Document:

<PAGE>
                                                                      EXHIBIT 4C

                 SECOND AMENDMENT AND WAIVER TO CREDIT AGREEMENT

                  SECOND AMENDMENT AND WAIVER TO CREDIT AGREEMENT, dated as of
September 28, 2001 ("Amendment"), by and among BRUSH ENGINEERED MATERIALS INC.,
an Ohio corporation (the "PARENT"), and BRUSH WELLMAN INC., an Ohio corporation
and a wholly owned subsidiary of the Parent ("BRUSH WELLMAN") (the Parent and
Brush Wellman are herein each a "COMPANY" or a "BORROWER" and collectively,
together with each of their respective successors and assigns, the "COMPANIES"
or the "BORROWERS"), the lending institutions listed that are parties to this
Amendment (herein, together with its or their successors and assigns, each a
"LENDER" and collectively the "LENDERS"), and NATIONAL CITY BANK, a national
banking association, as one of the Lenders, as the Lender under the Swing Line
Revolving Facility (herein, together with its successors and assigns, the "SWING
LINE LENDER"), and as administrative agent (the "ADMINISTRATIVE AGENT"):

                                WITNESSETH THAT:
                                ---------------

                  WHEREAS, the Borrowers, the Lenders (or their predecessors, as
the case may be), the Swing Line Lender and the Administrative Agent entered
into a Credit Agreement, dated as of June 30, 2000, as amended by a First
Amendment to Credit Agreement dated as of March 30, 2001 (the "CREDIT
AGREEMENT"), under which the Lenders, subject to certain conditions, agreed to
lend to the Borrowers up to $65,000,000 from time to time in accordance with the
terms thereof; and

                  WHEREAS, the parties desire to amend the Credit Agreement as
set forth herein;

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

                  1.       EFFECT OF AMENDMENT; DEFINITIONS.

                  The Credit Agreement shall be and hereby is amended as
provided in Section 2 hereof. Except as expressly amended in Section 2 hereof,
the Credit Agreement shall continue in full force and effect in accordance with
its respective provisions on the date hereof. As used in the Credit Agreement,
the terms "Credit Agreement", "Agreement", "this Agreement", "herein",
"hereinafter", "hereto", "hereof", and words of similar import shall, unless the
context otherwise requires, mean the Credit Agreement as amended and modified by
this Amendment.

                  2.       AMENDMENTS.

                  (A) Section 1.1 of the Credit Agreement shall be amended by
deleting the existing definitions of "Consolidated Income Tax Expense",
"Guarantors" and "Security Documents" and inserting the following in lieu
thereof:

         ""CONSOLIDATED INCOME TAX EXPENSE" shall mean, for any period, all
provisions for taxes based on the net income of the Borrowers and the
Subsidiaries (including, without limitation, any additions to such taxes, and
any penalties and interest with respect thereto), all as determined for the
Borrowers and the Subsidiaries on a consolidated basis in accordance with GAAP;
provided, that if the aggregate net amount of those taxes for any period in
question is a negative figure, the Consolidated Income Tax Expense for the
period in question shall be treated as zero for purposes of this Agreement.

         "GUARANTORS" shall mean each of Williams Advanced Materials Inc., a New
York corporation, Circuits Processing Technologies, Inc., a California
corporation, Brush International, Inc., an Ohio

<PAGE>

corporation, and Technical Materials, Inc., an Ohio corporation, Brush Ceramic
Products Inc., an Arizona corporation, Zentrix Technologies Inc., an Arizona
corporation, and Brush Resources Inc., a Utah corporation, and their respective
successors and assigns, and any other Subsidiary that in accordance with Section
8.12(b) executes and delivers to the Administrative Agent a Guaranty Agreement
in substantially the form attached as Exhibit G, and its respective successors
and assigns.

         "SECURITY DOCUMENTS" shall mean the Pledge Agreement, the Guaranties,
the Security Agreement, the Subsidiary Security Agreement and each other
document pursuant to which any Lien or security interest is granted by any
Borrower or any Subsidiary to the Administrative Agent as security for any of
the Obligations."

                  (B) Section 1.1 of the Credit Agreement shall be amended by
inserting the following definitions in proper alphabetical order:

         ""SECURITY AGREEMENT" shall mean the Security Agreement, dated as of
September 28, 2001, by Brush Wellman and the Parent in favor of National City
Bank, as Collateral Agent, as the same may be amended, restated, modified or
supplemented from time to time.

         SUBSIDIARY SECURITY AGREEMENT shall mean the Security Agreement, dated
as of September 28, 2001, by the Guarantors in favor of National City Bank, as
Collateral Agent, as the same may be amended, restated, modified or supplemented
from time to time."

                  (C) Section 2.8(h) of the Credit Agreement shall be amended by
deleting the Pricing Grid Table set forth therein and inserting the following in
lieu thereof:

                               "PRICING GRID TABLE
                           (EXPRESSED IN BASIS POINTS)

<TABLE>
<CAPTION>
-------------------------------------------- --------------------------- ---------------------- --------------------

RATIO OF                                     APPLICABLE EURODOLLAR       APPLICABLE PRIME       APPLICABLE
CONSOLIDATED TOTAL DEBT                      MARGIN FOR GENERAL          RATE MARGIN            FACILITY FEE RATE
TO                                           REVOLVING LOANS
CONSOLIDATED EBITDAR

-------------------------------------------- --------------------------- ---------------------- --------------------
<S>                                             <C>                        <C>                   <C>
Greater than or equal to 4.00 to 1.00            300.00                     75.00                 50.00

-------------------------------------------- --------------------------- ---------------------- --------------------

(greater than) 3.50 to 1.00 and
(less than) 4.00 to 1.00                         250.00                     50.00                 40.00

-------------------------------------------- --------------------------- ---------------------- --------------------

(greater than) 3.00 to 1.00 and
(less than or equal to) 3.50 to 1.00             200.00                     25.00                 30.00

-------------------------------------------- --------------------------- ---------------------- --------------------

(greater than) 2.50 to 1.00 and
(less than or equal to) 3.00 to 1.00             175.00                      -0-                  30.00

-------------------------------------------- --------------------------- ---------------------- --------------------

(less than or equal to) 2.50 to 1.00             150.00                      -0-                  25.00

-------------------------------------------- --------------------------- ---------------------- --------------------
</TABLE>

         Notwithstanding the above provisions, from September 28, 2001, through
and including September 30, 2001, and thereafter until changed hereunder in
accordance with the provisions set forth above, for all purposes of this
Agreement, the Applicable Prime Rate Margin will be 75 basis points per

                                                                          Page 2
<PAGE>

annum, the Applicable Eurodollar Margin for General Revolving Loans will be 300
basis points per annum, and the Applicable Facility Fee Rate shall be 50 basis
points per annum."

                  (D) Section 9.3 of the Credit Agreement shall be amended by
(i) deleting the word "and" at the end of subsection (c), (ii) inserting "; and"
in lieu of the period at the end of subsection (d), and (iii) inserting the
following as subsection (e):

          "(e) SALE OR DISCOUNT OF CERTAIN FOREIGN RECEIVABLES: sales, without
recourse, by any Foreign Subsidiary of Brush International, Inc., conducted in
the ordinary course of its business, of its accounts receivable, provided that
such sales are consistent with the customary practices of the applicable country
and that such sales do not exceed an amount greater than $5,000,000 in the
aggregate at any given time."

