Document:

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                                                               EXHIBIT 10(b)(ii)

                                 AMENDMENT NO. 2
                               TO CREDIT AGREEMENT

     AMENDMENT NO. 2 (this "AMENDMENT"), dated as of December 20, 1999, under
the Credit Agreement dated as of June 30, 1997, by and among OGDEN CORPORATION,
a Delaware corporation (the "COMPANY"), the Signatory Lenders party thereto (the
"LENDERS") and THE BANK OF NEW YORK, as Agent (the "AGENT") as amended by
Amendment No. 1 to Credit Agreement, dated as of August 18, 1999 (the "CREDIT
AGREEMENT).

                                    RECITALS

     I. Capitalized terms used herein which are not herein defined shall have
the respective meanings ascribed thereto in the Credit Agreement.

     II. The Company has advised the Agent that:

         (a) It has decided to sell certain businesses and/or assets.

         (b) It will classify, for accounting purposes, the businesses described
in Schedule 1 annexed hereto as "discontinued operations" ("1999 DISCONTINUED
OPERATIONS").

         (c) It anticipates that it will incur losses in the amounts specified
in Schedule 2 annexed hereto under the heading "Anticipated Write-Offs" (the
"1999 WRITE-OFFS") in connection with the sales and other events described in
Schedule 2.

         (d) It anticipates it will be required to incur additional indebtedness
to finance the completion of construction of the Jazzland project, to fund
incremental interest expense of Ogden Energy and with respect to bridge loans
and purchase money loans, to fund expenses with respect to its insurance
programs and for general working capital purposes (the "1999 ADDITIONAL
INDEBTEDNESS").

     III. The Company has also advised the Agent that the consummation of the
transactions and the occurrence of the events described in Recitals II (a), (b)
and (c) and the incurrence of the Indebtedness described in Recital II (d) may
result in the violation by the Company of one or more covenants of the Credit
Agreement.

     IV. To facilitate the consummation of the transactions described in
Recitals II (a), (b) and (c) and to permit the Company to incur the indebtedness
described in Recital II (d), the Company has requested the Agent and the Lenders
agree to amend the Credit Agreement.

     V. The Agent and the Lenders have advised the Company that they are willing
to agree to the Borrower's request subject to the terms and conditions set forth
herein.

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     Accordingly, in consideration of the covenants, conditions and agreements
hereinafter set forth, and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the parties hereto agree
as follows:

1.    AMENDMENTS TO CREDIT AGREEMENT

      1.1   Section 1.1 of the Credit Agreement is amended to add the following
defined terms in the appropriate alphabetical order:

            "AMENDMENT NO. 2" means Amendment No. 2 to Credit Agreement, dated
      as of December 17, 1999, among the Company, the Lenders party thereto and
      the Agent.

            "AMENDMENT NO. 2 EFFECTIVE DATE" means the date on which the
      conditions set forth in Section 2.1 of Amendment No. 2 are satisfied.

            "1999 ADDITIONAL INDEBTEDNESS" has the meaning ascribed to it in
      Recital II (d) of Amendment No. 2 to Credit Agreement.

            "1999 DISCONTINUED OPERATIONS": has the meaning ascribed to it in
      Recital II (b) of Amendment No. 2 to Credit Agreement.

            "1999 WRITE-OFFS": has the meaning ascribed to it in Recital II (c)
      of Amendment No. 2 to Credit Agreement.

     1.2   Section 1.1 of the Credit Agreement is amended by deleting in its
entirety the text of the defined term "OPERATING INCOME" and substituting
therefor the following:

            "OPERATING INCOME" net income before income taxes and minority
      interests of the Company and its Subsidiaries from continuing operations
      and, for the purpose and only for the purpose of testing and determining
      compliance with Section 8.9 of this Agreement (a) including income from
      the 1999 Discontinued Operations, (b) excluding actual gains and losses
      resulting from the disposition of Property made pursuant to Section
      8.6(iv), (c) excluding amounts not to exceed (1) for each 1999 Write-Off
      Event, the corresponding amount, pre-tax, set forth in the second column
      of Schedule 2 to Amendment No. 2 to the Credit Agreement, (2) $100,000,000
      in the aggregate for all 1999 Write-Offs Events and (d) write-offs
      associated with the Richard Ablon litigation not to exceed $23,000,000 in
      the aggregate.

      1.1 Section 1.1 of the Credit Agreement is amended by deleting in its
entirety the text of the defined term "SHAREHOLDERS' EQUITY" and substituting
therefor the following:

            "SHAREHOLDERS' EQUITY" all amounts which would, in conformity with
      GAAP, be included under shareholders' equity on a Consolidated balance
      sheet, PLUS, for the purpose and only for the purpose of determining and
      testing compliance with Section 8.5 of this Agreement, actual losses when
      incurred (according to GAAP) in respect of

<PAGE>

      the 1999 Write-Offs, not to exceed (a) for each 1999 Write-Off Event, the
      corresponding amount, after-tax, set forth in the third column of Schedule
      2 to Amendment No. 2 to Credit Agreement and (b) $70,000,000 after-tax, in
      the aggregate for all 1999 Write-Offs.

      1.4   The Credit Agreement is amended to add the following Section 2.24:

            "2.24 AVAILABILITY OF COMMITMENTS.

            (a) The Company agrees that, notwithstanding any other provision of
this Agreement, during the period from the Amendment No. 2 Effective Date to and
including the date on which the Required Lenders, in their sole discretion,
agree to reinstate the availability of the Revolving Commitments and the Letter
of Credit Commitments (the "Availability Reinstatement Date") (a) the Company
shall not be entitled to request and the Lenders shall not be obligated to make
any additional Loans and (b) the Company shall not be entitled to request and
the Issuing Bank shall not be required to issue any additional Letters of
Credit.

            (b) The Company and the Lenders agree that the limitation on the
availability of the Revolving Commitments and the Letter of Credit Commitments
set forth in Section 2.24(a) is not a termination or reduction of such
Commitments."

      1.5   Section 8.4 of the Credit Agreement is amended to delete the words
"Sale of Property" from the heading of such section.

      1.6   Section 8.5 of the Credit Agreement is amended to delete the text
thereof in its entirety and to substitute the following therefor:

            "8.5  LEVERAGE RATIO

            Permit its ratio of the sum of (i) Consolidated Indebtedness plus
      (ii) Consolidated Contingent Obligations to the sum of (x) Consolidated
      Indebtedness plus (y) Consolidated Contingent Obligations plus (z) the
      Company's Shareholders' Equity to be greater than 0.650:1.0 at any time."

      1.6   Section 8.6 of the Credit Agreement is amended to delete the text
thereof in its entirety and to substitute therefor the following:

            "8.6  SALE OF PROPERTY

            Sell, assign, exchange, lease, transfer or otherwise dispose of any
      Property, whether now owned or hereafter acquired, to any Person, or
      permit any Subsidiary so to do, except:

                  (i)   dispositions  to a Subsidiary for a  consideration
      at least equal to the fair value of the Property disposed of;

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                  (ii) dispositions by one Subsidiary to the Company or to
      another Subsidiary;

                  (iii) (intentionally deleted);

                  (iv) dispositions of Property that result in proceeds
      (irrespective of whether such proceeds are paid in cash or any other form)
      to the Company (or other Person that is the seller of the Property) of not
      more than $35,000,000 after payment of (1) any required closing costs and
      expenses directly attributable to the sale of the Property ("Closing
      Costs") and (2) any Indebtedness that is secured by the Property that is
      being sold ("Sale Related Debt"), PROVIDED THAT, prior to the consummation
      of any such sale, the Company shall have furnished the Agent a copy of the
      agreement or contract for the sale for the applicable Property and a
      statement setting forth, on a PRO FORMA basis, the total consideration to
      be paid to the Company (or other seller) under the agreement or contract
      for the sale for such Property and the estimated amount, if any, of the
      Closing Costs and Sale Related Debt to be paid from the consideration for
      the sale and the net proceeds of sale to be realized (by the Company or
      other seller) from the sale after the deduction or payment of the Closing
      Costs and Sale Related Debt (each a "Pro-Forma Sale Statement"), and
      PROVIDED FURTHER that after the consummation of such sale, the Company
      shall deliver to the Agent a statement indicating any variance between the
      Pro Forma Sale Statement and the actual amount received and paid in
      connection with such sale;

                  (v) the payment of dividends and distribution of Stock of the
      Company in the ordinary course of business;

                  (vi)  (intentionally deleted)."

      1.6   Section 8.9 of the Credit Agreement is amended to delete the text
thereof in its entirety and to substitute the following therefor:

            "8.9  FIXED CHARGE COVERAGE RATIO

            Permit the Fixed Charge Coverage Ratio to be less than (a) 1.25 to
      1.00 for the four fiscal quarters (taken as a whole) preceding December
      31, 1999 and (b) thereafter, 1.50 to 1.00 for any preceding period of four
      fiscal quarters (taken as a whole).

2.    CONDITIONS TO EFFECTIVENESS OF AMENDMENT.

      2.1   The effectiveness of this Amendment is subject to the prior or
simultaneous fulfillment of the following conditions:

            (a) The Agent shall have received this Amendment executed by (i) a
duly authorized officer or officers of the Borrower and (ii) the Required
Lenders;

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            (b) The Agent shall have received such other documents as it shall
have reasonably requested;

            (c) The Agent shall have received payment of all of its
out-of-pocket expenses, including the reasonable fees and expenses of its
counsel incurred pursuant to the Credit Agreement through October 31, 1999 in
the amount of $18,375.00, plus any additional fees and expenses of counsel
incurred from November 1, 1999 and incurred in connection with this Amendment;
and

            (d) The Agent shall have received the fees due to the Agent and the
Lenders pursuant to the letter agreements between the Agent and the Borrower.

      2.2   The date on which the conditions set forth in Section 2.1 are
satisfied is the "AMENDMENT NO. 2 EFFECTIVE DATE."

3.    ACKNOWLEDGMENTS AND REPRESENTATIONS AND WARRANTIES.

      3.1   The Borrower hereby (a) reaffirms and admits the validity and
enforceability of the Credit Agreement and the other Loan Documents and all of
its obligations thereunder, (b) represents and warrants that there exists no
Default or Event of Default, and (c) represents and warrants that the
representations and warranties contained in the Credit Agreement as amended by
this Amendment (other than the representations and warranties made as of a
specific date) are true and correct in all material respects on and as of the
date hereof.

4.    MISCELLANEOUS

      4.1   This Amendment may be executed by facsimile and in any number of
counterparts, each of which shall be an original and all of which shall
constitute one agreement. It shall not be necessary in making proof of this
Amendment to produce or account for more than one counterpart signed by the
party to be charged.

      4.2   This Amendment is being delivered in and is intended to be performed
in the State of New York and shall be construed and enforceable in accordance
with, and be governed by, the internal laws of the State of New York without
regard to principles of conflict of laws.

      4.3   Except as amended hereby, the Credit Agreement shall in all other
respects remain in full force and effect.

[THE REMAINDER OF THE PAGE HAS BEEN INTENTIONALLY LEFT BLANK]

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The parties hereto have caused this Amendment to be duly executed and delivered
by their proper and duly authorized officers as of the day and year first above
written.<PAGE>

                                                              EXHIBIT 10(b)(iii)

                                 AMENDMENT NO. 3
                               TO CREDIT AGREEMENT

      AMENDMENT NO. 3 (this "AMENDMENT NO. 3"), dated as of March 31, 2000,
under the Credit Agreement dated as of June 30, 1997, by and among OGDEN
CORPORATION, a Delaware corporation (the "COMPANY"), the Signatory Lenders party
thereto (the "LENDERS") and THE BANK OF NEW YORK, as Agent (the "AGENT"), as
amended by Amendment No. 1 to Credit Agreement, dated as of August 18, 1999, and
Amendment No. 2 to Credit Agreement, dated as of December 20, 1999 (the "CREDIT
AGREEMENT").

                                    RECITALS

      I. Capitalized terms used herein which are not herein defined shall have
the respective meanings ascribed thereto in the Credit Agreement.

      II. The Company has requested that the Agent and the Lenders (a) reduce
the Aggregate Commitments from $200,000,000 to $100,000,000, (b) amend the
Credit Agreement to create a secured revolving credit subfacility and (c) amend
the Credit Agreement in certain other respects.

      III. The Agent and the Lenders have advised the Company that they are
willing to agree to the Company's request subject to the terms and conditions
set forth herein.

            Accordingly, in consideration of the covenants, conditions and
agreements hereinafter set forth, and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereto
agree as follows:

      1.    AMENDMENTS TO CREDIT AGREEMENT -- GENERAL.

            1.1 Section 1.1 of the Credit Agreement is hereby amended by adding
the following defined terms in the appropriate alphabetical order:

            "AMENDMENT NO. 3": Amendment No. 3 to Credit  Agreement,  dated
as of March 31, 2000, among the Company, the Lenders party thereto and the
Agent.

            "AMENDMENT NO. 3 EFFECTIVE DATE": the date on which the conditions
set forth in Section 3.1 of Amendment No. 3 are satisfied.

            "CAPITAL EXPENDITURES": for any period, the sum of the aggregate of
all expenditures (paid in cash or for which the Company or any Subsidiary is
obligated as a result of the acquisition by the Company or such Subsidiary of
any fixed or capital asset during such period or the rendition of services to
the Company or such Subsidiary in respect of any fixed or capital asset) by the
Company and the Subsidiaries on a Consolidated basis

<PAGE>

during such period for fixed or capital assets (excluding any capitalized
interest and any such asset acquired in connection with normal replacement and
maintenance programs properly charged to current operations and excluding any
replacement assets acquired with the proceeds of insurance).

            "COVENANT CREDIT FACILITIES": any loan agreement, loan document,
agreement or indenture that contains covenants (however designated, and
including negative, affirmative or financial covenants) which (a) require the
maintenance of minimum Shareholder's Equity (b) prescribe a Fixed Charge
Coverage Ratio, (c) prohibit or restrict the sale, assignment, transfer or
disposition of any Property of the Company or any Subsidiary or (d) restrict the
granting of the Lien granted in favor of the Agent pursuant to paragraph 2.27 or
require equivalent security over any Property or assets of the Company or any
Subsidiary, and which loan agreements, loan documents, agreements and indentures
are described on Schedule D to Amendment No. 3.

