Document:

<PAGE>

                                                                    EXHIBIT 10.2

                                 AMENDMENT NO. 1

                                       TO

                   MULTICURRENCY CREDIT AND SECURITY AGREEMENT

         This Amendment No. 1 to Credit and Security Agreement (this
"Amendment"), made as of April 10, 2003, among ERICO International Corporation,
an Ohio corporation, ERICO Products, Inc., an Ohio Corporation and ERICO Europa
B.V., a limited liability company organized under the laws of the Netherlands
(collectively the "Borrowers"), the banks which are signatories thereto (the
"Banks"), LaSalle Bank National Association, as administrative agent for the
Banks (the "Administrative Agent") and Lead Arranger, General Electric Capital
Corporation, as Co-Lead Arranger and Co-Documentation Agent, National City Bank,
as Syndication Agent, KeyBank National Association, as Documentation Agent, and
LaSalle Bank National Association, as Issuing Bank (the "Issuing Bank" and,
together with the Banks and the Administrative Agent, the "Loan Parties").

                                   WITNESSETH:

         WHEREAS, the Borrowers have been extended certain financial
accommodations pursuant to that certain Multicurrency Credit and Security
Agreement, dated as of December 2, 2002, (the "Credit Agreement");

         WHEREAS, the Borrowers and the Loan Parties desire to amend the Credit
Agreement as set forth herein; and

         WHEREAS, the Banks which are signatories hereto constitute the Required
Banks for the purposes of amending the Credit Agreement pursuant to Section 13.1
thereof;

         NOW THEREFORE, in consideration of the mutual promises and agreements
contained herein and other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the Borrowers and the Loan Parties do
hereby agree as follows:

Section 1 DEFINED TERMS.

         Each defined term used herein and not otherwise defined herein shall
have the meaning ascribed to such term in the Credit Agreement.

Section 2 AMENDMENTS TO THE CREDIT AGREEMENT.

         2.1      Amendment to Annex II. The following definitions on Annex II
as referenced in Section 1.1 shall each be amended in its entirety to read as
follows:

         "CONSOLIDATED EBITDA" means, for any Cumulative Four Quarter Period,
         (i) the Consolidated Net Income for such period plus (ii) the
         Consolidated Interest

                                       1
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         Expense for such period plus (iii) the Consolidated Income Tax Expense
         for such period plus (iv) the Consolidated Depreciation and
         Amortization Expense for such period plus (v) other consolidated
         non-cash Extraordinary losses minus non-cash Extraordinary gains for
         such period, plus (vi) one time non-cash restructuring expense in
         connection with Permitted Acquisitions for such period, plus (without
         duplication) (vii) one-time financing, transaction costs or fees
         related to the Merger or the financing thereof not to exceed $8,000,000
         plus (viii) for the periods ending prior to December 31, 2003, the
         compensation and expenses relating to certain officers of Holding that
         have actually been paid in cash on or before December 2, 2002, and
         which will not continue to be paid after such date, in an aggregate
         amount not to exceed, for the Cumulative Four Quarter Period ending
         December 31, 2002, $3,400,000; for the Cumulative Four Quarter Period
         ending March 31, 2003, $2,500,000; for the Cumulative Four Quarter
         Period ending June 30, 2003, $1,600,000, and; for the Cumulative Four
         Quarter Period ending September 30, 2003, $700,000, (ix) plus for each
         of the periods ending prior to December 31, 2003, an amount not to
         exceed $1,000,000 related to restructuring charges incurred prior to
         December 31, 2002. Notwithstanding the forgoing, unrealized gains and
         losses resulting from foreign currency exchanges related to the
         Australian borrowing shall not be reflected in the calculation of
         Consolidated EBITDA.

         "CONSOLIDATED ERICO PRODUCTS EBITDA" means, for any Cumulative Four
         Quarter Period, (i) that portion of the Consolidated Net Income for
         such period which is attributable to ERICO Products and any of its US
         Subsidiaries plus (ii) that portion of the Consolidated Interest
         Expense for such period which is attributable to ERICO Products and any
         of its US Subsidiaries plus (iii) that portion of the Consolidated
         Income Tax Expense for such period which is attributable to ERICO
         Products and any of its US Subsidiaries plus (iv) that portion of the
         Consolidated Depreciation and Amortization Expense for such period that
         is attributable to ERICO Products and any of its US Subsidiaries plus
         (v) other consolidated non-cash Extraordinary losses minus non-cash
         Extraordinary gains for such period which are attributable to ERICO
         Products and any of its US Subsidiaries, plus (vi) one time non-cash
         restructuring expenses in connection with Permitted Acquisitions for
         such period that are attributable to ERICO Products and any of its US
         Subsidiaries, plus (without duplication) (vii) that portion of the
         one-time financing costs related to the Merger which are attributable
         to ERICO Products and any of its US Subsidiaries, not to exceed
         $8,000,000 in the aggregate, plus (viii) for the periods ending prior
         to December 31, 2003, the compensation and expenses relating to certain
         officers of Holding that have actually been paid in cash on or before
         December 2, 2002, and which will not continue to be paid after such
         date, in an aggregate amount not to exceed, for the Cumulative Four
         Quarter Period ending December 31, 2002, $3,400,000; for the Cumulative
         Four Quarter Period ending March 31, 2003, $2,500,000; for the
         Cumulative Four Quarter Period ending June 30, 2003, $1,600,000, and;
         for the Cumulative Four Quarter Period ending September 30, 2003,
         $700,000, (ix) plus for each of the periods ending prior to December
         31, 2003, an amount not to

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<PAGE>

         exceed $1,000,000 related to restructuring charges incurred prior to
         December 31, 2002.

Section 3 REPRESENTATIONS AND WARRANTIES.

         The Borrowers hereby represent and warrant to the Loan Parties as
follows:

         3.1      The Amendment. This Amendment has been duly and validly
executed by an authorized executive officer of each of the Borrowers and
constitutes the legal, valid and binding obligation of the Borrowers enforceable
against the Borrowers in accordance with its terms. The Credit Agreement, as
amended by this Amendment, remains in full force and effect and remains the
valid and binding obligation of the Borrowers enforceable against the Borrowers
in accordance with its terms. Each of the Borrowers hereby ratifies and confirms
the Credit Agreement as amended by this Amendment.

         3.2      Nonwaiver. The execution, delivery, performance and
effectiveness of this Amendment shall not operate nor be deemed to be nor
construed as a waiver (i) of any right, power or remedy of the Loan Parties
under the Credit Agreement, nor (ii) of any term, provision, representation,
warranty or covenant contained in the Credit Agreement or any other
documentation executed in connection therewith. Further, none of the provisions
of this Amendment shall constitute, be deemed to be or construed as, a waiver of
any Potential Default or Event of Default under the Credit Agreement as amended
by this Amendment.

         3.3      Credit Agreement. The Credit Agreement as amended by this
Amendment remains in full force and effect and remains the valid and binding
obligation of the Borrowers enforceable against Borrowers in accordance with its
terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium
or similar laws affecting the enforcement of creditors' rights generally and by
general equitable principles (whether enforcement is sought by proceedings in
equity or at law).

         3.4      Reference to and Effect on the Credit Agreement. Upon the
Effectiveness of this Amendment, each reference in the Credit Agreement to "this
Agreement", "hereunder", "hereof", "herein", or words of like import shall mean
and be a reference to the Credit Agreement as amended by this Amendment and each
reference to the Credit Agreement in any other document, instrument or agreement
executed and/or delivered in connection with the Credit Agreement shall mean and
be a reference to the Credit Agreement, as amended by this Amendment.

Section 4 CONDITIONS PRECEDENT TO EFFECTIVENESS.

         In addition to all of the other conditions and agreements set forth
herein, the effectiveness of this Amendment is subject to the following
conditions precedent:

         4.1      The Amendment. The Administrative Agent and the Banks shall
have received this Amendment No. 1 to Multicurrency Credit and Security
Agreement executed and delivered by a duly authorized officer of each of the
Borrowers.

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         4.2      Legal Fees. The Borrower shall have paid to the Administrative
Agent the then outstanding amount of legal fees and expenses incurred by the
Administrative Agent in connection with the review and negotiation of this
Amendment.

         4.3      Other Documents. The Banks and the Administrative Agent shall
have received each additional document, instrument or piece of information
reasonably requested by the Administrative Agent.