                  (E) Section 9.7 of the Credit Agreement shall be amended by
deleting the same and inserting the following in lieu thereof :

         "9.7. RATIO OF CONSOLIDATED TOTAL DEBT TO CONSOLIDATED TOTAL ADJUSTED
CAPITAL AND MINIMUM EBITDAR. The Borrowers will not at any time permit the
ratio, expressed as a percentage, of (x) the amount of Consolidated Total Debt
to (y) Consolidated Total Adjusted Capital, to exceed (i) 50% from the date of
this Agreement through and including September 30, 2001, (ii) 43% for the period
commencing October 1, 2001, through and including December 31, 2001; (iii) 45%
for the period commencing January 1, 2002, through and including September 30,
2002; and (iv) 50% on and after October 1, 2002. In addition, the Borrowers will
not at any time permit the Consolidated EBITDAR, at the end of each fiscal
quarter ending on the dates described below, and with respect to the fiscal
quarters ending on June 30, September 30 and December 31, 2002, on a cumulative
basis for the respective longer periods indicated in the parenthesis below, to
be less than the amount set forth opposite that fiscal quarter:

             Fiscal Quarter Ended               Minimum Consolidated Ebitdar
             --------------------               ----------------------------

             March 31, 2002 (3 months)              $   3,780,000

             June 30, 2002 (6 months)               $  12,330,000

             September 30, 2002 (9 months)          $  21,960,000

             December 31, 2002 (12 months)          $  31,770,000"

                  3.       WAIVERS.

                  (A) Subject to the conditions set forth in Section 5 herein,
the Administrative Agent, the Swing Line Lender and the Lenders hereby waive the
Borrowers' failure to comply with Section 9.8 of the Credit Agreement, regarding
the Ratio of Consolidated Total Debt to Consolidated EBITDAR, for each of the
Testing Periods ending September 30, 2001, December 31, 2001, March 31, 2002,
June 30, 2002, and September 30, 2002. Such waiver shall apply only to the
Borrowers' compliance with such Section for and at the Testing Periods ending on
the dates set forth in the immediately preceding sentence and not to any past or
future Testing Period and not to any other covenants and agreements contained in
the Credit Agreement or the other related Credit Documents.

                  (B) Subject to the conditions set forth in Section 5 herein,
the Administrative Agent, the Swing Line Lender and the Lenders hereby waive the
Borrowers' failure to comply with Section 9.9 of the Credit Agreement, regarding
the Consolidated Fixed Charge Coverage

                                                                          Page 3
<PAGE>

Ratio, for each of the Testing Periods ending December 31, 2001, March 31, 2002,
June 30, 2002, and September 30, 2002. Such waiver shall apply only to the
Borrowers' compliance with such Section for and at the Testing Periods ending on
the dates set forth in the immediately preceding sentence and not to any past or
future Testing Period and not to any other covenants and agreements contained in
the Credit Agreement or the other related Credit Documents.

                  4.       REPRESENTATIONS AND WARRANTIES.

                  (A) Each Borrower hereby represents and warrants to the
Lenders, the Swing Line Lender and the Administrative Agent that all
representations and warranties set forth in the Credit Agreement, as amended
hereby, are true and correct in all material respects, and that this Amendment,
the Security Agreement and the Subsidiary Security Agreement have been executed
and delivered by duly authorized officers of the Borrowers and the Guarantors
that are parties thereto and constitutes the legal, valid and binding obligation
of the Borrowers and Guarantors that are parties thereto, enforceable against
each of them in accordance with their respective terms.

                  (B) Each Borrower hereby represents and warrants to the
Lenders, the Swing Line Lender and the Administrative Agent that the execution,
delivery and performance by the Borrowers of this Amendment and the Security
Agreement, and their performance of the Credit Agreement, and the execution,
delivery and performance by the Guarantors of the Subsidiary Security Agreement
has been authorized by all requisite corporate action and will not (1) violate
(a) any order of any court, or any rule, regulation or order of any other agency
of government, (b) the Articles of Incorporation, the Code of Regulations or any
other instrument of corporate governance of the Borrowers or the Guarantors, as
applicable, or (c) any provision of any indenture, agreement or other instrument
to which either of the Borrowers or any of the Guarantors is a party, or by
which either of the Borrowers or any of the Guarantors or any of their
properties or assets are or may be bound; (2) be in conflict with, result in a
breach of or constitute, alone or with due notice or lapse of time or both, a
default under any indenture, agreement or other instrument referred to in (1)(c)
above; or (3) result in the creation or imposition of any lien, charge or
encumbrance of any nature whatsoever.

                  5.       CONDITIONS PRECEDENT.

                  When the following conditions precedent have been met, this
Amendment shall be effective as of September 28, 2001:

                  (A) The Borrowers shall have executed and delivered to
Administrative Agent the Security Agreement in form and substance satisfactory
to Administrative Agent pursuant to which the obligations of the Borrowers under
the Credit Agreement and other obligations of the Borrowers to the Lenders under
Synthetic Leases, swap agreements and reimbursement agreements are secured by
all of the personal property of the Borrowers, subject to the exceptions set
forth therein.

                  (B) The Guarantors shall have executed and delivered to
Administrative Agent one or more Subsidiary Security Agreements in form and
substance satisfactory to Administrative Agent pursuant to which the obligations
of Guarantors under their respective Guaranties are secured by all of the
personal property of Guarantors, subject to the exceptions set forth therein.

                                                                          Page 4
<PAGE>

                  (C) Each Borrower's secretary or treasurer shall have
certified to each Lender (i) a copy of resolutions duly adopted by that
Borrower's board of directors in respect of this Amendment and the Security
Agreement, (ii) true and correct copies of that Borrower's current Articles of
Incorporation and Code of Regulations, (iii) the names and true signatures of
the officers of that Borrower authorized to sign this Amendment and the Security
Agreement on behalf of the Borrower, and (iv) that, after giving effect to the
amendments and waivers set forth herein, no "Event of Default" or "Default" (as
those terms are defined in the Credit Agreement) exists.

                  (D) Each Guarantor's secretary or treasurer shall have
certified to each Lender (i) a copy of resolutions duly adopted by that
Guarantor's board of directors in respect of the Subsidiary Security Agreements
to which it is a party, (ii) true and correct copies of that Guarantor's current
Articles of Incorporation or Certificate of Incorporation and Code of
Regulations or Bylaws, (iii) the names and true signatures of the officers of
that Guarantor authorized to sign the Subsidiary Security Agreements to which it
is a party on behalf of that Guarantor, and (iv) that, after giving effect to
the amendments and waivers set forth herein, no "Event of Default" or "Default"
(as those terms are defined in the Credit Agreement) exists.

                  (E) Counsel for the Borrowers and Guarantors shall have
rendered to each Lender a written opinion as to the enforceability of this
Amendment, the Security Agreement and the Subsidiary Security Agreements, in
form and substance satisfactory to the Lenders.

                  (F) The Borrowers shall have delivered or caused to be
delivered certificates of good standing for each of the Borrowers and Guarantors
issued by the Secretary of State, or other appropriate office, of the state of
its incorporation.

                  (G) The Borrowers shall have caused all Guarantors to execute
and deliver to the Administrative Agent a Reaffirmation of Guaranty in form and
substance satisfactory to the Administrative Agent.

                  (H) The Borrowers shall have delivered or caused to be
delivered such other documents as Administrative Agent or any of the Lenders may
reasonably request.

                  6.       MISCELLANEOUS.

                  (A) This Amendment shall be construed in accordance with and
governed by the laws of the State of Ohio, without reference to principles of
conflict of laws. The Borrowers jointly and severally agree to pay (i) in
connection with this Amendment, an amendment fee in an aggregate amount equal to
$97,500, to be allocated pro rata among the Lenders executing this Amendment on
the basis of their respective Commitments, and (ii) on demand all costs and
expenses of the Lenders and the Administrative Agent, including reasonable
attorneys' fees and expenses, incurred in connection with the preparation,
execution and delivery of this Amendment, the Security Agreement and the
Subsidiary Security Agreements.

                  (B) This Amendment is executed in accordance with and subject
to Section 12.12 of the Credit Agreement. Except as expressly set forth in
Section 3, the execution, delivery and performance by the Lenders, the Swing
Line Lender and the Administrative Agent of this Amendment shall not constitute,
or be deemed to be or construed as, a waiver of any right, power or remedy of
the Lenders, the Swing Line Lender or the Administrative Agent, or a waiver of
any provision of the Credit Agreement. Except as expressly set forth in Section
3, none of the

                                                                          Page 5
<PAGE>

provisions of this Amendment shall constitute, or be deemed to be or construed
as, a waiver of any "Event of Default" or any "Default," as those terms are
defined in the Credit Agreement.

                  (C) The Borrowers acknowledge and agree that, as of the date
hereof, all of the Borrowers' outstanding loan obligations to the Lenders and
the Administrative Agent under the Credit Agreement and the Credit Documents are
owed without any offset, deduction, defense or counterclaim of any nature
whatsoever, and the Borrowers hereby waive any such offset, deduction, defense
and counterclaim of any nature whatsoever with respect thereto arising out of
acts or omissions occurring on or prior to the date hereof.

                  (D) This Amendment may be executed in two or more
counterparts, each of which shall constitute an original, but all of which, when
taken together, shall constitute but one instrument.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                                                          Page 6
<PAGE>

                  IN WITNESS WHEREOF, the parties have caused this Amendment to
be duly executed as of the day and year first above written.

