Document:

Exhibit 10.1

WAIVER,
CONSENT AND FIRST AMENDMENT

TO

CREDIT AGREEMENT

This
WAIVER, CONSENT AND FIRST AMENDMENT TO CREDIT AGREEMENT (this “Waiver”) dated as of
August 15, 2006, by and among SITEL
CORPORATION, a Minnesota corporation (“Parent”), and each of Parent’s
Subsidiaries identified on the signature pages hereof (such Subsidiaries,
together with Parent, are referred to hereinafter each individually as a “Borrower”,
and collectively, as the “Borrowers”), WELLS FARGO FOOTHILL, INC., a California corporation, as a Lender,
as administrative agent for the Lenders (in such capacity, together with its
successors and assigns in such capacity, “Administrative Agent”),
European administrative agent for the Lenders, collateral agent for the Lender
Group and the Bank Product Providers (in such capacity, together with its
successors and assigns in such capacity, “Collateral Agent”) and
fronting lender for the Lenders, WELLS
FARGO FINANCIAL CORPORATION CANADA, a Nova Scotia unlimited liability
company, as a Lender and as Canadian administrative agent for the Lenders, and
the other Lenders party hereto.

WHEREAS,
Borrowers, Administrative Agent and certain other financial institutions from
time to time party thereto (the “Lenders”) are parties to that certain
Credit Agreement dated as of August 19, 2005 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”);

WHEREAS,
Events of Default exist as a result of the items listed below (collectively,
the “Specified Defaults”):

(i)            failure of
Borrowers to deliver to Administrative Agent, with copies for each Lender, the
Projections with respect to the fiscal year ending December 31, 2006 required
to be delivered pursuant to Section 5.3 of the Credit Agreement on or prior to
March 13, 2006, which constitutes a breach of Section 6(a) of the Waiver and
Consent to Credit Agreement dated as of March 24, 2006, among Borrowers,
Administrative Agent and Lenders (the “March Waiver”) and an Event of
Default under the Credit Agreement;

(ii)           failure of
Borrowers to secure the Brazil Loan (as defined in the March Waiver, and as
used herein, the “Brazil Loan”) with all of the assets of SITEL do
Brasil Ltda (“SITEL Brazil”) pursuant to documentation in form and
substance reasonably satisfactory to Administrative Agent, which constitutes a
breach of Section 6(b) of the March Waiver and an Event of Default under the
Credit Agreement;

(iii)          failure of SITEL
Brazil to use all proceeds of the Brazil Loan to pay the Unpaid Brazilian
Municipal Taxes (as defined in the March Waiver, and as used herein, the “Unpaid
Brazilian Municipal Taxes”) within 15 business days of the receipt by SITEL
Brazil of the proceeds of the Brazil Loan, and failure of Borrowers

 

 

to deliver to
Administrative Agent evidence from the applicable Governmental Authorities that
all Unpaid Brazilian Municipal Taxes have been paid in full, in form and
substance reasonably satisfactory to Administrative Agent, which constitutes a
breach of Section 3 and Section 6(c) of the March Waiver and an Event of
Default under the Credit Agreement;

(iv)          failure of Borrowers
to deliver to Administrative Agent, with copies for each Lender, the audited
consolidated financial statements of Parent and its Subsidiaries for the fiscal
year ended December 31, 2005 required to be delivered pursuant to Section 5.3
of the Credit Agreement, which constitutes a breach of Section 5 of the Waiver
to Credit Agreement dated as of April 20, 2006, among Borrowers, Administrative
Agent, and Lenders and an Event of Default under the Credit Agreement;

(v)           failure of Borrowers
to deliver to Administrative Agent, with copies for each Lender, unaudited
consolidated and consolidating financial statements, and related Compliance
Certificates, covering Parent’s and its Subsidiaries’ operations for the Fiscal
Months ended April 30, 2006 and May 31, 2006 within 30 days after the end of
such Fiscal Month, constituting breaches of Section 5.3 of the Credit Agreement
and Events of Default under Section 7.2(a) of the Credit Agreement;

(vi)          failure of Borrowers
to deliver to Administrative Agent, with copies for each Lender, unaudited
consolidated and consolidating financial statements, and a Compliance
Certificate, covering Parent’s and its Subsidiaries’ operations for the fiscal
quarter ended March 31, 2006 within 45 days after the end of such quarter,
constituting a breach of Section 5.3 of the Credit Agreement and an Event of
Default under Section 7.2(a) of the Credit Agreement;

(vii)         the Compliance
Certificates delivered prior to the date hereof to Administrative Agent and
Lenders being inaccurate as a result of accounting irregularities with respect
to the books and records of SITEL Brazil, constituting breaches under Sections
4.11 and 4.18 of the Credit Agreement and separate Events of Default under
Section 7.9 of the Credit Agreement;

(viii)        failure of Borrowers
to deliver to Administrative Agent US Borrowing Base Certificates and Foreign
Borrowing Base Certificates for the months of March 2006, April 2006, May 2006
and June 2006, constituting breaches of Section 5.2 of the Credit Agreement and
separate Events of Default under Section 7.2(a) of the Credit Agreement;

(ix)           failure of
Borrowers to maintain a Leverage Ratio of not more than 2.75:1.00 for the four
fiscal quarters ended September 30, 2005, constituting a breach of Section
6.17(a)(iii) of the Credit Agreement and an Event of Default under Section
7.2(a) of the Credit Agreement;

 2
 

 

 

(x)            failure of
Borrowers to maintain, as of August 2, 2006, US Excess Availability equal to or
in excess of $7,500,000, constituting a breach of Section 6.17(c) of the Credit
Agreement and an Event of Default under Section 7.2(a) of the Credit Agreement;

(xi)           failure of
Borrowers to pay certain United States income taxes (the “Unpaid Income
Taxes”) before delinquency, constituting a breach of Section 5.6 of the
Credit Agreement and an Event of Default under Section 7.2(b) of the Credit
Agreement;

(xii)          the financial
statements of Parent and its Subsidiaries delivered to Administrative Agent
prior to the date hereof being inaccurate as a result of accounting
irregularities with respect to the books and records of SITEL Brazil and the
failure of Borrowers to pay the Unpaid Income Taxes, constituting breaches
under Sections 4.11, 4.18 and 5.13 of the Credit Agreement and separate Events
of Default under Sections 7.2 and 7.9 of the Credit Agreement;

(xiii)         the conversion on
December 31, 2005 of $4,700,000 in intercompany indebtedness owed by SITEL UK
Limited to the Parent to equity held by the Parent, SITEL International LLC and
SITEL Europe Limited on a date on which a Default or Event of Default existed,
constituting a breach of Section 6.12 of the Credit Agreement and an Event of
Default under Section 7.2(a) of the Credit Agreement;

(xiv)        the incurrence of
Liens on the Accounts and certain other assets of SITEL Brazil securing the
Indebtedness of SITEL Brazil listed on Schedule 1 hereto (together with any
refinancings, renewals or extensions of such Indebtedness and replacement Liens
associated therewith, so long as such refinancings, renewals, or extensions do
not result in an increase in the principal amount of, or interest rate with
respect to, such Indebtedness, or a shortening of the average weighted maturity
of such Indebtedness, and such replacement Liens only encumber those assets
that secured the refinanced, renewed or extended Indebtedness, the “Additional
Brazil Secured Debt”), constituting a breach of Section 6.16 of the Credit
Agreement and an Event of Default under Section 7.2(a) of the Credit Agreement;
and

(xv)         the incurrence of
Indebtedness by Non-Loan Party Subsidiaries in excess of that permitted by
clause (a)(ii) of Section 6.16 of the Credit Agreement as a result of the
incurrence by SITEL Brazil of the Indebtedness listed on Schedule 2 hereto (together
with any refinancings, renewals or extensions of such Indebtedness, so long as
such refinancings, renewals, or extensions do not result in an increase in the
principal amount of, or interest rate with respect to, such Indebtedness, or a
shortening of the average weighted maturity of such Indebtedness, the “Brazil
Local Debt”).

