Document:

FOURTH AMENDMENT
                             TO DEBTOR-IN-POSSESSION
                      CREDIT AGREEMENT AND LIMITED CONSENT

         This FOURTH AMENDMENT TO DEBTOR-IN-POSSESSION CREDIT AGREEMENT AND
LIMITED CONSENT (this "Amendment") is dated as of December 10, 2002 and entered
into by and among COVANTA ENERGY CORPORATION, a Delaware corporation
("Company'), and THE SUBSIDIARIES OF COMPANY LISTED ON THE SIGNATURE PAGES
HEREOF AS BORROWERS (collectively, Company and such Subsidiaries of Company are
"Borrowers" and each a "Borrower"), THE SUBSIDIARIES OF COMPANY LISTED ON THE
SIGNATURE PAGES HEREOF AS SUBSIDIARY GUARANTORS (collectively, the "Subsidiary
Guarantors"), THE LENDERS PARTY HERETO, BANK OF AMERICA, N.A., as Administrative
Agent for the Lenders ("Administrative Agent"), and DEUTSCHE BANK AG, NEW YORK
BRANCH, as Documentation Agent for the Lenders ("Documentation Agent"), and is
made with reference to that certain Debtor-in-Possession Credit Agreement dated
as of April 1, 2002, as amended by that certain First Amendment to
Debtor-in-Possession Credit Agreement and Security Agreement dated as of April
3, 2002, that certain Second Amendment to Debtor-in-Possession Credit Agreement
dated as of May 10, 2002 and that certain Third Amendment and Limited Waiver to
Debtor-in-Possession Credit Agreement dated as of October 4, 2002 (as so
amended, the "Credit Agreement"), by and among Borrowers, the financial
institutions parties thereto as Lenders, Documentation Agent and Administrative
Agent Capitalized terms used herein without definition shall have the same
meanings herein as set forth in the Credit Agreement (as amended by this
Amendment).

                                    RECITALS

         WHEREAS, Borrowers and the undersigned Lenders desire to make certain
amendments to the Credit Agreement, subject to the terms and conditions set
forth below;

         NOW, THEREFORE, in consideration of the premises and agreements,
provisions and covenants herein contained, the parties hereto agree as follows:

         SECTION 1. AMENDMENTS TO THE CREDIT AGREEMENT; LIMITED CONSENT

         1.1 Provisions Relating to Defined Terms.

         A. Subsection 1.1 of the Credit Agreement is hereby amended by
inserting the following new definitions in the appropriate alphabetical order:

         "Covanta Lake" means Covanta Lake, Inc., a Florida corporation.

         "Florida Tax Lien" means a lien in favor the Lake County Tax Collector
attaching to the real and personal property of Covanta Lake for unpaid taxes for
all tax years, which Lien is superior to all other liens on property of Covanta
Lake, including the Liens created in favor of Administrative Agent for the
benefit of Lenders pursuant to the Borrowing Orders.

         "Fourth Amendment" means the Fourth Amendment to Debtor-in-Possession
Credit Agreement and Limited Consent by and among Borrowers, Agents and Lenders,
dated as of December 10,2002.

         "Fourth Amendment Effective Date" has the meaning assigned to that term
in Section 4.5 of the Fourth Amendment.

         "Lake County Tax Collector" means the tax collector of Lake County,
Florida.

         "MCI Center" means the multi-purpose arena for the performance of
sports and entertainment events known as the "MCI Center" in Washington, D.C.

         "MCI Center Disposition Transactions" means, collectively, the payment
by Covanta and its Subsidiaries to Aramark Services, Inc. after the Fourth
Amendment Effective Date of not more than $2,000,000 in exchange for (i) the
release of Covanta and its Subsidiaries from their obligations under the
guaranty by Ogden Services Corporation of the obligations of Ogden Entertainment
Services, Inc. under the Concession Lease Agreement between DC Arena LP. and
Ogden Entertainment Services, Inc. relating to the MCI Center and (ii) the
return and cancellation of letter of credit, undrawn, in the stated amount of
$5,300,000 issued by Bank of America for the account of Covanta relating to such
guaranty and concession lease agreement, in each case pursuant to documentation
in form and substance reasonably satisfactory to Agents.

         "Metropolitan Entertainment" means Covanta Concerts Holdings, Inc.
(formerly known as Metropolitan Entertainment Co., Inc.), a New Jersey
corporation.

         "Released Aviation Subsidiaries" means Ogden Aviation Service Company
of New Jersey, Inc., Ogden Aviation Service Company of New York, Inc., LaGuardia
Fuel Facilities Corp. and Newark Automotive Fuel Facilities Corporation, Inc.

         B. The definition of "Excluded Subsidiary" in subsection 1.1 of the
Credit Agreement is hereby amended by inserting at the end thereof the following
sentence:

         "Notwithstanding the foregoing provisions of this definition,
Metropolitan Entertainment shall be an Excluded Subsidiary.".

         1.2 Provisions Relating to Affirmative Covenants.

         Subsection 6.8E of the Credit Agreement is hereby amended by adding the
phrase "(other than Metropolitan Entertainment)" immediately after the reference
contained therein to "any Domestic Subsidiary".

         1.3 Provisions Relating to Negative Covenants.

         A. Subsection 7.2A of the Credit Agreement is hereby amended by (i)
deleting the "and" at the end of clause (viii) thereof, (ii) deleting the "." at
the end of clause (ix) thereof and substituting therefor "; and", and (iii)
adding at the end thereof the following new clause (x):

         "(x) the Florida Tax Lien."

         B. Subsection 7.3 of the Credit Agreement is hereby amended by (i)
deleting the "and" at the end of clause (vii) thereof; (ii) deleting the "." at
the end of clause (viii) thereof and substituting therefor "; and", and (iii)
adding at the end thereof the following new clause (ix):

         "(ix) Company and its Subsidiaries may make and own Investments
consisting of cash equity contributions made after the Fourth Amendment
Effective Date in an amount not to exceed $650,000 in the Treno waste-to-energy
Project (this amount is in addition to the approved Investment in this Project
set forth on Schedule 7.3(iv)), so long as (a) such contributions are required
to be made pursuant to the terms of the Ogden Equity Contribution Agreement
dated February 9,2001 among Covanta Energy Group, Inc. Prima s.r.l and Ogden
Waste to Energy, Inc., as such agreement is in effect on the Closing Date, (b)
any equity, if any, resulting from such contributions and held by Covanta or any
of its Subsidiaries shall be pledged as Collateral under the Collateral
Documents, and (c) the aggregate cash usage for such Project in any period shall
not exceed the amounts thereby set forth in the Monthly Budget for any such
period."

         C. Subsection 7.6 of the Credit Agreement is hereby amended by (i)
deleting the "or" at the end of clause (v) thereof, (ii) deleting the "." at the
end of clause (vi) thereof and substituting therefor "; or", and (iii) adding at
the end thereof the following new clause (vii):

         "(vii) make cash expenditures in any month of a type which would be
classified under the line item labeled "IPP Identified" under the heading Energy
Capital Expenditures if the aggregate cumulative amount of such expenditures
made from the commencement of the Budget Period would exceed $1,900,000 (it
being understood that this limitation shall not include, and shall be exclusive
of, the approved foreign equity investments referenced on Schedule 7.3(iv) which
shall be made solely from cash set aside in foreign accounts)."

         D. Subsection 7.7(vi) of the Credit Agreement is hereby amended by
adding immediately prior to the ";" at the end thereof the following proviso:

         "; provided however, that a portion of the consideration received in an
Approved Asset Sale of the "Aviation Fueling" assets may consist of a promissory
note (payable in cash) in an aggregate original principal amount not to exceed
$2,200,000 (subject to adjustment resulting from changes in the working capital
of the Aviation Fueling Business)".

