any such amount
         referred to in this clause (a), if not so expended in the fiscal year
         for which it is permitted, may be carried over for expenditure in the
         next succeeding fiscal year and (y) Capital Expenditures made pursuant
         to this clause (a) during any fiscal year as provided above shall be
         deemed made, first, in respect of amounts permitted for such year as
         provided above and, second, in respect of amounts carried over from the
         prior fiscal year pursuant to subclause (x) above;"

                  (q) Section 7.7(c) of the Credit Agreement is hereby deleted
in its entirety and replaced with the following:

                                        5
<PAGE>

                      "(c) Build-to-Suit Capital Expenditures in an aggregate
         amount not to exceed $65,000,000 per fiscal year;"

                  (r) Section 7.8 of the Credit Agreement is hereby amended by
(i) replacing the number "$50,000,000" in the first line of clause (g)(v) with
the number "$75,000,000", (ii) replacing the number "$7,500,000" in the second
line of clause (k) thereof with "$10,000,000" and (iii) replacing the number
"$5,000,000" in the third line of clause (m) thereof with "$20,000,000".

                  (s) Section 7.9 of the Credit Agreement is hereby amended by
replacing the phrase "and pay, prepay, repurchase, redeem or defease" in clause
(a)(ii) with the phrase "and/or pay, prepay, repurchase, redeem or defease".

5. CONDITIONS TO EFFECTIVENESS. The effectiveness of the waivers contained in
Section 2 and 3 of this Amendment and of the amendments contained in Section 4
of this Amendment are conditioned upon satisfaction of the following conditions
precedent, except that the waiver contained in Section 3 shall become effective
upon satisfaction of all the following conditions precedent other than clauses
(f) and (g) (the date on which all such conditions (or, with respect to the
waivers contained in Section 3, all such conditions except clauses (f) and (g),
as applicable) have been satisfied being referred to herein as the "Amendment
Effective Date"):

                  (a) the Administrative Agent shall have received signed
written authorization from the requisite Lenders to execute this Amendment, and
shall have received counterparts of this Amendment signed by the Borrower and
the Agents, and counterparts of the consent of the Guarantors attached hereto as
Annex 1 (the "Consent") executed by each of the Guarantors (as defined in the
Guarantee and Security Agreement);

                  (b) each of the representations and warranties in Section 6
below shall be true and correct in all material respects on and as of the
Amendment Effective Date;

                  (c) the Administrative Agent shall have received payment in
immediately available funds of all expenses incurred by the Administrative Agent
(including, without limitation, legal fees) for which invoices have been
presented, on or before the Amendment Effective Date;

                  (d) the Borrower shall have paid to each of the Lenders
executing this Amendment by April 10, 2003, an amendment fee equal to the
product of .125% multiplied by the amount of each such Lender's Commitment;

                  (e) the Administrative Agent shall have received the executed
legal opinions of each of Bass, Berry & Sims PLC, Miles & Stockbridge and Kaye
Scholer LLP, counsel to the Borrower and its Subsidiaries, regarding customary
matters (including, without limitation, the enforceability of this Amendment and
the Credit Agreement, as amended, against all parties thereto, and no conflict
with law or material agreements);

                  (f) the Administrative Agent shall have received true and
correct copies, certified as to authenticity by the Borrower, of the 2Q 2003
Senior Note Documentation;

                                       6
<PAGE>

                  (g) the Borrower shall have received at least (i) $150,000,000
in gross cash proceeds from the issuance and sale of the 2Q 2003 Senior Notes
and (ii) $42,000,000 (plus any additional amount necessary to consummate the
purchase, repurchase or redemption of the MDP Stock as provided above) in gross
cash proceeds from the issuance and sale of its common stock and all aspects of
the Capital Markets Transactions and all documentation related thereto shall be
reasonably satisfactory to the Administrative Agent; and

                  (h) the Administrative Agent shall have received such other
documents, instruments, certificates, opinions and approvals as it may
reasonably request.