Address:                                BRUSH WELLMAN INC.
         17876 St. Clair Avenue
         Cleveland, Ohio 44110
         Fax:  (216) 481-2523           By:
                                           -------------------------------------
                                        Title:
                                              ----------------------------------

Address:                                BRUSH ENGINEERED MATERIALS INC.
         17876 St. Clair Avenue
         Cleveland, Ohio 44110
         Fax:  (216) 481-2523           By:
                                           -------------------------------------
                                        Title:
                                              ----------------------------------

Address:                                NATIONAL CITY BANK,
Deliveries:                             for itself and as Agent
         Large Corporate Division
         1900 East Ninth Street
         Cleveland, Ohio 44114-3484     By:
                                          --------------------------------------
         Fax:  (216) 222-0003           Title:
                                              ----------------------------------

Mail:
         Large Corporate Division, Loc. #2070
         P.O. Box 5756
         Cleveland, Ohio 44101

                                        FIFTH THIRD BANK, an Ohio banking
                                        corporation, f/k/a FIFTH THIRD BANK,
                                        NORTHEASTERN OHIO
Address:

         1404 East Ninth Street
         Cleveland, Ohio 44114          By:
                                           -------------------------------------
         Fax:  (216) 274-5507           Title:
                                              ----------------------------------

Address:                                HARRIS TRUST AND SAVINGS BANK

         P.O. Box 755 (111/10W)
         Chicago, Illinois 60690-0755   By:
                                           -------------------------------------
         Fax:  (312) 461-5225           Title:
                                              ----------------------------------

                                                                         Page 7
<PAGE>
Address:                                FIRSTAR BANK, N.A.

         1350 Euclid Avenue, ML 4432
         Cleveland, Ohio 44115          By:
                                           -------------------------------------
         Fax:  (216) 623-9208           Title:
                                              ----------------------------------

                                        MANUFACTURERS AND TRADERS
Address:                                TRUST COMPANY

         One Fountain Plaza
         Buffalo, New York 14203        By:
                                           -------------------------------------
         Fax:  (716) 848-7318           Title:
                                              ----------------------------------

Address:                                LASALLE BANK NATIONAL
                                        ASSOCIATION

         1300 East 9th Street, Suite 1000
         Cleveland, Ohio 44114          By:
                                           -------------------------------------
         Fax:  (216) 802-2212           Title:
                                              ----------------------------------<PAGE>
                                                                      EXHIBIT 4D

                       THIRD AMENDMENT TO CREDIT AGREEMENT
                       -----------------------------------
                                   AND CONSENT
                                   -----------

         THIS THIRD AMENDMENT TO CREDIT AGREEMENT AND CONSENT ("this Third
Amendment") is made and entered into as of the 31st day of December, 2001, by
and among BRUSH ENGINEERED MATERIALS INC., an Ohio corporation (the "Parent"),
and BRUSH WELLMAN INC., an Ohio corporation and a wholly owned subsidiary of the
Parent ("Brush Wellman" and, collectively with the Parent, the "Borrowers", with
each being a "Borrower"); the LENDERS listed on the signature pages of this
Third Amendment (collectively, the "Lenders"); and NATIONAL CITY BANK, a
national banking association, as one of the Lenders, as the Lender under the
Swing Line Revolving Facility (herein, together with its successors and assigns,
the "Swing Line Lender"), and as Administrative Agent for the Lenders (the
"Administrative Agent") under the Credit Agreement (hereinafter defined).

                                    RECITALS:

         A. The Borrowers, the Lenders (or their predecessors, as the case may
be), the Swing Line Lender and the Administrative Agent, are parties to that
certain Credit Agreement dated as of June 30, 2000, as amended by a First
Amendment dated as of March 30, 2001 and Second Amendment dated as of September
28, 2001 (collectively, the "Credit Agreement"), pursuant to which, among other
things, the Lenders agreed, subject to the terms and conditions thereof, to lend
to the Borrowers up to Sixty-five Million Dollars ($65,000,000) from time to
time.

         B. Capitalized terms used herein and not otherwise defined herein shall
have the meanings assigned to such terms in the Credit Agreement.

         C. The Borrowers have requested that the Lenders consent to the
Parent's acquisition (the "Acquisition") of all of the issued and outstanding
capital stock of a company (the "Acquired

<PAGE>

Company") identified and described in a disclosure letter to be delivered by the
Parent to the Lenders care of the Administrative Agent, which letter shall be
approved by all of the Lenders in their sole discretion (if, as and when so
delivered and approved, the "Disclosure Letter"). Without such consent, the
Acquisition would otherwise be prohibited by the provisions of Section 9.2 of
the Credit Agreement (by reference to the definition of "Permitted Acquisition"
set forth in Section 1.1 thereof).

         D. The Lenders are willing to grant such consent upon and subject to
the terms and conditions hereinafter set forth.

         E. In addition, the Borrowers, the Lenders, the Swing Line Lender and
the Administrative Agent have agreed to amend the Credit Agreement as
hereinafter set forth.

                                   AGREEMENTS:

         NOW, THEREFORE, in consideration of the foregoing Recitals and the
mutual agreements hereinafter set forth, the parties hereby agree as follows:

         1. CONSENT. Subject to the terms and conditions of this Third
Amendment, including, without limitation, this Section 1 and Section 3, below,
the Lenders hereby consent to the Acquisition. The foregoing consent of the
Lenders is subject to the Borrowers' performance and satisfaction of each and
all of the following conditions:

                  (i) all of the terms and conditions contained in the
         definition of "Permitted Acquisition" set forth in Section 1.1 of the
         Credit Agreement (other than the condition contained in clause (iv)
         thereof, which shall be deemed satisfied upon the effectiveness of this
         Third Amendment) shall have been satisfied prior to or concurrently
         with the consummation of the Acquisition;

                  (ii) prior to or concurrently with the Acquisition, the Parent
         shall cause the

                                       2
<PAGE>

         Acquired Company to execute and deliver to the Administrative
         Agent, for the benefit of the Administrative Agent, the Swing Line
         Lender and the Lenders, (i) a Guaranty, in all material respects in the
         form of that executed and delivered by each of the Guarantors and (ii)
         a Security Agreement in the form of the Subsidiary Security Agreement.

                  (iii) the aggregate of (A) the aggregate consideration (in
         whatsoever form, including, without limitation, liabilities assumed by
         any Credit Party and consulting agreements, non-competition agreements,
         "golden parachute" agreements and the like) required to be paid in
         cash, directly or indirectly, by the Credit Parties, or any of them,
         whether at the closing of the Acquisition or on a deferred basis, in
         connection with the Acquisition and (B) the aggregate amount of all
         fees, commissions, and other expenses incurred by the Credit Parties,
         or any of them, in connection with the Acquisition shall not exceed
         Twelve Million Dollars ($12,000,000);

                  (iv) not later than ten (10) Business Days prior to the date
         on which the Acquisition is consummated, the Parent shall deliver to
         the Administrative Agent true and complete copies of the definitive
         acquisition agreement in respect thereof and all other material
         agreements by which the Parent or any other Credit Party will be bound
         in connection with the Acquisition (collectively, the "Acquisition
         Agreement");

                  (v) the Acquisition shall be consummated on terms not less
         favorable in any material respect to the Parent than the terms therefor
         previously disclosed in the Disclosure Letter and the Acquisition
         Agreement; and

                  (vi) the Acquisition shall be consummated no later than
         September 30, 2002.

         2. AMENDMENTS TO THE CREDIT AGREEMENT. Subject to the terms and
conditions of this Third Amendment, including, without limitation, Section 3,
below, the Credit Agreement is hereby

                                       3
<PAGE>

amended as follows:

         A. The following definitions are added to Section 1.1 (Definitions) of
the Credit Agreement in proper alphabetical order:

                  "ACCOUNTS" shall mean "Receivables", as that term is defined
         in, as applicable, the Security Agreement or the Subsidiary Security
         Agreement.

                  "ACCOUNT DEBTOR" shall mean "account debtor" (as defined in
         the UCC), including, without limitation, any person who is or becomes
         obligated to a Borrower under, with respect to, or on account of an
         Account.

                  "ACQUISITION" shall have the meaning ascribed to such term in
         the Third Amendment to this Agreement.