         E. Section 7 of the Credit Agreement is hereby further amended by
adding at the end thereof the following new subsection 7.16:

         "7.16 Metropolitan Receivables.

         Borrowers shall not and shall not permit their Subsidiaries to, dispose
of; discount or otherwise compromise for less than the full book value thereof
any receivables or other amounts owed to any of them by Metropolitan
Entertainment."

                  1.4 Provisions Relating to Events of Default.

         Section 8 of the Credit Agreement is hereby amended by adding at the
end thereof the following new subsection 8.16:

         "8.16 MCI Center Disposition.

         Notwithstanding anything contained herein to the contrary, consummation
of the MCI Center Disposition Transactions shall not be deemed to (i) give rise
to an Event of Default or Potential Event of Default or (ii) breach any covenant
or agreement hereunder."

         1.5 Limited Consent.

         The undersigned Lenders hereby consent to a modification of the Final
Borrowing Order (and any order or ruling of the Bankruptcy Court (and any motion
filed by any Loan Party to effect the same) to the extent such order or ruling
makes such modification) to acknowledge that the Florida Tax Lien is superior to
the Liens that attach to any real or personal property of Covanta Lake created
in favor of Administrative Agent for the benefit of Lenders pursuant to the
Borrowing Orders; provided, that the unpaid taxes for the 2003 tax year secured
by the Florida Tax Lien shall not exceed $1,300,000 and the final form of any
such modification to the Final Borrowing Order shall be satisfactory to
Administrative Agent. The consent set forth in this paragraph shall be limited
precisely as written and is provided solely for the purpose of permitting the
aforementioned modification, orders, rulings and motions without breaching
subsection 7.13 or 8.6(a)(v) of the Credit Agreement, and this consent does not
constitute, nor should it be construed as, a waiver of compliance by Borrowers
or Lenders with respect to (i) subsection 7.13 or 8.6(a)(v) of the Credit
Agreement except to the extent of the actions expressly consented to in this
paragraph, (ii) subsection 7.13 or 8.6(a)(v) of the Credit Agreement in any
other instance, or (iii) any other term, provision or condition of the Credit
Agreement or any other instrument or agreement referred to therein.

         1.6 Limited Consent to Sale of Aviation Fueling.

         The undersigned Lenders, in their respective capacities as Prepetition
Lenders, hereby consent to the release, termination and extinguishment of, and
authorize Prepetition Agent to release, terminate and extinguish (a) all liens
granted under the Prepetition Credit Documents on the assets of the aviation
fueling business of the Borrowers and their Subsidiaries to the extent such
assets are sold in an Approved Asset Sale, and (b) solely as to the Released
Aviation Subsidiaries, any Prepetition Credit Document to which such Released
Aviation Subsidiaries are parties, so long as such sale is permitted under the
DIP Credit Agreement. The consent and authorization set forth in this paragraph
shall be limited precisely as written and is provided solely for the purpose of
authorizing Prepetition Agent to release such liens, and this consent does not
constitute, nor should it be construed as, a waiver of compliance by Prepetition
Lenders with respect to any other term, provision or condition of the
Prepetition Credit Agreement, the Intercreditor Agreement or any other
instrument or agreement referred to therein.

         SECTION 2. BORROWER'S REPRESENTATIONS AND WARRANTIES

         In order to induce the Lenders to enter into this Amendment and to
amend the Credit Agreement in the manner provided herein, Borrowers represent
and warrant to each Lender that the following statements are true, correct and
complete:

         2.1 Corporate Power and Authority. Subject to compliance with the Final
Borrowing Order and any applicable provisions of the Bankruptcy Code, each Loan
Party has all requisite corporate power and authority to enter into this
Amendment and to carry out the transactions contemplated by, and perform its
obligations under, the Credit Agreement as amended by this Amendment (the
"Amended Agreement").

         2.2 Authorization of Agreements. The execution and delivery of this
Amendment has been duly authorized by all necessary corporate action on the part
of each Loan Party and the performance of the Amended Agreement has been duly
authorized by all necessary corporate action on the part of each Loan Party.

         2.3 No Conflict. The execution and delivery by each Loan Party of this
Amendment and the performance by each Borrower of the Amended Agreement do not
and will not (i) violate any provision of any law or any governmental rule or
regulation applicable to Company or any of its Subsidiaries, the Organizational
Documents of Company or any of its Subsidiaries or any order, judgment or decree
of any court or other Government Authority binding on Company or any of its
Subsidiaries, (ii) conflict with, result in a breach of or constitute (with due
notice or lapse of time or both) a default under any Contractual Obligation
(which Contractual Obligation is enforceable on a post-Petition Date basis) of
Company or any of its Subsidiaries or an applicable order of the Bankruptcy
Court, (iii) result in or require the creation or imposition of any Lien upon
any of the properties or assets of Company or any of its Subsidiaries, or (iv)
require any approval of stockholders or any approval or consent of any Person
under any Contractual Obligation of Company or any of its Subsidiaries.

         2.4 Governmental Consents. The execution and delivery by each Loan
Party of this Amendment and the performance by each Loan Party of the Amended
Agreement do not and will not require any Governmental Authorization.

         2.5 Binding Obligation. This Amendment has been duly executed and
delivered by each Loan Party, and each of this Amendment and the Amended
Agreement is the legally valid and binding obligations of each Loan Party
enforceable against each Loan Party in accordance with its respective terms,
except as may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws relating to or limiting creditors' rights generally or by
equitable principles relating to enforceability.

         2.6 Incorporation of Representations and Warranties From Credit
Agreement. The representations and warranties contained in Section 5 of the
Credit Agreement are and will be true, correct and complete in all material
respects on and as of the Fourth Amendment Effective Date to the same extent as
though made on and as of that date, except to the extent such representations
and warranties specifically relate to an earlier date, in which case they were
true, correct and complete in all material respects on and as of such earlier
date.

         2.7 Notice to Committee. Notice of this Amendment has been given to and
received by counsel to the official committee of unsecured creditors in the
Chapter 11 Cases and the informal committee of holders of Company's 9.25%
Debentures.

         2.8 Absence of Default. As of the date hereof after giving effect
hereto, there exists no Event of Default or Potential Event of Default under the
Credit Agreement

         2.9 Metropolitan Entertainment. The balance sheet of Metropolitan
Entertainment delivered to Agents in connection with the execution of this
Fourth Amendment was prepared in conformity with GAAP and fairly presents, in
all material respects, the financial position (on a consolidated basis) of
Metropolitan Entertainment and its Subsidiaries as of the date hereof.

         SECTION 3. ACKNOWLEDGEMENT AND CONSENT

         Each Borrower and Subsidiary Guarantor hereby (i) acknowledges that
such Loan Party has read this Amendment and consents to the terms hereof and
further hereby confirms and agrees that, notwithstanding the effectiveness of
this Amendment, the obligations of such Loan Party under each of the Loan
Documents to which such Loan Party is a party shall not be impaired and each of
the Loan Documents to which such Loan Party is a party are, and shall continue
to be, in full force and effect and are hereby confirmed and ratified in all
respects, (ii) ratifies and confirms the effectiveness of the First Amendment,
the Second Amendment and the Third Amendment in all respects, and (iii) confirms
that the provisions of the First Amendment, the Second Amendment and the Third
Amendment are binding on each of the Borrowers.

         SECTION 4. MISCELLANEOUS

         4.1 Reference to and Effect on the Credit Agreement and the Other Loan
Documents.

         A. On and after the Fourth Amendment Effective Date, each reference in
the Credit Agreement to "this Agreement", "hereunder", "hereof", "herein" or
words of like import referring to the Credit Agreement, and each reference in
the other Loan Documents to the "Credit Agreement", "thereunder", "thereof" or
words of like import referring to the Credit Agreement shall mean and be a
reference to the Credit Agreement as amended by this Amendment

         B. Except as specifically amended by this Amendment, the Credit
Agreement and the other Loan Documents shall remain in full force and effect and
are hereby ratified and confirmed.