            "CREDIT FACILITY INDEBTEDNESS": the Indebtedness of the Company and
its Subsidiaries described on Schedule C to Amendment No. 3 together with any
Hedging Agreement entered into in connection therewith.

            "DISBURSEMENT ACCOUNT": the disbursement account maintained by the
Company at BNY in accordance with paragraph 2.25.

            "DISPOSITION CLOSING COSTS": any required closing fees, costs and
expenses directly attributable to a Permitted Disposition.

            "DISPOSITION RELATED DEBT": the debt that is secured by or related
to the Property sold in a Permitted Disposition as set forth on Schedule E to
Amendment No. 3.

            "GUARANTEE": of or by any Person (the "GUARANTOR") means any
obligation, contingent or otherwise, of the guarantor guaranteeing or in effect
guaranteeing any return on any investment made by another Person, or any
Indebtedness, lease, dividend or other obligation (a "PRIMARY OBLIGATION") of
any other Person (a "PRIMARY OBLIGOR") in any manner, whether directly or
indirectly, including any obligation of the guarantor, directly or indirectly
(i) to purchase any primary obligation or any property constituting direct or
indirect security therefor, (ii) to advance or supply funds (A) for the purchase
or payment of any primary obligation or (B) to maintain working capital or
equity capital of the primary obligor or otherwise to maintain the net worth or
solvency of a primary obligor, (iii) to purchase property, securities or
services primarily for the purpose of assuring the beneficiary of any primary
obligation of the ability of a primary obligor to make payment of a primary
obligation, (iv) otherwise to assure or hold harmless the beneficiary of a
primary obligation against loss in respect thereof and (v) in respect of the
liabilities of any partnership in which a secondary obligor is a general
partner, except to the extent that such liabilities of such partnership are
nonrecourse to such secondary obligor and its separate property, provided,
however, that the term "Guarantee" shall not include (x) the endorsement of
instruments for deposit or collection in the ordinary course of business or (y)
the indemnification provisions

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contained in the purchase agreements with respect to the Property described on
Schedules B-1, B-2 and B-3 to Amendment No. 3. The amount of any Guarantee shall
be an amount equal to the stated or determinable amount of the primary
obligation in respect of which such Guarantee is made or, if not stated or
determinable, the maximum reasonably anticipated liability in respect thereof as
determined by the guarantor in good faith.

            "HEDGING AGREEMENT": any interest rate swap, cap or collar
arrangement or any other derivative product customarily offered by banks or
other financial institutions to their customers in order to reduce the exposure
of such customers to interest rate fluctuations.

            "NET CASH PROCEEDS": cash proceeds received from a sale, assignment,
transfer or other disposition of Property minus (a) taxes paid or payable in
cash in connection therewith at the time such sale, assignment, transfer or
other disposition is consummated, (b) Disposition Closing Costs and (c)
Disposition Related Debt.

            "PERMITTED DISPOSITION": as defined in paragraph 8.6(iv).

            "PROCEEDS DISBURSEMENT REQUEST": a notice of the Company in the form
of Exhibit B to Amendment No. 3, specifying (i) the aggregate amount of Net Cash
Proceeds requested to be disbursed from the Disbursement Account, (ii) the
requested disbursement date and (iii) the intended use of such Net Cash Proceeds
and certifying, representing and warranting that (x) no Default or Event of
Default has occurred and is continuing and (y) such Net Cash Proceeds shall be
used in accordance with and for the purposes and in the categories and in the
amounts set forth in the Projections except as otherwise permitted by paragraph
8.14 of this Agreement.

            "PROJECTIONS": the projections of the Company dated March 16, 2000
(Revised) delivered to the Agent and the Lenders in the form of Schedule A to
Amendment No. 3.

            "RESERVE ACCOUNT": the blocked reserve account maintained by the
Company at BNY under the dominion and control of the Agent.

            "RESTRUCTURING COSTS": the fees and expenses (including reasonable
attorneys' and accountants' fees and expenses) (i) payable by the Company or any
Subsidiary in connection with (x) the execution and delivery of Amendment No. 3
(including, without limitation, fees and expenses in connection with the grant
by the Company and certain of its Subsidiaries of Liens in favor of the Agent on
certain of their property), (y) the amendments to or waivers of the Covenant
Credit Facilities contemplated by, and executed and delivered contemporaneously
with, Amendment No. 3 and (z) the extension of maturity dates of Indebtedness
and expiry dates of letters of credit which mature or expire, as the case may
be, prior to the Liquidity Subfacility Termination Date to a date that is not
earlier than the Liquidity Subfacility Termination Date, and (ii) incurred by
the Company in an amount of up to $5,000,000 in connection with the issuance by
the Company of any Stock after the

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<PAGE>

Amendment No. 3 Effective Date, in each case accrued or capitalized as a cost of
issuance in accordance with GAAP.

            "SALES LOSSES": losses incurred by the Company or any Subsidiary in
connection with any Permitted Disposition determined in accordance with GAAP.

            "SPRINGING CREDIT EVENT": any event or any event that with the
giving of notice of the passage of time or both results in a Springing Credit
Obligation.

            "SPRINGING CREDIT OBLIGATION": any agreement or obligation of the
Company or any Subsidiary under any loan document, indenture, or other agreement
to provide a letter of credit or other credit support.

            "STEERING COMMITTEE": the informal committee of creditors of the
Company and/or its Subsidiaries composed of the Agent and other creditors of the
Company represented by O'Melveny & Myers LLP as of the Amendment No. 3 Effective
Date.

            1.2   Section 1.1 of the Credit Agreement is hereby amended by
deleting the definition of "Aggregate Commitments" in its entirety and
substituting the following therefor:

                  "AGGREGATE  COMMITMENTS":  the sum of the Commitments set
            forth  in  Exhibit  A to  Amendment  No.  3  (which  as of  the
            Amendment  No. 3 Effective  Date equals  $100,000,000),  as the
            same may be reduced  pursuant to paragraph  2.5  (Reduction  of
            Commitments) or 2.18 (Extension of Termination Date).

            1.3   Section 1.1 of the Credit agreement is hereby amended by
deleting the definition of "Commitment" in its entirety and substituting the
following therefor:

                  "COMMITMENT":  as to any  Lender,  the  amount  set forth
            next to the name of such Lender in Exhibit A to  Amendment  No.
            3 under the heading  "Commitment,"  as such  Commitment  may be
            reduced pursuant to paragraphs 2.5 or 11.7(b).

            1.4   Section 1.1 of the Credit Agreement is hereby amended by
deleting the definition of "Commitment Percentage" in its entirety and
substituting the following therefor:

                  "COMMITMENT PERCENTAGE": as to any Lender, the percentage that
            the Commitment of such Lender bears to the Aggregate Commitments, as
            set forth opposite the name of such Lender in Exhibit A to Amendment
            No. 3 under the heading "Commitment Percentage", as such percentage
            may be reallocated pursuant to paragraph 2.18 (whereupon such
            percentage shall become such Lender's Reallocated Commitment
            Percentage, as such term is

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<PAGE>

            hereinafter defined) or decreased upon an assignment permitted under
            paragraph 11.7(b).

            1.5   Section 1.1 of the Credit Agreement is hereby amended by
deleting the definition of "Eligible Assignee" in its entirety and substituting
the following therefor:

                  "ELIGIBLE ASSIGNEE": an assignee which is a commercial bank,
            an insurance company, a finance company, a financial institution,
            any fund that invests in loans or any other "accredited investor"
            (as defined in Regulation D promulgated under the Securities Act of
            1933, as amended), but in any event excluding the Company and its
            Subsidiaries and Affiliates.

            1.6   Section 1.1 of the Credit Agreement is hereby amended by
deleting the definition of "Fixed Charge Coverage Ratio" in its entirety and
substituting the following therefor:

                  "FIXED CHARGE COVERAGE RATIO": the ratio of (i) the sum of
            Operating Income, Interest Expense, Rent Expense, and, to the extent
            deducted from the determination of Operating Income in accordance
            with GAAP, Restructuring Costs and Sales Losses, if any, to (ii) the
            sum of Interest Expense and Rent Expense,
            all on a Consolidated basis.

            1.7   Section 2.24 of the Credit Agreement is hereby deleted in its
entirety and the following substituted therefor:

                    Section 2.24  REDUCTION OF  COMMITMENTS;  AVAILABILITY
            OF COMMITMENTS AND PRICING OPTIONS.

                        The Company agrees that, notwithstanding any other
            provision of this Agreement, (x) on the Amendment No. 3 Effective
            Date, the Aggregate Commitments shall be permanently reduced from
            $200,000,000 to $100,000,000 and the Commitment of each Lender shall
            be reduced pro rata as set forth on Exhibit A to Amendment No. 3,
            and (y) during the period from the Amendment No. 3 Effective Date to
            and including the date on which the Required Lenders, in their sole
            discretion, agree to reinstate the ability of the Company to borrow
            Loans under the Commitments (as reduced hereby) and request the
            issuance of Letters of Credit and to reinstate the availability of
            Competitive Bid Loan and CD Loans:

                              (i) the Company shall not be entitled to request
            and the Lenders shall not be obligated to make any additional Loans,
            except Liquidity Loans;

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<PAGE>

                              (ii) the Company shall not be entitled to request
            and the Issuing Bank shall not be required to issue any additional
            Letters of Credit;

                              (iii) the Company shall be entitled to elect
            Interest Periods of only 30 days for Eurodollar Loans;

                              (iv) the Company may not and shall not request any
            Competitive Bid Borrowings; and

                              (v) the Company may not and shall not request any
            CD Loan and may not and shall not request that any Loan be converted
            to a CD Loan.

            1.8   Section 2 of the Credit Agreement is hereby amended by adding
a new Section 2.25 to read as follows:

                  2.25. DISBURSEMENT ACCOUNT, RESERVE ACCOUNT AND
                        COLLATERAL FOR SUBFACILITY.

                        (a)   SECURITY  INTERESTS - DISBURSEMENTS  ACCOUNT
            AND RESERVE ACCOUNT.

                              The Company acknowledges and agrees that, pursuant
            to the Security Documents, the Disbursement Account and the Reserve
            Account and the Net Cash Proceeds from time to time deposited in or
            credited to the Disbursement Account and the Reserve Account and all
            interest and earnings thereon secure the Subfacility Obligations.

                        (b)   SET-OFF -  DISBURSEMENT  ACCOUNT AND RESERVE
            ACCOUNT.

                              The Company acknowledges that the Net Cash
            Proceeds from time to time deposited and held in the Disbursement
            Account or in the Reserve Account shall, in addition to the rights
            of the Agent therein pursuant to the Security Documents, be subject
            to the Agent's right of setoff (which may be exercised upon the
            occurrence of an Event of Default which is continuing) up to an
            amount not to exceed the aggregate amount of Indebtedness and
            obligations of the Company outstanding from time to time under this
            Agreement, including, without limitation, Indebtedness and
            obligations of the Company under the Liquidity Subfacility; provided
            that any amounts set off by the Agent after the occurrence of an
            Event of Default or otherwise in excess of the aggregate amount of

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<PAGE>

            Indebtedness and obligations of the Company under the Liquidity
            Subfacility shall be held by the Agent to be applied for the benefit
            of all holders of Credit Facility Indebtedness on terms and
            conditions to be agreed to by the Agent, the Required Lenders and
            the requisite creditors under the Credit Facility Indebtedness (or,
            if such agreement is not reached, in accordance with the order of a
            court of competent jurisdiction).

                        (c)   RELEASE   OF   NET   CASH   PROCEEDS   FROM
            DISBURSEMENT ACCOUNT.

                              The Company may from time to time but not more
            frequently than once each calendar week request that the Agent
            release Net Cash Proceeds from the Disbursement Account by
            delivering to the Agent a Proceeds Disbursement Request not later
            than 11:00 A.M., New York City time, one (1) Business Day prior to
            the requested disbursement date (the "DISBURSEMENT DATE"). Provided
            that the Agent shall have received a Proceeds Disbursement Request
            in accordance with the terms hereof, the Agent, not later than 11:00
            A.M., New York City time on the Disbursement Date, shall release the
            Net Cash Proceeds covered by such Proceeds Disbursement Request to
            the Company.

                        (d) DISPOSITION OF NET CASH PROCEEDS - DISBURSEMENT
            ACCOUNT AND RESERVE ACCOUNT.

                              Except for (i) the right of the Company to request
            the release of Net Cash Proceeds from the Disbursement Account
            pursuant to paragraph 2.25(c) hereof, (ii) the rights of the Agent,
            for the ratable benefit of the Lenders, as secured party and (iii)
            the right of set-off of the Agent (as limited by paragraph 2.25(b)),
            (A) none of the Company, any Subsidiary, any Lender, or the holder
            of Indebtedness of the Company or any Subsidiary shall have any
            right to request the release or disbursement of any funds in the
            Disbursement Account or the Reserve Account and (B) any and all
            funds deposited in the Disbursement Account and Reserve Account
            (other than the funds deposited in the Reserve Account, which shall
            secure, and may be applied in satisfaction of, the obligations of
            the Company and the Subsidiary Guarantors in respect of the
            Liquidity Subfacility in accordance with the terms of this Agreement
            and the Security Documents) shall be held in such accounts pending
            the execution of an agreement among the Company, the Agent, the
            Required Lenders and the requisite creditors under the Credit
            Facility Indebtedness (or, if such

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<PAGE>

            agreement is not reached, the order of a court of competent
            jurisdiction).

                        (e) SUBSTITUTION AND RELEASE OF COLLATERAL.

                              The Agent and the Lenders agree that provided no
            Default or Event of Default has occurred and is continuing, the
            Agent and the Lenders promptly will:

                              (i) release their security interest in the
            Collateral (including the Disbursement Account but not the Reserve
            Account) upon the written request of the Company after Ogden
            Services Corporation shall have deposited Net Cash Proceeds received
            by Ogden Services Corporation from the sale of the "food and
            beverage" business or another business sold by Ogden Services
            Corporation permitted to be sold hereunder of not less than
            $51,000,000 in the Reserve Account as substitute collateral for the
            Collateral; and

                              (ii) release their security interest in the
            Collateral (including the Disbursement Account and the Reserve
            Account) upon (A) the repayment in full of the Liquidity Loans and
            all accrued interest thereon and the termination of the Liquidity
            Subfacility, (B) the cancellation of the Liquidity Subfacility by
            the Company at any time that no Liquidity Loans are outstanding or
            (C) receipt by the Agent of Net Cash Proceeds from the sale of the
            Aviation Business and the simultaneous repayment in full of the
            Liquidity Loans and all accrued interest thereon and termination of
            the Liquidity Subfacility, which release shall be simultaneous with
            such sale and the receipt of such Net Cash Proceeds and repayment.
            The Agent and the Lenders shall execute and deliver to the Company
            such instruments and documents as the Company may reasonably request
            to evidence such release, at the sole cost and expense of the
            Company.