6.       REPRESENTATIONS AND WARRANTIES. The Borrower represents and warrants to
the Administrative Agent and the Lenders as follows:

                  (a) Authority. The Borrower has the requisite corporate power
and authority to execute and deliver this Amendment and to perform its
obligations hereunder and under the Credit Agreement (as modified hereby). Each
of the Guarantors has the requisite corporate power and authority to execute and
deliver the Consent. The execution, delivery and performance (i) by the Borrower
of this Amendment and the Credit Agreement (as modified hereby) and the
transactions contemplated hereby and thereby and (ii) by the Guarantors of the
Consent, in each case, have been duly approved by all necessary corporate action
of such Person and no other corporate proceedings on the part of each such
Person are necessary to consummate such transactions.

                  (b) Enforceability. This Amendment has been duly executed and
delivered by the Borrower. The Consent has been duly executed and delivered by
each of the Guarantors. Each of this Amendment, the Consent and, after giving
effect to this Amendment, the Credit Agreement and the other Loan Documents, (i)
is the legal, valid and binding obligation of each Loan Party party hereto and
thereto, enforceable against such Loan Party in accordance with its terms,
except as may be limited by general equitable principles (whether enforcement is
sought by proceedings in equity or at law) and (ii) is in full force and effect.
Neither the execution, delivery or performance of this Amendment or of the
Consent or the performance of the Credit Agreement (as modified hereby), nor the
performance of the transactions contemplated hereby or thereby, will adversely
affect the validity, perfection or priority of the Administrative Agent's Lien
on any of the Collateral or its ability to realize thereon.

                  (c) Representations and Warranties. After giving effect to
this Amendment, the representations and warranties contained in the Credit
Agreement and the other Loan Documents (other than any such representations and
warranties that, by their terms, are specifically made as of a date other than
the date hereof) are true and correct in all material respects on and as of the
date hereof as though made on and as of the date hereof.

                  (d) No Conflicts. Neither the execution and delivery of this
Amendment or the Consent, nor the consummation of the transactions contemplated
hereby and thereby, nor the performance of and compliance with the terms and
provisions hereof or of the Credit Agreement (as modified hereby) by any Loan
Party will, at the time of such performance, (a) violate or conflict with any
provision of its articles or certificate of incorporation or bylaws or other
organizational or governing documents of such Person, (b) violate, contravene or
materially conflict with any Requirement of Law or any other law, regulation
(including, without limitation,

                                        7
<PAGE>

Regulation U or Regulation X), order, writ, judgment, injunction, decree or
permit applicable to it, except for any violation, contravention or conflict
which could not reasonably be expected to have a Material Adverse Effect, (c)
(i) violate, contravene or conflict with the contractual provisions of, or cause
an event of default under, any Loan Document or (ii) violate, contravene or
conflict with the contractual provisions of, or cause an event of default under
any other loan agreement, indenture, mortgage, deed of trust, contract or other
agreement or instrument to which it is a party or by which it may be bound or
(d) result in or require the creation of any Lien (other than those contemplated
in or created in connection with the Loan Documents) upon or with respect to its
properties. No consent or authorization of, filing with, notice to or other act
by or in respect of, any Governmental Authority or any other Person is required
in connection with the transactions contemplated hereby.

                  (e) No Default. Both before and after giving effect to this
Amendment and the transactions contemplated hereby, no event has occurred and is
continuing that constitutes a Default or Event of Default.

7.       REFERENCE TO AND EFFECT ON CREDIT AGREEMENT.

                  (a) Upon and after the effectiveness of this Amendment, each
reference in the Credit Agreement to "this Agreement", "hereunder", "hereof" 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 hereby. This Amendment is a Loan
Document.

                  (b) Except as specifically modified above, the Credit
Agreement and the other Loan Documents are and shall continue to be in full
force and effect and are hereby in all respects ratified and confirmed. Without
limiting the generality of the foregoing, the Security Documents and all of the
Collateral described therein do and shall continue to secure the payment of all
Obligations under and as defined therein, in each case as modified hereby.

                  (c) The execution, delivery and effectiveness of this
Amendment shall not, except as expressly provided herein, operate as a waiver of
any right, power or remedy of any Secured Party under any of the Loan Documents,
nor, except as expressly provided herein, constitute a waiver or amendment of
any provision of any of the Loan Documents.

8.       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 shall be deemed to be an original and all
of which taken together shall constitute one and the same agreement. Delivery of
an executed counterpart of a signature page to this Amendment by facsimile shall
be effective as delivery of a manually executed counterpart of this Amendment.

