Document:

EX-10.2

FIRST AMENDMENT TO CREDIT AGREEMENT

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of June 28, 2007, is by
and among THE ST. JOE COMPANY (the “Borrower”), each of the Lenders party hereto, BANK OF AMERICA,
N.A., as Agent (the “Agent”) and Banc of America Securities, LLC , as Arranger, Book Manager and
Syndication Agent.

WHEREAS, the Borrower, the Lenders, the Agent and certain other parties have entered into that
certain Credit Agreement dated as of July 28, 2006 (as in effect immediately prior to the date
hereof, the “Credit Agreement”) and the Borrower, the Lenders and the Agent desire to amend certain
provisions of the Credit Agreement on the terms and conditions contained herein.

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

Section 1. Specific Amendments to Credit Agreement. The parties hereto agree that
the Credit Agreement is amended as follows:

(a) The Credit Agreement is amended by adding the following definitions to Section 1.1.
thereof in the appropriate alphabetical-order location:

“Qualified Installment Sale Note” means a promissory note evidencing the
consideration due to the seller in a Qualified Installment Sale Transaction, which
promissory note is secured by a standby letter of credit, guaranty or other similar
form of credit enhancement (a) issued for the account of the purchaser in such
Qualified Installment Sale Transaction by a Person having a Credit Rating of A or A2
from at least one Rating Agency at the time of issuance and (b) in an amount not
less than the principal amount of such promissory note plus accrued interest for a
period which is at least thirty days longer than the interval at which interest is
due and payable under such promissory note.

“Qualified Installment Sale Transaction” means the sale of real and personal
property of the Borrower or a Subsidiary in exchange for a Qualified Installment
Sale Note issued by the purchaser of such real and personal property, which
Qualified Installment Sale Note is assigned, together with the standby letter of
credit, guaranty or other similar form of credit enhancement securing such
instrument, for cash to a Qualified SPE which in turn will issue its Qualified
Senior Notes to a trustee acting on behalf of Persons acquiring interests in such
Qualified Senior Notes in a private placement.

“Qualified Senior Note” means the senior promissory note(s) issued by a
Qualified SPE to a trustee acting on behalf of Persons acquiring interests in such
note(s) in a private placement in connection with a Qualified Installment Sale
Transaction and secured solely by a Qualified Installment Sale Note and related
letter of credit, guaranty or other similar form of credit enhancement held by such
Qualified SPE.

“Qualified SPE” means a Wholly Owned Subsidiary of the Borrower formed as a
special purpose entity in connection with a Qualified Installment Sale Transaction
for the sole purpose of (a) owning and holding the Qualified Installment Sale Note
issued in connection with such Qualified Installment Sale Transaction, together with
the standby letter of credit, guaranty or other similar form of credit enhancement
securing such Qualified Installment Sale Note, (b) issuing a Qualified Senior Note
to be secured solely by such Qualified Installment Sale Note and related standby
letter of credit, guaranty or other similar form of credit enhancement and (c) and
engaging in other activities incidental to the foregoing.

(b) The Credit Agreement is amended by restating the definition of “Land” contained in
Section 1.1. thereof in its entirety as follows:

“Land” means (i) land on which no development (other than improvements that are
not material or are temporary in nature) has occurred and (ii) land on which a
project is currently under development so long as the calculation of Total Asset
Value does not include any NOI attributable to such Property. For purposes of this
Agreement, Land shall be valued as follows:

(a) $50,000 per acre for acreage related to the Borrower’s Residential Real
Estate segment which is either entitled or currently in the entitlement process;

(b) $2,000 per acre for acreage related to the Borrower’s Residential Real
Estate segment which is neither entitled nor currently in the entitlement process;

(c) $8,000 per acre for acreage related to the Borrower’s Rural Land Sales
segment which is either entitled or currently in the entitlement process;

(d) $1,500 per acre for acreage related to the Borrower’s Rural Land Sales
segment which is neither entitled nor currently in the entitlement process;

(e) $40,000 per acre for acreage related to Borrower’s Commercial segment which
is either entitled or currently in the entitlement process;

(f) $1,750 per acre for acreage related to Borrower’s Commercial segment which
is neither entitled or in the entitlement process;

(g) $1,500 per acre for acreage classified by the Borrower as ANRR
Right-of-Way, Conservation/Mitigation, Corporate, Mitigation, or Overlap; and

(h) $1,200 per acre for acreage classified by the Borrower as Timberland or not
elsewhere classified by the Borrower.

For Land valuation purposes, the Borrower’s RiverCamps and WhiteFence Farms projects
will be included in subparagraphs (c) or (d) above, as appropriate. For the
avoidance of doubt, a project is deemed entitled when all major discretionary
governmental land-use approvals have been received. The Borrower, the Agent and
each of the Lenders acknowledge that an entitled project may require additional
permits for development and/or build-out and also may be subject to legal challenge.
The per acre values set forth above will be reviewed on each anniversary date of
the Agreement Date and adjusted as requested by the Borrower and consented to by the
Requisite Lenders or as otherwise reasonably determined by the Requisite Lenders in
good faith after consultation with the Borrower.

(c) The Credit Agreement is amended by restating the definition of “Note” contained in
Section 1.1. thereof in its entirety as follows:

"Note” means, collectively, the following promissory notes, dated September 29, 2006,
executed by the Borrower in the aggregate principal amount of $100,000,000.00, as the same
may be amended, extended, supplemented or renewed from time to time: (i) Amended and
Restated Promissory Note, executed in favor of Bank of America, N.A., in the original
principal amount of $50,000,000; and (ii) Amended and Restated Promissory Note, executed in
favor of Wells Fargo Bank, National Association, in the original principal amount of
$50,000,000.

(d) The Credit Agreement is amended by restating the definition of “Termination Date”
contained in Section 1.1. thereof in its entirety as follows:

“Termination Date” means January 31, 2008 (as the same may be modified pursuant to
Section 2.7 hereof).

(e) Section 2.1 of the Credit Agreement is hereby amended and restated in its entirety as
follows:

	 	 	 	Section 2.1. Loan.	 

The Borrower has previously borrowed from the Lenders in one or more draws, on a
non-revolving basis, an aggregate amount of $100,000,000.00. The Loan is not revolving.
The Borrower shall not be entitled to any further advances under the Loan.

(f) Section 2.7 of the Credit Agreement is amended and restated in its entirety as follows:

	 	 	 	Section 2.7. Extension of Termination Date.	 

The Borrower shall have the right to extend the Termination Date by one (1) six-month
period. Extension of the Termination Date shall not extend any draw period, and the
Borrower shall not be entitled to receive any further draws under the Note. The Borrower
may exercise the right to extend the Termination Date only by executing and delivering to
the Agent, at least thirty (30) days prior to January 31, 2008, a written request for such
extension (an “Extension Request”). Upon satisfaction of the following conditions and
receipt of the Extension Request, the Termination Date shall be extended to July 31, 2008:

(a) The Borrower shall have paid all fees due under Section 3.4(b) of this
Credit Agreement;

(b) All conditions set forth in the Note for the extension of the Termination
Date shall have been satisfied;

(c) Immediately prior to such extension and immediately after giving effect
thereto, (i) no Default or Event of Default shall exist and (ii) the representations
and warranties made or deemed made by the Borrower and each other Loan Party in the
Credit Documents to which any of them is a party, shall be true and correct in all
material respects on and as of the date of such extension with the same force and
effect as if made on and as of such date except to the extent that such
representations and warranties expressly relate solely to an earlier date (in which
case such representations and warranties shall have been true and correct on and as
of such earlier date) and except for changes in factual circumstances not prohibited
under the Credit Documents.

