DURATEK INC
EXHIBIT 10.15
<DOCUMENT>
<TYPE>EX-10.15
<SEQUENCE>3
<FILENAME>a2063205zex-10_15.htm
<DESCRIPTION>EXHIBIT 10.15
<TEXT>
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<TITLE> Prepared by MERRILL CORPORATION
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="ma2716_exhibit_10.15"> </A>
<A NAME="toc_ma2716_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit&nbsp;10.15    <BR>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ma2716_second_amendment_and_waiver"> </A>
<A NAME="toc_ma2716_2"> </A>
<BR></FONT><FONT SIZE=2><B>SECOND AMENDMENT AND WAIVER    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;THIS SECOND AMENDMENT AND WAIVER (this "</FONT><FONT SIZE=2><I>Amendment</I></FONT><FONT SIZE=2>") to the Credit Agreement identified below, is made and
entered into as of this 14th day of November, 2001 by DURATEK,&nbsp;INC. (f/k/a GTS Duratek,&nbsp;Inc.), a corporation organized under the laws of Delaware (the
"</FONT><FONT SIZE=2><I>Company</I></FONT><FONT SIZE=2>" or the "</FONT><FONT SIZE=2><I>Borrower</I></FONT><FONT SIZE=2>") and each Subsidiary of the Borrower who has become a borrower pursuant to
the terms of the Credit Agreement referred to below (the "</FONT><FONT SIZE=2><I>Subsidiary Borrowers</I></FONT><FONT SIZE=2>," and with the Borrower collectively referred to as the
"</FONT><FONT SIZE=2><I>Borrowers</I></FONT><FONT SIZE=2>"), the Lenders party to such Credit Agreement, and FIRST UNION NATIONAL BANK, as Administrative Agent for the Lenders. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Statement of Purpose  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Lenders have extended certain credit facilities to the Borrowers pursuant to the Second Amended and Restated Credit Agreement dated as of June&nbsp;8,
2000 (as amended by the First Amendment and Waiver dated as of April&nbsp;16, 2001, and as further amended, restated or otherwise modified, the "</FONT><FONT SIZE=2><I>Credit
Agreement</I></FONT><FONT SIZE=2>"), by and among the Borrowers, the Lenders party thereto, the Administrative Agent, CREDIT LYONNAIS NEW YORK BRANCH, as Documentation Agent, and FLEET NATIONAL BANK,
as Syndication Agent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Borrowers have requested that the Lenders waive certain Events of Default and make certain amendments to the Credit Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the terms and conditions of this Amendment, the Administrative Agent and the Lenders are willing to agree to the requested waivers and amendments. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;NOW
THEREFORE, to induce the Lenders and the Administrative Agent to agree to the requested waivers and amendments and to induce the Lenders to continue to make extensions of credit
to the
Borrowers and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows: </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
1.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Definitions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;All capitalized undefined terms used in this Amendment shall have the meanings
assigned thereto in the Credit Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
2.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Waiver.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Subject to the terms and conditions hereof, including, without limitation, the
conditions to effectiveness set forth in </FONT><FONT SIZE=2><I>Section&nbsp;7</I></FONT><FONT SIZE=2> hereof, the Administrative Agent and the Lenders agree to waive the Defaults and Events of
Default arising under </FONT><FONT SIZE=2><I>Section&nbsp;12.1(c)</I></FONT><FONT SIZE=2>, </FONT><FONT SIZE=2><I>Section&nbsp;12.1(d)</I></FONT><FONT SIZE=2>, and </FONT> <FONT SIZE=2><I>Section&nbsp;12.1(e)</I></FONT><FONT SIZE=2> of the Credit
