Document:

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                                                                  Exhibit 10.7

                                SIXTH AMENDMENT
                                ---------------

                  SIXTH AMENDMENT (this "Amendment"), dated as of May 15, 2001,
among TOWN SPORTS INTERNATIONAL, INC., a New York corporation (the "Borrower"),
the various lending institutions party to the Credit Agreement referred to below
(the "Banks"), and BANKERS TRUST COMPANY, as administrative agent (the
"Administrative Agent"). All capitalized terms used herein and not otherwise
defined shall have the respective meanings provided such terms in the Credit
Agreement referred to below.

                             W I T N E S S E T H :
                             -------------------

                  WHEREAS, the Borrower, the Banks and the Administrative Agent
are parties to an Amended and Restated Credit Agreement, dated as of October 16,
1997 (as amended, modified or supplemented through, but not including, the date
hereof, the "Credit Agreement");

                  WHEREAS, the current Maturity Date is October 15, 2002 and the
parties hereto wish to amend the Credit Agreement to extend such Maturity Date
to July 15, 2004 as provided herein; and

                  WHEREAS, the Borrower also has requested certain other
amendments to the Credit Agreement as provided herein;

                  NOW, THEREFORE, it is agreed that as of the Sixth Amendment
Effective Date (as defined below):

                  1. Section  3.03(c) of the Credit Agreement is hereby
amended by inserting the following new parenthetical immediately after the
amount "$4,000,000" appearing therein:

                  "(or $5,000,000 in the case of the Borrower's fiscal year
                  ending December 31, 2001, buy only in the event that the
                  Borrower closes the sale of Town Sports A.G. prior to December
                  31, 2001)".

                  2. Section 8.02(e) of the Credit Agreement is hereby amended
by inserting the following new parenthetical immediately after the text "fiscal
year of the Borrower" appearing in clause (x) of the first proviso thereof:

                  "(or $5,000,000 in the case of the Borrower's fiscal year
                  ending December 31, 2001, but only in the event that the
                  Borrower closes the sale of Town Sports A.G. prior to December
                  31, 2001)".

                  3. Sections 8.09 and 8.10 of the Credit Agreement are hereby
deleted in their entirety and the following new Sections 8.09 and 8.10 are
inserted in lieu thereof:

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                  "8.09 NET INTEREST COVERAGE RATIO. The Borrower will not
                  permit the Net Interest Coverage Ratio for any Test Period
                  ending after March 31, 2001 to be less than 3.00:1.00.

                  8.10 NET LEVERAGE RATIO. The Borrower will not permit the Net
                  Leverage Ratio on the last day of any calendar month which day
                  occurs during a period set forth below to be greater than the
                  ratio set forth opposite such period below:

                  PERIOD                                              RATIO
                  ------                                              -----
                  April 30, 2001 through and including              3.50:1.00
                  December 31, 2001

                  January 31, 2002 through and including            3.00:1.00
                  December 31, 2002

                  January 31, 2003 through and including            2.75:1.00".
                  August 31, 2004

                  4. The definition of "Maturity Date" appearing in Section 10
of the Credit Agreement is hereby amended by deleting the date "October 15,
2002" appearing therein and inserting the date "July 15, 2004" in lieu thereof.

                  5. From and after the sale of Town Sports A.G. as permitted
by the Credit Agreement (as amended  hereby), the Borrower may no longer
incur any additional Swiss Franc Revolving Loans.

                  6. In order to induce the Banks to enter into this Amendment,
the Borrower hereby represents and warrants that on the Sixth Amendment
Effective Date, both before and after giving effect to this Amendment, (x) no
Default or Event of Default shall exist and (y) all of the representations and
warranties contained in the Credit Documents shall be true and correct in all
material respects, with the same effect as though such representations and
warranties had been made on and as of the Sixth Amendment Effective Date (it
being understood that any representation or warranty made as of a specific date
shall be true and correct in all material respects as of such specific date).

                  7. This Amendment is limited as specified and shall not
constitute a modification, acceptance or waiver of any other provision of the
Credit Agreement or any other Credit Document.

                  8. This Amendment may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each
of which counterparts when executed and delivered shall be an original, but all
of which shall together constitute one and the same instrument. A complete set
of counterparts shall be lodged with the Borrower and the Agent.

                                      -2-
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                  9. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW
OF THE STATE OF NEW YORK.