(g) Section 3.4(b) of the Credit agreement is hereby amended as follows:

(b) Extension Fee. If the Borrower exercises its right to extend the
Termination Date (as amended by this Agreement) in accordance with Section 2.7 (as amended
by this Agreement), the Borrower agrees to pay to the Agent for the account of the Lenders a
fee equal to seven and one-half basis points (.075%) of the outstanding principal amount of
the Loan amount at the time of such extension. Such fee shall be due and payable in full on
the date the Agent receives the Extension Request pursuant to such Section.

(h) The Credit Agreement is amended by restating Section 9.1(b) of the Credit Agreement as
follows:

(b) Minimum Fixed Charge Coverage Ratio. The ratio of (i) Adjusted EBITDA for
the period of four consecutive fiscal quarters of the Borrower most recently ending to (ii)
Fixed Charges for such period, to be less than 2.50 to 1.0 at any time.

(i) The Credit Agreement is amended by adding to the end of Section 9.1. the following
paragraph:

For purposes of determining compliance with the covenants contained in the
immediately preceding subsections, (x) Indebtedness attributable to Qualified Senior
Notes (and any Interest Expense thereon) shall be excluded, (y) Qualified
Installment Sale Notes shall not be included in determinations of Total Asset Value
and (z) any interest income attributable to Qualified Installment Sale Notes shall
be excluded.

(j) The Credit Agreement is amended by adding to the end of Section 9.3. the following
sentence:

Indebtedness in respect of Qualified Senior Notes shall not be subject to this
Section.

(k) The Credit Agreement is amended by restating Section 9.4.(b) in its entirety as follows:

(b) Investments consisting of loans, advances or extensions of credit to, or
purchases or other acquisitions of any Indebtedness of, another Person not a
Subsidiary, with the value of such Investments being determined in accordance with
GAAP, provided that loans evidenced by Qualified Installment Sale Notes shall not be
subject to this subsection; and

(l) The Credit Agreement is amended by adding to the end of Section 9.4. the following
paragraph:

For purposes of determining compliance with the covenant contained in this Section,
Qualified Installment Sale Notes shall not be included in the determination of Total
Asset Value.

(m) The Credit Agreement is amended by deleting the word “and” at the end of Section 9.5.(f),
relettering Section 9.5.(g) as Section 9.5.(h) and adding the following subsection (g) to
Section 9.5.:

(g) Investments in Qualified Installment Sale Notes; and

(n) The Credit Agreement is amended by restating subsections (b) and (c) of Section 9.6. in
their entirety as follows:

(b) The Borrower shall not, and shall not permit any Subsidiary or other Loan
Party to, enter into, assume or otherwise be bound by any Negative Pledge except for
a Negative Pledge contained in (i) an agreement (x) evidencing Indebtedness which
the Borrower or such Subsidiary may create, incur, assume, or permit or suffer to
exist under Section 9.3., (y) which Indebtedness is secured by a Lien permitted to
exist under the Credit Documents, and (z) which prohibits the creation of any other
Lien on only the property securing such Indebtedness as of the date such agreement
was entered into; (ii) an agreement relating to the sale of a Subsidiary or assets
pending such sale, provided that in any such case the Negative Pledge applies only
to the Subsidiary or the assets that are the subject of such sale;
(iii) Section 10.6 of the 2002 Note Purchase Agreements and of the 2004 Note
Purchase Agreements, in each case, as in effect on the Agreement Date;
(iv) Additional Note Purchase Agreements (as defined in the Intercreditor Agreement)
so long as any such Negative Pledge is on terms substantially similar to the
Negative Pledge contained in Section 10.6 of the 2002 Note Purchase Agreements and
of the 2004 Note Purchase Agreements, in each case, as in effect on the Agreement
Date; and (v) agreements relating to a Qualified Installment Sale Transaction,
including organizational documents of a Qualified SPE, so long as any such Negative
Pledge applies only to the assets that are owned by the Qualified SPE.

(c) The Borrower shall not, and shall not permit any Subsidiary (other than an
Excluded Subsidiary) or other Loan Party to, create or otherwise cause or suffer to
exist or become effective any consensual encumbrance or restriction of any kind on
the ability of any Subsidiary (other than an Excluded Subsidiary) to: (i) pay
dividends or make any other distribution on any of such Subsidiary’s capital stock
or other equity interests owned by the Borrower or any Subsidiary; (ii) pay any
Indebtedness owed to the Borrower or any Subsidiary; (iii) make loans or advances to
the Borrower or any Subsidiary; or (iv) transfer any of its property or assets to
the Borrower or any Subsidiary.

(o) The Credit Agreement is amended by restating Section 9.11. in its entirety as follows:

The Borrower shall not, and shall not permit any of its Subsidiaries or any
other Loan Party to, permit to exist or enter into, any transaction (including the
purchase, sale, lease or exchange of any property or the rendering of any service)
with any Affiliate (other than a Loan Party), except transactions in the ordinary
course of the business of the Borrower or any of its Subsidiaries and upon terms
which are no less favorable to the Borrower or such Subsidiary than would be
obtained in a comparable arm’s length transaction with a Person that is not an
Affiliate; provided, however, Qualified Installment Sale Transactions shall not be
subject to the requirement that they be in the ordinary course of business.

(p) The Credit Agreement is amended by restating Section 10.1.(e)(i) in its entirety as
follows:

(i) The Borrower, any Subsidiary or any other Loan Party shall fail to pay when due and
payable, within any applicable grace or cure period, the principal of, or interest on, any
Indebtedness (other than the Loans and Reimbursement Obligations and Indebtedness in respect
of Qualified Senior Notes) having an aggregate outstanding principal amount of $25,000,000
or more (“Material Indebtedness”); or

Section 2. Conditions Precedent. The effectiveness of this Amendment is subject to
receipt by the Agent of each of the following, each in form and substance satisfactory to the
Agent:

(a) A counterpart of this Amendment duly executed by the Borrower and the Requisite Lenders;
and

(b) Such other documents, instruments and agreements as the Agent may reasonably request.

Section 3. Representations. The Borrower represents and warrants to the Agent and
the Lenders that:

(a) Authorization. The Borrower has the right and power, and has taken all necessary
action to authorize it, to execute and deliver this Amendment and to perform its obligations
hereunder and under the Credit Agreement, as amended by this Amendment, in accordance with their
respective terms. This Amendment has been duly executed and delivered by a duly authorized officer
of the Borrower and each of this Amendment and the Credit Agreement, as amended by this Amendment,
is a legal, valid and binding obligation of the Borrower enforceable against the Borrower in
accordance with its respective terms except as the same may be limited by bankruptcy, insolvency,
and other similar laws affecting the rights of creditors generally and the availability of
equitable remedies for the enforcement of certain obligations (other than the payment of principal)
contained herein or therein and as may be limited by equitable principles generally.

