Document:

Prepared by R.R. Donnelley Financial -- Amended Credit Agreement dated July 12, 2002

 Exhibit 10.2 
  
 SECOND AMENDMENT TO THIRD AMENDED 
 AND RESTATED CREDIT AGREEMENT AND CONSENT 
  
 This SECOND AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT AND CONSENT (this “Amendment”), is dated as of July 12,
2002, by and among AHL SERVICES, INC. (“AHL”), ARGENBRIGHT, INC. (“Argenbright”), ARGENBRIGHT HOLDINGS LIMITED (“U.S. Holdings”), ADI ALPHA HOLDING GMBH (“ADI Alpha”), TUJA ZEITARBEIT GMBH & CO. KG,
INGOLSTADT, (“Tuja”), and AHL EUROPE LIMITED (“AHL Europe Limited”; together with AHL, Argenbright, U.S. Holdings, ADI Alpha and Tuja, collectively referred to as the “Borrowers”), the undersigned financial institutions
listed on the signature pages hereto as Lenders, and WACHOVIA BANK, NATIONAL ASSOCIATION (formerly First Union National Bank), a national banking association (“Wachovia”), as administrative agent for the Lenders (in such capacity, the
“Administrative Agent”). 
  
 RECITALS 
  
 WHEREAS, the Lenders, the Administrative Agent and the Borrowers are parties to that certain Third Amended and Restated Credit Agreement, dated as of April 12, 2002 (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement); and

  
 WHEREAS, the Borrowers have requested that the Required Lenders and the Administrative Agent agree to amend
certain provisions of the Credit Agreement as set forth herein. 
  
 NOW, THEREFORE, in consideration of the premises
and the agreements, covenants and provisions herein contained and for TEN DOLLARS ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

 

	SECTION  1
	 
	AMENDMENT TO CREDIT AGREEMENT 
 

  
 Subject to the satisfaction of each of the conditions precedent set forth in Section 4 of this Amendment, the Borrowers, the Lenders party hereto and the Administrative Agent hereby agree that the Credit Agreement be, and it
hereby is, amended as follows: 
  

	 	1.1
	 
	Amendment to Section 1.1. 
 

  
 (a) Section 1.1 of the Credit Agreement is hereby amended by deleting from the definition of “Availability Reserve” the reference to “$3,000,000” set opposite the period “July
1 – 31, 2002” and substituting therefor “$0”. 
  

	SECTION  2
	 
	REPRESENTATIONS AND WARRANTIES 
 

  
 In order to induce the Administrative Agent and the Lenders to enter into this Amendment, 
 

 1 

 each Borrower hereby represents and warrants to the Lenders that: (a) immediately prior to the effectiveness of this Amendment, all of the
representations set forth in the Credit Agreement were accurate in all material respects as of the date hereof, except to the extent that such representations and warranties expressly relate to an earlier date, in which case such representations and
warranties shall have been true and correct on and as of such date, (b) after giving effect to this Amendment, all of the representations and warranties set forth in the Credit Agreement, will be accurate in all material respects as of the date
hereof, except to the extent that such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct on and as of such date, and (c) there exists no Default or
Event of Default under the Credit Agreement or the Loan Documents as of the date hereof. 
  

	SECTION  3
	 
	AMENDMENT FEE 
 

  
 3.1    Each Lender shall be entitled to an amendment fee (the “Amendment Fee”) of 0.15% of such Lender’s Commitment (as defined in the Credit Agreement). The Amendment Fee shall be fully earned and
shall be due and payable by the Borrowers on the date the Borrowers execute this Amendment, if the Amendment is approved by the Required Lenders. 
  

	SECTION  4
	 
	CONDITIONS TO EFFECTIVENESS 
 

  
 The amendment to the Credit Agreement set forth in Section 1 of this Amendment shall be deemed to be effective on the date hereof but shall be subject to the satisfaction of each of the following conditions precedent:

  
 (a)  The Administrative Agent shall have received counterparts to this Amendment duly
executed by the Borrowers and the Required Lenders. 
  
 (b)  The Administrative Agent shall
have received the Amendment Fee. 
  
 (c)  The Administrative Agent shall have received such
other documents as it shall have reasonably requested, in form and substance satisfactory to the Administrative Agent. 
  

