Document:

<PAGE>

                                                                         EX-10.2

August 24, 2000

Syratech Corporation, for itself and
on behalf of the other Borrowers party
to the Loan Agreement referred to below
175 McClellan Highway
East Boston, Massachusetts 02128-9114

         Attention:  Ami Trauber

Ladies and Gentlemen:

         We refer to the Loan and Security Agreement dated as of April 16, 1997,
as amended by Amendment No. 1 dated as of July 31, 1997, Amendment No. 2 dated
as of December 31, 1997, Amendment No. 3 dated as of March 30, 1998 and
Amendment No. 4 dated as of March 26, 1999 (as so amended, the "Loan Agreement")
by and among Syratech Corporation, a Delaware corporation ("Syratech"), and
certain of its Affiliates listed on the signature pages thereto (collectively,
the Borrowers"), the financial institutions party thereto from time to time (the
"Lenders") and Bank of America, N.A., a national banking association, as
administrative agent (the "Administrative Agent") for the Lenders. Unless
otherwise defined herein, terms defined in the Loan Agreement are used herein as
therein defined.

         You have informed us that Syratech proposes to purchase certain of its
outstanding Senior Notes for an aggregate purchase price not to exceed
$12,000,000 (each, a "Purchase" and collectively, the "Purchases") and the
Borrowers have requested that the Required Lenders' consent to the Purchases
(which, absent such consent, may constitute an Event of Default pursuant to
Section 9.10 of the Loan Agreement (Use of Proceeds) and would constitute an
Event of Default pursuant to Section 11.6 of the Loan Agreement (Restricted
Distributions and Payments, Etc.).

         The undersigned (constituting at least the Required Lenders) hereby
consent to the Purchases, effective as of September 1, 2000 upon the
Administrative Agent's receipt of (I) at least seven copies of this letter duly
executed and delivered by the Borrowers and the Required Lenders and (ii) a fee
in the amount of $20,000, to be shared by the Lenders Ratably in accordance with
their respective Commitments, as consideration for the consent evidenced hereby;
PROVIDED, that no Default or Event of Default shall have occurred and be
continuing on the date of any proposed Purchase or would exist after giving
effect thereto.

         Except to the extent expressly modified as set forth above, the Loan
Agreement and the terms conditions and provisions of the other Loan Documents,
are hereby ratified and confirmed and remain in full force and effect.

         If the foregoing is acceptable to you, please acknowledge your receipt
of this letter and acceptance of the terms hereof by signing the enclosed
duplicate of this letter in the space provided and returning it to the
undersigned.

<PAGE>

Syratech Corporation, for itself and
on behalf of the other Borrowers party
to the Loan Agreement referred to below
August 24, 2000
Page 2

                                      Very truly yours,

                                      BANK OF AMERICA, N.A., as Administrative
                                      Agent and a Lender

                                      By: /s/ Andrew A. Doherty
                                          --------------------------------------
                                          Andrew A. Doherty
                                          Vice President

                                      UNION BANK OF CALIFORNIA, as a Lender

                                      By: /s/ Greg F. Ennis
                                          --------------------------------------
                                          Name:  Greg F. Ennis
                                          Title: Vice President

                                      FLEET CAPITAL CORPORATION, as a
                                      Lender

                                      By: /s/ Matthew T. O'Keefe
                                          --------------------------------------
                                          Name:  Matthew T. O'Keefe
                                          Title: Senior Vice President

                                      AMERICAN NATIONAL BANK AND
                                      TRUST COMPANY OF CHICAGO, as a
                                      Lender

                                      By: /s/ Dawn M. Dieter
                                          --------------------------------------
                                          Name:  Dawn M. Dieter
                                          Title: Vice President

<PAGE>

Syratech Corporation, for itself and
on behalf of the other Borrowers party
to the Loan Agreement referred to below
August 24, 2000
Page 3

                                       Acknowledged and agreed to
                                       this 25th day of August
                                       2000:

                                       SYRATECH CORPORATION

                                       By: /s/ Ami A. Trauber
                                           -----------------------------------
                                           Name:  Ami A. Trauber
                                           Title: Vice President and Cfo

                                       TOWLE MANUFACTURING COMPANY

                                       By: /s/ Ami A. Trauber
                                           -----------------------------------
                                           Name:  Ami A. Trauber
                                           Title: Vice President and CFO

                                       LEONARD FLORENCE ASSOCIATES, INC.