Agreement and under Section&nbsp;5 of the First Amendment resulting directly from the breach of the following
Sections of the Credit Agreement, or First Amendment, as applicable, in each case solely with respect to the dates set forth below: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>the
breach, if any, of </FONT><FONT SIZE=2><I>Section&nbsp;10.3</I></FONT><FONT SIZE=2>&nbsp;of the Credit Agreement, "Interest Coverage Ratio" (i)&nbsp;arising prior
to September&nbsp;30, 2001 and caused solely by the calculation of Interest Expense for purposes of calculating the Interest Coverage Ratio pursuant to such </FONT> <FONT SIZE=2><I>Section&nbsp;10.3</I></FONT><FONT SIZE=2>&nbsp;to exclude non-cash
interest, rather than to include non-cash interest and (ii)&nbsp;by
permitting the ratio of (A)&nbsp;EBITDA for the period of January&nbsp;1, 2001 through and including the fiscal quarter ending September&nbsp;30, 2001 to (B)&nbsp;Interest Expense for the
period of January&nbsp;1, 2001 through and including the fiscal quarter ending September&nbsp;30, 2001 to be less than 3.00 to 1.00;
<BR><BR></FONT></DD><DT><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>the
breach of </FONT><FONT SIZE=2><I>Section&nbsp;11.8(b)</I></FONT><FONT SIZE=2>&nbsp;of the Credit Agreement, "Aging and Secondary Waste", by permitting the quantity
of Aged Waste to exceed 1,000,000 lbs. as of the fiscal quarter ended September&nbsp;30, 2001;
<BR><BR></FONT></DD><DT><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>the
breach of </FONT><FONT SIZE=2><I>Section&nbsp;5(a)</I></FONT><FONT SIZE=2>&nbsp;of the First Amendment, by failing to deliver a final Consultant's Report (as
defined in the First Amendment) in form and substance satisfactory to the Administrative Agent and Required Lenders on or prior to June&nbsp;16, 2001; and </FONT></DD></DL>
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<DT><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>the
breach of (i)&nbsp;</FONT><FONT SIZE=2><I>Section&nbsp;5(e)</I></FONT><FONT SIZE=2>&nbsp;of the First Amendment by failing to comply with the provisions of </FONT> <FONT SIZE=2><I>Section&nbsp;9.16</I></FONT><FONT SIZE=2>&nbsp;of the Credit Agreement
and </FONT><FONT SIZE=2><I>Section&nbsp;4.03</I></FONT><FONT SIZE=2>&nbsp;of the
Security Agreement, in each case with respect to the Additional Intellectual Property (as defined in the First Amendment, but excluding U.S. Patent No.&nbsp;5,851,246, which shall no longer
constitute "Additional Intellectual property") on or prior to May&nbsp;16, 2001 and (ii)&nbsp;the provisions of </FONT> <FONT SIZE=2><I>Section&nbsp;9.16</I></FONT><FONT SIZE=2>&nbsp;of the Credit Agreement and </FONT><FONT
SIZE=2><I>Section&nbsp;4.03</I></FONT><FONT SIZE=2>&nbsp;of the
Security Agreement, in each case with respect to the additional trademarks identified on </FONT><FONT SIZE=2><I>Schedule&nbsp;II</I></FONT><FONT SIZE=2>&nbsp;hereto (the "Additional
Trademarks") on or prior to the date specified for compliance therein; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>&nbsp;that the waiver set forth in this </FONT> <FONT SIZE=2><I>Section&nbsp;2(d)</I></FONT><FONT SIZE=2>&nbsp;shall expire
and be of no further force and effect on January&nbsp;15, 2002 unless the Borrowers shall have
complied with the provisions of </FONT><FONT SIZE=2><I>Section&nbsp;9.16</I></FONT><FONT SIZE=2>&nbsp;of
the Credit Agreement and </FONT><FONT SIZE=2><I>Section&nbsp;4.03</I></FONT><FONT SIZE=2>&nbsp;of the Security Agreement, in each case with respect to the Additional Intellectual Property
and the Additional Trademarks on or prior to such date. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>Upon
satisfaction of the conditions precedent set forth in </FONT><FONT SIZE=2><I>Section&nbsp;7</I></FONT><FONT SIZE=2>&nbsp;hereof, (1)&nbsp;the waivers set forth in </FONT> <FONT SIZE=2><I>Section&nbsp;2(a)(i)</I></FONT><FONT SIZE=2>&nbsp;shall be