WHEREAS,
Events of Default are expected to exist as a result of the failure of Borrowers
to (i) deliver to the Administrative Agent unaudited consolidated and
consolidating income statements and Compliance Certificates for the months of
July, 2006

 3
 

 

 

and
August, 2006, constituting breaches of Section 5.3 of the Credit Agreement and
separate Events of Default under Section 7.2(a) of the Credit Agreement, (ii) deliver to Administrative Agent, with
copies for each Lender, unaudited consolidated and consolidating financial
statements, and a Compliance Certificate, covering Parent’s and its
Subsidiaries’ operations for the fiscal quarter ended June 30, 2006,
constituting a breach of Section 5.3 of the Credit Agreement and an Event of
Default under Section 7.2(a) of the Credit Agreement and (iii) maintain a Leverage Ratio of not more than 2.25:1.00 for the four
fiscal quarters ended June 30, 2006, constituting a breach of Section 6.17(a)(iii) of the
Credit Agreement and an Event of Default under Section 7.2(a) of the Credit
Agreement (collectively, the “Expected Defaults”);

WHEREAS,
Borrowers desire to obtain the consent of Administrative Agent and Required
Lenders to the requests listed below (collectively, the “Requested Consents”):

(i)            SITEL Brazil
incurring Indebtedness in an aggregate principal amount not to exceed BRL
5,000,000 pursuant to an installment plan (the “Brazil Installment Plan Loan”)
to repay certain INSS (as defined below) taxes;

(ii)           the conversion of
intercompany indebtedness owing by SITEL Nordic AB (“SITEL Nordic”) to
SITEL Europe Limited (“SITEL Europe”) in an aggregate principal amount
not to exceed SEK 1,600,000 to equity (the “Loan Conversion”);

(iii)          permit the Loan
Parties to make intercompany loans to SITEL Brazil (the “Additional Brazil
Working Capital Intercompany Loans”); provided, that (v) the aggregate
Dollar Equivalent principal amount of the Additional Brazil Working Capital
Intercompany Loans made in reliance on this clause (iii) shall not exceed
$750,000 in the aggregate, (w) the Loan Parties making such Additional Brazil
Working Capital Intercompany Loans be acceptable to Administrative Agent in its
sole discretion, (x) immediately after giving effect to the making of the
Additional Brazil Working Capital Intercompany Loans and the making of any
Advances in connection therewith, the Dollar Equivalent of Excess Availability
is not less than $20,000,000, (y) the Additional Brazil Working Capital
Intercompany Loans are evidenced by a promissory note, in form and substance
reasonably acceptable to Collateral Agent, which promissory note has been
pledged to Collateral Agent, and (z) the proceeds of the Additional Brazil
Working Captial Intercompany Loans are used solely for the working capital
requirements of SITEL Brazil; and

(iv)          permit SITEL Europe
to use the proceeds of a European Advance to repay an intercompany loan made by
Parent to SITEL Europe in the principal amount of $3,950,112 (the “European
Loan Repayment”);

WHEREAS,
Borrowers have requested that Administrative Agent and Required Lenders waive
the Specified Defaults and Expected Defaults and consent to the Requested
Consents and the undersigned Required Lenders have agreed to do so subject to
the terms and conditions contained herein; and

 4
 

 

 

WHEREAS,
Borrowers, Administrative Agent and Required Lenders have further agreed to
amend the Credit Agreement in certain respects, subject to the terms and
conditions contained herein.

NOW,
THEREFORE, in consideration of the foregoing recitals, the mutual covenants and
agreements set forth herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:

2.             Defined Terms.  Unless otherwise defined herein, capitalized
terms used herein shall have the meanings ascribed to such terms in the Credit
Agreement.  As used in this Waiver, the
following terms shall have the meanings specified below:

“Back Social Taxes Loans”
means the intercompany loan to SITEL Brazil from Parent made on February 24, 2006 in the
Dollar Equivalent aggregate principal amount of $1,500,000 to pay COFINS and
INSS and for general corporate purposes of SITEL Brazil, and the intercompany
loan to SITEL Brazil from SITEL
(BVI) International, Inc. made on May 24, 2006 in the Dollar
Equivalent aggregate principal amount of $1,600,047 to pay PIS and COFINS and
for general corporate purposes of SITEL Brazil.

“Brazil April
Intercompany Loan” means an intercompany loan to SITEL Brazil from Parent made on April 26, 2006 in
the Dollar Equivalent aggregate principal amount of $500,000 to be used by
SITEL Brazil for general corporate purposes.

“BRL” shall mean the Brazilian real, the lawful currency of
Brazil.

“COFINS” shall mean the Contribution for the Financing of Social
Security, a tax paid by Brazilian corporations to the Ministry of Economics of
Brazil on gross revenues in order to fund the Brazilian social security system.

“INSS” shall mean the tax paid to the National Social Security
Institute (INSS) of Brazil, a department of the Ministry of Security and Social
Assistance of Brazil, for the administration of social security contributions.

“PIS” shall mean the tax paid by corporations in Brazil to the
Ministry of Economics of Brazil on gross revenues, which taxes contributes to
the funding of social integration programs.

“SEK” shall mean the Swedish krona, the lawful currency of
Sweden.

3.             Waiver.  Subject to the satisfaction of the conditions
set forth in Section 6 below, Administrative Agent and Required Lenders hereby
waive (a) the Specified Defaults and the Expected Defaults, and (b) the
condition precedent set forth in Section 5(b) of the March Waiver requiring
Borrowers to deliver to Administrative Agent as a condition precedent to the
effectiveness of the March Waiver a promissory note in form and substance
reasonably acceptable to Collateral Agent evidencing the Brazil Loan.  The Borrowers, the Administrative Agent and
Required Lenders hereby agree that the March Waiver shall be deemed to have
become effective on March 24, 2006. 
Except as set forth hereinabove, the

 5
 

 

 

foregoing waiver shall
not constitute (x) a modification or alteration of the terms, conditions
or covenants of the Credit Agreement or any other Loan Document, (y) a
waiver of any other breach of, or any other Event of Default under, the Credit
Agreement or any other Loan Document or (z) a waiver, release or
limitation upon the exercise by the Lender of any of its rights, legal or
equitable, under the Credit Agreement, the other Loan Documents and applicable
law, all of which are hereby reserved.

4.             Consent. Subject to the
satisfaction of the conditions set forth in Section 6 below, notwithstanding
any provision in the Credit Agreement or the other Loan Documents to the
contrary, Administrative Agent and the Required Lenders hereby consent to (a)
SITEL Brazil incurring the Brazil Installment Plan Loans; (b) the consummation
of the Loan Conversion regardless of whether any Default or Event of Default is
occurring or continuing to occur on the date of such Loan Conversion; (c) Loan
Parties making and SITEL Brazil incurring and securing the Additional Brazil
Working Capital Intercompany Loans; (d) the consummation promptly after the
date hereof of the European Loan Repayment; and (e) SITEL Brazil incurring
additional secured or unsecured Indebtedness, and incurring Liens with respect
to any such secured Indebtedness, in an aggregate principal amount not to exceed BRL
2,000,000 (the “Additional Permitted Brazil Debt”).  For the avoidance of doubt, no portion of any
Indebtedness basket set forth in Section 6.1 or 6.16 of the Credit Agreement,
any Investment basket set forth in the definition of Permitted Investments or
any Lien basket set forth in the definition of Permitted Liens or in Section
6.16 of the Credit Agreement shall be deemed utilized by the making of or the
incurrence of or the securing of the Brazil Installment Plan Loans, the Back
Social Taxes Loans, the Additional Brazil Working Capital Intercompany Loans,
the Brazil Loan, the Brazil April Intercompany Loan, the Brazil Local Debt and
the Additional Permitted Brazil Debt. 
This consent is a limited consent and shall not be deemed to constitute
a consent with respect to any other current or future departure from the
requirements of any provision of the Credit Agreement or any other Loan
Documents.

5.             Amendments to Credit Agreement.  Subject to the satisfaction of the conditions
set forth in Section 6 of this Waiver, the Credit Agreement is hereby amended
as follows:

(a)           Clause (j) of Section 6.1 of the
Credit Agreement is hereby amended and restated in its entirety as follows:

(j)
Indebtedness of Loan Parties and their respective Subsidiaries in respect of
intercompany loans permitted under clauses (g), (h), (u) and (v) of the
definition of Permitted Investments;

(b)           Section 6.12 of the Credit Agreement
is hereby amended by adding the following sentence to the end of such section:

Notwithstanding
the foregoing, Borrowers
will not and will not permit any other Loan Party or any Significant Subsidiary
to make intercompany loans to SITEL do Brasil Ltda without the consent of
Administrative Agent (other than the

 6
 

 

 

Additional Brazil Working Capital Intercompany Loans, as such term is
defined in that certain Waiver, Consent and First Amendment to Credit Agreement
dated as of August      , 2006, by and among
Borrowers, Administrative Agents and Lenders).