         C. The execution, delivery and performance of this Amendment shall not
constitute a waiver of any provision of, or operate as a waiver of any right,
power or remedy of any Agent or any Lender under, the Credit Agreement or any of
the other Loan Documents.

         4.2 Fees and Expenses. Each Borrower acknowledges that all costs, fees
and expenses as described in subsection 10.2 of the Credit Agreement incurred by
Administrative Agent, Documentation Agent or the Lenders and their respective
counsel (including, without limitation, O'Melveny & Myers LLP and Ernst & Young
Corporate Finance LLC) with respect to this Amendment and the documents and
transactions contemplated hereby shall be for the account of Borrowers.

         4.3 Headings. Section and subsection headings in this Amendment are
included herein for convenience of reference only and shall not constitute a
part of this Amendment for any other purpose or be given any substantive effect.

         4.4 Applicable Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING
WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF
NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

         4.5 Counterparts: Effectiveness. This Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed an original, but
all such counterparts together shall constitute but one and the same instrument;
signature pages may be detached from multiple separate counterparts and attached
to a single counterpart so that all signature pages are physically attached to
the same document. This Amendment shall become effective upon the first date on
which all of the following conditions precedent shall have been satisfied (the
date of satisfaction of such conditions being referred to herein as the "Fourth
Amendment Effective Date"): (i) Borrowers, each Subsidiary Guarantor and Lenders
constituting Requisite Lenders shall have each executed a counterpart hereof;
(ii) Company, Administrative Agent and Documentation Agent shall have received
written or telephonic notification of such execution and authorization of
delivery of such counterparts; and (iii) Borrowers shall have paid in full all
outstanding statements for fees and expenses of O'Melveny & Myers LLP and Ernst
& Young Corporate Finance LLC, to the extent submitted to Company prior to 12:00
Noon (New York City time) on December 12, 2002.

         [Remainder of this page intentionally left blank]

         IN WITNESS WHEREOF, the parties hereto have caused This Amendment to be
duly executed and delivered by their respective officers thereunto duly
authorized as of the date first written above.

         BORROWERS:

                                      COVANTA ENERGY CORPORATION

                                      By: /s/ Jeffrey R. Horowitz
                                          ----------------------------
                                          Jeffrey R. Horowitz
                                          Authorized Officer

                                      Each of the entities named on Scheduled A
                                      annexed hereto, as Borrowers

                                      By: /s/ Jeffrey R. Horowitz
                                          ----------------------------
                                          Jeffrey R. Horowitz
                                          Authorized Officer

                                      Each of the entities named on Schedule B
                                      annexed hereto, as Borrowers

                                      By: /s/ Scott Mackin
                                          ----------------------------
                                          Scott Mackin
                                          Authorized Officer

<PAGE>

         SUBSIDIARY GUARANTORS:

                                      Each of the entities named on Schedule C
                                      annexed hereto, as Subsidiary  Guarantors

                                      By: /s/ Jeffrey R. Horowitz
                                          ----------------------------
                                          Jeffrey R. Horowitz
                                          Authorized Officer

                                      Each of the entities named on Schedule D
                                      annexed hereto, as Subsidiary Guarantors

                                      By: /s/ Scott Mackin
                                          ----------------------------
                                          Scott Mackin
                                          Authorized Officer
<PAGE>

         AGENTS AND LENDERS:

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

                                      By: /s/ Michael R. Heredia
                                          ----------------------------
                                          Michael R. Heredia
                                          Managing Director

<PAGE>

                                      DEUTSCHE BANK AG, NEW YORK BRANCH,
                                      as Documentation Agent and
                                      Co-Arranger and as a Lender

                                      By: /s/ Keith C. Braun
                                          ----------------------------
                                          Keith C. Braun
                                          Director

                                      By: /s/ Clark G. Peterson
                                          ----------------------------
                                          Clark G. Peterson
                                          Vice President

<PAGE>

                                      BAYERISCHE HYPO-UND VEREINSBANK AG,
                                      as a Lender

                                      By: /s/ John w. Sweeney
                                          ----------------------------
                                          Name:  John w. Sweeney
                                          Title:  Director

                                      By: /s/ Salvatore Esposito
                                          ----------------------------
                                          Name:  Salvatore Esposito
                                          Title:  Director

<PAGE>

                                      BNP PARIBAS, as a Lender

                                      By: /s/ Edward v. Canale
                                          ----------------------------
                                          Name:  Edward v. Canale
                                          Title:  Managing Director

                                      By: /s/ Barbara Eppolito
                                          ----------------------------
                                          Name:  Barbara Eppolito
                                          Title:  Vice President

<PAGE>

                                      COMMERZBANK AG, NEW YORK AND
                                      GRAND CAYMAN BRANCHES, as a Lender

                                      By: /s/ Robert Donohue
                                          ----------------------------
                                          Name:  Robert Donohue
                                          Title:  Senior Vice President

                                      By: /s/ Peter Doyle
                                          ----------------------------
                                          Name:  Peter Doyle
                                          Title:  Vice President

<PAGE>

                                      HSBC BANK USA, as a Lender

                                      By: /s/ Carol A. Kraus
                                          ----------------------------
                                          Name:  Carol A. Kraus
                                          Title:  HSBC Bank USA
                                                  Vice President

<PAGE>

                                      BANC OF AMERICA SECURITIES LLC,
                                      as Agent for BANK OF AMERICA, N.A.,
                                      as a Lender

                                      By: /s/ Greg Ford
                                          ----------------------------
                                          Name:  Greg Ford
                                          Title:  Managing Director

<PAGE>

                                      THE BANK OF NOVA SCOTIA, as a Lender

                                      By: /s/ Joseph J. Farricielli, Jr.
                                          ---------------------------------
                                          Name:  Joseph J. Farricielli, Jr.
                                          Title:  Director

<PAGE>

                                      WESTLB AG (formerly known as
                                      Westdeutsche  Landesbank Girozentrale),
                                      NEW YORK BRANCH as a Lender

                                      By: /s/ Alan S. Bookspan
                                          ----------------------------
                                          Name:  Alan S. Bookspan
                                          Title:  Director

                                      By: /s/ Duncan M. Robertson
                                          ----------------------------
                                          Name:  Duncan M. Robertson
                                          Title:  Director
<PAGE>

                                      MERRILL LYNCH, PIERCE & SMITH
                                      INCORPORATED, as a Lender

                                      By: /s/ Kevin Lydon
                                          ----------------------------
                                          Name:  Kevin Lydon
                                          Title:  Managing Director
<PAGE>
         Schedule A