                  "BORROWING BASE" shall mean at any time and from time to time,
         an amount equal to the aggregate of:

                  (i)      an amount equal to eighty percent (80%) of the face
                           value of the Eligible Accounts at such time, as
                           reflected on the most recent Borrowing Base
                           Certificate,

                  (ii)     the lesser of (a) $45,000,000 and (b) an amount equal
                           to fifty percent (50%) of the value (at the lower of
                           cost or market value) of the Eligible Inventory at
                           such time, as reflected on the most recent Borrowing
                           Base Certificate; and

                  (iii)    the Equipment Amount at such time.

                  "BORROWING BASE CERTIFICATE" shall have the meaning specified
         in Section 8.1(i) of this Agreement.

                  "DEVELOPMENT BOND SITES" shall mean, collectively, the
         following sites leased by a Credit Party:

                  (a) known as 6100 South Tucson Boulevard, Tucson, Arizona and
         subject to the terms of the Industrial Development Variable Rate Demand
         Refunding Revenue Bonds, Series 1994 (Brush Wellman Inc. Tucson,
         Arizona Project);

                  (b) known as 14710 West Portage River South Road, Elmore, Ohio
         and subject to the terms of the Toledo-Lucas County Port Authority
         Taxable Project Development Revenue Bonds, Series 1996 (Brush Wellman
         Inc. Project); and

                  (c) known as 7375 Industrial Parkway, Lorain, Ohio and subject
         to the terms of the Lorain Port Authority, Ohio Variable Rate Demand
         Industrial Development Revenue Bonds, Series 1996 (Brush Wellman Inc.
         Project).

                                       4
<PAGE>

                  "ELIGIBLE ACCOUNTS" shall mean only such Accounts of a Credit
         Party as the Administrative Agent, in its reasonable discretion, shall
         from time to time consider to be Eligible Accounts and, by way of
         example and not limitation, excluding Accounts which:

                  (a) either (i) remain unpaid more than sixty (60) days after
         the original due date of invoice or (ii) have an original due date
         greater than ninety (90) days after the original date of invoice;

                  (b) have arisen from services performed by such Credit Party
         to or for the Account Debtor outside the ordinary course of business;

                  (c) have arisen from the sale by such Credit Party of goods
         where such goods have not been shipped or delivered to the Account
         Debtor;

                  (d) have arisen from transactions which are not complete, are
         not bona fide, or require further acts on the part of such Credit Party
         to make such Account payable by the Account Debtor;

                  (e) have arisen in connection with sales of goods which were
         shipped or delivered to the Account Debtor on other than an absolute
         sale basis, such as shipments or deliveries made on consignment, a sale
         or return basis, a guaranteed sale basis, a bill and hold basis, or on
         the basis of any similar understanding;

                  (f) have arisen in connection with sales of goods which were,
         at the time of sale thereof, subject to any Lien, except the security
         interest in favor of the Administrative Agent created by the Credit
         Documents; PROVIDED, HOWEVER, that Accounts arising from the sale of
         goods containing precious or semi-precious metals or copper that are
         subject to any Lien (other than pursuant to the Credit Documents) shall
         cease to be excluded from eligibility pursuant to this clause (f) if
         and when such Lien is terminated or otherwise subordinated to the Lien
         created by the Security Documents pursuant to the written agreement of
         the holder of such other Lien in form and substance satisfactory to the
         Administrative Agent in its sole discretion;

                  (g) are subject to any provision prohibiting assignment or
         requiring notice of or consent to such assignment;

                  (h) are subject to any Lien other than the Lien in favor of
         the Administrative Agent (without limiting the generality of this
         clause (h), it being acknowledged and agreed by the Borrowers that none
         of the Accounts of Williams Advanced Materials, Inc. shall be Eligible
         Accounts unless and until any and all Liens securing its obligations
         under precious metals leases, consignments or similar metals
         arrangements are terminated or subordinated to the Lien of the Security
         Documents in a manner satisfactory to the Administrative Agent);

                  (i) are subject to any setoff, counterclaim, defense,
         allowance, dispute, or adjustment, or have arisen in connection with
         the sale of goods which have been returned,

                                       5
<PAGE>

         rejected, repossessed, lost or damaged;

                  (j) are owed from an Account Debtor of which such Credit Party
         or the Administrative Agent has received notice that such Account
         Debtor is the "debtor" under a case, voluntary or involuntary,
         commenced under the Bankruptcy Code, has made an assignment for the
         benefit of its creditors, has suspended normal business operations,
         dissolved, liquidated or terminated its existence or for which (or for
         the property of which) a receiver, trustee or equivalent party has been
         appointed;

                  (k) are Accounts with respect to which the Account Debtor is
         located in any state which requires that such Credit Party, in order to
         sue any Person in such state's courts, either (i) qualify to do
         business in such state or (ii) file a report with the taxation division
         of such state for the then current year, unless such Credit Party has
         fulfilled such requirements to the extent applicable for the then
         current year;

                  (l) are evidenced by chattel paper or any instrument of any
         kind (including, without limitation, any promissory notes), unless such
         chattel paper or instrument is delivered to the Administrative Agent in
         accordance with the Security Agreement or Subsidiary Security
         Agreement;

                  (m) are Accounts with respect to which any of the
         representations, warranties, covenants and agreements contained in this
         Agreement or any of the Credit Documents are not or have ceased to be
         complete and correct or have been breached;

                  (n) are Accounts with respect to which the Administrative
         Agent does not have a first priority, perfected Lien;

                  (o) represent a progress billing or have had the time for
         payment extended by such Credit Party (for the purposes hereof,
         "progress billing" means any invoice for goods sold or leased or
         services rendered under a contract or agreement pursuant to which the
         Account Debtor's obligation to pay such invoice is conditioned upon
         such Credit Party's completion of any further performance under the
         contract or agreement), unless as to any of the foregoing the
         Administrative Agent has, in its sole discretion, approved in writing
         such Account to be included as an Eligible Account;

                  (p) are owed by a Person that is not a citizen of or organized
         under the laws of the United States or any State or are owed by any
         Person located outside of the United States unless (i) such Accounts
         are owed by an Account Debtor located in Canada and the Administrative
         Agent has a first priority Lien perfected to its reasonable
         satisfaction in such Accounts, or (ii) payment of such Accounts is
         guaranteed by a letter of credit in form and substance and issued by a
         financial institution reasonably satisfactory to the Administrative
         Agent, and which has been transferred or assigned to the Administrative
         Agent as security for the Obligations;

                  (q) are owed by the United States or any department, agency,
         or instrumentality thereof unless such Credit Party has complied with
         the Federal Assignment of Claims Act

                                       6
<PAGE>

         of 1940, as amended, in respect of the Administrative Agent's security
         interest therein as granted under the Security Documents;

                  (r) are owed by any State or any department, agency, or
         instrumentality thereof unless such Credit Party has complied with any
         applicable State statutory or regulatory equivalent of the Federal
         Assignment of Claim Act of 1940, as Amended, in respect of the
         Administrative Agent's security interest therein as granted under the
         Security Documents;

                  (s) are owed by an Affiliate of such Credit Party;

                  (t) which, when added to any and all other Accounts of the
         Account Debtor thereof owing to such Credit Party, produce an aggregate
         indebtedness from such Account Debtor of more than twenty-five percent
         (25%) of the total of all of such Credit Party's Eligible Accounts,
         unless, as to a specified Account Debtor, the Administrative Agent, in
         its sole discretion, determines a higher or lower percentage;

                  (u) are owed by an Account Debtor with respect to which more
         than fifty percent (50%) of the balances then outstanding on Accounts
         owed by such Account Debtor and its Affiliates to such Credit Party has
         remained unpaid for more than ninety (90) days from the dates of their
         original due dates, as applicable; or

                  (v) are, in the Administrative Agent's reasonable credit
         judgment, Accounts of an Account Debtor which is deemed to be an
         unacceptable credit risk or Accounts which are otherwise deemed
         unacceptable.

