Document:

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                                                                  EXHIBIT 10.8.4

           ARTHUR J. GALLAGHER & CO. AND AJG FINANCIAL SERVICES, INC.
                      FOURTH AMENDMENT TO CREDIT AGREEMENT

Harris Trust and Savings Bank                 Citibank, N.A.
Chicago, Illinois                             New York, New York

Bank of America, N.A.                         LaSalle Bank National Association
Chicago, Illinois                             Chicago, Illinois

The Northern Trust Company
Chicago, Illinois

Ladies and Gentlemen:

     This Fourth Amendment to Credit Agreement dated as of November 7, 2001
(herein, the "Amendment") is entered into by and between the undersigned, Arthur
J. Gallagher & Co, a Delaware corporation ("Gallagher"), AJG Financial Services,
Inc., a Delaware corporation ("AJG"; Gallagher and AJG being referred to herein
collectively as the "Borrowers" and individually as a "Borrower"), Citibank,
N.A., Bank of America, N.A., LaSalle Bank National Association, The Northern
Trust Company and Harris Trust and Savings Bank, individually and as Agent (the
"Agent"). Reference is hereby made to that certain Credit Agreement dated as of
September 11, 2000, as amended, between the Borrowers, the Banks and the Agent
(the "Credit Agreement"). All capitalized terms used herein without definition
shall have the same meanings herein as such terms have in the Credit Agreement.

     The Borrowers desire to modify certain investment provisions contained in
Section 9.12 of the Credit Agreement and make certain other amendments to the
Credit Agreement, and the Banks are willing to do so under the terms and
conditions set forth in this Amendment.

SECTION 1. AMENDMENTS.

     Subject to the satisfaction of the conditions precedent set forth in
Section 3 below, the Credit Agreement shall be and hereby is amended (effective
as of September 30, 2001) as follows:

          1.1. Section 9.7 of the Credit Agreement shall be amended and restated
     in its entirety to read as follows:

          "Section 9.7. Net Worth. Gallagher shall not at any time permit its
          Net Worth to be less than $275,000,000."

          1.2. Section 9.12(i) of the Credit Agreement shall be amended and
     restated in its entirety to read as follows:

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          "(i) equity investments (including investments in preferred and common
          stock) not exceeding $200,000,000 at any one time outstanding for the
          Borrowers and their Subsidiaries in the aggregate;"

          1.3. Section 9.12(j) of the Credit Agreement shall be amended and
     restated in its entirety to read as follows:

          "(j) loans to employees not exceeding $15,000,000 at any one time
          outstanding for the Borrowers and their Subsidiaries in the
          aggregate;"

          1.4. Section 9.12(l) of the Credit Agreement shall be amended and
     restated in its entirety to read as follows:

          "(l) investments, guarantees and contingent obligations (other than
          those which are permitted by subsections (a) through (k) above) not
          exceeding $50,000,000 at any time outstanding for the Borrowers and
          their Subsidiaries in the aggregate; and"

SECTION 2. WAIVER.

     Upon the effectiveness of this Amendment, the Banks waive any Default or
Event of Default that existed prior to the effectiveness of this Amendment
which, after giving effect to the amendments and modifications effected by this
Amendment, no longer exist.

SECTION 3. CONDITIONS PRECEDENT.

     The effectiveness of this Amendment is subject to the satisfaction of all
of the following conditions precedent:

          3.1. The Borrowers and the Required Banks shall have executed and
     delivered this Amendment.

          3.2. The Borrowers shall have paid to the Agent, for the ratable
     benefit of the Banks, an amendment fee in the amount of $150,000.

          3.3. Legal matters incident to the execution and delivery of this
     Amendment shall be satisfactory to the Agent and its counsel.

     Upon the satisfaction of the foregoing conditions precedent, this Amendment
shall take effect as of September 30, 2001.

                                      -2-

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SECTION 4. REPRESENTATIONS.