         Other Borrowers

         1.   AMOR 14 Corp.

         2.   Covanta Acquisition, Inc.

         3.   Covanta Alexandria/Arlington, Inc.

         4.   Covanta Babylon, Inc.

         5.   Covanta Bessemer, Inc.

         6.   Covanta Bristol, Inc.

         7.   Covanta Cunningham Environmental Support, Inc.

         8.   Covanta Energy Americas, Inc.

         9.   Covanta Energy Construction, Inc.

         10.  Covanta Energy Resource Corp.

         11.  Covanta Energy Sao Jeronimo, Inc.

         12.  Covanta Energy Services, Inc.

         13.  Covanta Energy West, Inc.

         14.  Covanta Engineering Services, Inc.

         15.  Covanta Fairfax, Inc.

         16.  Covanta Financial Services, Inc.

         17.  Covanta Geothermal Operations Holdings, Inc.

         18.  Covanta Geothermal Operations, Inc.

         19.  Covanta Heber Field Energy, Inc.

         20.  Covanta Hennepin Energy Resource Co., L.P.

         21.  Covanta Hillsborough, Inc.

         22.  Covanta Honolulu Resource Recovery Venture

         23.  Covanta Huntington Limited Partnership

         24.  Covanta Huntington Resource Recovery One Corp.

         25.  Covanta Huntington Resource Recovery Seven Corp.

         26.  Covanta Huntington, Inc.

         27.  Covanta Huntsville, Inc.

         28.  Covanta Hydro Energy, Inc.

         29.  Covanta Hydro Operations West, Inc.

         30.  Covanta Hydro Operations, Inc.

         31.  Covanta Imperial Power Services, Inc.

         32.  Covanta Indianapolis, Inc.

         33.  Covanta Kent, Inc.

         34.  Covanta Key Largo, Inc.

         35.  Covanta Lake, Inc.

         36.  Covanta Lancaster, Inc.

         37.  Covanta Lee, Inc.

         38.  Covanta Long Island, Inc.

         39.  Covanta Marion Land Corp.

         40.  Covanta Marion, Inc.

         41.  Covanta Mid-Conn., Inc.

         42.  Covanta Montgomery, Inc.

         43.  Covanta New Martinsville Hydro-Operations Corp.

         44.  Covanta Northwest Puerto Rico, Inc.

         45.  Covanta Oahu Waste Energy Recovery, Inc.

         46.  Covanta Oil & Gas, Inc.

         47.  Covanta Onondaga Five Corp.

         48.  Covanta Onondaga Four Corp.

         49.  Covanta Onondaga Limited Partnership

         50.  Covanta Onondaga Operations, Inc.

         51.  Covanta Onondaga Three Corp.

         52.  Covanta Onondaga Two Corp.

         53.  Covanta Onondaga, Inc.

         54.  Ogden Services Corporation

         55.  Covanta Operations of Union LLC

         56.  Covanta OPW Associates, Inc.

         57.  Covanta OPWH, Inc.

         58.  Covanta Pasco, Inc.

         59.  Covanta Plant Services of New Jersey, Inc.

         60.  Covanta Power Development of Bolivia, Inc.

         61.  Covanta Power Development, Inc.

         62.  Covanta Power Equity Corp.

         63.  Covanta Projects of Hawaii, Inc.

         64.  Covanta Projects of Wallingford, LP

         65.  Covanta RRS Holdings, Inc.

         66.  Covanta Secure Services USA, Inc.

         67.  Covanta Secure Services, Inc.

         68.  Covanta SIGC Energy II, Inc.

         69.  Covanta SIGC Energy, Inc.

         70.  Covanta SIGC Geothermal Operations, Inc.

         71.  Covanta Stanislaus, Inc.

         72.  Covanta Systems, Inc.

         73.  Covanta Tampa Bay, Inc.

         74.  Covanta Tulsa, Inc.

         75.  Covanta Union, Inc.

         76.  Covanta Wallingford Associates, Inc.

         77.  Covanta Warren Energy Resources Co., LP

         78.  Covanta Waste Solutions, Inc.

         79.  Covanta Waste to Energy of Italy, Inc.

         80.  Covanta Waste to Energy, Inc.

         81.  Covanta Water Holdings, Inc.

         82.  Covanta Water Systems, Inc.

         83.  Covanta Water Treatment Services, Inc.

         84.  DSS Environmental, Inc.

         85.  ERC Energy II, Inc.

         86.  ERC Energy, Inc.

         87.  Heber Field Company

         88.  Heber Field Energy II, Inc.

         89.  Heber Geothermal Company

         90.  Heber Loan Partners

         91.  J.R. Jacks Construction Corp.

         92.  Ogden Constructors, Inc.

         93.  Ogden Environmental & Energy Services Co., Inc.

         94.  OPI Quezon, Inc.

         95.  Second Imperial Geothermal Co., L.P.

         96.  Three Mountain Operations, Inc.

         97.  Three Mountain Power LLC

<PAGE>
                                   Schedule B
                                 Other Borrowers

         1.   Ogden Facility Management Corporation of Anaheim

         2.   LaGuardia Fuel Facilities Corp.

         3.   Lenzar Electro-Optics, Inc.

         4.   Newark Automotive Fuel Facilities Corporation, Inc.

         5.   Ogden Allied Abatement & Decontamination Service, Inc.

         6.   Ogden Allied Maintenance Corp.

         7.   Ogden Allied Payroll Services, Inc.

         8.   Ogden Attractions, Inc.

         9.   Ogden Aviation Distributing Corp.

         10.  Ogden Aviation Fueling Company of Virginia, Inc.

         11.  Ogden Aviation Service Company of Colorado, Inc.

         12.  Ogden Aviation Service Company of New Jersey, Inc.

         13.  Ogden Aviation Service Company of New York, Inc.

         14.  Ogden Aviation Service Company of Pennsylvania, Inc.

         15.  Ogden Aviation Service International Corporation

         16.  Ogden Aviation, Inc.

         17.  Ogden Cargo Spain, Inc.

         18.  Ogden Central and South America, Inc.

         19.  Ogden Facility Holdings, Inc.

         20.  Ogden Film and Theatre, Inc.

         21.  Ogden Firehole Entertainment Corp.

         22.  Ogden International Europe, Inc.

         23.  Ogden New York Services, Inc.

         24.  Ogden Support Services, Inc.

         25.  PA Aviation Fuel Holdings, Inc.

         26.  Philadelphia Fuel Facilities Corporation

<PAGE>
                                   Schedule C
                              Subsidiary Guarantors

         1.   Covanta Energy Group, Inc.

         2.   Covanta Energy International, Inc.

         3.   Covanta Equity of Stanislaus, Inc.

         4.   Covanta Haverhill Properties, Inc.

         5.   Covanta Haverhill, Inc.

         6.   Covanta Omega Lease, Inc.

         7.   Covanta Power International Holdings, Inc.

         8.   Covanta Projects, Inc.

         9.   Haverhill Power, Inc.

         10.  LMI, Inc.

         11.  Michigan Waste Energy, Inc.

         12.  OFS Equity of Alexandria/Arlington, Inc.

         13.  OFS Equity of Babylon, Inc.

         14.  OFS Equity of Delaware, Inc.

         15.  OFS Equity of Huntington, Inc.

         16.  OFS Equity of Indianapolis, Inc.

         17.  OFS Equity of Stanislaus, Inc.

         18.  Ogden Management Services, Inc.

         19.  Covanta Equity of Alexandria/Arlington, Inc.

<PAGE>

                                   Schedule D
                              Subsidiary Guarantors

         1.   Ogden Technology Services Corporation

         2.   Ogden Transition CorporationFIFTH AMENDMENT
                             TO DEBTOR-IN-POSSESSION
                                CREDIT AGREEMENT

         This FIFTH AMENDMENT TO DEBTOR-IN-POSSESSION CREDIT AGREEMENT (this
"Amendment") is dated as of December 18, 2002 and entered into by and among
COVANTA ENERGY CORPORATION, a Delaware corporation ("Company"), and THE
SUBSIDIARIES OF COMPANY LISTED ON THE SIGNATURE PAGES HEREOF AS BORROWERS
(collectively, Company and such Subsidiaries of Company are "Borrowers" and each
a "Borrower"), THE SUBSIDIARIES OF COMPANY LISTED ON THE SIGNATURE PAGES HEREOF
AS SUBSIDIARY GUARANTORS (collectively, the "Subsidiary Guarantors"), THE
LENDERS PARTY HERETO, BANK OF AMERICA, N.A., as Administrative Agent for the
Lenders ("Administrative Agent"), and DEUTSCHE BANK AG, NEW YORK BRANCH, as
Documentation Agent for the Lenders ("Documentation Agent"), and is made with
reference to that certain Debtor-in-Possession Credit Agreement dated as of
April 1, 2002, as amended by that certain First Amendment to
Debtor-in-Possession Credit Agreement and Security Agreement dated as of April
3, 2002, that certain Second Amendment to Debtor-in-Possession Credit Agreement
dated as of May 10, 2002, that certain Third Amendment and Limited Waiver to
Debtor-in-Possession Credit Agreement dated as of October 4, 2002, and that
certain Fourth Amendment to Debtor-in-Possession Credit Agreement and Limited
Consent dated as of December 10, 2002 (as so amended, the "Credit Agreement"),
by and among Borrowers, the financial institutions parties thereto as Lenders,
Documentation Agent and Administrative Agent. Capitalized terms used herein
without definition shall have the same meanings herein as set forth in the
Credit Agreement (as amended by this Amendment).