(b) Compliance with Laws, etc. The execution and delivery by the Borrower of this
Amendment and the performance by the Borrower of this Amendment and the Credit Agreement, as
amended by this Amendment, in accordance with their respective terms, do not and will not, by the
passage of time, the giving of notice or otherwise: (i) require any Government Approvals or
violate any Applicable Laws relating to the Borrower or any other Loan Party; (ii) conflict with,
result in a breach of or constitute a default under the organizational documents of the Borrower or
any other Loan Party, or any indenture, agreement or other instrument to which the Borrower or any
other Loan Party is a party or by which it or any of its respective properties may be bound; or
(iii) result in or require the creation or imposition of any Lien upon or with respect to any
property now owned or hereafter acquired by the Borrower or any other Loan Party.

(c) No Default. No Default or Event of Default has occurred and is continuing as of
the date hereof nor will exist immediately after giving effect to this Amendment.

Section 4. Reaffirmation of Representations by Borrower. The Borrower hereby repeats
and reaffirms all representations and warranties made by the Borrower to the Agent and the Lenders
in the Credit Agreement and the other Loan Documents to which it is a party on and as of the date
hereof with the same force and effect as if such representations and warranties were set forth in
this Amendment in full, except for changes in factual circumstances not prohibited under the Credit
Documents.

Section 5. Certain References. Each reference to the Credit Agreement in any of the
Loan Documents shall be deemed to be a reference to the Credit Agreement as amended by this
Amendment.

Section 6. Expenses. The Borrower shall reimburse the Agent upon demand for all
costs and expenses (including reasonable attorneys’ fees) incurred by the Agent in connection with
the preparation, negotiation and execution of this Amendment and the other agreements and documents
executed and delivered in connection herewith.

Section 7. Benefits. This Amendment shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors and assigns.

Section 8. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF FLORIDA APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY
PERFORMED, IN SUCH STATE.

Section 9. Effect. Except as expressly herein amended, the terms and conditions of
the Credit Agreement and the other Loan Documents remain in full force and effect. The amendments
contained herein shall be deemed to have prospective application only, unless otherwise
specifically stated herein.

Section 10. Counterparts. This Amendment may be executed in any number of
counterparts, each of which shall be deemed to be an original and shall be binding upon all
parties, their successors and assigns.

Section 11. Definitions. All capitalized terms not otherwise defined herein are used
herein with the respective definitions given them in the Credit Agreement.

[Signatures on Next Page]

1

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to Credit Agreement
to be executed as of the date first above written.

THE ST. JOE COMPANY

By: /s/ Stephen W. Solomon

Stephen W. Solomon

Senior Vice President — Treasurer

[Signatures Continued on Next Page]

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[Signature Page to First Amendment Credit Agreement with The St. Joe Company]

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

By: /s/ Sandra C. Russell

Name: Sandra C. Russell

Title: Vice President

[Signatures Continued on Next Page]

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[Signature Page to First Amendment Credit Agreement with The St. Joe Company]

	 	 	 	WELLS FARGO BANK, NATIONAL ASSOCIATION

By: /s/ J. Todd Kurn

Name: J. Todd Kurn

Title: Assistant Vice President

[Signatures Continued on Next Page]

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[Signature Page to First Amendment Credit Agreement with The St. Joe Company]

	 	 	 	BANC OF AMERICA SECURITIES LLC

By: /s/ Jeffrey J. Titherington

Name: Jeffrey J. Titherington

Title: Principal

5

NOTE MODIFICATION AGREEMENT

This Note Modification Agreement is made this 28th day of June, 2007, by and between THE ST.
JOE COMPANY, a Florida corporation (the “Borrower”), and BANK OF AMERICA, N.A. (the “Lender”).

Recitals

The Borrower, the Lender and certain other parties have entered into a Credit Agreement (as
amended or restated from time to time, the “Credit Agreement”) dated July 28, 2006, pursuant to
which the Borrower has executed and delivered to the Lender that certain Amended and Restated
Promissory Note (the “Note”), dated September 29, 2006, in favor of the Lender in the original
principal amount of $50,000,000.00.

The parties wish to modify the Note in accordance with the provisions hereof.

NOW THEREFORE, for good and valuable consideration, the parties agree as follows:

1. Section 1.2 of the Note is hereby amended so that, from and after the date hereof, such
section shall read as follows:

Section 1.2 Extension Option. Lender shall grant a request by Borrower to
extend the Termination Date to July 31, 2008, upon and subject to the following terms and
conditions (unless otherwise agreed by Lender in writing):

(i) Borrower shall request the extension, if at all, by written notice to
Lender not less than thirty (30) days prior to January 31, 2008.

(ii) At the time of the request, and at the time of the extension, there shall
not exist any Event of Default, nor any condition or state of facts which after
notice and/or lapse of time would constitute an Event of Default.

(iii) At the time of the extension, all requirements set forth in Section 2.7
of the Credit Agreement for extension of the Termination Date shall have been
satisfied.

(iv) Whether or not the extension becomes effective, Borrower shall pay all
out-of-pocket costs and expenses incurred by Lender in connection with the proposed
extension (pre- and post-closing), including all reasonable attorneys’ fees actually
incurred by Lender; all such costs and expenses incurred up to the time of Lender’s
written agreement to the extension shall be due and payable prior to Lender’s
execution of that agreement (or if the proposed extension does not become effective,
then upon demand by Lender), and any future failure to pay such amounts shall
constitute a default under the Loan Documents.

3. The Note, as modified herein, shall continue in full force and effect from and after the
date hereof. The Borrower shall perform, comply with and abide by each and every provision of the
Note (as modified herein), and the provisions of every other Loan Documents (as defined in the
Note). This Agreement shall be binding upon and shall inure to the benefit of the successors and
assigns of the Borrower and the Bank. This Agreement shall not constitute a novation.

4. Mandatory Arbitration. Dispute Resolution.

Arbitration. Except to the extent expressly provided below, any Dispute shall, upon
the request of either party, be determined by binding arbitration in accordance with the Federal
Arbitration Act, Title 9, United States Code (or if not applicable, the applicable state law), the
then-current rules for arbitration of financial services disputes of AAA and the “Special Rules”
set forth below. In the event of any inconsistency, the Special Rules shall control. The filing
of a court action is not intended to constitute a waiver of the right of Borrower or Lender,
including the suing party, thereafter to require submittal of the Dispute to arbitration. Any
party to this Agreement may bring an action, including a summary or expedited proceeding, to compel
arbitration of any Dispute in any court having jurisdiction over such action. For the purposes of
this Dispute Resolution Section only, the terms “party” and “parties” shall include any parent
corporation, subsidiary or affiliate of Lender involved in the servicing, management or
administration of any obligation described in or evidenced by this Agreement, together with the
officers, employees, successors and assigns of each of the foregoing.

Special Rules.

(i) The arbitration shall be conducted in any U.S. state where real or tangible
personal property collateral is located, or if there is no such collateral, in the City and
County where Lender is located pursuant to its address for notice purposes in this
Agreement.

(ii) The arbitration shall be administered by AAA, who will appoint an arbitrator. If
AAA is unwilling or unable to administer or legally precluded from administering the
arbitration, or if AAA is unwilling or unable to enforce or legally precluded from enforcing
any and all provisions of this Dispute Resolution Section, then any party to this Agreement
may substitute another arbitration organization that has similar procedures to AAA and that
will observe and enforce any and all provisions of this Dispute Resolution Section. All
Disputes shall be determined by one arbitrator; however, if the amount in controversy in a
Dispute exceeds Five Million Dollars ($5,000,000), upon the request of any party, the
Dispute shall be decided by three arbitrators (for purposes of this Agreement, referred to
collectively as the “arbitrator”).

