Document:

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                                                                   EXHIBIT 10.21

                      SECOND AMENDMENT TO CREDIT AGREEMENT

         This Second Amendment to Credit Agreement (this "Second Amendment") is
entered into as of the 11th day of February, 2000, by and among EXCO Resources,
Inc., a Texas corporation ("Borrower"), Bank of America, N.A. (successor by
merger to NationsBank, N.A., successor by merger to NationsBank of Texas, N.A.),
as Agent ("Agent"), and Bank of America, N.A. (successor by merger to
NationsBank, N.A., successor by merger to NationsBank of Texas, N.A.) as the
sole Bank ("Bank").

                               W I T N E S S E T H

         WHEREAS, Borrower, Agent and Bank are parties to that certain Credit
Agreement dated as of February 11, 1998 (as amended, by the First Amendment to
Credit Agreement dated September 21, 1998, the "Credit Agreement") (unless
otherwise defined herein, all terms used herein with their initial letter
capitalized shall have the meaning given such terms in the Credit Agreement);
and

         WHEREAS, pursuant to the Credit Agreement, Bank has made a Revolving
Loan to Borrower and provided certain other credit accommodations to Borrower;
and

         WHEREAS, Borrower has requested that the Borrowing Base be increased
and other provisions in the Credit Agreement be amended; and

         WHEREAS, subject to and upon the terms and conditions set forth herein,
Bank has agreed to Borrower's requests.

         NOW THEREFORE, for and in consideration of the mutual covenants and
agreements herein contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged and confessed,
Borrower, Agent and Bank hereby agree as follows:

         SECTION 1 Amendments. In reliance on the representations, warranties,
covenants and agreements contained in this Second Amendment, the Credit
Agreement shall be amended effective as of the date hereof in the manner
provided in this SECTION 1.

               1.1 Additional Definitions. Section 1.1 of the Credit Agreement
shall be amended to add the definition of "Second Amendment" which shall read in
full as follows:

               "Second Amendment" means that certain Second Amendment to Credit
Agreement dated as of February 11, 2000 among Borrower, Agent and Bank.

               1.2 Amendment to Definitions. The definitions of "Agent", "Loan
Papers" and "Termination Date" contained in Section 1.1 of the Credit Agreement
shall be amended to read in full as follows:

               "Agent" means Bank of America, N.A., successor by merger to
         NationsBank, N.A., successor by merger to NationsBank of Texas, N.A.,
         in its capacity as agent for Banks hereunder or any successor thereto.

<PAGE>   2

               "Loan Papers" means this Agreement, the First Amendment, the
         Second Amendment, the Notes, all Mortgages now or at any time hereafter
         delivered pursuant to Section 6.1, and all other certificates,
         documents or instruments delivered in connection with this Agreement,
         as the foregoing may be amended from time to time.

               "Termination Date" means February 11, 2002.

               1.3 Letters of Credit. Section 2.1(b) of the Credit Agreement
shall be amended by deleting the first sentence thereto and adding the following
sentence in place thereof:

          "Agent will, from time to time prior to the Termination Date, upon
          request by Borrower issue Letters of Credit for the account of
          Borrower, so long as (i) the sum of (A) the total of Letter of Credit
          Exposure then existing, and (B) the amount of the requested Letter of
          Credit does not exceed $500,000, and (ii) Borrower would be entitled
          to a Borrowing under Sections 2.1(a) and 2.1(c) in the amount of the
          requested Letter of Credit".

               1.4 Additional Funding Condition. Section 7.2 of the Credit
Agreement shall be amended (a) to delete "and" at the end of the clause (e)
thereof, (b) to delete the period (".") at the end of clause (f) thereof and
replace such period with "; and", and (c) to insert a new clause (g) which shall
read in full as follows:

          (g) in the case of any Borrowing or issuance of any Letter of Credit
          which would cause the Outstanding Credit to exceed $6,500,000,
          Borrower shall deliver to Administrative Agent a legal opinion of
          Haynes & Boone, L.L.P., counsel to Borrower, addressed to
          Administrative Agent regarding (a) the valid organization and
          existence of Borrower, (b) the due authorization, execution and
          delivery of this Agreement and the other Loan Papers, (c) the
          validity, enforceability and binding effect of this Agreement and the
          other Loan Papers, and (d) such other matters as Administrative Agent
          shall request.

               1.5 Net Revenue Reports. Section 9.1(d) of the Credit Agreement
shall be amended to read in full as follows:

          "(d) As soon as available and in any event in thirty (30) days after
          the end of each calendar month, a report of Borrower's Financial
          Officer setting forth in reasonable detail Borrower's Net Revenues for
          the preceding calendar month;"

               1.6 Environmental Reporting Threshold. Section 9.1(g) of the
Credit Agreement shall be amended to delete "$50,000" each time it appears
therein and to substitute "$100,000" in place thereof.

