Document:

<PAGE>   1
                                                                    EXHIBIT 10.5

                                                                       EXECUTION

   THIRD EXTENSION OF AMENDMENT NO. 6 & LIMITED WAIVER TO THE CREDIT AGREEMENT

                                November 10, 2000

                  Reference is made to (i) that certain Credit Agreement dated
as of June 30, 1999, among Telespectrum Worldwide, Inc., a Delaware corporation
(the "BORROWER"), the financial institutions parties thereto (the "LENDERS"),
BNP Paribas, as collateral agent (the "AGENT"), and Bank of America, N.A., as
administrative agent for the Lenders (the "ADMINISTRATIVE AGENT") (as amended,
restated, supplemented or otherwise modified from time to time, the "CREDIT
AGREEMENT"), (ii) that certain Amendment No. 6 & Limited Waiver to the Credit
Agreement dated as of October 13, 2000, among the Borrower, the Lenders, the
Agent and the Administrative Agent ("AMENDMENT NO. 6 & LIMITED WAIVER"), and
(iii) that certain Second Extension of Amendment No. 6 & Limited Waiver to the
Credit Agreement dated November 3, 2000 (the "SECOND EXTENSION"). Capitalized
terms not otherwise defined in this Third Extension of Amendment No. 6 & Limited
Waiver to the Credit Agreement (this "THIRD EXTENSION") shall have the same
meanings as specified in the Credit Agreement.

                  At the request of the Borrower, the undersigned Lenders hereby
agree that any and all references to "November 10, 2000" contained in Amendment
No. 6 & Limited Waiver are replaced with, and any and all limited waivers set
forth therein are hereby extended to, November 17, 2000; provided however that
prior to or on November 10, 2000, the Borrower shall have paid all accrued
interest on Term Advances and Working Capital Advances pursuant to Section
2.07(a) of the Credit Agreement; provided further that, in order for the
Borrower to satisfy the condition set forth in the immediately preceding
proviso, the Borrower may request Working Capital Borrowings; provided further
however that the proceeds of such Working Capital Borrowings may be used solely
to meet the Borrower's obligations to pay interest on Term Advances and Working
Capital Advances pursuant to Section 2.07(a) of the Credit Agreement; provided
further however that, after giving effect to the amount of available proceeds of
such Working Capital Borrowings, the Borrower shall, immediately prior to the
making of any Working Capital Advance by any Working Capital Lender, deposit
with the Agent, for the ratable benefit of the Lenders, cash in the necessary
amount for the Borrower to meet its obligations to pay interest on Term Advances
and Working Capital Advances pursuant to Section 2.07(a) of the Credit
Agreement; provided further that prior to or on November 17, 2000, the Borrower
shall have entered into a restructuring agreement with the Agent, the
Administrative Agent and any required Lenders which is in form and substance
satisfactory to the Agent, the Administrative Agent and the Lenders. Except as
expressly set forth in the preceding sentence, the terms, provisions and
conditions of Amendment No. 6 & Limited Waiver, the Credit Agreement and the
other Loan Documents shall remain in full force and effect and in all other
respects are hereby ratified and confirmed.
<PAGE>   2
                  The failure of the Borrower to meet any and all of the
obligations set forth in the immediately preceding paragraph shall render the
limited extensions and waivers granted hereby void ab initio as of November 3,
2000.

                  The Borrower hereby acknowledges and agrees that neither this
Third Extension nor anything contained herein shall be deemed a commitment by
the Agent, the Administrative Agent or any Lender to enter into any agreement
with the Borrower and any agreement shall be subject to definitive documentation
in form and substance satisfactory to the Agent, the Administrative Agent and
the Lenders and the approval of the Agent, the Administrative Agent and the
Lenders.

                  [Remainder of Page Intentionally Left Blank]
<PAGE>   3
                  This Third Extension may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed and delivered to the Agent shall be deemed an original,
but all such counterparts together shall constitute but one and the same
instrument.

                                         TELESPCTRUM WORLDWIDE, INC.

                                         By:____________________________________
                                            Name:
                                            Title:

  AGENTS AND LENDERS:
                                         BNP PARIBAS,
                                         individually and as Agent

                                         By:____________________________________
                                            Name:
                                            Title:

                                         BANK OF AMERICA, N.A., individually
                                         and as Administrative Agent

                                         By:____________________________________
                                            Name:
                                            Title:

                                         FLEET NATIONAL BANK (f/k/a
                                         BankBoston, N.A.).