                                       By: /s/ Ami A. Trauber
                                           -----------------------------------
                                           Name:  Ami A. Trauber
                                           Title: Vice President and CFO

                                       WALLACE INTERNATIONAL
                                       SILVERSMITHS, INC.

                                       By: /s/ Ami A. Trauber
                                           -----------------------------------
                                           Name:  Ami A. Trauber
                                           Title: Vice President and CFO

                                       RAUCH INDUSTRIES, INC.,

                                       By: /s/ Ami A. Trauber
                                           -----------------------------------
                                           Name:  Ami A. Trauber
                                           Title: Vice President and CFO

                                       FARBERWARE, INC.

                                       By: /s/ Ami A. Trauber
                                           -----------------------------------
                                           Name:  Ami A. Trauber
                                           Title: Vice President and CFO

<PAGE>

Syratech Corporation, for itself and
on behalf of the other Borrowers party
to the Loan Agreement referred to below
August 24, 2000
Page 4

                                       SILVESTRI, INC.

                                       By: /s/ Ami A. Trauber
                                           -----------------------------------
                                           Name:  Ami A. Trauber
                                           Title: Vice President and CFO

                                       ROCHARD, INC.

                                       By: /s/ Ami A. Trauber
                                           -----------------------------------
                                           Name:  Ami A. Trauber
                                           Title: Vice President and CFO

                                       HOLIDAY PRODUCTS, INC.

                                       By: /s/ Ami A. Trauber
                                           -----------------------------------
                                           Name:  Ami A. Trauber
                                           Title: Vice President and CFO<PAGE>

                                                                   Exhibit 10.24

                                 AMENDMENT NO. 1
                                     to the
                      FIFTH AMENDED AND RESTATED REVOLVING
                         CREDIT AND TERM LOAN AGREEMENT

         This AMENDMENT NO. 1 dated as of August 11, 2000 (the "AMENDMENT") to
the FIFTH AMENDED AND RESTATED REVOLVING CREDIT AND TERM LOAN AGREEMENT is by
and among RUSSELL-STANLEY HOLDINGS, INC., a Delaware corporation,
RUSSELL-STANLEY CORP., a New Jersey corporation, RUSSELL-STANLEY, INC. (f/k/a
Russell-Stanley Midwest, Inc., successor by merger to Russell-Stanley West,
Inc., Russell-Stanley Southwest, Inc. and R-S Southwest Realty, Inc.), an
Illinois corporation, RSLPCO, INC., a Delaware corporation, RUSSELL-STANLEY,
L.P., a Texas limited partnership, CONTAINER MANAGEMENT SERVICES, INC.
(successor by merger to CMS Acquisition, Inc.), a South Carolina corporation,
HUNTER DRUMS LIMITED (successor by amalgamation to HDL Acquisition Inc.), an
Ontario corporation, and NEW ENGLAND CONTAINER CO., INC., a Rhode Island
corporation (collectively, the "BORROWERS" and individually, a "BORROWER"),
FLEET NATIONAL BANK (f/k/a BankBoston, N.A.), a national banking association
("FNB"), and such other financial institutions that are or may become parties to
the Credit Agreement (as hereinafter defined) from time to time in accordance
with the provisions thereof (FNB and such other financial institutions being
collectively referred to herein as the "LENDERS" and each as a "LENDER"), FNB as
administrative agent for the Lenders (the "AGENT") and Goldman Sachs Credit
Partners L.P., as Syndication Agent.

