Document:

AMENDMENT NO. 1 TO CREDIT AGREEMENT

 

Exhibit 10.1

	 	 	       AMENDMENT No. 1 and AGREEMENT dated as of September 27, 2002
(this “Amendment”), to the Amended and Restated Credit Agreement
dated as of April 11, 2002 (the “Credit Agreement”), among
AMERICAN COMMERCIAL LINES LLC, a Delaware limited liability
company (the “Borrower”), AMERICAN COMMERCIAL LINES HOLDINGS LLC,
a Delaware limited liability company (“Holdings”), the LENDERS (as
defined in the Credit Agreement), and JPMORGAN CHASE BANK, a New
York banking corporation, as issuing bank (in such capacity, the
“Issuing Bank”), as administrative agent (in such capacity, the
“Administrative Agent”), as security trustee (in such capacity,
the “Security Trustee”) and as collateral agent (in such capacity,
the “Collateral Agent”) for the Lenders.

         A.     Pursuant to the Credit Agreement, the Lenders and the Issuing Bank
have extended credit to the Borrower, and have agreed to extend credit to the
Borrower, in each case pursuant to the terms and subject to the conditions set
forth therein.

         B.     The Borrower has requested that the Required Lenders agree to amend
certain provisions of the Credit Agreement. The Required Lenders are willing
to amend the Credit Agreement pursuant to the terms and subject to the
conditions set forth herein.

         C.     Each capitalized term used and not otherwise defined herein shall have
the meaning assigned to such term in the Credit Agreement.

         Accordingly, in consideration of the mutual agreements herein contained
and other good and valuable consideration, the sufficiency and receipt of which
are hereby acknowledged, the parties hereto agree as follows:

         SECTION 1. Amendments.

	 	(a)	 	Section 1.01 of the Credit Agreement is hereby amended as follows:

		
	 	         (i) The following definitions are hereby inserted in the
appropriate alphabetical order therein:

		
	 	         ““Deferred Interest Rate” shall mean 1.00% per annum.”
	 
	 	         ““First Amendment Period” shall mean the period from and
including November 8, 2002 to but excluding the 2003
Restructuring Date.”

 

 

2

		
	 	         ““2003 Restructuring Date” shall mean the date on which
the financial restructuring provided for in the 2003
Restructuring Plan is consummated.”
	 
	 	         ““2003 Restructuring Plan” shall mean a financial
restructuring plan satisfactory to the Required Lenders and
delivered by the Borrower to the Lenders pursuant to Section
5.04(i), as such plan may be modified from time to time with
the written consent of the Required Lenders.”

		
	 	         (ii) The definition of the term “Applicable Percentage” is
hereby amended by substituting the following new table for the
existing table contained therein:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Eurodollar	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Spread-	 	ABR Spread-	 	Eurodollar	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Revolving	 	Revolving	 	Spread–	 	ABR	 	Eurodollar	 	ABR-	 	 	 	 
	Consolidated	 	Loans and	 	Loans and	 	Tranche B	 	Spread–	 	Spread-	 	Spread	 	 	 	 
	Leverage	 	Tranche A Term	 	Tranche A	 	Term	 	Tranche B	 	Tranche C	 	Tranche C	 	Fee
	Ratio	 	Loans	 	Term Loans	 	Loans	 	Term Loans	 	Term Loans	 	Term Loans	 	Percentage
	
	 	
	 	
	 	
	 	
	 	
	 	
	 	

	Category 1
	 	 	4.25	%	 	 	3.25	%	 	 	4.50	%	 	 	3.50	%	 	 	4.75	%	 	 	3.75	%	 	 	0.500	%
	
	
	
	

	Equal to or greater
than 4.5 to 1.0
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
	
	
	

	Category 2
	 	 	4.00	%	 	 	3.00	%	 	 	4.25	%	 	 	3.25	%	 	 	4.50	%	 	 	3.50	%	 	 	0.500	%
	
	
	
	

	Equal to or greater
than 4.0 to 1.0 but
less than 4.5 to 1.0
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
	
	
	

	Category 3
	 	 	3.75	%	 	 	2.75	%	 	 	4.00	%	 	 	3.00	%	 	 	4.25	%	 	 	3.25	%	 	 	0.500	%
	