deemed to have been effective as of the date of the corresponding Default or Event of Default relating
thereto, and (2)&nbsp;the waivers set forth in </FONT><FONT SIZE=2><I>Section&nbsp;2(a)(ii)</I></FONT><FONT SIZE=2>&nbsp;and </FONT> <FONT SIZE=2><I>Section&nbsp;2(b)</I></FONT><FONT SIZE=2>&nbsp;through </FONT><FONT SIZE=2><I>Section&nbsp;2(d)
</I></FONT><FONT SIZE=2>&nbsp;shall be effective as of
September&nbsp;30, 2001. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
3.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Amendments.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Subject to the terms and conditions hereof, including, without limitation, the
conditions to effectiveness set forth in </FONT><FONT SIZE=2><I>Section&nbsp;7</I></FONT><FONT SIZE=2>&nbsp;hereof, the Administrative Agent and the Lenders agree to amend the Credit
Agreement as follows: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2><I>Section&nbsp;1.1</I></FONT><FONT SIZE=2>, "Definitions", is hereby amended:
<BR><BR></FONT>
<DL compact>
<DT><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>by
inserting in alphabetical order the following newly defined terms: </FONT></DD></DL>
</DD></DL>
</UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>"'</FONT><FONT
SIZE=2><I>Employee Stock Purchase Plan</I></FONT><FONT SIZE=2>' means the Employee Stock Purchase Plan adopted by the shareholders of Duratek,&nbsp;Inc. on June&nbsp;8, 2001." </FONT></P>

<P><FONT SIZE=2>"'</FONT><FONT
SIZE=2><I>Second Amendment</I></FONT><FONT SIZE=2>' means the Second Amendment and Waiver to the Credit Agreement dated as of November&nbsp;&nbsp;, 2001, by and among the
Borrowers, the Lenders and the Administrative Agent." </FONT></P>

<P><FONT SIZE=2>"'</FONT><FONT
SIZE=2><I>Second Amendment Effective Date</I></FONT><FONT SIZE=2>' shall have the meaning assigned thereto in </FONT> <FONT SIZE=2><I>Section&nbsp;7</I></FONT><FONT SIZE=2>&nbsp;of the Second Amendment." </FONT></P>

</UL>
<DL compact>
<DT><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>by
amending and restating, in their entirety, the following definitions: </FONT></DD></DL>
</UL>
</UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>"'</FONT><FONT
SIZE=2><I>Compliance Verification Date</I></FONT><FONT SIZE=2>' means the later to occur of (a)&nbsp;the date on which the Borrowers deliver quarterly financial statements (and the
related Officer's Compliance Certificate) to the Administrative Agent and Lenders, which such quarterly financial statements (and related Officer's Compliance Certificate) demonstrate compliance with
each of the financial covenants set forth in </FONT><FONT SIZE=2><I>Article&nbsp;X</I></FONT><FONT SIZE=2>&nbsp;as of any fiscal quarter end following the last day of the Adjustment
Period and (b)&nbsp;the date on which the Administrative Agent and Lenders receive a copy of the Final Consultant's Report (as defined in the Second Amendment); </FONT> <FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>, in each case, that no Default
or Event of Default has occurred and is continuing as of such date." </FONT></P>

</UL>
</UL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<DT><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2><I>Section&nbsp;11.7(d)</I></FONT><FONT SIZE=2>&nbsp;"Limitations on Dividends and Distributions" of the Credit Agreement is hereby deleted in its
entirety and the following new </FONT><FONT SIZE=2><I>Section&nbsp;11.7(d)</I></FONT><FONT SIZE=2>&nbsp;is substituted in lieu thereof: </FONT></DD></DL>
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<UL>
<UL>
<UL>

<P><FONT SIZE=2>"(d)
GTS shall be permitted: </FONT></P>