(c)           Section 6.17(a)(i) of the Credit
Agreement is hereby amended and restated in its entirety as follows:

(i)            Minimum EBITDA.  EBITDA,
measured on a month-end basis, of at least the required amount set forth in the
following table for the applicable period set forth opposite thereto:

	
  Applicable Period

  	
   

  	
  Applicable Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  For the 12 month periods ending July 31, 2006 and August
  31, 2006

  	
   

  	
  $

  	
  45,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  For the 12 month
  period ending each month thereafter

  	
   

  	
  $

  	
  55,000,000

  	
   

  

 

(d)           Section 6.17(a)(iii) of the Credit
Agreement is hereby amended and restated in its entirety as follows:

(iii)          Leverage Ratio.  A
Leverage Ratio, measured on a quarter-end basis, of not more than the ratio set
forth in the following table for the applicable period set forth opposite
thereto:

	
  Applicable Ratio

  	
   

  	
  Applicable Period

  
	
   

  	
   

  	
   

  
	
  2.50:1.0

  	
   

  	
  For the 4 fiscal
  quarters

  ending March 31, 2006 and June 30, 2006

  
	
   

  	
   

  	
   

  
	
  2.25:1.0

  	
   

  	
  For the 4 fiscal
  quarters

  ending September 30, 2006

  
	
   

  	
   

  	
   

  
	
  2.00:1.0

  	
   

  	
  For the 4 fiscal
  quarters

  ending each fiscal quarter thereafter

  

 

(e)           The defined term “Permitted Dispositions”
set forth in Schedule 1.1 to the Credit Agreement is hereby amended by (i)
replacing the word “and” at the end of clause (n) with a comma, (ii) replacing
the period at the end of clause (o) with the phrase “and,” and (iii) adding the
following clause (p) at the end thereof as follows:

 7
 

 

 

(p)           the non-recourse sale of Accounts by
SITEL France SAS (or, with the consent of Administrative Agent, any other
Significant Subsidiary) so long as no Default or Event of Default exists or
would be caused by the consummation of such transaction, the consideration
received therefor is cash or Cash Equivalents and is at least fair market value
(as determined in the good faith judgment of SITEL France SAS or such
Significant Subsidiary), and the Net Cash Proceeds of such sales must be used
to repay existing Indebtedness of SITEL France SAS (or such Significant
Subsidiary) or for general operating purposes of SITEL France SAS (or such
Significant Subsidiary).

(f)            The defined term “Permitted
Investments” set forth in Schedule 1.1 to the Credit Agreement is hereby
amended by (i) deleting the word “and” at the end of clause (s), (ii) replacing
the period at the end of clause (t) with a comma, and (iii) adding the
following clauses (u) and (v) at the end thereof as follows:

(u)                                 an intercompany loan to SITEL
do Brasil Ltda (“SITEL Brazil”) from Parent made on February 24, 2006 in the Dollar Equivalent
aggregate principal amount of $1,500,000 to pay COFINS and INSS and for general
corporate purposes of SITEL Brazil, and an intercompany loan to SITEL
Brazil from SITEL (BVI) International, Inc. made on May 24, 2006 in the Dollar Equivalent aggregate
principal amount of $1,600,047 to pay PIS and COFINS and for general corporate
purposes of SITEL Brazil (collectively, the “Back Social Taxes Loans”),
and

(v)                                 an intercompany loan to
SITEL Brazil from Parent made
on April 26, 2006 in the Dollar Equivalent aggregate principal amount of
$500,000 to be used by SITEL Brazil for general corporate purposes (the “Brazil
April Intercompany Loan”).

(g)           Section 6.16(a) of the Credit
Agreement is hereby amended by adding at the end of such Section the following
phrase: “provided, further, that SITEL Brazil may incur and grant a Lien on its
assets to secure the Back Social Taxes Loans and the Brazil April Intercompany
Loan.”

6.             Ratification.  This Waiver, subject to satisfaction of the
conditions provided below, shall constitute waivers, consents and amendments to
the Credit Agreement and all of the Loan Documents as appropriate to express
the agreements contained herein.  In all
other respects, the Credit Agreement and the Loan Documents shall remain
unchanged and in full force and effect in accordance with their original terms.

 8
 

 

 

7.             Conditions Precedent.  The effectiveness of this Waiver is
subject to the following conditions precedent:

(a)           Borrowers,
Administrative Agent and the Required Lenders shall have executed and delivered
to Administrative Agent this Waiver;

(b)           Borrowers
shall have delivered to Administrative Agent a promissory note, in form and
substance reasonably acceptable to Collateral Agent, evidencing the Additional
Brazil Working Capital Intercompany Loans;

(c)           Borrowers,
Ableco Finance LLC, as agent, and the “Required Lenders” party to the Term B
Credit Agreement shall have executed and delivered a waiver, consent and
amendment to the Term B Credit Agreement in form and substance satisfactory to
Administrative Agent; and

(d)           Administrative
Agent shall have received the amendment fee payable pursuant to Section 8
below.

8.             Covenants.

(a)           On
or prior to September 18, 2006 (or such later date acceptable to Administrative
Agent), Borrowers shall deliver to Administrative Agent, with copies for each
Lender,

(i)            the audited consolidated financial
statements of Parent and its Subsidiaries for the fiscal year ended December
31, 2005, together with related Compliance Certificate, required to be
delivered pursuant to Section 5.3 of the Credit Agreement;

(ii)           evidence from the applicable
Governmental Authorities of the ruling or rulings of such Governmental
Authorities, if any, with respect to the investigation of potential delinquent
payment of the Unpaid Income Taxes;

(iii)          unaudited consolidated income
statements covering Parent’s and its Subsidiaries’ operations, and related
Compliance Certificates, for each Fiscal Month ended during the period
beginning July 1, 2005 and ending on the date hereof required to be delivered
pursuant to Section 5.3 of the Credit Agreement;

(iv)          unaudited consolidated and
consolidating financial statements covering Parent’s and its Subsidiaries’
operations, and related Compliance Certificates, for the fiscal quarters ended
September 30, 2005, March 31, 2006 and June 30, 2006 required to be delivered
pursuant to Section 5.3 of the Credit Agreement;

(v)           US Borrowing Base Certificates and
Foreign Borrowing Base Certificates for each month ended during the period
beginning February 1, 2006 and ending on June 30, 2006, required to be
delivered pursuant to Section 5.2 the Credit Agreement; and

 9
 

 

 

(vi)          accurate Compliance Certificates
correcting errors in Compliance Certificates delivered prior to the date
hereof.

(b)           On
or prior to September 30, 2006 (or such later date acceptable to Administrative
Agent) Borrowers shall have delivered to Administrative Agent all documents evidencing
the Brazil Installment Plan Loan, each in form and substance reasonably
acceptable to Administrative Agent.

(c)           On
or prior to December 31, 2006 (or such later date acceptable to Administrative
Agent), Borrowers shall deliver to Administrative Agent, with copies for each
Lender, evidence from the applicable Governmental Authorities that the Unpaid
Income Taxes have been paid in full, in form and substance reasonably
satisfactory to Administrative Agent.

(d)           Within
45 days of the date hereof (or such later period acceptable to Administrative
Agent), the Brazil Loan and the Additional Brazil Working Capital Intercompany
Loans shall be secured by the assets of SITEL Brazil (other than (i) Accounts
of SITEL Brazil, solely to the extent such Accounts secure up to BRL 4,400,000
of the Additional Brazil Secured Debt, and (ii) assets securing the
Indebtedness described on Schedule 1 hereto (and any permitted refinancing,
renewals or extensions thereof) and the Additional Permitted Brazil Debt)
pursuant to documentation in form and substance reasonably satisfactory to
Administrative Agent.

(e)           Within
45 days of the date hereof (or such later period acceptable to Administrative
Agent), Borrowers shall deliver to Administrative Agent evidence from the
applicable Governmental Authorities that all Unpaid Brazilian Municipal Taxes
have been paid in full, in form and substance reasonably satisfactory to
Administrative Agent.

(f)            A
failure by Borrowers to comply with the foregoing covenants shall constitute an
immediate Event of Default.

9.             Amendment Fee.  Borrowers hereby agree to pay to
Administrative Agent on the date hereof, for distribution to the Lenders based
on their Pro Rata Shares, an amendment fee equal to $150,000.  The foregoing amendment fee is in addition
to, and not in lieu of, all other fees charged to the Borrowers under the Loan
Documents.

10.           Release.  Each Borrower hereby absolutely and
unconditionally releases and forever discharges Administrative Agent and the
Lenders, and any and all participants, parent corporations, subsidiary
corporations, affiliated corporations, insurers, indemnitors, successors and
assigns thereof, together with all of the present and former directors,
officers, agents and employees of any of the foregoing, from any and all
claims, demands or causes of action of any kind, nature or description, whether
arising in law or equity or upon contract or tort or under any state or federal
law or otherwise, which such Borrower has had, now has or has made claim to
have against any such person for or by reason of any act, omission, matter,
cause or thing whatsoever arising from the beginning of time to and including
the date of this Waiver, whether such claims, demands and causes of action are
matured or unmatured or

 10
 

 

 

known (and for the
avoidance of doubt, not including any act, omission, matter, cause or thing
whatsoever arising after the date of this Waiver) or unknown.