               1.7 Waiver of Production Reports. Section 9.1(j) of the Credit
Agreement shall be deleted in its entirety.

               1.8 Debt Covenant. Section 10.1 of the Credit Agreement shall be
amended to

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delete "$100,000" where it appears therein and to substitute "$500,000" in place
thereof.

               1.9 Asset Disposition Covenant. Section 10.5 of the Credit
Agreement shall be amended to delete "$100,000" where it appears therein and to
substitute "$500,000" in place thereof.

               1.10 Use of Proceeds Covenant. The first sentence of Section 10.7
of the Credit Agreement shall be amended to read in full as follows:

          "The proceeds of Borrowings will not be used for any purpose other
          than (a) the acquisition, exploration and development of Mineral
          Interests, and (b) general corporate purposes not prohibited by any
          other provision of this Agreement or other Loan Papers."

               1.11 Judgment Defaults. Section 12.1(i) of the Credit Agreement
shall be amended to delete "$100,000" where is appears therein and to substitute
"$250,000" in place thereof.

               1.12 Events of Default. Article XII of the Credit Agreement shall
be amended by deleting the word "or" in Section 12.1(m), deleting the period "."
in Section 12.1(n) and inserting in lieu thereof "; or" and by adding a new
Section 12.1(o), which shall read in full as follows:

          "(o) (i) the ownership, directly or indirectly, beneficially or of
          record, by any Person or group (within the meaning of the Securities
          Exchange Act of 1934 and the rules of the Securities and Exchange
          Commission thereunder as in effect on the date hereof) of shares
          representing fifty percent (50%) or more of the aggregate ordinary
          voting power represented by the issued and outstanding capital stock
          of Borrower; or (ii) as of any date, more than fifty percent (50%) of
          the Persons comprising the Board of Directors of Borrower were not
          members of the Board of Directors of Borrower one year prior to such
          date;"

         SECTION 2 Limited Waiver of Restricted Payment Covenant. Bank hereby
waives compliance by Borrower with Section 10.2 of the Credit Agreement for the
limited purpose of permitting Borrower to make Restricted Payments in an
aggregate amount not exceeding $250,000 to complete odd lot share repurchases of
Borrower's common stock (the "Odd Lot Purchase Program"). This waiver is limited
solely to the Odd Lot Purchase Program. Nothing contained herein shall be
construed as a waiver of Section 10.2 of the Credit Agreement for any other
purpose or be construed as a waiver of any other provision of the Credit
Agreement or any other Loan Paper. Neither any Bank nor the Agent shall have any
obligation to grant any additional or subsequent waiver of any provision of the
Credit Agreement.

         SECTION 3 Borrowing Base Effective as of the Second Amendment Effective
Date. In reliance on the representations, warranties, covenants and agreements
contained in this Second Amendment, upon the satisfaction of each condition
precedent set forth in SECTION 4 hereof (evidenced by a written notice to that
effect from Administrative Agent to Borrower), the Borrowing Base shall be
increased from $5,500,000 to $13,000,000 and shall remain at $13,000,000 until
the next Redetermination thereafter.

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<PAGE>   4

         SECTION 4 Conditions Precedent to Increase of Borrowing Base. The
increase in the Borrowing Base pursuant to SECTION 3 hereof is subject to the
satisfaction of each of the following conditions precedent on or before February
29, 2000:

               4.1 Completion of Western Gas Acquisition. Borrower shall have
completed the acquisition of the Western Gas Properties substantially in
accordance with that certain Purchase and Sale Agreement dated November 16,
1999, by and between Borrower and Western Gas Resources, Inc. (the "Western Gas
Acquisition Agreement"). As used herein, the term "Western Gas Properties" means
the Mineral Interests to be acquired by Borrower pursuant to the Western Gas
Acquisition Agreement.

               4.2 Additional Security. To the extent required by Section 6.1 of
the Credit Agreement, Borrower shall execute and deliver to Agent, for the
ratable benefit of each Bank, Mortgages in form and substance acceptable to
Agent granting, evidencing and perfecting a first and prior Lien (subject only
to Permitted Encumbrances) covering and encumbering Proved Mineral Interests
owned by Borrower which are not the subject of existing valid, enforceable,
perfected first priority Liens (subject to Permitted Encumbrances) in favor of
Agent for the ratable benefit of each Bank (including, without limitation, the
Western Gas Properties) (the "Incremental Properties").