                  "ELIGIBLE INVENTORY" shall mean only such raw materials and
         finished goods Inventory of a Credit Party, valued at the lower of cost
         (on a first in, first out basis) or fair market value, as the
         Administrative Agent, in its reasonable discretion, shall from time to
         time consider to be Eligible Inventory and, by way of example and not
         limitation, excluding Inventory which:

                  (a) consists of obsolete, damaged, defective, unmerchantable,
         spoiled, outdated or unsalable items;

                  (b) consists of goods not held for sale, such as any labels,
         any maintenance items, any supplies and packaging, and any Inventory
         used in connection with research and development; provided, that raw
         materials shall not be considered goods not held for sale under this
         clause (b);

                  (c) is subject to a Lien other than the Lien created by the
         Security Documents; PROVIDED, HOWEVER, that Inventory consisting of or
         containing precious or semi-precious metals or copper that are subject
         to any Lien (other than pursuant to the Credit Documents) shall cease
         to be excluded from eligibility pursuant to this clause (c) if and when
         such Lien is terminated or otherwise subordinated to the Lien created
         by the Security Documents pursuant to the written agreement of the
         holder of such other Lien in form and substance satisfactory to the
         Administrative Agent in its sole discretion (without limiting the
         generality

                                       7
<PAGE>

         of this clause (c), it is acknowledged and agreed by the Borrowers that
         none of the Inventory of Williams Advanced Materials, Inc. shall be
         Eligible Inventory unless and until any and all Liens securing its
         obligations under precious metals leases, consignments or similar
         metals arrangements are terminated or subordinated as provided in the
         immediately preceding proviso);

                  (d) is not subject to a first priority, perfected Lien in
         favor of the Administrative Agent;

                  (e) is located at a location, other than the Development Bond
         Sites, not owned by such Credit Party and for which such Credit Party
         has not delivered to the Administrative Agent an appropriate landlord
         or warehouseman's waiver, in form and substance reasonably satisfactory
         to the Administrative Agent; PROVIDED, HOWEVER, that (i) through the
         close of business on April 15, 2002, Inventory situated at any such
         location shall not be excluded from Eligible Inventory solely by reason
         of such Credit Party's failure to deliver a waiver in respect of such
         location to the Administrative Agent, and (ii) thereafter, Inventory
         situated at a site as to which no such waiver has been delivered shall
         not be excluded from Eligible Inventory solely by reason of such Credit
         Party's failure to deliver such waiver if, at the Borrowers' request,
         an amount equal to three (3) months' rent, storage fees or the like has
         been reserved from the Borrowing Base;

                  (f) is in the possession of a bailee or other third Person
         including Inventory held by a third party for processing or Inventory
         purchased by but not yet delivered to such Credit Party and for which
         such Credit Party has not delivered to the Administrative Agent an
         appropriate bailee's waiver, in form and substance satisfactory to the
         Administrative Agent;

                  (g) subject to clause (c), above, is held by such Credit Party
         on consignment or Inventory held by or placed into the possession of a
         third Person for sale or display by that Person;

                  (h) is located outside of the United States; except, that
         Inventory located in Canada shall not be excluded from Eligible
         Inventory under this clause (h) unless the Administrative Agent's
         security interest therein for the benefit of the Lenders has not been
         perfected by filing;

                  (i) is manufactured, produced or purchased pursuant to any
         contract with the United States government, any agency or
         instrumentality thereof or prime contractor thereof, which contract
         provides for progress or advance payments to the extent such Inventory
         is identified to such contract, unless as to any of the foregoing the
         Administrative Agent has, in its sole discretion, approved in writing
         such Inventory to be included as Eligible Inventory; or

                  (j) is, in the Administrative Agent's reasonable credit
         judgment, Inventory which is otherwise deemed ineligible.

                  "EQUIPMENT AMOUNT" shall mean, during the period commencing on
         the Delivery

                                       8
<PAGE>

         Date of the Third Amendment to this Agreement and ending on the close
         of business on June 15, 2002, inclusive, One Million Five Hundred
         Thousand Dollars ($1,500,000) and, thereafter, such amount or amounts
         as the Administrative Agent (in its sole discretion) from time to time
         designates in writing to the Borrowers and the Lenders as the Equipment
         Amount, taking into account such appraisals of the Credit Parties
         equipment and other factors as the Administrative Agent may in its
         discretion deem appropriate; PROVIDED, HOWEVER, it is agreed and
         understood that, notwithstanding the appraised value of the Credit
         Parties' equipment, the Administrative Agent may in its sole discretion
         assign any non-negative amount, including zero ($-0-), to be the
         Equipment Amount, it being the original understanding of the Lenders,
         the Administrative Agent and the Borrowers that only Accounts and
         Inventory would be included in the computation of the Borrowing Base.

                  "INVENTORY" shall mean "Inventory", as that term is defined
         in, as applicable, the Security Agreement or the Subsidiary Security
         Agreement.

                  "INTEREST COVERAGE RATIO" shall mean, as of the end of any
         fiscal quarter of the Parent, the ratio of (i) Consolidated EBITDAR for
         such fiscal quarter to (ii) an amount equal to the sum of (a)
         Consolidated Interest Expense for such fiscal quarter, plus (b)
         Consolidated Rental Expense for such fiscal quarter.

                  "LETTER OF CREDIT EXPOSURE" shall mean, at any time, as to
         each Lender, the product of (i) the General Revolving Facility
         Percentage of such Lender at such time, TIMES (ii) the aggregate Letter
         of Credit Outstandings at such time.

         B. The definitions of "Consolidated Fixed Charge Coverage Ratio" and
"Maturity Date" in Section 1.1 (Definitions) of the Credit Agreement are
amended and restated to provide, respectively, as follows:

                  "CONSOLIDATED FIXED CHARGE COVERAGE RATIO" shall mean, for any
         Testing Period, the ratio of (a) Consolidated EBITDA for that Testing
         Period to (b) the sum of (i) Consolidated Interest Expense and
         Consolidated Income Tax Expense for that Testing Period, PLUS (ii)
         scheduled or mandatory repayments, prepayments or redemptions during
         that Testing Period of the principal of Indebtedness (including
         Capitalized Lease Obligations and required reductions in committed
         credit facilities) with a final maturity date more than one year after
         the end of that Testing Period, PLUS (iii) the sum of all payments for
         dividends, stock repurchases or other stock redemptions, and other
         purposes described in section 9.6, if any, in each case on a
         consolidated basis for the Borrower and the Subsidiaries for such
         Testing Period; PLUS (iv) Consolidated Capital Expenditures for that
         Testing Period; provided that notwithstanding anything to the contrary
         contained herein, the Consolidated Fixed Charge Coverage Ratio for any
         Testing Period shall (A) include the appropriate financial items for
         any person or business unit which has been acquired by a Borrower or
         any Subsidiary for any portion of such Testing Period prior to
         the date of acquisition, and (B) exclude the appropriate financial
         items for any person or business unit which has been disposed of by a
         Borrower or any Subsidiary, for the portion of such Testing Period
         prior to

                                       9
<PAGE>

         the date of disposition.
                                      * * *

                  "MATURITY DATE" shall mean October 1, 2003, or such earlier
         date on which the Total Commitment is terminated.

         C. The definition of "Consolidated Net Worth" in Section 1.1
(Definitions) of the Credit Agreement is amended by adding the following clause
to the end of such definition immediately following the word "Stock" and before
the period:

         ; and PROVIDED FURTHER that Consolidated Net Worth shall be calculated
         (i) before the effect of FAS 133 - Accounting for Derivatives
         Instruments and Hedging Activities and FAS 138 - Accounting for Certain
         Derivatives Instruments and Certain Hedging Activities (prior to the
         "Delivery Date" of the Third Amendment to this Agreement, such item
         appearing under the stockholders' equity category "Foreign Currency
         Translation Adjustment") and (ii) without reduction for Directors
         Deferred Compensation (prior to the "Delivery Date" of the Third
         Amendment to this Agreement, such item appearing under the
         stockholders' equity categories "Other Equity Transactions - Deferred
         Directors Shares and Deferred Compensation").

         D. The definition of "Permitted Precious Metal Consignments" in Section
1.1 (Definitions) of the Credit Agreement is amended by deleting therefrom the
words and numerals "does not exceed an amount greater than $140,000,000" and
inserting in their stead, immediately following the words "those consignment
arrangements" the words and numerals "(that is, the aggregate outstanding
liability, fixed or contingent, but without duplication, of all Credit Parties
in respect of all such consignment arrangements) does not exceed $70,000,000 at
any time".