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<TD WIDTH="12%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(i)</FONT></TD>
<TD WIDTH="84%"><FONT SIZE=2>to make stock repurchases pursuant to the Employee Stock Purchase Plan in accordance with the terms thereof (to the extent the provisions of this clause&nbsp;(i) are inconsistent with the provisions of </FONT><FONT
SIZE=2><I>Section&nbsp;5(d)(iii)</I></FONT><FONT SIZE=2>&nbsp;of the First Amendment, this clause&nbsp;(i) shall control); and</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
(ii)</FONT></TD>
<TD WIDTH="84%"><FONT SIZE=2><BR>
to make other stock repurchases; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>&nbsp;that with respect to this clause&nbsp;(ii) only, (A)&nbsp;such repurchase is pursuant to a repurchase plan duly adopted by the board of directors of GTS,
(B)&nbsp;no Default or Event of Default has occurred and is continuing or would result from such stock repurchase, (C)&nbsp;the Borrowers shall have demonstrated compliance with each of the financial covenants set forth in Article&nbsp;X after giving
Pro Forma effect to the proposed transaction, (D)&nbsp;the aggregate amount of all share repurchases during the term of this Agreement shall not exceed $8,000,000 in the aggregate and (E)&nbsp;after giving Pro Forma effect to the proposed transaction,
 the Leverage Ratio shall be less than or equal to 2.0 to 1.0."</FONT></TD>
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<P><FONT SIZE=2>Upon
satisfaction of the conditions precedent set forth in </FONT><FONT SIZE=2><I>Section&nbsp;7</I></FONT><FONT SIZE=2>&nbsp;hereof, the amendments set forth in this </FONT> <FONT SIZE=2><I>Section&nbsp;3</I></FONT><FONT SIZE=2>&nbsp;shall be deemed
effective as of the Second Amendment Effective Date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
4.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Additional Limitations to Extensions of Credit.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>In
addition to any limitations or conditions in the Credit Agreement otherwise applicable to the extending, making, continuing, or converting any
Extensions of Credit under the Revolving Credit Facility, the Swingline Facility and the L/C Facility, from the date of the Second Amendment until the earlier to occur of (i)&nbsp;the Compliance
Verification Date and (ii)&nbsp;the date on which the Required Lenders notify the Borrower in writing that a higher Temporary Limit (as defined below) has been established by the Required Lenders,
the aggregate amount of all Extensions of Credit under the Revolving Credit Facility, the Swingline Facility and the L/C Facility (including any Reimbursement Obligations) outstanding at any one time
shall not exceed the lesser of (X)&nbsp;the Borrowing Limit or (Y)&nbsp;the maximum amount (the "Temporary Limit") corresponding to the applicable period, in each case, as set forth below:. </FONT></DD></DL>
<BR>

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<TR VALIGN="BOTTOM">
<TH WIDTH="77%" ALIGN="LEFT"><FONT SIZE=1><B>Period<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Temporary Limit</B></FONT><HR NOSHADE></TH>
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<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="77%"><FONT SIZE=2>Date of the Second Amendment through December&nbsp;31, 2001</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>30,000,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="77%"><FONT SIZE=2>Thereafter</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>27,500,000</FONT></TD>
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<DL compact>
<DT><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Immediately
upon the date of the Second Amendment and at any time the aggregate amount of all Extensions of Credit under the Revolving Credit