     In order to induce the Agent and the Banks to execute and deliver this
Amendment, the Borrowers hereby represent to the Agent and the Banks that as of
the date hereof the representations and warranties set forth in Section 7 of the
Credit Agreement are and shall be and remain true and correct (except that the
representations contained in Section 7.5 shall be deemed to refer to the most
recent financial statements of the Borrowers delivered to the Agent and the
Banks) and the Borrowers are in compliance with the terms and conditions of the
Credit Agreement and no Default or Event of Default (other that those being
waived pursuant to Section 2 hereof) has occurred and is continuing under the
Credit Agreement or shall result after giving effect to this Amendment.

SECTION 5. MISCELLANEOUS.

     5.1. Except as specifically amended herein, the Credit Agreement shall
continue in full force and effect in accordance with its original terms.
Reference to this specific Amendment need not be made in the Credit Agreement,
the Notes, or any other instrument or document executed in connection therewith,
or in any certificate, letter or communication issued or made pursuant to or
with respect to the Credit Agreement, any reference in any of such items to the
Credit Agreement being sufficient to refer to the Credit Agreement as amended
hereby.

     5.2. The Borrowers agree to pay on demand all costs and expenses of or
incurred by the Agent in connection with the negotiation, preparation, execution
and delivery of this Amendment, including the fees and expenses of counsel for
the Agent.

     5.3. This Amendment may be executed in any number of counterparts, and by
the different parties on different counterpart signature pages, all of which
taken together shall constitute one and the same agreement. Any of the parties
hereto may execute this Amendment by signing any such counterpart and each of
such counterparts shall for all purposes be deemed to be an original. This
Amendment shall be governed by the internal laws of the State of Illinois.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -3-

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     This Fourth Amendment to Credit Agreement is entered into as of the date
and year first above written.

                                 ARTHUR J. GALLAGHER & CO.

                                 By
                                     Name: /s/ Jack H. Lazzaro
                                           -----------------------------------
                                     Title: /s/ Vice President - Treasurer
                                            ----------------------------------

                                 AJG FINANCIAL SERVICES, INC.

                                 By
                                     Name: /s/ Jack H. Lazzaro
                                           -----------------------------------
                                     Title: /s/ Vice President - CFO
                                            ----------------------------------

                                      -4-

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     Accepted and agreed to.

                                        HARRIS TRUST AND SAVINGS BANK,
                                         individually and as Agent

                                        By /s/ M. James Barry, III
                                           ------------------------------------
                                           Name M. James Barry, III
                                                -------------------------------
                                           Title Vice President
                                                 ------------------------------

                                        CITIBANK, N.A.

                                        By /s/ Peter C. Bickford
                                           ------------------------------------
                                           Name Peter C. Bickford
                                                -------------------------------
                                           Title Managing Director
                                                 ------------------------------

                                        BANK OF AMERICA, N.A.

                                        By /s/ Debra Basler
                                           ------------------------------------
                                           Name Debra Basler
                                                -------------------------------
                                           Title Vice President
                                                 ------------------------------

                                        LASALLE BANK NATIONAL ASSOCIATION

                                        By /s/ Kyle Freimuth
                                           ------------------------------------
                                           Name Kyle Freimuth
                                                -------------------------------
                                           Title Vice President
                                                 ------------------------------

                                        THE NORTHERN TRUST COMPANY

                                        By /s/ Nicole D. Boehm
                                           ------------------------------------
                                           Name Nicole D. Boehm
                                                -------------------------------
                                           Title Second Vice President
                                                 ------------------------------

                                      -5-<PAGE>

                                                                  Exhibit 10(dd)

                                 THIRD AMENDMENT
                                 ---------------

               THIRD AMENDMENT, dated as of June 11, 2001 (this "Amendment"), to
                                                                 ---------
the Term Loan Agreement, dated as of July 31, 2000 (such Loan Agreement, as
amended, supplemented or otherwise modified from time to time, the "Loan
                                                                    ----
Agreement"), among GGP LIMITED PARTNERSHIP, a Delaware limited partnership (the
---------
"Partnership"), GGPLP L.L.C., a Delaware limited liability company (together
 -----------
with the Partnership, the "Borrower"), the institutions from time to time
                           --------
parties to the Loan Agreement as Lenders (the "Lenders"), BANKERS TRUST COMPANY,
                                               -------
a New York banking corporation, as a Lender and as administrative agent for the
Lenders (in such capacity, the "Administrative Agent") and LEHMAN COMMERCIAL
                                --------------------
PAPER INC., as a Lender and as syndication agent for the Lenders (in such
capacity, the "Syndication Agent" and, together with the Administrative Agent,
               -----------------
the "Co-Agents").
     ---------