         E. Clause (vi) of Section 2.1(a) (General Revolving Facility) of the
Credit Agreement is amended and restated in its entirety to provide as follows:

         (vi) shall not exceed for any Lender at any time outstanding that
         aggregate principal amount which, when added to the Letter of Credit
         Exposure of such Lender at such time, equals the LESSER of (A) the
         General Revolving Commitment of such Lender at such time or (B) an
         amount equal to the product of (1) the Borrowing Base at such time,
         TIMES (2) the General Revolving Facility Percentage of such Lender at
         such time.

         F. Clause (vii) of Section 2.1(b) (Swing Line Revolving Facility) of
the Credit

                                       10
<PAGE>

Agreement is amended and restated in its entirety to provide as follows:

         (vi) may only be made if, after giving effect thereto, both (A) the
         Unutilized Total General Revolving Commitment, less the aggregate
         Letter of Credit Outstandings, at such time exceeds the outstanding
         Swing Line Revolving Loans, and (B) the Borrowing Base at such time
         exceeds an amount equal to the aggregate of, at such time (1) the
         aggregate outstanding General Revolving Loans, PLUS (2) the aggregate
         Letter of Credit Outstandings, PLUS (3) the outstanding Swing Line
         Revolving Loans;

         G. The Pricing Grid Table and the last sentence of Section 2.8(h)
(Interest Margins) of the Credit Agreement are amended and restated in their
entirety to provide as follows:

                               PRICING GRID TABLE
                      (expressed in basis points per annum)

<TABLE>
<CAPTION>
------------------------------------ -------------------------- -------------------------- --------------------------
RATIO OF CONSOLIDATED TOTAL DEBT     APPLICABLE EURODOLLAR      APPLICABLE PRIME RATE      APPLICABLE FACILITY FEE
TO CONSOLIDATED EBITDAR              MARGIN FOR GENERAL         MARGIN                     RATE
                                     REVOLVING LOANS
------------------------------------ -------------------------- -------------------------- --------------------------
<S>                                  <C>                        <C>                        <C>
Greater than or equal to 5.00 to     350                        100                        50
1.00
------------------------------------ -------------------------- -------------------------- --------------------------
Greater than 4.00 to 1.00 and less   300                        75                         50
than 5.00 to 1.00
------------------------------------ -------------------------- -------------------------- --------------------------
Greater than 3.50 to 1.00 and less   250                        50                         40
than or equal to 4.00 to 1.00
------------------------------------ -------------------------- -------------------------- --------------------------
Greater than 3.00 to 1.00 and less   200                        25                         30
than or equal to 3.50 to 1.00
------------------------------------ -------------------------- -------------------------- --------------------------
Greater than 2.50 to 1.00 and less   175                        0                          30
than or equal to 3.00 to 1.00
------------------------------------ -------------------------- -------------------------- --------------------------
Less than or equal to 2.50 to 1.00   150                        0                          25
------------------------------------ -------------------------- -------------------------- --------------------------
</TABLE>

         (i) Notwithstanding anything to the contrary contained in the
         foregoing, from April 1, 2002, through and including December 31, 2002,
         and thereafter until changed hereunder in accordance with the
         provisions of the Pricing Grid Table set forth above, for all purposes
         of this Agreement, the Applicable Eurodollar Margin for General
         Revolving Loans shall be three hundred fifty (350) basis points per
         annum, the Applicable Prime Rate Margin shall be one hundred (100)
         basis points per annum, and the Applicable Facility Fee Rate shall be
         fifty (50) basis points per annum; and (ii) the charging of interest
         and fees based upon the foregoing Pricing Grid Table based upon the
         first three ratio levels (reading from top to bottom) set forth therein
         shall not be construed to waive any Event of Default which may exist
         under Section 9.8, below, or limit any right or remedy of the
         Administrative Agent or

                                       11
<PAGE>

         the Lenders by reason thereof.

         H. Clause (i) of Section 2A.1(b) (Letters of Credit) of the Credit
Agreement is amended and restated in its entirety to provide as follows:

         (i) no Letter of Credit shall be issued if, after giving effect
         thereto, either (A) the Letter of Credit Outstandings would exceed
         $5,000,000, or (B) the Letter of Credit Outstandings, when added to the
         aggregate principal amount of all General Revolving Loans and all Swing
         Line Revolving Loans then outstanding, would exceed the lesser of (1)
         the Total General Revolving Commitment at such time or (2) the
         Borrowing Base at such time;

         I. The title and first sentence of Section 5.2(a) (If Outstanding
General Revolving Loans and Swing Line Loans Exceed Total General Revolving
Commitment) of the Credit Agreement are amended and restated in their entirety
to provide as follows:

                  (a) IF OUTSTANDING GENERAL REVOLVING LOANS AND SWING LINE
         LOANS AND LETTER OF CREDIT OUTSTANDINGS EXCEED TOTAL GENERAL REVOLVING
         COMMITMENT OR BORROWING BASE. If on any date (after giving effect to
         any other payments on such date) the sum of (i) the aggregate
         outstanding principal amount of General Revolving Loans and the Letter
         of Credit Outstandings, PLUS (ii) the aggregate outstanding principal
         amount of Swing Line Revolving Loans, EXCEEDS the lesser of (A) the
         Total General Revolving Commitment in effect on such date or (B) the
         Borrowing Base on such date, the Borrowers shall prepay on such date
         that principal amount of Swing Line Revolving Loans and, after Swing
         Line Revolving Loans have been paid in full, Unpaid Drawings and
         General Revolving Loans, in an aggregate amount at least equal to such
         excess and conforming, in the case of partial prepayments of any Loans,
         to the applicable requirements as to the amounts of partial prepayments
         which are contained in Section 5.1.

         J. Section 8.1(i) (Other Information) is re-designated as Section
8.1(j), and the following provision is inserted as a new Section 8.1(i):

         (i) MONTHLY FINANCIAL STATEMENTS; BORROWING BASE CERTIFICATE;
         INSPECTION.

                  (i) No later than March 25, 2002 with respect to the monthly
         period ending February 28, 2002 and thereafter as soon as available and
         in any event within twenty (20) days after the close of each of the
         monthly accounting periods in each fiscal year of the Parent (that is,
         ending March 31, 2002 and thereafter), the unaudited consolidated and
         consolidating balance sheets of the Parent and the Subsidiaries as at
         the end of such monthly period and the related unaudited consolidated
         and consolidating statements of income and cash flows for such monthly
         period, and setting forth, in the case of such unaudited statements of
         income and of cash flows, comparative figures for the related periods
         in the prior fiscal year, and which financial statements shall be
         certified as true and correct on

                                       12
<PAGE>

         behalf of the Parent by a Principal Officer of the Parent, subject to
         changes resulting from normal year-end audit adjustments.

                  (ii) On the "Delivery Date" of the Third Amendment to this
         Agreement, no later than March 25, 2002 with respect to the monthly
         period ending February 28, 2002 and thereafter as soon as available and
         in any event within twenty (20) days after the close of each of the
         monthly accounting periods in each fiscal year of the Parent (that is,
         ending March 31, 2002 and thereafter): (A) a certificate reflecting the
         calculation of each Credit Party's Eligible Accounts and Eligible
         Inventory, in form and content reasonably satisfactory to the
         Administrative Agent (each a "Borrowing Base Certificate"), (B) a
         summary aged trial balance of each Credit Party's Accounts dated as of
         the date of the Borrowing Base Certificate reconciled to the respective
         general ledger balance (and upon the Administrative Agent's request, a
         detailed aged trial balance of all then existing Accounts specifying
         the names, face value and dates of invoices for each Account Debtor
         obligated on an Account so listed), and (C) an Inventory record and
         trial balance for each Credit Party, broken down into such detail and
         with such categories as the Administrative Agent shall reasonably
         require (including, but not limited to, a report indicating the type,
         location and amount of raw materials and finished goods and all other
         information deemed reasonably necessary by the Administrative Agent to
         determine the Eligible Inventory of such Credit Party.