Section 5 MISCELLANEOUS

         5.1      Governing Law. This Amendment shall be governed by and
construed in accordance with the laws of the State of Illinois.

         5.2      Severability. In the event any provision of this Amendment
should be invalid, the validity of the other provisions hereof and of the Credit
Agreement shall not be affected thereby.

         5.3      Counterparts. This Amendment may be executed in one or more
counterparts, each of which, when taken together, shall constitute but one and
the same agreement.

                [Remainder of this page intentionally left blank]

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<PAGE>

         IN WITNESS WHEREOF, each of the Borrowers and the undersigned Loan
Parties has caused this Amendment No. 1 to Multicurrency Credit and Security
Agreement to be duly executed by its respective officers or agents thereunto
duly authorized as of the date first written above.

                                    LASALLE BANK NATIONAL ASSOCIATION, as
                                    Administrative Agent, Lead Arranger, a Bank
                                    and the Issuing Bank

                                    /s/ Jefferson M. Green
                                    ------------------------------------
                                    By: Jefferson M. Green
                                    Title: Senior Vice President

                                    GENERAL ELECTRIC CAPITAL CORPORATION, as
                                    Co-Lead Arranger, Co-Documentation Agent and
                                    a Bank

                                    /s/ Christopher Cox
                                    ------------------------------------
                                    By: Christopher Cox
                                    Its: Duly Authorized Signatory

                                    NATIONAL CITY BANK, as Syndication Agent and
                                    a Bank

                                    /s/ Patrick M. Pastore
                                    ------------------------------------
                                    By: Patrick M. Pastore
                                    Title: Senior Vice President

                                    KEYBANK NATIONAL ASSOCIATION, as
                                    Documentation Agent and a Bank

                                    /s/ Babette C. Schubert
                                    ------------------------------------
                                    By: Babette C. Schubert
                                    Its: Senior Vice President

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                                    ERICO INTERNATIONAL CORPORATION, as a
                                    Borrower

                                    /s/ Peter B. Korte
                                    ------------------------------------
                                    By: Peter B. Korte
                                    Title: Treasurer

                                    ERICO PRODUCTS, INC., as a Borrower

                                    /s/ Peter B. Korte
                                    ------------------------------------
                                    By: Peter B. Korte
                                    Title: Treasurer

                                    ERICO EUROPA B.V., as a Borrower

                                    /s/ William H. Roj
                                    ------------------------------------
                                    By: William H. Roj
                                    Title: Director

                                       6<PAGE>

                                                                    EXHIBIT 10.3

                                 AMENDMENT NO. 2

         This AMENDMENT NO. 2 (this "Amendment") is made as of the 20th day of
February, 2004, by and among ERICO INTERNATIONAL CORPORATION, an Ohio
corporation, ERICO PRODUCTS, INC., an Ohio corporation, and ERICO EUROPE HOLDING
B.V., formerly known as ERICO EUROPA B.V., a limited liability company organized
under the laws of the Netherlands (collectively, the "Borrowers" and,
individually, each a "Borrower"), the Banks, as defined in the Credit Agreement,
as hereinafter defined, LASALLE BANK NATIONAL ASSOCIATION, as lead arranger,
issuing bank and administrative agent for the Banks (the "Administrative
Agent"), GENERAL ELECTRIC CAPITAL CORPORATION, as co-lead arranger and
co-documentation agent, NATIONAL CITY BANK, as syndication agent, and KEYBANK
NATIONAL ASSOCIATION, as documentation agent.

         WHEREAS, the Borrowers, the Administrative Agent and the Banks are
parties to that certain Second Amended and Restated Multicurrency Credit and
Security Agreement, dated as of December 2, 2002, that provides, among other
things, for loans and letters of credit aggregating One Hundred Twenty Million
Dollars ($120,000,000), all upon certain terms and conditions (as amended and as
the same may from time to time be further amended, restated or otherwise
modified, the "Credit Agreement");

         WHEREAS, the Borrowers, the Administrative Agent and the Banks desire
to amend the Credit Agreement to modify certain provisions thereof;

         WHEREAS, each capitalized term used herein and defined in the Credit
Agreement, but not otherwise defined herein, shall have the meaning given such
term in the Credit Agreement;

         WHEREAS, unless otherwise specifically provided herein, the provisions
of the Credit Agreement revised herein are amended effective as of the date of
this Amendment; and

         NOW, THEREFORE, in consideration of the premises and of the mutual
covenants herein contained and for other valuable considerations, the Borrowers,
the Administrative Agent and the Banks hereby agree as follows:

         1.       Amendment to Fees. Section 2.12 of the Credit Agreement is
hereby amended to delete subsections (a), (d), (e), (f) and (g) therefrom and to
insert in place thereof, respectively, the following:

                  (a)      STRUCTURING FEE/AMENDMENT FEE. The Borrowers agree to
         pay to the Administrative Agent, for the pro rata benefit of the Banks,
         the fees set forth in the Second Amendment Fee Letter.

                  (d)      LETTER OF CREDIT FEE PERCENTAGES. So long as no Event
         of Default shall have occurred which has not been waived in accordance
         with Section 13.1 hereof:

                  (i) prior to the Second Amendment Closing Date, the Letter of
         Credit Fee

<PAGE>

         Percentage shall be determined pursuant to this Agreement as in effect
         prior to the Second Amendment Closing Date;

                  (ii) commencing on the Second Amendment Closing Date through
         the day prior to the first anniversary of the Second Amendment Closing
         Date, the Letter of Credit Fee Percentage shall be two and one-fourth
         percent (2.25%);

                  (iii) on the first anniversary of the Second Amendment Closing
         Date through March 31, 2005, the Letter of Credit Fee Percentage shall
         be determined in accordance with the pricing grid below, based upon the
         financial statements required by Section 6.1(a) for the Fiscal Quarter
         ending September 30, 2004; and

                  (iv) on April 1, 2005 and thereafter on each Margin Adjustment
         Date, the Letter of Credit Fee Percentage shall be adjusted to be the
         percentage indicated in the following table corresponding to the
         Consolidated Funded Debt to EBITDA Ratio of International and its
         Subsidiaries as measured for the Cumulative Four Quarter Period ending
         as of the most recent Margin Determination Date (so long as prior to
         each such Margin Adjustment Date the Administrative Agent shall have
         received the Margin Adjustment Documents):

<TABLE>
<CAPTION>
                                           Letter of
                                           Credit Fee
Applicable Financial Standard              Percentage
-----------------------------              ----------
<S>                                        <C>
Financial Standard I                         2.00 %
Financial Standard II                        2.25 %
Financial Standard III                       2.50 %
Financial Standard IV                        2.75 %
Financial Standard V                         3.00 %
</TABLE>

         Anything in subparts (ii) and (iii) of this subsection (d) to the
         contrary notwithstanding, in the event that International or its
         Subsidiaries, after the Second Amendment Closing Date but prior to the
         first anniversary of the Second Amendment Closing Date, (1) effect an
         Acquisition or (2) redeem any of the 2002 Senior Subordinated Notes,
         then on each Margin Adjustment Date occurring after such Acquisition or
         redemption, the Letter of Credit Fee Percentage will be determined in
         accordance with subpart (iv) of this subsection (d) (notwithstanding
         the introduction to such subpart referring to the date of April 1,
         2005).

                  The Letter of Credit Fee Percentage effective as of a
         particular Margin Adjustment Date shall remain effective only until the
         next succeeding Margin Adjustment Date, at which time the Letter of
         Credit Fee Percentage shall be recalculated pursuant to this Section
         2.12(d) of this Agreement; except, however, that,

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<PAGE>

         notwithstanding anything herein to the contrary, if (x) an Event of
         Default shall have occurred which is continuing and has not been so
         waived in accordance with Section 13.1 hereof or (y) even if any
         resulting Event of Default has been so waived, the Borrowers shall not
         have delivered as of any Margin Adjustment Date the financial
         statements required to have been delivered previously thereto under
         Sections 6.1(a) and 6.1(b) of this Agreement, then, the Letter of
         Credit Fee Percentage shall be three and one-half percent (3.50%) per
         annum.

                  (e)      AGENT'S FEE. The Borrowers agree to pay to the
         Administrative Agent, for its sole account, the fees set forth in the
         Agent Fee Letter.