                              W I T N E S S E T H:
                              - - - - - - - - - -

               WHEREAS, the Borrower and the Lenders have agreed to amend
certain provisions of the Loan Agreement upon the terms and subject to the
conditions set forth herein;

               NOW, THEREFORE, in consideration of the premises and mutual
agreements contained herein, and for other valuable consideration the receipt of
which is hereby acknowledged, the parties hereto hereby agree as follows:

               1.   Definitions. All terms defined in the Loan Agreement shall
                    -----------
have such defined meanings when used herein unless otherwise defined herein.

               2.   Amendment to Section 10.12(i) (Certain Liens). Section
                    ---------------------------------------------
10.12(i) of the Loan Agreement is hereby amended by deleting such Section in its
entirety and substituting in lieu thereof the following new Section 10.12(i):

               "(i) Certain Liens. None of the Borrower, GGP, Inc. or any of the
                    -------------
     Affiliates which are controlled by them, respectively, will encumber with
     any Lien any stock, partnership interest, joint venture interest,
     membership interest, beneficial interest or other equity interest in any
     corporation, partnership, joint venture, limited liability company, trust
     or other entity that (i) owns any of the respective Property, or (ii) is a
     direct or indirect shareholder, partner, joint venturer, member,
     beneficiary or other type of equity holder in any entity described in
     clause (i) above; provided, however, that the foregoing prohibition shall
                       --------- -------
     not apply with respect to any of the encumbrances existing on the date
     hereof set forth in Schedule 10.12 hereto; and provided further; that the
                         --------------             ----------------
     prohibition set forth in this subsection (i) shall not apply as to any such
                                   --------------
     corporation, partnership, joint venture, limited liability company, trust
     or other entity which owns Property with respect to which (A) the
     Loan-to-Value Ratio as to all Secured Indebtedness for borrowed money
     related to such Property, in the aggregate, after giving effect to such
     encumbrance, is not greater than sixty-five percent (65%) and (B) the
     Loan-to-Value ratio as to that portion of such Secured Indebtedness which
     is secured by such a Lien encumbering any stock, partnership interest,
     joint venture interest, membership interest, beneficial interest or other
     equity interest is not greater than fifteen

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          percent (15%); and provided further that the prohibition set forth in
                             -------- -------
          this subsection (i) shall not apply as to any such encumbrance granted
               --------------
          to secure Indebtedness related to any Property or asset of such
          corporation, partnership, joint venture, limited liability company,
          trust or other entity, if such encumbrance secures a construction loan
          and the Loan-to-Value Ratio with respect to all Indebtedness relating
          to the construction in question does not exceed seventy-five percent
          (75%), or would not exceed such Loan-to-Value Ratio, but for the
          applicability of unusually onerous stamp, transfer or recording taxes
          and fees in connection with such encumbrance; and provided further
                                                            -------- -------
          that the prohibition set forth in this subsection (i) shall not apply
          as to any such encumbrance of equity interests in Minority Holdings in
          favor of holders(s) of the remaining equity interests in such Minority
          Holdings to secure obligations under the applicable Organizational
          Documents of such Minority Holdings.".

                3.  Representations; No Default. On and as of the date hereof,
                    ---------------------------
and after giving effect to this Amendment, (i) the Borrower certifies that no
Default or Event of Default has occurred which is continuing, and (ii) the
Borrower confirms, reaffirms and restates that the representations and
warranties set forth in Article VII of the Loan Agreement and in the other Loan
Documents to which it is a party are true and correct in all material respects,
provided that the references to the Loan Agreement therein shall be deemed to be
--------
references to this Amendment and to the Loan Agreement as amended by this
Amendment.