                  (iii) The Administrative Agent and each Lender (through any of
         their respective officers, employees, or agents) shall have the right,
         from time to time, upon reasonable notice and during normal business
         hours, to inspect the books and records of the Credit Parties and to
         check, test, and appraise the Collateral in order to verify each Credit
         Party's financial condition or the amount, quality, value, condition
         of, or any other matter relating to, the Collateral; provided, that, to
         the extent reasonably possible, any such inspection, check, test or
         appraisal shall not unreasonably interfere with the daily operations of
         any Credit Party. The Borrowers agree to reimburse the Administrative
         Agent for such costs and expenses as the Administrative Agent may
         reasonably incur in connection with any inspection, audit or
         verification of the Credit Parties' financial or other records, the
         Collateral or the premises upon which the Collateral is located or any
         other security for the Obligations; provided, however, that (i) so long
         as no Default or Event of Default has occurred and is continuing, the
         Borrowers shall be required to make reimbursement for the costs and
         expenses arising out of no more than two (2) Collateral audits/field
         examinations in any calendar year, and (ii) the Administrative Agent
         shall provide to the Borrowers reasonable substantiation of the costs
         and expenses required to be reimbursed hereunder.

         K. Section 9.2(e) of the Credit Agreement is amended and restated in
its entirety to provide as follows:

                  (e) CAPITAL EXPENDITURES: The Borrowers and the Subsidiaries
         shall be permitted to make Consolidated Capital Expenditures, provided
         that (A) expenses for mining property, plant and equipment shall not
         exceed $25,000,000 during any consecutive thirty-six (36) month period,
         and (B) Consolidated Capital Expenditures, excluding expense for mining
         property, plant or equipment, do not during any fiscal year of the
         Parent exceed the amount

                                       13
<PAGE>

          specified below:

          ----------------------------- --------------------------------------
          Fiscal Year Ending            Amount
          December 31, 2000             $35,000,000
          December 31, 2001             $40,000,000
          December 31, 2002             $25,000,000
          December 31, 2003             $35,000,000
          ----------------------------- --------------------------------------

         L. The following proviso is added to the end of Section 9.3(e) of the
Credit Agreement immediately after the word "time" and before the period:

         ; provided, however, that the sale by Brush Wellman Japan, Ltd. of its
         Accounts to SMBC Finance Co. Ltd, pursuant to the proposed Agreement on
         the Sales of Notes in the form delivered to the Administrative Agent
         prior to March 14, 2002 may be with recourse, but only so long as the
         aggregate amount for which Brush Wellman Japan, Ltd. has recourse
         liability does not at any time exceed $5,000,000.

         M. Section 9.6 (Dividends, Stock Repurchase, etc.) of the Credit
Agreement is amended and restated in its entirety to provide as follows:

         9.6      DIVIDENDS, STOCK REPURCHASE, ETC.

                  (a) The Parent will not directly or indirectly declare, order,
         pay or make any dividend (other than dividends payable solely in
         capital stock of the Parent) or other distribution on or in respect of
         any capital stock of any class of the Parent, whether by reduction of
         capital or otherwise.

                  (b) Neither Borrower will directly or indirectly make, or
         permit any of the Subsidiaries to directly or indirectly make, any
         purchase, redemption, retirement or other acquisition of (i) any of its
         capital stock of any class (other than for a consideration consisting
         solely of capital stock of that person), or (ii) any warrants, rights
         or options to acquire or any securities convertible into to
         exchangeable for any of its capital stock.

         N. Section 9.7 (Ratio of Consolidated Total Debt to Consolidated Total
Adjusted Capital and Minimum EBITDAR) of the Credit Agreement is amended and
restated in its entirety to provide as follows:

                  9.7 RATIO OF CONSOLIDATED TOTAL DEBT TO CONSOLIDATED TOTAL
         ADJUSTED CAPITAL AND INTEREST COVERAGE RATIO.

                  (a) The Borrowers will not at any time permit the ratio,
         expressed as a percentage, of (i) the amount of Consolidated Total Debt
         to (ii) Consolidated Total Adjusted

                                       14
<PAGE>

         Capital, to exceed (A) 50% from the date of this Agreement through and
         including September 30, 2001, (B) 43% for the period commencing October
         1, 2001, through and including December 31, 2001; (C) 45% for the
         period commencing January 1, 2002, through and including September 30,
         2002; and (D) 50% on and after October 1, 2002.

                  (b) The Borrowers shall not permit the Interest Coverage
         Ratio, as of the end of either of the fiscal quarters of the Parent
         ending on June 30, 2002 and September 30, 2002, to be less than 1.00 to
         1.00; provided, however, that (i) if the Acquisition occurs during the
         Parent's first fiscal quarter of 2002, the Borrowers shall not permit
         the Interest Coverage Ratio, as of the end of the fiscal quarter of the
         Parent ending on June 30, 2002, to be less than 1.30 to 1.00, and (ii)
         if the Acquisition occurs during the Parent's second fiscal quarter of
         2002, the Borrowers shall not permit the Interest Coverage Ratio, as of
         the end of the fiscal quarter of the Parent ending on September 30,
         2002, to be less than 2.25 to 1.00.

         O. Clause (iv) of Section 9.8 of the Credit Agreement (Ratio of
Consolidated Total Debt to Consolidated EBITDAR) is amended and restated in its
entirety to provide as follows:

         (iv) 3.50 to 1.00 for each Testing Period ending on and after December
         31, 2002; provided, however, that for the purposes of this clause (iv),
         (A) the term "Testing Period" shall mean, as to each of the fiscal
         quarters ending on the following dates only, the respective period set
         forth opposite such fiscal quarter:

         Fiscal Quarter Ending  Testing Period
         ---------------------  --------------

         December 31, 2002      October 1, 2002 through December 31, 2002
         March 31, 2003         October 1, 2002 through March 31, 2003, and
         June 30, 2003          October 1, 2002 through June 30, 2003

         and (B) in computing such ratio for the Testing Period ending December
         31, 2002, Consolidated EBITDAR shall be deemed to mean an amount equal
         to Consolidated EBITDAR for such Testing Period, TIMES four (4); in
         computing such ratio for the Testing Period ending March 31, 2003,
         Consolidated EBITDAR shall be deemed to mean an amount equal to
         Consolidated EBITDAR for such Testing Period, TIMES two (2); and, in
         computing such ratio for the Testing Period ending June 30, 2003,
         Consolidated EBITDAR shall be deemed to mean an amount equal to
         Consolidated EBITDAR for such Testing Period, TIMES one and one-third
         (1 1/3).

         P. Section 9.9 (Consolidated Fixed Charge Coverage Ratio) of the Credit
Agreement is amended and restated in its entirety to provide as follows:

                  9.9. CONSOLIDATED FIXED CHARGE COVERAGE RATIO. The Borrowers
         will not at any time permit the Consolidated Fixed Charge Coverage
         Ratio to be less than 2.00 to 1.00 for any Testing Period ending on or
         before September 30, 2001, or permit the Consolidated Fixed Charge
         Coverage Ratio for any of the Testing Periods set forth below to be
         less than

                                       15
<PAGE>

         the ratio set forth opposite such Testing Period:

         Fiscal Quarter Ending              Minimum Fixed Charge Coverage Ratio
         ---------------------              -----------------------------------

         December 31, 2002                  1.00 to 1.00
         March 31, 2003                     1.25 to 1.00
         June 30, 2003 and thereafter       1.50 to 1.00;

         provided, however, that for the purposes of this Section 9.9, the term
         "Testing Period" shall mean, as to each of the fiscal quarters ending
         on the following dates only, the respective period set forth opposite
         such fiscal quarter:

         Fiscal Quarter Ending       Testing Period
         ---------------------       --------------

         December 31, 2002           October 1, 2002 through December 31, 2002
         March 31, 2003              October 1, 2002 through March 31, 2003, and
         June 30, 2003               October 1, 2002 through June 30, 2003.

         Q. Section 9.10 (Consolidated Tangible Net Worth) of the Credit
Agreement is amended and restated in its entirety to provide as follows:

                  9.10 CONSOLIDATED TANGIBLE NET WORTH. The Borrowers will not
         permit the Consolidated Tangible Net Worth to be less than $200,000,000
         as of December 31, 2001 or at any time thereafter.

         R. Section 9.14 (Certain Leases) of the Credit Agreement is amended and
restated in its entirety to provided as follows:

                  9.14 CERTAIN LEASES. The Borrowers will not permit the
         aggregate payments (excluding any property taxes, insurance or
         maintenance obligations paid by the Borrowers and the Subsidiaries as
         additional rent or lease payments) by the Borrowers and the
         Subsidiaries on a consolidated basis under agreements to rent or lease
         any real or personal property for a period exceeding 12 months
         (including any renewal or similar option periods) (other than any
         leases constituting Capital Leases, Synthetic Leases or, subject to
         section 9.12, leases between the Borrowers, between Subsidiaries or
         between a Borrower and a Subsidiary), to exceed in any fiscal year of
         the Borrowers an amount greater than 5.00% of the Consolidated Net
         Worth of the Borrowers as of the date of the financial statements then
         most recently furnished to the Lenders under section 8.1(a).