                  (f)      FACILITY FEE. The Borrowers agree to pay in Dollars
         to the Administrative Agent, for the benefit of the Banks, allocable in
         accordance with the Ratable Portion of the Banks, a facility fee (the
         "Facility Fee") on the aggregate Revolving Credit Commitment at a rate
         per annum equal to one-fourth percent (1/4%), commencing on the Second
         Amendment Closing Date and thereafter, payable quarterly in arrears on
         the first day of each calendar quarter beginning with the quarter that
         commences on April 1, 2004 and on the Revolving Credit Termination Date
         (if the Revolving Credit Termination Date is other than at the end of a
         calendar quarter).

                  (g)      RESERVED.

         2.       Amendment to Revolving Credit Margin Adjustment. Section
2.13(b) of the Credit Agreement is hereby amended to delete subsections (i),
(ii) and (iii) therefrom and to insert in place thereof, respectively, the
following:

                  (i)      COMMENCEMENT; CONDITIONS. So long as no Event of
         Default shall have occurred which has not been waived in accordance
         with Section 13.1 of this Agreement:

                  (A)      prior to the Second Amendment Closing Date, the
         Revolving Credit Alternate Base Rate Margin and the Revolving Credit
         LIBOR Margin shall be determined pursuant to this Agreement as in
         effect prior to the Second Amendment Closing Date;

                  (B)      commencing on the Second Amendment Closing Date
         through the day prior to the first anniversary of the Second Amendment
         Closing Date, the Revolving Credit Alternate Base Rate Margin shall be
         one and one-fourth percent (1-1/4 %) and the Revolving Credit LIBOR
         Margin shall be two percent (2 %);

                  (C)      on the first anniversary of the Second Amendment
         Closing Date through March 31, 2005, the Revolving Credit Alternate
         Base Rate Margin and the Revolving Credit LIBOR Margin, as the case may
         be, shall be determined in accordance with the pricing grid set forth
         in subpart (D) below, based upon the financial statements required by
         Section 6.1(a) for the Fiscal Quarter ending September 30, 2004; and

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                  (D)      on April 1, 2005 and thereafter on each Margin
         Adjustment Date, the Revolving Credit Alternate Base Rate Margin and
         the Revolving Credit LIBOR Margin, as the case may be, shall be
         adjusted to be the percentage indicated in the following table
         corresponding to the Consolidated Funded Debt to EBITDA Ratio of
         International and its Subsidiaries as measured for the Cumulative Four
         Quarter Period ending as of the most recent Margin Determination Date
         (so long as prior to each such Margin Adjustment Date the
         Administrative Agent shall have received the Margin Adjustment
         Documents):

<TABLE>
<CAPTION>
                                          Revolving
                                       Credit Alternate
Applicable Financial                       Base Rate           Revolving Credit
       Standard                             Margin               LIBOR Margin
       --------                             ------               ------------
<S>                                    <C>                     <C>
Financial Standard I                        0.00 %                 1.75 %
Financial Standard II                       1.25 %                 2.00 %
Financial Standard III                      1.50 %                 2.25 %
Financial Standard IV                       1.75 %                 2.50 %
Financial Standard V                        2.00 %                 3.00 %
</TABLE>

         Anything in subparts (B) and (C) of this subsection (i) to the contrary
         notwithstanding, in the event that International or its Subsidiaries,
         after the Second Amendment Closing Date but prior to the first
         anniversary of the Second Amendment Closing Date, (1) effect an
         Acquisition or (2) redeem any of the 2002 Senior Subordinated Notes,
         then on each Margin Adjustment Date occurring after such Acquisition or
         redemption, the Revolving Credit Alternate Base Rate Margin and the
         Revolving Credit LIBOR Margin will be determined in accordance with
         subpart (D) of this subsection (i) (notwithstanding the introduction to
         such subpart referring to the date of April 1, 2005).

                  (ii)     DURATION OF REVOLVING CREDIT MARGIN ADJUSTMENT. Any
         such adjustment to the Revolving Credit Alternate Base Rate Margin or
         the Revolving Credit LIBOR Margin shall only remain effective until the
         earlier of the next Margin Adjustment Date or the date on which an
         Event of Default shall occur. The Revolving Credit Alternate Base Rate
         Margin and the Revolving Credit LIBOR Margin, as the case may be, to be
         effective from such earlier date and from time to time thereafter shall
         be the Revolving Credit Alternate Base Rate Margin and the Revolving
         Credit LIBOR Margin, as the case may be, as adjusted pursuant to
         Section 2.13(b)(i) of this Agreement; provided, however, that: (A) if
         an Event of Default shall occur which has not been waived in accordance
         with Section 13.1 of this Agreement by reason of the Borrowers not
         having delivered the financial statements in accordance with Section
         6.1(a) and 6.1(b) of this Agreement, the Revolving Credit Alternate
         Base Rate Margin shall be two percent (2.00%) per annum and the
         Revolving Credit LIBOR Margin shall be three percent (3.00%) per annum
         and (B) if an Event of Default shall occur which has not been

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         waived in accordance with Section 13.1 of this Agreement, the interest
         rate shall be the interest rate applicable pursuant to Section 2.13(e)
         of this Agreement and subject to the notice provisions set forth
         therein. The Administrative Agent shall provide the Borrowers with five
         (5) Business Days' prior notice of the commencement of the charging of
         the interest rate provided for in clause (A) or (B) of the preceding
         sentence; provided, however, that (i) any notice given prior to
         imposition of such interest rate hereunder shall only be a notice as to
         this Section 2.12(b) and shall not be deemed to be a notice for any
         other purpose and (ii) no failure by the Administrative Agent to
         provide such notice shall limit any of the other rights of the Banks or
         the Administrative Agent hereunder at any time.

                  (iii)    RESERVED.

         3.       Amendment to Default Interest. Section 2.13 of the Credit
Agreement is hereby amended to delete subsection (e) therefrom and to insert in
place thereof the following:

                  (e)      DEFAULT INTEREST. Following the occurrence of an
         Event of Default which has not been waived in writing by the Required
         Banks or all of the Banks, as the case may be, unless otherwise agreed
         in writing by the Required Banks, (i) the principal outstanding
         hereunder and the unpaid interest and fees thereon shall bear interest,
         payable on demand, for Alternate Base Rate Advances and LIBOR Advances,
         at a rate per annum which shall be equal at all times to two percent
         (2.0%) in excess of the applicable interest rate then in effect, (ii)
         the fee for the Letters of Credit shall be as set forth in Section
         2.12(d) hereof, and (iii) in the case of any other amount due from the
         Borrowers hereunder, such amount shall bear interest at a rate per
         annum which shall be equal at all times to two percent (2.0%) in excess
         of the rate applicable to Alternate Base Rate Advances (the "Default
         Rate"). Each of the Borrowers acknowledges that this calculation will
         result in the accrual of interest on interest and each of the Borrowers
         expressly consents and agrees to this provision. The Administrative
         Agent shall provide the Borrowers with five (5) Business Days' prior
         notice of the commencement of the charging of the Default Rate provided
         for in this Section 2.13(e) except with respect to an Event of Default
         under Section 7.13 hereof, in which case the applicable Default Rate
         shall apply automatically and without any notice from or action on the
         part of the Administrative Agent or the Banks. Any notice given
         pursuant to the previous sentence prior to imposition of the Default
         Rate shall only be a notice as to this Section 2.12(b) and shall not be
         deemed to be a notice for any other purpose, and the failure by the
         Administrative Agent to provide such notice shall not limit any of the
         other rights of the Banks or the Administrative Agent hereunder at any
         time.

         4.       Addition to Representations and Warranties. Section 5 of the
Credit Agreement is hereby amended to add a new Section 5.22 at the end thereof:

                  5.22.    SENIOR SUBORDINATED INDEBTEDNESS. (a) no Default or
         Event of Default (as each term is defined, respectively, in each of the
         Senior Subordinated Indentures) exists, nor will any such Default or
         Event of Default exist under either of the Senior

                                       5
<PAGE>

         Subordinated Indentures (or note or other agreement executed in
         connection therewith) immediately after the occurrence of any Credit
         Event; (b) all of the Obligations under this Agreement and the other
         Loan Documents constitute Senior Debt and Designated Senior Debt under
         each of the Senior Subordinated Indentures, and (c) as of the Second
         Amendment Closing Date, the Borrowers and their Subsidiaries have not
         incurred any Designated Senior Debt under either of the Senior
         Subordinated Indentures other than the Obligations under this Agreement
         and the other Loan Documents.