Facility exceed the Temporary Limit, the Borrowers shall, in accordance with </FONT><FONT SIZE=2><I>Section&nbsp;2.4(b)</I></FONT><FONT SIZE=2>&nbsp;and </FONT> <FONT SIZE=2><I>Section&nbsp;2.6(c)</I></FONT><FONT SIZE=2>&nbsp;of the Credit Agreement,
make all necessary prepayments of Extensions of Credit under the Revolving Credit Facility
such that the aggregate amount of all Extensions of Credit under the Revolving Credit Facility do not exceed the Temporary Limit set forth in </FONT> <FONT SIZE=2><I>Section&nbsp;4(a)</I></FONT><FONT SIZE=2>&nbsp;above. </FONT></DD></DL>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Other Agreements.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>No
later than December&nbsp;15, 2001, the Borrowers shall retain the services of a management consultant (the "Borrowers' Consultant") satisfactory
to the Administrative Agent. The Borrowers' Consultant shall be retained to evaluate the Borrowers' cost management program, Waste processing procedures and such other aspects of the Borrowers'
business as reasonably requested in writing on or prior to December&nbsp;31, 2001 by the Management Consultant (as defined in the </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2>First
Amendment) previously retained on behalf of the Administrative Agent and Lenders pursuant to the First Amendment. No later than January&nbsp;31, 2002, the Borrower's Consultant shall deliver
to the board of directors of Duratek,&nbsp;Inc. (the "Board"), the Borrowers, the Administrative Agent, the Lenders and the Management Consultant a report (the "Cost Management Recommendations
Report") in form and substance reasonably acceptable to the Administrative Agent and Required Lenders; </FONT><FONT SIZE=2><I>provided</I></FONT><FONT SIZE=2>&nbsp;that in any event such
Cost Management Recommendations Report shall meet the minimum requirements set forth on </FONT><FONT SIZE=2><I>Schedule&nbsp;I</I></FONT><FONT SIZE=2>&nbsp;hereto. </FONT></P>

</UL>
<DL compact>
<DT><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Upon
delivery of the Cost Management Recommendations Report, the Borrowers hereby covenant and agree to implement the Cost Management Recommendations
Report in accordance (as reasonably determined by the Administrative Agent) with the time line (including the definitive completion date thereof) set forth therein; except to the extent that the
Borrowers deliver to the Board, the Administrative Agent, the Lenders, the Borrowers' Consultant and the Management Consultant, on or before February&nbsp;15, 2002, a statement (the "Objection
Statement") prepared by the management of
Duratek,&nbsp;Inc. ("Management") explaining in reasonable detail any reasons why the Borrowers are unwilling or unable to comply with any part of the recommendations or why such compliance is not
feasible. On or before March&nbsp;1, 2002, the Borrowers' Consultant and the Management Consultant shall deliver to the Board, the Administrative Agent, the Lenders and to each other, separate
written responses (the "Consultant Responses") to the Objections Statement.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>On
or prior to March&nbsp;15, 2001, the Board (i)&nbsp;shall review the Cost Management Recommendations Report, the Objections Statement and the
Consultant Responses, (ii)&nbsp;shall determine whether to implement all or any portion of the Cost Management Recommendations Report after giving due and appropriate consideration to the Cost
Management Recommendations Report, the Objections Statement and the Consultant Responses, and (iii)&nbsp;shall cause Management to deliver written notice to the Administrative Agent, the Lenders,
the Borrowers' Consultant and the Management Consultant of the determination of the Board made pursuant to the foregoing clause&nbsp;(ii).