9.       SEVERABILITY. Any provision of this Amendment that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

                                        8
<PAGE>

10.      GOVERNING LAW. This Amendment shall be governed by, and construed in
accordance with, the laws of the State of New York.

                            [Signature pages follow]

                                       9
<PAGE>

         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 written above.

                                     CORRECTIONS CORPORATION OF AMERICA,
                                     as Borrower

                                     By: /s/ John D. Ferguson
                                        ----------------------------------------
                                        Name: John D. Ferguson
                                        Title: Chief Executive Officer

                                     LEHMAN COMMERCIAL PAPER INC.,
                                     as Administrative Agent

                                     By: /s/ G. Andrew Keith
                                        ----------------------------------------
                                        Name: G. Andrew Keith
                                        Title: Authorized Signatory

                                     LEHMAN BROTHERS INC.,
                                     as Arranger

                                     By: /s/ G. Andrew Keith
                                        ----------------------------------------
                                        Name: G. Andrew Keith
                                        Title: Senior Vice President

                        [signatures continued next page]

<PAGE>

                                     DEUTSCHE BANK SECURITIES INC., as
                                     Syndication Agent

                                     By:  /s/ David S. Bailey
                                         ---------------------------------------
                                     Name: David S. Bailey
                                     Title: Managing Director

                                     SOCIETE GENERALE, as
                                     Documentation Agent

                                     By:  /s/ Elizabeth R. Peck
                                         ---------------------------------------
                                     Name: Elizabeth R. Peck
                                     Title: Director

<PAGE>

                                                                         Annex 1
                              CONSENT OF GUARANTORS

Each of the undersigned is a Guarantor of the Obligations of the Borrower under
the Credit Agreement and hereby (a) consents to the foregoing Amendment, (b)
acknowledges that notwithstanding the execution and delivery of the foregoing
Amendment, the obligations of each of the undersigned Guarantors are not
impaired or affected and all guaranties given to the holders of Obligations and
all Liens granted as security for the Obligations continue in full force and
effect, and (c) confirms and ratifies its obligations under the Guaranty and
Security Agreement and each other Loan Document executed by it. Capitalized
terms used herein without definition shall have the meanings given to such terms
in the Amendment to which this Consent is attached or in the Credit Agreement
referred to therein, as applicable.

                  IN WITNESS WHEREOF, each of the undersigned has executed and
delivered this Consent of Guarantors as of the 28th day of April 2003.

                                     CCA OF TENNESSEE, INC.

                                     By:  /s/ John D. Ferguson
                                          --------------------------------------
                                          Name: John D. Ferguson
                                          Title: President

                                     PRISON REALTY MANAGEMENT, INC.

                                     By:  /s/ John D. Ferguson
                                          --------------------------------------
                                          Name: John D. Ferguson
                                          Title: President

                           [Signature pages continued]

<PAGE>

                                     CCA INTERNATIONAL, INC.

                                     By: /s/ John D. Ferguson
                                         ---------------------------------------
                                         Name: John D. Ferguson
                                         Title: Chief Executive Officer

                                     TRANSCOR AMERICA, LLC

                                     By: CCA of Tennessee, Inc., a Tennessee
                                     corporation, its sole member

                                     By: /s/ John D. Ferguson
                                         ---------------------------------------
                                         Name: John D. Ferguson
                                         Title: President

                                     TECHNICAL AND BUSINESS INSTITUTE OF
                                     AMERICA, INC.

                                     By: /s/ John D. Ferguson
                                         ---------------------------------------
                                         Name: John D. Ferguson
                                         Title: Chief Executive Officer

                                     CCA PROPERTIES OF AMERICA, LLC

                                     By: Corrections Corporation of America, a
                                     Maryland corporation, its sole member

                                     By:  /s/ John D. Ferguson
                                          --------------------------------------
                                          Name: John D. Ferguson
                                          Title: Chief Executive Officer

                           [Signature pages continued]

<PAGE>

                                     CCA PROPERTIES OF TEXAS, L.P.