	SECTION  5
	 
	MISCELLANEOUS 
 

  

	 	5.1
	 
	Ratification, Reaffirmation, Acknowledgment and Confirmation. 
 

  
 (a)  By its execution below, each Borrower hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, and each
grant of security interests and liens in favor of the Administrative Agent and the Security Trustee, under each Loan Document to which it, initially or by contract or operation of law (as a result of mergers, amalgamations or otherwise), is a party,
(ii) agrees and acknowledges that such ratification and reaffirmation is not a condition to the continued effectiveness of such Loan Documents, and (iii) agrees that neither such ratification and reaffirmation, nor the Agents’ nor any
Lenders’ solicitation of such ratification and reaffirmation, constitutes a course of dealing giving rise to any obligation or condition requiring a similar or any other ratification or reaffirmation from the Borrowers with respect to any
subsequent modification, consent or waiver with respect to the Credit Agreement or other Loan Documents. The Credit Agreement and each other Loan Document is in all respects hereby ratified and confirmed and 
 

 2 

 neither the execution, delivery nor effectiveness of this Amendment shall operate as a waiver of any Default or Event of Default (whether or not
known to the Agents, the Security Trustee or any Lender) or any right, power or remedy of the Agents, the Security Trustee or any Lender of any provision contained in the Credit Agreement or any other Loan Document, whether as a result of any
Default or Event of Default or otherwise. This Amendment shall constitute a “Loan Document” for purposes of the Credit Agreement. 
  
 (b)  By its execution below, each Borrower hereby acknowledges and confirms that (i) it does not have any grounds, and hereby agrees not to challenge (or to allege or to pursue any matter,
cause or claim arising under or with respect to), in any case based upon acts or omissions of any Agent, the Security Trustee or any of the Lenders occurring prior to the date hereof or facts otherwise known to it as of the date hereof, the
effectiveness, genuineness, validity, collectibility or enforceability of the Credit Agreement or any of the other Loan Documents, the Obligations, the Liens securing such Obligations, or any of the terms or conditions of any Loan Document and (ii)
it does not possess (and hereby forever waives, remises, releases, discharges and holds harmless the Lenders, the Agents, the Security Trustee and their respective affiliates, stockholders, directors, officers, employees, attorneys, agents and
representatives and each of their respective heirs, executors, administrators, successors and assigns (collectively, the “Indemnified Parties”) from and against, and agrees not to allege or pursue) any action, cause of action, suit, debt,
claim, counterclaim, cross-claim, demand, defense, offset, opposition, demand and other right of action whatsoever, whether in law, equity or otherwise (which it, all those claiming by, through or under it, or its successors or assigns, have or may
have) against the Indemnified Parties, or any of them, by reason of, any matter, cause or thing whatsoever, with respect to events or omissions occurring or arising on or prior to the date hereof and relating to the Credit Agreement or any of the
other Loan Documents (including, without limitation, with respect to the payment, performance, validity or enforceability of the Obligations, the Liens securing the Obligations or any or all of the terms or conditions of any Loan Document) or any
transaction relating thereto. 
  
 5.2    Counterparts.  This Amendment may be
executed by each party to this Amendment upon a separate copy, and in such case one counterpart of this Amendment shall consist of enough of such copies to reflect the signature of all of the parties to this Amendment. This Amendment may be executed
in two or more counterparts, each of which shall be deemed an original, and it shall not be necessary in making proof of this Amendment or its terms to produce or account for more than one of such counterparts. 
  
 5.3  General.  All references to the Credit Agreement in that document or in any other Loan Document shall mean
the Credit Agreement as amended hereby. Except as expressly provided herein, the execution and delivery of this Amendment does not and will not amend, modify or supplement any provision of, or constitute a consent to or a waiver of any noncompliance
with the provisions of, the Credit Agreement or the other Loan Documents, and, except as specifically provided in this Amendment, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and
confirmed. 
  
 5.4    Construction.  This Amendment is a Loan Document executed
pursuant to the Credit Agreement and shall be construed, administered and applied in accordance with all of the terms and provisions of the Credit Agreement. 
 

 3 

 5.5    Governing Law.  This Amendment shall be governed by, construed and enforced
in accordance with the laws of the State of Georgia, without reference to the conflicts or choice of law principles thereof. 
  
