Document:

<PAGE>
                                                                    EXHIBIT 10.5

            AMENDMENT NO. 2 TO AMENDED AND RESTATED CREDIT AGREEMENT

         THIS AMENDMENT NO. 2 TO AMENDED AND RESTATED CREDIT AGREEMENT (this
"Agreement"), dated as of December 21, 2001, is by and among SYKES ENTERPRISES,
INCORPORATED, a Florida corporation (the "Borrower"), certain Subsidiaries of
the Borrower, as Guarantors (the "Guarantors"), the various lending institutions
parties hereto and BANK OF AMERICA, N.A., a national banking association, as
agent for the Lenders (in such capacity, the "Agent").

                              W I T N E S S E T H:

         WHEREAS, the Borrower, the Guarantors, the various lending institutions
parties hereto and the Agent are parties to that certain Amended and Restated
Credit Agreement dated as of May 2, 2000 (as amended by that certain Amendment
No. 1 to Amended and Restated Credit Agreement dated as of June 22, 2001, the
"Existing Credit Agreement"); and

         WHEREAS, the Borrower, the Guarantors, the Required Lenders (as defined
in the Existing Credit Agreement) and the Agent have agreed to amend the
Existing Credit Agreement as set forth herein.

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

                                        I
                                   DEFINITIONS

         SECTION 1.1. Certain Definitions. Unless otherwise defined herein or
the context otherwise requires, terms used in this Agreement, including its
preamble and recitals, have the following meanings (such meanings to be equally
applicable to the singular and plural forms thereof):

         "Amended Credit Agreement" means the Existing Credit Agreement as
amended hereby.

         "Amendment No. 2 Effective Date" is defined in Section 5.1.

         SECTION 1.2. Other Definitions. Unless otherwise defined herein or the
context otherwise requires, terms used in this Agreement, including its preamble
and recitals, have the meanings provided in the Amended Credit Agreement.
<PAGE>

                                       II
                     AMENDMENTS TO EXISTING CREDIT AGREEMENT

         Effective as of the Amendment No. 2 Effective Date, the Existing Credit
Agreement is hereby amended in accordance with Article II. Except as so amended,
the Existing Credit Agreement, the Notes and the other Credit Documents shall
continue in full force and effect.

         SECTION 2.1.  Amendments to Section 1.

                  (a)      Section 1.1 of the Existing Credit Agreement is
         hereby amended by inserting, in the alphabetically appropriate place,
         the following definitions:

                           "Amendment No. 2" means Amendment No. 2 to Credit
                  Agreement, dated as of December 21, 2001, among the Borrower,
                  the Guarantors, the Required Lenders and the Agent, amending
                  this Credit Agreement as then in effect.

                           "Amendment No. 2 Effective Date" means December 21,
                  2001 provided that Amendment No. 2 shall have become effective
                  in accordance with its terms.

                  (b)      Section 1.1 of the Existing Credit Agreement is
         hereby amended by amending in its entirety the definition for "Pledge
         Agreements" to read as follows:

                           "Pledge Agreements" means (a) that certain pledge
                  agreement dated as of the Closing Date executed by the
                  Borrower in favor of the Agent with respect to 66% of the
                  Voting Stock owned by the Borrower in McQueen International
                  Limited, a Scottish corporation, (b) that certain pledge
                  agreement dated as of the Amendment No. 2 Effective Date
                  executed by the Borrower in favor of the Agent with respect to
                  100% of the membership interests in Sykes Global Holdings,
                  LLC, a Delaware limited liability company and Sykes LP
                  Holdings, LLC, a Delaware limited liability company, held by
                  the Borrower, and (c) any additional pledge agreements entered
                  into in accordance with the provisions of Section 7.11, in
                  each case as amended and modified, to secure on a pari passu
                  basis the obligations owing under this Credit Agreement and
                  the Indebtedness permitted by Section 8.1(g).

         SECTION 2.2. Amendment to Section 6.12. The first sentence of Section
6.12 of the Existing Credit Agreement is hereby amended in its entirety to read
as follows:

                  Set forth on Schedule 6.12 is a complete and accurate list as
                  of the Amendment No. 2 Effective Date of all Subsidiaries of
                  the Borrower and of the share ownership of the Borrower and
                  each such Subsidiary.

         SECTION 2.3. Amendment to Section 7.11. Section 7.11 of the Existing
Credit Agreement is hereby amended by replacing each reference to "66%" therein
with a reference to "65%".

                                      -2-
<PAGE>

         SECTION 2.4. Addition of Section 8.10 is hereby added to the Existing
Credit Agreement to read as follows:

         SECTION 8.10.  SYKES INVESTMENTS C.V.

                  Without the prior consent of the Required Lenders, permit
         Sykes LP Holdings, LLC or Sykes Global Holdings, LLC to transfer any of
         their respective partnership or other ownership interests in Sykes
         Investments C.V., a Dutch limited partnership.

         SECTION 2.5. Amendment to Schedule 6.12. Schedule 6.12 to the Existing
Credit Agreement is hereby deleted in its entirety and new Schedule 6.12
attached hereto is substituted therefor.