                                     By: Properties I, a Tennessee limited
                                     liability company, its General Partner

                                     By:  /s/ John D. Ferguson
                                          --------------------------------------
                                          Name: John D. Ferguson
                                          Title: Chief Executive Officer

                                     CCA PROPERTIES OF ARIZONA, LLC

                                     By: CCA of Tennessee, Inc., a Tennessee
                                     corporation, its sole member

                                     By:  /s/ John D. Ferguson
                                          --------------------------------------
                                          Name: John D. Ferguson
                                          Title: President

                                     CCA PROPERTIES OF TENNESSEE, LLC

                                     By: CCA of Tennessee, Inc., a Tennessee
                                     corporation, its sole member

                                     By:  /s/ John D. Ferguson
                                          --------------------------------------
                                          Name: John D. Ferguson
                                          Title: President<PAGE>

                                                                     EXHIBIT 4.8

                                     FORM OF

                                SERIES D WARRANT

NEITHER THE SECURITIES REPRESENTED HEREBY NOR THE SECURITIES ISSUABLE UPON THE
EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS AND MAY NOT BE
OFFERED, SOLD, PLEDGED, ASSIGNED, OR OTHERWISE TRANSFERRED UNLESS (1) A
REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES
ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (2) THE COMPANY RECEIVES AN
OPINION OF COUNSEL TO THE HOLDER OF THIS WARRANT OR SUCH SECURITIES, WHICH
COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT THIS
WARRANT OR SUCH SECURITIES, AS APPLICABLE, MAY BE OFFERED, SOLD, PLEDGED,
ASSIGNED, OR OTHERWISE TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, INCLUDING RULE 144,
OR APPLICABLE STATE SECURITIES LAWS.

         THE TRANSFER OF THIS WARRANT IS RESTRICTED AS DESCRIBED HEREIN

                               VITAL LIVING, INC.

                  SERIES D REDEEMABLE WARRANT FOR THE PURCHASE
                                       OF
                 100,000 SHARES OF COMMON STOCK, PAR VALUE $.001

                                                           ________________ 2003

         THIS CERTIFIES that, for value received, [  ] together with all
permitted assigns, the "Holder") is entitled to subscribe for, and purchase
from, VITAL LIVING, INC., a Nevada corporation (the "Company"), upon the terms
and conditions set forth herein, at any time or from time to time during the
period commencing on the date immediately following the date first set forth
above (the "Initial Exercise Date") and terminating at 5:00 p.m., April __,
2007, New York City local time, on the fifth anniversary of the Initial Closing
Date (as such term is defined in the Confidential Private Placement Memorandum)
(the "Exercise Period"), 100,000 shares of Common Stock, exercisable at an
exercise price per share equal to $1.30 (the "Series D Warrant Price"));
provided, however, that upon the occurrence of any of the events specified in
Section 5 hereof, the rights granted by this Warrant, including the number of
shares of Common Stock to be received upon such exercise, shall be adjusted as
therein specified. The public resale of the Series D Warrant Shares is subject
of a registration statement to be filed by the Company after the Closing Dated
(the "Resale Registration Statement"), as more fully described in the

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<PAGE>

Memorandum and the exhibits thereto, as well as Rule 144 (or any other
applicable rule of the Securities and Exchange Commission) governing the resale
of the Series D Warrant Shares.

         Each share of Common Stock issuable upon the exercise hereof shall be
hereinafter referred to as a "Warrant Share."

         SECTION  1        EXERCISE OF WARRANT.

                           This Warrant may be exercised during the Exercise
Period, either in whole or in part, by notice given by facsimile or email,
followed by the (i) the payment of the exercise price, which may be effected by
wire transfer or bank cashier's check payable to the order of the Company in an
amount equal to the product of the Series D Warrant Exercise Price and the
number of Series D Warrant Shares for which this Series D Warrant is being
exercised and (ii) the manual surrender of this Warrant (with the election at
the end hereof duly executed), to the Company at its office at 5080 N. 40th
Street, Suite 105, Phoenix, Arizona 85018-2147, or at such other place as is
designated in writing by the Company, together with a certified.

         SECTION 2         RIGHTS UPON EXERCISE; DELIVERY OF SECURITIES.