                        (f) DUTIES OF THE AGENT WITH RESPECT TO DISBURSEMENT
            ACCOUNT AND RESERVE ACCOUNT.

                              (i) The duties, responsibilities and obligations
            of the Agent with respect to the Disbursement Account and the
            Reserve Account shall be limited to those expressly set forth herein
            and no duties, responsibilities or obligations shall be inferred or
            implied. The Agent shall not be subject to, nor required to comply
            with, any other agreement to which the Company is a party, even
            though reference thereto may be made herein, or to comply with any
            direction or instruction (other than those contained herein or
            delivered

                                       8
<PAGE>

            in accordance with this Agreement) from the Company or any entity
            acting on its behalf. The Agent shall not be required to, and shall
            not, expend or risk any of its own funds or otherwise incur any
            financial liability in the performance of any of its duties as Agent
            under this paragraph 2.25.

                              (ii) If at any time the Agent is served with any
            judicial or administrative order, judgment, decree, writ or other
            form of judicial or administrative process which in any way affects
            the Disbursement Account or the Reserve Account (including but not
            limited to orders of attachment or garnishment or other forms of
            levies or injunctions or stays relating to the transfer of the
            Disbursement Account or the Reserve Account), the Agent is
            authorized to comply therewith in any manner as it or its legal
            counsel of its own choosing deems appropriate; and if the Agent
            complies with any such judicial or administrative order, judgment,
            decree, writ or other form of judicial or administrative process,
            the Agent shall not be liable to any of the parties hereto or to any
            other person or entity even though such order, judgment, decree,
            writ or process may be subsequently modified or vacated or otherwise
            determined to have been without legal force or effect.

                              (iii) The Agent shall not be liable for any action
            taken or omitted or for any loss or injury resulting from its
            actions or its performance or lack of performance of its duties
            under this paragraph 2.25 in the absence of gross negligence or
            willful misconduct on its part. In no event shall the Agent be
            liable (i) for acting in accordance with or relying upon any
            instruction, notice, demand, certificate or document from the
            Company or any entity acting on behalf of the Company, (ii) for any
            consequential, punitive or special damages, (iii) for the acts or
            omissions of its nominees, correspondents, designees, subagents or
            subcustodians, or (iv) for an amount in excess of the amount then
            deposited in or credited to the Disbursement Account or the Reserve
            Account.

                              (iv) If any fees, expenses or costs incurred by,
            or any obligations owed to, the Agent under this paragraph 2.25 are
            not promptly paid when due, the Agent may reimburse itself therefor
            from the Disbursement Account or the Reserve Account and may sell,
            convey or otherwise dispose of any amounts or property deposited in
            or credited to such accounts for such purpose.

                              (v) The Agent may consult with legal counsel and
            the accounting firm retained by the Steering Committee at

                                       9
<PAGE>

            the reasonable expense of the Company as to any matter relating to
            the administration of the Disbursement Account or the Reserve
            Account, and the Agent shall not incur any liability in acting in
            good faith in accordance with any advice from such counsel or
            accounting firm.

                              (vi) The Agent shall not incur any liability for
            not performing any act or fulfilling any duty, obligation or
            responsibility under this paragraph 2.25 by reason of any occurrence
            beyond the control of the Agent (including but not limited to any
            act or provision of any present or future law or regulation or
            governmental authority, any act of God or war, or the unavailability
            of the Federal Reserve Bank wire or telex or other wire or
            communication facility).

                              (vii) The Agent shall not be responsible in any
            respect for the form, execution, validity, value or genuineness of
            documents or securities deposited hereunder, or for any description
            therein, or for the identity, authority or rights of persons
            executing or delivering or purporting to execute or deliver any such
            document, security or endorsement.

                              (viii) The Company shall be liable for and shall
            reimburse and indemnify the Agent and hold the Agent harmless from
            and against any and all claims, losses, liabilities, costs, damages
            or expenses (including reasonable attorneys' and accountants' fees
            and expenses) (collectively, "LOSSES") arising from or in connection
            with or related to the Disbursement Account or the Reserve Account
            or with respect to the Agent's custody and administration of the
            Disbursement Account and the Reserve Account (including but not
            limited to Losses incurred by the Agent in connection with its
            successful defense, in whole or in part, of any claim of gross
            negligence or willful misconduct on its part), provided, however,
            that nothing contained herein shall require the Agent to be
            indemnified for Losses caused by its gross negligence or willful
            misconduct.

                              (ix) In the event of any ambiguity or uncertainty
            in any notice, instruction or other communication received by the
            Agent hereunder, the Agent may, in its sole discretion, refrain from
            taking any action other than retain possession of the Disbursement
            Account and the Reserve Account.

                              (x) In the event of any dispute between or
            conflicting claims by the Company and/or any other person or entity
            with respect to the Disbursement Account or the Reserve Account, the
            Agent shall be entitled, in its sole discretion, to refuse to comply
            with any and all claims, demands or instructions with respect to the

                                       10
<PAGE>

            Disbursement Account or the Reserve Account so long as such dispute
            or conflict shall continue, and the Agent shall not be or become
            liable in any way to the Company for failure or refusal to comply
            with such conflicting claims, demands or instructions. The Agent
            shall be entitled to refuse to act until, in its sole discretion,
            either (1) such conflicting or adverse claims or demands shall have
            been determined by a final order, judgment or decree of a court of
            competent jurisdiction, which order, judgment or decree is not
            subject to appeal, or settled by agreement between the conflicting
            parties as evidenced in a writing satisfactory to the Agent or (2)
            the Agent shall have received security or an indemnity satisfactory
            to it sufficient to hold it harmless from and against any and all
            Losses which it may incur by reason of so acting. The Agent may, in
            addition, elect, in its sole discretion, to commence an interpleader
            action or seek other judicial relief or orders as it may deem, in
            its sole discretion, necessary. The costs and expenses (including
            reasonable attorneys' fees and expenses) incurred in connection with
            such proceeding shall be paid by the Company.

            1.9   Section 3.1 of the Credit Agreement is hereby amended by (i)
adding to the heading thereof the phrase "; OTHER FEES.", (ii) renumbering the
existing paragraph as Section 3.1(a) and (iii) adding a new Section 3.1(b) at
the end thereof to read in its entirety as follows:

                  (b) The Company agrees to pay to the Agent for the pro rata
            account of each Lender a fee in the amount of $500,000, payable on
            the earlier to occur of (i) the date on which the Company and its
            Subsidiaries shall have received gross proceeds in an aggregate
            amount of $500,000,000 from all sales, assignments, transfers or
            other dispositions of PROPERTY after the Amendment No. 3 Effective
            Date in accordance with the terms hereof and (ii) the date on which
            the Loans and all other obligations under this Agreement (including,
            without limitation, all interest, fees and expenses payable to the
            Agent or the Lenders hereunder) shall have been paid and performed
            in full and the Commitments terminated.

            1.10  Section 7.2 of the Credit Agreement is hereby amended by
adding a new Section 7.2(g) thereto to read in its entirety as follows:

                  (g)(i) As soon as available, but in any event not later than
            Wednesday of each week, weekly updates of the monthly cash flow
            statements of the Company and its Subsidiaries in a format
            consistent with past practice.

                  (ii) Conduct weekly meetings and conference calls with the
            Agent, the Lenders under this Agreement and the Steering Committee

                                       11
<PAGE>

            to discuss and review such matters as the Agent and the Steering
            Committee deems appropriate, including, without limitation, reports
            with respect to, and explanations of, any material variances between
            the Projections and the Company's and its Subsidiaries' actual
            results of operations.

                  (iii) As soon as available, deliver to the Agent notice of any
            Springing Credit Event and any demand under a Springing Credit
            Obligation.

            1.11  Section 7.11 of the Credit Agreement is hereby deleted in its
entirety and the following substituted therefor:

                  7.11  SHAREHOLDERS' EQUITY.

            Maintain at all times for each period set forth below its
            Shareholders' Equity in an amount not less than the amount set forth
            below opposite such period:

                  PERIOD                       MINIMUM SHAREHOLDERS' EQUITY

            Effective Date to and including
            December 31, 1999                         $440,000,000

            January 1, 2000 to and
            including July 31, 2000                   $400,000,000

            August 1, 2000 and thereafter             $440,000,000

            1.12  Section 7 of the Credit Agreement is hereby amended by adding
a new Section 7.12 to read in its entirety as follows:

                  7.12  CERTAIN AMENDMENTS.

                  Use its best efforts to extend the maturity date or expiry
            date of any Indebtedness or Credit Facility Indebtedness which
            matures or expires, as the case may be, prior to the Liquidity
            Subfacility Termination Date (other than with respect to the
            periodic renewal of the Credit Facility Indebtedness described in
            items 9 through 12 on Schedule C to Amendment No. 3) to a date that
            is not earlier than the Liquidity Subfacility Termination Date.

                                       12
<PAGE>

            1.13  Section 8.1 of the Credit Agreement is hereby deleted in its
entirety and the following substituted therefor:

                  8.1 INDEBTEDNESS.

                  Create, incur, assume or suffer to exist, or permit any
            Subsidiary to create, incur, assume or suffer to exist, any
            liability for Indebtedness, except:

                        (i)   Indebtedness under the Loan Documents; and

                        (ii) Credit Facility Indebtedness (including any Credit
            Facility Indebtedness incurred under commitments available on the
            Amendment No. 3 Effective Date provided that the proceeds of such
            Credit Facility Indebtedness are not applied to repay the principal
            amount of any other Indebtedness), any Indebtedness of the Company
            or any Subsidiary outstanding as of the Amendment No. 3 Effective
            Date, any Indebtedness representing capitalized interest on any
            Credit Facility Indebtedness and any extensions, renewals and
            replacements of any such Indebtedness or Credit Facility
            Indebtedness that do not increase the outstanding principal amount
            thereof (other than as a result of the capitalization of interest).

            1.14  Section 8.2 of the Credit Agreement is hereby deleted in its
entirety and the following substituted therefor:

                  8.2   LIENS.

                        Create, incur, assume or suffer to exist any Lien on any
            of its or its Subsidiaries' Property or assets, whether now owned or
            hereafter acquired, securing any Indebtedness or obligation, or
            permit any Subsidiary to do so, except (i) Permitted Liens (other
            than of the type described in subparagraph (ix) of the definition of
            "Permitted Liens"), (ii) Liens granted pursuant to the Security
            Documents, (iii) Liens existing on the Amendment No. 3 Effective
            Date that were permitted under this Agreement or under any other
            Covenant Credit Facilities and (iv) equal and ratable Liens
            permitted by paragraph 8.15.

            1.15  Section 8.4 of the Credit Agreement is hereby amended by (i)
deleting the semi-colon and the word "and" at the end of clause (iii) thereof
and substituting therefor a period and (ii) deleting clause (iv) thereof in its
entirety.

            1.16  Section 8.6 of the Credit Agreement is hereby deleted in its
entirety and the following substituted therefor:

                                       13
<PAGE>

                  8.6   SALE OF PROPERTY.

                        Sell, assign, exchange, lease, transfer or otherwise
            dispose of any Property, whether now owned or hereafter acquired, to
            any Person, or permit any Subsidiary so to do, except:

                        (i) the use of cash by the Company or such Subsidiary in
            the ordinary course of business and transfers of cash under the
            Company's cash management system in the ordinary course of business;

                        (ii)  dispositions   by  one   Subsidiary   to  the
            Company or a wholly-owned subsidiary of the Company;

                        (iii) (a) sales of inventory in the ordinary course of
            business, (b) sales, assignments, transfers or other dispositions in
            the ordinary course of business consistent with past practice of any
            Property that, in the reasonable opinion of the Company or such
            Subsidiary, as the case may be, is obsolete and (c) sales,
            assignments, transfers or other dispositions of any Property that,
            in the reasonable opinion of the Company or such Subsidiary, as the
            case may be, is no longer useful in the conduct of its business as
            currently conducted having a fair market value in the good faith
            determination of the Company of not more than $5,000,000 in the
            aggregate, provided that all Net Cash Proceeds from such sales,
            assignments, transfers or dispositions are deposited in the
            Disbursement Account or the Reserve Account, as the case may be, in
            accordance with paragraph 8.6(iv); and

                        (iv) sales, assignments, transfers or other dispositions
            of the Property described on Schedules B-1, B-2 and B-3 to Amendment
            No. 3 (together with the sales, assignments, transfers and
            dispositions described in paragraph 8.6(iii)(c), each a "PERMITTED
            DISPOSITION" and collectively, the "PERMITTED DISPOSITIONS") for
            cash and non-cash consideration (including assumption of
            Indebtedness) payable or received on the date of such Permitted
            Disposition provided that:

                              (a) the Net Cash Proceeds of each such Permitted
            Disposition with respect to the Property described on Schedule B-1
            to Amendment No. 3 shall be in an amount of not less than 90% of the
            amount set forth on Schedule B-1 to Amendment No. 3 opposite the
            description of such Property,

                                       14
<PAGE>

                              (b) the Net Cash Proceeds of each such Permitted
            Disposition with respect to the Property described on Schedule B-2
            to Amendment No. 3 shall be in an amount of not less than 75% of the
            amount set forth on Schedule B-2 to Amendment No. 3 opposite the
            description of such Property,

                              (c) all Net Cash Proceeds of each Permitted
            Disposition (other than Net Cash Proceeds applied in repayment of
            the Liquidity Loans and the permanent reduction of the Liquidity
            Subfacility Amount pursuant to paragraph 2.6) in an aggregate amount
            for all Permitted Dispositions of up to the sum of (x) $100,000,000
            and (y) the Restructuring Costs shall be deposited directly on the
            date of receipt by the Company or such Subsidiary in the
            Disbursement Account, which Net Cash Proceeds shall be held and
            disbursed in accordance with paragraph 2.25 of this Agreement,

                              (d) the Net Cash Proceeds of any Permitted
            Disposition (other than Net Cash Proceeds applied in repayment of
            the Liquidity Loans and the permanent reduction of the Liquidity
            Subfacility Amount pursuant to paragraph 2.6) in excess of the sum
            of (x) $100,000,000 for all asset sales in the aggregate and (y) the
            Restructuring Costs shall be deposited directly on the date of
            receipt by the Company or such Subsidiary in the Reserve Account,
            which Net Cash Proceeds shall be held and disbursed in accordance
            with paragraph 2.25 of this Agreement,

                              (e) no Default or Event of Default shall have
            occurred and be continuing on the date of and after giving effect to
            such Permitted Disposition,

                              (f) promptly after execution of such agreement or
            contract but in any event not less than 10 Business Days prior to
            such sale, the Company shall have furnished the Agent a copy of the
            agreement or contract for the sale of the applicable Property and a
            statement setting forth, on a PRO FORMA basis, the total
            consideration to be paid to the Company (or other seller) under the
            agreement or contract for the sale for such Property and the
            estimated amount, if any, of the Disposition Closing Costs and
            Disposition Related Debt to be assumed or to be paid from the
            consideration for the sale and the Net Cash Proceeds to be realized
            (by the Company or other seller) from the sale after the deduction
            or payment of the Disposition Closing Costs and Disposition Related
            Debt (each a "PRO-FORMA SALE STATEMENT"), and within 5 Business Days
            after the consummation of such sale, the Company shall deliver to
            the Agent a closing statement

                                       15
<PAGE>

            or such other statement indicating any material variance between the
            Pro Forma Sale Statement and the actual amount received and paid in
            connection with such sale, and

                              (g) notwithstanding the foregoing, all Net Cash
            Proceeds of the sale, assignment, transfer or other disposition of
            the Collateral shall first be applied as a mandatory prepayment of
            the Liquidity Loans and to permanently reduce the Liquidity
            Subfacility Amount in accordance with paragraph 2.6(b).

