Document:

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                                                                  EXHIBIT 10.139

                                                                  1997 TERM LOAN

                               NINTH AMENDMENT TO
                          CREDIT AND SECURITY AGREEMENT

         THIS NINTH AMENDMENT TO CREDIT AND SECURITY AGREEMENT (this
"Amendment") is dated as of October 31, 2001 between CRESCENT REAL ESTATE
EQUITIES LIMITED PARTNERSHIP, a Delaware limited partnership (the "Lender") and
CRESCENT OPERATING, INC., a Delaware corporation (the "Borrower").

                                    RECITALS

         A. The parties executed that certain Amended and Restated Credit and
Security Agreement dated as of May 21, 1997, as amended by that certain First
Amendment to Amended and Restated Credit and Security Agreement dated as of
August 11, 1998, by that certain Second Amendment to Amended and Restated Credit
and Security Agreement dated as of September 21, 1998, and by that certain Third
Amendment to Amended and Restated Credit and Security Agreement dated as of
March 11, 1999 (collectively, the "Original Agreement").

         B. The parties executed that Fourth Amendment to Amended and Restated
Credit and Security Agreement dated as of February 1, 2000, to defer the
principal and interest payments that would otherwise be due on the first
Business Day of February, May, August and November 2000 until the first Business
Day of February 2001; the parties executed that Fifth Amendment to Amended and
Restated Credit and Security Agreement dated as of January 31, 2001, to defer
until February 15, 2001, the principal and interest payments that would
otherwise be due on February 1, 2001; the parties executed that Sixth Amendment
to Amended and Restated Credit and Security Agreement dated as of February 15,
2001, to defer until March 5, 2001, the principal and interest payments that
would otherwise be due on February 15, 2001; the parties executed that Seventh
Amendment to Credit and Security Agreement dated as of March 5, 2001, to defer
until April 20, 2001, the interest payments that would otherwise be due on March
5, 2001; and the parties executed that Eighth Amendment to Credit and Security
Agreement dated as of June 28, 2001, to defer until October 31, 2001, the
interest payments that would otherwise be due on April 20, 2001. The Original
Agreement, as amended by that Fourth Amendment, by that Fifth Amendment, by that
Sixth Amendment, by that Seventh Amendment and by that Eighth Amendment, is
called the "Amended Original Agreement." All capitalized terms not otherwise
defined in this Amendment will have the same meaning as described in the Amended
Original Agreement.

         C. The parties wish to further defer the aforementioned payments until
the earlier to occur of (i) December 31, 2001 and (ii) the closing of the
transaction (the "Transaction") between Lender and Borrower pursuant to which
Lender proposed to purchase certain assets of Borrower, as evidenced by this
Agreement for the Purchase and Sale of Assets and Stock, dated as of June 28,
2001, by and among Lender, Borrower and certain Borrower's affiliates.

         In consideration of the mutual covenants set forth herein, and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:

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                                                                  1997 TERM LOAN

         1. Section 2.2. Section 2.2(a) of the Amended Original Agreement is
hereby amended by the addition of the following sentences to the end thereof.

                  Notwithstanding the foregoing, the Borrower and the Lender
                  hereby agree that the principal that would otherwise be due on
                  the first Business Day of February, May, August and November
                  of each of 2000 and 2001 shall be deferred until, and shall be
                  due on, the earlier to occur of (i) December 31, 2001 and (ii)
                  the closing of the Transaction.

         2. Section 2.3. Section 2.3(c) of the Amended Original Agreement is
hereby amended by the addition of the following sentences to the end thereof:

                  Notwithstanding the foregoing, the Borrower and the Lender
                  hereby agree that the interest that would otherwise be due on
                  the first Business Day of February, May, August and November
                  of each of 2000 and 2001 shall be deferred until, and shall be
                  due on, the earlier to occur of (i) December 31, 2001 and (ii)
                  the closing of the Transaction. The Borrower and the Lender
                  hereby further agree that interest shall cease to accrue as of
                  May 1, 2001.

         3. Remainder of Amended Original Agreement. Except as amended hereby,
the Amended Original Agreement shall continue in full force and effect in the
form that was effective immediately before the execution of this Amendment.

         4. Consummation of the Transaction. The terms of this Amendment shall
be subject to consummation of the Transaction on or before December 31, 2001. If
the Transaction shall not be consummated by December 31, 2001, the terms of this
Amendment shall be null and void and of no further consequence. In such event,
all interest that would have accrued under the Amended Original Agreement shall
be deemed to have continued to accrue from and after April 30, 2001, and all
such interest plus all interest deferred pursuant to this Amendment shall
immediately become due and payable in full.