         Upon each exercise of the Holder's rights to purchase Series D Warrant
Shares, the Holder shall be deemed to be the holder of record of the Series D
Warrant Shares, notwithstanding that the transfer books of the Company shall
then be closed or certificates representing the Series D Warrant Shares with
respect to which this Warrant was exercised shall not then have been actually
delivered to the Holder. As soon as practicable after each such exercise of this
Warrant, but in no event later than 5 Business Days after the exercise of this
Warrant, the Company shall issue and deliver to the Holder a certificate or
certificates representing the Series D Warrant Shares issuable upon such
exercise, registered in the name of the Holder or its designee. For purposes of
this agreement, term Business Day shall mean any day that banks are open in New
York City. If this Warrant should be exercised in part only, the Company shall,
upon surrender of this Warrant for cancellation, execute and deliver a Warrant
evidencing the right of the Holder to purchase the balance of the aggregate
number of Series D Warrant Shares purchasable hereunder as to which this Warrant
has not been exercised or assigned.

         SECTION 3         REGISTRATION OF TRANSFER AND EXCHANGE.

         Any Warrants issued upon the transfer or exercise in part of this
Warrant shall be numbered and shall be registered in a warrant register (the
"Warrant Register") as they are issued. The Company shall be entitled to treat
the registered holder of any Warrant on the Warrant Register as the owner in
fact thereof for all purposes, and shall not be bound to recognize any equitable
or other claim to, or interest in, such Warrant on the part of any other person,
and shall not be liable for any registration or transfer of Warrants which are
registered or to be registered in the name of a fiduciary or the nominee of a
fiduciary unless made with the actual knowledge that a fiduciary or nominee is
committing a breach of trust in requesting such

                                       2

<PAGE>

registration of transfer, or with the knowledge of such facts that its
participation therein amounts to bad faith. This Warrant shall be transferable
on the books of the Company only upon delivery thereof duly endorsed by the
Holder or by his duly authorized attorney or representative, or accompanied by
proper evidence of succession, assignment, or authority to transfer. In all
cases of transfer by an attorney, executor, administrator, guardian, or other
legal representative, duly authenticated evidence of his, her, or its authority
shall be produced. Upon any registration of transfer, the Company shall deliver
a new Warrant or Warrants to the person entitled thereto. This Warrant may be
exchanged, at the option of the Holder thereof, for another Warrant, or other
Warrants of different denominations, of like tenor and representing in the
aggregate the right to purchase a like number of Series D Warrant Shares (or
portions thereof), upon surrender to the Company or its duly authorized agent.
Notwithstanding the foregoing, the Company shall have no obligation to cause
Warrants to be transferred on its books to any person if, in the opinion of
counsel to the Company, such transfer does not comply with the provisions of the
Securities Act and the rules and regulations thereunder.

         SECTION 4         RESERVATION OF SHARES.

         The Company shall at all times reserve and keep available out of its
authorized and unissued Common Stock, solely for the purpose of providing for
the exercise of this Warrant, such number of shares of Common Stock as shall,
from time to time, be sufficient therefor. The Company represents that all
shares of Common Stock issuable upon exercise of this Warrant are duly
authorized and, upon receipt by the Company of the full payment for such Series
D Warrant Shares, will be validly issued, fully paid, and nonassessable, without
any personal liability attaching to the ownership thereof and will not be issued
in violation of any preemptive or similar rights of shareholders.

         SECTION 5         ANTIDILUTION.

                           (a)      In the event that the Company shall at any
time after the Initial Exercise Date: (i) declare a dividend or make a
distribution on the outstanding Common Stock payable in shares of its capital
stock,(ii) subdivide the outstanding Common Stock into a greater number of
shares of Common Stock, (iii) combine the outstanding Common Stock into a
smaller number of shares, or (iv) issue any shares of its capital stock by
reclassification of the Common Stock (including any such reclassification in
connection with a consolidation or merger in which the Company is the continuing
corporation), then, in each case, the Series D Exercise Price in effect at the
time of the record date for the determination of shareholders entitled to
receive such dividend or distribution or of the effective date of such
subdivision, combination, or reclassification shall be adjusted so that it shall
equal the price determined by multiplying such Series D Exercise Price by a
fraction, the numerator of which shall be the number of shares of Common Stock
outstanding immediately prior to such action, and the denominator of which shall
be the number of shares of Common Stock outstanding after giving effect to such
action. Such adjustment shall be made successively whenever any event listed
above shall occur and shall become effective at the close of business on such
record date or at the close of business on the date immediately preceding such
effective date, as applicable.

