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Exhibit 10.4

FIRST AMENDMENT AND WAIVER

        THIS FIRST AMENDMENT AND WAIVER dated as of February 10, 2003 (this
"Amendment") is executed in connection with the Credit Agreement dated as of
October 29, 2002 (the "Credit Agreement") among TeleTech Holdings, Inc. (the
"Company"), various financial institutions (the "Lenders") and Bank of America,
N.A., as administrative agent (in such capacity, the "Administrative Agent").
Capitalized terms defined in the Credit Agreement are, unless otherwise defined
herein or the context otherwise requires, used herein as defined therein.

        WHEREAS, the parties hereto desire to amend and/or waive certain
provisions of the Credit Agreement as more fully set forth herein;

        NOW, THEREFORE, the parties hereto agree as follows:

        SECTION 1    Amendments. Subject to the satisfaction of the applicable
conditions precedent set forth in Section 4, the Credit Agreement shall be
amended as set forth below.

        1.1    Definition of Consolidated EBITDAR.    The definition of
"Consolidated EBITDAR" shall be amended in its entirety to read as follows:

        "Consolidated EBITDAR" means, for any period, Consolidated Net Income
for such period plus (a) to the extent deducted in calculating such Consolidated
Net Income (but without duplication) (i) Consolidated Interest Charges, (ii) all
accrued taxes on or measured by income, (iii) all amounts treated as expenses
for depreciation and the amortization of intangibles of any kind, (iv) all
non-cash charges resulting from the expensing of stock options by the Company or
any Subsidiary, (v) all non-cash charges resulting from the application of
SFAS 142, (vi) all non-cash, non-recurring impairment charges (but not more than
$35,000,000) incurred in the fiscal quarter ended December 31, 2002 resulting
from the application of SFAS 144, (vii) Rental Expense and (viii) interest
payments made in respect of Synthetic Lease Obligations plus/minus (b) to the
extent included in calculating such Consolidated Net Income, all non-cash,
non-recurring losses/gains resulting directly from or incurred directly as a
consequence of the sale or closure of any operating facility by the Borrower or
any Subsidiary.

        1.2    Prepayment Limitations.    Section 7.11 shall be amended by
adding a semi-colon followed by the following language immediately before the
period at the end thereof:

provided that, so long as no Default exists or would result therefrom (other
than a Default arising under Section 8.01(e) solely as a result of a breach of
Section 9.2(b) or 9.2(c) of the Participation Agreement referred to below for
the fiscal quarter ended December 31, 2002), the Company and Teletech Services
Corporation ("TSC") may prepay all (but not less than all) of their respective
obligations under the Participation Agreement dated as of December 27, 2000
among TSC, the Company, State Street Bank and Trust Company of Connecticut,
National Association, as Certificate Trustee, various financial institutions and
Wells Fargo Bank Northwest, N. A., as Administrative Agent, and under the
"Operative Documents" referred to in such Participation Agreement.

        SECTION 2    Waiver. Subject to the satisfaction of the conditions
precedent set forth in Section 4(b), the Required Lenders waive any Default
arising from the failure of the Company to comply with Section 7.10(b) (Minimum
Fixed Charge Coverage Covenant) of the Credit Agreement for the Computation
Period ending December 31, 2002.

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        SECTION 3    Representations and Warranties. The Company represents and
warrants to the Administrative Agent and the Lenders that, after giving effect
to the effectiveness of the amendment set forth in Section 1 above or the
effectiveness of any waiver set forth in Section 2 above with respect to the
Computation Period ending December 31, 2002, (a) each warranty set forth in
Article 5 of the Credit Agreement is true and correct as of the date of the
execution and delivery of this Amendment by the Company, with the same effect as
if made on such date, and (b) no Default exists.

        SECTION 4    Effectiveness.

        (a)   The amendment set forth in Section 1.1 shall become effective on
the date on which the Administrative Agent has received (i) counterparts of this
Amendment executed by the Company and the Required Lenders, (ii) amendments,
consistent with the amendment set forth in Section 1.1 and otherwise in form and
substance reasonably acceptable to the Administrative Agent, executed by (x) the
requisite holders of the Senior Notes, (y) the requisite lenders and certificate
holders under the agreements governing the existing Synthetic Lease of property
in Englewood, Colorado (the "Colorado Synthetic Lease"), except that no such
amendment shall be required if all obligations of the Borrower and its
Subsidiaries in respect of the Colorado Synthetic Lease have been (or
concurrently with the effectiveness hereof will be) paid, and (z) the requisite
purchasers/lenders in respect of any other Indebtedness having an aggregate
principal amount (including undrawn committed or available amounts and including
amounts owing to all creditors under any combined or syndicated credit
arrangement) of more than the Threshold Amount (the Indebtedness and other
obligations described in clauses (x), (y) and (z), collectively, "Material
Debt") and (iii) a Confirmation, substantially in the form of Exhibit A, signed
by each Guarantor.