         5.       Amendment to Guarantors. Section 6.2 of the Credit Agreement
is hereby amended to delete subsection (j) therefrom and to insert in place
thereof the following:

                  (j)      ADDITIONAL GUARANTORS. Promptly after the creation of
         a Subsidiary or the consummation of a Permitted Acquisition the result
         of which is the existence of a Subsidiary which is not a Borrower and
         which is not a Non-US Subsidiary, the Borrowers shall cause such
         Subsidiary to execute and deliver to the Administrative Agent for the
         benefit of the Loan Parties a Guaranty Agreement guarantying the
         Guaranteed Obligations in the form of Exhibit E.

         6.       Addition to Affirmative Covenants. Section 6.2 of the Credit
Agreement is hereby amended to add new subsections (l), (m) and (n) at the end
thereof:

                  (l)      USE OF PROCEEDS FROM 144(a) OFFERING. Notwithstanding
         anything in this Agreement to the contrary, International shall use the
         net proceeds of the 144(a) Offering to (i) prepay the Term Loan
         Advances in full, (ii) partially redeem the 2002 Senior Subordinated
         Notes in an amount equal to Nineteen Million Four Hundred Thousand
         Dollars ($19,400,000), (iii) cause Holding to redeem in full the
         Holding Senior Subordinated Notes by repaying the loan from Holding to
         International in an amount equal to the amount required for redemption
         of the Holding Senior Subordinated Notes, and (iv) make a Distribution
         to Holding in the amount of Twenty-Five Million Dollars ($25,000,000)
         to pay dividends to the Class L common stockholders of ERICO Global
         Company.

                  (m)      SENIOR SUBORDINATED INDEBTEDNESS.

                           (i)      Notice. To the extent any notices (other
                  than quarterly and annual reports and other filings that the
                  Borrowers are otherwise required to provide to the
                  Administrative Agent and the Banks under this Agreement) are
                  given or received by International pursuant to any Senior
                  Subordinated Indenture, the Borrowers shall (A) with respect
                  to a notice given by International, provide a copy of such
                  notice on the same Business Day to the Administrative Agent
                  and the Banks, and (B) with respect to a notice received by
                  International, provide a copy to the Administrative Agent and
                  the Banks within three Business Days after such notice is
                  received.

                                       6
<PAGE>

                           (ii)     Designated Senior Indebtedness and Credit
                  Agreement. International and its Subsidiaries shall not incur
                  any Designated Senior Debt other than the Obligations under
                  this Agreement and the other Loan Documents. International and
                  its Subsidiaries shall not enter into any other document that
                  constitutes a Credit Agreement, or similar defined term, as
                  defined in any Senior Subordinated Indenture, except pursuant
                  to this Agreement and the other Loan Documents.

                           (iii)    Guarantors. Notwithstanding anything in this
                  Agreement to the contrary, to the extent that any Subsidiary
                  of a Borrower becomes a Subsidiary Guarantor (as defined,
                  respectively, in either of the Senior Subordinated
                  Indentures), such Subsidiary shall also become a Guarantor
                  under this Agreement. The Borrowers shall cause each such
                  Subsidiary to deliver to the Administrative Agent, for the
                  benefit of the Banks, such Guaranty Agreement and other
                  documentation reasonably satisfactory to the Administrative
                  Agent.

                  (n)      OTHER COVENANTS. In the event that International or
         any of it Subsidiaries shall enter into, or shall have entered into,
         any Material Indebtedness Agreement, wherein the covenants contained
         therein shall be more restrictive than the covenants set forth herein,
         as determined in good faith by the Administrative Agent, then
         International and its Subsidiaries shall be bound hereunder by such
         covenants with the same force and effect as if such covenants were
         written herein.

         7.       Amendment to Equity Transactions Covenant. Section 6.3(a) of
the Credit Agreement is hereby amended to insert subpart (iv) after subpart
(iii) thereof:

         or (iv) enter into any Asset Securitization Transaction, as defined,
         respectively, in each of the Senior Subordinated Indentures.

         8.       Amendment to Indebtedness Covenant. Section 6.3(b) of the
Credit Agreement is hereby amended to delete subparts (viii) and (ix) therefrom
and to insert in place thereof, respectively, the following:

                  (viii) subject to the limitations contained in Section 2.11(a)
         and without duplication, Indebtedness of (x) a Borrower comprised of
         Fronting Bank LCs and Affiliate Fronting Bank LCs issued for the
         benefit of Non-US Subsidiaries (including Europa in the case of
         International), (y) Europa comprised of Advances, and (z) Wholly-Owned
         Non-US Subsidiaries (including Europa) comprised of intercompany loans
         from International, ERICO Products or, without duplication of (y)
         above, Europa, so long as (A) the aggregate of the foregoing under (x),
         (y) and (z) incurred on and after the Second Amendment Closing Date
         shall not exceed Fifty-Five Million Dollars ($55,000,000) at any one
         time outstanding, and (B) the intercompany loans or advances from a
         Borrower to a Non-U.S. Subsidiary are evidenced by a promissory note,
         in form and substance satisfactory to the Administrative Agent, that
         has been delivered to the Administrative

                                       7
<PAGE>

         Agent as security for the Obligations (provided that the promissory
         notes payable to Europa shall only secure the Obligations of Europa).

                  (ix) [Reserved]

         9.       Amendment to Investments. Section 6.3(d)(ii) of the Credit
Agreement is hereby amended to delete subparts (VI) and (IX) therefrom and to
insert in place thereof, respectively, the following:

                  (VI)     advances, loans, notes receivable or Guaranties
         comprised of (x) Fronting Bank LCs and Affiliate Fronting Bank LCs
         issued for account of a Borrower for the benefit of Non-US Subsidiaries
         (including Europa in the case of International), (y) intercompany loans
         to Non-US Subsidiaries from International, ERICO Products or Europa to
         the extent funded by Advances, and (z) investments or accounts
         receivable permitted by clause (i)(x) above, so long as (A) the
         aggregate of the foregoing under (x), (y) and (z) incurred on and after
         the Second Amendment Closing Date shall not exceed Fifty-Five Million
         Dollars ($55,000,000) at any one time outstanding, and (B) the
         intercompany loans from a Borrower to a Non-U.S. Subsidiary are
         evidenced by a promissory note, in form and substance satisfactory to
         the Administrative Agent, that has been delivered to the Administrative
         Agent as security for the Obligations (provided that the promissory
         notes payable to Europa shall only secure the Obligations of Europa).

                  (IX) [Reserved]

         10.      Amendment to Negative Covenants. Section 6.3 of the Credit
Agreement is hereby amended to delete subsections (e), (k), (l), (m) and (n)
therefrom and to insert in place thereof, respectively, the following:

                  (e)      DIVIDENDS AND MANAGEMENT FEES. No Borrower shall, and
         no Borrower shall permit any of its Subsidiaries to make or commit
         itself to make any Distribution, loan or advance to Holding or pay any
         management fee to Holding at any time other than (i) any stock
         dividend, stock split or other equity distribution payable only in
         capital stock or other equity, (ii) any Distribution for purposes of
         repurchasing equity up to a maximum of One Million Dollars ($1,000,000)
         per year, (iii) Distributions to be used to compensate officers of
         Holding, up to a maximum of Two Million Dollars ($2,000,000) per year,
         (iv) a one time Distribution in the amount of Twenty-Five Million
         Dollars ($25,000,000) to pay dividends to the Class L common
         stockholders of ERICO Global Company, to be made from the proceeds of
         the 144(a) Offering on or about the Second Amendment Closing Date; (v)
         any Distribution to Holding for purposes of paying the tax liabilities
         of Holding, up to a maximum of Two Hundred Fifty Thousand Dollars
         ($250,000) per year, and (vi) any Distribution to Holding for payment
         of tax liabilities solely relating to and in an amount equal to
         Holding's liabilities for the consolidated taxes of International and
         its Subsidiaries; (vii) any Distribution in connection with the Merger
         on the Restatement Date; or (viii) any Distribution, loan, management
         fees or advances to Holding in an aggregate amount for International
         and all of its Subsidiaries

                                       8
<PAGE>

         of no more than One Million Dollars ($1,000,000) per Fiscal Year in
         order to permit Holding to pay ordinary operating expenses (other than
         officer compensation) of Holding; provided, however, that this Section
         6.3(e) shall not prohibit any Distribution from a direct or indirect
         Subsidiary of a Borrower to such Borrower or another Subsidiary of such
         Borrower, as the case may be, and any of the foregoing Distributions
         (other than pursuant to subparts (vi) and (viii)) to Holding may only
         be made if no Potential Default or Event of Default has occurred and is
         continuing or, after giving effect to such Distribution, would occur.
         Further, except as provided in this Section 6.3(e), no Borrower shall,
         and no Borrower shall permit any of its Subsidiaries to, suffer or
         permit itself to be subject to any negative covenant in favor of a
         Person or Persons which limits such Borrower or its Subsidiaries
         ability to make any Distribution from a direct or indirect Subsidiary
         of a Borrower to such Borrower or another Subsidiary of such Borrower,
         as the case may be.