(iii) All arbitration hearings will be commenced within ninety (90) days of the demand
for arbitration and completed within ninety (90) days from the date of commencement;
provided, however, that upon a showing of good cause, the arbitrator shall be permitted to
extend the commencement of such hearing for up to an additional sixty (60) days.

(iv) The judgment and the award, if any, of the arbitrator shall be issued within
thirty (30) days of the close of the hearing. The arbitrator shall provide a concise
written statement setting forth the reasons for the judgment and for the award, if any. The
arbitration award, if any, may be submitted to any court having jurisdiction to be confirmed
and enforced, and such confirmation and enforcement shall not be subject to arbitration.

(v) The arbitrator will give effect to statutes of limitations and any waivers thereof
in determining the disposition of any Dispute and may dismiss one or more claims in the
arbitration on the basis that such claim or claims is or are barred. For purposes of the
application of the statute of limitations, the service on AAA under applicable AAA rules of
a notice of Dispute is the equivalent of the filing of a lawsuit.

(vi) Any dispute concerning this arbitration provision, including any such dispute as
to the validity or enforceability of this provision, or whether a Dispute is arbitrable,
shall be determined by the arbitrator; provided, however, that the arbitrator shall not be
permitted to vary the express provisions of these Special Rules or the Reservations of
Rights in subsection (c) below.

(vii) The arbitrator shall have the power to award legal fees and costs pursuant to the
terms of this Agreement.

(viii) The arbitration will take place on an individual basis without reference to,
resort to, or consideration of any form of class or class action.

Reservations of Rights. Nothing in this Agreement shall be deemed to (i) limit the
applicability of any otherwise applicable statutes of limitation and any waivers contained in this
Agreement, or (ii) apply to or limit the right of Lender (A) to exercise self help remedies such as
(but not limited to) setoff, or (B) to foreclose judicially or nonjudicially against any real or
personal property collateral, or to exercise judicial or nonjudicial power of sale rights, (C) to
obtain from a court provisional or ancillary remedies such as (but not limited to) injunctive
relief, writ of possession, prejudgment attachment, or the appointment of a receiver, or (D) to
pursue rights against a party to this Agreement in a third-party proceeding in any action brought
against Lender in a state, federal or international court, tribunal or hearing body (including
actions in specialty courts, such as bankruptcy and patent courts). Lender may exercise the rights
set forth in clauses (A) through (D), inclusive, before, during or after the pendency of any
arbitration proceeding brought pursuant to this Agreement. Neither the 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 arbitrate the merits of the Dispute occasioning resort to such remedies. No
provision in the Loan Documents regarding submission to jurisdiction and/or venue in any court is
intended or shall be construed to be in derogation of the provisions in any Loan Document for
arbitration of any Dispute.

Conflicting Provisions for Dispute Resolution. If there is any conflict between the
terms, conditions and provisions of this Section and those of any other provision or agreement for
arbitration or dispute resolution, the terms, conditions and provisions of this Section shall
prevail as to any Dispute arising out of or relating to (i) this Agreement, (ii) any other Loan
Document, (iii) any related agreements or instruments, or (iv) the transaction contemplated herein
or therein (including any claim based on or arising from an alleged personal injury or business
tort). In any other situation, if the resolution of a given Dispute is specifically governed by
another provision or agreement for arbitration or dispute resolution, the other provision or
agreement shall prevail with respect to said Dispute.

(e) JURY TRIAL WAIVER IN ARBITRATION. BY AGREEING TO THIS SECTION, THE PARTIES
IRREVOCABLY AND VOLUNTARILY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
DISPUTE.

[SIGNATURES APPEAR ON FOLLOWING PAGE]

6

DATED the day and year first above written.

BANK OF AMERICA, N.A.

By: /s/ Sandra C. Russell

Print Name: Sandra C. Russell

Title: Vice President

THE ST. JOE COMPANY

By: /s/ Stephen W. Solomon

Stephen W. Solomon

Senior Vice President — Treasurer

7

NOTE MODIFICATION AGREEMENT

This Note Modification Agreement is made this 28th day of June, 2007, by and between THE ST.
JOE COMPANY, a Florida corporation (the “Borrower”), and WELLS FARGO BANK, NATIONAL ASSOCIATION
(the “Lender”).

Recitals

The Borrower, the Lender and certain other parties have entered into a Credit Agreement (as
amended or restated from time to time, the “Credit Agreement”) dated July 28, 2006, pursuant to
which the Borrower has executed and delivered to the Lender that certain Amended and Restated
Promissory Note (the “Note”), dated September 29, 2006, in favor of the Lender in the original
principal amount of $50,000,000.00.

The parties wish to modify the Note in accordance with the provisions hereof.

NOW THEREFORE, for good and valuable consideration, the parties agree as follows:

1. Section 1.2 of the Note is hereby amended so that, from and after the date hereof, such
section shall read as follows:

Section 1.2 Extension Option. Lender shall grant a request by Borrower to
extend the Termination Date to July 31, 2008, upon and subject to the following terms and
conditions (unless otherwise agreed by Lender in writing):

(i) Borrower shall request the extension, if at all, by written notice to
Lender not less than thirty (30) days prior to January 31, 2008.

(ii) At the time of the request, and at the time of the extension, there shall
not exist any Event of Default, nor any condition or state of facts which after
notice and/or lapse of time would constitute an Event of Default.

(iii) At the time of the extension, all requirements set forth in Section 2.7
of the Credit Agreement for extension of the Termination Date shall have been
satisfied.

(iv) Whether or not the extension becomes effective, Borrower shall pay all
out-of-pocket costs and expenses incurred by Lender in connection with the proposed
extension (pre- and post-closing), including all reasonable attorneys’ fees actually
incurred by Lender; all such costs and expenses incurred up to the time of Lender’s
written agreement to the extension shall be due and payable prior to Lender’s
execution of that agreement (or if the proposed extension does not become effective,
then upon demand by Lender), and any future failure to pay such amounts shall
constitute a default under the Loan Documents.

3. The Note, as modified herein, shall continue in full force and effect from and after the
date hereof. The Borrower shall perform, comply with and abide by each and every provision of the
Note (as modified herein), and the provisions of every other Loan Documents (as defined in the
Note). This Agreement shall be binding upon and shall inure to the benefit of the successors and
assigns of the Borrower and the Bank. This Agreement shall not constitute a novation.

4. Mandatory Arbitration. Dispute Resolution.

Arbitration. Except to the extent expressly provided below, any Dispute shall, upon
the request of either party, be determined by binding arbitration in accordance with the Federal
Arbitration Act, Title 9, United States Code (or if not applicable, the applicable state law), the
then-current rules for arbitration of financial services disputes of AAA and the “Special Rules”
set forth below. In the event of any inconsistency, the Special Rules shall control. The filing
of a court action is not intended to constitute a waiver of the right of Borrower or Lender,
including the suing party, thereafter to require submittal of the Dispute to arbitration. Any
party to this Agreement may bring an action, including a summary or expedited proceeding, to compel
arbitration of any Dispute in any court having jurisdiction over such action. For the purposes of
this Dispute Resolution Section only, the terms “party” and “parties” shall include any parent
corporation, subsidiary or affiliate of Lender involved in the servicing, management or
administration of any obligation described in or evidenced by this Agreement, together with the
officers, employees, successors and assigns of each of the foregoing.