                                       III
                  CONSENT AND WAIVER RELATING TO REORGANIZATION

         SECTION 3.1. Consent and Waiver. In connection with the pending
reorganization of the Borrower's corporate organizational structure, the
Required Lenders hereby (a) acknowledge their consent to the specific
intercompany transactions outlined on Annex A hereto, to the extent such
transactions are described on such Annex A, (b) waive any Default or Event of
Default that may arise under Section 8 of the Amended Credit Agreement solely as
a result of the consummation of the intercompany transactions outlined on Annex
A hereto, to the extent such transactions are described on such Annex A, (c)
acknowledge and agree that the intercompany payments and distributions made as a
result of the reorganization as described on such Annex A, shall not be regarded
as Restricted Payments for purposes of Section 8.7 of the Amended Credit
Agreement, and (d) waive the requirement pursuant to Section 7.11 of the
Existing Credit Agreement that the Borrower or any Subsidiary of the Borrower
cause to be pledged the Voting Stock of Sykes Investments C.V. a Dutch limited
partnership. The waivers set forth in this Section 3.1 are one-time waiver and
shall not be construed to be (i) waivers as to future compliance with Sections 7
or 8 of the Amended Credit Agreement, (ii) waivers of any other Default or Event
of Default that may exist or (iii) an amendment of or modification to the
Existing Credit Agreement. The Agent and the Lenders hereby reserve all of their
rights, powers and remedies under the Amended Credit Agreement, after giving
effect to this Agreement, and applicable law.

                                       IV
                   RELEASE OF PLEDGE RELATING TO SYKES CANADA

         SECTION 4.1. Release of Pledge Agreement and Related Collateral. The
Required Lenders hereby authorize and instruct Bank of America, as collateral
agent (in such capacity, the "Collateral Agent"), to release, effective as of
the Amendment No. 2 Effective Date, (a) that certain Pledge Agreement dated as
of May 2, 2000 given by the Borrower in favor of the Collateral Agent with
respect to the Borrower's pledge of 66% of the capital stock of Sykes Canada
Corporation (formerly Oracle Service Networks Corporation) and (b) the capital
stock and related collateral pledged pursuant to such Pledge Agreement.

                                      -3-
<PAGE>

                                        V
                           CONDITIONS TO EFFECTIVENESS

         SECTION 5.1. Amendment No. 2 Effective Date. This Agreement shall be
and become effective as of the date hereof (the "Amendment No. 2 Effective
Date") when all of the conditions set forth in this Section 5.1 shall have been
satisfied, and thereafter, this Agreement No. 2 shall be known, and may be
referred to, as "Amendment No. 2."

                  SECTION 5.1.1. Execution of Counterparts. The Agent shall have
         received (including by telecopy) counterparts of (a) this Agreement
         which shall have been duly executed on behalf of the Borrower, the
         Guarantors, the Agent and the Required Lenders, (b) a Guarantor Joinder
         Agreement dated as of the date hereof which shall have been duly
         executed by Sykes Global Holdings L.L.C. ("USLLC") and Sykes LP
         Holdings, LLC ("LPLLC) and (c) a Pledge Agreement dated as of the date
         hereof which shall have been duly executed by the Borrower in
         connection with the pledge of 100% of the membership interests USLLC
         and LPLLC.

                  SECTION 5.1.2. Legal Details, Etc. All documents executed or
         submitted pursuant hereto shall be reasonably satisfactory in form and
         substance to the Agent and its counsel prior to or by the time of
         closing. Prior to or by the time of closing, the Agent and its counsel
         shall have received all information, legal opinions and other
         documents, and such counterpart originals or such certified or other
         copies of such originals, as the Agent or its counsel may reasonably
         request, and all legal matters incident to the transactions
         contemplated by this Agreement shall be reasonably satisfactory to the
         Agent and its counsel.

                  SECTION 5.1.3. Payment of Amendment Fee. The Borrower shall
         have paid to the Agent a fee in connection with this Agreement in an
         amount equal to 0.075% multiplied by the aggregate Revolving
         Commitments of the Consenting Lenders (as defined below) such fee being
         for the account of each such Lender pro rata according to such Lender's
         Revolving Commitment; provided, however, that such fee shall be payable
         only to those Lenders (the "Consenting Lenders") that shall have
         returned (including via telecopy) executed signature pages to this
         Agreement on or before Wednesday, December 19, 2001, as directed by the
         Agent.

                                       VI
                                  MISCELLANEOUS

         SECTION 6.1. Representations and Warranties. The Borrower hereby
represents and warrants to the Agent and the Lenders that, after giving effect
to this Agreement, (a) no Default or Event of Default exists under the Amended
Credit Agreement or any of the other Credit Documents and (b) the
representations and warranties set forth in Section 6 of the Amended Credit
Agreement are, subject to the limitations set forth therein, true and correct in
all material respects as of the date hereof (except for those which expressly
relate to an earlier date).

                                      -4-
<PAGE>

         SECTION 6.2. Cross-References. References in this Agreement to any
Section are, unless otherwise specified, to such Section of this Agreement.

         SECTION 6.3. Instrument Pursuant to Existing Credit Agreement. This
Agreement is a document executed pursuant to the Existing Credit Agreement and
shall (unless otherwise expressly indicated therein) be construed, administered
and applied in accordance with the terms and provisions of the Existing Credit
Agreement.

         SECTION 6.4. Credit Documents. The Borrower and the Guarantors hereby
confirm and agree that the Credit Documents are, and shall continue to be, in
full force and effect, and hereby ratify and confirm in all respects their
obligations thereunder, except that, upon the effectiveness of, and on and after
the date of this Agreement, all references in each Credit Document to the
"Credit Agreement", "thereunder", "thereof" or words of like import referring to
the Existing Credit Agreement shall mean the Amended Credit Agreement.

         SECTION 6.5. Counterparts, Effectiveness, Etc. This Agreement may be
executed by the parties hereto in several counterparts, each of which shall be
deemed to be an original and all of which shall constitute together but one and
the same agreement. Delivery of executed counterparts of this Agreement by
telecopy shall be effective as an original and shall constitute a representation
that an original shall be delivered.