            1.17 Section 8.9 of the Credit Agreement is hereby deleted in its
entirety and the following substituted therefor:

                  8.9   FIXED CHARGE COVERAGE RATIO.

                        Permit the Fixed Charge Coverage Ratio to be less than:

                        (i) 1.25 to 1.00 for the four fiscal quarters (taken as
            a whole) ending on December 31, 1999,

                        (ii) 1.10 to 1.00 for the four fiscal quarters (taken as
            a whole) ending on March 31, 2000,

                        (iii) 0.95 to 1.00 for the four fiscal quarters ending
            on June 30, 2000, and

                        (iv) 1.50 to 1.00 for any four fiscal quarters (taken as
            a whole) ending on the last day of each September, December, March
            and June thereafter.

            1.18  Section 8 of the Credit Agreement is hereby amended by adding
new Sections 8.11, 8.12, 8.13, 8.14 and 8.15 at the end thereof to read in their
entirety as follows:

                  8.11  INVESTMENTS, LOANS, ADVANCES AND GUARANTEES.

                        At any time, purchase or otherwise acquire (including
            pursuant to any merger with any Person), hold or invest in any
            capital stock, evidences of indebtedness or other securities
            (including any option, warrant or other right to acquire any of the
            foregoing and any derivative product) of, make or permit to exist
            any loans to or advances on behalf of, incur any Guarantees in
            respect of any obligations of, or make or permit to exist any
            investment or any other interest in, any other Person (all of which
            are sometimes referred to

                                       16
<PAGE>

            herein as "INVESTMENTS"), (or permit any Subsidiary to do any of the
            foregoing) except:

                        (i) Investments in cash and cash equivalents and in
            normal business banking accounts on deposit with or issued by,
            federally insured institutions;

                        (ii) Investments in Hedging Agreements entered into in
            connection with Credit Facility Indebtedness;

                        (iii) Investments  described in the Projections not
            otherwise prohibited by the terms hereof;

                        (iv)  Guarantees   of   Indebtedness   and   Credit
            Facility Indebtedness permitted by paragraph 8.1;

                        (v)   Investments  existing on the  Amendment No. 3
            Effective Date;

                        (vi) Advances to the Ottawa Senators Hockey Club
            Corporation under the commitment of the Company in effect on the
            Amendment No. 3 Effective Date (and as thereafter amended in
            accordance with the terms hereof);

                        (vii) with respect to existing (or permitted pursuant to
            paragraph 8.1) debt financing on projects of the Company's energy
            business, any Investments made from time to time of amounts
            deposited in debt service reserve funds and other funds and accounts
            created under the indenture pertaining to such debt financing,
            provided that such Investments are made in accordance with the terms
            of the related indenture, including, without limitation, provisions
            dealing with permitted investments; and

                        (viii) the Investments described in clauses (i) and (ii)
            of paragraph 8.12.

                  8.12  ACQUISITIONS.

                        At any time, make, or enter into an agreement to make
            (or permit any Subsidiary to make or enter into an agreement to
            make), any Acquisition or make any deposit in connection with any
            potential Acquisition except (i) for the Acquisition by the Company
            of an interest in Gulf Electric Public Company Limited (Thailand)
            for an aggregate purchase price not to exceed $28,000,000 and (ii)
            for activities in respect of the acquisition or development of new
            facilities,

                                       17
<PAGE>

            projects or investments for the Company's energy business, so long
            as (1) any activity engaged in by the Company or any Subsidiary or
            any agreement entered into by the Company or any Subsidiary with
            respect to such activities may be terminated or cancelled by the
            Company or such Subsidiary without liability to the Company or such
            Subsidiary other than the forfeiture of any deposit made by the
            Company or such Subsidiary, and (2) any deposits made by the Company
            or any of its Subsidiaries (irrespective of the form of the deposit,
            including without limitation, cash deposits or bonds) in respect of
            the activities or agreements described in Section 8.12 (ii) shall
            not exceed $2,500,000 in the aggregate.

                  8.13  PAYMENTS OF INDEBTEDNESS.

                        Except as specifically set forth in the Projections (in
            the categories and in the amounts set forth therein):

                        (i) pay or obligate itself to pay (or permit any
            Subsidiary to pay or obligate itself to pay), in whole or in part,
            the principal amount of any Indebtedness or Credit Facility
            Indebtedness; provided, however, so long as no Default or Event of
            Default then exists or results therefrom, the Company and any
            Subsidiary may pay or prepay:

                        (1) Indebtedness or Credit Facility Indebtedness
                  permitted to be paid pursuant to paragraph 8.15;

                        (2) reimbursement obligations for drawings under letters
                  of credit made to fund scheduled interest payments;

                        (3) reimbursement obligations for drawings under letters
                  of credit solely to the extent that the amount available for
                  drawing under any such letter of credit after giving effect to
                  such payment increases by an amount equal to such payment; and

                        (4) reimbursement obligations for drawings under letters
                  of credit made from the proceeds of the remarketing notes or
                  other obligations, so long as such payments are made solely
                  out of the proceeds of the remarketing of the notes or other
                  obligations with respect to which such letters of credit were
                  issued and the applicable letters of credit remain
                  outstanding, or

                                       18
<PAGE>

                        (ii) incur or make (or permit any Subsidiary to incur or
            make) any payment in respect of lease buyout obligations.

                  8.14  CAPITAL EXPENDITURES.

                        Incur (or permit any Subsidiary to incur) Capital
            Expenditures; provided, however, so long as no Default or Event of
            Default then exists or results therefrom, (a) the Company and its
            Subsidiaries may make the Capital Expenditures in accordance with
            the categories and amounts set forth in the Projections, subject to
            (i) reallocation of amounts among categories as a result of cost and
            expense savings and (ii) prospective cost overruns with respect to
            the Jazzland project in an amount not to exceed $12,000,000 (based
            on a budgeted total cost for such project of $110,000,000) and (b)
            the operating Subsidiaries of the Company may make Capital
            Expenditures in the ordinary course of business consistent with past
            practice, provided that such Capital Expenditures do not require the
            contribution of funds from the Company or any Subsidiary of the
            Company in excess of the amounts permitted by clause (a) above.

                  8.15  MOST FAVORED NATION COVENANTS.

                        (a) Prepay, redeem, purchase, defease or otherwise
            satisfy or amend, modify or extend (or permit any Subsidiary to
            prepay, redeem, purchase, defease or otherwise satisfy or amend,
            modify or extend) any existing Indebtedness or Credit Facility
            Indebtedness, except:

                              (i)   Disposition Related Debt,

                              (ii) extensions, renewals and replacements of
                  Indebtedness or Credit Facility Indebtedness permitted by
                  paragraph 8.l and, without duplication, payments permitted by
                  paragraph 8.13(i),

                              (iii) extension of the maturity of the
                  indebtedness represented by the Amended and Restated
                  Promissory Note, dated February 17, 2000, from Ogden Power
                  Corporation to Pacific Enterprises Energy Management Services
                  in the amount of $22,913,605.00 and related credit support,

                              (iv) Indebtedness of the Company and its
                  Subsidiaries in respect of the Subfacility under this
                  Agreement and the other Loan Documents, or

                                       19
<PAGE>

                              (v) to the extent that, contemporaneously
                  therewith or prior thereto, the Commitments of the Lenders are
                  reduced and the Loans are repaid in an equal and ratable
                  manner;

                        (b) grant (or permit any Subsidiary to grant) any Lien
            in respect of any of its Property, Stock or assets to secure any
            existing Indebtedness, except:

                              (i)   Liens  permitted  under  Section 8.2 of
                  this Agreement, or

                              (ii) to the extent that the Company's (or such
                  Subsidiary's) obligations under this Agreement and the other
                  Loan Documents are contemporaneously therewith or prior
                  thereto equally and ratably secured, or

                        (c) pay (or permit any Subsidiary to pay) any fee or
            other similar consideration to any holder of any Indebtedness to
            amend or waive any term or provision thereof at a rate or amount
            greater than that paid or payable to the Agent and the Lenders
            pursuant to paragraph 3.1(b) hereof and Section 3.1(g)(ii) of
            Amendment No. 3; provided, however, the Company may pay to creditors
            under Credit Facility Indebtedness a fee of up to one-quarter
            percent (1/4%) of the principal amount of any outstanding Credit
            Facility Indebtedness that matures prior to the Liquidity
            Subfacility Termination Date, or the amount available for drawing
            under any letter of credit outstanding under any Credit Facility
            Indebtedness that expires prior to the Liquidity Subfacility
            Termination Date, as consideration for the extension of such
            maturity date or expiry date to a date that is not earlier than the
            Liquidity Subfacility Termination Date, which fee shall be applied
            on account of any fee comparable to the fee described in paragraph
            3.1(b) hereof payable to such creditors.

            1.19 Section 9.1 of the Credit Agreement is hereby amended by (i)
deleting the reference in Section 9.1(f) to "$25,000,000" and substituting
therefor "$1,000,000", (ii) adding the phrase "or Credit Facility Indebtedness"
after the term "Indebtedness" in Section 9.1(f), (iii) deleting the period at
the end of Section 9.1(j) thereof and substituting a semi-colon therefor and
(iv) adding new Sections 9.1(k), 9.1(l), 9.1(m), 9.1(n) and 9.1(o) at the end
thereof to read in their entirety as follows:

                  (k) except as specifically contemplated by paragraphs 2.25(e)
            and 2.27(d), any material Lien purported to be created under any
            Security Document shall cease to be, or shall be asserted by the
            Company or any Subsidiary not to be, a valid and perfected Lien on,

                                       20
<PAGE>

            and security interest in, any Collateral, with the priority required
            by the applicable Security Document and such default, if not the
            result of any action or failure to act on the part of the Company or
            any Subsidiary, continues for a period of thirty (30) days or more;
            or any Subsidiary Guarantee or any provision thereof shall cease to
            be in full force or effect as to the relevant Subsidiary Guarantor,
            or any Subsidiary Guarantor or Person acting by or on behalf of such
            Subsidiary Guarantor shall deny or disaffirm such Subsidiary
            Guarantor's obligations under the relevant Subsidiary Guarantee, or
            any Subsidiary Guarantor shall default in any material respect in
            the due performance or observance of any term, covenant or agreement
            on its part to be performed or observed pursuant to its Subsidiary
            Guarantee; or

                  (l) any letter of credit, bond or other credit or liquidity
            support shall have been terminated after its then stated expiration
            or termination date or shall have not been renewed beyond its then
            stated expiration or termination date, unless not later than five
            (5) days prior to such expiration or termination date, such letter
            of credit, bond or other credit or liquidity support is replaced
            with another such instrument on terms and conditions permitted under
            this Agreement (including, without limitation, the fees payable in
            connection with the issuance thereof); or

                  (m) the occurrence of any Springing Credit Event and a demand,
            by any holder of a Springing Credit Obligation, for the issuance of
            a letter of credit, bond or other credit or liquidity support and
            such demand is not resolved on terms that do not violate the terms
            of this Agreement prior to the date on which the party making such
            demand is entitled to take remedial action under the applicable
            agreement (provided that a reduction in the annual fees payable to
            Ogden Martin Systems of Montgomery Inc. in an amount not to exceed
            $1,000,000 in connection with the service agreement between the
            Northeast Maryland Solid Waste Facility and Ogden Martin Systems of
            Montgomery Inc. shall not constitute an Event of Default); or

                  (n) The Company or any Subsidiary shall pay or prepay the
            principal amount of any Indebtedness or Credit Facility
            Indebtedness, or repurchase any Indebtedness, in cash or in
            property, or set aside in any manner any cash or property in respect
            of any Indebtedness or Credit Facility Indebtedness, except as
            specifically permitted in paragraph 8.13 or 8.15; or

                                       21
<PAGE>

                  (o) The proceeds of any advances to the Ottawa Senators Hockey
            Club Corporation under the commitment of the Company to make
            advances to the Ottawa Senators Hockey Club Corporation in effect on
            the Amendment No. 3 Effective Date (and thereafter amended in
            accordance with the terms hereof) are used to repay the principal
            amount of any Indebtedness or Credit Facility Indebtedness except as
            provided under such commitment as in effect on the Amendment No. 3
            Effective Date (and thereafter amended in accordance with the terms
            hereof).