<BR><BR></FONT></DD><DT><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>The
Borrowers shall deliver written notice (a "Completion Notice") to the Administrative Agent, the Lenders and the Management Consultant upon
completion of the implementation of the Cost Management Recommendations Report, with respect to the recommendations approved by the Board pursuant to clause&nbsp;(c) above. Upon delivery of such
Completion Notice, the Borrowers shall provide such reasonable assistance and cooperation as required by the Administrative Agent and the Management Consultant in order to permit the Management
Consultant to verify the completion of the implementation of the Cost Management Report. In the event the Management Consultant verifies such completion, it shall promptly prepare and deliver a report
(the "Final Consultant's Report") to the Administrative Agent and the Lenders acknowledging such completion and evaluating the results of the Borrowers' implementation of the Cost Management
Recommendations Report. In the event that the Management Consultant is unable to verify such completion, it shall promptly notify the Administrative Agent and Lenders of that conclusion.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>The
Borrowers hereby covenant and agree that the Maine Yankee Waste (as defined in the Firs Amendment) shall be fully processed and disposed of by
the Borrowers (and the Borrowers shall have satisfied all obligations to store, process, or dispose of the Maine Yankee Waste) on or prior to December&nbsp;31, 2002.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>The
Borrowers hereby covenant and agree that no later than December&nbsp;15, 2001, the Borrowers shall deliver to each of the Administrative Agent,
Lenders and the Management Consultant (i)&nbsp;a report, in form and substance satisfactory to the Administrative Agent, analyzing the cash and profitability impact (on an actual basis and on a GAAP
basis) of processing the amount of Aged Waste on site as of September&nbsp;30, 2001; and (ii)&nbsp;a report, and substance satisfactory to the Administrative Agent detailing, on a monthly basis
historical Waste processing activities (including, </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<P><FONT SIZE=2>
without limitation, a reconciliation of the amount of Waste at the Borrowers' facilities at the beginning of each month to the amount of Waste at the Borrowers' facilities at the end of each month)
for the period of January&nbsp;1, 2001 to October&nbsp;31, 2001. </FONT></P>

</UL>
<DL compact>
<DT><FONT SIZE=2>(g)</FONT></DT><DD><FONT SIZE=2>The
Borrowers hereby covenant and agree that no later than January&nbsp;31, 2002, the Borrowers shall deliver to each of the Administrative Agent,
Lenders and the Management Consultant a report, in form and substance satisfactory to the Administrative Agent (i)&nbsp;detailing a good faith estimate of the costs associated with processing and
disposing of the Maine Yankee Waste on or prior to December&nbsp;31, 2002 and (ii)&nbsp;describing the Borrowers' plans for obtaining compensation for alleged contract breaches relating to the
Maine Yankee Waste.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(h)</FONT></DT><DD><FONT SIZE=2>As
soon as practicable, but in no event later than thirty (30)&nbsp;days following the end of each calendar month (commencing with November, 2001),
the Borrowers hereby covenant and agree to deliver to the Administrative Agent and the Lenders (i)&nbsp;a report, in form and substance satisfactory to the Administrative Agent detailing, on a
monthly basis, Waste processing activities (including, without limitation, a reconciliation of the amount of Waste at the Borrowers' facilities at the beginning of each month to the amount of Waste at
the Borrowers' facilities at the end of each month) and (ii)&nbsp;a report, in form and substance satisfactory to the Administrative Agent, detailing the progress made by the Borrowers in processing
and disposing of the Maine Yankee Waste (including, without limitation, (A)&nbsp;a discussion and analysis of any variations in actual costs associated with processing and disposing of the Maine
Yankee Waste on or prior to December&nbsp;31, 2002 from the projected costs identified in the report delivered by the Borrowers pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;5(g)</I></FONT><FONT SIZE=2>&nbsp;above and (B)&nbsp;evidence that the
Borrowers have obtained all necessary Governmental Approvals and other
consents to permit the continued storage, processing and disposal of the Maine Yankee Waste on or prior to the applicable date on which such Governmental Approvals and other consents must be
obtained.)