                4.  Conditions to Effectiveness. This Amendment shall become
                    ---------------------------
effective on and as of the date that:

                (a) the Administrative Agent shall have received counterparts of
          this Amendment, duly executed and delivered by a duly authorized
          officer of the Borrower and the Requisite Lenders; and

                (b) the Administrative Agent shall have received an executed
          Acknowledgment and Consent, in the form set forth at the end of this
          Amendment, from GGP, Inc.

                5.  Limited Consent and Amendment. Except as expressly amended
                    -----------------------------
herein, the Loan Agreement shall continue to be, and shall remain, in full force
and effect. This Amendment shall not be deemed to be a waiver of, or consent to,
or a modification or amendment of, any other term or condition of the Loan
Agreement or any other Loan Document or to prejudice any other right or rights
which the Co-Agents or the Lenders may now have or may have in the future under
or in connection with the Loan Agreement or any of the instruments or agreements
referred to therein, as the same may be amended from time to time.

                6.  Counterparts. This Amendment may be executed by one or more
                    ------------
of the parties hereto in any number of separate counterparts and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.

                7.  GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND
                    -------------
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

<PAGE>

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

                                GGP LIMITED PARTNERSHIP, as Borrower

                                By:  GENERAL GROWTH PROPERTIES, INC.,
                                     its sole general partner

                                By:  /s/  Bernard Freibaum
                                     -------------------------------------------
                                     Name: Bernard Freibaum
                                     Title: Executive Vice President

                                GGPLP L.L.C., as Borrower

                                By:  GGP LIMITED PARTNERSHIP,
                                     its sole managing member

                                By:  GENERAL GROWTH PROPERTIES, INC.,
                                     its sole general partner

                                By:  /s/  Bernard Freibaum
                                     -------------------------------------------
                                     Name:  Bernard Freibaum
                                     Title: Executive Vice President

                                BANKERS TRUST COMPANY,
                                  as Administrative Agent and as a Lender

                                By:  /s/  Steven P. Lapham
                                     -------------------------------------------
                                     Name: Steven P. Lapham
                                     Title: Director

                                LEHMAN COMMERCIAL PAPER INC.,
                                  as Syndication Agent and as a Lender

                                By:  /s/  Francis X. Gilhool
                                     -------------------------------------------
                                     Name: Francis X. Gilhool
                                     Title: Authorized Signatory

<PAGE>

                         BAYERISCHE HYPO-UND VEREINSBANK AG, NEW YORK BRANCH,
                         as a Lender

                         By:  /s/  Christine Elcik     /s/  Meggan W. Walsh
                              --------------------------------------------------
                              Name:  Christine Elcik        Meggan W. Walsh
                              Title: Associate Director     Managing Director

                         FLEET NATIONAL BANK, as a Lender

                         By:  [Executed by Authorized Signatory]
                              --------------------------------------------------
                              Name:
                              Title:

                         THE CHASE MANHATTAN BANK, as a Lender

                         By:  /s/  Charles E. Hoagland
                              --------------------------------------------------
                              Name: Charles E. Hoagland
                              Title: Vice President

                         COMERICA BANK, as a Lender

                         By:  /s/  Scott M. Helmer
                              --------------------------------------------------
                              Name: Scott M. Helmer
                              Title: Vice President

<PAGE>

                           ACKNOWLEDGMENT AND CONSENT

        The undersigned party to the Guaranty, dated as of July 31, 2000 and as
amended, supplemented or otherwise modified from time to time, made by the
undersigned in favor of Bankers Trust Company, as Administrative Agent, for the
benefit of the Lenders, hereby (a) consents to the transactions contemplated by
the foregoing Third Amendment and (b) acknowledges and agrees that the
guarantees contained in the Guaranty are, and shall remain, in full force and
effect after giving effect to such Amendment and all prior modifications to the
Loan Agreement.

                                       GENERAL GROWTH PROPERTIES, INC.

                                       By:  /s/ Bernard Freibaum
                                            ------------------------------------
                                            Name: Bernard Freibaum
                                            Title: Executive Vice President

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