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<PAGE>

                  (b)      All calculations under this Section 5 shall be made
to the nearest cent or to the nearest one-hundredth of a share, as the case may
be.

                  (c)      In any case in which this Section 5 shall require
that an adjustment in the number of Series D Warrant Shares be made effective as
of a record date for a specified event, the Company may elect to defer, until
the occurrence of such event, issuing to the Holder, if the Holder exercised
this Warrant after such record date, the Series D Warrant Shares, if any,
issuable upon such exercise over and above the number of Series D Warrant Shares
issuable upon such exercise on the basis of the number of shares of Common Stock
in effect prior to such adjustment; provided, however, that the Company shall
deliver to the Holder a due bill or other appropriate instrument evidencing the
Holder's right to receive such additional shares of Common Stock upon the
occurrence of the event requiring such adjustment.

                  (d)      Whenever there shall be an adjustment as provided in
this Section 5, the Company shall within fifteen (15) days thereafter cause
written notice thereof to be sent by registered mail, postage prepaid, to the
Holder, at its address as it shall appear in the Warrant Register, which notice
shall be accompanied by an officer's certificate setting forth the number of
Series D Warrant Shares issuable and the Series D Exercise Price thereof after
such adjustment and setting forth a brief statement of the facts requiring such
adjustment and the computation thereof, which officer's certificate shall be
conclusive evidence of the correctness of any such adjustment absent manifest
error.

                  (e)      The Company shall not be required to issue fractions
of shares of Common Stock or other capital stock of the Company upon the
exercise of this Warrant. If any fraction of a share of Common Stock would be
issuable on the exercise of this Warrant (or specified portions thereof), the
Company shall purchase such fraction for an amount in cash equal to the same
fraction of the average closing sale price (or average of the closing bid and
asked prices, if closing sale price is not available) of Common Stock for the
ten (10) trading days ending on and including the date of exercise of this
Warrant.

                  (f)      No adjustment in the Series D Exercise Price shall be
required if such adjustment is less than Five Cents ($.05); provided, however,
that any adjustments which by reason of this Section 5 are not required to be
made shall be carried forward and taken into account in any subsequent
adjustment.

                  (g)      Upon each adjustment of the Series D Exercise Price
pursuant to Section 5 (a), the number of shares of Common Stock purchasable upon
exercise of this Warrant shall be adjusted to the number of shares of Common
Stock, calculated to the nearest one hundredth of a share, obtained by
multiplying the number of shares of Common Stock purchasable immediately prior
to such adjustment upon the exercise of this Warrant Certificate by the Series D
Exercise Price in effect prior to such adjustment and dividing the product so
obtained by the new Series D Exercise Price.

         SECTION 6         RECLASSIFICATION; REORGANIZATION; MERGER.

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<PAGE>

         (a)      In case of any capital reorganization, other than in the cases
referred to in Section 5(a) hereof, or the consolidation or merger of the
Company with or into another corporation (other than a merger or consolidation
in which the Company is the continuing corporation and which does not result in
any reclassification of the outstanding shares of Common Stock or the conversion
of such outstanding shares of Common Stock into shares of other stock or other
securities or property), or in the case of any sale, lease, or conveyance to
another corporation of the property and assets of any nature of the Company as
an entirety or substantially as an entirety (such actions being hereinafter
collectively referred to as "Reorganizations"), there shall thereafter be
deliverable upon exercise of this Warrant (in lieu of the number of Series D
Warrant Shares theretofore deliverable) the number of shares of stock or other
securities or property to which a holder of the respective number of Series D
Warrant Shares which would otherwise have been deliverable upon the exercise of
this Warrant would have been entitled upon such Reorganization if this Warrant
had been exercised in full immediately prior to such Reorganization. In case of
any Reorganization, appropriate adjustment, as determined in good faith by the
Board of Directors of the Company, shall be made in the application of the
provisions herein set forth with respect to the rights and interests of the
Holder so that the provisions set forth herein shall thereafter be applicable,
as nearly as possible, in relation to any shares or other property thereafter
deliverable upon exercise of this Warrant. Any such adjustment shall be made by,
and set forth in, a supplemental agreement between the Company, or any successor
thereto, and the Holder, with respect to this Warrant, and shall for all
purposes hereof conclusively be deemed to be an appropriate adjustment. The
Company shall not effect any such Reorganization unless, upon or prior to the
consummation thereof, the successor corporation, or if the Company shall be the
surviving corporation in any such Reorganization and is not the issuer of the
shares of stock or other securities or property to be delivered to holders of
shares of the Common Stock outstanding at the effective time thereof, then such
issuer, shall assume by written instrument the obligation to deliver to the
Holder such shares of stock, securities, cash, or other property as such Holder
shall be entitled to purchase in accordance with the foregoing provisions. In
the event of sale, lease, or conveyance or other transfer of all or
substantially all of the assets of the Company as part of a plan for liquidation
of the Company, all rights to exercise this Warrant shall terminate thirty (30)
days after the Company gives written notice to the Holder that such sale or
conveyance or other transfer has been consummated.