            1.20 Section 11.7(b) of the Credit Agreement is hereby amended by
deleting the first sentence thereof in its entirety and substituting the
following therefor:

                  (b) Each Lender may, at any time and from time to time, sell,
            assign, transfer or negotiate, on a pro rata basis, a constant (and
            not varying) percentage of all of such Lender's rights and
            obligations with respect to its Commitment and its related Loans,
            obligations with respect to Letters of Credit and Notes, or if its
            Commitment shall have been terminated, its Loans, its obligations
            with respect to Letters of Credit and its Notes (provided that no
            Lender may sell, assign, transfer or negotiate any of its rights and
            obligations with respect to any Loan without selling, assigning,
            transferring or negotiating to the purchaser, assignee or transferee
            thereof a pro rata share in all such Lender's Loans, including
            Liquidity Loans) (x) to one or more other Lenders (or to Affiliates
            of such Lender or such other Lenders) upon prior written notice to
            the Company, the L/C issuing Bank and the Agent or (y) to any other
            Eligible Assignee upon the prior written consent of the Agent, the
            L/C Issuing Bank and, so long as no Event of Default then exists,
            the Company (which consents shall not be unreasonably withheld or
            delayed), provided that if such purchaser, assignee or transferee is
            not another Lender or an Affiliate of a Lender, (i) such selling,
            assigning or transferring Lender shall continue to hold at all times
            at least $2,500,000 of its original Commitment, or (ii) each such
            sale, assignment, transfer or negotiation shall be in an amount not
            less than the lesser of (A) $2,500,000 and (B) all of such Lender's
            Commitment and (iii) such selling, assigning or transferring Lender
            shall have paid to the Agent an assignment fee (the "ASSIGNMENT
            FEE") of $3,500 payable to the Agent.

      2.    AMENDMENTS TO CREDIT AGREEMENT -- LIQUIDITY SUBFACILITY.

            2.1 Section 1.1 of the Credit Agreement is hereby amended by adding
the following defined terms in the appropriate alphabetical order:

                                       22
<PAGE>

            "AVIATION BUSINESS": the discontinued aviation business of the
            Company.

            "COLLATERAL": any and all "Collateral" as defined in any Security
            Document.

            "COLLATERAL CERTIFICATE": as defined in paragraph 2.27(b).

            "CZECH CREDIT AGREEMENT": the Credit Agreement between Czech-Ogden
Airhandling, spol. s.r.o. and Ogden International Europe, Inc. in the principal
amount of $17,451,804.

            "CZECH LOAN ASSIGNMENT": the assignment by Ogden International
Europe, Inc. of the Czech Loan (as defined in the Czech Credit Agreement) to the
Agent for the benefit of the Lenders, in form and substance satisfactory to the
Agent, as amended, modified, supplemented, restated or replaced from time to
time.

            "CZECH MORTGAGE": the first perfected Lien (or local law equivalent)
given by Czech-Ogden Airhandling, spol. s.r.o. to the Agent for the ratable
benefit of the Lenders, encumbering the cargo terminal owned by Czech-Ogden
Airhandling, spol. s.r.o. at Praha-Ruzyne Airport in the Czech Republic.

            "DOMESTIC COLLATERAL": any and all "Collateral" as defined in any
Domestic Security Document.

            "DOMESTIC SECURITY DOCUMENTS": collectively, the Security Agreement,
the Mortgage, the Domestic Subsidiary Guarantee and all other instruments and
documents delivered pursuant to paragraph 2.27 (other than Non-Domestic Security
Instruments) to secure any of the obligations of the Company or any Domestic
Subsidiary Guarantor under the Liquidity Subfacility.

            "DOMESTIC SUBSIDIARY": each Subsidiary that is organized under the
laws of the United States of America, any state thereof, the District of
Columbia or any territory thereof.

            "DOMESTIC SUBSIDIARY GUARANTEE": the Subsidiary Guarantee by and
among the Domestic Subsidiary Guarantors, the Company and the Agent, in form and
substance satisfactory to the Agent, as amended, modified, supplemented,
restated or replaced from time to time.

            "DOMESTIC SUBSIDIARY  GUARANTOR":  Ogden Services Corporation,
Ogden Aviation,  each Domestic  Subsidiary of Ogden Aviation and any other
party to the Domestic  Subsidiary  Guarantee  other than Ogden Allied
Maintenance  Securities Inc. and the Fuel Facilities Group.

            "FUEL FACILITIES GROUP": the companies listed on part (a) of
Schedule F to Amendment No. 3.

                                       23
<PAGE>

            "GUARANTEE SUPPLEMENT": a Guarantee Supplement in the form annexed
to the Subsidiary Guarantee.

            "LIQUIDITY AVAILABILITY PERIOD": the period from the Liquidity
Subfacility Effective Date to, but excluding, the Liquidity Subfacility
Termination Date.

            "LIQUIDITY BORROWING": a borrowing of principal amounts pursuant to
paragraph 2.26 consisting of Liquidity Loans of the same Type made by each
Lender.

            "LIQUIDITY BORROWING REQUEST": a borrowing request in form and
substance satisfactory to the Agent.

            "LIQUIDITY LOANS": Loans made as Base Rate Loans or Eurodollar Loans
pursuant to paragraph 2.26.

            "LIQUIDITY SUBFACILITY": the secured subfacility provided for under
paragraph 2.26.

            "LIQUIDITY SUBFACILITY AMOUNT": $50,000,000, as such amount may be
reduced from time to time pursuant to paragraph 2.6(b).

            "LIQUIDITY SUBFACILITY EFFECTIVE DATE": the date on which the
conditions set forth in Section 4.1 of Amendment No. 3 are satisfied.

            "LIQUIDITY SUBFACILITY TERMINATION DATE": July 31, 2000.

            "MORTGAGE": the first perfected mortgage given by Ogden Projects,
Inc.,  to the Agent,  for the ratable  benefit of the  Lenders,  encumbering
the office building located in Fairfield, New Jersey.

            "NON-DOMESTIC COLLATERAL": any and all "Collateral" (or any similar
term describing the assets on which the Agent has been granted a Lien) as
defined in any Non-Domestic Security Instrument.

            "NON-DOMESTIC SECURITY INSTRUMENTS": collectively, the Czech Credit
Agreement Assignment, the Czech Mortgage and each instrument, document or
agreement delivered pursuant to paragraph 2.27 granting or purporting to grant
in favor of the Agent for the benefit of the Lenders a Lien on, or assigning or
purporting to assign to the Agent for the benefit of the Lenders, any other
Property or assets of, or any Stock of, any Non-Domestic Subsidiary to secure
the obligations of the Company or any Subsidiary Guarantor under this Agreement
or any of the Loan Documents, in each case as amended, modified, supplemented,
restated or replaced from time to time.

            "NON-DOMESTIC SUBSIDIARY": each Subsidiary of Ogden Services
Corporation that is not a Domestic Subsidiary and is engaged in the Aviation
Business.

                                       24
<PAGE>

            "NON-DOMESTIC SUBSIDIARY GUARANTEE": collectively, each Guarantee by
any Non-Domestic Subsidiary Guarantor in favor of the Agent, in form and
substance satisfactory to the Agent, as amended, modified, supplemented,
restated or replaced from time to time.

            "NON-DOMESTIC SUBSIDIARY GUARANTOR": each Non-Domestic Subsidiary of
Ogden Aviation and any other party to any Non-Domestic Subsidiary Guarantee.

            "OGDEN AVIATION":  Ogden Aviation,  Inc. a wholly owned Subsidiary
of Ogden Services Corporation.

            "ORIGINAL NOTE" and "ORIGINAL NOTES": as defined in
paragraph 2.4(a).

            "1992 SENIOR NOTE INDENTURE": the Indenture dated March 1, 1992
between the Company and The Bank of New York, as trustee, providing for the
issuance of the Company's 9-1/4% debentures due March 1, 2022, as amended,
modified or supplemented from time to time.

            "PERFECTION  CERTIFICATE":  a  certificate  in the form of Annex
A to the Security Agreement or any other form approved by the Agent.

            "SECURED LIQUIDITY NOTE" and "SECURED LIQUIDITY NOTES": as defined
in paragraph 2.4(b).

            "SECURED PARTIES": as defined in the Security Agreement.

            "SECURITY AGREEMENT": a Security Agreement and Assignment, by and
among the Loan Parties party thereto and the Agent, in form and substance
satisfactory to the Agent, as amended, modified, supplemented, restated or
replaced from time to time.

            "SECURITY DOCUMENTS": collectively, upon the execution and delivery
thereof, the Domestic Security Documents, the Non-Domestic Subsidiary
Guarantees, the Non-Domestic Security Instruments and all other instruments and
documents delivered pursuant to paragraph 2.27 to secure any of the obligations
of the Company and each Subsidiary Guarantor under this Agreement or any of the
Loan Documents.

            "SUBSIDIARY GUARANTEE": collectively, the Domestic Subsidiary
Guarantee and the Non-Domestic Subsidiary Guarantees.

            "SUBSIDIARY GUARANTOR": the Domestic Subsidiary Guarantors and the
Non-Domestic Subsidiary Guarantors.

            2.2 The definition of "Affected Principal Amount" set forth in
Section 1.1 of the Credit Agreement is hereby amended by adding the phrase "or
paragraph 2.26(a)" after the phrase "paragraph 2.2" in clause (i) thereof.

                                       25
<PAGE>

            2.3 Section 1.1 of the Credit Agreement is hereby amended by
deleting the definition of "Base Rate Loans" in its entirety and substituting
the following therefor:

                  "BASE RATE LOANS": R/C Loans or Liquidity Loans (or any
            portions thereof) at such time as they (or such portions) are made
            or are being maintained at a rate of interest based upon the Base
            Rate.

            2.4 Section 1.1 of the Credit Agreement is hereby amended by
deleting the definition of "Borrowing Date" in its entirety and substituting the
following therefor:

                  "BORROWING DATE": any date specified in a Borrowing Request
            delivered pursuant to paragraphs 2.2, 2.3, 2.20 or 2.26 as a date on
            which the Company requests the Lenders to make Loans comprising an
            R/C Borrowing, a Liquidity Borrowing or a Competitive Bid Borrowing
            or the L/C Issuing Bank to issue a Letter of Credit.

            2.5 Section 1.1 of the Credit Agreement is hereby amended by
deleting the definition of "Borrowing Request" in its entirety and substituting
the following therefor:

                  "BORROWING   REQUEST":   an  R/C  Borrowing   Request,  a
            Liquidity Borrowing Request, Competitive Bid Borrowing Request or
            L/C Issuance Request, as the case may be.

            2.6 Section 1.1 of the Credit Agreement is hereby amended by
deleting the definition of "Conversion Date" in its entirety and substituting
the following therefor:

                  "CONVERSION DATE": with respect to R/C Loans or Liquidity
            Loans, the date on which a Eurodollar or CD Loan is converted to a
            Base Rate Loan, or the date on which a Base Rate Loan is converted
            to a Eurodollar or CD Loan, or the date on which a Eurodollar Loan
            is converted to a CD Loan or a new Eurodollar Loan or the date on
            which a CD Loan is converted to a Eurodollar Loan or a new CD Loan,
            all in accordance with paragraph 2.7. Notwithstanding the foregoing,
            at all times after the Amendment No. 3 Effective Date, no Base Rate
            Loan or Eurodollar Loan may be converted to a CD Loan, and no CD
            Loan may be converted to a new CD Loan.

            2.7 The definition of "Interest Period" set forth in Section 1.1 of
the Credit Agreement is hereby amended by adding the phrase "or Liquidity
Borrowing" after the phrase "R/C Borrowing" in the introductory clause of
paragraph (a) thereof.

            2.8 Section 1.1 of the Credit Agreement is hereby amended by
deleting the definition of "Loan" in its entirety and substituting the following
therefor:

                                       26
<PAGE>

                  "LOAN":  an R/C Loan, a Liquidity  Loan or a  Competitive
            Bid Loan, as the case may be.

            2.9 Section 1.1 of the Credit Agreement is hereby amended by
deleting the definition of "Loans" in its entirety and substituting the
following therefor:

                  "LOANS":  R/C Loans,  Liquidity  Loans or Competitive Bid
            Loans, collectively.

            2.10 Section 1.1 of the Credit Agreement is hereby amended by
deleting the definition of "Loan Documents" in its entirety and substituting the
following therefor:

                  "LOAN DOCUMENTS" means, collectively, this Agreement, the
            Notes, the Security Documents, the Letters of Credit, the
            Applications for Letters of Credit and all other agreements,
            instruments and documents executed or delivered in connection
            herewith.

            2.11 Section 1.1 of the Credit Agreement is hereby amended by
deleting the definition of "Loan Parties" in its entirety and substituting the
following therefor:

                  "LOAN PARTIES" means, collectively,  the Company and each
            Subsidiary Guarantor.

            2.12 Section 1.1 of the Credit Agreement is hereby amended by
deleting the definition of "Note" and "Notes" in their entirety and substituting
the following therefor:

                  "NOTE" and "NOTES": as defined in paragraph 2.4(b).

            2.13 The definition of "Remaining Interest Period" set forth in
Section 1.1 of the Credit Agreement is hereby amended by adding the phrase "or
paragraph 2.26" after the phrase "paragraph 2.2" in clause (i) thereof.

            2.14 Section 1.1 of the Credit Agreement is hereby amended by
deleting the definition of "Required Lenders" in its entirety and substituting
the following therefor:

                  "REQUIRED LENDERS": at any time when no Loans are outstanding
            (whether or not Letters of Credit are then outstanding) or there are
            R/C Loans, Liquidity Loans and Competitive Bid Loans outstanding,
            Lenders having Commitments equal to more than 66 2/3% of the
            Aggregate Commitments. At any time when only R/C Loans are
            outstanding (whether or not Letters of Credit are then outstanding),
            Lenders holding Original Notes having an unpaid principal balance
            equal to more than 66 2/3% of the aggregate Loans outstanding. At
            any time when only Liquidity Loans are outstanding (whether or not
            Letters of Credit are then outstanding), Lenders

                                       27
<PAGE>

            holding Secured Liquidity Notes having an unpaid principal balance
            equal to more than 66 2/3% of the aggregate Loans outstanding. At
            any time when only Competitive Bid Loans are outstanding (whether or
            not Letters of Credit are then outstanding), Lenders having
            Commitments equal to more than 66 2/3% of the Aggregate Commitments
            (whether used or unused), except that for purposes of paragraph
            9.2(a)(i) and paragraphs 9.2(a)(ii)(B), the term "Required Lenders"
            shall mean Lenders holding more than 66 2/3% of the outstanding
            Competitive Bid Loans if no Letters of Credit are then outstanding,
            but if Letters of Credit are also then outstanding, such term shall
            mean Lenders holding more than 66 2/3% of the outstanding
            Competitive Bid Loans and Lenders having more than 66 2/3% of the
            Letter of Credit Exposure.