 5.6    Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
  
 [Signatures appear on following pages] 
  
 

 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers hereunder duly authorized
as of the day and year first written above. 
  
 
	 BORROWERS:
 
	 
	 AHL SERVICES, INC.
 
	 
	 By:
 	 	 

	 Title:
 	 	 

	 
	  	 	 [CORPORATE SEAL]
 
	 
	 ARGENBRIGHT, INC.
 
	 
	 By:
 	 	 

	 Title:
 	 	 

	 
	  	 	 [CORPORATE SEAL]
 
	 
	 ARGENBRIGHT HOLDINGS LIMITED
 
	 
	 By:
 	 	 

	 Title:
 	 	 

	 
	  	 	 [CORPORATE SEAL]
 
	 
	 ADI ALPHA HOLDING GMBH
 
	 
	 By:
 	 	 

	 Title:
 	 	 

	 
	  	 	 [CORPORATE SEAL]
 

 
 

 Signature Page—Second Amendment 

 
	 
	 TUJA ZEITARBEIT GMBH & CO. KG, INGOLSTADT
 
	 
	 By:
 	 	 

	 Title:
 	 	 

	 
	  	 	 [CORPORATE SEAL]
 
	 
	 AHL EUROPE LIMITED
 
	 
	 By:
 	 	 

	 Title:
 	 	 

	 
	  	 	 [CORPORATE SEAL]
 

 
 

 
	 
	 LENDERS:
 
	 
	 WACHOVIA BANK, NATIONAL ASSOCIATION, as Administrative Agent, Issuing Bank and Lender
 
	 
	 By:
 	 	 

	 Title:
 	 	 

	 
	 WACHOVIA BANK, NATIONAL ASSOCIATION, London Branch, as European Swingline Lender
 
	 
	 By:
 	 	 

	 Title:
 	 	 

	 
	 SUNTRUST BANK, as Lender
 
	 
	 By:
 	 	 

	 Title:
 	 	 

	 
	 BANK OF AMERICA, N.A., as Lender
 
	 
	 By:
 	 	 

	 Title:
 	 	 

 
 

  
 
	 
	 FLEET NATIONAL BANK, as Lender
 
	 
	 By:
 	 	 

	 Title:
 	 	 

	 
	 DZ BANK AG DEUTSCHE ZENTRAL—GENOSSENSCHAFTSBANK, FRANKFURT AM MAIN, NEW YORK BRANCH, as Lender
 
	 
	 By:
 	 	 

	 Title:
 	 	 

	 
	 By:
 	 	 

	 Title:
 	 	 

	 
	 THE BANK OF NOVA SCOTIA, as Lender
 
	 
	 By:
 	 	 

	 Title:
 	 	 

	 
	 SCOTIABANK EUROPE plc, as Lender for Revolving Loans made in Alternative Currencies, as Lender
 
	 
	 By:
 	 	 

	 Title:
 	 	 

	 
	 SALOMON BROTHERS HOLDING
 COMPANY INC., as
Lender
 
	 
	 By:
 	 	 

	 Title:
 	 	 

 
 

 
	 
	 BANK ONE, NA, as Lender
 
	 
	 By:
 	 	 

	 Title:
 	 	 

	 
	 SOVEREIGN BANK, as Lender
 
	 
	 By:
 	 	 

	 Title:
 	 	 

	 
	 BANK AUSTRIA CREDITANSTALT CORPORATE FINANCE INC., as Lender
 
	 
	 By:
 	 	 

	 Title:
 	 	 

	 
	 By:
 	 	 

	 Title:
 	 	 

 
 

 
	 
	 MIZUHO CORPORATE BANK, LIMITED
 as
Lender
 
	 
	 By:
 	 	 

	 Title:
 	 	 

	 
	 By:
 	 	 

	 Title:
 	 	 

	 
	 BANK LEUMI LE-ISRAEL, B.M., MIAMI AGENCY, as Lender
 
	 
	 By:
 	 	 

	 Title:
 	 	 

	 
	 By:
 	 	 

	 Title:
 	 	 

	 
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Lender
 
	 
	 By:
 	 	 

	 Title:
 	 	 

	 
	 By:
 	 	 

	 Title:U.S. ENERGY SYSTEMS, INC.