	
	
	

	Equal to or greater
than 3.5 to 1.0 but
less than 4.0 to 1.0
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
	
	
	

	Category 4
	 	 	3.50	%	 	 	2.50	%	 	 	4.00	%	 	 	3.00	%	 	 	4.25	%	 	 	3.25	%	 	 	0.375	%
	
	
	
	

	Equal to or greater
than 3.0 to 1.0 but
less than 3.5 to 1.0
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
	
	
	

	Category 5
	 	 	3.25	%	 	 	2.25	%	 	 	4.00	%	 	 	3.00	%	 	 	4.25	%	 	 	3.25	%	 	 	0.375	%
	
	
	
	

	Less than 3.0 to 1.0
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

		
	 	         (iii) The definition of the term “Asset Sale” is hereby
amended and restated in its entirety as follows:

		
	 	         ““Asset Sale” shall mean the sale, transfer or other
disposition (by way of merger or otherwise) by the Borrower
or any of the
Subsidiaries to any person other than the Borrower or any
Subsidiary Guarantor of 

 

3

		
	 	(a) any Capital Stock or equity
interests of any of the Subsidiaries (other than directors’
qualifying shares or interests) or (b) any other assets of
the Borrower or any of the Subsidiaries (other than (i)
inventory, excess, damaged, obsolete or worn out assets,
scrap and Permitted Investments, in each case disposed of in
the ordinary course of business, (ii) dispositions resulting
in Casualty Proceeds or Condemnation Proceeds or (iii) sales
or transfers (x) by or among Foreign Subsidiaries or (y) from
a Loan Party to a Foreign Subsidiary to the extent, in the
case of this clause (y), that (A) such Loan Party would be
permitted to advance the fair market value of the asset
transferred to such Foreign Subsidiary under Section 6.04(c)
and (B) any such transfer is treated as an intercompany loan
pursuant to Section 6.04(c) and evidenced by an intercompany
note pledged to the Collateral Agent pursuant to the Pledge
Agreement for the benefit of the Secured Parties), provided
that any asset sale or series of related asset sales
described in clause (b) above (including by way of
condemnation or casualty) having a value not in excess of
$750,000 shall be deemed not to be an “Asset Sale” for
purposes of this Agreement; and provided, further, that the
sale of Program Receivables pursuant to the Receivables
Program shall be deemed not to be an “Asset Sale” for
purposes of this Agreement.”

		
	 	         (iv) The definition of the term “Subsidiary” is hereby
amended and restated in its entirety to read as follows:

		
	 	         ““Subsidiary” shall mean any direct or indirect
subsidiary of the Borrower. For the avoidance of doubt, the
term “Subsidiary” shall not include Vessel Leasing LLC for as
long as Holdings, the Borrower and/or one or more
Subsidiaries does not (a) own, beneficially or of record,
more than 50% of the Capital Stock of Vessel Leasing LLC and
(b) Control Vessel Leasing LLC.”

	 	(b)	 	Section 2.06 of the Credit Agreement is hereby amended by
inserting at the end thereof the following new paragraph (d):

		
	 	         “(d) Notwithstanding anything to the contrary contained in
this Agreement, unless the Required Lenders otherwise agree in
writing:

		
	 	         (i) subject to the provisions of Section 2.07, during
the First Amendment Period, interest on the outstanding Loans
shall accrue at the rates per annum otherwise applicable to
such Loans pursuant to Section 2.06(a) or (b), as the case
may be, plus the Deferred Interest Rate;

 

4

		
	 	         (ii) during the First Amendment Period, the term
“Interest Payment Date” shall mean, (x) with respect to any
ABR Loan, the
last Business Day of each month, and (y) with respect to any
Eurodollar Loan, the last day of the Interest Period
applicable to the Borrowing of which such Loan is a part and,
in the case of a Eurodollar Borrowing with an Interest Period
of more than one month’s duration, each day that would have
been an Interest Payment Date had successive Interest Periods
of one month’s duration been applicable to such Borrowing,
and, in addition, the date of any prepayment of such
Borrowing or conversion of such Borrowing to an ABR
Borrowing; and
	 
	 	         (iii) during the First Amendment Period, all or any
portion of the accrued interest payable on any Loan on
account of the Deferred Interest Rate may, at the option of
the Borrower, be deferred rather than paid on the relevant
Interest Payment Date (“Deferred Interest”), provided that
all Deferred Interest shall be (x) payable in cash on the
2003 Restructuring Date, or (y) if the Loans are accelerated
pursuant to Article VII prior to the 2003 Restructuring Date,
capitalized and added to the then outstanding principal
amount of the relevant Loan immediately upon the occurrence
of such acceleration.