11.           Miscellaneous.

(a)           Warranties and Absence of Defaults.  In order to induce Administrative Agent and
the Required Lenders to enter into this Waiver, each Borrower hereby warrants
to Administrative Agent and the Lenders, as of the date hereof, that:

(i)            other than as
waived hereunder, the representations and warranties contained in the Credit
Agreement or in the other Loan Documents shall be true and correct in all
material respects on and as of the date hereof, as though made on and as of
such date (except to the extent that such representations and warranties relate
solely to an earlier date); and

(ii)           no Default or Event
of Default (other than the Specified Defaults and the Expected Default related
to the failure of Borrowers to maintain a Leverage Ratio of not more than
2.25:1.00 for the four fiscal quarters ended June 30, 2006) shall have occurred
and be continuing on the date hereof.

(b)           Expenses. 
Borrowers, jointly and severally, agree to pay on demand all reasonable
costs and expenses of Administrative Agent (including the reasonable fees and
expenses of outside counsel for Agent) in connection with the preparation,
negotiation, execution, delivery and administration of this Waiver and all
other instruments or documents provided for herein or delivered or to be
delivered hereunder or in connection herewith. 
All obligations provided herein shall survive any termination of this
Waiver and the Credit Agreement.

(c)           Governing Law. 
This Waiver shall be a contract made under and governed by the internal
laws of the State of New York.

(d)           Counterparts. 
This Waiver may be executed in any number of counterparts, and by the
parties hereto on the same or separate counterparts, and each such counterpart,
when executed and delivered, shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same Waiver.

[Signature Page Follows]

 11

 

 

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

	
  

  	
  BORROWER AND ADMINISTRATIVE

  
	
   

  	
  BORROWER:

  
	
   

  	
   

  	
   

  
	
   

  	
  SITEL CORPORATION

  
	
   

  	
  a Minnesota corporation, as a Borrower and as

  Administrative Borrower

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ronald E. Reno

  	
   

  
	
   

  	
  Name:

  	
  Ronald E. Reno

  	
   

  
	
   

  	
  Title:

  	
  Vice President of Finance and

  Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BORROWERS:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  NATIONAL ACTION FINANCIAL

  SERVICES, INC.

  	
   

  
	
   

  	
  a Georgia corporation

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ronald E. Reno

  	
   

  
	
   

  	
  Name:

  	
  Ronald E. Reno

  	
   

  
	
   

  	
  Title:

  	
  Assistant Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SITEL HOME MORTGAGE CORP.

  	
   

  
	
   

  	
  a Nebraska corporation

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ronald E. Reno

  	
   

  
	
   

  	
  Name:

  	
  Ronald E. Reno

  	
   

  
	
   

  	
  Title:

  	
  Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  FINANCIAL INSURANCE SERVICES,

  INC.

  	
   

  
	
   

  	
  a Nebraska corporation

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ronald E. Reno

  	
   

  
	
   

  	
  Name:

  	
  Ronald E. Reno

  	
   

  
	
   

  	
  Title:

  	
  Treasurer

  	
   

  

 

 12
 

 

 

	
  

  	
  SITEL INTERNATIONAL LLC

  	
   

  
	
   

  	
  a Delaware limited liability company

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ronald E. Reno

  	
   

  
	
   

  	
  Name:

  	
  Ronald E. Reno

  	
   

  
	
   

  	
  Title:

  	
  Vice President of Finance and

  Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SITEL UK LIMITED

  	
   

  
	
   

  	
  a corporation organized under the laws of

  England and Wales

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles Horton

  	
   

  
	
   

  	
  Name:

  	
  Charles Horton

  	
   

  
	
   

  	
  Title:

  	
  Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SITEL EUROPE LIMITED

  	
   

  
	
   

  	
  a corporation organized under the laws of

  England and Wales

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles Horton

  	
   

  
	
   

  	
  Name:

  	
  Charles Horton

  	
   

  
	
   

  	
  Title:

  	
  Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SITEL IRELAND LIMITED

  	
   

  
	
   

  	
  a corporation organized under the laws of

  Ireland

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Charles Horton

  	
   

  
	
   

  	
  Name:

  	
  Charles Horton

  	
   

  
	
   

  	
  Title:

  	
  Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SITEL TELESERVICES CANADA INC.

  	
   

  
	
   

  	
  an Ontario corporation

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ronald E. Reno

  	
   

  
	
   

  	
  Name:

  	
  Ronald E. Reno

  	
   

  
	
   

  	
  Title:

  	
  President

  	
   

  

 

 13
 

 

 

	
  

  	
  SITEL INSURANCE SERVICES CANADA

  INC.

  	
   

  
	
   

  	
  an Ontario corporation

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ronald E. Reno

  	
   

  
	
   

  	
  Name:

  	
  Ronald E. Reno

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SITEL CUSTOMER CARE, INC.

  	
   

  
	
   

  	
  an Ontario corporation

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ronald E. Reno

  	
   

  
	
   

  	
  Name:

  	
  Ronald E. Reno

  	
   

  
	
   

  	
  Title:

  	
  Assistant Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SITEL GmbH

  	
   

  
	
   

  	
  a limited liability company organized under the

  laws of Germany

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eddy Van de Poel

  	
   

  
	
   

  	
  Name:

  	
  Eddy Van de Poel

  	
   

  
	
   

  	
  Title:

  	
  Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gabriele Grossecker

  	
   

  
	
   

  	
  Name:

  	
  Gabriele Grossecker

  	
   

  
	
   

  	
  Title:

  	
  Managing Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SRM INKASSO GMBH

  	
   

  
	
   

  	
  a limited liability company organized under the

  laws of Germany

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eddy Van de Poel

  	
   

  
	
   

  	
  Name:

  	
  Eddy Van de Poel

  	
   

  
	
   

  	
  Title:

  	
  Director

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gabriele Grossecker

  	
   

  
	
   

  	
  Name:

  	
  Gabriele Grossecker

  	
   

  
	
   

  	
  Title:

  	
  Managing Director

  	
   

  

 

 14
 

 

 

	
   

  	
  ADMINISTRATIVE AGENT AND LENDERS:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WELLS
  FARGO FOOTHILL, INC.,

  	
   

  
	
   

  	
  as Administrative
  Agent, European Administrative Agent, Collateral Agent and as a Lender

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/ 

  	
   

  
	
   

  	
  Title

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  WELLS
  FARGO FINANCIAL CORPORATION

  CANADA, as Canadian Administrative Agent and as a

  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/ 

  	
   

  
	
   

  	
  Title

  	
   

  	
   

  
						

 

 15
 

 

 

	
  

  	
  ALLIED
  IRISH BANKS PLC, as a Lender

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/ 

  	
   

  
	
   

  	
  Title

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  AIB
  DEBT MANAGEMENT, LIMITED, as a Lender

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/ 

  	
   

  
	
   

  	
  Title

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MARATHON
  STRUCTURED FINANCE FUND,

  LP, as a Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/ 

  	
   

  
	
   

  	
  Title

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  PACIFIC
  ASSET FUNDING, LLC, as a Lender

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/ 

  	
   

  
	
   

  	
  Title

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THE CIT
  GROUP/BUSINESS CREDIT, INC., as a

  Lender

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/ 

  	
   

  
	
   

  	
  Title

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  E*TRADE
  BANK, as a Lender

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/ 

  	
   

  
	
   

  	
  Title

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BANK OF
  THE WEST,as a Lender

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  /s/ 

  	
   

  
	
   

  	
  Title

  	
   

  	
   

  
						

 

 16
 

 

 

SCHEDULE 1

Additional Brazil Secured Debt

Bank
Lines of Credit:

	
  Lender

  	
   

  	
  Maximum

  Amount

  Available on

  Line of Credit

  	
   

  	
  Outstanding

  Indebtedness as of

  June 30, 2006

  	
   

  	
  Security for Debt

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bradesco Bank

  	
   

  	
  BRL

  	
  500,000

  	
   

  	
  BRL

  	
  299,313

  	
   

  	
  Accounts
  of SITEL Brazil

  	
   

  
	
  Itau Bank

  	
   

  	
  BRL

  	
  2,000,000

  	
   

  	
  BRL

  	
  1,300,000

  	
   

  	
  Accounts of SITEL
  Brazil

  	
   

  

 

Capital
Lease Obligations:

	
  Lender

  	
   

  	
  Number of Lease

  Contracts

  	
   

  	
  Outstanding

  Capital Lease

  Obligation [as of

  June 30, 2006]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bradesco Bank

  	
   

  	
  3

  	
   

  	
  BRL

  	
  175,804

  	
   

  
	
  Itau Bank

  	
   

  	
  2

  	
   

  	
  BRL

  	
  325,354

  	
   

  
	
  Safra Bank

  	
   

  	
  13

  	
   

  	
  BRL

  	
  1,134,790

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
   

  	
   

  	
  BRL

  	
  1,635,948

  	
   

  

 

 17
 

 

 

SCHEDULE 2

Brazil Local Debt

Bank Lines of Credit:

	
  Lender

  	
   

  	
  Maximum

  Amount

  Available on

  Line of Credit

  	
   