                  (b)      In case of any reclassification or change of the
shares of Common Stock issuable upon exercise of this Warrant (other than a
change in par value or from a specified par value to no par value, or as a
result of a subdivision or combination, but including any change in the shares
into two or more classes or series of shares), or in case of any consolidation
or merger of another corporation into the Company in which the Company is the
continuing corporation and in which there is a reclassification or change
(including a change to the right to receive cash or other property) of the
shares of Common Stock (other than a change in par value, or from no par value
to a specified par value, or as a result of a subdivision or combination, but
including any change in the shares into two or more classes or series of
shares), the Holder of this Warrant shall have the right thereafter to receive
upon exercise of this Warrant solely the kind and amount of shares of stock and
other securities, property, cash, or any combination thereof receivable upon
such reclassification, change, consolidation, or merger. Thereafter, appropriate

                                       5

<PAGE>

provision shall be made for adjustments which shall be as nearly equivalent as
practicable to the adjustments in Section 5.

                  (c)      The above provisions of this Section 6 shall
similarly apply to successive reclassifications and changes of shares of Common
Stock and to successive consolidations, mergers, sales, leases, or conveyances.

         SECTION 7         NOTICE OF CERTAIN EVENTS.

         In case at any time the Company shall propose:

                  (a)      to pay any dividend or make any distribution on
shares of Common Stock in shares of Common Stock or make any other distribution
(other than regularly scheduled cash dividends which are not in a greater amount
per share than the most recent such cash dividend) to all holders of Common
Stock; or

                  (b)      to issue any rights, warrants, or other securities to
all holders of Common Stock entitling them to purchase any additional shares of
Common Stock or any other rights, warrants, or other securities; or

                  (c)      to effect any reclassification or change of
outstanding shares of Common Stock or any consolidation, merger, sale, lease, or
conveyance of property, as described in Section 6; or

                  (d)      to effect any liquidation, dissolution, or winding-up
of the Company; or

                  (e)      to take any other action which would cause an
adjustment to the Series D Exercise Price;

then, and in any one or more of such cases, the Company shall give written
notice thereof by registered mail, postage prepaid, to the Holder at the
Holder's address as it shall appear in the Warrant Register, mailed at least
fifteen (15) days prior to: (1) the date as of which the holders of record of
shares of Common Stock to be entitled to receive any such dividend,
distribution, rights, warrants, or other securities are to be determined, (2)
the date on which any such reclassification, change of outstanding shares of
Common Stock, consolidation, merger, sale, lease, conveyance of property,
liquidation, dissolution, or winding-up is expected to become effective and the
date as of which it is expected that holders of record of shares of Common Stock
shall be entitled to exchange their shares for securities or other property, if
any, deliverable upon such reclassification, change of outstanding shares,
consolidation, merger, sale, lease, conveyance of property, liquidation,
dissolution, or winding-up, or (3) the date of such action which would require
an adjustment to the Series D Exercise Price.

         SECTION 8         CHARGES AND TAXES.