         5. Counterparts. This Amendment may be executed in any number of
counterparts, all of which taken together shall constituted one and the same
document.

         6. Binding Effect. This Amendment shall be binding upon and inure to
the benefit of the respective successors and assigns of the parties hereto.

         7. Governing Law and Severability. This Amendment shall be governed by
and construed in accordance with the laws of the State of Texas. Whenever
possible, each provision hereof shall be interpreted in such manner as to be
effective and valid under applicable law.

         8. No Waiver. 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 the Lender under the Original Agreement or the
Amended Original Agreement, nor constitute a waiver of any provision of the
Original Agreement or the Amended Original Agreement.

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                                                                  1997 TERM LOAN

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

                                   CRESCENT OPERATING, INC.

                                   By:
                                      ----------------------------------------
                                   Name:
                                        --------------------------------------
                                   Title:
                                         -------------------------------------

                                   CRESCENT REAL ESTATE EQUITIES
                                   LIMITED PARTNERSHIP

                                   By:  Crescent Real Estate Equities, Ltd.,
                                        its general partner

                                        By:
                                           -----------------------------------
                                        Name:
                                             ---------------------------------
                                        Title:
                                              --------------------------------

                                        3<PAGE>
                                                                  EXHIBIT 10.142

THIRD AMENDMENT TO CREDIT AGREEMENT

THIS THIRD AMENDMENT TO CREDIT AGREEMENT (the "Third Amendment") is entered into
effective as of August 27, 2001, by and among CRESCENT OPERATING, INC., a
Delaware corporation ("Borrower") and BANK OF AMERICA, N.A., a national banking
association ("Lender"), with the acknowledgment, confirmation, approval and
agreement of the undersigned "Support Parties" (herein so called) as set forth
herein below. Such Support Parties are signing this Third Amendment solely for
the purposes set forth in Section 11 of this Third Amendment.

WITNESSETH:

WHEREAS, Borrower and Lender are parties to that certain Credit Agreement dated
as of August 27, 1997 (the "Original Credit Agreement") as amended by that
certain First Amendment to Credit Agreement dated effective as of August 27,
1998 (the "First Amendment"), and by that certain Second Amendment to Credit
Agreement dated effective as of August 27, 1999 (the "Second Amendment") (the
Original Credit Agreement as amended by the First Amendment and the Second
Amendment is referred to in this Third Amendment as the "Credit Agreement") and
Borrower, Lender and Support Parties are parties to that certain Support
Agreement of even date with the Original Credit Agreement, as previously amended
and confirmed as set forth in the First Amendment and Second Amendment (the
"Support Agreement");

WHEREAS, Borrower and Support Parties have requested that Lender agree to a
short term renewal of the credit facility evidenced by the Credit Agreement and
extension of the "Termination Date" as currently defined in the Credit Agreement
to evidence a senior secured credit facility in favor of Lender and agree to
other amendments to the Credit Agreement, Support Agreement and other Loan
Papers and matters as set forth herein, and Lender is willing to do so upon the
terms and conditions set forth herein; and

WHEREAS, Borrower and Lender desire to amend the Credit Agreement by this Third
Amendment, with the acknowledgment, confirmation, approval and agreement of the
Support Parties with respect to the Support Agreement, all as set forth
hereinbelow, and the parties desire to enter into the agreements, modifications
and amendments as set forth below;

NOW, THEREFORE, for and in consideration of the above premises and for other
good and valuable consideration, the parties hereto agree as follows:

1. Definitions. All capitalized terms defined in the Credit Agreement, as
amended hereby. and not otherwise defined in this Third Amendment shall have the
same meanings as assigned to them in the Credit Agreement when used in this
Third Amendment, unless the context hereof shall otherwise require or provide.

2. Representations and Warranties. In order to induce Lender to enter into this
Third Amendment, Borrower represents and warrants to Lender that:

A. This Third Amendment, the Credit Agreement, as amended hereby, and the Loan
Papers are the legal and binding obligations of Borrower, enforceable in
accordance with their respective terms, except as limited by bankruptcy,
insolvency or other laws of general application relating to the enforcement of
creditors' rights;

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B. No event has occurred and is continuing which constitutes a Default or a
Potential Default; and

C. All of the representations and warranties contained in Paragraph 5 of the
Credit Agreement, as amended by this Third Amendment, are true and correct as of
the date hereof.

3. Amendment to Credit Agreement. In connection with the short term renewal and
extension of the credit facility evidenced by the Credit Agreement, as amended
by this Third Amendment, and the Loan Papers, the definition of the term
"Termination Date" as set forth in Paragraph 1 of the Credit Agreement and is
hereby amended and restate in its entirety to read as follows:

Termination Date means the earlier to occur of the following dates: (a) November
27, 2001 ; and (b) the effective date that Lender's commitment to extend credit
under this agreement is otherwise canceled or terminated in accordance with this
agreement.