	 	(c)	 	Section 2.13(j) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

		
	 	         “(j) In addition to any other prepayments required under this
Section 2.13, the Borrower shall prepay outstanding Term Loans in
accordance with Section 2.13(g) in an aggregate principal amount
equal to (i) $6,250,000, on or before September 30, 2002, (ii)
$6,250,000, after September 30, 2002 and on or before November 8,
2002, (iii) $6,250,000, after November 8, 2002 and on or before
November 29, 2002, (iv) $6,250,000, after November 29, 2002 and on
or before December 27, 2002, (v) $6,250,000, after December 27,
2002 and on or before September 30, 2003, and (vi) $18,750,000,
after September 30, 2003 and on or before December 31, 2003.”

	 	(d)	 	Section 5.04 of the Credit Agreement is hereby amended as follows:

		
	 	         (i) by deleting the word “and” at the end of paragraph (f);
	 
	 	         (ii) by replacing the period at the end of paragraph (g) with
a semicolon;

 

5

		
	 	         (iii) by inserting the following new paragraph (h):

		
	 	         “(h) on the first Business Day of each week, a statement
showing the cash balances at the Borrower and the Subsidiary
Guarantors on each day of the preceding week, certified by
one of its
Financial Officers and demonstrating compliance with Section
6.16 satisfactory to the Administrative Agent; and”; and

		
	 	         (iv) by inserting the following new paragraph (i):

		
	 	         “(i) prior to December 28, 2002, a copy of a proposed
2003 Restructuring Plan, together with a pro forma
consolidated balance sheet and related statements of income
and cash flows for each quarter of the 2003 fiscal year.”

	 	(e)	 	Section 6.01(d) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

		
	 	         “(d) Indebtedness consisting of purchase money Indebtedness
or Capital Lease Obligations incurred in the ordinary course of
business after the Closing Date to finance or refinance
Consolidated Capital Expenditures, provided that (A) a description
of the assets financed thereby shall have been furnished to the
Administrative Agent for any assets for which the purchase price
is greater than $750,000, (B) the aggregate principal amount of
any Indebtedness or Capital Lease Obligations incurred pursuant to
this paragraph (d) outstanding at any time shall not exceed
$11,500,000 and (C) the sum of the aggregate principal amount of
all Indebtedness or Capital Lease Obligations incurred by Foreign
Subsidiaries pursuant to this paragraph (d) and unsecured
Indebtedness incurred by Foreign Subsidiaries pursuant to
paragraph (k) below and, in each case outstanding at any time,
shall not exceed $11,500,000;”

	 	(f)	 	Section 6.04(m) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

		
	 	         “(m) other investments, loans or advances in an amount at any
time outstanding not exceeding $14,500,000.”

	 	(g)	 	Section 6.06(a)(v) of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

		
	 	         “(v) [Intentionally Omitted]; and”

 

6

	 	(h)	 	Section 6.11 of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

		
	 	         “SECTION 6.11. Consolidated Senior Leverage Ratio. Permit
the Consolidated Senior Leverage Ratio as of the end of any fiscal
quarter falling in any period set forth below to be in excess of
the ratio set forth below for such period:

	 	 	 	 	 
	Period	 	Ratio
	
	 	

	July 1, 2002 through September 30, 2002
	 	6.00 to 1.00
	
	
	
	

	October 1, 2002 through December 31, 2002
	 	8.50 to 1.00
	
	
	
	

	January 1, 2003 through March 31, 2003
	 	4.75 to 1.00
	
	
	
	

	April 1, 2003 through March 31, 2004
	 	4.50 to 1.00
	
	
	
	

	April 1, 2004 through March 31, 2005
	 	4.25 to 1.00
	
	
	
	

	Thereafter
	 	4.00 to 1.00”