               4.3 Title Review. Agent or its counsel shall have completed a
review of title (including opinions of title) to Incremental Properties selected
by Borrower which are acceptable to Agent which review results in Agent and its
counsel having reviewed title to Proved Mineral Interests with a Recognized
Value equal to or not less than ninety percent (90%) of the Recognized Value of
all Proved Mineral Interests owned by Borrower. Such review shall not have
revealed any condition or circumstance which would reflect that the
representations and warranties contained in Section 8.9 of the Credit Agreement
are inaccurate in any respect.

               4.4 Resolutions. Borrower shall provide Agent with copies of
resolutions and comparable authorizations approving this Second Amendment and
any other Loan Papers to be executed or delivered pursuant hereto and
authorizing the transactions contemplated by this Second Amendment and any other
Loan Papers to be executed or delivered pursuant hereto, duly adopted by the
Board of Directors of Borrower accompanied by a certificate of the Secretary or
comparable Authorized Officer of Borrower that such copies are true and correct
copies of resolutions duly adopted at a meeting of or (if permitted by
applicable Law and, if required by such Law, by the Bylaws of Borrower) by the
unanimous written consent of the Board of Directors of Borrower, and that such
resolutions constitute all the resolutions adopted with respect to such
transactions, have not been amended, modified or revoked in any respect, and are
in full force and effect as of the date hereof.

               4.5 No Default. No Default or Event of Default shall have
occurred which is continuing.

                                       4
<PAGE>   5

         SECTION 5 Post Effectiveness Covenants. On or before February 29, 2000,
Borrower shall take all action required under Section 6.1 of the Credit
Agreement to cause Borrower to be in full compliance with such Section as of
such date. Borrower's failure to timely comply with this SECTION 5 shall
constitute an Event of Default.

         SECTION 6 Representations and Warranties of Borrower. To induce Banks
and Agent to enter into this Second Amendment, Borrower hereby represents and
warrants to Banks and Agent as follows:

               6.1 Reaffirm Existing Representations and Warranties. Each
representation and warranty of Borrower contained in the Credit Agreement and
the other Loan Papers is true and correct on the date hereof and will be true
and correct after giving effect to the amendments set forth in SECTION 1 hereof.

               6.2 Due Authorization; Non Conflict. The execution, delivery and
performance by Borrower of this Second Amendment are within Borrower's corporate
powers, have been duly authorized by all necessary action, require no action by
or in respect of, or filing with, any governmental body, agency or official and
do not violate or constitute a default under any provision of applicable law or
any Material Agreement binding upon Borrower or the Subsidiaries of Borrower or
result in the creation or imposition of any Lien upon any of the assets of
Borrower or the Subsidiaries of Borrower except Permitted Encumbrances.

               6.3 Validity and Enforceability; Extension of Liens. This Second
Amendment constitutes the valid and binding obligation of Borrower enforceable
in accordance with its terms, except as (i) the enforceability thereof may be
limited by bankruptcy, insolvency or similar laws affecting creditor's rights
generally, and (ii) the availability of equitable remedies may be limited by
equitable principles of general application.

               6.4 No Default or Event of Default. No Default or Event of
Default has occurred which is continuing.

               6.5 Western Gas Acquisition Documents. Borrower has provided each
Bank a true and correct copy of each of the Western Gas Acquisition Documents,
including all amendments and modifications thereto. No material rights or
obligations of any party to any of such Western Gas Acquisition Documents have
been waived and neither Borrower, any of its Subsidiaries, nor, to the best
knowledge of Borrower, any other party to any of such Western Gas Acquisition
Documents, is in default of its obligations thereunder. Each of the Western Gas
Acquisition Documents is a valid, binding and enforceable obligation of the
parties thereto in accordance with its terms and is in full force and effect.
Each representation and warranty made by Borrower, and to the best knowledge of
Borrower, by Seller in the Western Gas Acquisition Agreement and the other
Western Gas Acquisition Documents (a) was true and correct when made, and (b)
will be true and correct on the Effective Date. As used herein, the term
"Western Gas Acquisition Documents" means the Western Gas Acquisition Agreement
and all agreements, assignments, deeds, conveyances, certificates and other
documents and instruments now or hereafter executed and delivered by or between
Borrower and Seller pursuant to the Western Gas Acquisition Agreement or in
connection with the acquisition of the Western Gas Properties.

                                       5
<PAGE>   6

         SECTION 7 Miscellaneous.

               7.1 Satisfaction of Conditions Precedent. Borrower hereby
covenants and agrees that Borrower will satisfy or cause to be satisfied each
condition precedent contained in Sections 4.2, 4.3 and 4.4 hereof on or before
February 29, 2000; provided, that unless Borrower also satisfies the condition
precedent set forth in Section 4.1 hereof, for purposes of satisfying the
requirements of this Section 7.1, "Incremental Properties" shall not include the
Western Gas Properties. Borrower's failure to comply with this Section 7.1 on or
before February 29, 2000 shall constitute an Event of Default.