            2.15 Section 1.1 of the Credit Agreement is hereby amended by
deleting the definition of "Type" in its entirety and substituting the following
therefor:

                  "TYPE": R/C Loans made hereunder as Base Rate Loans,
            Eurodollar Loans or CD Loans, as the case may be and Liquidity Loans
            made hereunder as Base Rate Loans or Eurodollar Loans, as the case
            may be.

            2.16 Section 2.4 of the Credit Agreement is hereby amended by (i)
renumbering the existing paragraph as Section 2.4(a), (ii) deleting each
reference therein to "Note" or "Notes" and substituting therefor "Original Note"
or "Original Notes", as the case may be, and (iii) adding a new Section 2.4(b)
at the end thereof to read in its entirety as follows:

                  (b) The Liquidity Loans made by each Lender shall be evidenced
            by a promissory note of the Company, in form and substance
            satisfactory to the Agent (each, as endorsed or modified from time
            to time, including all replacements thereof and substitutions
            therefor, a "SECURED LIQUIDITY NOTE" and, collectively with the
            Secured Liquidity Notes of all other Lenders, the "SECURED LIQUIDITY
            NOTES"; and together with the Original Note of such Lender, a "NOTE"
            and, collectively with the Notes of all other Lenders, the "NOTES"),
            payable to the order of such Lender and representing the obligation
            of the Company to pay the lesser of (a) the amount of the Liquidity
            Subfacility Amount or (b) such lesser amount as shall equal the
            aggregate unpaid principal balance of all Liquidity Loans made by
            such Lender, in each case with interest thereon as prescribed in
            paragraph 2.8. Each Lender is hereby authorized to record (i) the
            date and amount of each Liquidity Loan made by such Lender, (ii) its
            character as a Base Rate Loan, a Eurodollar Loan, or a combination

                                       28
<PAGE>

            thereof, (iii) the Interest Period and interest rate applicable to
            Eurodollar Loans, and (iv) the date and amount of each conversion
            of, and each payment or prepayment of principal of, any Liquidity
            Loans, on the schedule (and any continuations thereof) annexed to
            and constituting a part of its Secured Liquidity Note. No failure to
            so record or any error in so recording shall affect the obligation
            of the Company to repay the Liquidity Loans, with interest thereon,
            as herein provided. Each Secured Liquidity Note shall (1) be dated
            the first Liquidity Borrowing Date, (2) be stated to mature on the
            Liquidity Subfacility Termination Date, and (3) bear interest for
            the period from and including the date thereof on the unpaid
            principal balance thereof from time to time outstanding at the
            applicable interest rate or rates per annum determined as provided
            in paragraph 2.8. Interest on each Secured Liquidity Note shall be
            payable as specified in paragraph 2.8.

            2.17 Section 2.5(a) of the Credit Agreement is hereby amended by
adding the phrase ", Liquidity Loans" immediately after the phrase "R/C Loans"
in the first sentence thereof.

            2.18 Section 2.6(a) of the Credit Agreement is hereby amended by (i)
adding the phrase "or Liquidity Loans" immediately after the term "R/C Loans" in
the first sentence thereof, (ii) adding the phrase "or Liquidity Loans, as the
case may be" after the term "R/C Loans" in the fifth sentence thereof and (iii)
adding a new sentence at the end thereof to read in its entirety as follows:

            Upon each prepayment of the Liquidity Loans under this paragraph
            2.6(a), the Liquidity Subfacility Amount shall be permanently
            reduced by the principal amount of such prepayment.

            2.19 Section 2.6(b) of the Credit Agreement is hereby deleted in its
entirety and the following substituted therefor:

                  (b)   MANDATORY PREPAYMENTS.

                        (i) The Company shall prepay the R/C Loans and the
            Competitive Bid Loans in the amounts, if any, and on the dates set
            forth in paragraph 2.18(a) or paragraph 2.18(b).

                        (ii) In addition to any other mandatory repayments or
            commitment reductions pursuant to this paragraph 2.6(b), on each
            date after the Amendment No. 3 Effective Date upon which the Company
            or any of its Subsidiaries shall receive any proceeds from any sale,
            assignment, transfer or other disposition of any Property
            constituting all or any part of the Collateral, the Liquidity
            Subfacility Amount shall be permanently reduced and the Company
            shall prepay

                                       29
<PAGE>

            the aggregate unpaid Liquidity Loans in an amount equal to 100% of
            the Net Cash Proceeds with respect to such sale, assignment,
            transfer or other disposition.

            2.20 Section 2.8 of the Credit Agreement is hereby amended by (i)
deleting the third parenthetical phrase in the first sentence of Section 2.8(b)
in its entirety and substituting "(as determined under paragraph 2.3 or as set
forth in paragraph 2.8(a) or 2.8(d))" therefor and (ii) adding a new Section
2.8(d) at the end thereof to read in its entirety as follows:

                  (d) LIQUIDITY LOANS PRIOR TO MATURITY. Prior to maturity, the
            outstanding principal balance of the Liquidity Loans shall bear
            interest on the unpaid principal balance thereof at the applicable
            interest rate or rates per annum set forth below:

            LOAN TYPE                           RATE

            Each Base Rate Loan                 Base Rate plus 1.00%

            Each Eurodollar Loan                Eurodollar Rate for the
                                                applicable Interest Period
                                                plus 3.00%

            2.21 Section 2 of the Credit Agreement is hereby amended by adding
new Sections 2.26 and 2.27 to read in their entirety as follows:

                  2.26  LIQUIDITY LOANS.

                        (a) Subject to the terms and conditions of this
            Agreement, each Lender severally agrees to make Liquidity Loans to
            the Company from time to time during the Liquidity Availability
            Period in an aggregate principal amount at any one time outstanding
            not to exceed such Lender's Commitment Percentage of the Liquidity
            Subfacility Amount, provided that (i) the aggregate unpaid principal
            balance of all Liquidity Loans at any one time outstanding shall not
            exceed the Liquidity Subfacility Amount and (ii) the aggregate
            unpaid principal balance of all Liquidity Loans, R/C Loans and
            Competitive Bid Loans at any one time outstanding, plus the Letter
            of Credit Exposure at such time, shall not exceed the Aggregate
            Commitments. During such period, the Company may borrow, prepay in
            whole or in part and reborrow Liquidity Loans, all in accordance
            with the terms and conditions hereof. Subject to the provisions of
            paragraphs 2.3 and 2.7, Liquidity Loans may be (a) Base Rate Loans
            or (b) Eurodollar Loans, or any combination thereof. Notwithstanding
            the foregoing, in the event that the Agent shall not have obtained a
            perfected first

                                       30
<PAGE>

            priority Lien (or the equivalent thereof under the relevant local
            law) on the Non-Domestic Collateral on or before the Liquidity
            Subfacility Effective Date except for the Collateral described in
            the proviso to paragraph 2.27(a), the aggregate unpaid principal
            balance of all Liquidity Loans outstanding at any one time shall not
            exceed the lesser of $30,000,000 and the Liquidity Subfacility
            Amount at such time until the Agent shall have obtained a perfected
            first priority Lien (or the equivalent thereof under the relevant
            local law) on the Non-Domestic Collateral. Upon the Agent obtaining
            a perfected first priority Lien (or the equivalent thereof under the
            relevant local law) on the Non-Domestic Collateral pursuant to (and
            subject to the limitations set forth in) paragraph 2.27, the
            aggregate unpaid principal balance of all Liquidity Loans
            outstanding at any one time shall not exceed the Liquidity
            Subfacility Amount, subject to the provisions of the first sentence
            of this paragraph 2.26(a).

                        (b) The Company may borrow Liquidity Loans on any
            Business Day occurring on or after the Liquidity Subfacility
            Effective Date and ending on the Liquidity Subfacility Termination
            Date, by giving the Agent an irrevocable telephonic (to be promptly
            confirmed in writing) or fax or other written notice of borrowing
            (each a "LIQUIDITY BORROWING REQUEST") no later than 11:00 A.M., New
            York City time, three Business Days prior to each requested
            Borrowing Date, in the case of Eurodollar Loans, and no later than
            11:00 A.M., New York City time, two Business days prior to the
            requested Borrowing Date, in the case of Base Rate Loans, specifying
            (i) the aggregate amount of Liquidity Loans to be borrowed, (ii) the
            requested Borrowing Date, and (iii) whether the borrowing is to be
            of Eurodollar Loans, Base Rate Loans, or a combination thereof. Each
            borrowing of Eurodollar Loans comprising all or a portion of a
            Liquidity Borrowing shall be in an aggregate principal amount equal
            to $5,000,000 or such amount plus a whole multiple of $1,000,000.
            Each borrowing of Base Rate Loans comprising all or a portion of a
            Liquidity Borrowing shall be in an aggregate principal amount equal
            to $1,000,000 or such amount plus a whole multiple thereof or, if
            less, the unused amount of the Liquidity Subfacility Amount. Upon
            receipt of each notice of borrowing from the Company, the Agent
            shall promptly notify each Lender thereof. Subject to its receipt of
            the notice referred to in the preceding sentence, each Lender will
            make the amount of its Commitment Percentage of each Liquidity
            Borrowing available to the Agent for the account of the Company at
            the office of the Agent set forth in paragraph 11.2 not later than
            12:00 Noon, New York City time, on the Liquidity Borrowing Date
            requested by the Company, in funds immediately available to the
            Agent at such office.

                                       31
<PAGE>

            The amounts so made available to the Agent on a Liquidity Borrowing
            Date will then, subject to the satisfaction of the terms and
            conditions of this Agreement as determined by the Agent, be made
            available on such date to the Company by the Agent at the office of
            the Agent specified in paragraph 11.2 by crediting the account of
            the Company on the books of such office with the aggregate of said
            amounts in like funds as received by the Agent.

                        (c) Unless the Agent shall have received prior notice
            from a Lender (by telephone or otherwise, such notice to be
            confirmed by fax or other writing) that such Lender will not make
            available to the Agent such Lenders' pro rata share of the Liquidity
            Loans requested by the Company, the Agent may assume that such
            Lender has made such share available to the Agent on such Liquidity
            Borrowing Date in accordance with this paragraph, provided that such
            Lender received notice of the proposed Liquidity Borrowing from the
            Agent, and the Agent may, in reliance upon such assumption, make
            available to the Company on such Liquidity Borrowing Date a
            corresponding amount. If and to the extent such Lender shall not
            have so made such pro rata share available to the Agent, such Lender
            and the Company severally agree to pay without duplication to the
            Agent forthwith on demand such corresponding amount (to the extent
            not previously paid by the other), together with interest thereon
            for each day from the date such amount is made available to the
            Company until the date such amount is paid to the Agent, at a rate
            per annum equal to, in the case of the Company, the applicable
            interest rate set forth in paragraph 2.8, and, in the case of such
            Lender, the Federal Funds Rate in effect on each such day (as
            determined by the Agent). Such payment by the Company, however,
            shall be without prejudice to its rights against such Lender. If
            such Lender shall pay to the Agent such corresponding amount, such
            amount so paid shall constitute such Lender's Liquidity Loan as part
            of such Liquidity Loans for purposes of this Agreement, which
            Liquidity Loan shall be deemed to have been made by such Lender on
            the Liquidity Borrowing Date applicable to such Liquidity Loans.

                  2.27. SECURITY

                        (a) In order to secure the due payment and performance
            by the Company of its obligations in respect of the Liquidity Loans
            and of the Subsidiary Guarantors of their obligations in respect of
            the Subsidiary Guarantees (the "SUBFACILITY OBLIGATIONS"), the
            Company shall, and cause the Subsidiary Guarantors to, grant to the
            Agent for the ratable benefit of the Lenders

                                       32
<PAGE>

            a Lien on the Collateral in accordance with the Security Documents;
            provided, however, that nothing in this Agreement or any of the
            other Loan Documents shall require the Company or any Subsidiary
            Guarantor to grant to the Agent a Lien on any Non-Domestic
            Collateral (other than pursuant to the Czech Loan Assignment and the
            Czech Mortgage) to the extent (and only to the extent) that the
            granting of such Lien (i) would violate the terms of any material
            written agreement to which the Company or any Subsidiary Guarantor
            is a party or by which the Company, any Subsidiary Guarantor or such
            Non-Domestic Collateral is bound as of the Liquidity Subfacility
            Effective Date, (ii) contravene any applicable law, statute, rule or
            regulation or any order, writ, injunction or decree of any
            Governmental Body or (iii) result in material adverse tax
            consequences to the Company.

                        (b) In the event that the Company or any Subsidiary
            Guarantor is unable as a result of the circumstances described in
            clauses (i), (ii) or (iii) of paragraph 2.27(a) to grant to the
            Agent a Lien on any of the Non-Domestic Collateral, the Company
            shall deliver to the Agent a certificate (the "COLLATERAL
            CERTIFICATE") in form and substance satisfactory to the Agent
            identifying the Collateral on which the Agent will not obtain a Lien
            and setting forth in reasonable detail the reasons that the Company
            or such Subsidiary Guarantor is unable to grant such Lien, together
            with such supporting documentation (including, without limitation,
            copies of agreements translated into English and calculations of
            estimated tax consequences) as the Agent may reasonably request.

                        (c) Upon receipt by the Agent with respect to each
            Non-Domestic Subsidiary of (i) a Lien on the Non-Domestic Collateral
            in accordance with this Agreement and the Security Documents or (ii)
            one or more Collateral Certificates with respect to the Non-Domestic
            Collateral on which the Agent is not entitled to obtain a Lien
            pursuant to the proviso to paragraph 2.27(a), the Agent shall
            promptly notify each Lender in writing of the receipt by the Agent
            of such Liens and certificates and the date, which shall be a date
            not earlier than 3 Business Days after the date of such notice, on
            which the limitation on the outstanding principal amount of
            Liquidity Loans set forth in the penultimate sentence of paragraph
            2.26(a) shall terminate which shall be not later than 5 Business
            Days after the Agent shall have received such Liens and
            Certificates.