         SECTION 6.6. Governing Law; Entire Agreement. THIS AGREEMENT SHALL BE
DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE
STATE OF NORTH CAROLINA WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES
THEREOF.

         SECTION 6.7. Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective
successors and assigns.

              [the remainder of this page intentionally left blank]

                                      -5-
<PAGE>

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

BORROWER:               SYKES ENTERPRISES, INCORPORATED

                        By: /S/ W. Michael Kipphut
                           --------------------------------------------------
                        Name: W. Michael Kipphut
                        Title: Sr. Vice President and Chief Financial Officer

GUARANTORS:             SYKES REALTY, INC.

                        By:/S/ W. Michael Kipphut
                           ---------------------------------------------------
                        Name: W. Michael Kipphut
                        Title: Vice President and Chief Financial Officer

                        SYKES E-COMMERCE INCORPORATED

                        By:/S/ W. Michael Kipphut
                        ------------------------------------------------------
                        Name: W. Michael Kipphut
                        Title: Secretary and Treasurer

                        SYKES GLOBAL HOLDINGS L.L.C.

                        By:/S/ W. Michael Kipphut
                           ---------------------------------------------------
                        Name: W. Michael Kipphut
                        Title: Sr. Vice President and Chief Financial Officer

                        SYKES LP HOLDINGS L.L.C.

                        By:/S/ W. Michael Kipphut
                           ---------------------------------------------------
                        Name: W. Michael Kipphut
                        Title: Sr. Vice President and Chief Financial Officer

                                                              Amendment No. 2 to
                                           Amended and Restated Credit Agreement
                                                                 (December 2001)

<PAGE>
LENDERS:                BANK OF AMERICA, N.A., individually in its capacity as
                        a Lender and in its capacity as Agent

                        By:/S/ John E. Williams
                           ---------------------------------------------------
                        Name: John E. Williams
                        Title: Managing Director

                        SUNTRUST BANK

                        By:/S/ Karen C. Copeland
                           ---------------------------------------------------
                        Name: Karen C. Copeland
                        Title: Vice President

                        FIRST UNION NATIONAL BANK

                        By:/S/ David L. Driggers
                        ------------------------------------------------------
                        Name: David L. Driggers
                        Title: Managing Director

                        BANK ONE, NA (formerly known as The First National Bank
                        of Chicago)

                        By:/S/ Steven P. Sullivan
                           ---------------------------------------------------
                        Name: Steven P. Sullivan
                        Title: Associate

                        FLEET NATIONAL BANK

                        By:/S/ Thomas Engels
                        ------------------------------------------------------
                        Name: Thomas Engels
                        Title: Senior Vice President

                                                              Amendment No. 2 to
                                           Amended and Restated Credit Agreement
                                                                 (December 2001)
<PAGE>

                        SOUTHTRUST BANK, formerly known as SouthTrust Bank,
                        National Association

                        By:/S/ Leslie Fredericks
                        ---------------------------------------------------
                        Name: Leslie Fredericks
                        Title: Vice President

                        BNP PARISBAS

                        By:/S/ Aurora Abella
                        ---------------------------------------------------
                        Name: Aurora Abella
                        Title: Vice President

                        By:/S/ Craig Pierce
                        ---------------------------------------------------
                        Name: Craig Pierce
                        Title: Associate

                                                              Amendment No. 2 to
                                           Amended and Restated Credit Agreement
                                                                 (December 2001)
<PAGE>
                                 SCHEDULE 6.12

                            SCHEDULE OF SUBSIDIARIES

<TABLE>
<CAPTION>

COMPANY NAME                                                        JURISDICTION                OWNERSHIP                % OWNED

<S>                                                               <C>               <C>                                  <C>
Sykes Enterprises, Incorporated                                   Florida           Publicly Held                             %
1.   Sykes Realty, Inc.                                           Florida           Sykes Enterprises, Incorporated        100%
2.   Sykes Enterprises Delaware, Inc.                             Delaware          Sykes Enterprises, Incorporated        100%
3.   Sykes Enterprises - South Africa, Inc.                       Florida           Sykes Enterprises, Incorporated        100%
4.   Sykes Enterprises of Canada, Inc.                            Canada            Sykes Enterprises, Incorporated        100%
5.   Sykes Financial Services, Inc.                               Maryland          Sykes Enterprises, Incorporated        100%
6.   SEI Technical Services, Ltd.                                 London            Sykes Enterprises, Incorporated         50%
                                                                                    John Sykes                              50%
7.   McQueen International Incorporated                           California        Sykes Enterprises, Incorporated        100%
     A.  Sykes E-Commerce, Incorporated                           Delaware          McQueen International                  100%
                                                                                    Incorporated