               7.2 Reaffirmation of Loan Papers. Any and all of the terms and
provisions of the Credit Agreement and the Loan Papers shall, except as amended
and modified hereby, remain in full force and effect. The amendments
contemplated hereby shall not limit or impair any Liens securing the
Obligations, each of which are hereby ratified, affirmed and extended to secure
the Obligations as they may be increased pursuant hereto.

               7.3 Parties in Interest. All of the terms and provisions of this
Second Amendment shall bind and inure to the benefit of the parties hereto and
their respective successors and assigns.

               7.4 Legal Expenses. Borrower hereby agrees to pay on demand all
reasonable fees and expenses of counsel to Administrative Agent incurred by
Administrative Agent, in connection with the preparation, negotiation and
execution of this Second Amendment and all related documents.

               7.5 Counterparts. This Second Amendment may be executed in
counterparts, and all parties need not execute the same counterpart; however, no
party shall be bound by this Second Amendment until all parties have executed a
counterpart. Facsimiles shall be effective as originals.

               7.6 Complete Agreement. THIS SECOND AMENDMENT, THE CREDIT
AGREEMENT AND THE OTHER LOAN PAPERS REPRESENT THE FINAL AGREEMENT BETWEEN THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN
THE PARTIES.

               7.7 Headings. The headings, captions and arrangements used in
this Second Amendment are, unless specified otherwise, for convenience only and
shall not be deemed to limit, amplify or modify the terms of this Second
Amendment, nor affect the meaning thereof.

                                       6
<PAGE>   7

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

                                      BORROWER:
                                      --------

                                      EXCO RESOURCES, INC.,
                                      a Texas corporation

                                      By:   /S/ J. DOUGLAS RAMSEY
                                            ---------------------------------
                                      Name:  J. Douglas Ramsey
                                            ---------------------------------
                                      Title: Vice President & CFO
                                            ---------------------------------

                                      AGENT:
                                      -----

                                      BANK OF AMERICA, N.A., successor by merger
                                      to NationsBank, N.A., successor by merger
                                      to NationsBank of Texas, N.A., as Agent

                                      By:   /S/ DENISE SMITH
                                            ------------------------------------
                                            Denise Smith,
                                            Managing Director

                                      BANK:
                                      ----

                                      BANK OF AMERICA, N.A., successor by merger
                                      to NationsBank, N.A., successor by merger
                                      to NationsBank of Texas, N.A., as Agent

                                      By:   /S/ DENISE SMITH
                                            ------------------------------------
                                            Denise Smith,
                                            Managing Director

                                       7<PAGE>   1
                                                                   Exhibit 10.87

                                                                  EXECUTION COPY
                                                                  --------------

                             THE PIONEER GROUP, INC.

                                CREDIT AGREEMENT

                                 Amendment No. 9
                                 ---------------

         This Agreement, dated as of November 9, 1999, is among The Pioneer
Group, Inc., a Delaware corporation (the "Company"), certain of its subsidiaries
listed on the signature pages hereto, the Lenders (as defined in the Credit
Agreement referenced below) and BankBoston, N.A., f/k/a The First National Bank
of Boston, as agent (the "Agent") for itself and the other Lenders. The parties
agree as follows:

1.       Reference to Credit Agreement; Definitions. Reference is made to the
Credit Agreement dated as of June 6, 1996, among the Company, certain of its
subsidiaries, the Lenders and the Agent (as amended, modified and in effect
prior to giving effect to this Agreement, the "Credit Agreement"). Terms defined
in the Credit Agreement as amended hereby (the "Amended Credit Agreement") and
not otherwise defined herein are used herein with the meanings so defined.
Except as the context otherwise explicitly requires, the capitalized terms
"Section" and "Exhibit" refer to sections hereof and exhibits hereto.

2.       Amendments to Credit Agreement. Subject to all of the terms and
conditions hereof and in reliance upon the representations and warranties set
forth in Section 3, the Credit Agreement is amended as follows, effective upon
the date (the "Amendment Date") that the conditions specified in Section 4 are
satisfied, which conditions must be satisfied no later than November 9, 1999 or
this Agreement shall be of no force or effect:

         2.1  Amendment of Section 1.4.  Section 1.4 of the Credit Agreement is
amended to read in its entirety as follows:

         "1.4 "Applicable Margin" means, (1) with respect to any portion of the
         Revolving Loan subject to a Pricing Option, 2.75%, and (2) with respect
         to each other portion of the Revolving Loan, 0.25%."