                  (k)      PAYMENT OF INDEBTEDNESS.

                           (i)      On the Second Amendment Closing Date,
                  International shall, and shall be permitted to, prepay in full
                  the intercompany loan (in the amount of the sum of the
                  Obligations owing on the Holding Senior Subordinated Notes)
                  originally made by Holding to International with the proceeds
                  from the Holding Senior Subordinated Notes. Immediately after
                  such prepayment, International shall cause Holding to redeem
                  in full the Holding Senior Subordinated Notes with the
                  proceeds of such prepayment.

                           (ii)     After the occurrence of a Potential Default
                  or an Event of Default, no Borrower shall, and no Borrower
                  shall permit any of its Subsidiaries to, make (A) any payment
                  in respect of any Subordinated Debt or (B) any payment to
                  Holding in respect of any Indebtedness of any Borrower or any
                  Subsidiary to Holding.

                  (l)      SENIOR SUBORDINATED INDEBTEDNESS.

                           (i)      Payment. International shall not repay,
                  redeem, retire or repurchase any Senior Subordinated
                  Indebtedness, including, but not limited to, the Indebtedness
                  incurred pursuant to the notes issued in connection with the
                  Senior Subordinated Indentures; provided, however, that
                  International may (A) make regularly scheduled payments of
                  interest on the Senior Subordinated Notes, and (B) (1) on or
                  prior to August 15, 2004, roll the 2002 Senior Subordinated
                  Notes that are outstanding after the Second Amendment Closing
                  Date into the 2004 Senior Subordinated Indenture, or (2) at
                  any time after August 15, 2004, redeem in full the 2002 Senior
                  Subordinated Notes at up to one hundred one percent (101%) of
                  the face value thereof, so long as no Potential Default or
                  Event of Default shall have occurred and be continuing or,
                  after giving proforma effect to such redemption, would occur.

                                       9
<PAGE>

                           (ii)     Defeasance. International shall not exercise
                  any right of legal defeasance or covenant defeasance or
                  similar right with respect to any of the Senior Subordinated
                  Indebtedness.

                           (iii)    Amendments. International shall not amend,
                  supplement (other than a supplement to add a guarantor
                  thereunder) or waive any provision of the Senior Subordinated
                  Indenture, except with respect to any amendment or
                  modification of the subordination provisions of a Senior
                  Subordinated Indenture, which amendment or modification shall
                  require the written consent of the Loan Parties; provided,
                  however, that International shall be permitted to and shall
                  cause the 2002 Senior Subordinated Indenture to be amended and
                  restated on or prior to the Second Amendment Closing Date to
                  reflect, in form and substance, the 2004 Senior Subordinated
                  Indenture (other than with respect to maturity, pricing and
                  similar characteristics).

                  (m)      HOLDING INDEBTEDNESS. Notwithstanding anything in
         this Agreement to the contrary, on and after the Second Amendment
         Closing Date, International and its Subsidiaries shall not make any
         Distributions, investments or loans to Holding for the purposes of
         servicing any indebtedness for borrowed money of Holding.

                  (n)      INTERCOMPANY LOANS.

                           (i)      All intercompany loans and advances from a
                  Borrower or a Guarantor Subsidiary to a Non-U.S. Subsidiary
                  and all Subordinated Intercompany Loans shall be evidenced by
                  promissory notes in form and substance acceptable to the
                  Administrative Agent, and such promissory notes shall be
                  delivered to the Administrative Agent as security for the
                  Obligations (provided that the promissory notes payable to
                  Europa shall only secure the Obligations of Europa).

                           (ii)     All Indebtedness in the form of Subordinated
                  Intercompany Loans shall at all times and in all respects be
                  subordinate and junior in right of payment to the Obligations,
                  and any extensions, renewals, refinancings and modifications
                  thereto.

                           (iii)    Unless and until all of the Obligations
                  shall have been fully and finally paid and satisfied,
                  International and its Subsidiaries shall not (A) enforce or
                  exercise any right of demand or setoff or commence any legal
                  or other action to collect upon any Subordinated Intercompany
                  Loan; (B) take or accept any collateral or security with
                  respect to any Subordinated Intercompany Loan without the
                  prior written consent of the Administrative Agent; (C)
                  commence foreclosure or any other similar type of proceedings
                  or exercise any similar remedies in respect of any
                  Subordinated Intercompany Loan; (D) enforce any judgment that
                  it might obtain with respect to any Subordinated Intercompany
                  Loan, without obtaining the prior written consent of the
                  Administrative Agent; or

                                       10
<PAGE>

                  (E) commence or join with any other creditor or creditors in
                  commencing any bankruptcy, reorganization or insolvency
                  proceedings against the obligor on any Subordinated
                  Intercompany Loan; provided, however, that, so long as no
                  Potential Default or Event of Default shall exist, regularly
                  scheduled payments may be made on the Subordinated
                  Intercompany Loans.

                           (iv)     International and its Subsidiaries represent
                  and warrant that the Subordinated Intercompany Loans are and
                  will remain unsecured, and shall not be subordinated to any
                  Indebtedness other than the Obligations and the Senior
                  Subordinated Indebtedness.

         11.      Amendment to Financial Covenants. Section 6.4 of the Credit
Agreement is hereby retroactively amended, effective as of December 31, 2003, to
delete subsections (a), (c), (d), (e) and (f) therefrom and to insert in place
thereof, respectively, the following:

                  (a)      CONSOLIDATED NET WORTH. The Borrowers shall not
         permit the Consolidated Net Worth of International and its consolidated
         Subsidiaries: (i) as of December 31, 2003, to be less than Sixty-Two
         Million Dollars ($62,000,000), and (ii) as of each Fiscal Quarter
         ending after December 31, 2003, not less than:

                           (A)      Forty-One Million Dollars ($41,000,000);
                  plus

                           (B)      an aggregate amount equal to fifty percent
                  (50%) of Consolidated Net Income (if any and only to the
                  extent a positive number) attributable to each Fiscal Year
                  ending after December 31, 2003 (which aggregate amount shall
                  not be reduced by any consolidated net losses reported for any
                  Fiscal Year ending after December 31, 2003); plus

                           (C)      if such date is during and not at the end of
                  a Fiscal Year, an amount equal to fifty percent (50%) of the
                  Consolidated Net Income (if any and only to the extent a
                  positive number) for the fiscal period consisting of the
                  Fiscal Quarters of such Fiscal Year that have ended on or
                  before such date.

                  (c)      CONSOLIDATED FUNDED DEBT TO EBITDA RATIO. The
         Borrowers shall not permit the Consolidated Funded Debt to EBITDA Ratio
         as at the end of each Cumulative Four Quarter Period to exceed (i) 4.50
         to 1.00 for each Cumulative Four Quarter Period ending prior to
         December 31, 2003, (ii) 4.25 to 1.00 for each Cumulative Four Quarter
         Period ending on December 31, 2003 and prior to March 30, 2004,
         (iii)5.00 to 1.00 for each Cumulative Four Quarter Period ending on
         March 31, 2004 and prior to December 31, 2005, (iv) 4.75 to 1.00 for
         each Cumulative Four Quarter Period ending on December 31, 2005 and
         prior to December 31, 2006, (v) 4.50 to 1.00 for each Cumulative Four
         Quarter Period ending on December 31, 2006 and prior to March 31, 2007,
         and (vi) 4.25 to 1.00 on March 31, 2007 and thereafter.