                                    RECITALS

         WHEREAS, Borrowers and the undersigned Lenders desire to make certain
amendments to the Credit Agreement, subject to the terms and conditions set
forth below;

         NOW, THEREFORE, in consideration of the premises and agreements,
provisions and covenants herein contained, the parties hereto agree as follows:

         SECTION 1. AMENDMENTS TO THE CREDIT AGREEMENT

         1.1      Provisions Relating to Defined Terms.

         Subsection 1.1 of the Credit Agreement is hereby amended by inserting
the following new definitions in the appropriate alphabetical order:

         "Fifth Amendment" means the Fifth Amendment to this Agreement dated as
of December 18, 2002.

         "Fifth Amendment Effective Date" has the meaning assigned to that term
in Section 4.6 of the Fifth Amendment.

         "Ottawa Tax Offering Partnership" means OSHC 2002 Limited Partnership,
a limited partnership formed under the laws of the Province of Ontario.

         "Ottawa Tax Operating Partnership" means Ottawa Senators Hockey Club
2001 Limited Partnership, a limited partnership formed under the laws of the
Province of Ontario and a wholly-owned Subsidiary of Ottawa Tax Offering
Partnership.

         "Ottawa Tax Option Exercise" means, collectively, (i) the exercise by
SSE II of the option, granted in connection with the Ottawa Tax Transaction, to
acquire Class B units of the Ottawa Tax Offering Partnership, and (ii) upon
exercise of the foregoing option, the guaranty by the Ottawa Tax Operating
Partnership of a portion of the principal amount of the Senators Loans, which
guaranty shall be secured by a perfected Lien on the Senators Hockey Team.

         "Ottawa Tax Transaction" means, collectively, (i) the purchase by the
Ottawa Tax Offering Partnership of the units of the Ottawa Tax Operating
Partnership, and the application of a portion of the proceeds of the issuance of
such units to purchase the Senators Hockey Team from the Senators Hockey Club,
(ii) the guarantee by each of SSE, SSE II, Ottawa Tax Operating Partnership and
Ottawa Tax Offering Partnership of the Senators Loans and other secured debt
obligations of the Senators Hockey Club, in the same order of priority that
exists at the commencement of the Ottawa Tax Transaction, (iii) the release of
the Senators Hockey Team as collateral for the Senators Loans and the granting
of a security interest in all of SSE's assets and a portion of the assets of
each of Ottawa Tax Operating Partnership, Ottawa Tax Offering Partnership and
SSE II as substitute collateral therefor, (iv) the Ottawa Tax Option Exercise,
(v) the Ottawa Tax Transaction Lease Amendment, (vi) the agreement by Company
not to compel the sale of the Senators Hockey Team, as provided by Canadian tax
law (after the Ottawa Tax Option Exercise), before January 1, 2004, and (vii)
the relinquishment by Company (in its capacity as a creditor of the Senators
Hockey Club) of any right or claim to (a) any proceeds of financings utilized to
consummate the Ottawa Tax Transaction and (b) any intercompany payables owed by
Palladium to the Senators Hockey Club related to the tax structuring of the
Ottawa Tax Transaction, in the case of each of clauses (i) through (vii)
pursuant to documentation in form and substance satisfactory to Agents.

         "Ottawa Tax Transaction Lease Amendment" means the amendments of the
Senators Lease in connection with the Ottawa Tax Transaction providing, among
other things, that (i) 50% of the EBITDA of the Corel Centre in excess of CDN
$14,000,000, and 40% of the EBITDA of the Corel Centre in excess of CDN
$20,000,000, shall be shared with the Ottawa Senators hockey club, (ii)
Palladium Corporation shall waive its rights (which waiver (except to the extent
of 20% of net proceeds from a liquidation of the Ottawa Senators hockey club
that would otherwise be distributable on equity) would terminate upon the Ottawa
Tax Option Exercise) under the Senators Lease to seek liquidated damages in the
event the Ottawa Senators hockey team relocates, and (iii) the right to seek
such liquidated damages under the Senators Lease shall be unsecured following
the Ottawa Tax Option Exercise, which amendments shall be in form and substance
satisfactory to Agents.

         "Senators Hockey Team" means the Ottawa Senators hockey team and
related assets, including the National Hockey League franchise therefor.

         "Senators Loans" means loans and other obligations of the Senators
Hockey Club to Company and its Subsidiaries in the original principal amount of
approximately CDN $61,200,000, to the extent such loans and obligations are
outstanding as of the Fifth Amendment Effective Date.

         "SSE" means Senators Sports & Entertainment Ltd. (formerly Bryden
Finance Corporation), a corporation incorporated under the laws of the Province
of Ontario.

         "SSE II" means Senators Sports & Entertainment II Inc., a corporation
incorporated under the laws of the Yukon Territory and a wholly-owned Subsidiary
of SSE.

         1.2      Provisions Relating to Negative Covenants.

         A. Subsection 7.3 of the Credit Agreement is hereby amended by (i)
deleting the "and" at the end of clause (viii) thereof, (ii) deleting the "." at
the end of clause (ix) thereof and substituting therefor "; and", and (iii)
adding at the end thereof the following new clause (x):

                  "(x) Company may make and own Investments consisting of
         Indebtedness of SSE, SSE II, Ottawa Tax Operating Partnership and
         Ottawa Tax Offering Partnership to Company arising out of the
         guarantees by each of such entities of the Senators Loans as part of
         the consummation of the Ottawa Tax Transaction."

         B. Subsection 7.7 of the Credit Agreement is hereby amended by (i)
deleting the word "and" at the end of clause (xi) thereof, (ii) deleting the "."
at the end of clause (xii) thereof and substituting therefor ";", and (iii)
adding at the end thereof the following new clause (xiii):

                  "(xiii) Company, as a Junior Lender (as such term is defined
         in the Senators Senior Subordination Agreement) may, without further
         consent of any Agent or any Lender (other than any consent otherwise
         required of any Lender in its capacity as an applicable Opt-Out Lenders
         under the applicable Opt-Out Facility Documents (as such terms are
         defined in the Prepetition Credit Agreement)), consent to the
         transactions contemplated under clauses (ii), (iii), (v), (vi) and
         (vii) of the definition of "Ottawa Tax Transaction", in each case as
         part of the consummation of the Ottawa Tax Transaction, so long as (a)
         the Senators Lease shall not be terminated or otherwise amended or
         modified in any respect (including any amendment or modification that
         alters the legal, equitable or contractual rights of Ogden Palladium
         Services (Canada) Inc. thereunder), except pursuant to the Ottawa Tax
         Transaction Lease Amendment, (b) each of the transactions comprising
         the Ottawa Tax Transaction, including the Ottawa Tax Option Exercise,
         are consummated within 2 Business Days of the commencement thereof, (c)
         documentation for the Ottawa Tax Transaction shall provide that a
         portion of the proceeds of the Ottawa Tax Transaction satisfactory to
         Agents shall be funded in reserve for the payment to Palladium
         Corporation of obligations arising after the Fifth Amendment Effective
         Date with respect to the Senators Lease (or otherwise owing to
         Palladium Corporation), (d) documentation for the Ottawa Tax
         Transaction shall provide that not less than CDN $2,700,000 of the
         proceeds of the Ottawa Tax Transaction shall be applied on or about
         June 15, 2003 to payment of amounts owed prior to the Fifth Amendment
         Effective Date under the Senators Lease, and (e) not less than CDN
         $42,000,000 (minus (x) amounts described in preceding clauses (c) and
         (d) and (y) amounts (which amounts shall be satisfactory to Agents)
         applied to repayment of outstanding senior debt of the Senators Hockey
         Club) shall be applied to pay operating costs of the Ottawa Senators
         hockey team from December 2002 through December 2003."