Special Rules.

(i) The arbitration shall be conducted in any U.S. state where real or tangible
personal property collateral is located, or if there is no such collateral, in the City and
County where Lender is located pursuant to its address for notice purposes in this
Agreement.

(ii) The arbitration shall be administered by AAA, who will appoint an arbitrator. If
AAA is unwilling or unable to administer or legally precluded from administering the
arbitration, or if AAA is unwilling or unable to enforce or legally precluded from enforcing
any and all provisions of this Dispute Resolution Section, then any party to this Agreement
may substitute another arbitration organization that has similar procedures to AAA and that
will observe and enforce any and all provisions of this Dispute Resolution Section. All
Disputes shall be determined by one arbitrator; however, if the amount in controversy in a
Dispute exceeds Five Million Dollars ($5,000,000), upon the request of any party, the
Dispute shall be decided by three arbitrators (for purposes of this Agreement, referred to
collectively as the “arbitrator”).

(iii) All arbitration hearings will be commenced within ninety (90) days of the demand
for arbitration and completed within ninety (90) days from the date of commencement;
provided, however, that upon a showing of good cause, the arbitrator shall be permitted to
extend the commencement of such hearing for up to an additional sixty (60) days.

(iv) The judgment and the award, if any, of the arbitrator shall be issued within
thirty (30) days of the close of the hearing. The arbitrator shall provide a concise
written statement setting forth the reasons for the judgment and for the award, if any. The
arbitration award, if any, may be submitted to any court having jurisdiction to be confirmed
and enforced, and such confirmation and enforcement shall not be subject to arbitration.

(v) The arbitrator will give effect to statutes of limitations and any waivers thereof
in determining the disposition of any Dispute and may dismiss one or more claims in the
arbitration on the basis that such claim or claims is or are barred. For purposes of the
application of the statute of limitations, the service on AAA under applicable AAA rules of
a notice of Dispute is the equivalent of the filing of a lawsuit.

(vi) Any dispute concerning this arbitration provision, including any such dispute as
to the validity or enforceability of this provision, or whether a Dispute is arbitrable,
shall be determined by the arbitrator; provided, however, that the arbitrator shall not be
permitted to vary the express provisions of these Special Rules or the Reservations of
Rights in subsection (c) below.

(vii) The arbitrator shall have the power to award legal fees and costs pursuant to the
terms of this Agreement.

(viii) The arbitration will take place on an individual basis without reference to,
resort to, or consideration of any form of class or class action.

Reservations of Rights. Nothing in this Agreement shall be deemed to (i) limit the
applicability of any otherwise applicable statutes of limitation and any waivers contained in this
Agreement, or (ii) apply to or limit the right of Lender (A) to exercise self help remedies such as
(but not limited to) setoff, or (B) to foreclose judicially or nonjudicially against any real or
personal property collateral, or to exercise judicial or nonjudicial power of sale rights, (C) to
obtain from a court provisional or ancillary remedies such as (but not limited to) injunctive
relief, writ of possession, prejudgment attachment, or the appointment of a receiver, or (D) to
pursue rights against a party to this Agreement in a third-party proceeding in any action brought
against Lender in a state, federal or international court, tribunal or hearing body (including
actions in specialty courts, such as bankruptcy and patent courts). Lender may exercise the rights
set forth in clauses (A) through (D), inclusive, before, during or after the pendency of any
arbitration proceeding brought pursuant to this Agreement. Neither the 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 arbitrate the merits of the Dispute occasioning resort to such remedies. No
provision in the Loan Documents regarding submission to jurisdiction and/or venue in any court is
intended or shall be construed to be in derogation of the provisions in any Loan Document for
arbitration of any Dispute.

Conflicting Provisions for Dispute Resolution. If there is any conflict between the
terms, conditions and provisions of this Section and those of any other provision or agreement for
arbitration or dispute resolution, the terms, conditions and provisions of this Section shall
prevail as to any Dispute arising out of or relating to (i) this Agreement, (ii) any other Loan
Document, (iii) any related agreements or instruments, or (iv) the transaction contemplated herein
or therein (including any claim based on or arising from an alleged personal injury or business
tort). In any other situation, if the resolution of a given Dispute is specifically governed by
another provision or agreement for arbitration or dispute resolution, the other provision or
agreement shall prevail with respect to said Dispute.

(e) JURY TRIAL WAIVER IN ARBITRATION. BY AGREEING TO THIS SECTION, THE PARTIES
IRREVOCABLY AND VOLUNTARILY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
DISPUTE.

[SIGNATURES APPEAR ON FOLLOWING PAGE]

8

DATED the day and year first above written.

THE ST. JOE COMPANY

By: /s/ Stephen W. Solomon

Stephen W. Solomon

Senior Vice President — Treasurer

WELLS FARGO BANK, NATIONAL

ASSOCIATION

By: /s/ C. Jackson Hoover

Print Name: C. Jackson Hoover

Title: Senior Vice President

9EX-10.1

AMENDMENT NO. 1 TO

SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

This AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this
“Amendment”) is dated as of June 29, 2007, and is by and among LASALLE BANK NATIONAL ASSOCIATION,
for itself as a lender, and as Agent (“Agent”) for the lenders (“Lenders”) from time to time party
to the Second Amended and Restated Loan Agreement (as defined below) and APAC CUSTOMER SERVICES,
INC., an Illinois corporation (“Borrower”).

Preliminary Statements

Agent and Borrower are party to that certain Second Amended and Restated Loan and Security
Agreement dated as of January 31, 2007 (as amended, restated, supplemented or otherwise modified
from time to time, the “Second Amended and Restated Loan Agreement”). Capitalized terms used but
not defined in this Amendment shall have the meanings ascribed to such terms in the Second Amended
and Restated Loan Agreement.

Borrower has requested, among other things, that Agent and the sole existing Lender amend the
Second Amended and Restated Loan Agreement in certain respects, as specified herein, and Agent and
the sole existing Lender are willing to do so on the terms and subject to the conditions set forth
herein.

NOW, THEREFORE, in consideration of the foregoing recitals, the mutual covenants and
agreements set forth herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

1. Amendments to Second Amended and Restated Loan Agreement. In reliance on the
representations and warranties set forth in Section 2 below and subject to the satisfaction of the
conditions set forth in Section 3 below, the Second Amended and Restated Loan Agreement is hereby
amended as follows:

(a) Section 1 of the Second Amended and Restated Loan Agreement is hereby amended to add the
following defined terms thereto:

"Amendment No. 1” shall mean that certain Amendment No. 1 to Second Amended and
Restated Loan and Security Agreement dated as of June 29, 2007 among Agent, the
Lenders and Borrower.

"EBITDA Reserve” shall mean a reserve established by Agent on or about November
9, 2007, which reserve shall be in the amount of $1,000,000, reducing automatically
to $0 at such time that EBITDA for any period of four (4) consecutive fiscal
quarters, commencing with the period of four (4) consecutive fiscal quarters ending
on or about September 30, 2007, is equal to or exceeds $10,100,000. Notwithstanding
the foregoing, if EBITDA for the four (4) consecutive quarters ending on or about
September 30, 2007 equals or exceeds $10,100,000, no EBITDA Reserve shall be
established.