         S. The parenthetical "(including, without limitation, any prepayment
required by the provisions of Section 5.2, above)" is inserted at the end of
clause (i) of Section 10.1(a) (Payments) of the Credit Agreement, immediately
following the word "Loans" and before the semi-colon.

                                       16
<PAGE>

         3. DELIVERY DATE; CONDITIONS PRECEDENT. The consent set forth in
Section 1, above, and the modifications to the Credit Agreement set forth in
Section 2, above, are subject to the Borrowers' performance of the following
(the date on which all have been performed being the "Delivery Date"):

         A. Each Borrower's secretary or treasurer shall have certified to each
Lender (i) a copy of the resolutions duly adopted by that Borrower's board of
directors in respect of this Amendment; (ii) true and correct copies of that
Borrower's current Charter or Articles of Incorporation and By-laws or Code of
Regulations; (iii) the names and true signatures of the officers of that
Borrower authorized to sign this Third Amendment and the amendment to the
Security Agreement on behalf of that Borrower; (iv) that, after giving effect to
the amendments set forth herein, no Event of Default or Default exists; and (v)
the representations and warranties of the Borrowers under the Credit Agreement
are reaffirmed as of the Delivery Date, subject only to variance therefrom
acceptable to the Administrative Agent.

         B. Each Guarantor's secretary or treasurer shall have certified to each
Lender (i) a copy of the resolutions duly adopted by that Guarantor's board of
directors in respect of this Amendment, (ii) true and correct copies of that
Guarantor's current Charter or Articles of Incorporation and By-laws or Code of
Regulations, (iii) the names and true signatures of the officers of that
Guarantor authorized to sign this Amendment and the Amendment to the Security
Agreement on behalf of that Guarantor; and (iv) that, after giving effect to the
amendments set forth herein, no Event of Default or Default exists (provided,
however, that at the option of the Borrowers, the documents described in clause
(ii), above, in respect of Williams Acquisition, LLC may be delivered to the
Administrative Agent not later than 30 days after the Delivery Date).

         C. Counsel to the Borrowers and the Guarantors shall have delivered to
each Lender a

                                       17
<PAGE>

written opinion as to the due authorization, execution, delivery and
enforceability of this Third Amendment and the other documents described in
paragraphs E, G and J, inclusive, of this Section 3, in form and substance
satisfactory to the Administrative Agent (provided, however, that at the option
of the Borrowers, the opinions in respect of Williams Acquisition, LLC and the
documents described in paragraph J, below, may be delivered to the
Administrative Agent promptly following the date on which such counsel is able
to obtain the Articles of Organization of Williams Acquisition, LLC, certified
by the Secretary of State of New York, and a certificate of valid existence, or
its equivalent in New York, in respect of Williams Acquisition, LLC).

         D. The Borrowers shall have paid to the Administrative Agent, for the
ratable benefit of the Lenders, an amendment fee in the amount of One Hundred
Sixty-two Thousand Five Hundred Dollars ($162,500).

         E. All of the parties to the Intercreditor and Collateral Agency
Agreement dated September 28, 2001 shall have executed and delivered to
Administrative Agent a First Amendment to Intercreditor and Collateral Agency
Agreement in the form of Attachment 1 hereto.

         F. The Borrowers and the Guarantors shall have executed and delivered
to the Administrative Agent such Security Documents, and shall have taken or
caused to be taken such other actions, if any, as the Administrative Agent may
reasonably deem necessary or appropriate to cause the Administrative Agent's
Lien on the Credit Parties' patents and registered marks and applications
therefor to be registered with the Office of Patents and Trademarks of the
United States Department of Commerce.

         G. Each of the Guarantors shall have executed a confirmation of its
Guaranty and Security Documents in the form of Attachment 2 hereto.

         H. All of the parties to the Synthetic Lease shall have executed and
delivered an

                                       18
<PAGE>

amendment thereto in form and substance satisfactory to the Administrative
Agent, and all conditions to its effectiveness shall have been satisfied.

         I. The Borrowers shall have executed and delivered to the
Administrative Agent a Borrowing Base Certificate as of January 31, 2002.

         J. The Borrowers shall have caused Williams Acquisition, LLC (a New
York limited liability company doing business as "Pure Tech") to execute and
deliver to the Administrative Agent a Guaranty (substantially in the form of the
Guaranties) and to join in the Subsidiary Security Agreement as an "Assignor"
thereunder pursuant to a joinder satisfactory to the Administrative Agent in
form and substance.

         K. The Borrowers shall have delivered or caused to be delivered such
other documents as Administrative Agent or any of the Lenders may reasonably
request.

         4. NO OTHER MODIFICATIONS; SAME INDEBTEDNESS. Except as expressly
provided in this Third Amendment, all of the terms and conditions of the Credit
Agreement and the other Credit Documents remain unchanged and in full force and
effect. The modifications effected by this Third Amendment and by the other
instruments contemplated hereby shall not be deemed to provide for or effect a
repayment and re-advance of any of the Loans now outstanding, it being the
intention of both the Borrowers and the Lenders hereby that the indebtedness
owing under the Credit Agreement, as amended by this Third Amendment, be and
hereby is the same Indebtedness as that owing under the Credit Agreement
immediately prior to the effectiveness hereof.

         5. GOVERNING LAW; BINDING EFFECT. This Third Amendment shall be
governed by and construed in accordance with the laws of the State of Ohio and
shall be binding upon and inure to the benefit of the Borrowers, the Lenders,
the Administrative Agent and the Swing Line Lender and their respective
successors and assigns.

                                       19
<PAGE>

         6. COUNTERPARTS. This Third Amendment may be executed in separate
counterparts, each of which shall be deemed to be an original, and all of which
together shall be deemed a fully executed agreement.

         7. MISCELLANEOUS.

         A. The Borrowers jointly and severally agree to pay on demand all costs
and expenses of the Lenders and the Administrative Agent, including reasonable
attorneys' fees and expenses, incurred in connection with the preparation,
execution and delivery of this Third Amendment and the other documents
contemplated hereby, including, without limitation, the Amendment to
Intercreditor and Collateral Agency Agreement.

         B. This Third Amendment is executed in accordance with and subject to
Section 12.12 of the Credit Agreement. The execution, delivery and performance
by the Lenders, the Swing Line Lender and the Administrative Agent of this Third
Amendment shall not constitute, or to be deemed to be or construed as, a waiver
of any right, power or remedy of the Lenders, the Swing Line Lender or the
Administrative Agent, or a waiver of any provision of the Credit Agreement,
except as expressly stated herein. None of the provisions of this Third
Amendment shall constitute, or to be deemed to be or construed as, a waiver of
any Event of Default or any Default.

                                       20
<PAGE>

         IN WITNESS WHEREOF, the Borrowers, the Lenders, the Administrative
Agent and the Swing Line Lender have hereunto set their hands as of the date
first above written.

BORROWERS:                             ADMINISTRATIVE AGENT:
---------                              --------------------

BRUSH WELLMAN INC.         .           NATIONAL CITY BANK,
                                       AS ADMINISTRATIVE AGENT

By:_______________________________     By:_________________________________
   ________________, _____________        Janice E. Focke, Senior Vice President

BRUSH ENGINEERED MATERIALS INC.

By:________________________________
   __________________, _______________

                  [Signatures continued on the following page]

LENDERS:

FIFTH THIRD BANK, an Ohio banking
corporation,/k/a FIFTH THIRD BANK,
NORTHEASTERN OHIO

By:___________________________________
   __________________, _______________

NATIONAL CITY BANK, as Lender
and Swing Line Lender

By:_________________________________
     Janice E. Focke, Senior Vice President

HARRIS TRUST AND SAVIGNS BANK

By:___________________________________
   __________________, _______________

U.S. BANK NATIONAL ASSOCIATION

                                       21
<PAGE>

F/k/a Firstar Bank

By: ________________________________
   __________________, _______________

MANUFACTURES AND TRADERS
TRUST COMPANY

By: ________________________________
   __________________, _______________

LASALLE BANK NATIONAL ASSOCIATION

By: __________________________________
   __________________, _______________

                                       22

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