                                         By:____________________________________
                                            Name:
                                            Title:

                                         IBJ WHITEHALL BANK & TRUST
                                         COMPANY

                                         By:____________________________________
                                            Name:
                                            Title:
<PAGE>   4
                                         VAN KAMPEN PRIME RATE
                                         INCOME TRUST

                                         By:____________________________________
                                            Name:
                                            Title:

                                         VAN KAMPEN SENIOR FLOATING RATE FUND

                                         By:____________________________________
                                            Name:
                                            Title:

                                         VAN KAMPEN SENIOR INCOME TRUST

                                         By:____________________________________
                                            Name:
                                            Title:

                                         WELLS FARGO BANK, N.A.

                                         By:____________________________________
                                            Name:
                                            Title:

                                         FIRST SOURCE FINANCIAL, LLP
                                         By First Source Financial, Inc.,
                                         its agent/manager

                                         By:____________________________________
                                            Name:
                                            Title:

                                         KZH ING-1 LLC

                                         By:____________________________________
                                            Name:
                                            Title:
<PAGE>   5
                                         KZH ING-2 LLC

                                         By:____________________________________
                                            Name:
                                            Title:

                                         KZH ING-3 LLC

                                         By:____________________________________
                                            Name:
                                            Title:

                                         ARCHIMEDES FUNDING, L.L.C.
                                         By:  ING Capital Advisors LLC,
                                         as Collateral Manager

                                         By:____________________________________
                                            Name:
                                            Title:

                                         ARCHIMEDES FUNDING II, LTD.
                                         By:  ING Capital Advisors LLC,
                                         as Collateral Manager

                                         By:____________________________________
                                            Name:
                                            Title:

                                         FIRST DOMINION FUNDING III

                                         By:____________________________________
                                            Name:
                                            Title:
<PAGE>   6
  GUARANTORS:
                                         TLSP TRADEMARKS, INC.

                                         By:____________________________________
                                            Name:
                                            Title:

                                         TELESPECTRUM GOVERNMENT SERVICES, INC.

                                         By:____________________________________
                                            Name:
                                            Title:

                                         CRW FINANCIAL INC.

                                         By:____________________________________
                                            Name:
                                            Title:

                                         TELESPECTRUM WORLDWIDE (CANADA) INC.

                                         By:____________________________________
                                            Name:
                                            Title:<PAGE>   1
                                                                    EXHIBIT 10.6

                     McCown De Leeuw Subordination Agreement

                  This SUBORDINATION AGREEMENT, dated as of November 8, 2000
(the "Agreement"), made by each of McCown De Leeuw & Co. III, L.P. (the
"Subordinated Creditor") and e-Satisfy.com Inc., a Delaware corporation (the
"Borrower"), in favor of Silicon Valley Bank ("SVB" or the "Senior Creditor").

                  PRELIMINARY STATEMENTS:

                  (1) SVB and the Borrower are parties to the Accounts
Receivable Purchase Agreement dated August 30, 2000 (the "Purchase Agreement")
pursuant to which SVB may advance to Borrower up to $800,000 for the purchase
from time to time of "receivables", as that term is defined in the Purchase
Agreement.

                  (2) The Borrower is indebted to the Subordinated Creditor
pursuant to the Subordinated Note dated March 31, 2000 in the principal amount
of $1,354,500 and the Convertible Promissory Note dated June 23, 2000 in the
principal amount of $451,500 (the "McCown Notes").

                  (3) It is contemplated by the terms of the Purchase Agreement
that the Subordinated Creditor shall subordinate such indebtedness and the
Subordinated Creditor has agreed to subordinate such indebtedness to obligations
of the Borrower to SVB under the Purchase Agreement.

                  NOW, THEREFORE, in consideration of the premises hereunder the
Subordinated Creditor and the Borrower each hereby agrees as follows:

                  SECTION 1. Agreement to Subordinate. The Subordinated Creditor
and the Borrower each agrees that all obligations of the Borrower arising
relating to the McCown Note, including all principal, interest, fees and
expenses thereunder (the "Subordinated Debt") is and shall be subordinate, to
the extent and in the manner hereinafter set forth, to the prior payment in full
of all obligations of the Borrower now or hereafter existing under the Purchase
Agreement, whether for principal, interest (including, without limitation,
interest accruing after the filing of a petition initiating any proceeding under
the Bankruptcy Code or similar proceeding of the type referred to in Section 4
of this Agreement or is an allowed claim in any such proceeding), whether or not
such interest accrues after the filing of such petition for purposes of the
Bankruptcy Code or is an allowed claim in such proceeding), fees, expenses or
otherwise (such obligations being the "Senior Obligations").
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                  SECTION 2.  No Payments on the Subordinated Debt.