8.   Sykes Latin America, S.A.                                    Costa Rica        Sykes Enterprises, Incorporated        100%
9.   Sykes Enterprises Incorporated, S.L.                         Spain             Sykes Enterprises, Incorporated        100%
10.  McQueen International Limited                                Scotland          Sykes Enterprises, Incorporated        100%
     A.  McQueen Europe Limited                                   Scotland          McQueen International Limited          100%
         1)   Sykes Netherlands B.V.                              Netherlands       McQueen Europe Limited                 100%
              a)  McQueen Skandinavian AB                         Sweden            Sykes Netherlands B.V.                 100%
              b)  McQueen International B.V.                      Netherlands       Sykes Netherlands B.V.                 100%
              c)  Sykes Asia Inc.                                 Philippines       Sykes Netherlands B.V.                 100%
              d)  Sykes France S.A.                               France            Sykes Netherlands B.V.                 100%
         2)   Sykes Europe Limited                                Scotland          McQueen International Limited          100%
              a)  McQueen Graphics Limited                        Scotland          Sykes Europe Limited                   100%
              b)  Printsoft Limited                               Scotland          Sykes Europe Limited                   100%
              c)  McQueen Direct Limited                          Scotland          Sykes Europe Limited                   100%
              d)  McQueen ESOT Trustees Limited                   Scotland          Sykes Europe Limited                   100%
              e)  McQueen Integrated Manufacturing Services       Scotland          Sykes Europe Limited                   100%
                  Limited

              f)  LINK Network Limited                            Scotland          Sykes Europe Limited                   100%
11.  Sykes Holdings of Belgium B.V.B.A.                           Belgium           Sykes Enterprises, Incorporated         99%
                                                                                    Sykes Enterprises Incorporated BV        1%
     A.  Sykes Belgium N.V.                                       Belgium           Sykes Holdings of Belgium              100%
                                                                                    B.V.B.A.
12.  Sykes Investments CV                                         Netherlands       Sykes LP Holdings, LLC               99.99%
                                                                                    Sykes Global Holdings, LLC            0.01%
     A.  Sykes Enterprises Incorporated Holdings B.V.             Netherlands       Sykes Investments CV                   100%
         1)   Sykes Datasvar Support AB                           Sweden            Sykes Enterprises Incorporated         100%
                                                                                    Holdings B.V.
              a)  Twin Point AB                                   Sweden            Sykes Datasvar Support AB              100%
         2)   Sykes International Holdings BV                     Netherlands       Sykes Enterprises Incorporated         100%
                                                                                    Holdings B.V.
              a)  Sykes Canada, Inc.                              Canada            Sykes International Holdings BV        100%
                  1)  248 Pall Mall (London) Inc.                 Canada            Sykes Canada, Inc.                     100%
                      i)    Station Park Fitness Club Inc.        Canada            248 Pall Mall (London) Inc.            100%
                  2)  Clinidata Incorporated                      Canada            Sykes Canada, Inc.                     100%
                  3)  Sykes Enterprises GmbH                      Germany           Sykes Canada, Inc.                     100%
                      i)    Sykes Enterprises Hamburg Hannover    Germany           Sykes Enterprises GmbH                  90%
                            GmbH & Co. KG
                                                                                    Sykes Enterprises Verwaltungs           10%
                                                                                    und Management GmbH
                      ii)   Sykes Enterprises Verwaltungs und     Germany           Sykes Enterprises GmbH                 100%
                            Management GmbH
                      iii)  Tas Hedi Fabinyi Telemarketing Und    Germany           Sykes Enterprises GmbH                  90%
                            Kommunikationskonzepte GmbH & Co. KG                    Sykes Verwaltungesellschaft mbH         10%
                      iv)   Sykes Verwaltungesellschaft mbH       Germany           Sykes Enterprises GmbH                 100%
                      v)    Sykes Enterprises Support Services    Germany           Sykes Enterprises GmbH                  49%
                            B.V. & Co. KG                                           Sykes Enterprises Incorporated BV       51%
                      vi)   Sykes Enterprises Management GmbH     Germany           Sykes Enterprises GmbH                 100%
                      vii)  Sykes Enterprises Verwaltungs und     Germany           Sykes Enterprises GmbH                 100%
                            Beteiligungsgellschaft mbH

                      viii) Sykes Enterprises Bochum GmbH & Co.   Germany           Sykes Enterprises GmbH                  90%
                            KG                                                      Sykes Enterprises Management GmbH       10%
                            -   Sykes Enterprises Wilhemslaven    Germany           Sykes Enterprises Bochum GmbH &      99.92%
                                GmbH & Co. KG                                       Co. KG
                                                                                    Sykes Enterprises Verwaltungs         0.08%
                                                                                    und Beteiligungsgellschaft mbH
                            -   TST Tele Service Team, GmbH       Germany           Sykes Enterprises Bochum GmbH &         64%
                                                                                    Co. KG
                                                                                    Iris Gordelik                           26%
                                                                                    Norbert Bromkamp                        10%
                            -   T.O.P. Teleshopping, GmbH         Germany           Sykes Enterprises Bochum GmbH &         67%
                                                                                    Co. KG
</Table>
<PAGE>

<TABLE>
<S>                                                               <C>                                                    <C>
                                                                                    Hans-Joachim Grun                       33%
         3)   Sykes Enterprises Incorporated BV                   Netherlands       Sykes Enterprises Incorporated         100%
                                                                                    Holdings BV
              a)  Sykes Enterprises Istanbul Limited Sirket       Turkey            Sykes Enterprises Incorporated BV      100%
              b)  Sykes Information Technology China (Shanghai)   China             Sykes Enterprises Incorporated BV      100%
                   Co. Ltd.
              c)  Sykes Enterprises Italy S.r.L                   Italy             Sykes Enterprises Incorporated BV      100%
              d)  Sykes Enterprises. Kft. Budapest                Hungary           Sykes Enterprises Incorporated BV      100%
              e)  Sykes Central Europe Kft                        Hungary           Sykes Enterprises Incorporated BV     99.8%
                                                                                    Mr. Gyorgy Laszio                      0.2%
              f)  Sykes Finland Oyin                              Finland           Sykes Enterprises Incorporated BV      100%
13.  Sykes Global Holdings, LLC                                   Delaware          Sykes Enterprises, Incorporated        100%
14.  Sykes LP Holdings, LLC                                       Delaware          Sykes Enterprises, Incorporated        100%
</TABLE>

<PAGE>
                                     ANNEX A

                    Description of Borrower's Reorganization

Please see below a description of the proposed planning for Sykes Enterprises,
Incorporated (hereinafter referred to as "Sykes" or "the Company").