         WHEREAS, the Borrowers, the Syndication Agent, the Lenders and the
Agent are parties to that certain Fifth Amended and Restated Revolving Credit
and Term Loan Agreement, dated as of February 10, 1999 (as amended, restated,
modified or supplemented and in effect from time to time, the "CREDIT
AGREEMENT"); and

         WHEREAS, the Lenders, the Syndication Agent and the Agent, subject to
the terms and conditions hereof, have agreed to amend the Credit Agreement as
set forth herein;

         NOW, THEREFORE, the Borrowers, the Lenders, the Syndication Agent and
the Agent hereby agree as follows:

         SECTION 1. DEFINED TERMS. Capitalized terms used herein without
definition that are defined in the Credit Agreement shall have the same
meanings herein as in the Credit Agreement.

         SECTION 2. AMENDMENT TO SECTION 12.1 OF THE CREDIT AGREEMENT. The
Lenders and the Agent hereby waive any Default or Event of Default resulting
from the Borrowers' noncompliance with Section 12.1 of the Credit Agreement as
such Section 12.1 is in effect prior to the effectiveness of this Amendment.
Section 12.1 of the Credit Agreement is hereby amended and restated in its
entirety as follows:

<PAGE>
                                      -2-

                  "12.1 MINIMUM INTEREST COVERAGE. As of April 1, 2000 and
         thereafter, Holdings will not permit, at the end of any of its fiscal
         quarters occurring during the periods set forth below, the ratio of
         Adjusted EBITDA for the four consecutive fiscal quarters then ended to
         Interest Charges for such period to be less than the ratio set forth
         opposite such period:

<TABLE>
<CAPTION>
                               Period                            Ratio
                               ------                            -----
                <S>                                           <C>
                April 1, 2000 through March 31, 2001           1.50:1.00
                  April 1, 2001 - December 31, 2001            1.60:1.00
                 January 1, 2002 - December 31, 2002           1.75:1.00
                 January 1, 2003 - December 31, 2003           1.85:1.00
                   January 1, 2004 and thereafter              2.00:1.00"
</TABLE>

         SECTION 3. AMENDMENT TO SECTION 12.2 OF THE CREDIT AGREEMENT.
Section 12.2 Credit Agreement is hereby amended and restated in its entirety
as follows:

                  "12.2 MAXIMUM SENIOR LEVERAGE RATIO. As of April 1, 2000 and
         thereafter, Holdings will not permit, at the end of any of its fiscal
         quarters ending during the periods set forth in the table below, the
         ratio of (a) Senior Funded Debt as of the last day of such fiscal
         quarter to (b) Adjusted EBITDA for the four consecutive fiscal quarters
         then ended, to exceed the ratio set forth opposite such period in such
         table:

<TABLE>
<CAPTION>
                               Period                            Ratio
                               ------                            -----
              <S>                                             <C>
                 April 1, 2000 through June 30, 2000           2.25:1.00
                 July 1, 2000 through March 31, 2001           2.00:1.00
              April 1, 2001 through September 30, 2001         1.90:1.00
               October 1, 2001 through March 31, 2002          1.85:1.00
               April 1, 2002 through December 31, 2002         1.80:1.00
               January 1, 2003 through March 31, 2003          1.75:1.00
               April 1, 2003 through December 31, 2003         1.70:1.00
              January 1, 2004 though December 31, 2004         1.60:1.00
                   January 1, 2005 and thereafter              1.50:1.00"
</TABLE>

         SECTION 4. NEW SECTION 12.4 OF THE CREDIT AGREEMENT. Section 12 of the
Credit Agreement is hereby amended by inserting the following new Section 12.4
after Section 12.3 thereof:

                  "12.4 MAXIMUM ADJUSTED EBITDA LESS CONTAINER PURCHASES. As of
         July 1, 2000 and thereafter, Holdings will not permit, for each of its
         fiscal quarters ending during the periods set forth in the table below,
         Adjusted EBITDA MINUS the aggregate amount of all purchases of
         containers and container components by CMS (or by any other Borrower or
         Borrower's Subsidiary which at any time engages in a container leasing
         program similar to that engaged in by CMS on August 11, 2000) which are
         capitalized as property, plant and equipment in accordance with GAAP
         and are not otherwise included in the calculation of Adjusted EBITDA
         for such period, to be less than the amounts opposite such period in
         such table:

<PAGE>
                                      -3-

<TABLE>
<CAPTION>
                               Period                      Quarterly Minimum
                               ------                      -----------------
              <S>                                             <C>
               July 1, 2000 through September 30, 2000         $22,500,000
              October 1, 2000 through December 31, 2000        $24,000,000
                January 1, 2001 through June 30, 2001          $25,000,000
                 July 1, 2001 through June 30, 2002            $26,000,000
                 July 1, 2002 through June 30, 2003            $29,000,000
                     July 1, 2003 and thereafter               $31,000,000"
</TABLE>

         SECTION 5. FIELD EXAMINATIONS AND APPRAISALS. The Borrowers hereby
agree to deliver to the Lenders and the Agent within ninety (90) days of the
date hereof (a) a report of an independent collateral auditor with respect to
the Borrowers' accounting with respect to accounts receivable (including, to
the extent required by the Agent, verification with respect to the amount,
aging, identity and credit of the Borrowers' account debtors and the billing
practices of the Borrowers and their Subsidiaries) and inventory (including,
to the extent required by the Agent, verification as to the value, location
and type) of the Borrowers and their Subsidiaries (the "FIELD EXAM") and (b)
an appraisal of the value of all real estate, equipment and fixtures of the
Borrowers and their Subsidiaries (the "APPRAISAL"), where such Field Exam and
Appraisal shall be in form and substance satisfactory to the Agent and shall
be conducted at the expense of the Borrowers by an independent collateral
auditor or appraiser, as applicable, satisfactory to the Agent. Such Field
Exam and Appraisal shall be conducted upon reasonable notice to the Borrowers
and during normal business hours. The parties hereto agree that the failure
to deliver such Field Exam and Appraisal shall constitute an Event of Default
under the Credit Agreement.

         SECTION 6. AMENDMENT FEE. The Borrowers hereby agrees to pay to the
Agent, for the account of each Lender that executes this Amendment, a fee of
$150,000 (such fee referred to herein as the "AMENDMENT FEE"), such Amendment
Fee to be fully earned and payable on the effective date hereof and to be
shared PRO RATA by such Lenders in accordance with the sum of such Lenders'
Revolving Credit Commitments and outstanding Term Loans.

         SECTION 7. AFFIRMATION OF THE COMPANIES. Each of the Borrowers hereby
affirms its joint and several, absolute and unconditional promise to pay to each
Lender and the Agent the Loans and all other amounts due under the Notes, the
Credit Agreement and the other Loan Documents and each of the Borrowers confirms
and agrees that the obligations of the Borrowers to the Lenders and the Agent
under the Credit Agreement as amended hereby and the other Loan Documents are
secured by and entitled to the benefits of the Security Documents.

         SECTION 8. CONDITIONS TO EFFECTIVENESS. This Amendment shall become
effective on the date on which the following conditions shall have been
satisfied:

                  8.1. LOAN DOCUMENTS. This Amendment and all related documents
         shall have been duly executed and delivered by the respective parties
         thereto, shall be in full force and effect and shall be in form and
         substance satisfactory to the Majority Lenders.

<PAGE>
                                      -4-

                  8.2. PROCEEDINGS AND DOCUMENTS. All proceedings in connection
         with the transactions contemplated by this Amendment and all other
         documents incident hereto and thereto shall be reasonably satisfactory
         in form and substance to the Lenders and to the Agent, and the Lenders
         and the Agent shall have received all information and such counterpart
         originals or certified or other copies of such documents as the Agent
         may reasonably request.

                  8.3. AMENDMENT FEE. The Borrowers shall have paid the
         Amendment Fee and all other fees payable under Section 14 hereunder.

         SECTION 9. REPRESENTATIONS AND WARRANTIES. Each of the Borrowers
hereby represents and warrants to the Lenders and the Agent as follows:

                  (a) REPRESENTATIONS AND WARRANTIES IN CREDIT AGREEMENT. The
         representations and warranties of the Borrowers contained in the Credit
         Agreement, as amended hereby, are true and correct in all material
         respects on the date hereof and no Default or Event of Default has
         occurred and is continuing under the Credit Agreement as amended
         hereby.