(b) The definition of the term “Special Litigation Reserve” set forth in Section 1 of the
Second Amended and Resteated Loan Agreement is hereby amended by adding the following sentence at
the end thereof: “The foregoing notwithstanding, in the event Borrower presents satisfactory
evidence to Agent that its pending dispute with the Internal Revenue Service regarding its 2002
worthless stock deduction related to the acquisition of ITI Holding, Inc. has been fully and
finally resolved in Borrower’s favor, the Special Litigation Reserve will be eliminated.”

(c) Clause (iii) of subsection 2(a) of the Second Amended and Restated Loan Agreement is
hereby amended and restated as follows:

"(iii) such reserves as Agent elects, in its sole discretion, determined in
good faith, to establish from time to time (which amount shall include the Special
Litigation Reserve, the EBITDA Reserve and an amount reflecting unpaid payroll
including payroll taxes which amount shall initially be $7,300,000);”

(d) Subsection 14(a) of the Second Amended and Restated Loan Agreement is hereby amended and
restated in its entirety as follows:

"(a)  Maximum Restructuring Cash Disbursements.

Borrower shall not make cash disbursements in respect of restructuring charges
accrued on or after July 1, 2005 (including, as applicable and without limitation,
with respect to the Restructuring Plan) in excess of (i) $4,000,000 in the
aggregate for the Fiscal Year ending on or about December 31, 2006, (ii) $4,500,000
in the aggregate for the Fiscal Year ending on or about December 31, 2007, and
(iii) the sum of (x) $1,500,000 plus (y) an amount, not to exceed $1,000,000, equal
to $4,500,000 minus the amount of cash disbursements actually made in respect of
such restructuring charges for the Fiscal Year ending on or about December 31,
2007, in the aggregate for the Fiscal Year ending on or about December 31, 2008.”

(e) Subsection 14(b) of the Second Amended and Restated Loan Agreement is hereby amended by
deleting the reference to “1.25 to 1.0” in the table set forth in such subsection opposite the
period reading “Each period of four consecutive fiscal quarters thereafter, commencing with the
four consecutive fiscal quarters ending on or about December 31, 2008”, and by inserting in lieu
thereof a reference to “1.10 to 1.0”.

(f) Subsection 14(c) of the Second Amended and Restated Loan Agreement is hereby amended and
restated in its entirety as follows:

"(c) EBITDA.

(i) Borrower shall not permit EBITDA to be less than the amount set forth
below for the corresponding period set forth below:

	 	 	 
	Period	 	Amount
	Fiscal quarter commencing on or about October 1, 2006 and

ending on or about December 31, 2006

	 	

$3,600,000
	Two fiscal quarters commencing on or about October 1,

2006 and ending on or about March 31, 2007

	 	

$7,000,000
	Three fiscal quarters commencing on or about October 1,

2006 and ending on or about June 30, 2007

	 	

$7,000,000

(ii) Borrower shall not permit EBITDA for the period of four (4) consecutive
fiscal quarters ending on or about any date set forth below to be less than the
amount set forth below for the corresponding period set forth below:

	 	 	 	 	 
	Period of Four Consecutive Fiscal Quarters	 	 
	Ending On or About	 	Amount
	September 30, 2007

	 	$	9,500,000	 
	December 31, 2007

	 	$	12,000,000	 
	March 31, 2008

	 	$	13,000,000	 
	June 30, 2008

	 	$	15,000,000	 
	September 30, 2008

	 	$	16,000,000	 
	Each period of four (4) consecutive fiscal quarters

thereafter, commencing with the four (4) consecutive

fiscal quarters ending on or about December 31, 2008

	 	

$16,000,000

From and following the consummation of a Qualified Equity Offering, the provisions
of this clause (c) shall not apply with respect to any period set forth
above if the average daily outstanding Revolving Loans over the last fiscal quarter
in such period equal $1,000,000 or less.”

(g) Subsection 14(d) of the Second Amended and Restated Loan Agreement is hereby amended and
restated in its entirety as follows:

"(d) Leverage.

Borrower shall not permit the ratio of its aggregate indebtedness for borrowed
money (including capitalized leases) as of the last day of each fiscal quarter
ending on or about each date set forth below, to EBITDA for the period of four (4)
consecutive fiscal quarters ending on the last date of such fiscal quarter (except
for the test date of June 30, 2007, where EBITDA shall be measured for the period of
three (3) consecutive fiscal quarters ending on such date), to exceed the ratio set
forth below for the fiscal quarter ending on or about the corresponding date set
forth below:

	 	 	 
	Date	 	Ratio
	December 31, 2006

	 	4.00 to 1.0
	March 31, 2007

	 	3.75 to 1.0
	June 30, 2007

	 	3.50 to 1.0
	September 30, 2007

	 	3.00 to 1.0
	December 31, 2007 and the last day of each fiscal

quarter thereafter

	 	

2.50 to 1.0”

2. Representations and Warranties. To induce Agent and the sole existing Lender to
execute and deliver this Amendment, Borrower hereby represents and warrants to Agent and Lenders as
follows:

(a) The execution, delivery and performance by Borrower of this Amendment are within the
organizational power of Borrower, have been duly authorized by all necessary action, have received
all necessary governmental approval (if any shall be required), other than approvals which could
not reasonably be expected to have a Material Adverse Effect on Borrower, and do not and will not
contravene or conflict with any provision of law applicable to Borrower, the articles of
incorporation, by-laws or any other organizational document of Borrower, any order, judgment or
decree of any court or governmental agency, or any agreement, instrument or document binding upon
Borrower or any property of Borrower, in each case, which contravention or conflict could
reasonably be expected to have a Material Adverse Effect on Borrower;

(b) Each of the Second Amended and Restated Loan Agreement, as amended by this Amendment, and
the Other Agreements to which Borrower is a party are the legal, valid and binding obligations of
Borrower, enforceable against Borrower in accordance with their respective terms, except as limited
by applicable bankruptcy, insolvency or other laws related to enforcement of creditor’s rights
generally and general principles of equity related to enforcement;

(c) After giving effect to the amendments set forth herein, no Event of Default or event or
condition which upon notice, lapse of time or both would constitute an Event of Default has
occurred and is continuing; and

(d) After giving effect to the amendments set forth herein, the representations and warranties
of the Borrower contained in the Second Amended and Restated Loan Agreement and the Other
Agreements are true and accurate as of the date hereof with the same force and effect as if such
had been made on and as of the date hereof, except for those specific to a past date (which shall
be true and correct as of such past date).

3. Conditions to Effectiveness. The effectiveness of this Amendment is subject to the
prior or concurrent consummation of each of the following conditions:

(a) Agent shall have received a fully executed copy of this Amendment, together with a master
reaffirmation of the Other Agreements executed by the Obligors (other than Borrower) in form and
content acceptable to Agent;

(b) Agent shall have received a fully executed copy of an amendment to the Second Lien Loan
Agreement substantially in the form of Exhibit A hereto;

(c) All proceedings taken in connection with this Amendment and all documents, instruments and
other legal matters incident thereto shall be satisfactory to Agent and its legal counsel such
acceptance to be evidenced by Agent’s execution hereof; and

(d) no Default or Event of Default shall have occurred and be continuing or shall be caused by
the transactions contemplated by this Amendment.