        (b)   If the amendment set forth in Section 1 has not yet become
effective, then the waiver set forth in Section 2 shall become effective on the
date on which the Administrative Agent has received (i) counterparts of this
Amendment executed by the Company and the Required Lenders, (ii) a copy of an
amendment meeting the requirements of Section 4(a)(ii)(x) or of a waiver
consistent with the waiver set forth in Section 2 signed by the requisite
holders of the Senior Notes, (iii) a copy of a written waiver signed by the
requisite lenders and certificate holders under the agreements governing the
Colorado Synthetic Lease waiving the provisions of Sections 9.2(b) and 9.2(c) of
the Participation Agreement related to the Colorado Synthetic Lease for any
fiscal quarter ending on or prior to December 31, 2002, (iii) copies of written
amendments meeting the requirements of Section 4(a)(ii)(z) and/or of written
waivers consistent with Section 2 signed by the requisite purchasers/lenders in
respect of all other Material Debt and (iv) a Confirmation, substantially in the
form of Exhibit A, signed by each Guarantor and dated as of the latest date of
such waivers.

        (c)   The amendment set forth in Section 1.2 shall become effective on
the date on which the amendment set forth in Section 1, or the waiver set forth
in Section 2, has become effective (whichever occurs first).

        SECTION 5    Miscellaneous.

        5.1    Continuing Effectiveness, etc.    As herein amended, the Credit
Agreement shall remain in full force and effect and is hereby ratified and
confirmed in all respects. After the effectiveness of this Amendment, all
references in the Credit Agreement and the other Loan Documents to "Credit
Agreement" or similar terms shall refer to the Credit Agreement as amended
hereby.

        5.2    Counterparts.    This Amendment may be executed in any number of
counterparts and by the different parties on separate counterparts, and each
such counterpart shall be deemed to be an original but all such counterparts
shall together constitute one and the same Amendment.

        5.3    Governing Law.    This Amendment shall be a contract made under
and governed by the laws of the State of New York applicable to contracts made
and to be performed entirely within such state.

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        5.4    Successors and Assigns.    This Amendment shall be binding upon
the Company, the Lenders and the Administrative Agent and their respective
successors and assigns, and shall inure to the benefit of the Company, the
Lenders and the Administrative Agent and the respective successors and assigns
of the Lenders and the Administrative Agent.

        Delivered as of the day and year first above written.

 
 
TELETECH HOLDINGS, INC.
 
 
 
By
 

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      Name  

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      Title  

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BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT
 
 
 
By
 

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      Name  

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      Title  

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BANK OF AMERICA, N.A., AS A LENDER
 
 
 
By
 

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      Name  

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      Title  

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CIBC INC.
 
 
 
By
 

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      Name  

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      Title  

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THE NORTHERN TRUST COMPANY
 
 
 
By
 

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      Name  

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      Title  

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WACHOVIA BANK, NATIONAL ASSOCIATION
 
 
 
By
 

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      Name  

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      Title  

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KEY CORPORATE CAPITAL, INC.
 
 
 
By
 

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      Name  

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      Title  

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EXHIBIT A
CONFIRMATION
Dated as of February 10, 2003

To:   Bank of America, N.A., individually and as Administrative Agent, and the
other financial institutions party to the Credit Agreement referred to below

        Please refer to (a) the Credit Agreement dated as of October 29, 2002
(the "Credit Agreement") among TeleTech Holdings, Inc., various financial
institutions (the "Lenders") and Bank of America, N.A., as administrative agent
(in such capacity, the "Administrative Agent"); (b) the Guaranty as defined in
the Credit Agreement; and (c) the Amendment and Waiver dated as of February 10,
2003 (the "Amendment").

        Each of the undersigned hereby confirms to the Administrative Agent and
the Lenders on the date hereof that, after giving effect to the Amendment and
the transactions contemplated thereby, the Guaranty continues in full force and
effect and is the legal, valid and binding obligation of such undersigned,
enforceable against such undersigned in accordance with its terms.

 
 
TELETECH HOLDINGS, INC.
TELETECH SERVICES CORPORATION
TELETECH CUSTOMER CARE MANAGEMENT (COLORADO), INC.
TELETECH FACILITIES MANAGEMENT (PARCEL CUSTOMER SUPPORT), INC.
TELETECH FACILITIES MANAGEMENT (POSTAL CUSTOMER SUPPORT), INC.
TELETECH CUSTOMER CARE MANAGEMENT (TELECOMMUNICATIONS), INC.
TELETECH CUSTOMER CARE MANAGEMENT (CALIFORNIA), INC.
TELETECH CUSTOMER CARE MANAGEMENT (WEST VIRGINIA) INC.
TELETECH CUSTOMER CARE MANAGEMENT (PENNSYLVANIA), LLC
 
 
 
By:
 

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    Name Printed:  

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    Title:  

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NEWGEN RESULTS CORPORATION
 
 
 
By:
 

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        Name Printed:  

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    Title:  

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TELETECH CUSTOMER SERVICES, INC.
TTEC NEVADA, INC.
 
 
 
By:
 

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        Name Printed:  

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    Title:  

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Exhibit 10.4

FIRST AMENDMENT AND WAIVER
EXHIBIT A CONFIRMATION Dated as of February 10, 2003