         2.2. Amendment to Section 1.101. Section 1.101 of the Credit Agreement
is amended to read in its entirety as follows:

         "1.101. "Maximum Amount of Revolving Credit" means the lesser of (i)
         $55,000,000 or such lesser amount to which the lending commitment of
         the Lenders may be reduced pursuant to Section 4, and (ii) such amount
         (in a minimum amount of $10,000,000 and an integral multiple of
         $5,000,000) less than the Maximum Amount of Revolving Credit then in
         effect as specified by irrevocable notice from the Company to the
         Agent."

                                      -1-
<PAGE>   2
         2.3. Amendment to Section 1.49. Section 1.49 of the Credit Agreement is
amended to read in its entirety as follows:

         "1.49.  "Consolidated Tangible Net Worth" means, at any date, the total
of:

                  (a) stockholders' equity of the Company and its Subsidiaries
         (excluding the effect of any foreign currency translation adjustments)
         determined in accordance with GAAP on a Consolidated basis, minus

                  (b) the amount by which such stockholders' equity has been
         increased by the write-up of any asset of the Company and its
         Subsidiaries (excluding any write-ups net of write-downs associated
         with any venture capital investments of the Company and its
         Subsidiaries), minus

                  (c) assets of the Company and its Subsidiaries that are
         considered intangible assets under GAAP (including but not limited to
         customer lists, goodwill, computer software and capitalized research
         and development costs other than the capitalized development costs
         relating to the natural resource business operations of the Company or
         any of its Subsidiaries), plus

                  (d) the amount by which such stockholders' equity has been
         decreased by the after-tax noncash write-down of assets employed in the
         Company's and its Subsidiaries' international operations, up to an
         aggregate of all such write-downs of $12,500,000."

         2.4. Amendment to Section 7.5.3. Section 7.5.3 of the Credit Agreement
is amended to read in its entirety as follows:

         "7.5.3.  Consolidated Tangible Net Worth.  Consolidated Tangible Net
Worth shall:

         (a) prior to September 30, 1999, at all times equal or exceed
         $120,000,000; provided, however, that on the first day of each fiscal
         quarter of the Company beginning with the fiscal quarter ending
         December 31, 1998, such dollar amount shall be increased by an amount
         equal to 50% of the sum of (i) Consolidated Net Income (only if in
         excess of zero) and (ii) the after-tax gain on the sale or disposition
         of assets or capital stock of Pioneer Goldfields Entities for the
         fiscal quarter then most recently ended, and

         (b) on and after September 30, 1999, at all times equal or exceed
         $72,500,000; provided, however, that on the first day of each fiscal
         quarter of the Company beginning with the fiscal quarter ending
         September 30, 1999, such dollar amount shall be increased by an amount
         equal to 50% of the sum of (i) Consolidated Net Income (only if in
         excess of zero) and (ii) the after-tax gain on the sale or disposition
         of assets or capital stock of Pioneer Goldfields Entities for the
         fiscal quarter then most recently ended."

                                      -2-
<PAGE>   3
         2.5. Addition of a new Section 7.9.A Section 7.9.A of the Credit
Agreement is added immediately after 7.9 to read in its entirety as follows:

         "7.9.A Cash Expenditures. The Company and each of its Subsidiaries
         shall restrict the net amount of cash expended on international
         operations and timber operations as follows:

         7.9.A.1. On and after October 1, 1999, and through March 31, 2000, the
         Company and each of its Subsidiaries shall not expend cash in
         connection with the Company's or any Subsidiary's international
         operations that exceeds $10,000,000, net of any cash provided by such
         international operations.

         7.9.A.2. In the twelve (12) month period commencing April 1, 2000 and
         ending March 31, 2001, the Company and each of its Subsidiaries shall
         not expend cash in connection with the Company's or any Subsidiary's
         international operations that in the aggregate exceeds $15,000,000, net
         of any cash provided by such international operations.

         7.9.A.3. On and after October 1, 1999, the Company and each of its
         Subsidiaries shall not expend cash in connection with the Company's or
         any Subsidiary's timber operations that exceed $3,000,000, net of any
         cash provided by such timber operations.

         7.9.A.4. For purposes of this Section 7.9.A, references to
         international operations shall not include any operations of the
         Company's Core Mutual Fund Subsidiaries and any Subsidiaries of such
         Core Mutual Fund Subsidiaries."

         2.6 Amendment to Exhibit 9.1.2. Exhibit 9.1.2 of the Credit Agreement
(Officers of the Company) is amended to read in its entirety as set forth on
Exhibit 9.1.2 hereto.

         2.7 Amendment to Exhibit 11.1. Exhibit 11.1 of the Credit Agreement
(Percentage Interests) is amended to read in its entirety as set forth on
Exhibit 11.1 hereto.