                  (d)      RESERVED.

                                       11
<PAGE>

                  (e)      CONSOLIDATED SENIOR FUNDED DEBT TO EBITDA RATIO. The
         Borrowers shall not permit the Consolidated Senior Funded Debt to
         EBITDA Ratio as at the end of each Cumulative Four Quarter Period to
         exceed (i) 3.00 to 1.00 for each Cumulative Four Quarter Period ending
         prior to December 31, 2003, and (ii) 2.25 to 1.00 for each Cumulative
         Four Quarter Period ending on December 31, 2003 and thereafter.

                  (f)      MINIMUM CONSOLIDATED EBITDA. The Borrowers shall not
         permit the Consolidated EBITDA as at the end of each Cumulative Four
         Quarter Period to be less than (i) $33,000,000 for each Cumulative Four
         Quarter Period ending prior to December 31, 2003, (ii) $36,000,000 for
         each Cumulative Four Quarter Period ending on December 31, 2003 and
         prior to December 31, 2005, (iii) $40,000,000 for each Cumulative Four
         Quarter Period ending on December 31, 2005 and prior to December 31,
         2006, and (iv) $45,000,000 for each Cumulative Four Quarter Period
         ending on December 31, 2006 and thereafter.

         12.      Amendment to Events of Default. Section 7 of the Credit
Agreement is hereby amended to delete Section 7.12 and 7.13 therefore and insert
in place thereof, respectively, the following:

                  7.12     FORFEITURE PROCEEDINGS AND FINANCIAL IMPAIRMENT OF
         CERTAIN SUBSIDIARIES. An (a) adjudication against a Borrower, any
         Subsidiary of a Borrower or any Guarantor in any criminal proceedings
         requiring a Borrower's forfeiture of any material asset or assets; or
         (b) The Financial Impairment of a Subsidiary of a Borrower, other than
         a Subsidiary described in Section 7.13 hereof.

                  7.13.    FINANCIAL IMPAIRMENT OF THE BORROWERS AND CERTAIN
         SUBSIDIARIES. The Financial Impairment of (a) a Borrower, or (b) a
         Subsidiary of a Borrower representing in excess of five percent (5%) of
         the Consolidated Total Assets, or generating in excess of five percent
         (5%) of the Consolidated Net Income, of International and its
         Subsidiaries.

         13.      Amendment to Events of Default. Section 7 of the Credit
Agreement is hereby amended to add a new Section 7.14 at the end thereto:

                  7.14.    SENIOR SUBORDINATED INDENTURE. If (a) any Event of
         Default (as defined, respectively, in any Senior Subordinated
         Indenture) shall occur under any Senior Subordinated Indenture; (b) the
         Obligations under this Agreement, or any part thereof, shall cease to
         constitute Senior Debt or Designated Senior Debt under each of the
         Senior Subordinated Indentures; (c) the Borrowers shall designate any
         Indebtedness as Designated Senior Debt without the prior written
         consent of the Administrative Agent; or (d) enter into any Credit
         Agreement (as defined in any Senior Subordinated Indenture), except
         pursuant to this Agreement and the other Loan Documents, without the
         prior written consent of the Administrative Agent.

                                       12
<PAGE>

         14.      Amendment to Optional Defaults. Section 8.1 of the Credit
Agreement is hereby amended to delete the phrase "Upon the occurrence of an
Event of Default described above in Sections 7.1 through 7.12 above," therefrom
and to insert in place thereof the following:

                  Upon the occurrence of an Event of Default described above in
         Sections 7.1 through 7.12 or 7.14 above,

         15.      Amendment to Amendments and Consents. Section 13.1 of the
Credit Agreement is hereby amended to delete subsection (b) therefrom and to
insert in place thereof the following:

                  (b)      any reduction in the rate of interest on the
         Revolving Credit Notes (provided that the institution of the Default
         Rate and a subsequent removal of the Default Rate shall not constitute
         a decrease in interest rate under this Section), or in any amount of
         principal or interest due on any Revolving Credit Note, or in the
         manner of pro rata application of any payments made by the Borrowers to
         the Banks hereunder,

         16.      Amendment to General. Section 13 of the Credit Agreement is
hereby amended to add a new Section 13.20 at the end thereto:

                  13.20. DESIGNATED SENIOR DEBT. This Agreement is the "Credit
         Agreement" as defined in each of the Senior Subordinated Indentures,
         and the Indebtedness created hereunder is "Designated Senior Debt"
         under the provisions of each of the Senior Subordinated Indentures.

         17.      Attachments to Credit Agreement. The Credit Agreement is
hereby amended to delete Annex I therefrom and to insert in place thereof the
attached Annex I.

         18.      Amendment to Definitions. Annex II of the Credit Agreement is
hereby amended to delete the definitions of "Consolidated Fixed Charge Coverage
Ratio", "Financial Standard I", "Financial Standard II", "Financial Standard
III", "Financial Standard IV", "Financial Standard V", "Letter of Credit Fee
Percentage", "Margin Adjustment Date", "Margin Adjustment Documents", "Margin
Determination Date", "Required Banks", "Revolving Credit Termination Date",
"Senior Subordinated Indebtedness", "Senior Subordinated Indenture", "Senior
Subordinated Notes" and "Substantial Guarantor" therefrom and to insert in place
thereof, respectively, the following:

                  "CONSOLIDATED FIXED CHARGE COVERAGE RATIO" means, for any
         Cumulative Four Quarter Period, the ratio of: (a) the Consolidated
         EBITDA minus the Consolidated Capital Expenditures minus the
         Consolidated Income Tax Expense actually paid in cash during such
         period to (b) the sum of (without duplication) (i) Consolidated
         Interest Expense, plus (ii) the scheduled principal payments in respect
         of Consolidated Senior Debt and Consolidated Subordinated Debt as at
         the Fiscal Quarter ending immediately prior to the Cumulative Four
         Quarter Period in question, plus (iii) cash Distributions made by
         International to its shareholders, but excluding (A) Distributions made
         in connection with the Merger, (B) Distributions made prior to the
         Restatement Date, (C)

                                       13
<PAGE>

         Distributions made for payment of regularly scheduled interest payments
         under the Holding Senior Subordinated Indenture prior to the Second
         Amendment Closing Date, (D) the Twenty-Five Million Dollar
         ($25,000,000) Distribution permitted pursuant to subpart (iv) of
         Section 6.3(e) hereof, and (E) the annual Distributions to Holding for
         repurchases of equity permitted pursuant to subpart (ii) of Section
         6.3(e) hereof.

                  "FINANCIAL STANDARD I" means satisfaction by International and
         its Subsidiaries on a consolidated basis of a Consolidated Funded Debt
         to EBITDA Ratio (as measured for the Cumulative Four Quarter Period
         ending as of the applicable Determination Date) of less than or equal
         to 3.50 to 1.00.

                  "FINANCIAL STANDARD II" means satisfaction by International
         and its Subsidiaries on a consolidated basis of a Consolidated Funded
         Debt to EBITDA Ratio (as measured for the Cumulative Four Quarter
         Period ending as of the applicable Determination Date) of greater than
         3.50 to 1.00 but less than or equal to 4.00 to 1.00.

                  "FINANCIAL STANDARD III" means satisfaction by International
         and its Subsidiaries on a consolidated basis of a Consolidated Funded
         Debt to EBITDA Ratio (as measured for the Cumulative Four Quarter
         Period ending as of the applicable Determination Date) of greater than
         4.00 to 1.00 but less than or equal to 4.50 to 1.00.

                  "FINANCIAL STANDARD IV" means satisfaction by International
         and its Subsidiaries on a consolidated basis of a Consolidated Funded
         Debt to EBITDA Ratio (as measured for the Cumulative Four Quarter
         Period ending as of the applicable Determination Date) of greater than
         4.50 to 1.00 but less than or equal to 5.00 to 1.00.

                  "FINANCIAL STANDARD V" means satisfaction by International and
         its Subsidiaries on a consolidated basis of a Consolidated Funded Debt
         to EBITDA Ratio (as measured for the Cumulative Four Quarter Period
         ending as of the applicable Determination Date) of greater than 5.00 to
         1.00.

                  "LETTER OF CREDIT FEE PERCENTAGE" means (i) for the period
         commencing on the Restatement Date and ending on May 31, 2003, a
         percentage equal to three and one-fourth percent (3.250%) per annum and
         (ii) thereafter, such percentage as determined pursuant to Section
         2.12(d) of this Agreement.