                        (d) Provided no Default or Event of Default has occurred
            and is continuing, the Agent and the Lenders promptly will:

                                       33
<PAGE>

                              (i) release their security interest in the
            Collateral (including the Disbursement Account but not the Reserve
            Account) upon the written request of the Company after Ogden
            Services Corporation shall have deposited Net Cash Proceeds received
            by Ogden Services Corporation from the sale of the "food and
            beverage" business of not less than $51,000,000 in the Reserve
            Account as substitute collateral for the Collateral; and

                              (ii) release their security interest in the
            Collateral (including the Disbursement Account and the Reserve
            Account) upon (A) the repayment in full of the Liquidity Loans and
            all accrued interest thereon and the termination of the Liquidity
            Subfacility, (B) the cancellation of the Liquidity Subfacility by
            the Company at any time that no Liquidity Loans are outstanding or
            (C) receipt by the Agent of Net Cash Proceeds from the sale of the
            Aviation Business and the simultaneous repayment in full of the
            Liquidity Loans and all accrued interest thereon and termination of
            the Liquidity Subfacility, which release shall be simultaneously
            with such sale and the receipt of such Net Cash Proceeds and
            repayment. The Agent and the Lenders shall execute and deliver to
            the Company such instruments and documents as the Company may
            reasonably request to evidence such release, at the sole cost and
            expense of the Company.

            2.22 Section 3.1(a) of the Credit Agreement is hereby amended by
adding the phrase "and all Liquidity Loans" after the phrase "all R/C Loans" in
subclause (i) of clause (b) of the first sentence thereof.

            2.23 Section 3.2 of the Credit Agreement is hereby amended by
deleting the first two sentences thereof in their entirety and substituting the
following therefor:

                  With respect to the R/C Loans and Liquidity Loans, each
            borrowing by the Company from the Lenders, any conversion of R/C
            Loans or Liquidity Loans from one Type to another, and any reduction
            of the Commitments (other than a reduction arising under paragraph
            2.18), shall be made pro rata according to the Commitment Percentage
            of each Lender. All payments (including prepayments) made by the
            Company to the Agent on account of principal of or interest on the
            R/C Loans and the Liquidity Loans, all payments in respect of
            unreimbursed obligations for the Letters of Credit, and any
            reduction of the participation in the face amount of a Letter of
            Credit, shall be made pro rata according to the outstanding
            principal amount of each Lender's R/C Loans or Liquidity Loans, as
            the case may be, and all payments (including prepayments) made by
            the Company on account of principal of or interest on the
            Competitive Bid Loans comprising

                                       34
<PAGE>

            the same Competitive Bid Borrowing shall be made as specified in
            paragraphs 2.3(c) and 2.3(d).

            2.24  Section 6.3 of the Credit Agreement is hereby deleted in its
entirety and the following substituted therefor:

                  6.3   BORROWING REQUEST.

                        With respect to any request for Loans or the issuance of
            a Letter of Credit, the Agent shall have received an R/C Borrowing
            Request, a Liquidity Borrowing Request, a Competitive Bid Borrowing
            Request or L/C Issuance Request, as the case may be, duly executed
            by an Authorized Signatory of the Company, accompanied by, with
            respect to each request for a Letter of Credit, an Application for
            Letter of Credit.

            2.25  Section 7.1 of the Credit Agreement is hereby amended by
adding the following new Section 7.1(d) at the end thereof to read in its
entirety as follows:

                  (d) concurrently with any delivery of financial statements
            under subsection (a) above commencing with fiscal year 2000, a
            certificate executed by the Chief Financial Officer and the general
            counsel of the Company (i) setting forth the information required
            pursuant to Section 2 of the Perfection Certificate or confirming
            that there has been no change in such information since the date of
            such certificate or the date of the most recent certificate
            delivered pursuant to this subsection (d), (ii) certifying that all
            Uniform Commercial Code financing statements or other appropriate
            filings, recordings or registrations, including all refilings,
            rerecordings and re-registrations, containing a description of the
            Collateral have been filed of record in each governmental, municipal
            or other appropriate office in each jurisdiction identified pursuant
            to clause (i) above in accordance with the Security Documents and
            (iii) identifying in the format of Schedule 8 to the Perfection
            Certificate Equity Interests (as defined in the Security Agreement),
            of the Company and each Subsidiary Guarantor in existence on the
            date thereof and not then listed on such Schedules or previously so
            identified to the Agent.

            2.26  Section 7 of the Credit Agreement is hereby amended by adding
a new Section 7.12 to read in its entirety as follows:

                  7.12  ADDITIONAL SUBSIDIARIES.

                  In the event that on or after the Amendment No. 3 Effective
            Date, any Person shall become a Subsidiary of

                                       35
<PAGE>

            Ogden Aviation or of any of its Subsidiaries (other than solely as a
            result of the corporate reorganization of the Company's aviation
            business and such Person is a party to, and such Person's assets and
            Capital Stock are subject to, the Security Documents), the Company
            shall (i) notify the Agent in writing thereof within three Business
            Days thereof, (ii) cause such Person to execute and deliver to the
            Agent a Guarantee Supplement and to become a party to each
            applicable Security Document in the manner provided therein within
            five Business Days thereafter and to promptly take such actions to
            create and perfect Liens on such Person's assets to secure such
            Person's obligations under the Loan Documents as the Agent or the
            Required Lenders shall reasonably request in accordance with the
            Security Documents, (iii) cause any shares of Stock of such new
            Subsidiary owned by or on behalf of any Loan Party to be pledged
            pursuant to the Security Agreement within five Business Days
            thereafter, (iv) cause each such new Subsidiary to deliver to the
            Agent any shares of Stock of any Subsidiary that are owned by or on
            behalf of such new Subsidiary within five Business Days after such
            Subsidiary is formed or acquired in accordance with the Security
            Documents, and (v) deliver to the Agent a Perfection Certificate
            with respect to such Subsidiary, such additional Financing
            Statements, Grants of Security Interest and Powers of Attorney (as
            each such term is defined in the Security Agreement) certificates,
            instruments and opinions as the Agent may request.

            2.27 Section 11.1 of the Credit Agreement is hereby amended by (i)
adding new clauses (x) and (xi) at the end of the first proviso thereof to read
in their entirety as follows:

            or (x) release any Subsidiary Guarantor from its obligations under
            the Subsidiary Guarantee (except as expressly provided therein,
            under paragraphs 2.25(e) and 2.27(d) or as a result of the
            termination of the existence of such Subsidiary Guarantor in a
            transaction permitted by paragraph 8.6), or (xi) release all or
            substantially all of the Collateral from the Liens of the Security
            Documents (except as may be expressly permitted thereunder, under
            paragraphs 2.25(e) or 2.27(d) or in connection with a transaction
            permitted by paragraph 8.6)

and (ii) by adding a new sentence at the end thereof to read in its
entirety as follows:

            Notwithstanding the foregoing, the Agent, the Lenders and the
            Company acknowledge and agree that paragraph 2.25 (Disbursement
            Account, Reserve Account and Collateral for Subfacility) may not be
            amended to (x) limit the set off rights of the Agent in respect of
            the Disbursement Account and the Reserve Account as set forth in

                                       36
<PAGE>

            paragraph 2.25, (y) change the provisions relating to the
            application of any amounts set off by the Agent in respect of the
            Disbursement Account or the Reserve Account in excess of the amounts
            necessary to satisfy the Subfacility Obligations or (z) change the
            provisions relating to the disbursement of funds from the
            Disbursement Account and the Reserve Account, without the consent of
            the Agent, the Required Lenders and the requisite creditors under
            the Credit Facility Indebtedness.

      3.    CONDITIONS TO EFFECTIVENESS OF AMENDMENT.

            3.1 The effectiveness of the amendments set forth in Sections 1 and
2 of this Amendment No. 3 is subject to the prior or simultaneous fulfillment of
the following conditions on or before 4:00 P.M. New York City time on April 27,
2000:

                (a) The Agent shall have received this Amendment No. 3 executed
by (i) a duly authorized officer or officers of the Company and (ii) the
Required Lenders;

                (b) The Agent shall have received such other documents as it
shall have reasonably requested consistent with the terms hereof;

                (c) Holders of Indebtedness under any Covenant Credit Facility
shall have executed, to the extent required by each such Covenant Credit
Facility, waivers or amendments to such credit facilities satisfactory to the
Agent and the Required Lenders (i) containing amendments to the covenants and
related definitions in such credit facilities identical to those set forth in
Section 1 of this Amendment No. 3 and (ii) containing agreements by such holders
to (A) waive compliance by the Company or any of its Subsidiaries with, or
amend, any provision of any instrument, document or agreement evidencing such
Indebtedness requiring the sharing of any collateral securing the Liquidity
Loans and (B) waive any default or event of default currently existing or
occurring as a result of (x) the incurrence by the Company of Indebtedness under
the Liquidity Loan subfacility, (y) the Guarantee by the Guarantors of the
obligations of the Company in respect of the Liquidity Loans or (z) the granting
of the liens and security interest to secure the obligations in respect of the
Liquidity Loans and the obligations of the Subsidiary Guarantors under the
Subsidiary Guarantee;

                (d) The Agent shall have received payment of all of its
out-of-pocket expenses, including the reasonable fees and expenses of its
counsel Emmet, Marvin & Martin, LLP incurred in connection with this Amendment
No. 3;

                (e) The Agent shall have received the arrangement fee due to the
Agent pursuant to the agreement between the Agent and the Company;

                                       37
<PAGE>

                (f) The Agent shall have received confirmation that the
attorneys and accountants for the Steering Committee have received retainer
payments of $500,000 in the aggregate;

                (g) The Agent shall have received (i) a non-refundable
Subfacility fee, for the pro-rata benefit of the Lenders, equal to $1,000,000
and (ii) a non-refundable amendment fee, for the pro-rata benefit of the
Lenders, equal to $187,500;

                (h) The Agent shall have received for deposit in the
Disbursement Account and, if applicable, the Reserve Account the Net Cash
Proceeds of any Permitted Disposition closed prior to the Amendment No. 3
Effective Date; and

                (i) The representations and warranties contained in the Credit
Agreement (other than the representations and warranties made as of a specific
date) shall be true and correct in all material respects on and as of the
Amendment No. 3 Effective Date, other than such exceptions as set forth on a
disclosure certificate to be delivered to the Agent by the Company on or before
the Amendment No. 3 Effective Date so long as such exceptions do not disclose
the occurrence of a Material Adverse Change since the date of the Projections.

            3.2 The date on which the conditions set forth in Section 3.1 are
satisfied is the "AMENDMENT NO. 3 EFFECTIVE DATE" and until the conditions set
forth in Section 3.1 are satisfied, the amendments set forth in Section 1 and 2
of this Amendment No. 3 are not effective. In the event that the conditions set
forth in Section 3.1 have not been satisfied on or before 4:00 p.m. New York
City time on April 27, 2000, this Amendment No. 3 shall terminate and shall be
of no force or effect.

   4.       CONDITIONS TO EFFECTIVENESS AND AVAILABILITY OF LIQUIDITY
            SUBFACILITY.

            4.1 The obligation of each Lender to make any Liquidity Loan up to
an aggregate principal amount of all Liquidity Loans for all Lenders of
$30,000,000 on a Liquidity Borrowing Date is subject to the satisfaction of the
following conditions precedent as of the date of such Liquidity Loan:

                 (a) The Agent shall have received the Secured Liquidity Notes
duly executed by an Authorized Signatory of the Company;

                 (b) The Agent shall have received a counterpart of each of the
Security Agreement, the Domestic Subsidiary Guarantee, and each other Domestic
Security Document, each dated the Liquidity Subfacility Effective Date, signed
by the Company and each Subsidiary party thereto (or a facsimile of a signature
page thereof signed by the Company and each such Subsidiary party thereto)
together with the following:

                                       38
<PAGE>

                 (i) a completed Perfection Certificate, dated the Liquidity
      Subfacility Effective Date and signed by both a Financial Officer and the
      general counsel of the Company, together with all attachments contemplated
      thereby;

                 (ii) one or more stock certificates, evidencing 100% of the
      issued and outstanding Capital Stock of Ogden Aviation and each Domestic
      Subsidiary owned by Ogden Aviation or any other Domestic Subsidiary
      Guarantor (other than the Stock of the Subsidiaries in the Fuel Facilities
      Group), in each case, together with undated stock powers with respect
      thereto, executed in blank by the Company or such Domestic Subsidiary
      Guarantor, as the case may be, and bearing a signature guarantee in all
      respects satisfactory to the Agent, if requested by the Agent;

                 (iii) Uniform Commercial Code Financing Statements for each
      Domestic Subsidiary Guarantor covering accounts receivable, goods,
      machinery, equipment and other Collateral described in the Domestic
      Security Documents, executed by such Domestic Subsidiary Guarantor
      (subject, with respect to the Property described in part (b) of Schedule F
      hereto to the Liens described on part (b) of Schedule F), for the
      jurisdictions set forth on Schedule 3 to the Security Agreement;

                 (iv) executed counterparts of mortgages, deeds of trust or
      similar documents in form and substance satisfactory to the Agent
      (collectively, as amended, restated, supplemented or otherwise modified
      from time to time, the "MORTGAGE") covering the real property of Ogden
      Projects, Inc. located in --------- Fairfield, New Jersey, together with
      mortgagee title insurance policies issued by title insurers reasonably
      satisfactory to the Agent in amounts reasonably satisfactory to the Agent
      (which policies shall include, without limitation, an endorsement for
      future advances under the Credit Agreement), a survey, in form and
      substance satisfactory to the Agent to such real property certified by a
      licensed professional surveyor satisfactory to the Agent and such other
      instruments, documents and agreements in connection with the execution,
      delivery and recording of the Mortgage and granting of a Lien on such real
      property in favor of the Agent as the Agent may reasonably request; and

                 (v) such instruments, documents and agreements as the Agent may
      reasonably request in connection with the establishment of the
      Disbursement Account and the Reserve Account, and the granting of a Lien
      thereon in favor of the Agent for the benefit the Lenders;

            (c) The Agent shall have received certificates, dated the Liquidity
Subfacility Effective Date, of the Secretary or Assistant Secretary of the
Company and each Domestic Subsidiary Guarantor (i) attaching a true and complete
copy of the resolutions of its Board of Directors and of all documents
evidencing other necessary corporate action (in form and substance satisfactory
to the Agent and to Special Counsel) taken by it to authorize this Amendment No.
3, the Loan Documents to be executed by it in connection herewith and the
transactions contemplated hereby and thereby, (ii) attaching a true and complete
copy of

                                       39
<PAGE>

its certificate of incorporation and by-laws, and (iii) setting forth
the incumbency of its officer or officers who may sign the Loan Documents to
which it is a party, including therein a signature specimen of such officer or
officers, together with such other documents as the Agent or Special Counsel
shall reasonably require;

            (d) There shall have occurred no Material Adverse Change and there
shall not exist any material litigation in respect of the Company, its
Subsidiaries or its businesses, or any material undisclosed liability of the
Company or any of its Subsidiaries, in each case since the date of the
Projections, and the Agent shall have received a certificate of an Authorized
Signatory of the Company to such effect;

            (e) Each of the conditions set forth in Section 3.1 of this
Amendment No. 3 and in Section 6 of the Credit Agreement shall have been
satisfied;

            (f) The Agent shall have received the financial statements of the
Company and its Subsidiaries described in Section 7.1(a) of the Credit Agreement
as at and for the year ending December 31, 1999, together with the unqualified
opinion of the Accountants with respect thereto;

            (g) The Agent shall have received projected financial statements for
the energy division of the Company for the fiscal year ending December 31, 2000,
in form and substance satisfactory to the Agent and the Required Lenders;

            (h) The Agent shall have received such other documents as it shall
have reasonably requested; and

            (i) The Agent shall have received an opinion of counsel to the
Company and the Domestic Subsidiary Guarantors, addressed to the Agent and the
Lenders, dated the Liquidity Subfacility Effective Date, in form and substance
satisfactory to the Special Counsel.