  	
  Outstanding

  Indebtedness as of

  June 30, 2006

  	
   

  	
  Security for Debt

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Sudameris

  	
   

  	
  BRL

  	
  1,000,000

  	
   

  	
   

  	
  0

  	
   

  	
  No company assets

  	
   

  
	
  Sudameris

  	
   

  	
  BRL

  	
  700,000

  	
   

  	
  BRL

  	
  581,851

  	
   

  	
  No company assets

  	
   

  
	
  Safra

  	
   

  	
  BRL

  	
  100,000

  	
   

  	
   

  	
  0

  	
   

  	
  None

  	
   

  
	
  Safra

  	
   

  	
  BRL

  	
  2,200,000

  	
   

  	
  BRL

  	
  2,226,168

  	
   

  	
  Standby Letter of
  Credit from Parent’s Bank

  	
   

  
	
  Safra

  	
   

  	
  BRL

  	
  350,000

  	
   

  	
  BRL

  	
  58,333

  	
   

  	
  None

  	
   

  
	
  Safra

  	
   

  	
  BRL

  	
  250,000

  	
   

  	
   

  	
  0

  	
   

  	
  None

  	
   

  
	
  Bradesco Bank

  	
   

  	
  BRL

  	
  300,000

  	
   

  	
   

  	
  0

  	
   

  	
  None

  	
   

  
	
  Bradesco Bank

  	
   

  	
  BRL

  	
  200,000

  	
   

  	
   

  	
  0

  	
   

  	
  None

  	
   

  
	
  Bradesco Bank

  	
   

  	
  BRL

  	
  500,000

  	
   

  	
  BRL

  	
  299,313

  	
   

  	
  Accounts of SITEL
  Brazil

  	
   

  
	
  Itau Bank

  	
   

  	
  BRL

  	
  2,000,000

  	
   

  	
  BRL

  	
  1,300,000

  	
   

  	
  Accounts of SITEL
  Brazil

  	
   

  

 

Capital Lease Obligations:

	
  Lender

  	
   

  	
  Number of Lease

  Contracts

  	
   

  	
  Outstanding

  Capital Lease

  Obligation [as of

  June 30, 2006]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bradesco Bank

  	
   

  	
  3

  	
   

  	
  BRL

  	
  175,804

  	
   

  
	
  Itau Bank

  	
   

  	
  2

  	
   

  	
  BRL

  	
  325,354

  	
   

  
	
  Safra Bank

  	
   

  	
  13

  	
   

  	
  BRL

  	
  1,134,790

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
   

  	
   

  	
  BRL

  	
  1,635,948

  	
   

  

 

 

 18Exhibit
10.2

Execution
Version

 

WAIVER, CONSENT AND FIRST
AMENDMENT

TO

CREDIT AGREEMENT

This WAIVER, CONSENT AND FIRST
AMENDMENT TO CREDIT AGREEMENT (this “Waiver”),
dated as of August 15, 2006,  by and
among SITEL CORPORATION, a
Minnesota corporation (“Parent”), and each of Parent’s Subsidiaries
identified on the signature pages hereof (such Subsidiaries, together with
Parent, are referred to hereinafter each individually as a “Borrower”,
and collectively, as the “Borrowers”), and ABLECO FINANCE LLC, a Delaware
limited liability company, as the arranger and administrative agent for the
Lenders (as defined below) and collateral agent for the Lender Group (as
defined below) (in such capacities, together with its successors and assigns in
such capacities, the “Agent”) and as a Lender.

WHEREAS, Borrowers, Agent
and certain lenders identified on the signature pages thereto (such lenders,
together with their respective successors and permitted assigns, are referred
to hereinafter each individually as a “Lender”, and collectively, as the “Lenders”;
and together with Agent, collectively the “Lender Group”) are parties to that
certain Credit Agreement dated as of August 19, 2005 (as amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”);

WHEREAS, Events of
Default exist as a result of the items listed below (collectively, the “Specified
Defaults”):

(i)            failure of
Borrowers to deliver to Agent, with copies for each Lender, the Projections
with respect to the fiscal year ending December 31, 2006 required to be
delivered pursuant to Section 5.3 of the Credit Agreement on or prior to
March 13, 2006, which constitutes a breach of Section 6(a) of the Waiver
and Consent to Credit Agreement dated as of March 24, 2006, among Borrowers, Agent
and Lenders (the “March Waiver”) and an Event of Default under the
Credit Agreement;

(ii)           failure of SITEL
Brazil to use all proceeds of the Brazil Loan to pay the Unpaid Brazilian
Municipal Taxes (as defined in the March Waiver, and as used herein, the “Unpaid
Brazilian Municipal Taxes”) within 15 business days of the receipt by SITEL
Brazil of the proceeds of the Brazil Loan, and failure of Borrowers to deliver
to Agent evidence from the applicable Governmental Authorities that all Unpaid
Brazilian Municipal Taxes have been paid in full, in form and substance
reasonably satisfactory to Agent, which constitutes a breach of Section 3
and Section 6(b) of the March Waiver and an Event of Default under the
Credit Agreement;

(iii)          failure of
Borrowers to secure the Brazil Loan (as defined in the March Waiver, and as
used herein, the “Brazil Loan”) with all of the assets of SITEL do
Brasil Ltda (“SITEL Brazil”) pursuant to documentation in form and
substance reasonably satisfactory to Agent, which constitutes a breach of Section
6(c) of the March Waiver and an Event of Default under the Credit
Agreement;

 

(iv)          failure of Borrowers
to deliver to Agent, with copies for each Lender, the audited consolidated financial
statements of Parent and its Subsidiaries for the fiscal year ended December
31, 2005 required to be delivered pursuant to Section 5.3 of the Credit
Agreement, which constitutes a breach of Section 5 of the Waiver to
Credit Agreement dated as of April 20, 2006, among Borrowers, Agent, and
Lenders and an Event of Default under the Credit Agreement;

(v)           failure of Borrowers
to deliver to Agent, with copies for each Lender, unaudited consolidated and
consolidating financial statements, and related Compliance Certificates,
covering Parent’s and its Subsidiaries’ operations for the Fiscal Months ended April
30, 2006 and May 31, 2006 within 30 days after the end of such Fiscal Month,
constituting breaches of Section 5.3 of the Credit Agreement and Events
of Default under Section 7.2(a) of the Credit Agreement;

(vi)          failure of Borrowers
to deliver to Agent, with copies for each Lender, unaudited consolidated and
consolidating financial statements, and a Compliance Certificate, covering
Parent’s and its Subsidiaries’ operations for the fiscal quarter ended March
31, 2006 within 45 days after the end of such quarter, constituting a breach of
Section 5.3 of the Credit Agreement and an Event of Default under Section
7.2(a) of the Credit Agreement;

(vii)         the inaccuracy of
the Compliance Certificates delivered prior to the date hereof to Agent and
Lenders as a result of accounting irregularities with respect to the books and
records of SITEL Brazil, constituting breaches under Sections 4.11 and 4.18
of the Credit Agreement and separate Events of Default under Section 7.9
of the Credit Agreement;

(viii)        failure of Borrowers
to deliver to Agent WFF US Borrowing Base Certificates and WFF Foreign
Borrowing Base Certificates for the months of March 2006, April 2006, May 2006,
and June 2006, constituting breaches of Section 5.2 of the Credit
Agreement and separate Events of Default under Section 7.2(a) of the
Credit Agreement;

(ix)           failure of
Borrowers to maintain a Leverage Ratio of not more than 2.75:1.00 for the four
fiscal quarters ended September 30, 2005, constituting a breach of Section
6.17(a)(iii) of the Credit Agreement and an Event of Default under Section
7.2(a) of the Credit Agreement;

(x)            failure of Borrowers to maintain, as of
August 2, 2006, WFF US Excess Availability equal to or in excess of $7,500,000,
constituting a breach of Section 6.17(c) of the Credit Agreement and an
Event of Default under Section 7.2(a) of the Credit Agreement;

(xi)           failure of
Borrowers to pay certain United States income taxes (the “Unpaid Income
Taxes”) before delinquency, constituting a breach of Section 5.6 of
the Credit Agreement and an Event of Default under Section 7.2(b) of the
Credit Agreement;

 2
 

 

(xii)          the financial
statements of Parent and its Subsidiaries delivered to Agent prior to the date
hereof being inaccurate as a result of accounting irregularities with respect
to the books and records of SITEL Brazil and the failure of Borrowers to pay
the Unpaid Income Taxes, constituting breaches under Sections 4.11, 4.18,
and 5.13 of the Credit Agreement and separate Events of Default under Sections
7.2 and 7.9 of the Credit Agreement;

(xiii)         the conversion on
December 31, 2005 of $4,700,000 in intercompany indebtedness owed by SITEL UK
Limited to the Parent to equity held by the Parent, SITEL International LLC and
SITEL Europe Limited on a date on which a Default or Event of Default existed,
constituting a breach of Section 6.12 of the Credit Agreement and an
Event of Default under Section 7.2(a) of the Credit Agreement;