4. The promissory note in the face principal amount of $15,000,000.00 dated
August 27, 1999 executed by Borrower and payable to Lender, evidencing a renewal
and extension of that certain promissory note in the face principal amount of
$15,000,000.00 dated August 27, 1997,executed by Borrower and payable to Lender
(or its predeccssors in interest) and in connection with the Original Credit
Agreement, is hereby renewed and extended to be evidenced by that certain
promissory note dated of even date herewith in the face principal amount of
$15,000,000.00 executed by Borrower and payable to Lender (sometimes referred to
in this Third Amendment and in connection herewith as the "Second Short Term
Renewal Note"), which the parties agree and acknowledge to be the "Note" as
contemplated in Paragraph 4(a) of the Credit Agreement and a "Loan Paper" as
defined in the Credit Agreement.

5. Conditions Precedent. This Third Amendment and the obligations of Lender
hereunder are subject to the conditions precedent that Lender shall have
received from Borrower, together with this Third Amendment duly executed by
Borrower, Richard E. Rainwater and John Goff: (i) the Short Term Renewal Note,
duly executed by Borrower, and anyother documents requested by Lender prior to
closing in connection herewith, in form and substance satisfactory to Lender and
its counsel, and (ii) payment of Lender's costs and expenses incurred in
connection herewith as contemplated in the Credit Agreement including, without
limitation, the reasonable attorney's fees of the Lender's legal counsel and any
other costs, expenses and disbursements incurred by Lender through the date of
execution of this Third Amendment.

6. Further Assurances. Borrower shall make, execute or endorse, and acknowledge
and deliver or file or cause same to be done, all such documents, notices or
other assurances and take all such other action, as Lender may, from time to
time, deem reasonably necessary or proper in connection with this Third
Amendment and the Credit Agreement, as amended hereby.

7. Scope of Amendments. Any and all other provisions of the Cred1t Agreement and
any other Loan Papers are hereby amended and modified wherever necessary and
even though not specifically addressed herein, so as to conform to the
amendments and modifications set forth in this Third Amendment.

8. Limitation on Agreements. The amendments set forth herein are limited in
scope as described herein and shall not be deemed (a) to be a consent under or
waiver of any other term or condition of the Credit Agreement or any of the Loan
Papers, or (b) to prejudice any right or rights which Lender now has or may have
in the future under, or in connection with the Credit Agreement as amended

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by this Third Amendment, the Note, the Loan Papers or any of the documents
referred to herein or therein.

9. Governing Law. This Third Amendment has been prepared, in being executed and
delivered and is intended to be performed in the State of Texas, and the
substantive laws of such state and the applicable.

10. ARBITRATION. ANY CONTROVERSY OR CLAIM BETWEEN OR AMONG THE PARTIES HERETO,
INCLUDING, BUT NOT LIMITED TO, THOSE ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY RELATED AGREEMENTS OR INSTRUMENTS, INCLUDING ANY CLAIM BASED ON
OR ARISING FROM AN ALLEGED TORT, SHALL BE DETERMINED BY BINDING ARBITRATION IN
ACCORDANCE WITH THE FEDERAL ARBITRATION ACT (OR IF NOT APPLICABLE, THE
APPLICABLE STATE LAW). THE RULES OF PRACTICE AND PROCEDURE FOR THE ARBITRATION
OF COMMERCIAL DISPUTES OF JUDICIAL ARBITRATION AND MEDIATION SERVICES, INC.
(J.A.M.S.), AND THE "SPECIAL RULES" SET FORTH BELOW. IN THE EVENT OF ANY
INCONSISTENCY, THE SPECIAL RULES SHALL CONTROL. JUDGMENT UPON ANY ARBITRATION
AWARD MAY BE ENTERED IN ANY COURT HAVING JURISDICTION. ANY PARTY TO THIS CREDIT
AGREEMENT MAY BRING AN ACTION, INCLUDING A SUMMARY OR EXPEDITED PROCEEDING, TO
COMPEL ARBITRATION OF ANY CONTROVERSY OR CLAIM TO WHICH THIS AGREEMENT APPLIES
IN ANY COURT HA VING JURJSDICTION OVER SUCH ACTION.