3.       Representations and Warranties. In order to induce the Lenders to enter
into this Agreement, each of the Company and the Guarantors represents and
warrants to each of the Lenders that:

         3.1. Legal Existence, Organization. Each of the Company and its
Subsidiaries is duly organized and validly existing and in good standing under
the laws of the jurisdiction of its incorporation, with all power and authority,
corporate or otherwise, necessary to (i) enter into and perform this Agreement,
the Amended Credit Agreement and each other Credit Document to which it is party
and (ii) own its properties and carry on the business now conducted or proposed
to be conducted by it. Each of the Company and its Subsidiaries has taken, or
shall have taken on or prior to the Amendment Date, all corporate or other
action required to make the provisions of this Agreement, the Amended Credit
Agreement and each other Credit Document to which it is party the valid and
enforceable obligations they purport to be.

                                      -3-
<PAGE>   4
         3.2. Enforceability. The Company and each of its Subsidiaries which are
signatories hereto have duly executed and delivered this Agreement. Each of this
Agreement and the Amended Credit Agreement is the legal, valid and binding
obligation of the Company and such Subsidiaries and is enforceable in accordance
with its terms.

         3.3. No Legal Obstacle to Agreements. Neither the execution, delivery
or performance of this Agreement, nor the performance of the Amended Credit
Agreement, nor the consummation of any other transaction referred to in or
contemplated by this Agreement, nor the fulfillment of the terms hereof or
thereof, has constituted or resulted in or will constitute or result in:

              (1)  any breach or termination of the provisions of any agreement,
                   instrument, deed or lease to which the Company or any
                   Subsidiary is a party or by which it is bound, or of the
                   Charter or By-laws of the Company or any Subsidiary;

              (2)  the violation of any law, judgment, decree or governmental
                   order, rule or regulation applicable to the Company or any
                   Subsidiary;

              (3)  the creation under any agreement, instrument, deed or lease
                   of any Lien upon any of the assets of the Company or any
                   Subsidiary; or

              (4)  any redemption, retirement or other repurchase obligation of
                   the Company or any Subsidiary under any Charter, By-law,
                   agreement, instrument, deed or lease.

No approval, authorization or other action by, or declaration to or filing with,
any governmental or administrative authority or any other Person is required to
be obtained or made by the Company or any Subsidiary in connection with the
execution, delivery and performance of this Agreement or the performance of the
Amended Credit Agreement, or the consummation of the transactions contemplated
hereby or thereby.

         3.4. No Default. After giving effect to the amendments set forth in
Section 2, no Default will exist.

         3.5. Incorporation of Representations and Warranties. The
representations and warranties set forth in Section 8 of the Credit Agreement,
or in the case of the Guarantors, Section 6.6 of the Credit Agreement are true
and correct on the date hereof as if originally made on and as of the date
hereof (except to the extent any representation or warranty refers to a specific
earlier date).

4.       Conditions. The effectiveness of this Agreement shall be subject to the
satisfaction of the following conditions:

         4.1. Amendment to Note Agreement. The Note Agreement dated August 14,
1997 among the Company and its Subsidiaries listed as Guarantors (including
other Subsidiaries of the Company that from time to time become party thereto)
and the Travelers Insurance Company shall have been amended to impose no more
stringent Consolidated Tangible Net Worth covenant levels

                                      -4-
<PAGE>   5
and other terms and conditions on the Company than those contained in the
Amended Credit Agreement, which terms and conditions shall be satisfactory to
the Lenders.

         4.2. Investment Assets Under Management. On the Amendment Date, the
aggregate investment assets under management by the Company and its Subsidiaries
shall equal or exceed $20,000,000,000, and the Company shall have furnished to
the Agent on such date a certificate to such effect signed by an Executive
Officer or a Financial Officer.

         4.3.  Delivery of Financial Information.

         (a) The Company shall have delivered to the Lenders the quarterly
reports for the fiscal quarter ended September 30, 1999, including all
information specified in Section 7.4.2 of the Credit Agreement; provided,
however, that the Company's Form 10-Q for the fiscal year ended September 30,
1999, shall be delivered as soon as it becomes available.

         (b) The Company shall have provided for the period commencing October
1, 1999 through June 30, 2000, monthly cash flow forecasts.

         4.4.  Fees.

          (a) In accordance with their Percentage Interests, in exchange for an
affirmative vote for entering into this Agreement, the Borrower shall have paid
to the Agent for the account of the Lenders, an amount equal to 0.50% of the
Maximum Amount of the Revolving Credit.

         (b) The Company shall have paid all fees due to the Agent or other
lenders and all reasonable fees and disbursements of Ropes & Gray, special
counsel to the Lenders.