(xiv)        the incurrence of
Liens on the Accounts and certain other assets of SITEL Brazil securing the
Indebtedness of SITEL Brazil listed on Schedule 1 hereto (together with any
refinancings, renewals or extensions of such Indebtedness and replacement Liens
associated therewith, so long as such refinancings, renewals, or extensions do
not result in an increase in the principal amount of, or interest rate with
respect to, such Indebtedness, or a shortening of the average weighted maturity
of such Indebtedness, and such replacement Liens only encumber those assets
that secured the refinanced, renewed or extended Indebtedness, the “Additional
Brazil Secured Debt”), constituting a breach of Section 6.16
of the Credit Agreement and an Event of Default under Section 7.2(a) of
the Credit Agreement; and

(xv)         the incurrence of
Indebtedness by Non-Loan Party Subsidiaries in excess of that permitted by
clause (a)(ii) of Section 6.16 of the Credit Agreement as a result of
the incurrence by SITEL Brazil of the Indebtedness listed on Schedule 2 hereto (together with any
refinancings, renewals or extensions of such Indebtedness, so long as such
refinancings, renewals, or extensions do not result in an increase in the
principal amount of, or interest rate with respect to, such Indebtedness, or a
shortening of the average weighted maturity of such Indebtedness, the “Brazil
Local Debt”).

WHEREAS, Events of
Default are expected to exist as a result of the failure of Borrowers to (i) deliver
to the Agent unaudited consolidated and consolidating income statements and
Compliance Certificates for the months of July, 2006 and August, 2006,
constituting breaches of Section 5.3 of the Credit Agreement and
separate Events of Default under Section 7.2(a) of the Credit Agreement,
(ii) deliver to Agent, with copies for each Lender,
unaudited consolidated and consolidating financial statements, and a Compliance
Certificate, covering Parent’s and its Subsidiaries’ operations for the fiscal
quarter ended June 30, 2006, constituting a breach of Section 5.3 of the
Credit Agreement and an Event of Default under Section 7.2(a) of the
Credit Agreement and (iii) maintain a
Leverage Ratio of not more than 2.25:1.00 for the four fiscal quarters ended
June 30, 2006, constituting a breach of Section 6.17(a)(iii) of the
Credit Agreement and an Event of Default under Section 7.2(a) of the
Credit Agreement (collectively, the “Expected Defaults”);

 3
 

 

WHEREAS, Borrowers desire
to obtain the consent of Agent and Required Lenders to the requests listed
below (collectively, the “Requested Consents”):

(i)            the incurrence of
Indebtedness by SITEL Brazil in an aggregate principal amount not to exceed BRL
5,000,000 pursuant to an installment plan (the “Brazil Installment Plan Loan”)
to repay certain INSS (as defined below) taxes;

(ii)           the conversion of
intercompany indebtedness owing by SITEL Nordic AB (“SITEL Nordic”) to
SITEL Europe Limited (“SITEL Europe”) in an aggregate principal amount
not to exceed SEK 1,600,000 to equity (the “Loan Conversion”);

(iii)          permit the Loan
Parties and WFF Foreign Loan Parties to make intercompany loans to SITEL Brazil
(the “Additional Brazil Working Capital Intercompany Loans”); provided,
that (v) the aggregate Dollar Equivalent principal amount of the Additional
Brazil Working Capital Intercompany Loans made in reliance on this clause (iii)
shall not exceed $750,000 in the aggregate, (w) the Loan Parties and WFF
Foreign Loan Parties making such Additional Brazil Working Capital Intercompany
Loans be acceptable to Agent in its sole discretion, (x) immediately after
giving effect to the making of the Additional Brazil Working Capital
Intercompany Loans and the making of any Advances in connection therewith, the
Dollar Equivalent of WFF Excess Availability is not less than $20,000,000, (y)
the Additional Brazil Working Capital Intercompany Loans are evidenced by a
promissory note, in form and substance reasonably acceptable to Agent, which
promissory note has been pledged to Senior Collateral Agent, and (z) the
proceeds of the Additional Brazil Working Captial Intercompany Loans are used
solely for the working capital requirements of SITEL Brazil; and

(iv)          the use by SITEL
Europe of the proceeds of a European Advance (as defined in the WFF Credit
Agreement) to repay an intercompany loan made by Parent to SITEL Europe in the
principal amount of $3,950,112 (the “European Loan Repayment”);

WHEREAS, Borrowers have
requested that Agent and Required Lenders waive the Specified Defaults and
Expected Defaults and consent to the Requested Consents and Agent and the
undersigned Required Lenders have agreed to do so subject to the terms and
conditions contained herein; and

WHEREAS, Borrowers, Agent
and Required Lenders have further agreed to amend the Credit Agreement in
certain respects, subject to the terms and conditions contained herein.

NOW, THEREFORE, in
consideration of the foregoing recitals, the mutual covenants and agreements
set forth herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree
as follows:

 4
 

 

1.             Defined Terms.  Unless otherwise defined herein, capitalized
terms used herein shall have the meanings ascribed to such terms in the Credit
Agreement.  As used in this Waiver, the
following terms shall have the meanings specified below:

“Back Social Taxes Loans” means the intercompany
loan to SITEL Brazil from Parent made on February 24, 2006 in the Dollar
Equivalent aggregate principal amount of $1,500,000 to pay COFINS and INSS and
for general corporate purposes of SITEL Brazil, and the intercompany loan to
SITEL Brazil from SITEL (BVI) International, Inc. made on May 24, 2006 in the
Dollar Equivalent aggregate principal amount of $1,600,047 to pay PIS and
COFINS and for general corporate purposes of SITEL Brazil.

“Brazil April Intercompany Loan” means an
intercompany loan to SITEL Brazil from Parent made on April 26, 2006 in the
Dollar Equivalent aggregate principal amount of $500,000 to be used by SITEL
Brazil for general corporate purposes.

“BRL” shall
mean the Brazilian real, the lawful currency of Brazil.

“COFINS”
shall mean the Contribution for the Financing of Social Security, a tax paid by
Brazilian corporations to the Ministry of Economics of Brazil on gross revenues
in order to fund the Brazilian social security system.

“INSS”
shall mean the tax paid to the National Social Security Institute (INSS) of
Brazil, a department of the Ministry of Security and Social Assistance of
Brazil, for the administration of social security contributions.

“PIS” shall
mean the tax paid by corporations in Brazil to the Ministry of Economics of
Brazil on gross revenues, which taxes contributes to the funding of social
integration programs.

“SEK” shall
mean the Swedish krona, the lawful currency of Sweden.

2.             Waiver.  Subject to the satisfaction of the conditions
set forth in Section 6 below, Agent and Required Lenders hereby waive (a) the
Specified Defaults and the Expected Defaults, and (b) the condition precedent
set forth in Section 5(b) of the March Waiver requiring Borrowers to deliver to
Agent as a condition precedent to the effectiveness of the March Waiver a
promissory note in form and substance reasonably acceptable to Agent evidencing
the Brazil Loan.  The Borrowers, the
Agent and Required Lenders hereby agree that the March Waiver shall be deemed
to have become effective on March 24, 2006. 
Except as set forth hereinabove, the foregoing waiver shall not
constitute (x) a modification or alteration of
the terms, conditions or covenants of the Credit Agreement or any other Loan
Document, (y) a waiver of any other breach of, or any other Event of Default
under, the Credit Agreement or any other Loan Document or (z) a waiver, release
or limitation upon the exercise by Agent or the Lender of any of its rights,
legal or equitable, under the Credit Agreement, the other Loan Documents and applicable
law, all of which are hereby reserved.

 5
 

 

3.             Consent. Subject to the
satisfaction of the conditions set forth in Section 6 below,
notwithstanding any provision in the Credit Agreement or the other Loan
Documents to the contrary, Agent and the Required Lenders hereby consent to (a)
SITEL Brazil incurring the Brazil Installment Plan Loans; (b) the consummation
of the Loan Conversion, regardless of whether any Default or Event of Default
is occurring or continuing to occur on the date of such Loan Conversion; (c) Loan
Parties and WFF Foreign Loan Parties making and SITEL Brazil incurring and
securing the Additional Brazil Working Capital Intercompany Loans; (d) the
consummation promptly after the date hereof of the European Loan Repayment; and
(e) SITEL Brazil incurring additional secured or unsecured Indebtedness, and
incurring Liens with respect to any such secured Indebtedness, in an aggregate principal amount
not to exceed BRL 2,000,000 (the “Additional Permitted Brazil Debt”).  For the avoidance of doubt, no portion of any
Indebtedness basket set forth in Section 6.1 or 6.16 of the
Credit Agreement, any Investment basket set forth in the definition of
Permitted Investments or any Lien basket set forth in the definition of
Permitted Liens or in Section 6.16 of the Credit Agreement shall be
deemed utilized by the making of or the incurrence of or the securing of the
Brazil Installment Plan Loans, the Back Social Taxes Loans, the Additional
Brazil Working Capital Intercompany Loans, the Brazil Loan, the Brazil April
Intercompany Loan, the Brazil Local Debt and the Additional Permitted Brazil
Debt.  This consent is a limited consent
and shall not be deemed to constitute a consent with respect to any other
current or future departure from the requirements of any provision of the
Credit Agreement or any other Loan Documents.