	 	(i)	 	Section 6.12 of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

		
	 	         “SECTION 6.12. Consolidated Interest Coverage Ratio. Permit
the Consolidated Interest Coverage Ratio for any period of four
consecutive fiscal quarters ending in any period set forth below
to be less than the ratio set forth below for such period, tested
at the end of such quarter:

	 	 	 	 	 
	Period	 	Ratio
	
	 	

	July 1, 2002 through September 30, 2002
	 	2.25 to 1.00
	
	
	
	

	October 1, 2002 through December 31, 2002
	 	1.70 to 1.00
	
	
	
	

	January 1, 2003 through March 31, 2006
	 	2.25 to 1.00
	
	
	
	

	Thereafter
	 	2.50 to 1.00”

	 	(j)	 	Section 6.15 of the Credit Agreement is hereby amended and
restated in its entirety to read as follows:

		
	 	         “SECTION 6.15. Rent Adjusted Consolidated Senior Leverage
Ratio. Permit the Rent Adjusted Consolidated Senior Leverage
Ratio as of the end of any fiscal quarter falling in any period
set forth below to be in excess of the ratio set forth below for
such period:

 

7

	 	 	 	 	 
	Period	 	Ratio
	
	 	

	July 1, 2002 through September 30, 2002
	 	6.75 to
1.00 
	
	
	
	

	October 1, 2002 through December 31, 2002
	 	8.75 to
1.00 
	
	
	
	

	Thereafter
	 	6.00 to 1.00"

	 	(k)	 	Article VI of the Credit Agreement is hereby amended by
inserting the following new sections at the end thereof:

		
	 	         “SECTION 6.16. Cash on Hand. Permit the sum of the cash on
hand at the Borrower and the Subsidiary Guarantors at any time to
be less than $5,000,000.”
	 
	 	         “SECTION 6.17. Cash Deposits. Permit any cash (other than
ordinary course cash balances of Foreign Subsidiaries) to be on
deposit with or held by any bank or financial institution that is
not a Lender .”

         SECTION 2. Agreement.

         The Borrower agrees that Policano & Manzo L.L.C., or any other recognized
consulting firm acceptable to the Required Lenders in their reasonable
discretion (any such firm, the “Consultant”), will be engaged as promptly as
practicable and, in any event, prior to November 15, 2002, on behalf of the
Lenders (but at the expense of the Borrower) and permitted by the Borrower to
conduct an audit of the business and operations of the Borrower and its
Subsidiaries and assist the Borrower with monitoring (including on-site
monitoring, if determined necessary by the Consultant) of its cash flow
reporting, forecasting and related assumptions.

         SECTION 3. Representations and Warranties.

         The Borrower and Holdings each represents and warrants to the
Administrative Agent and the Lenders that:

		
	 	         (a) This Amendment has been duly executed and delivered by it and
constitutes its legal, valid and binding obligation enforceable against
it in accordance with its terms, except as enforceability may be limited
by bankruptcy, insolvency, moratorium, reorganization or other similar
laws affecting creditors’ rights generally and except as enforceability
may be limited by general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law).
	 
	 	         (b) After giving effect to this Amendment, the representations and
warranties set forth in Article III of the Credit Agreement are true and
correct in all material

 

8

		
	 	respects with the same effect as if made on the
date hereof, except to the extent such representations and warranties
expressly relate to an earlier date.
	 
	 	         (c) After giving effect to this Amendment, no Default or Event of
Default shall have occurred and be continuing.

         SECTION 4. Amendment Fee.

         In consideration of the agreements of the Lenders contained herein, the
Borrower agrees to pay to each Lender, through the Administrative Agent, an
amendment
fee (the “Amendment Fee”) equal to 0.25% of the sum of (a) the outstanding Term
Loans of such Lender and (b) the Revolving Credit Commitment (whether used or
unused) of such Lender, provided that such Lender approves this Amendment and
returns to the Administrative Agent or its counsel an executed signature page
hereto no later than 5:00 p.m., New York City time, on November 7, 2002. The
Amendment Fee shall be payable in immediately available funds on the Amendment
Effective Date (as defined below). Once paid, the Amendment Fee shall not be
refundable.

         SECTION 5. Effectiveness.