4. Covenant. Without limitation of any of the provisions of the Second Amended and
Restated Loan Agreement and the Other Agreements, Borrower hereby covenants and agrees to provide
Agent and each Lender with selected internal management reports prepared by Borrower regarding
weekly revenue and bill-to-pay and monthly reports regarding operating performance in the form
previously provided by Borrower to Agent. These reports shall be delivered at the same time as
such reports are provided to Borrower’s internal management team. In addition, Borrower hereby
covenants and agrees to make members of Borrower’s financial management team available for
bi-weekly conference calls with Agent to discuss the contents of such internal management reports
and such other matters concerning Borrower’s current operating results and future prospects as
shall be reasonable requested from time to time by Agent. Notwithstanding the foregoing,
Borrower’s obligations under this Section 4 shall cease to be effective from and following such
time that EBITDA of Borrower equals or exceeds $15,000,000 for any period of four (4) consecutive
fiscal quarters ending on the last day of any fiscal quarter of Borrower following the date hereof.

5. Fee. Borrower hereby covenants and agrees to pay to Agent, within two (2) Business
Days of the date hereof, a fee in respect of the transactions contemplated hereby in the amount of
$50,000.

6. Miscellaneous.

(a) No Novation. This Amendment is not intended to nor shall be construed to create a
novation or accord and satisfaction with respect to any of the Liabilities.

(b) Severability. Any provision of this Amendment that is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof or affecting
the validity or enforceability of such provision in any other jurisdiction.

(c) Ratification. Except as expressly waived and modified hereby, the Second Amended
and Restated Loan Agreement and the Other Agreements each hereby are ratified and confirmed by the
parties hereto and remain in full force and effect in accordance with the respective terms thereof.
Agent and Lenders willingness to agree to the amendments herein shall not be deemed to indicate or
require Agent’s or Lenders’ willingness to agree to any deviation from the terms of the Second
Amended and Restated Loan Agreement (as modified hereby) in the future.

(d) Counterparts. This Amendment may be executed in any number of counterparts each
of which when so executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement.

(e) Choice of Law. This Amendment shall be governed and controlled by the laws of the
State of Illinois as to interpretation, enforcement, validity, construction, effect and in all
other respects.

[Signature Page Follows]

1

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

	 
	LASALLE BANK NATIONAL ASSOCIATION, as Agent and the sole existing Lender

By /s/Andrew J. Heinz

	 

	Its First Vice President

	 

	 
	APAC CUSTOMER SERVICES, INC.,
	as Borrower
	By /s/George H. Hepburn III
	Its SVP & CFO

2

EXHIBIT A

FIRST AMENDMENT

THIS FIRST AMENDMENT (this “Amendment”), dated as of June 29, 2007, is by and
among APAC CUSTOMER SERVICES, INC., an Illinois corporation (“Borrower”), ATALAYA FUNDING
II, LP (“Lender”), and ATALAYA ADMINISTRATIVE LLC, as agent for the Lender
(“Agent”).

W I T N E S S E T H:

WHEREAS, pursuant to the Second Lien Loan and Security Agreement dated as of January 31, 2007
(the “Existing Loan Agreement”) among Borrower, Lender and Agent, a term loan of
$15,000,000 was made to Borrower;

WHEREAS, the parties hereto have agreed to amend the Existing Loan Agreement as set forth
herein.

NOW, THEREFORE, in consideration of the agreements herein contained and other good and
valuable consideration, the parties hereby agree as follows:

PART I

DEFINITIONS

SUBPART 1.1. Certain Definitions. Unless otherwise defined herein or the context
otherwise requires, the following terms used in this Amendment, including its preamble and
recitals, have the following meanings:

“Amended Loan Agreement” means the Existing Loan Agreement as amended hereby.

“First Amendment Effective Date” shall have the meaning set forth in Subpart
3.1.

SUBPART 1.2. Other Definitions. Unless otherwise defined herein or the context
otherwise requires, terms used in this Amendment, including its preamble and recitals, have the
meanings provided in the Amended Loan Agreement.

PART II

AMENDMENTS TO EXISTING LOAN AGREEMENT

SUBPART 2.1. Amendment to Definition to Applicable Margin. The definition of
Applicable Margin in Section 1 of the Existing Loan Agreement is amended in its entirety so that
such definition now reads as follows:

“Applicable Margin” shall mean the Applicable Margin set forth below based on
EBITDA for the 12-month period ending on the last day of each fiscal quarter.

	 	 	 	 	 	 	 	 	 
	LEVEL	 	EBITDA	 	APPLICABLE MARGIN
	I
	 	 	> $15,000,000	 	 	 	7.25	%
	 
	 	 	 	 	 	 	 	 
	II
	 	 	= $15,000,000	 	 	 	8.25	%
	 
	 	 	 	 	 	 	 	 

As of June 29, 2007, the Applicable Margin shall be set at the applicable Level II and
shall remain in effect until delivery to Agent of Borrower’s compliance certificate in
respect of the audited annual financial statements for the Fiscal Year ended on or about
December 31, 2007, 10 Business Days after which delivery the Applicable Margin will be
adjusted based on the EBITDA for the 12-month period ending on the last day of such month.
Thereafter, the Applicable Margin shall be adjusted to the extent applicable with respect to
the compliance certificate delivered with respect to the last month of each fiscal quarter
of Borrower. Each such change shall take effect 10 Business Days after delivery of such
compliance certificate. If Borrower fails to deliver the compliance certificate within the
time period required by this Agreement, the Applicable Margin shall conclusively be presumed
to equal the applicable Level II from the date such compliance certificate was required to
be delivered until 10 Business Days after delivery of such compliance certificate.

SUBPART 2.2. Amendment to Section 9. Section 9 is amended by adding a new subsection
(f-1) as follows:

(f-1) Management Calls and Information Package

Without limitation of any of the other provisions of the Existing Loan Agreement and
the Other Agreements, Borrower covenants and agrees to provide Agent and Lender with
selected internal management reports prepared by Borrower regarding weekly revenue and
bill-to-pay and monthly reports regarding operating performance in the form previously
provided by Borrower and Agent.  These reports shall be delivered at the same time as such
reports are provided to Borrower’s internal management team.  In addition, Borrower hereby
covenants and agrees to make members of Borrower’s financial management team available for
bi-weekly conference calls with Agent to discuss the contents of such internal management
reports and such other matters concerning Borrower’s current operating results and future
prospects as shall be reasonable requested from time to time by Agent.  Notwithstanding the
foregoing, Borrower’s obligations under this Section 4 shall cease to be effective from and
following such time that EBITDA of Borrower equals or exceeds $15,000,000 for any period of
four (4) consecutive fiscal quarters ending on the last day of any fiscal quarter of
Borrower following the date hereof.

SUBPART 2.3. Amendment to Section 10. The second sentence of Section 10 is amended in
its entirety so that such sentence now reads as follows:

If, during the term of this Agreement, Borrower optionally prepays all or any portion
of the Term Loan, Borrower, agrees to pay to Administrative Agent, for the benefit of
Lender, as a prepayment fee, in addition to the payment of all other Liabilities, an amount
equal to: (i) if such prepayment occurs on or prior to June 29, 2009, the greater of (x) the
amount of interest that would have accrued on the portion of the Term Loan so prepaid from
prepayment, at the applicable rate hereunder as of the date of such prepayment, if such
portion of the Term Loan remained outstanding through June 29, 2009 and (y) two percent
(2.0%) of the principal amount of the Term Loan so prepaid, (ii) if such prepayment occurs
after June 29, 2009, but before June 29, 2010, one percent (1.0%) of the principal amount of
the Term Loan so prepaid, or (iii) $0 if such prepayment occurs on or after June 29, 2010.