                           (a)      No payment (including any payment that may
                  be payable by reason of any other indebtedness of the Borrower
                  being subordinated to payment of the Subordinated Debt) shall
                  be made by or on behalf of the Borrower for or on account of
                  any Subordinated Debt, and the Subordinated Creditor shall not
                  take or receive from the Borrower, directly or indirectly, in
                  cash or other property or by set-off or in any other manner,
                  including, without limitation, from or by way of collateral,
                  payment of all or any of the Subordinated Debt, unless and
                  until full payment of amounts then due for principal, premium,
                  if any, and interest on all Senior Obligations has been made
                  in cash. No payment on account of principal or interest on the
                  Subordinated Debt shall be made if, at the time of such
                  payment or immediately after giving effect thereto, there
                  shall exist under any Senior Obligations or any agreement
                  pursuant to which any such Senior Obligations is issued any
                  default. No acceleration of the amounts evidenced by and due
                  on the Subordinated Debt shall be permitted or effected unless
                  the principal amount due on all Senior Obligations shall have
                  first been accelerated.

                           (b)      Upon any acceleration of the principal
                  amount due on any Senior Obligations or upon any distribution
                  of all or substantially all of the assets of Borrower or any
                  payment or distribution of assets of Borrower of any kind or
                  character, whether in cash, property or securities, to
                  creditors in connection with any dissolution, winding-up,
                  total or partial liquidation or reorganization of Borrower
                  whether voluntary or involuntary and whether in bankruptcy,
                  insolvency, receivership, arrangement or other proceedings, or
                  upon an assignment for the benefit of creditors, or upon any
                  other marshaling of the assets and liabilities of Borrower,
                  all principal, premium, if any, and interest due or to become
                  due upon all Senior Obligations shall first be paid in full in
                  cash before the holder of the Subordinated Debt shall be
                  entitled to receive any payments for unpaid principal or
                  unpaid interest on the Subordinated Debt; and upon any such
                  acceleration, payment or distribution of assets, dissolution,
                  winding up, total or partial liquidation, reorganization,
                  assignment for the benefit of creditors, marshaling of assets
                  or liabilities, or similar proceedings, any payment or
                  distribution of assets of Borrower of any kind or character,
                  whether in cash, property or securities, to which the holder
                  of the Subordinated Debt, would, except for the provisions
                  hereof, be entitled, shall be paid or delivered by Borrower,
                  or by any receiver, trustee in bankruptcy, liquidating
                  trustee, agent or other person making such payment or
                  distribution, directly to the holders of the Senior
                  Obligations pro rata upon the basis of the respective amounts
                  of Senior Obligations held by such holders, to the extent
                  necessary to pay all principal, premium, if any, and interest
                  due or to become due upon all Senior Obligations in full in
                  cash (after giving effect to any concurrent payment or
                  distribution to or for the holders of Senior Obligations)
                  before any payment or distribution is made to the holder of
                  the Subordinated Debt.
<PAGE>   3
                           (c)      Upon any such acceleration, payment or
                  distribution of assets, dissolution, winding-up, total or
                  partial liquidation or reorganization of Borrower, whether
                  voluntary or involuntary and whether in bankruptcy,
                  insolvency, receivership, arrangement or other proceedings, or
                  upon an assignment for the benefit of creditors, or upon any
                  other marshaling of the assets and liabilities of Borrower,
                  any payment or distribution of assets of Borrower of any kind
                  or character, whether in cash, property or securities, which
                  shall be received by the holder of the Subordinated Debt
                  before the entire principal, premium, if any, and interest on
                  the Senior Obligations shall have been paid in full in cash,
                  shall be held in trust for the benefit of and promptly paid
                  over to the holders of Senior Obligations pro rata as
                  aforesaid, for application to the payment of Senior
                  Obligations remaining unpaid until all principal, premium, if
                  any, and interest due or to become due upon all Senior
                  Obligations shall have been paid in full in cash, after giving
                  effect to any concurrent payment or distribution to or for the
                  holders of Senior Obligations.

                           (d)      Subject to the payment in full of all Senior
                  Obligations, the holder of the Subordinated Debt shall,
                  together with others so entitled, be subrogated to the rights
                  of the holders of Senior Obligations to receive payments and
                  distribution of assets or securities of Borrower applicable to
                  the Senior Obligations until the principal of and interest on
                  the Subordinated Debt shall be paid in full, and no such
                  payments or distributions applicable to the Senior Obligations
                  shall, as between Borrower, its creditors other than the
                  holders of Senior Obligations, and the holders of the
                  Subordinated Debt, be deemed to be a payment of Borrower to or
                  on account of the Subordinated Debt.