4.             Amendments to Credit Agreement.  Subject to the satisfaction of the conditions
set forth in Section 6 of this Waiver, the Credit Agreement is hereby
amended as follows:

(a)           Clause (j) of Section 6.1 of
the Credit Agreement is hereby amended and restated in its entirety as follows:

“(j) Indebtedness of Loan
Parties and WFF Foreign Loan Parties and their respective Subsidiaries in
respect of intercompany loans permitted under clauses (g), (h), (u) and (v) of
the definition of Permitted Investments;”

(b)           Section 6.12 of the Credit
Agreement is hereby amended by adding the following sentence to the end of such
section:

“Notwithstanding
the foregoing, Borrowers will not and will not permit any other Loan Party or
any Significant Subsidiary to make intercompany loans to SITEL do Brasil Ltda
without the consent of Agent (other than the Additional Brazil Working Capital
Intercompany Loans, as such term is defined in that certain Waiver, Consent and
First Amendment to Credit Agreement dated as of August 15, 2006, by and among
Borrowers, Agent and Lenders).”

(c)           Section 6.17(a)(i) of the
Credit Agreement is hereby amended and restated in its entirety as follows:

 6
 

 

(i)            “Minimum EBITDA.  EBITDA,
measured on a month-end basis, of at least the required amount set forth in the
following table for the applicable period set forth opposite thereto:

	
  Applicable Period

  	
   

  	
  Applicable Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  For the 12 month
  periods ending July 31, 2006 and August 31, 2006

  	
   

  	
  $

  	
  45,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  For the 12 month period
  ending each month thereafter

  	
   

  	
  $

  	
  55,000,000

  	
  ”

  

 

(d)           Section 6.17(a)(iii) of the
Credit Agreement is hereby amended and restated in its entirety as follows:

(iii)          “Leverage Ratio.  A
Leverage Ratio, measured on a quarter-end basis, of not more than the ratio set
forth in the following table for the applicable period set forth opposite
thereto:

	
  Applicable Ratio

  	
   

  	
  Applicable Period

  
	
   

  	
   

  	
   

  
	
  2.50:1.0

  	
   

  	
  For the 4 fiscal quarters

  ending March 31, 2006 and June 30, 2006

  
	
   

  	
   

  	
   

  
	
  2.25:1.0

  	
   

  	
  For the 4 fiscal quarters

  ending September 30, 2006

  
	
   

  	
   

  	
   

  
	
  2.00:1.0

  	
   

  	
  For the 4 fiscal quarters

  ending each fiscal quarter thereafter”

  

 

(e)           The defined term “Permitted
Dispositions” set forth in Schedule 1.1 to the Credit Agreement is hereby
amended by (i) replacing the word “and” at the end of clause (n) with a comma,
(ii) replacing the period at the end of clause (o) with the phrase “and,” and
(iii) adding the following clause (p) at the end thereof as follows:

“(p)         the non-recourse sale of Accounts by
SITEL France SAS (or, with the consent of Agent, any other Significant
Subsidiary) so long as no Default or Event of Default exists or would be caused
by the consummation of such transaction, the consideration received therefor is
cash or Cash Equivalents and is at least fair market value (as determined in
the good faith judgment of SITEL France SAS or such Significant Subsidiary),
and the Net Cash Proceeds of such sales must be used to repay existing Indebtedness
of

 7
 

 

SITEL France SAS (or such
Significant Subsidiary) or for general operating purposes of SITEL France SAS
(or such Significant Subsidiary).”

(f)            The defined term “Permitted
Investments” set forth in Schedule 1.1 to the Credit Agreement is hereby
amended by (i) deleting the word “and” at the end of clause (s), (ii) replacing
the period at the end of clause (t) with a comma, and (iii) adding the
following clauses (u) and (v) at the end thereof as follows:

“(u)         an intercompany
loan to SITEL do Brasil
Ltda (“SITEL Brazil”) from Parent made on
February 24, 2006 in the Dollar Equivalent aggregate principal amount of
$1,500,000 to pay COFINS and INSS and for general corporate purposes of SITEL
Brazil, and an intercompany loan to SITEL Brazil from SITEL (BVI)
International, Inc. made on May 24, 2006 in the
Dollar Equivalent aggregate principal amount of $1,600,047 to pay PIS and
COFINS and for general corporate purposes of SITEL Brazil (collectively, the “Back
Social Taxes Loans”), and

(v)           an
intercompany loan to SITEL Brazil from Parent made on April 26, 2006 in the
Dollar Equivalent aggregate principal amount of $500,000 to be used by SITEL
Brazil for general corporate purposes (the “Brazil April Intercompany Loan”).”

(g)           Section
6.16(a) of the Credit Agreement is hereby amended by adding at the end of
such Section the following phrase: “provided, further, that SITEL Brazil may
incur and grant a Lien on its assets to secure the Back Social Taxes Loans and
the Brazil April Intercompany Loan.”

5.             Ratification.  This Waiver, subject to satisfaction of the
conditions provided in Section 6 below, shall constitute waivers, consents
and amendments to the Credit Agreement and all of the Loan Documents as
appropriate to express the agreements contained herein.  In all other respects, the Credit Agreement
and the Loan Documents shall remain unchanged and in full force and effect in
accordance with their original terms.

6.             Conditions Precedent.  The effectiveness of this Waiver is
subject to the following conditions precedent:

(a)           Borrowers,
Agent and the Required Lenders shall have executed and delivered to Agent this
Waiver;

(b)           Borrowers
shall have delivered to Senior Collateral Agent a promissory note, in form and
substance reasonably acceptable to Agent, evidencing the Additional Brazil Working
Capital Intercompany Loans;

(c)           Agent
shall have received an amendment fee of $100,000, which amendment fee shall be
fully earned on the date hereof, shall be due and payable in full in cash on
the date hereof, and shall be non-refundable when paid.  The foregoing amendment

 8
 

 

fee is in addition to, and not in lieu of, all other fees charged to
the Borrowers under the Loan Documents; and

(d)           Borrowers,
WFF Foreign
Borrowers, WFF, WF Canada and the “Required Lenders” under the WFF Credit
Agreement shall have executed and delivered a waiver and consent to the
WFF Credit Agreement in form and substance reasonably satisfactory to Agent.

7.             Covenants.

(a)           On
or prior to September 18, 2006 (or such later date acceptable to Agent),
Borrowers shall deliver to Agent, with copies for each Lender,

(i)            the audited consolidated financial
statements of Parent and its Subsidiaries for the fiscal year ended December
31, 2005, together with related Compliance Certificate, required to be delivered
pursuant to Section 5.3 of the Credit Agreement;

(ii)           evidence from the applicable
Governmental Authorities of the ruling or rulings of such Governmental
Authorities, if any, with respect to the investigation of potential delinquent
payment of the Unpaid Income Taxes;

(iii)          unaudited consolidated income
statements covering Parent’s and its Subsidiaries’ operations, and related
Compliance Certificates, for each Fiscal Month ended during the period
beginning July 1, 2005 and ending on the date hereof required to be delivered
pursuant to Section 5.3 of the Credit Agreement;

(iv)          unaudited consolidated and
consolidating financial statements covering Parent’s and its Subsidiaries’
operations, and related Compliance Certificates, for the fiscal quarters ended
September 30, 2005, March 31, 2006 and June 30, 2006 required to be delivered
pursuant to Section 5.3 of the Credit Agreement;

(v)           WFF US Borrowing Base Certificates
and WFF Foreign Borrowing Base Certificates for each month ended during the
period beginning February 1, 2006 and ending on June 30, 2006, required to be
delivered pursuant to Section 5.2 the Credit Agreement; and

(vi)          accurate Compliance Certificates
correcting errors in Compliance Certificates delivered prior to the date hereof.

(b)           On
or prior to December 31, 2006 (or such later date acceptable to Agent),
Borrowers shall deliver to Agent, with copies for each Lender, evidence from
the applicable Governmental Authorities that the Unpaid Income Taxes have been
paid in full, in form and substance reasonably satisfactory to Agent.

(c)           On or prior to September 30, 2006 (or such later date
acceptable to Agent) Borrowers shall have delivered to Agent all documents
evidencing the Brazil Installment Plan Loan, each in form and substance
reasonably acceptable to Agent.

