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CHANGE IN TERMS AGREEMENT

	Principal

        $2,000,000.00

        	Loan Date

        03-26-2001

        	Maturity

        06-30-2002

        	Loan No.

        

        	Call

        

        	Collateral

        	Account

        

        	Officer

        490

        	Initials

        
	References in the shaded area are for Lender's
        use only and do not limit the applicability of this
        document to any particular loan or item.

        

 

	Borrower:	Industrial
        Services of America, Inc.

        (TIN: 69-0712746)

        7100 Grade Lane

        Louisville, KY 40232	Lender:	Bank
        of Louisville

        500 West Broadway

        Louisville, KY 40202
	 	 
	 	 
	 	 

	Principal
        Amount:	$3,000,000.00	Initial
        Rate: 	8.500%	Date of
        Agreement:	November 30,
        2000

 

DESCRIPTION OF EXISTING INDEBTEDNESS.
The Revolving Line of Credit #81145 as evidenced by Borrower's
promissory note dated May 9, 1997, in the face principal amount
of $2,000,000.00, as most recently renewed by the Change in Terms
Agreement dated November 30, 2000, in the face principal amount
of $3,000,000.00, payable to Lender's order (the
"Note").

DESCRIPTION OF COLLATERAL. All of
Borrower's business assets, as described in the Security
Agreement dated May 9, 1997, by Borrower in favor of Lender
together with UCC-1 Financing Statement of record in the Office
of the Clerk of Jefferson County, Kentucky.

DESCRIPTION OF CHANGE IN TERMS. 1) The
maturity date of the Note is hereby to be confirmed as June 30,
2002. 2) The Loan Agreement dated November 30, 2000, is hereby
amended so as to delete the Financial Covenant entitled "Net
Worth Ratio." Interest will accrue to the end of each
interest period described in the Note, and will be due and
payable on the 15th day of the next interest period,
provided that all amounts outstanding under the Note shall be due
and payable in full on the maturity date set forth in the
previous sentence. Lender and Borrower agree that the Loan
Agreement and Security Agreement executed in connection with the
Note are and were intended to govern and secure Borrower's
obligation to Lender under the Note as it has been and may be
renewed, replaced, modified, and extended, and Borrower affirms
and confirms in all respects its obligation under the Loan
Agreement and Security Agreement. This Change in Terms Agreement
amends but does not novate the Note.

FINAL AGREEMENT. THE UNDERSIGNED
REPRESENTS AND AGREES THAT: (A) THIS AGREEMENT, TOGETHER WITH THE
OTHER DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND/OR REFERRED
TO HEREIN (COLLECTIVELY, THE "LOAN DOCUMENTS")
REPRESENTS THE FINAL AGREEMENT BETWEEN THE UNDERSIGNED AND THE
LENDER WITH RESPECT TO THE SUBJECT MATTER HEREOF, (B) THERE ARE
NO UNWRITTEN ORAL AGREEMENT BETWEEN THE PARTIES, AND (C) THE LOAN
DOCUMENTS MAY NOT BE CONTRADICTED BY EVIDENCE OF ANY PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR UNDERSTANDINGS
OF THE PARTIES, THE TERM "PARTIES" MEANS BANK OF
LOUISVILLE AND ANY AND ALL ENTITIES OR INDIVIDUALS WHO ARE
OBLIGATED, DIRECTLY OR INDIRECTLY TO REPAY THE INDEBTEDNESS
REPRESENTED BY THIS NOTE OR HAVE PLEDGED PROPERTY AS SECURITY FOR
THE INDEBTEDNESS REPRESENTED BY THIS NOTE.

EFFECTIVE DATE. This Agreement was
executed on the _____ day of __________, 2001, but is effective
as of March 26, 2001.

FINANCIAL REPORTING. Borrower affirms
its obligation to provide Lender with its financial statements
and other financial information, in form and substance
satisfactory to Lender and on such periodic reporting schedule as
Lender may prescribe, and change from time to time.

CONTINUING VALIDITY. Except as expressly
changed by this Agreement, the terms of the original obligation
or obligations, including all agreements evidenced or securing
the obligation(s), remain unchanged and in full force and effect.
Consent by Lender to this Agreement does not waive Lender's right
to strict performance of the obligation(s) as changed, nor
obligate Lender to make any future change in terms. Nothing in
this Agreement will constitute a satisfaction of the
obligation(s). It is the intention of Lender to retain as liable
parties all makers and endorsers of the original obligation(s),
including accommodation parties, unless a party is expressly
released by Lender in writing. Any maker or endorser, including
accommodation makers, will not be released by virtue of this
Agreement. If any person who signed the original obligation does
not sign this Agreement below, then all persons signing below
acknowledge that this Agreement is given conditionally, based on
the representation to Lender that the non-signing party consents
to the changes and provisions of this Agreement or otherwise will
not be released by it. This waiver applies not only to any
initial extension, modification or release, but also to all such
subsequent actions.

BORROWER:

Industrial Services of America, Inc.