         4.5. Officer's Certificate. The representations and warranties
contained in Section 3 shall be true and correct as of the Amendment Date with
the same force and effect as though originally made on and as of such date; no
Default shall exist on the Amendment Date immediately prior to and after giving
effect to this Agreement; as of the Amendment Date, no Material Adverse Change
shall have occurred; and the Company shall have furnished to the Agent on the
Amendment Date a certificate to these effects, in substantially the form of
Exhibit 4.5, signed by an Executive Officer or a Financial Officer.

         4.6. Proper Proceedings. All proper corporate proceedings shall have
been taken by each of the Company and the Subsidiaries to authorize this
Agreement, the Amended Credit Agreement and the transactions contemplated hereby
and thereby. The Agent shall have received copies of all documents, including
legal opinions of counsel and records of corporate proceedings which the Agent
may have requested in connection therewith, such documents, where appropriate,
to be certified by proper corporate or governmental authorities.

         4.7. Legal Opinion. The Lenders shall have received from Robert P.
Nault, General Counsel of The Pioneer Group, Inc., Counsel of the Company and
the Subsidiaries, an opinion

                                      -5-
<PAGE>   6
with respect to the transactions contemplated by this Amendment, which opinion
shall be in form and substance satisfactory to the Lenders.

         4.8. Execution by Lenders. The Lenders owning at least a majority of
the Percentage Interests under the Credit Agreement shall have executed and
delivered this Agreement to the Company.

5.       Further Assurances. Each of the Company and the Subsidiaries will,
promptly upon request of the Agent from time to time, execute, acknowledge and
deliver, and file and record, all such instruments and notices, and take all
such action, as the Agent deems necessary or advisable to carry out the intent
and purposes of this Agreement.

6.       General. The Amended Credit Agreement and all of the other Credit
Documents are each confirmed as being in full force and effect. This Agreement,
the Amended Credit Agreement and the other Credit Documents referred to herein
or therein constitute the entire understanding of the parties with respect to
the subject matter hereof and thereof and supersede all prior and current
understandings and agreements, whether written or oral, with respect to such
subject matter. The invalidity or unenforceability of any provision hereof shall
not affect the validity or enforceability of any other term or provision hereof.
The headings in this Agreement are for convenience of reference only and shall
not alter, limit or otherwise affect the meaning hereof. Each of this Agreement
and the Amended Credit Agreement is a Credit Document and may be executed in any
number of counterparts, which together shall constitute one instrument, and
shall bind and inure to the benefit of the parties and their respective
successors and assigns, including as such successors and assigns all holders of
any Note. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS (OTHER THAN THE CONFLICT OF LAWS RULES) OF THE COMMONWEALTH OF
MASSACHUSETTS.

                                      -6-
<PAGE>   7
Each of the undersigned has caused this Agreement to be executed and delivered
by its duly authorized officer as an agreement under seal as of the date first
above written.

THE PIONEER GROUP, INC.                      PIONEERING SERVICES CORPORATION

By : /s/ Eric W. Reckard                     By: /s/ Eric W. Reckard
    --------------------------------------       -------------------------------
   Title: Executive Vice President,              Title: Treasurer
     Chief Financial Officer and Treasurer
                                             60 State Street
60 State Street                              Boston, Massachusetts 02109-1820
Boston, Massachusetts 02109-1820

PIONEER INVESTMENT MANAGEMENT, INC.

By: /s/ Eric W. Reckard
    --------------------------------------
   Title: Treasurer

60 State Street
Boston, Massachusetts 02109-1820

PIONEER MANAGEMENT (IRELAND) LTD.

By: /s/ John F. Cogan, Jr.
    --------------------------------------
   Title: Director

60 State Street
Boston, Massachusetts 02109-1820

PIONEER FUNDS DISTRIBUTOR, INC.

By: /s/ Eric W. Reckard
    --------------------------------------
   Title: Treasurer

60 State Street
Boston, Massachusetts 02109-1820

                                      -7-
<PAGE>   8
                            BANKBOSTON, N.A.