The purpose of this planning is to improve the Company's treasury position by
allowing it to efficiently transfer funds amongst its domestic and foreign group
members in accord with its business objectives.

In general, the planning contemplates a contribution of various foreign
subsidiaries to a newly formed Dutch limited partnership, (a "Commanditaire
Vennootschap" or "CV"). Prior to their contribution, the Company has held these
foreign subsidiaries directly. The CV will thereafter act as a European holding
company for many of Sykes' foreign subsidiaries.

The planning also contemplates a transaction whereby Sykes' Canadian subsidiary
will purchase Sykes' Germany subsidiaries.

The Company will effect the planning through a series of steps. The significant
details of these steps are set out below. Although the transactions and amounts
included below represent Sykes' current plan, the actual transactions and
amounts may be slightly different.

         1.       Sykes will form two new subsidiaries:

                  -        Sykes Canada Company, a Canadian unlimited liability
                           corporation (hereinafter referred to as "SCC ULC")
                           and

                  -        Sykes International Holdings BV, a Dutch corporation
                           (hereinafter referred to as "NBV");

                  Sykes will fund these entities with the minimum capital
         required;

         2.       Sykes will contribute the shares of SCC ULC to the capital of
                  Sykes Canada Corporation, ("SCC"), a wholly owned Canadian
                  subsidiary of Sykes;

         3.       Sykes will contribute the shares of SCC, NBV and the shares of
                  its wholly owned Swedish subsidiary, Datasvar, to its
                  previously-existing Dutch subsidiary, Sykes Enterprises
                  Holdings, BV (hereinafter referred to as "HBV");

         4.       HBV will contribute the shares of SCC to NBV;

         5.       Sykes will form two new wholly-owned US subsidiary, Sykes
                  Global Holdings, LLC (referred to herein as "US LLC") and
                  Sykes LP Holding, LLC (referred to herein as "LPLLC");

<PAGE>

         6.       Sykes, through US LLC and LPLLC will create a new Dutch
                  entity, Sykes Investments, CV (hereinafter referred to as
                  "CV"); LPLLC will act as a limited partner of CV holding in
                  excess of 99.99%, and US LLC will act as a general partner,
                  holding less than 0.01%;

         7.       Sykes will contribute the shares of Sykes Enterprises GmbH,
                  its wholly owned German subsidiary (hereinafter referred to as
                  SE_GmbH), and the shares of HBV to CV.

         8.       SCC and SCC ULC will amalgamate with the resulting Canadian
                  entity taking on unlimited liability form (the surviving
                  entity will hereinafter be referred to as "CanSub ULC");

         9.       CV will sell approximately $10 million of shares of SE_GmbH to
                  NBV in exchange for a note payable issued by NBV (hereinafter
                  referred to as the "NBV Note");

         10.      CV will sell its remaining shares of SE_GmbH to CanSub ULC in
                  exchange for an approximately $40 million note payable issued
                  by CanSub ULC (The "CanSub Note") and for additional shares of
                  CanSub ULC;

         11.      NBV will contribute the SE_GmbH shares it recently purchased
                  (as described above) to the capital of CanSub ULC;

         12.      CV will sell the CanSub Note to HBV in exchange for an
                  approximately $40 million note payable issued by HBV;

         13.      CanSub ULC will distribute approximately $13 million of cash
                  to NBV as a distribution of capital;

         14.      NBV will distribute approximately $13 million of cash to CV in
                  full satisfaction of the NBV Note; and

         15.      CV will distribute approximately $13 million of cash to Sykes
                  as a partnership distribution.<PAGE>
                                                                    EXHIBIT 10.7

                       AMENDMENT NO. 5 TO CREDIT AGREEMENT

         THIS AMENDMENT NO. 5 TO CREDIT AGREEMENT (this "Amendment No. 5"),
dated as of December 21, 2001, is by and among SYKES ENTERPRISES, INCORPORATED,
a Florida corporation (the "Borrower"), the guarantors listed on the signature
pages hereto, the other subsidiaries of the Borrower listed on the signature
pages hereto and BANK OF AMERICA, N.A., a national banking association (the
"Bank").

                              W I T N E S S E T H:

         WHEREAS, the Borrower and the Bank are parties to that certain Credit
Agreement, dated as of February 27, 1998, as amended by a First Amendment to
Credit Agreement dated as of October 1998, an Amendment No. 2 to Credit
Agreement dated as of January 18, 2000, an Amendment No. 3 to Credit Agreement
dated as of May 2, 2000 and an Amendment No. 4 to Credit Agreement dated as of
June 22, 2001 (the "Existing Credit Agreement");

         WHEREAS, the Foreign Subsidiary Borrowers have executed the Foreign
Currency Notes pursuant to the Existing Credit Agreement;

         WHEREAS, by separate guaranty agreements dated May 2, 2000, May 2,
2000, December 21, 2001, and December 21, 2001 respectively, Sykes E-Commerce,
Incorporated, Sykes Realty, Inc., Sykes LP Holdings, LLC, and Sykes Global
Holdings, LLC (collectively, the "Guarantors") agreed to guaranty the Borrower's
obligations under the Credit Agreement;

         WHEREAS, the Borrower and the Bank have agreed to amend the Existing
Credit Agreement as set forth herein and the Guarantors and the Foreign
Subsidiary Borrowers desire to acknowledge and agree to such amendment.