                           (e)      Notwithstanding the foregoing provisions of
                  the Agreement, the holder of the Subordinated Debt shall be
                  entitled to receive shares of the stock or other securities of
                  Borrower issued as part of a reorganization or readjustment of
                  securities of Borrower or any other corporation provided for
                  by a plan of reorganization or readjustment, provided that the
                  terms, rights and preferences of stock issued in payment of
                  the Subordinated Debt is subordinated at least to the same
                  extent as the Subordinated Debt to the payment of all Senior
                  Obligations which may at the time be outstanding, and provided
                  further that the rights of the holders of Senior Obligations
                  are not altered by such reorganization or readjustment.

                           (f)      The foregoing provisions are solely for the
                  purpose of defining the relative rights of the holders of
                  Senior Obligations on the one hand and the holder of the
                  Subordinated Debt on the other hand, and nothing herein shall
                  impair, as between Borrower and the holder of the Subordinated
                  Debt, the obligation of Borrower, to pay to the holder hereof
                  the principal plus hereof and interest plus hereon in
                  accordance with its terms.

                  SECTION 3. Rights of Subrogation. The Subordinated Creditor
agrees that no payment or distribution to the Senior Creditors pursuant to the
provisions of this Agreement shall entitle the Subordinated Creditor to exercise
any right of subrogation in respect thereof until the Senior Obligations shall
have been paid in full.
<PAGE>   4
                  SECTION 4. Subordination Legend; Further Assurances. The
Subordinated Creditor and the Borrower will cause each instrument evidencing
Subordinated Debt to be endorsed with the following legend:

                  "The indebtedness evidenced by this instrument is subordinated
         to the prior payment in full of the Senior Obligations (as defined in
         the Subordination Agreement hereinafter referred to) pursuant to, and
         to the extent provided in, the Subordination Agreement dated as of
         November 8, 2000, by the Borrower hereof and payee named herein in
         favor of Silicon Valley Bank under the Purchase Agreement (as defined
         therein)."

The Subordinated Creditor and the Borrower each will further mark its books of
account in such a manner as shall be effective to give proper notice of the
effect of this Agreement and will, in the case of any Subordinated Debt that is
not evidenced by any instrument, upon the Senior Creditors' request cause such
Subordinated Debt to be evidenced by an appropriate instrument or instruments
endorsed with the above legend. The Subordinated Creditor and the Borrower each
will, at its expense and at any time and from time to time, promptly execute and
deliver all further instruments and documents, and take all further action, that
may be necessary or desirable, or that the Senior Creditors may request, in
order to protect any right or interest granted or purported to be granted hereby
or to enable the Senior Creditors to exercise and enforce its rights and
remedies hereunder.

                  SECTION 5. Agreement by the Borrower. The Borrower agrees that
it will not make any payment of any of the Subordinated Debt, or take any other
action, in contravention of the provisions of this Agreement.

                  SECTION 6. Obligations Hereunder Not Affected. All rights and
interests of the Senior Creditors hereunder, and all agreements and obligations
of the Subordinated Creditor and the Borrower under this Agreement, shall remain
in full force and effect irrespective of:

                  (i)       any lack of validity or enforceability of the
         Purchase Agreement or any other agreement or instrument relating
         thereto;

                  (ii)     any change in the time, manner or place of payment
         of, or in any other term of, all or any of the Senior Obligations, or
         any other amendment or waiver of or any consent to any departure from
         the Purchase Agreement, including, without limitation, any increase in
         the Senior Obligations resulting from the extension of additional
         credit to the Borrower or any of its subsidiaries or otherwise;

                  (iii)    any taking, exchange, release or non-perfection of
         any other collateral, or any taking, release or amendment or waiver of
         or consent to departure from any guaranty, for all or any of the
         Obligations;

                  (iv)     any manner of application of collateral, or proceeds
         thereof, to all or any of the Obligations, or any manner of sale or
         other disposition of any collateral for all or any of the Obligations
         or any other assets of the Borrower or any of its subsidiaries;
<PAGE>   5
                  (v)      any change, restructuring or termination of the
         corporate structure or existence of the Borrower or any of its
         subsidiaries; or

                  (vi)     any exercise or nonexercise of any right, power or
         remedy under or in respect of any Senior Obligations or any instrument
         or agreement relating thereto, or any waiver, consent, release,
         indulgence, extension, renewal, modification, delay or other action,
         inaction or omission, in respect of any Senior Obligations or any
         instrument or agreement relating thereto or any security therefor or
         guaranty thereof, whether or not the Subordinated Creditor shall have
         had notice or knowledge of any of the foregoing; or

                  (vii)    any release of any Person liable in any manner for
         the collection of any Senior Obligations; or

                  (viii)   any other circumstance that might otherwise
         constitute a defense available to, or a discharge of, the Borrower or a
         subordinated creditor.