                           DEVELOPMENT INCENTIVE PLAN

1. Plan Objectives

The following documents an incentive plan to recognize and reward employees who
make positive contributions to U.S. Energy Systems growth and profitability
goals through Development.

This plan is designed to provide an incentive for employees to increase sales,
revenues and Income by developing new projects. This Incentive plan is
independent from and additive to other U.S. Energy Systems compensation plans
for which employees may be eligible except that employees cannot benefit twice
from the same accomplishment.

2. Eligible Employees

This plan is primarily structured to motivate and reward those employees
involved in the Development activities. However, all U.S. Energy Systems
employees are eligible to participate, as there may be occasions when
engineering, legal, tax or other corporate and/or other operating unit employees
play a role in closing a deal.

Receipt of awards under the Plan shall be limited to individuals employed by the
Company on the date of awards.

3. Plan Awards

Individual employees or a team of employees who are responsible for obtaining
contracts for now projects through Development will be eligible to receive a
cash award for their accomplishments.

The bonus award for a project will be calculated based on the anticipated Net
Present Value of the after tax cash flow with consideration for the following
items:

1.       Security and risk of the contract.
2.       Other intangible attributes and benefits gained as a result of the
         contract.

4.       Plan Administration

The plan will be administered by the CEO and the President. They will be
responsible for the final decisions regarding any awards.

5.       Awards Procedures

                                       1
<PAGE>
  The Lead Developer of the project will make nomination for awards under this
plan.

2.       All new contracts must meet U.S. Energy Systems minimum financial
         hurdle rates and should include the following items to qualify for an
         award:

         -        profits covered in fixed revenues and with variable revenues
                  based on variable costs;
         -        escalation indexes and percentage factors in relation with
                  corresponding costs;
         -        reasonable residual value (0 - 4 x final years cash flow)

         Any deviation from the above will require a commensurate adjustment to
the bonus award.

3.       The recommendations from the lead developer will be sent to the
         President and will include:

        -        A copy of the contract with the customer and a description of
                 the customer and the expected in-service date.

        -        The project financial proforma that reflects all clauses in thE
                 contract.

        -        Identification of other tangible benefits including financial
                 impacts.

       -         Identification of the employee/employees recommended for the
                 award and the proposed bonus percentage for each employee.

6.  Awards Determination

The total dollar value of the award will be 4% of the NPV of the after tax Free
Cash Flow, discounted at the risk-adjusted WACC (typically 7.5% - 9.5%) for the
project, as approved by the Board, and based on the final proforma incorporating
all aspects of the contract. The WACC will be determined for each project, using
CAPM and Miller-Modigliani, and approved by the Board.

The award will be distributed to one or more employees who were responsible for
the contract or contributed to the success. The lead person will receive a
significant portion of the award, typically 30% - 60%.

7.  Awards Distribution Timing

All nominations for awards will be acted upon within 30 days following submittal
to the CEO and the President.

                                       2
<PAGE>
The awards approved under this program will be distributed as follow:

         Step 1:  60% at signed contract

         Step 2:  30% at commercial operation of the new investment
                  (after plant acceptance) and after true up of the NPV
                  that was used for the initial bonus, by taking into
                  account the actual operating cost and other potential
                  changes in the project. The second award will be the
                  difference between the revised bonus and the step 1
                  distributed bonus.

         Step 3:  10% after one year of operation (existing and new
                  equipment) and true up of the NPV that was used for
                  the second bonus, by taking into account the actual
                  operating cost and other potential changes in the
                  project. The third award will be the difference
                  between the new revised bonus and step 1 plus step 2
                  distributed bonus.

For projects with multiple customers and/or potential sales growth, the three
NPV calculations above will be done, for each step, with the sales corresponding
to the signed contracts at that time, and no with the sales as expected in the
initial financial analysis.

Awards under the program will vest over a 5-year period.

8.  Other Plan Features

For those who are working only part-time on development (engineering, legal, tax
or other corporate and/or other operating unit employees), the Corporate Bonus
program will be reduced proportionally by the time spent on development.

The Company reserves the right to terminate or amend the plan to any extent and
in any manner at any time at the Company's sole discretion.

Eligibility or participation in the Plan does not imply nor constitute any type
of an employment agreement between the participant and the Company.

                                       3

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