<BR><BR></FONT></DD><DT><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>The
Borrowers hereby covenant and agree to deliver to the Administrative Agent and Lenders a management prepared discussion and analysis, in form and
substance satisfactory to the Administrative Agent, of its monthly financial statements on each date that financial statements are required to be delivered pursuant to </FONT> <FONT SIZE=2><I>Section&nbsp;8.1(d)</I></FONT><FONT SIZE=2>&nbsp;of the
Credit Agreement.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(j)</FONT></DT><DD><FONT SIZE=2>As
soon as practicable, but in no event later than Friday of each calendar week (commencing with the November&nbsp;30, 2001), the Borrowers hereby
covenant and agree to deliver to the Administrative Agent and the Lenders (i)&nbsp;a statement, in form and substance satisfactory to the Administrative Agent, of projected weekly cash flows for the
thirteen (13)&nbsp;consecutive calendar week period immediately following such date of delivery and (ii)&nbsp;a comparison of (A)&nbsp;the actual cash flows for the calendar week ending seven
days prior to such date to (B)&nbsp;the cash flow projections statement previously delivered (if applicable) for such calendar week pursuant to this </FONT> <FONT SIZE=2><I>Section&nbsp;5(j)</I></FONT><FONT SIZE=2>. For purposes of this </FONT><FONT
SIZE=2><I>Section&nbsp;5(j)</I></FONT><FONT SIZE=2>&nbsp;to the extent the scheduled
date of delivery of any such statement or comparison is not a Business Day, such statement or comparison shall be deemed timely delivered if delivered on the next Business Day immediately following
the originally scheduled date of delivery.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(k)</FONT></DT><DD><FONT SIZE=2>The
Borrowers shall provide such reasonable assistance and cooperation as required by the Administrative Agent and the Management Consultant in order
to permit the Management Consultant
to monitor and evaluate (on a monthly basis) (i)&nbsp;the Borrowers' compliance with </FONT><FONT SIZE=2><I>Section&nbsp;5(a)</I></FONT><FONT SIZE=2>&nbsp;through </FONT> <FONT SIZE=2><I>Section&nbsp;5(j)</I></FONT><FONT SIZE=2>&nbsp;and
(ii)&nbsp;the implementation of the Cost Management Recommendations Report (including, without limitation, the
preparation by the Management Consultant of a monthly status report regarding the foregoing clause&nbsp;(i) and clause&nbsp;(ii)). The Borrowers shall promptly pay on demand all reasonable fees
and expenses of such Management Consultant. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2>The
parties hereto agree that any breach and/or failure of any agreement, requirement or condition contained in this </FONT> <FONT SIZE=2><I>Section&nbsp;5(a)</I></FONT><FONT SIZE=2>&nbsp;through </FONT><FONT SIZE=2><I>Section&nbsp;5(k)</I></FONT><FONT
SIZE=2>&nbsp;shall be an immediate
Default and Event of Default under the Credit Agreement. Moreover, the parties hereto agree that time is of the essence with respect to the agreements, requirements, and conditions of this </FONT> <FONT SIZE=2><I>Section&nbsp;5</I></FONT><FONT
SIZE=2>. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
6.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Consent</I></FONT><FONT SIZE=2>.&nbsp;&nbsp;Notwithstanding anything in the Credit Agreement to the contrary (including,
without limitation, Section&nbsp;11.12 of the Credit Agreement), the Administrative Agent and Required Lenders hereby consent to the BNFL Settlement (as defined in the Officer's Certificate referred
to in </FONT><FONT SIZE=2><I>Section&nbsp;7(c)</I></FONT><FONT SIZE=2>&nbsp;below). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
7.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Conditions to Effectiveness.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;Upon receipt by the Administrative Agent of each of the
following, in each case in form and substance satisfactory to the Administrative Agent, this Amendment shall be deemed to have an effective date (the "Second Amendment Effective Date") as of
September&nbsp;30, 2001: </FONT></P>

<DL compact>
<DT><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>copies
of this Amendment, duly executed and delivered by (i)&nbsp;the Borrowers and (ii)&nbsp;the Administrative Agent on behalf of and at the
request of Lenders constituting Required Lenders under the Credit Agreement;
<BR><BR></FONT></DD><DT><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>payment
by the Borrowers to the Lenders and the Administrative Agent, as applicable, of (i)&nbsp;the amendment fee and other fees described in
those certain fee letters by and among the Company (on behalf of itself and the other Borrowers) and the Administrative Agent, and (ii)&nbsp;all outstanding fees and expenses (including, without
limitation, all legal fees and expenses of counsel and third party consultants) of the Administrative Agent;
<BR><BR></FONT></DD><DT><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>an
Officer's Certificate, in form and substance satisfactory to the Administrative Agent, with respect to the proposed settlement of the BNFL
Disputes (as defined in such Officer's Certificate); and
<BR><BR></FONT></DD><DT><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>such