This Agreement shall continue to be effective or be reinstated, as the case may
be, if at any time any payment of any of the Senior Obligations is rescinded or
must otherwise be returned by the Senior Creditors upon the insolvency,
bankruptcy or reorganization of the Borrower or otherwise, all as though such
payment had not been made.

                  SECTION 7. Waiver. The Subordinated Creditor and the Borrower
each hereby waives promptness, diligence, notice of acceptance and any other
notice with respect to (a) any of the Senior Obligations and this Agreement
(including, without limitation, any creation or modification of the Senior
Obligations), (b) any requirement that the Senior Creditors protect, secure,
perfect or insure any security interest or lien or any property subject thereto
or exhaust any right or take any action against the Borrower or any other Person
or entity or any collateral or (c) any notice of or proof of reliance by the
Senior Creditors upon the subordination provided for herein.

                  SECTION 8. Amendments, Etc. No amendment or waiver of any
provision of this Agreement, and no consent to any departure by the Subordinated
Creditor or the Borrower herefrom, shall in any event be effective unless the
same shall be in writing and signed by the Senior Creditors and, as to any
amendment, the Subordinated Creditor, and then such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which
given.

                  SECTION 9. Expenses. The Subordinated Creditor and the
Borrower jointly and severally agree upon demand to pay to the Senior Creditors
the amount of any and all reasonable expenses, including the reasonable fees and
expenses of its counsel and of any experts or agents, which the Senior Creditors
may incur in connection with the (i) the exercise or enforcement of any of the
rights of the Senior Creditors hereunder or (ii) the failure by the Subordinated
Creditor or the Borrower to perform or observe any of the provisions hereof.
<PAGE>   6
                  SECTION 10. Addresses for Notices. All notices and other
communications provided for hereunder shall be in writing (including telecopier,
telegraphic, telex or cable communication) and mailed, telecopied, telegraphed,
telexed, cabled or delivered to it, if to the Subordinated Creditor, at 3000
Sand Hill Road, Building 3, Suite 290, Menlo Park, CA 94025; and if to the
Borrower or SVB, at its address specified in the Purchase Agreement, or as to
each party, at such other address as shall be designated by such party in a
written notice to each other party. All such notices and other communications
shall, when mailed, telecopied, telegraphed, telexed or cabled, be effective
when deposited in the mails, telecopied, delivered to the telegraph company,
confirmed by telex answerback or delivered to the cable company, respectively.

                  SECTION 11. Continuing Agreement; Assignments Under the
Purchase Agreement. This Agreement is a continuing agreement and shall (i)
remain in full force and effect until the payment in full of the Senior
Obligations, (ii) be binding upon the Subordinated Creditor, the Borrower and
their respective successors and assigns, and (iii) inure to the benefit of, and
be enforceable by, the Senior Creditors and their respective successors,
transferees and assigns.

                  SECTION 12. Governing Law. This Agreement shall be governed
by, and construed in accordance with, the laws of the State of New York.

                  SECTION 13. Successors and Assigns. Except as otherwise
expressly provided herein, the provisions hereof shall inure to the benefit of,
and be binding upon, the successors, assigns, transferees, heirs, executors and
administrators of the Senior Creditors and the Subordinated Creditor. The
Borrower may not assign or transfer its obligations hereunder.

                  SECTION 14. Severability. In case any provision of this
Agreement shall be invalid, illegal, or unenforceable, the validity, legality
and enforceability of the remaining provisions of this Agreement shall not in
any way be affected or impaired thereby.

                  IN WITNESS WHEREOF, the Subordinated Creditor and the Borrower
each has caused this Agreement to be duly executed and delivered by its officer
thereunto duly authorized as of the date first above written.

MCCOWN DE LEEUW & CO. III, L.P.

By       ___________________________  Title:  ________________________

E-SATISFY.COM INC.

By       ___________________________  Title:  ________________________

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