A. SPECIAL RULES. THE ARBITRATION SHALL BE CONDUCTED IN THE CITY OF THE
BORROWER'S DOMICILE AT TIME OF THIS AGREEMENT'S EXECUTION AND ADMINISTERED BY
J.A.M.S. WHO WILL APPOINT AN ARBITRATOR; IF J.A.M.S. IS UNABLE OR LEGALLY
PRECLUDED FROM ADMINISTERING THE ARBITRATION, THEN THE AMERICAN ARBITRATION
ASSOCIATION WILL SERVE ALL ARBITRATION HEARINGS WILL BE COMMENCED WITHIN NINETY
(90) DAYS OF THE DEMAND FOR ARBITRATION; FURTHER, THE ARBITRATOR SHALL ONLY,
UPON A SHOWING OF CAUSE, BE PERMITTED TO EXTEND THE COMMENCEMENT OF SUCH HEARING
FOR UP TO AN ADDITIONAL SIXTY (60) DAYS.

B. RESERVATION OF RIGHTS. NOTHING IN THIS AGREEMENT SHALL BE DEEMED TO: (I)
LIMIT THE APPLICABILITY OF ANY OTHERWISE APPLICABLE STATUTES OF LIMITATION OR
REPOSE AND ANY WAIVERS CONTAINED IN THIS AGREEMENT; OR (II) BE A WAIVER BY THE
LENDER OF THE PROTECTION AFFORDED TO IT BY 12 U.S.C. SEC. 91 OR ANY
SUBSTANTIALLY EQUALLY EQUIVALENT STATE LAW; OR (III) LIMIT THE RIGHT OF THE
LENDER HERETO: (A) TO EXERCISE SELF HELP REMEDIES SUCH AS (BUT NOT LIMITED TO)
SETOFF; OR (B) TO FORECLOSE AGAINST ANY REAL OR PERSONAL PROPERTY COLLATERAL, OR
(C) TO OBTAIN FROM A COURT PROVISIONAL OR ANCILLARY REMEDIES SUCH AS (BUT NOT
LIMITED TO) INJUNCTIVE RELIEF, WRIT OF POSSESSION OR THE APPOINTMENT OF A
RECEIVER. THE LENDER MAY EXERCISE SUCH SELF HELP RIGHTS, FORECLOSE UPON SUCH
PROPERTY, OR OBTAIN SUCH PROVISIONAL OR ANCILLARY REMEDIES BEFORE, DURING OR
AFTER THE PENDENCY OF ANY ARBITRATION PROCEEDING BROUGHT PURSUANT TO THIS
AGREEMENT. NEITHER THIS EXERCISE OF SELF HELP REMEDIES NOR THE INSTITUTION OR
MAINTENANCE OF AN ACTION FOR FORECLOSURE OR PROVISIONAL OR ANCILLARY REMEDIES
SHALL CONSTITUTE A WAIVER OF THE RIGHT OF ANY PARTY, INCLUDING THE CLAIMANT IN
ANY SUCH ACTION, TO

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ARBITRATE THE MERITS OF THE CONTROVERSY OR CLAIM OCCASIONING RESORT TO SUCH
REMEDIES.

11. Multiple Counterparts. This Third Amendment may be executed in any number of
counterparts, all of which taken together shall constitute one and the same
agreement, and any of the parties hereto may execute this Third Amendment by
signing any such counterpart.

12. Signatures of Support Parties. By signing below where indicated, the
undersigned Support Parties each (a) acknowledge this Third Amendment and the
Credit Agreement a.s amended hereby; (b) agree with the terms, conditions and
amendments a contained in this Third Amendment and the Credit Agreement as
amended hereby as they relates to the Support Agreement , including without
limitation, the amended definition of "Termination Date" as set Third in this
Third Amendment; (c) agree that the Support Agreement shall be deemed and
amended wherever necessary in order to continue the obligations of the
undersigned Support Partners contained in the Support Agreement and confirm to
the changes reflected in this Third Amendment; and (d) confirm their continuing
obligations under the Support Agreement, as amended hereby, which shall continue
in full force and effect as contemplated therein and herein, until the
Obligation has been paid in full and Lender shall have no further commitment to
make Advances.

THE CREDIT AGREEMENT AND THE SUPPORT AGREEMENT, AS EACH IS AMENDED BY THIS Third
AMENDMENT, AND THE OTHER LOAN PAPERS REPRESENT THE FINAL AGREEMENT BETWEEN THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENT OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS
BETWEEN THE PARTIES.

IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be
executed to be effective as of the date and year first above written.

LENDER

BANK OF AMERICA

By:       /s/
   -----------------------------------
Cary C. Conwell, Senior Vice President

BORROWER

CRESCENT OPERATING, INC., a Delaware corporation

By:       /s/
   -----------------------------------
Jeff Stevens, Executive Vice President
and Chief Operation Officer

SUPPORT PARTIES:

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<PAGE>

      /s/
-----------------------------------
RICHARD E. RAINWATER

      /s/
-----------------------------------
JOHN GOFF

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