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

                                        I
                                   DEFINITIONS

         SECTION 1.1. Certain Definitions. Unless otherwise defined herein or
the context otherwise requires, terms used in this Amendment No. 5, including
its preamble and recitals, have the following meanings (such meanings to be
equally applicable to the singular and plural forms thereof):

         "Amended Credit Agreement" means the Existing Credit Agreement as
amended hereby.
<PAGE>

         "Amendment No. 5 Effective Date" is defined in Section 5.1.

         SECTION 1.2. Other Definitions. Unless otherwise defined herein or the
context otherwise requires, terms used in this Amendment No. 5, including
its preamble and recitals, have the meanings provided in the
Amended Credit Agreement.

                                       II
                     AMENDMENTS TO EXISTING CREDIT AGREEMENT

         Effective as of the Amendment No. 5 Effective Date, the Existing Credit
Agreement is hereby amended in accordance with these Sections 2.1 through 2.4.
Except as so amended, the Existing Credit Agreement, the Notes and the other
Credit Documents shall continue in full force and effect.

         SECTION 2.1. Amendments to Section 1.01. Section 1.01 of the Existing
Credit Agreement is hereby amended by inserting, in the alphabetically
appropriate place, the following definition:

                  "Amendment No. 5" means Amendment No. 5 to Credit Agreement,
         dated as of December 21+, 2001, among the Borrower, Sykes Realty, Inc.,
         Sykes E-Commerce, Incorporated, the other subsidiaries of the Borrower
         listed on the signature pages thereto and the Bank, amending this
         Credit Agreement as then in effect.

         SECTION 2.2 Amendment to Section 3.05. Section 3.05 of the Existing
Credit Agreement is hereby amended by replacing the first sentence thereof with
the following:

                  The representations and warranties contained in Sections 6.1,
         6.2, 6.3, 6.6, 6.7, 6.9, 6.10, 6.12, 6.13, 6.14 and 6.15 of the
         Syndicated Credit Agreement, as in effect on the date of Amendment No.
         5 and after giving effect to any amendment or modification to the
         Syndicated Credit Agreement which the Bank, acting in its capacity as
         the lender hereunder, has approved in a writing referring to this
         Credit Agreement (the "Incorporated Representations"), are hereby
         incorporated by reference and shall be binding on the Borrower as if
         set forth fully herein.

         SECTION 2.3 Amendment to Section 4.01. Section 4.01 of the Existing
Credit Agreement is hereby amended by replacing the first sentence thereof with
the following:

                  The affirmative and negative covenants contained in Sections
         7.1 through 7.9 and Sections 8.1 through 8.10 of the Syndicated Credit
         Agreement, as in effect on the date of Amendment No. 5 and after giving
         effect to any amendment or modification to the Syndicated Credit
         Agreement which the Bank, acting in its capacity as the lender
         hereunder, has approved in a writing referring to this Credit Agreement
         (the "Incorporated Covenants"), are hereby incorporated by reference
         and shall be binding on the Borrower as if set forth fully herein.
<PAGE>

         SECTION 2.4 Amendment to Section 4.02. Section 4.02 of the Existing
Credit Agreement is hereby amended by replacing each reference to "66%" therein
with a reference to "65%".

                                       III
                  CONSENT AND WAIVER RELATING TO REORGANIZATION

         SECTION 3.1 Consent and Waiver. In connection with the pending
reorganization of the Borrower's corporate organizational structure, the Bank
hereby (a) acknowledges its consent to the specific intercompany transactions
outlined on Annex A hereto, to the extent such transactions are described on
such Annex A, (b) waives any Default or Event of Default that may arise under
Section 4.01 of the Amended Credit Agreement solely as a result of the
consummation of the intercompany transactions outlined on Annex A hereto, to the
extent such transactions are described on such Annex A, (c) acknowledges and
agrees that the intercompany payments and distributions made as a result of the
reorganization as described on such Annex A, shall not be regarded as Restricted
Payments for purposes of Section 8.7 of the Syndicated Credit Agreement as
incorporated through Section 4.01 of the Amended Credit Agreement and (d) waive
the requirement pursuant to Section 4.02 of the Existing Credit Agreement that
the Borrower or any Subsidiary of the Borrower cause to be pledged the Voting
Stock of Sykes Investments C.V., a Dutch limited partnership. The waivers set
forth in this Section 3.1 are one-time waivers and shall not be construed to be
(i) waivers as to future compliance with Sections 4.01 or 4.02 of the Amended
Credit Agreement, (ii) waivers of any other Default or Event of Default that may
exist or (iii) an amendment of or modification to the Existing Credit Agreement.
The Bank hereby reserves all of its rights, powers and remedies under the
Amended Credit Agreement, after giving effect to this Amendment No. 5, and
applicable law.

                                       IV
                   RELEASE OF PLEDGE RELATING TO SYKES CANADA

         SECTION 4.1. Release of Pledge Agreement and Related Collateral. The
Bank hereby authorizes and instructs Bank of America, N.A., as collateral agent
(in such capacity, the "Collateral Agent"), to release, effective as of the
Amendment No. 5 Effective Date, (a) that certain Pledge Agreement dated as of
May 2, 2000 given by the Borrower in favor of the Collateral Agent with respect
to the Borrower's pledge of 66% of the capital stock of Sykes Canada Corporation
(formerly Oracle Service Networks Corporation) and (b) the capital stock and
related collateral pledged pursuant to such Pledge Agreement.