                  "MARGIN ADJUSTMENT DATE" means the first Business Day of each
         April, June, September, and December of each year.

                  "MARGIN ADJUSTMENT DOCUMENTS" means (1) the financial
         statements required by Section 6.1(a) for the Fiscal Quarter ending
         immediately prior to such Margin Adjustment Date, or where the Fiscal
         Quarter ending immediately prior to such Margin Adjustment Date is a
         Fiscal Year end, the financial statements required by Section 6.1(b)
         for such Fiscal Year ending immediately prior to such Margin Adjustment
         Date, and (2) a certificate complying with Section 6.1(c) hereof
         certifying the Consolidated Funded Debt

                                       14
<PAGE>

         to EBITDA Ratio of International and its Subsidiaries for the
         Cumulative Four Quarter Period ending on each such date.

                  "MARGIN DETERMINATION DATE" means each Fiscal Quarter End and
         each Fiscal Year End.

                  "REQUIRED BANKS" means, at any time, (a) Banks holding at
         least sixty-six and two thirds percent (66 2/3%) of (i) the Revolving
         Credit Commitments of all of the Banks at such time (or, if the
         Revolving Credit Commitments are no longer in effect, the outstanding
         Revolving Credit Advances of all of the Banks at such time) plus (ii)
         the aggregate LC Exposure of all of the Banks at such time, provided,
         however, that so long as there are more than three (3) Banks party to
         this Agreement, "Required Banks" shall never be less than three (3)
         Banks and provided further that "Required Banks", with respect to
         amendments or waivers of any provisions of Sections 6.4(a) and 6.4(e),
         shall never be less than Banks having at least seventy-five percent
         (75%) of (i) the Revolving Credit Commitments of all of the Banks at
         such time (or, if the Revolving Credit Commitments are no longer in
         effect, the outstanding Revolving Credit Advances of all of the Banks
         at such time) plus (ii) the aggregate LC Exposure of all of the Banks
         at such time.

                  "REVOLVING CREDIT TERMINATION DATE" means February 19, 2009,
         as extended pursuant to Section 2.14 of this Agreement, or the earlier
         date of the termination of the Revolving Credit Commitments pursuant to
         Section 2.9(d) or Section 7 of this Agreement.

                  "SENIOR SUBORDINATED INDEBTEDNESS" means the 2002 Senior
         Subordinated Indebtedness and the 2004 Senior Subordinated
         Indebtedness.

                  "SENIOR SUBORDINATED INDENTURE" means the 2002 Senior
         Subordinated Indenture and the 2004 Senior Subordinated Indenture.

                  "SENIOR SUBORDINATED NOTES" means the 2002 Senior Subordinated
         Notes and the 2004 Senior Subordinated Notes.

                  "SUBSTANTIAL GUARANTOR" means a direct or indirect Subsidiary
         of a Borrower, which is not a Non-US Subsidiary and which has
         guaranteed the Obligations.

         19.      Amendment to Change in Control. The "Change in Control"
definition is hereby amended to add a new subpart (v) at the end thereto:

                  and (v) the occurrence of a change in control, or other
         similar provision, as defined in any Material Indebtedness Agreement.

         20.      Amendment to Permitted Acquisitions. The "Permitted
Acquisition" definition is hereby amended to delete subpart (iv) therefrom and
to insert in place thereof the following:

                                       15
<PAGE>

                  (iv) in the event that the aggregate purchase price of such
         transaction is more than Twenty Five Million Dollars ($25,000,000), (x)
         the Required Banks shall have given their prior written consent to the
         transaction, and (y) the Person being acquired, or merged or
         consolidated with a Borrower or any of its Subsidiaries, shall be in
         the same or similar industries as any of the Borrowers;

         21.      Addition to Definitions. Annex II of the Credit Agreement is
hereby amended to add the following new definitions thereto:

                  "144(a) OFFERING" means the issuance by International of the
         2004 Senior Subordinated Notes in accordance with the 2004 Senior
         Subordinated Indenture.

                  "2002 SENIOR SUBORDINATED INDEBTEDNESS" means the Subordinated
         Indebtedness under or in respect of the 2002 Senior Subordinated Notes
         and the 2002 Senior Subordinated Indenture, in the original principal
         amount of $30,000,000,

                  "2002 SENIOR SUBORDINATED INDENTURE" means that certain First
         Amended and Restated Indenture, dated as of September 12, 2002, as
         amended and restated as of December 2, 2002, between International and
         CVC Capital Funding LLC, as the same may be amended, restated or
         supplemented.

                  "2002 SENIOR SUBORDINATED NOTES" means those certain
         $30,000,000 11% Senior Subordinated Notes due 2012 issued pursuant to
         the 2002 Senior Subordinated Indenture on September 12, 2002.

                  "2004 SENIOR SUBORDINATED INDEBTEDNESS" means the Subordinated
         Indebtedness under or in respect of the 2004 Senior Subordinated Notes
         and the 2004 Senior Subordinated Indenture, in the original principal
         amount of up to $140,900,000, as the same may be increased up to
         $151,600,000 as permitted pursuant to Section 6.3(l)(i) hereof.

                  "2004 SENIOR SUBORDINATED INDENTURE" means that certain
         Indenture, dated as of February 20, 2004, by and among International,
         the subsidiary guarantors named therein and Wells Fargo Bank Minnesota
         National Association, Trustee, as the same may be amended, restated or
         supplemented.

                  "2004 SENIOR SUBORDINATED NOTES" means those certain
         $140,900,000 8 7/8% Senior Subordinated Notes due March 1, 2012, issued
         pursuant to the 2004 Senior Subordinated Indenture on the Second
         Amendment Closing Date., as the same may be increased to $151,600,000
         pursuant to Section 6.3(l)(i) hereof.

                  "AGENT FEE LETTER" means the Agent Fee Letter between the
         Borrowers and the Administrative Agent, dated as of the Second
         Amendment Closing Date, as the same may from time to time be amended,
         restated or otherwise modified.

                                       16
<PAGE>

                  "DESIGNATED SENIOR DEBT" means "Designated Senior Debt", as
         defined in the 2002 Senior Subordinated Indenture and as defined in the
         2004 Senior Subordinated Indenture.

                  "MATERIAL INDEBTEDNESS AGREEMENT" shall mean any debt
         instrument, lease (capital, operating or otherwise), guaranty,
         contract, commitment, agreement or other arrangement evidencing any
         Indebtedness of a Borrower or any of its Subsidiaries in excess of the
         amount of Five Million Dollars ($5,000,000).

                  "SECOND AMENDMENT CLOSING DATE" means February 20, 2004.

                  "SECOND AMENDMENT FEE LETTER" means the Second Amendment Fee
         Letter among the Borrowers, the Administrative Agent and the Banks,
         dated as of the Second Amendment Closing Date.

                  "SENIOR DEBT" means "Senior Debt", as defined in the 2002
         Senior Subordinated Indenture and as defined in the 2004 Senior
         Subordinated Indenture.

                  "SUBORDINATED INTERCOMPANY LOAN" means any intercompany loan
         of International or a Subsidiary of International that is subordinated
         to the Indebtedness evidenced by the Senior Subordinated Notes pursuant
         to any Senior Subordinated Indenture.

         22.      Prepayment of Term Advances. Pursuant to Section 2.9(e) of the
Credit Agreement, the Borrowers notified the Administrative Agent that the
Borrowers desire to prepay, in full, all of the Term Advances. In connection
therewith, each of the Banks agrees to deliver its Term Note to the
Administrative Agent marked "Canceled" and the Administrative Agent agrees to
redeliver such Term Notes to International.

         23.      Notice of Name Change. The Borrowers have notified the
Administrative Agent and the Banks that ERICO Europa B.V. has changed its name
to ERICO Europe Holding B.V., effective as of November 18, 2003.