 9
 

 

(d)           Within
45 days of the date hereof (or such later period acceptable to Agent), the
Brazil Loan and the Additional Brazil Working Capital Intercompany Loans shall
be secured by the assets of SITEL Brazil (other than (i) Accounts of SITEL Brazil, solely to the
extent such Accounts secure up to BRL 4,400,000 of the Additional Brazil
Secured Debt, and (ii) assets securing the Indebtedness described on Schedule 1
hereto (and any permitted refinancing, renewals or extensions
thereof) and any refinancings, renewals, or
extensions thereof, and the Additional Permitted Brazil Debt) pursuant
to documentation in form and substance reasonably satisfactory to Agent.

(e)           Within
45 days of the date hereof (or such later period acceptable to Agent), Borrowers
shall deliver to Agent evidence from the applicable Governmental Authorities
that all Unpaid Brazilian Municipal Taxes have been paid in full, in form and
substance reasonably satisfactory to Agent.

(f)            A
failure by Borrowers to comply with the foregoing covenants shall constitute an
immediate Event of Default.

8.             Release.  Each Borrower hereby absolutely and
unconditionally releases and forever discharges Agent and the Lenders, and any
and all participants, parent corporations, subsidiary corporations, affiliated
corporations, insurers, indemnitors, successors and assigns thereof, together
with all of the present and former directors, officers, agents and employees of
any of the foregoing, from any and all claims, demands or causes of action of
any kind, nature or description, whether arising in law or equity or upon
contract or tort or under any state or federal law or otherwise, which such
Borrower has had, now has or has made claim to have against any such person for
or by reason of any act, omission, matter, cause or thing whatsoever arising
from the beginning of time to and including the date of this Waiver, whether
such claims, demands and causes of action are matured or unmatured or known
(and for the avoidance of doubt, not including any act, omission, matter, cause
or thing whatsoever arising after the date of this Waiver) or unknown.

9.             Miscellaneous.

(a)           Warranties and Absence of Defaults.  In order to induce Agent and Required Lenders
to enter into this Waiver, each Borrower hereby warrants to Agent and the
Lenders, as of the date hereof, that:

(i)            other than as
waived hereunder, the representations and warranties contained in the Credit
Agreement or in the other Loan Documents shall be true and correct in all
material respects on and as of the date hereof, as though made on and as of
such date (except to the extent that such representations and warranties relate
solely to an earlier date); and

(ii)           no Default or Event of Default (other than the Specified
Defaults and the Expected Default related to the failure of Borrowers to
maintain a Leverage Ratio of not more than 2.25:1.00 for the four fiscal
quarters ended June 30, 2006) shall have occurred and be continuing on the date
hereof.

 10
 

 

(b)           Expenses. 
Borrowers, jointly and severally, agree to pay on demand all reasonable costs
and expenses of Agent (including the reasonable fees and expenses of outside
counsel for Agent) in connection with the preparation, negotiation, execution,
delivery and administration of this Waiver and all other instruments or
documents provided for herein or delivered or to be delivered hereunder or in
connection herewith.  All obligations
provided herein shall survive any termination of this Waiver and the Credit
Agreement.

(c)           Governing Law. 
This Waiver shall be a contract made under and governed by the internal
laws of the State of New York.

(d)           Counterparts.  This Waiver may be executed in any number of
counterparts, and by the parties hereto on the same or separate counterparts,
and each such counterpart, when executed and delivered, shall be deemed to be
an original, but all such counterparts shall together constitute but one and
the same Waiver.  Delivery of an executed counterpart of this Waiver
by telefacsimile or electronic mail shall be equally as effective as delivery
of an original executed counterpart of this Waiver.  Any party delivering an executed counterpart
of this Waiver by telefacsimile or electronic mail shall also deliver an
original executed counterpart of this Waiver, but the failure to do so shall not
affect the validity, enforceability or binding effect of this Waiver.

[Signature Pages Follow.]

 11

Execution
Version

 

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

	
  

  	
  BORROWERS:

  
	
   

  	
   

  	
   

  
	
   

  	
  SITEL CORPORATION,

  a Minnesota corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ronald E. Reno

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NATIONAL ACTION FINANCIAL

  SERVICES, INC.,

  a Georgia corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ronald E. Reno

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SITEL HOME MORTGAGE CORP.,

  a Nebraska corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ronald E. Reno

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  FINANCIAL INSURANCE SERVICES,

  INC.,

  a Nebraska corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ronald E. Reno

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SITEL INTERNATIONAL LLC,

  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ronald E. Reno

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  

 

[SIGNATURE PAGE TO
WAIVER, CONSENT

AND FIRST AMENDMENT TO CREDIT AGREEMENT]

 

 

	
  

  	
  AGENT AND AS A LENDER:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ABLECO FINANCE LLC,

  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ 

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

[SIGNATURE PAGE TO
WAIVER, CONSENT

AND FIRST AMENDMENT TO CREDIT AGREEMENT]

 

 

SCHEDULE 1

Additional Brazil Secured Debt

Bank
Lines of Credit:

	
  Lender

  	
   

  	
  Maximum

  Amount

  Available on

  Line of Credit

  	
   

  	
  Outstanding

  Indebtedness as of

  June 30, 2006

  	
   

  	
  Security for Debt

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bradesco Bank

  	
   

  	
  BRL

  	
  500,000

  	
   

  	
  BRL

  	
  299,313

  	
   

  	
  Accounts
  of SITEL Brazil

  	
   

  
	
  Itau Bank

  	
   

  	
  BRL

  	
  2,000,000

  	
   

  	
  BRL

  	
  1,300,000

  	
   

  	
  Accounts of SITEL
  Brazil

  	
   

  

 

Capital
Lease Obligations:

	
  Lender

  	
   

  	
  Number of Lease

  Contracts

  	
   

  	
  Outstanding

  Capital Lease

  Obligation [as of

  June 30, 2006]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bradesco Bank

  	
   

  	
  3

  	
   

  	
  BRL

  	
  175,804

  	
   

  
	
  Itau Bank

  	
   

  	
  2

  	
   

  	
  BRL

  	
  325,354

  	
   

  
	
  Safra Bank

  	
   

  	
  13

  	
   

  	
  BRL

  	
  1,134,790

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
   

  	
   

  	
  BRL

  	
  1,635,948

  	
   

  

 

 

SCHEDULE 2

Brazil Local Debt

Bank
Lines of Credit:

	
  Lender

  	
   

  	
  Maximum

  Amount

  Available on

  Line of Credit

  	
   

  	
  Outstanding

  Indebtedness as

  of June 30, 2006

  	
   

  	
  Security for Debt

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Sudameris

  	
   

  	
  BRL

  	
  1,000,000

  	
   

  	
   

  	
  0

  	
   

  	
  No company assets

  
	
  Sudameris

  	
   

  	
  BRL

  	
  700,000

  	
   

  	
  BRL

  	
  581,851

  	
   

  	
  No company assets

  
	
  Safra

  	
   

  	
  BRL

  	
  100,000

  	
   

  	
   

  	
  0

  	
   

  	
  None

  
	
  Safra

  	
   

  	
  BRL

  	
  2,200,000

  	
   

  	
  BRL

  	
  2,226,168

  	
   

  	
  Standby Letter of Credit from Parent’s Bank

  
	
  Safra

  	
   

  	
  BRL

  	
  350,000

  	
   

  	
  BRL

  	
  58,333

  	
   

  	
  None

  
	
  Safra

  	
   

  	
  BRL

  	
  250,000

  	
   

  	
   

  	
  0

  	
   

  	
  None

  
	
  Bradesco Bank

  	
   

  	
  BRL

  	
  300,000

  	
   

  	
   

  	
  0

  	
   

  	
  None

  
	
  Bradesco Bank

  	
   

  	
  BRL

  	
  200,000

  	
   

  	
   

  	
  0

  	
   

  	
  None

  
	
  Bradesco Bank

  	
   

  	
  BRL

  	
  500,000

  	
   

  	
  BRL

  	
  299,313

  	
   

  	
  Accounts of SITEL Brazil

  
	
  Itau Bank

  	
   

  	
  BRL

  	
  2,000,000

  	
   

  	
  BRL

  	
  1,300,000

  	
   

  	
  Accounts of SITEL Brazil

  

 

Capital
Lease Obligations:

	
  Lender

  	
   

  	
  Number of

  Lease Contracts

  	
   

  	
  Outstanding

  Capital Lease

  Obligation [as of

  June 30, 2006]

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bradesco Bank

  	
   

  	
  3

  	
   

  	
  BRL

  	
  175,804

  
	
  Itau Bank

  	
   

  	
  2

  	
   

  	
  BRL

  	
  325,354

  
	
  Safra Bank

  	
   

  	
  13

  	
   

  	
  BRL

  	
  1,134,790

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
   

  	
   

  	
  BRL

  	
  1,635,948

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]