                                        V
                           CONDITIONS TO EFFECTIVENESS

         SECTION 5.1. Amendment No. 5 Effective Date. This Amendment No. 5 shall
be and become effective as of the date hereof (the "Amendment No. 5 Effective
Date") when all of the

<PAGE>

conditions set forth in this Section 5.1 shall have been satisfied, and
thereafter, this Amendment No. 5 shall be known, and may be referred to, as
"Amendment No. 5."

                  SECTION 5.1.1. Execution of Counterparts. The Bank shall have
         received (including by telecopy) counterparts of this Amendment No. 5
         which shall have been duly executed on behalf of the Borrower, the
         Guarantors, the other subsidiaries of the Borrower listed on the
         signature pages hereto and the Bank.

                  SECTION 5.1.2. Subsidiary Guaranty. The Bank shall have
         received (including by telecopy) counterparts of Guaranty Agreements
         which shall have been duly executed on behalf of Sykes Global Holdings,
         LLC and on behalf of Sykes LP Holdings, LLC.

                  SECTION 5.1.3. Legal Details, Etc. All documents executed or
         submitted pursuant hereto shall be reasonably satisfactory in form and
         substance to the Bank and its counsel prior to or by the time of
         closing. Prior to or by the time of closing, the Bank and its counsel
         shall have received all information, and such counterpart originals or
         such certified or other copies of such originals, as the Bank or its
         counsel may reasonably request, and all legal matters incident to the
         transactions contemplated by this Amendment No. 5 shall be reasonably
         satisfactory to the Bank and its counsel.

                  SECTION 5.1.4. Payment of Amendment Fee. The Borrower shall
         have paid to the Bank a fee in connection with this Amendment No. 5 in
         an amount equal to 0.075% multiplied by the Revolving Loan Committed
         Amount.

                                       VI
                                  MISCELLANEOUS

         SECTION 6.1. Representations and Warranties. The Borrower hereby
represents and warrants to the Bank that, after giving effect to this Amendment
No. 5, (a) no Default or Event of Default exists under the Amended Credit
Agreement or any of the other Credit Documents and (b) the representations and
warranties incorporated pursuant to Section 3.05 of the Amended Credit Agreement
are, subject to the limitations set forth therein, true and correct in all
material respects as of the date hereof (except for those which expressly relate
to an earlier date).

         SECTION 6.2. Cross-References. References in this Amendment No. 5 to
any Section are, unless otherwise specified, to such Section of this Amendment
No. 5.

         SECTION 6.3. Instrument Pursuant to Existing Credit Agreement. This
Amendment No. 5 is a document executed pursuant to the Existing Credit Agreement
and shall (unless otherwise expressly indicated therein) be construed,
administered and applied in accordance with the terms and provisions of the
Existing Credit Agreement.

         SECTION 6.4. Credit Documents. The Borrower, the Guarantors and the
other subsidiaries of the Borrower listed on the signature pages hereto hereby
confirm and agree that the Credit Documents are, and shall continue to be, in
full force and effect, and hereby ratify and
<PAGE>

confirm in all respects their obligations thereunder, except that, upon the
effectiveness of, and on and after the date of this Amendment No. 5, all
references in each Credit Document to the "Credit Agreement", "thereunder",
"thereof" or words of like import referring to the Existing Credit Agreement
shall mean the Amended Credit Agreement.

         SECTION 6.5. Counterparts, Effectiveness, Etc. This Amendment No. 5 may
be executed by the parties hereto in several counterparts, each of which shall
be deemed to be an original and all of which shall constitute together but one
and the same agreement. Delivery of executed counterparts of this Amendment No.
5 by telecopy shall be effective as an original and shall constitute a
representation that an original shall be delivered.

         SECTION 6.6. Governing Law; Entire Agreement. THIS AMENDMENT NO. 5
SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF
THE STATE OF NORTH CAROLINA WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW
PRINCIPLES THEREOF.

         SECTION 6.7. Successors and Assigns. This Amendment No. 5 shall be
binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns.

              [the remainder of this page intentionally left blank]

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 5
to be executed by their respective duly authorized officers as of the day and
year first above written.

BORROWER:             SYKES ENTERPRISES, INCORPORATED

                      By:/S/ W. Michael Kipphut
                         ----------------------------------------------------
                      Name: W. Michael Kipphut
                      Title: Sr. Vice President and Chief Financial Officer

GUARANTORS:           SYKES REALTY, INC.

                      By:/S/ W. Michael Kipphut
                         -----------------------------------------------------
                      Name: W. Michael Kipphut
                      Title: Vice President and Chief Financial Officer

                      SYKES E-COMMERCE, INCORPORATED

                      By:/S/ W. Michael Kipphut
                         -----------------------------------------------------
                      Name: W. Michael Kipphut
                      Title: Secretary and Treasurer

                      SYKES GLOBAL HOLDINGS, LLC

                      By:/S/ W. Michael Kipphut
                          ----------------------------------------------------
                      Name: W. Michael Kipphut
                      Title: Sr. Vice President and Chief Financial Officer

                      SYKES LP HOLDINGS, LLC

                      By:/S/ W. Michael Kipphut
                        ------------------------------------------------------
                      Name: W. Michael Kipphut
                      Title: Sr. Vice President and Chief Financial Officer

                                               Signature Page to Amendment No. 5
                           to Credit Agreement - Sykes Enterprises, Incorporated
                                                                   December 2001
<PAGE>