      4.2 The obligation of the Lenders to make any Liquidity Loan in excess of
an aggregate principal amount of $30,000,000 on a Liquidity Borrowing Date is
subject to the satisfaction of the following conditions precedent as of the date
of such Liquidity Loan:

            (a) The Agent shall have received with respect to each Non-Domestic
Subsidiary Guarantor (1) the Czech Loan Assignment and the Czech Mortgage and
(2) (x) a Collateral Certificate and/or (y) a counterpart of each of the other
Non-Domestic Security Instrument, in each case executed by the Company and such
Non-Domestic Subsidiary Guarantor (or a facsimile of a signature page thereof
signed by the Company and such Non-Domestic Subsidiary Guarantor) together with
the following:

                        (i) a completed Perfection Certificate, signed by both a
      Financial Officer and the general counsel of the Company, together with
      all

                                       40
<PAGE>

      attachments contemplated thereby, with respect to each Non-Domestic
      Subsidiary Guarantor; and

                      (ii) one or more stock certificates, evidencing not less
          than 65% of the issued and outstanding Capital Stock of each
          Non-Domestic Subsidiary owned by Ogden Aviation or any other
          Subsidiary Guarantor, in each case, together with undated stock powers
          (or the equivalent, if any, under local law) with respect thereto,
          executed in blank by the Company or such Subsidiary Guarantor, as the
          case may be, and bearing a signature guarantee in all respects
          satisfactory to the Agent, if requested by the Agent;

                 (b) The Agent shall have received certificates, dated the
Liquidity Subfacility Effective Date, of the Secretary or Assistant Secretary of
each Non-Domestic Subsidiary Guarantor (i) attaching a true and complete copy of
the resolutions of its Board of Directors and of all documents evidencing other
necessary corporate action (in form and substance satisfactory to the Agent and
to Special Counsel) taken by it to authorize the Non-Domestic Security
Instruments to be executed by it and the transactions contemplated thereby, (ii)
attaching a true and complete copy of its certificate of incorporation and
by-laws, and (iii) setting forth the incumbency of its officer or officers who
may sign the Loan Documents to which it is a party, including therein a
signature specimen of such officer or officers, together with such other
documents as the Agent or Special Counsel shall reasonably require;

                 (c) There shall have occurred no Material Adverse Change and
there shall not exist any material litigation in respect of the Company, its
Subsidiaries or its businesses, or any material undisclosed liability of the
Company or any of its Subsidiaries, in each case since the date of the
Projections;

                 (d) Each of the conditions set forth in Section 6 of the Credit
Agreement shall have been satisfied; and

                 (e) The Agent shall have received such other documents as it
shall have reasonably requested.

            4.3 The date on which the conditions set forth in Section 4.1 are
satisfied is the "LIQUIDITY SUBFACILITY EFFECTIVE DATE".

      5.   ACKNOWLEDGMENTS, REPRESENTATIONS AND WARRANTIES AND AGREEMENTS.

           5.1 The Company hereby (a) reaffirms and admits the validity and
enforceability of the Credit Agreement and the other Loan Documents and all of
its obligations thereunder, and (b) represents and warrants to the Agent and
each Lender:

                                       41
<PAGE>

            (i) As of the date hereof, there exists no Default or Event of
Default.

            (ii) The Company has full corporate power and authority to enter
into, execute, deliver and carry out the terms of this Amendment No. 3 and the
Loan Documents to which it is a party, and to make the borrowings and to incur
the other obligations contemplated hereby and thereby, to issue, deliver and
carry out the terms of the Secured Liquidity Notes and to incur the obligations
provided for in the Credit Agreement as amended hereby and in the Secured
Liquidity Notes, all of which have been duly authorized by all proper and
necessary corporate action and are not in violation of its Restated Certificate
of Incorporation or By-Laws.

            (iii) Each Subsidiary Guarantor has full corporate power and
authority to enter into, execute, deliver and carry out the terms of the Loan
Documents to which it is a party and to incur the obligations contemplated
thereby, all of which have been duly authorized by all proper and necessary
corporate action and are not in violation of its Certificate of Incorporation or
By-Laws (or equivalent governing documents).

            (iv) No consent, authority or approval of, filing with, notice to,
or exemption by, stockholders, any Governmental Body or any other Person (except
for those which have been obtained, made or given) is required to authorize, or
is required in connection with the execution, delivery and performance of this
Amendment No. 3, the Credit Agreement as amended hereby or any Loan Document, or
is required as a condition to the validity or enforceability of this Amendment
No. 3, the Credit Agreement as amended hereby or any Loan Document. No provision
of any applicable statute, law (including, without limitation, any applicable
usury or similar law), rule or regulation of any Governmental Body will prevent
the execution, delivery or performance of, or affect the validity of, this
Amendment No. 3, the Credit Agreement as amended hereby or any Loan Document.

            (v) This Amendment No. 3 constitutes, and the Loan Documents to be
executed and delivered in connection herewith, when issued, executed and
delivered pursuant hereto for value received, will constitute, the valid and
legally binding obligations of the Company and the Subsidiary Guarantors
enforceable in accordance with their respective terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization or similar laws affecting enforcement of creditors' rights
generally or by general principles of equity.

            (vi) The execution, delivery, carrying out of the terms of this
Amendment No. 3, the Credit Agreement, as amended hereby and the Loan Documents
(including, without limitation, the granting of a Lien on the Collateral
pursuant to the Security Documents) or the borrowing of any Liquidity Loan will
not constitute a default under, conflict with, require any consent under (other
than consents which have been obtained), or result in the creation or imposition
of, or obligation to create, any Lien upon the Property or assets of the Company
or any of its Subsidiaries pursuant to the terms of any

                                       42
<PAGE>

mortgage, indenture (including, without limitation, the 1992 Senior Note
Indenture), contract, agreement, judgment, decree or order.

            (vii) Schedule D to this Amendment No. 3 sets forth a true, correct
and complete list of all Covenant Credit Facilities and each holder of any
Indebtedness under any such facility as of the date hereof.

            (viii) Ogden Services Corporation is a direct, wholly-owned
Subsidiary of the Company. Ogden Services Corporation on the Amendment No. 3
Effective Date owns beneficially and of record the Stock of the Subsidiaries
that own all of the Property and assets of the Aviation Business (except for the
Company's direct minority interest in the joint venture, Aeropuentos Argentina
2000 S.A.) and the Company's discontinued entertainment business (including the
Stock of the Company's Subsidiaries that own the discontinued food and beverage
business), and except for Ogden Allied Maintenance Securities Inc., the Fuel
Facilities Group, Ogden Flight Services Group, Inc., Ogden Flight Properties,
Inc. and FRC Holdings, Inc., has owned such Subsidiaries, Properties and assets
for not less than five years (or such shorter time period as such Subsidiaries,
Properties and assets have been owned directly or indirectly by the Company).

            (ix) All Disposition Related Debt either (a) is secured by a Lien on
the Property being sold in the Permitted Disposition related thereto or (b) is a
direct obligation of (i) the Subsidiary that owns the Property being sold in
such Permitted Disposition or (ii) a Subsidiary whose right to the proceeds of
such sale is structurally senior to any such right of the Company. All
Disposition Related Debt paid upon sale shall be paid solely from the proceeds
of sale.

            (x) The sole assets of the Subsidiaries that comprise the Fuel
Facilities Group are pipes, tanks and related structures owned or held for the
benefit of airlines serviced by the Fuel Facilities Group.

      5.2 The Company specifically and unconditionally acknowledges and
reaffirms its indebtedness to the Agent and the Lenders in the outstanding
principal amount of $50,000,000 under the terms of the Credit Agreement and the
other Loan Documents, together with all accrued and unpaid interest to the date
hereof, interest to be accrued and other costs, charges and expenses as may
accrue or become due under the terms of the Credit Agreement and the other Loan
Documents, including but not limited to reasonable fees and expenses of counsel.
The Company acknowledges and agrees that if and to the extent it maintains any
defenses to its obligations under the Credit Agreement and the other Loan
Documents arising through and including the date hereof, such defenses are
hereby waived and released as a specific condition to the agreements of the
Agent and the Lenders set forth herein, which waiver and release are
unconditional and without limitation.

      5.3 The Company hereby acknowledges that all sales, assignments, transfers
or other dispositions of Property (other than the Property described on
Schedules B-1, B-2 and B-3 hereto and sales, assignments, transfers or other
dispositions of Property

                                       43
<PAGE>

permitted by Section 8.6 of the Credit Agreement) after the Amendment No. 3
Effective Date shall be subject to the prior review and written consent of the
Agent and the Required Lenders.

            5.4 All references to "this Agreement" in the Credit Agreement and
to "the Credit Agreement" in the other Loan Documents shall be deemed to refer
to the Credit Agreement as amended by this Amendment No. 3. All reference to the
"representations and warranties" in the Credit Agreement or in the other Loan
Documents shall be deemed to include the representations and warranties set
forth in Section 5.1 of this Amendment No. 3.

            5.5 Except as specifically set forth herein, the Credit Agreement
and the other Loan Documents shall remain in full force and effect in accordance
with their terms.

            5.6 The Company hereby acknowledges that the Agent and the Lenders
and holders of the Credit Facility Indebtedness may form the Steering Committee
in order to, among other things, coordinate the monitoring of the Company's
performance and the repayment of the Company's and its Subsidiaries'
Indebtedness. In connection therewith, and without limiting the Company's
obligations under Section 11.5 of the Credit Agreement, the Company shall pay or
reimburse the Steering Committee for all of its reasonable fees and expenses,
including, without limitation, fees and expenses incurred in connection with the
engagement on behalf of the Steering Committee of an accounting firm and a law
firm selected by the Steering Committee in their discretion.

            5.7 In the event that the Company shall pay or become obligated to
pay to any holder of any Credit Facility Indebtedness or any agent or trustee
for any syndicate of holders of any Credit Facility Indebtedness in connection
with the consent by such holder or syndicate of holders to the waiver or
amendment of any provision of any instrument, document or agreement evidencing
such Credit Facility Indebtedness to conform any such instrument, document or
agreement to the terms of the Credit Agreement (as amended hereby) and this
Amendment No. 3 any fee (each such fee a "CREDIT FACILITY FEE") in excess of
0.375% of the principal amount of such Credit Facility Indebtedness held by such
holder or syndicate of holders, the Company shall pay to the Agent for the
ratable benefit of the Lenders (simultaneously with the payment of each such
Credit Facility Fee) an additional non-refundable fee equal to the difference
between (x) the product of (i) a fraction, the numerator of which is the
aggregate amount of such Credit Facility Fee and the denominator of which is the
principal amount of such Credit Facility Indebtedness, multiplied by (ii)
$50,000,000 and (y) $187,500.

                                       44
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            5.8  Each of the Company, the Agent and each Lender acknowledges
that nothing in this Amendment No. 3 or the Credit Agreement as amended
hereby shall in any way limit the rights or remedies of the Agent and the
Lenders upon the occurrence and during the continuance of an Event of Default
or constitute a so-called "standstill agreement" (and neither this Amendment
No. 3 nor any of the other amendments to the documents governing the Credit
Facility Indebtedness shall be deemed to create any standstill obligation)
between (i) the Company and any of its creditors or (ii) among any of the
Company's creditors, and that each holder of indebtedness of the Company
(including, without limitation, Credit Facility Indebtedness) shall retain
all of its respective rights and remedies with respect to such indebtedness
in accordance with the terms thereof, at law or otherwise.

     6.    MISCELLANEOUS.

           6.1 This Amendment No. 3 may be executed by facsimile and in any
number of counterparts, each of which shall be an original and all of which
shall constitute one agreement. It shall not be necessary in making proof of
this Amendment No. 3 to produce or account for more than one counterpart
signed by the party to be charged.

           6.2  This Amendment No. 3 is being delivered in and is intended to
be performed in the State of New York and shall be construed and enforceable
in accordance with, and be governed by, the internal laws of the State of New
York without regard to principles of conflict of laws.

      The parties hereto have caused this Amendment No. 3 to be duly executed
and delivered by their proper and duly authorized officers as of the day and
year first above written.

                                       45
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                  AMENDMENT NO. 3 - REVOLVING CREDIT AGREEMENT

                                      46

<PAGE>

                  AMENDMENT NO. 3 - REVOLVING CREDIT AGREEMENT

                                       47

<PAGE>

                  AMENDMENT NO. 3 - REVOLVING CREDIT AGREEMENT

                                     48

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