                  (b) AUTHORITY, NO CONFLICTS, ETC. The execution, delivery and
         performance of this Amendment and the consummation of the transactions
         contemplated hereby (i) are within the corporate or partnership powers,
         as applicable, of the Borrowers and have been duly authorized by all
         necessary corporate or partnership action on the part of the Borrowers,
         (ii) do not require any approval or consent of, or filing with, any
         governmental agency or authority other than those already obtained or
         where failure to do so could not reasonably be expected to result in a
         materially adverse effect on Holdings and its Subsidiaries, taken as a
         whole, and could not reasonably be expected to have any adverse effect
         on the enforceability of any of the Loan Documents, including, without
         limitation, this Amendment, (iii) do not conflict with or result in any
         breach or contravention of any provision of law, statute, rule or
         regulation to which any of the Borrowers is subject or any judgment,
         order, writ, injunction, license or permit applicable to any of the
         Borrowers, except where such violation or contravention could not
         reasonably be expected to have a materially adverse effect on Holdings
         and its Subsidiaries, taken as a whole, and could not reasonably be
         expected to have any adverse effect on the enforceability of the Loan
         Documents, including, without limitation, this Amendment, (iv) do not
         conflict with any provision of the corporate charter or bylaws or other
         organizational documents of any of the Borrowers, (v) do not conflict
         with, or result in a breach of any material term, condition or
         provision of, or constitute a default under any agreement, trust deed,
         indenture, mortgage, or other instrument to which any of the Borrowers
         is a party or by which any of the Borrowers or any of their properties
         is bound or affected or result in the creation of any mortgage, lien,
         pledge, charge, security interest, or other encumbrance upon any
         property of any Borrower, the consequences of which could reasonably be
         expected to have a materially adverse effect on Holdings and its
         Subsidiaries, taken as a whole.

<PAGE>
                                      -5-

                  (c) ENFORCEABILITY OF OBLIGATIONS. This Amendment and the
         Credit Agreement as amended hereby constitute the legal, valid and
         binding obligations of the Borrowers, enforceable against the
         Borrowers, in accordance with their respective terms, except as limited
         by bankruptcy, insolvency, fraudulent conveyance, reorganization,
         moratorium, or other laws relating to or affecting creditors' rights
         generally, general equitable principles (whether considered in equity
         or at law) and an implied covenant of good faith and fair dealing, and
         except to the extent that availability of the remedy of specific
         performance or injunctive relief is subject to the discretion of the
         court before which any proceeding therefor may be brought.

         SECTION 10. NO OTHER AMENDMENTS. Except as expressly provided in this
Amendment, all of the terms, conditions and provisions of the Credit Agreement
and the other Loan Documents shall remain the same. It is declared and agreed by
each of the parties hereto that the Credit Agreement, as amended hereby, and
each of the other Loan Documents shall continue in full force and effect, and
that this Amendment and the Credit Agreement shall be read and construed as one
instrument.

         SECTION 11. EXECUTION IN COUNTERPARTS. This Amendment may be
executed in any number of counterparts and by each party on a separate
counterpart, each of which when so executed and delivered shall be an
original, but all of which together shall constitute one instrument. In
proving this Amendment, it shall not be necessary to produce or account for
more than one such counterpart signed by the party against whom enforcement
is sought.

         SECTION 12. GOVERNING LAW. THIS AMENDMENT IS INTENDED TO TAKE EFFECT AS
AN AGREEMENT UNDER SEAL UNDER THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS AND
SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS
OF SAID COMMONWEALTH WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OR CHOICE OF
LAW.

         SECTION 13. HEADINGS. Headings or captions used in this Amendment are
for convenience of reference only and shall not define or limit the provisions
hereof.

         SECTION 14. EXPENSES. The Borrowers hereby jointly and severally
agree to pay to the Agent, on demand by the Agent, all reasonable
out-of-pocket costs and expenses incurred or sustained by the Agent in
connection with the preparation of this Amendment (including reasonable legal
fees).

<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Amendment under seal
as of the date first above written.

                                 RUSSELL-STANLEY HOLDINGS, INC.