SUBSIDIARIES OF THE
BORROWER:

                      SYKES DATASVAR SUPPORT AB,
                      STOCKHOLM SWEDEN

                      By:/S/ W. Michael Kipphut
                        -----------------------------------------------------
                      Name: W. Michael Kipphut
                      Title: Authorized Representative

                      SYKES ENTERPRISES GmbH

                      By:/S/ W. Michael Kipphut
                        -----------------------------------------------------
                      Name: W. Michael Kipphut
                      Title: Authorized Representative

                      SYKES ENTERPRISES INCORPORATED
                      HOLDINGS BV

                      By:/S/ W. Michael Kipphut
                         ----------------------------------------------------
                      Name: W. Michael Kipphut
                      Title: Authorized Representative

                      SYKES ENTERPRISES INCORPORATED BV

                      By:/S/ W. Michael Kipphut
                         ----------------------------------------------------
                      Name: W. Michael Kipphut
                      Title: Authorized Representative

                      SYKES HOLDINGS OF BELGIUM B.V.B.A.

                      By:/S/ W. Michael Kipphut
                         ----------------------------------------------------
                      Name: W. Michael Kipphut
                      Title: Authorized Representative

                      MCQUEEN INTERNATIONAL, LIMITED

                      By:/S/ W. Michael Kipphut
                         ----------------------------------------------------
                      Name: W. Michael Kipphut
                      Title: Authorized Representative

<PAGE>

BANK:                 BANK OF AMERICA, N.A., formerly known
                      as NationsBank, N.A.

                      By:/S/ John E. Williams
                         ----------------------------------------------------
                      Name: John E. Williams
                      Title: Managing Director

                                               Signature Page to Amendment No. 5
                          to Credit Agreement -- Sykes Enterprises, Incorporated
                                                                   December 2001
<PAGE>

                                     ANNEX A

                    Description of Borrower's Reorganization

Please see below a description of the proposed planning for Sykes Enterprises,
Incorporated (hereinafter referred to as "Sykes" or "the Company").

The purpose of this planning is to improve the Company's treasury position by
allowing it to efficiently transfer funds amongst its domestic and foreign group
members in accord with its business objectives.

In general, the planning contemplates a contribution of various foreign
subsidiaries to a newly formed Dutch limited partnership, (a "Commanditaire
Vennootschap" or "CV"). Prior to their contribution, the Company has held these
foreign subsidiaries directly. The CV will thereafter act as a European holding
company for many of Sykes' foreign subsidiaries.

The planning also contemplates a transaction whereby Sykes' Canadian subsidiary
will purchase Sykes' German subsidiaries.

The Company will effect the planning through a series of steps. The significant
details of these steps are set out below. Although the transactions and amounts
included below represent Sykes' current plan, the actual transactions and
amounts may be slightly different.

         1.       Sykes will form two new subsidiaries:

         -        Sykes Canada Company, a Canadian unlimited liability
                  corporation (hereinafter referred to as "SCC ULC") and

         -        Sykes International Holdings BV, a Dutch corporation
                  (hereinafter referred to as "NBV");

                  Sykes will fund these entities with the minimum capital
         required;

         2.       Sykes will contribute the shares of SCC ULC to the capital of
                  Sykes Canada Corporation, ("SCC"), a wholly owned Canadian
                  subsidiary of Sykes;

         3.       Sykes will contribute the shares of SCC, NBV and the shares of
                  its wholly owned Swedish subsidiary, Datasvar, to its
                  previously-existing Dutch subsidiary, Sykes Enterprises
                  Holdings, BV (hereinafter referred to as "HBV");

         4.       HBV will contribute the shares of SCC to NBV;

         5.       Sykes will form two new wholly-owned US subsidiary, Sykes
                  Global Holdings, LLC (referred to herein as "US LLC") and
                  Sykes LP Holdings, LLC (referred to herein as "LPLLC");
<PAGE>

         6.       Sykes, through US LLC and LPLLC, will create a new Dutch
                  entity, Sykes Investments, CV (hereinafter referred to as
                  "CV"); LPLLC will act as a limited partner of CV holding in
                  excess of 99.99%, and US LLC will act as a general partner,
                  holding less than 0.01%;

         7.       Sykes will contribute the shares of Sykes Enterprises GmbH,
                  its wholly owned German subsidiary (hereinafter referred to as
                  SE_GmbH), and the shares of HBV to CV.

         8.       SCC and SCC ULC will amalgamate with the resulting Canadian
                  entity taking on unlimited liability form (the surviving
                  entity will hereinafter be referred to as "CanSub ULC");

         9.       CV will sell approximately $10 million of shares of SE_GmbH to
                  NBV in exchange for a note payable issued by NBV (hereinafter
                  referred to as the "NBV Note");

         10.      CV will sell its remaining shares of SE_GmbH to CanSub ULC in
                  exchange for an approximately $40 million note payable issued
                  by CanSub ULC (The "CanSub Note") and for additional shares of
                  CanSub ULC;

         11.      NBV will contribute the SE_GmbH shares it recently purchased
                  (as described above) to the capital of CanSub ULC;

         12.      CV will sell the CanSub Note to HBV in exchange for an
                  approximately $40 million note payable issued by HBV;

         13.      CanSub ULC will distribute approximately $13 million of cash
                  to NBV as a distribution of capital;

         14.      NBV will distribute approximately $13 million of cash to CV in
                  full satisfaction of the NBV Note; and

         15.      CV will distribute approximately $13 million of cash to Sykes
                  as a partnership distribution.

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