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<PAGE>

                  The issuance of any shares or other securities upon the
exercise of this Warrant and the delivery of certificates or other instruments
representing such shares or other securities shall be made without charge to the
Holder for any tax or other charge in respect of such issuance. The Company
shall not, however, be required to pay any tax which may be payable in respect
of any transfer involved in the issue and delivery of any certificate in a name
other than that of the Holder and the Company shall not be required to issue or
deliver any such certificate unless and until the person or persons requesting
the issue thereof shall have paid to the Company the amount of such tax or shall
have established to the satisfaction of the Company that such tax has been paid.

         SECTION 9         LEGEND.

                  Until sold pursuant to the provisions of Rule 144 or an
effective registration statement, the Series D Warrant Shares issued on exercise
of this Warrant shall be subject to a stop transfer order and the certificate or
certificates representing the Series D Warrant Shares shall bear the following
legend:

                  THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
                  UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
                  ACT"), OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED,
                  SOLD, PLEDGED, ASSIGNED, OR OTHERWISE TRANSFERRED UNLESS (1) A
                  REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER
                  THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS,
                  OR (2) THE COMPANY RECEIVES AN OPINION OF COUNSEL TO THE
                  HOLDER OF THE SECURITIES, WHICH COUNSEL AND OPINION ARE
                  REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES
                  MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED, OR OTHERWISE
                  TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE
                  REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR APPLICABLE
                  STATE SECURITIES LAWS.

         SECTION 10        LOSS; THEFT; DESTRUCTION; MUTILATION.

                  Upon receipt of evidence satisfactory to the Company of the
loss, theft, destruction, or mutilation of this Warrant (and upon surrender of
this Warrant if mutilated), and upon receipt by the Company of reasonably
satisfactory indemnification, the Company shall execute and deliver to the
Holder thereof a new Warrant of like date, tenor, and denomination.

         SECTION 11        SHAREHOLDER RIGHTS.

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<PAGE>

                  The Holder of this Warrant shall not have, solely on account
of such status, any rights of a shareholder of the Company, either at law or in
equity, or to any notice of meetings of shareholders or of any other proceedings
of the Company, except as provided in this Warrant.

         SECTION 12        GOVERNING LAW.

                  This Warrant shall be construed in accordance with the laws of
the State of New York applicable to contracts made and performed within such
State, without regard to principles of conflicts of law.

         IN WITNESS WHEREOF, the Company has executed this Warrant as of the
date first above written.

                                                   VITAL LIVING, INC.

                                          By:      _____________________________
                                                   Stuart A. Benson
                                                   Executive Vice President

______________________
Stuart A. Benson
Secretary

                                       8

<PAGE>

                               FORM OF ASSIGNMENT

(To be executed by the registered holder if such holder desires to transfer the
attached Warrant.)

         FOR VALUE RECEIVED, ______________________ hereby sells, assigns, and
transfers unto _________________ a Warrant to purchase __________ shares of
Common Stock, par value $.001, of Vital Living, Inc., a Nevada corporation (the
"Company"), and does hereby irrevocably constitute and appoint ___________
attorney to transfer such Warrant on the books of the Company, with full power
of substitution.

Dated: _________________

                                                Signature ______________________

                                       9

<PAGE>

                                     NOTICE

         The signature on the foregoing Assignment must correspond to the name
as written upon the face of this Warrant .

                                       10

<PAGE>

                              ELECTION TO EXERCISE

To:      Vital Living, Inc.
         5080 N. 40th Street, Suite 105
         Phoenix, Arizona 85018-2147

         The undersigned hereby exercises his, her, or its rights to purchase
shares of Common Stock, par value $.001 ("the Common Stock"), of Vital Living,
Inc., a Nevada corporation (the "Company"), covered by the within Warrant and
tenders payment herewith in the amount of [____] Dollars ($___) in accordance
with the terms thereof, and requests that certificates for the securities
constituting such shares of Common Stock be issued in the name of, and delivered
to:

     (Print Name, Address, and Social Security or Tax Identification Number)

and, if such number of shares of Common Stock shall not constitute all such
shares of Common Stock covered by the within Warrant, that a new Warrant for the
balance of the shares of Common Stock covered by the within Warrant shall be
registered in the name of, and delivered to, the undersigned at the address
stated below.

Dated: __________________                   Name________________________________
                                            (Print)

Address:

                                            ___________________________
                                                    (Signature)

                                       11

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