         This Amendment shall become effective as of the date set forth above on
the date (the “Amendment Effective Date”) that (a) the representations and
warranties set forth in Section 3 of this Amendment shall be true and correct,
(b) the Administrative Agent or its counsel shall have received counterparts of
this Amendment which, when taken together, bear the signatures of each of
Holdings, the Borrower, the Subsidiary Guarantors and the Required Lenders and
(c) the Administrative Agent shall have received the Amendment Fee.

         SECTION 6. Effect of Amendment.

         Except as expressly set forth herein, this Amendment shall not by
implication or otherwise limit, impair, constitute a waiver of, or otherwise
affect the rights and remedies of the Lenders, the Issuing Bank, the Collateral
Agent, the Security Trustee or the Administrative Agent under the Credit
Agreement or any other Loan Document, and shall not alter, modify, amend or in
any way affect any of the terms, conditions, obligations, covenants or
agreements contained in the Credit Agreement or any other Loan Document, all of
which are ratified and affirmed in all respects and shall continue in full
force and effect. Nothing herein shall be deemed to entitle the Borrower to a
consent to, or a waiver, amendment, modification or other change of, any of the
terms, conditions, obligations, covenants or agreements contained in the Credit
Agreement or any other Loan Document in similar or different circumstances.
This Amendment shall apply and be effective only with respect to the provisions
of the Credit Agreement specifically referred to herein. This Amendment shall
constitute a “Loan Document” for all purposes of the Credit Agreement and the
other Loan Documents.

 

9

         SECTION 7. 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 an original, but all such counterparts
together shall constitute but one and the same instrument. Delivery of any
executed counterpart of a signature page of this Amendment by facsimile
transmission shall be as effective as delivery of a manually executed
counterpart hereof.

         SECTION 8. Applicable Law.

         THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE
LAWS OF THE STATE OF NEW YORK.

         SECTION 9. Headings.

         The headings of this Amendment are for purposes of reference only and
shall not limit or otherwise affect the meaning hereof.

 

 

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed by their respective authorized officers as of the day and year
first above written.

	 	 	 	 	 
	 	 	AMERICAN COMMERCIAL LINES LLC,
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
by	 	 
	 	 	 	 	

	 	 	 	 	Name:

Title:
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	AMERICAN COMMERCIAL LINES

HOLDINGS LLC,
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
by	 	 
	 	 	 	 	

	 	 	 	 	Name:

Title:
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	JPMORGAN CHASE BANK, individually and

as Administrative Agent, Collateral

Agent, Issuing Bank and Security

Trustee,
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
by	 	 
	 	 	 	 	

	 	 	 	 	Name:

Title:

 

 

Each of the Subsidiary Guarantors hereby acknowledges receipt of and consents
to this Amendment:

ACBL LIQUID SALES LLC

ACL CAPITAL CORP.

AMERICAN COMMERCIAL BARGE LINE LLC

AMERICAN COMMERCIAL LINES INTERNATIONAL LLC

AMERICAN COMMERCIAL LOGISTICS LLC

JEFFBOAT LLC

AMERICAN COMMERCIAL TERMINALS LLC

AMERICAN COMMERCIAL TERMINALS–MEMPHIS LLC

LOUISIANA DOCK COMPANY LLC

HOUSTON FLEET LLC

LEMONT HARBOR & FLEETING SERVICES LLC

ORINOCO TASA LLC

ORINOCO TASV LLC

	 	 	 	 
	by	 	 	 
	 	 	

	 
	 	 	
Name:	 
	
	
	
	

	 	 	
Title:	 

 

 

SIGNATURE PAGE to

AMENDMENT No. 1 AND AGREEMENT

dated as of September 27, 2002, to the AMERICAN

COMMERCIAL LINES CREDIT AGREEMENT

 

	 	 	 	 	 
	 	 	To approve Amendment No. 1 and Agreement:
	
	
	
	

	 	 	 	 	 
	
	
	
	

	 	 	
Name of Lender:
	 	 	 	 	

	 	 	 	 	 
	
	
	
	

	 	 	
by	 	 
	 	 	 	

	 	 	 	Name:

Title:<PAGE>
                                                                    Exhibit 10.2