SUBPART 2.4. Amendment to Section 14(a). Section 14(a) is hereby amended and restated
in its entirety as follows:

(f) (a)  Maximum Restructuring Cash Disbursements.

Borrower shall not make cash disbursements in respect of restructuring charges
accrued on or after July 1, 2005 (including, as applicable and without limitation,
with respect to the Restructuring Plan) in excess of (i) $4,000,000 in the
aggregate for the Fiscal Year ending on or about December 31, 2006, (ii) $4,500,000
in the aggregate for the Fiscal Year ending on or about December 31, 2007, and
(iii) the sum of (x) $1,500,000 plus (y) an amount, not to exceed $1,000,000, equal
to $4,500,000 minus the amount of cash disbursements actually made in respect of
such restructuring charges for the Fiscal Year ending on or about December 31,
2007, in the aggregate for the Fiscal Year ending on or about December 31, 2008.

SUBPART 2.5. Amendment to Section 14(b). Subsection 14(b) is hereby amended by
deleting the reference to “1.25 to 1.0” in the table set forth in such subsection opposite the
period reading “Each period of four consecutive fiscal quarters thereafter, commencing with the
four consecutive fiscal quarters ending on or about December 31, 2008”, and by inserting in lieu
thereof a reference to “1.10 to 1.0”.

SUBPART 2.6. Amendment to Section 14(c). Section 14(c) is hereby amended and restated
in its entirety so that such section now reads as follows:

(c) EBITDA

(i) Borrower shall not permit EBITDA to be less than the amount set forth below for the
corresponding period set forth below:

	 	 	 
	Period	 	Amount
	Fiscal quarter commencing on or about October 1, 2006 and

ending on or about December 31, 2006

	 	

$3,600,000
	Two fiscal quarters commencing on or about October 1,

2006 and ending on or about March 31, 2007

	 	

$7,000,000
	Three fiscal quarters commencing on or about October 1,

2006 and ending on or about June 30, 2007

	 	

$7,000,000

(ii) Borrower shall not permit EBITDA for the period of four (4) consecutive
fiscal quarters ending on or about any date set forth to be less than the amount set forth
below for the corresponding period set forth below:

	 	 	 	 	 
	Period of Four Consecutive Fiscal Quarters Ending	 	 
	On or About	 	Amount
	September 30, 2007

	 	$	9,500,000	 
	December 31, 2007

	 	$	12,000,000	 
	March 31, 2008

	 	$	13,000,000	 
	June 30, 2008

	 	$	15,000,000	 
	September 30, 2008

	 	$	16,000,000	 
	Each period of four (4) consecutive fiscal quarters

thereafter, commencing with the four (4) consecutive

fiscal quarters ending on or about December 31, 2008

	 	

$16,000,000

SUBPART 2.7. Amendment to Section 14(d). Section 14(d) is hereby amended and
restated in its entirety as follows:

(g) (d) Leverage.

Borrower shall not permit the ratio of its aggregate indebtedness for borrowed
money (including capitalized leases) as of the last day of each fiscal quarter
ending on or about each date set forth below, to EBITDA for the period of four (4)
consecutive fiscal quarters ending on the last date of such fiscal quarter (except
for the test date of June 30, 2007, where EBITDA shall be measured for the period of
three (3) consecutive fiscal quarters ending on such date), to exceed the ratio set
forth below for the fiscal quarter ending on or about the corresponding date set
forth below:

	 	 	 
	Date	 	Ratio
	December 31, 2006

	 	4.00 to 1.0
	March 31, 2007

	 	3.75 to 1.0
	June 30, 2007

	 	3.50 to 1.0
	September 30, 2007

	 	3.00 to 1.0
	December 31, 2007 and the last day of each fiscal

quarter thereafter

	 	

2.50 to 1.0”

PART III

CONDITIONS TO EFFECTIVENESS OF PART II

SUBPART 3.1. First Amendment Effective Date. Part II of this Amendment shall be and
become effective as of the date hereof when all of the conditions set forth in this Part III shall
have been satisfied (the “First Amendment Effective Date”) (it being understood and agreed
that the remainder of this Amendment shall be effective upon the execution and delivery hereof by
the parties hereto), and after the First Amendment Effective Date this Amendment shall be known,
and may be referred to, as the “First Amendment.”

SUBPART 3.2.  Execution of Counterparts of Documents. The Agent shall have received
fully executed counterparts of this Amendment.

SUBPART 3.3. Execution of Amendment to Second Amended and Restated Loan and Security
Agreement. The Agent shall have received a copy of the executed amendment to the Second
Amended and Restated Loan and Security Agreement substantially in the form of Exhibit A
hereto.

SUBPART 3.4. Fees and Expenses. Borrower shall have paid all fees and expenses
(including attorneys fees) of the Agent and the Lender in connection with this Amendment (including
without limitation the drafting, reviewing or execution and delivery thereof).

PART IV

MISCELLANEOUS

SUBPART 4.1. Cross-References. References in this Amendment to any Part or Subpart
are, unless otherwise specified, to such Part or Subpart of this Amendment.

SUBPART 4.2. References in Other Agreements. At such time as this Amendment shall
become effective pursuant to the terms of Subpart 3.1, all references in the Existing Loan
Agreement (including without limitation the Schedules thereto) to the “Agreement”, and all
references in the Other Agreements to the “Loan Agreement”, shall be deemed to refer to the Amended
Loan Agreement.

SUBPART 4.3. Fee. Borrower hereby covenants and agrees to pay to Agent, within one
(1) Business Day of the date hereof, a fee in respect of the transactions contemplated hereby in
the amount of $150,000.

SUBPART 4.4. Representations and Warranties of Borrower. Borrower hereby represents
and warrants that (a) the representations and warranties contained in Section 11 of the Existing
Loan Agreement (after giving effect to the amendments contained herein) are correct in all material
respects on and as of the date hereof as though made on and as of such date and (b) no Default or
Event of Default exists under the Existing Loan Agreement (after giving effect to the amendments
contained herein) on and as of the date hereof. Without limitation of the preceding sentence,
Borrower hereby expressly re-affirms the validity, effectiveness and enforceability of each Other
Agreement to which it is a party (in each case, as the same may be modified by the terms of this
Amendment).

SUBPART 4.5. Counterparts. This Amendment may be executed in any number of
counterparts each of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement.

SUBPART 4.6. Successors and Assigns. This Amendment shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and assigns.

[The remainder of this page is intentionally left blank.]

3

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.

	 	 	 
	BORROWER:	 	APAC CUSTOMER SERVICES, INC.
	
 
	 	By:
	
 
	 	 
	
 
	 	Title:
	
 
	 	 

4

	 	 	 
	BORROWER:	 	APAC CUSTOMER SERVICES, INC.
	AGENT:

	 	ATALAYA ADMINISTRATIVE LLC
	 

	 	

	as Agent

	 	

	
 
	 	By:
	
 
	 	 
	
 
	 	Title:
	
 
	 	 
	LENDER:

	 	ATALAYA FUNDING II LP,
	 

	 	

	as a Lender

	 	

	
 
	 	By:
	
 
	 	 
	
 
	 	Title:
	
 
	 	 

5

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