         C. Subsection 7.7 of the Credit Agreement is hereby further amended by
adding immediately prior to the "." at the end of the last sentence thereof the
phrase "(it being understood that nothing in this sentence shall prohibit the
transactions permitted under subsection 7.7(xiii))."

         D. Subsection 7.10 of the Credit Agreement is hereby amended by adding
immediately prior to the "." at the end thereof the following new proviso:

                  ";provided, however, that no such consent of Agents or
         Requisite Lenders shall be required under this subsection in connection
         with the Ottawa Tax Transaction Lease Amendment."

         E. Subsection 7.14A of the Credit Agreement is hereby amended by adding
immediately prior to the "." at the end thereof the following new proviso:

                  "; and provided further, however, that nothing in this
         subsection 7.14A shall prohibit Company and its Subsidiaries from
         consummating the Ottawa Tax Transaction."

         SECTION 2. BORROWER'S REPRESENTATIONS AND WARRANTIES

         In order to induce the Lenders to enter into this Amendment and to
amend the Credit Agreement in the manner provided herein, Borrowers represent
and warrant to each Lender that the following statements are true, correct and
complete:

         2.1 Corporate Power and Authority. Subject to compliance with the Final
Borrowing Order and any applicable provisions of the Bankruptcy Code, each Loan
Party has all requisite corporate power and authority to enter into this
Amendment and to carry out the transactions contemplated by, and perform its
obligations under, the Credit Agreement as amended by this Amendment (the
"Amended Agreement").

         2.2 Authorization of Agreements. The execution and delivery of this
Amendment has been duly authorized by all necessary corporate action on the part
of each Loan Party and the performance of the Amended Agreement has been duly
authorized by all necessary corporate action on the part of each Loan Party.

         2.3 No Conflict. The execution and delivery by each Loan Party of this
Amendment and the performance by each Borrower of the Amended Agreement do not
and will not (i) violate any provision of any law or any governmental rule or
regulation applicable to Company or any of its Subsidiaries, the Organizational
Documents of Company or any of its Subsidiaries or any order, judgment or decree
of any court or other Government Authority binding on Company or any of its
Subsidiaries, (ii) conflict with, result in a breach of or constitute (with due
notice or lapse of time or both) a default under any Contractual Obligation
(which Contractual Obligation is enforceable on a post-Petition Date basis) of
Company or any of its Subsidiaries or an applicable order of the Bankruptcy
Court, (iii) result in or require the creation or imposition of any Lien upon
any of the properties or assets of Company or any of its Subsidiaries, or (iv)
require any approval of stockholders or any approval or consent of any Person
under any Contractual Obligation of Company or any of its Subsidiaries.

         2.4 Governmental Consents. The execution and delivery by each Loan
Party of this Amendment and the performance by each Loan Party of the Amended
Agreement do not and will not require any Governmental Authorization.

         2.5 Binding Obligation. This Amendment has been duly executed and
delivered by each Loan Party, and each of this Amendment and the Amended
Agreement is the legally valid and binding obligations of each Loan Party
enforceable against each Loan Party in accordance with its respective terms,
except as may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws relating to or limiting creditors' rights generally or by
equitable principles relating to enforceability.

         2.6 Incorporation of Representations and Warranties From Credit
Agreement. The representations and warranties contained in Section 5 of the
Credit Agreement are and will be true, correct and complete in all material
respects on and as of the Fifth Amendment Effective Date to the same extent as
though made on and as of that date, except to the extent such representations
and warranties specifically relate to an earlier date, in which case they were
true, correct and complete in all material respects on and as of such earlier
date.

         2.7 Notice to Committee. Notice of this Amendment has been given to and
received by counsel to the official committee of unsecured creditors in the
Chapter 11 Cases and the informal committee of holders of Company's 9.25%
Debentures.

         2.8 Absence of Default. As of the date hereof after giving effect
hereto, there exists no Event of Default or Potential Event of Default under the
Credit Agreement.

         SECTION 3. ACKNOWLEDGEMENT AND CONSENT

         Each Borrower and Subsidiary Guarantor hereby (i) acknowledges that
such Loan Party has read this Amendment and consents to the terms hereof and
further hereby confirms and agrees that, notwithstanding the effectiveness of
this Amendment, the obligations of such Loan Party under each of the Loan
Documents to which such Loan Party is a party shall not be impaired and each of
the Loan Documents to which such Loan Party is a party are, and shall continue
to be, in full force and effect and are hereby confirmed and ratified in all
respects, (ii) ratifies and confirms the effectiveness of the First Amendment,
the Second Amendment, the Third Amendment and the Fourth Amendment in all
respects, and (iii) confirms that the provisions of the First Amendment, the
Second Amendment, the Third Amendment and the Fourth Amendment are binding on
each of the Borrowers.

         SECTION 4. MISCELLANEOUS

         4.1      Covenant Re Amendment Fee.

         Borrowers shall pay, no later than December 20, 2002, to Administrative
Agent for distribution to each Lender that has executed and delivered a
counterpart to this Amendment prior to 12:00 Noon (New York City time) on
December 19, 2002, the amendment fee described in clause (iv) of Section 4.6 of
this Amendment, regardless of whether the Fifth Amendment Effective Date has
occurred.

         4.2      Reference to and Effect on the Credit Agreement and the Other
Loan Documents.

         A. On and after the Fifth Amendment Effective Date, each reference in
the Credit Agreement to "this Agreement", "thereunder", "thereof", "therein" or
words of like import referring to the Credit Agreement, and each reference in
the other Loan Documents to the "Credit Agreement", "thereunder", "thereof" or
words of like import referring to the Credit Agreement shall mean and be a
reference to the Credit Agreement as amended by this Amendment.

         B. Except as specifically amended by this Amendment, the Credit
Agreement and the other Loan Documents shall remain in full force and effect and
are hereby ratified and confirmed.

         C. The execution, delivery and performance of this Amendment shall not
constitute a waiver of any provision of, or operate as a waiver of any right,
power or remedy of any Agent or any Lender under, the Credit Agreement or any of
the other Loan Documents.

         4.3 Fees and Expenses. Each Borrower acknowledges that all costs, fees
and expenses as described in subsection 10.2 of the Credit Agreement incurred by
Administrative Agent, Documentation Agent or the Lenders and their respective
counsel (including, without limitation, O'Melveny & Myers LLP and Ernst & Young
Corporate Finance LLC) with respect to this Amendment and the documents and
transactions contemplated hereby shall be for the account of Borrowers.

         4.4 Headings. Section and subsection headings in this Amendment are
included herein for convenience of reference only and shall not constitute a
part of this Amendment for any other purpose or be given any substantive effect.