 

By: /s/ Timothy W.
Myers                  

      Timothy W. Myers,
PresidentEXHIBIT 4.8
-----------

                         THIRD SUPPLEMENTAL INDENTURE
                         ----------------------------

      This Third Supplemental Indenture dated as of October 16, 2000 is
supplemental to that certain Second Supplemental Indenture dated as of
March 1, 1998 (the "Second Supplemental Indenture") Supplemental Indenture
("Supplemental Indenture"), dated June 14, 1993 and that certain Indenture
together with the Second Supplemental Indenture and the Supplemental
Indenture, (the "Indenture") dated as of March 14, 1989 among Amfac/JMB
Hawaii, Inc., now known as Amfac/JMB Hawaii, L.L.C., a Hawaii limited
liability company (the "Company"), as issuer of the Certificate of Land
Appreciation Notes Due 2008 (the "Notes") issued under the Indenture, AMFAC
PROPERTY DEVELOPMENT CORP., a Hawaii corporation, AMFAC PROPERTY INVESTMENT
CORP., a Hawaii corporation ("APIC"), AMFAC SUGAR & AGRIBUSINESS, INC., now
known as AMFAC LAND COMPANY, LIMITED, a Hawaii corporation, AMFAC
AGRIBUSINESS, INC., now known as KAANAPALI ESTATE COFFEE, INC., a Hawaii
corporation, KEKAHA SUGAR COMPANY, LIMITED, a Hawaii corporation, THE LIHUE
PLANTATION COMPANY, LIMITED, a Hawaii corporation, OAHU SUGAR COMPANY,
LIMITED, a Hawaii corporation, PIONEER MILL COMPANY, LIMITED, a Hawaii
corporation, PUNA SUGAR COMPANY, LIMITED, a Hawaii corporation, H. HACKFELD
& CO., LTD., a Hawaii corporation, WAIAHOLE IRRIGATION COMPANY, LIMITED, a
Hawaii corporation and adding WAIKELE GOLF CLUB, INC., a Hawaii corporation
pursuant to the Supplemental Indenture, as Guarantors of the Notes, and THE
FIRST NATIONAL BANK OF CHICAGO, now known as BANK ONE, National
Association, as Trustee, as amended.

      The Company has caused to be formed three subsidiaries: Kaanapali
Development Corp., a Hawaii corporation; Amfac Holdings Corp, a Delaware
corporation and KDCW, Inc., a Delaware corporation.  It is anticipated that
each of these corporations, directly or indirectly, will obtain title to
certain assets currently owned by the Company or its subsidiaries.  This
Third Supplemental Indenture being entered into pursuant to Sections 5.19
and 9.01(2) of the Indenture which provide, in part, that a supplemental
indenture may be entered into by the Company and the Trustee without the
consent of the Securityholders in order to add a Guarantor under Article
Eleven when the Company shall directly or indirectly acquire an ownership
interest in or directly or indirectly make a capital contribution to any
corporation.  Therefore, in compliance with SECTION 5.19 of the Indenture,
KAANAPALI DEVELOPMENT CORP., AMFAC HOLDINGS CORP. AND KDCW, INC. hereby
agree to guarantee the repayment of the principal, and the payment of
interest as provided in, the Securities as provided in Article Eleven of
the Indenture as of the date, and by execution, of this Third Supplemental
Indenture.

      This Third Supplemental Indenture may be executed in any number of
counterparts, each of which when so executed shall be deemed to be an
original; but such counterparts shall  together constitute but one and the
same instrument.  The parties hereto acknowledge that the indemnification
of the Trustee set forth in Section 8.07  of the Indenture provides
indemnification of the Trustee for its execution and delivery of this Third
Supplemental Indenture.

                                       1

<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Third
Supplemental Indenture to be duly executed, and attested, all as of the
date first written above.

                               AMFAC/JMB HAWAII, L.L.C.

                               By:   ______________________________
                                     Senior Vice President

Attest:     __________________________
            Assistant Secretary

GUARANTORS:                    AMFAC PROPERTY DEVELOPMENT CORP.

                               By:   ______________________________
                                     Vice President

Attest:     __________________________
            Assistant Secretary

                               AMFAC PROPERTY INVESTMENT CORP.

                               By:   ______________________________
                                     Vice President

Attest:     __________________________
            Assistant Secretary

                               AMFAC LAND COMPANY, LIMITED

                               By:   ______________________________
                                     Vice President

Attest:     __________________________
            Assistant Secretary

                               KAANAPALI ESTATE COFFEE, INC.

                               By:   ______________________________
                                     Vice President

Attest:     __________________________
            Assistant Secretary

                               KEKAHA SUGAR COMPANY, LIMITED

                               By:   ______________________________
                                     Vice President

Attest:     __________________________
            Assistant Secretary

                                       2

<PAGE>

                               THE LIHUE PLANTATION COMPANY, LIMITED

                               By:   ______________________________

Attest:     __________________________
            Assistant Secretary

                               OAHU SUGAR COMPANY, LIMITED

                               By:   ______________________________
                                     Vice President

Attest:     __________________________
            Assistant Secretary

                               PIONEER MILL COMPANY, LIMITED

                               By:   ______________________________
                                     Vice President

Attest:     __________________________
            Assistant Secretary

                               PUNA SUGAR COMPANY, LIMITED

                               By:   ______________________________
                                     Vice President

Attest:     __________________________
            Assistant Secretary

                               H. HACKFELD & CO., LTD.

                               By:   ______________________________
                                     Vice President

Attest:     __________________________
            Assistant Secretary

                               WAIAHOLE IRRIGATION COMPANY, LIMITED

                               By:   ______________________________
                                     Vice President

Attest:     __________________________
            Assistant Secretary

                               WAIKELE GOLF CLUB, INC.

                               By:   ______________________________

Attest:     __________________________
            Assistant Secretary

                                       3

<PAGE>

                               KAANAPALI DEVELOPMENT CORP.

                               By:   ______________________________
                                     Vice President

Attest:     __________________________
            Assistant Secretary

                               AMFAC HOLDINGS CORP.

                               By:   ______________________________
                                     Vice President

Attest:     __________________________
            Assistant Secretary

                               KDCW, INC.

                               By:   ______________________________
                                     Vice President

Attest:     __________________________
            Assistant Secretary

                               TRUSTEE
                               BANK ONE, National Association

                               By:   ______________________________

Attest:     __________________________
            Assistant Secretary

                                       4

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