                  10. This Amendment shall become effective on the date (the
"Sixth Amendment Effective Date") when (i) the Borrower and each of the Banks
shall have signed a counterpart hereof (whether the same or different
counterparts) and shall have delivered (including by way of telecopier) the same
to the Administrative Agent and (ii) the Borrower shall have paid to the
Administrative Agent for the account of each Bank a structuring fee relating to
the extension of the Maturity Date equal to 3/4 of 1% of the Commitment of each
such Bank as in effect on the Sixth Amendment Effective Date.

                                    * * *

                                     -3-
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                  IN WITNESS WHEREOF, each of the parties hereto has caused a
counterpart of this Amendment to be duly executed and delivered as of the date
first above written.

                                     TOWN SPORTS INTERNATIONAL, INC.

                                     By:      /s/ Richard G. Pyle
                                              ----------------------------------
                                              Name: Richard G. Pyle
                                              Title: Chief Financial Officer

                                     BANKERS TRUST COMPANY,
                                              Individually and as
                                              Administrative Agent

                                     By:      /s/ June C. George
                                              ----------------------------------
                                              Name: June C. George
                                              Title: Director

                                     BANK OF SCOTLAND

                                     By:      /s/ Joseph Fratus
                                              ----------------------------------
                                              Name: Joseph Fratus
                                              Title: Vice President<PAGE>
                                                                   EXHIBIT 10.26

                                KIRBY CORPORATION

                    NONEMPLOYEE DIRECTOR COMPENSATION PROGRAM

Annual Fee

     1. Each director will receive an annual fee of $20,000, payable in four
equal quarterly payments to be made at the end of each calendar quarter, unless
the director elects to receive a stock option for shares of Kirby common stock
in lieu of all or part of the cash fee. The fee will be prorated for any
director elected between annual stockholder meetings.

     2. The election to receive a stock option in lieu of director fees will be
made annually. Any director who elects to receive a stock option in lieu of all
or part of the annual fee for the year following any annual meeting of
stockholders must given written notice of that election to Kirby no later than
the date of such annual meeting, except that a director elected between annual
stockholder meetings must give written notice of that election to Kirby no later
than the date of his or her election as a director. Directors who elect to
receive a stock option in lieu of all or part of the unpaid portion of the
annual fee for the year in which this program becomes effective must give
written notice of that election to Kirby no later than September 29, 2000.

     3. The stock option shall be issued on the following terms:

          (a) The number of shares of stock subject to the option will be equal
     to (i) the portion of the annual fee that a director elects to receive in
     the form of a stock option divided by (ii) the fair market value of a share
     of stock on the date of grant multiplied by (iii) 3, with the result then
     rounded to the nearest whole share.

          (b) The exercise price will be the fair market value on the date of
     grant. The fair market value of a share of stock means the mean of the high
     and low sales price on the New York Stock Exchange on the date of
     reference. The date of grant of an option granted in lieu of the annual fee
     means the date by which a director must make the election to receive the
     option in lieu of cash fees.

          (c) The option will vest one-fourth on the first quarterly payment
     date, one-fourth on the second quarterly payment date, one-fourth on the
     third quarterly payment date and one-fourth on the fourth quarterly payment
     date or, in the case of a director elected between annual stockholder
     meetings or a director receiving an option for the year in which this
     program becomes effective, in equal parts on the remaining quarterly
     payment dates prior to the first anniversary of the most recent annual
     meeting of stockholders.

          (d) The options will be subject to the terms of the plan under which
     they are issued, including without limitation provisions relating to
     vesting, exercise, termination and transferability.

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     4. The quarterly payment of cash fees and vesting of stock options are
contingent on a director's continuing to serve in that capacity on each such
quarterly payment or vesting date.

Meeting Fees

     1. Each director will receive a fee of $1,000 for each board meeting
attended in person or by telephone.

     2. Each member of a committee of the board will receive a fee of $750 for
each committee meeting attended in person or by telephone, unless the committee
meeting is held on the same day and at the same place as a board meeting, in
which case the fee shall be $500 for attending the committee meeting.

Automatic Stock Option Grants

     1. Each director will receive an option for 5,000 shares of Kirby common
stock upon his or her first election as a director.

     2. Each director will receive an option for 3,000 shares of Kirby common
stock immediately after each annual meeting of stockholders.

     3. The option price in both cases will be the fair market value on the date
of grant. The options will be subject to the terms of the plan under which they
are issued, including without limitation provisions relating to vesting,
exercise, termination and transferability.

General

     1. This compensation program is effective September 26, 2000.

     2. This compensation program may be amended, modified or terminated by the
board at any time.

     3. This compensation program applies only to directors of Kirby who are not
employees of Kirby or any of its subsidiaries.

ADOPTED BY THE BOARD OF DIRECTORS: September 26, 2000

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