         4.5 Applicable Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING
WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF
NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

         4.6 Counterparts; Effectiveness. This Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed an original, but
all such counterparts together shall constitute but one and the same instrument;
signature pages may be detached from multiple separate counterparts and attached
to a single counterpart so that all signature pages are physically attached to
the same document. This Amendment shall become effective upon the first date on
which all of the following conditions precedent shall have been satisfied (the
date of satisfaction of such conditions being referred to herein as the "Fifth
Amendment Effective Date"); provided, however, that the obligations contained in
Section 4.1 of this Amendment shall be effective upon execution of this
Amendment by Borrowers: (i) Borrower, each Subsidiary Guarantor, Lenders
constituting Requisite Lenders and Tranche B Lenders (in their capacity as
"Opt-Out Lenders" under the Prepetition Credit Agreement) having or holding more
than 50% of the aggregate "Opt-Out Facility Exposure" of all such Tranche B
Lenders with respect to the Senators Hockey Club, shall have each executed a
counterpart hereof; (ii) Company and Administrative Agent shall have received
written or telephonic notification of such execution and authorization of
delivery of such counterparts; (iii) Company shall have paid in full all
outstanding statements for fees and expenses of O'Melveny & Myers LLP and Ernst
& Young Corporate Finance LLC, to the extent submitted to Company prior to 5:00
p.m. (New York City time) on December 18, 2002; (iv) Company shall have paid to
Administrative Agent, for distribution to each Lender that has executed and
delivered a counterpart to this Amendment prior to 12:00 Noon (New York City
time) on December 19, 2002, an amendment fee equal to 0.30% of the sum of such
Lender's Tranche A Loan Exposure and Tranche B Loan Exposure, in each case
calculated as of such date; and (v) Company shall have provided written evidence
reasonably satisfactory to Agents of the receipt of all necessary consents of
all other secured creditors of the Senators Hockey Club.

                [Remainder oft/its page intentionally left blank]

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their respective officers thereunto duly
authorized as of the date first written above.

BORROWERS:

                                          COVANTA ENERGY CORPORATION

                                          By: /s/ Jeffrey R. Horowitz
                                              ----------------------------------
                                              Jeffrey R. Horowitz
                                              Authorized Officer

                                          Each of the entities named on Schedule
                                          A annexed hereto, as Borrowers

                                          By: /s/ Jeffrey R. Horowitz
                                              ----------------------------------
                                              Jeffrey R. Horowitz
                                              Authorized Officer

                                          Each of the entities named on Schedule
                                          B annexed hereto, as Borrowers

                                          By: /s/ Scott Mackin
                                              ----------------------------------
                                              Scott Mackin
                                              Authorized Officer
<PAGE>

SUBSIDIARY GUARANTORS:

                                          Each of the entities named on Schedule
                                          C annexed hereto, as Subsidiary
                                          Guarantors

                                          By: /s/ Jeffrey R. Horowitz
                                              ----------------------------------
                                              Jeffrey R. Horowitz
                                              Authorized Officer

                                          Each of the entities named on Schedule
                                          D annexed hereto, as Subsidiary
                                          Guarantors

                                          By: /s/ Scott Mackin
                                              ----------------------------------
                                              Scott Mackin
                                              Authorized Officer

<PAGE>

AGENTS AND LENDERS:
                                          BANK OF AMERICA, N.A.,
                                          as Administrative Agent and
                                          Co-Arranger and as a Lender

                                          By: /s/ Michael R. Heredia
                                              ----------------------------------
                                              Michael R. Heredia
                                              Managing Director

<PAGE>

                                          DEUTSCHE BANK AG, NEW YORK BRANCH,
                                          as Documentation Agent and Co-Arranger
                                          and as a Lender

                                          By: /s/ Keith C. Braun
                                              ----------------------------------
                                              Keith C. Braun
                                              Director

                                          By: /s/ Mark B. Cohen
                                              ----------------------------------
                                              Mark B. Cohen, Managing Director
                                              Head of Workout
<PAGE>
                                          BAYERISCHE HYPO-UND VEREINSBANK AG,
                                          as a Lender

                                          By: /s/ Salvatore Esposito
                                              ----------------------------------
                                              Name:  Salvatore Esposito
                                              Title: Director

                                          By: /s/ John W. Sweeney
                                              ----------------------------------
                                              Name:  John W. Sweeney
                                              Title: Director

<PAGE>
                                          COMMERZBANK AG, NEW YORK AND GRAND
                                          CAYMAN BRANCHES,
                                          as a Lender

                                          By: /s/ Robert Donohue
                                              ----------------------------------
                                              Name:  Robert Donohue
                                              Title: Senior Vice President

                                          By: /s/ Peter Doyle
                                              ----------------------------------
                                              Name:  Peter Doyle
                                              Title: Vice President

<PAGE>
                                          CREDIT LYONNAIS NEW YORK BRANCH,
                                          as a Lender

                                          By: /s/ James B. Hallock
                                              ----------------------------------
                                              Name:  James B. Hallock
                                              Title: Vice President

<PAGE>

                                          MIZUHO CORPORATE BANK, LTD., NEW YORK
                                          BRANCH
                                          as a Lender

                                          By: /s/ Katswya Noto
                                              ----------------------------------
                                              Name:  Katswya Noto
                                              Title: Vice President

<PAGE>
                                          FLEET NATIONAL BANK,
                                          as a Lender

                                          By: /s/ Michael F. O'Neill
                                              ----------------------------------
                                              Name:  Michael F. O'Neill
                                              Title: Senior Workout Officer

<PAGE>
                                          HSBC BANK USA,
                                          as a Lender

                                          By: /s/ Carol A. Kraus
                                              ----------------------------------
                                              Name:  Carol A. Kraus
                                              Title: HSBC Bank USA
                                                     Vice President

<PAGE>
                                          JPMORGAN CHASE BANK
                                          (formerly known as The Chase Manhattan
                                          Bank),
                                          as a Lender

                                          By: /s/ Michael Lancia
                                              ----------------------------------
                                              Name:  Michael Lancia
                                              Title: Vice President

<PAGE>
                                          MERRILL LYNCH, PIERCE & SMITH,
                                          INCORPORATED,
                                          as a Lender

                                          By: /s/ Kevin Lyndon
                                              ----------------------------------
                                              Name:  Kevin Lyndon
                                              Title: Managing Director

<PAGE>
                                          BANC OF AMERICA SECURITIES LLC,
                                          as Agent for BANK OF AMERICA, N.A.,
                                          as a Lender

                                          By: illegible
                                              ----------------------------------
                                              Name:
                                              Title:

<PAGE>
                                          SPECIAL SITUATIONS INVESTING GROUP,
                                          as a Lender

                                          By: /s/ Stephen H. Golden
                                              ----------------------------------
                                              Name:  Stephen H. Golden
                                              Title: President

<PAGE>

                                          SUNTRUST BANK,
                                          as a Lender

                                          By: /s/ George A. Ways
                                              ----------------------------------
                                              Name:  George A. Ways
                                              Title: Managing Director

<PAGE>
                                          THE BANK OF NEW YORK, as a Lender

                                          By: /s/ Peter W. Helt
                                              ----------------------------------
                                              Name:  Peter W. Helt
                                              Title: Vice President
<PAGE>

                                          THE BANK OF NOVA SCOTIA,
                                          as a Lender

                                          By: /s/ Joseph J. Farricielli, Jr.
                                              ----------------------------------
                                              Name:  Joseph J. Farricielli, Jr.
                                              Title: Director
<PAGE>
                                          THE TORONTO-DOMINION BANK,
                                          as a Lender

                                          By: /s/ Mark A. Baird
                                              ----------------------------------
                                              Name:  Mark A. Baird
                                              Title: MGR. CR ADMIN.
<PAGE>
                                          UBS AG, STAMFORD BRANCH
                                          as a Lender

                                          By: /s/ Kelly Smith
                                              ----------------------------------
                                              Name:  Kelly Smith
                                              Title: Director
                                                     Recovery Management

                                          By: /s/ William A. Roche
                                              ----------------------------------
                                              Name:  William A. Roche
                                              Title: Executive Director
                                                     Recovery Management
<PAGE>