                            By:/s/ Matthew Steinaway
                               ---------------------------
                               Title: Vice President

                               Financial Institutions Division
                               100 Federal Street - 15th Floor
                               Boston, Massachusetts 02110
                               Telecopy: (617) 434-1537
                               Telex: 940581

                            THE BANK OF NEW YORK

                            By:/s/ Scott H. Buitekant
                               ---------------------------
                               Title: Vice President

                               One Wall Street, 17th Floor
                               Mutual Fund Banking Division
                               New York, NY 10286
                               Telecopy: (212) 635-6348
                               Telex:

                            SOCIETE GENERALE

                            By:/s/ Dabney Giles Treacy
                               ---------------------------
                               Title: Vice President

                               1221 Avenue of the Americas
                               New York, New York 10020
                               Telecopy: (212) 278-7153

                                      -8-
<PAGE>   9
                            CITIZENS BANK OF MASSACHUSETTS

                            By:/s/ Michael St. Jean
                               ---------------------------
                               Title: Vice President

                               100 Summer Street
                               Boston, MA 02110
                               Telecopy: (617) 338-4041

                            BANQUE NATIONALE DE PARIS

                            By: /s/ Laurent Vanderzyppe
                               ---------------------------
                            Title: Vice President

                            By: /s/ Marguerite L. Lebon
                               ---------------------------
                            Title: Assistant Vice President

                            499 Park Avenue, 2nd Floor
                            New York, 10022
                            Telecopy: (212) 415-9707

                            MELLON BANK, N.A.

                            By: /s/ John R. Cooper
                              ---------------------------
                            Title: Vice President

                            One Mellon Bank Center
                            Mail Code: 1510370
                            Pittsburgh, PA 15258
                            Telecopy: (412) 234-8087

                                      -9-
<PAGE>   10
                                                                     EXHIBIT 4.5

                              OFFICER'S CERTIFICATE

         Pursuant to Section 4.5 of Amendment No. 9 to Credit Agreement dated as
of November __, 1999 (the "Amendment") among The Pioneer Group, Inc., a Delaware
corporation (the "Company"), certain of its subsidiaries signatories thereto,
the Lenders and BankBoston, N.A., f/k/a The First National Bank of Boston, as
agent (the "Agent") for itself and the other Lenders, which amends the Credit
Agreement dated as of June 6, 1996 (as amended, modified and in effect after
giving effect to the Amendment, the "Credit Agreement"), among the Company,
certain of its subsidiaries signatories thereto, the Lenders and the Agent, the
Company hereby certifies that the representations and warranties contained in
Section 3 of the Amendment are true and correct on and as of the date hereof
with the same force and effect as though originally made on and as of the date
hereof; no Default exists on the date hereof or will exist after giving effect
to the Amendment; and as of the date hereof, no Material Adverse Change has
occurred; and, as of the date hereof, the aggregate investment assets under
management by the Company and its Subsidiaries equals or exceeds
$15,000,000,000.

         Terms defined in the Credit Agreement and not otherwise defined herein
are used herein with the meanings so defined.

         This certificate has been executed by a duly authorized Executive
Officer or Financial Officer this 9th day of November, 1999.

                             THE PIONEER GROUP, INC.

                             By: /s/ Eric W. Reckard
                                 ----------------------
                                  Name: Eric W. Reckard
                                  Title: Executive Vice President,
                                         Chief Financial Officer and Treasurer
<PAGE>   11
                                                                   EXHIBIT 9.1.2

                             OFFICERS OF THE COMPANY

  1.  John F. Cogan, Jr.     Chairman of the Board, Chief Executive Officer and
                             President of the Company

  2.  Eric W. Reckard        Executive Vice President, Chief Financial Officer
                             and Treasurer of the Company and Subsidiaries

  3.  David D. Tripple       Executive Vice President of the Company and
                             President of Pioneer Investment Management, Inc.
                             and Pioneer Funds Distributor, Inc.

  4.  William H. Smith, Jr.  Executive Vice President of the Company and
                             Director of Pioneering Services Corporation

  5.  Roger K. Leonard       Managing Director and Chief Executive of Pioneer
                             Goldfields Limited and Managing Director of
                             Teberebie Goldfields Limited

                                      -11-
<PAGE>   12
                                                                    EXHIBIT 11.1

                              PERCENTAGE INTERESTS

<TABLE>
<CAPTION>
                                             Total                  B Share             Revolving        Percentage
      Lender                               Commitment                 Loan                Loan           Interest
   -----------------                       -----------              --------            ---------        ----------
<S>                                    <C>                         <C>                <C>                <C>
BankBoston, N.A.                           $14,347,826.08               -              $14,347,826.08    26.1%
Mellon Bank                                $11,956,521.74               -              $11,956,521.74    21.7%
Citizens Bank of Massachusetts             $ 9,565,217.39               -              $ 9,565,217.39    17.4%
Societe Generale                           $ 7,173,913.04               -              $ 7,173,913.04    13.0%
Bank of New York                           $ 7,173,913.04               -              $ 7,173,913.04    13.0%
Bank Nationale de Paris                    $ 4,782,608.70               -              $ 4,782,608.70     8.7%
                                           --------------                              --------------   -----
TOTAL                                      $55,000,000.00                              $55,000,000.00   100.0%
                                           ==============                              ==============
</TABLE>

                                      -12-

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