other documents or requirements as the Administrative Agent deems necessary or appropriate. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
8.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Limited Waiver and Amendment.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Except
as expressly provided in this Amendment, the Credit Agreement and each other Loan Document shall continue to be, and shall remain, in full
force and effect. This Amendment shall not be deemed or otherwise construed (i)&nbsp;to be a waiver of, or consent to or a modification or amendment of, any other term or condition of the Credit
Agreement or any other Loan Document; (ii)&nbsp;to prejudice any other right or remedies that the Administrative Agent or the Lenders, or any of them, may now have or may have in the future under or
in connection with the Credit Agreement or the Loan Documents, as such documents may be amended, restated or otherwise modified from time to time; (iii)&nbsp;to be a commitment or any other
undertaking or expression of any willingness to engage in any further discussion with the Borrower or any other person, firm or corporation with respect to any waiver, amendment, modification or any
other change to the Credit Agreement or the Loan Documents or any rights or remedies arising in favor of the Lenders or the Administrative Agent, or any of them, under or with respect to any such
documents or (iv)&nbsp;to be a waiver of, or consent to or a modification or amendment of, any other term or condition of any other agreement by and among the Borrower, on the one hand, and the
Administrative Agent or any other Lender, on the other hand.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Without
limiting any of the foregoing, the Borrowers hereby expressly acknowledge that nothing in </FONT> <FONT SIZE=2><I>Section&nbsp;5(a)</I></FONT><FONT SIZE=2>&nbsp;through and including </FONT><FONT SIZE=2><I>Section&nbsp;5(d)</I></FONT><FONT
SIZE=2>&nbsp;is, or shall
be deemed to be, a commitment or any other undertaking or expression of any willingness to engage in any further discussion with the Borrower or any other person, firm or corporation with respect to
any waiver, amendment, modification or any other change to the Credit Agreement or the Loan Documents or any rights </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<UL>

<P><FONT SIZE=2>or
remedies arising in favor of the Lenders or the Administrative Agent, or any of them, under or with respect to any such documents. </FONT></P>

</UL>
<DL compact>
<DT><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Without
limiting any of the foregoing, the parties hereto agree and acknowledge (i)&nbsp;that neither any course of dealing among the parties, nor
the waiver set forth in </FONT><FONT SIZE=2><I>Section&nbsp;2(a)</I></FONT><FONT SIZE=2>&nbsp;above amends, modifies or otherwise changes the definition of "Interest Expense" set forth in
the Credit Agreement and (ii)&nbsp;the defined term "Interest Expense" as set forth in the Credit Agreement does not exclude non-cash interest. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
9.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Representations and Warranties.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>

<DL compact>
<DT><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>By
its execution hereof, the Company hereby certifies on behalf of itself and the other Borrowers that each of the representations and warranties set
forth in the Credit Agreement and the other Loan Documents is true and correct as of the date hereof (other than representations and warranties which
speak as of a specific date pursuant to the Credit Agreement, which representations and warranties shall have been true and correct as of such specific dates) as if fully set forth herein and that as
of the date hereof, and that after giving effect to </FONT><FONT SIZE=2><I>Section&nbsp;2</I></FONT><FONT SIZE=2>&nbsp;herein, no Default or Event of Default has occurred and is
continuing.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>By
its execution hereof, the Company hereby certifies on behalf of itself and the other Borrowers that the quantity of Aged Waste (excluding the
Maine Yankee Waste) as of September&nbsp;30, 2001 was (i)&nbsp;1,577,228 lbs. plus, without duplication, (ii)&nbsp;the amount of Aged Waste designated for terminal processing and for which the
manifest has terminated. </FONT></DD></DL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Governing Law.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;This Amendment shall be governed by and construed in accordance with the
laws of the State of New York. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SECTION
11.</FONT><FONT SIZE=2><I>&nbsp;&nbsp;Counterparts.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;This Amendment may be executed in separate counterparts, each of which when
executed and delivered is an original but all of which taken together constitute one and the same instrument. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>[Signature
Pages Follow] </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

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<FONT SIZE=2><A HREF="#toc_ma2716_2">SECOND AMENDMENT AND WAIVER</A></FONT><BR>
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