                                 By: /s/ Ronald M. Litchkowski
                                    ------------------------------------
                                    Name: Ronald M. Litchkowski
                                    Title: Chief Financial Officer

                                 RUSSELL-STANLEY CORP.

                                 By: /s/ Ronald M. Litchkowski
                                    ------------------------------------
                                    Name: Ronald M. Litchkowski
                                    Title: Chief Financial Officer

                                 RSLPCO, INC.

                                 By: /s/ Ronald M. Litchkowski
                                    ------------------------------------
                                    Name: Ronald M. Litchkowski
                                    Title: Chief Financial Officer

                                 RUSSELL-STANLEY, L.P.

                                 By: Russell-Stanley, Inc., its General Partner

                                 By: /s/ Ronald M. Litchkowski
                                    ------------------------------------
                                    Name: Ronald M. Litchkowski
                                    Title: Chief Financial Officer

                                 RUSSELL-STANLEY, INC. (f/k/a Russell-Stanley
                                          Midwest, Inc., successor by merger to
                                          Russell-Stanley West, Inc.,
                                          Russell-Stanley Southwest, Inc. and
                                          R-S Southwest Realty, Inc.)

                                 By: /s/ Ronald M. Litchkowski
                                    ------------------------------------
                                    Name: Ronald M. Litchkowski
                                    Title: Chief Financial Officer
<PAGE>

                                 FLEET NATIONAL BANK (f/k/a BankBoston, N.A.),
                                 individually and as Agent

                                 By: /s/ Thomas J. Mahoney
                                    ------------------------------------
                                    Name: Thomas J. Mahoney
                                    Title: Vice President

                                 GOLDMAN SACHS CREDIT
                                 PARTNERS L.P., individually and as Syndication
                                 Agent

                                 By: /s/ Elizabeth Fischer
                                    ------------------------------------
                                    Name: Elizabeth Fischer
                                    Title: Authorized Signatory

                                 NEW YORK LIFE INSURANCE COMPANY

                                 By: /s/ Anthony R. Malloy
                                    ------------------------------------
                                    Name: Anthony R. Malloy
                                    Title: Investment Vice President

                                 NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

                                 By: NEW YORK LIFE INVESTMENT MANAGEMENT, LLC,
                                     its Investment Manager

                                 By: /s/ Anthony R. Malloy
                                    ------------------------------------
                                    Name: Anthony R. Malloy
                                    Title: Investment Vice President
<PAGE>

                                 ALLSTATE LIFE INSURANCE COMPANY

                                 By: /s/ Ronald A. Mendel
                                    ------------------------------------
                                    Name: Ronald A. Mendel
                                    Title: Authorized Signatory

                                 By: /s/ Patricia W. Wilson
                                    ------------------------------------
                                    Name: Patricia W. Wilson
                                    Title: Authorized Signatory

                                 COMERICA BANK

                                 By: /s/ Mark A. Reifel
                                    ------------------------------------
                                    Name: Mark A. Reifel
                                    Title: Vice President

                                 SUMMIT BANK

                                 By: /s/ Timothy E. Doyle
                                    ------------------------------------
                                    Name: Timothy E. Doyle
                                    Title: Senior Vice President

                                 THE BANK OF NOVA SCOTIA

                                 By: /s/ John W. Campbell
                                    ------------------------------------
                                    Name: John W. Campbell
                                    Title: Managing Director

<PAGE>

                                 BHF (USA) Capital Corporation

                                 By: /s/ Richard Cameron
                                    ------------------------------------
                                    Name: Richard Cameron
                                    Title: Vice President

                                 By: /s/ Hans J. Scholz
                                    ------------------------------------
                                    Name: Hans J. Scholz
                                    Title: Vice President
<PAGE>

                                 KEY CORPORATE CAPITAL INC.

                                 By: /s/ Paul Steiger
                                    ------------------------------------
                                    Name: Paul Steiger
                                    Title: Vice President

<PAGE>

                                 ALLFIRST BANK

                                 By: /s/ John T. Penny
                                    ------------------------------------
                                    Name: John T. Penny
                                    Title: Vice President

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