         24.      Closing Deliveries. Concurrently with the execution of this
Amendment, the Borrowers shall:

                  (a)      pay to the Administrative Agent the fees set forth in
         the Agent Fee Letter and the Second Amendment Fee Letter;

                  (b)      with respect to the Senior Subordinated Indentures,
         the Borrowers shall have provided to the Administrative Agent and the
         Banks (a) a copy of the 2002 Senior Subordinated Indenture, as amended,
         and the 2004 Senior Subordinated Indenture, certified by an officer of
         International as being true and complete; and (b) an officer's
         certificate, signed by a Financial Officer, and otherwise in form and
         substance

                                       17
<PAGE>

         satisfactory to the Administrative Agent and the Banks, certifying that
         all of the Obligations under the Credit Agreement constitute Senior
         Debt and Designated Senior Debt, as each term is defined in the Senior
         Subordinated Indentures; and

                  (c)      pay all legal fees and expenses of the Administrative
         Agent in connection with this Amendment.

         25.      Post Closing Deliveries. On or before each of the dates
specified in this Section 25, the Borrowers shall:

                  (a)      within thirty (30) days from the Second Amendment
         Closing Date, deliver to the Administrative Agent, for the benefit of
         the Banks, with respect to each Borrower and Substantial Guarantor, (i)
         the results of U.C.C. lien searches, satisfactory to the Administrative
         Agent and the Banks, and (ii) the results of federal and state tax lien
         and judicial lien searches, satisfactory to the Administrative Agent
         and the Banks;

                  (b)      within thirty (30) days from the Second Amendment
         Closing Date, (i) deliver to the Administrative Agent, for the benefit
         of the Banks, corporate documents evidencing ERICO Europa B.V.'s name
         change to ERICO Europe Holding B.V., (ii) deliver any new share
         certificates issued in the name of ERICO Europe Holding B.V., and (iii)
         pay all costs and expenses (including, without limitation, any foreign
         counsel, or foreign notary, filing, registration or similar, fees,
         costs or expenses) of the Administrative Agent and the Banks incurred
         in connection with the continued perfection of the Administrative
         Agent's security interest, on behalf of the Banks, in the capital
         shares of ERICO Europe Holding B.V.; and

                  (c)      within thirty (30) days from the Second Amendment
         Closing Date, deliver to the Administrative Agent, for the benefit of
         the Banks, the original intercompany notes referenced in the provisions
         modified pursuant to Sections 8 and 9 of this Amendment.

         26.      Representations and Warranties. Each Borrower hereby
represents and warrants to the Administrative Agent and the Banks that (a) such
Borrower has the legal power and authority to execute and deliver this
Amendment; (b) the officers executing this Amendment have been duly authorized
to execute and deliver the same and bind such Borrower with respect to the
provisions hereof; (c) the execution and delivery hereof by such Borrower and
the performance and observance by such Borrower of the provisions hereof do not
violate or conflict with the organizational agreements of such Borrower or any
law applicable to such Borrower or result in a breach of any provision of or
constitute a default under any other agreement, instrument or document binding
upon or enforceable against such Borrower; (d) no Potential Default or Event of
Default exists under the Credit Agreement, nor will any occur immediately after
the execution and delivery of this Amendment or by the performance or observance
of any provision hereof; (e) such Borrower is not aware of any claim or offset
against, or defense or counterclaim to, such Borrower's obligations or
liabilities under the Credit Agreement or any other Loan Document; and (f) this
Amendment constitutes a valid and binding obligation of such Borrower in every
respect, enforceable in accordance with its terms.

                                       18
<PAGE>

         27.      Waiver. Each Borrower, by signing below, hereby waives and
releases the Administrative Agent and the Banks and their respective directors,
officers, employees, attorneys, affiliates and subsidiaries from any and all
claims, offsets, defenses and counterclaims of which such Borrower is aware,
such waiver and release being with full knowledge and understanding of the
circumstances and effect thereof and after having consulted legal counsel with
respect thereto.

         28.      References to Credit Agreement. Each reference that is made in
the Credit Agreement or any other Loan Document shall hereafter be construed as
a reference to the Credit Agreement as amended hereby. Except as herein
otherwise specifically provided, all terms and provisions of the Credit
Agreement are confirmed and ratified and shall remain in full force and effect
and be unaffected hereby. This Amendment is a Loan Document.

         29.      Counterparts. This Amendment may be executed in any number of
counterparts, by different parties hereto in separate counterparts and by
facsimile signature, each of which when so executed and delivered shall be
deemed to be an original and all of which taken together shall constitute but
one and the same agreement.

         30.      Headings. The headings, captions and arrangements used in this
Amendment are for convenience only and shall not affect the interpretation of
this Amendment.

         31.      Severability. Any term or provision of this Amendment held by
a court of competent jurisdiction to be invalid or unenforceable shall not
impair or invalidate the remainder of this Amendment and the effect thereof
shall be confined to the term or provision so held to be invalid or
unenforceable.

         32.      Governing Law. The rights and obligations of all parties
hereto shall be governed by the laws of the State of Illinois, without regard to
principles of conflict of laws.

                  [Remainder of page intentionally left blank.]

                                       19
<PAGE>

         33.      JURY TRIAL WAIVER. THE BORROWERS, THE ADMINISTRATIVE AGENT AND
THE BANKS, TO THE EXTENT PERMITTED BY LAW, HEREBY WAIVE ANY RIGHT TO HAVE A JURY
PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR
OTHERWISE, AMONG THE BORROWERS, THE ADMINISTRATIVE AGENT AND THE BANKS, ARISING
OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP
ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS AMENDMENT OR ANY NOTE OR OTHER
INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH
OR THE TRANSACTIONS RELATED THERETO.

         IN WITNESS WHEREOF, the parties have executed and delivered this
Amendment in Cleveland, Ohio as of the date first set forth above.

                                    ERICO INTERNATIONAL CORPORATION

                                    By: /s/ Peter B. Korte
                                    --------------------------------------------
                                    Name: Peter B. Korte
                                    Title: General Counsel and Secretary

                                    ERICO PRODUCTS, INC.

                                    By: /s/ Peter B. Korte
                                    --------------------------------------------
                                    Name: Peter B. Korte
                                    Title: General Counsel and Secretary

                                    ERICO EUROPE HOLDING B.V., formerly known
                                       as ERICO EUROPA, B.V.

                                    By: /s/ William H. Roj
                                    --------------------------------------------
                                    Name: William H. Roj
                                    Title: Managing Director

                                    LASALLE BANK NATIONAL ASSOCIATION,
                                      as the Administrative Agent, Lead Arranger
                                         and as a Bank, and as Issuing Bank

                                    By: /s/ Jefferson M. Green
                                    --------------------------------------------
                                    Name: Jefferson M. Green
                                    Title: Senior Vice President

                                       20
<PAGE>

                                    GENERAL ELECTRIC CAPITAL
                                       CORPORATION,
                                         as Co-Lead Arranger, Co-Documentation
                                            Agent and as a Bank

                                    By: /s/ Christopher Cox
                                    --------------------------------------------
                                    Name: Christopher Cox
                                    Title: Duly Authorized Signatory

                                    NATIONAL CITY BANK,
                                       as Syndication Agent and as a Bank

                                    By: /s/ Patrick M. Pastore
                                    --------------------------------------------
                                    Name: Patrick M. Pastore
                                    Title: Senior Vice President

                                    KEYBANK NATIONAL ASSOCIATION,
                                       as Documentation Agent and as a Bank

                                    By: /s/ Babette C. Schubert
                                    --------------------------------------------
                                    Name: Babette C. Schubert
                                    Title: Senior Vice President

                                       21
<PAGE>

                                     ANNEX I
                                   COMMITMENTS

   Amended and Restated Credit Agreement, dated as of May 2, 2002, among ERICO
 International Corporation, other Borrowers, the Administrative Agent, the Lead
 Arranger, the Co-Lead Arranger, the Syndication Agent, the Documentation Agent,
           the Co-Documentation Agent, the Issuing Bank and the Banks

<TABLE>
<CAPTION>
                                                   Revolving Credit         Bank's Total
          Bank                                        Commitment             Commitment          Bank's Percentage
          ----                                        ----------             ----------          -----------------
<S>                                                <C>                      <C>                  <C>
LaSalle Bank National Association                     $25,000,000            $25,000,000           33.333333333 %

National City Bank                                    $15,625,000            $15,625,000           20.833333333 %

General Electric Capital Corporation                  $21,875,000            $21,875,000           29.166666667 %

KeyBank National Association                          $12,500,000            $12,500,000           16.666666667 %

Aggregate Bank Commitments                            $75,000,000            $75,000,000          100.000000000 %
</TABLE>

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