                                          WESTLB AG (formerly known as
                                          Westdeutsche Landesbank Girozentrale),
                                          NEW YORK BRANCH,
                                          as a Lender

                                          By: /s/ Alan S. Bookspan
                                              ----------------------------------
                                              Name:  Alan S. Bookspan
                                              Title: Director

                                          By: /s/ Duncan M. Robertson
                                              ----------------------------------
                                              Name:  Duncan M. Robertson
                                              Title: Director

<PAGE>
                                   Schedule A
                                 Other Borrowers

1.    AMOR 14 Corp.
2.    Covanta Acquisition, Inc.
3.    Covanta Alexandria/Arlington, Inc.
4.    Covanta Babylon, Inc.
5.    Covanta Bessemer, Inc.
6.    Covanta Bristol, Inc.
7.    Covanta Cunningham Environmental Support, Inc.
8.    Covanta Energy Americas, Inc.
9.    Covanta Energy Construction, Inc.
10.   Covanta Energy Resource Corp.
11.   Covanta Energy Sao Jeronimo, Inc.
12.   Covanta Energy Services, Inc.
13.   Covanta Energy West, Inc.
14.   Covanta Engineering Services, Inc.
15.   Covanta Fairfax, Inc.
16.   Covanta Financial Services, Inc.
17.   Covanta Geothermal Operations Holdings, Inc.
18.   Covanta Geothermal Operations, Inc.
19.   Covanta Heber Field Energy, Inc.
20.   Covanta Hennepin Energy Resource Co., L.P.
21.   Covanta Hillsborough, Inc.
22.   Covanta Honolulu Resource Recovery Venture
23.   Covanta Huntington Limited Partnership
24.   Covanta Huntington Resource Recovery One Corp.
25.   Covanta Huntington Resource Recovery Seven Corp.
26.   Covanta Huntington, Inc.
27.   Covanta Huntsville, Inc.
28.   Covanta Hydro Energy, Inc.
29.   Covanta Hydro Operations West, Inc.
30.   Covanta Hydro Operations, Inc.
31.   Covanta Imperial Power Services, Inc.
32.   Covanta Indianapolis, Inc.
33.   Covanta Kent, Inc.
34.   Covanta Key Largo, Inc.
35.   Covanta Lake, Inc.
36.   Covanta Lancaster, Inc.
37.   Covanta Lee, Inc.
38.   Covanta Long Island, Inc.
39.   Covanta Marion Land Corp.
40.   Covanta Marion, Inc.
41.   Covanta Mid-Conn., Inc.
42.   Covanta Montgomery, Inc.
43.   Covanta New Martinsville Hydro-Operations Corp.
44.   Covanta Northwest Puerto Rico, Inc.
45.   Covanta Oahu Waste Energy Recovery, Inc.
46.   Covanta Oil & Gas, Inc.
47.   Covanta Onondaga Five Corp.
48.   Covanta Onondaga Four Corp.
49.   Covanta Onondaga Limited Partnership
50.   Covanta Onondaga Operations, Inc.
51.   Covanta Onondaga Three Corp.
52.   Covanta Onondaga Two Corp.
53.   Covanta Onondaga, Inc.
54.   Ogden Services Corporation
55.   Covanta Operations of Union LLC
56.   Covanta OPW Associates, Inc.
57.   Covanta OPWH, Inc.
58.   Covanta Pasco, Inc.
59.   Covanta Plant Services of New Jersey, Inc.
60.   Covanta Power Development of Bolivia, Inc.
61.   Covanta Power Development, Inc.
62.   Covanta Power Equity Corp.
63.   Covanta Projects of Hawaii, Inc.
64.   Covanta Projects of Wallingford, LP
65.   Covanta RRS Holdings, Inc.
66.   Covanta Secure Services USA, Inc.
67.   Covanta Secure Services, Inc.
68.   Covanta SIGC Energy II, Inc.
69.   Covanta SIGC Energy, Inc.
70.   Covanta SIGC Geothermal Operations, Inc.
71.   Covanta Stanislaus, Inc.
72.   Covanta Systems, Inc.
73.   Covanta Tampa Bay, Inc.
74.   Covanta Tulsa, Inc.
75.   Covanta Union, Inc.
76.   Covanta Wallingford Associates, Inc.
77.   Covanta Warren Energy Resources Co., LP
78.   Covanta Waste Solutions, Inc.
79.   Covanta Waste to Energy of Italy, Inc.
80.   Covanta Waste to Energy, Inc.
81.   Covanta Water Holdings, Inc.
82.   Covanta Water Systems, Inc.
83.   Covanta Water Treatment Services, Inc.
84.   DSS Environmental, Inc.
85.   ERC Energy II, Inc.
86.   ERC Energy, Inc.
87.   Heber Field Company
88.   Heber Field Energy II, Inc.
89.   Heber Geothermal Company
90.   Heber Loan Partners
91.   J.R. Jacks Construction Corp.
92.   Ogden Constructors, Inc.
93.   Ogden Environmental & Energy Services Co., Inc.
94.   OPI Quezon, Inc.
95.   Second Imperial Geothermal Co., L.P.
96.   Three Mountain Operations, Inc.
97.   Three Mountain Power LLC

<PAGE>
                                   Schedule B
                                 Other Borrowers

1.    Ogden Facility Management Corporation of Anaheim
2.    LaGuardia Fuel Facilities Corp.
3.    Lenzar Electro-Optics, Inc.
4.    Newark Automotive Fuel Facilities Corporation, Inc.
5.    Ogden Allied Abatement & Decontamination Service, Inc.
6.    Ogden Allied Maintenance Corp.
7.    Ogden Allied Payroll Services, Inc.
8.    Ogden Attractions, Inc.
9.    Ogden Aviation Distributing Corp.
10.   Ogden Aviation Fueling Company of Virginia, Inc.
11.   Ogden Aviation Service Company of Colorado, Inc.
12.   Ogden Aviation Service Company of New Jersey, Inc.
13.   Ogden Aviation Service Company of New York, Inc.
14.   Ogden Aviation Service Company of Pennsylvania, Inc.
15.   Ogden Aviation Service International Corporation
16.   Ogden Aviation, Inc.
17.   Ogden Cargo Spain, Inc.
18.   Ogden Central and South America, Inc.
19.   Ogden Facility Holdings, Inc.
20.   Ogden Film and Theatre, Inc.
21.   Ogden Firehole Entertainment Corp.
22.   Ogden International Europe, Inc.
23.   Ogden New York Services, Inc.
24.   Ogden Support Services, Inc.
25.   PA Aviation Fuel Holdings, Inc.
26.   Philadelphia Fuel Facilities Corporation

<PAGE>
                                   Schedule C
                              Subsidiary Guarantors

1.    Covanta Energy Group, Inc.
2.    Covanta Energy International, Inc.
3.    Covanta Equity of Stanislaus, Inc.
4.    Covanta Haverhill Properties, Inc.
5.    Covanta Haverhill, Inc.
6.    Covanta Omega Lease, Inc.
7.    Covanta Power International Holdings, Inc.
8.    Covanta Projects, Inc.
9.    Haverhill Power, Inc.
10.   LMI, Inc.
11.   Michigan Waste Energy, Inc.
12.   OFS Equity of Alexandria/Arlington, Inc.
13.   OFS Equity of Babylon, Inc.
14.   OFS Equity of Delaware, Inc.
15.   OFS Equity of Huntington, Inc.
16.   OFS Equity of Indianapolis, Inc.
17.   OFS Equity of Stanislaus, Inc.
18.   Ogden Management Services, Inc.
19.   Covanta Equity of Alexandria/Arlington, Inc.

<PAGE>
                                   Schedule D
                              Subsidiary Guarantora

1.    Ogden Technology Services Corporation
2.    Ogden Transition Corporation

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}]]