                FIRST AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT

         THIS FIRST AMENDMENT TO THE RECEIVABLES PURCHASE AGREEMENT, dated as of
November 11, 2002 (this "Amendment"), is entered into by AMERICAN COMMERCIAL
LINES FUNDING CORPORATION, as seller (the "Seller"), AMERICAN COMMERCIAL BARGE
LINE LLC ("ACBL"), individually and as servicer (the "Servicer"), the financial
institutions from time to time party to the Receivables Purchase Agreement as
bank investors (the "Bank Investors"), JUPITER SECURITIZATION CORPORATION, (the
"Company" and together with the Bank Investors, the "Purchasers" and each a
"Purchaser"), and BANK ONE, NA (Main Office Chicago), as Agent for the
Purchasers (in such capacity, the "Agent").

                                 R E C I T A L S
                                 - - - - - - - -

         A. The Seller, ACBL, the Servicer, the Purchasers and the Agent are
parties to the Receivables Purchase Agreement, dated as of May 24, 2002 (the
"Agreement");

         B. The parties hereto desire to amend the Agreement as set forth below.

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

         1. Certain Defined Terms. Capitalized terms used but not defined herein
shall have the meanings set forth for such terms in Exhibit I to the Agreement.

         2. Amendments to the Agreement.

            (a) Clause (i) of the definition of "Loss Percentage" set forth in
Exhibit I to the Agreement is hereby amended by deleting the percentage "10%"
and replacing it with the percentage "15%" therein:

            (b) The definition of "Liquidity Termination Date" set forth in
Exhibit I to the Amendment is hereby amended and restated in its entirety as
follows:

             "'Liquidity Termination Date' means January 31, 2003."

         3. Consent to Amendment of Performance Guaranty. Each of the Purchasers
and the Agent hereby consents to the First Amendment to the Performance
Undertaking, dated as of the date hereof, by the Performance Guarantor.

         4. Representations and Warranties. Each of the Seller and ACBL
represents and warrants to the Purchasers and the Agent that:

            (a) this Amendment has been duly authorized, executed and delivered
on its behalf, and the Agreement, as so amended, and each of the other
Transaction Documents to which it is a party constitutes its legal, valid and
binding obligation enforceable against it in accordance with the terms hereof or
thereof;

<PAGE>

            (b) the representations and warranties made by it in the Agreement
Documents (as amended hereby) are true and correct as of the date hereof; and

            (c) after giving effect to this Amendment, no Amortization Event or
Potential Amortization Event shall exist on the date hereof.

         5. Effect of Amendment. Except as expressly amended and modified by
this Amendment, all provisions of the Agreement shall remain in full force and
effect. After the date hereof, all references in the Agreement to "this
Agreement", "hereof", or words of similar effect referring to such Agreement.

         6. Counterparts. This Amendment may be executed in any number of
counterparts and by different parties on separate counterparts, each of which
shall be deemed to be an original and all of which when taken together shall
constitute but one and the same instrument.

         7. Governing Law. This Amendment shall be governed by, and construed in
accordance with, the law of the State of Illinois without regard to any
otherwise applicable principles of conflicts of law.

         8. Section Headings. The various headings of this Amendment are
included for convenience only and shall not affect the meaning or interpretation
of this Amendment, the Agreement or any provision hereof or thereof.

         IN WITNESS WHEREOF, the parties have caused this Amendment to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

                        AMERICAN COMMERCIAL LINES FUNDING CORPORATION, as the
                        Seller

                        By:     /s/ James J. Wolff
                                ----------------------------------------
                        Name:   James J. Wolff
                        Title:  Senior Vice President

                        AMERICAN COMMERCIAL BARGE LINE LLC, individually and as
                        Servicer

                        By:     /s/ James J. Wolff
                                ----------------------------------------
                        Name:   James J. Wolff
                        Title:  Senior Vice President

<PAGE>

                        JUPITER SECURITIZATION CORPORATION, as a Purchaser

                        By:     /s/ Ronald J. Atkins
                                -------------------------------
                        Name:   Ronald J. Atkins
                        Title:  Director

                        BANK ONE, NA, as a Purchaser and as Agent

                        By:     /s/ Ronald J. Atkins
                                -------------------------------
                        Name:   Ronald J. Atkins
                        Title:  Director

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